UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22487
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
One International Place
Boston, MA 02110
(Name and address of agent for service)
Registrant's telephone number, including area code:(212) 454-4500
Date of fiscal year end: August 31
Date of reporting period: February 29, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
February 29, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)
Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)
DBX ETF Trust
Page | ||||
1 | ||||
Portfolio Summary | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
Schedule of Investments | ||||
6 | ||||
20 | ||||
29 | ||||
34 | ||||
35 | ||||
36 | ||||
38 | ||||
40 | ||||
48 | ||||
Board Consideration in Approval of Investment Advisory Contracts | 49 | |||
52 | ||||
53 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our three comprehensive factor equity ETFs for the period ended February 29, 2020.
All major economies witnessed subdued growth rates over the past two quarters as markets remained cautious, anticipating an imminent tipoff in one of the longest post-depression business cycles. While most economies managed to remain in the positive territory, Europe, the U.K. and Japan in particular inched further towards a flat growth during the review period. In the U.S., although underlying drivers such as wage growth and consumer confidence saw an uptick, the Federal Reserve Board (FRB) provided multiple interest rate breathers to anchor existing growth levels. While one prolonged uncertainty — Brexit1 — was finally addressed, a newfound risk of a virus epidemic cast a shadow on global businesses.
Inflation levels were on an uptrend. The much-needed halt to the overproduction streak came in the form of a shortage of input supply from the Chinese economy and volatility in oil prices. A further estimation of business valuations snapped the record-breaking equity indices back to their pre-reporting-period levels. However, given general consumer confidence, monetary lenience and expectations of a favourable political result, investors were assured of a recovery in equity markets in the near term. In addition, a first phase of U.S.-China negotiations was convened by the global giants, keeping ongoing trade-related fears at bay.
The Eurozone economy reported its weakest growth since 2013 owing to a persistent slowdown in Germany, France and Italy. Germany was impacted by flat growth in household consumption, a net negative trade contribution and a meagre increase in government spending. Whereas, France’s GDP tested negative territory and was mainly impacted by the constant strikes over the government’s pension reforms and declining inventories. The European Central Bank (ECB) reaffirmed its support by maintaining interest rates at zero level and by reinitiating the asset purchase programme that it said would be altered based on the need of the hour. In the U.K., even with the approval of the Brexit Bill setting the stage for the U.K’s exit from the EU, the negative effects of uncertainty surrounding the issue weighed down household and investment spending. Nevertheless, an increase in government spending helped ease negative sentiment.
The global economy is facing a rapidly expanding COVID-19 threat while it gears up for major events such as the U.S. presidential election and trade negotiations post-Brexit. In response to the COVID-19 fears, which the World Health Organization declared a pandemic, most economies responded with a lockdown, prioritizing social health, as economic transactions suffered at its behest. With lower revenues but fixed costs intact, corporate earnings and thereby equity indices faced drawdowns, yet experienced retail and institutional investors saw this as an opportunity to buy and quickly rebound from their over corrected levels. In fact, the strain on supply chain inflows sparked thoughts on initiating domestic production for the future in an attempt to reduce external dependency and unfavourable exchange rates from rising inflows. Nevertheless, with mammoth recessionary fears, the largest economic relief package in history, the Coronavirus Aid, Relief and Economic Security (CARES) Act, provided a 2.3 Trillion USD stimulus and a bold 1.0% additional FRB rate cut, while the ECB added 750 billion euros to its asset purchase program, and the Bank of England promised 350 billion pounds in aid and maintained a 0.1% interest rate, all, serving as a safety threshold in this never seen before situation. In our opinion, corporations will be able to make use of this low interest rate scenario to increase the proportion of reasonable debt funding and improve earnings ratios. Amidst stabilization measures, one should keep an eye on the swelling central bank balance sheet from the point of view of longer term effect of the debt burden on the fiscal deficits of economies.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)
The Xtrackers FTSE Developed ex US Comprehensive Factor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (6.6% of Net Assets) |
Description | % of Net Assets | |||
Segro PLC (United Kingdom) | 0.8% | |||
Castellum AB (Sweden) | 0.8% | |||
Brambles Ltd. (Australia) | 0.7% | |||
GPT Group (Australia) | 0.7% | |||
Skanska AB (Sweden) | 0.7% | |||
Adecco Group AG (Switzerland) | 0.6% | |||
Koninklijke Ahold Delhaize NV (Netherlands) | 0.6% | |||
Dexus (Australia) | 0.6% | |||
3i Group PLC (United Kingdom) | 0.6% | |||
Mirvac Group (Australia) | 0.5% |
Country Diversification* as of February 29, 2020 |
Japan | 20.7% | |||
United Kingdom | 13.5% | |||
Australia | 10.8% | |||
Canada | 6.8% | |||
France | 5.5% | |||
Sweden | 5.0% | |||
Hong Kong | 4.5% | |||
Switzerland | 4.3% | |||
Singapore | 4.2% | |||
Germany | 3.8% | |||
South Korea | 2.7% | |||
Netherlands | 2.5% | |||
Spain | 2.2% | |||
Other | 13.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Industrials | 22.2% | |||
Real Estate | 14.1% | |||
Consumer Discretionary | 10.9% | |||
Consumer Staples | 10.2% | |||
Utilities | 9.7% | |||
Financials | 7.3% | |||
Materials | 7.3% | |||
Communication Services | 5.8% | |||
Information Technology | 5.1% | |||
Health Care | 4.4% | |||
Energy | 3.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 6.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)
Xtrackers Russell 1000 Comprehensive Factor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (6.2% of Net Assets) |
Description | % of Net Assets | |||
PulteGroup, Inc. | 0.8% | |||
Western Union Co. | 0.7% | |||
Phillips 66 | 0.7% | |||
NVR, Inc. | 0.6% | |||
Synopsys, Inc. | 0.6% | |||
CBRE Group, Inc. | 0.6% | |||
Best Buy Co., Inc. | 0.6% | |||
CDW Corp. | 0.6% | |||
Cummins, Inc. | 0.5% | |||
Dollar General Corp. | 0.5% |
Sector Diversification* as of February 29, 2020 |
Industrials | 17.8% | |||
Information Technology | 16.5% | |||
Consumer Discretionary | 15.1% | |||
Financials | 14.4% | |||
Health Care | 8.7% | |||
Real Estate | 6.6% | |||
Materials | 6.2% | |||
Consumer Staples | 5.2% | |||
Utilities | 4.6% | |||
Communication Services | 2.9% | |||
Energy | 2.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (33.3% of Net Assets) |
Description | % of Net Assets | |||
Apple, Inc. | 6.8% | |||
Alphabet, Inc. | 5.0% | |||
Intel Corp. | 4.0% | |||
Facebook, Inc. | 3.0% | |||
Exxon Mobil Corp. | 2.7% | |||
Visa, Inc. | 2.6% | |||
Johnson & Johnson | 2.6% | |||
Home Depot, Inc. | 2.6% | |||
Mastercard, Inc. | 2.1% | |||
Chevron Corp. | 1.9% |
Sector Diversification* as of February 29, 2020 |
Information Technology | 26.5% | |||
Consumer Discretionary | 13.8% | |||
Health Care | 13.1% | |||
Communication Services | 11.3% | |||
Industrials | 11.2% | |||
Consumer Staples | 7.6% | |||
Energy | 7.6% | |||
Financials | 4.0% | |||
Materials | 2.3% | |||
Real Estate | 1.9% | |||
Utilities | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.
4
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 table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2019 to February 29, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value September 1, 2019 | Ending Account Value February 29, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 984.50 | 0.24 | % | $ | 1.18 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.67 | 0.24 | % | $ | 1.21 | ||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 970.10 | 0.17 | % | $ | 0.83 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.02 | 0.17 | % | $ | 0.86 | ||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.30 | 0.19 | % | $ | 0.95 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.92 | 0.19 | % | $ | 0.96 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.
5
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Australia — 10.7% | ||||||||
Adelaide Brighton Ltd. (a) | 2,965 | $ | 5,735 | |||||
AGL Energy Ltd. | 31,763 | 391,972 | ||||||
ALS Ltd. | 1,404 | 7,568 | ||||||
Altium Ltd. | 340 | 6,752 | ||||||
Alumina Ltd. | 76,245 | 95,368 | ||||||
Ansell Ltd. | 4,988 | 95,194 | ||||||
APA Group (b) | 18,211 | 126,104 | ||||||
Aristocrat Leisure Ltd. | 1,990 | 42,482 | ||||||
ASX Ltd. | 1,597 | 76,339 | ||||||
Atlas Arteria Ltd. (b) | 6,050 | 31,284 | ||||||
Aurizon Holdings Ltd. | 62,216 | 193,750 | ||||||
AusNet Services | 52,396 | 57,261 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,473 | 23,581 | ||||||
Bank of Queensland Ltd. (a) | 1,872 | 9,040 | ||||||
Bendigo & Adelaide Bank Ltd. (a) | 2,090 | 12,384 | ||||||
BHP Group Ltd. | 1,976 | 42,807 | ||||||
BHP Group PLC | 1,650 | 29,893 | ||||||
BlueScope Steel Ltd. | 2,286 | 17,421 | ||||||
Boral Ltd. | 17,203 | 50,134 | ||||||
Brambles Ltd. | 70,043 | 540,116 | ||||||
Caltex Australia Ltd. | 13,165 | 277,562 | ||||||
Charter Hall Group REIT | 27,189 | 218,776 | ||||||
CIMIC Group Ltd. | 691 | 10,621 | ||||||
Cleanaway Waste Management Ltd. | 38,321 | 56,086 | ||||||
Coca-Cola Amatil Ltd. | 9,877 | 73,171 | ||||||
Cochlear Ltd. | 1,006 | 134,647 | ||||||
Coles Group Ltd. | 22,033 | 201,864 | ||||||
Commonwealth Bank of Australia | 214 | 11,284 | ||||||
Computershare Ltd. | 7,593 | 75,000 | ||||||
Crown Resorts Ltd. | 5,865 | 38,420 | ||||||
CSL Ltd. | 235 | 46,885 | ||||||
CSR Ltd. | 29,668 | 80,148 | ||||||
Dexus REIT | 54,219 | 425,086 | ||||||
Domino’s Pizza Enterprises Ltd. (a) | 323 | 11,575 | ||||||
Downer EDI Ltd. | 29,908 | 109,914 | ||||||
Flight Centre Travel Group Ltd. | 663 | 13,944 | ||||||
Goodman Group REIT | 38,604 | 372,851 | ||||||
GPT Group REIT | 142,515 | 531,104 | ||||||
Harvey Norman Holdings Ltd. (a) | 29,793 | 71,266 | ||||||
IDP Education Ltd. | 1,324 | 18,140 | ||||||
Iluka Resources Ltd. | 3,754 | 20,186 | ||||||
Incitec Pivot Ltd. | 9,762 | 17,183 | ||||||
Insurance Australia Group Ltd. | 25,265 | 103,928 | ||||||
Lendlease Group (b) | 2,476 | 28,145 | ||||||
Macquarie Group Ltd. | 298 | 25,906 | ||||||
Magellan Financial Group Ltd. | 3,410 | 122,594 | ||||||
Medibank Pvt Ltd. | 133,369 | 243,351 | ||||||
Metcash Ltd. | 14,771 | 23,523 | ||||||
Mirvac Group REIT | 202,567 | 397,040 | ||||||
National Australia Bank Ltd. | 390 | 6,311 | ||||||
Newcrest Mining Ltd. | 1,922 | 32,591 | ||||||
Oil Search Ltd. | 3,543 | 12,541 | ||||||
Orica Ltd. | 2,922 | 37,302 | ||||||
Origin Energy Ltd. | 4,778 | 21,503 | ||||||
Orora Ltd. | 43,935 | 77,333 |
Number | Value | |||||||
Australia (Continued) | ||||||||
OZ Minerals Ltd. | 1,761 | $ | 10,219 | |||||
Perpetual Ltd. (a) | 2,020 | 49,960 | ||||||
Platinum Asset Management Ltd. | 4,542 | 11,919 | ||||||
Qantas Airways Ltd. | 22,751 | 81,118 | ||||||
QBE Insurance Group Ltd. | 3,715 | 32,551 | ||||||
Qube Holdings Ltd. | 30,892 | 58,159 | ||||||
Ramsay Health Care Ltd. | 1,923 | 84,323 | ||||||
REA Group Ltd. | 597 | 37,845 | ||||||
Scentre Group REIT | 101,539 | 226,517 | ||||||
SEEK Ltd. | 4,445 | 59,267 | ||||||
Shopping Centres Australasia Property Group REIT | 28,438 | 55,190 | ||||||
Sonic Healthcare Ltd. | 5,369 | 99,696 | ||||||
South32 Ltd. | 6,671 | 9,549 | ||||||
Star Entertainment Group Ltd. | 8,486 | 19,970 | ||||||
Stockland REIT | 12,759 | 38,746 | ||||||
Suncorp Group Ltd. | 4,470 | 32,682 | ||||||
Sydney Airport (b) | 12,267 | 61,454 | ||||||
Tabcorp Holdings Ltd. | 32,730 | 79,979 | ||||||
Telstra Corp. Ltd. | 32,981 | 72,937 | ||||||
TPG Telecom Ltd. | 2,438 | 11,836 | ||||||
Transurban Group (b) | 3,986 | 38,164 | ||||||
Treasury Wine Estates Ltd. | 4,466 | 31,760 | ||||||
Vicinity Centres REIT | 22,171 | 30,877 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 2,014 | 25,347 | ||||||
Wesfarmers Ltd. | 10,218 | 267,805 | ||||||
Westpac Banking Corp. | 910 | 13,870 | ||||||
Woodside Petroleum Ltd. | 6,842 | 123,166 | ||||||
Woolworths Group Ltd. | 15,307 | 382,925 | ||||||
|
| |||||||
(Cost $8,257,491) | 7,850,797 | |||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 153 | 5,365 | ||||||
Erste Group Bank AG* | 449 | 15,304 | ||||||
OMV AG | 1,646 | 68,435 | ||||||
Telekom Austria AG* | 4,824 | 36,298 | ||||||
Verbund AG | 340 | 16,014 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 292 | 7,056 | ||||||
voestalpine AG | 303 | 6,583 | ||||||
|
| |||||||
(Cost $187,099) | 155,055 | |||||||
|
| |||||||
Belgium — 1.1% | ||||||||
Ackermans & van Haaren NV | 163 | 23,187 | ||||||
Ageas | 839 | 38,597 | ||||||
Colruyt SA | 2,435 | 111,857 | ||||||
KBC Group NV | 133 | 8,768 | ||||||
Proximus SADP | 7,716 | 189,515 | ||||||
Sofina SA | 991 | 212,488 | ||||||
Solvay SA | 530 | 47,785 | ||||||
Telenet Group Holding NV | 1,753 | 66,471 | ||||||
UCB SA | 927 | 85,086 | ||||||
|
| |||||||
(Cost $885,453) | 783,754 | |||||||
|
| |||||||
Bermuda (c) — 0.0% | ||||||||
Hiscox Ltd. | 971 | 15,206 | ||||||
|
|
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Cambodia — 0.1% | ||||||||
NagaCorp Ltd. | 38,387 | $ | 52,608 | |||||
|
| |||||||
Canada — 6.8% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 12,422 | 377,190 | ||||||
Bank of Montreal | 546 | 37,100 | ||||||
Bank of Nova Scotia | 645 | 33,741 | ||||||
BCE, Inc. | 1,434 | 62,975 | ||||||
Brookfield Asset Management, Inc., Class A | 1,366 | 81,684 | ||||||
Canadian Imperial Bank of Commerce | 629 | 47,870 | ||||||
Canadian National Railway Co. | 955 | 80,955 | ||||||
Canadian Natural Resources Ltd. | 1,171 | 30,140 | ||||||
Canadian Pacific Railway Ltd. | 524 | 129,861 | ||||||
Canadian Tire Corp. Ltd., Class A | 1,534 | 150,834 | ||||||
Canadian Utilities Ltd., Class A | 3,442 | 101,848 | ||||||
CGI, Inc.* | 4,197 | 294,870 | ||||||
Constellation Software, Inc. | 151 | 153,821 | ||||||
Dollarama, Inc. | 3,466 | 101,887 | ||||||
Enbridge, Inc. | 1,053 | 39,191 | ||||||
Fairfax Financial Holdings Ltd. | 34 | 14,645 | ||||||
Fortis, Inc. | 5,603 | 226,733 | ||||||
Franco-Nevada Corp. | 600 | 64,409 | ||||||
George Weston Ltd. | 1,091 | 82,129 | ||||||
Great-West Lifeco, Inc. | 1,442 | 33,914 | ||||||
Hydro One Ltd., 144A | 9,789 | 196,458 | ||||||
IGM Financial, Inc. | 3,976 | 106,009 | ||||||
Imperial Oil Ltd. | 3,409 | 74,638 | ||||||
Intact Financial Corp. | 1,609 | 174,391 | ||||||
Inter Pipeline Ltd. (a) | 6,732 | 99,600 | ||||||
Loblaw Cos. Ltd. | 3,933 | 194,841 | ||||||
Magna International, Inc. | 5,528 | 251,578 | ||||||
Manulife Financial Corp. | 4,877 | 81,965 | ||||||
Metro, Inc. | 3,443 | 134,093 | ||||||
National Bank of Canada | 819 | 42,568 | ||||||
Nutrien Ltd. | 550 | 22,228 | ||||||
Pembina Pipeline Corp. (a) | 5,369 | 193,386 | ||||||
Power Corp. of Canada | 7,913 | 174,901 | ||||||
Restaurant Brands International, Inc. | 1,484 | 87,458 | ||||||
RioCan Real Estate Investment Trust REIT | 9,827 | 183,531 | ||||||
Rogers Communications, Inc., Class B | 4,027 | 184,528 | ||||||
Royal Bank of Canada | 295 | 21,937 | ||||||
Saputo, Inc. | 3,553 | 98,886 | ||||||
Shaw Communications, Inc., Class B | 6,518 | 112,797 | ||||||
Sun Life Financial, Inc. | 2,689 | 116,166 | ||||||
Suncor Energy, Inc. | 2,043 | 56,297 | ||||||
TC Energy Corp. | 1,540 | 80,261 | ||||||
TELUS Corp. | 1,908 | 68,852 | ||||||
Thomson Reuters Corp. | 932 | 69,229 | ||||||
Toronto-Dominion Bank | 98 | 5,040 | ||||||
Wheaton Precious Metals Corp. | 680 | 19,336 | ||||||
|
| |||||||
(Cost $4,915,905) | 4,996,771 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 657 | 6,311 | ||||||
|
| |||||||
China (c) — 0.1% | ||||||||
Lenovo Group Ltd. | 83,581 | 51,587 | ||||||
Tingyi Cayman Islands Holding Corp. | 7,184 | 13,072 | ||||||
Uni-President China Holdings Ltd. | 16,281 | 16,797 |
Number | Value | |||||||
China (c) (Continued) | ||||||||
Want Want China Holdings Ltd. | 28,347 | $ | 21,898 | |||||
|
| |||||||
(Cost $105,093) | 103,354 | |||||||
|
| |||||||
Cyprus — 0.0% | ||||||||
Polymetal International PLC | 990 | 15,098 | ||||||
|
| |||||||
Denmark — 1.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 34 | 31,960 | ||||||
A.P. Moller — Maersk A/S, Class B | 44 | 43,786 | ||||||
Carlsberg A/S, Class B | 1,463 | 190,876 | ||||||
Chr Hansen Holding A/S | 576 | 40,716 | ||||||
Coloplast A/S, Class B | 930 | 123,688 | ||||||
Demant A/S* | 703 | 21,339 | ||||||
DSV PANALPINA A/S | 1,586 | 158,946 | ||||||
Genmab A/S* | 89 | 19,911 | ||||||
GN Store Nord A/S | 1,260 | 69,453 | ||||||
H Lundbeck A/S | 177 | 6,062 | ||||||
ISS A/S | 2,610 | 46,421 | ||||||
Novo Nordisk A/S, Class B | 865 | 50,325 | ||||||
Novozymes A/S, Class B | 1,446 | 72,926 | ||||||
Orsted A/S, 144A | 636 | 65,010 | ||||||
Pandora A/S | 116 | 5,178 | ||||||
ROCKWOOL International A/S, Class B | 26 | 5,966 | ||||||
Tryg A/S | 1,371 | 37,725 | ||||||
Vestas Wind Systems A/S | 1,894 | 180,793 | ||||||
|
| |||||||
(Cost $1,088,906) | 1,171,081 | |||||||
|
| |||||||
Finland — 1.9% | ||||||||
Elisa OYJ | 4,380 | 249,894 | ||||||
Fortum OYJ | 1,216 | 25,753 | ||||||
Huhtamaki OYJ | 2,724 | 111,608 | ||||||
Kesko OYJ, Class B | 4,731 | 318,770 | ||||||
Kone OYJ, Class B (a) | 2,824 | 158,203 | ||||||
Metso OYJ | 1,149 | 36,879 | ||||||
Neste OYJ | 2,956 | 115,789 | ||||||
Nokia OYJ | 2,147 | 8,125 | ||||||
Nokian Renkaat OYJ | 3,255 | 84,309 | ||||||
Orion OYJ, Class B | 3,120 | 123,207 | ||||||
Sampo OYJ, Class A | 1,333 | 54,001 | ||||||
Stora Enso OYJ, Class R | 1,492 | 17,552 | ||||||
UPM-Kymmene OYJ | 3,027 | 92,202 | ||||||
Wartsila OYJ Abp | 1,986 | 20,515 | ||||||
|
| |||||||
(Cost $1,301,658) | 1,416,807 | |||||||
|
| |||||||
France — 5.5% | ||||||||
Accor SA | 489 | 17,548 | ||||||
Aeroports de Paris | 98 | 14,403 | ||||||
Air France-KLM* | 427 | 3,240 | ||||||
Air Liquide SA | 493 | 66,555 | ||||||
Airbus SE | 60 | 7,125 | ||||||
Alstom SA | 5,989 | 292,683 | ||||||
Amundi SA, 144A | 176 | 12,499 | ||||||
Arkema SA | 462 | 43,167 | ||||||
AXA SA | 305 | 7,020 | ||||||
BioMerieux | 322 | 29,481 | ||||||
Bollore SA | 23,224 | 79,184 | ||||||
Bouygues SA | 2,839 | 110,644 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Bureau Veritas SA | 3,251 | $ | 78,742 | |||||
Capgemini SE | 732 | 79,779 | ||||||
Carrefour SA | 3,981 | 68,414 | ||||||
Casino Guichard Perrachon SA (a) | 517 | 19,984 | ||||||
Cie de Saint-Gobain | 2,580 | 89,554 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,106 | 116,921 | ||||||
CNP Assurances | 290 | 4,507 | ||||||
Covivio REIT | 645 | 68,016 | ||||||
Danone SA | 508 | 35,557 | ||||||
Dassault Aviation SA | 15 | 15,472 | ||||||
Dassault Systemes SE | 215 | 33,536 | ||||||
Edenred | 2,408 | 124,768 | ||||||
Eiffage SA | 1,295 | 137,157 | ||||||
Elis SA | 2,399 | 41,504 | ||||||
Engie SA | 9,341 | 154,217 | ||||||
Eurazeo SE | 320 | 21,301 | ||||||
Eutelsat Communications SA | 2,063 | 27,737 | ||||||
Gecina SA REIT | 785 | 138,569 | ||||||
Getlink SE | 3,479 | 55,718 | ||||||
Hermes International | 24 | 16,609 | ||||||
ICADE REIT | 88 | 8,724 | ||||||
Iliad SA (a) | 103 | 14,290 | ||||||
Imerys SA | 322 | 12,408 | ||||||
Ingenico Group SA | 398 | 55,938 | ||||||
Ipsen SA | 120 | 7,724 | ||||||
JCDecaux SA | 418 | 9,550 | ||||||
Kering SA | 68 | 37,781 | ||||||
Klepierre SA REIT (a) | 2,369 | 70,312 | ||||||
Lagardere SCA | 2,014 | 34,644 | ||||||
Legrand SA | 1,511 | 114,556 | ||||||
L’Oreal SA | 47 | 12,442 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 10 | 4,074 | ||||||
Orange SA | 7,010 | 93,865 | ||||||
Orpea | 172 | 22,011 | ||||||
Pernod Ricard SA | 152 | 24,444 | ||||||
Peugeot SA | 2,255 | 43,360 | ||||||
Publicis Groupe SA | 2,120 | 81,458 | ||||||
Remy Cointreau SA | 173 | 17,340 | ||||||
Renault SA | 106 | 3,085 | ||||||
Rexel SA | 2,524 | 30,775 | ||||||
Rubis SCA | 2,652 | 142,159 | ||||||
Safran SA | 191 | 26,037 | ||||||
Sanofi | 113 | 10,418 | ||||||
Sartorius Stedim Biotech | 113 | 21,312 | ||||||
Schneider Electric SE | 872 | 86,685 | ||||||
SCOR SE | 936 | 33,415 | ||||||
SEB SA | 297 | 38,888 | ||||||
Societe BIC SA | 676 | 40,655 | ||||||
Sodexo SA (a) | 773 | 73,651 | ||||||
Suez | 12,137 | 190,379 | ||||||
Teleperformance | 239 | 57,704 | ||||||
Thales SA | 327 | 32,615 | ||||||
TOTAL SA | 349 | 14,713 | ||||||
Ubisoft Entertainment SA* | 122 | 9,030 | ||||||
Unibail-Rodamco-Westfield REIT | 107 | 12,811 | ||||||
Valeo SA | 590 | 14,763 |
Number | Value | |||||||
France (Continued) | ||||||||
Veolia Environnement SA | 12,953 | $ | 368,938 | |||||
Vinci SA | 836 | 83,547 | ||||||
Vivendi SA | 1,525 | 38,562 | ||||||
Wendel SA | 86 | 10,457 | ||||||
Worldline SA, 144A* | 192 | 14,521 | ||||||
|
| |||||||
(Cost $4,059,225) | 4,031,652 | |||||||
|
| |||||||
Germany — 3.6% | ||||||||
adidas AG | 251 | 69,079 | ||||||
Allianz SE | 91 | 19,472 | ||||||
BASF SE | 279 | 16,267 | ||||||
Bayerische Motoren Werke AG | 216 | 13,982 | ||||||
Beiersdorf AG | 405 | 42,218 | ||||||
Brenntag AG | 1,131 | 50,203 | ||||||
Carl Zeiss Meditec AG | 313 | 32,577 | ||||||
Continental AG | 357 | 39,850 | ||||||
Covestro AG, 144A | 465 | 17,617 | ||||||
Daimler AG | 338 | 13,938 | ||||||
Deutsche Boerse AG | 59 | 9,206 | ||||||
Deutsche Lufthansa AG | 888 | 11,403 | ||||||
Deutsche Post AG | 1,074 | 31,994 | ||||||
Deutsche Telekom AG | 3,349 | 54,283 | ||||||
Deutsche Wohnen SE | 3,850 | 154,191 | ||||||
DWS Group GmbH & Co. KGaA, 144A (d) | 739 | 26,613 | ||||||
E.ON SE | 13,924 | 159,525 | ||||||
Evonik Industries AG | 829 | 20,407 | ||||||
Fielmann AG | 640 | 44,290 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 707 | 44,220 | ||||||
Fresenius Medical Care AG & Co. KGaA | 255 | 19,417 | ||||||
Fresenius SE & Co. KGaA | 311 | 14,490 | ||||||
FUCHS PETROLUB SE | 417 | 14,520 | ||||||
GEA Group AG | 991 | 26,060 | ||||||
Hannover Rueck SE | 276 | 48,811 | ||||||
HeidelbergCement AG | 1,488 | 88,001 | ||||||
Hella GmbH & Co. KGaA | 214 | 8,777 | ||||||
Henkel AG & Co. KGaA | 147 | 12,409 | ||||||
HOCHTIEF AG | 367 | 35,859 | ||||||
HUGO BOSS AG | 714 | 31,027 | ||||||
Infineon Technologies AG | 1,314 | 27,127 | ||||||
KION Group AG | 194 | 10,271 | ||||||
Knorr-Bremse AG | 223 | 22,533 | ||||||
LANXESS AG | 744 | 38,664 | ||||||
LEG Immobilien AG | 2,961 | 351,597 | ||||||
Merck KGaA | 982 | 117,630 | ||||||
METRO AG | 901 | 10,377 | ||||||
MTU Aero Engines AG | 413 | 100,123 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 202 | 51,189 | ||||||
Nemetschek SE | 106 | 6,555 | ||||||
OSRAM Licht AG* | 256 | 13,118 | ||||||
ProSiebenSat.1 Media SE | 799 | 9,628 | ||||||
Puma SE | 739 | 56,173 | ||||||
Rational AG | 35 | 23,356 | ||||||
Rheinmetall AG | 733 | 66,281 | ||||||
RWE AG | 2,355 | 80,606 | ||||||
SAP SE | 80 | 9,804 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Scout24 AG, 144A | 711 | $ | 46,235 | |||||
Siemens AG | 187 | 19,144 | ||||||
Siemens Healthineers AG, 144A | 107 | 4,308 | ||||||
Symrise AG | 696 | 67,385 | ||||||
Talanx AG | 317 | 14,005 | ||||||
Telefonica Deutschland Holding AG | 3,668 | 9,513 | ||||||
TUI AG | 1,069 | 8,193 | ||||||
Uniper SE | 5,527 | 162,342 | ||||||
United Internet AG | 214 | 6,349 | ||||||
Vonovia SE | 2,788 | 148,775 | ||||||
|
| |||||||
(Cost $2,687,578) | 2,651,987 | |||||||
|
| |||||||
Hong Kong — 4.5% | ||||||||
AIA Group Ltd. | 773 | 7,628 | ||||||
ASM Pacific Technology Ltd. | 2,671 | 31,652 | ||||||
Bank of East Asia Ltd. | 1,370 | 2,911 | ||||||
Cafe de Coral Holdings Ltd. | 28,557 | 62,588 | ||||||
Cathay Pacific Airways Ltd. (a) | 18,582 | 23,892 | ||||||
Champion REIT | 185,819 | 107,537 | ||||||
China Mengniu Dairy Co. Ltd.* | 14,006 | 50,233 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 14,786 | 12,807 | ||||||
CK Asset Holdings Ltd. | 22,448 | 140,281 | ||||||
CK Hutchison Holdings Ltd. | 7,234 | 62,983 | ||||||
CK Infrastructure Holdings Ltd. | 4,603 | 31,364 | ||||||
CLP Holdings Ltd. | 10,631 | 111,589 | ||||||
Dairy Farm International Holdings Ltd. | 2,865 | 13,752 | ||||||
First Pacific Co. Ltd. | 54,983 | 15,451 | ||||||
Hang Lung Group Ltd. | 23,456 | 59,114 | ||||||
Hang Lung Properties Ltd. | 39,551 | 86,379 | ||||||
Hang Seng Bank Ltd. | 213 | 4,442 | ||||||
Henderson Land Development Co. Ltd. | 24,373 | 111,809 | ||||||
Hong Kong & China Gas Co. Ltd. | 37,174 | 71,552 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 547 | 17,955 | ||||||
Hongkong Land Holdings Ltd. | 23,600 | 115,876 | ||||||
Hutchison Port Holdings Trust, Class U | 78,600 | 11,554 | ||||||
Hysan Development Co. Ltd. | 34,919 | 125,910 | ||||||
Jardine Matheson Holdings Ltd. | 500 | 27,200 | ||||||
Jardine Strategic Holdings Ltd. | 300 | 8,613 | ||||||
Johnson Electric Holdings Ltd. | 3,471 | 7,999 | ||||||
Kerry Logistics Network Ltd. | 37,326 | 53,357 | ||||||
Kerry Properties Ltd. | 34,439 | 97,885 | ||||||
Link REIT | 39,342 | 364,490 | ||||||
MTR Corp. Ltd. | 3,026 | 17,027 | ||||||
New World Development Co. Ltd. | 139,291 | 179,095 | ||||||
NWS Holdings Ltd. | 71,996 | 88,043 | ||||||
PCCW Ltd. | 102,076 | 61,431 | ||||||
Power Assets Holdings Ltd. | 24,409 | 173,834 | ||||||
Shun Tak Holdings Ltd. | 30,303 | 12,832 | ||||||
Sino Land Co. Ltd. | 63,568 | 86,464 | ||||||
Sun Art Retail Group Ltd. | 5,588 | 7,142 | ||||||
Sun Hung Kai Properties Ltd. | 7,837 | 111,425 | ||||||
Swire Pacific Ltd., Class A | 12,973 | 116,861 | ||||||
Swire Pacific Ltd., Class B | 19,655 | 27,542 | ||||||
Swire Properties Ltd. | 22,876 | 67,662 | ||||||
Techtronic Industries Co. Ltd. | 16,415 | 132,806 | ||||||
Towngas China Co. Ltd.* | 12,633 | 7,327 | ||||||
Vitasoy International Holdings Ltd. | 14,381 | 51,578 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
VTech Holdings Ltd. | 5,568 | $ | 48,692 | |||||
WH Group Ltd., 144A | 47,489 | 48,263 | ||||||
Wharf Holdings Ltd. (a) | 3,893 | 8,213 | ||||||
Wharf Real Estate Investment Co. Ltd. | 14,685 | 66,613 | ||||||
Wheelock & Co. Ltd. | 7,940 | 60,469 | ||||||
Xinyi Glass Holdings Ltd. | 15,963 | 19,746 | ||||||
Yue Yuen Industrial Holdings Ltd. | 28,912 | 69,673 | ||||||
|
| |||||||
(Cost $3,718,032) | 3,301,541 | |||||||
|
| |||||||
Ireland — 0.9% | ||||||||
CRH PLC | 5,346 | 180,203 | ||||||
DCC PLC | 596 | 42,113 | ||||||
Experian PLC | 4,549 | 150,549 | ||||||
Flutter Entertainment PLC | 726 | 76,652 | ||||||
Glanbia PLC | 1,141 | 13,223 | ||||||
James Hardie Industries PLC CDI | 1,342 | 24,426 | ||||||
Kerry Group PLC, Class A | 451 | 56,971 | ||||||
Kingspan Group PLC | 1,371 | 85,916 | ||||||
Smurfit Kappa Group PLC | 174 | 5,774 | ||||||
|
| |||||||
(Cost $560,512) | 635,827 | |||||||
|
| |||||||
Israel — 1.6% | ||||||||
Airport City Ltd.* | 4,272 | 81,050 | ||||||
Alony Hetz Properties & Investments Ltd. | 4,145 | 68,264 | ||||||
Amot Investments Ltd. | 8,109 | 61,037 | ||||||
Azrieli Group Ltd. | 657 | 47,797 | ||||||
Bank Hapoalim BM | 5,286 | 41,287 | ||||||
Bank Leumi Le-Israel BM | 11,468 | 74,430 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.* | 7,400 | 5,430 | ||||||
Delek Group Ltd. | 40 | 3,916 | ||||||
Elbit Systems Ltd. | 388 | 57,788 | ||||||
Fattal Holdings 1998 Ltd. | 71 | 8,614 | ||||||
First International Bank of Israel Ltd. | 1,128 | 30,227 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 2,248 | 13,289 | ||||||
Israel Chemicals Ltd. | 20,194 | 74,786 | ||||||
Israel Corp. Ltd.* | 31 | 4,353 | ||||||
Israel Discount Bank Ltd., Class A | 17,563 | 73,494 | ||||||
Melisron Ltd. | 600 | 37,292 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,929 | 49,725 | ||||||
Nice Ltd.* | 1,000 | 159,821 | ||||||
Oil Refineries Ltd. | 150,024 | 50,704 | ||||||
Paz Oil Co. Ltd. | 954 | 104,488 | ||||||
Phoenix Holdings Ltd. | 2,702 | 13,598 | ||||||
Shufersal Ltd. | 8,012 | 50,600 | ||||||
Strauss Group Ltd. | 2,260 | 67,967 | ||||||
Tower Semiconductor Ltd.* | 370 | 7,119 | ||||||
|
| |||||||
(Cost $1,099,669) | 1,187,076 | |||||||
|
| |||||||
Italy — 1.7% | ||||||||
A2A SpA | 75,554 | 130,671 | ||||||
Assicurazioni Generali SpA | 1,786 | 31,900 | ||||||
Atlantia SpA | 1,178 | 25,084 | ||||||
Buzzi Unicem SpA | 808 | 17,542 | ||||||
Buzzi Unicem SpA-RSP | 1,277 | 16,833 | ||||||
Davide Campari-Milano SpA | 2,516 | 20,838 | ||||||
DiaSorin SpA | 383 | 43,123 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Enel SpA | 13,488 | $ | 112,245 | |||||
Eni SpA | 4,391 | 53,818 | ||||||
Ferrari NV | 141 | 21,924 | ||||||
Hera SpA | 39,105 | 166,579 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 4,904 | 49,828 | ||||||
Italgas SpA | 15,312 | 93,045 | ||||||
Leonardo SpA | 2,346 | 23,806 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 1,686 | 15,168 | ||||||
Moncler SpA | 1,253 | 48,475 | ||||||
Pirelli & C SpA, 144A | 881 | 4,116 | ||||||
Poste Italiane SpA, 144A | 2,857 | 30,171 | ||||||
Prysmian SpA | 406 | 9,535 | ||||||
Recordati SpA | 1,451 | 61,650 | ||||||
Salvatore Ferragamo SpA | 540 | 8,476 | ||||||
Snam SpA | 24,121 | 118,462 | ||||||
Telecom Italia SpA* | 20,184 | 11,088 | ||||||
Telecom Italia SpA-RSP | 24,498 | 13,557 | ||||||
Terna Rete Elettrica Nazionale SpA | 18,446 | 121,370 | ||||||
UnipolSai Assicurazioni SpA | 2,743 | 6,773 | ||||||
|
| |||||||
(Cost $1,203,895) | 1,256,077 | |||||||
|
| |||||||
Japan — 20.6% | ||||||||
ABC-Mart, Inc. | 800 | 45,687 | ||||||
Advantest Corp. | 400 | 18,226 | ||||||
Aeon Co. Ltd. | 3,000 | 56,028 | ||||||
Aeon Mall Co. Ltd. | 1,200 | 17,032 | ||||||
AGC, Inc. | 1,200 | 34,488 | ||||||
Aica Kogyo Co. Ltd. | 700 | 20,734 | ||||||
Ain Holdings, Inc. | 100 | 5,785 | ||||||
Air Water, Inc. | 3,500 | 46,368 | ||||||
Aisin Seiki Co. Ltd. | 500 | 16,224 | ||||||
Ajinomoto Co., Inc. | 3,500 | 58,796 | ||||||
Alfresa Holdings Corp. | 5,500 | 96,676 | ||||||
Alps Alpine Co. Ltd. | 300 | 4,614 | ||||||
Amada Holdings Co. Ltd. | 6,800 | 63,546 | ||||||
Amano Corp. | 2,800 | 68,790 | ||||||
ANA Holdings, Inc. (a) | 2,400 | 64,692 | ||||||
Anritsu Corp. (a) | 400 | 6,579 | ||||||
Asahi Group Holdings Ltd. | 2,300 | 88,490 | ||||||
Asahi Intecc Co. Ltd. | 600 | 14,385 | ||||||
Asahi Kasei Corp. | 2,709 | 22,621 | ||||||
Astellas Pharma, Inc. | 4,400 | 69,305 | ||||||
Autobacs Seven Co. Ltd. | 2,500 | 32,054 | ||||||
Azbil Corp. | 5,700 | 141,252 | ||||||
Bandai Namco Holdings, Inc. | 2,400 | 119,483 | ||||||
Benesse Holdings, Inc. | 300 | 7,737 | ||||||
Bic Camera, Inc. | 1,200 | 10,602 | ||||||
Bridgestone Corp. | 4,800 | 160,467 | ||||||
Brother Industries Ltd. | 1,100 | 19,611 | ||||||
Calbee, Inc. | 500 | 12,808 | ||||||
Canon Marketing Japan, Inc. | 1,200 | 27,746 | ||||||
Canon, Inc. | 4,000 | 101,367 | ||||||
Capcom Co. Ltd. | 654 | 17,813 | ||||||
Casio Computer Co. Ltd. | 700 | 12,051 | ||||||
Central Japan Railway Co. | 250 | 41,209 | ||||||
Chubu Electric Power Co., Inc. | 16,600 | 216,609 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Chugai Pharmaceutical Co. Ltd. | 200 | $ | 21,722 | |||||
Chugoku Electric Power Co., Inc. | 11,600 | 154,430 | ||||||
Citizen Watch Co. Ltd. | 1,700 | 6,730 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 875 | 20,158 | ||||||
COMSYS Holdings Corp. | 2,200 | 54,335 | ||||||
Cosmos Pharmaceutical Corp. | 129 | 28,021 | ||||||
Dai Nippon Printing Co. Ltd. | 2,900 | 69,768 | ||||||
Daicel Corp. | 2,900 | 25,030 | ||||||
Daido Steel Co. Ltd. | 100 | 3,639 | ||||||
Daifuku Co. Ltd. | 100 | 5,952 | ||||||
Daiichikosho Co. Ltd. | 1,355 | 55,398 | ||||||
Daikin Industries Ltd. | 300 | 40,954 | ||||||
Daito Trust Construction Co. Ltd. | 2,643 | 268,919 | ||||||
Daiwa House Industry Co. Ltd. | 4,200 | 116,014 | ||||||
DeNA Co. Ltd. | 600 | 7,726 | ||||||
Denka Co. Ltd. | 1,200 | 30,349 | ||||||
Denso Corp. | 688 | 26,917 | ||||||
Dentsu Group, Inc. | 834 | 21,742 | ||||||
DIC Corp. | 1,100 | 26,096 | ||||||
Disco Corp. | 111 | 22,516 | ||||||
Dowa Holdings Co. Ltd. | 600 | 19,830 | ||||||
East Japan Railway Co. | 800 | 61,699 | ||||||
Ebara Corp. | 600 | 14,301 | ||||||
Electric Power Development Co. Ltd. | 3,200 | 68,708 | ||||||
Ezaki Glico Co. Ltd. | 300 | 12,363 | ||||||
FamilyMart Co. Ltd. | 344 | 7,609 | ||||||
Fancl Corp. | 400 | 9,857 | ||||||
FANUC Corp. | 100 | 16,660 | ||||||
Fast Retailing Co. Ltd. | 11 | 5,450 | ||||||
FP Corp. | 400 | 24,030 | ||||||
Fuji Electric Co. Ltd. | 454 | 12,471 | ||||||
Fuji Media Holdings, Inc. | 800 | 9,456 | ||||||
Fuji Seal International, Inc. | 300 | 5,343 | ||||||
FUJIFILM Holdings Corp. | 1,600 | 78,276 | ||||||
Fujitsu General Ltd. | 400 | 7,958 | ||||||
Fujitsu Ltd. | 277 | 28,788 | ||||||
Fukuyama Transporting Co. Ltd. | 700 | 21,026 | ||||||
Glory Ltd. | 2,200 | 58,618 | ||||||
GS Yuasa Corp. | 800 | 14,144 | ||||||
H2O Retailing Corp. | 700 | 5,406 | ||||||
Hakuhodo DY Holdings, Inc. | 5,600 | 65,363 | ||||||
Hamamatsu Photonics KK | 1,100 | 42,678 | ||||||
Hankyu Hanshin Holdings, Inc. | 2,700 | 88,861 | ||||||
Haseko Corp. | 2,900 | 37,371 | ||||||
Heiwa Corp. | 800 | 14,937 | ||||||
Hikari Tsushin, Inc. | 100 | 18,996 | ||||||
Hino Motors Ltd. | 1,600 | 13,231 | ||||||
Hirose Electric Co. Ltd. | 305 | 32,404 | ||||||
HIS Co. Ltd. | 200 | 3,949 | ||||||
Hitachi Chemical Co. Ltd. | 2,300 | 97,126 | ||||||
Hitachi High-Tech Corp. | 800 | 59,111 | ||||||
Hitachi Ltd. | 4,300 | 144,988 | ||||||
Hitachi Metals Ltd. | 1,100 | 15,735 | ||||||
Hitachi Transport System Ltd. | 1,200 | 32,329 | ||||||
Hokkaido Electric Power Co., Inc. | 3,700 | 16,122 | ||||||
Hokuriku Electric Power Co.* | 1,200 | 8,121 | ||||||
Honda Motor Co. Ltd. | 1,000 | 25,954 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Horiba Ltd. | 500 | $ | 27,303 | |||||
Hoshizaki Corp. | 100 | 8,474 | ||||||
House Foods Group, Inc. | 2,500 | 73,819 | ||||||
Hoya Corp. | 700 | 62,358 | ||||||
Hulic Co. Ltd. | 3,600 | 40,317 | ||||||
Ibiden Co. Ltd. | 600 | 13,289 | ||||||
Idemitsu Kosan Co. Ltd. | 201 | 4,953 | ||||||
Iida Group Holdings Co. Ltd. | 900 | 12,174 | ||||||
Inpex Corp. | 1,500 | 12,973 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 900 | 5,899 | ||||||
Isuzu Motors Ltd. | 2,100 | 19,780 | ||||||
Ito En Ltd. | 600 | 26,478 | ||||||
ITOCHU Corp. | 13,900 | 317,201 | ||||||
Itochu Techno-Solutions Corp. | 700 | 19,430 | ||||||
Itoham Yonekyu Holdings, Inc. | 1,500 | 8,288 | ||||||
J. Front Retailing Co. Ltd. | 900 | 9,570 | ||||||
Japan Airlines Co. Ltd. | 3,300 | 81,930 | ||||||
Japan Petroleum Exploration Co. Ltd. | 400 | 8,570 | ||||||
Japan Tobacco, Inc. | 2,300 | 45,716 | ||||||
JFE Holdings, Inc. | 400 | 3,716 | ||||||
JSR Corp. | 1,600 | 28,183 | ||||||
JTEKT Corp. | 500 | 4,881 | ||||||
JXTG Holdings, Inc. | 4,250 | 17,100 | ||||||
Kagome Co. Ltd. | 800 | 17,266 | ||||||
Kajima Corp. | 4,000 | 43,128 | ||||||
Kakaku.com, Inc. | 686 | 14,691 | ||||||
Kaken Pharmaceutical Co. Ltd. | 200 | 9,716 | ||||||
Kamigumi Co. Ltd. | 5,500 | 105,702 | ||||||
Kandenko Co. Ltd. | 4,500 | 38,173 | ||||||
Kaneka Corp. | 422 | 11,381 | ||||||
Kansai Electric Power Co., Inc. | 5,000 | 53,979 | ||||||
Kansai Paint Co. Ltd. | 2,188 | 47,811 | ||||||
Kao Corp. | 800 | 58,354 | ||||||
Kawasaki Heavy Industries Ltd. | 500 | 9,085 | ||||||
KDDI Corp. | 1,500 | 42,525 | ||||||
Keihan Holdings Co. Ltd. | 1,300 | 52,788 | ||||||
Keikyu Corp. | 2,600 | 39,483 | ||||||
Keio Corp. | 1,000 | 48,116 | ||||||
Keisei Electric Railway Co. Ltd. | 1,100 | 35,234 | ||||||
Kewpie Corp. | 3,000 | 55,208 | ||||||
Keyence Corp. | 50 | 15,950 | ||||||
Kikkoman Corp. | 500 | 23,223 | ||||||
Kinden Corp. | 5,400 | 81,652 | ||||||
Kintetsu Group Holdings Co. Ltd. | 2,600 | 112,446 | ||||||
Kirin Holdings Co. Ltd. | 3,800 | 73,101 | ||||||
Kissei Pharmaceutical Co. Ltd. | 300 | 7,273 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 400 | 29,110 | ||||||
Koei Tecmo Holdings Co. Ltd. | 740 | 18,393 | ||||||
Koito Manufacturing Co. Ltd. | 400 | 15,798 | ||||||
Kokuyo Co. Ltd. | 2,300 | 32,581 | ||||||
Komatsu Ltd. | 791 | 16,005 | ||||||
Konami Holdings Corp. | 1,600 | 57,776 | ||||||
Kose Corp. | 69 | 8,278 | ||||||
K’s Holdings Corp. | 3,400 | 37,415 | ||||||
Kubota Corp. | 2,100 | 29,651 | ||||||
Kuraray Co. Ltd. | 5,300 | 55,228 | ||||||
Kurita Water Industries Ltd. | 3,200 | 82,918 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Kyocera Corp. | 1,800 | $ | 113,408 | |||||
Kyoritsu Maintenance Co. Ltd. | 200 | 6,147 | ||||||
Kyowa Exeo Corp. | 1,300 | 28,431 | ||||||
Kyowa Kirin Co. Ltd. | 800 | 19,061 | ||||||
Kyudenko Corp. | 100 | 2,680 | ||||||
Kyushu Electric Power Co., Inc. | 9,200 | 66,698 | ||||||
Kyushu Railway Co. | 4,626 | 139,168 | ||||||
Lawson, Inc. | 800 | 42,498 | ||||||
Lintec Corp. | 1,500 | 32,123 | ||||||
Lion Corp. | 1,306 | 21,624 | ||||||
LIXIL Group Corp. | 1,300 | 19,524 | ||||||
M3, Inc. | 600 | 15,497 | ||||||
Mabuchi Motor Co. Ltd. | 500 | 17,360 | ||||||
Maeda Road Construction Co. Ltd. | 2,900 | 85,899 | ||||||
Makita Corp. | 300 | 10,388 | ||||||
Mani, Inc. | 400 | 8,499 | ||||||
Marubeni Corp. | 5,900 | 39,208 | ||||||
Maruha Nichiro Corp. | 200 | 4,202 | ||||||
Maruichi Steel Tube Ltd. | 1,350 | 32,791 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 500 | 16,386 | ||||||
Mazda Motor Corp. | 2,000 | 13,906 | ||||||
Medipal Holdings Corp. | 7,200 | 131,631 | ||||||
Megmilk Snow Brand Co. Ltd. | 200 | 4,033 | ||||||
MEIJI Holdings Co. Ltd. | 1,700 | 101,497 | ||||||
MINEBEA MITSUMI, Inc. | 651 | 11,491 | ||||||
MISUMI Group, Inc. | 500 | 10,555 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,200 | 35,014 | ||||||
Mitsubishi Corp. | 3,700 | 92,273 | ||||||
Mitsubishi Electric Corp. | 7,200 | 91,514 | ||||||
Mitsubishi Estate Co. Ltd. | 2,100 | 35,900 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,000 | 15,167 | ||||||
Mitsubishi Heavy Industries Ltd. | 6,121 | 194,017 | ||||||
Mitsubishi Logistics Corp. | 900 | 20,784 | ||||||
Mitsubishi Materials Corp. | 2,200 | 50,296 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 900 | 21,886 | ||||||
Mitsui & Co. Ltd. | 8,500 | 140,544 | ||||||
Mitsui Chemicals, Inc. | 3,600 | 78,064 | ||||||
Mitsui Fudosan Co. Ltd. | 1,000 | 22,969 | ||||||
Mitsui OSK Lines Ltd. | 200 | 4,155 | ||||||
Miura Co. Ltd. | 553 | 18,098 | ||||||
Mochida Pharmaceutical Co. Ltd. | 700 | 24,628 | ||||||
Morinaga & Co. Ltd. | 500 | 19,770 | ||||||
Morinaga Milk Industry Co. Ltd. | 400 | 14,203 | ||||||
MS&AD Insurance Group Holdings, Inc. | 900 | 29,061 | ||||||
Murata Manufacturing Co. Ltd. | 417 | 22,117 | ||||||
Nabtesco Corp. | 800 | 21,597 | ||||||
Nagase & Co. Ltd. | 3,200 | 38,478 | ||||||
Nagoya Railroad Co. Ltd. | 4,100 | 107,152 | ||||||
Nankai Electric Railway Co. Ltd. | 1,300 | 28,732 | ||||||
NEC Corp. | 700 | 26,218 | ||||||
NET One Systems Co. Ltd. | 400 | 8,318 | ||||||
Nexon Co. Ltd. | 400 | 6,367 | ||||||
NGK Insulators Ltd. | 1,600 | 25,172 | ||||||
NH Foods Ltd. | 2,500 | 94,331 | ||||||
NHK Spring Co. Ltd. | 2,100 | 16,042 | ||||||
Nichirei Corp. | 700 | 17,866 | ||||||
Nidec Corp. | 136 | 16,113 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nifco, Inc. | 1,700 | $ | 41,308 | |||||
Nihon Kohden Corp. | 700 | 20,832 | ||||||
Nihon M&A Center, Inc. | 300 | 9,123 | ||||||
Nihon Unisys Ltd. | 1,300 | 39,230 | ||||||
Nikon Corp. | 2,700 | 27,760 | ||||||
Nippo Corp. | 2,800 | 63,520 | ||||||
Nippon Electric Glass Co. Ltd. | 400 | 6,760 | ||||||
Nippon Express Co. Ltd. | 900 | 43,137 | ||||||
Nippon Kayaku Co. Ltd. | 6,300 | 69,737 | ||||||
Nippon Paint Holdings Co. Ltd. | 100 | 4,566 | ||||||
Nippon Paper Industries Co. Ltd. | 2,500 | 36,249 | ||||||
Nippon Shinyaku Co. Ltd. | 300 | 22,222 | ||||||
Nippon Shokubai Co. Ltd. | 500 | 25,402 | ||||||
Nippon Steel Corp. | 3,013 | 33,967 | ||||||
Nippon Telegraph & Telephone Corp. | 1,000 | 23,451 | ||||||
Nippon Television Holdings, Inc. | 500 | 6,045 | ||||||
Nippon Yusen KK | 300 | 4,294 | ||||||
Nipro Corp. | 400 | 4,265 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 700 | 15,400 | ||||||
Nissan Chemical Corp. | 883 | 37,370 | ||||||
Nissan Motor Co. Ltd. | 2,200 | 9,456 | ||||||
Nissan Shatai Co. Ltd. | 1,500 | 13,823 | ||||||
Nisshin Seifun Group, Inc. | 3,700 | 62,636 | ||||||
Nissin Foods Holdings Co. Ltd. | 584 | 46,020 | ||||||
Nitori Holdings Co. Ltd. | 243 | 33,713 | ||||||
Nitto Denko Corp. | 500 | 25,124 | ||||||
Noevir Holdings Co. Ltd. | 200 | 8,529 | ||||||
NOF Corp. | 2,400 | 77,096 | ||||||
NOK Corp. | 800 | 10,168 | ||||||
Nomura Real Estate Holdings, Inc. | 1,400 | 30,216 | ||||||
Nomura Research Institute Ltd. | 2,230 | 48,687 | ||||||
NS Solutions Corp. | 200 | 5,548 | ||||||
NSK Ltd. | 500 | 3,833 | ||||||
NTT Data Corp. | 1,100 | 13,166 | ||||||
NTT DOCOMO, Inc. | 800 | 21,712 | ||||||
Obayashi Corp. | 10,800 | 109,036 | ||||||
Obic Co. Ltd. | 300 | 36,963 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,400 | 27,049 | ||||||
Oji Holdings Corp. | 5,500 | 26,260 | ||||||
OKUMA Corp. | 200 | 8,492 | ||||||
Olympus Corp. | 456 | 8,294 | ||||||
Omron Corp. | 1,600 | 86,627 | ||||||
Oracle Corp. | 200 | 15,649 | ||||||
Oriental Land Co. Ltd. | 200 | 22,741 | ||||||
ORIX Corp. | 3,600 | 58,139 | ||||||
Osaka Gas Co. Ltd. | 6,200 | 100,301 | ||||||
OSG Corp. | 1,600 | 24,015 | ||||||
Otsuka Corp. | 1,200 | 51,342 | ||||||
Otsuka Holdings Co. Ltd. | 300 | 11,348 | ||||||
PALTAC Corp. | 1,000 | 42,368 | ||||||
Pan Pacific International Holdings Corp. | 5,000 | 82,881 | ||||||
Panasonic Corp. | 800 | 7,643 | ||||||
Park24 Co. Ltd. | 1,500 | 29,245 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,000 | 5,331 | ||||||
Persol Holdings Co. Ltd. | 1,200 | 15,898 | ||||||
Pigeon Corp. | 100 | 3,393 | ||||||
Rakuten, Inc. | 3,300 | 27,626 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Recruit Holdings Co. Ltd. | 785 | $ | 27,349 | |||||
Relo Group, Inc. | 700 | 15,322 | ||||||
Rengo Co. Ltd. | 5,400 | 36,596 | ||||||
Resona Holdings, Inc. | 1,100 | 4,173 | ||||||
Resorttrust, Inc. | 600 | 7,932 | ||||||
Ricoh Co. Ltd. | 1,200 | 11,181 | ||||||
Rinnai Corp. | 700 | 47,828 | ||||||
Rohm Co. Ltd. | 200 | 13,165 | ||||||
Rohto Pharmaceutical Co. Ltd. | 300 | 8,538 | ||||||
Ryohin Keikaku Co. Ltd. | 240 | 3,289 | ||||||
Sankyo Co. Ltd. | 800 | 26,292 | ||||||
Sankyu, Inc. | 2,500 | 106,499 | ||||||
Sanrio Co. Ltd. | 200 | 3,026 | ||||||
Santen Pharmaceutical Co. Ltd. | 2,700 | 43,354 | ||||||
Sanwa Holdings Corp. | 4,900 | 45,064 | ||||||
Sapporo Holdings Ltd. | 1,200 | 24,075 | ||||||
Sawai Pharmaceutical Co. Ltd. | 800 | 45,390 | ||||||
SCSK Corp. | 500 | 25,819 | ||||||
Secom Co. Ltd. | 1,700 | 135,146 | ||||||
Sega Sammy Holdings, Inc. | 500 | 6,596 | ||||||
Seibu Holdings, Inc. | 2,100 | 29,709 | ||||||
Seiko Epson Corp. | 1,000 | 14,166 | ||||||
Seino Holdings Co. Ltd. | 4,100 | 44,472 | ||||||
Sekisui Chemical Co. Ltd. | 6,500 | 96,959 | ||||||
Sekisui House Ltd. | 9,200 | 180,563 | ||||||
Seven & i Holdings Co. Ltd. | 2,300 | 78,810 | ||||||
SG Holdings Co. Ltd. | 2,200 | 43,402 | ||||||
Shikoku Electric Power Co., Inc. | 1,300 | 9,907 | ||||||
Shimadzu Corp. | 1,000 | 24,364 | ||||||
Shimamura Co. Ltd. (a) | 300 | 20,053 | ||||||
Shimano, Inc. | 266 | 37,287 | ||||||
Shimizu Corp. | 5,400 | 49,161 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,100 | 123,854 | ||||||
Shionogi & Co. Ltd. | 900 | 48,769 | ||||||
Shiseido Co. Ltd. | 100 | 5,950 | ||||||
SHO-BOND Holdings Co. Ltd. | 600 | 21,916 | ||||||
SKY Perfect JSAT Holdings, Inc. | 2,900 | 12,502 | ||||||
Skylark Holdings Co. Ltd. | 3,600 | 54,001 | ||||||
SMC Corp. | 84 | 33,541 | ||||||
Softbank Corp. | 500 | 6,548 | ||||||
Sohgo Security Services Co. Ltd. | 800 | 37,454 | ||||||
Sojitz Corp. | 19,100 | 55,247 | ||||||
Sompo Holdings, Inc. | 500 | 18,616 | ||||||
Sony Corp. | 800 | 49,032 | ||||||
Sony Financial Holdings, Inc. | 400 | 8,003 | ||||||
Sotetsu Holdings, Inc. | 700 | 15,938 | ||||||
Square Enix Holdings Co. Ltd. | 400 | 16,131 | ||||||
Stanley Electric Co. Ltd. | 1,100 | 26,882 | ||||||
Subaru Corp. | 1,700 | 41,284 | ||||||
Sugi Holdings Co. Ltd. | 1,300 | 61,586 | ||||||
Sumitomo Bakelite Co. Ltd. | 300 | 9,011 | ||||||
Sumitomo Chemical Co. Ltd. | 8,700 | 31,698 | ||||||
Sumitomo Corp. | 7,200 | 103,096 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 300 | 4,342 | ||||||
Sumitomo Electric Industries Ltd. | 4,300 | 51,445 | ||||||
Sumitomo Forestry Co. Ltd. | 600 | 8,944 | ||||||
Sumitomo Heavy Industries Ltd. | 1,509 | 32,904 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Sumitomo Metal Mining Co. Ltd. | 693 | $ | 17,254 | |||||
Sumitomo Mitsui Financial Group, Inc. | 100 | 3,230 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,300 | 44,533 | ||||||
Sumitomo Realty & Development Co. Ltd. | 771 | 24,102 | ||||||
Sumitomo Rubber Industries Ltd. | 2,000 | 20,822 | ||||||
Sundrug Co. Ltd. | 600 | 18,773 | ||||||
Suntory Beverage & Food Ltd. | 1,300 | 49,534 | ||||||
Suzuken Co. Ltd. | 4,200 | 139,202 | ||||||
Suzuki Motor Corp. | 500 | 20,104 | ||||||
Taiheiyo Cement Corp. | 1,500 | 37,032 | ||||||
Taisei Corp. | 234 | 8,016 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 100 | 6,202 | ||||||
Takashimaya Co. Ltd. | 1,900 | 17,773 | ||||||
TDK Corp. | 100 | 9,688 | ||||||
TechnoPro Holdings, Inc. | 400 | 23,808 | ||||||
Teijin Ltd. | 5,500 | 90,507 | ||||||
Terumo Corp. | 216 | 6,965 | ||||||
THK Co. Ltd. | 700 | 16,049 | ||||||
TIS, Inc. | 1,300 | 77,013 | ||||||
Tobu Railway Co. Ltd. | 2,700 | 80,601 | ||||||
Toho Co. Ltd. | 2,300 | 70,899 | ||||||
Toho Gas Co. Ltd. | 2,500 | 85,408 | ||||||
Tohoku Electric Power Co., Inc. | 8,500 | 74,704 | ||||||
Tokai Rika Co. Ltd. | 1,200 | 18,100 | ||||||
Tokio Marine Holdings, Inc. | 600 | 32,268 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 300 | 4,684 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 17,700 | 67,279 | ||||||
Tokyo Electron Ltd. | 386 | 79,891 | ||||||
Tokyo Gas Co. Ltd. | 9,900 | 200,359 | ||||||
Tokyo Tatemono Co. Ltd. | 1,100 | 15,022 | ||||||
Tokyu Corp. | 3,300 | 50,663 | ||||||
Tokyu Fudosan Holdings Corp. | 1,500 | 9,470 | ||||||
Toppan Printing Co. Ltd. | 6,100 | 106,375 | ||||||
Toray Industries, Inc. | 19,300 | 111,776 | ||||||
Toshiba Corp. | 600 | 16,270 | ||||||
Tosoh Corp. | 3,000 | 41,190 | ||||||
TOTO Ltd. | 480 | 18,223 | ||||||
Toyo Seikan Group Holdings Ltd. | 1,500 | 24,058 | ||||||
Toyo Suisan Kaisha Ltd. | 2,800 | 110,972 | ||||||
Toyoda Gosei Co. Ltd. | 700 | 14,965 | ||||||
Toyota Industries Corp. | 300 | 15,881 | ||||||
Toyota Motor Corp. | 100 | 6,607 | ||||||
Toyota Tsusho Corp. | 1,500 | 45,404 | ||||||
Trend Micro, Inc. | 400 | 19,914 | ||||||
TS Tech Co. Ltd. | 700 | 18,288 | ||||||
Tsuruha Holdings, Inc. | 400 | 46,465 | ||||||
TV Asahi Holdings Corp. | 300 | 5,076 | ||||||
Ube Industries Ltd. | 1,600 | 29,192 | ||||||
Unicharm Corp. | 877 | 28,441 | ||||||
Ushio, Inc. | 1,200 | 15,019 | ||||||
USS Co. Ltd. | 2,900 | 45,867 | ||||||
Wacoal Holdings Corp. | 1,000 | 23,400 | ||||||
Welcia Holdings Co. Ltd. | 400 | 24,104 | ||||||
West Japan Railway Co. | 2,300 | 162,438 | ||||||
Yakult Honsha Co. Ltd. | 200 | 9,150 | ||||||
Yamada Denki Co. Ltd. | 15,900 | 76,504 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Yamaha Corp. | 581 | $ | 28,548 | |||||
Yamato Holdings Co. Ltd. | 1,200 | 18,935 | ||||||
Yamato Kogyo Co. Ltd. | 700 | 14,666 | ||||||
Yamazaki Baking Co. Ltd. | 1,300 | 22,116 | ||||||
Yaoko Co. Ltd. | 400 | 21,657 | ||||||
Yaskawa Electric Corp. | 400 | 12,553 | ||||||
Yokogawa Electric Corp. | 1,400 | 22,545 | ||||||
Yokohama Rubber Co. Ltd. | 900 | 14,660 | ||||||
Z Holdings Corp. | 3,800 | 13,845 | ||||||
Zenkoku Hosho Co. Ltd. | 900 | 33,751 | ||||||
Zensho Holdings Co. Ltd. | 1,000 | 18,273 | ||||||
Zeon Corp. | 4,300 | 41,180 | ||||||
|
| |||||||
(Cost $16,507,937) | 15,096,401 | |||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 696 | 15,895 | ||||||
|
| |||||||
Luxembourg (c) — 0.5% | ||||||||
Aroundtown SA | 37,042 | 318,512 | ||||||
Eurofins Scientific SE (a) | 14 | 6,994 | ||||||
RTL Group SA | 567 | 23,518 | ||||||
SES SA | 1,975 | 22,519 | ||||||
Tenaris SA | 819 | 7,348 | ||||||
|
| |||||||
(Cost $422,659) | 378,891 | |||||||
|
| |||||||
Macau (c) — 0.0% | ||||||||
Sands China Ltd. | 1,467 | 6,824 | ||||||
|
| |||||||
Netherlands — 2.5% | ||||||||
Aalberts NV | 2,657 | 98,502 | ||||||
Akzo Nobel NV | 191 | 15,137 | ||||||
ASML Holding NV | 114 | 31,068 | ||||||
ASR Nederland NV | 721 | 23,855 | ||||||
Euronext NV, 144A | 1,581 | 130,683 | ||||||
EXOR NV | 315 | 22,172 | ||||||
GrandVision NV, 144A | 1,329 | 40,204 | ||||||
Heineken Holding NV | 521 | 45,669 | ||||||
Heineken NV | 204 | 20,217 | ||||||
ING Groep NV | 1,029 | 9,731 | ||||||
Koninklijke Ahold Delhaize NV | 18,306 | 425,892 | ||||||
Koninklijke DSM NV | 1,570 | 175,475 | ||||||
Koninklijke KPN NV | 46,995 | 113,619 | ||||||
Koninklijke Philips NV | 1,780 | 75,707 | ||||||
Koninklijke Vopak NV | 662 | 31,378 | ||||||
NN Group NV | 291 | 9,858 | ||||||
QIAGEN NV* | 286 | 10,430 | ||||||
Randstad NV | 3,310 | 169,831 | ||||||
Royal Dutch Shell PLC, Class A | 501 | 10,632 | ||||||
Royal Dutch Shell PLC, Class B | 423 | 8,988 | ||||||
Signify NV, 144A | 5,036 | 148,252 | ||||||
Takeaway.com NV, 144A* | 221 | 19,251 | ||||||
Wolters Kluwer NV | 2,183 | 159,030 | ||||||
|
| |||||||
(Cost $1,773,418) | 1,795,581 | |||||||
|
| |||||||
New Zealand — 1.5% | ||||||||
Air New Zealand Ltd. | 28,780 | 40,521 | ||||||
Auckland International Airport Ltd. | 18,670 | 91,135 | ||||||
Contact Energy Ltd. | 40,579 | 168,633 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
New Zealand (Continued) | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 12,517 | $ | 200,148 | |||||
Fletcher Building Ltd. | 7,839 | 25,235 | ||||||
Kiwi Property Group Ltd. | 69,594 | 62,590 | ||||||
Mercury NZ Ltd. | 26,766 | 79,439 | ||||||
Meridian Energy Ltd. | 24,474 | 70,132 | ||||||
Ryman Healthcare Ltd. | 10,850 | 102,628 | ||||||
SKYCITY Entertainment Group Ltd. | 22,436 | 44,531 | ||||||
Spark New Zealand Ltd. | 80,178 | 225,527 | ||||||
|
| |||||||
(Cost $1,018,183) | 1,110,519 | |||||||
|
| |||||||
Norway — 0.9% | ||||||||
Adevinta ASA* | 2,145 | 22,329 | ||||||
DNB ASA | 857 | 14,106 | ||||||
Equinor ASA (a) | 988 | 14,734 | ||||||
Gjensidige Forsikring ASA | 949 | 18,936 | ||||||
Leroy Seafood Group ASA | 7,182 | 43,539 | ||||||
Mowi ASA | 4,791 | 100,126 | ||||||
Norsk Hydro ASA | 4,732 | 13,319 | ||||||
Orkla ASA | 24,270 | 202,989 | ||||||
Salmar ASA | 1,566 | 69,539 | ||||||
Schibsted ASA, Class A | 184 | 4,608 | ||||||
Schibsted ASA, Class B | 695 | 16,568 | ||||||
Telenor ASA | 6,575 | 104,368 | ||||||
Yara International ASA | 918 | 33,049 | ||||||
|
| |||||||
(Cost $741,970) | 658,210 | |||||||
|
| |||||||
Poland — 0.6% | ||||||||
Bank Polska Kasa Opieki SA | 796 | 17,775 | ||||||
CD Projekt SA | 74 | 5,227 | ||||||
Cyfrowy Polsat SA | 3,189 | 20,383 | ||||||
Dino Polska SA, 144A* | 204 | 7,337 | ||||||
Grupa Lotos SA | 5,091 | 76,778 | ||||||
KGHM Polska Miedz SA* | 770 | 13,776 | ||||||
LPP SA | 3 | 5,250 | ||||||
PGE Polska Grupa Energetyczna SA* | 17,422 | 19,752 | ||||||
Polski Koncern Naftowy ORLEN SA | 10,336 | 153,728 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 49,234 | 39,560 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 1,702 | 13,507 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,862 | 25,225 | ||||||
|
| |||||||
(Cost $647,164) | 398,298 | |||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 38,674 | 179,272 | ||||||
Galp Energia SGPS SA | 4,677 | 63,550 | ||||||
Jeronimo Martins SGPS SA | 5,370 | 93,819 | ||||||
|
| |||||||
(Cost $315,330) | 336,641 | |||||||
|
| |||||||
Singapore — 4.1% | ||||||||
Ascendas Real Estate Investment Trust REIT | 74,124 | 162,513 | ||||||
BOC Aviation Ltd., 144A | 9,437 | 81,921 | ||||||
CapitaLand Commercial Trust REIT | 96,295 | 128,329 | ||||||
CapitaLand Ltd. | 22,300 | 56,401 | ||||||
CapitaLand Mall Trust REIT | 108,300 | 176,142 | ||||||
City Developments Ltd. | 3,500 | 24,500 | ||||||
ComfortDelGro Corp. Ltd. | 152,800 | 213,484 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
DBS Group Holdings Ltd. | 1,200 | $ | 20,729 | |||||
Frasers Property Ltd. | 11,100 | 12,168 | ||||||
Genting Singapore Ltd. | 77,300 | 45,138 | ||||||
Golden Agri-Resources Ltd. | 38,300 | 5,488 | ||||||
Jardine Cycle & Carriage Ltd. | 2,193 | 42,188 | ||||||
Keppel REIT | 12,200 | 10,751 | ||||||
Keppel Corp. Ltd. | 17,700 | 80,403 | ||||||
Mapletree Commercial Trust REIT | 168,829 | 254,024 | ||||||
Mapletree Industrial Trust REIT | 80,851 | 155,249 | ||||||
Mapletree Logistics Trust REIT | 165,600 | 219,503 | ||||||
Mapletree North Asia Commercial Trust REIT | 199,000 | 156,839 | ||||||
Olam International Ltd. | 38,700 | 47,138 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,923 | 29,794 | ||||||
SATS Ltd. | 30,500 | 88,067 | ||||||
Sembcorp Industries Ltd. | 19,300 | 25,305 | ||||||
SIA Engineering Co. Ltd. | 12,400 | 21,678 | ||||||
Singapore Airlines Ltd. | 28,400 | 162,786 | ||||||
Singapore Exchange Ltd. | 39,700 | 241,494 | ||||||
Singapore Post Ltd. | 34,300 | 19,292 | ||||||
Singapore Press Holdings Ltd. | 27,000 | 36,562 | ||||||
Singapore Technologies Engineering Ltd. | 61,400 | 183,448 | ||||||
Singapore Telecommunications Ltd. | 37,000 | 79,530 | ||||||
StarHub Ltd. | 14,300 | 15,266 | ||||||
Suntec Real Estate Investment Trust REIT | 38,500 | 46,894 | ||||||
United Overseas Bank Ltd. | 1,500 | 26,309 | ||||||
UOL Group Ltd. | 3,600 | 19,010 | ||||||
Venture Corp. Ltd. | 8,200 | 96,647 | ||||||
Wilmar International Ltd. | 17,900 | 50,916 | ||||||
|
| |||||||
(Cost $3,115,342) | 3,035,906 | |||||||
|
| |||||||
South Africa (c) — 0.0% | ||||||||
Investec PLC | 1,702 | 8,524 | ||||||
|
| |||||||
South Korea — 2.7% | ||||||||
BGF retail Co. Ltd. | 43 | 5,364 | ||||||
BNK Financial Group, Inc. | 1,086 | 5,517 | ||||||
Cheil Worldwide, Inc. | 2,822 | 44,961 | ||||||
CJ CheilJedang Corp. | 62 | 12,456 | ||||||
CJ Logistics Corp.* | 115 | 12,641 | ||||||
Coway Co. Ltd. | 895 | 50,774 | ||||||
Daelim Industrial Co. Ltd.* | 943 | 56,293 | ||||||
DB Insurance Co. Ltd. | 237 | 8,450 | ||||||
Doosan Bobcat, Inc. | 1,075 | 25,138 | ||||||
Doosan Co. Ltd. | 88 | 4,043 | ||||||
Doosan Fuel Cell Co. Ltd.* | 296 | 1,638 | ||||||
Doosan Solus Co. Ltd.* | 163 | 3,322 | ||||||
E-MART, Inc. | 56 | 4,841 | ||||||
Fila Holdings Corp. | 179 | 5,660 | ||||||
GS Engineering & Construction Corp. | 163 | 3,523 | ||||||
GS Holdings Corp. | 2,176 | 73,907 | ||||||
GS Retail Co. Ltd. | 324 | 9,430 | ||||||
Hana Financial Group, Inc. | 512 | 13,237 | ||||||
Hankook Tire & Technology Co. Ltd. | 606 | 12,724 | ||||||
Hanon Systems | 896 | 7,783 | ||||||
Hanwha Corp. | 402 | 6,637 | ||||||
Hite Jinro Co. Ltd. | 514 | 11,258 | ||||||
Hyundai Department Store Co. Ltd. | 390 | 22,767 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Glovis Co. Ltd. | 430 | $ | 43,549 | |||||
Hyundai Heavy Industries Holdings Co. Ltd. | 105 | 23,386 | ||||||
Hyundai Mobis Co. Ltd. | 418 | 72,277 | ||||||
Hyundai Motor Co. | 278 | 26,324 | ||||||
Hyundai Steel Co. | 302 | 5,931 | ||||||
Industrial Bank of Korea | 1,202 | 9,412 | ||||||
Kangwon Land, Inc.* | 1,965 | 36,889 | ||||||
KB Financial Group, Inc. | 684 | 21,908 | ||||||
KCC Corp. | 35 | 4,798 | ||||||
KCC Glass Corp.* | 33 | 723 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.* | 507 | 13,880 | ||||||
Kia Motors Corp. | 9,387 | 280,180 | ||||||
Korea Electric Power Corp. | 2,055 | 36,041 | ||||||
Korea Gas Corp. | 201 | 4,650 | ||||||
Korea Zinc Co. Ltd. | 287 | 97,951 | ||||||
Korean Air Lines Co. Ltd.* | 552 | 10,135 | ||||||
KT&G Corp. | 1,661 | 115,839 | ||||||
Kumho Petrochemical Co. Ltd. | 110 | 5,371 | ||||||
LG Chem Ltd. | 48 | 14,544 | ||||||
LG Corp. | 1,488 | 82,701 | ||||||
LG Electronics, Inc. | 1,343 | 66,791 | ||||||
LG Household & Health Care Ltd. | 7 | 7,037 | ||||||
LG Uplus Corp. | 1,280 | 13,912 | ||||||
Lotte Chemical Corp. | 32 | 4,940 | ||||||
LOTTE Fine Chemical Co. Ltd. | 466 | 12,739 | ||||||
Mando Corp. | 362 | 8,882 | ||||||
NAVER Corp. | 227 | 32,522 | ||||||
NCSoft Corp. | 79 | 42,216 | ||||||
NongShim Co. Ltd. | 116 | 25,215 | ||||||
Ottogi Corp. | 15 | 6,138 | ||||||
POSCO | 322 | 51,833 | ||||||
Posco International Corp. | 283 | 3,484 | ||||||
S-1 Corp. | 520 | 35,195 | ||||||
Samsung C&T Corp. | 296 | 25,713 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 99 | 10,271 | ||||||
Samsung Electronics Co. Ltd. | 457 | 20,395 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 232 | 37,823 | ||||||
Samsung SDI Co. Ltd. | 18 | 4,372 | ||||||
Shinhan Financial Group Co. Ltd. | 589 | 15,665 | ||||||
SK Holdings Co. Ltd. | 53 | 8,379 | ||||||
SK Hynix, Inc. | 1,404 | 101,615 | ||||||
SK Innovation Co. Ltd. | 725 | 67,456 | ||||||
SK Telecom Co. Ltd. | 235 | 41,118 | ||||||
SKC Co. Ltd. | 115 | 4,867 | ||||||
S-Oil Corp. | 87 | 4,771 | ||||||
Woori Financial Group, Inc. | 961 | 7,604 | ||||||
Yuhan Corp. | 54 | 9,515 | ||||||
|
| |||||||
(Cost $2,442,688) | 1,979,321 | |||||||
|
| |||||||
Spain — 2.2% | ||||||||
Acciona SA (a) | 1,014 | 127,422 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,984 | 88,008 | ||||||
Aena SME SA, 144A | 379 | 60,365 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Amadeus IT Group SA | 504 | $ | 35,155 | |||||
Banco Bilbao Vizcaya Argentaria SA | 3,152 | 15,008 | ||||||
Bankinter SA | 1,760 | 10,324 | ||||||
Cellnex Telecom SA, 144A* | 1,271 | 61,248 | ||||||
Corp. Financiera Alba SA | 304 | 13,524 | ||||||
EDP Renovaveis SA | 1,528 | 20,477 | ||||||
Enagas SA | 7,931 | 203,856 | ||||||
Endesa SA | 3,206 | 81,808 | ||||||
Ferrovial SA | 177 | 5,032 | ||||||
Fomento de Construcciones y Contratas SA | 876 | 10,315 | ||||||
Grifols SA | 619 | 19,718 | ||||||
Iberdrola SA | 10,555 | 119,652 | ||||||
Industria de Diseno Textil SA | 268 | 8,281 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 7,985 | 101,043 | ||||||
Mapfre SA | 4,427 | 9,847 | ||||||
Merlin Properties Socimi SA REIT | 18,689 | 239,162 | ||||||
Naturgy Energy Group SA | 538 | 12,428 | ||||||
Red Electrica Corp. SA | 9,143 | 174,198 | ||||||
Repsol SA | 6,840 | 76,111 | ||||||
Siemens Gamesa Renewable Energy SA | 269 | 4,292 | ||||||
Telefonica SA | 20,349 | 119,809 | ||||||
Zardoya Otis SA | 2,347 | 17,466 | ||||||
|
| |||||||
(Cost $1,719,675) | 1,634,549 | |||||||
|
| |||||||
Sweden — 5.0% | ||||||||
Alfa Laval AB | 2,069 | 46,117 | ||||||
Assa Abloy AB, Class B | 4,764 | 105,598 | ||||||
Atlas Copco AB, Class A | 2,104 | 73,590 | ||||||
Atlas Copco AB, Class B | 1,762 | 53,759 | ||||||
Boliden AB | 5,738 | 117,422 | ||||||
Castellum AB | 25,485 | 580,931 | ||||||
Electrolux AB, Series B | 10,972 | 220,060 | ||||||
Elekta AB, Class B | 2,881 | 30,073 | ||||||
Epiroc AB, Class A | 3,577 | 40,787 | ||||||
Epiroc AB, Class B | 2,828 | 31,284 | ||||||
Essity AB, Class B | 4,196 | 124,472 | ||||||
Fastighets AB Balder, Class B* | 7,850 | 365,817 | ||||||
Hennes & Mauritz AB, Class B | 5,015 | 89,674 | ||||||
Hexagon AB, Class B | 876 | 46,316 | ||||||
Husqvarna AB, Class B | 3,584 | 23,740 | ||||||
ICA Gruppen AB | 3,128 | 116,085 | ||||||
Investment AB Latour, Class B | 2,740 | 42,421 | ||||||
L E Lundbergforetagen AB, Class B | 991 | 40,580 | ||||||
Lundin Petroleum AB | 963 | 26,739 | ||||||
Nibe Industrier AB, Class B | 4,227 | 67,753 | ||||||
Sandvik AB | 7,643 | 124,873 | ||||||
Securitas AB, Class B | 7,839 | 105,435 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 2,169 | 20,457 | ||||||
Skanska AB, Class B | 22,676 | 488,599 | ||||||
SKF AB, Class B | 8,529 | 147,794 | ||||||
Svenska Cellulosa AB SCA, Class B | 5,132 | 48,519 | ||||||
Svenska Handelsbanken AB, Class A | 857 | 8,528 | ||||||
Swedbank AB, Class A | 974 | 14,542 | ||||||
Swedish Match AB | 2,045 | 118,037 | ||||||
Swedish Orphan Biovitrum AB* | 293 | 4,943 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Tele2 AB, Class B | 458 | $ | 6,588 | |||||
Telefonaktiebolaget LM Ericsson, Class B | 3,286 | 25,990 | ||||||
Telia Co. AB | 40,714 | 159,285 | ||||||
Trelleborg AB, Class B | 2,640 | 40,383 | ||||||
Volvo AB, Class B | 7,320 | 112,347 | ||||||
|
| |||||||
(Cost $3,467,595) | 3,669,538 | |||||||
|
| |||||||
Switzerland — 4.3% | ||||||||
ABB Ltd. | 1,512 | 32,506 | ||||||
Adecco Group AG | 8,306 | 440,893 | ||||||
Alcon, Inc.* | 491 | 29,908 | ||||||
Baloise Holding AG | 248 | 39,687 | ||||||
Banque Cantonale Vaudoise | 8 | 6,413 | ||||||
Barry Callebaut AG | 24 | 49,168 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 86,471 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 8 | 62,235 | ||||||
Cie Financiere Richemont SA | 408 | 27,567 | ||||||
Clariant AG* | 1,299 | 27,216 | ||||||
Coca-Cola HBC AG* | 2,560 | 80,897 | ||||||
DKSH Holding AG | 1,311 | 73,341 | ||||||
Dufry AG* | 206 | 14,944 | ||||||
EMS-Chemie Holding AG | 67 | 39,005 | ||||||
Flughafen Zurich AG | 499 | 75,060 | ||||||
Geberit AG | 409 | 202,398 | ||||||
Georg Fischer AG | 73 | 61,917 | ||||||
Givaudan SA | 30 | 93,166 | ||||||
Helvetia Holding AG | 206 | 27,220 | ||||||
Julius Baer Group Ltd.* | 260 | 10,801 | ||||||
Kuehne + Nagel International AG | 841 | 122,116 | ||||||
LafargeHolcim Ltd.* | 1,607 | 74,228 | ||||||
Logitech International SA | 1,129 | 43,238 | ||||||
Lonza Group AG* | 145 | 57,284 | ||||||
Nestle SA | 243 | 24,816 | ||||||
Novartis AG | 179 | 15,025 | ||||||
OC Oerlikon Corp. AG | 2,422 | 22,432 | ||||||
Pargesa Holding SA | 230 | 16,764 | ||||||
Partners Group Holding AG | 112 | 96,154 | ||||||
PSP Swiss Property AG | 904 | 133,179 | ||||||
Roche Holding AG | 85 | 27,196 | ||||||
Schindler Holding AG | 111 | 23,761 | ||||||
Schindler Holding AG Participation Certificates | 217 | 48,088 | ||||||
SGS SA | 49 | 121,393 | ||||||
Sika AG | 752 | 133,161 | ||||||
Sonova Holding AG | 636 | 150,992 | ||||||
STMicroelectronics NV | 1,448 | 38,825 | ||||||
Straumann Holding AG | 87 | 80,982 | ||||||
Sulzer AG | 150 | 13,676 | ||||||
Swatch Group AG — Bearer | 67 | 15,359 | ||||||
Swatch Group AG — Registered | 121 | 5,163 | ||||||
Swiss Life Holding AG | 123 | 55,734 | ||||||
Swiss Prime Site AG | 740 | 88,682 | ||||||
Swiss Re AG | 210 | 19,882 | ||||||
Swisscom AG | 327 | 173,508 | ||||||
Temenos AG* | 269 | 38,143 | ||||||
Vifor Pharma AG | 134 | 22,247 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Zurich Insurance Group AG | 57 | $ | 21,841 | |||||
|
| |||||||
(Cost $2,973,037) | 3,164,682 | |||||||
|
| |||||||
United Kingdom — 13.4% | ||||||||
3i Group PLC | 30,879 | 397,573 | ||||||
Admiral Group PLC | 8,305 | 224,041 | ||||||
Amcor PLC, Class CDI | 17,689 | 164,460 | ||||||
Ashmore Group PLC | 12,226 | 72,178 | ||||||
Ashtead Group PLC | 2,411 | 73,571 | ||||||
Associated British Foods PLC | 3,140 | 90,442 | ||||||
AstraZeneca PLC | 140 | 12,149 | ||||||
Auto Trader Group PLC, 144A | 12,658 | 84,009 | ||||||
AVEVA Group PLC | 264 | 14,797 | ||||||
Aviva PLC | 3,506 | 15,710 | ||||||
B&M European Value Retail SA | 10,578 | 45,006 | ||||||
Babcock International Group PLC | 3,609 | 20,444 | ||||||
BAE Systems PLC | 9,503 | 73,849 | ||||||
Barratt Developments PLC | 30,420 | 294,214 | ||||||
Bellway PLC | 5,242 | 249,278 | ||||||
Berkeley Group Holdings PLC | 4,917 | 298,574 | ||||||
BP PLC | 5,250 | 26,565 | ||||||
British American Tobacco PLC | 684 | 26,756 | ||||||
BT Group PLC | 57,736 | 104,439 | ||||||
Bunzl PLC | 5,065 | 120,980 | ||||||
Burberry Group PLC | 3,951 | 83,219 | ||||||
Centrica PLC | 18,608 | 17,141 | ||||||
CNH Industrial NV | 2,283 | 20,940 | ||||||
Compass Group PLC | 2,347 | 51,278 | ||||||
Croda International PLC | 1,402 | 81,552 | ||||||
Derwent London PLC REIT | 1,613 | 80,763 | ||||||
Diageo PLC | 790 | 27,906 | ||||||
Direct Line Insurance Group PLC | 85,084 | 333,641 | ||||||
DS Smith PLC | 2,316 | 9,295 | ||||||
easyJet PLC | 1,170 | 16,446 | ||||||
Ferguson PLC | 3,768 | 324,387 | ||||||
Fiat Chrysler Automobiles NV | 690 | 8,521 | ||||||
G4S PLC | 8,749 | 19,126 | ||||||
GlaxoSmithKline PLC | 1,662 | 33,164 | ||||||
Halma PLC | 8,004 | 197,212 | ||||||
Hargreaves Lansdown PLC | 1,349 | 26,475 | ||||||
Howden Joinery Group PLC | 22,226 | 180,556 | ||||||
IMI PLC | 4,563 | 58,633 | ||||||
Imperial Brands PLC | 2,978 | 59,141 | ||||||
Inchcape PLC | 16,314 | 120,235 | ||||||
Informa PLC | 647 | 5,639 | ||||||
InterContinental Hotels Group PLC | 3,132 | 172,102 | ||||||
International Consolidated Airlines Group SA | 4,114 | 24,803 | ||||||
Intertek Group PLC | 1,444 | 97,201 | ||||||
ITV PLC | 43,041 | 64,075 | ||||||
J Sainsbury PLC | 4,150 | 10,376 | ||||||
JD Sports Fashion PLC | 5,702 | 53,677 | ||||||
John Wood Group PLC | 1,445 | 6,759 | ||||||
Johnson Matthey PLC | 689 | 22,098 | ||||||
Kingfisher PLC | 69,487 | 168,059 | ||||||
Legal & General Group PLC | 5,142 | 17,076 | ||||||
London Stock Exchange Group PLC | 66 | 6,387 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Marks & Spencer Group PLC | 22,526 | $ | 45,576 | |||||
Meggitt PLC | 13,598 | 94,139 | ||||||
Mondi PLC | 4,074 | 81,282 | ||||||
National Grid PLC | 13,461 | 168,980 | ||||||
Next PLC | 2,667 | 207,187 | ||||||
Pearson PLC | 10,248 | 72,989 | ||||||
Pennon Group PLC | 14,203 | 195,565 | ||||||
Persimmon PLC | 7,237 | 262,432 | ||||||
Phoenix Group Holdings PLC | 1,588 | 14,020 | ||||||
Reckitt Benckiser Group PLC | 304 | 22,215 | ||||||
RELX PLC | 3,485 | 83,130 | ||||||
Renishaw PLC | 187 | 8,346 | ||||||
Rentokil Initial PLC | 12,480 | 77,153 | ||||||
Rightmove PLC | 18,515 | 146,389 | ||||||
Rio Tinto Ltd. | 6,867 | 386,388 | ||||||
Rio Tinto PLC | 2,322 | 107,009 | ||||||
Rolls-Royce Holdings PLC* | 828 | 6,557 | ||||||
RSA Insurance Group PLC | 4,047 | 26,818 | ||||||
Sage Group PLC | 20,315 | 176,916 | ||||||
Schroders PLC | 408 | 14,873 | ||||||
Segro PLC REIT | 57,342 | 601,471 | ||||||
Severn Trent PLC | 7,762 | 244,390 | ||||||
Smith & Nephew PLC | 5,974 | 132,696 | ||||||
Smiths Group PLC | 3,801 | 74,427 | ||||||
Spirax-Sarco Engineering PLC | 1,647 | 176,607 | ||||||
SSE PLC | 9,046 | 176,668 | ||||||
Standard Chartered PLC | 784 | 5,634 | ||||||
Standard Life Aberdeen PLC | 4,708 | 16,621 | ||||||
Subsea 7 SA | 1,017 | 8,862 | ||||||
Tate & Lyle PLC | 19,353 | 174,421 | ||||||
Taylor Wimpey PLC | 97,178 | 250,982 | ||||||
Tesco PLC | 20,217 | 59,006 | ||||||
Travis Perkins PLC | 7,013 | 130,872 | ||||||
Unilever NV | 1,892 | 98,957 | ||||||
Unilever PLC | 2,683 | 142,906 | ||||||
United Utilities Group PLC | 22,265 | 268,522 | ||||||
Vodafone Group PLC | 20,785 | 35,671 | ||||||
Whitbread PLC | 858 | 42,675 | ||||||
Wm Morrison Supermarkets PLC | 42,975 | 94,003 | ||||||
WPP PLC | 9,693 | 93,203 | ||||||
|
| |||||||
(Cost $9,552,061) | 9,833,476 | |||||||
|
| |||||||
United States (c) — 0.2% | ||||||||
Carnival PLC | 1,351 | 42,019 | ||||||
Sims Ltd. | 678 | 4,192 | ||||||
Waste Connections, Inc. | 929 | 89,443 | ||||||
|
| |||||||
(Cost $154,755) | 135,654 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 72,889,912 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.2% | ||||||||
Germany — 0.2% | ||||||||
FUCHS PETROLUB SE | 457 | 17,329 | ||||||
Henkel AG & Co. KGaA | 214 | 19,670 | ||||||
Porsche Automobil Holding SE | 1,396 | 86,302 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Sartorius AG | 61 | $ | 13,870 | |||||
|
| |||||||
(Cost $147,609) | 137,171 | |||||||
|
| |||||||
South Korea — 0.0% | ||||||||
Hanwha Corp. | 1,241 | 12,620 | ||||||
Hyundai Motor Co. — 2nd Preferred | 55 | 3,392 | ||||||
|
| |||||||
(Cost $20,848) | 16,012 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 153,183 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
ACS Actividades de Construccion y Servicios SA*, expires 3/6/20 | 2,984 | 1,306 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (e)(f) | 920,783 | 920,783 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (e) | 13,037 | 13,037 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.8% (Cost $76,156,449) | $ | 73,978,221 | ||||||
Other assets and liabilities, net — (0.8%) | (558,015 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 73,420,206 | ||||||
|
|
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
COMMON STOCKS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Germany — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Group GmbH & Co. KGaA, 144A (d) |
| |||||||||||||||||||||||||||||||||||
— | 22,982 | — | — | 3,631 | — | — | 739 | 26,613 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (e)(f) |
| |||||||||||||||||||||||||||||||||||
906,421 | 14,362 | (g) | — | — | — | 3,400 | — | 920,783 | 920,783 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (e) |
| |||||||||||||||||||||||||||||||||||
27,889 | 2,100,799 | (2,115,651 | ) | — | — | 1,065 | — | 13,037 | 13,037 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
934,310 | 2,138,143 | (2,115,651 | ) | — | 3,631 | 4,465 | — | 934,559 | 960,433 | |||||||||||||||||||||||||||
|
|
|
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|
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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 February 29, 2020 amounted to $898,717, which is 1.2% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Securities are listed in country of domicile and trade on exchanges within the FTSE Developed ex US Comprehensive Factor Index. |
(d) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $53,183. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At February 29, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
MSCI EAFE Futures | USD | 3 | $ | 303,940 | $272,400 | 3/20/2020 | $ | (31,540 | ) |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (h) | $ | 72,889,912 | $ | — | $ | — | $ | 72,889,912 | ||||||||
Preferred Stocks (h) | 153,183 | — | — | 153,183 | ||||||||||||
Rights | 1,306 | — | — | 1,306 | ||||||||||||
Short-Term Investments (h) | 933,820 | — | — | 933,820 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 73,978,221 | $ | — | $ | — | $ | 73,978,221 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Futures Contracts | $ | (31,540 | ) | $ | — | $ | — | $ | (31,540 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (31,540 | ) | $ | — | $ | — | $ | (31,540 | ) | ||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Communication Services — 2.9% | ||||||||
Activision Blizzard, Inc. | 2,408 | $ | 139,977 | |||||
Alphabet, Inc., Class A* | 49 | 65,623 | ||||||
Alphabet, Inc., Class C* | 50 | 66,966 | ||||||
Altice USA, Inc., Class A* | 3,273 | 84,640 | ||||||
AT&T, Inc. | 3,308 | 116,508 | ||||||
Cable One, Inc. | 185 | 291,009 | ||||||
CenturyLink, Inc. (a) | 8,017 | 96,765 | ||||||
Charter Communications, Inc., Class A* | 315 | 155,349 | ||||||
Cinemark Holdings, Inc. (a) | 1,881 | 48,831 | ||||||
Comcast Corp., Class A | 2,433 | 98,366 | ||||||
Discovery, Inc., Class C* | 1,005 | 25,225 | ||||||
DISH Network Corp., Class A* | 5,682 | 190,461 | ||||||
Electronic Arts, Inc.* | 2,178 | 220,784 | ||||||
Facebook, Inc., Class A* | 399 | 76,796 | ||||||
Fox Corp., Class A | 13,812 | 424,581 | ||||||
Fox Corp., Class B | 7,984 | 243,113 | ||||||
IAC/InterActiveCorp* | 1,200 | 244,728 | ||||||
Interpublic Group of Cos., Inc. (a) | 8,065 | 172,268 | ||||||
John Wiley & Sons, Inc., Class A | 1,412 | 52,512 | ||||||
Liberty Broadband Corp., Class C* | 274 | 34,494 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 651 | 25,428 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 1,972 | 88,089 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* | 3,972 | 177,231 | ||||||
Live Nation Entertainment, Inc.* | 1,820 | 110,601 | ||||||
Madison Square Garden Co., Class A* | 243 | 65,080 | ||||||
Match Group, Inc.*(a) | 348 | 22,620 | ||||||
New York Times Co., Class A (a) | 5,675 | 212,586 | ||||||
News Corp., Class A | 21,056 | 254,251 | ||||||
News Corp., Class B | 7,044 | 87,627 | ||||||
Nexstar Media Group, Inc., Class A (a) | 1,418 | 163,042 | ||||||
Omnicom Group, Inc. (a) | 5,758 | 398,914 | ||||||
Sinclair Broadcast Group, Inc., Class A (a) | 1,615 | 37,484 | ||||||
Sirius XM Holdings, Inc. | 15,826 | 100,337 | ||||||
Spotify Technology SA* | 138 | 18,923 | ||||||
Take-Two Interactive Software, Inc.* | 1,306 | 140,369 | ||||||
T-Mobile US, Inc.* | 974 | 87,816 | ||||||
Verizon Communications, Inc. | 1,296 | 70,191 | ||||||
ViacomCBS, Inc., Class B | 1,679 | 41,320 | ||||||
Zayo Group Holdings, Inc.* | 8,380 | 293,216 | ||||||
Zynga, Inc., Class A* | 19,291 | 129,443 | ||||||
|
| |||||||
(Cost $5,510,911) | 5,373,564 | |||||||
|
| |||||||
Consumer Discretionary — 14.9% | ||||||||
Advance Auto Parts, Inc. | 1,069 | 142,156 | ||||||
Amazon.com, Inc.* | 16 | 30,140 | ||||||
Aptiv PLC | 5,982 | 467,254 | ||||||
Aramark | 16,112 | 559,731 | ||||||
AutoNation, Inc.* | 3,495 | 149,341 | ||||||
AutoZone, Inc.* | 749 | 773,350 | ||||||
Best Buy Co., Inc. | 14,253 | 1,078,239 | ||||||
Booking Holdings, Inc.* | 93 | 157,696 | ||||||
BorgWarner, Inc. (a) | 10,207 | 322,541 | ||||||
Bright Horizons Family Solutions, Inc.* | 1,472 | 231,325 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Brunswick Corp. | 2,345 | $ | 124,754 | |||||
Burlington Stores, Inc.* | 1,072 | 231,831 | ||||||
CarMax, Inc.*(a) | 3,469 | 302,878 | ||||||
Carnival Corp. (a) | 3,777 | 126,378 | ||||||
Carter’s, Inc. (a) | 4,977 | 455,246 | ||||||
Chipotle Mexican Grill, Inc.* | 285 | 220,470 | ||||||
Choice Hotels International, Inc. (a) | 1,007 | 91,919 | ||||||
Columbia Sportswear Co. (a) | 628 | 51,056 | ||||||
D.R. Horton, Inc. | 13,097 | 697,677 | ||||||
Darden Restaurants, Inc. | 4,758 | 463,905 | ||||||
Dick’s Sporting Goods, Inc. (a) | 4,368 | 159,039 | ||||||
Dollar General Corp. | 6,555 | 985,217 | ||||||
Dollar Tree, Inc.* | 2,154 | 178,847 | ||||||
Domino’s Pizza, Inc. | 781 | 265,118 | ||||||
Dunkin’ Brands Group, Inc. | 1,995 | 132,707 | ||||||
eBay, Inc. (a) | 19,303 | 668,656 | ||||||
Expedia Group, Inc. | 416 | 41,026 | ||||||
Extended Stay America, Inc. | 3,004 | 32,984 | ||||||
Five Below, Inc.*(a) | 540 | 52,353 | ||||||
Floor & Decor Holdings, Inc., Class A*(a) | 274 | 13,988 | ||||||
Foot Locker, Inc. (a) | 1,486 | 53,868 | ||||||
Ford Motor Co. | 35,134 | 244,533 | ||||||
frontdoor, Inc.* | 343 | 14,543 | ||||||
Gap, Inc. (a) | 711 | 10,189 | ||||||
Garmin Ltd. | 6,345 | 560,835 | ||||||
General Motors Co. | 5,916 | 180,438 | ||||||
Gentex Corp. | 27,781 | 741,753 | ||||||
Genuine Parts Co. | 5,838 | 509,307 | ||||||
Goodyear Tire & Rubber Co. | 1,368 | 13,249 | ||||||
Graham Holdings Co., Class B | 173 | 86,998 | ||||||
Grand Canyon Education, Inc.* | 397 | 32,030 | ||||||
H&R Block, Inc. (a) | 5,207 | 107,629 | ||||||
Hanesbrands, Inc. (a) | 12,458 | 164,944 | ||||||
Harley-Davidson, Inc. (a) | 7,090 | 216,032 | ||||||
Hasbro, Inc. | 1,089 | 84,125 | ||||||
Hilton Grand Vacations, Inc.* | 794 | 21,168 | ||||||
Hilton Worldwide Holdings, Inc. | 2,900 | 281,880 | ||||||
Home Depot, Inc. | 1,092 | 237,881 | ||||||
Hyatt Hotels Corp., Class A (a) | 1,552 | 118,883 | ||||||
Kohl’s Corp. (a) | 1,847 | 72,310 | ||||||
Las Vegas Sands Corp. | 2,280 | 132,947 | ||||||
Lear Corp. | 2,937 | 326,594 | ||||||
Leggett & Platt, Inc. | 13,403 | 531,563 | ||||||
Lennar Corp., Class A | 5,507 | 332,292 | ||||||
Lennar Corp., Class B | 335 | 16,016 | ||||||
LKQ Corp.* | 12,058 | 356,676 | ||||||
Lowe’s Cos., Inc. | 3,367 | 358,821 | ||||||
Lululemon Athletica, Inc.* | 927 | 201,539 | ||||||
Marriott International, Inc., Class A | 1,618 | 200,632 | ||||||
McDonald’s Corp. | 453 | 87,959 | ||||||
MGM Resorts International | 4,684 | 115,039 | ||||||
Mohawk Industries, Inc.* | 2,621 | 317,534 | ||||||
Newell Brands, Inc. (a) | 622 | 9,597 | ||||||
NIKE, Inc., Class B | 2,517 | 224,969 | ||||||
Nordstrom, Inc. (a) | 700 | 24,290 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 7,330 | 273,116 | ||||||
NVR, Inc.* | 306 | 1,122,157 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Ollie’s Bargain Outlet Holdings, Inc.*(a) | 303 | $ | 15,414 | |||||
O’Reilly Automotive, Inc.* | 1,170 | 431,402 | ||||||
Penske Automotive Group, Inc. (a) | 2,049 | 94,295 | ||||||
Planet Fitness, Inc., Class A* | 1,111 | 74,981 | ||||||
Polaris, Inc. (a) | 992 | 81,870 | ||||||
Pool Corp. | 1,491 | 314,541 | ||||||
PulteGroup, Inc. | 35,019 | 1,407,764 | ||||||
PVH Corp. | 1,600 | 118,576 | ||||||
Ralph Lauren Corp. | 1,427 | 150,563 | ||||||
Ross Stores, Inc. | 7,081 | 770,271 | ||||||
Royal Caribbean Cruises Ltd. | 2,309 | 185,667 | ||||||
Service Corp. International | 3,112 | 148,723 | ||||||
Six Flags Entertainment Corp. | 759 | 19,188 | ||||||
Skechers U.S.A., Inc., Class A* | 843 | 27,886 | ||||||
Starbucks Corp. | 5,036 | 394,974 | ||||||
Tapestry, Inc. | 1,683 | 39,466 | ||||||
Target Corp. | 6,135 | 631,905 | ||||||
Tempur Sealy International, Inc.* | 558 | 41,711 | ||||||
Thor Industries, Inc. (a) | 747 | 56,331 | ||||||
Tiffany & Co. | 2,620 | 350,006 | ||||||
TJX Cos., Inc. | 14,140 | 845,572 | ||||||
Toll Brothers, Inc. | 10,984 | 406,738 | ||||||
Tractor Supply Co. | 5,694 | 503,976 | ||||||
Ulta Beauty, Inc.*(a) | 645 | 165,823 | ||||||
Urban Outfitters, Inc.* | 623 | 14,647 | ||||||
Vail Resorts, Inc. (a) | 784 | 166,686 | ||||||
VF Corp. | 4,452 | 320,544 | ||||||
Wendy’s Co. | 10,235 | 193,237 | ||||||
Whirlpool Corp. (a) | 4,172 | 533,432 | ||||||
Williams-Sonoma, Inc. (a) | 10,359 | 646,298 | ||||||
Wyndham Destinations, Inc. | 6,560 | 261,744 | ||||||
Wyndham Hotels & Resorts, Inc. | 510 | 25,985 | ||||||
Yum China Holdings, Inc. | 8,591 | 376,200 | ||||||
Yum! Brands, Inc. | 3,249 | 289,973 | ||||||
|
| |||||||
(Cost $27,907,571) | 27,698,547 | |||||||
|
| |||||||
Consumer Staples — 5.1% | ||||||||
Altria Group, Inc. | 2,912 | 117,557 | ||||||
Archer-Daniels-Midland Co. | 1,447 | 54,480 | ||||||
Brown-Forman Corp., Class A | 646 | 37,914 | ||||||
Brown-Forman Corp., Class B (a) | 1,665 | 102,248 | ||||||
Bunge Ltd. | 308 | 14,461 | ||||||
Campbell Soup Co. (a) | 4,376 | 197,445 | ||||||
Casey’s General Stores, Inc. (a) | 3,511 | 572,363 | ||||||
Church & Dwight Co., Inc. | 2,233 | 155,238 | ||||||
Clorox Co. (a) | 1,075 | 171,376 | ||||||
Coca-Cola Co. | 550 | 29,420 | ||||||
Colgate-Palmolive Co. | 4,394 | 296,903 | ||||||
Conagra Brands, Inc. | 1,070 | 28,558 | ||||||
Constellation Brands, Inc., Class A | 909 | 156,693 | ||||||
Costco Wholesale Corp. | 2,050 | 576,337 | ||||||
Estee Lauder Cos., Inc., Class A | 4,806 | 882,382 | ||||||
Flowers Foods, Inc. (a) | 5,974 | 128,620 | ||||||
General Mills, Inc. | 13,162 | 644,938 | ||||||
Grocery Outlet Holding Corp.*(a) | 790 | 25,004 | ||||||
Hain Celestial Group, Inc.*(a) | 447 | 10,607 | ||||||
Herbalife Nutrition Ltd.* | 248 | 8,025 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Hershey Co. | 2,179 | $ | 313,754 | |||||
Hormel Foods Corp. (a) | 2,647 | 110,115 | ||||||
Ingredion, Inc. | 1,862 | 155,105 | ||||||
JM Smucker Co. (a) | 2,041 | 210,203 | ||||||
Kellogg Co. (a) | 3,131 | 189,332 | ||||||
Kimberly-Clark Corp. | 2,658 | 348,703 | ||||||
Kroger Co. | 4,434 | 124,728 | ||||||
Lamb Weston Holdings, Inc. | 2,532 | 220,005 | ||||||
McCormick & Co., Inc. (a) | 1,046 | 152,915 | ||||||
Molson Coors Beverage Co., Class B (a) | 2,542 | 126,109 | ||||||
Mondelez International, Inc., Class A | 5,463 | 288,446 | ||||||
Monster Beverage Corp.* | 2,985 | 186,294 | ||||||
PepsiCo, Inc. | 1,295 | 170,979 | ||||||
Philip Morris International, Inc. | 3,834 | 313,890 | ||||||
Pilgrim’s Pride Corp.* | 2,708 | 57,301 | ||||||
Post Holdings, Inc.* | 960 | 97,210 | ||||||
Procter & Gamble Co. | 487 | 55,143 | ||||||
Seaboard Corp. | 9 | 30,735 | ||||||
Spectrum Brands Holdings, Inc. (a) | 3,758 | 202,519 | ||||||
Sprouts Farmers Market, Inc.* | 1,386 | 22,148 | ||||||
Sysco Corp. | 11,860 | 790,469 | ||||||
TreeHouse Foods, Inc.*(a) | 337 | 12,843 | ||||||
Tyson Foods, Inc., Class A | 8,775 | 595,208 | ||||||
US Foods Holding Corp.* | 10,536 | 354,431 | ||||||
Walgreens Boots Alliance, Inc. | 2,862 | 130,965 | ||||||
Walmart, Inc. | 549 | 59,116 | ||||||
|
| |||||||
(Cost $9,349,181) | 9,529,235 | |||||||
|
| |||||||
Energy — 2.0% | ||||||||
Apache Corp. | 1,248 | 31,100 | ||||||
Baker Hughes Co. | 3,462 | 55,704 | ||||||
Cabot Oil & Gas Corp. | 1,899 | 26,453 | ||||||
Cheniere Energy, Inc.* | 662 | 33,954 | ||||||
Chevron Corp. | 1,661 | 155,038 | ||||||
Cimarex Energy Co. | 509 | 16,822 | ||||||
ConocoPhillips | 3,099 | 150,054 | ||||||
Devon Energy Corp. | 2,071 | 33,633 | ||||||
EOG Resources, Inc. | 1,389 | 87,868 | ||||||
Exxon Mobil Corp. | 1,366 | 70,267 | ||||||
Halliburton Co. | 1,785 | 30,274 | ||||||
Helmerich & Payne, Inc. | 737 | 27,188 | ||||||
Hess Corp. | 737 | 41,405 | ||||||
HollyFrontier Corp. | 3,134 | 105,553 | ||||||
Kinder Morgan, Inc. | 7,132 | 136,720 | ||||||
National Oilwell Varco, Inc. | 465 | 8,700 | ||||||
Noble Energy, Inc. (a) | 2,438 | 38,594 | ||||||
Occidental Petroleum Corp. | 1,116 | 36,538 | ||||||
ONEOK, Inc. | 1,439 | 96,010 | ||||||
Parsley Energy, Inc., Class A | 1,428 | 19,135 | ||||||
PBF Energy, Inc., Class A | 1,024 | 22,927 | ||||||
Phillips 66 | 16,604 | 1,242,975 | ||||||
Pioneer Natural Resources Co. | 1,686 | 207,007 | ||||||
Schlumberger Ltd. | 2,934 | 79,482 | ||||||
Valero Energy Corp. | 13,316 | 882,185 | ||||||
|
| |||||||
(Cost $5,154,561) | 3,635,586 | |||||||
|
|
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Financials — 14.2% | ||||||||
Affiliated Managers Group, Inc. | 414 | $ | 31,141 | |||||
Aflac, Inc. | 6,466 | 277,068 | ||||||
AGNC Investment Corp. REIT | 2,314 | 39,431 | ||||||
Alleghany Corp.* | 78 | 52,436 | ||||||
Allstate Corp. | 4,702 | 494,886 | ||||||
Ally Financial, Inc. | 10,005 | 250,825 | ||||||
American Express Co. | 1,708 | 187,760 | ||||||
American Financial Group, Inc. | 1,827 | 168,851 | ||||||
American International Group, Inc. | 1,609 | 67,835 | ||||||
Ameriprise Financial, Inc. | 2,381 | 336,435 | ||||||
Annaly Capital Management, Inc. REIT | 4,302 | 38,116 | ||||||
Aon PLC | 1,371 | 285,168 | ||||||
Arch Capital Group Ltd.* | 9,763 | 394,718 | ||||||
Arthur J Gallagher & Co. | 4,104 | 400,099 | ||||||
Associated Banc-Corp. | 2,725 | 46,134 | ||||||
Assurant, Inc. | 1,533 | 184,864 | ||||||
Assured Guaranty Ltd. | 4,889 | 199,520 | ||||||
Athene Holding, Ltd., Class A* | 2,537 | 104,651 | ||||||
Axis Capital Holdings Ltd. | 790 | 44,335 | ||||||
Bank of America Corp. | 958 | 27,303 | ||||||
Bank of Hawaii Corp. (a) | 1,074 | 79,927 | ||||||
Bank of New York Mellon Corp. | 1,983 | 79,122 | ||||||
Bank OZK | 2,110 | 53,573 | ||||||
BankUnited, Inc. | 2,530 | 75,141 | ||||||
Berkshire Hathaway, Inc., Class B* | 92 | 18,983 | ||||||
BGC Partners, Inc., Class A | 6,197 | 28,878 | ||||||
BlackRock, Inc. | 193 | 89,361 | ||||||
BOK Financial Corp. (a) | 123 | 8,905 | ||||||
Brighthouse Financial, Inc.* | 1,189 | 42,614 | ||||||
Brown & Brown, Inc. | 9,719 | 418,014 | ||||||
Capital One Financial Corp. | 3,524 | 311,028 | ||||||
Cboe Global Markets, Inc. | 2,798 | 318,972 | ||||||
Charles Schwab Corp. | 1,115 | 45,436 | ||||||
Chimera Investment Corp. REIT (a) | 6,399 | 125,740 | ||||||
Chubb Ltd. | 1,201 | 174,181 | ||||||
Cincinnati Financial Corp. | 1,438 | 134,079 | ||||||
CIT Group, Inc. | 2,178 | 86,488 | ||||||
Citigroup, Inc. | 1,594 | 101,155 | ||||||
Citizens Financial Group, Inc. | 5,252 | 166,436 | ||||||
CME Group, Inc. | 248 | 49,307 | ||||||
CNA Financial Corp. | 677 | 28,150 | ||||||
Comerica, Inc. | 1,521 | 80,065 | ||||||
Commerce Bancshares, Inc. (a) | 1,538 | 93,880 | ||||||
Credit Acceptance Corp.*(a) | 185 | 74,592 | ||||||
Cullen/Frost Bankers, Inc. (a) | 596 | 46,720 | ||||||
Discover Financial Services | 8,306 | 544,708 | ||||||
E*TRADE Financial Corp. | 1,709 | 78,238 | ||||||
East West Bancorp, Inc. | 1,636 | 63,379 | ||||||
Eaton Vance Corp. | 15,286 | 630,700 | ||||||
Equitable Holdings, Inc. | 8,843 | 189,240 | ||||||
Erie Indemnity Co., Class A (a) | 1,550 | 221,526 | ||||||
Evercore, Inc., Class A | 4,112 | 273,941 | ||||||
Everest Re Group Ltd. | 282 | 69,902 | ||||||
FactSet Research Systems, Inc. (a) | 1,653 | 439,681 | ||||||
Fidelity National Financial, Inc. | 22,565 | 874,619 | ||||||
Fifth Third Bancorp | 9,052 | 220,869 | ||||||
First American Financial Corp. | 11,557 | 659,905 |
Number | Value | |||||||
Financials (Continued) | ||||||||
First Citizens BancShares, Inc., Class A | 196 | $ | 88,849 | |||||
First Hawaiian, Inc. | 2,986 | 71,515 | ||||||
First Horizon National Corp. (a) | 7,140 | 95,176 | ||||||
First Republic Bank | 1,005 | 101,073 | ||||||
FNB Corp. | 9,752 | 98,398 | ||||||
Franklin Resources, Inc. (a) | 3,669 | 79,837 | ||||||
Globe Life, Inc. | 4,321 | 400,384 | ||||||
Goldman Sachs Group, Inc. | 949 | 190,531 | ||||||
Hanover Insurance Group, Inc. | 2,300 | 272,642 | ||||||
Hartford Financial Services Group, Inc. | 7,414 | 370,329 | ||||||
Huntington Bancshares, Inc. | 12,911 | 158,418 | ||||||
Interactive Brokers Group, Inc., Class A (a) | 344 | 17,578 | ||||||
Intercontinental Exchange, Inc. | 1,296 | 115,629 | ||||||
Invesco Ltd. | 7,128 | 102,643 | ||||||
Janus Henderson Group PLC (a) | 11,577 | 245,432 | ||||||
Jefferies Financial Group, Inc. | 4,032 | 79,471 | ||||||
JPMorgan Chase & Co. | 157 | 18,229 | ||||||
Kemper Corp. | 758 | 52,181 | ||||||
KeyCorp | 12,070 | 197,345 | ||||||
Lazard Ltd., Class A (a) | 7,591 | 271,910 | ||||||
Legg Mason, Inc. | 1,564 | 77,919 | ||||||
Lincoln National Corp. | 2,066 | 93,776 | ||||||
Loews Corp. | 3,092 | 141,088 | ||||||
LPL Financial Holdings, Inc. | 3,860 | 306,793 | ||||||
M&T Bank Corp. | 1,126 | 158,068 | ||||||
Markel Corp.* | 37 | 43,719 | ||||||
MarketAxess Holdings, Inc. | 810 | 262,707 | ||||||
Marsh & McLennan Cos., Inc. | 4,895 | 511,821 | ||||||
MetLife, Inc. | 3,977 | 169,897 | ||||||
MFA Financial, Inc. REIT | 15,946 | 115,290 | ||||||
MGIC Investment Corp. | 48,430 | 582,613 | ||||||
Moody’s Corp. | 2,791 | 669,924 | ||||||
Morgan Stanley | 1,895 | 85,332 | ||||||
Morningstar, Inc. | 1,394 | 204,779 | ||||||
MSCI, Inc. | 2,741 | 809,801 | ||||||
Nasdaq, Inc. | 2,608 | 267,450 | ||||||
Navient Corp. | 2,714 | 30,478 | ||||||
New Residential Investment Corp. REIT | 6,555 | 101,996 | ||||||
New York Community Bancorp, Inc. (a) | 10,825 | 117,018 | ||||||
Northern Trust Corp. | 1,456 | 127,779 | ||||||
Old Republic International Corp. | 6,991 | 137,863 | ||||||
OneMain Holdings, Inc. | 322 | 11,834 | ||||||
PacWest Bancorp | 3,064 | 96,945 | ||||||
People’s United Financial, Inc. | 5,158 | 72,160 | ||||||
Pinnacle Financial Partners, Inc. | 1,513 | 79,644 | ||||||
PNC Financial Services Group, Inc. | 1,397 | 176,581 | ||||||
Popular, Inc. | 2,089 | 100,230 | ||||||
Primerica, Inc. | 1,111 | 123,699 | ||||||
Principal Financial Group, Inc. | 4,886 | 216,890 | ||||||
Progressive Corp. | 11,665 | 853,411 | ||||||
Prosperity Bancshares, Inc. | 619 | 39,987 | ||||||
Prudential Financial, Inc. | 1,848 | 139,432 | ||||||
Raymond James Financial, Inc. | 2,422 | 202,552 | ||||||
Regions Financial Corp. | 11,442 | 154,696 | ||||||
Reinsurance Group of America, Inc. | 1,332 | 162,544 | ||||||
RenaissanceRe Holdings Ltd. | 1,068 | 181,987 | ||||||
S&P Global, Inc. | 2,320 | 616,911 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Santander Consumer USA Holdings, Inc. | 1,982 | $ | 48,361 | |||||
SEI Investments Co. | 10,339 | 565,647 | ||||||
Signature Bank | 631 | 78,938 | ||||||
SLM Corp. | 1,537 | 15,939 | ||||||
Starwood Property Trust, Inc. REIT | 4,391 | 97,392 | ||||||
State Street Corp. | 2,425 | 165,167 | ||||||
Sterling Bancorp | 4,592 | 76,135 | ||||||
SVB Financial Group* | 209 | 43,505 | ||||||
Synchrony Financial | 21,920 | 637,872 | ||||||
Synovus Financial Corp. | 2,408 | 69,880 | ||||||
T. Rowe Price Group, Inc. | 8,067 | 951,987 | ||||||
TCF Financial Corp. | 1,167 | 42,526 | ||||||
TD Ameritrade Holding Corp. | 688 | 29,054 | ||||||
Travelers Cos., Inc. | 2,086 | 249,924 | ||||||
Truist Financial Corp. | 1,733 | 79,961 | ||||||
Two Harbors Investment Corp. REIT (a) | 2,545 | 34,485 | ||||||
Umpqua Holdings Corp. | 2,591 | 39,876 | ||||||
Unum Group | 2,075 | 48,368 | ||||||
US Bancorp | 2,728 | 126,688 | ||||||
Voya Financial, Inc. (a) | 3,730 | 196,347 | ||||||
W.R. Berkley Corp. | 4,334 | 290,985 | ||||||
Webster Financial Corp. | 648 | 24,605 | ||||||
Wells Fargo & Co. | 747 | 30,515 | ||||||
Western Alliance Bancorp | 2,208 | 101,656 | ||||||
Willis Towers Watson PLC | 1,071 | 202,687 | ||||||
Wintrust Financial Corp. | 473 | 25,263 | ||||||
Zions Bancorp NA (a) | 3,163 | 126,362 | ||||||
|
| |||||||
(Cost $26,583,933) | 26,302,340 | |||||||
|
| |||||||
Health Care — 8.6% | ||||||||
Abbott Laboratories | 965 | 74,334 | ||||||
AbbVie, Inc. | 1,126 | 96,509 | ||||||
Acadia Healthcare Co., Inc.*(a) | 736 | 21,786 | ||||||
Agilent Technologies, Inc. | 2,191 | 168,860 | ||||||
Alexion Pharmaceuticals, Inc.* | 266 | 25,012 | ||||||
Align Technology, Inc.* | 308 | 67,252 | ||||||
Allergan PLC | 176 | 33,558 | ||||||
AmerisourceBergen Corp. | 7,072 | 596,311 | ||||||
Amgen, Inc. | 1,016 | 202,926 | ||||||
Anthem, Inc. | 745 | 191,532 | ||||||
Avantor, Inc.* | 3,217 | 50,668 | ||||||
Baxter International, Inc. | 5,642 | 470,938 | ||||||
Becton Dickinson and Co. | 361 | 85,853 | ||||||
Biogen, Inc.* | 298 | 91,900 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 532 | 187,275 | ||||||
Bio-Techne Corp. | 718 | 135,623 | ||||||
Boston Scientific Corp.* | 1,705 | 63,750 | ||||||
Bristol-Myers Squibb Co. | 2,206 | 130,286 | ||||||
Bruker Corp. | 3,887 | 169,318 | ||||||
Cardinal Health, Inc. | 16,592 | 864,775 | ||||||
Catalent, Inc.* | 658 | 33,907 | ||||||
Centene Corp.* | 764 | 40,507 | ||||||
Cerner Corp. | 13,812 | 956,757 | ||||||
Change Healthcare, Inc.*(a) | 6,730 | 91,461 | ||||||
Charles River Laboratories International, Inc.* | 772 | 120,100 | ||||||
Chemed Corp. | 1,296 | 541,236 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Cooper Cos., Inc. | 619 | $ | 200,909 | |||||
Covetrus, Inc.*(a) | 13,526 | 150,274 | ||||||
CVS Health Corp. | 180 | 10,652 | ||||||
Danaher Corp. | 966 | 139,664 | ||||||
DaVita, Inc.* | 4,043 | 313,818 | ||||||
DENTSPLY SIRONA, Inc. | 1,209 | 59,531 | ||||||
Edwards Lifesciences Corp.* | 1,193 | 244,374 | ||||||
Elanco Animal Health, Inc.* | 983 | 26,934 | ||||||
Eli Lilly & Co. | 675 | 85,138 | ||||||
Encompass Health Corp. | 2,535 | 189,719 | ||||||
Envista Holdings Corp.* | 2,219 | 56,318 | ||||||
Gilead Sciences, Inc. | 2,223 | 154,187 | ||||||
HCA Healthcare, Inc. | 1,665 | 211,472 | ||||||
Henry Schein, Inc.*(a) | 4,943 | 301,226 | ||||||
Hill-Rom Holdings, Inc. | 1,321 | 126,882 | ||||||
Hologic, Inc.* | 1,740 | 81,989 | ||||||
Humana, Inc. | 1,511 | 483,036 | ||||||
IDEXX Laboratories, Inc.* | 1,167 | 297,013 | ||||||
Illumina, Inc.* | 116 | 30,818 | ||||||
Incyte Corp.* | 336 | 25,338 | ||||||
Integra LifeSciences Holdings Corp.* | 849 | 44,233 | ||||||
Intuitive Surgical, Inc.* | 268 | 143,101 | ||||||
IQVIA Holdings, Inc.* | 1,175 | 163,901 | ||||||
Jazz Pharmaceuticals PLC* | 1,182 | 135,434 | ||||||
Johnson & Johnson | 221 | 29,720 | ||||||
Laboratory Corp. of America Holdings* | 4,018 | 705,922 | ||||||
Masimo Corp.* | 1,770 | 289,094 | ||||||
McKesson Corp. | 6,781 | 948,391 | ||||||
MEDNAX, Inc.*(a) | 563 | 9,622 | ||||||
Medtronic PLC | 1,019 | 102,583 | ||||||
Merck & Co., Inc. | 781 | 59,793 | ||||||
Mettler-Toledo International, Inc.* | 428 | 300,328 | ||||||
Molina Healthcare, Inc.* | 282 | 34,559 | ||||||
Penumbra, Inc.*(a) | 130 | 21,562 | ||||||
PerkinElmer, Inc. (a) | 1,358 | 117,386 | ||||||
Perrigo Co. PLC (a) | 1,368 | 69,344 | ||||||
Pfizer, Inc. | 670 | 22,391 | ||||||
PRA Health Sciences, Inc.* | 902 | 84,968 | ||||||
Premier, Inc., Class A* | 1,975 | 58,124 | ||||||
QIAGEN NV* | 917 | 32,920 | ||||||
Quest Diagnostics, Inc. | 4,175 | 442,801 | ||||||
Regeneron Pharmaceuticals, Inc.* | 136 | 60,462 | ||||||
ResMed, Inc. | 1,072 | 170,405 | ||||||
STERIS PLC | 2,970 | 471,101 | ||||||
Stryker Corp. | 878 | 167,338 | ||||||
Teleflex, Inc. | 513 | 171,865 | ||||||
Thermo Fisher Scientific, Inc. | 435 | 126,498 | ||||||
United Therapeutics Corp.* | 580 | 59,717 | ||||||
UnitedHealth Group, Inc. | 240 | 61,190 | ||||||
Universal Health Services, Inc., Class B | 3,420 | 423,191 | ||||||
Varian Medical Systems, Inc.* | 1,751 | 215,320 | ||||||
Veeva Systems, Inc., Class A* | 1,322 | 187,684 | ||||||
Vertex Pharmaceuticals, Inc.* | 183 | 40,998 | ||||||
Waters Corp.*(a) | 1,298 | 252,967 | ||||||
West Pharmaceutical Services, Inc. | 3,475 | 523,196 | ||||||
Zimmer Biomet Holdings, Inc. | 1,301 | 177,131 | ||||||
Zoetis, Inc. | 1,891 | 251,938 | ||||||
|
| |||||||
(Cost $14,869,916) | 15,878,904 | |||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Industrials — 17.6% | ||||||||
3M Co. | 404 | $ | 60,293 | |||||
Acuity Brands, Inc. | 1,070 | 110,060 | ||||||
AECOM* | 7,033 | 316,063 | ||||||
AGCO Corp. | 6,198 | 374,545 | ||||||
Air Lease Corp. | 4,042 | 155,051 | ||||||
Alaska Air Group, Inc. | 4,682 | 236,254 | ||||||
Allegion PLC | 2,601 | 299,089 | ||||||
Allison Transmission Holdings, Inc. | 4,114 | 167,028 | ||||||
AMERCO (a) | 198 | 63,857 | ||||||
American Airlines Group, Inc. (a) | 572 | 10,897 | ||||||
AMETEK, Inc. | 3,424 | 294,464 | ||||||
AO Smith Corp. (a) | 6,527 | 258,143 | ||||||
Arconic, Inc. | 2,286 | 67,094 | ||||||
Armstrong World Industries, Inc. | 2,655 | 265,898 | ||||||
Boeing Co. | 253 | 69,603 | ||||||
BWX Technologies, Inc. (a) | 4,081 | 223,802 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 2,536 | 174,730 | ||||||
Carlisle Cos., Inc. | 4,161 | 604,552 | ||||||
Caterpillar, Inc. | 1,181 | 146,727 | ||||||
Cintas Corp. | 1,545 | 412,113 | ||||||
Clean Harbors, Inc.* | 2,495 | 173,452 | ||||||
Colfax Corp.*(a) | 1,747 | 58,472 | ||||||
Copa Holdings SA, Class A | 827 | 68,757 | ||||||
Copart, Inc.* | 7,245 | 612,058 | ||||||
CoStar Group, Inc.* | 449 | 299,748 | ||||||
Crane Co. | 1,591 | 108,108 | ||||||
CSX Corp. | 1,999 | 140,830 | ||||||
Cummins, Inc. | 6,593 | 997,455 | ||||||
Curtiss-Wright Corp. | 2,106 | 252,594 | ||||||
Deere & Co. | 882 | 138,015 | ||||||
Delta Air Lines, Inc. | 9,714 | 448,107 | ||||||
Donaldson Co., Inc. | 4,280 | 192,942 | ||||||
Dover Corp. | 4,717 | 484,625 | ||||||
Eaton Corp. PLC | 6,045 | 548,402 | ||||||
Emerson Electric Co. | 6,122 | 392,481 | ||||||
Equifax, Inc. | 1,721 | 244,451 | ||||||
Expeditors International of Washington, Inc. | 5,841 | 411,323 | ||||||
Fastenal Co. (a) | 11,741 | 401,777 | ||||||
FedEx Corp. | 723 | 102,066 | ||||||
Flowserve Corp. | 1,608 | 64,626 | ||||||
Fortive Corp. | 2,578 | 178,294 | ||||||
Fortune Brands Home & Security, Inc. | 10,758 | 664,306 | ||||||
Gardner Denver Holdings, Inc.*(a) | 960 | 31,478 | ||||||
General Dynamics Corp. | 1,074 | 171,507 | ||||||
General Electric Co. | 2,363 | 25,709 | ||||||
Graco, Inc. | 5,140 | 253,505 | ||||||
HD Supply Holdings, Inc.* | 4,826 | 183,485 | ||||||
HEICO Corp. (a) | 716 | 77,221 | ||||||
HEICO Corp., Class A | 1,560 | 137,795 | ||||||
Hexcel Corp. | 4,747 | 306,799 | ||||||
Honeywell International, Inc. | 1,412 | 228,984 | ||||||
Hubbell, Inc. (a) | 1,879 | 250,358 | ||||||
Huntington Ingalls Industries, Inc. | 3,663 | 752,856 | ||||||
IAA, Inc.* | 4,229 | 180,663 | ||||||
IDEX Corp. | 1,939 | 286,972 | ||||||
IHS Markit Ltd. | 2,464 | 175,535 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Illinois Tool Works, Inc. | 2,765 | $ | 463,912 | |||||
Ingersoll-Rand PLC | 2,877 | 371,248 | ||||||
ITT, Inc. | 4,660 | 280,299 | ||||||
Jacobs Engineering Group, Inc. | 1,432 | 132,231 | ||||||
JB Hunt Transport Services, Inc. | 3,826 | 368,979 | ||||||
JetBlue Airways Corp.* | 19,373 | 305,706 | ||||||
Johnson Controls International PLC | 19,681 | 719,734 | ||||||
Kansas City Southern | 2,395 | 360,879 | ||||||
KAR Auction Services, Inc. | 14,595 | 280,954 | ||||||
Kirby Corp.* | 1,047 | 66,746 | ||||||
Knight-Swift Transportation Holdings, Inc. (a) | 9,906 | 316,398 | ||||||
L3Harris Technologies, Inc. | 2,362 | 467,038 | ||||||
Landstar System, Inc. | 3,120 | 315,026 | ||||||
Lennox International, Inc. (a) | 1,188 | 271,018 | ||||||
Lincoln Electric Holdings, Inc. (a) | 2,542 | 208,164 | ||||||
Lockheed Martin Corp. | 559 | 206,757 | ||||||
Lyft, Inc., Class A*(a) | 439 | 16,735 | ||||||
Macquarie Infrastructure Corp. | 2,277 | 89,372 | ||||||
ManpowerGroup, Inc. | 6,877 | 522,239 | ||||||
Masco Corp. | 16,370 | 676,408 | ||||||
Middleby Corp.*(a) | 575 | 64,291 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,295 | 80,057 | ||||||
Nielsen Holdings PLC | 770 | 14,022 | ||||||
Nordson Corp. | 1,362 | 197,899 | ||||||
Norfolk Southern Corp. | 1,408 | 256,749 | ||||||
Northrop Grumman Corp. | 590 | 194,016 | ||||||
nVent Electric PLC | 1,869 | 44,875 | ||||||
Old Dominion Freight Line, Inc. (a) | 2,393 | 463,763 | ||||||
Oshkosh Corp. | 4,901 | 353,607 | ||||||
Owens Corning | 4,599 | 259,798 | ||||||
PACCAR, Inc. | 11,270 | 753,963 | ||||||
Parker-Hannifin Corp. | 1,992 | 368,062 | ||||||
Pentair PLC | 5,698 | 224,444 | ||||||
Quanta Services, Inc. | 8,358 | 318,691 | ||||||
Raytheon Co. | 2,561 | 482,902 | ||||||
Regal Beloit Corp. | 1,695 | 131,600 | ||||||
Republic Services, Inc. | 1,873 | 169,057 | ||||||
Robert Half International, Inc. | 4,145 | 208,949 | ||||||
Rockwell Automation, Inc. | 2,454 | 450,309 | ||||||
Rollins, Inc. (a) | 1,803 | 67,504 | ||||||
Roper Technologies, Inc. | 446 | 156,858 | ||||||
Ryder System, Inc. | 1,313 | 49,947 | ||||||
Schneider National, Inc., Class B | 4,827 | 86,452 | ||||||
Sensata Technologies Holding PLC* | 2,535 | 103,428 | ||||||
Snap-on, Inc. (a) | 2,534 | 366,796 | ||||||
Southwest Airlines Co. | 14,324 | 661,626 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 5,801 | 306,525 | ||||||
Stanley Black & Decker, Inc. | 2,257 | 324,331 | ||||||
Stericycle, Inc.* | 508 | 29,174 | ||||||
Teledyne Technologies, Inc.* | 1,323 | 446,274 | ||||||
Textron, Inc. | 3,891 | 157,975 | ||||||
Timken Co. | 2,535 | 113,669 | ||||||
Toro Co. | 6,141 | 438,652 | ||||||
TransDigm Group, Inc. (a) | 316 | 176,268 | ||||||
TransUnion | 1,352 | 120,220 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Union Pacific Corp. | 1,038 | $ | 165,883 | |||||
United Airlines Holdings, Inc.* | 2,445 | 150,588 | ||||||
United Parcel Service, Inc., Class B | 3,863 | 349,563 | ||||||
United Rentals, Inc.* | 547 | 72,467 | ||||||
United Technologies Corp. | 474 | 61,900 | ||||||
Univar Solutions, Inc.* | 6,555 | 111,369 | ||||||
Valmont Industries, Inc. | 590 | 68,570 | ||||||
Verisk Analytics, Inc. | 1,559 | 241,816 | ||||||
W.W. Grainger, Inc. | 684 | 189,837 | ||||||
WABCO Holdings, Inc.* | 3,621 | 489,197 | ||||||
Waste Management, Inc. | 2,798 | 310,046 | ||||||
Watsco, Inc. | 2,170 | 340,647 | ||||||
WESCO International, Inc.* | 1,619 | 65,683 | ||||||
Westinghouse Air Brake Technologies Corp. (a) | 609 | 41,838 | ||||||
Woodward, Inc. | 2,713 | 279,982 | ||||||
XPO Logistics, Inc.*(a) | 678 | 50,152 | ||||||
Xylem, Inc. (a) | 2,237 | 173,010 | ||||||
|
| |||||||
(Cost $32,671,315) | 32,601,163 | |||||||
|
| |||||||
Information Technology — 16.3% | ||||||||
Accenture PLC, Class A | 1,424 | 257,160 | ||||||
Adobe, Inc.* | 587 | 202,585 | ||||||
Akamai Technologies, Inc.* | 5,208 | 450,544 | ||||||
Amdocs Ltd. | 10,187 | 649,421 | ||||||
Amphenol Corp., Class A | 3,268 | 299,610 | ||||||
Analog Devices, Inc. | 3,298 | 359,647 | ||||||
ANSYS, Inc.* | 2,929 | 709,374 | ||||||
Apple, Inc. | 1,485 | 405,940 | ||||||
Applied Materials, Inc. | 7,736 | 449,616 | ||||||
Arista Networks, Inc.* | 67 | 12,939 | ||||||
Arrow Electronics, Inc.* | 2,376 | 159,335 | ||||||
Aspen Technology, Inc.* | 2,446 | 260,523 | ||||||
Autodesk, Inc.* | 186 | 35,504 | ||||||
Automatic Data Processing, Inc. | 1,657 | 256,404 | ||||||
Avnet, Inc. | 7,719 | 236,819 | ||||||
Black Knight, Inc.* | 3,596 | 239,889 | ||||||
Booz Allen Hamilton Holding Corp. | 6,192 | 441,490 | ||||||
Broadcom, Inc. | 436 | 118,862 | ||||||
Broadridge Financial Solutions, Inc. | 1,649 | 172,090 | ||||||
CACI International, Inc., Class A* | 1,504 | 368,510 | ||||||
Cadence Design Systems, Inc.* | 10,827 | 716,098 | ||||||
CDK Global, Inc. | 1,065 | 49,011 | ||||||
CDW Corp. | 9,345 | 1,067,386 | ||||||
Cerence, Inc.* | 5,058 | 109,809 | ||||||
Ciena Corp.* | 1,864 | 71,671 | ||||||
Cisco Systems, Inc. | 3,589 | 143,309 | ||||||
Citrix Systems, Inc. | 2,905 | 300,348 | ||||||
Cognex Corp. | 2,139 | 95,271 | ||||||
Cognizant Technology Solutions Corp., Class A | 7,185 | 437,782 | ||||||
Coherent, Inc.*(a) | 69 | 8,881 | ||||||
CoreLogic, Inc. | 1,661 | 75,360 | ||||||
Corning, Inc. (a) | 9,771 | 233,136 | ||||||
Cypress Semiconductor Corp. | 14,895 | 343,926 | ||||||
Dell Technologies, Inc., Class C* | 940 | 38,032 | ||||||
Dolby Laboratories, Inc., Class A | 2,528 | 166,090 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
EchoStar Corp., Class A* | 1,508 | $ | 52,659 | |||||
Entegris, Inc. | 5,382 | 286,968 | ||||||
EPAM Systems, Inc.* | 2,809 | 626,969 | ||||||
Euronet Worldwide, Inc.* | 1,520 | 188,541 | ||||||
F5 Networks, Inc.* | 848 | 101,718 | ||||||
Fair Isaac Corp.* | 584 | 219,602 | ||||||
Fidelity National Information Services, Inc. | 591 | 82,575 | ||||||
Fiserv, Inc.* | 1,132 | 123,796 | ||||||
FleetCor Technologies, Inc.* | 757 | 201,203 | ||||||
FLIR Systems, Inc. | 4,890 | 207,678 | ||||||
Fortinet, Inc.* | 3,185 | 325,061 | ||||||
Gartner, Inc.* | 1,137 | 147,116 | ||||||
Genpact Ltd. | 8,882 | 341,602 | ||||||
Global Payments, Inc. | 455 | 83,706 | ||||||
GoDaddy, Inc., Class A* | 896 | 62,702 | ||||||
Guidewire Software, Inc.*(a) | 586 | 64,231 | ||||||
Hewlett Packard Enterprise Co. | 44,076 | 563,732 | ||||||
HP, Inc. | 28,788 | 598,503 | ||||||
Intel Corp. | 4,676 | 259,612 | ||||||
International Business Machines Corp. | 3,737 | 486,371 | ||||||
Intuit, Inc. | 1,888 | 501,925 | ||||||
IPG Photonics Corp.*(a) | 283 | 36,122 | ||||||
Jabil, Inc. | 15,337 | 491,551 | ||||||
Jack Henry & Associates, Inc. | 1,515 | 229,886 | ||||||
Juniper Networks, Inc. | 6,548 | 138,949 | ||||||
Keysight Technologies, Inc.* | 3,617 | 342,747 | ||||||
KLA Corp. | 1,181 | 181,531 | ||||||
Lam Research Corp. | 3,285 | 963,918 | ||||||
Leidos Holdings, Inc. | 9,553 | 980,615 | ||||||
Littelfuse, Inc. | 215 | 34,331 | ||||||
LogMeIn, Inc. | 608 | 51,823 | ||||||
Manhattan Associates, Inc.* | 2,698 | 181,737 | ||||||
Mastercard, Inc., Class A | 256 | 74,304 | ||||||
Maxim Integrated Products, Inc. | 10,947 | 608,872 | ||||||
Microchip Technology, Inc. (a) | 398 | 36,103 | ||||||
Micron Technology, Inc.* | 1,977 | 103,911 | ||||||
Microsoft Corp. | 1,285 | 208,183 | ||||||
MKS Instruments, Inc. (a) | 5,309 | 531,909 | ||||||
Monolithic Power Systems, Inc. | 1,858 | 294,753 | ||||||
Motorola Solutions, Inc. | 2,242 | 371,455 | ||||||
National Instruments Corp. | 1,559 | 62,797 | ||||||
NCR Corp.*(a) | 3,527 | 88,880 | ||||||
NetApp, Inc. | 6,303 | 294,476 | ||||||
NortonLifeLock, Inc. | 4,983 | 94,826 | ||||||
Nuance Communications, Inc.* | 7,929 | 171,425 | ||||||
NVIDIA Corp. | 193 | 52,124 | ||||||
ON Semiconductor Corp.* | 10,432 | 194,661 | ||||||
Oracle Corp. | 2,899 | 143,385 | ||||||
PagerDuty, Inc.*(a) | 410 | 8,446 | ||||||
Palo Alto Networks, Inc.* | 298 | 55,017 | ||||||
Paychex, Inc. | 4,600 | 356,408 | ||||||
Paycom Software, Inc.*(a) | 241 | 68,119 | ||||||
Paylocity Holding Corp.* | 168 | 21,759 | ||||||
PayPal Holdings, Inc.* | 889 | 96,003 | ||||||
Pegasystems, Inc. | 271 | 24,525 | ||||||
Proofpoint, Inc.* | 317 | 33,808 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Qorvo, Inc.* | 1,976 | $ | 198,746 | |||||
QUALCOMM, Inc. | 1,954 | 152,998 | ||||||
RealPage, Inc.*(a) | 341 | 21,858 | ||||||
Sabre Corp. | 5,100 | 69,436 | ||||||
salesforce.com, Inc.* | 419 | 71,398 | ||||||
ServiceNow, Inc.* | 345 | 112,501 | ||||||
Skyworks Solutions, Inc. | 8,233 | 824,782 | ||||||
SS&C Technologies Holdings, Inc. | 546 | 30,303 | ||||||
SYNNEX Corp. | 193 | 24,131 | ||||||
Synopsys, Inc.* | 7,882 | 1,087,164 | ||||||
Teradyne, Inc. | 9,932 | 583,604 | ||||||
Texas Instruments, Inc. | 4,334 | 494,683 | ||||||
Trimble, Inc.* | 1,525 | 60,207 | ||||||
Tyler Technologies, Inc.* | 1,715 | 537,395 | ||||||
Ubiquiti, Inc. (a) | 109 | 14,787 | ||||||
VeriSign, Inc.* | 2,617 | 496,576 | ||||||
ViaSat, Inc.*(a) | 854 | 49,105 | ||||||
Visa, Inc., Class A | 469 | 85,245 | ||||||
VMware, Inc., Class A*(a) | 2,336 | 281,535 | ||||||
Western Digital Corp. | 408 | 22,668 | ||||||
Western Union Co. (a) | 58,232 | 1,303,814 | ||||||
WEX, Inc.* | 462 | 86,505 | ||||||
Workday, Inc., Class A* | 152 | 26,334 | ||||||
Xerox Holdings Corp. | 7,837 | 252,351 | ||||||
Xilinx, Inc. | 2,503 | 208,975 | ||||||
Zebra Technologies Corp., Class A* | 606 | 127,848 | ||||||
|
| |||||||
(Cost $28,001,335) | 30,322,950 | |||||||
|
| |||||||
Materials — 6.1% | ||||||||
Air Products & Chemicals, Inc. | 3,300 | 724,713 | ||||||
Albemarle Corp. (a) | 833 | 68,181 | ||||||
AptarGroup, Inc. | 680 | 68,728 | ||||||
Ardagh Group SA | 1,705 | 29,889 | ||||||
Ashland Global Holdings, Inc. (a) | 1,971 | 141,005 | ||||||
Avery Dennison Corp. | 6,136 | 702,511 | ||||||
Axalta Coating Systems Ltd.* | 6,399 | 159,463 | ||||||
Ball Corp. | 6,293 | 443,405 | ||||||
Cabot Corp. | 3,747 | 140,063 | ||||||
Celanese Corp. | 9,309 | 872,626 | ||||||
CF Industries Holdings, Inc. | 1,475 | 54,368 | ||||||
Corteva, Inc. | 723 | 19,666 | ||||||
Crown Holdings, Inc.* | 3,008 | 212,064 | ||||||
Domtar Corp. (a) | 4,171 | 120,000 | ||||||
Dow, Inc. | 11,523 | 465,644 | ||||||
DuPont de Nemours, Inc. | 1,862 | 79,880 | ||||||
Eagle Materials, Inc. | 1,808 | 142,705 | ||||||
Eastman Chemical Co. | 5,196 | 319,606 | ||||||
Ecolab, Inc. | 1,567 | 282,765 | ||||||
FMC Corp. | 2,732 | 254,349 | ||||||
Graphic Packaging Holding Co. | 1,209 | 16,346 | ||||||
Huntsman Corp. | 4,866 | 92,162 | ||||||
International Paper Co. | 13,093 | 483,917 | ||||||
LyondellBasell Industries NV, Class A | 7,331 | 523,873 | ||||||
Martin Marietta Materials, Inc. | 390 | 88,737 | ||||||
NewMarket Corp. | 423 | 164,374 | ||||||
Newmont Corp. | 909 | 40,569 | ||||||
Nucor Corp. | 8,077 | 333,984 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Olin Corp. (a) | 1,958 | $ | 31,700 | |||||
Packaging Corp. of America (a) | 5,240 | 474,849 | ||||||
PPG Industries, Inc. | 4,842 | 505,747 | ||||||
Reliance Steel & Aluminum Co. | 9,195 | 940,556 | ||||||
Royal Gold, Inc. | 507 | 48,910 | ||||||
RPM International, Inc. | 3,099 | 198,677 | ||||||
Scotts Miracle-Gro Co. (a) | 4,925 | 522,001 | ||||||
Sealed Air Corp. | 4,081 | 123,695 | ||||||
Sherwin-Williams Co. | 499 | 257,858 | ||||||
Silgan Holdings, Inc. | 7,579 | 216,987 | ||||||
Sonoco Products Co. | 4,715 | 227,310 | ||||||
Southern Copper Corp. (a) | 844 | 28,401 | ||||||
Steel Dynamics, Inc. | 5,445 | 145,000 | ||||||
Valvoline, Inc. | 7,692 | 149,994 | ||||||
Vulcan Materials Co. | 1,468 | 176,542 | ||||||
W.R. Grace & Co. | 940 | 53,166 | ||||||
Westlake Chemical Corp. | 1,000 | 55,870 | ||||||
Westrock Co. | 2,818 | 93,698 | ||||||
|
| |||||||
(Cost $12,437,810) | 11,296,554 | |||||||
|
| |||||||
Real Estate — 6.5% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 932 | 141,552 | ||||||
American Campus Communities, Inc. REIT | 916 | 39,791 | ||||||
American Homes 4 Rent, Class A REIT | 2,137 | 55,327 | ||||||
American Tower Corp. REIT | 487 | 110,452 | ||||||
Americold Realty Trust REIT | 2,418 | 74,160 | ||||||
Apartment Investment & Management Co., Class A REIT | 11,552 | 552,648 | ||||||
Apple Hospitality REIT, Inc. REIT (a) | 10,537 | 137,719 | ||||||
AvalonBay Communities, Inc. REIT | 1,196 | 239,906 | ||||||
Boston Properties, Inc. REIT | 1,075 | 138,610 | ||||||
Brandywine Realty Trust REIT | 5,412 | 73,495 | ||||||
Brixmor Property Group, Inc. REIT | 18,663 | 339,853 | ||||||
Brookfield Property REIT, Inc., Class A REIT (a) | 9,165 | 149,481 | ||||||
Camden Property Trust REIT | 885 | 93,792 | ||||||
CBRE Group, Inc., Class A* | 19,310 | 1,084,063 | ||||||
CoreSite Realty Corp. REIT | 1,126 | 116,800 | ||||||
Corporate Office Properties Trust REIT | 2,027 | 51,364 | ||||||
Cousins Properties, Inc. REIT (a) | 1,279 | 45,648 | ||||||
Crown Castle International Corp. REIT | 613 | 87,837 | ||||||
CubeSmart REIT | 2,411 | 72,981 | ||||||
CyrusOne, Inc. REIT | 464 | 28,109 | ||||||
Digital Realty Trust, Inc. REIT (a) | 398 | 47,804 | ||||||
Douglas Emmett, Inc. REIT | 1,891 | 72,198 | ||||||
Duke Realty Corp. REIT | 7,600 | 246,772 | ||||||
Empire State Realty Trust, Inc., Class A REIT | 1,386 | 16,216 | ||||||
EPR Properties REIT (a) | 1,920 | 113,741 | ||||||
Equinix, Inc. REIT | 216 | 123,725 | ||||||
Equity Commonwealth REIT | 6,140 | 193,164 | ||||||
Equity LifeStyle Properties, Inc. REIT | 3,906 | 266,897 | ||||||
Equity Residential REIT | 1,992 | 149,599 | ||||||
Essex Property Trust, Inc. REIT | 491 | 139,130 | ||||||
Extra Space Storage, Inc. REIT | 1,595 | 160,074 | ||||||
Federal Realty Investment Trust REIT | 705 | 82,020 | ||||||
Gaming and Leisure Properties, Inc. REIT | 6,862 | 306,526 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Healthcare Trust of America, Inc., Class A REIT | 3,171 | $ | 98,745 | |||||
Healthpeak Properties, Inc. REIT (a) | 12,884 | 407,650 | ||||||
Highwoods Properties, Inc. REIT | 2,510 | 112,649 | ||||||
Host Hotels & Resorts, Inc. REIT | 24,270 | 351,430 | ||||||
Howard Hughes Corp.* | 210 | 22,655 | ||||||
Hudson Pacific Properties, Inc. REIT | 1,549 | 50,002 | ||||||
Invitation Homes, Inc. REIT | 1,750 | 50,207 | ||||||
Iron Mountain, Inc. REIT (a) | 3,749 | 114,007 | ||||||
JBG SMITH Properties REIT | 903 | 33,122 | ||||||
Jones Lang LaSalle, Inc. | 2,516 | 371,789 | ||||||
Kilroy Realty Corp. REIT (a) | 1,989 | 144,580 | ||||||
Kimco Realty Corp. REIT (a) | 16,661 | 289,068 | ||||||
Lamar Advertising Co., Class A REIT | 3,928 | 328,931 | ||||||
Life Storage, Inc. REIT | 1,235 | 133,269 | ||||||
Medical Properties Trust, Inc. REIT (a) | 30,800 | 650,804 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,061 | 137,145 | ||||||
National Retail Properties, Inc. REIT | 2,424 | 123,260 | ||||||
Omega Healthcare Investors, Inc. REIT | 2,480 | 98,208 | ||||||
Outfront Media, Inc. REIT | 4,603 | 121,243 | ||||||
Park Hotels & Resorts, Inc. REIT (a) | 3,308 | 60,404 | ||||||
Prologis, Inc. REIT | 4,606 | 388,194 | ||||||
Public Storage REIT | 1,073 | 224,386 | ||||||
Rayonier, Inc. REIT | 1,971 | 52,291 | ||||||
Realty Income Corp. REIT | 1,214 | 87,881 | ||||||
Regency Centers Corp. REIT | 1,197 | 68,756 | ||||||
Retail Properties of America, Inc., Class A REIT | 5,188 | 54,318 | ||||||
SBA Communications Corp. REIT | 228 | 60,441 | ||||||
Service Properties Trust REIT | 3,597 | 65,034 | ||||||
Simon Property Group, Inc. REIT | 1,026 | 126,280 | ||||||
SL Green Realty Corp. REIT | 644 | 50,515 | ||||||
Spirit Realty Capital, Inc. REIT | 2,181 | 99,235 | ||||||
STORE Capital Corp. REIT | 2,780 | 91,351 | ||||||
Sun Communities, Inc. REIT | 707 | 108,086 | ||||||
UDR, Inc. REIT | 1,884 | 84,742 | ||||||
Ventas, Inc. REIT | 519 | 27,907 | ||||||
VEREIT, Inc. REIT | 3,758 | 32,544 | ||||||
VICI Properties, Inc. REIT (a) | 14,285 | 357,982 | ||||||
Vornado Realty Trust REIT | 1,094 | 58,617 | ||||||
Weingarten Realty Investors REIT | 12,079 | 325,287 | ||||||
Welltower, Inc. REIT | 721 | 53,945 | ||||||
Weyerhaeuser Co. REIT | 11,367 | 295,315 | ||||||
WP Carey, Inc. REIT | 2,219 | 171,773 | ||||||
|
| |||||||
(Cost $11,849,103) | 12,135,502 | |||||||
|
| |||||||
Utilities — 4.6% | ||||||||
AES Corp. | 32,895 | 550,333 | ||||||
Alliant Energy Corp. | 3,972 | 207,021 | ||||||
Ameren Corp. | 4,861 | 384,019 | ||||||
American Electric Power Co., Inc. | 3,964 | 353,827 | ||||||
American Water Works Co., Inc. | 2,380 | 294,311 | ||||||
Atmos Energy Corp. | 1,970 | 203,403 | ||||||
Avangrid, Inc. (a) | 545 | 27,081 | ||||||
CenterPoint Energy, Inc. | 5,974 | 137,522 | ||||||
CMS Energy Corp. | 5,353 | 323,428 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Consolidated Edison, Inc. | 2,862 | $ | 225,583 | |||||
Dominion Energy, Inc. | 1,590 | 124,306 | ||||||
DTE Energy Co. | 2,563 | 286,210 | ||||||
Duke Energy Corp. (a) | 1,533 | 140,576 | ||||||
Edison International | 3,583 | 240,742 | ||||||
Entergy Corp. | 4,553 | 532,291 | ||||||
Essential Utilities, Inc. (a) | 3,738 | 160,771 | ||||||
Evergy, Inc. | 1,171 | 76,525 | ||||||
Eversource Energy (a) | 3,722 | 321,804 | ||||||
Exelon Corp. | 5,646 | 243,399 | ||||||
FirstEnergy Corp. | 3,890 | 173,222 | ||||||
Hawaiian Electric Industries, Inc. (a) | 5,647 | 241,917 | ||||||
IDACORP, Inc. | 1,489 | 143,897 | ||||||
MDU Resources Group, Inc. | 4,534 | 125,728 | ||||||
National Fuel Gas Co. (a) | 1,284 | 47,007 | ||||||
NextEra Energy, Inc. | 769 | 194,372 | ||||||
NiSource, Inc. | 1,946 | 52,581 | ||||||
NRG Energy, Inc. | 1,573 | 52,239 | ||||||
OGE Energy Corp. | 6,106 | 232,639 | ||||||
Pinnacle West Capital Corp. | 1,975 | 176,743 | ||||||
PPL Corp. | 14,247 | 427,552 | ||||||
Public Service Enterprise Group, Inc. | 5,760 | 295,546 | ||||||
Sempra Energy | 1,843 | 257,615 | ||||||
Southern Co. | 6,780 | 409,241 | ||||||
UGI Corp. | 673 | 24,255 | ||||||
Vistra Energy Corp. | 3,741 | 71,939 | ||||||
WEC Energy Group, Inc. | 4,337 | 400,435 | ||||||
Xcel Energy, Inc. | 5,714 | 356,096 | ||||||
|
| |||||||
(Cost $7,997,812) | 8,516,176 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 183,290,521 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 128,474 | 128,474 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) (Cost $1,969,809) | 1,969,809 | 1,969,809 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $184,431,731) | $ | 185,388,804 | ||||||
Other assets and liabilities, net — 0.1% | 168,047 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 185,556,851 | ||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)
February 29, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
35,815 | 92,659 | (d) | — | — | — | 886 | — | 128,474 | 128,474 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
1,501,074 | 3,604,436 | (3,135,701 | ) | — | — | 15,342 | — | 1,969,809 | 1,969,809 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,536,889 | 3,697,095 | (3,135,701 | ) | — | — | 16,228 | — | 2,098,283 | 2,098,283 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $18,997,685, which is 10.2% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $19,626,097. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
REIT: | Real Estate Investment Trust |
At February 29, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
E-Mini S&P 500 Futures | USD | 10 | $ | 1,595,788 | $ | 1,475,550 | 3/20/2020 | $ | (120,238 | ) | ||||||||
E-Mini S&P MidCap 400 Futures | USD | 4 | 821,725 | 724,880 | 3/20/2020 | (96,845 | ) | |||||||||||
|
| |||||||||||||||||
Total unrealized depreciation | $ | (217,083 | ) | |||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 183,290,521 | $ | — | $ | — | $ | 183,290,521 | ||||||||
Short-Term Investments (e) | 2,098,283 | — | — | 2,098,283 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 185,388,804 | $ | — | $ | — | $ | 185,388,804 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (217,083 | ) | $ | — | $ | — | $ | (217,083 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (217,083 | ) | $ | — | $ | — | $ | (217,083 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Communication Services — 11.3% | ||||||||
Activision Blizzard, Inc. | 2,717 | $ | 157,939 | |||||
Alphabet, Inc., Class A* | 1,724 | 2,308,867 | ||||||
Alphabet, Inc., Class C* | 1,761 | 2,358,560 | ||||||
AT&T, Inc. | 2,493 | 87,803 | ||||||
CenturyLink, Inc. (a) | 4,512 | 54,460 | ||||||
Charter Communications, Inc., Class A* | 106 | 52,276 | ||||||
Comcast Corp., Class A | 3,269 | 132,166 | ||||||
Electronic Arts, Inc.* | 1,826 | 185,102 | ||||||
Facebook, Inc., Class A* | 14,727 | 2,834,506 | ||||||
Fox Corp., Class A | 2,098 | 64,492 | ||||||
Fox Corp., Class B | 997 | 30,359 | ||||||
John Wiley & Sons, Inc., Class A | 592 | 22,016 | ||||||
Liberty Broadband Corp., Class C* | 402 | 50,608 | ||||||
Omnicom Group, Inc. (a) | 1,111 | 76,970 | ||||||
Sirius XM Holdings, Inc. (a) | 4,782 | 30,318 | ||||||
Take-Two Interactive Software, Inc.* | 620 | 66,637 | ||||||
TripAdvisor, Inc. | 486 | 11,397 | ||||||
Verizon Communications, Inc. | 16,919 | 916,333 | ||||||
Walt Disney Co. | 9,423 | 1,108,616 | ||||||
|
| |||||||
(Cost $9,713,539) | 10,549,425 | |||||||
|
| |||||||
Consumer Discretionary — 13.8% | ||||||||
Advance Auto Parts, Inc. | 483 | 64,229 | ||||||
Aptiv PLC | 1,563 | 122,086 | ||||||
AutoZone, Inc.* | 138 | 142,486 | ||||||
Best Buy Co., Inc. | 5,606 | 424,094 | ||||||
Booking Holdings, Inc.* | 344 | 583,307 | ||||||
BorgWarner, Inc. (a) | 2,713 | 85,731 | ||||||
Burlington Stores, Inc.* | 439 | 94,938 | ||||||
Carnival Corp. (a) | 3,534 | 118,248 | ||||||
Carter’s, Inc. (a) | 477 | 43,631 | ||||||
Chipotle Mexican Grill, Inc.* | 39 | 30,170 | ||||||
Darden Restaurants, Inc. | 1,169 | 113,977 | ||||||
Dick’s Sporting Goods, Inc. (a) | 1,481 | 53,923 | ||||||
Dollar General Corp. | 2,603 | 391,231 | ||||||
Dollar Tree, Inc.* | 250 | 20,757 | ||||||
Domino’s Pizza, Inc. | 225 | 76,378 | ||||||
eBay, Inc. | 6,407 | 221,938 | ||||||
Expedia Group, Inc. | 657 | 64,793 | ||||||
Foot Locker, Inc. | 2,656 | 96,280 | ||||||
frontdoor, Inc.* | 519 | 22,006 | ||||||
Gap, Inc. | 4,742 | 67,953 | ||||||
Garmin Ltd. | 1,191 | 105,272 | ||||||
Gentex Corp. | 3,841 | 102,555 | ||||||
Genuine Parts Co. | 1,221 | 106,520 | ||||||
H&R Block, Inc. (a) | 2,374 | 49,071 | ||||||
Harley-Davidson, Inc. (a) | 593 | 18,069 | ||||||
Hasbro, Inc. | 212 | 16,377 | ||||||
Home Depot, Inc. | 11,315 | 2,464,860 | ||||||
Kohl’s Corp. | 2,653 | 103,865 | ||||||
L Brands, Inc. (a) | 1,877 | 40,656 | ||||||
Las Vegas Sands Corp. | 2,372 | 138,311 | ||||||
Lear Corp. | 1,412 | 157,014 | ||||||
Leggett & Platt, Inc. | 1,084 | 42,991 | ||||||
Lowe’s Cos., Inc. | 6,021 | 641,658 | ||||||
Lululemon Athletica, Inc.* | 613 | 133,272 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Macy’s, Inc. (a) | 2,061 | $ | 27,267 | |||||
McDonald’s Corp. | 227 | 44,077 | ||||||
Mohawk Industries, Inc.* | 290 | 35,134 | ||||||
NIKE, Inc., Class B | 9,162 | 818,900 | ||||||
Nordstrom, Inc. (a) | 1,464 | 50,801 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 823 | 30,665 | ||||||
NVR, Inc.* | 42 | 154,022 | ||||||
O’Reilly Automotive, Inc.* | 520 | 191,734 | ||||||
PulteGroup, Inc. | 3,422 | 137,564 | ||||||
PVH Corp. | 467 | 34,609 | ||||||
Qurate Retail, Inc., Series A* | 3,495 | 23,836 | ||||||
Ralph Lauren Corp. | 630 | 66,471 | ||||||
Ross Stores, Inc. | 3,711 | 403,683 | ||||||
Royal Caribbean Cruises Ltd. | 172 | 13,831 | ||||||
Skechers U.S.A., Inc., Class A* | 1,976 | 65,366 | ||||||
Starbucks Corp. | 14,685 | 1,151,745 | ||||||
Tapestry, Inc. | 2,162 | 50,699 | ||||||
Target Corp. | 5,438 | 560,114 | ||||||
Thor Industries, Inc. (a) | 1,274 | 96,072 | ||||||
Tiffany & Co. | 720 | 96,185 | ||||||
TJX Cos., Inc. | 15,056 | 900,349 | ||||||
Toll Brothers, Inc. | 1,023 | 37,882 | ||||||
Tractor Supply Co. | 1,344 | 118,957 | ||||||
Ulta Beauty, Inc.*(a) | 449 | 115,433 | ||||||
Urban Outfitters, Inc.* | 1,614 | 37,945 | ||||||
VF Corp. | 2,027 | 145,944 | ||||||
Whirlpool Corp. (a) | 417 | 53,318 | ||||||
Williams-Sonoma, Inc. (a) | 1,523 | 95,020 | ||||||
Yum China Holdings, Inc. | 4,023 | 176,167 | ||||||
Yum! Brands, Inc. | 2,006 | 179,036 | ||||||
|
| |||||||
(Cost $12,121,823) | 12,871,473 | |||||||
|
| |||||||
Consumer Staples — 7.6% | ||||||||
Altria Group, Inc. | 8,136 | 328,450 | ||||||
Clorox Co. | 127 | 20,246 | ||||||
Colgate-Palmolive Co. | 4,917 | 332,242 | ||||||
Costco Wholesale Corp. | 4,438 | 1,247,699 | ||||||
Estee Lauder Cos., Inc., Class A | 1,024 | 188,006 | ||||||
General Mills, Inc. | 588 | 28,812 | ||||||
Herbalife Nutrition Ltd.* | 1,145 | 37,052 | ||||||
Hershey Co. | 176 | 25,342 | ||||||
Hormel Foods Corp. (a) | 2,061 | 85,738 | ||||||
Ingredion, Inc. | 624 | 51,979 | ||||||
Kimberly-Clark Corp. | 2,033 | 266,709 | ||||||
Kroger Co. | 1,306 | 36,738 | ||||||
Molson Coors Beverage Co., Class B | 814 | 40,383 | ||||||
Monster Beverage Corp.* | 2,223 | 138,737 | ||||||
Nu Skin Enterprises, Inc., Class A (a) | 505 | 12,383 | ||||||
PepsiCo, Inc. | 7,531 | 994,318 | ||||||
Philip Morris International, Inc. | 10,637 | 870,851 | ||||||
Procter & Gamble Co. | 4,516 | 511,347 | ||||||
Sprouts Farmers Market, Inc.* | 2,068 | 33,047 | ||||||
Sysco Corp. | 3,057 | 203,749 | ||||||
Tyson Foods, Inc., Class A | 1,196 | 81,125 | ||||||
Walgreens Boots Alliance, Inc. | 11,769 | 538,549 | ||||||
Walmart, Inc. | 9,598 | 1,033,513 | ||||||
|
| |||||||
(Cost $6,791,327) | 7,107,015 | |||||||
|
|
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Energy — 7.5% | ||||||||
Apache Corp. | 1,963 | $ | 48,918 | |||||
Cabot Oil & Gas Corp. | 2,575 | 35,870 | ||||||
Chevron Corp. | 19,000 | 1,773,460 | ||||||
Cimarex Energy Co. | 1,412 | 46,667 | ||||||
ConocoPhillips | 12,055 | 583,703 | ||||||
Continental Resources, Inc. | 570 | 10,801 | ||||||
Devon Energy Corp. | 4,952 | 80,420 | ||||||
EOG Resources, Inc. | 5,420 | 342,869 | ||||||
EQT Corp. (a) | 1,483 | 8,705 | ||||||
Exxon Mobil Corp. | 48,281 | 2,483,575 | ||||||
Halliburton Co. | 3,269 | 55,442 | ||||||
HollyFrontier Corp. | 2,406 | 81,034 | ||||||
Marathon Oil Corp. | 6,606 | 54,698 | ||||||
Marathon Petroleum Corp. | 1,181 | 56,003 | ||||||
Occidental Petroleum Corp. | 8,409 | 275,311 | ||||||
PBF Energy, Inc., Class A | 1,524 | 34,122 | ||||||
Phillips 66 | 6,568 | 491,680 | ||||||
Pioneer Natural Resources Co. | 1,325 | 162,684 | ||||||
Valero Energy Corp. | 6,410 | 424,663 | ||||||
|
| |||||||
(Cost $10,217,250) | 7,050,625 | |||||||
|
| |||||||
Financials — 4.0% | ||||||||
Credit Acceptance Corp.*(a) | 176 | 70,963 | ||||||
Eaton Vance Corp. | 1,953 | 80,581 | ||||||
Erie Indemnity Co., Class A (a) | 245 | 35,015 | ||||||
Evercore, Inc., Class A | 1,517 | 101,063 | ||||||
FactSet Research Systems, Inc. (a) | 133 | 35,377 | ||||||
Fidelity National Financial, Inc. | 2,857 | 110,737 | ||||||
First American Financial Corp. | 609 | 34,774 | ||||||
Franklin Resources, Inc. (a) | 7,599 | 165,354 | ||||||
Globe Life, Inc. | 694 | 64,306 | ||||||
Janus Henderson Group PLC (a) | 2,556 | 54,187 | ||||||
Lazard Ltd., Class A | 4,147 | 148,546 | ||||||
LPL Financial Holdings, Inc. | 986 | 78,367 | ||||||
Marsh & McLennan Cos., Inc. | 4,708 | 492,269 | ||||||
MGIC Investment Corp. | 8,148 | 98,020 | ||||||
Moody’s Corp. | 1,542 | 370,126 | ||||||
MSCI, Inc. | 661 | 195,286 | ||||||
Progressive Corp. | 4,642 | 339,609 | ||||||
S&P Global, Inc. | 2,595 | 690,037 | ||||||
SEI Investments Co. | 2,178 | 119,158 | ||||||
T. Rowe Price Group, Inc. | 4,025 | 474,990 | ||||||
|
| |||||||
(Cost $3,466,132) | 3,758,765 | |||||||
|
| |||||||
Health Care — 13.0% | ||||||||
AbbVie, Inc. | 12,503 | 1,071,632 | ||||||
Agilent Technologies, Inc. | 1,273 | 98,110 | ||||||
Align Technology, Inc.* | 292 | 63,758 | ||||||
AmerisourceBergen Corp. | 967 | 81,538 | ||||||
Amgen, Inc. | 6,167 | 1,231,735 | ||||||
Anthem, Inc. | 79 | 20,310 | ||||||
Baxter International, Inc. | 2,908 | 242,731 | ||||||
Biogen, Inc.* | 3,285 | 1,013,061 | ||||||
Bristol-Myers Squibb Co. | 16,887 | 997,346 | ||||||
Cardinal Health, Inc. | 1,415 | 73,750 | ||||||
Centene Corp.* | 979 | 51,907 | ||||||
Cerner Corp. | 1,801 | 124,755 | ||||||
Chemed Corp. | 108 | 45,103 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Cigna Corp. | 861 | $ | 157,511 | |||||
Covetrus, Inc.*(a) | 958 | 10,643 | ||||||
CVS Health Corp. | 1,957 | 115,815 | ||||||
Edwards Lifesciences Corp.* | 930 | 190,501 | ||||||
Eli Lilly & Co. | 186 | 23,460 | ||||||
Exelixis, Inc.* | 3,073 | 57,127 | ||||||
Gilead Sciences, Inc. | 8,562 | 593,860 | ||||||
HCA Healthcare, Inc. | 288 | 36,579 | ||||||
Humana, Inc. | 1,886 | 602,917 | ||||||
Jazz Pharmaceuticals PLC* | 228 | 26,124 | ||||||
Johnson & Johnson | 18,335 | 2,465,691 | ||||||
Masimo Corp.* | 176 | 28,746 | ||||||
McKesson Corp. | 2,442 | 341,538 | ||||||
Mettler-Toledo International, Inc.* | 105 | 73,679 | ||||||
Nektar Therapeutics*(a) | 1,888 | 39,289 | ||||||
Pfizer, Inc. | 1,205 | 40,271 | ||||||
Regeneron Pharmaceuticals, Inc.* | 660 | 293,416 | ||||||
ResMed, Inc. | 539 | 85,680 | ||||||
United Therapeutics Corp.* | 703 | 72,381 | ||||||
UnitedHealth Group, Inc. | 6,041 | 1,540,213 | ||||||
Universal Health Services, Inc., Class B | 436 | 53,951 | ||||||
Varian Medical Systems, Inc.* | 520 | 63,945 | ||||||
Waters Corp.* | 381 | 74,253 | ||||||
West Pharmaceutical Services, Inc. | 396 | 59,622 | ||||||
|
| |||||||
(Cost $11,703,814) | 12,162,948 | |||||||
|
| |||||||
Industrials — 11.2% | ||||||||
3M Co. | 3,999 | 596,811 | ||||||
Acuity Brands, Inc. | 554 | 56,984 | ||||||
AECOM* | 633 | 28,447 | ||||||
AGCO Corp. | 655 | 39,582 | ||||||
Alaska Air Group, Inc. | 1,197 | 60,401 | ||||||
Allison Transmission Holdings, Inc. | 1,040 | 42,224 | ||||||
AO Smith Corp. (a) | 1,736 | 68,659 | ||||||
Boeing Co. | 4,987 | 1,371,974 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 1,949 | 134,286 | ||||||
Carlisle Cos., Inc. | 253 | 36,758 | ||||||
Caterpillar, Inc. | 2,346 | 291,467 | ||||||
Copa Holdings SA, Class A | 220 | 18,291 | ||||||
Copart, Inc.* | 947 | 80,003 | ||||||
Cummins, Inc. | 2,845 | 430,420 | ||||||
Curtiss-Wright Corp. | 141 | 16,911 | ||||||
Delta Air Lines, Inc. | 7,903 | 364,565 | ||||||
Donaldson Co., Inc. (a) | 776 | 34,982 | ||||||
Dover Corp. | 697 | 71,610 | ||||||
Eaton Corp. PLC | 2,581 | 234,148 | ||||||
Emerson Electric Co. | 3,675 | 235,604 | ||||||
Equifax, Inc. | 271 | 38,493 | ||||||
Expeditors International of Washington, Inc. | 1,962 | 138,164 | ||||||
Fastenal Co. (a) | 4,434 | 151,731 | ||||||
FedEx Corp. | 380 | 53,645 | ||||||
Fortune Brands Home & Security, Inc. | 681 | 42,052 | ||||||
General Dynamics Corp. | 548 | 87,510 | ||||||
Graco, Inc. | 1,158 | 57,113 | ||||||
HD Supply Holdings, Inc.* | 1,118 | 42,506 | ||||||
Hexcel Corp. | 365 | 23,590 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Honeywell International, Inc. | 3,819 | $ | 619,327 | |||||
Huntington Ingalls Industries, Inc. | 657 | 135,033 | ||||||
Illinois Tool Works, Inc. | 2,168 | 363,747 | ||||||
Ingersoll-Rand PLC | 421 | 54,326 | ||||||
ITT, Inc. | 902 | 54,255 | ||||||
Jacobs Engineering Group, Inc. | 347 | 32,042 | ||||||
JB Hunt Transport Services, Inc. | 1,206 | 116,307 | ||||||
JetBlue Airways Corp.* | 4,389 | 69,258 | ||||||
Knight-Swift Transportation Holdings, Inc. (a) | 2,301 | 73,494 | ||||||
Landstar System, Inc. | 613 | 61,895 | ||||||
Lennox International, Inc. | 206 | 46,995 | ||||||
Lincoln Electric Holdings, Inc. (a) | 499 | 40,863 | ||||||
Lockheed Martin Corp. | 491 | 181,606 | ||||||
ManpowerGroup, Inc. | 855 | 64,929 | ||||||
Masco Corp. | 2,010 | 83,053 | ||||||
MSC Industrial Direct Co., Inc., Class A | 411 | 25,408 | ||||||
nVent Electric PLC | 1,342 | 32,221 | ||||||
Old Dominion Freight Line, Inc. | 656 | 127,133 | ||||||
Oshkosh Corp. | 793 | 57,215 | ||||||
PACCAR, Inc. | 2,897 | 193,809 | ||||||
Parker-Hannifin Corp. | 795 | 146,892 | ||||||
Pentair PLC | 1,851 | 72,911 | ||||||
Quanta Services, Inc. | 1,409 | 53,725 | ||||||
Raytheon Co. | 2,091 | 394,279 | ||||||
Resideo Technologies, Inc.* | 1,247 | 13,405 | ||||||
Robert Half International, Inc. | 1,963 | 98,955 | ||||||
Rockwell Automation, Inc. | 1,138 | 208,823 | ||||||
Snap-on, Inc. | 475 | 68,756 | ||||||
Southwest Airlines Co. | 9,477 | 437,743 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 1,106 | 58,441 | ||||||
Teledyne Technologies, Inc.* | 133 | 44,864 | ||||||
Textron, Inc. | 1,516 | 61,550 | ||||||
Toro Co. | 930 | 66,430 | ||||||
Union Pacific Corp. | 2,925 | 467,444 | ||||||
United Airlines Holdings, Inc.* | 1,798 | 110,739 | ||||||
United Parcel Service, Inc., Class B | 5,458 | 493,894 | ||||||
United Rentals, Inc.* | 295 | 39,082 | ||||||
W.W. Grainger, Inc. | 416 | 115,457 | ||||||
WABCO Holdings, Inc.* | 451 | 60,930 | ||||||
Waste Management, Inc. | 600 | 66,486 | ||||||
Watsco, Inc. | 257 | 40,344 | ||||||
XPO Logistics, Inc.*(a) | 796 | 58,880 | ||||||
|
| |||||||
(Cost $11,480,577) | 10,461,877 | |||||||
|
| |||||||
Information Technology — 26.4% | ||||||||
Accenture PLC, Class A | 5,170 | 933,650 | ||||||
Amdocs Ltd. | 1,027 | 65,471 | ||||||
Apple, Inc. | 23,396 | 6,395,531 | ||||||
Applied Materials, Inc. | 15,811 | 918,935 | ||||||
Automatic Data Processing, Inc. | 2,099 | 324,799 | ||||||
Broadridge Financial Solutions, Inc. | 562 | 58,650 | ||||||
Cisco Systems, Inc. | 20,444 | 816,329 | ||||||
Citrix Systems, Inc. | 609 | 62,964 | ||||||
Cognex Corp. | 705 | 31,401 | ||||||
Cognizant Technology Solutions Corp., Class A | 5,032 | 306,600 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Coherent, Inc.*(a) | 239 | $ | 30,762 | |||||
Corning, Inc. (a) | 735 | 17,537 | ||||||
Cypress Semiconductor Corp. | 1,479 | 34,150 | ||||||
Dolby Laboratories, Inc., Class A | 401 | 26,346 | ||||||
EPAM Systems, Inc.* | 206 | 45,979 | ||||||
Euronet Worldwide, Inc.* | 268 | 33,243 | ||||||
F5 Networks, Inc.* | 565 | 67,772 | ||||||
FLIR Systems, Inc. | 863 | 36,652 | ||||||
Fortinet, Inc.* | 619 | 63,175 | ||||||
HP, Inc. | 22,874 | 475,550 | ||||||
Intel Corp. | 67,441 | 3,744,324 | ||||||
International Business Machines Corp. | 726 | 94,489 | ||||||
Intuit, Inc. | 243 | 64,602 | ||||||
IPG Photonics Corp.*(a) | 245 | 31,272 | ||||||
Jabil, Inc. | 1,792 | 57,434 | ||||||
Jack Henry & Associates, Inc. | 357 | 54,171 | ||||||
KLA Corp. | 1,060 | 162,933 | ||||||
Lam Research Corp. | 2,381 | 698,657 | ||||||
Manhattan Associates, Inc.* | 359 | 24,182 | ||||||
Mastercard, Inc., Class A | 6,657 | 1,932,194 | ||||||
Micron Technology, Inc.* | 22,552 | 1,185,333 | ||||||
Microsoft Corp. | 519 | 84,083 | ||||||
MKS Instruments, Inc. | 739 | 74,040 | ||||||
National Instruments Corp. | 693 | 27,914 | ||||||
NetApp, Inc. | 2,948 | 137,731 | ||||||
NVIDIA Corp. | 2,281 | 616,030 | ||||||
ON Semiconductor Corp.* | 1,481 | 27,635 | ||||||
Paychex, Inc. | 1,687 | 130,709 | ||||||
PayPal Holdings, Inc.* | 4,575 | 494,054 | ||||||
Qorvo, Inc.* | 682 | 68,596 | ||||||
QUALCOMM, Inc. | 480 | 37,584 | ||||||
Skyworks Solutions, Inc. | 2,247 | 225,104 | ||||||
Teradyne, Inc. | 1,840 | 108,118 | ||||||
Texas Instruments, Inc. | 8,846 | 1,009,682 | ||||||
Visa, Inc., Class A (a) | 13,589 | 2,469,937 | ||||||
VMware, Inc., Class A*(a) | 477 | 57,488 | ||||||
Western Digital Corp. | 1,296 | 72,006 | ||||||
Western Union Co. (a) | 7,604 | 170,254 | ||||||
Xilinx, Inc. | 320 | 26,717 | ||||||
Zebra Technologies Corp., Class A* | 230 | 48,523 | ||||||
|
| |||||||
(Cost $20,322,871) | 24,681,292 | |||||||
|
| |||||||
Materials — 2.3% | ||||||||
Air Products & Chemicals, Inc. | 807 | 177,225 | ||||||
Albemarle Corp. (a) | 420 | 34,377 | ||||||
Alcoa Corp.* | 1,603 | 22,234 | ||||||
Avery Dennison Corp. | 479 | 54,841 | ||||||
Cabot Corp. | 449 | 16,784 | ||||||
Celanese Corp. | 1,344 | 125,987 | ||||||
CF Industries Holdings, Inc. | 913 | 33,653 | ||||||
Chemours Co. (a) | 1,413 | 20,997 | ||||||
Domtar Corp. | 643 | 18,499 | ||||||
Dow, Inc. | 4,088 | 165,196 | ||||||
DuPont de Nemours, Inc. | 3,254 | 139,597 | ||||||
Eastman Chemical Co. | 787 | 48,408 | ||||||
Freeport-McMoRan, Inc. | 1,887 | 18,795 | ||||||
Huntsman Corp. | 4,297 | 81,385 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
International Paper Co. | 2,230 | $ | 82,421 | |||||
LyondellBasell Industries NV, Class A | 4,433 | 316,782 | ||||||
Newmont Corp. | 754 | 33,651 | ||||||
Nucor Corp. | 5,038 | 208,321 | ||||||
Olin Corp. (a) | 1,002 | 16,222 | ||||||
Packaging Corp. of America | 779 | 70,593 | ||||||
PPG Industries, Inc. | 1,184 | 123,669 | ||||||
Reliance Steel & Aluminum Co. | 752 | 76,922 | ||||||
Sonoco Products Co. | 489 | 23,575 | ||||||
Steel Dynamics, Inc. | 3,898 | 103,804 | ||||||
United States Steel Corp. | 1,588 | 12,736 | ||||||
Valvoline, Inc. | 1,367 | 26,656 | ||||||
Westlake Chemical Corp. | 358 | 20,001 | ||||||
Westrock Co. | 1,628 | 54,131 | ||||||
|
| |||||||
(Cost $2,579,751) | 2,127,462 | |||||||
|
| |||||||
Real Estate — 1.8% | ||||||||
Apartment Investment & Management Co., Class A REIT | 1,832 | 87,643 | ||||||
Brookfield Property REIT, Inc., Class A REIT (a) | 3,155 | 51,458 | ||||||
CBRE Group, Inc., Class A* | 6,569 | 368,784 | ||||||
Equity Residential REIT | 519 | 38,977 | ||||||
Healthpeak Properties, Inc. REIT (a) | 3,474 | 109,917 | ||||||
Host Hotels & Resorts, Inc. REIT | 10,323 | 149,477 | ||||||
Jones Lang LaSalle, Inc. | 634 | 93,686 | ||||||
Medical Properties Trust, Inc. REIT (a) | 7,503 | 158,538 | ||||||
Public Storage REIT | 1,553 | 324,763 | ||||||
Simon Property Group, Inc. REIT | 2,369 | 291,577 | ||||||
Weingarten Realty Investors REIT | 1,685 | 45,377 | ||||||
|
| |||||||
(Cost $1,829,946) | 1,720,197 | |||||||
|
|
Number | Value | |||||||
Utilities — 0.7% | ||||||||
AES Corp. | 2,224 | $ | 37,208 | |||||
American Electric Power Co., Inc. | 321 | 28,652 | ||||||
CenterPoint Energy, Inc. | 2,400 | 55,248 | ||||||
Consolidated Edison, Inc. | 609 | 48,001 | ||||||
DTE Energy Co. | 163 | 18,202 | ||||||
Edison International | 443 | 29,765 | ||||||
Exelon Corp. | 4,668 | 201,237 | ||||||
NRG Energy, Inc. | 3,954 | 131,312 | ||||||
Sempra Energy | 174 | 24,322 | ||||||
UGI Corp. | 1,042 | 37,554 | ||||||
Xcel Energy, Inc. | 336 | 20,940 | ||||||
|
| |||||||
(Cost $660,342) | 632,441 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 93,123,520 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 22,100 | 22,100 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 121,196 | 121,196 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $91,030,668) | $ | 93,266,816 | ||||||
Other assets and liabilities, net — 0.2% | 225,733 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 93,492,549 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
— | 22,100 | (d) | — | — | — | 278 | — | 22,100 | 22,100 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
3,716,009 | 1,581,014 | (5,175,827 | ) | — | — | 9,130 | — | 121,196 | 121,196 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,716,009 | 1,603,114 | (5,175,827 | ) | — | — | 9,408 | — | 143,296 | 143,296 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $5,086,102, which is 5.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $5,188,266. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)
February 29, 2020 (Unaudited)
REIT: | Real Estate Investment Trust |
At February 29, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
E-Mini S&P 500 Futures | USD | 2 | $ | 328,488 | $295,110 | 3/20/2020 | $ | (33,378 | ) |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 93,123,520 | $ | — | $ | — | $ | 93,123,520 | ||||||||
Short-Term Investments (e) | 143,296 | — | — | 143,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 93,266,816 | $ | — | $ | — | $ | 93,266,816 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (33,378 | ) | $ | — | $ | — | $ | (33,378 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (33,378 | ) | $ | — | $ | — | $ | (33,378 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
February 29, 2020 (Unaudited)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | Xtrackers Russell 1000 Comprehensive Factor ETF | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | ||||||||||
Assets | ||||||||||||
Investment in non-affiliated securities at value | $ | 73,017,788 | $ | 183,290,521 | $ | 93,123,520 | ||||||
Investment in affiliated securities at value | 26,613 | — | — | |||||||||
Investment in DWS Government Money Market Series | 13,037 | 1,969,809 | 121,196 | |||||||||
Investment in DWS Government & Agency Securities Portfolio* | 920,783 | 128,474 | 22,100 | |||||||||
Foreign currency at value | 189,307 | — | — | |||||||||
Deposit with broker for futures contracts | 13,500 | 97,600 | 13,200 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 9,762,817 | 4,064,434 | |||||||||
Dividends | 165,945 | 349,342 | 251,801 | |||||||||
Securities lending income | 397 | 2,623 | 456 | |||||||||
Foreign tax reclaim | 19,475 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total assets | $ | 74,366,845 | $ | 195,601,186 | $ | 97,596,707 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | 8,490 | $ | 97,199 | $ | — | ||||||
Payable upon return of securities loaned | 920,783 | 128,474 | 22,100 | |||||||||
Payables: | ||||||||||||
Capital shares | — | 9,766,104 | 4,064,870 | |||||||||
Investment advisory fees | 15,341 | 30,449 | 16,608 | |||||||||
Variation margin on futures contracts | 2,025 | 22,109 | 580 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 946,639 | 10,044,335 | 4,104,158 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 73,420,206 | $ | 185,556,851 | $ | 93,492,549 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 81,901,524 | $ | 185,717,131 | $ | 88,427,087 | ||||||
Distributable earnings (loss) | (8,481,318 | ) | (160,280 | ) | 5,065,462 | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 73,420,206 | $ | 185,556,851 | $ | 93,492,549 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 2,850,001 | 5,700,001 | 3,450,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 25.76 | $ | 32.55 | $ | 27.10 | ||||||
|
|
|
|
|
| |||||||
Investment in non-affiliated securities at cost | $ | 75,199,647 | $ | 182,333,448 | $ | 90,887,372 | ||||||
|
|
|
|
|
| |||||||
Investment in affiliated securities at cost | $ | 22,982 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 898,717 | $ | 18,997,685 | $ | 5,086,102 | ||||||
|
|
|
|
|
| |||||||
Investment in DWS Government Money Market Series at cost | $ | 13,037 | $ | 1,969,809 | $ | 121,196 | ||||||
|
|
|
|
|
| |||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 920,783 | $ | 128,474 | $ | 22,100 | ||||||
|
|
|
|
|
| |||||||
Non-cash collateral for securities on loan | $ | 53,183 | $ | 19,626,097 | $ | 5,188,266 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 190,958 | $ | — | $ | — | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
For the Six Months Ended February 29, 2020 (Unaudited)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | Xtrackers Russell 1000 Comprehensive Factor ETF | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 792,696 | $ | 2,253,856 | $ | 1,136,532 | ||||||
Income distributions from affiliated funds | 1,065 | 15,342 | 9,130 | |||||||||
Affiliated securities lending income | 3,400 | 886 | 278 | |||||||||
Unaffiliated securities lending income, net of borrower rebates | — | 11,950 | 2,736 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 797,161 | 2,282,034 | 1,148,676 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 136,739 | 185,823 | 106,357 | |||||||||
Other expenses | 57 | 57 | 400 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 136,796 | 185,880 | 106,757 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived (see note 3): | ||||||||||||
Waiver | (43,038 | ) | (846 | ) | (430 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 93,758 | 185,034 | 106,327 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 703,403 | 2,097,000 | 1,042,349 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (1,449,116 | ) | (1,905,912 | ) | 53,002 | |||||||
In-kind redemptions | — | 13,405,186 | 3,018,167 | |||||||||
Futures contracts | 34,784 | 169,827 | 86,402 | |||||||||
Foreign currency transactions | 2,557 | — | — | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (1,411,775 | ) | 11,669,101 | 3,157,571 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (541,834 | ) | (18,545,381 | ) | (1,551,757 | ) | ||||||
Investments in affiliates | 3,631 | — | — | |||||||||
Futures contracts | (11,320 | ) | (212,438 | ) | (95,686 | ) | ||||||
Foreign currency translations | (1,350 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (550,873 | ) | (18,757,819 | ) | (1,647,443 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, | (1,962,648 | ) | (7,088,718 | ) | 1,510,128 | |||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,259,245 | ) | $ | (4,991,718 | ) | $ | 2,552,477 | ||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 87,916 | $ | 1,517 | $ | 730 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | Xtrackers Russell 1000 Comprehensive Factor ETF | |||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 703,403 | $ | 2,231,326 | $ | 2,097,000 | $ | 3,286,586 | ||||||||
Net realized gain (loss) | (1,411,775 | ) | (2,782,464 | ) | 11,669,101 | (767,812 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | (550,873 | ) | (1,883,278 | ) | (18,757,819 | ) | 2,660,930 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,259,245 | ) | (2,434,416 | ) | (4,991,718 | ) | 5,179,704 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (1,832,684 | ) | (2,029,470 | ) | (2,219,451 | ) | (3,011,382 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 4,158,276 | 34,949,614 | 42,885,824 | 73,507,056 | ||||||||||||
Value of shares redeemed | — | (17,258,305 | ) | (53,420,680 | ) | (43,711,180 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 4,158,276 | 17,691,309 | (10,534,856 | ) | 29,795,876 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,066,347 | 13,227,423 | (17,746,025 | ) | 31,964,198 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 72,353,859 | 59,126,436 | 203,302,876 | 171,338,678 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 73,420,206 | $ | 72,353,859 | $ | 185,556,851 | $ | 203,302,876 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 2,700,001 | 2,050,001 | 6,000,001 | 5,050,001 | ||||||||||||
Shares sold | 150,000 | 1,300,000 | 1,200,000 | 2,300,000 | ||||||||||||
Shares redeemed | — | (650,000 | ) | (1,500,000 | ) | (1,350,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,850,001 | 2,700,001 | 5,700,001 | 6,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | ||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 1,042,349 | $ | 1,978,165 | ||||
Net realized gain (loss) | 3,157,571 | 4,286,115 | ||||||
Net change in net unrealized appreciation (depreciation) | (1,647,443 | ) | (119,010 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 2,552,477 | 6,145,270 | ||||||
|
|
|
| |||||
Distributions to Shareholders | (1,287,980 | ) | (1,746,917 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 82,359,575 | ||||||
Value of shares redeemed | (18,789,711 | ) | (37,153,935 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (18,789,711 | ) | 45,205,640 | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (17,525,214 | ) | 49,603,993 | |||||
Net Assets | ||||||||
Beginning of period | 111,017,763 | 61,413,770 | ||||||
|
|
|
| |||||
End of period | $ | 93,492,549 | $ | 111,017,763 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 4,100,001 | 2,250,001 | ||||||
Shares sold | — | 3,250,000 | ||||||
Shares redeemed | (650,000 | ) | (1,400,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 3,450,001 | 4,100,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Years Ended August 31, | Period Ended 8/31/2016(a) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 26.80 | $ | 28.84 | $ | 28.17 | $ | 25.41 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.25 | 0.83 | 0.77 | 0.54 | 0.52 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.62 | ) | (2.11 | ) | 0.72 | (c) | 3.19 | (c) | 0.27 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.37 | ) | (1.28 | ) | 1.49 | 3.73 | 0.79 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.67 | ) | (0.76 | ) | (0.82 | ) | (0.97 | ) | (0.38 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.67 | ) | (0.76 | ) | (0.82 | ) | (0.97 | ) | (0.38 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 25.76 | $ | 26.80 | $ | 28.84 | $ | 28.17 | $ | 25.41 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | (1.55 | )**(d) | (4.51 | )(d) | 5.32 | 15.16 | 3.21 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 73 | 72 | 59 | 15 | 3 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | * | 0.35 | 0.35 | 0.35 | 0.36 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.24 | * | 0.29 | 0.35 | 0.35 | 0.36 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.80 | * | 3.05 | 2.62 | 2.10 | 2.77 | * | |||||||||||||
Portfolio turnover rate (%)(e) | 21 | ** | 51 | 45 | 45 | 35 | ** | |||||||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Years Ended August 31, | Period Ended 8/31/2016(a) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 33.88 | $ | 33.93 | $ | 29.47 | $ | 26.76 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.34 | 0.57 | 0.52 | 0.51 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.33 | ) | (0.09 | )(c) | 4.44 | 2.85 | 1.60 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.99 | ) | 0.48 | 4.96 | 3.36 | 2.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.34 | ) | (0.53 | ) | (0.50 | ) | (0.65 | ) | (0.24 | ) | ||||||||||
|
|
|
| �� |
|
|
|
|
|
| ||||||||||
Total distributions | (0.34 | ) | (0.53 | ) | (0.50 | ) | (0.65 | ) | (0.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 32.55 | $ | 33.88 | $ | 33.93 | $ | 29.47 | $ | 26.76 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | (2.99 | )**(d) | 1.53 | (d) | 16.97 | (d) | 12.75 | (d) | 8.06 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 186 | 203 | 171 | 100 | 21 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.17 | * | 0.17 | 0.19 | 0.23 | 0.25 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.17 | * | 0.17 | 0.18 | 0.21 | 0.25 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.92 | * | 1.77 | 1.62 | 1.83 | 2.01 | * | |||||||||||||
Portfolio turnover rate (%)(e) | 20 | ** | 48 | 45 | 67 | 64 | ** |
(a) | For the period November 24, 2015 (commencement of operations) through August 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Year Ended 8/31/2019 | Period Ended 8/31/2018(a) | |||||||||
Net Asset Value, beginning of period | $ | 27.08 | $ | 27.29 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.27 | 0.51 | 0.21 | |||||||||
Net realized and unrealized gain (loss) | 0.08 | (0.25 | )(c) | 2.16 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.35 | 0.26 | 2.37 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.33 | ) | (0.47 | ) | (0.08 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.33 | ) | (0.47 | ) | (0.08 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 27.10 | $ | 27.08 | $ | 27.29 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 1.23 | **(d) | 1.03 | (d) | 9.52 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 93 | 111 | 61 | |||||||||
Ratio of expenses before fee waiver (%) | 0.19 | * | 0.19 | 0.19 | * | |||||||
Ratio of expenses after fee waiver (%) | 0.19 | * | 0.19 | 0.19 | * | |||||||
Ratio of net investment income (loss) (%) | 1.86 | * | 1.93 | 2.00 | * | |||||||
Portfolio turnover rate (%)(e) | 0 | **(f) | 31 | 26 | ** |
(a) | For the period April 5, 2018 (commencement of operations) through August 31, 2018. |
(b) | Based on average shares outstanding during the period. |
(c) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | Amount is less than 0.5% |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers FTSE Developed ex US Comprehensive Factor ETF |
Xtrackers Russell 1000 Comprehensive Factor ETF |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | FTSE Developed ex US Comprehensive Factor Index | |
Xtrackers Russell 1000 Comprehensive Factor ETF | Russell 1000 Comprehensive Factor Index | |
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | Russell 1000 2Qual/Val 5% Capped Factor Index |
The FTSE Developed ex US Comprehensive Factor Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.
The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.
The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
40
DBX ETF Trust
Notes to Financial Statements (Continued)
Each Fund, except Xtrackers Russell 1000 US Quality at a Reasonable Price ETF is diversified. Xtrackers Russell 1000 US Quality at a Reasonable Price ETF is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. As of September 26, 2019, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In
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DBX ETF Trust
Notes to Financial Statements (Continued)
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.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2020, the Funds did not incur any interest or penalties.
At August 31, 2019, 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
42
DBX ETF Trust
Notes to Financial Statements (Continued)
period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 2,979,340 | $ | 922,302 | $ | 3,901,642 | ||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 6,533,390 | 4,788,708 | 11,322,098 | |||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | — | 386,888 | 386,888 |
As of August 31, 2019, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 75,271,128 | $ | (2,570,410 | ) | $ | 3,938,464 | $ | (6,508,874 | ) | ||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 185,334,849 | 17,621,423 | 25,559,136 | (7,937,713 | ) | |||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 106,902,702 | 3,676,284 | 9,202,383 | (5,526,099 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of February 29, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of February 29, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in
43
DBX ETF Trust
Notes to Financial Statements (Continued)
the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of February 29, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF |
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Common Stocks | $ | 920,783 | $ | — | $ | — | $ | 53,183 | $ | 973,966 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 973,966 | |||||||||||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF |
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Common Stocks | $ | 128,474 | $ | 752 | $ | 1,261,780 | $ | 18,363,565 | $ | 19,754,571 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 19,754,571 | |||||||||||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF |
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Common Stocks | $ | 22,100 | $ | — | $ | 119,890 | $ | 5,068,376 | $ | 5,210,366 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 5,210,366 |
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2020, Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
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DBX ETF Trust
Notes to Financial Statements (Continued)
A summary of the open futures contracts as of February 29, 2020 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 31,540 | ||||||||
Xtrackers Russell 1000 Comprehensive Factor ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 217,083 | ||||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 33,378 |
* | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 34,784 | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 169,827 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 86,402 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | (11,320 | ) | |
Xtrackers Russell 1000 Comprehensive Factor ETF | (212,438 | ) | ||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | (95,686 | ) |
For the period ended February 29, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 422,652 | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 1,777,969 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 1,315,835 |
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 management fee
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DBX ETF Trust
Notes to Financial Statements (Continued)
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 management 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 Management Fee | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | 0.35 | % | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 0.17 | % | ||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 0.19 | % |
The Advisor for Xtrackers FTSE Developed ex US Comprehensive Factor ETF has contractually agreed, until December 19, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.24% of the Fund’s average daily net assets. For the period ended February 29, 2020, the Advisor waived $ 42,972 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 66 | ||
Xtrackers Russell 1000 Comprehensive Factor ETF | 846 | |||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 430 |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
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DBX ETF Trust
Notes to Financial Statements (Continued)
4. Investment Portfolio Transactions
For the period ended February 29, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 15,935,914 | $ | 16,705,831 | ||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 41,077,654 | 41,372,910 | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 3,843,577 | 306,264 |
For the period ended February 29, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers FTSE Developed ex US Comprehensive Factor ETF | $ | 4,029,437 | $ | — | ||||
Xtrackers Russell 1000 Comprehensive Factor ETF | 42,866,458 | 53,609,928 | ||||||
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | — | 18,788,681 |
5. Fund Share Transactions
As of February 29, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Subsequent Event
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
47
DBX ETF Trust
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
Xtrackers Russell 1000 Comprehensive Factor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Japanese securities as illiquid due to an extended Japanese holiday market closure. The temporary reclassification of Japanese securities caused the Fund to exceed the 15% limit on illiquid investments for a two day period. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.
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DBX ETF Trust
Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Adviser”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers.
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
The Board also considered that the Adviser pays or arranges 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 Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge. The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees 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 Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
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 each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and
50
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
51
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.
52
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
53
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. With respect to DEEF, foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region, generally are more volatile than more diversified funds. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. QARP is currently non-diversified and can take larger positions in fewer issues, increasing their potential risk. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
The Funds (the “Funds”) have been developed solely by DBX Advisors LLC. The Funds are not in any way connected to or sponsored, endorsed, issued, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Russell 1000 Comprehensive Factor Index, Russell 1000 2Qual/Val 5% Capped Factor Index and the Russell 2000 Comprehensive 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.
Copyright © 2020 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-045855-5 (4/20) DBX004295 (4/21)
February 29, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF (HYUP)
Xtrackers Low Beta High Yield Bond ETF (HYDW)
Xtrackers Short Duration High Yield Bond ETF (SHYL)
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
DBX ETF Trust
Page | ||||
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Portfolio Summary | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
Schedule of Investments | ||||
8 | ||||
18 | ||||
28 | ||||
37 | ||||
54 | ||||
55 | ||||
56 | ||||
58 | ||||
60 | ||||
68 | ||||
Board Consideration in Approval of Investment Advisory Contracts | 69 | |||
72 | ||||
73 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our four ETFs tracking the fixed income market for the period ended February 29, 2020.
The global economy remained subdued during the reporting period owing to slowing manufacturing activity and uncertainty surrounding the U.S.-China trade war. However, there were signs of recovery in early 2020 as global Purchasing Managers Index (PMI) data rose and central banks provided positive rhetoric around accommodative policies. In the U.S., the economy experienced steady growth combined with an increase in retail spending, boosting consumer confidence to its highest level since March 2018. The Eurozone slowed in 2019 due to weak industrial sector, the automobile industry’s emissions scandal and concerns around Brexit1 negotiations. Within emerging markets, manufacturing activity improved in pockets, although spillover effects of the trade wars and COVID-19 virus outbreak dampened growth in most economies.
While political risks ebbed as the U.S. and China entered a phase-one trade deal, most central banks signaled at monetary stimulus amid weak global growth and fears of COVID-19 stalling economic activity. The Federal Reserve Board (FRB) attempted to moderate fears by hinting at a dovish stance. The FRB cut rates by 0.25% in October, for the third time in the year, bringing the target range to 1.5-1.75%, which buoyed equity markets. The European Central Bank (ECB) relaunched its targeted longer-term refinancing operations (TLTRO) programme as part of its monetary easing policy considering the bloc’s weak growth and inflation rates being much lower than its targets. The Bank of England (BOE) followed suit, keeping its interest rates unchanged in light of hard Brexit talks coming into play later in 2019 and lower manufacturing and services output. Although preliminary data in February was positive, the BoE remained cautious and supportive of the economy. Furthermore, yields fell as demand for safe-haven sovereign bonds rose 30-year U.S. Treasury yields and 10-year Euro bond yields fell to their lowest since September 2019.
Amidst weak demand and growing risks of the virus outbreak, the Chinese economy grew moderately. In response, the People’s Bank of China implemented collective measures, reducing its reserve requirement ratio and lowering its one- and five-year loan prime rates (LPRs), to inject liquidity into its economy. Nevertheless, the completion of phase one deal of U.S. China trade negotiations increased business optimism leading to sustainable business investments. In contrast, the Bank of Japan continued to keep its monetary policy steady owing to a persistent muted inflation rate.
As the economic impact and risks from COVID-19 spiked, markets retracted sharply from their highs and fears of recession rose. Central banks, who were mildly dovish before, took to infuse liquidity with the FRB announcing emergency rate cuts of 1.0% bringing rates to near-zero and the ECB introducing a 750 billion euros Pandemic Emergency Purchase Programme (PEPP). Concurrently, governments implemented severe restrictions, mass quarantines and even lockdowns to control the contagion along with providing fiscal stimulus; the U.S. passed its Coronavirus Aid, Relief and Economic Security (CARES) Act which provided a 2.3 Trillion USD in relief funds. The increase in public debt, expansion of central-bank balance sheets and search for liquidity may pave the way for a dynamic bond market with multiple forces at play as low government bond yields may shift investors to investment grade and high yield bond markets. While U.S. Presidential elections and Brexit negotiations comes back into focus and the pandemic continues to accompany us in the near term, both equity and fixed income markets could experience high volatility.
1
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers High Beta High Yield Bond ETF (HYUP)
The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.
Quality* as of February 29, 2020 |
Description | % of Market Value | |||
BBB | 1.7% | |||
BB | 39.8% | |||
B | 46.5% | |||
CCC | 11.9% | |||
CC | 0.1% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of February 29, 2020 |
United States | 79.8% | |||
Luxembourg | 4.5% | |||
Canada | 4.4% | |||
Netherlands | 3.8% | |||
Other | 7.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Communications | 28.1% | |||
Consumer, Non-cyclical | 21.0% | |||
Consumer, Cyclical | 14.2% | |||
Energy | 9.3% | |||
Financial | 8.5% | |||
Industrial | 7.5% | |||
Basic Materials | 4.4% | |||
Technology | 4.3% | |||
Utilities | 2.6% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of February 29, 2020: 4.8 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* 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 8.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Low Beta High Yield Bond ETF (HYDW)
The Xtrackers Low Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.
Quality* as of February 29, 2020 |
Description | % of Market Value | |||
BBB | 16.4% | |||
BB | 69.5% | |||
B | 13.3% | |||
CCC | 0.8% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of February 29, 2020 |
United States | 90.1% | |||
Canada | 3.2% | |||
Other | 6.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Consumer, Non-cyclical | 22.1% | |||
Communications | 20.9% | |||
Consumer, Cyclical | 14.7% | |||
Energy | 12.0% | |||
Industrial | 9.8% | |||
Financial | 9.3% | |||
Technology | 5.1% | |||
Utilities | 3.2% | |||
Basic Materials | 2.9% | |||
|
| |||
100.0% |
Modified duration as of February 29, 2020: 4.3 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* 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 18.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Short Duration High Yield Bond ETF (SHYL)
The Xtrackers Short Duration High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued U.S. dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.
Quality* as of February 29, 2020 |
Description | % of Market Value | |||
BBB | 9.6% | |||
BB | 53.2% | |||
B | 28.7% | |||
CCC | 8.3% | |||
CC | 0.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of February 29, 2020 |
United States | 82.6% | |||
Canada | 5.3% | |||
Netherlands | 2.6% | |||
United Kingdom | 2.4% | |||
Luxembourg | 2.2% | |||
Other | 4.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Communications | 22.1% | |||
Consumer, Non-cyclical | 18.0% | |||
Consumer, Cyclical | 14.5% | |||
Financial | 11.5% | |||
Industrial | 11.4% | |||
Energy | 10.9% | |||
Technology | 5.3% | |||
Basic Materials | 4.3% | |||
Utilities | 2.0% | |||
|
| |||
100.0% |
Modified duration as of February 29, 2020: 2.8 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund's investment portfolio see page 28.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers USD High Yield Corporate Bond ETF (HYLB)
The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. It is not possible to invest directly into an index.
Quality* as of February 29, 2020 |
Description | % of Market Value | |||
BBB | 8.8% | |||
BB | 54.8% | |||
B | 30.0% | |||
CCC | 6.3% | |||
C | 0.1% | |||
|
| |||
100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of February 29, 2020 |
United States | 85.0% | |||
Canada | 3.9% | |||
Luxembourg | 2.7% | |||
Netherlands | 2.7% | |||
Other | 5.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Communications | 24.2% | |||
Consumer, Non-cyclical | 21.4% | |||
Consumer, Cyclical | 14.6% | |||
Energy | 10.7% | |||
Financial | 9.0% | |||
Industrial | 8.6% | |||
Technology | 4.9% | |||
Basic Materials | 3.7% | |||
Utilities | 2.8% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of February 29, 2020: 4.6 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* 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 37.
6
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 six-month period and held for the entire period (September 1, 2019 to February 29, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value September 1, 2019 | Ending Account Value February 29, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers High Beta High Yield Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,006.60 | 0.20 | % | $ | 1.00 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers Low Beta High Yield Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,007.00 | 0.20 | % | $ | 1.00 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers Short Duration High Yield Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,002.80 | 0.20 | % | $ | 1.00 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers USD High Yield Corporate Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,006.50 | 0.15 | % | $ | 0.75 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.12 | 0.15 | % | $ | 0.75 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.
7
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF Fund
February 29, 2020 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 97.1% | ||||||||
Basic Materials — 4.3% | ||||||||
Chemicals — 2.4% | ||||||||
Chemours Co. | $ | 319,000 | $ | 309,202 | ||||
7.00%, 5/15/25 (a) | 200,000 | 186,917 | ||||||
5.375%, 5/15/27 | 150,000 | 129,034 | ||||||
Consolidated Energy Finance SA | 200,000 | 195,098 | ||||||
6.50%, 5/15/26, 144A | 100,000 | 98,019 | ||||||
Element Solutions, Inc., 144A | 250,000 | 251,878 | ||||||
Hexion, Inc., 144A | 120,000 | 119,403 | ||||||
NOVA Chemicals Corp. | 450,000 | 435,562 | ||||||
5.25%, 6/1/27, 144A | 600,000 | 571,302 | ||||||
OCI NV | 200,000 | 207,900 | ||||||
5.25%, 11/1/24, 144A | 200,000 | 205,000 | ||||||
Olin Corp. | 250,000 | 252,287 | ||||||
5.00%, 2/1/30 | 225,000 | 219,521 | ||||||
Starfruit Finco BV / Starfruit US Holdco LLC, 144A | 150,000 | 149,209 | ||||||
Valvoline, Inc., 144A | 185,000 | 182,803 | ||||||
|
| |||||||
(Cost $3,620,882) | 3,513,135 | |||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International, Inc. | 200,000 | 201,958 | ||||||
|
| |||||||
Iron/Steel — 0.7% | ||||||||
Allegheny Technologies, Inc. | 155,000 | 164,732 | ||||||
Cleveland-Cliffs, Inc. | 150,000 | 148,562 | ||||||
5.75%, 3/1/25 (a) | 101,000 | 92,163 | ||||||
5.875%, 6/1/27, 144A | 200,000 | 168,870 | ||||||
United States Steel Corp. | 246,000 | 213,507 | ||||||
6.25%, 3/15/26 (a) | 200,000 | 161,630 | ||||||
|
| |||||||
(Cost $1,053,007) | 949,464 | |||||||
|
| |||||||
Mining — 1.1% | ||||||||
Alcoa Nederland Holding BV | 150,000 | 158,903 | ||||||
6.125%, 5/15/28, 144A | 200,000 | 205,630 | ||||||
FMG Resources August 2006 Pty Ltd., 144A | 200,000 | 193,870 | ||||||
Freeport-McMoRan, Inc. | 185,000 | 182,941 | ||||||
5.25%, 9/1/29 (a) | 185,000 | 186,267 | ||||||
Hudbay Minerals, Inc., 144A | 210,000 | 203,350 | ||||||
Novelis Corp., 144A | 490,000 | 484,181 | ||||||
|
| |||||||
(Cost $1,644,682) | 1,615,142 | |||||||
|
|
Principal | Value | |||||||
Communications — 27.2% | ||||||||
Advertising — 0.4% | ||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | $ | 200,000 | $ | 206,380 | ||||
4.625%, 3/15/30, 144A | 150,000 | 150,696 | ||||||
Terrier Media Buyer, Inc., 144A | 300,000 | 298,500 | ||||||
|
| |||||||
(Cost $676,277) | 655,576 | |||||||
|
| |||||||
Internet — 2.7% | ||||||||
Match Group, Inc. | 150,000 | 155,677 | ||||||
4.125%, 8/1/30, 144A | 150,000 | 147,236 | ||||||
Netflix, Inc. | 492,000 | 519,176 | ||||||
5.875%, 11/15/28 | 567,000 | 638,527 | ||||||
6.375%, 5/15/29 | 340,000 | 389,963 | ||||||
5.375%, 11/15/29, 144A | 200,000 | 217,810 | ||||||
4.875%, 6/15/30, 144A | 300,000 | 316,695 | ||||||
NortonLifeLock, Inc., 144A | 350,000 | 354,810 | ||||||
Photo Holdings Merger Sub, Inc., 144A | 250,000 | 237,343 | ||||||
Uber Technologies, Inc. | 150,000 | 156,749 | ||||||
8.00%, 11/1/26, 144A | 450,000 | 469,205 | ||||||
7.50%, 9/15/27, 144A | 400,000 | 418,010 | ||||||
|
| |||||||
(Cost $3,873,427) | 4,021,201 | |||||||
|
| |||||||
Media — 10.6% | ||||||||
Altice Financing SA | 750,000 | 792,637 | ||||||
5.00%, 1/15/28, 144A (a) | 450,000 | 437,580 | ||||||
AMC Networks, Inc. | 300,000 | 302,250 | ||||||
4.75%, 8/1/25 | 248,000 | 247,699 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 450,000 | 479,947 | ||||||
4.75%, 3/1/30, 144A | 1,000,000 | 1,029,975 | ||||||
4.50%, 8/15/30, 144A | 450,000 | 455,906 | ||||||
Cengage Learning, Inc., 144A | 175,000 | 152,870 | ||||||
Clear Channel Worldwide Holdings, Inc., 144A | 400,000 | 401,828 | ||||||
CSC Holdings LLC | 225,000 | 234,597 | ||||||
7.50%, 4/1/28, 144A | 300,000 | 337,553 | ||||||
6.50%, 2/1/29, 144A | 450,000 | 498,049 | ||||||
5.75%, 1/15/30, 144A | 800,000 | 847,000 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co. | 950,000 | 877,699 | ||||||
6.625%, 8/15/27, 144A (a) | 550,000 | 444,675 | ||||||
DISH DBS Corp. | 450,000 | 453,978 | ||||||
5.875%, 11/15/24 | 550,000 | 565,298 | ||||||
7.75%, 7/1/26 (a) | 675,000 | 726,577 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Media (Continued) | ||||||||
Entercom Media Corp., 144A | $ | 100,000 | $ | 104,785 | ||||
Gray Television, Inc., 144A | 250,000 | 270,462 | ||||||
iHeartCommunications, Inc. | 200,000 | 215,315 | ||||||
8.375%, 5/1/27 | 450,000 | 489,510 | ||||||
5.25%, 8/15/27, 144A | 250,000 | 258,287 | ||||||
4.75%, 1/15/28, 144A | 175,000 | 174,449 | ||||||
LCPR Senior Secured Financing DAC, 144A | 350,000 | 368,707 | ||||||
Meredith Corp. | 400,000 | 402,219 | ||||||
Nexstar Broadcasting, Inc., 144A | 550,000 | 570,295 | ||||||
Sinclair Television Group, Inc. | 100,000 | 98,755 | ||||||
5.50%, 3/1/30, 144A | 200,000 | 199,130 | ||||||
Sirius XM Radio, Inc., 144A | 400,000 | 429,620 | ||||||
TEGNA, Inc. | 300,000 | 291,008 | ||||||
5.00%, 9/15/29, 144A | 350,000 | 346,062 | ||||||
Univision Communications, Inc. | 350,000 | 338,450 | ||||||
5.125%, 2/15/25, 144A | 475,000 | 449,360 | ||||||
UPC Holding BV, 144A | 450,000 | 457,178 | ||||||
Virgin Media Secured Finance PLC, 144A | 250,000 | 257,038 | ||||||
Ziggo Bond Co. BV | 100,000 | 105,607 | ||||||
5.125%, 2/28/30, 144A | 150,000 | 152,126 | ||||||
Ziggo BV, 144A | 200,000 | 208,215 | ||||||
|
| |||||||
(Cost $15,512,150) | 15,472,696 | |||||||
|
| |||||||
Telecommunications — 13.5% | ||||||||
Altice France SA | 1,800,000 | 1,890,990 | ||||||
8.125%, 2/1/27, 144A | 450,000 | 491,233 | ||||||
5.50%, 1/15/28, 144A (a) | 350,000 | 350,647 | ||||||
C&W Senior Financing DAC, 144A | 400,000 | 422,929 | ||||||
CenturyLink, Inc. | 306,000 | 342,593 | ||||||
5.625%, 4/1/25 (a) | 150,000 | 156,688 | ||||||
5.125%, 12/15/26, 144A | 389,000 | 392,890 | ||||||
Cincinnati Bell, Inc., 144A | 200,000 | 210,748 | ||||||
CommScope Technologies LLC | 400,000 | 376,000 | ||||||
5.00%, 3/15/27, 144A | 200,000 | 181,485 | ||||||
CommScope, Inc. | 300,000 | 305,905 | ||||||
5.50%, 6/15/24, 144A | 485,000 | 462,006 | ||||||
6.00%, 3/1/26, 144A | 500,000 | 514,152 | ||||||
8.25%, 3/1/27, 144A | 250,000 | 251,712 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Connect Finco SARL / Connect US Finco LLC, 144A | $ | 700,000 | $ | 713,041 | ||||
Consolidated Communications, Inc. | 160,000 | 154,400 | ||||||
DKT Finance ApS, 144A | 200,000 | 212,990 | ||||||
Frontier Communications Corp. | 226,000 | 106,856 | ||||||
10.50%, 9/15/22 | 600,000 | 273,937 | ||||||
7.125%, 1/15/23 | 200,000 | 93,000 | ||||||
7.625%, 4/15/24 | 250,000 | 119,375 | ||||||
6.875%, 1/15/25 | 259,000 | 124,427 | ||||||
11.00%, 9/15/25 | 1,125,000 | 517,500 | ||||||
8.50%, 4/1/26, 144A | 500,000 | 507,175 | ||||||
8.00%, 4/1/27, 144A | 550,000 | 571,643 | ||||||
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 144A | 250,000 | 254,821 | ||||||
GTT Communications, Inc., 144A | 175,000 | 134,313 | ||||||
Hughes Satellite Systems Corp. | 250,000 | 275,737 | ||||||
Intelsat Connect Finance SA, 144A | 400,000 | 237,000 | ||||||
Intelsat Jackson Holdings SA | 175,000 | 198,680 | ||||||
5.50%, 8/1/23 | 400,000 | 344,834 | ||||||
8.50%, 10/15/24, 144A | 900,000 | 778,874 | ||||||
9.75%, 7/15/25, 144A | 700,000 | 618,772 | ||||||
Intelsat Luxembourg SA | 100,000 | 75,750 | ||||||
8.125%, 6/1/23 | 300,000 | 128,250 | ||||||
Intrado Corp., 144A | 350,000 | 236,250 | ||||||
Level 3 Financing, Inc., 144A | 300,000 | 306,555 | ||||||
Metropolitan Light Co. Ltd., 144A | 200,000 | 207,611 | ||||||
Nokia OYJ | 175,000 | 184,919 | ||||||
Sable International Finance Ltd., 144A | 200,000 | 208,070 | ||||||
Sprint Communications, Inc. | 465,000 | 499,587 | ||||||
Sprint Corp. | 1,250,000 | 1,430,731 | ||||||
7.125%, 6/15/24 | 1,350,000 | 1,534,498 | ||||||
7.625%, 2/15/25 | 300,000 | 348,750 | ||||||
7.625%, 3/1/26 | 400,000 | 472,624 | ||||||
7.25%, 2/1/28, 144A | 230,000 | 230,840 | ||||||
ViaSat, Inc. | 250,000 | 247,446 | ||||||
5.625%, 4/15/27, 144A | 200,000 | 203,810 | ||||||
Ypso Finance Bis SA | 450,000 | 515,250 | ||||||
6.00%, 2/15/28, 144A | 375,000 | 361,050 | ||||||
|
| |||||||
(Cost $20,464,151) | 19,779,344 | |||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Consumer, Cyclical — 13.8% | ||||||||
Airlines — 0.2% | ||||||||
American Airlines Group, Inc., 144A | $ | 125,000 | $ | 115,547 | ||||
Virgin Australia Holdings Ltd., 144A | 150,000 | 130,500 | ||||||
|
| |||||||
(Cost $265,065) | 246,047 | |||||||
|
| |||||||
Auto Manufacturers — 1.0% | ||||||||
Allison Transmission, Inc. | 150,000 | 154,177 | ||||||
5.875%, 6/1/29, 144A | 100,000 | 108,607 | ||||||
Jaguar Land Rover Automotive PLC | 250,000 | 242,748 | ||||||
4.50%, 10/1/27, 144A | 125,000 | 105,759 | ||||||
Navistar International Corp., 144A | 400,000 | 415,166 | ||||||
Tesla, Inc., 144A | 500,000 | 500,620 | ||||||
|
| |||||||
(Cost $1,509,935) | 1,527,077 | |||||||
|
| |||||||
Auto Parts & Equipment — 1.5% | ||||||||
Adient Global Holdings Ltd., 144A | 270,000 | 233,557 | ||||||
American Axle & Manufacturing, Inc. | 150,000 | 145,543 | ||||||
6.25%, 3/15/26 | 198,000 | 191,040 | ||||||
6.50%, 4/1/27 | 170,000 | 163,544 | ||||||
Goodyear Tire & Rubber Co. | 50,000 | 49,280 | ||||||
4.875%, 3/15/27 | 400,000 | 387,740 | ||||||
Panther BF Aggregator 2 LP / Panther Finance Co., Inc. | 300,000 | 308,722 | ||||||
8.50%, 5/15/27, 144A | 600,000 | 610,890 | ||||||
Tenneco, Inc. | 175,000 | 150,942 | ||||||
|
| |||||||
(Cost $2,352,891) | 2,241,258 | |||||||
|
| |||||||
Distribution/Wholesale — 1.0% | ||||||||
Core & Main LP, 144A | 175,000 | 177,641 | ||||||
KAR Auction Services, Inc., 144A | 297,000 | 305,757 | ||||||
Performance Food Group, Inc., 144A | 300,000 | 317,257 | ||||||
Wolverine Escrow LLC | 200,000 | 195,457 | ||||||
9.00%, 11/15/26, 144A | 300,000 | 299,801 | ||||||
13.125%, 11/15/27, 144A | 150,000 | 157,875 | ||||||
|
| |||||||
(Cost $1,445,452) | 1,453,788 | |||||||
|
| |||||||
Entertainment — 2.2% | ||||||||
AMC Entertainment Holdings, Inc. | 200,000 | 163,917 | ||||||
5.875%, 11/15/26 | 180,000 | 144,418 | ||||||
6.125%, 5/15/27 (a) | 187,000 | 148,206 |
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 144A | $ | 500,000 | $ | 492,260 | ||||
Churchill Downs, Inc. | 200,000 | 209,120 | ||||||
4.75%, 1/15/28, 144A | 100,000 | 100,185 | ||||||
Cirsa Finance International Sarl, 144A | 200,000 | 209,478 | ||||||
International Game Technology PLC, 144A | 200,000 | 211,774 | ||||||
Lions Gate Capital Holdings LLC | 100,000 | 98,249 | ||||||
5.875%, 11/1/24, 144A | 200,000 | 194,023 | ||||||
Merlin Entertainments Ltd., 144A | 150,000 | 161,302 | ||||||
Mohegan Gaming & Entertainment, 144A | 175,000 | 173,615 | ||||||
Scientific Games International, Inc. | 400,000 | 411,630 | ||||||
7.00%, 5/15/28, 144A | 200,000 | 193,810 | ||||||
7.25%, 11/15/29, 144A | 150,000 | 146,527 | ||||||
Six Flags Entertainment Corp., 144A | 160,000 | 153,096 | ||||||
|
| |||||||
(Cost $3,312,652) | 3,211,610 | |||||||
|
| |||||||
Home Builders — 0.8% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. | 250,000 | 257,337 | ||||||
4.875%, 2/15/30, 144A | 125,000 | 123,894 | ||||||
Century Communities, Inc. | 100,000 | 107,232 | ||||||
Mattamy Group Corp., 144A | 150,000 | 156,750 | ||||||
Shea Homes LP / Shea Homes Funding Corp., 144A | 140,000 | 140,335 | ||||||
Taylor Morrison Communities, Inc. | 200,000 | 223,965 | ||||||
5.75%, 1/15/28, 144A | 95,000 | 105,234 | ||||||
|
| |||||||
(Cost $1,077,168) | 1,114,747 | |||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Scotts Miracle-Gro Co., 144A | 150,000 | 155,629 | ||||||
|
| |||||||
Leisure Time — 0.2% | ||||||||
24 Hour Fitness Worldwide, Inc., 144A | 100,000 | 45,719 | ||||||
Viking Cruises Ltd., 144A | 270,000 | 240,475 | ||||||
|
| |||||||
(Cost $360,032) | 286,194 | |||||||
|
| |||||||
Lodging — 2.0% | ||||||||
Boyd Gaming Corp., 144A | 300,000 | 296,844 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Lodging (Continued) | ||||||||
Diamond Resorts International, Inc. | $ | 20,000 | $ | 20,050 | ||||
10.75%, 9/1/24, 144A | 250,000 | 258,854 | ||||||
Melco Resorts Finance Ltd. | 450,000 | 453,556 | ||||||
5.25%, 4/26/26, 144A (a) | 150,000 | 151,569 | ||||||
5.625%, 7/17/27, 144A | 200,000 | 209,723 | ||||||
5.375%, 12/4/29, 144A | 250,000 | 250,886 | ||||||
Station Casinos LLC | 150,000 | 151,125 | ||||||
4.50%, 2/15/28, 144A | 225,000 | 214,364 | ||||||
Wyndham Destinations, Inc. | 150,000 | 159,007 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 300,000 | 295,122 | ||||||
5.25%, 5/15/27, 144A | 450,000 | 437,063 | ||||||
|
| |||||||
(Cost $2,928,092) | 2,898,163 | |||||||
|
| |||||||
Retail — 4.4% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A | 200,000 | 199,370 | ||||||
Asbury Automotive Group, Inc., 144A | 200,000 | 204,000 | ||||||
Beacon Roofing Supply, Inc., 144A | 400,000 | 386,714 | ||||||
eG Global Finance PLC | 150,000 | 146,938 | ||||||
8.50%, 10/30/25, 144A | 250,000 | 257,946 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 350,000 | 302,015 | ||||||
6.75%, 6/15/23 (a) | 150,000 | 125,563 | ||||||
Golden Nugget, Inc. | 320,000 | 315,101 | ||||||
8.75%, 10/1/25, 144A | 280,000 | 281,876 | ||||||
IRB Holding Corp., 144A | 150,000 | 149,302 | ||||||
JC Penney Corp., Inc. | 150,000 | 124,426 | ||||||
8.625%, 3/15/25, 144A (a) | 170,000 | 94,987 | ||||||
L Brands, Inc. | 150,000 | 145,871 | ||||||
7.50%, 6/15/29 | 150,000 | 159,652 | ||||||
Michaels Stores, Inc., 144A | 150,000 | 125,317 | ||||||
Neiman Marcus Group Ltd. LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG | 200,000 | 59,000 | ||||||
8.75%, 10/25/24, 144A | 150,000 | 45,000 | ||||||
Penske Automotive Group, Inc. | 150,000 | 153,653 | ||||||
PetSmart, Inc. | 750,000 | 732,900 | ||||||
5.875%, 6/1/25, 144A | 322,000 | 324,834 | ||||||
8.875%, 6/1/25, 144A | 75,000 | 74,813 | ||||||
QVC, Inc. | 175,000 | 172,869 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
Rite Aid Corp. | $ | 368,000 | $ | 338,100 | ||||
7.50%, 7/1/25, 144A | 150,000 | 150,000 | ||||||
Staples, Inc. | 650,000 | 648,782 | ||||||
10.75%, 4/15/27, 144A (a) | 300,000 | 287,715 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | 150,000 | 148,802 | ||||||
Yum! Brands, Inc., 144A | 250,000 | 259,865 | ||||||
|
| |||||||
(Cost $6,396,587) | 6,415,411 | |||||||
|
| |||||||
Toys/Games/Hobbies — 0.4% | ||||||||
Mattel, Inc. | 400,000 | 421,214 | ||||||
5.875%, 12/15/27, 144A | 200,000 | 209,370 | ||||||
|
| |||||||
(Cost $600,639) | 630,584 | |||||||
|
| |||||||
Consumer, Non-cyclical — 20.4% | ||||||||
Agriculture — 0.7% | ||||||||
JBS Investments II GmbH | 350,000 | 374,262 | ||||||
5.75%, 1/15/28, 144A | 250,000 | 261,712 | ||||||
Vector Group Ltd. | 250,000 | 241,253 | ||||||
10.50%, 11/1/26, 144A | 150,000 | 149,108 | ||||||
|
| |||||||
(Cost $1,042,491) | 1,026,335 | |||||||
|
| |||||||
Commercial Services — 4.6% | ||||||||
Algeco Global Finance PLC, 144A | 150,000 | 148,498 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | 250,000 | 262,656 | ||||||
9.75%, 7/15/27, 144A | 350,000 | 372,758 | ||||||
APX Group, Inc. | 350,000 | 356,123 | ||||||
7.625%, 9/1/23 (a) | 100,000 | 95,291 | ||||||
6.75%, 2/15/27, 144A | 150,000 | 145,688 | ||||||
ASGN, Inc., 144A | 175,000 | 173,271 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A | 100,000 | 100,252 | ||||||
Brink’s Co., 144A | 225,000 | 231,148 | ||||||
Garda World Security Corp., 144A | 150,000 | 148,500 | ||||||
Herc Holdings, Inc., 144A | 375,000 | 389,972 | ||||||
Hertz Corp. | 230,000 | 225,426 | ||||||
5.50%, 10/15/24, 144A | 225,000 | 215,868 | ||||||
7.125%, 8/1/26, 144A | 175,000 | 173,088 | ||||||
6.00%, 1/15/28, 144A | 250,000 | 231,713 | ||||||
Korn Ferry, 144A | 130,000 | 133,575 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
MPH Acquisition Holdings LLC, 144A | $ | 450,000 | $ | 419,720 | ||||
Nielsen Co. Luxembourg SARL, 144A | 200,000 | 197,998 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 250,000 | 259,271 | ||||||
5.75%, 4/15/26, 144A | 400,000 | 412,630 | ||||||
6.25%, 1/15/28, 144A | 450,000 | 434,700 | ||||||
Refinitiv US Holdings, Inc., 144A | 500,000 | 551,425 | ||||||
Service Corp. International | 200,000 | 216,620 | ||||||
Sotheby’s, 144A | 200,000 | 200,500 | ||||||
Team Health Holdings, Inc., 144A | 283,000 | 152,937 | ||||||
United Rentals North America, Inc. | 225,000 | 237,116 | ||||||
Verscend Escrow Corp., 144A | 300,000 | 326,993 | ||||||
|
| |||||||
(Cost $6,851,464) | 6,813,737 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Coty, Inc., 144A | 200,000 | 206,005 | ||||||
Revlon Consumer Products Corp. | 110,000 | 43,221 | ||||||
|
| |||||||
(Cost $272,144) | 249,226 | |||||||
|
| |||||||
Food — 3.1% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC | 400,000 | 415,666 | ||||||
7.50%, 3/15/26, 144A | 250,000 | 278,281 | ||||||
4.625%, 1/15/27, 144A | 450,000 | 443,542 | ||||||
5.875%, 2/15/28, 144A | 175,000 | 182,201 | ||||||
4.875%, 2/15/30, 144A | 275,000 | 275,687 | ||||||
B&G Foods, Inc. | 300,000 | 296,873 | ||||||
5.25%, 9/15/27 | 150,000 | 148,688 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc., 144A | 300,000 | 325,845 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | 450,000 | 488,948 | ||||||
5.50%, 1/15/30, 144A | 400,000 | 420,948 | ||||||
Pilgrim’s Pride Corp., 144A | 280,000 | 290,682 | ||||||
Post Holdings, Inc. | 80,000 | 83,765 | ||||||
5.50%, 12/15/29, 144A | 380,000 | 394,953 | ||||||
4.625%, 4/15/30, 144A | 370,000 | 365,593 | ||||||
Sigma Holdco BV, 144A | 200,000 | 196,370 | ||||||
|
| |||||||
(Cost $4,497,283) | 4,608,042 | |||||||
|
|
Principal | Value | |||||||
Healthcare-Products — 0.2% | ||||||||
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A | $ | 220,000 | $ | 216,700 | ||||
|
| |||||||
Healthcare-Services — 5.5% | ||||||||
AHP Health Partners, Inc., 144A | 200,000 | 218,569 | ||||||
CHS/Community Health Systems, Inc. | 1,036,000 | 1,030,820 | ||||||
9.875%, 6/30/23, 144A (a) | 950,000 | 902,989 | ||||||
8.625%, 1/15/24, 144A | 250,000 | 260,472 | ||||||
8.125%, 6/30/24, 144A | 50,000 | 45,874 | ||||||
6.625%, 2/15/25, 144A | 325,000 | 332,312 | ||||||
8.00%, 3/15/26, 144A | 600,000 | 620,744 | ||||||
8.00%, 12/15/27, 144A | 235,000 | 242,050 | ||||||
6.875%, 4/1/28, 144A (a) | 574,000 | 324,310 | ||||||
Encompass Health Corp. | 150,000 | 155,123 | ||||||
Envision Healthcare Corp., 144A | 400,000 | 212,861 | ||||||
LifePoint Health, Inc., 144A | 185,000 | 183,095 | ||||||
MEDNAX, Inc. | 300,000 | 294,251 | ||||||
6.25%, 1/15/27, 144A | 250,000 | 240,619 | ||||||
Quorum Health Corp. | 83,000 | 71,207 | ||||||
Radiology Partners, Inc., 144A | 230,000 | 231,725 | ||||||
RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A | 450,000 | 482,051 | ||||||
Select Medical Corp., 144A | 375,000 | 400,532 | ||||||
Surgery Center Holdings, Inc., 144A | 100,000 | 109,535 | ||||||
Tenet Healthcare Corp. | 400,000 | 430,674 | ||||||
5.125%, 5/1/25 | 350,000 | 352,958 | ||||||
7.00%, 8/1/25 | 475,000 | 489,053 | ||||||
6.25%, 2/1/27, 144A | 400,000 | 419,500 | ||||||
|
| |||||||
(Cost $8,073,223) | 8,051,324 | |||||||
|
| |||||||
Household Products/Wares — 0.2% | ||||||||
Prestige Brands, Inc., 144A | 250,000 | 261,875 | ||||||
|
| |||||||
Pharmaceuticals — 5.9% | ||||||||
Bausch Health Americas, Inc., 144A | 500,000 | 559,585 | ||||||
Bausch Health Cos., Inc. | 915,000 | 934,933 | ||||||
9.00%, 12/15/25, 144A | 1,005,000 | 1,121,540 | ||||||
7.00%, 1/15/28, 144A | 200,000 | 214,390 | ||||||
7.25%, 5/30/29, 144A | 250,000 | 275,462 | ||||||
5.25%, 1/30/30, 144A | 700,000 | 694,750 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | $ | 410,000 | $ | 322,912 | ||||
6.00%, 2/1/25, 144A | 320,000 | 247,299 | ||||||
Horizon Therapeutics USA, Inc., 144A | 200,000 | 207,870 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | 200,000 | 152,500 | ||||||
5.625%, 10/15/23, 144A | 150,000 | 86,687 | ||||||
Par Pharmaceutical, Inc., 144A | 500,000 | 529,262 | ||||||
Teva Pharmaceutical Finance Co. BV Series 2, | 200,000 | 198,950 | ||||||
2.95%, 12/18/22 | 200,000 | 192,396 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 900,000 | 839,624 | ||||||
6.00%, 4/15/24 | 300,000 | 305,126 | ||||||
7.125%, 1/31/25, 144A | 300,000 | 316,226 | ||||||
3.15%, 10/1/26 | 1,050,000 | 918,461 | ||||||
6.75%, 3/1/28 (a) | 450,000 | 478,395 | ||||||
|
| |||||||
(Cost $8,186,736) | 8,596,368 | |||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Companies-Diversified — 0.1% | ||||||||
Stena AB, 144A | 150,000 | 150,437 | ||||||
|
| |||||||
Energy — 9.1% | ||||||||
Coal — 0.2% | ||||||||
Peabody Energy Corp. | 175,000 | 149,975 | ||||||
6.375%, 3/31/25, 144A | 145,000 | 100,050 | ||||||
|
| |||||||
(Cost $300,021) | 250,025 | |||||||
|
| |||||||
Energy-Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC, 144A | 200,000 | 208,120 | ||||||
|
| |||||||
Oil & Gas — 6.7% | ||||||||
American Energy- Permian Basin LLC, 144A | 200,000 | 140,500 | ||||||
Antero Resources Corp. | 325,000 | 272,408 | ||||||
5.125%, 12/1/22 | 150,000 | 93,267 | ||||||
5.625%, 6/1/23 (a) | 40,000 | 21,700 | ||||||
5.00%, 3/1/25 (a) | 425,000 | 219,937 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | 326,000 | 278,637 | ||||||
7.00%, 11/1/26, 144A | 175,000 | 105,498 | ||||||
Baytex Energy Corp., 144A | 150,000 | 142,875 | ||||||
Bruin E&P Partners LLC, 144A | 200,000 | 106,583 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
California Resources Corp., 144A | $ | 600,000 | $ | 136,500 | ||||
Callon Petroleum Co. | 175,000 | 148,314 | ||||||
6.125%, 10/1/24 | 235,000 | 187,460 | ||||||
6.375%, 7/1/26 | 100,000 | 78,035 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A | 170,000 | 179,773 | ||||||
Chesapeake Energy Corp., 144A | 816,000 | 467,160 | ||||||
CNX Resources Corp. | 310,000 | 286,378 | ||||||
7.25%, 3/14/27, 144A | 150,000 | 110,932 | ||||||
Comstock Resources, Inc. | 200,000 | 148,023 | ||||||
9.75%, 8/15/26 | 255,000 | 214,167 | ||||||
Denbury Resources, Inc. | 155,000 | 135,974 | ||||||
9.25%, 3/31/22, 144A | 250,000 | 200,703 | ||||||
7.75%, 2/15/24, 144A | 70,000 | 39,236 | ||||||
Diamond Offshore Drilling, Inc. | 150,000 | 106,125 | ||||||
EQT Corp. | 300,000 | 228,870 | ||||||
3.90%, 10/1/27 | 375,000 | 241,875 | ||||||
7.00%, 2/1/30 | 225,000 | 168,750 | ||||||
Extraction Oil & Gas, Inc. | 100,000 | 34,708 | ||||||
5.625%, 2/1/26, 144A | 265,000 | 93,505 | ||||||
Gulfport Energy Corp. | 225,000 | 75,375 | ||||||
6.375%, 5/15/25 | 150,000 | 48,062 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | 175,000 | 138,760 | ||||||
5.75%, 10/1/25, 144A | 200,000 | 160,583 | ||||||
6.25%, 11/1/28, 144A | 150,000 | 109,555 | ||||||
Laredo Petroleum, Inc. | 200,000 | 144,250 | ||||||
10.125%, 1/15/28 | 130,000 | 93,584 | ||||||
MEG Energy Corp. | 174,000 | 165,228 | ||||||
7.125%, 2/1/27, 144A | 400,000 | 378,308 | ||||||
Moss Creek Resources Holdings, Inc. | 200,000 | 117,509 | ||||||
10.50%, 5/15/27, 144A | 150,000 | 101,302 | ||||||
Nabors Industries Ltd. | 170,000 | 155,550 | ||||||
7.50%, 1/15/28, 144A | 120,000 | 111,012 | ||||||
Nabors Industries, Inc. | 250,000 | 180,104 | ||||||
Noble Holding International Ltd. | 150,000 | 56,938 | ||||||
7.875%, 2/1/26, 144A | 225,000 | 139,297 | ||||||
Oasis Petroleum, Inc. | 237,000 | 186,637 | ||||||
6.25%, 5/1/26, 144A (a) | 150,000 | 92,629 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
QEP Resources, Inc. | $ | 150,000 | $ | 120,379 | ||||
Range Resources Corp. | 50,000 | 41,125 | ||||||
5.00%, 3/15/23 (a) | 402,000 | 292,330 | ||||||
4.875%, 5/15/25 (a) | 200,000 | 126,940 | ||||||
9.25%, 2/1/26, 144A | 150,000 | 102,026 | ||||||
SM Energy Co. | 100,000 | 78,239 | ||||||
5.625%, 6/1/25 | 275,000 | 214,614 | ||||||
6.75%, 9/15/26 | 175,000 | 138,748 | ||||||
6.625%, 1/15/27 (a) | 100,000 | 77,732 | ||||||
Southwestern Energy Co. | 307,000 | 227,944 | ||||||
7.50%, 4/1/26 (a) | 200,000 | 152,505 | ||||||
7.75%, 10/1/27 (a) | 150,000 | 114,004 | ||||||
Transocean, Inc. | 450,000 | 358,795 | ||||||
8.00%, 2/1/27, 144A | 270,000 | 224,438 | ||||||
Valaris PLC | 200,000 | 130,562 | ||||||
7.75%, 2/1/26 (a) | 300,000 | 119,243 | ||||||
Whiting Petroleum Corp. | 250,000 | 144,313 | ||||||
6.25%, 4/1/23 | 125,000 | 56,563 | ||||||
6.625%, 1/15/26 | 300,000 | 110,258 | ||||||
|
| |||||||
(Cost $13,835,009) | 9,873,334 | |||||||
|
| |||||||
Oil & Gas Services — 0.7% | ||||||||
KCA Deutag UK Finance PLC, 144A | 200,000 | 124,562 | ||||||
SESI LLC | 320,000 | 263,200 | ||||||
7.75%, 9/15/24 | 107,000 | 51,941 | ||||||
Weatherford International Ltd., 144A | 650,000 | 623,285 | ||||||
|
| |||||||
(Cost $1,329,859) | 1,062,988 | |||||||
|
| |||||||
Pipelines — 1.3% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 200,000 | 152,500 | ||||||
5.75%, 3/1/27, 144A | 220,000 | 150,156 | ||||||
5.75%, 1/15/28, 144A | 200,000 | 137,505 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A | 265,000 | 242,745 | ||||||
EnLink Midstream LLC | 150,000 | 129,780 | ||||||
EQM Midstream Partners LP | 265,000 | 222,269 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 175,000 | 147,821 | ||||||
6.25%, 5/15/26 | 170,000 | 142,434 | ||||||
7.75%, 2/1/28 | 200,000 | 172,250 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | $ | 200,000 | $ | 185,498 | ||||
7.50%, 4/15/26 | 100,000 | 85,237 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A | 130,000 | 124,475 | ||||||
|
| |||||||
(Cost $2,178,265) | 1,892,670 | |||||||
|
| |||||||
Financial — 8.3% | ||||||||
Banks — 0.6% | ||||||||
Freedom Mortgage Corp. | 300,000 | 289,625 | ||||||
8.25%, 4/15/25, 144A | 100,000 | 94,969 | ||||||
Intesa Sanpaolo SpA, 144A | 470,000 | 511,761 | ||||||
|
| |||||||
(Cost $837,726) | 896,355 | |||||||
|
| |||||||
Diversified Financial Services — 2.5% | ||||||||
Credit Acceptance Corp., 144A | 125,000 | 131,549 | ||||||
LPL Holdings, Inc., 144A | 125,000 | 126,875 | ||||||
Nationstar Mortgage Holdings, Inc. | 300,000 | 325,281 | ||||||
6.00%, 1/15/27, 144A | 170,000 | 173,018 | ||||||
Navient Corp. | 100,000 | 103,499 | ||||||
5.875%, 10/25/24 | 150,000 | 154,127 | ||||||
6.75%, 6/15/26 | 200,000 | 211,370 | ||||||
5.00%, 3/15/27 | 320,000 | 310,304 | ||||||
NFP Corp., 144A | 225,000 | 225,565 | ||||||
Quicken Loans, Inc., 144A | 330,000 | 342,217 | ||||||
Springleaf Finance Corp. | 600,000 | 661,494 | ||||||
7.125%, 3/15/26 | 327,000 | 363,583 | ||||||
6.625%, 1/15/28 | 200,000 | 219,870 | ||||||
5.375%, 11/15/29 | 250,000 | 255,788 | ||||||
|
| |||||||
(Cost $3,448,364) | 3,604,540 | |||||||
|
| |||||||
Insurance — 1.1% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | 250,000 | 267,106 | ||||||
7.00%, 11/15/25, 144A | 300,000 | 293,907 | ||||||
10.125%, 8/1/26, 144A | 110,000 | 119,061 | ||||||
Ardonagh Midco 3 PLC, 144A | 130,000 | 131,571 | ||||||
AssuredPartners, Inc., 144A | 150,000 | 150,826 | ||||||
Genworth Holdings, Inc. | 200,000 | 205,814 | ||||||
HUB International Ltd., 144A | 450,000 | 455,614 | ||||||
|
| |||||||
(Cost $1,574,638) | 1,623,899 | |||||||
|
|
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Real Estate — 0.4% | ||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | $ | 200,000 | $ | 201,450 | ||||
4.875%, 6/1/23, 144A (a) | 200,000 | 199,375 | ||||||
9.375%, 4/1/27, 144A | 150,000 | 154,129 | ||||||
|
| |||||||
(Cost $549,552) | 554,954 | |||||||
|
| |||||||
Real Estate Investment Trusts — 2.8% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A | 300,000 | 297,187 | ||||||
CBL & Associates LP | 100,000 | 50,736 | ||||||
5.95%, 12/15/26 | 200,000 | 81,904 | ||||||
Diversified Healthcare Trust | 150,000 | 157,327 | ||||||
ESH Hospitality, Inc., 144A | 250,000 | 243,287 | ||||||
Iron Mountain, Inc. | 320,000 | 324,743 | ||||||
5.25%, 3/15/28, 144A | 250,000 | 259,287 | ||||||
4.875%, 9/15/29, 144A | 300,000 | 298,003 | ||||||
iStar, Inc. | 200,000 | 197,960 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A | 260,000 | 247,325 | ||||||
Ryman Hospitality Properties, Inc., 144A | 150,000 | 151,781 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | 30,000 | 27,225 | ||||||
7.875%, 2/15/25, 144A | 675,000 | 697,478 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 150,000 | 147,000 | ||||||
8.25%, 10/15/23 | 494,000 | 460,655 | ||||||
VICI Properties LP / VICI Note Co., Inc., 144A | 300,000 | 310,305 | ||||||
Washington Prime Group LP | 250,000 | 206,459 | ||||||
|
| |||||||
(Cost $4,347,135) | 4,158,662 | |||||||
|
| |||||||
Venture Capital — 0.9% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 400,000 | 408,500 | ||||||
6.375%, 12/15/25 | 200,000 | 206,917 | ||||||
6.25%, 5/15/26 | 350,000 | 359,444 | ||||||
5.25%, 5/15/27, 144A | 320,000 | 321,600 | ||||||
|
| |||||||
(Cost $1,291,261) | 1,296,461 | |||||||
|
| |||||||
Industrial — 7.3% | ||||||||
Aerospace/Defense — 3.1% | ||||||||
Bombardier, Inc. | 400,000 | 424,308 | ||||||
5.75%, 3/15/22, 144A | 150,000 | 153,267 |
Principal | Value | |||||||
Aerospace/Defense (Continued) | ||||||||
6.00%, 10/15/22, 144A | $ | 150,000 | $ | 147,375 | ||||
6.125%, 1/15/23, 144A | 500,000 | 502,143 | ||||||
7.50%, 12/1/24, 144A | 460,000 | 464,409 | ||||||
7.50%, 3/15/25, 144A | 300,000 | 297,000 | ||||||
7.875%, 4/15/27, 144A | 600,000 | 597,015 | ||||||
Spirit AeroSystems, Inc. | 215,000 | 213,720 | ||||||
SSL Robotics LLC, 144A | 300,000 | 319,590 | ||||||
TransDigm, Inc. | 406,000 | 417,936 | ||||||
5.50%, 11/15/27, 144A | 850,000 | 850,510 | ||||||
Triumph Group, Inc. | 150,000 | 148,937 | ||||||
|
| |||||||
(Cost $4,565,344) | 4,536,210 | |||||||
|
| |||||||
Building Materials — 0.9% | ||||||||
Builders FirstSource, Inc., 144A | 150,000 | 150,353 | ||||||
Cornerstone Building Brands, Inc., 144A | 209,000 | 207,375 | ||||||
Griffon Corp., 144A | 265,000 | 265,595 | ||||||
JELD-WEN, Inc. | 101,000 | 102,052 | ||||||
4.875%, 12/15/27, 144A | 135,000 | 140,016 | ||||||
Standard Industries, Inc. | 140,000 | 144,050 | ||||||
4.75%, 1/15/28, 144A | 310,000 | 319,245 | ||||||
|
| |||||||
(Cost $1,305,037) | 1,328,686 | |||||||
|
| |||||||
Engineering & Construction — 0.2% | ||||||||
Brand Industrial Services, Inc., 144A | 316,000 | 306,912 | ||||||
|
| |||||||
Environmental Control — 0.4% | ||||||||
Covanta Holding Corp. | 175,000 | 180,748 | ||||||
GFL Environmental, Inc. | 150,000 | 154,312 | ||||||
7.00%, 6/1/26, 144A | 150,000 | 158,115 | ||||||
8.50%, 5/1/27, 144A | 150,000 | 162,713 | ||||||
|
| |||||||
(Cost $646,461) | 655,888 | |||||||
|
| |||||||
Machinery-Diversified — 0.1% | ||||||||
Cloud Crane LLC, 144A | 162,000 | 171,653 | ||||||
|
| |||||||
Packaging & Containers — 2.2% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A | 225,000 | 229,084 | ||||||
Berry Global, Inc., 144A | 150,000 | 156,371 | ||||||
Flex Acquisition Co., Inc. | 190,000 | 186,677 | ||||||
7.875%, 7/15/26, 144A | 150,000 | 152,598 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
LABL Escrow Issuer LLC | $ | 250,000 | $ | 262,393 | ||||
10.50%, 7/15/27, 144A | 200,000 | 207,464 | ||||||
Mauser Packaging Solutions Holding Co. | 530,000 | 529,173 | ||||||
7.25%, 4/15/25, 144A | 400,000 | 388,672 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A | 250,000 | 252,814 | ||||||
Sealed Air Corp., 144A | 150,000 | 149,625 | ||||||
Silgan Holdings, Inc., 144A | 150,000 | 151,313 | ||||||
Trivium Packaging Finance BV | 325,000 | 337,391 | ||||||
8.50%, 8/15/27, 144A | 215,000 | 227,851 | ||||||
|
| |||||||
(Cost $3,270,731) | 3,231,426 | |||||||
|
| |||||||
Transportation — 0.3% | ||||||||
Cargo Aircraft Management, Inc., 144A | 180,000 | 178,875 | ||||||
Hornbeck Offshore Services, Inc. | 200,000 | 72,250 | ||||||
Kenan Advantage Group, Inc., 144A | 150,000 | 148,187 | ||||||
|
| |||||||
(Cost $483,451) | 399,312 | |||||||
|
| |||||||
Trucking & Leasing — 0.1% | ||||||||
Fortress Transportation & Infrastructure Investors LLC, 144A | 100,000 | 105,042 | ||||||
|
| |||||||
Technology — 4.1% | ||||||||
Computers — 1.6% | ||||||||
Banff Merger Sub, Inc., 144A | 450,000 | 453,364 | ||||||
Diebold Nixdorf, Inc. | 125,000 | 112,864 | ||||||
Exela Intermediate LLC / Exela Finance, Inc., 144A | 320,000 | 108,000 | ||||||
NCR Corp. | 150,000 | 158,223 | ||||||
6.125%, 9/1/29, 144A | 150,000 | 163,073 | ||||||
Presidio Holdings, Inc. | 130,000 | 130,244 | ||||||
8.25%, 2/1/28, 144A | 115,000 | 118,881 | ||||||
Vericast Corp. | 175,000 | 175,437 | ||||||
8.375%, 8/15/22, 144A | 250,000 | 208,203 | ||||||
Western Digital Corp. | 700,000 | 724,063 | ||||||
|
| |||||||
(Cost $2,555,979) | 2,352,352 | |||||||
|
| |||||||
Office/Business Equipment — 0.1% | ||||||||
Pitney Bowes, Inc. | 73,000 | 74,665 | ||||||
4.625%, 3/15/24 | 16,000 | 15,114 | ||||||
|
| |||||||
(Cost $83,354) | 89,779 | |||||||
|
|
Principal | Value | |||||||
Semiconductors — 0.1% | ||||||||
Qorvo, Inc., 144A | $ | 200,000 | $ | 208,125 | ||||
|
| |||||||
Software — 2.3% | ||||||||
Camelot Finance SA, 144A | 200,000 | 201,355 | ||||||
CDK Global, Inc., 144A | 150,000 | 160,125 | ||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A | 370,000 | 375,084 | ||||||
Dun & Bradstreet Corp. | 200,000 | 213,925 | ||||||
10.25%, 2/15/27, 144A | 200,000 | 224,870 | ||||||
MSCI, Inc., 144A | 300,000 | 311,445 | ||||||
Nuance Communications, Inc. | 150,000 | 158,598 | ||||||
Open Text Corp., 144A | 275,000 | 272,160 | ||||||
PTC, Inc., 144A | 150,000 | 150,000 | ||||||
Rackspace Hosting, Inc., 144A | 390,000 | 374,400 | ||||||
SS&C Technologies, Inc., 144A | 600,000 | 629,445 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 144A | 400,000 | 343,166 | ||||||
|
| |||||||
(Cost $3,447,384) | 3,414,573 | |||||||
|
| |||||||
Utilities — 2.5% | ||||||||
Electric — 2.2% | ||||||||
Calpine Corp. | 360,000 | 357,733 | ||||||
4.50%, 2/15/28, 144A | 50,000 | 48,022 | ||||||
5.125%, 3/15/28, 144A | 700,000 | 659,750 | ||||||
Clearway Energy Operating LLC | 225,000 | 232,968 | ||||||
4.75%, 3/15/28, 144A | 200,000 | 205,000 | ||||||
Drax Finco PLC, 144A | 100,000 | 104,614 | ||||||
InterGen NV, 144A | 260,000 | 256,100 | ||||||
Talen Energy Supply LLC | 400,000 | 356,929 | ||||||
7.25%, 5/15/27, 144A | 150,000 | 151,223 | ||||||
6.625%, 1/15/28, 144A | 100,000 | 96,005 | ||||||
Vistra Operations Co. LLC | 400,000 | 410,740 | ||||||
5.00%, 7/31/27, 144A | 400,000 | 404,740 | ||||||
|
| |||||||
(Cost $3,354,950) | 3,283,824 | |||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 200,000 | 207,874 | ||||||
5.75%, 5/20/27 | 180,000 | 188,464 | ||||||
|
| |||||||
(Cost $381,130) | 396,338 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 142,265,196 | |||||||
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF Fund (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 5.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50%(b)(c) | 8,211,443 | $ | 8,211,443 | |||||
|
| |||||||
CASH EQUIVALENTS — 1.5% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54%(b) | 2,252,807 | 2,252,807 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.2% | ||||||||
(Cost $158,279,789) | $ | 152,729,446 | ||||||
Other assets and liabilities, net — (4.2%) | (6,122,479 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 146,606,967 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 5.6% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50%(b)(c) |
| |||||||||||||||||||||||||||||||||||
9,810,481 | — | (1,599,038 | )(d) | — | — | 69,671 | — | 8,211,443 | 8,211,443 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54%(b) |
| |||||||||||||||||||||||||||||||||||
2,360,073 | 14,369,997 | (14,477,263 | ) | — | — | 7,638 | — | 2,252,807 | 2,252,807 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
12,170,554 | 14,369,997 | (16,076,301 | ) | — | — | 77,309 | — | 10,464,250 | 10,464,250 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $9,595,144, which is 6.5% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,952,305. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
MTN: | Medium Term Note |
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. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (e) | $ | — | $ | 142,265,196 | $ | — | $ | 142,265,196 | ||||||||
Short-Term Investments (e) | 10,464,250 | — | — | 10,464,250 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 10,464,250 | $ | 142,265,196 | $ | — | $ | 152,729,446 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF
February 29, 2020 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 99.5% | ||||||||
Basic Materials — 2.8% | ||||||||
Chemicals — 1.3% | ||||||||
Ashland LLC | $ | 40,000 | $ | 41,700 | ||||
Blue Cube Spinco LLC | 225,000 | 237,442 | ||||||
10.00%, 10/15/25 | 150,000 | 162,688 | ||||||
CF Industries, Inc. | 250,000 | 253,752 | ||||||
INEOS Group Holdings SA, 144A | 220,000 | 221,373 | ||||||
NOVA Chemicals Corp., 144A | 150,000 | 150,374 | ||||||
PolyOne Corp. | 225,000 | 240,185 | ||||||
PQ Corp., 144A | 206,000 | 210,891 | ||||||
SPCM SA, 144A | 250,000 | 256,873 | ||||||
WR Grace & Co.-Conn, 144A | 250,000 | 257,125 | ||||||
|
| |||||||
(Cost $2,017,877) | 2,032,403 | |||||||
|
| |||||||
Iron/Steel — 0.0% | ||||||||
AK Steel Corp. | 50,000 | 50,047 | ||||||
|
| |||||||
Mining — 1.5% | ||||||||
Alcoa Nederland Holding BV, 144A | 240,000 | 246,602 | ||||||
Celtic Resources Holdings DAC, 144A | 150,000 | 154,711 | ||||||
Constellium SE 5.75%, | 250,000 | 255,729 | ||||||
5.875%, 2/15/26, 144A | 250,000 | 254,694 | ||||||
FMG Resources August 2006 Pty Ltd. | 250,000 | 254,868 | ||||||
5.125%, 3/15/23, 144A | 250,000 | 257,548 | ||||||
5.125%, 5/15/24, 144A | 200,000 | 207,333 | ||||||
Joseph T Ryerson & Son, Inc., 144A | 172,000 | 178,881 | ||||||
Novelis Corp., 144A | 470,000 | 486,533 | ||||||
|
| |||||||
(Cost $2,308,720) | 2,296,899 | |||||||
|
| |||||||
Communications — 20.8% | ||||||||
Advertising — 0.6% | ||||||||
Lamar Media Corp. | 306,000 | 309,057 | ||||||
5.75%, 2/1/26 | 100,000 | 104,190 | ||||||
3.75%, 2/15/28, 144A | 200,000 | 201,060 | ||||||
4.00%, 2/15/30, 144A | 150,000 | 150,375 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 185,000 | 188,855 | ||||||
|
| |||||||
(Cost $951,220) | 953,537 | |||||||
|
|
Principal | Value | |||||||
Internet — 1.4% | ||||||||
Netflix, Inc. | $ | 250,000 | $ | 262,737 | ||||
5.75%, 3/1/24 | 125,000 | 138,177 | ||||||
5.875%, 2/15/25 | 278,000 | 310,550 | ||||||
4.375%, 11/15/26 | 340,000 | 356,677 | ||||||
NortonLifeLock, Inc. | 125,000 | 127,753 | ||||||
Twitter, Inc., 144A | 250,000 | 255,937 | ||||||
VeriSign, Inc. | 270,000 | 272,785 | ||||||
5.25%, 4/1/25 | 175,000 | 190,065 | ||||||
4.75%, 7/15/27 | 175,000 | 182,618 | ||||||
|
| |||||||
(Cost $2,013,710) | 2,097,299 | |||||||
|
| |||||||
Media — 11.1% | ||||||||
AMC Networks, Inc. | 250,000 | 252,320 | ||||||
Cablevision Systems Corp. | 150,000 | 157,789 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 375,000 | 379,774 | ||||||
4.00%, 3/1/23, 144A | 130,000 | 131,624 | ||||||
5.125%, 5/1/23, 144A | 550,000 | 557,582 | ||||||
5.75%, 9/1/23 | 280,000 | 283,185 | ||||||
5.875%, 4/1/24, 144A | 550,000 | 566,107 | ||||||
5.375%, 5/1/25, 144A | 275,000 | 283,163 | ||||||
5.75%, 2/15/26, 144A | 780,000 | 812,409 | ||||||
5.50%, 5/1/26, 144A | 450,000 | 467,965 | ||||||
5.125%, 5/1/27, 144A | 1,250,000 | 1,301,937 | ||||||
5.875%, 5/1/27, 144A | 250,000 | 260,531 | ||||||
5.00%, 2/1/28, 144A | 775,000 | 807,434 | ||||||
Clear Channel Worldwide Holdings, Inc., 144A | 596,000 | 634,987 | ||||||
CSC Holdings LLC | 293,000 | 310,659 | ||||||
5.375%, 7/15/23, 144A | 400,000 | 410,594 | ||||||
5.25%, 6/1/24 | 250,000 | 270,521 | ||||||
7.75%, 7/15/25, 144A | 275,000 | 290,122 | ||||||
6.625%, 10/15/25, 144A | 265,000 | 277,590 | ||||||
10.875%, 10/15/25, 144A | 480,000 | 527,556 | ||||||
5.50%, 5/15/26, 144A | 525,000 | 544,781 | ||||||
5.50%, 4/15/27, 144A | 550,000 | 579,892 | ||||||
DISH DBS Corp. | 625,000 | 648,331 | ||||||
5.875%, 7/15/22 | 684,000 | 714,937 | ||||||
Entercom Media Corp., 144A | 150,000 | 157,750 | ||||||
Gray Television, Inc. | 180,000 | 184,875 | ||||||
5.875%, 7/15/26, 144A | 200,000 | 206,060 | ||||||
Nexstar Broadcasting, Inc., 144A | 400,000 | 412,234 | ||||||
Quebecor Media, Inc. | 300,000 | 318,775 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Media (Continued) | ||||||||
Sinclair Television Group, Inc., 144A | $ | 300,000 | $ | 307,625 | ||||
Sirius XM Radio, Inc. | 425,000 | 425,052 | ||||||
4.625%, 5/15/23, 144A | 150,000 | 151,438 | ||||||
4.625%, 7/15/24, 144A | 500,000 | 516,518 | ||||||
5.375%, 4/15/25, 144A | 334,000 | 343,324 | ||||||
5.375%, 7/15/26, 144A | 350,000 | 363,064 | ||||||
5.00%, 8/1/27, 144A | 450,000 | 470,016 | ||||||
Telenet Finance Luxembourg Notes SARL, 144A | 200,000 | 212,200 | ||||||
Videotron Ltd. | 271,000 | 280,486 | ||||||
5.375%, 6/15/24, 144A | 250,000 | 267,548 | ||||||
5.125%, 4/15/27, 144A | 125,000 | 131,378 | ||||||
Virgin Media Finance PLC, 144A | 200,000 | 204,977 | ||||||
Ziggo BV, 144A | 700,000 | 722,323 | ||||||
|
| |||||||
(Cost $17,092,943) | 17,147,433 | |||||||
|
| |||||||
Telecommunications — 7.7% | ||||||||
CenturyLink, Inc. | 450,000 | 467,753 | ||||||
Series T, 5.80%, 3/15/22 | 515,000 | 538,010 | ||||||
Series W, 6.75%, 12/1/23 | 235,000 | 258,922 | ||||||
4.00%, 2/15/27, 144A | 400,000 | 402,960 | ||||||
GTH Finance BV, 144A | 200,000 | 223,124 | ||||||
Hughes Satellite Systems Corp. | 350,000 | 369,208 | ||||||
5.25%, 8/1/26 | 250,000 | 274,774 | ||||||
Intelsat Jackson Holdings SA, 144A | 515,000 | 528,949 | ||||||
Level 3 Financing, Inc. | 233,000 | 234,223 | ||||||
5.625%, 2/1/23 | 100,000 | 100,624 | ||||||
5.125%, 5/1/23 | 280,000 | 281,284 | ||||||
5.375%, 1/15/24 | 230,000 | 230,100 | ||||||
5.375%, 5/1/25 | 300,000 | 306,875 | ||||||
5.25%, 3/15/26 | 247,000 | 255,485 | ||||||
Nokia OYJ | 122,000 | 122,612 | ||||||
Qwest Corp. | 325,000 | 343,788 | ||||||
Sprint Communications, Inc. | 370,000 | 423,398 | ||||||
Sprint Corp. | 800,000 | 850,536 | ||||||
Telecom Italia SpA, 144A | 500,000 | 534,995 | ||||||
Telefonaktiebolaget LM Ericsson | 325,000 | 335,398 | ||||||
T-Mobile USA, Inc. | 150,000 | 154,311 | ||||||
6.00%, 3/1/23 | 400,000 | 405,834 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
6.50%, 1/15/24 | $ | 350,000 | $ | 359,184 | ||||
6.00%, 4/15/24 | 350,000 | 358,204 | ||||||
6.375%, 3/1/25 | 510,000 | 524,874 | ||||||
5.125%, 4/15/25 | 220,000 | 226,598 | ||||||
6.50%, 1/15/26 | 675,000 | 711,889 | ||||||
4.50%, 2/1/26 | 300,000 | 304,590 | ||||||
5.375%, 4/15/27 | 150,000 | 159,348 | ||||||
4.75%, 2/1/28 | 550,000 | 573,705 | ||||||
VEON Holdings BV | 300,000 | 303,570 | ||||||
5.95%, 2/13/23, 144A | 300,000 | 325,350 | ||||||
4.95%, 6/16/24, 144A | 150,000 | 160,508 | ||||||
4.00%, 4/9/25, 144A | 300,000 | 308,250 | ||||||
|
| |||||||
(Cost $11,805,428) | 11,959,233 | |||||||
|
| |||||||
Consumer, Cyclical — 14.6% | ||||||||
Airlines — 0.3% | ||||||||
Air Canada, 144A | 150,000 | 156,810 | ||||||
American Airlines Group, Inc., 144A | 250,000 | 251,067 | ||||||
United Airlines Holdings, Inc. | 120,000 | 120,150 | ||||||
|
| |||||||
(Cost $528,476) | 528,027 | |||||||
|
| |||||||
Apparel — 0.5% | ||||||||
Hanesbrands, Inc. | 318,000 | 332,973 | ||||||
4.875%, 5/15/26, 144A | 300,000 | 314,805 | ||||||
Levi Strauss & Co. | 163,000 | 168,121 | ||||||
|
| |||||||
(Cost $798,838) | 815,899 | |||||||
|
| |||||||
Auto Manufacturers — 0.6% | ||||||||
Allison Transmission, Inc., 144A | 350,000 | 354,795 | ||||||
Fiat Chrysler Automobiles NV | 525,000 | 549,938 | ||||||
|
| |||||||
(Cost $889,705) | 904,733 | |||||||
|
| |||||||
Auto Parts & Equipment — 0.3% | ||||||||
Dana, Inc. | 125,000 | 126,662 | ||||||
Goodyear Tire & Rubber Co. | 322,000 | 320,290 | ||||||
|
| |||||||
(Cost $453,526) | 446,952 | |||||||
|
| |||||||
Distribution/Wholesale — 0.6% | ||||||||
American Builders & Contractors Supply Co., Inc. | 225,000 | 233,381 | ||||||
4.00%, 1/15/28, 144A | 225,000 | 220,073 | ||||||
Anixter, Inc. | 155,000 | 161,110 | ||||||
HD Supply, Inc., 144A | 250,000 | 262,143 | ||||||
|
| |||||||
(Cost $866,164) | 876,707 | |||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Entertainment — 2.3% | ||||||||
Cedar Fair LP, 144A | $ | 175,000 | $ | 175,324 | ||||
Cinemark USA, Inc. | 97,000 | 97,273 | ||||||
4.875%, 6/1/23 | 200,000 | 199,252 | ||||||
Eldorado Resorts, Inc. | 274,000 | 286,901 | ||||||
6.00%, 9/15/26 | 193,000 | 208,227 | ||||||
International Game Technology PLC | 450,000 | 464,386 | ||||||
6.50%, 2/15/25, 144A | 450,000 | 488,808 | ||||||
Live Nation Entertainment, Inc. | 229,000 | 234,150 | ||||||
4.75%, 10/15/27, 144A | 300,000 | 302,055 | ||||||
Scientific Games International, Inc., 144A | 425,000 | 427,125 | ||||||
Six Flags Entertainment Corp., 144A | 350,000 | 346,180 | ||||||
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 144A | 310,000 | 333,823 | ||||||
|
| |||||||
(Cost $3,606,836) | 3,563,504 | |||||||
|
| |||||||
Food Service — 0.5% | ||||||||
Aramark Services, Inc. | 194,000 | 200,788 | ||||||
4.75%, 6/1/26 | 220,000 | 227,111 | ||||||
5.00%, 2/1/28, 144A | 350,000 | 366,398 | ||||||
|
| |||||||
(Cost $757,914) | 794,297 | |||||||
|
| |||||||
Home Builders — 2.1% | ||||||||
KB Home | 200,000 | 212,830 | ||||||
Lennar Corp. | 155,000 | 157,801 | ||||||
4.125%, 1/15/22 | 300,000 | 306,966 | ||||||
4.875%, 12/15/23 | 275,000 | 294,136 | ||||||
4.50%, 4/30/24 | 185,000 | 196,870 | ||||||
5.875%, 11/15/24 | 183,000 | 200,315 | ||||||
4.75%, 5/30/25 | 70,000 | 75,790 | ||||||
4.75%, 11/29/27 | 325,000 | 362,570 | ||||||
Meritage Homes Corp. | 120,000 | 135,250 | ||||||
PulteGroup, Inc. | 100,000 | 101,540 | ||||||
5.50%, 3/1/26 | 273,000 | 301,480 | ||||||
5.00%, 1/15/27 | 170,000 | 187,034 | ||||||
Toll Brothers Finance Corp. | 150,000 | 157,500 | ||||||
4.375%, 4/15/23 | 159,000 | 167,215 | ||||||
4.875%, 3/15/27 | 150,000 | 164,068 | ||||||
4.35%, 2/15/28 | 138,000 | 146,035 | ||||||
3.80%, 11/1/29 | 125,000 | 126,566 | ||||||
|
| |||||||
(Cost $3,107,505) | 3,293,966 | |||||||
|
|
Principal | Value | |||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc. | $ | 150,000 | $ | 153,092 | ||||
5.50%, 6/15/26 | 200,000 | 209,630 | ||||||
|
| |||||||
(Cost $363,952) | 362,722 | |||||||
|
| |||||||
Housewares — 0.8% | ||||||||
Newell Brands, Inc. | 525,000 | 545,588 | ||||||
4.20%, 4/1/26 | 600,000 | 626,818 | ||||||
|
| |||||||
(Cost $1,158,718) | 1,172,406 | |||||||
|
| |||||||
Leisure Time — 0.2% | ||||||||
Sabre GLBL, Inc. | 170,000 | 170,354 | ||||||
5.25%, 11/15/23, 144A | 130,000 | 130,025 | ||||||
|
| |||||||
(Cost $300,990) | 300,379 | |||||||
|
| |||||||
Lodging — 3.1% | ||||||||
Boyd Gaming Corp. | 225,000 | 234,979 | ||||||
6.00%, 8/15/26 | 200,000 | 206,009 | ||||||
Hilton Domestic Operating Co., Inc. | 347,000 | 349,167 | ||||||
5.125%, 5/1/26 | 451,000 | 464,281 | ||||||
4.875%, 1/15/30 | 325,000 | 337,536 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 280,000 | 281,866 | ||||||
4.875%, 4/1/27 | 250,000 | 256,088 | ||||||
MGM Resorts International | 250,000 | 273,570 | ||||||
6.00%, 3/15/23 | 490,000 | 528,384 | ||||||
5.75%, 6/15/25 | 350,000 | 384,122 | ||||||
4.625%, 9/1/26 | 150,000 | 156,348 | ||||||
5.50%, 4/15/27 | 300,000 | 324,465 | ||||||
Studio City Co. Ltd., 144A | 400,000 | 403,780 | ||||||
Wyndham Destinations, Inc. | 300,000 | 296,998 | ||||||
3.90%, 3/1/23 | 75,000 | 75,028 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 180,000 | 183,148 | ||||||
|
| |||||||
(Cost $4,689,408) | 4,755,769 | |||||||
|
| |||||||
Retail — 3.1% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 500,000 | 501,518 | ||||||
5.00%, 10/15/25, 144A | 948,000 | 957,181 | ||||||
3.875%, 1/15/28, 144A | 235,000 | 233,966 | ||||||
Asbury Automotive Group, Inc., 144A | 175,000 | 175,788 | ||||||
Group 1 Automotive, Inc. | 225,000 | 224,720 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 300,000 | 302,990 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Retail (Continued) | ||||||||
5.25%, 6/1/26, 144A | $ | 370,000 | $ | 379,263 | ||||
4.75%, 6/1/27, 144A | 250,000 | 256,206 | ||||||
L Brands, Inc. | 50,000 | 52,210 | ||||||
5.625%, 2/15/22 | 361,000 | 378,826 | ||||||
5.625%, 10/15/23 | 180,000 | 194,325 | ||||||
Murphy Oil USA, Inc. | 165,000 | 173,357 | ||||||
Penske Automotive Group, Inc. | 150,000 | 151,874 | ||||||
QVC, Inc. | 175,000 | 185,877 | ||||||
4.375%, 3/15/23 | 200,000 | 207,197 | ||||||
4.85%, 4/1/24 | 155,000 | 162,720 | ||||||
4.45%, 2/15/25 | 275,000 | 282,133 | ||||||
|
| |||||||
(Cost $4,774,007) | 4,820,151 | |||||||
|
| |||||||
Consumer, Non-cyclical — 22.1% | ||||||||
Agriculture — 0.1% | ||||||||
Darling Ingredients, Inc., 144A | 200,000 | 210,465 | ||||||
|
| |||||||
Commercial Services — 4.2% | ||||||||
ADT Security Corp. | 195,000 | 203,685 | ||||||
3.50%, 7/15/22 | 435,000 | 435,128 | ||||||
4.125%, 6/15/23 | 250,000 | 254,896 | ||||||
Gartner, Inc., 144A | 276,000 | 285,573 | ||||||
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A | 400,000 | 412,752 | ||||||
Nielsen Co. Luxembourg SARL, 144A | 125,000 | 125,438 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 610,000 | 609,097 | ||||||
Refinitiv US Holdings, Inc., 144A | 425,000 | 457,003 | ||||||
Service Corp. International | 325,000 | 331,771 | ||||||
4.625%, 12/15/27 | 145,000 | 152,224 | ||||||
ServiceMaster Co. LLC, 144A | 275,000 | 284,167 | ||||||
United Rentals North America, Inc. | 268,000 | 276,821 | ||||||
4.625%, 10/15/25 | 425,000 | 431,551 | ||||||
5.875%, 9/15/26 | 476,000 | 502,168 | ||||||
6.50%, 12/15/26 | 350,000 | 373,853 | ||||||
5.50%, 5/15/27 | 50,000 | 52,376 | ||||||
3.875%, 11/15/27 | 275,000 | 277,915 | ||||||
4.875%, 1/15/28 | 600,000 | 616,890 | ||||||
4.00%, 7/15/30 | 240,000 | 233,676 | ||||||
WEX, Inc., 144A | 150,000 | 151,000 | ||||||
|
| |||||||
(Cost $6,353,622) | 6,467,984 | |||||||
|
|
Principal | Value | |||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Avon Products, Inc. | $ | 178,000 | $ | 194,022 | ||||
Edgewell Personal Care Co. | 100,000 | 101,400 | ||||||
4.70%, 5/24/22 | 268,000 | 275,068 | ||||||
|
| |||||||
(Cost $568,078) | 570,490 | |||||||
|
| |||||||
Food — 4.6% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC | 225,000 | 225,844 | ||||||
6.625%, 6/15/24 | 445,000 | 458,346 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc. | 300,000 | 305,631 | ||||||
5.75%, 6/15/25, 144A | 400,000 | 410,666 | ||||||
Kraft Heinz Foods Co. | 375,000 | 382,757 | ||||||
3.50%, 7/15/22 | 150,000 | 153,032 | ||||||
4.00%, 6/15/23 | 280,000 | 292,198 | ||||||
3.95%, 7/15/25 | 675,000 | 704,357 | ||||||
3.00%, 6/1/26 | 670,000 | 669,619 | ||||||
4.625%, 1/30/29 | 370,000 | 399,512 | ||||||
3.75%, 4/1/30, 144A | 335,000 | 341,662 | ||||||
Lamb Weston Holdings, Inc. | 275,000 | 286,579 | ||||||
4.875%, 11/1/26, 144A | 285,000 | 296,229 | ||||||
Pilgrim’s Pride Corp., 144A | 300,000 | 306,535 | ||||||
Post Holdings, Inc. | 390,000 | 406,901 | ||||||
5.00%, 8/15/26, 144A | 675,000 | 689,546 | ||||||
5.75%, 3/1/27, 144A | 325,000 | 338,964 | ||||||
TreeHouse Foods, Inc., 144A | 225,000 | 232,782 | ||||||
US Foods, Inc., 144A | 167,000 | 170,271 | ||||||
|
| |||||||
(Cost $7,019,274) | 7,071,431 | |||||||
|
| |||||||
Healthcare-Products — 1.5% | ||||||||
Avantor, Inc. | 505,000 | 531,091 | ||||||
9.00%, 10/1/25, 144A | 675,000 | 738,102 | ||||||
Hill-Rom Holdings, Inc., 144A | 150,000 | 155,692 | ||||||
Hologic, Inc. | 450,000 | 459,241 | ||||||
4.625%, 2/1/28, 144A | 50,000 | 52,267 | ||||||
Teleflex, Inc. | 154,000 | 160,984 | ||||||
4.625%, 11/15/27 | 150,000 | 157,688 | ||||||
|
| |||||||
(Cost $2,231,869) | 2,255,065 | |||||||
|
| |||||||
Healthcare-Services — 9.9% | ||||||||
Acadia Healthcare Co., Inc. | 250,000 | 252,396 | ||||||
Catalent Pharma Solutions, Inc. | 175,000 | 179,873 | ||||||
5.00%, 7/15/27, 144A | 150,000 | 156,465 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
Centene Corp. | $ | 525,000 | $ | 532,339 | ||||
6.125%, 2/15/24 | 325,000 | 335,140 | ||||||
4.75%, 1/15/25 | 395,000 | 405,651 | ||||||
5.25%, 4/1/25, 144A | 450,000 | 464,063 | ||||||
5.375%, 6/1/26, 144A | 600,000 | 631,320 | ||||||
5.375%, 8/15/26, 144A | 246,000 | 259,222 | ||||||
4.25%, 12/15/27, 144A | 800,000 | 824,520 | ||||||
4.625%, 12/15/29, 144A | 1,225,000 | 1,313,016 | ||||||
3.375%, 2/15/30, 144A | 725,000 | 725,906 | ||||||
Charles River Laboratories International, Inc. | 150,000 | 158,062 | ||||||
4.25%, 5/1/28, 144A | 175,000 | 178,605 | ||||||
DaVita, Inc. | 550,000 | 558,022 | ||||||
5.00%, 5/1/25 | 475,000 | 482,997 | ||||||
Encompass Health Corp. | 220,000 | 222,401 | ||||||
4.50%, 2/1/28 | 150,000 | 152,167 | ||||||
HCA, Inc. | 425,000 | 465,199 | ||||||
5.375%, 2/1/25 | 719,000 | 796,354 | ||||||
5.875%, 2/15/26 | 525,000 | 594,221 | ||||||
5.375%, 9/1/26 (a) | 385,000 | 427,629 | ||||||
5.625%, 9/1/28 | 590,000 | 669,786 | ||||||
5.875%, 2/1/29 | 325,000 | 376,594 | ||||||
3.50%, 9/1/30 | 860,000 | 843,572 | ||||||
Molina Healthcare, Inc. | 250,000 | 260,625 | ||||||
Tenet Healthcare Corp. | 850,000 | 922,446 | ||||||
4.625%, 7/15/24 | 675,000 | 676,421 | ||||||
4.625%, 9/1/24, 144A | 200,000 | 203,500 | ||||||
4.875%, 1/1/26, 144A | 700,000 | 714,000 | ||||||
5.125%, 11/1/27, 144A | 520,000 | 540,800 | ||||||
|
| |||||||
(Cost $14,960,192) | 15,323,312 | |||||||
|
| |||||||
Household Products/Wares — 0.4% | ||||||||
Prestige Brands, Inc., 144A | 200,000 | 206,583 | ||||||
Spectrum Brands, Inc. | 329,000 | 338,044 | ||||||
|
| |||||||
(Cost $545,797) | 544,627 | |||||||
|
| |||||||
Pharmaceuticals — 1.0% | ||||||||
Bausch Health Cos., Inc. | 102,000 | 102,170 | ||||||
5.50%, 11/1/25, 144A | 550,000 | 567,416 | ||||||
5.75%, 8/15/27, 144A | 200,000 | 213,120 | ||||||
Elanco Animal Health, Inc. | 175,000 | 183,562 | ||||||
5.022%, 8/28/23 | 250,000 | 267,946 | ||||||
5.65%, 8/28/28 | 250,000 | 286,741 | ||||||
|
| |||||||
(Cost $1,566,308) | 1,620,955 | |||||||
|
|
Principal | Value | |||||||
Energy — 12.0% | ||||||||
Energy-Alternate Sources — 0.3% | ||||||||
TerraForm Power Operating LLC | $ | 158,000 | $ | 160,964 | ||||
5.00%, 1/31/28, 144A | 250,000 | 269,538 | ||||||
|
| |||||||
(Cost $427,678) | 430,502 | |||||||
|
| |||||||
Oil & Gas — 5.5% | ||||||||
Aker BP ASA | 100,000 | 102,823 | ||||||
5.875%, 3/31/25, 144A | 200,000 | 210,159 | ||||||
CITGO Petroleum Corp., 144A | 108,000 | 108,269 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A | 378,000 | 364,766 | ||||||
CVR Energy, Inc. | 200,000 | 187,000 | ||||||
5.75%, 2/15/28, 144A | 140,000 | 132,650 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc. | 175,000 | 173,656 | ||||||
5.75%, 1/30/28, 144A | 330,000 | 323,086 | ||||||
EQT Corp. | 250,000 | 245,625 | ||||||
3.00%, 10/1/22 | 250,000 | 209,062 | ||||||
Matador Resources Co. | 375,000 | 336,572 | ||||||
MEG Energy Corp., 144A | 159,000 | 156,714 | ||||||
Murphy Oil Corp. | 150,000 | 149,923 | ||||||
5.75%, 8/15/25 | 190,000 | 184,842 | ||||||
5.875%, 12/1/27 (a) | 200,000 | 195,466 | ||||||
Parkland Fuel Corp. | 175,000 | 183,199 | ||||||
5.875%, 7/15/27, 144A | 155,000 | 159,546 | ||||||
Parsley Energy LLC / Parsley Finance Corp. | 140,000 | 147,002 | ||||||
5.375%, 1/15/25, 144A | 250,000 | 250,628 | ||||||
5.25%, 8/15/25, 144A | 288,000 | 285,960 | ||||||
5.625%, 10/15/27, 144A | 75,000 | 74,483 | ||||||
4.125%, 2/15/28, 144A | 175,000 | 164,500 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 255,000 | 262,544 | ||||||
6.00%, 2/15/28, 144A | 325,000 | 321,750 | ||||||
PDC Energy, Inc. | 120,000 | 112,538 | ||||||
5.75%, 5/15/26 | 225,000 | 200,818 | ||||||
Puma International Financing SA | 200,000 | 195,404 | ||||||
5.00%, 1/24/26, 144A | 250,000 | 234,003 | ||||||
QEP Resources, Inc. | 150,000 | 137,203 | ||||||
5.25%, 5/1/23 | 200,000 | 176,300 | ||||||
Seven Generations Energy Ltd. | 200,000 | 198,125 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
6.875%, 6/30/23, 144A | $ | 150,000 | $ | 151,187 | ||||
5.375%, 9/30/25, 144A | 200,000 | 183,438 | ||||||
SM Energy Co. | 150,000 | 134,672 | ||||||
Sunoco LP / Sunoco Finance Corp. | 350,000 | 349,977 | ||||||
5.50%, 2/15/26 | 275,000 | 279,936 | ||||||
6.00%, 4/15/27 | 185,000 | 190,055 | ||||||
WPX Energy, Inc. | 67,000 | 74,900 | ||||||
5.25%, 9/15/24 | 225,000 | 225,081 | ||||||
5.75%, 6/1/26 | 200,000 | 198,905 | ||||||
5.25%, 10/15/27 | 225,000 | 221,839 | ||||||
4.50%, 1/15/30 | 300,000 | 286,785 | ||||||
|
| |||||||
(Cost $8,697,682) | 8,481,391 | |||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | 150,000 | 152,699 | ||||||
6.25%, 4/1/28, 144A | 150,000 | 144,765 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 250,000 | 242,368 | ||||||
6.875%, 9/1/27 | 275,000 | 270,614 | ||||||
|
| |||||||
(Cost $862,653) | 810,446 | |||||||
|
| |||||||
Pipelines — 5.7% | ||||||||
Buckeye Partners LP | 175,000 | 176,732 | ||||||
4.125%, 3/1/25, 144A | 160,000 | 160,416 | ||||||
3.95%, 12/1/26 | 210,000 | 200,025 | ||||||
4.125%, 12/1/27 | 140,000 | 135,408 | ||||||
4.50%, 3/1/28, 144A | 150,000 | 145,969 | ||||||
Cheniere Energy Partners LP | 380,000 | 381,777 | ||||||
5.625%, 10/1/26 | 401,000 | 403,756 | ||||||
4.50%, 10/1/29, 144A | 540,000 | 518,654 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 240,000 | 228,548 | ||||||
5.75%, 4/1/25 (a) | 225,000 | 220,498 | ||||||
5.625%, 5/1/27, 144A | 160,000 | 148,396 | ||||||
DCP Midstream Operating LP | 200,000 | 199,290 | ||||||
3.875%, 3/15/23 | 150,000 | 150,748 | ||||||
5.375%, 7/15/25 | 276,000 | 289,803 | ||||||
5.125%, 5/15/29 | 200,000 | 195,370 | ||||||
EnLink Midstream Partners LP | 280,000 | 256,262 | ||||||
4.15%, 6/1/25 | 50,000 | 42,364 | ||||||
4.85%, 7/15/26 | 281,000 | 241,259 | ||||||
EQM Midstream Partners LP | 375,000 | 346,641 | ||||||
4.00%, 8/1/24 | 170,000 | 151,512 | ||||||
4.125%, 12/1/26 | 160,000 | 128,610 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | $ | 155,000 | $ | 147,702 | ||||
Hess Midstream Operations LP | 150,000 | 149,976 | ||||||
5.125%, 6/15/28, 144A | 250,000 | 244,062 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp., 144A | 165,000 | 166,341 | ||||||
NuStar Logistics LP | 160,000 | 167,100 | ||||||
5.625%, 4/28/27 | 190,000 | 194,189 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 170,000 | 163,627 | ||||||
5.50%, 9/15/24, 144A | 263,000 | 244,614 | ||||||
5.50%, 1/15/28, 144A | 250,000 | 223,131 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 200,000 | 199,937 | ||||||
4.25%, 11/15/23 | 250,000 | 246,696 | ||||||
6.75%, 3/15/24 | 95,000 | 97,020 | ||||||
5.125%, 2/1/25 | 200,000 | 201,252 | ||||||
5.875%, 4/15/26 | 200,000 | 206,395 | ||||||
5.375%, 2/1/27 | 290,000 | 297,787 | ||||||
6.50%, 7/15/27 | 300,000 | 313,875 | ||||||
5.00%, 1/15/28 | 195,000 | 192,957 | ||||||
6.875%, 1/15/29 | 235,000 | 254,094 | ||||||
5.50%, 3/1/30, 144A | 360,000 | 356,742 | ||||||
|
| |||||||
(Cost $8,935,104) | 8,789,535 | |||||||
|
| |||||||
Financial — 9.2% | ||||||||
Banks — 1.3% | ||||||||
CIT Group, Inc. | 250,000 | 252,955 | ||||||
5.00%, 8/15/22 | 325,000 | 340,604 | ||||||
5.00%, 8/1/23 | 261,000 | 278,183 | ||||||
4.75%, 2/16/24 | 200,000 | 212,750 | ||||||
5.25%, 3/7/25 | 127,000 | 139,647 | ||||||
6.125%, 3/9/28 | 150,000 | 180,427 | ||||||
Intesa Sanpaolo SpA, 144A | 650,000 | 683,102 | ||||||
|
| |||||||
(Cost $2,023,899) | 2,087,668 | |||||||
|
| |||||||
Diversified Financial Services — 3.0% | ||||||||
Ally Financial, Inc. | 381,000 | 428,937 | ||||||
Credit Acceptance Corp., 144A | 200,000 | 206,500 | ||||||
LPL Holdings, Inc., 144A | 300,000 | 311,997 | ||||||
Nationstar Mortgage Holdings, Inc., 144A | 300,000 | 312,536 | ||||||
Navient Corp. | 200,000 | 204,450 | ||||||
6.625%, 7/26/21 | 250,000 | 257,942 | ||||||
Series MTN, 7.25%, 1/25/22 | 170,000 | 179,228 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
6.50%, 6/15/22 | $ | 356,000 | $ | 372,020 | ||||
5.50%, 1/25/23 | 325,000 | 333,125 | ||||||
7.25%, 9/25/23 | 175,000 | 188,561 | ||||||
Quicken Loans, Inc., 144A | 445,000 | 456,866 | ||||||
Springleaf Finance Corp. | 225,000 | 240,151 | ||||||
6.125%, 5/15/22 | 300,000 | 316,986 | ||||||
5.625%, 3/15/23 | 281,000 | 290,312 | ||||||
6.125%, 3/15/24 | 450,000 | 475,349 | ||||||
|
| |||||||
(Cost $4,563,386) | 4,574,960 | |||||||
|
| |||||||
Real Estate — 0.5% | ||||||||
Howard Hughes Corp., 144A | 315,000 | 319,627 | ||||||
Kennedy-Wilson, Inc. | 384,000 | 391,204 | ||||||
|
| |||||||
(Cost $720,829) | 710,831 | |||||||
|
| |||||||
Real Estate Investment Trusts — 4.2% | ||||||||
ESH Hospitality, Inc., 144A | 524,000 | 528,147 | ||||||
Iron Mountain, Inc. 4.375%, | 400,000 | 399,508 | ||||||
6.00%, 8/15/23 | 50,000 | 50,979 | ||||||
5.75%, 8/15/24 | 230,000 | 232,298 | ||||||
iStar, Inc. | 133,000 | 135,701 | ||||||
4.75%, 10/1/24 | 200,000 | 204,571 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 153,000 | 156,441 | ||||||
5.25%, 10/1/25, 144A | 150,000 | 152,500 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 335,000 | 363,336 | ||||||
4.50%, 9/1/26 | 204,000 | 211,614 | ||||||
5.75%, 2/1/27 | 250,000 | 274,063 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 100,000 | 103,250 | ||||||
5.25%, 8/1/26 | 215,000 | 224,637 | ||||||
5.00%, 10/15/27 | 454,000 | 474,900 | ||||||
4.625%, 8/1/29 | 300,000 | 316,313 | ||||||
SBA Communications Corp. | 223,000 | 226,013 | ||||||
4.875%, 9/1/24 | 350,000 | 360,428 | ||||||
3.875%, 2/15/27, 144A | 350,000 | 357,788 | ||||||
Starwood Property Trust, Inc. | 325,000 | 322,082 | ||||||
4.75%, 3/15/25 | 150,000 | 153,437 | ||||||
VICI Properties LP / VICI Note Co., Inc. | 250,000 | 250,856 | ||||||
4.25%, 12/1/26, 144A | 400,000 | 404,774 | ||||||
3.75%, 2/15/27, 144A | 250,000 | 248,594 |
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
4.125%, 8/15/30, 144A | $ | 330,000 | $ | 331,031 | ||||
|
| |||||||
(Cost $6,406,800) | 6,483,261 | |||||||
|
| |||||||
Venture Capital — 0.2% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 120,000 | 122,268 | ||||||
6.75%, 2/1/24 | 250,000 | 259,479 | ||||||
|
| |||||||
(Cost $379,838) | 381,747 | |||||||
|
| |||||||
Industrial — 9.7% | ||||||||
Aerospace/Defense — 2.4% | ||||||||
Arconic, Inc. | 300,000 | 303,456 | ||||||
5.87%, 2/23/22 | 350,000 | 368,483 | ||||||
5.125%, 10/1/24 | 418,000 | 448,805 | ||||||
Signature Aviation US Holdings, Inc. | 200,000 | 204,535 | ||||||
4.00%, 3/1/28, 144A | 250,000 | 247,313 | ||||||
TransDigm, Inc. | 450,000 | 461,063 | ||||||
6.50%, 5/15/25 | 300,000 | 310,286 | ||||||
6.25%, 3/15/26, 144A | 1,200,000 | 1,272,751 | ||||||
Triumph Group, Inc., 144A | 150,000 | 156,125 | ||||||
|
| |||||||
(Cost $3,722,665) | 3,772,817 | |||||||
|
| |||||||
Building Materials — 0.7% | ||||||||
Builders FirstSource, Inc., 144A | 134,000 | 144,767 | ||||||
Standard Industries, Inc./NJ | 335,000 | 340,055 | ||||||
6.00%, 10/15/25, 144A | 425,000 | 445,183 | ||||||
Summit Materials LLC / Summit Materials Finance Corp. | 176,000 | 177,540 | ||||||
|
| |||||||
(Cost $1,108,517) | 1,107,545 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.3% | ||||||||
Energizer Holdings, Inc. | 200,000 | 203,377 | ||||||
7.75%, 1/15/27, 144A | 200,000 | 217,370 | ||||||
|
| |||||||
(Cost $429,407) | 420,747 | |||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Sensata Technologies BV | 215,000 | 227,360 | ||||||
5.625%, 11/1/24, 144A | 130,000 | 140,487 | ||||||
5.00%, 10/1/25, 144A | 220,000 | 232,031 | ||||||
|
| |||||||
(Cost $584,716) | 599,878 | |||||||
|
| |||||||
Engineering & Construction — 0.5% | ||||||||
AECOM | 299,000 | 328,776 | ||||||
5.125%, 3/15/27 | 315,000 | 326,377 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Engineering & Construction (Continued) | ||||||||
MasTec, Inc. | $ | 125,000 | $ | 125,461 | ||||
|
| |||||||
(Cost $770,011) | 780,614 | |||||||
|
| |||||||
Environmental Control — 0.7% | ||||||||
Advanced Disposal Services, Inc., 144A | 200,000 | 209,153 | ||||||
Clean Harbors, Inc., 144A | 200,000 | 209,310 | ||||||
Covanta Holding Corp. | 150,000 | 152,125 | ||||||
5.875%, 7/1/25 | 150,000 | 154,187 | ||||||
GFL Environmental, Inc., 144A | 175,000 | 181,562 | ||||||
Stericycle, Inc., 144A | 205,000 | 215,968 | ||||||
|
| |||||||
(Cost $1,115,922) | 1,122,305 | |||||||
|
| |||||||
Hand/Machine Tools — 0.2% | ||||||||
Colfax Corp. | 200,000 | 207,729 | ||||||
6.375%, 2/15/26, 144A | 150,000 | 159,187 | ||||||
|
| |||||||
(Cost $362,690) | 366,916 | |||||||
|
| |||||||
Machinery-Construction & Mining — 0.2% | ||||||||
Vertiv Group Corp., 144A | 250,000 | 267,345 | ||||||
|
| |||||||
Machinery-Diversified — 0.1% | ||||||||
Welbilt, Inc. | 150,000 | 158,781 | ||||||
|
| |||||||
Packaging & Containers — 3.4% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 242,000 | 241,761 | ||||||
6.00%, 2/15/25, 144A | 650,000 | 679,250 | ||||||
4.125%, 8/15/26, 144A | 150,000 | 149,719 | ||||||
Ball Corp. | 200,000 | 208,856 | ||||||
4.00%, 11/15/23 | 250,000 | 257,510 | ||||||
5.25%, 7/1/25 | 475,000 | 518,835 | ||||||
4.875%, 3/15/26 | 200,000 | 220,370 | ||||||
Berry Global, Inc. | 175,000 | 176,311 | ||||||
5.125%, 7/15/23 | 137,000 | 137,408 | ||||||
4.50%, 2/15/26, 144A | 150,000 | 148,028 | ||||||
4.875%, 7/15/26, 144A | 425,000 | 433,106 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 355,000 | 360,854 | ||||||
Graphic Packaging International LLC | 181,000 | 184,235 | ||||||
Owens-Brockway Glass Container, Inc. | 170,000 | 175,403 | ||||||
5.875%, 8/15/23, 144A | 250,000 | 264,926 |
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A | $ | 625,000 | $ | 632,553 | ||||
Sealed Air Corp. | 50,000 | 52,016 | ||||||
5.125%, 12/1/24, 144A | 175,000 | 188,125 | ||||||
5.50%, 9/15/25, 144A | 200,000 | 218,083 | ||||||
|
| |||||||
(Cost $5,198,050) | 5,247,349 | |||||||
|
| |||||||
Transportation — 0.6% | ||||||||
XPO Logistics, Inc. | 454,000 | 454,536 | ||||||
6.125%, 9/1/23, 144A | 100,000 | 102,478 | ||||||
6.75%, 8/15/24, 144A | 373,000 | 394,293 | ||||||
|
| |||||||
(Cost $960,019) | 951,307 | |||||||
|
| |||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress Transportation & Infrastructure Investors LLC, 144A | 225,000 | 225,855 | ||||||
|
| |||||||
Technology — 5.1% | ||||||||
Computers — 1.1% | ||||||||
Dell International LLC / EMC Corp. | 375,000 | 377,700 | ||||||
7.125%, 6/15/24, 144A | 473,000 | 495,467 | ||||||
Dell, Inc. | 100,000 | 101,315 | ||||||
EMC Corp. | 350,000 | 351,659 | ||||||
NCR Corp. | 250,000 | 251,563 | ||||||
6.375%, 12/15/23 | 75,000 | 76,609 | ||||||
|
| |||||||
(Cost $1,631,588) | 1,654,313 | |||||||
|
| |||||||
Office/Business Equipment — 0.9% | ||||||||
CDW LLC / CDW Finance Corp. | 200,000 | 220,417 | ||||||
5.00%, 9/1/25 | 250,000 | 259,896 | ||||||
4.25%, 4/1/28 | 200,000 | 203,074 | ||||||
Xerox Corp. | 400,000 | 407,768 | ||||||
4.125%, 3/15/23 | 300,000 | 306,657 | ||||||
|
| |||||||
(Cost $1,343,229) | 1,397,812 | |||||||
|
| |||||||
Semiconductors — 0.2% | ||||||||
Qorvo, Inc. | 297,000 | 307,358 | ||||||
|
| |||||||
Software — 2.9% | ||||||||
CDK Global, Inc. | 180,000 | 195,604 | ||||||
5.875%, 6/15/26 | 157,000 | 164,560 | ||||||
4.875%, 6/1/27 | 200,000 | 206,464 | ||||||
Infor US, Inc. | 600,000 | 601,932 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Software (Continued) | ||||||||
IQVIA, Inc. | $ | 575,000 | $ | 594,508 | ||||
5.00%, 5/15/27, 144A | 250,000 | 259,018 | ||||||
MSCI, Inc. | 150,000 | 155,624 | ||||||
4.75%, 8/1/26, 144A | 100,000 | 104,078 | ||||||
5.375%, 5/15/27, 144A | 298,000 | 319,552 | ||||||
Open Text Corp. | 300,000 | 303,945 | ||||||
5.875%, 6/1/26, 144A | 280,000 | 296,982 | ||||||
PTC, Inc. | 175,000 | 180,615 | ||||||
3.625%, 2/15/25, 144A | 175,000 | 175,875 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 600,000 | 635,601 | ||||||
TIBCO Software, Inc., 144A | 350,000 | 360,334 | ||||||
|
| |||||||
(Cost $4,525,128) | 4,554,692 | |||||||
|
| |||||||
Utilities — 3.2% | ||||||||
Electric — 2.9% | ||||||||
AES Corp. | 100,000 | 100,327 | ||||||
4.50%, 3/15/23 | 50,000 | 49,855 | ||||||
4.875%, 5/15/23 | 166,000 | 164,814 | ||||||
5.50%, 4/15/25 | 243,000 | 249,175 | ||||||
6.00%, 5/15/26 | 300,000 | 309,240 | ||||||
5.125%, 9/1/27 | 200,000 | 208,130 | ||||||
Calpine Corp. | 150,000 | 147,752 | ||||||
5.75%, 1/15/25 | 400,000 | 402,200 | ||||||
NextEra Energy Operating Partners LP | 230,000 | 234,734 | ||||||
4.25%, 9/15/24, 144A | 125,000 | 126,098 | ||||||
3.875%, 10/15/26, 144A | 215,000 | 217,983 | ||||||
4.50%, 9/15/27, 144A | 205,000 | 214,294 | ||||||
NRG Energy, Inc. | 300,000 | 318,570 | ||||||
6.625%, 1/15/27 | 383,000 | 400,032 | ||||||
5.75%, 1/15/28 | 306,000 | 318,439 | ||||||
5.25%, 6/15/29, 144A | 250,000 | 260,310 | ||||||
TransAlta Corp. | 150,000 | 155,625 | ||||||
Vistra Energy Corp. | 300,000 | 303,558 | ||||||
Vistra Operations Co. LLC, 144A | 325,000 | 329,526 | ||||||
|
| |||||||
(Cost $4,494,087) | 4,510,662 | |||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 225,000 | 234,493 | ||||||
5.50%, 5/20/25 | 225,000 | 229,502 | ||||||
|
| |||||||
(Cost $473,983) | 463,995 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 153,897,324 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 467,677 | $ | 467,677 | |||||
|
| |||||||
CASH EQUIVALENTS — 1.9% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 2,931,710 | 2,931,710 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.7% (Cost $156,092,503) | $ | 157,296,711 | ||||||
Other assets and liabilities, net — (1.7%) | (2,831,045 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 154,465,666 | ||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Low Beta High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
1,219,663 | — | (751,986 | )(d) | — | — | 1,388 | — | 467,677 | 467,677 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54%(b) |
| |||||||||||||||||||||||||||||||||||
1,864,770 | 20,900,550 | (19,833,610 | ) | — | — | 11,169 | — | 2,931,710 | 2,931,710 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,084,433 | 20,900,550 | (20,585,596 | ) | — | — | 12,557 | — | 3,399,387 | 3,399,387 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $851,385, which is 0.6% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $424,698. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
MTN: | Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (e) | $ | — | $ | 153,897,324 | $ | — | $ | 153,897,324 | ||||||||
Short-Term Investments (e) | 3,399,387 | — | — | 3,399,387 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,399,387 | $ | 153,897,324 | $ | — | $ | 157,296,711 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF
February 29, 2020 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 99.2% | ||||||||
Basic Materials — 4.3% | ||||||||
Chemicals — 2.2% | ||||||||
Ashland LLC | $ | 7,000 | $ | 7,297 | ||||
Blue Cube Spinco LLC | 50,000 | 52,765 | ||||||
CF Industries, Inc. | 50,000 | 50,750 | ||||||
Chemours Co. | 54,000 | 52,341 | ||||||
NOVA Chemicals Corp. | 27,000 | 27,067 | ||||||
4.875%, 6/1/24, 144A | 100,000 | 96,792 | ||||||
OCI NV, 144A | 44,000 | 45,738 | ||||||
PolyOne Corp. | 32,000 | 34,160 | ||||||
PQ Corp., 144A | 50,000 | 51,187 | ||||||
WR Grace & Co.-Conn, 144A | 49,000 | 50,397 | ||||||
|
| |||||||
(Cost $472,372) | 468,494 | |||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
Mercer International, Inc. | 50,000 | 50,490 | ||||||
|
| |||||||
Iron/Steel — 0.6% | ||||||||
AK Steel Corp. | 31,000 | 31,030 | ||||||
Allegheny Technologies, Inc. | 27,000 | 28,695 | ||||||
Cleveland-Cliffs, Inc., 144A | 75,000 | 74,281 | ||||||
|
| |||||||
(Cost $136,152) | 134,006 | |||||||
|
| |||||||
Mining — 1.3% | ||||||||
FMG Resources August 2006 Pty Ltd. | 61,000 | 62,188 | ||||||
5.125%, 3/15/23, 144A | 50,000 | 51,509 | ||||||
5.125%, 5/15/24, 144A | 20,000 | 20,733 | ||||||
Hudbay Minerals, Inc. | 50,000 | 50,396 | ||||||
7.625%, 1/15/25, 144A | 50,000 | 48,417 | ||||||
Joseph T Ryerson & Son, Inc., 144A | 32,000 | 33,280 | ||||||
|
| |||||||
(Cost $266,477) | 266,523 | |||||||
|
| |||||||
Communications — 21.9% | ||||||||
Internet — 1.4% | ||||||||
Netflix, Inc. | 27,000 | 27,601 | ||||||
5.50%, 2/15/22 | 38,000 | 39,936 | ||||||
5.75%, 3/1/24 | 25,000 | 27,635 | ||||||
5.875%, 2/15/25 | 50,000 | 55,854 | ||||||
NortonLifeLock, Inc. | 39,000 | 39,179 |
Principal | Value | |||||||
Internet (Continued) | ||||||||
3.95%, 6/15/22 | $ | 22,000 | $ | 22,485 | ||||
Uber Technologies, Inc., 144A | 50,000 | 52,250 | ||||||
VeriSign, Inc. | 39,000 | 39,402 | ||||||
|
| |||||||
(Cost $302,518) | 304,342 | |||||||
|
| |||||||
Media — 7.8% | ||||||||
AMC Networks, Inc. | 58,000 | 58,538 | ||||||
5.00%, 4/1/24 | 55,000 | 55,412 | ||||||
Cablevision Systems Corp. | 20,000 | 21,039 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 105,000 | 106,311 | ||||||
5.875%, 4/1/24, 144A | 100,000 | 102,929 | ||||||
Cengage Learning, Inc., 144A | 33,000 | 28,827 | ||||||
Clear Channel Worldwide Holdings, Inc., 144A | 101,000 | 107,607 | ||||||
CSC Holdings LLC | 79,000 | 83,761 | ||||||
5.375%, 7/15/23, 144A | 50,000 | 51,324 | ||||||
5.25%, 6/1/24 | 50,000 | 54,104 | ||||||
DISH DBS Corp. | 85,000 | 85,334 | ||||||
6.75%, 6/1/21 | 107,000 | 110,994 | ||||||
5.875%, 7/15/22 | 91,000 | 95,116 | ||||||
5.00%, 3/15/23 | 105,000 | 105,928 | ||||||
5.875%, 11/15/24 | 100,000 | 102,782 | ||||||
Nexstar Broadcasting, Inc., 144A | 50,000 | 51,529 | ||||||
Quebecor Media, Inc. | 69,000 | 73,318 | ||||||
Sirius XM Radio, Inc. | 70,000 | 70,009 | ||||||
4.625%, 7/15/24, 144A | 100,000 | 103,304 | ||||||
Univision Communications, Inc. | 64,000 | 61,888 | ||||||
5.125%, 2/15/25, 144A | 100,000 | 94,602 | ||||||
Videotron Ltd., 144A | 50,000 | 53,510 | ||||||
|
| |||||||
(Cost $1,654,831) | 1,678,166 | |||||||
|
| |||||||
Telecommunications — 12.7% | ||||||||
CenturyLink, Inc. | 54,000 | 54,166 | ||||||
Series S, 6.45%, 6/15/21 | 66,000 | 68,604 | ||||||
Series T, 5.80%, 3/15/22 | 74,000 | 77,306 | ||||||
Series W, 6.75%, 12/1/23 | 70,000 | 77,126 | ||||||
Series Y, 7.50%, 4/1/24 (a) | 50,000 | 55,979 | ||||||
Cincinnati Bell, Inc., 144A | 50,000 | 52,687 | ||||||
CommScope, Inc. | 66,000 | 67,299 | ||||||
5.50%, 6/15/24, 144A | 55,000 | 52,392 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Consolidated Communications, Inc. | $ | 22,000 | $ | 21,230 | ||||
Frontier Communications Corp. | 27,000 | 12,766 | ||||||
10.50%, 9/15/22 | 83,000 | 37,895 | ||||||
7.125%, 1/15/23 | 71,000 | 33,015 | ||||||
7.625%, 4/15/24 | 50,000 | 23,875 | ||||||
6.875%, 1/15/25 | 40,000 | 19,217 | ||||||
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 144A | 50,000 | 50,964 | ||||||
GTT Communications, Inc., 144A | 30,000 | 23,025 | ||||||
Hughes Satellite Systems Corp. | 49,000 | 51,689 | ||||||
Intelsat Connect Finance SA, 144A | 66,000 | 39,105 | ||||||
Intelsat Jackson Holdings SA | 49,000 | 55,630 | ||||||
5.50%, 8/1/23 | 121,000 | 104,312 | ||||||
8.50%, 10/15/24, 144A | 150,000 | 129,812 | ||||||
Intelsat Luxembourg SA | 22,000 | 16,665 | ||||||
8.125%, 6/1/23 (a) | 57,000 | 24,368 | ||||||
Level 3 Financing, Inc. | 27,000 | 27,169 | ||||||
5.125%, 5/1/23 | 53,000 | 53,243 | ||||||
5.375%, 1/15/24 | 49,000 | 49,021 | ||||||
Nokia OYJ | 27,000 | 27,135 | ||||||
Qwest Corp. | 51,000 | 53,948 | ||||||
Sprint Communications, Inc. | 54,000 | 54,000 | ||||||
7.00%, 8/15/20 | 80,000 | 81,692 | ||||||
11.50%, 11/15/21 (a) | 54,000 | 61,793 | ||||||
6.00%, 11/15/22 | 121,000 | 130,000 | ||||||
Sprint Corp. | 120,000 | 127,580 | ||||||
7.875%, 9/15/23 | 223,000 | 255,243 | ||||||
7.125%, 6/15/24 | 181,000 | 205,736 | ||||||
7.625%, 2/15/25 | 100,000 | 116,250 | ||||||
Telefonaktiebolaget LM Ericsson | 54,000 | 55,728 | ||||||
T-Mobile USA, Inc. | 79,000 | 81,271 | ||||||
VEON Holdings BV, 144A | 200,000 | 202,380 | ||||||
|
| |||||||
(Cost $2,811,374) | 2,731,316 | |||||||
|
| |||||||
Consumer, Cyclical — 14.4% | ||||||||
Airlines — 0.9% | ||||||||
American Airlines Group, Inc. | 77,000 | 77,000 | ||||||
5.00%, 6/1/22, 144A | 50,000 | 50,213 | ||||||
United Airlines Holdings, Inc. | 50,000 | 50,063 |
Principal | Value | |||||||
Airlines (Continued) | ||||||||
Virgin Australia Holdings Ltd., 144A | $ | 25,000 | $ | 21,750 | ||||
|
| |||||||
(Cost $203,864) | 199,026 | |||||||
|
| |||||||
Apparel — 0.3% | ||||||||
Hanesbrands, Inc., 144A | 50,000 | 52,354 | ||||||
|
| |||||||
Auto Manufacturers — 2.0% | ||||||||
Allison Transmission, Inc., 144A | 50,000 | 50,685 | ||||||
Fiat Chrysler Automobiles NV | 100,000 | 100,304 | ||||||
5.25%, 4/15/23 | 50,000 | 52,375 | ||||||
Jaguar Land Rover Automotive PLC, 144A | 230,000 | 228,549 | ||||||
|
| |||||||
(Cost $432,451) | 431,913 | |||||||
|
| |||||||
Auto Parts & Equipment — 0.2% | ||||||||
Goodyear Tire & Rubber Co. | 51,000 | 50,729 | ||||||
|
| |||||||
Distribution/Wholesale — 0.3% | ||||||||
Anixter, Inc. | 5,000 | 5,197 | ||||||
Wolverine Escrow LLC, 144A | 50,000 | 48,864 | ||||||
|
| |||||||
(Cost $55,172) | 54,061 | |||||||
|
| |||||||
Entertainment — 1.6% | ||||||||
Cinemark USA, Inc. | 22,000 | 22,062 | ||||||
4.875%, 6/1/23 | 40,000 | 39,850 | ||||||
International Game Technology PLC, 144A | 90,000 | 92,877 | ||||||
Lions Gate Capital Holdings LLC | 25,000 | 24,562 | ||||||
5.875%, 11/1/24, 144A | 50,000 | 48,506 | ||||||
Live Nation Entertainment, Inc., 144A | 50,000 | 51,125 | ||||||
Mohegan Gaming & Entertainment, 144A | 25,000 | 24,802 | ||||||
Six Flags Entertainment Corp., 144A | 50,000 | 49,454 | ||||||
|
| |||||||
(Cost $355,716) | 353,238 | |||||||
|
| |||||||
Home Builders — 1.2% | ||||||||
KB Home | 24,000 | 25,540 | ||||||
Lennar Corp. | 76,000 | 77,765 | ||||||
4.75%, 11/15/22 | 40,000 | 41,929 | ||||||
4.50%, 4/30/24 | 50,000 | 53,208 | ||||||
Toll Brothers Finance Corp. | 56,000 | 58,893 | ||||||
|
| |||||||
(Cost $247,593) | 257,335 | |||||||
|
|
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International, Inc. | $ | 24,000 | $ | 24,495 | ||||
|
| |||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | 50,000 | 51,961 | ||||||
Tupperware Brands Corp. | 50,000 | 41,649 | ||||||
|
| |||||||
(Cost $102,513) | 93,610 | |||||||
|
| |||||||
Leisure Time — 0.3% | ||||||||
24 Hour Fitness Worldwide, Inc., 144A | 27,000 | 12,344 | ||||||
Sabre GLBL, Inc., 144A | 58,000 | 58,121 | ||||||
|
| |||||||
(Cost $85,097) | 70,465 | |||||||
|
| |||||||
Lodging — 2.4% | ||||||||
Diamond Resorts International, Inc. | 27,000 | 27,067 | ||||||
10.75%, 9/1/24, 144A (a) | 50,000 | 51,771 | ||||||
Hilton Domestic Operating Co., Inc. | 50,000 | 50,312 | ||||||
MGM Resorts International | 58,000 | 63,468 | ||||||
6.00%, 3/15/23 | 126,000 | 135,870 | ||||||
Studio City Co. Ltd., 144A | 60,000 | 60,567 | ||||||
Wyndham Destinations, Inc. | 80,000 | 79,200 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 49,000 | 49,857 | ||||||
|
| |||||||
(Cost $511,708) | 518,112 | |||||||
|
| |||||||
Retail — 4.7% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A | 175,000 | 175,531 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 27,000 | 23,298 | ||||||
6.75%, 1/15/22 | 25,000 | 21,070 | ||||||
6.75%, 6/15/23 (a) | 27,000 | 22,601 | ||||||
Gap, Inc. | 50,000 | 50,943 | ||||||
Golden Nugget, Inc., 144A | 50,000 | 49,235 | ||||||
Group 1 Automotive, Inc. | 40,000 | 39,950 | ||||||
JC Penney Corp., Inc., 144A | 27,000 | 22,397 | ||||||
L Brands, Inc. | 34,000 | 35,679 | ||||||
5.625%, 10/15/23 | 50,000 | 53,979 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
Neiman Marcus Group Ltd. LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG | $ | 25,000 | $ | 7,375 | ||||
8.75%, 10/25/24, 144A | 35,000 | 10,500 | ||||||
Penske Automotive Group, Inc. | 79,000 | 79,987 | ||||||
PetSmart, Inc., 144A | 101,000 | 98,697 | ||||||
QVC, Inc. | 119,000 | 126,397 | ||||||
4.85%, 4/1/24 | 50,000 | 52,491 | ||||||
4.45%, 2/15/25 | 50,000 | 51,297 | ||||||
Rite Aid Corp., 144A | 92,000 | 84,525 | ||||||
|
| |||||||
(Cost $996,139) | 1,005,952 | |||||||
|
| |||||||
Consumer, Non-cyclical — 17.8% | ||||||||
Agriculture — 0.4% | ||||||||
JBS Investments GmbH, 144A | 50,000 | 50,334 | ||||||
Vector Group Ltd., 144A | 50,000 | 48,250 | ||||||
|
| |||||||
(Cost $98,577) | 98,584 | |||||||
|
| |||||||
Commercial Services — 4.0% | ||||||||
ADT Security Corp. | 39,000 | 40,737 | ||||||
3.50%, 7/15/22 | 50,000 | 50,015 | ||||||
4.125%, 6/15/23 | 38,000 | 38,744 | ||||||
Algeco Global Finance PLC, 144A | 25,000 | 24,750 | ||||||
APX Group, Inc. | 72,000 | 73,259 | ||||||
7.625%, 9/1/23 (a) | 25,000 | 23,823 | ||||||
Hertz Corp. | 32,000 | 31,363 | ||||||
5.50%, 10/15/24, 144A | 50,000 | 47,971 | ||||||
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A | 59,000 | 60,881 | ||||||
MPH Acquisition Holdings LLC, 144A | 80,000 | 74,617 | ||||||
Nielsen Co. Luxembourg SARL, 144A | 33,000 | 33,115 | ||||||
Nielsen Finance LLC / Nielsen Finance Co. | 40,000 | 40,100 | ||||||
5.00%, 4/15/22, 144A | 123,000 | 122,818 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 45,000 | 46,669 | ||||||
Service Corp. International | 50,000 | 51,042 | ||||||
ServiceMaster Co. LLC, 144A | 50,000 | 51,667 | ||||||
Team Health Holdings, Inc., 144A | 50,000 | 27,021 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
WEX, Inc., 144A | $ | 22,000 | $ | 22,146 | ||||
|
| |||||||
(Cost $856,473) | 860,738 | |||||||
|
| |||||||
Cosmetics/Personal Care — 0.5% | ||||||||
Avon Products, Inc. | 26,000 | 28,340 | ||||||
Edgewell Personal Care Co. | 39,000 | 40,029 | ||||||
Revlon Consumer Products Corp. | 27,000 | 23,821 | ||||||
6.25%, 8/1/24 | 25,000 | 9,823 | ||||||
|
| |||||||
(Cost $104,177) | 102,013 | |||||||
|
| |||||||
Food — 1.6% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC | 50,000 | 50,187 | ||||||
6.625%, 6/15/24 | 50,000 | 51,500 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc., 144A | 50,000 | 50,939 | ||||||
Kraft Heinz Foods Co. | 50,000 | 51,034 | ||||||
4.00%, 6/15/23 | 50,000 | 52,178 | ||||||
Lamb Weston Holdings, Inc., 144A | 50,000 | 52,105 | ||||||
TreeHouse Foods, Inc., 144A | 32,000 | 33,107 | ||||||
|
| |||||||
(Cost $341,668) | 341,050 | |||||||
|
| |||||||
Healthcare-Products — 0.5% | ||||||||
Avantor, Inc., 144A | 100,000 | 105,167 | ||||||
|
| |||||||
Healthcare-Services — 7.2% | ||||||||
Acadia Healthcare Co., Inc. | 35,000 | 35,335 | ||||||
Centene Corp. | 52,000 | 52,727 | ||||||
4.75%, 1/15/25 | 50,000 | 51,348 | ||||||
4.75%, 1/15/25, 144A | 50,000 | 51,348 | ||||||
CHS/Community Health Systems, Inc. | 183,000 | 182,085 | ||||||
9.875%, 6/30/23, 144A (a) | 94,000 | 89,348 | ||||||
8.625%, 1/15/24, 144A | 56,000 | 58,346 | ||||||
8.125%, 6/30/24, 144A | 70,000 | 64,224 | ||||||
6.625%, 2/15/25, 144A | 100,000 | 102,250 | ||||||
DaVita, Inc. | 100,000 | 101,459 | ||||||
HCA, Inc. | 66,000 | 72,243 | ||||||
5.375%, 2/1/25 | 150,000 | 166,138 | ||||||
MEDNAX, Inc., 144A | 50,000 | 49,042 | ||||||
Molina Healthcare, Inc. | 38,000 | 39,615 |
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
Quorum Health Corp. | $ | 22,000 | $ | 18,874 | ||||
Tenet Healthcare Corp. | 154,000 | 167,125 | ||||||
6.75%, 6/15/23 | 100,000 | 107,669 | ||||||
4.625%, 7/15/24 | 150,000 | 150,316 | ||||||
|
| |||||||
(Cost $1,529,734) | 1,559,492 | |||||||
|
| |||||||
Household Products/Wares — 0.0% | ||||||||
Prestige Brands, Inc., 144A | 10,000 | 10,329 | ||||||
|
| |||||||
Pharmaceuticals — 3.6% | ||||||||
Bausch Health Cos., Inc., 144A | 32,000 | 32,053 | ||||||
Elanco Animal Health, Inc. | 89,000 | 95,389 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A | 68,000 | 53,556 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A | 69,800 | 56,887 | ||||||
Teva Pharmaceutical Finance Co. BV Series 2, | 50,000 | 49,737 | ||||||
2.95%, 12/18/22 | 175,000 | 168,347 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 57,000 | 55,399 | ||||||
2.80%, 7/21/23 | 275,000 | 256,552 | ||||||
|
| |||||||
(Cost $750,832) | 767,920 | |||||||
|
| |||||||
Energy — 10.8% | ||||||||
Coal — 0.1% | ||||||||
Peabody Energy Corp., 144A | 27,000 | 23,139 | ||||||
|
| |||||||
Energy-Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC, 144A | 39,000 | 39,732 | ||||||
|
| |||||||
Oil & Gas — 6.9% | ||||||||
American Energy- Permian Basin LLC, 144A | 40,000 | 28,100 | ||||||
Antero Resources Corp. | 54,000 | 45,262 | ||||||
5.125%, 12/1/22 | 44,000 | 27,358 | ||||||
5.625%, 6/1/23 (a) | 50,000 | 27,125 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A | 52,000 | 44,445 | ||||||
Baytex Energy Corp., 144A | 25,000 | 22,573 | ||||||
Bruin E&P Partners LLC, 144A | 22,000 | 11,724 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
California Resources Corp., 144A | $ | 108,000 | $ | 24,570 | ||||
Callon Petroleum Co. | 50,000 | 39,885 | ||||||
Chesapeake Energy Corp. | 45,000 | 15,862 | ||||||
11.50%, 1/1/25, 144A (a) | 120,000 | 68,700 | ||||||
CITGO Petroleum Corp., 144A | 39,000 | 39,097 | ||||||
CNX Resources Corp. | 47,000 | 43,419 | ||||||
CVR Energy, Inc., 144A | 50,000 | 46,750 | ||||||
Denbury Resources, Inc. | 25,000 | 21,931 | ||||||
9.25%, 3/31/22, 144A | 24,000 | 19,267 | ||||||
7.75%, 2/15/24, 144A | 30,000 | 16,815 | ||||||
EQT Corp. | 50,000 | 49,125 | ||||||
3.00%, 10/1/22 | 50,000 | 41,812 | ||||||
6.125%, 2/1/25 | 50,000 | 38,145 | ||||||
Extraction Oil & Gas, Inc., 144A | 15,000 | 5,206 | ||||||
Gulfport Energy Corp. | 35,000 | 11,725 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 144A | 25,000 | 19,823 | ||||||
Laredo Petroleum, Inc. | 30,000 | 21,637 | ||||||
MEG Energy Corp. | 27,000 | 25,639 | ||||||
6.50%, 1/15/25, 144A | 50,000 | 49,281 | ||||||
Murphy Oil Corp. | 50,000 | 49,974 | ||||||
Nabors Industries, Inc. | 50,000 | 36,021 | ||||||
Oasis Petroleum, Inc. | 64,000 | 50,400 | ||||||
Parsley Energy LLC / Parsley Finance Corp., 144A | 50,000 | 50,125 | ||||||
PDC Energy, Inc. | 50,000 | 46,891 | ||||||
QEP Resources, Inc. | 27,000 | 24,697 | ||||||
5.25%, 5/1/23 | 32,000 | 28,208 | ||||||
Range Resources Corp. | 31,000 | 25,498 | ||||||
5.00%, 3/15/23(a) | 40,000 | 29,088 | ||||||
Seven Generations Energy Ltd. | 20,000 | 19,813 | ||||||
6.875%, 6/30/23, 144A | 25,000 | 25,198 | ||||||
SM Energy Co. | 26,000 | 23,343 | ||||||
5.00%, 1/15/24 | 27,000 | 21,124 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Southwestern Energy Co. | $ | 50,000 | $ | 37,125 | ||||
Sunoco LP / Sunoco Finance Corp. | 54,000 | 53,996 | ||||||
Valaris PLC | 33,000 | 21,543 | ||||||
Whiting Petroleum Corp. | 47,000 | 27,131 | ||||||
6.25%, 4/1/23 (a) | 22,000 | 9,955 | ||||||
WPX Energy, Inc. | 86,000 | 96,141 | ||||||
|
| |||||||
(Cost $1,823,427) | 1,481,547 | |||||||
|
| |||||||
Oil & Gas Services — 0.8% | ||||||||
KCA Deutag UK Finance PLC | 25,000 | 15,570 | ||||||
9.625%, 4/1/23, 144A | 40,000 | 23,612 | ||||||
SESI LLC | 43,000 | 35,368 | ||||||
7.75%, 9/15/24 | 25,000 | 12,136 | ||||||
Weatherford International Ltd., 144A | 100,000 | 95,890 | ||||||
|
| |||||||
(Cost $221,141) | 182,576 | |||||||
|
| |||||||
Pipelines — 2.8% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 35,000 | 26,687 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A | 29,000 | 26,565 | ||||||
Buckeye Partners LP | 50,000 | 50,495 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 38,000 | 36,187 | ||||||
DCP Midstream Operating LP | 65,000 | 65,082 | ||||||
3.875%, 3/15/23 | 44,000 | 44,220 | ||||||
EnLink Midstream Partners LP | 50,000 | 45,761 | ||||||
EQM Midstream Partners LP | 50,000 | 46,219 | ||||||
4.00%, 8/1/24 | 25,000 | 22,281 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 25,000 | 23,823 | ||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | 33,000 | 30,607 | ||||||
NuStar Logistics LP | 24,000 | 24,219 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 27,000 | 25,988 | ||||||
5.50%, 9/15/24, 144A | 50,000 | 46,504 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | $ | 81,000 | $ | 79,930 | ||||
|
| |||||||
(Cost $609,485) | 594,568 | |||||||
|
| |||||||
Financial — 11.5% | ||||||||
Banks — 1.6% | ||||||||
CIT Group, Inc. | 50,000 | 52,401 | ||||||
5.00%, 8/1/23 | 59,000 | 62,884 | ||||||
Freedom Mortgage Corp., 144A | 25,000 | 24,135 | ||||||
Intesa Sanpaolo SpA, 144A | 200,000 | 210,185 | ||||||
|
| |||||||
(Cost $340,283) | 349,605 | |||||||
|
| |||||||
Diversified Financial Services — 4.3% | ||||||||
Ally Financial, Inc. | 25,000 | 25,791 | ||||||
Credit Acceptance Corp., 144A | 25,000 | 25,812 | ||||||
Nationstar Mortgage Holdings, Inc., 144A | 51,000 | 53,131 | ||||||
Navient Corp. | 28,000 | 28,146 | ||||||
5.00%, 10/26/20 | 27,000 | 27,293 | ||||||
5.875%, 3/25/21 | 79,000 | 80,758 | ||||||
6.625%, 7/26/21 | 100,000 | 103,177 | ||||||
Series MTN, 7.25%, 1/25/22 | 40,000 | 42,171 | ||||||
6.50%, 6/15/22 | 54,000 | 56,430 | ||||||
5.50%, 1/25/23 | 40,000 | 41,000 | ||||||
7.25%, 9/25/23 (a) | 10,000 | 10,775 | ||||||
Series MTN, 6.125%, 3/25/24 | 45,000 | 46,575 | ||||||
5.875%, 10/25/24 | 50,000 | 51,375 | ||||||
Springleaf Finance Corp. | 100,000 | 104,100 | ||||||
7.75%, 10/1/21 | 35,000 | 37,357 | ||||||
6.125%, 5/15/22 | 79,000 | 83,473 | ||||||
5.625%, 3/15/23 | 47,000 | 48,558 | ||||||
6.125%, 3/15/24 | 45,000 | 47,535 | ||||||
|
| |||||||
(Cost $899,936) | 913,457 | |||||||
|
| |||||||
Insurance — 0.8% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 144A | 90,000 | 96,158 | ||||||
Ardonagh Midco 3 PLC, 144A | 25,000 | 25,302 | ||||||
Genworth Holdings, Inc. | 38,000 | 39,105 | ||||||
|
| |||||||
(Cost $159,132) | 160,565 | |||||||
|
| |||||||
Real Estate — 0.6% | ||||||||
Kennedy-Wilson, Inc. | 60,000 | 61,126 |
Principal | Value | |||||||
Real Estate (Continued) | ||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | $ | 30,000 | $ | 30,217 | ||||
4.875%, 6/1/23, 144A (a) | 42,000 | 41,869 | ||||||
|
| |||||||
(Cost $129,398) | 133,212 | |||||||
|
| |||||||
Real Estate Investment Trusts — 3.6% | ||||||||
CBL & Associates LP | 24,000 | 12,177 | ||||||
Iron Mountain, Inc., 144A | 77,000 | 76,905 | ||||||
iStar, Inc. | 32,000 | 32,650 | ||||||
4.75%, 10/1/24 | 50,000 | 51,143 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 50,000 | 54,229 | ||||||
SBA Communications Corp. | 40,000 | 40,541 | ||||||
Starwood Property Trust, Inc. | 55,000 | 54,506 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | 50,000 | 45,375 | ||||||
7.875%, 2/15/25, 144A | 150,000 | 154,995 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 130,000 | 127,400 | ||||||
8.25%, 10/15/23 (a) | 50,000 | 46,625 | ||||||
VICI Properties LP / VICI Note Co., Inc., 144A | 50,000 | 50,171 | ||||||
Washington Prime Group LP | 40,000 | 33,033 | ||||||
|
| |||||||
(Cost $793,063) | 779,750 | |||||||
|
| |||||||
Venture Capital — 0.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 79,000 | 80,493 | ||||||
4.75%, 9/15/24, 144A | 50,000 | 51,063 | ||||||
|
| |||||||
(Cost $129,966) | 131,556 | |||||||
|
| |||||||
Industrial — 11.3% | ||||||||
Aerospace/Defense — 3.3% | ||||||||
Arconic, Inc. | 105,000 | 106,630 | ||||||
5.40%, 4/15/21 | 66,000 | 66,760 | ||||||
5.87%, 2/23/22 | 37,000 | 38,954 | ||||||
5.125%, 10/1/24 | 50,000 | 53,685 | ||||||
Bombardier, Inc. | 50,000 | 53,038 | ||||||
5.75%, 3/15/22, 144A | 47,000 | 48,024 | ||||||
6.00%, 10/15/22, 144A | 64,000 | 62,880 | ||||||
6.125%, 1/15/23, 144A | 66,000 | 66,283 | ||||||
7.50%, 12/1/24, 144A | 50,000 | 50,479 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Aerospace/Defense (Continued) | ||||||||
SSL Robotics LLC, 144A | $ | 50,000 | $ | 53,265 | ||||
TransDigm, Inc. | 50,000 | 51,229 | ||||||
Triumph Group, Inc., 144A | 50,000 | 52,042 | ||||||
|
| |||||||
(Cost $709,202) | 703,269 | |||||||
|
| |||||||
Building Materials — 0.6% | ||||||||
Standard Industries, Inc./NJ, 144A | 50,000 | 50,754 | ||||||
Summit Materials LLC / Summit Materials Finance Corp. | 85,000 | 85,744 | ||||||
|
| |||||||
(Cost $137,039) | 136,498 | |||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Sensata Technologies BV | 25,000 | 26,437 | ||||||
5.625%, 11/1/24, 144A | 50,000 | 54,033 | ||||||
|
| |||||||
(Cost $79,362) | 80,470 | |||||||
|
| |||||||
Engineering & Construction — 0.6% | ||||||||
AECOM | 50,000 | 54,979 | ||||||
MasTec, Inc. | 70,000 | 70,258 | ||||||
|
| |||||||
(Cost $123,867) | 125,237 | |||||||
|
| |||||||
Environmental Control — 0.3% | ||||||||
GFL Environmental, Inc., 144A | 22,000 | 22,633 | ||||||
Stericycle, Inc., 144A | 50,000 | 52,675 | ||||||
|
| |||||||
(Cost $73,441) | 75,308 | |||||||
|
| |||||||
Hand/Machine Tools — 0.2% | ||||||||
Colfax Corp., 144A | 50,000 | 51,932 | ||||||
|
| |||||||
Machinery-Construction & Mining — 0.2% | ||||||||
Vertiv Group Corp., 144A | 40,000 | 42,775 | ||||||
|
| |||||||
Machinery-Diversified — 0.1% | ||||||||
Cloud Crane LLC, 144A | 25,000 | 26,490 | ||||||
|
| |||||||
Packaging & Containers — 4.6% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A | 200,000 | 209,000 | ||||||
Ball Corp. | 40,000 | 41,771 | ||||||
4.00%, 11/15/23 | 100,000 | 103,004 | ||||||
Berry Global, Inc. | 27,000 | 27,202 |
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
5.125%, 7/15/23 | $ | 50,000 | $ | 50,149 | ||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 56,000 | 56,923 | ||||||
Flex Acquisition Co., Inc., 144A | 50,000 | 49,126 | ||||||
Graphic Packaging International LLC | 40,000 | 40,715 | ||||||
Mauser Packaging Solutions Holding Co., 144A | 78,000 | 77,878 | ||||||
Owens-Brockway Glass Container, Inc. | 65,000 | 67,066 | ||||||
5.875%, 8/15/23, 144A (a) | 37,000 | 39,209 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 85,000 | 86,027 | ||||||
7.00%, 7/15/24, 144A | 50,000 | 50,563 | ||||||
Sealed Air Corp., 144A | 79,000 | 82,185 | ||||||
|
| |||||||
(Cost $975,104) | 980,818 | |||||||
|
| |||||||
Transportation — 0.8% | ||||||||
Hornbeck Offshore Services, Inc. | 24,000 | 8,670 | ||||||
Kenan Advantage Group, Inc., 144A | 40,000 | 39,517 | ||||||
XPO Logistics, Inc. | 44,000 | 44,052 | ||||||
6.125%, 9/1/23, 144A | 29,000 | 29,719 | ||||||
6.75%, 8/15/24, 144A | 50,000 | 52,854 | ||||||
|
| |||||||
(Cost $186,662) | 174,812 | |||||||
|
| |||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress Transportation & Infrastructure Investors LLC, 144A | 38,000 | 38,144 | ||||||
|
| |||||||
Technology — 5.2% | ||||||||
Computers — 1.4% | ||||||||
Dell International LLC / EMC Corp., 144A | 56,000 | 56,403 | ||||||
Diebold Nixdorf, Inc. | 40,000 | 36,117 | ||||||
EMC Corp. | 36,000 | 35,926 | ||||||
3.375%, 6/1/23 | 54,000 | 54,256 | ||||||
Exela Intermediate LLC / Exela Finance, Inc., 144A | 46,000 | 15,525 | ||||||
NCR Corp. | 32,000 | 32,200 | ||||||
Vericast Corp. | 38,000 | 38,095 | ||||||
8.375%, 8/15/22, 144A | 40,000 | 33,312 | ||||||
|
| |||||||
(Cost $335,649) | 301,834 | |||||||
|
|
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Office/Business Equipment — 1.3% | ||||||||
CDW LLC / CDW Finance Corp. | $ | 50,000 | $ | 55,104 | ||||
Pitney Bowes, Inc. | 14,000 | 14,320 | ||||||
5.20%, 4/1/23 | 40,000 | 40,117 | ||||||
4.625%, 3/15/24 | 50,000 | 47,229 | ||||||
Xerox Corp. | 50,000 | 50,971 | ||||||
4.125%, 3/15/23 | 69,000 | 70,531 | ||||||
|
| |||||||
(Cost $269,653) | 278,272 | |||||||
|
| |||||||
Software — 2.5% | ||||||||
CDK Global, Inc. | 50,000 | 54,335 | ||||||
Infor US, Inc. | 119,000 | 119,383 | ||||||
Open Text Corp., 144A | 63,000 | 63,828 | ||||||
Rackspace Hosting, Inc., 144A | 75,000 | 72,000 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 105,000 | 111,230 | ||||||
TIBCO Software, Inc., 144A | 39,000 | 40,152 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 144A | 90,000 | 85,762 | ||||||
|
| |||||||
(Cost $547,576) | 546,690 | |||||||
|
| |||||||
Utilities — 2.0% | ||||||||
Electric — 1.7% | ||||||||
AES Corp. | 27,000 | 26,922 | ||||||
4.875%, 5/15/23 | 54,000 | 53,614 | ||||||
Calpine Corp. | 35,000 | 34,476 | ||||||
5.75%, 1/15/25 | 50,000 | 50,275 | ||||||
NextEra Energy Operating Partners LP | 50,000 | 51,029 | ||||||
4.25%, 9/15/24, 144A | 50,000 | 50,439 | ||||||
TransAlta Corp. | 50,000 | 51,875 | ||||||
Vistra Energy Corp. | 50,000 | 50,593 | ||||||
|
| |||||||
(Cost $371,461) | 369,223 | |||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 50,000 | 52,110 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 21,363,509 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 5.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | $ | 1,184,897 | $ | 1,184,897 | ||||
|
| |||||||
CASH EQUIVALENTS — 4.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 896,018 | 896,018 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 108.8% (Cost $23,879,015) | $ | 23,444,424 | ||||||
Other assets and liabilities, net — (8.8%) | (1,902,813 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 21,541,611 | ||||||
|
|
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Short Duration High Yield Bond ETF (Continued)
February 29, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 5.5% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
1,835,191 | — | (650,294 | )(d) | — | — | 7,682 | — | 1,184,897 | 1,184,897 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 4.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
311,842 | 4,730,649 | (4,146,473 | ) | — | — | 4,634 | — | 896,018 | 896,018 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
2,147,033 | 4,730,649 | (4,796,767 | ) | — | — | 12,316 | — | 2,080,915 | 2,080,915 | |||||||||||||||||||||||||||
|
|
|
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|
|
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|
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $1,297,064, which is 6.0% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $184,616. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
MTN: | Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (e) | $ | — | $ | 21,363,509 | $ | — | $ | 21,363,509 | ||||||||
Short-Term Investments (e) | 2,080,915 | — | — | 2,080,915 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,080,915 | $ | 21,363,509 | $ | — | $ | 23,444,424 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF
February 29, 2020 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 99.0% | ||||||||
Basic Materials — 3.7% | ||||||||
Chemicals — 1.9% | ||||||||
Ashland LLC | $ | 1,855,000 | $ | 1,933,837 | ||||
Blue Cube Spinco LLC | 2,305,000 | 2,432,466 | ||||||
10.00%, 10/15/25 | 4,101,000 | 4,447,883 | ||||||
CF Industries, Inc. | 3,064,000 | 3,109,991 | ||||||
Chemours Co. | 4,009,000 | 3,885,864 | ||||||
7.00%, 5/15/25 (a) | 3,261,000 | 3,047,682 | ||||||
5.375%, 5/15/27 | 2,273,000 | 1,955,291 | ||||||
Consolidated Energy Finance SA | 3,258,000 | 3,178,146 | ||||||
6.50%, 5/15/26, 144A | 889,000 | 871,391 | ||||||
Element Solutions, Inc., 144A | 3,765,000 | 3,793,275 | ||||||
Hexion, Inc., 144A | 2,080,000 | 2,069,652 | ||||||
INEOS Group Holdings SA, 144A | 2,353,000 | 2,367,683 | ||||||
NOVA Chemicals Corp. | 2,515,000 | 2,521,262 | ||||||
4.875%, 6/1/24, 144A | 4,629,000 | 4,480,479 | ||||||
5.00%, 5/1/25, 144A | 2,498,000 | 2,440,758 | ||||||
5.25%, 6/1/27, 144A | 4,473,000 | 4,259,056 | ||||||
OCI NV | 3,205,000 | 3,331,598 | ||||||
5.25%, 11/1/24, 144A | 2,695,000 | 2,762,375 | ||||||
Olin Corp. | 2,273,000 | 2,295,781 | ||||||
5.625%, 8/1/29 | 2,759,000 | 2,784,245 | ||||||
5.00%, 2/1/30 | 2,520,000 | 2,458,638 | ||||||
PolyOne Corp. | 2,815,000 | 3,004,984 | ||||||
PQ Corp., 144A | 3,042,000 | 3,114,226 | ||||||
SPCM SA, 144A | 2,179,000 | 2,238,901 | ||||||
Starfruit Finco BV / Starfruit US Holdco LLC, 144A | 2,822,000 | 2,807,114 | ||||||
Valvoline, Inc., 144A | 2,500,000 | 2,470,313 | ||||||
WR Grace & Co.-Conn, 144A | 2,899,000 | 2,981,622 | ||||||
|
| |||||||
(Cost $78,632,446) | 77,044,513 | |||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International, Inc. | 2,363,000 | 2,386,134 | ||||||
|
| |||||||
Iron/Steel — 0.4% | ||||||||
AK Steel Corp. | 1,994,000 | 1,995,894 |
Principal | Value | |||||||
Iron/Steel (Continued) | ||||||||
Allegheny Technologies, Inc. | $ | 2,348,000 | $ | 2,495,419 | ||||
Cleveland-Cliffs, Inc. | 1,468,000 | 1,453,929 | ||||||
5.75%, 3/1/25 (a) | 2,151,000 | 1,962,788 | ||||||
5.875%, 6/1/27, 144A | 3,409,000 | 2,878,389 | ||||||
United States Steel Corp. | 3,313,000 | 2,875,403 | ||||||
6.25%, 3/15/26 (a) | 2,871,000 | 2,320,199 | ||||||
|
| |||||||
(Cost $17,304,007) | 15,982,021 | |||||||
|
| |||||||
Mining — 1.3% | ||||||||
Alcoa Nederland Holding BV | 3,313,000 | 3,404,141 | ||||||
7.00%, 9/30/26, 144A | 2,176,000 | 2,305,146 | ||||||
6.125%, 5/15/28, 144A | 2,138,000 | 2,198,185 | ||||||
Celtic Resources Holdings DAC, 144A | 1,525,000 | 1,572,900 | ||||||
Constellium SE | 1,999,000 | 2,044,807 | ||||||
6.625%, 3/1/25, 144A | 3,796,000 | 3,877,007 | ||||||
5.875%, 2/15/26, 144A | 1,767,000 | 1,800,175 | ||||||
FMG Resources August 2006 Pty Ltd. | 4,008,000 | 4,086,036 | ||||||
5.125%, 3/15/23, 144A (a) | 2,355,000 | 2,426,097 | ||||||
5.125%, 5/15/24, 144A (a) | 3,451,000 | 3,577,531 | ||||||
4.50%, 9/15/27, 144A | 2,434,000 | 2,359,398 | ||||||
Freeport-McMoRan, Inc. | 2,735,000 | 2,704,559 | ||||||
5.25%, 9/1/29 (a) | 2,496,000 | 2,513,098 | ||||||
Hudbay Minerals, Inc. | 1,580,000 | 1,592,506 | ||||||
7.625%, 1/15/25, 144A | 2,727,000 | 2,640,649 | ||||||
Joseph T Ryerson & Son, Inc., 144A | 2,981,000 | 3,100,261 | ||||||
Novelis Corp. | 6,818,000 | 7,057,840 | ||||||
4.75%, 1/30/30, 144A | 6,900,000 | 6,818,062 | ||||||
|
| |||||||
(Cost $56,886,971) | 56,078,398 | |||||||
|
| |||||||
Communications — 24.0% | ||||||||
Advertising — 0.5% | ||||||||
Lamar Media Corp. | 2,195,000 | 2,216,928 | ||||||
5.75%, 2/1/26 | 2,649,000 | 2,759,993 | ||||||
3.75%, 2/15/28, 144A | 2,750,000 | 2,764,575 | ||||||
4.00%, 2/15/30, 144A | 1,750,000 | 1,754,375 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 1,681,000 | 1,716,024 | ||||||
5.00%, 8/15/27, 144A | 2,497,000 | 2,576,654 | ||||||
4.625%, 3/15/30, 144A | 2,500,000 | 2,511,600 | ||||||
Terrier Media Buyer, Inc., 144A | 4,614,000 | 4,590,930 | ||||||
|
| |||||||
(Cost $21,242,417) | 20,891,079 | |||||||
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Internet — 2.1% | ||||||||
Match Group, Inc. | $ | 2,167,000 | $ | 2,249,015 | ||||
4.125%, 8/1/30, 144A | 2,000,000 | 1,963,150 | ||||||
Netflix, Inc. | 3,475,000 | 3,652,051 | ||||||
5.75%, 3/1/24 | 1,925,000 | 2,127,924 | ||||||
5.875%, 2/15/25 | 3,246,000 | 3,626,058 | ||||||
4.375%, 11/15/26 | 4,418,000 | 4,634,703 | ||||||
4.875%, 4/15/28 | 7,353,000 | 7,759,143 | ||||||
5.875%, 11/15/28 | 7,854,000 | 8,844,782 | ||||||
6.375%, 5/15/29 | 3,355,000 | 3,848,017 | ||||||
5.375%, 11/15/29, 144A | 4,271,000 | 4,651,333 | ||||||
4.875%, 6/15/30, 144A | 4,418,000 | 4,663,862 | ||||||
NortonLifeLock, Inc. | 1,757,000 | 1,795,698 | ||||||
5.00%, 4/15/25, 144A | 4,741,000 | 4,806,160 | ||||||
Photo Holdings Merger Sub, Inc., 144A | 3,392,000 | 3,220,277 | ||||||
Twitter, Inc., 144A | 3,246,000 | 3,323,092 | ||||||
Uber Technologies, Inc. | 2,343,000 | 2,448,412 | ||||||
8.00%, 11/1/26, 144A | 6,627,000 | 6,909,824 | ||||||
7.50%, 9/15/27, 144A | 5,232,000 | 5,467,571 | ||||||
VeriSign, Inc. | 3,591,000 | 3,628,041 | ||||||
5.25%, 4/1/25 | 2,150,000 | 2,335,083 | ||||||
4.75%, 7/15/27 | 2,627,000 | 2,741,353 | ||||||
|
| |||||||
(Cost $82,455,715) | 84,695,549 | |||||||
|
| |||||||
Media — 11.0% | ||||||||
Altice Financing SA | 12,149,000 | 12,839,671 | ||||||
5.00%, 1/15/28, 144A | 5,100,000 | 4,959,240 | ||||||
AMC Networks, Inc. | 2,225,000 | 2,245,648 | ||||||
5.00%, 4/1/24 | 4,752,000 | 4,787,640 | ||||||
4.75%, 8/1/25 | 3,552,000 | 3,547,684 | ||||||
Cablevision Systems Corp. | 2,980,000 | 3,134,751 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 3,442,000 | 3,485,817 | ||||||
5.125%, 2/15/23 | 4,311,000 | 4,354,067 | ||||||
4.00%, 3/1/23, 144A | 2,465,000 | 2,495,788 | ||||||
5.125%, 5/1/23, 144A | 5,584,000 | 5,660,975 | ||||||
5.75%, 9/1/23 | 1,419,000 | 1,435,141 | ||||||
5.875%, 4/1/24, 144A | 8,057,000 | 8,292,949 | ||||||
5.375%, 5/1/25, 144A | 3,753,000 | 3,864,408 | ||||||
5.75%, 2/15/26, 144A | 11,060,000 | 11,519,543 | ||||||
5.50%, 5/1/26, 144A | 7,653,000 | 7,958,527 | ||||||
5.125%, 5/1/27, 144A | 13,878,000 | 14,454,631 | ||||||
5.875%, 5/1/27, 144A | 3,378,000 | 3,520,290 | ||||||
5.00%, 2/1/28, 144A | 11,044,000 | 11,506,191 | ||||||
5.375%, 6/1/29, 144A | 6,726,000 | 7,173,615 | ||||||
4.75%, 3/1/30, 144A | 13,474,000 | 13,877,883 | ||||||
4.50%, 8/15/30, 144A | 7,000,000 | 7,091,875 |
Principal | Value | |||||||
Media (Continued) | ||||||||
Cengage Learning, Inc., 144A | $ | 2,507,000 | $ | 2,189,977 | ||||
Clear Channel Worldwide Holdings, Inc. | 7,643,000 | 8,142,967 | ||||||
5.125%, 8/15/27, 144A | 5,666,000 | 5,691,894 | ||||||
CSC Holdings LLC | 4,399,000 | 4,664,128 | ||||||
5.375%, 7/15/23, 144A | 4,899,000 | 5,028,750 | ||||||
5.25%, 6/1/24 | 3,302,000 | 3,573,045 | ||||||
7.75%, 7/15/25, 144A | 3,168,000 | 3,342,208 | ||||||
6.625%, 10/15/25, 144A | 4,545,000 | 4,760,933 | ||||||
10.875%, 10/15/25, 144A | 7,440,000 | 8,177,118 | ||||||
5.50%, 5/15/26, 144A | 6,613,000 | 6,862,161 | ||||||
5.50%, 4/15/27, 144A | 5,720,000 | 6,030,882 | ||||||
5.375%, 2/1/28, 144A | 4,752,000 | 4,954,685 | ||||||
7.50%, 4/1/28, 144A | 4,770,000 | 5,367,097 | ||||||
6.50%, 2/1/29, 144A | 7,708,000 | 8,531,022 | ||||||
5.75%, 1/15/30, 144A | 9,693,000 | 10,262,464 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co. | 13,474,000 | 12,448,548 | ||||||
6.625%, 8/15/27, 144A (a) | 8,062,000 | 6,518,127 | ||||||
DISH DBS Corp. | 9,231,000 | 9,575,593 | ||||||
5.875%, 7/15/22 | 9,185,000 | 9,600,437 | ||||||
5.00%, 3/15/23 | 6,854,000 | 6,914,589 | ||||||
5.875%, 11/15/24 | 8,834,000 | 9,079,718 | ||||||
7.75%, 7/1/26 (a) | 8,571,000 | 9,225,910 | ||||||
Entercom Media Corp. | 1,765,000 | 1,856,189 | ||||||
6.50%, 5/1/27, 144A | 1,950,000 | 2,043,303 | ||||||
Gray Television, Inc. | 2,396,000 | 2,460,896 | ||||||
5.875%, 7/15/26, 144A | 2,796,000 | 2,880,719 | ||||||
7.00%, 5/15/27, 144A | 3,568,000 | 3,860,041 | ||||||
iHeartCommunications, Inc. | 3,354,650 | 3,611,529 | ||||||
8.375%, 5/1/27 | 6,803,931 | 7,401,316 | ||||||
5.25%, 8/15/27, 144A | 3,318,000 | 3,427,992 | ||||||
4.75%, 1/15/28, 144A | 2,163,000 | 2,156,186 | ||||||
LCPR Senior Secured Financing DAC, 144A | 5,037,000 | 5,306,228 | ||||||
Meredith Corp. | 5,797,000 | 5,829,159 | ||||||
Nexstar Broadcasting, Inc. | 4,696,000 | 4,839,627 | ||||||
5.625%, 7/15/27, 144A | 7,929,000 | 8,221,580 | ||||||
Quebecor Media, Inc. | 3,743,000 | 3,977,256 | ||||||
Sinclair Television Group, Inc. | 2,072,000 | 2,124,660 | ||||||
5.125%, 2/15/27, 144A | 1,934,000 | 1,909,917 | ||||||
5.50%, 3/1/30, 144A | 2,132,000 | 2,122,726 | ||||||
Sirius XM Radio, Inc. | 4,900,000 | 4,900,603 | ||||||
4.625%, 5/15/23, 144A | 2,556,000 | 2,580,499 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Media (Continued) | ||||||||
4.625%, 7/15/24, 144A | $ | 6,818,000 | $ | 7,043,233 | ||||
5.375%, 4/15/25, 144A | 3,528,000 | 3,626,484 | ||||||
5.375%, 7/15/26, 144A | 4,545,000 | 4,714,642 | ||||||
5.00%, 8/1/27, 144A | 6,128,000 | 6,400,573 | ||||||
5.50%, 7/1/29, 144A | 5,720,000 | 6,143,566 | ||||||
TEGNA, Inc. | 4,295,000 | 4,166,257 | ||||||
5.00%, 9/15/29, 144A | 4,872,000 | 4,817,190 | ||||||
Telenet Finance Luxembourg Notes SARL, 144A | 4,200,000 | 4,456,200 | ||||||
Univision Communications, Inc. | 5,445,000 | 5,265,315 | ||||||
5.125%, 2/15/25, 144A | 6,421,000 | 6,074,394 | ||||||
UPC Holding BV, 144A | 2,169,000 | 2,203,595 | ||||||
Videotron Ltd. | 3,727,000 | 3,857,456 | ||||||
5.375%, 6/15/24, 144A | 2,551,000 | 2,730,055 | ||||||
5.125%, 4/15/27, 144A | 2,743,000 | 2,882,968 | ||||||
Virgin Media Finance PLC, 144A | 2,772,000 | 2,840,981 | ||||||
Virgin Media Secured Finance PLC | 3,009,000 | 3,103,452 | ||||||
5.50%, 5/15/29, 144A | 6,700,000 | 6,888,605 | ||||||
Ziggo Bond Co. BV | 2,834,000 | 2,992,909 | ||||||
5.125%, 2/28/30, 144A | 2,250,000 | 2,281,894 | ||||||
Ziggo BV | 8,093,000 | 8,351,086 | ||||||
4.875%, 1/15/30, 144A (a) | 3,111,000 | 3,238,777 | ||||||
|
| |||||||
(Cost $454,820,427) | 454,738,645 | |||||||
|
| |||||||
Telecommunications — 10.4% | ||||||||
Altice France SA | 22,000,000 | 23,112,100 | ||||||
8.125%, 2/1/27, 144A | 7,824,000 | 8,540,913 | ||||||
5.50%, 1/15/28, 144A (a) | 4,939,000 | 4,948,137 | ||||||
C&W Senior Financing DAC | 2,198,000 | 2,313,005 | ||||||
6.875%, 9/15/27, 144A | 5,672,000 | 5,997,133 | ||||||
CenturyLink, Inc. | 5,043,000 | 5,241,946 | ||||||
Series T, 5.80%, 3/15/22 | 6,700,000 | 6,999,356 | ||||||
Series W, 6.75%, 12/1/23 | 3,231,000 | 3,559,900 | ||||||
Series Y, 7.50%, 4/1/24 | 4,042,000 | 4,525,363 | ||||||
5.625%, 4/1/25 (a) | 2,376,000 | 2,481,934 | ||||||
5.125%, 12/15/26, 144A | 5,850,000 | 5,908,500 | ||||||
4.00%, 2/15/27, 144A | 5,088,000 | 5,125,651 | ||||||
Cincinnati Bell, Inc., 144A | 3,311,000 | 3,488,933 | ||||||
CommScope Technologies LLC | 6,543,000 | 6,150,420 | ||||||
5.00%, 3/15/27, 144A | 3,440,000 | 3,121,542 | ||||||
CommScope, Inc. | 5,970,000 | 6,087,519 | ||||||
5.50%, 6/15/24, 144A | 2,847,000 | 2,712,024 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
6.00%, 3/1/26, 144A | $ | 6,571,000 | $ | 6,756,986 | ||||
8.25%, 3/1/27, 144A | 4,182,000 | 4,210,647 | ||||||
Connect Finco SARL / Connect US Finco LLC, 144A | 9,232,000 | 9,403,992 | ||||||
Consolidated Communications, Inc. | 2,115,000 | 2,040,975 | ||||||
DKT Finance ApS, 144A | 1,723,000 | 1,834,909 | ||||||
Frontier Communications Corp. | 2,285,000 | 1,080,375 | ||||||
10.50%, 9/15/22 | 9,860,000 | 4,501,701 | ||||||
7.125%, 1/15/23 | 3,902,000 | 1,814,430 | ||||||
7.625%, 4/15/24 | 2,698,000 | 1,288,295 | ||||||
6.875%, 1/15/25 | 3,567,000 | 1,713,640 | ||||||
11.00%, 9/15/25 (a) | 15,757,000 | 7,248,220 | ||||||
8.50%, 4/1/26, 144A | 7,014,000 | 7,114,651 | ||||||
8.00%, 4/1/27, 144A | 6,934,000 | 7,206,853 | ||||||
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 144A | 4,028,000 | 4,105,680 | ||||||
GTH Finance BV, 144A | 4,016,000 | 4,480,330 | ||||||
GTT Communications, Inc., 144A | 2,314,000 | 1,775,995 | ||||||
Hughes Satellite Systems Corp. | 3,625,000 | 3,823,940 | ||||||
5.25%, 8/1/26 | 3,153,000 | 3,465,454 | ||||||
6.625%, 8/1/26 | 3,634,000 | 4,008,111 | ||||||
Intelsat Connect Finance SA, 144A | 5,588,000 | 3,310,890 | ||||||
Intelsat Jackson Holdings SA | 2,329,000 | 2,644,142 | ||||||
5.50%, 8/1/23 (a) | 8,800,000 | 7,586,348 | ||||||
8.00%, 2/15/24, 144A | 5,898,000 | 6,057,747 | ||||||
8.50%, 10/15/24, 144A | 13,032,000 | 11,278,088 | ||||||
9.75%, 7/15/25, 144A | 8,289,000 | 7,327,144 | ||||||
Intelsat Luxembourg SA | 1,650,000 | 1,249,875 | ||||||
8.125%, 6/1/23 (a) | 4,271,000 | 1,825,852 | ||||||
Intrado Corp., 144A | 4,996,000 | 3,372,300 | ||||||
Level 3 Financing, Inc. | 2,276,000 | 2,287,949 | ||||||
5.625%, 2/1/23 | 977,000 | 983,096 | ||||||
5.125%, 5/1/23 | 3,244,000 | 3,258,874 | ||||||
5.375%, 1/15/24 | 4,430,000 | 4,431,927 | ||||||
5.375%, 5/1/25 | 3,683,000 | 3,767,396 | ||||||
5.25%, 3/15/26 | 3,523,000 | 3,644,015 | ||||||
4.625%, 9/15/27, 144A | 4,408,000 | 4,504,315 | ||||||
Metropolitan Light Co. Ltd., 144A | 2,587,000 | 2,685,451 | ||||||
Nokia OYJ | 2,209,000 | 2,220,074 | ||||||
4.375%, 6/12/27 | 2,376,000 | 2,510,672 | ||||||
Qwest Corp. | 3,537,000 | 3,741,474 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Sable International Finance Ltd., 144A | $ | 2,541,000 | $ | 2,643,523 | ||||
Sprint Communications, Inc. | 4,555,000 | 5,212,378 | ||||||
6.00%, 11/15/22 | 9,974,000 | 10,715,866 | ||||||
Sprint Corp. | 10,486,000 | 11,148,401 | ||||||
7.875%, 9/15/23 | 19,461,000 | 22,274,769 | ||||||
7.125%, 6/15/24 | 11,673,000 | 13,268,291 | ||||||
7.625%, 2/15/25 | 6,619,000 | 7,694,588 | ||||||
7.625%, 3/1/26 | 6,010,000 | 7,101,176 | ||||||
7.25%, 2/1/28, 144A | 4,250,000 | 4,265,513 | ||||||
Telecom Italia SpA, 144A | 6,434,000 | 6,884,316 | ||||||
Telefonaktiebolaget LM Ericsson | 4,889,000 | 5,045,416 | ||||||
T-Mobile USA, Inc. | 2,404,000 | 2,473,098 | ||||||
6.00%, 3/1/23 | 4,199,000 | 4,260,242 | ||||||
6.50%, 1/15/24 | 806,000 | 827,149 | ||||||
6.00%, 4/15/24 | 6,852,000 | 7,012,611 | ||||||
6.375%, 3/1/25 | 5,989,000 | 6,163,669 | ||||||
5.125%, 4/15/25 | 2,584,000 | 2,661,494 | ||||||
6.50%, 1/15/26 | 8,730,000 | 9,207,095 | ||||||
4.50%, 2/1/26 | 4,045,000 | 4,106,889 | ||||||
5.375%, 4/15/27 | 2,826,000 | 3,002,123 | ||||||
4.75%, 2/1/28 | 6,096,000 | 6,358,738 | ||||||
VEON Holdings BV | 2,761,000 | 2,793,856 | ||||||
7.504%, 3/1/22, 144A | 1,148,000 | 1,260,920 | ||||||
5.95%, 2/13/23, 144A | 1,482,000 | 1,607,229 | ||||||
4.95%, 6/16/24, 144A | 1,934,000 | 2,069,486 | ||||||
4.00%, 4/9/25, 144A | 4,946,000 | 5,082,015 | ||||||
ViaSat, Inc. | 2,821,000 | 2,792,183 | ||||||
5.625%, 4/15/27, 144A | 2,768,000 | 2,820,730 | ||||||
Ypso Finance Bis SA | 8,015,000 | 9,177,175 | ||||||
6.00%, 2/15/28, 144A | 5,500,000 | 5,295,400 | ||||||
|
| |||||||
(Cost $443,729,863) | 432,103,528 | |||||||
|
| |||||||
Consumer, Cyclical — 14.4% | ||||||||
Airlines — 0.3% | ||||||||
Air Canada, 144A | 2,209,000 | 2,309,289 | ||||||
American Airlines Group, Inc. | 3,554,000 | 3,569,176 | ||||||
3.75%, 3/1/25, 144A | 2,000,000 | 1,848,750 | ||||||
United Airlines Holdings, Inc. | 1,554,000 | 1,555,942 | ||||||
Virgin Australia Holdings Ltd., 144A | 1,650,000 | 1,435,500 | ||||||
|
| |||||||
(Cost $11,010,690) | 10,718,657 | |||||||
|
| |||||||
Apparel — 0.3% | ||||||||
Hanesbrands, Inc. | 4,120,000 | 4,313,990 |
Principal | Value | |||||||
Apparel (Continued) | ||||||||
4.875%, 5/15/26, 144A | $ | 3,617,000 | $ | 3,795,499 | ||||
Levi Strauss & Co. | 2,839,000 | 2,928,187 | ||||||
|
| |||||||
(Cost $11,012,025) | 11,037,676 | |||||||
|
| |||||||
Auto Manufacturers — 0.8% | ||||||||
Allison Transmission, Inc. | 3,483,000 | 3,530,717 | ||||||
4.75%, 10/1/27, 144A | 1,871,000 | 1,923,103 | ||||||
5.875%, 6/1/29, 144A | 2,359,000 | 2,562,045 | ||||||
Fiat Chrysler Automobiles NV | 6,388,000 | 6,691,430 | ||||||
Jaguar Land Rover Automotive PLC | 1,884,000 | 1,829,345 | ||||||
4.50%, 10/1/27, 144A | 2,209,000 | 1,868,974 | ||||||
Navistar International Corp., 144A | 5,061,000 | 5,252,888 | ||||||
Tesla, Inc., 144A | 7,732,000 | 7,741,588 | ||||||
|
| |||||||
(Cost $31,071,376) | 31,400,090 | |||||||
|
| |||||||
Auto Parts & Equipment — 0.9% | ||||||||
Adient Global Holdings Ltd., 144A | 4,077,000 | 3,526,707 | ||||||
American Axle & Manufacturing, Inc. | 2,954,000 | 2,866,222 | ||||||
6.25%, 3/15/26 | 1,818,000 | 1,754,093 | ||||||
6.50%, 4/1/27 (a) | 2,299,000 | 2,211,695 | ||||||
Dana, Inc. | 1,971,000 | 1,997,204 | ||||||
Goodyear Tire & Rubber Co. | 4,323,000 | 4,300,045 | ||||||
5.00%, 5/31/26 (a) | 3,751,000 | 3,696,986 | ||||||
4.875%, 3/15/27 (a) | 3,145,000 | 3,048,606 | ||||||
Panther BF Aggregator 2 LP / Panther Finance Co., Inc. | 4,210,000 | 4,332,401 | ||||||
8.50%, 5/15/27, 144A | 8,826,000 | 8,986,192 | ||||||
Tenneco, Inc. | 2,284,000 | 1,970,007 | ||||||
|
| |||||||
(Cost $39,750,569) | 38,690,158 | |||||||
|
| |||||||
Distribution/Wholesale — 0.8% | ||||||||
American Builders & Contractors Supply Co., Inc. | 2,107,000 | 2,185,486 | ||||||
4.00%, 1/15/28, 144A | 3,192,000 | 3,122,095 | ||||||
Anixter, Inc. | 1,855,000 | 1,928,124 | ||||||
Core & Main LP, 144A | 2,558,000 | 2,596,600 | ||||||
HD Supply, Inc., 144A | 3,370,000 | 3,533,689 | ||||||
KAR Auction Services, Inc., 144A | 4,349,000 | 4,477,230 | ||||||
Performance Food Group, Inc., 144A | 4,452,000 | 4,708,101 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Distribution/Wholesale (Continued) | ||||||||
Wolverine Escrow LLC | $ | 3,062,000 | $ | 2,992,447 | ||||
9.00%, 11/15/26, 144A | 4,145,000 | 4,142,244 | ||||||
13.125%, 11/15/27, 144A | 2,124,000 | 2,235,510 | ||||||
|
| |||||||
(Cost $31,983,529) | 31,921,526 | |||||||
|
| |||||||
Entertainment — 2.3% | ||||||||
AMC Entertainment Holdings, Inc. | 2,728,000 | 2,235,828 | ||||||
5.875%, 11/15/26 | 2,766,000 | 2,219,224 | ||||||
6.125%, 5/15/27 (a) | 1,909,000 | 1,512,968 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 144A | 7,758,000 | 7,637,906 | ||||||
Cedar Fair LP, 144A | 2,034,000 | 2,037,763 | ||||||
Churchill Downs, Inc. | 3,351,000 | 3,503,806 | ||||||
4.75%, 1/15/28, 144A | 1,855,000 | 1,858,432 | ||||||
Cinemark USA, Inc. | 1,788,000 | 1,793,028 | ||||||
4.875%, 6/1/23 | 3,241,000 | 3,228,879 | ||||||
Cirsa Finance International Sarl, 144A | 2,292,000 | 2,400,616 | ||||||
Eldorado Resorts, Inc. | 4,335,000 | 4,539,113 | ||||||
6.00%, 9/15/26 | 2,594,000 | 2,798,651 | ||||||
International Game Technology PLC | 7,313,000 | 7,546,797 | ||||||
6.50%, 2/15/25, 144A | 4,721,000 | 5,128,139 | ||||||
6.25%, 1/15/27, 144A | 2,953,000 | 3,126,843 | ||||||
Lions Gate Capital Holdings LLC | 2,463,000 | 2,419,873 | ||||||
5.875%, 11/1/24, 144A | 2,400,000 | 2,328,276 | ||||||
Live Nation Entertainment, Inc. | 2,713,000 | 2,774,015 | ||||||
4.75%, 10/15/27, 144A | 4,340,000 | 4,369,729 | ||||||
Merlin Entertainments Ltd., 144A | 1,827,000 | 1,964,660 | ||||||
Mohegan Gaming & Entertainment, 144A | 2,325,000 | 2,306,598 | ||||||
Scientific Games International, Inc. | 5,725,000 | 5,753,625 | ||||||
8.25%, 3/15/26, 144A | 4,500,000 | 4,630,833 | ||||||
7.00%, 5/15/28, 144A | 3,200,000 | 3,100,960 | ||||||
7.25%, 11/15/29, 144A | 2,302,000 | 2,248,709 | ||||||
Six Flags Entertainment Corp. | 4,252,000 | 4,205,589 | ||||||
5.50%, 4/15/27, 144A | 2,207,000 | 2,111,768 | ||||||
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 144A | 4,763,000 | 5,129,036 | ||||||
|
| |||||||
(Cost $97,440,477) | 94,911,664 | |||||||
|
| |||||||
Food Service — 0.3% | ||||||||
Aramark Services, Inc. | 2,739,000 | 2,834,838 |
Principal | Value | |||||||
Food Service (Continued) | ||||||||
4.75%, 6/1/26 | $ | 2,276,000 | $ | 2,349,566 | ||||
5.00%, 2/1/28, 144A | 4,978,000 | 5,211,219 | ||||||
|
| |||||||
(Cost $10,275,763) | 10,395,623 | |||||||
|
| |||||||
Home Builders — 1.5% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. | 2,736,000 | 2,816,302 | ||||||
4.875%, 2/15/30, 144A | 2,000,000 | 1,982,300 | ||||||
KB Home | 2,025,000 | 2,154,904 | ||||||
Lennar Corp. | 2,259,000 | 2,299,820 | ||||||
4.125%, 1/15/22 | 2,537,000 | 2,595,909 | ||||||
4.75%, 11/15/22 | 2,661,000 | 2,789,313 | ||||||
4.875%, 12/15/23 | 2,371,000 | 2,535,986 | ||||||
4.50%, 4/30/24 | 2,451,000 | 2,608,268 | ||||||
5.875%, 11/15/24 | 1,912,000 | 2,092,904 | ||||||
4.75%, 5/30/25 | 1,986,000 | 2,150,272 | ||||||
4.75%, 11/29/27 | 4,089,000 | 4,561,688 | ||||||
Mattamy Group Corp. | 2,456,000 | 2,640,298 | ||||||
5.25%, 12/15/27, 144A | 2,140,000 | 2,236,300 | ||||||
Meritage Homes Corp. | 1,901,000 | 2,142,589 | ||||||
PulteGroup, Inc. | 1,376,000 | 1,397,190 | ||||||
5.50%, 3/1/26 | 3,375,000 | 3,727,089 | ||||||
5.00%, 1/15/27 | 2,601,000 | 2,861,627 | ||||||
Shea Homes LP / Shea Homes Funding Corp., 144A | 2,000,000 | 2,004,790 | ||||||
Taylor Morrison Communities, Inc. | 2,035,000 | 2,092,245 | ||||||
5.875%, 6/15/27, 144A | 2,122,000 | 2,376,263 | ||||||
5.75%, 1/15/28, 144A | 1,920,000 | 2,126,837 | ||||||
Toll Brothers Finance Corp. | 1,915,000 | 2,010,750 | ||||||
4.375%, 4/15/23 | 1,821,000 | 1,915,082 | ||||||
4.875%, 3/15/27 | 2,069,000 | 2,263,046 | ||||||
4.35%, 2/15/28 | 1,856,000 | 1,964,070 | ||||||
3.80%, 11/1/29 | 1,578,000 | 1,597,765 | ||||||
|
| |||||||
(Cost $59,970,644) | 61,943,607 | |||||||
|
| |||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International, Inc. | 2,012,000 | 2,053,477 | ||||||
5.50%, 6/15/26 | 3,107,000 | 3,256,602 | ||||||
|
| |||||||
(Cost $5,259,236) | 5,310,079 | |||||||
|
| |||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | 6,000,000 | 6,235,296 | ||||||
4.20%, 4/1/26 | 9,094,000 | 9,500,463 | ||||||
Scotts Miracle-Gro Co., 144A | 2,208,000 | 2,290,855 | ||||||
|
| |||||||
(Cost $17,784,209) | 18,026,614 | |||||||
|
|
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Leisure Time — 0.2% | ||||||||
24 Hour Fitness Worldwide, Inc., 144A | $ | 2,109,000 | $ | 964,210 | ||||
Carlson Travel, Inc., 144A | 1,360,000 | 1,363,964 | ||||||
Sabre GLBL, Inc. | 1,781,000 | 1,784,713 | ||||||
5.25%, 11/15/23, 144A | 2,325,000 | 2,325,442 | ||||||
Viking Cruises Ltd., 144A | 3,780,000 | 3,366,657 | ||||||
|
| |||||||
(Cost $11,411,945) | 9,804,986 | |||||||
|
| |||||||
Lodging — 2.5% | ||||||||
Boyd Gaming Corp. | 3,429,000 | 3,581,076 | ||||||
6.00%, 8/15/26 | 3,290,000 | 3,388,856 | ||||||
4.75%, 12/1/27, 144A | 4,180,000 | 4,136,026 | ||||||
Diamond Resorts International, Inc. | 2,221,000 | 2,226,530 | ||||||
10.75%, 9/1/24, 144A (a) | 2,796,000 | 2,895,020 | ||||||
Hilton Domestic Operating Co., Inc. | 4,555,000 | 4,583,446 | ||||||
5.125%, 5/1/26 | 6,827,000 | 7,028,038 | ||||||
4.875%, 1/15/30 | 4,245,000 | 4,408,740 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 4,275,000 | 4,303,493 | ||||||
4.875%, 4/1/27 | 2,730,000 | 2,796,476 | ||||||
Melco Resorts Finance Ltd. | 4,486,000 | 4,521,451 | ||||||
5.25%, 4/26/26, 144A (a) | 2,345,000 | 2,369,524 | ||||||
5.625%, 7/17/27, 144A | 2,550,000 | 2,673,975 | ||||||
5.375%, 12/4/29, 144A | 3,950,000 | 3,964,002 | ||||||
MGM Resorts International | 4,418,000 | 4,834,529 | ||||||
6.00%, 3/15/23 | 6,017,000 | 6,488,342 | ||||||
5.75%, 6/15/25 | 4,446,000 | 4,879,441 | ||||||
4.625%, 9/1/26 | 2,376,000 | 2,476,558 | ||||||
5.50%, 4/15/27 | 4,311,000 | 4,662,562 | ||||||
Station Casinos LLC | 2,554,000 | 2,573,155 | ||||||
4.50%, 2/15/28, 144A | 3,250,000 | 3,096,373 | ||||||
Studio City Co. Ltd., 144A | 3,514,000 | 3,547,207 | ||||||
Wyndham Destinations, Inc. | 3,219,000 | 3,186,788 | ||||||
3.90%, 3/1/23 | 1,418,000 | 1,418,532 | ||||||
5.75%, 4/1/27 | 1,539,000 | 1,631,413 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 1,819,000 | 1,850,814 | ||||||
5.50%, 3/1/25, 144A | 7,932,000 | 7,803,026 | ||||||
5.25%, 5/15/27, 144A | 3,976,000 | 3,861,690 | ||||||
|
| |||||||
(Cost $106,167,570) | 105,187,083 | |||||||
|
| |||||||
Retail — 3.8% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 6,874,000 | 6,894,863 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
5.00%, 10/15/25, 144A | $ | 12,227,000 | $ | 12,345,418 | ||||
3.875%, 1/15/28, 144A | 2,942,000 | 2,929,055 | ||||||
4.375%, 1/15/28, 144A | 3,550,000 | 3,538,817 | ||||||
Asbury Automotive Group, Inc. | 2,500,000 | 2,511,250 | ||||||
4.75%, 3/1/30, 144A | 2,500,000 | 2,550,000 | ||||||
Beacon Roofing Supply, Inc., 144A | 5,958,000 | 5,760,105 | ||||||
eG Global Finance PLC | 3,514,000 | 3,442,262 | ||||||
8.50%, 10/30/25, 144A | 2,818,000 | 2,907,570 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | 2,199,000 | 1,897,517 | ||||||
6.75%, 1/15/22 | 2,075,000 | 1,748,835 | ||||||
6.75%, 6/15/23 (a) | 2,294,000 | 1,920,273 | ||||||
Golden Nugget, Inc. | 5,542,000 | 5,457,152 | ||||||
8.75%, 10/1/25, 144A | 3,157,000 | 3,178,152 | ||||||
Group 1 Automotive, Inc. | 2,662,000 | 2,658,691 | ||||||
IRB Holding Corp., 144A | 1,738,000 | 1,729,914 | ||||||
JC Penney Corp., Inc. | 2,273,000 | 1,885,476 | ||||||
8.625%, 3/15/25, 144A | 1,618,000 | 904,057 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 4,639,000 | 4,685,228 | ||||||
5.25%, 6/1/26, 144A | 4,726,000 | 4,844,315 | ||||||
4.75%, 6/1/27, 144A | 3,409,000 | 3,493,620 | ||||||
L Brands, Inc. | 1,992,000 | 2,080,046 | ||||||
5.625%, 2/15/22 | 4,199,000 | 4,406,347 | ||||||
5.625%, 10/15/23 | 2,332,000 | 2,517,592 | ||||||
5.25%, 2/1/28 | 2,133,000 | 2,074,289 | ||||||
7.50%, 6/15/29 | 2,023,000 | 2,153,180 | ||||||
Michaels Stores, Inc., 144A | 2,282,000 | 1,906,497 | ||||||
Murphy Oil USA, Inc. | 2,229,000 | 2,341,899 | ||||||
Neiman Marcus Group Ltd. LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG | 3,207,000 | 946,065 | ||||||
8.75%, 10/25/24, 144A | 2,062,962 | 618,889 | ||||||
Penske Automotive Group, Inc. | 2,459,000 | 2,489,720 | ||||||
5.50%, 5/15/26 | 2,299,000 | 2,354,981 | ||||||
PetSmart, Inc. | 8,136,000 | 7,950,499 | ||||||
5.875%, 6/1/25, 144A | 5,221,000 | 5,266,945 | ||||||
8.875%, 6/1/25, 144A | 2,984,000 | 2,976,540 | ||||||
QVC, Inc. | 1,610,000 | 1,710,073 | ||||||
4.375%, 3/15/23 | 3,743,000 | 3,877,688 | ||||||
4.85%, 4/1/24 | 2,851,000 | 2,993,000 | ||||||
4.45%, 2/15/25 | 2,896,000 | 2,971,117 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Retail (Continued) | ||||||||
4.75%, 2/15/27 | $ | 2,250,000 | $ | 2,222,607 | ||||
Rite Aid Corp. | 5,277,000 | 4,848,244 | ||||||
7.50%, 7/1/25, 144A | 2,500,000 | 2,500,000 | ||||||
Staples, Inc. | 8,803,000 | 8,786,503 | ||||||
10.75%, 4/15/27, 144A (a) | 4,281,000 | 4,105,693 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | 2,401,000 | 2,381,816 | ||||||
Yum! Brands, Inc., 144A | 3,376,000 | 3,509,217 | ||||||
|
| |||||||
(Cost $159,078,250) | 157,272,017 | |||||||
|
| |||||||
Toys/Games/Hobbies — 0.2% | ||||||||
Mattel, Inc. | 6,328,000 | 6,663,605 | ||||||
5.875%, 12/15/27, 144A | 2,682,000 | 2,807,652 | ||||||
|
| |||||||
(Cost $9,068,920) | 9,471,257 | |||||||
|
| |||||||
Consumer, Non-cyclical — 21.2% | ||||||||
Agriculture — 0.4% | ||||||||
Darling Ingredients, Inc., 144A | 2,216,000 | 2,331,947 | ||||||
JBS Investments GmbH, 144A | 1,581,000 | 1,591,553 | ||||||
JBS Investments II GmbH | 4,158,000 | 4,446,233 | ||||||
5.75%, 1/15/28, 144A | 3,540,000 | 3,705,849 | ||||||
Vector Group Ltd. | 3,835,000 | 3,700,813 | ||||||
10.50%, 11/1/26, 144A | 2,384,000 | 2,369,815 | ||||||
|
| |||||||
(Cost $18,304,448) | 18,146,210 | |||||||
|
| |||||||
Commercial Services — 4.5% | ||||||||
ADT Security Corp. | 4,674,000 | 4,882,180 | ||||||
3.50%, 7/15/22 | 4,295,000 | 4,296,258 | ||||||
4.125%, 6/15/23 | 3,474,000 | 3,542,038 | ||||||
Algeco Global Finance PLC, 144A | 2,289,000 | 2,266,087 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | 6,700,000 | 7,039,181 | ||||||
9.75%, 7/15/27, 144A | 4,629,000 | 4,929,989 | ||||||
APX Group, Inc. | 4,159,000 | 4,231,755 | ||||||
7.625%, 9/1/23 (a) | 1,950,000 | 1,858,184 | ||||||
6.75%, 2/15/27, 144A | 2,500,000 | 2,428,137 | ||||||
ASGN, Inc., 144A | 2,550,000 | 2,524,806 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A | 1,884,000 | 1,888,757 | ||||||
Brink’s Co., 144A | 2,738,000 | 2,812,809 |
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
Garda World Security Corp., 144A | $ | 2,050,000 | $ | 2,029,500 | ||||
Gartner, Inc., 144A 5.125%, 4/1/25 | 3,790,000 | 3,921,456 | ||||||
Herc Holdings, Inc., 144A | 5,455,000 | 5,672,791 | ||||||
Hertz Corp. | 2,057,000 | 2,016,092 | ||||||
5.50%, 10/15/24, 144A | 4,167,000 | 3,997,882 | ||||||
7.125%, 8/1/26, 144A | 1,814,000 | 1,794,182 | ||||||
6.00%, 1/15/28, 144A | 4,056,000 | 3,759,304 | ||||||
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A | 5,594,000 | 5,772,337 | ||||||
Korn Ferry, 144A | 1,809,000 | 1,858,748 | ||||||
MPH Acquisition Holdings LLC, 144A | 6,841,000 | 6,380,669 | ||||||
Nielsen Co. Luxembourg SARL | 1,212,000 | 1,216,242 | ||||||
5.00%, 2/1/25, 144A (a) | 2,280,000 | 2,257,177 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 10,455,000 | 10,439,527 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | 3,167,000 | 3,284,448 | ||||||
5.75%, 4/15/26, 144A | 5,636,000 | 5,813,951 | ||||||
6.25%, 1/15/28, 144A | 5,945,000 | 5,742,870 | ||||||
Refinitiv US Holdings, Inc. | 5,017,000 | 5,394,780 | ||||||
8.25%, 11/15/26, 144A | 7,037,000 | 7,760,755 | ||||||
Service Corp. International | 3,732,000 | 3,809,756 | ||||||
4.625%, 12/15/27 | 2,233,000 | 2,344,254 | ||||||
5.125%, 6/1/29 | 3,497,000 | 3,787,601 | ||||||
ServiceMaster Co. LLC, 144A | 3,448,000 | 3,562,939 | ||||||
Sotheby’s, 144A | 2,787,000 | 2,793,968 | ||||||
Team Health Holdings, Inc., 144A | 3,015,000 | 1,629,351 | ||||||
United Rentals North America, Inc. | 3,087,000 | 3,188,609 | ||||||
4.625%, 10/15/25 | 3,564,000 | 3,618,939 | ||||||
5.875%, 9/15/26 | 6,885,000 | 7,263,503 | ||||||
6.50%, 12/15/26 | 2,744,000 | 2,931,004 | ||||||
5.50%, 5/15/27 | 4,671,000 | 4,892,989 | ||||||
3.875%, 11/15/27 | 3,196,000 | 3,229,878 | ||||||
4.875%, 1/15/28 | 7,533,000 | 7,745,054 | ||||||
5.25%, 1/15/30 | 3,455,000 | 3,641,052 | ||||||
4.00%, 7/15/30 | 3,000,000 | 2,920,950 | ||||||
Verscend Escrow Corp., 144A | 5,227,000 | 5,697,299 | ||||||
WEX, Inc., 144A | 1,476,000 | 1,485,838 | ||||||
|
| |||||||
(Cost $187,205,121) | 186,355,876 | |||||||
|
|
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Avon Products, Inc. | $ | 2,121,000 | $ | 2,311,915 | ||||
Coty, Inc., 144A | 2,106,000 | 2,169,233 | ||||||
Edgewell Personal Care Co. | 2,995,000 | 3,036,930 | ||||||
4.70%, 5/24/22 | 2,007,000 | 2,059,931 | ||||||
Revlon Consumer Products Corp. | 1,947,000 | 765,005 | ||||||
|
| |||||||
(Cost $10,625,855) | 10,343,014 | |||||||
|
| |||||||
Food — 3.8% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertson’s LLC | 3,000,000 | 3,011,250 | ||||||
6.625%, 6/15/24 | 5,645,000 | 5,814,293 | ||||||
5.75%, 3/15/25 | 5,853,000 | 6,082,233 | ||||||
7.50%, 3/15/26, 144A | 2,632,000 | 2,929,748 | ||||||
4.625%, 1/15/27, 144A | 6,150,000 | 6,061,747 | ||||||
5.875%, 2/15/28, 144A | 3,364,000 | 3,502,429 | ||||||
4.875%, 2/15/30, 144A | 4,250,000 | 4,260,625 | ||||||
B&G Foods, Inc. | 4,077,000 | 4,034,497 | ||||||
5.25%, 9/15/27 (a) | 2,321,000 | 2,300,691 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc. | 2,835,000 | 2,888,213 | ||||||
5.75%, 6/15/25, 144A | 4,403,000 | 4,520,406 | ||||||
6.75%, 2/15/28, 144A | 4,125,000 | 4,480,369 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | 6,185,000 | 6,720,312 | ||||||
5.50%, 1/15/30, 144A | 5,653,000 | 5,949,048 | ||||||
Kraft Heinz Foods Co. | 5,000,000 | 5,103,421 | ||||||
3.50%, 7/15/22 | 2,000,000 | 2,040,429 | ||||||
4.00%, 6/15/23 | 4,000,000 | 4,174,257 | ||||||
3.95%, 7/15/25 | 8,750,000 | 9,130,554 | ||||||
3.00%, 6/1/26 | 8,750,000 | 8,745,031 | ||||||
4.625%, 1/30/29 | 4,750,000 | 5,128,875 | ||||||
3.75%, 4/1/30, 144A | 4,500,000 | 4,589,487 | ||||||
Lamb Weston Holdings, Inc. | 4,009,000 | 4,177,799 | ||||||
4.875%, 11/1/26, 144A | 3,050,000 | 3,170,170 | ||||||
Pilgrim’s Pride Corp. | 5,094,000 | 5,204,973 | ||||||
5.875%, 9/30/27, 144A | 3,755,000 | 3,898,253 | ||||||
Post Holdings, Inc. | 4,998,000 | 5,214,588 | ||||||
5.00%, 8/15/26, 144A | 7,912,000 | 8,082,504 | ||||||
5.75%, 3/1/27, 144A | 5,773,000 | 6,021,051 | ||||||
5.625%, 1/15/28, 144A | 4,277,000 | 4,478,276 | ||||||
5.50%, 12/15/29, 144A | 3,158,000 | 3,282,267 | ||||||
4.625%, 4/15/30, 144A | 5,250,000 | 5,187,472 | ||||||
Sigma Holdco BV, 144A | 2,185,000 | 2,145,342 | ||||||
TreeHouse Foods, Inc., 144A | 2,344,000 | 2,425,067 |
Principal | Value | |||||||
Food (Continued) | ||||||||
US Foods, Inc., 144A | $ | 3,166,000 | $ | 3,228,006 | ||||
|
| |||||||
(Cost $157,670,610) | 157,983,683 | |||||||
|
| |||||||
Healthcare-Products — 0.8% | ||||||||
Avantor, Inc. | 6,802,000 | 7,153,425 | ||||||
9.00%, 10/1/25, 144A | 8,723,000 | 9,538,470 | ||||||
Hill-Rom Holdings, Inc., 144A | 2,000,000 | 2,075,895 | ||||||
Hologic, Inc. | 3,457,000 | 3,527,989 | ||||||
4.625%, 2/1/28, 144A | 1,925,000 | 2,012,294 | ||||||
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A | 3,075,000 | 3,028,875 | ||||||
Teleflex, Inc. | 1,841,000 | 1,924,485 | ||||||
4.625%, 11/15/27 | 1,990,000 | 2,091,988 | ||||||
|
| |||||||
(Cost $31,112,320) | 31,353,421 | |||||||
|
| |||||||
Healthcare-Services — 7.6% | ||||||||
Acadia Healthcare Co., Inc. | 3,118,000 | 3,147,886 | ||||||
AHP Health Partners, Inc., 144A | 2,023,000 | 2,210,830 | ||||||
Catalent Pharma Solutions, Inc. | 2,531,000 | 2,601,482 | ||||||
5.00%, 7/15/27, 144A | 1,924,000 | 2,006,924 | ||||||
Centene Corp. | 4,365,000 | 4,426,023 | ||||||
4.75%, 1/15/25 | 5,437,000 | 5,583,609 | ||||||
4.75%, 1/15/25, 144A | 2,500,000 | 2,567,413 | ||||||
5.25%, 4/1/25, 144A | 6,641,000 | 6,848,531 | ||||||
5.375%, 6/1/26, 144A | 9,144,000 | 9,621,317 | ||||||
5.375%, 8/15/26, 144A | 3,274,000 | 3,449,978 | ||||||
4.25%, 12/15/27, 144A | 11,433,000 | 11,783,421 | ||||||
4.625%, 12/15/29, 144A | 15,390,000 | 16,495,772 | ||||||
3.375%, 2/15/30, 144A | 7,500,000 | 7,509,375 | ||||||
Charles River Laboratories International, Inc. | 2,313,000 | 2,437,318 | ||||||
4.25%, 5/1/28, 144A | 2,378,000 | 2,426,987 | ||||||
CHS/Community Health Systems, Inc. | 14,171,000 | 14,100,145 | ||||||
9.875%, 6/30/23, 144A (a) | 8,076,000 | 7,676,359 | ||||||
8.625%, 1/15/24, 144A | 4,853,000 | 5,056,292 | ||||||
8.125%, 6/30/24, 144A (a) | 6,122,000 | 5,616,874 | ||||||
6.625%, 2/15/25, 144A | 4,750,000 | 4,856,875 | ||||||
8.00%, 3/15/26, 144A | 9,584,000 | 9,915,357 | ||||||
8.00%, 12/15/27, 144A | 3,176,000 | 3,271,280 | ||||||
6.875%, 4/1/28, 144A (a) | 7,512,000 | 4,244,280 | ||||||
DaVita, Inc. | 7,759,000 | 7,872,165 | ||||||
5.00%, 5/1/25 | 6,082,000 | 6,184,390 | ||||||
Encompass Health Corp. | 3,079,000 | 3,112,607 | ||||||
4.50%, 2/1/28 | 1,871,000 | 1,898,036 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
4.75%, 2/1/30 | $ | 2,290,000 | $ | 2,368,204 | ||||
Envision Healthcare Corp., 144A | 5,318,000 | 2,829,987 | ||||||
HCA Healthcare, Inc. | 156,000 | 162,150 | ||||||
HCA, Inc. | 4,092,000 | 4,479,042 | ||||||
5.375%, 2/1/25 | 11,856,000 | 13,131,528 | ||||||
5.875%, 2/15/26 | 6,596,000 | 7,465,683 | ||||||
5.375%, 9/1/26 | 4,752,000 | 5,278,165 | ||||||
5.625%, 9/1/28 | 6,597,000 | 7,489,112 | ||||||
5.875%, 2/1/29 | 4,527,000 | 5,245,661 | ||||||
3.50%, 9/1/30 | 11,750,000 | 11,525,545 | ||||||
LifePoint Health, Inc., 144A | 2,000,000 | 1,979,400 | ||||||
MEDNAX, Inc. | 3,425,000 | 3,359,360 | ||||||
6.25%, 1/15/27, 144A | 4,395,000 | 4,230,078 | ||||||
Molina Healthcare, Inc. | 3,065,000 | 3,195,263 | ||||||
Quorum Health Corp. | 1,707,000 | 1,464,461 | ||||||
Radiology Partners, Inc., 144A | 3,227,000 | 3,251,203 | ||||||
RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A | 6,694,000 | 7,170,780 | ||||||
Select Medical Corp., 144A | 5,600,000 | 5,981,276 | ||||||
Surgery Center Holdings, Inc., 144A | 1,927,000 | 2,110,735 | ||||||
Tenet Healthcare Corp. | 12,367,000 | 13,421,039 | ||||||
6.75%, 6/15/23 | 8,009,000 | 8,623,170 | ||||||
4.625%, 7/15/24 | 8,261,000 | 8,278,389 | ||||||
4.625%, 9/1/24, 144A | 2,690,000 | 2,737,075 | ||||||
5.125%, 5/1/25 | 6,185,000 | 6,237,263 | ||||||
7.00%, 8/1/25 | 2,693,000 | 2,772,672 | ||||||
4.875%, 1/1/26, 144A | 9,046,000 | 9,226,920 | ||||||
6.25%, 2/1/27, 144A | 6,627,000 | 6,950,066 | ||||||
5.125%, 11/1/27, 144A | 6,627,000 | 6,892,080 | ||||||
|
| |||||||
(Cost $313,082,009) | 314,777,833 | |||||||
|
| |||||||
Household Products/Wares — 0.2% | ||||||||
Prestige Brands, Inc. | 2,562,000 | 2,646,328 | ||||||
5.125%, 1/15/28, 144A | 1,859,000 | 1,947,303 | ||||||
Spectrum Brands, Inc. | 4,330,000 | 4,449,032 | ||||||
|
| |||||||
(Cost $9,066,891) | 9,042,663 | |||||||
|
| |||||||
Pharmaceuticals — 3.6% | ||||||||
Bausch Health Americas, Inc. | 7,239,000 | 8,101,672 | ||||||
8.50%, 1/31/27, 144A | 7,689,000 | 8,472,125 | ||||||
Bausch Health Cos., Inc. | 1,508,000 | 1,510,511 |
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
6.125%, 4/15/25, 144A | $ | 14,059,000 | $ | 14,365,275 | ||||
5.50%, 11/1/25, 144A | 8,597,000 | 8,869,224 | ||||||
9.00%, 12/15/25, 144A | 6,885,000 | 7,683,385 | ||||||
5.75%, 8/15/27, 144A | 1,989,000 | 2,119,478 | ||||||
7.00%, 1/15/28, 144A | 3,169,000 | 3,397,009 | ||||||
5.00%, 1/30/28, 144A | 5,317,000 | 5,270,476 | ||||||
7.25%, 5/30/29, 144A | 3,168,000 | 3,490,661 | ||||||
5.25%, 1/30/30, 144A | 5,390,000 | 5,349,575 | ||||||
Elanco Animal Health, Inc. | 2,540,000 | 2,664,275 | ||||||
5.022%, 8/28/23 | 3,379,000 | 3,621,564 | ||||||
5.65%, 8/28/28 (a) | 3,109,000 | 3,565,906 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | 6,331,000 | 4,986,232 | ||||||
6.00%, 2/1/25, 144A | 5,165,000 | 3,991,564 | ||||||
Horizon Therapeutics USA, Inc., 144A | 2,736,000 | 2,843,662 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | 1,700,000 | 1,296,250 | ||||||
5.625%, 10/15/23, 144A (a) | 2,446,000 | 1,413,580 | ||||||
10.00%, 4/15/25, 144A | 452,000 | 368,380 | ||||||
Par Pharmaceutical, Inc., 144A | 6,828,000 | 7,227,609 | ||||||
Teva Pharmaceutical Finance Co. BV Series 2, | 2,938,000 | 2,922,575 | ||||||
2.95%, 12/18/22 | 4,082,000 | 3,926,802 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 13,253,000 | 12,363,922 | ||||||
6.00%, 4/15/24 (a) | 5,650,000 | 5,746,530 | ||||||
7.125%, 1/31/25, 144A (a) | 4,352,000 | 4,587,378 | ||||||
3.15%, 10/1/26 | 15,083,000 | 13,193,477 | ||||||
6.75%, 3/1/28 (a) | 5,568,000 | 5,919,341 | ||||||
|
| |||||||
(Cost $143,504,832) | 149,268,438 | |||||||
|
| |||||||
Diversified — 0.0% | ||||||||
Holding Companies-Diversified — 0.0% | ||||||||
Stena AB, 144A | 2,350,000 | 2,356,850 | ||||||
|
| |||||||
Energy — 10.6% | ||||||||
Coal — 0.1% | ||||||||
Peabody Energy Corp. | 1,686,000 | 1,444,902 | ||||||
6.375%, 3/31/25, 144A | 2,355,000 | 1,624,950 | ||||||
|
| |||||||
(Cost $4,043,067) | 3,069,852 | |||||||
|
| |||||||
Energy-Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC | 2,577,000 | 2,625,344 | ||||||
5.00%, 1/31/28, 144A | 2,955,000 | 3,185,933 | ||||||
4.75%, 1/15/30, 144A | 3,306,000 | 3,440,224 | ||||||
|
| |||||||
(Cost $9,020,219) | 9,251,501 | |||||||
|
|
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Oil & Gas — 6.3% | ||||||||
Aker BP ASA | $ | 2,254,000 | $ | 2,317,625 | ||||
5.875%, 3/31/25, 144A | 2,252,000 | 2,366,390 | ||||||
American Energy-Permian Basin LLC, 144A | 3,112,000 | 2,186,180 | ||||||
Antero Resources Corp. | 4,154,000 | 3,481,800 | ||||||
5.125%, 12/1/22 | 4,225,000 | 2,627,020 | ||||||
5.625%, 6/1/23 (a) | 3,198,000 | 1,734,915 | ||||||
5.00%, 3/1/25 (a) | 2,651,000 | 1,371,892 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | 4,077,000 | 3,484,667 | ||||||
7.00%, 11/1/26, 144A | 2,727,000 | 1,643,965 | ||||||
Baytex Energy Corp. | 1,825,000 | 1,647,820 | ||||||
8.75%, 4/1/27, 144A | 2,200,000 | 2,095,500 | ||||||
Bruin E&P Partners LLC, 144A | 2,727,000 | 1,453,259 | ||||||
California Resources Corp., 144A | 8,020,000 | 1,824,550 | ||||||
Callon Petroleum Co. | 2,500,000 | 2,118,775 | ||||||
6.125%, 10/1/24 | 2,758,000 | 2,200,057 | ||||||
6.375%, 7/1/26 | 1,940,000 | 1,513,874 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A | 2,430,000 | 2,569,701 | ||||||
Chesapeake Energy Corp., 144A | 11,667,000 | 6,679,358 | ||||||
Citgo Holding, Inc., 144A | 6,227,000 | 6,476,080 | ||||||
CITGO Petroleum Corp., 144A | 1,863,000 | 1,867,644 | ||||||
CNX Resources Corp. | 3,549,000 | 3,278,566 | ||||||
7.25%, 3/14/27, 144A | 2,371,000 | 1,753,461 | ||||||
Comstock Resources, Inc. | 2,970,000 | 2,198,142 | ||||||
9.75%, 8/15/26 | 3,614,000 | 3,035,299 | ||||||
CrownRock LP / CrownRock Finance, Inc., 144A | 5,431,000 | 5,240,861 | ||||||
CVR Energy, Inc. | 2,550,000 | 2,384,250 | ||||||
5.75%, 2/15/28, 144A | 1,767,000 | 1,674,233 | ||||||
Denbury Resources, Inc. | 2,795,000 | 2,451,914 | ||||||
9.25%, 3/31/22, 144A | 1,865,000 | 1,497,244 | ||||||
7.75%, 2/15/24, 144A | 2,377,000 | 1,332,344 | ||||||
Diamond Offshore Drilling, Inc. | 2,176,000 | 1,539,520 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc. | 2,399,000 | 2,380,582 | ||||||
5.75%, 1/30/28, 144A | 4,149,000 | 4,062,078 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
EQT Corp. | $ | 3,500,000 | $ | 3,438,750 | ||||
3.00%, 10/1/22 | 3,298,000 | 2,757,953 | ||||||
6.125%, 2/1/25 | 4,397,000 | 3,354,471 | ||||||
3.90%, 10/1/27 | 5,500,000 | 3,547,500 | ||||||
7.00%, 2/1/30 | 3,250,000 | 2,437,500 | ||||||
Extraction Oil & Gas, Inc. | 1,767,000 | 613,299 | ||||||
5.625%, 2/1/26, 144A | 3,093,000 | 1,091,357 | ||||||
Gulfport Energy Corp. | 2,787,000 | 933,645 | ||||||
6.375%, 5/15/25 | 2,546,000 | 815,777 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | 2,209,000 | 1,751,549 | ||||||
5.75%, 10/1/25, 144A | 2,209,000 | 1,773,639 | ||||||
6.25%, 11/1/28, 144A | 2,651,000 | 1,936,204 | ||||||
Laredo Petroleum, Inc. | 2,450,000 | 1,767,063 | ||||||
10.125%, 1/15/28 (a) | 1,818,000 | 1,308,733 | ||||||
Matador Resources Co. | 4,638,000 | 4,162,721 | ||||||
MEG Energy Corp. | 2,761,000 | 2,621,804 | ||||||
6.50%, 1/15/25, 144A | 2,272,000 | 2,239,340 | ||||||
7.125%, 2/1/27, 144A | 5,299,000 | 5,011,635 | ||||||
Moss Creek Resources Holdings, Inc. | 3,182,000 | 1,869,576 | ||||||
10.50%, 5/15/27, 144A | 2,093,000 | 1,413,502 | ||||||
Murphy Oil Corp. | 2,293,000 | 2,291,819 | ||||||
5.75%, 8/15/25 | 3,304,000 | 3,214,313 | ||||||
5.875%, 12/1/27 | 1,800,000 | 1,759,194 | ||||||
Nabors Industries Ltd. | 2,700,000 | 2,470,500 | ||||||
7.50%, 1/15/28, 144A | 1,818,000 | 1,681,832 | ||||||
Nabors Industries, Inc. | 3,428,000 | 2,469,583 | ||||||
Noble Holding International Ltd. | 1,926,000 | 731,081 | ||||||
7.875%, 2/1/26, 144A | 3,342,000 | 2,069,024 | ||||||
Oasis Petroleum, Inc. | 3,982,000 | 3,135,825 | ||||||
6.25%, 5/1/26, 144A (a) | 1,767,000 | 1,091,167 | ||||||
Parkland Fuel Corp. | 2,984,000 | 3,123,800 | ||||||
5.875%, 7/15/27, 144A | 1,772,000 | 1,823,973 | ||||||
Parsley Energy LLC / Parsley Finance Corp. | 4,222,000 | 4,232,597 | ||||||
5.25%, 8/15/25, 144A | 3,034,000 | 3,012,504 | ||||||
5.625%, 10/15/27, 144A | 1,480,000 | 1,469,788 | ||||||
4.125%, 2/15/28, 144A | 1,640,000 | 1,541,600 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 3,511,000 | 3,614,873 | ||||||
6.00%, 2/15/28, 144A | 4,202,000 | 4,159,980 | ||||||
PDC Energy, Inc. | 1,369,000 | 1,283,869 | ||||||
5.75%, 5/15/26 | 2,916,000 | 2,602,603 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Puma International Financing SA | $ | 2,650,000 | $ | 2,589,108 | ||||
5.00%, 1/24/26, 144A | 3,432,000 | 3,212,392 | ||||||
QEP Resources, Inc. | 1,487,000 | 1,360,141 | ||||||
5.25%, 5/1/23 | 2,871,000 | 2,530,787 | ||||||
5.625%, 3/1/26 (a) | 2,413,000 | 1,936,493 | ||||||
Range Resources Corp. | 2,135,000 | 1,756,038 | ||||||
5.00%, 3/15/23 (a) | 3,036,000 | 2,207,749 | ||||||
4.875%, 5/15/25 (a) | 3,379,000 | 2,144,651 | ||||||
9.25%, 2/1/26, 144A | 2,400,000 | 1,632,420 | ||||||
Seven Generations Energy Ltd. | 1,748,000 | 1,731,613 | ||||||
6.875%, 6/30/23, 144A | 2,046,000 | 2,062,194 | ||||||
5.375%, 9/30/25, 144A | 2,910,000 | 2,669,023 | ||||||
SM Energy Co. | 2,159,000 | 1,938,376 | ||||||
5.00%, 1/15/24 | 2,376,000 | 1,858,947 | ||||||
5.625%, 6/1/25 | 2,273,000 | 1,773,883 | ||||||
6.75%, 9/15/26 (a) | 2,227,000 | 1,765,671 | ||||||
6.625%, 1/15/27 (a) | 2,076,000 | 1,613,722 | ||||||
Southwestern Energy Co. | 3,940,000 | 2,925,411 | ||||||
7.50%, 4/1/26 (a) | 2,809,000 | 2,141,933 | ||||||
7.75%, 10/1/27 (a) | 2,166,000 | 1,646,214 | ||||||
Sunoco LP / Sunoco Finance Corp. | 4,677,000 | 4,676,696 | ||||||
5.50%, 2/15/26 | 3,785,000 | 3,852,931 | ||||||
6.00%, 4/15/27 | 2,351,000 | 2,415,235 | ||||||
Transocean, Inc. | 3,209,000 | 2,663,438 | ||||||
7.50%, 1/15/26, 144A | 3,409,000 | 2,718,072 | ||||||
8.00%, 2/1/27, 144A | 3,400,000 | 2,826,250 | ||||||
Valaris PLC | 2,869,000 | 1,872,918 | ||||||
7.75%, 2/1/26 (a) | 4,316,000 | 1,715,502 | ||||||
Whiting Petroleum Corp. | 3,402,000 | 1,963,805 | ||||||
6.25%, 4/1/23 | 1,620,000 | 733,050 | ||||||
6.625%, 1/15/26 | 4,545,000 | 1,670,401 | ||||||
WPX Energy, Inc. | 1,807,000 | 2,020,072 | ||||||
5.25%, 9/15/24 | 2,762,000 | 2,762,994 | ||||||
5.75%, 6/1/26 | 2,313,000 | 2,300,331 | ||||||
5.25%, 10/15/27 | 3,232,000 | 3,186,590 | ||||||
4.50%, 1/15/30 | 3,775,000 | 3,608,711 | ||||||
|
| |||||||
(Cost $314,989,582) | 259,599,271 | |||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | 2,000,000 | 2,035,985 | ||||||
6.25%, 4/1/28, 144A | 2,500,000 | 2,412,750 | ||||||
KCA Deutag UK Finance PLC | 2,474,000 | 1,540,837 | ||||||
9.625%, 4/1/23, 144A | 1,665,000 | 982,869 |
Principal | Value | |||||||
Oil & Gas Services (Continued) | ||||||||
SESI LLC | $ | 2,657,000 | $ | 2,185,383 | ||||
7.75%, 9/15/24 | 2,209,000 | 1,072,304 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | 3,411,000 | 3,306,876 | ||||||
6.875%, 9/1/27 | 3,269,000 | 3,216,859 | ||||||
Weatherford International Ltd., 144A | 9,346,000 | 8,961,879 | ||||||
|
| |||||||
(Cost $29,454,754) | 25,715,742 | |||||||
|
| |||||||
Pipelines — 3.4% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | 2,871,000 | 2,189,137 | ||||||
5.75%, 3/1/27, 144A | 2,705,000 | 1,846,230 | ||||||
5.75%, 1/15/28, 144A | 3,046,000 | 2,094,201 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A | 3,870,000 | 3,544,997 | ||||||
Buckeye Partners LP | 2,337,000 | 2,360,136 | ||||||
4.125%, 3/1/25, 144A | 2,130,000 | 2,135,538 | ||||||
3.95%, 12/1/26 (a) | 2,830,000 | 2,695,575 | ||||||
4.125%, 12/1/27 | 1,600,000 | 1,547,520 | ||||||
4.50%, 3/1/28, 144A | 2,300,000 | 2,238,199 | ||||||
Cheniere Energy Partners LP | 6,303,000 | 6,332,482 | ||||||
5.625%, 10/1/26 | 5,000,000 | 5,034,370 | ||||||
4.50%, 10/1/29, 144A | 6,568,000 | 6,308,367 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 3,813,000 | 3,631,063 | ||||||
5.75%, 4/1/25 (a) | 1,348,000 | 1,321,027 | ||||||
5.625%, 5/1/27, 144A | 2,841,000 | 2,634,956 | ||||||
DCP Midstream Operating LP | 2,296,000 | 2,287,849 | ||||||
3.875%, 3/15/23 | 2,363,000 | 2,374,791 | ||||||
5.375%, 7/15/25 | 3,465,000 | 3,638,285 | ||||||
5.125%, 5/15/29 | 2,485,000 | 2,427,472 | ||||||
EnLink Midstream LLC | 2,023,000 | 1,750,305 | ||||||
EnLink Midstream Partners LP | 2,225,000 | 2,036,365 | ||||||
4.15%, 6/1/25 | 3,307,000 | 2,801,972 | ||||||
4.85%, 7/15/26 | 2,376,000 | 2,039,968 | ||||||
EQM Midstream Partners LP | 4,500,000 | 4,159,687 | ||||||
4.00%, 8/1/24 | 2,500,000 | 2,228,125 | ||||||
4.125%, 12/1/26 | 2,199,000 | 1,767,578 | ||||||
5.50%, 7/15/28 | 3,700,000 | 3,103,375 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 1,859,000 | 1,771,469 | ||||||
6.50%, 10/1/25 | 2,494,000 | 2,106,657 | ||||||
6.25%, 5/15/26 | 1,847,000 | 1,547,504 | ||||||
7.75%, 2/1/28 | 3,159,000 | 2,720,689 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
Hess Midstream Operations LP | $ | 3,364,000 | $ | 3,363,470 | ||||
5.125%, 6/15/28, 144A | 2,500,000 | 2,440,625 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp., 144A | 2,250,000 | 2,268,281 | ||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | 2,195,000 | 2,035,841 | ||||||
7.50%, 4/15/26 | 50,000 | 42,619 | ||||||
NuStar Logistics LP | 2,437,000 | 2,545,139 | ||||||
5.625%, 4/28/27 | 2,341,000 | 2,392,619 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1,941,000 | 1,868,232 | ||||||
5.50%, 9/15/24, 144A | 3,439,000 | 3,198,580 | ||||||
6.00%, 3/1/27, 144A | 1,750,000 | 1,675,625 | ||||||
5.50%, 1/15/28, 144A | 3,519,000 | 3,140,787 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 2,296,000 | 2,295,277 | ||||||
4.25%, 11/15/23 | 2,775,000 | 2,738,328 | ||||||
6.75%, 3/15/24 | 2,637,000 | 2,693,063 | ||||||
5.125%, 2/1/25 | 2,139,000 | 2,152,390 | ||||||
5.875%, 4/15/26 | 4,451,000 | 4,593,316 | ||||||
5.375%, 2/1/27 | 2,446,000 | 2,511,675 | ||||||
6.50%, 7/15/27 | 3,564,000 | 3,728,835 | ||||||
5.00%, 1/15/28 | 2,623,000 | 2,595,518 | ||||||
6.875%, 1/15/29 | 3,468,000 | 3,749,775 | ||||||
5.50%, 3/1/30, 144A | 4,545,000 | 4,503,868 | ||||||
|
| |||||||
(Cost $148,431,041) | 141,209,752 | |||||||
|
| |||||||
Financial — 8.9% | ||||||||
Banks — 1.0% | ||||||||
CIT Group, Inc. | 2,275,000 | 2,301,891 | ||||||
5.00%, 8/15/22 | 5,513,000 | 5,777,696 | ||||||
5.00%, 8/1/23 | 3,925,000 | 4,183,402 | ||||||
4.75%, 2/16/24 | 1,887,000 | 2,007,296 | ||||||
5.25%, 3/7/25 | 2,196,000 | 2,414,689 | ||||||
6.125%, 3/9/28 | 1,516,000 | 1,823,517 | ||||||
Freedom Mortgage Corp. | 1,864,000 | 1,799,534 | ||||||
8.25%, 4/15/25, 144A | 3,092,000 | 2,936,441 | ||||||
Intesa Sanpaolo SpA | 8,686,000 | 9,128,341 | ||||||
5.71%, 1/15/26, 144A (a) | 6,883,000 | 7,494,581 | ||||||
|
| |||||||
(Cost $38,816,165) | 39,867,388 | |||||||
|
| |||||||
Diversified Financial Services — 2.7% | ||||||||
Ally Financial, Inc. | 4,766,000 | 5,365,658 | ||||||
Credit Acceptance Corp. | 1,600,000 | 1,652,000 | ||||||
6.625%, 3/15/26, 144A | 2,054,000 | 2,161,614 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
LPL Holdings, Inc. | $ | 4,081,000 | $ | 4,244,199 | ||||
4.625%, 11/15/27, 144A | 1,900,000 | 1,928,500 | ||||||
Nationstar Mortgage Holdings, Inc. | 4,971,000 | 5,178,713 | ||||||
9.125%, 7/15/26, 144A | 3,598,000 | 3,901,203 | ||||||
6.00%, 1/15/27, 144A | 2,287,000 | 2,327,606 | ||||||
Navient Corp. | 2,621,000 | 2,679,317 | ||||||
6.625%, 7/26/21 | 2,220,000 | 2,290,529 | ||||||
Series MTN, 7.25%, 1/25/22 | 3,563,000 | 3,756,400 | ||||||
6.50%, 6/15/22 | 4,418,000 | 4,616,810 | ||||||
5.50%, 1/25/23 | 4,545,000 | 4,658,625 | ||||||
7.25%, 9/25/23 (a) | 2,273,000 | 2,449,135 | ||||||
Series MTN, 6.125%, 3/25/24 | 3,421,000 | 3,540,701 | ||||||
5.875%, 10/25/24 | 2,375,000 | 2,440,336 | ||||||
6.75%, 6/25/25 (a) | 2,083,000 | 2,202,773 | ||||||
6.75%, 6/15/26 | 2,316,000 | 2,447,665 | ||||||
5.00%, 3/15/27 | 3,177,000 | 3,080,737 | ||||||
NFP Corp., 144A | 2,952,000 | 2,959,410 | ||||||
Quicken Loans, Inc. | 5,318,000 | 5,459,805 | ||||||
5.25%, 1/15/28, 144A | 4,500,000 | 4,666,601 | ||||||
Springleaf Finance Corp. | 1,554,000 | 1,658,646 | ||||||
6.125%, 5/15/22 | 5,289,000 | 5,588,463 | ||||||
5.625%, 3/15/23 | 4,016,000 | 4,149,090 | ||||||
6.125%, 3/15/24 | 5,909,000 | 6,241,854 | ||||||
6.875%, 3/15/25 | 5,690,000 | 6,273,168 | ||||||
7.125%, 3/15/26 | 7,304,000 | 8,121,135 | ||||||
6.625%, 1/15/28 | 3,320,000 | 3,649,842 | ||||||
5.375%, 11/15/29 | 3,215,000 | 3,289,427 | ||||||
|
| |||||||
(Cost $112,225,202) | 112,979,962 | |||||||
|
| |||||||
Insurance — 0.6% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | 4,362,000 | 4,660,470 | ||||||
7.00%, 11/15/25, 144A | 3,861,000 | 3,782,583 | ||||||
10.125%, 8/1/26, 144A | 2,102,000 | 2,275,147 | ||||||
Ardonagh Midco 3 PLC, 144A | 2,394,000 | 2,422,932 | ||||||
AssuredPartners, Inc., 144A | 2,279,000 | 2,291,557 | ||||||
Genworth Holdings, Inc. | 3,245,000 | 3,339,332 | ||||||
HUB International Ltd., 144A | 5,587,000 | 5,656,698 | ||||||
|
| |||||||
(Cost $24,086,285) | 24,428,719 | |||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
Howard Hughes Corp., 144A | 4,681,000 | 4,749,764 | ||||||
Kennedy-Wilson, Inc. | 5,098,000 | 5,193,638 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Real Estate (Continued) | ||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | $ | 2,651,000 | $ | 2,670,220 | ||||
4.875%, 6/1/23, 144A (a) | 1,955,000 | 1,948,891 | ||||||
9.375%, 4/1/27, 144A (a) | 2,391,000 | 2,456,812 | ||||||
|
| |||||||
(Cost $17,037,453) | 17,019,325 | |||||||
|
| |||||||
Real Estate Investment Trusts — 3.5% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A | 4,553,000 | 4,510,311 | ||||||
CBL & Associates LP | 1,988,000 | 1,008,636 | ||||||
5.95%, 12/15/26 | 2,761,000 | 1,130,692 | ||||||
Diversified Healthcare Trust | 2,399,000 | 2,516,180 | ||||||
ESH Hospitality, Inc. | 5,984,000 | 6,031,363 | ||||||
4.625%, 10/1/27, 144A | 2,945,000 | 2,865,927 | ||||||
Iron Mountain, Inc. | 2,795,000 | 2,791,562 | ||||||
6.00%, 8/15/23 | 2,197,000 | 2,240,028 | ||||||
5.75%, 8/15/24 | 3,997,000 | 4,036,930 | ||||||
4.875%, 9/15/27, 144A | 4,537,000 | 4,604,250 | ||||||
5.25%, 3/15/28, 144A | 3,633,000 | 3,767,966 | ||||||
4.875%, 9/15/29, 144A | 4,358,000 | 4,328,987 | ||||||
iStar, Inc. | 2,489,000 | 2,539,557 | ||||||
4.75%, 10/1/24 | 3,749,000 | 3,834,683 | ||||||
4.25%, 8/1/25 | 2,200,000 | 2,177,560 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 2,098,000 | 2,145,190 | ||||||
5.25%, 10/1/25, 144A | 1,687,000 | 1,715,114 | ||||||
4.25%, 2/1/27, 144A | 3,400,000 | 3,234,250 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. | 4,804,000 | 5,210,346 | ||||||
4.50%, 9/1/26 | 2,772,000 | 2,875,458 | ||||||
5.75%, 2/1/27 | 2,370,000 | 2,598,112 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 2,279,000 | 2,353,067 | ||||||
5.25%, 8/1/26 | 1,660,000 | 1,734,405 | ||||||
5.00%, 10/15/27 | 6,685,000 | 6,992,744 | ||||||
4.625%, 8/1/29 | 3,825,000 | 4,032,984 | ||||||
Ryman Hospitality Properties, Inc., 144A | 3,278,000 | 3,316,910 | ||||||
SBA Communications Corp. | 3,399,000 | 3,444,931 | ||||||
4.875%, 9/1/24 | 5,854,000 | 6,028,420 | ||||||
3.875%, 2/15/27, 144A | 4,250,000 | 4,344,563 | ||||||
Starwood Property Trust, Inc. | 2,071,000 | 2,052,402 | ||||||
4.75%, 3/15/25 | 2,471,000 | 2,527,623 |
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | $ | 2,794,000 | $ | 2,535,527 | ||||
7.875%, 2/15/25, 144A | 9,500,000 | 9,816,350 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | 2,614,000 | 2,561,720 | ||||||
8.25%, 10/15/23 (a) | 4,998,000 | 4,660,635 | ||||||
VICI Properties LP / VICI Note Co., Inc. | 3,500,000 | 3,511,988 | ||||||
4.25%, 12/1/26, 144A | 5,740,000 | 5,808,507 | ||||||
3.75%, 2/15/27, 144A | 3,000,000 | 2,983,125 | ||||||
4.625%, 12/1/29, 144A | 4,565,000 | 4,721,808 | ||||||
4.125%, 8/15/30, 144A | 4,000,000 | 4,012,500 | ||||||
Washington Prime Group LP | 3,057,000 | 2,524,578 | ||||||
|
| |||||||
(Cost $148,479,887) | 146,127,889 | |||||||
|
| |||||||
Venture Capital — 0.7% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 5,323,000 | 5,423,605 | ||||||
6.75%, 2/1/24 | 2,548,000 | 2,644,607 | ||||||
4.75%, 9/15/24, 144A | 5,088,000 | 5,196,120 | ||||||
6.375%, 12/15/25 | 3,297,000 | 3,411,027 | ||||||
6.25%, 5/15/26 | 4,998,000 | 5,132,866 | ||||||
5.25%, 5/15/27, 144A | 5,150,000 | 5,175,750 | ||||||
|
| |||||||
(Cost $27,039,386) | 26,983,975 | |||||||
|
| |||||||
Industrial — 8.6% | ||||||||
Aerospace/Defense — 2.8% | ||||||||
Arconic, Inc. | 6,230,000 | 6,301,770 | ||||||
5.87%, 2/23/22 | 2,240,000 | 2,358,294 | ||||||
5.125%, 10/1/24 | 5,381,000 | 5,777,553 | ||||||
Bombardier, Inc. | 4,896,000 | 5,193,530 | ||||||
5.75%, 3/15/22, 144A | 2,425,000 | 2,477,817 | ||||||
6.00%, 10/15/22, 144A | 4,999,000 | 4,911,518 | ||||||
6.125%, 1/15/23, 144A | 5,577,000 | 5,600,897 | ||||||
7.50%, 12/1/24, 144A | 4,263,000 | 4,303,861 | ||||||
7.50%, 3/15/25, 144A | 6,377,000 | 6,313,230 | ||||||
7.875%, 4/15/27, 144A | 8,875,000 | 8,830,847 | ||||||
Signature Aviation US Holdings, Inc. | 2,250,000 | 2,301,024 | ||||||
4.00%, 3/1/28, 144A | 2,714,000 | 2,684,824 | ||||||
Spirit AeroSystems, Inc. | 3,050,000 | 3,031,843 | ||||||
SSL Robotics LLC, 144A | 4,550,000 | 4,847,115 | ||||||
TransDigm, Inc. | 4,999,000 | 5,121,900 | ||||||
6.50%, 5/15/25 | 3,465,000 | 3,583,798 | ||||||
6.25%, 3/15/26, 144A | 17,022,000 | 18,053,976 | ||||||
6.375%, 6/15/26 | 4,515,000 | 4,647,741 | ||||||
7.50%, 3/15/27 | 2,614,000 | 2,759,469 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Aerospace/Defense (Continued) | ||||||||
5.50%, 11/15/27, 144A | $ | 11,796,000 | $ | 11,803,078 | ||||
Triumph Group, Inc. | 2,507,000 | 2,609,373 | ||||||
7.75%, 8/15/25 | 2,254,000 | 2,238,030 | ||||||
|
| |||||||
(Cost $116,414,086) | 115,751,488 | |||||||
|
| |||||||
Building Materials — 0.8% | ||||||||
Builders FirstSource, Inc. | 2,192,000 | 2,368,122 | ||||||
5.00%, 3/1/30, 144A | 2,280,000 | 2,285,369 | ||||||
Cornerstone Building Brands, Inc., 144A | 2,705,000 | 2,683,969 | ||||||
Griffon Corp., 144A | 4,000,000 | 4,008,980 | ||||||
JELD-WEN, Inc. | 1,613,000 | 1,629,799 | ||||||
4.875%, 12/15/27, 144A | 1,684,000 | 1,746,565 | ||||||
Standard Industries, Inc. | 2,382,000 | 2,450,905 | ||||||
4.75%, 1/15/28, 144A | 4,045,000 | 4,165,632 | ||||||
Standard Industries, Inc. | 5,119,000 | 5,196,246 | ||||||
6.00%, 10/15/25, 144A | 5,000,000 | 5,237,450 | ||||||
Summit Materials LLC / Summit Materials Finance Corp. | 2,798,000 | 2,822,482 | ||||||
|
| |||||||
(Cost $34,409,541) | 34,595,519 | |||||||
|
| |||||||
Electrical Components & Equipment — 0.2% | ||||||||
Energizer Holdings, Inc. | 2,808,000 | 2,855,413 | ||||||
6.375%, 7/15/26, 144A | 1,890,000 | 1,963,994 | ||||||
7.75%, 1/15/27, 144A | 2,833,000 | 3,079,046 | ||||||
|
| |||||||
(Cost $7,819,324) | 7,898,453 | |||||||
|
| |||||||
Electronics — 0.2% | ||||||||
Sensata Technologies BV | 1,849,000 | 1,955,299 | ||||||
5.625%, 11/1/24, 144A | 2,376,000 | 2,567,660 | ||||||
5.00%, 10/1/25, 144A | 2,725,000 | 2,874,017 | ||||||
|
| |||||||
(Cost $7,334,989) | 7,396,976 | |||||||
|
| |||||||
Engineering & Construction — 0.4% | ||||||||
AECOM | 3,528,000 | 3,879,336 | ||||||
5.125%, 3/15/27 | 4,355,000 | 4,512,292 | ||||||
Brand Industrial Services, Inc., 144A | 4,345,000 | 4,220,038 | ||||||
MasTec, Inc. | 1,828,000 | 1,834,736 | ||||||
|
| |||||||
(Cost $14,317,296) | 14,446,402 | |||||||
|
| |||||||
Environmental Control — 0.6% | ||||||||
Advanced Disposal Services, Inc., 144A | 1,815,000 | 1,898,063 | ||||||
Clean Harbors, Inc., 144A | 2,617,000 | 2,738,821 |
Principal | Value | |||||||
Environmental Control (Continued) | ||||||||
Covanta Holding Corp. | $ | 1,909,000 | $ | 1,936,041 | ||||
5.875%, 7/1/25 | 1,814,000 | 1,864,638 | ||||||
6.00%, 1/1/27 | 1,903,000 | 1,965,509 | ||||||
GFL Environmental, Inc. | 1,968,000 | 2,024,580 | ||||||
7.00%, 6/1/26, 144A | 3,062,000 | 3,227,647 | ||||||
5.125%, 12/15/26, 144A | 2,250,000 | 2,334,375 | ||||||
8.50%, 5/1/27, 144A | 2,409,000 | 2,613,163 | ||||||
Stericycle, Inc., 144A | 2,301,000 | 2,424,103 | ||||||
|
| |||||||
(Cost $22,886,808) | 23,026,940 | |||||||
|
| |||||||
Hand/Machine Tools — 0.1% | ||||||||
Colfax Corp. | 3,170,000 | 3,292,505 | ||||||
6.375%, 2/15/26, 144A | 1,601,000 | 1,699,061 | ||||||
|
| |||||||
(Cost $4,982,005) | 4,991,566 | |||||||
|
| |||||||
Machinery-Construction & Mining — 0.1% | ||||||||
Vertiv Group Corp., 144A | 2,736,000 | 2,925,824 | ||||||
|
| |||||||
Machinery-Diversified — 0.1% | ||||||||
Cloud Crane LLC, 144A | 2,637,000 | 2,794,126 | ||||||
Welbilt, Inc. | 1,917,000 | 2,029,221 | ||||||
|
| |||||||
(Cost $4,793,544) | 4,823,347 | |||||||
|
| |||||||
Packaging & Containers — 2.8% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 2,984,000 | 2,981,055 | ||||||
6.00%, 2/15/25, 144A | 7,727,000 | 8,074,715 | ||||||
4.125%, 8/15/26, 144A | 1,928,000 | 1,924,387 | ||||||
5.25%, 8/15/27, 144A (a) | 3,470,000 | 3,532,980 | ||||||
Ball Corp. | 2,774,000 | 2,896,833 | ||||||
4.00%, 11/15/23 | 4,045,000 | 4,166,512 | ||||||
5.25%, 7/1/25 | 4,650,000 | 5,079,125 | ||||||
4.875%, 3/15/26 | 3,709,000 | 4,086,762 | ||||||
Berry Global, Inc. | 3,073,000 | 3,096,026 | ||||||
5.125%, 7/15/23 | 2,957,000 | 2,965,812 | ||||||
4.50%, 2/15/26, 144A | 2,731,000 | 2,695,087 | ||||||
4.875%, 7/15/26, 144A | 5,207,000 | 5,306,318 | ||||||
5.625%, 7/15/27, 144A | 1,738,000 | 1,811,821 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 4,516,000 | 4,590,469 | ||||||
Flex Acquisition Co., Inc. | 2,970,000 | 2,918,055 | ||||||
7.875%, 7/15/26, 144A | 1,977,000 | 2,011,247 | ||||||
Graphic Packaging International LLC | 2,049,000 | 2,085,616 | ||||||
LABL Escrow Issuer LLC | 3,210,000 | 3,369,132 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
10.50%, 7/15/27, 144A | $ | 3,159,000 | $ | 3,276,902 | ||||
Mauser Packaging Solutions Holding Co. | 6,538,000 | 6,527,801 | ||||||
7.25%, 4/15/25, 144A | 5,964,000 | 5,795,099 | ||||||
Owens-Brockway Glass Container, Inc. | 2,115,000 | 2,182,215 | ||||||
5.875%, 8/15/23, 144A (a) | 3,057,000 | 3,239,518 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 7,292,000 | 7,380,124 | ||||||
7.00%, 7/15/24, 144A | 3,654,000 | 3,695,126 | ||||||
Sealed Air Corp. | 2,016,000 | 2,097,269 | ||||||
5.25%, 4/1/23, 144A (a) | 1,273,000 | 1,345,135 | ||||||
5.125%, 12/1/24, 144A | 2,019,000 | 2,170,425 | ||||||
5.50%, 9/15/25, 144A | 1,750,000 | 1,908,226 | ||||||
4.00%, 12/1/27, 144A | 1,916,000 | 1,911,210 | ||||||
Silgan Holdings, Inc., 144A | 2,434,000 | |||||||
2,455,297 | ||||||||
Trivium Packaging Finance BV | 4,408,000 | 4,576,059 | ||||||
8.50%, 8/15/27, 144A | 3,090,000 | 3,274,689 | ||||||
|
| |||||||
(Cost $115,582,252) | 115,427,047 | |||||||
|
| |||||||
Transportation — 0.4% | ||||||||
Cargo Aircraft Management, Inc., 144A | 2,300,000 | 2,285,625 | ||||||
Hornbeck Offshore Services, Inc. | 1,231,000 | 444,699 | ||||||
Kenan Advantage Group, Inc., 144A | 1,647,000 | 1,627,096 | ||||||
XPO Logistics, Inc. | 5,022,000 | 5,027,926 | ||||||
6.125%, 9/1/23, 144A | 3,285,000 | 3,366,418 | ||||||
6.75%, 8/15/24, 144A | 4,411,000 | 4,662,802 | ||||||
|
| |||||||
(Cost $18,012,379) | 17,414,566 | |||||||
|
| |||||||
Trucking & Leasing — 0.1% | ||||||||
Fortress Transportation & Infrastructure Investors LLC | 3,325,000 | 3,337,635 | ||||||
6.50%, 10/1/25, 144A | 2,184,000 | 2,294,106 | ||||||
|
| |||||||
(Cost $5,642,540) | 5,631,741 | |||||||
|
| |||||||
Technology — 4.8% | ||||||||
Computers — 1.5% | ||||||||
Banff Merger Sub, Inc., 144A | 6,516,000 | 6,564,707 | ||||||
Dell International LLC / EMC Corp. | 5,633,000 | 5,673,558 | ||||||
7.125%, 6/15/24, 144A | 7,265,000 | 7,610,087 | ||||||
Dell, Inc. | 2,778,000 | 2,814,531 | ||||||
Diebold Nixdorf, Inc. | 1,767,000 | 1,595,451 |
Principal | Value | |||||||
Computers (Continued) | ||||||||
EMC Corp. | $ | 4,024,000 | $ | 4,043,074 | ||||
Exela Intermediate LLC / Exela Finance, Inc., 144A | 4,145,000 | 1,398,937 | ||||||
NCR Corp. | 2,609,000 | 2,625,306 | ||||||
6.375%, 12/15/23 | 3,347,000 | 3,418,810 | ||||||
5.75%, 9/1/27, 144A | 2,376,000 | 2,506,258 | ||||||
6.125%, 9/1/29, 144A | 1,847,000 | 2,007,966 | ||||||
Presidio Holdings, Inc. | 1,800,000 | 1,803,375 | ||||||
8.25%, 2/1/28, 144A | 1,925,000 | 1,989,969 | ||||||
Vericast Corp. | 3,219,000 | 3,227,048 | ||||||
8.375%, 8/15/22, 144A | 3,473,000 | 2,892,356 | ||||||
Western Digital Corp. | 10,296,000 | 10,649,925 | ||||||
|
| |||||||
(Cost $62,954,231) | 60,821,358 | |||||||
|
| |||||||
Office/Business Equipment — 0.5% | ||||||||
CDW LLC / CDW Finance Corp. | 2,216,000 | 2,442,220 | ||||||
5.00%, 9/1/25 | 3,163,000 | 3,288,207 | ||||||
4.25%, 4/1/28 | 2,834,000 | 2,877,559 | ||||||
Pitney Bowes, Inc. | 1,723,000 | 1,762,305 | ||||||
5.20%, 4/1/23 | 1,753,000 | 1,758,110 | ||||||
4.625%, 3/15/24 (a) | 1,640,000 | 1,549,120 | ||||||
Xerox Corp. | 4,610,000 | 4,699,526 | ||||||
4.125%, 3/15/23 | 4,451,000 | 4,549,768 | ||||||
|
| |||||||
(Cost $22,696,731) | 22,926,815 | |||||||
|
| |||||||
Semiconductors — 0.2% | ||||||||
Qorvo, Inc. | 3,570,000 | 3,694,500 | ||||||
4.375%, 10/15/29, 144A | 2,600,000 | 2,705,625 | ||||||
|
| |||||||
(Cost $6,443,564) | 6,400,125 | |||||||
|
| |||||||
Software — 2.6% | ||||||||
Camelot Finance SA, 144A | 3,327,000 | 3,349,537 | ||||||
CDK Global, Inc. | 1,311,000 | 1,424,651 | ||||||
5.875%, 6/15/26 | 2,078,000 | 2,178,056 | ||||||
4.875%, 6/1/27 | 3,677,000 | 3,795,850 | ||||||
5.25%, 5/15/29, 144A | 2,251,000 | 2,402,942 | ||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A | 4,744,000 | 4,809,182 | ||||||
Dun & Bradstreet Corp. | 3,045,000 | 3,257,008 | ||||||
10.25%, 2/15/27, 144A | 3,319,000 | 3,731,718 | ||||||
Infor US, Inc. | 7,848,000 | 7,873,270 | ||||||
IQVIA, Inc. | 4,267,000 | 4,411,769 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
Principal | Value | |||||||
Software (Continued) | ||||||||
5.00%, 5/15/27, 144A | $ | 5,030,000 | $ | 5,211,445 | ||||
MSCI, Inc. | 4,016,000 | 4,166,560 | ||||||
4.75%, 8/1/26, 144A | 2,282,000 | 2,375,066 | ||||||
5.375%, 5/15/27, 144A | 2,271,000 | 2,435,244 | ||||||
4.00%, 11/15/29, 144A | 4,448,000 | 4,617,691 | ||||||
Nuance Communications, Inc. | 2,341,000 | 2,475,192 | ||||||
Open Text Corp. | 3,551,000 | 3,597,696 | ||||||
5.875%, 6/1/26, 144A | 4,039,000 | 4,283,965 | ||||||
3.875%, 2/15/28, 144A | 3,500,000 | 3,463,862 | ||||||
PTC, Inc. | 2,235,000 | 2,306,710 | ||||||
3.625%, 2/15/25, 144A | 2,000,000 | 2,010,000 | ||||||
4.00%, 2/15/28, 144A | 2,000,000 | 2,000,000 | ||||||
Rackspace Hosting, Inc., 144A | 5,205,000 | 4,996,800 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 10,015,000 | 10,609,240 | ||||||
SS&C Technologies, Inc., 144A | 9,004,000 | 9,445,871 | ||||||
TIBCO Software, Inc., 144A | 2,952,000 | 3,039,158 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd. | 1,987,000 | 1,893,442 | ||||||
10.50%, 2/1/24, 144A (a) | 3,428,000 | 2,940,933 | ||||||
|
| |||||||
(Cost $109,002,350) | 109,102,858 | |||||||
|
| |||||||
Utilities — 2.8% | ||||||||
Electric — 2.5% | ||||||||
AES Corp. | 2,268,000 | 2,275,416 | ||||||
4.50%, 3/15/23 | 1,805,000 | 1,799,775 | ||||||
4.875%, 5/15/23 | 3,051,000 | 3,029,201 | ||||||
5.50%, 4/15/25 | 1,332,000 | 1,365,846 | ||||||
6.00%, 5/15/26 | 2,627,000 | 2,707,912 | ||||||
5.125%, 9/1/27 | 2,286,000 | 2,378,926 | ||||||
Calpine Corp. | 2,496,000 | 2,458,585 | ||||||
5.75%, 1/15/25 | 4,942,000 | 4,969,181 | ||||||
5.25%, 6/1/26, 144A | 4,944,000 | 4,912,865 | ||||||
4.50%, 2/15/28, 144A | 5,522,000 | 5,303,605 | ||||||
5.125%, 3/15/28, 144A | 6,364,000 | 5,998,070 | ||||||
Clearway Energy Operating LLC | 3,129,000 | 3,239,814 | ||||||
4.75%, 3/15/28, 144A | 2,400,000 | 2,460,000 | ||||||
Drax Finco PLC, 144A | 2,070,000 | 2,165,499 | ||||||
InterGen NV, 144A | 1,804,000 | 1,776,940 | ||||||
NextEra Energy Operating Partners LP | 3,159,000 | 3,224,028 | ||||||
4.25%, 9/15/24, 144A | 2,662,000 | 2,685,386 | ||||||
3.875%, 10/15/26, 144A | 1,894,000 | 1,920,277 | ||||||
4.50%, 9/15/27, 144A | 2,533,000 | 2,647,840 |
Principal | Value | |||||||
Electric (Continued) | ||||||||
NRG Energy, Inc. | $ | 4,045,000 | $ | 4,295,386 | ||||
6.625%, 1/15/27 | 4,790,000 | 5,003,011 | ||||||
5.75%, 1/15/28 | 3,899,000 | 4,057,494 | ||||||
5.25%, 6/15/29, 144A | 3,441,000 | 3,582,907 | ||||||
Talen Energy Supply LLC | 2,293,000 | 1,651,912 | ||||||
10.50%, 1/15/26, 144A | 2,844,000 | 2,537,765 | ||||||
7.25%, 5/15/27, 144A | 3,173,000 | 3,198,860 | ||||||
6.625%, 1/15/28, 144A | 2,136,000 | 2,050,661 | ||||||
TransAlta Corp. | 1,200,000 | 1,245,000 | ||||||
Vistra Energy Corp. | 2,706,000 | 2,738,093 | ||||||
Vistra Operations Co. LLC | 4,452,000 | 4,514,005 | ||||||
5.625%, 2/15/27, 144A | 6,012,000 | 6,173,422 | ||||||
5.00%, 7/31/27, 144A | 5,409,000 | 5,473,097 | ||||||
|
| |||||||
(Cost $105,667,157) | 103,840,779 | |||||||
|
| |||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 2,942,000 | 3,066,123 | ||||||
5.50%, 5/20/25 | 3,182,000 | 3,245,672 | ||||||
5.875%, 8/20/26 | 3,171,000 | 3,295,842 | ||||||
5.75%, 5/20/27 | 2,240,000 | 2,345,330 | ||||||
|
| |||||||
(Cost $12,119,208) | 11,952,967 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS | 4,095,267,039 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 4.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 168,851,560 | 168,851,560 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 55,974,961 | 55,974,961 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.4% (Cost $4,404,055,579) | $ | 4,320,093,560 | ||||||
Other assets and liabilities, net — (4.4%) | (183,898,071 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,136,195,489 | ||||||
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers USD High Yield Corporate Bond ETF (Continued)
February 29, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 4.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
161,595,001 | 7,256,559(d | ) | — | — | — | 985,824 | — | 168,851,560 | 168,851,560 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
36,745,383 | 420,066,104 | (400,836,526 | ) | — | — | 206,943 | — | 55,974,961 | 55,974,961 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
198,340,384 | 427,322,663 | (400,836,526 | ) | — | — | 1,192,767 | — | 224,826,521 | 224,826,521 | |||||||||||||||||||||||||||
|
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|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $179,602,016, which is 4.3% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $21,059,966. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
MTN: | Medium Term Note |
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. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (e) | $ | — | $ | 4,095,267,039 | $ | — | $ | 4,095,267,039 | ||||||||
Short-Term Investments (e) | 224,826,521 | — | — | 224,826,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 224,826,521 | $ | 4,095,267,039 | $ | — | $ | 4,320,093,560 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
February 29, 2020 (Unaudited)
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | Xtrackers Short Duration High Yield Bond ETF | Xtrackers USD High Yield Corporate Bond ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 142,265,196 | $ | 153,897,324 | $ | 21,363,509 | $ | 4,095,267,039 | ||||||||
Investment in DWS Government Money Market Series | 2,252,807 | 2,931,710 | 896,018 | 55,974,961 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 8,211,443 | 467,677 | 1,184,897 | 168,851,560 | ||||||||||||
Cash | — | 875 | — | 10,525 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 8,245,498 | 8,828,868 | 980,921 | 339,627,560 | ||||||||||||
Interest | 2,598,200 | 2,141,817 | 354,287 | 66,333,816 | ||||||||||||
Securities lending income | 8,328 | 74 | 1,173 | 152,331 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 163,581,472 | $ | 168,268,345 | $ | 24,780,805 | $ | 4,726,217,792 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | 8,211,443 | 467,677 | 1,184,897 | 168,851,560 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 8,739,177 | 13,310,312 | 2,050,857 | 232,578,924 | ||||||||||||
Capital shares | — | — | — | 188,056,565 | ||||||||||||
Investment advisory fees | 23,885 | 24,690 | 3,440 | 535,254 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 16,974,505 | 13,802,679 | 3,239,194 | 590,022,303 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 146,606,967 | $ | 154,465,666 | $ | 21,541,611 | $ | 4,136,195,489 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 154,396,955 | $ | 154,634,100 | $ | 22,608,480 | $ | 4,208,946,209 | ||||||||
Distributable earnings (loss) | (7,789,988 | ) | (168,434 | ) | (1,066,869 | ) | (72,750,720 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 146,606,967 | $ | 154,465,666 | $ | 21,541,611 | $ | 4,136,195,489 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 3,100,001 | 3,100,001 | 450,001 | 84,150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 47.29 | $ | 49.83 | $ | 47.87 | $ | 49.15 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in non-affiliated securities at cost | $ | 147,815,539 | $ | 152,693,116 | $ | 21,798,100 | $ | 4,179,229,058 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 9,595,144 | $ | 851,385 | $ | 1,297,064 | $ | 179,602,016 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 2,252,807 | $ | 2,931,710 | $ | 896,018 | $ | 55,974,961 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 8,211,443 | $ | 467,677 | $ | 1,184,897 | $ | 168,851,560 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 1,952,305 | $ | 424,698 | $ | 184,616 | $ | 21,059,966 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
For the Six Months Ended February 29, 2020 (Unaudited)
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | Xtrackers Short Duration High Yield Bond ETF | Xtrackers USD High Yield Corporate Bond ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 5,055,470 | $ | 3,011,261 | $ | 579,192 | $ | 108,124,816 | ||||||||
Income distributions from affiliated funds | 7,638 | 11,169 | 4,634 | 206,943 | ||||||||||||
Affiliated securities lending income | 69,671 | 1,388 | 7,682 | 985,824 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 5,132,779 | 3,023,818 | 591,508 | 109,317,583 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 261,859 | 190,204 | 21,840 | 3,947,078 | ||||||||||||
Other expenses | 400 | 1,143 | 171 | 6,143 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 262,259 | 191,347 | 22,011 | 3,953,221 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (112,652 | ) | (38,680 | ) | (250 | ) | (998,198 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 149,607 | 152,667 | 21,761 | 2,955,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 4,983,172 | 2,871,151 | 569,747 | 106,362,560 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (561,694 | ) | 572,456 | (118,356 | ) | (16,236,956 | ) | |||||||||
In-kind redemptions | — | — | — | 34,687,542 | ||||||||||||
Foreign currency transactions | (21,119 | ) | 255 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (582,813 | ) | 572,711 | (118,356 | ) | 18,450,586 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (3,372,842 | ) | (2,423,824 | ) | (388,842 | ) | (107,698,183 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (3,372,842 | ) | (2,423,824 | ) | (388,842 | ) | (107,698,183 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (3,955,655 | ) | (1,851,113 | ) | (507,198 | ) | (89,247,597 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,027,517 | $ | 1,020,038 | $ | 62,549 | $ | 17,114,963 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF | Xtrackers Low Beta High Yield Bond ETF | |||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 4,983,172 | $ | 10,122,442 | $ | 2,871,151 | $ | 6,561,539 | ||||||||
Net realized gain (loss) | (582,813 | ) | (2,102,427 | ) | 572,711 | (873,902 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | (3,372,842 | ) | 422,918 | (2,423,824 | ) | 5,099,880 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,027,517 | 8,442,933 | 1,020,038 | 10,787,517 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (5,119,930 | ) | (10,069,325 | ) | (3,432,827 | ) | (6,517,014 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 4,812,681 | 12,599,578 | 7,295,389 | ||||||||||||
Value of shares redeemed | — | — | — | (4,928,829 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 4,812,681 | 12,599,578 | 2,366,560 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (4,092,413 | ) | 3,186,289 | 10,186,789 | 6,637,063 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 150,699,380 | 147,513,091 | 144,278,877 | 137,641,814 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 146,606,967 | $ | 150,699,380 | $ | 154,465,666 | $ | 144,278,877 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 3,100,001 | 3,000,001 | 2,850,001 | 2,800,001 | ||||||||||||
Shares sold | — | 100,000 | 250,000 | 150,000 | ||||||||||||
Shares redeemed | — | — | — | (100,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 3,100,001 | 3,100,001 | 3,100,001 | 2,850,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Short Duration High Yield Bond ETF | Xtrackers USD High Yield Corporate Bond ETF | |||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | Year Ended August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 569,747 | $ | 1,944,205 | $ | 106,362,560 | $ | 147,169,295 | ||||||||
Net realized gain (loss) | (118,356 | ) | (839,403 | ) | 18,450,586 | (6,584,462 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | (388,842 | ) | 177,009 | (107,698,183 | ) | 34,976,324 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 62,549 | 1,281,811 | 17,114,963 | 175,561,157 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (630,510 | ) | (2,014,987 | ) | (107,857,605 | ) | (141,405,511 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 12,264,827 | 2,086,396,303 | 2,772,020,595 | ||||||||||||
Value of shares redeemed | — | (29,177,886 | ) | (921,309,585 | ) | (1,539,942,869 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | (16,913,059 | ) | 1,165,086,718 | 1,232,077,726 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (567,961 | ) | (17,646,235 | ) | 1,074,344,076 | 1,266,233,372 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 22,109,572 | 39,755,807 | 3,061,851,413 | 1,795,618,041 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 21,541,611 | $ | 22,109,572 | $ | 4,136,195,489 | $ | 3,061,851,413 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 450,001 | 800,001 | 60,950,001 | 36,000,001 | ||||||||||||
Shares sold | — | 250,000 | 41,600,000 | 56,450,000 | ||||||||||||
Shares redeemed | — | (600,000 | ) | (18,400,000 | ) | (31,500,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 450,001 | 450,001 | 84,150,001 | 60,950,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Xtrackers High Beta High Yield Bond ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Year Ended 8/31/2019 | Period Ended 8/31/2018(a) | |||||||||
Net Asset Value, beginning of period | $ | 48.61 | $ | 49.17 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 1.61 | (c) | 3.32 | 2.07 | ||||||||
Net realized and unrealized gain (loss) | (1.28 | )(c) | (0.58 | ) | (1.11 | ) | ||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.33 | 2.74 | 0.96 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (1.65 | ) | (3.30 | ) | (1.79 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.65 | ) | (3.30 | ) | (1.79 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 47.29 | $ | 48.61 | $ | 49.17 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.66 | **(d) | 5.90 | (d) | 2.01 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 147 | 151 | 148 | |||||||||
Ratio of expenses before fee waiver (%) | 0.35 | * | 0.35 | 0.35 | * | |||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.31 | 0.35 | * | |||||||
Ratio of net investment income (loss) (%) | 6.68 | *(c) | 6.91 | 6.71 | * | |||||||
Portfolio turnover rate (%)(e) | 36 | ** | 51 | 34 | ** | |||||||
Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Year Ended 8/31/2019 | Period Ended 8/31/2018(a) | |||||||||
Net Asset Value, beginning of period | $ | 50.62 | $ | 49.16 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.95 | (c) | 2.29 | 1.37 | ||||||||
Net realized and unrealized gain (loss) | (0.59 | )(c) | 1.44 | (1.05 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.36 | 3.73 | 0.32 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (1.15 | ) | (2.27 | ) | (1.16 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.15 | ) | (2.27 | ) | (1.16 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 49.83 | $ | 50.62 | $ | 49.16 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.70 | **(d) | 7.84 | (d) | 0.68 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 154 | 144 | 138 | |||||||||
Ratio of expenses before fee waiver (%) | 0.25 | * | 0.25 | 0.25 | * | |||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.24 | 0.25 | * | |||||||
Ratio of net investment income (loss) (%) | 3.97 | *(c) | 4.66 | 4.44 | * | |||||||
Portfolio turnover rate (%)(e) | 41 | ** | 55 | 52 | ** |
(a) | For the period January 11, 2018 (commencement of operations) through August 31, 2018. |
(b) | Based on average shares outstanding during the period. |
(c) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the period ended February 29, 2020 was a decrease to net investment income per share by $0.03 and $0.18, increase net realized and unrealized gain (loss) to investments per share by $0.03 and $0.18, and decrease the ratio of net investment income to average net assets of 0.09% and 0.51%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for periods prior to February 29, 2020 have not been restated to reflect this change in presentation. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Year Ended 8/31/2019 | Period Ended 8/31/2018(a) | |||||||||
Net Asset Value, beginning of period | $ | 49.13 | $ | 49.69 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(c) | 1.27 | (d) | 2.83 | 1.76 | ||||||||
Net realized and unrealized gain (loss) | (1.13 | )(d) | (0.54 | ) | (0.59 | ) | ||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.14 | 2.29 | 1.17 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: |
| |||||||||||
Net investment income | (1.40 | ) | (2.85 | ) | (1.48 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.40 | ) | (2.85 | ) | (1.48 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 47.87 | $ | 49.13 | $ | 49.69 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.28 | **(e) | 4.79 | (e) | 2.41 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 22 | 22 | 40 | |||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | 0.20 | * | |||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.20 | 0.20 | * | |||||||
Ratio of net investment income (loss) (%) | 5.37 | *(d) | 5.78 | 5.56 | * | |||||||
Portfolio turnover rate (%)(f) | 34 | ** | 45 | 37 | ** |
Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Years Ended August 31, | Period Ended 8/31/2017(b) | |||||||||||||
2019 | 2018 | |||||||||||||||
Net Asset Value, beginning of period | $ | 50.24 | $ | 49.88 | $ | 51.21 | $ | 50.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 1.34 | (d) | 2.98 | 2.89 | 2.07 | |||||||||||
Net realized and unrealized gain (loss) | (1.01 | )(d) | 0.30 | (1.53 | ) | 1.11 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.33 | 3.28 | 1.36 | 3.18 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: |
| |||||||||||||||
Net investment income | (1.42 | ) | (2.92 | ) | (2.69 | ) | (1.97 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1.42 | ) | (2.92 | ) | (2.69 | ) | (1.97 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 49.15 | $ | 50.24 | $ | 49.88 | $ | 51.21 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 0.65 | **(e) | 6.87 | (e) | 2.76 | (e) | 6.43 | ** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 4,136 | 3,062 | 1,796 | 220 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | 0.20 | 0.25 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | 0.17 | 0.20 | 0.25 | * | ||||||||||
Ratio of net investment income (loss) (%) | 5.45 | *(d) | 6.06 | 5.86 | 5.57 | * | ||||||||||
Portfolio turnover rate (%)(f) | 24 | ** | 29 | 32 | 36 | ** |
(a) | For the period January 10, 2018 (commencement of operations) through August 31, 2018. |
(b) | For the period December 7, 2016 (commencement of operations) through August 31, 2017. |
(c) | Based on average shares outstanding during the period. |
(d) | The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the period ended February 29, 2020 was a decrease to net investment income per share by $0.10 and $0.09, increase net realized and unrealized gain (loss) to investments per share by $0.10 and $0.09, and decrease the ratio of net investment income to average net assets of 0.28% and 0.28%, for Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF respectively. Per share data and ratios for periods prior to February 29, 2020 have not been restated to reflect this change in presentation. |
(e) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers High Beta High Yield Bond ETF |
Xtrackers Low Beta High Yield Bond ETF |
Xtrackers Short Duration High Yield Bond ETF |
Xtrackers USD High Yield Corporate Bond ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
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 offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index | |
Xtrackers Low Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market Low Beta Index | |
Xtrackers Short Duration High Yield Bond ETF | Solactive USD High Yield Corporates Total Market 0-5 Year Index | |
Xtrackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued U.S. dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Xtrackers USD High Yield Corporate Bond ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
60
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV, of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
61
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2020, the Funds did not incur any interest or penalties.
At August 31, 2019, 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 | $ | 630,551 | $ | 1,631,378 | $ | 2,261,929 | ||||||
Xtrackers Low Beta High Yield Bond ETF | 1,742,449 | 210,138 | 1,952,587 | |||||||||
Xtrackers Short Duration High Yield Bond ETF | 385,880 | 169,996 | 555,876 | |||||||||
Xtrackers USD High Yield Corporate Bond ETF | 6,496,810 | 8,743,651 | 15,240,461 |
62
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of August 31, 2019, 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 | $ | 161,344,832 | $ | (2,268,529 | ) | $ | 4,437,044 | $ | (6,705,573 | ) | ||||||
Xtrackers Low Beta High Yield Bond ETF | 142,948,829 | 3,621,780 | 3,864,215 | (242,435 | ) | |||||||||||
Xtrackers Short Duration High Yield Bond ETF | 24,248,227 | (50,345 | ) | 396,070 | (446,415 | ) | ||||||||||
Xtrackers USD High Yield Corporate Bond ETF | 3,215,031,594 | 18,989,522 | 82,163,091 | (63,173,569 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 29, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of February 29, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash
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collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of February 29, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers High Beta High Yield Bond ETF |
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Corporate Bonds | $ | 8,211,443 | $ | — | $ | 166,894 | $ | 1,785,411 | $ | 10,163,748 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 10,163,748 | |||||||||||||||||
Xtrackers Low Beta High Yield Bond ETF |
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Corporate Bonds | $ | 467,677 | $ | — | $ | 45,091 | $ | 379,607 | $ | 892,375 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 892,375 | |||||||||||||||||
Xtrackers Short Duration High Yield Bond ETF |
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Corporate Bonds | $ | 1,184,897 | $ | — | $ | 19,601 | $ | 165,015 | $ | 1,369,513 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 1,369,513 | |||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF |
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Corporate Bonds | $ | 168,851,560 | $ | — | $ | 2,136,304 | $ | 18,923,662 | $ | 189,911,526 | ||||||||||
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Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 189,911,526 |
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 management 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.
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Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers High Beta High Yield Bond ETF | 0.35 | % | ||
Xtrackers Low Beta High Yield Bond ETF | 0.25 | % | ||
Xtrackers Short Duration High Yield Bond ETF | 0.20 | % | ||
Xtrackers USD High Yield Corporate Bond ETF | 0.20 | % |
The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 19, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.20% of the Fund’s average daily net assets. For the period ended February 29, 2020, the Advisor waived $112,225 of expenses to the Fund.
The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 19, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.20% of the Fund’s average daily net assets. For the period ended February 29, 2020, the Advisor waived $38,041 of expenses to the Fund.
The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 19, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.15% of the Fund’s average daily net assets. For the period ended February 29, 2020, the Advisor waived $986,770 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers High Beta High Yield Bond ETF | $ | 427 | ||
Xtrackers Low Beta High Yield Bond ETF | 639 | |||
Xtrackers Short Duration High Yield Bond ETF | 250 | |||
Xtrackers USD High Yield Corporate Bond ETF | 11,428 |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
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Notes to Financial Statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended February 29, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers High Beta High Yield Bond ETF | $ | 52,859,831 | $ | 53,634,927 | ||||
Xtrackers Low Beta High Yield Bond ETF | 61,611,745 | 61,185,720 | ||||||
Xtrackers Short Duration High Yield Bond ETF | 7,103,026 | 7,161,048 | ||||||
Xtrackers USD High Yield Corporate Bond ETF | 918,174,854 | 936,605,847 |
For the period ended February 29, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Low Beta High Yield Bond ETF | $ | 12,766,880 | $ | — | ||||
Xtrackers USD High Yield Corporate Bond ETF | 2,085,019,154 | 908,328,117 |
Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the period ended February 29, 2020, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:
Securities Purchased | Securities Sold | Net Realized Gain (Loss) on Securities Sold | ||||||||||
Xtrackers High Beta High Yield Bond ETF | $ | 10,066,176 | $ | 31,932,602 | $ | 1,213,829 | ||||||
Xtrackers Low Beta High Yield Bond ETF | 31,932,602 | 10,066,176 | (114,586 | ) |
5. Fund Share Transactions
As of February 29, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
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Notes to Financial Statements (Unaudited) (Continued)
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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at February 29, 2020.
Pro-rata Share | ||||
Xtrackers USD High Yield Corporate Bond ETF | $ | 5,250,000 |
8. Subsequent Event
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
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DBX ETF Trust
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.
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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
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Adviser”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers.
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Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
The Board also considered that the Adviser pays or arranges 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 Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge. The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees 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 Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
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 each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and
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Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
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DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. With respect to each Fund except HYLB, investing in a single industry, or group of industries, country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Each Fund except HYLB, are currently non-diversified and can take larger positions in fewer issues, increasing their potential risk. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
HYUP, HYDW, SHYL, and HYLB are not sponsored, endorsed, issued, sold or promoted in any other manner by Solactive AG (the “Licensor”) nor does the trademark or the Index Price at any time or in any other respect.
Copyright © 2020 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 | Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-050032-4 (4/20) DBX004296 (4/21)
February 29, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers S&P 500 ESG ETF (SNPE)
DBX ETF Trust
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Schedule of Investments | ||||
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Board Considerations in Approval of Investment Advisory Contracts | 64 | |||
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68 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our five equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended February 29, 2020.
Global economic growth remained subdued during the reporting period, owing to trade policy uncertainty, geopolitical tensions and negative surprises to economic activity in a few emerging-market economies. However, positive news on U.S.-China signing a phase-one deal to reduce trade frictions and reduced uncertainty regarding a no-deal Brexit1 boosted sentiment. In the U.S., the economy grew at a steady pace, despite increased policy and business uncertainty amid the upcoming presidential election. Meanwhile, across the Eurozone, prolonged weakness in the industrial sector and weak external demand continued to weigh on the economy. As climate change attracted more attention in the face of extreme and volatile weather conditions, ESG investing gained even more prominence as investors look for sustainable investment opportunities.
ESG investing has become more prominent in the past year as investors move from purely exclusionary to integrated ESG strategies. After the World Economic Forum held in Davos, Switzerland, climate change became a major area of focus from a risk perspective, as it was by far the most discussed and actionable theme in 2019. As governments around the world introduce more climate-related regulations, it could become standard practice for companies and investors to commit to net zero emissions. Climate change also presented significant investment opportunities across sectors, as evidenced by the fact that estimated net flow into sustainable funds available to U.S. investors more than tripled in 2019. Disclosures on ESG factors are becoming more reliable after reporting standards such as the Sustainability Accounting Standards Board and the Task Force on Climate-Related Financial Disclosures were set up. According to research published by Deloitte, more than 80% of mainstream investors now rely on ESG disclosures to make decisions.
The U.S. economy grew moderately, supported by a decrease in import expense, and strong consumer confidence. Business investments moderated during the reporting period, while the Purchasing Managers Index (PMI) and exports remained weak. A further spreading of the coronavirus could affect the already struggling manufacturing sector through supply-chain disruptions, especially industries that rely heavily on China for parts and materials. In the Eurozone, economic growth abated significantly during the reporting period. Gross domestic product (GDP) contraction in France and Italy was mainly responsible for subdued growth in the region. Inflation remained below target within the region, despite the European Central Bank’s (ECB’s) efforts to inject more liquidity into the economy through a second round of quantitative easing. However, on a positive note, employment grew at a steady pace. Government decisions to provide a fiscal push, in addition to already loose monetary policy, are likely to boost the economy. Elsewhere, in Japan, the world’s third-largest economy, contracted significantly during the reporting period partly due the consumption tax hike in October 2019 that hurt consumption. Moreover, the ongoing trade war between China and the U.S. hurt business spending and factory output.
The most significant headwind for the global economy is the spread of coronavirus, which was declared as a pandemic by the World Health Organization. The outbreak that started in China has sent businesses across the world counting costs. In the U.S., record number of people filed for unemployment, signalling an end to the decade of expansion in the world’s largest economy. While policymakers in China have contained the spread of virus at home, economic damages could be significant with infections increasing exponentially in major trading partners like U.S. and Europe. Nevertheless, the extent and duration of efforts by the policymakers could be key in protecting the economies from further fallout. Leaders of the G20 nations pledged to inject 5 trillion dollars into the global economy to limit job and income losses. The ECB’s aggressive action to expand the asset purchase program and the Federal Reserve Board’s bold move to cut
1
rates by 1.0 % could support the economies going forward. That said, given the global nature of the crisis, these actions would be more effective if coordinated internationally.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)
The Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and is constructed using regional indexes that provide exposure to large- and medium-capitalization companies from developed and emerging markets countries (excluding the United States). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (16.9% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 3.5% | |||
Tencent Holdings Ltd. (China) | 2.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 2.4% | |||
Roche Holding AG (Switzerland) | 2.1% | |||
SAP SE (Germany) | 1.2% | |||
ASML Holding NV (Netherlands) | 1.1% | |||
Novo Nordisk A/S (Denmark) | 1.0% | |||
TOTAL SA (France) | 1.0% | |||
GlaxoSmithKline PLC (United Kingdom) | 1.0% | |||
Toronto-Dominion Bank (Canada) | 0.9% |
Country Diversification* as of February 29, 2020 |
Japan | 15.5% | |||
China | 9.0% | |||
United Kingdom | 8.7% | |||
Canada | 7.3% | |||
Germany | 6.8% | |||
France | 6.3% | |||
Australia | 6.1% | |||
Switzerland | 5.6% | |||
Taiwan | 4.7% | |||
Netherlands | 3.1% | |||
India | 3.0% | |||
Spain | 2.5% | |||
Hong Kong | 2.5% | |||
Sweden | 2.2% | |||
Denmark | 2.0% | |||
Other | 14.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Financials | 21.1% | |||
Consumer Discretionary | 12.7% | |||
Industrials | 11.8% | |||
Information Technology | 10.1% | |||
Health Care | 9.6% | |||
Consumer Staples | 8.6% | |||
Communication Services | 7.3% | |||
Materials | 7.1% | |||
Energy | 4.8% | |||
Utilities | 3.9% | |||
Real Estate | 3.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)
The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (16.5% of Net Assets) |
Description | % of Net Assets | |||
Roche Holding AG (Switzerland) | 3.3% | |||
SAP SE (Germany) | 1.8% | |||
ASML Holding NV (Netherlands) | 1.7% | |||
Novo Nordisk A/S (Denmark) | 1.5% | |||
TOTAL SA (France) | 1.5% | |||
GlaxoSmithKline PLC (United Kingdom) | 1.5% | |||
Commonwealth Bank of Australia (Australia) | 1.4% | |||
CSL Ltd. (Australia) | 1.3% | |||
Allianz SE (Germany) | 1.3% | |||
Siemens AG (Germany) | 1.2% |
Country Diversification* as of February 29, 2020 |
Japan | 23.7% | |||
United Kingdom | 13.3% | |||
Germany | 10.4% | |||
France | 9.7% | |||
Australia | 9.5% | |||
Switzerland | 8.7% | |||
Netherlands | 4.8% | |||
Spain | 3.9% | |||
Sweden | 3.4% | |||
Denmark | 3.0% | |||
Hong Kong | 2.5% | |||
Other | 7.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Financials | 19.0% | |||
Industrials | 15.0% | |||
Health Care | 13.4% | |||
Consumer Discretionary | 10.7% | |||
Consumer Staples | 10.3% | |||
Information Technology | 7.8% | |||
Materials | 7.5% | |||
Communication Services | 5.1% | |||
Utilities | 4.5% | |||
Real Estate | 3.6% | |||
Energy | 3.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)
The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (43.3% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 12.5% | |||
Tencent Holdings Ltd. (China) | 9.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 8.9% | |||
China Construction Bank Corp. (China) | 2.7% | |||
Naspers Ltd. (South Africa) | 2.3% | |||
Reliance Industries Ltd. (India) | 1.8% | |||
Housing Development Finance Corp. Ltd. (India) | 1.7% | |||
LUKOIL PJSC (Russia) | 1.2% | |||
Infosys Ltd. (India) | 1.2% | |||
Itau Unibanco Holding SA (Brazil) | 1.2% |
Country Diversification* as of February 29, 2020 |
China | 32.6% | |||
Taiwan | 17.0% | |||
India | 10.7% | |||
South Africa | 6.9% | |||
Brazil | 6.2% | |||
South Korea | 4.8% | |||
Thailand | 3.0% | |||
Hong Kong | 2.8% | |||
Indonesia | 2.6% | |||
Malaysia | 2.6% | |||
Russia | 2.0% | |||
Other | 8.8% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of February 29, 2020 |
Financials | 22.6% | |||
Consumer Discretionary | 19.6% | |||
Information Technology | 15.3% | |||
Communication Services | 13.2% | |||
Consumer Staples | 5.7% | |||
Materials | 5.5% | |||
Energy | 5.5% | |||
Industrials | 4.9% | |||
Health Care | 3.1% | |||
Utilities | 2.5% | |||
Real Estate | 2.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)
Xtrackers MSCI USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (31.7% of Net Assets) |
Description | % of Net Assets | |||
Microsoft Corp. | 9.0% | |||
Alphabet, Inc. | 6.3% | |||
Johnson & Johnson | 2.7% | |||
Visa, Inc. | 2.4% | |||
Procter & Gamble Co. | 2.2% | |||
Mastercard, Inc. | 2.0% | |||
Intel Corp. | 1.9% | |||
Home Depot, Inc. | 1.8% | |||
Verizon Communications, Inc. | 1.7% | |||
Coca-Cola Co. | 1.7% |
Sector Diversification* as of February 29, 2020 |
Information Technology | 25.1% | |||
Health Care | 14.0% | |||
Financials | 11.5% | |||
Consumer Discretionary | 10.5% | |||
Communication Services | 10.4% | |||
Industrials | 8.8% | |||
Consumer Staples | 7.2% | |||
Utilities | 3.4% | |||
Real Estate | 3.3% | |||
Energy | 3.2% | |||
Materials | 2.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers S&P 500 ESG ETF (SNPE)
Xtrackers S&P 500 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of February 29, 2020 (31.2% of Net Assets) |
Description | % of Net Assets | |||
Microsoft Corp. | 6.8% | |||
Apple, Inc. | 6.3% | |||
Alphabet, Inc. | 4.4% | |||
Amazon.com, Inc. | 4.3% | |||
JPMorgan Chase & Co. | 2.0% | |||
Visa, Inc. | 1.7% | |||
Procter & Gamble Co. | 1.6% | |||
Mastercard, Inc. | 1.4% | |||
AT&T, Inc. | 1.4% | |||
Intel Corp. | 1.3% |
Sector Diversification* as of February 29, 2020 |
Information Technology | 26.5% | |||
Health Care | 12.9% | |||
Financials | 11.7% | |||
Consumer Discretionary | 11.0% | |||
Communication Services | 10.7% | |||
Consumer Staples | 7.5% | |||
Industrials | 7.4% | |||
Energy | 3.7% | |||
Utilities | 3.5% | |||
Real Estate | 3.1% | |||
Materials | 2.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.
7
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2019 to February 29, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value September 1, 2019 | Ending Account Value February 29, 2020 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,014.60 | 0.16 | % | $ | 0.80 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.07 | 0.16 | % | $ | 0.81 | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.50 | 0.14 | % | $ | 0.70 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.17 | 0.14 | % | $ | 0.70 | ||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,036.30 | 0.20 | % | $ | 1.01 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.87 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,029.90 | 0.09 | % | $ | 0.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.42 | 0.09 | % | $ | 0.45 | ||||||||
Xtrackers S&P 500 ESG ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,027.80 | 0.11 | % | $ | 0.55 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.32 | 0.11 | % | $ | 0.55 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.
8
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
Argentina — 0.0% | ||||||||
Globant SA* (Cost $2,414) | 26 | $ | 2,938 | |||||
|
| |||||||
Australia — 6.1% | ||||||||
AMP Ltd.* | 2,188 | 2,363 | ||||||
APA Group (a) | 835 | 5,782 | ||||||
ASX Ltd. | 155 | 7,409 | ||||||
Aurizon Holdings Ltd. | 1,511 | 4,705 | ||||||
AusNet Services | 919 | 1,004 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,039 | 32,643 | ||||||
Bendigo & Adelaide Bank Ltd. (b) | 349 | 2,068 | ||||||
BlueScope Steel Ltd. | 405 | 3,086 | ||||||
Boral Ltd. | 903 | 2,632 | ||||||
Brambles Ltd. | 1,155 | 8,906 | ||||||
Coca-Cola Amatil Ltd. | 374 | 2,771 | ||||||
Cochlear Ltd. | 42 | 5,621 | ||||||
Coles Group Ltd. | 755 | 6,917 | ||||||
Commonwealth Bank of Australia | 1,285 | 67,755 | ||||||
Computershare Ltd. | 382 | 3,773 | ||||||
CSL Ltd. | 329 | 65,639 | ||||||
Dexus REIT | 757 | 5,935 | ||||||
Fortescue Metals Group Ltd. (b) | 1,107 | 7,195 | ||||||
Goodman Group REIT | 1,223 | 11,812 | ||||||
GPT Group REIT | 1,286 | 4,793 | ||||||
Harvey Norman Holdings Ltd. (b) | 273 | 653 | ||||||
Insurance Australia Group Ltd. | 1,678 | 6,902 | ||||||
Lendlease Group (a) | 426 | 4,842 | ||||||
Macquarie Group Ltd. | 229 | 19,907 | ||||||
Mirvac Group REIT | 2,834 | 5,555 | ||||||
National Australia Bank Ltd. | 2,085 | 33,742 | ||||||
Newcrest Mining Ltd. | 602 | 10,208 | ||||||
Orica Ltd. | 274 | 3,498 | ||||||
Origin Energy Ltd. | 1,289 | 5,801 | ||||||
Ramsay Health Care Ltd. | 100 | 4,385 | ||||||
SEEK Ltd. | 253 | 3,373 | ||||||
Stockland REIT | 1,811 | 5,500 | ||||||
Sydney Airport (a) | 803 | 4,023 | ||||||
Telstra Corp. Ltd. | 3,062 | 6,772 | ||||||
Transurban Group (a) | 2,013 | 19,274 | ||||||
Wesfarmers Ltd. | 798 | 20,915 | ||||||
Westpac Banking Corp. | 2,566 | 39,111 | ||||||
Woodside Petroleum Ltd. | 655 | 11,791 | ||||||
Worley Ltd. | 291 | 2,349 | ||||||
|
| |||||||
(Cost $454,512) | 461,410 | |||||||
|
| |||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 45 | 1,578 | ||||||
OMV AG | 122 | 5,072 | ||||||
voestalpine AG | 83 | 1,803 | ||||||
|
| |||||||
(Cost $10,571) | 8,453 | |||||||
|
| |||||||
Belgium — 0.4% | ||||||||
Colruyt SA | 42 | 1,929 | ||||||
KBC Group NV | 182 | 11,999 | ||||||
Solvay SA | 55 | 4,959 | ||||||
UCB SA | 93 | 8,536 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Umicore SA | 149 | $ | 6,182 | |||||
|
| |||||||
(Cost $36,146) | 33,605 | |||||||
|
| |||||||
Brazil — 0.9% | ||||||||
Atacadao SA | 300 | 1,376 | ||||||
B2W Cia Digital* | 154 | 2,121 | ||||||
B3 SA — Brasil Bolsa Balcao | 1,535 | 16,331 | ||||||
Banco do Brasil SA | 647 | 6,720 | ||||||
Banco Santander Brasil SA | 305 | 2,695 | ||||||
BR Malls Participacoes SA | 662 | 2,398 | ||||||
Cielo SA | 960 | 1,458 | ||||||
Cosan SA | 109 | 1,768 | ||||||
Energisa SA | 124 | 1,484 | ||||||
Engie Brasil Energia SA | 121 | 1,275 | ||||||
Klabin SA | 521 | 2,223 | ||||||
Localiza Rent a Car SA | 404 | 4,436 | ||||||
Lojas Renner SA | 537 | 6,344 | ||||||
Natura & Co. Holding SA | 475 | 4,791 | ||||||
Notre Dame Intermedica Participacoes SA | 338 | 4,737 | ||||||
TIM Participacoes SA | 689 | 2,463 | ||||||
Ultrapar Participacoes SA | 512 | 2,165 | ||||||
WEG SA | 575 | 5,499 | ||||||
|
| |||||||
(Cost $61,065) | 70,284 | |||||||
|
| |||||||
Canada — 7.3% | ||||||||
Agnico Eagle Mines Ltd. | 171 | 8,113 | ||||||
Algonquin Power & Utilities Corp. | 384 | 5,836 | ||||||
Alimentation Couche-Tard, Inc., Class B | 610 | 18,522 | ||||||
AltaGas Ltd. | 186 | 2,781 | ||||||
Aurora Cannabis, Inc.* (b) | 487 | 657 | ||||||
Bank of Montreal | 466 | 31,664 | ||||||
Bank of Nova Scotia | 866 | 45,302 | ||||||
BlackBerry Ltd.* | 378 | 1,951 | ||||||
CAE, Inc. | 193 | 5,163 | ||||||
Canadian Apartment Properties REIT | 57 | 2,383 | ||||||
Canadian Imperial Bank of Commerce (b) | 324 | 24,658 | ||||||
Canadian National Railway Co. | 522 | 44,250 | ||||||
Canadian Tire Corp. Ltd., Class A | 43 | 4,228 | ||||||
Canopy Growth Corp.* | 148 | 2,775 | ||||||
Cenovus Energy, Inc. | 762 | 5,603 | ||||||
CGI, Inc.* | 166 | 11,663 | ||||||
Cronos Group, Inc.* (b) | 142 | 824 | ||||||
Dollarama, Inc. | 235 | 6,908 | ||||||
Empire Co. Ltd., Class A | 130 | 2,904 | ||||||
Enbridge, Inc. | 1,456 | 54,190 | ||||||
First Capital Real Estate Investment Trust REIT | 141 | 2,103 | ||||||
Fortis, Inc. | 340 | 13,759 | ||||||
Franco-Nevada Corp. | 136 | 14,600 | ||||||
Gildan Activewear, Inc. | 165 | 3,996 | ||||||
Loblaw Cos. Ltd. | 141 | 6,985 | ||||||
Lundin Mining Corp. | 473 | 2,414 | ||||||
Magna International, Inc. | 221 | 10,058 | ||||||
Metro, Inc. | 185 | 7,205 | ||||||
Nutrien Ltd. | 397 | 16,044 | ||||||
Open Text Corp. | 174 | 7,285 | ||||||
PrairieSky Royalty Ltd. | 128 | 1,187 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Canada (Continued) | ||||||||
Rogers Communications, Inc., Class B | 269 | $ | 12,326 | |||||
Shopify, Inc., Class A* | 74 | 34,356 | ||||||
Sun Life Financial, Inc. (b) | 422 | 18,231 | ||||||
Suncor Energy, Inc. | 1,130 | 31,138 | ||||||
Teck Resources Ltd., Class B | 372 | 3,741 | ||||||
TELUS Corp. | 115 | 4,150 | ||||||
Toronto-Dominion Bank | 1,321 | 67,942 | ||||||
West Fraser Timber Co. Ltd. | 50 | 1,867 | ||||||
Wheaton Precious Metals Corp. | 313 | 8,900 | ||||||
WSP Global, Inc. | 69 | 4,548 | ||||||
|
| |||||||
(Cost $543,460) | 553,210 | |||||||
|
| |||||||
Chile — 0.2% | ||||||||
Empresa Nacional de Telecomunicaciones SA* | 142 | 745 | ||||||
Empresas CMPC SA | 870 | 1,750 | ||||||
Empresas COPEC SA | 344 | 2,662 | ||||||
Enel Americas SA | 27,627 | 4,614 | ||||||
Latam Airlines Group SA | 185 | 1,231 | ||||||
SACI Falabella | 691 | 2,291 | ||||||
|
| |||||||
(Cost $20,315) | 13,293 | |||||||
|
| |||||||
China — 8.9% | ||||||||
3SBio, Inc., 144A* | 961 | 996 | ||||||
51job, Inc., ADR* (b) | 19 | 1,421 | ||||||
AAC Technologies Holdings, Inc. | 587 | 3,845 | ||||||
Air China Ltd., Class H | 1,505 | 1,211 | ||||||
Alibaba Group Holding Ltd., ADR* | 1,262 | 262,496 | ||||||
A-Living Services Co. Ltd., Class H, 144A | 301 | 1,348 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 2,439 | 1,196 | ||||||
Bank of Shanghai Co. Ltd., Class A | 1,300 | 1,601 | ||||||
Baozun, Inc., ADR* (b) | 37 | 1,174 | ||||||
BYD Co. Ltd., Class H (b) | 295 | 1,806 | ||||||
BYD Electronic International Co. Ltd. | 923 | 1,729 | ||||||
China CITIC Bank Corp. Ltd., Class H | 5,765 | 2,996 | ||||||
China Conch Venture Holdings Ltd. | 1,213 | 5,899 | ||||||
China Construction Bank Corp., Class H | 70,999 | 57,397 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 1,000 | 649 | ||||||
China Lesso Group Holdings Ltd. | 841 | 1,263 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,531 | 1,325 | ||||||
China Medical System Holdings Ltd. | 1,129 | 1,391 | ||||||
China Merchants Bank Co. Ltd., Class H | 2,873 | 13,548 | ||||||
China Merchants Securities Co. Ltd., Class A | 500 | 1,262 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 300 | 744 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 5,002 | 3,376 | ||||||
China Molybdenum Co. Ltd., Class H (b) | 2,790 | 1,042 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 1,134 | 987 | ||||||
China Shenhua Energy Co. Ltd., Class A | 300 | 687 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,532 | 4,393 | ||||||
China Vanke Co. Ltd., Class A | 500 | 2,117 | ||||||
China Vanke Co. Ltd., Class H | 1,182 | 4,550 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 100 | 1,941 |
Number | Value | |||||||
China (Continued) | ||||||||
Country Garden Services Holdings Co. Ltd. | 762 | $ | 2,973 | |||||
CSPC Pharmaceutical Group Ltd. | 3,457 | 7,878 | ||||||
Dali Foods Group Co. Ltd., 144A | 2,295 | 1,517 | ||||||
ENN Energy Holdings Ltd. | 577 | 6,393 | ||||||
Fosun International Ltd. | 1,660 | 2,115 | ||||||
Genscript Biotech Corp.* | 673 | 1,401 | ||||||
Greentown Service Group Co. Ltd. | 968 | 1,210 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 2,280 | 2,542 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 600 | 1,279 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 1,300 | 892 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 979 | 1,132 | ||||||
Kingdee International Software Group Co. Ltd. | 1,806 | 2,311 | ||||||
Lenovo Group Ltd. | 5,418 | 3,344 | ||||||
Meituan Dianping, Class B* | 724 | 9,188 | ||||||
NARI Technology Co. Ltd., Class A | 300 | 851 | ||||||
Pinduoduo, Inc., ADR* | 165 | 5,904 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 700 | 1,621 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,701 | 2,191 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 766 | 1,402 | ||||||
Shenzhou International Group Holdings Ltd. | 602 | 7,397 | ||||||
Shui On Land Ltd. | 3,711 | 738 | ||||||
Sinopharm Group Co. Ltd., Class H | 908 | 2,802 | ||||||
Sinotrans Ltd., Class H | 2,766 | 781 | ||||||
SOHO China Ltd. | 2,427 | 878 | ||||||
Suning.com Co. Ltd., Class A | 800 | 1,062 | ||||||
Tencent Holdings Ltd. | 4,149 | 205,505 | ||||||
Vipshop Holdings Ltd., ADR* | 352 | 4,516 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 552 | 8,075 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 1,036 | 1,029 | ||||||
Yuzhou Properties Co. Ltd. | 2,363 | 1,158 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,141 | 862 | ||||||
Zhongsheng Group Holdings Ltd. | 423 | 1,609 | ||||||
|
| |||||||
(Cost $588,911) | 676,946 | |||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Grupo Argos SA | 309 | 1,307 | ||||||
Interconexion Electrica SA ESP | 400 | 2,097 | ||||||
|
| |||||||
(Cost $3,306) | 3,404 | |||||||
|
| |||||||
Cyprus — 0.0% | ||||||||
Polymetal International PLC (Cost $1,476) | 125 | 1,907 | ||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 92 | 1,750 | ||||||
Komercni banka AS | 46 | 1,402 | ||||||
|
| |||||||
(Cost $4,042) | 3,152 | |||||||
|
| |||||||
Denmark — 1.9% | ||||||||
Chr Hansen Holding A/S | 73 | 5,160 | ||||||
Coloplast A/S, Class B | 80 | 10,640 | ||||||
Demant A/S* | 75 | 2,277 | ||||||
Genmab A/S* | 45 | 10,067 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
H Lundbeck A/S | 52 | $ | 1,781 | |||||
ISS A/S | 111 | 1,974 | ||||||
Novo Nordisk A/S, Class B | 1,277 | 74,294 | ||||||
Novozymes A/S, Class B | 172 | 8,674 | ||||||
Orsted A/S, 144A | 136 | 13,902 | ||||||
Pandora A/S | 53 | 2,366 | ||||||
Tryg A/S | 104 | 2,862 | ||||||
Vestas Wind Systems A/S | 143 | 13,650 | ||||||
|
| |||||||
(Cost $121,864) | 147,647 | |||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 983 | 5,192 | ||||||
|
| |||||||
Finland — 0.5% | ||||||||
Metso OYJ | 72 | 2,311 | ||||||
Neste OYJ | 305 | 11,947 | ||||||
Nokian Renkaat OYJ | 85 | 2,202 | ||||||
Orion OYJ, Class B | 74 | 2,922 | ||||||
Stora Enso OYJ, Class R | 402 | 4,729 | ||||||
UPM-Kymmene OYJ | 391 | 11,910 | ||||||
Wartsila OYJ Abp | 318 | 3,285 | ||||||
|
| |||||||
(Cost $36,646) | 39,306 | |||||||
|
| |||||||
France — 6.3% | ||||||||
Accor SA | 126 | 4,522 | ||||||
Air Liquide SA | 343 | 46,305 | ||||||
Atos SE | 73 | 5,396 | ||||||
AXA SA | 1,385 | 31,880 | ||||||
Bouygues SA | 159 | 6,197 | ||||||
Carrefour SA | 432 | 7,424 | ||||||
Casino Guichard Perrachon SA (b) | 41 | 1,585 | ||||||
Cie de Saint-Gobain | 370 | 12,843 | ||||||
Cie Generale des Etablissements Michelin SCA | 121 | 12,791 | ||||||
CNP Assurances | 105 | 1,632 | ||||||
Credit Agricole SA | 859 | 10,200 | ||||||
Danone SA | 450 | 31,497 | ||||||
Eiffage SA | 61 | 6,461 | ||||||
EssilorLuxottica SA | 202 | 27,314 | ||||||
Eurazeo SE | 40 | 2,663 | ||||||
Gecina SA REIT | 34 | 6,002 | ||||||
Getlink SE | 349 | 5,589 | ||||||
Ingenico Group SA | 43 | 6,043 | ||||||
JCDecaux SA | 55 | 1,257 | ||||||
Kering SA | 54 | 30,002 | ||||||
Klepierre SA REIT | 142 | 4,215 | ||||||
L’Oreal SA | 183 | 48,445 | ||||||
Natixis SA | 593 | 2,389 | ||||||
Orange SA | 1,426 | 19,094 | ||||||
Schneider Electric SE | 407 | 40,460 | ||||||
Teleperformance | 43 | 10,382 | ||||||
TOTAL SA | 1,745 | 73,567 | ||||||
Unibail-Rodamco-Westfield REIT | 100 | 11,973 | ||||||
Valeo SA | 199 | 4,979 | ||||||
Wendel SA | 22 | 2,675 | ||||||
|
| |||||||
(Cost $482,342) | 475,782 | |||||||
|
|
Number | Value | |||||||
Germany — 6.5% | ||||||||
adidas AG | 130 | $ | 35,778 | |||||
Allianz SE | 299 | 63,980 | ||||||
BASF SE | 673 | 39,240 | ||||||
Bayerische Motoren Werke AG | 249 | 16,118 | ||||||
Beiersdorf AG | 74 | 7,714 | ||||||
Commerzbank AG | 724 | 4,144 | ||||||
Deutsche Boerse AG | 142 | 22,157 | ||||||
Deutsche Post AG | 712 | 21,211 | ||||||
Deutsche Wohnen SE | 258 | 10,333 | ||||||
E.ON SE | 1,693 | 19,396 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 39 | 2,439 | ||||||
HeidelbergCement AG | 117 | 6,920 | ||||||
Henkel AG & Co. KGaA | 67 | 5,656 | ||||||
Infineon Technologies AG | 938 | 19,364 | ||||||
Merck KGaA | 88 | 10,541 | ||||||
METRO AG | 139 | 1,601 | ||||||
MTU Aero Engines AG | 38 | 9,212 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 107 | 27,115 | ||||||
RWE AG | 417 | 14,273 | ||||||
SAP SE | 715 | 87,618 | ||||||
Siemens AG | 556 | 56,921 | ||||||
Symrise AG | 89 | 8,617 | ||||||
Telefonica Deutschland Holding AG | 511 | 1,325 | ||||||
|
| |||||||
(Cost $484,558) | 491,673 | |||||||
|
| |||||||
Greece — 0.1% | ||||||||
Alpha Bank AE* | 955 | 1,350 | ||||||
Hellenic Telecommunications Organization SA | 119 | 1,676 | ||||||
Motor Oil Hellas Corinth Refineries SA | 70 | 1,138 | ||||||
|
| |||||||
(Cost $4,644) | 4,164 | |||||||
|
| |||||||
Hong Kong — 2.4% | ||||||||
Alibaba Health Information Technology Ltd.* | 2,674 | 5,126 | ||||||
Alibaba Pictures Group Ltd.* | 10,672 | 1,438 | ||||||
ASM Pacific Technology Ltd. | 245 | 2,903 | ||||||
Beijing Enterprises Water Group Ltd.* | 4,229 | 1,964 | ||||||
BOC Hong Kong Holdings Ltd. | 2,732 | 9,378 | ||||||
China Agri-Industries Holdings Ltd. | 3,075 | 1,669 | ||||||
China Everbright International Ltd. | 2,618 | 1,743 | ||||||
China Gas Holdings Ltd. | 1,328 | 4,857 | ||||||
China Mengniu Dairy Co. Ltd.* | 2,095 | 7,514 | ||||||
China Overseas Land & Investment Ltd. | 2,894 | 9,711 | ||||||
China Resources Gas Group Ltd. | 641 | 3,200 | ||||||
CITIC Ltd. | 5,000 | 5,550 | ||||||
CLP Holdings Ltd. | 1,268 | 13,310 | ||||||
Geely Automobile Holdings Ltd. | 3,802 | 6,762 | ||||||
Hang Seng Bank Ltd. | 563 | 11,740 | ||||||
HKT Trust & HKT Ltd. (a) | 2,998 | 4,486 | ||||||
Hong Kong & China Gas Co. Ltd. | 7,564 | 14,559 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 856 | 28,097 | ||||||
Hutchison China MediTech Ltd., ADR* | 43 | 1,003 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,293 | 1,009 | ||||||
MTR Corp. Ltd. | 1,120 | 6,302 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
PCCW Ltd. | 3,393 | $ | 2,042 | |||||
Shenzhen Investment Ltd. | 985 | 331 | ||||||
Sino Biopharmaceutical Ltd. | 5,142 | 7,443 | ||||||
Sun Hung Kai Properties Ltd. | 1,123 | 15,966 | ||||||
Swire Pacific Ltd., Class A | 377 | 3,396 | ||||||
Swire Properties Ltd. | 1,018 | 3,011 | ||||||
Techtronic Industries Co. Ltd. | 1,030 | 8,333 | ||||||
Wharf Holdings Ltd. | 665 | 1,403 | ||||||
|
| |||||||
(Cost $184,626) | 184,246 | |||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 348 | 2,676 | ||||||
OTP Bank Nyrt | 153 | 6,615 | ||||||
|
| |||||||
(Cost $10,241) | 9,291 | |||||||
|
| |||||||
India — 2.9% | ||||||||
Ambuja Cements Ltd.* | 440 | 1,250 | ||||||
Asian Paints Ltd. | 185 | 4,609 | ||||||
Axis Bank Ltd., GDR | 175 | 8,260 | ||||||
Axis Bank Ltd. | 550 | 5,314 | ||||||
Bajaj Auto Ltd. | 62 | 2,483 | ||||||
Berger Paints India Ltd. | 169 | 1,327 | ||||||
Bharat Petroleum Corp. Ltd. | 389 | 2,298 | ||||||
Bharti Airtel Ltd.* | 1,790 | 12,985 | ||||||
Britannia Industries Ltd. | 43 | 1,770 | ||||||
Dabur India Ltd. | 360 | 2,475 | ||||||
DLF Ltd. | 421 | 1,177 | ||||||
Eicher Motors Ltd. | 8 | 1,840 | ||||||
Grasim Industries Ltd. | 216 | 2,057 | ||||||
Havells India Ltd. | 185 | 1,572 | ||||||
HCL Technologies Ltd. | 767 | 5,679 | ||||||
Hero MotoCorp Ltd. | 72 | 2,047 | ||||||
Hindalco Industries Ltd. | 1,148 | 2,480 | ||||||
Hindustan Petroleum Corp. Ltd. | 450 | 1,232 | ||||||
Hindustan Unilever Ltd. | 463 | 13,952 | ||||||
Housing Development Finance Corp. Ltd. | 1,214 | 36,600 | ||||||
Infosys Ltd., ADR | 1,321 | 13,302 | ||||||
Infosys Ltd. | 1,180 | 11,964 | ||||||
Lupin Ltd. | 164 | 1,454 | ||||||
Mahindra & Mahindra Ltd. | 643 | 4,072 | ||||||
Nestle India Ltd. | 16 | 3,498 | ||||||
Petronet LNG Ltd. | 382 | 1,300 | ||||||
Pidilite Industries Ltd. | 88 | 1,845 | ||||||
Piramal Enterprises Ltd. | 68 | 1,231 | ||||||
Reliance Industries Ltd. | 2,052 | 37,779 | ||||||
Shree Cement Ltd. | 6 | 1,885 | ||||||
Tata Consultancy Services Ltd. | 668 | 18,514 | ||||||
Tech Mahindra Ltd. | 274 | 2,826 | ||||||
Titan Co. Ltd. | 275 | 4,780 | ||||||
UPL Ltd. | 480 | 3,457 | ||||||
Wipro Ltd. | 1,030 | 3,161 | ||||||
|
| |||||||
(Cost $227,862) | 222,475 | |||||||
|
| |||||||
Indonesia — 0.7% | ||||||||
PT Astra International Tbk | 15,008 | 5,779 | ||||||
PT Bank Central Asia Tbk | 6,823 | 14,956 | ||||||
PT Bank Mandiri Persero Tbk | 13,891 | 7,044 | ||||||
PT Bank Negara Indonesia Persero Tbk | 5,468 | 2,677 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Bank Rakyat Indonesia Persero Tbk | 40,841 | $ | 11,927 | |||||
PT Barito Pacific Tbk* | 19,700 | 1,352 | ||||||
PT Bukit Asam Tbk | 4,847 | 757 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 2,093 | 821 | ||||||
PT Indofood Sukses Makmur Tbk | 2,981 | 1,350 | ||||||
PT Kalbe Farma Tbk | 15,558 | 1,323 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 1,518 | 635 | ||||||
PT Perusahaan Gas Negara Tbk | 8,505 | 759 | ||||||
PT Unilever Indonesia Tbk | 6,190 | 2,945 | ||||||
PT United Tractors Tbk | 1,262 | 1,460 | ||||||
|
| |||||||
(Cost $59,372) | 53,785 | |||||||
|
| |||||||
Ireland — 0.6% | ||||||||
CRH PLC | 572 | 19,145 | ||||||
DCC PLC | 78 | 5,511 | ||||||
Kerry Group PLC, Class A | 111 | 14,022 | ||||||
Kingspan Group PLC | 108 | 6,768 | ||||||
|
| |||||||
(Cost $38,596) | 45,446 | |||||||
|
| |||||||
Israel — 0.2% | ||||||||
Bank Hapoalim BM | 859 | 6,710 | ||||||
Bank Leumi Le-Israel BM | 1,118 | 7,256 | ||||||
Mizrahi Tefahot Bank Ltd. | 116 | 2,990 | ||||||
|
| |||||||
(Cost $15,215) | 16,956 | |||||||
|
| |||||||
Italy — 0.6% | ||||||||
Assicurazioni Generali SpA | 790 | 14,110 | ||||||
Intesa Sanpaolo SpA | 10,857 | 26,219 | ||||||
Snam SpA | 1,407 | 6,910 | ||||||
|
| |||||||
(Cost $45,021) | 47,239 | |||||||
|
| |||||||
Japan — 15.4% | ||||||||
Aeon Co. Ltd. | 500 | 9,338 | ||||||
AEON Financial Service Co. Ltd. | 100 | 1,454 | ||||||
AGC, Inc. | 100 | 2,874 | ||||||
Ajinomoto Co., Inc. | 300 | 5,040 | ||||||
ANA Holdings, Inc. | 100 | 2,695 | ||||||
Asahi Kasei Corp. | 1,000 | 8,350 | ||||||
Astellas Pharma, Inc. | 1,400 | 22,052 | ||||||
Bridgestone Corp. | 400 | 13,372 | ||||||
Casio Computer Co. Ltd. | 200 | 3,443 | ||||||
Central Japan Railway Co. | 100 | 16,484 | ||||||
Chugai Pharmaceutical Co. Ltd. | 170 | 18,463 | ||||||
CyberAgent, Inc. | 100 | 3,796 | ||||||
Dai Nippon Printing Co. Ltd. | 200 | 4,812 | ||||||
Daicel Corp. | 200 | 1,726 | ||||||
Daifuku Co. Ltd. | 100 | 5,952 | ||||||
Daikin Industries Ltd. | 190 | 25,937 | ||||||
Daiwa House Industry Co. Ltd. | 400 | 11,049 | ||||||
Denso Corp. | 300 | 11,737 | ||||||
East Japan Railway Co. | 230 | 17,739 | ||||||
Eisai Co. Ltd. | 200 | 14,798 | ||||||
Fast Retailing Co. Ltd. | 44 | 21,799 | ||||||
Fujitsu Ltd. | 150 | 15,589 | ||||||
Hino Motors Ltd. | 200 | 1,654 | ||||||
Hirose Electric Co. Ltd. | 25 | 2,656 | ||||||
Hitachi Chemical Co. Ltd. | 100 | 4,223 | ||||||
Hitachi Construction Machinery Co. Ltd. | 100 | 2,469 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Hitachi High-Tech Corp. | 50 | $ | 3,694 | |||||
Hitachi Metals Ltd. | 200 | 2,861 | ||||||
Honda Motor Co. Ltd. | 1,200 | 31,144 | ||||||
Hulic Co. Ltd. | 200 | 2,240 | ||||||
Inpex Corp. | 700 | 6,054 | ||||||
Japan Retail Fund Investment Corp. REIT | 2 | 3,803 | ||||||
JFE Holdings, Inc. | 300 | 2,787 | ||||||
Kajima Corp. | 300 | 3,235 | ||||||
Kansai Paint Co. Ltd. | 100 | 2,185 | ||||||
Kao Corp. | 350 | 25,530 | ||||||
Kawasaki Heavy Industries Ltd. | 100 | 1,817 | ||||||
KDDI Corp. | 1,300 | 36,855 | ||||||
Keio Corp. | 100 | 4,812 | ||||||
Keyence Corp. | 136 | 43,385 | ||||||
Kikkoman Corp. | 100 | 4,645 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 50 | 3,639 | ||||||
Komatsu Ltd. | 700 | 14,164 | ||||||
Konami Holdings Corp. | 50 | 1,805 | ||||||
Konica Minolta, Inc. | 300 | 1,630 | ||||||
Kubota Corp. | 800 | 11,296 | ||||||
Kuraray Co. Ltd. | 200 | 2,084 | ||||||
Kurita Water Industries Ltd. | 100 | 2,591 | ||||||
Kyocera Corp. | 200 | 12,601 | ||||||
Kyushu Railway Co. | 100 | 3,008 | ||||||
Lawson, Inc. | 50 | 2,656 | ||||||
Marui Group Co. Ltd. | 100 | 1,952 | ||||||
Mitsubishi Chemical Holdings Corp. | 800 | 5,387 | ||||||
Mitsubishi Electric Corp. | 1,300 | 16,523 | ||||||
Mitsubishi Estate Co. Ltd. | 900 | 15,386 | ||||||
Mitsubishi Materials Corp. | 100 | 2,286 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 300 | 1,716 | ||||||
Mitsui Chemicals, Inc. | 100 | 2,168 | ||||||
Mitsui Fudosan Co. Ltd. | 600 | 13,781 | ||||||
Mizuho Financial Group, Inc. | 17,300 | 23,673 | ||||||
Murata Manufacturing Co. Ltd. | 400 | 21,215 | ||||||
Nabtesco Corp. | 100 | 2,700 | ||||||
Nagoya Railroad Co. Ltd. | 100 | 2,613 | ||||||
NEC Corp. | 200 | 7,491 | ||||||
NGK Insulators Ltd. | 200 | 3,147 | ||||||
NGK Spark Plug Co. Ltd. | 100 | 1,646 | ||||||
Nikon Corp. | 200 | 2,056 | ||||||
Nintendo Co. Ltd. | 85 | 28,582 | ||||||
Nippon Express Co. Ltd. | 50 | 2,397 | ||||||
Nippon Prologis REIT, Inc. REIT | 1 | 2,714 | ||||||
Nippon Yusen KK | 100 | 1,431 | ||||||
Nissin Foods Holdings Co. Ltd. | 50 | 3,940 | ||||||
Nitori Holdings Co. Ltd. | 60 | 8,324 | ||||||
Nitto Denko Corp. | 100 | 5,025 | ||||||
Nomura Real Estate Holdings, Inc. | 100 | 2,158 | ||||||
Nomura Research Institute Ltd. | 200 | 4,367 | ||||||
NSK Ltd. | 300 | 2,300 | ||||||
NTT DOCOMO, Inc. | 1,000 | 27,140 | ||||||
Obayashi Corp. | 400 | 4,038 | ||||||
Odakyu Electric Railway Co. Ltd. | 200 | 3,864 | ||||||
Omron Corp. | 150 | 8,121 | ||||||
Ono Pharmaceutical Co. Ltd. | 300 | 6,147 | ||||||
Oriental Land Co. Ltd. | 150 | 17,056 | ||||||
ORIX Corp. | 1,000 | 16,150 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Osaka Gas Co. Ltd. | 300 | $ | 4,853 | |||||
Otsuka Corp. | 100 | 4,278 | ||||||
Panasonic Corp. | 1,600 | 15,286 | ||||||
Park24 Co. Ltd. | 100 | 1,950 | ||||||
Rakuten, Inc. | 500 | 4,186 | ||||||
Recruit Holdings Co. Ltd. | 1,000 | 34,840 | ||||||
Resona Holdings, Inc. | 1,500 | 5,690 | ||||||
Santen Pharmaceutical Co. Ltd. | 300 | 4,817 | ||||||
Secom Co. Ltd. | 150 | 11,925 | ||||||
Sega Sammy Holdings, Inc. | 100 | 1,319 | ||||||
Sekisui Chemical Co. Ltd. | 300 | 4,475 | ||||||
Sekisui House Ltd. | 400 | 7,851 | ||||||
Seven & i Holdings Co. Ltd. | 500 | 17,133 | ||||||
Sharp Corp. | 200 | 2,336 | ||||||
Shimadzu Corp. | 200 | 4,873 | ||||||
Shimizu Corp. | 400 | 3,642 | ||||||
Shin-Etsu Chemical Co. Ltd. | 250 | 28,149 | ||||||
Shiseido Co. Ltd. | 300 | 17,850 | ||||||
Showa Denko KK | 100 | 2,162 | ||||||
Sohgo Security Services Co. Ltd. | 50 | 2,341 | ||||||
Sompo Holdings, Inc. | 250 | 9,308 | ||||||
Sony Corp. | 900 | 55,161 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,444 | ||||||
Sumitomo Chemical Co. Ltd. | 1,100 | 4,008 | ||||||
Sumitomo Metal Mining Co. Ltd. | 200 | 4,979 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 200 | 6,860 | ||||||
Sumitomo Rubber Industries Ltd. | 100 | 1,041 | ||||||
Suntory Beverage & Food Ltd. | 100 | 3,810 | ||||||
Sysmex Corp. | 100 | 6,414 | ||||||
T&D Holdings, Inc. | 400 | 3,949 | ||||||
Taisei Corp. | 100 | 3,426 | ||||||
Takeda Pharmaceutical Co. Ltd. | 1,100 | 38,375 | ||||||
Teijin Ltd. | 100 | 1,646 | ||||||
Tobu Railway Co. Ltd. | 100 | 2,985 | ||||||
Toho Co. Ltd. | 100 | 3,083 | ||||||
Tokyo Electron Ltd. | 115 | 23,802 | ||||||
Tokyo Gas Co. Ltd. | 300 | 6,071 | ||||||
Tokyu Corp. | 400 | 6,141 | ||||||
Toray Industries, Inc. | 1,000 | 5,791 | ||||||
TOTO Ltd. | 100 | 3,796 | ||||||
Toyo Suisan Kaisha Ltd. | 100 | 3,963 | ||||||
Unicharm Corp. | 300 | 9,729 | ||||||
USS Co. Ltd. | 200 | 3,163 | ||||||
West Japan Railway Co. | 100 | 7,063 | ||||||
Yakult Honsha Co. Ltd. | 100 | 4,575 | ||||||
Yamada Denki Co. Ltd. | 400 | 1,925 | ||||||
Yamaha Corp. | 100 | 4,914 | ||||||
Yamaha Motor Co. Ltd. | 200 | 3,204 | ||||||
Yaskawa Electric Corp. (b) | 200 | 6,276 | ||||||
Yokogawa Electric Corp. | 200 | 3,221 | ||||||
|
| |||||||
(Cost $1,162,326) | 1,168,595 | |||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
Millicom International Cellular SA SDR | 52 | 2,363 | ||||||
SES SA | 269 | 3,067 | ||||||
Tenaris SA | 322 | 2,889 | ||||||
|
| |||||||
(Cost $12,878) | 8,319 | |||||||
|
|
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Malaysia — 0.7% | ||||||||
AMMB Holdings Bhd | 1,400 | $ | 1,229 | |||||
Axiata Group Bhd | 2,152 | 2,134 | ||||||
CIMB Group Holdings Bhd | 3,587 | 4,102 | ||||||
DiGi.Com Bhd | 2,500 | 2,467 | ||||||
Fraser & Neave Holdings Bhd | 200 | 1,458 | ||||||
HAP Seng Consolidated Bhd | 500 | 1,063 | ||||||
Hartalega Holdings Bhd | 1,000 | 1,471 | ||||||
Hong Leong Bank Bhd | 500 | 1,815 | ||||||
IHH Healthcare Bhd | 1,900 | 2,569 | ||||||
Malayan Banking Bhd | 2,859 | 5,711 | ||||||
Malaysia Airports Holdings Bhd | 900 | 1,407 | ||||||
Maxis Bhd | 2,100 | 2,705 | ||||||
MISC Bhd | 900 | 1,621 | ||||||
Nestle Malaysia Bhd | 19 | 645 | ||||||
Petronas Dagangan Bhd | 300 | 1,626 | ||||||
PPB Group Bhd | 400 | 1,718 | ||||||
Press Metal Aluminium Holdings Bhd | 1,100 | 1,216 | ||||||
Public Bank Bhd | 2,100 | 8,519 | ||||||
RHB Bank Bhd | 900 | 1,185 | ||||||
Sime Darby Bhd | 2,000 | 949 | ||||||
Tenaga Nasional Bhd | 2,300 | 6,603 | ||||||
Top Glove Corp. Bhd | 1,000 | 1,338 | ||||||
Westports Holdings Bhd | 1,100 | 898 | ||||||
|
| |||||||
(Cost $63,293) | 54,449 | |||||||
|
| |||||||
Mexico — 0.4% | ||||||||
Alfa SAB de CV, Class A | 2,091 | 1,328 | ||||||
Alsea SAB de CV* | 88 | 177 | ||||||
Arca Continental SAB de CV | 349 | 1,904 | ||||||
Cemex SAB de CV, Series CPO | 11,057 | 3,541 | ||||||
Coca-Cola Femsa SAB de CV | 384 | 2,114 | ||||||
Fomento Economico Mexicano SAB de CV | 1,459 | 11,734 | ||||||
Gruma SAB de CV, Class B | 161 | 1,537 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 173 | 2,839 | ||||||
Grupo Bimbo SAB de CV, Series A | 1,236 | 1,854 | ||||||
Industrias Penoles SAB de CV | 103 | 923 | ||||||
Infraestructura Energetica Nova SAB de CV | 331 | 1,432 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A* | 1,156 | 2,176 | ||||||
|
| |||||||
(Cost $34,546) | 31,559 | |||||||
|
| |||||||
Netherlands — 3.0% | ||||||||
Aegon NV | 1,145 | 3,863 | ||||||
Akzo Nobel NV | 140 | 11,095 | ||||||
ASML Holding NV | 308 | 83,938 | ||||||
EXOR NV | 70 | 4,927 | ||||||
ING Groep NV | 2,860 | 27,046 | ||||||
Koninklijke Ahold Delhaize NV | 777 | 18,077 | ||||||
Koninklijke DSM NV | 136 | 15,200 | ||||||
Koninklijke KPN NV | 2,733 | 6,608 | ||||||
Koninklijke Philips NV | 653 | 27,773 | ||||||
Koninklijke Vopak NV | 63 | 2,986 | ||||||
NN Group NV | 242 | 8,198 | ||||||
QIAGEN NV* | 164 | 5,981 | ||||||
Wolters Kluwer NV | 193 | 14,060 | ||||||
|
| |||||||
(Cost $208,048) | 229,752 | |||||||
|
|
Number | Value | |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 706 | $ | 3,446 | |||||
Fletcher Building Ltd. | 728 | 2,343 | ||||||
Meridian Energy Ltd. | 827 | 2,370 | ||||||
Ryman Healthcare Ltd. | 374 | 3,538 | ||||||
|
| |||||||
(Cost $10,926) | 11,697 | |||||||
|
| |||||||
Norway — 0.5% | ||||||||
Aker BP ASA | 70 | 1,638 | ||||||
Equinor ASA | 680 | 10,141 | ||||||
Mowi ASA (b) | 310 | 6,479 | ||||||
Norsk Hydro ASA | 954 | 2,685 | ||||||
Orkla ASA | 628 | 5,253 | ||||||
Schibsted ASA, Class B | 73 | 1,740 | ||||||
Telenor ASA | 537 | 8,524 | ||||||
|
| |||||||
(Cost $48,796) | 36,460 | |||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,620 | 1,355 | ||||||
Aboitiz Power Corp. | 1,700 | 917 | ||||||
Bank of the Philippine Islands | 790 | 1,148 | ||||||
BDO Unibank, Inc. | 1,500 | 4,090 | ||||||
Globe Telecom, Inc. | 30 | 1,047 | ||||||
JG Summit Holdings, Inc. | 1,700 | 2,251 | ||||||
Manila Electric Co. | 150 | 794 | ||||||
Metropolitan Bank & Trust Co.* | 1,582 | 1,740 | ||||||
SM Investments Corp. | 160 | 3,059 | ||||||
SM Prime Holdings, Inc. | 8,000 | 6,011 | ||||||
|
| |||||||
(Cost $22,927) | 22,412 | |||||||
|
| |||||||
Poland — 0.2% | ||||||||
Bank Millennium SA* | 409 | 501 | ||||||
Bank Polska Kasa Opieki SA | 118 | 2,635 | ||||||
CCC SA | 34 | 620 | ||||||
Grupa Lotos SA | 91 | 1,372 | ||||||
KGHM Polska Miedz SA* | 94 | 1,682 | ||||||
mBank SA* | 10 | 756 | ||||||
Polski Koncern Naftowy ORLEN SA | 251 | 3,733 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 1,193 | 959 | ||||||
Powszechny Zaklad Ubezpieczen SA | 423 | 3,728 | ||||||
Santander Bank Polska SA | 23 | 1,463 | ||||||
|
| |||||||
(Cost $27,766) | 17,449 | |||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 1,827 | 8,469 | ||||||
Galp Energia SGPS SA | 411 | 5,585 | ||||||
Jeronimo Martins SGPS SA | 203 | 3,546 | ||||||
|
| |||||||
(Cost $15,748) | 17,600 | |||||||
|
| |||||||
Qatar — 0.3% | ||||||||
Commercial Bank PSQC | 1,380 | 1,715 | ||||||
Ooredoo QPSC | 670 | 1,163 | ||||||
Qatar National Bank QPSC | 3,331 | 17,235 | ||||||
|
| |||||||
(Cost $20,057) | 20,113 | |||||||
|
| |||||||
Romania — 0.0% | ||||||||
NEPI Rockcastle PLC (Cost $2,365) | 296 | 2,145 | ||||||
|
|
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Russia — 0.6% | ||||||||
Inter RAO UES PJSC | 26,571 | $ | 2,058 | |||||
LUKOIL PJSC | 303 | 25,698 | ||||||
Novatek PJSC, GDR | 66 | 9,458 | ||||||
Novolipetsk Steel PJSC | 886 | 1,647 | ||||||
PhosAgro PJSC, GDR | 105 | 1,156 | ||||||
Polyus PJSC | 21 | 2,645 | ||||||
|
| |||||||
(Cost $42,246) | 42,662 | |||||||
|
| |||||||
Saudi Arabia — 0.3% | ||||||||
Almarai Co. JSC | 185 | 2,258 | ||||||
Banque Saudi Fransi | 401 | 3,640 | ||||||
Saudi Arabian Mining Co.* | 302 | 3,067 | ||||||
Saudi Basic Industries Corp. | 553 | 11,601 | ||||||
|
| |||||||
(Cost $26,279) | 20,566 | |||||||
|
| |||||||
Singapore — 1.1% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,972 | 4,323 | ||||||
BOC Aviation Ltd., 144A | 179 | 1,554 | ||||||
CapitaLand Commercial Trust REIT | 1,800 | 2,399 | ||||||
CapitaLand Ltd. | 1,800 | 4,552 | ||||||
CapitaLand Mall Trust REIT | 1,800 | 2,928 | ||||||
City Developments Ltd. | 300 | 2,100 | ||||||
DBS Group Holdings Ltd. | 1,300 | 22,457 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 1,924 | ||||||
Keppel Corp. Ltd. | 1,000 | 4,542 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,360 | 17,924 | ||||||
Singapore Airlines Ltd. | 400 | 2,293 | ||||||
Singapore Exchange Ltd. | 500 | 3,041 | ||||||
Singapore Press Holdings Ltd. | 900 | 1,219 | ||||||
Singapore Telecommunications Ltd. | 5,600 | 12,037 | ||||||
UOL Group Ltd. | 400 | 2,112 | ||||||
|
| |||||||
(Cost $88,093) | 85,405 | |||||||
|
| |||||||
South Africa — 1.9% | ||||||||
Absa Group Ltd. | 507 | 4,264 | ||||||
Anglo American Platinum Ltd. (b) | 37 | 2,463 | ||||||
Aspen Pharmacare Holdings Ltd.* | 289 | 1,837 | ||||||
Bid Corp. Ltd. | 268 | 4,738 | ||||||
Bidvest Group Ltd. (b) | 240 | 2,746 | ||||||
Clicks Group Ltd. | 194 | 2,904 | ||||||
Exxaro Resources Ltd. | 171 | 1,218 | ||||||
FirstRand Ltd. (b) | 2,616 | 9,166 | ||||||
Foschini Group Ltd. | 192 | 1,522 | ||||||
Gold Fields Ltd. | 587 | 3,441 | ||||||
Growthpoint Properties Ltd. REIT | 2,335 | 2,612 | ||||||
Investec Ltd. | 267 | 1,339 | ||||||
Kumba Iron Ore Ltd. (b) | 42 | 749 | ||||||
Life Healthcare Group Holdings Ltd. | 934 | 1,324 | ||||||
Mr Price Group Ltd. | 212 | 2,035 | ||||||
MTN Group Ltd. (b) | 1,249 | 5,852 | ||||||
MultiChoice Group* | 327 | 1,880 | ||||||
Naspers Ltd., Class N | 319 | 48,280 | ||||||
Nedbank Group Ltd. | 290 | 3,256 | ||||||
Northam Platinum Ltd.* | 264 | 1,866 | ||||||
Old Mutual Ltd. | 3,667 | 3,650 | ||||||
Pick n Pay Stores Ltd. | 305 | 1,071 | ||||||
PSG Group Ltd. | 110 | 1,305 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Redefine Properties Ltd. REIT | 4,561 | $ | 1,574 | |||||
Remgro Ltd. | 410 | 4,170 | ||||||
RMB Holdings Ltd. | 489 | 2,178 | ||||||
Sanlam Ltd. | 1,309 | 5,407 | ||||||
Sasol Ltd. (b) | 419 | 4,951 | ||||||
Shoprite Holdings Ltd. | 317 | 2,259 | ||||||
SPAR Group Ltd. | 143 | 1,491 | ||||||
Standard Bank Group Ltd. | 927 | 8,751 | ||||||
Vodacom Group Ltd. | 442 | 3,081 | ||||||
Woolworths Holdings Ltd. | 771 | 1,752 | ||||||
|
| |||||||
(Cost $208,891) | 145,132 | |||||||
|
| |||||||
South Korea — 1.3% | ||||||||
Amorepacific Corp. | 27 | 3,579 | ||||||
AMOREPACIFIC Group | 25 | 1,276 | ||||||
BNK Financial Group, Inc. | 119 | 605 | ||||||
CJ CheilJedang Corp. | 7 | 1,406 | ||||||
CJ Corp. | 12 | 795 | ||||||
Coway Co. Ltd. | 41 | 2,326 | ||||||
GS Engineering & Construction Corp. | 46 | 994 | ||||||
GS Holdings Corp. | 38 | 1,291 | ||||||
Hana Financial Group, Inc. | 223 | 5,766 | ||||||
Hankook Tire & Technology Co. Ltd. | 59 | 1,239 | ||||||
Hanwha Solutions Corp. | 92 | 1,352 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 7 | 1,559 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 48 | 893 | ||||||
KB Financial Group, Inc. | 294 | 9,417 | ||||||
LG Chem Ltd. | 30 | 9,090 | ||||||
LG Corp. | 70 | 3,891 | ||||||
LG Display Co. Ltd. | 169 | 1,892 | ||||||
LG Electronics, Inc. | 81 | 4,028 | ||||||
LG Household & Health Care Ltd. | 7 | 7,037 | ||||||
LG Innotek Co. Ltd. | 3 | 321 | ||||||
Lotte Chemical Corp. | 13 | 2,007 | ||||||
Lotte Corp. | 25 | 598 | ||||||
OCI Co. Ltd.* | 14 | 568 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 23 | 3,750 | ||||||
Samsung SDI Co. Ltd. | 40 | 9,716 | ||||||
Shinhan Financial Group Co. Ltd. | 317 | 8,431 | ||||||
SK Holdings Co. Ltd. | 24 | 3,794 | ||||||
SK Innovation Co. Ltd. | 34 | 3,163 | ||||||
SK Telecom Co. Ltd. | 12 | 2,100 | ||||||
S-Oil Corp. | 33 | 1,810 | ||||||
Yuhan Corp. | 6 | 1,057 | ||||||
|
| |||||||
(Cost $125,749) | 95,751 | |||||||
|
| |||||||
Spain — 2.5% | ||||||||
Amadeus IT Group SA | 309 | 21,553 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 4,875 | 23,211 | ||||||
Banco de Sabadell SA | 4,443 | 3,861 | ||||||
Bankinter SA | 505 | 2,962 | ||||||
CaixaBank SA | 2,656 | 6,771 | ||||||
Enagas SA | 183 | 4,704 | ||||||
Ferrovial SA | 380 | 10,803 | ||||||
Iberdrola SA | 4,460 | 50,559 | ||||||
Industria de Diseno Textil SA | �� | 785 | 24,256 | |||||
Naturgy Energy Group SA | 237 | 5,475 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Red Electrica Corp. SA | 328 | $ | 6,249 | |||||
Repsol SA | 982 | 10,927 | ||||||
Telefonica SA | 3,458 | 20,360 | ||||||
|
| |||||||
(Cost $202,314) | 191,691 | |||||||
|
| |||||||
Sweden — 2.2% | ||||||||
Assa Abloy AB, Class B | 695 | 15,405 | ||||||
Atlas Copco AB, Class A | 477 | 16,684 | ||||||
Atlas Copco AB, Class B | 286 | 8,726 | ||||||
Boliden AB | 195 | 3,990 | ||||||
Electrolux AB, Series B | 140 | 2,808 | ||||||
Essity AB, Class B | 444 | 13,171 | ||||||
Hennes & Mauritz AB, Class B | 566 | 10,121 | ||||||
Husqvarna AB, Class B | 321 | 2,126 | ||||||
ICA Gruppen AB (b) | 60 | 2,227 | ||||||
Investor AB, Class B | 348 | 17,132 | ||||||
Kinnevik AB, Class B | 139 | 2,789 | ||||||
L E Lundbergforetagen AB, Class B | 72 | 2,948 | ||||||
Sandvik AB | 803 | 13,119 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 1,160 | 10,941 | ||||||
Skanska AB, Class B | 250 | 5,387 | ||||||
SKF AB, Class B | 253 | 4,384 | ||||||
Svenska Handelsbanken AB, Class A | 1,080 | 10,748 | ||||||
Swedbank AB, Class A | 651 | 9,720 | ||||||
Tele2 AB, Class B | 361 | 5,192 | ||||||
Telia Co. AB | 2,244 | 8,779 | ||||||
|
| |||||||
(Cost $160,387) | 166,397 | |||||||
|
| |||||||
Switzerland — 5.5% | ||||||||
ABB Ltd. | 1,329 | 28,572 | ||||||
Adecco Group AG | 120 | 6,370 | ||||||
Alcon, Inc.* | 297 | 18,091 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 1 | 7,779 | ||||||
Cie Financiere Richemont SA | 373 | 25,202 | ||||||
Clariant AG* | 145 | 3,038 | ||||||
Coca-Cola HBC AG* | 147 | 4,645 | ||||||
Givaudan SA | 7 | 21,739 | ||||||
Kuehne + Nagel International AG | 41 | 5,953 | ||||||
Lonza Group AG* | 56 | 22,123 | ||||||
Roche Holding AG | 507 | 162,217 | ||||||
SGS SA | 4 | 9,910 | ||||||
Sika AG | 95 | 16,822 | ||||||
Sonova Holding AG | 41 | 9,734 | ||||||
Swiss Re AG | 212 | 20,071 | ||||||
Swisscom AG | 19 | 10,082 | ||||||
Vifor Pharma AG | 33 | 5,479 | ||||||
Zurich Insurance Group AG | 111 | 42,533 | ||||||
|
| |||||||
(Cost $358,213) | 420,360 | |||||||
|
| |||||||
Taiwan — 4.7% | ||||||||
Acer, Inc. | 2,216 | 1,196 | ||||||
Advantech Co. Ltd. | 243 | 2,363 | ||||||
ASE Technology Holding Co. Ltd. | 2,612 | 6,150 | ||||||
AU Optronics Corp. | 5,940 | 1,864 | ||||||
Catcher Technology Co. Ltd. | 471 | 3,686 | ||||||
Cathay Financial Holding Co. Ltd. | 4,995 | 6,607 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Chailease Holding Co. Ltd. | 968 | $ | 3,676 | |||||
Cheng Shin Rubber Industry Co. Ltd. | 1,499 | 1,958 | ||||||
China Airlines Ltd. | 2,836 | 764 | ||||||
China Steel Corp. | 8,819 | 6,699 | ||||||
Chunghwa Telecom Co. Ltd. | 2,878 | 10,265 | ||||||
CTBC Financial Holding Co. Ltd. | 13,085 | 9,810 | ||||||
Delta Electronics, Inc. | 1,485 | 6,866 | ||||||
E.Sun Financial Holding Co. Ltd. | 7,559 | 7,252 | ||||||
Eva Airways Corp. | 226 | 90 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 2,510 | 957 | ||||||
Far Eastern New Century Corp. | 2,498 | 2,331 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,268 | 2,768 | ||||||
First Financial Holding Co. Ltd. | 6,955 | 5,444 | ||||||
Fubon Financial Holding Co. Ltd. | 4,213 | 6,185 | ||||||
Giant Manufacturing Co. Ltd. | 300 | 1,630 | ||||||
Hiwin Technologies Corp. | 166 | 1,653 | ||||||
Hotai Motor Co. Ltd. | 204 | 4,224 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,156 | 4,381 | ||||||
Innolux Corp. | 7,081 | 1,847 | ||||||
Inventec Corp. | 1,950 | 1,478 | ||||||
Lite-On Technology Corp. | 1,579 | 2,287 | ||||||
MediaTek, Inc. | 1,101 | 13,090 | ||||||
Nan Ya Plastics Corp. | 3,413 | 7,676 | ||||||
President Chain Store Corp. | 448 | 4,387 | ||||||
Quanta Computer, Inc. | 1,910 | 3,911 | ||||||
SinoPac Financial Holdings Co. Ltd. | 6,388 | 2,743 | ||||||
Standard Foods Corp. | 609 | 1,366 | ||||||
Taishin Financial Holding Co. Ltd. | 7,427 | 3,483 | ||||||
Taiwan Business Bank | 3,323 | 1,317 | ||||||
Taiwan High Speed Rail Corp. | 1,537 | 1,751 | ||||||
Taiwan Mobile Co. Ltd. | 1,259 | 4,366 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 17,753 | 185,272 | ||||||
Tatung Co. Ltd.* | 2,166 | 1,506 | ||||||
Uni-President Enterprises Corp. | 3,686 | 8,911 | ||||||
United Microelectronics Corp. | 7,051 | 3,563 | ||||||
Wistron Corp. | 2,104 | 1,880 | ||||||
Yuanta Financial Holding Co. Ltd. | 7,871 | 4,991 | ||||||
|
| |||||||
(Cost $288,995) | 354,644 | |||||||
|
| |||||||
Thailand — 0.8% | ||||||||
Advanced Info Service PCL, NVDR | 800 | 5,071 | ||||||
Airports of Thailand PCL, NVDR | 3,100 | 5,870 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 7,200 | 5,065 | ||||||
Banpu PCL, NVDR | 5,300 | 1,193 | ||||||
BTS Group Holdings PCL, NVDR | 4,000 | 1,382 | ||||||
Bumrungrad Hospital PCL, NVDR | 300 | 1,222 | ||||||
Central Pattana PCL, NVDR | 1,400 | 2,351 | ||||||
CP ALL PCL, NVDR | 4,400 | 9,168 | ||||||
Electricity Generating PCL, NVDR | 200 | 1,730 | ||||||
Energy Absolute PCL, NVDR | 1,200 | 1,483 | ||||||
Gulf Energy Development PCL, NVDR | 400 | 2,098 | ||||||
Home Product Center PCL, NVDR | 4,800 | 1,947 | ||||||
Indorama Ventures PCL, NVDR | 1,400 | 1,154 | ||||||
IRPC PCL, NVDR | 13,400 | 934 | ||||||
Kasikornbank PCL, NVDR | 1,400 | 5,280 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Thailand (Continued) | ||||||||
Land & Houses PCL, NVDR | 4,800 | $ | 1,278 | |||||
Minor International PCL, NVDR | 1,600 | 1,394 | ||||||
Muangthai Capital PCL | 600 | 1,093 | ||||||
PTT Global Chemical PCL, NVDR | 1,700 | 2,222 | ||||||
Siam Cement PCL, NVDR | 600 | 5,894 | ||||||
Siam Commercial Bank PCL, NVDR | 700 | 1,936 | ||||||
Thai Oil PCL, NVDR | 500 | 685 | ||||||
TMB Bank PCL, NVDR | 18,445 | 637 | ||||||
True Corp. PCL, NVDR | 5,900 | 621 | ||||||
|
| |||||||
(Cost $79,498) | 61,708 | |||||||
|
| |||||||
Turkey — 0.1% | ||||||||
KOC Holding AS | 746 | 2,053 | ||||||
Turkcell Iletisim Hizmetleri AS | 897 | 1,987 | ||||||
|
| |||||||
(Cost $3,785) | 4,040 | |||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 2,038 | 3,957 | ||||||
DP World PLC | 137 | 2,226 | ||||||
Dubai Islamic Bank PJSC | 1,453 | 2,136 | ||||||
First Abu Dhabi Bank PJSC | 1,987 | 7,747 | ||||||
NMC Health PLC (c) | 76 | 911 | ||||||
|
| |||||||
(Cost $20,069) | 16,977 | |||||||
|
| |||||||
United Kingdom — 8.6% | ||||||||
3i Group PLC | 653 | 8,408 | ||||||
Associated British Foods PLC | 262 | 7,546 | ||||||
Aviva PLC | 2,991 | 13,402 | ||||||
Barratt Developments PLC | 698 | 6,751 | ||||||
Berkeley Group Holdings PLC | 84 | 5,101 | ||||||
British Land Co. PLC REIT | 710 | 4,544 | ||||||
BT Group PLC | 6,174 | 11,168 | ||||||
Burberry Group PLC | 313 | 6,593 | ||||||
CNH Industrial NV | 738 | 6,769 | ||||||
Coca-Cola European Partners PLC | 155 | 7,899 | ||||||
Compass Group PLC | 1,141 | 24,929 | ||||||
Croda International PLC | 97 | 5,642 | ||||||
easyJet PLC | 117 | 1,645 | ||||||
Ferguson PLC | 170 | 14,635 | ||||||
GlaxoSmithKline PLC | 3,626 | 72,353 | ||||||
Informa PLC | 837 | 7,296 | ||||||
InterContinental Hotels Group PLC | 132 | 7,253 | ||||||
Intertek Group PLC | 116 | 7,808 | ||||||
ITV PLC | 2,732 | 4,067 | ||||||
J Sainsbury PLC | 1,332 | 3,330 | ||||||
Johnson Matthey PLC | 140 | 4,490 | ||||||
Kingfisher PLC | 1,399 | 3,384 | ||||||
Legal & General Group PLC | 4,256 | 14,134 | ||||||
London Stock Exchange Group PLC | 231 | 22,353 | ||||||
Marks & Spencer Group PLC | 1,542 | 3,120 | ||||||
Meggitt PLC | 540 | 3,738 | ||||||
Mondi PLC | 359 | 7,163 | ||||||
National Grid PLC | 2,508 | 31,484 | ||||||
Next PLC | 94 | 7,302 | ||||||
Pearson PLC | 580 | 4,131 | ||||||
Prudential PLC | 1,871 | 30,279 | ||||||
Reckitt Benckiser Group PLC | 508 | 37,122 | ||||||
RELX PLC | 1,404 | 33,490 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Rentokil Initial PLC | 1,390 | $ | 8,593 | |||||
RSA Insurance Group PLC | 778 | 5,156 | ||||||
Schroders PLC | 107 | 3,901 | ||||||
Segro PLC REIT | 774 | 8,119 | ||||||
Smith & Nephew PLC | 632 | 14,038 | ||||||
Spirax-Sarco Engineering PLC | 52 | 5,576 | ||||||
SSE PLC | 726 | 14,179 | ||||||
Standard Chartered PLC | 2,017 | 14,494 | ||||||
Standard Life Aberdeen PLC | 1,754 | 6,192 | ||||||
Taylor Wimpey PLC | 2,688 | 6,942 | ||||||
Tesco PLC | 7,183 | 20,965 | ||||||
Unilever NV | 1,065 | 55,702 | ||||||
Unilever PLC | 802 | 42,717 | ||||||
Whitbread PLC | 104 | 5,173 | ||||||
Wm Morrison Supermarkets PLC | 1,741 | 3,808 | ||||||
WPP PLC | 924 | 8,885 | ||||||
|
| |||||||
(Cost $645,188) | 653,769 | |||||||
|
| |||||||
United States — 0.0% | ||||||||
Ovintiv, Inc. | 221 | 2,554 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 7,454,010 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.1% | ||||||||
Brazil — 0.8% | ||||||||
Banco Bradesco SA | 2,866 | 19,394 | ||||||
Cia Energetica de Minas Gerais | 642 | 1,986 | ||||||
Itau Unibanco Holding SA | 3,538 | 25,094 | ||||||
Itausa — Investimentos Itau SA | 3,246 | 8,641 | ||||||
Telefonica Brasil SA | 338 | 3,999 | ||||||
|
| |||||||
(Cost $72,733) | 59,114 | |||||||
|
| |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina SA, Class B | 379 | 913 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 92 | 2,406 | ||||||
|
| |||||||
(Cost $5,661) | 3,319 | |||||||
|
| |||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 36 | 1,840 | ||||||
Henkel AG & Co. KGaA | 134 | 12,317 | ||||||
Sartorius AG | 27 | 6,139 | ||||||
|
| |||||||
(Cost $21,891) | 20,296 | |||||||
|
| |||||||
South Korea — 0.0% | ||||||||
AMOREPACIFIC Group | 1 | 35 | ||||||
LG Chem Ltd. | 8 | 1,232 | ||||||
LG Household & Health Care Ltd. | 2 | 1,207 | ||||||
|
| |||||||
(Cost $2,583) | 2,474 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 85,203 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL*, | 400 | 11 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Thailand (Continued) | ||||||||
Minor International PCL*, | 80 | $ | 4 | |||||
|
| |||||||
TOTAL WARRANTS | 15 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF (d) | 275 | 6,625 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (b)(d) | 175 | 4,352 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 10,977 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (e)(f) | 70,906 | 70,906 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $7,513,501) | $ | 7,621,111 | ||||||
Other assets and liabilities, net — (0.2%) | (14,110 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 7,607,001 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.2% |
| |||||||||||||||||||||||||||||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF (d) |
| |||||||||||||||||||||||||||||||||||
2,415 | 64,204 | (61,305 | ) | 2,104 | (793 | ) | — | — | 275 | 6,625 | ||||||||||||||||||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (d) |
| |||||||||||||||||||||||||||||||||||
— | 18,146 | (13,722 | ) | 321 | (393 | ) | — | — | 175 | 4,352 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (e)(f) |
| |||||||||||||||||||||||||||||||||||
51,069 | 19,837 | (g) | — | — | — | 523 | — | 70,906 | 70,906 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (e) |
| |||||||||||||||||||||||||||||||||||
6,580 | 233,208 | (239,788 | ) | — | — | 93 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
60,064 | 335,395 | (314,815 | ) | 2,425 | (1,186 | ) | 616 | — | 71,356 | 81,883 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $77,099, which is 1.0% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund advised by DBX Advisors LLC. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $18,338. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
PSQC: | Public Shareholders Qatari Company |
QPSC: | Qatari Public Shareholders Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
SDR: | Swedish Depositary Receipt |
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. |
At February 29, 2020, 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 Futures | USD | 1 | $ | 55,280 | $ | 50,440 | 3/20/2020 | $ | (4,840 | ) |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (h) | $ | 7,453,099 | $ | — | $ | 911 | $ | 7,454,010 | ||||||||
Preferred Stocks (h) | 85,203 | — | — | 85,203 | ||||||||||||
Warrants | 15 | — | — | 15 | ||||||||||||
Exchange-Traded Funds | 10,977 | — | — | 10,977 | ||||||||||||
Short-Term Investments (h) | 70,906 | — | — | 70,906 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 7,620,200 | $ | — | $ | 911 | $ | 7,621,111 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Futures Contracts | $ | (4,840 | ) | $ | — | $ | — | $ | (4,840 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (4,840 | ) | $ | — | $ | — | $ | (4,840 | ) | ||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended February 29, 2020, the amount of transfers between Level 1 and Level 3 was $2,316. The investment were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Australia — 9.4% | ||||||||
AMP Ltd.* | 4,779 | $ | 5,161 | |||||
APA Group (a) | 1,647 | 11,405 | ||||||
ASX Ltd. | 283 | 13,528 | ||||||
Aurizon Holdings Ltd. | 2,895 | 9,015 | ||||||
AusNet Services | 2,896 | 3,165 | ||||||
Australia & New Zealand Banking Group Ltd. | 4,071 | 65,173 | ||||||
Bendigo & Adelaide Bank Ltd. (b) | 674 | 3,994 | ||||||
BlueScope Steel Ltd. | 656 | 4,999 | ||||||
Boral Ltd. | 1,621 | 4,724 | ||||||
Brambles Ltd. | 2,354 | 18,152 | ||||||
Coca-Cola Amatil Ltd. | 698 | 5,171 | ||||||
Cochlear Ltd. | 79 | 10,574 | ||||||
Coles Group Ltd. | 1,687 | 15,456 | ||||||
Commonwealth Bank of Australia | 2,504 | 132,030 | ||||||
Computershare Ltd. | 680 | 6,717 | ||||||
CSL Ltd. | 650 | 129,682 | ||||||
Dexus REIT | 1,534 | 12,027 | ||||||
Fortescue Metals Group Ltd. (b) | 2,005 | 13,031 | ||||||
Goodman Group REIT | 2,379 | 22,977 | ||||||
GPT Group REIT | 2,812 | 10,479 | ||||||
Harvey Norman Holdings Ltd. | 749 | 1,792 | ||||||
Insurance Australia Group Ltd. | 3,235 | 13,307 | ||||||
Lendlease Group (a) | 804 | 9,139 | ||||||
Macquarie Group Ltd. | 467 | 40,597 | ||||||
Mirvac Group REIT | 5,229 | 10,249 | ||||||
National Australia Bank Ltd. | 4,135 | 66,918 | ||||||
Newcrest Mining Ltd. | 1,102 | 18,687 | ||||||
Orica Ltd. | 524 | 6,689 | ||||||
Origin Energy Ltd. | 2,398 | 10,792 | ||||||
Ramsay Health Care Ltd. | 224 | 9,822 | ||||||
SEEK Ltd. | 455 | 6,067 | ||||||
Stockland REIT | 3,311 | 10,055 | ||||||
Sydney Airport (a) | 1,658 | 8,306 | ||||||
Telstra Corp. Ltd. | 5,876 | 12,995 | ||||||
Transurban Group (a) | 3,895 | 37,293 | ||||||
Wesfarmers Ltd. | 1,640 | 42,983 | ||||||
Westpac Banking Corp. | 5,086 | 77,520 | ||||||
Woodside Petroleum Ltd. | 1,358 | 24,446 | ||||||
Worley Ltd. | 472 | 3,810 | ||||||
|
| |||||||
(Cost $976,653) | 908,927 | |||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 103 | 3,611 | ||||||
OMV AG | 207 | 8,606 | ||||||
voestalpine AG | 196 | 4,259 | ||||||
|
| |||||||
(Cost $21,922) | 16,476 | |||||||
|
| |||||||
Belgium — 0.7% | ||||||||
Colruyt SA | 84 | 3,859 | ||||||
KBC Group NV | 350 | 23,075 | ||||||
Solvay SA | 104 | 9,377 | ||||||
UCB SA | 188 | 17,256 | ||||||
Umicore SA | 290 | 12,031 | ||||||
|
| |||||||
(Cost $73,825) | 65,598 | |||||||
|
|
Number | Value | |||||||
Denmark — 3.0% | ||||||||
Chr Hansen Holding A/S | 152 | $ | 10,745 | |||||
Coloplast A/S, Class B | 160 | 21,280 | ||||||
Demant A/S* | 168 | 5,099 | ||||||
Genmab A/S* | 93 | 20,806 | ||||||
H Lundbeck A/S | 96 | 3,288 | ||||||
ISS A/S | 235 | 4,180 | ||||||
Novo Nordisk A/S, Class B | 2,534 | 147,425 | ||||||
Novozymes A/S, Class B | 303 | 15,281 | ||||||
Orsted A/S, 144A | 263 | 26,883 | ||||||
Pandora A/S | 151 | 6,741 | ||||||
Tryg A/S | 182 | 5,008 | ||||||
Vestas Wind Systems A/S | 262 | 25,009 | ||||||
|
| |||||||
(Cost $261,309) | 291,745 | |||||||
|
| |||||||
Finland — 0.8% | ||||||||
Metso OYJ | 144 | 4,622 | ||||||
Neste OYJ | 603 | 23,620 | ||||||
Nokian Renkaat OYJ | 194 | 5,025 | ||||||
Orion OYJ, Class B | 143 | 5,647 | ||||||
Stora Enso OYJ, Class R | 854 | 10,047 | ||||||
UPM-Kymmene OYJ | 751 | 22,875 | ||||||
Wartsila OYJ Abp | 625 | 6,456 | ||||||
|
| |||||||
(Cost $86,832) | 78,292 | |||||||
|
| |||||||
France — 9.7% | ||||||||
Accor SA | 255 | 9,151 | ||||||
Air Liquide SA | 682 | 92,070 | ||||||
Atos SE | 135 | 9,980 | ||||||
AXA SA | 2,764 | 63,622 | ||||||
Bouygues SA | 338 | 13,173 | ||||||
Carrefour SA | 883 | 15,175 | ||||||
Casino Guichard Perrachon SA (b) | 77 | 2,976 | ||||||
Cie de Saint-Gobain | 696 | 24,159 | ||||||
Cie Generale des Etablissements Michelin SCA | 237 | 25,054 | ||||||
CNP Assurances | 251 | 3,901 | ||||||
Credit Agricole SA | 1,602 | 19,022 | ||||||
Danone SA | 879 | 61,524 | ||||||
Eiffage SA | 117 | 12,392 | ||||||
EssilorLuxottica SA | 405 | 54,764 | ||||||
Eurazeo SE | 48 | 3,195 | ||||||
Gecina SA REIT | 70 | 12,356 | ||||||
Getlink SE | 600 | 9,609 | ||||||
Ingenico Group SA | 84 | 11,806 | ||||||
JCDecaux SA | 108 | 2,468 | ||||||
Kering SA | 109 | 60,560 | ||||||
Klepierre SA REIT | 281 | 8,340 | ||||||
L’Oreal SA | 358 | 94,772 | ||||||
Natixis SA | 1,332 | 5,365 | ||||||
Orange SA | 2,858 | 38,269 | ||||||
Schneider Electric SE | 776 | 77,142 | ||||||
Teleperformance | 86 | 20,764 | ||||||
TOTAL SA | 3,404 | 143,508 | ||||||
Unibail-Rodamco-Westfield REIT | 199 | 23,826 | ||||||
Valeo SA | 306 | 7,657 | ||||||
Wendel SA | 38 | 4,621 | ||||||
|
| |||||||
(Cost $1,002,604) | 931,221 | |||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Germany — 10.0% | ||||||||
adidas AG | 254 | $ | 69,905 | |||||
Allianz SE | 603 | 129,029 | ||||||
BASF SE | 1,290 | 75,214 | ||||||
Bayerische Motoren Werke AG | 485 | 31,395 | ||||||
Beiersdorf AG | 142 | 14,803 | ||||||
Commerzbank AG | 1,475 | 8,443 | ||||||
Deutsche Boerse AG | 276 | 43,066 | ||||||
Deutsche Post AG | 1,407 | 41,915 | ||||||
Deutsche Wohnen SE | 512 | 20,505 | ||||||
E.ON SE | 3,210 | 36,776 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 62 | 3,878 | ||||||
HeidelbergCement AG | 206 | 12,183 | ||||||
Henkel AG & Co. KGaA | 134 | 11,312 | ||||||
Infineon Technologies AG | 1,782 | 36,788 | ||||||
Merck KGaA | 190 | 22,759 | ||||||
METRO AG | 244 | 2,810 | ||||||
MTU Aero Engines AG | 75 | 18,182 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 202 | 51,189 | ||||||
RWE AG | 835 | 28,580 | ||||||
SAP SE | 1,394 | 170,825 | ||||||
Siemens AG | 1,085 | 111,078 | ||||||
Symrise AG | 181 | 17,524 | ||||||
Telefonica Deutschland Holding AG | 1,535 | 3,981 | ||||||
|
| |||||||
(Cost $1,019,808) | 962,140 | |||||||
|
| |||||||
Hong Kong — 2.5% | ||||||||
ASM Pacific Technology Ltd. | 490 | 5,806 | ||||||
BOC Hong Kong Holdings Ltd. | 5,349 | 18,361 | ||||||
CLP Holdings Ltd. | 2,303 | 24,173 | ||||||
Hang Seng Bank Ltd. | 1,101 | 22,958 | ||||||
HKT Trust & HKT Ltd. (a) | 5,910 | 8,842 | ||||||
Hong Kong & China Gas Co. Ltd. | 14,150 | 27,236 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,719 | 56,425 | ||||||
MTR Corp. Ltd. | 2,020 | 11,366 | ||||||
PCCW Ltd. | 7,301 | 4,394 | ||||||
Sun Hung Kai Properties Ltd. | 2,287 | 32,516 | ||||||
Swire Pacific Ltd., Class A | 704 | 6,342 | ||||||
Swire Properties Ltd. | 1,686 | 4,987 | ||||||
Techtronic Industries Co. Ltd. | 1,911 | 15,461 | ||||||
|
| |||||||
(Cost $246,069) | 238,867 | |||||||
|
| |||||||
Ireland — 0.9% | ||||||||
CRH PLC | 1,123 | 37,587 | ||||||
DCC PLC | 143 | 10,104 | ||||||
Kerry Group PLC, Class A | 236 | 29,812 | ||||||
Kingspan Group PLC | 206 | 12,909 | ||||||
|
| |||||||
(Cost $88,132) | 90,412 | |||||||
|
| |||||||
Israel — 0.3% | ||||||||
Bank Hapoalim BM | 1,607 | 12,552 | ||||||
Bank Leumi Le-Israel BM | 2,090 | 13,564 | ||||||
Mizrahi Tefahot Bank Ltd. | 202 | 5,207 | ||||||
|
| |||||||
(Cost $29,581) | 31,323 | |||||||
|
| |||||||
Italy — 1.0% | ||||||||
Assicurazioni Generali SpA | 1,518 | 27,113 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Intesa Sanpaolo SpA | 21,514 | $ | 51,955 | |||||
Snam SpA | 2,967 | 14,571 | ||||||
|
| |||||||
(Cost $97,477) | 93,639 | |||||||
|
| |||||||
Japan — 23.7% | ||||||||
Aeon Co. Ltd. | 900 | 16,809 | ||||||
AEON Financial Service Co. Ltd. | 100 | 1,454 | ||||||
AGC, Inc. | 350 | 10,059 | ||||||
Ajinomoto Co., Inc. | 700 | 11,759 | ||||||
ANA Holdings, Inc. (b) | 100 | 2,696 | ||||||
Asahi Kasei Corp. | 1,700 | 14,195 | ||||||
Astellas Pharma, Inc. | 2,800 | 44,103 | ||||||
Benesse Holdings, Inc. | 100 | 2,579 | ||||||
Bridgestone Corp. | 800 | 26,745 | ||||||
Casio Computer Co. Ltd. | 300 | 5,165 | ||||||
Central Japan Railway Co. | 205 | 33,791 | ||||||
Chugai Pharmaceutical Co. Ltd. | 316 | 34,320 | ||||||
CyberAgent, Inc. | 128 | 4,859 | ||||||
Dai Nippon Printing Co. Ltd. | 365 | 8,781 | ||||||
Daicel Corp. | 500 | 4,316 | ||||||
Daifuku Co. Ltd. | 116 | 6,904 | ||||||
Daikin Industries Ltd. | 354 | 48,326 | ||||||
Daiwa House Industry Co. Ltd. | 800 | 22,098 | ||||||
Denso Corp. | 660 | 25,821 | ||||||
East Japan Railway Co. | 429 | 33,086 | ||||||
Eisai Co. Ltd. | 358 | 26,489 | ||||||
Fast Retailing Co. Ltd. | 83 | 41,121 | ||||||
Fujitsu Ltd. | 279 | 28,995 | ||||||
Hino Motors Ltd. | 500 | 4,135 | ||||||
Hirose Electric Co. Ltd. | 40 | 4,250 | ||||||
Hitachi Chemical Co. Ltd. | 150 | 6,334 | ||||||
Hitachi Construction Machinery Co. Ltd. | 100 | 2,469 | ||||||
Hitachi High-Tech Corp. | 100 | 7,389 | ||||||
Hitachi Metals Ltd. | 300 | 4,292 | ||||||
Honda Motor Co. Ltd. | 2,300 | 59,694 | ||||||
Hulic Co. Ltd. | 500 | 5,600 | ||||||
Inpex Corp. | 1,500 | 12,973 | ||||||
Japan Retail Fund Investment Corp. REIT | 4 | 7,606 | ||||||
JFE Holdings, Inc. | 700 | 6,503 | ||||||
Kajima Corp. | 700 | 7,547 | ||||||
Kansai Paint Co. Ltd. | 200 | 4,370 | ||||||
Kao Corp. | 684 | 49,893 | ||||||
Kawasaki Heavy Industries Ltd. | 200 | 3,634 | ||||||
KDDI Corp. | 2,500 | 70,876 | ||||||
Keio Corp. | 114 | 5,485 | ||||||
Keyence Corp. | 259 | 82,624 | ||||||
Kikkoman Corp. | 200 | 9,289 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 50 | 3,639 | ||||||
Komatsu Ltd. | 1,400 | 28,327 | ||||||
Konami Holdings Corp. | 100 | 3,611 | ||||||
Konica Minolta, Inc. | 700 | 3,803 | ||||||
Kubota Corp. | 1,500 | 21,179 | ||||||
Kuraray Co. Ltd. | 500 | 5,210 | ||||||
Kurita Water Industries Ltd. | 100 | 2,591 | ||||||
Kyocera Corp. | 456 | 28,730 | ||||||
Kyushu Railway Co. | 230 | 6,919 | ||||||
Lawson, Inc. | 100 | 5,312 | ||||||
Marui Group Co. Ltd. | 200 | 3,905 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Mitsubishi Chemical Holdings Corp. | 2,000 | $ | 13,467 | |||||
Mitsubishi Electric Corp. | 2,500 | 31,776 | ||||||
Mitsubishi Estate Co. Ltd. | 1,600 | 27,353 | ||||||
Mitsubishi Materials Corp. | 150 | 3,429 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 600 | 3,432 | ||||||
Mitsui Chemicals, Inc. | 200 | 4,337 | ||||||
Mitsui Fudosan Co. Ltd. | 1,300 | 29,859 | ||||||
Mizuho Financial Group, Inc. | 33,900 | 46,388 | ||||||
Murata Manufacturing Co. Ltd. | 850 | 45,083 | ||||||
Nabtesco Corp. | 150 | 4,050 | ||||||
Nagoya Railroad Co. Ltd. | 200 | 5,227 | ||||||
NEC Corp. | 350 | 13,109 | ||||||
NGK Insulators Ltd. | 500 | 7,866 | ||||||
NGK Spark Plug Co. Ltd. | 200 | 3,291 | ||||||
Nikon Corp. | 500 | 5,141 | ||||||
Nintendo Co. Ltd. | 159 | 53,464 | ||||||
Nippon Express Co. Ltd. | 100 | 4,793 | ||||||
Nippon Prologis REIT, Inc. REIT | 2 | 5,427 | ||||||
Nippon Yusen KK | 200 | 2,863 | ||||||
Nissin Foods Holdings Co. Ltd. | 100 | 7,880 | ||||||
Nitori Holdings Co. Ltd. | 114 | 15,816 | ||||||
Nitto Denko Corp. | 200 | 10,050 | ||||||
Nomura Real Estate Holdings, Inc. | 100 | 2,158 | ||||||
Nomura Research Institute Ltd. | 500 | 10,916 | ||||||
NSK Ltd. | 600 | 4,600 | ||||||
NTT DOCOMO, Inc. | 2,000 | 54,281 | ||||||
Obayashi Corp. | 900 | 9,086 | ||||||
Odakyu Electric Railway Co. Ltd. | 500 | 9,660 | ||||||
Omron Corp. | 263 | 14,239 | ||||||
Ono Pharmaceutical Co. Ltd. | 600 | 12,293 | ||||||
Oriental Land Co. Ltd. | 285 | 32,406 | ||||||
ORIX Corp. | 1,800 | 29,070 | ||||||
Osaka Gas Co. Ltd. | 600 | 9,707 | ||||||
Otsuka Corp. | 150 | 6,418 | ||||||
Panasonic Corp. | 3,100 | 29,616 | ||||||
Park24 Co. Ltd. | 100 | 1,950 | ||||||
Rakuten, Inc. | 1,300 | 10,883 | ||||||
Recruit Holdings Co. Ltd. | 2,000 | 69,680 | ||||||
Resona Holdings, Inc. | 3,000 | 11,381 | ||||||
Santen Pharmaceutical Co. Ltd. | 600 | 9,634 | ||||||
Secom Co. Ltd. | 300 | 23,849 | ||||||
Sega Sammy Holdings, Inc. | 200 | 2,638 | ||||||
Sekisui Chemical Co. Ltd. | 600 | 8,950 | ||||||
Sekisui House Ltd. | 900 | 17,664 | ||||||
Seven & i Holdings Co. Ltd. | 1,150 | 39,405 | ||||||
Sharp Corp. | 400 | 4,673 | ||||||
Shimadzu Corp. | 340 | 8,284 | ||||||
Shimizu Corp. | 800 | 7,283 | ||||||
Shin-Etsu Chemical Co. Ltd. | 503 | 56,635 | ||||||
Shiseido Co. Ltd. | 600 | 35,700 | ||||||
Showa Denko KK | 134 | 2,897 | ||||||
Sohgo Security Services Co. Ltd. | 100 | 4,682 | ||||||
Sompo Holdings, Inc. | 540 | 20,105 | ||||||
Sony Corp. | 1,780 | 109,095 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,444 | ||||||
Sumitomo Chemical Co. Ltd. | 2,100 | 7,651 | ||||||
Sumitomo Metal Mining Co. Ltd. | 353 | 8,789 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 500 | $ | 17,151 | |||||
Sumitomo Rubber Industries Ltd. | 200 | 2,082 | ||||||
Suntory Beverage & Food Ltd. | 200 | 7,621 | ||||||
Sysmex Corp. | 200 | 12,829 | ||||||
T&D Holdings, Inc. | 800 | 7,899 | ||||||
Taisei Corp. | 274 | 9,386 | ||||||
Takeda Pharmaceutical Co. Ltd. | 2,150 | 75,005 | ||||||
Teijin Ltd. | 200 | 3,291 | ||||||
Tobu Railway Co. Ltd. | 200 | 5,970 | ||||||
Toho Co. Ltd. | 122 | 3,761 | ||||||
Tokyo Electron Ltd. | 223 | 46,155 | ||||||
Tokyo Gas Co. Ltd. | 600 | 12,143 | ||||||
Tokyu Corp. | 700 | 10,747 | ||||||
Toray Industries, Inc. | 2,100 | 12,162 | ||||||
TOTO Ltd. | 200 | 7,593 | ||||||
Toyo Suisan Kaisha Ltd. | 100 | 3,963 | ||||||
Toyoda Gosei Co. Ltd. | �� | 100 | 2,138 | |||||
Unicharm Corp. | 600 | 19,458 | ||||||
USS Co. Ltd. | 400 | 6,326 | ||||||
West Japan Railway Co. | 200 | 14,125 | ||||||
Yakult Honsha Co. Ltd. | 130 | 5,948 | ||||||
Yamada Denki Co. Ltd. | 900 | 4,330 | ||||||
Yamaha Corp. | 169 | 8,304 | ||||||
Yamaha Motor Co. Ltd. | 500 | 8,010 | ||||||
Yaskawa Electric Corp. | 401 | 12,584 | ||||||
Yokogawa Electric Corp. | 300 | 4,831 | ||||||
|
| |||||||
(Cost $2,359,464) | 2,279,295 | |||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
Millicom International Cellular SA SDR | 138 | 6,272 | ||||||
SES SA | 506 | 5,769 | ||||||
Tenaris SA | 696 | 6,245 | ||||||
|
| |||||||
(Cost $26,175) | 18,286 | |||||||
|
| |||||||
Netherlands — 4.8% | ||||||||
Aegon NV | 2,550 | 8,602 | ||||||
Akzo Nobel NV | 319 | 25,282 | ||||||
ASML Holding NV | 605 | 164,878 | ||||||
EXOR NV | 158 | 11,121 | ||||||
ING Groep NV | 5,555 | 52,531 | ||||||
Koninklijke Ahold Delhaize NV | 1,678 | 39,039 | ||||||
Koninklijke DSM NV | 260 | 29,060 | ||||||
Koninklijke KPN NV | 5,012 | 12,117 | ||||||
Koninklijke Philips NV | 1,279 | 54,398 | ||||||
Koninklijke Vopak NV | 95 | 4,503 | ||||||
NN Group NV | 453 | 15,346 | ||||||
QIAGEN NV* | 298 | 10,868 | ||||||
Wolters Kluwer NV | 405 | 29,504 | ||||||
|
| |||||||
(Cost $455,853) | 457,249 | |||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 1,492 | 7,283 | ||||||
Fletcher Building Ltd. | 1,175 | 3,782 | ||||||
Meridian Energy Ltd. | 1,752 | 5,021 | ||||||
Ryman Healthcare Ltd. | 538 | 5,089 | ||||||
|
| |||||||
(Cost $21,101) | 21,175 | |||||||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Norway — 0.8% | ||||||||
Aker BP ASA | 143 | $ | 3,347 | |||||
Equinor ASA | 1,460 | 21,773 | ||||||
Mowi ASA (b) | 611 | 12,769 | ||||||
Norsk Hydro ASA | 1,789 | 5,035 | ||||||
Orkla ASA | 1,146 | 9,585 | ||||||
Schibsted ASA, Class B | 134 | 3,194 | ||||||
Telenor ASA | 1,061 | 16,842 | ||||||
|
| |||||||
(Cost $94,279) | 72,545 | |||||||
|
| |||||||
Portugal — 0.3% | ||||||||
EDP — Energias de Portugal SA | 3,574 | 16,567 | ||||||
Galp Energia SGPS SA | 698 | 9,484 | ||||||
Jeronimo Martins SGPS SA | 358 | 6,255 | ||||||
|
| |||||||
(Cost $32,732) | 32,306 | |||||||
|
| |||||||
Singapore — 1.7% | ||||||||
Ascendas Real Estate Investment Trust REIT | 4,312 | 9,454 | ||||||
CapitaLand Commercial Trust REIT | 3,700 | 4,931 | ||||||
CapitaLand Ltd. | 3,700 | 9,358 | ||||||
CapitaLand Mall Trust REIT | 3,700 | 6,018 | ||||||
City Developments Ltd. | 700 | 4,900 | ||||||
DBS Group Holdings Ltd. | 2,500 | 43,186 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 1,924 | ||||||
Keppel Corp. Ltd. | 2,100 | 9,539 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 4,688 | 35,604 | ||||||
Singapore Airlines Ltd. | 800 | 4,586 | ||||||
Singapore Exchange Ltd. | 1,100 | 6,691 | ||||||
Singapore Press Holdings Ltd. | 2,300 | 3,115 | ||||||
Singapore Telecommunications Ltd. | 11,600 | 24,934 | ||||||
UOL Group Ltd. | 700 | 3,696 | ||||||
|
| |||||||
(Cost $173,152) | 167,936 | |||||||
|
| |||||||
Spain — 3.9% | ||||||||
Amadeus IT Group SA | 604 | 42,130 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 9,557 | 45,503 | ||||||
Banco de Sabadell SA | 7,986 | 6,941 | ||||||
Bankinter SA | 950 | 5,572 | ||||||
CaixaBank SA | 5,395 | 13,755 | ||||||
Enagas SA | 314 | 8,071 | ||||||
Ferrovial SA | 705 | 20,042 | ||||||
Iberdrola SA | 8,712 | 98,759 | ||||||
Industria de Diseno Textil SA | 1,542 | 47,647 | ||||||
Naturgy Energy Group SA | 367 | 8,478 | ||||||
Red Electrica Corp. SA | 618 | 11,774 | ||||||
Repsol SA | 2,176 | 24,213 | ||||||
Telefonica SA | 6,668 | 39,259 | ||||||
|
| |||||||
(Cost $406,379) | 372,144 | |||||||
|
| |||||||
Sweden — 3.4% | ||||||||
Assa Abloy AB, Class B | 1,391 | 30,833 | ||||||
Atlas Copco AB, Class A | 975 | 34,102 | ||||||
Atlas Copco AB, Class B | 517 | 15,774 | ||||||
Boliden AB | 397 | 8,124 | ||||||
Electrolux AB, Series B | 292 | 5,857 | ||||||
Essity AB, Class B | 856 | 25,393 | ||||||
Hennes & Mauritz AB, Class B | 1,127 | 20,152 | ||||||
Husqvarna AB, Class B | 588 | 3,895 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
ICA Gruppen AB (b) | 116 | $ | 4,305 | |||||
Investor AB, Class B | 651 | 32,049 | ||||||
Kinnevik AB, Class B | 374 | 7,503 | ||||||
L E Lundbergforetagen AB, Class B | 110 | 4,504 | ||||||
Sandvik AB | 1,600 | 26,141 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 2,323 | 21,910 | ||||||
Skanska AB, Class B | 475 | 10,235 | ||||||
SKF AB, Class B | 539 | 9,340 | ||||||
Svenska Handelsbanken AB, Class A | 2,242 | 22,311 | ||||||
Swedbank AB, Class A | 1,260 | 18,812 | ||||||
Tele2 AB, Class B | 707 | 10,169 | ||||||
Telia Co. AB | 3,963 | 15,504 | ||||||
|
| |||||||
(Cost $333,079) | 326,913 | |||||||
|
| |||||||
Switzerland — 8.6% | ||||||||
ABB Ltd. | 2,669 | 57,381 | ||||||
Adecco Group AG | 229 | 12,156 | ||||||
Alcon, Inc.* | 585 | 35,634 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 3 | 23,338 | ||||||
Cie Financiere Richemont SA | 737 | 49,796 | ||||||
Clariant AG* | 275 | 5,762 | ||||||
Coca-Cola HBC AG* | 290 | 9,164 | ||||||
Givaudan SA | 13 | 40,372 | ||||||
Kuehne + Nagel International AG | 80 | 11,616 | ||||||
Lonza Group AG* | 108 | 42,667 | ||||||
Roche Holding AG | 1,003 | 320,914 | ||||||
SGS SA | 9 | 22,297 | ||||||
Sika AG | 180 | 31,873 | ||||||
Sonova Holding AG | 78 | 18,518 | ||||||
Swiss Re AG | 421 | 39,858 | ||||||
Swisscom AG | 37 | 19,632 | ||||||
Vifor Pharma AG | 63 | 10,459 | ||||||
Zurich Insurance Group AG | 210 | 80,468 | ||||||
|
| |||||||
(Cost $757,279) | 831,905 | |||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC (c) | 144 | 1,726 | ||||||
|
| |||||||
United Kingdom — 13.3% | ||||||||
3i Group PLC | 1,365 | 17,575 | ||||||
Associated British Foods PLC | 499 | 14,373 | ||||||
Aviva PLC | 5,598 | 25,083 | ||||||
Barratt Developments PLC | 1,425 | 13,782 | ||||||
Berkeley Group Holdings PLC | 181 | 10,991 | ||||||
British Land Co. PLC REIT | 1,298 | 8,306 | ||||||
BT Group PLC | 11,449 | 20,710 | ||||||
Burberry Group PLC | 569 | 11,985 | ||||||
CNH Industrial NV | 1,419 | 13,015 | ||||||
Coca-Cola European Partners PLC | 330 | 16,817 | ||||||
Compass Group PLC | 2,282 | 49,858 | ||||||
Croda International PLC | 176 | 10,238 | ||||||
easyJet PLC | 221 | 3,106 | ||||||
Ferguson PLC | 334 | 28,754 | ||||||
GlaxoSmithKline PLC | 7,073 | 141,135 | ||||||
Informa PLC | 1,818 | 15,846 | ||||||
InterContinental Hotels Group PLC | 236 | 12,968 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Intertek Group PLC | 227 | $ | 15,280 | |||||
ITV PLC | 5,102 | 7,595 | ||||||
J Sainsbury PLC | 2,417 | 6,043 | ||||||
Johnson Matthey PLC | 290 | 9,301 | ||||||
Kingfisher PLC | 2,780 | 6,724 | ||||||
Legal & General Group PLC | 8,631 | 28,663 | ||||||
London Stock Exchange Group PLC | 454 | 43,933 | ||||||
Marks & Spencer Group PLC | 2,979 | 6,027 | ||||||
Meggitt PLC | 1,120 | 7,754 | ||||||
Mondi PLC | 689 | 13,746 | ||||||
National Grid PLC | 4,973 | 62,428 | ||||||
Next PLC | 188 | 14,605 | ||||||
Pearson PLC | 1,078 | 7,678 | ||||||
Prudential PLC | 3,715 | 60,121 | ||||||
Reckitt Benckiser Group PLC | 1,017 | 74,317 | ||||||
RELX PLC | 2,729 | 65,096 | ||||||
Rentokil Initial PLC | 2,654 | 16,407 | ||||||
RSA Insurance Group PLC | 1,492 | 9,887 | ||||||
Schroders PLC | 173 | 6,307 | ||||||
Segro PLC REIT | 1,647 | 17,276 | ||||||
Smith & Nephew PLC | 1,236 | 27,454 | ||||||
Spirax-Sarco Engineering PLC | 103 | 11,045 | ||||||
SSE PLC | 1,433 | 27,986 | ||||||
Standard Chartered PLC | 3,751 | 26,955 | ||||||
Standard Life Aberdeen PLC | 3,574 | 12,618 | ||||||
Taylor Wimpey PLC | 4,722 | 12,195 | ||||||
Tesco PLC | 13,896 | 40,557 | ||||||
Unilever NV | 2,078 | 108,685 | ||||||
Unilever PLC | 1,574 | 83,837 | ||||||
Whitbread PLC | 190 | 9,450 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Wm Morrison Supermarkets PLC | 3,632 | $ | 7,945 | |||||
WPP PLC | 1,788 | 17,193 | ||||||
|
| |||||||
(Cost $1,348,101) | 1,279,650 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 9,569,770 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 65 | 3,321 | ||||||
Henkel AG & Co. KGaA | 261 | 23,991 | ||||||
Sartorius AG | 49 | 11,142 | ||||||
|
| |||||||
(Cost $44,241) | 38,454 | |||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 38,454 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
iShares Trust iShares ESG MSCI EAFE ETF (b) | 50 | 3,104 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d)(e) | 29,585 | 29,585 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $9,994,920) | $ | 9,640,913 | ||||||
Other assets and liabilities, net — (0.1%) | (6,991 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,633,922 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d)(e) |
| |||||||||||||||||||||||||||||||||||
42,850 | — | (13,265 | )(f) | — | — | 478 | — | 29,585 | 29,585 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (d) |
| |||||||||||||||||||||||||||||||||||
2,055 | 144,161 | (146,216 | ) | — | — | 60 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
44,905 | 144,161 | (159,481 | ) | — | — | 538 | — | 29,585 | 29,585 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $38,340, which is 0.4% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $13,990. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
REIT: | Real Estate Investment Trust |
SDR: | Swedish Depositary Receipt |
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. |
At February 29, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
EURO STOXX Futures | EUR | 1 | $ | 16,882 | $ | 15,268 | 3/20/2020 | $ | (1,614 | ) |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
EUR | Euro |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 9,568,044 | $ | — | $ | 1,726 | $ | 9,569,770 | ||||||||
Preferred Stocks | 38,454 | — | — | 38,454 | ||||||||||||
Exchange-Traded Funds | 3,104 | — | — | 3,104 | ||||||||||||
Short-Term Investments (g) | 29,585 | — | — | 29,585 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 9,639,187 | $ | — | $ | 1,726 | $ | 9,640,913 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | $ | (1,614 | ) | $ | — | $ | — | $ | (1,614 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,614 | ) | $ | — | $ | — | $ | (1,614 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended February 29, 2020, the amount of transfers between Level 1 and Level 3 was $3,291. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||||||
COMMON STOCKS — 96.7% | ||||||||||||
Argentina — 0.1% | ||||||||||||
Globant SA* | 95 | $ | 10,736 | |||||||||
|
| |||||||||||
Belgium — 0.0% | ||||||||||||
Titan Cement International SA | 106 | 1,525 | ||||||||||
|
| |||||||||||
Brazil — 3.4% | ||||||||||||
Atacadao SA | 978 | 4,485 | ||||||||||
B2W Cia Digital* | 551 | 7,590 | ||||||||||
B3 SA — Brasil Bolsa Balcao | 5,400 | 57,451 | ||||||||||
Banco do Brasil SA | 2,107 | 21,884 | ||||||||||
Banco Santander Brasil SA | 1,106 | 9,771 | ||||||||||
BR Malls Participacoes SA | 2,076 | 7,519 | ||||||||||
Cielo SA | 3,378 | 5,129 | ||||||||||
Cosan SA | 386 | 6,260 | ||||||||||
Energisa SA | 424 | 5,075 | ||||||||||
Engie Brasil Energia SA | 558 | 5,879 | ||||||||||
Klabin SA | 1,670 | 7,125 | ||||||||||
Localiza Rent a Car SA | 1,564 | 17,174 | ||||||||||
Lojas Renner SA | 2,070 | 24,455 | ||||||||||
Natura & Co. Holding SA | 1,714 | 17,290 | ||||||||||
Notre Dame Intermedica Participacoes SA | 1,251 | 17,533 | ||||||||||
TIM Participacoes SA | 1,887 | 6,746 | ||||||||||
Ultrapar Participacoes SA | 2,000 | 8,458 | ||||||||||
WEG SA | 2,257 | 21,586 | ||||||||||
|
| |||||||||||
(Cost $214,884) | 251,410 | |||||||||||
|
| |||||||||||
Chile — 0.6% | ||||||||||||
Aguas Andinas SA, Class A | 8,308 | 2,836 | ||||||||||
Empresa Nacional de Telecomunicaciones SA* | 448 | 2,351 | ||||||||||
Empresas CMPC SA | 3,321 | 6,680 | ||||||||||
Empresas COPEC SA | 983 | 7,608 | ||||||||||
Enel Americas SA | 100,347 | 16,758 | ||||||||||
Latam Airlines Group SA | 618 | 4,110 | ||||||||||
SACI Falabella | 1,900 | 6,300 | ||||||||||
|
| |||||||||||
(Cost $68,100) | 46,643 | |||||||||||
|
| |||||||||||
China — 32.5% | ||||||||||||
3SBio, Inc., 144A* | 3,404 | 3,529 | ||||||||||
51job, Inc., ADR* (a) | 72 | 5,383 | ||||||||||
AAC Technologies Holdings, Inc. | 1,978 | 12,957 | ||||||||||
Air China Ltd., Class A | 1,000 | 1,067 | ||||||||||
Air China Ltd., Class H | 5,074 | 4,082 | ||||||||||
Alibaba Group Holding Ltd., ADR* | 4,481 | 932,048 | ||||||||||
A-Living Services Co. Ltd., Class H, 144A | 964 | 4,317 | ||||||||||
BAIC Motor Corp. Ltd., Class H, 144A | 4,815 | 2,360 | ||||||||||
Bank of Shanghai Co. Ltd., Class A | 2,300 | 2,833 | ||||||||||
Baoshan Iron & Steel Co. Ltd., Class A | 2,900 | 2,157 | ||||||||||
Baozun, Inc., ADR* (a) | 100 | 3,172 | ||||||||||
BBMG Corp., Class A | 2,500 | 1,205 | ||||||||||
BBMG Corp., Class H | 3,314 | 931 | ||||||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 400 | 1,777 | ||||||||||
BEST, Inc., ADR* | 443 | 2,397 | ||||||||||
BYD Co. Ltd., Class A | 200 | 1,870 | ||||||||||
BYD Co. Ltd., Class H (a) | 1,785 | 10,926 | ||||||||||
BYD Electronic International Co. Ltd. | 1,572 | 2,945 |
Number | Value | |||||||||
China (Continued) | ||||||||||
China CITIC Bank Corp. Ltd., Class H | 20,848 | $ | 10,835 | |||||||
China Conch Venture Holdings Ltd. | 4,398 | 21,389 | ||||||||
China Construction Bank Corp., Class H | 246,891 | 199,590 | ||||||||
China Eastern Airlines Corp. Ltd., Class A* | 1,600 | 1,039 | ||||||||
China Eastern Airlines Corp. Ltd., Class H* | 3,797 | 1,627 | ||||||||
China Everbright Bank Co. Ltd., Class H | 9,368 | 3,751 | ||||||||
China Jushi Co. Ltd., Class A | 1,000 | 1,342 | ||||||||
China Lesso Group Holdings Ltd. | 2,014 | 3,024 | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 8,106 | 4,244 | ||||||||
China Medical System Holdings Ltd. | 3,767 | 4,640 | ||||||||
China Merchants Bank Co. Ltd., Class H | 10,238 | 48,280 | ||||||||
China Merchants Securities Co. Ltd., Class A | 1,000 | 2,525 | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,500 | 3,721 | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 18,850 | 12,723 | ||||||||
China Molybdenum Co. Ltd., Class A | 2,000 | 1,165 | ||||||||
China Molybdenum Co. Ltd., Class H (a) | 8,614 | 3,217 | ||||||||
China Resources Pharmaceutical Group Ltd., 144A | 4,506 | 3,920 | ||||||||
China Shenhua Energy Co. Ltd., Class A | 600 | 1,373 | ||||||||
China Shenhua Energy Co. Ltd., Class H | 9,300 | 16,134 | ||||||||
China Vanke Co. Ltd., Class A | 1,500 | 6,350 | ||||||||
China Vanke Co. Ltd., Class H | 3,957 | 15,233 | ||||||||
China Zhongwang Holdings Ltd. | 3,781 | 1,271 | ||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 304 | 5,900 | ||||||||
Country Garden Services Holdings Co. Ltd. | 3,274 | 12,772 | ||||||||
CSPC Pharmaceutical Group Ltd. | 12,534 | 28,564 | ||||||||
Dali Foods Group Co. Ltd., 144A | 5,848 | 3,865 | ||||||||
ENN Energy Holdings Ltd. | 2,099 | 23,258 | ||||||||
Eve Energy Co. Ltd., Class A* | 200 | 1,904 | ||||||||
Fosun International Ltd. | 6,760 | 8,614 | ||||||||
GEM Co. Ltd., Class A | 2,100 | 1,607 | ||||||||
Genscript Biotech Corp.* | 2,612 | 5,437 | ||||||||
Greenland Holdings Corp. Ltd., Class A | 1,200 | 1,003 | ||||||||
Greentown Service Group Co. Ltd. | 2,970 | 3,712 | ||||||||
Guangzhou Automobile Group Co. Ltd., Class A | 500 | 776 | ||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 7,361 | 8,208 | ||||||||
Hengli Petrochemical Co. Ltd., Class A | 1,100 | 2,345 | ||||||||
Huadong Medicine Co. Ltd., Class A | 400 | 1,104 | ||||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 3,000 | 2,058 | ||||||||
Jiangsu Expressway Co. Ltd., Class H | 3,304 | 3,820 | ||||||||
Jinke Properties Group Co. Ltd., Class A | 1,400 | 1,508 | ||||||||
Kingdee International Software Group Co. Ltd. | 6,381 | 8,164 | ||||||||
Legend Holdings Corp., Class H, 144A | 1,154 | 1,984 | ||||||||
Lenovo Group Ltd. | 19,000 | 11,727 | ||||||||
Meituan Dianping, Class B* | 2,693 | 34,176 | ||||||||
NARI Technology Co. Ltd., Class A | 800 | 2,269 | ||||||||
Offshore Oil Engineering Co. Ltd., Class A | 100 | 83 | ||||||||
Pinduoduo, Inc., ADR* | 510 | 18,248 | ||||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 2,000 | 4,632 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 5,403 | $ | 6,961 | |||||||
Shanghai International Airport Co. Ltd., Class A | 100 | 940 | ||||||||
Shanghai M&G Stationery, Inc., Class A | 200 | 1,270 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 300 | 801 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,075 | 3,797 | ||||||||
Shenzhen Expressway Co. Ltd., Class H | 1,788 | 2,164 | ||||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 400 | 1,620 | ||||||||
Shenzhou International Group Holdings Ltd. | 2,008 | 24,672 | ||||||||
Shui On Land Ltd. | 8,670 | 1,724 | ||||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 800 | 1,047 | ||||||||
Sino-Ocean Group Holding Ltd. | 7,165 | 2,602 | ||||||||
Sinopharm Group Co. Ltd., Class H | 3,383 | 10,440 | ||||||||
Sinotrans Ltd., Class H | 4,587 | 1,295 | ||||||||
Sinotruk Hong Kong Ltd. | 1,828 | 3,495 | ||||||||
SOHO China Ltd. | 5,067 | 1,834 | ||||||||
Suning.com Co. Ltd., Class A | 1,200 | 1,593 | ||||||||
TCL Technology Group Corp., Class A | 2,900 | 2,439 | ||||||||
Tencent Holdings Ltd. | 14,777 | 731,924 | ||||||||
Vipshop Holdings Ltd., ADR* | 1,178 | 15,114 | ||||||||
Wuxi Biologics Cayman, Inc., 144A* | 1,925 | 28,160 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 700 | 1,054 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 2,164 | 2,149 | ||||||||
Yuzhou Properties Co. Ltd. | 5,498 | 2,695 | ||||||||
Zhejiang Expressway Co. Ltd., Class H | 4,006 | 3,028 | ||||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 200 | 1,081 | ||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 600 | 1,294 | ||||||||
Zhongsheng Group Holdings Ltd. | 1,521 | 5,787 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 2,100 | 1,887 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (a) | 2,978 | 2,469 | ||||||||
|
| |||||||||
(Cost $2,097,398) | 2,426,423 | |||||||||
|
| |||||||||
Colombia — 0.1% | ||||||||||
Grupo Argos SA | 860 | 3,637 | ||||||||
Interconexion Electrica SA ESP | 1,224 | 6,418 | ||||||||
|
| |||||||||
(Cost $9,690) | 10,055 | |||||||||
|
| |||||||||
Cyprus — 0.1% | ||||||||||
Polymetal International PLC (Cost $6,647) | 563 | 8,588 | ||||||||
|
| |||||||||
Czech Republic — 0.2% | ||||||||||
CEZ AS | 377 | 7,174 | ||||||||
Komercni banka AS | 204 | 6,217 | ||||||||
|
| |||||||||
(Cost $17,173) | 13,391 | |||||||||
|
| |||||||||
Egypt — 0.3% | ||||||||||
Commercial International Bank Egypt SAE (Cost $11,368) | 3,602 | 19,023 | ||||||||
|
| |||||||||
Greece — 0.2% | ||||||||||
Alpha Bank AE* | 3,321 | 4,695 |
Number | Value | |||||||||
Greece (Continued) | ||||||||||
Hellenic Telecommunications Organization SA | 621 | $ | 8,745 | |||||||
Motor Oil Hellas Corinth Refineries SA | 180 | 2,926 | ||||||||
|
| |||||||||
(Cost $17,280) | 16,366 | |||||||||
|
| |||||||||
Hong Kong — 2.8% | ||||||||||
Alibaba Health Information Technology Ltd.* | 9,914 | 19,006 | ||||||||
Alibaba Pictures Group Ltd.* | 40,826 | 5,501 | ||||||||
Beijing Enterprises Water Group Ltd.* | 14,035 | 6,519 | ||||||||
China Agri-Industries Holdings Ltd. | 4,924 | 2,673 | ||||||||
China Everbright International Ltd. | 10,098 | 6,725 | ||||||||
China Gas Holdings Ltd. | 4,462 | 16,318 | ||||||||
China Mengniu Dairy Co. Ltd.* | 7,363 | 26,408 | ||||||||
China Overseas Land & Investment Ltd. | 9,565 | 32,096 | ||||||||
China Resources Gas Group Ltd. | 2,092 | 10,442 | ||||||||
CITIC Ltd. | 14,012 | 15,553 | ||||||||
Geely Automobile Holdings Ltd. | 12,970 | 23,067 | ||||||||
Hutchison China MediTech Ltd., ADR* | 153 | 3,568 | ||||||||
Lee & Man Paper Manufacturing Ltd. | 2,038 | 1,590 | ||||||||
Shanghai Industrial Holdings Ltd. | 1,000 | 1,766 | ||||||||
Shenzhen Investment Ltd. | 9,074 | 3,051 | ||||||||
Sino Biopharmaceutical Ltd. | 17,645 | 25,540 | ||||||||
Towngas China Co. Ltd.* | 2,866 | 1,662 | ||||||||
Wharf Holdings Ltd. | 2,298 | 4,848 | ||||||||
|
| |||||||||
(Cost $195,653) | 206,333 | |||||||||
|
| |||||||||
Hungary — 0.5% | ||||||||||
MOL Hungarian Oil & Gas PLC | 1,150 | 8,844 | ||||||||
OTP Bank Nyrt | 593 | 25,639 | ||||||||
|
| |||||||||
(Cost $37,465) | 34,483 | |||||||||
|
| |||||||||
India — 10.7% | ||||||||||
Ambuja Cements Ltd.* | 1,169 | 3,321 | ||||||||
Ashok Leyland Ltd. | 3,014 | 2,919 | ||||||||
Asian Paints Ltd. | 751 | 18,710 | ||||||||
Axis Bank Ltd. | 5,325 | 51,451 | ||||||||
Bajaj Auto Ltd. | 216 | 8,650 | ||||||||
Berger Paints India Ltd. | 494 | 3,878 | ||||||||
Bharat Petroleum Corp. Ltd. | 1,750 | 10,339 | ||||||||
Bharti Airtel Ltd.* | 6,451 | 46,795 | ||||||||
Britannia Industries Ltd. | 150 | 6,174 | ||||||||
Dabur India Ltd. | 1,315 | 9,040 | ||||||||
DLF Ltd. | 1,419 | 3,966 | ||||||||
Eicher Motors Ltd. | 36 | 8,282 | ||||||||
Grasim Industries Ltd. | 690 | 6,570 | ||||||||
Havells India Ltd. | 621 | 5,275 | ||||||||
HCL Technologies Ltd. | 2,766 | 20,480 | ||||||||
Hero MotoCorp Ltd. | 259 | 7,363 | ||||||||
Hindalco Industries Ltd. | 3,250 | 7,021 | ||||||||
Hindustan Petroleum Corp. Ltd. | 1,432 | 3,920 | ||||||||
Hindustan Unilever Ltd. | 1,713 | 51,621 | ||||||||
Housing Development Finance Corp. Ltd. | 4,229 | 127,498 | ||||||||
Infosys Ltd. | 3,154 | 31,978 | ||||||||
Infosys Ltd., ADR | 5,550 | 55,888 | ||||||||
Lupin Ltd. | 550 | 4,878 | ||||||||
Mahindra & Mahindra Ltd. | 2,000 | 12,666 | ||||||||
Marico Ltd. | 1,300 | 5,382 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||||
India (Continued) | ||||||||||
Nestle India Ltd. | 60 | $ | 13,119 | |||||||
Petronet LNG Ltd. | 1,500 | 5,105 | ||||||||
Pidilite Industries Ltd. | 300 | 6,290 | ||||||||
Piramal Enterprises Ltd. | 254 | 4,599 | ||||||||
Reliance Industries Ltd. | 7,329 | 134,932 | ||||||||
Shree Cement Ltd. | 21 | 6,597 | ||||||||
Siemens Ltd. | 161 | 2,909 | ||||||||
Tata Consultancy Services Ltd. | 2,300 | 63,745 | ||||||||
Tech Mahindra Ltd. | 1,250 | 12,894 | ||||||||
Titan Co. Ltd. | 778 | 13,524 | ||||||||
UPL Ltd. | 1,500 | 10,802 | ||||||||
Wipro Ltd. | 951 | 2,918 | ||||||||
Wipro Ltd., ADR | 1,904 | 6,569 | ||||||||
|
| |||||||||
(Cost $832,119) | 798,068 | |||||||||
|
| |||||||||
Indonesia — 2.6% | ||||||||||
PT Astra International Tbk | 52,733 | 20,307 | ||||||||
PT Bank Central Asia Tbk | 25,937 | 56,854 | ||||||||
PT Bank Mandiri Persero Tbk | 49,153 | 24,923 | ||||||||
PT Bank Negara Indonesia Persero Tbk | 20,011 | 9,798 | ||||||||
PT Bank Rakyat Indonesia Persero Tbk | 139,727 | 40,805 | ||||||||
PT Barito Pacific Tbk* | 65,955 | 4,528 | ||||||||
PT Bukit Asam Tbk | 5,510 | 860 | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 7,865 | 3,084 | ||||||||
PT Indofood Sukses Makmur Tbk | 11,377 | 5,154 | ||||||||
PT Jasa Marga Persero Tbk | 6,026 | 1,966 | ||||||||
PT Kalbe Farma Tbk | 60,044 | 5,106 | ||||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 2,898 | 1,212 | ||||||||
PT Pakuwon Jati Tbk | 33,114 | 1,223 | ||||||||
PT Perusahaan Gas Negara Tbk | 29,323 | 2,616 | ||||||||
PT Unilever Indonesia Tbk | 21,175 | 10,073 | ||||||||
PT United Tractors Tbk | 4,520 | 5,230 | ||||||||
|
| |||||||||
(Cost $209,944) | 193,739 | |||||||||
|
| |||||||||
Malaysia — 2.6% | ||||||||||
AMMB Holdings Bhd | 3,600 | 3,160 | ||||||||
Axiata Group Bhd | 6,383 | 6,330 | ||||||||
CIMB Group Holdings Bhd | 13,084 | 14,962 | ||||||||
DiGi.Com Bhd | 8,400 | 8,290 | ||||||||
Fraser & Neave Holdings Bhd | 300 | 2,187 | ||||||||
HAP Seng Consolidated Bhd | 1,600 | 3,401 | ||||||||
Hartalega Holdings Bhd | 4,100 | 6,031 | ||||||||
Hong Leong Bank Bhd | 1,800 | 6,534 | ||||||||
IHH Healthcare Bhd | 5,400 | 7,303 | ||||||||
Malayan Banking Bhd | 10,318 | 20,612 | ||||||||
Malaysia Airports Holdings Bhd | 2,600 | 4,065 | ||||||||
Maxis Bhd | 6,700 | 8,631 | ||||||||
MISC Bhd | 3,000 | 5,402 | ||||||||
Nestle Malaysia Bhd | 200 | 6,785 | ||||||||
Petronas Dagangan Bhd | 700 | 3,793 | ||||||||
PPB Group Bhd | 1,300 | 5,582 | ||||||||
Press Metal Aluminium Holdings Bhd | 3,700 | 4,091 | ||||||||
Public Bank Bhd | 7,735 | 31,380 | ||||||||
RHB Bank Bhd | 4,000 | 5,267 | ||||||||
Sime Darby Bhd | 7,200 | 3,416 | ||||||||
Telekom Malaysia Bhd | 3,000 | 2,634 | ||||||||
Tenaga Nasional Bhd | 8,000 | 22,966 |
Number | Value | |||||||||
Malaysia (Continued) | ||||||||||
Top Glove Corp. Bhd | 4,500 | $ | 6,021 | |||||||
Westports Holdings Bhd | 2,700 | 2,204 | ||||||||
YTL Corp. Bhd | 6,600 | 1,323 | ||||||||
|
| |||||||||
(Cost $222,750) | 192,370 | |||||||||
|
| |||||||||
Mexico — 1.5% | ||||||||||
Alfa SAB de CV, Class A | 7,804 | 4,955 | ||||||||
Alsea SAB de CV* | 1,203 | 2,426 | ||||||||
Arca Continental SAB de CV | 1,186 | 6,470 | ||||||||
Cemex SAB de CV, Series CPO | 40,930 | 13,108 | ||||||||
Coca-Cola Femsa SAB de CV | 1,451 | 7,988 | ||||||||
Fomento Economico Mexicano SAB de CV | 4,889 | 39,319 | ||||||||
Gruma SAB de CV, Class B | 509 | 4,861 | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 554 | 9,092 | ||||||||
Grupo Bimbo SAB de CV, Series A | 4,078 | 6,116 | ||||||||
Industrias Penoles SAB de CV | 390 | 3,496 | ||||||||
Infraestructura Energetica Nova SAB de CV | 1,269 | 5,488 | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A* | 4,286 | 8,069 | ||||||||
|
| |||||||||
(Cost $123,120) | 111,388 | |||||||||
|
| |||||||||
Philippines — 1.0% | ||||||||||
Aboitiz Equity Ventures, Inc. | 4,630 | 3,874 | ||||||||
Aboitiz Power Corp. | 4,700 | 2,535 | ||||||||
Bank of the Philippine Islands | 1,940 | 2,820 | ||||||||
BDO Unibank, Inc. | 5,370 | 14,643 | ||||||||
Globe Telecom, Inc. | 80 | 2,792 | ||||||||
JG Summit Holdings, Inc. | 7,670 | 10,156 | ||||||||
Manila Electric Co. | 580 | 3,070 | ||||||||
Metropolitan Bank & Trust Co.* | 4,576 | 5,032 | ||||||||
SM Investments Corp. | 562 | 10,744 | ||||||||
SM Prime Holdings, Inc. | 26,400 | 19,836 | ||||||||
|
| |||||||||
(Cost $76,010) | 75,502 | |||||||||
|
| |||||||||
Poland — 0.9% | ||||||||||
Bank Millennium SA* | 1,695 | 2,075 | ||||||||
Bank Polska Kasa Opieki SA | 455 | 10,160 | ||||||||
CCC SA | 82 | 1,496 | ||||||||
Grupa Lotos SA | 260 | 3,921 | ||||||||
KGHM Polska Miedz SA* | 371 | 6,638 | ||||||||
mBank SA* | 37 | 2,796 | ||||||||
Orange Polska SA* | 1,812 | 2,836 | ||||||||
Polski Koncern Naftowy ORLEN SA | 800 | 11,898 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 4,393 | 3,530 | ||||||||
Powszechny Zaklad Ubezpieczen SA | 1,606 | 14,155 | ||||||||
Santander Bank Polska SA | 88 | 5,598 | ||||||||
|
| |||||||||
(Cost $99,882) | 65,103 | |||||||||
|
| |||||||||
Qatar — 1.0% | ||||||||||
Commercial Bank PSQC | 5,290 | 6,574 | ||||||||
Ooredoo QPSC | 2,200 | 3,821 | ||||||||
Qatar Fuel QSC | 1,040 | 5,512 | ||||||||
Qatar National Bank QPSC | 11,880 | 61,468 | ||||||||
|
| |||||||||
(Cost $76,852) | 77,375 | |||||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||||
Romania — 0.1% | ||||||||||
NEPI Rockcastle PLC | 1,023 | $ | 7,413 | |||||||
|
| |||||||||
Russia — 2.0% | ||||||||||
Inter RAO UES PJSC | 94,565 | 7,323 | ||||||||
LUKOIL PJSC | 1,042 | 88,376 | ||||||||
LUKOIL PJSC, ADR | 31 | 2,677 | ||||||||
Novatek PJSC, GDR | 238 | 34,105 | ||||||||
Novolipetsk Steel PJSC | 3,151 | 5,858 | ||||||||
PhosAgro PJSC, GDR | 301 | 3,314 | ||||||||
Polyus PJSC | 73 | 9,195 | ||||||||
|
| |||||||||
(Cost $149,408) | 150,848 | |||||||||
|
| |||||||||
Saudi Arabia — 1.0% | ||||||||||
Almarai Co. JSC | 668 | 8,155 | ||||||||
Banque Saudi Fransi | 1,454 | 13,197 | ||||||||
Saudi Arabian Mining Co.* | 1,088 | 11,050 | ||||||||
Saudi Basic Industries Corp. | 1,883 | 39,502 | ||||||||
|
| |||||||||
(Cost $91,571) | 71,904 | |||||||||
|
| |||||||||
Singapore — 0.1% | ||||||||||
BOC Aviation Ltd., 144A | 534 | 4,636 | ||||||||
|
| |||||||||
South Africa — 6.9% | ||||||||||
Absa Group Ltd. | 1,738 | 14,616 | ||||||||
Anglo American Platinum Ltd. (a) | 140 | 9,321 | ||||||||
Aspen Pharmacare Holdings Ltd.* | 911 | 5,791 | ||||||||
Bid Corp. Ltd. | 900 | 15,912 | ||||||||
Bidvest Group Ltd. (a) | 770 | 8,810 | ||||||||
Clicks Group Ltd. | 700 | 10,479 | ||||||||
Exxaro Resources Ltd. | 701 | 4,991 | ||||||||
FirstRand Ltd. (a) | 8,802 | 30,840 | ||||||||
Fortress REIT Ltd., Class A REIT | 3,500 | 3,593 | ||||||||
Foschini Group Ltd. | 661 | 5,241 | ||||||||
Gold Fields Ltd. | 2,167 | 12,703 | ||||||||
Growthpoint Properties Ltd. REIT | 7,701 | 8,616 | ||||||||
Investec Ltd. | 725 | 3,635 | ||||||||
Kumba Iron Ore Ltd. (a) | 161 | 2,872 | ||||||||
Liberty Holdings Ltd. (a) | 401 | 2,389 | ||||||||
Life Healthcare Group Holdings Ltd. | 4,045 | 5,734 | ||||||||
Momentum Metropolitan Holdings | 2,010 | 2,274 | ||||||||
Mr Price Group Ltd. | 650 | 6,238 | ||||||||
MTN Group Ltd. (a) | 4,485 | 21,012 | ||||||||
MultiChoice Group* | 1,085 | 6,236 | ||||||||
Naspers Ltd., Class N | 1,141 | 172,689 | ||||||||
Nedbank Group Ltd. | 965 | 10,834 | ||||||||
Northam Platinum Ltd.* | 922 | 6,518 | ||||||||
Old Mutual Ltd. | 12,446 | 12,389 | ||||||||
Pick n Pay Stores Ltd. | 1,000 | 3,511 | ||||||||
PSG Group Ltd. | 384 | 4,555 | ||||||||
Redefine Properties Ltd. REIT | 13,434 | 4,637 | ||||||||
Remgro Ltd. | 1,265 | 12,866 | ||||||||
RMB Holdings Ltd. | 2,000 | 8,907 | ||||||||
Sanlam Ltd. | 4,593 | 18,972 | ||||||||
Sasol Ltd. (a) | 1,500 | 17,725 | ||||||||
Shoprite Holdings Ltd. | 1,166 | 8,310 | ||||||||
SPAR Group Ltd. | 508 | 5,296 | ||||||||
Standard Bank Group Ltd. (a) | 3,236 | 30,547 |
Number | Value | |||||||||
South Africa (Continued) | ||||||||||
Vodacom Group Ltd. | 1,708 | $ | 11,907 | |||||||
Woolworths Holdings Ltd. (a) | 2,422 | 5,504 | ||||||||
|
| |||||||||
(Cost $735,721) | 516,470 | |||||||||
|
| |||||||||
South Korea — 4.7% | ||||||||||
Amorepacific Corp. | 77 | 10,208 | ||||||||
AMOREPACIFIC Group | 67 | 3,420 | ||||||||
BNK Financial Group, Inc. | 786 | 3,993 | ||||||||
CJ CheilJedang Corp. | 21 | 4,219 | ||||||||
CJ Corp. | 40 | 2,651 | ||||||||
Coway Co. Ltd. | 137 | 7,772 | ||||||||
Doosan Bobcat, Inc. | 91 | 2,128 | ||||||||
GS Engineering & Construction Corp. | 161 | 3,480 | ||||||||
GS Holdings Corp. | 140 | 4,755 | ||||||||
Hana Financial Group, Inc. | 784 | 20,270 | ||||||||
Hankook Tire & Technology Co. Ltd. | 215 | 4,514 | ||||||||
Hanwha Solutions Corp. | 290 | 4,262 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 28 | 6,236 | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 172 | 3,201 | ||||||||
KB Financial Group, Inc. | 990 | 31,709 | ||||||||
Korea Gas Corp. | 80 | 1,851 | ||||||||
LG Chem Ltd. | 120 | 36,361 | ||||||||
LG Corp. | 248 | 13,784 | ||||||||
LG Display Co. Ltd. | 650 | 7,279 | ||||||||
LG Electronics, Inc. | 274 | 13,627 | ||||||||
LG Household & Health Care Ltd. | 23 | 23,123 | ||||||||
LG Innotek Co. Ltd. | 40 | 4,282 | ||||||||
Lotte Chemical Corp. | 45 | 6,947 | ||||||||
Lotte Corp. | 68 | 1,627 | ||||||||
OCI Co. Ltd.* | 55 | 2,230 | ||||||||
Samsung Card Co. Ltd. | 58 | 1,609 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 80 | 13,042 | ||||||||
Samsung SDI Co. Ltd. | 144 | 34,977 | ||||||||
Shinhan Financial Group Co. Ltd. | 1,167 | 31,037 | ||||||||
SK Holdings Co. Ltd. | 93 | 14,702 | ||||||||
SK Innovation Co. Ltd. | 141 | 13,119 | ||||||||
SK Telecom Co. Ltd. | 52 | 9,098 | ||||||||
S-Oil Corp. | 110 | 6,032 | ||||||||
Yuhan Corp. | 27 | 4,758 | ||||||||
|
| |||||||||
(Cost $457,933) | 352,303 | |||||||||
|
| |||||||||
Taiwan — 16.9% | ||||||||||
Acer, Inc. | 7,500 | 4,050 | ||||||||
Advantech Co. Ltd. | 944 | 9,181 | ||||||||
ASE Technology Holding Co. Ltd. | 9,036 | 21,277 | ||||||||
AU Optronics Corp. | 21,617 | 6,782 | ||||||||
Catcher Technology Co. Ltd. | 1,651 | 12,923 | ||||||||
Cathay Financial Holding Co. Ltd. | 20,505 | 27,122 | ||||||||
Chailease Holding Co. Ltd. | 3,195 | 12,134 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 5,417 | 7,076 | ||||||||
China Airlines Ltd. | 8,225 | 2,217 | ||||||||
China Steel Corp. | 28,936 | 21,980 | ||||||||
Chunghwa Telecom Co. Ltd. | 9,490 | 33,849 | ||||||||
CTBC Financial Holding Co. Ltd. | 46,287 | 34,701 | ||||||||
Delta Electronics, Inc. | 5,163 | 23,872 | ||||||||
E.Sun Financial Holding Co. Ltd. | 27,651 | 26,528 | ||||||||
Eva Airways Corp. | 4,813 | 1,915 | ||||||||
Evergreen Marine Corp. Taiwan Ltd.* | 6,560 | 2,502 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
Far Eastern New Century Corp. | 7,978 | $ | 7,443 | |||||||
Far EasTone Telecommunications Co. Ltd. | 4,279 | 9,341 | ||||||||
First Financial Holding Co. Ltd. | 26,565 | 20,793 | ||||||||
Fubon Financial Holding Co. Ltd. | 17,441 | 25,603 | ||||||||
Giant Manufacturing Co. Ltd. | 900 | 4,889 | ||||||||
Hiwin Technologies Corp. | 596 | 5,935 | ||||||||
Hotai Motor Co. Ltd. | 788 | 16,317 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 20,284 | 14,436 | ||||||||
Innolux Corp. | 21,212 | 5,534 | ||||||||
Inventec Corp. | 6,889 | 5,221 | ||||||||
Lite-On Technology Corp. | 5,500 | 7,965 | ||||||||
MediaTek, Inc. | 3,959 | 47,070 | ||||||||
Nan Ya Plastics Corp. | 12,792 | 28,770 | ||||||||
President Chain Store Corp. | 1,577 | 15,442 | ||||||||
Quanta Computer, Inc. | 7,252 | 14,849 | ||||||||
Ruentex Development Co. Ltd.* | 1,335 | 1,810 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 28,328 | 12,162 | ||||||||
Standard Foods Corp. | 1,072 | 2,404 | ||||||||
Taishin Financial Holding Co. Ltd. | 24,207 | 11,352 | ||||||||
Taiwan Business Bank | 14,474 | 5,736 | ||||||||
Taiwan High Speed Rail Corp. | 4,767 | 5,431 | ||||||||
Taiwan Mobile Co. Ltd. | 4,050 | 14,044 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 63,498 | 662,672 | ||||||||
Tatung Co. Ltd.* | 5,461 | 3,796 | ||||||||
Uni-President Enterprises Corp. | 11,990 | 28,986 | ||||||||
United Microelectronics Corp. | 28,211 | 14,255 | ||||||||
Wistron Corp. | 7,837 | 7,001 | ||||||||
Yuanta Financial Holding Co. Ltd. | 26,214 | 16,622 | ||||||||
|
| |||||||||
(Cost $1,029,140) | 1,263,988 | |||||||||
|
| |||||||||
Thailand — 3.0% | ||||||||||
Advanced Info Service PCL, NVDR | 3,100 | 19,648 | ||||||||
Airports of Thailand PCL, NVDR | 10,900 | 20,639 | ||||||||
B Grimm Power PCL, NVDR | 1,400 | 2,008 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 24,700 | 17,377 | ||||||||
Banpu PCL, NVDR | 13,000 | 2,925 | ||||||||
BTS Group Holdings PCL, NVDR | 18,200 | 6,287 | ||||||||
Bumrungrad Hospital PCL, NVDR | 1,100 | 4,479 | ||||||||
Central Pattana PCL, NVDR | 5,800 | 9,742 | ||||||||
CP ALL PCL, NVDR | 15,200 | 31,672 | ||||||||
Electricity Generating PCL, NVDR | 800 | 6,921 | ||||||||
Energy Absolute PCL, NVDR | 4,600 | 5,685 | ||||||||
Global Power Synergy PCL, NVDR | 1,400 | 2,795 | ||||||||
Gulf Energy Development PCL, NVDR | 1,200 | 6,294 | ||||||||
Home Product Center PCL, NVDR | 15,200 | 6,166 | ||||||||
Indorama Ventures PCL, NVDR | 5,000 | 4,120 | ||||||||
IRPC PCL, NVDR | 30,000 | 2,091 | ||||||||
Kasikornbank PCL, NVDR | 4,700 | 17,725 | ||||||||
Land & Houses PCL, NVDR | 20,800 | 5,537 | ||||||||
Minor International PCL, NVDR | 7,800 | 6,798 | ||||||||
Muangthai Capital PCL, NVDR | 1,800 | 3,280 | ||||||||
PTT Global Chemical PCL, NVDR | 6,000 | 7,843 | ||||||||
Siam Cement PCL, NVDR | 2,100 | 20,631 | ||||||||
Siam Commercial Bank PCL, NVDR | 2,100 | 5,806 | ||||||||
Thai Oil PCL, NVDR | 3,300 | 4,523 | ||||||||
TMB Bank PCL, NVDR | 33,168 | 1,146 |
Number | Value | |||||||||||
Thailand (Continued) | ||||||||||||
True Corp. PCL, NVDR | 34,100 | $ | 3,588 | |||||||||
|
| |||||||||||
(Cost $284,449) | 225,726 | |||||||||||
|
| |||||||||||
Turkey — 0.2% | ||||||||||||
Arcelik AS* | 344 | 1,023 | ||||||||||
KOC Holding AS | 2,100 | 5,780 | ||||||||||
Turkcell Iletisim Hizmetleri AS | 2,621 | 5,804 | ||||||||||
|
| |||||||||||
(Cost $11,812) | 12,607 | |||||||||||
|
| |||||||||||
United Arab Emirates — 0.7% | ||||||||||||
Abu Dhabi Commercial Bank PJSC | 7,330 | 14,230 | ||||||||||
DP World PLC | 461 | 7,491 | ||||||||||
Dubai Islamic Bank PJSC | 3,479 | 5,115 | ||||||||||
First Abu Dhabi Bank PJSC | 7,116 | 27,744 | ||||||||||
|
| |||||||||||
(Cost $57,338) | 54,580 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 7,218,996 | |||||||||||
|
| |||||||||||
PREFERRED STOCKS — 3.0% | ||||||||||||
Brazil — 2.8% | ||||||||||||
Banco Bradesco SA | 10,240 | 69,294 | ||||||||||
Cia Energetica de Minas Gerais | 2,508 | 7,760 | ||||||||||
Itau Unibanco Holding SA | 12,356 | 87,638 | ||||||||||
Itausa — Investimentos Itau SA | 11,548 | 30,741 | ||||||||||
Telefonica Brasil SA | 1,192 | 14,103 | ||||||||||
|
| |||||||||||
(Cost $257,634) | 209,536 | |||||||||||
|
| |||||||||||
Chile — 0.1% | ||||||||||||
Embotelladora Andina SA, Class B | 628 | 1,512 | ||||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 287 | 7,506 | ||||||||||
|
| |||||||||||
(Cost $15,616) | 9,018 | |||||||||||
|
| |||||||||||
South Korea — 0.1% | ||||||||||||
Amorepacific Corp. | 25 | 1,511 | ||||||||||
AMOREPACIFIC Group | 5 | 175 | ||||||||||
LG Chem Ltd. | 22 | 3,388 | ||||||||||
LG Household & Health Care Ltd. | 6 | 3,621 | ||||||||||
|
| |||||||||||
(Cost $9,689) | 8,695 | |||||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | 227,249 | |||||||||||
|
| |||||||||||
Principal | ||||||||||||
CORPORATE BONDS — 0.0% |
| |||||||||||
India — 0.0% | ||||||||||||
Britannia Industries Ltd. |
| INR |
|
| 4,500 |
|
| 64 |
| |||
|
| |||||||||||
Number | ||||||||||||
WARRANTS — 0.0% | ||||||||||||
Thailand — 0.0% | ||||||||||||
BTS Group Holdings PCL*, expires 2/16/21 | 1,821 | 50 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||||||
Thailand (Continued) | ||||||||||||
Minor International PCL*, expires 9/30/21 | 305 | $ | 16 | |||||||||
|
| |||||||||||
TOTAL WARRANTS | 66 | |||||||||||
|
| |||||||||||
SECURITIES LENDING COLLATERAL — 2.2% | ||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 161,025 | 161,025 | ||||||||||
|
| |||||||||||
CASH EQUIVALENTS — 0.0% | ||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 1,190 | 1,190 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 101.9% (Cost $7,602,265) | $ | 7,608,590 | ||||||||||
Other assets and liabilities, net — (1.9%) | (142,879 | ) | ||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 7,465,711 | ||||||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
130,104 | 30,921 | (d) | — | — | — | 641 | — | 161,025 | 161,025 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
16,016 | 331,339 | (346,165 | ) | — | — | 379 | — | 1,190 | 1,190 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
146,120 | 362,260 | (346,165 | ) | — | — | 1,020 | — | 162,215 | 162,215 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $142,360, which is 1.9% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $7,716. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC: | Joint Stock Company |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
PSQC | Public Shareholders Qatari Company |
QPSC: | Qatari Public Shareholders Company |
QSC: | Qatari Shareholders Company |
REIT: | Real Estate Investment Trust |
SAE: | Societe Anonyme Egyptienne |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
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. |
Currency Abbreviations
INR | Indian Rupee |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 7,218,996 | $ | — | $ | — | $ | 7,218,996 | ||||||||
Preferred Stocks (e) | 227,249 | — | — | 227,249 | ||||||||||||
Corporate Bonds | — | 64 | — | 64 | ||||||||||||
Warrants | 66 | — | — | 66 | ||||||||||||
Short-Term Investments (e) | 162,215 | — | — | 162,215 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 7,608,526 | $ | 64 | $ | — | $ | 7,608,590 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Communication Services — 10.4% | ||||||||
Alphabet, Inc., Class A* | 38,177 | $ | 51,128,547 | |||||
Alphabet, Inc., Class C* | 39,774 | 53,270,511 | ||||||
CenturyLink, Inc. (a) | 121,654 | 1,468,364 | ||||||
Discovery, Inc., Class A* | 20,128 | 517,290 | ||||||
Discovery, Inc., Class C* | 44,921 | 1,127,517 | ||||||
Electronic Arts, Inc.* | 37,419 | 3,793,164 | ||||||
Liberty Broadband Corp., Class C* | 13,774 | 1,734,009 | ||||||
Liberty Global PLC, Class A* (a) | 20,371 | 397,642 | ||||||
Liberty Global PLC, Class C* | 51,939 | 965,546 | ||||||
Omnicom Group, Inc. | 27,889 | 1,932,150 | ||||||
TripAdvisor, Inc. | 14,462 | 339,134 | ||||||
Verizon Communications, Inc. | 529,526 | 28,679,128 | ||||||
Walt Disney Co. | 230,770 | 27,150,091 | ||||||
|
| |||||||
(Cost $165,427,624) | 172,503,093 | |||||||
|
| |||||||
Consumer Discretionary — 10.4% | ||||||||
Advance Auto Parts, Inc. | 8,771 | 1,166,368 | ||||||
Aptiv PLC | 32,901 | 2,569,897 | ||||||
Aramark | 30,395 | 1,055,922 | ||||||
Best Buy Co., Inc. | 30,395 | 2,299,382 | ||||||
Booking Holdings, Inc.* | 5,376 | 9,115,868 | ||||||
BorgWarner, Inc. | 25,383 | 802,103 | ||||||
Capri Holdings Ltd.* | 19,118 | 493,627 | ||||||
CarMax, Inc.* (a) | 21,624 | 1,887,991 | ||||||
Darden Restaurants, Inc. | 15,277 | 1,489,507 | ||||||
Domino’s Pizza, Inc. | 5,012 | 1,701,374 | ||||||
Expedia Group, Inc. | 17,352 | 1,711,254 | ||||||
Gap, Inc. | 27,889 | 399,649 | ||||||
Garmin Ltd. | 17,079 | 1,509,613 | ||||||
Genuine Parts Co. | 18,952 | 1,653,372 | ||||||
Hanesbrands, Inc. (a) | 44,179 | 584,930 | ||||||
Harley-Davidson, Inc. (a) | 20,371 | 620,704 | ||||||
Hasbro, Inc. | 16,538 | 1,277,561 | ||||||
Hilton Worldwide Holdings, Inc. | 35,232 | 3,424,550 | ||||||
Home Depot, Inc. | 139,805 | 30,455,121 | ||||||
Kohl’s Corp. | 20,371 | 797,525 | ||||||
LKQ Corp.* | 39,166 | 1,158,530 | ||||||
Lowe’s Cos., Inc. | 99,823 | 10,638,137 | ||||||
Lululemon Athletica, Inc.* | 14,176 | 3,082,004 | ||||||
McDonald’s Corp. | 97,018 | 18,837,985 | ||||||
MercadoLibre, Inc.* | 5,696 | 3,508,907 | ||||||
Mohawk Industries, Inc.* | 7,518 | 910,806 | ||||||
Newell Brands, Inc. (a) | 48,956 | 755,391 | ||||||
NIKE, Inc., Class B | 159,597 | 14,264,780 | ||||||
Nordstrom, Inc. (a) | 13,783 | 478,270 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 27,464 | 1,023,309 | ||||||
NVR, Inc.* | 449 | 1,646,564 | ||||||
PVH Corp. | 9,744 | 722,128 | ||||||
Ross Stores, Inc. | 46,618 | 5,071,106 | ||||||
Royal Caribbean Cruises Ltd. | 22,194 | 1,784,620 | ||||||
Starbucks Corp. | 152,950 | 11,995,869 | ||||||
Tapestry, Inc. | 35,407 | 830,294 | ||||||
Tesla, Inc.* | 17,308 | 11,561,571 | ||||||
Tiffany & Co. | 13,783 | 1,841,271 | ||||||
TJX Cos., Inc. | 154,614 | 9,245,917 | ||||||
Tractor Supply Co. | 15,036 | 1,330,836 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Ulta Beauty, Inc.* (a) | 7,223 | $ | 1,856,961 | |||||
Under Armour, Inc., Class A* (a) | 22,877 | 324,625 | ||||||
Under Armour, Inc., Class C* (a) | 25,639 | 319,975 | ||||||
Vail Resorts, Inc. (a) | 5,012 | 1,065,601 | ||||||
VF Corp. | 43,627 | 3,141,144 | ||||||
Whirlpool Corp. (a) | 7,518 | 961,251 | ||||||
|
| |||||||
(Cost $166,941,537) | 173,374,170 | |||||||
|
| |||||||
Consumer Staples — 7.2% | ||||||||
Bunge Ltd. | 17,865 | 838,762 | ||||||
Campbell Soup Co. (a) | 21,624 | 975,675 | ||||||
Clorox Co. | 15,925 | 2,538,763 | ||||||
Coca-Cola Co. | 521,137 | 27,875,618 | ||||||
Colgate-Palmolive Co. | 104,381 | 7,053,024 | ||||||
Estee Lauder Cos., Inc., Class A | 28,206 | 5,178,622 | ||||||
General Mills, Inc. | 77,333 | 3,789,317 | ||||||
Hormel Foods Corp. (a) | 38,155 | 1,587,248 | ||||||
Kellogg Co. | 31,648 | 1,913,755 | ||||||
Kimberly-Clark Corp. | 43,996 | 5,771,835 | ||||||
McCormick & Co., Inc. | 15,821 | 2,312,872 | ||||||
PepsiCo, Inc. | 178,566 | 23,576,069 | ||||||
Procter & Gamble Co. | 319,398 | 36,165,435 | ||||||
|
| |||||||
(Cost $113,841,579) | 119,576,995 | |||||||
|
| |||||||
Energy — 3.2% | ||||||||
Apache Corp. | 46,993 | 1,171,066 | ||||||
Baker Hughes Co. | 80,439 | 1,294,263 | ||||||
Cheniere Energy, Inc.* | 30,188 | 1,548,343 | ||||||
ConocoPhillips | 141,437 | 6,848,380 | ||||||
Devon Energy Corp. | 51,753 | 840,469 | ||||||
Hess Corp. | 34,462 | 1,936,075 | ||||||
HollyFrontier Corp. | 20,310 | 684,041 | ||||||
Kinder Morgan, Inc. | 262,408 | 5,030,361 | ||||||
Marathon Oil Corp. | 103,851 | 859,886 | ||||||
Marathon Petroleum Corp. | 83,860 | 3,976,641 | ||||||
National Oilwell Varco, Inc. | 49,185 | 920,251 | ||||||
Noble Energy, Inc. (a) | 60,788 | 962,274 | ||||||
Occidental Petroleum Corp. | 114,373 | 3,744,572 | ||||||
ONEOK, Inc. | 53,100 | 3,542,832 | ||||||
Phillips 66 | 57,303 | 4,289,703 | ||||||
Pioneer Natural Resources Co. | 21,355 | 2,621,967 | ||||||
Schlumberger Ltd. | 176,349 | 4,777,294 | ||||||
Targa Resources Corp. | 27,889 | 903,604 | ||||||
TechnipFMC PLC | 53,272 | 790,556 | ||||||
Valero Energy Corp. | 52,019 | 3,446,259 | ||||||
Williams Cos., Inc. | 152,221 | 2,899,810 | ||||||
|
| |||||||
(Cost $68,881,537) | 53,088,647 | |||||||
|
| |||||||
Financials — 11.4% | ||||||||
Allstate Corp. | 41,480 | 4,365,770 | ||||||
Ally Financial, Inc. | 49,738 | 1,246,932 | ||||||
American Express Co. | 89,054 | 9,789,706 | ||||||
American Financial Group, Inc. | 9,871 | 912,278 | ||||||
American International Group, Inc. | 111,329 | 4,693,631 | ||||||
Ameriprise Financial, Inc. | 16,223 | 2,292,310 | ||||||
Aon PLC | 30,034 | 6,247,072 | ||||||
Arch Capital Group Ltd.* | 52,084 | 2,105,756 | ||||||
Arthur J Gallagher & Co. | 24,146 | 2,353,994 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Assurant, Inc. | 7,583 | $ | 914,434 | |||||
Bank of New York Mellon Corp. | 106,659 | 4,255,694 | ||||||
BlackRock, Inc. | 14,785 | 6,845,603 | ||||||
Cboe Global Markets, Inc. | 14,427 | 1,644,678 | ||||||
Charles Schwab Corp. | 149,326 | 6,085,035 | ||||||
Chubb Ltd. | 58,140 | 8,432,044 | ||||||
Citizens Financial Group, Inc. | 57,031 | 1,807,312 | ||||||
CME Group, Inc. | 45,744 | 9,094,822 | ||||||
Comerica, Inc. | 19,098 | 1,005,319 | ||||||
Discover Financial Services | 40,357 | 2,646,612 | ||||||
E*TRADE Financial Corp. | 28,930 | 1,324,415 | ||||||
East West Bancorp, Inc. | 17,865 | 692,090 | ||||||
Equitable Holdings, Inc. | 52,289 | 1,118,985 | ||||||
Erie Indemnity Co., Class A (a) | 3,436 | 491,073 | ||||||
FactSet Research Systems, Inc. (a) | 4,896 | 1,302,287 | ||||||
Fifth Third Bancorp | 91,801 | 2,239,944 | ||||||
First Republic Bank | 21,994 | 2,211,937 | ||||||
Franklin Resources, Inc. (a) | 39,166 | 852,252 | ||||||
Hartford Financial Services Group, Inc. | 46,188 | 2,307,091 | ||||||
Huntington Bancshares, Inc. | 132,091 | 1,620,757 | ||||||
Intercontinental Exchange, Inc. | 71,591 | 6,387,349 | ||||||
Invesco Ltd. (a) | 52,019 | 749,074 | ||||||
KeyCorp | 127,843 | 2,090,233 | ||||||
KKR & Co., Inc., Class A | 62,915 | 1,799,369 | ||||||
Lincoln National Corp. | 25,505 | 1,157,672 | ||||||
Loews Corp. | 35,019 | 1,597,917 | ||||||
M&T Bank Corp. | 16,535 | 2,321,183 | ||||||
Marsh & McLennan Cos., Inc. | 64,745 | 6,769,737 | ||||||
Moody’s Corp. | 21,624 | 5,190,409 | ||||||
Nasdaq, Inc. | 13,783 | 1,413,447 | ||||||
Northern Trust Corp. | 25,383 | 2,227,612 | ||||||
People’s United Financial, Inc. | 59,656 | 834,587 | ||||||
PNC Financial Services Group, Inc. | 56,103 | 7,091,419 | ||||||
Principal Financial Group, Inc. | 35,407 | 1,571,717 | ||||||
Progressive Corp. | 74,850 | 5,476,026 | ||||||
Prudential Financial, Inc. | 51,467 | 3,883,185 | ||||||
Raymond James Financial, Inc. | 16,509 | 1,380,648 | ||||||
Regions Financial Corp. | 126,590 | 1,711,497 | ||||||
Reinsurance Group of America, Inc. | 8,207 | 1,001,500 | ||||||
S&P Global, Inc. | 31,430 | 8,357,551 | ||||||
Signature Bank | 6,492 | 812,149 | ||||||
State Street Corp. | 46,993 | 3,200,693 | ||||||
SVB Financial Group* | 6,265 | 1,304,122 | ||||||
T. Rowe Price Group, Inc. | 30,395 | 3,586,914 | ||||||
TD Ameritrade Holding Corp. | 34,154 | 1,442,323 | ||||||
Travelers Cos., Inc. | 32,901 | 3,941,869 | ||||||
Truist Financial Corp. | 170,545 | 7,868,946 | ||||||
US Bancorp | 190,929 | 8,866,743 | ||||||
Voya Financial, Inc. (a) | 17,263 | 908,724 | ||||||
Willis Towers Watson PLC | 16,612 | 3,143,821 | ||||||
Zions Bancorp NA (a) | 22,877 | 913,936 | ||||||
|
| |||||||
(Cost $194,565,795) | 189,902,205 | |||||||
|
| |||||||
Health Care — 13.9% | ||||||||
AbbVie, Inc. | 188,621 | 16,166,706 | ||||||
Agilent Technologies, Inc. | 39,166 | 3,018,524 | ||||||
Align Technology, Inc.* | 9,650 | 2,107,077 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
AmerisourceBergen Corp. | 20,371 | $ | 1,717,683 | |||||
Amgen, Inc. | 76,266 | 15,232,608 | ||||||
Becton Dickinson and Co. | 34,460 | 8,195,277 | ||||||
Biogen, Inc.* | 23,517 | 7,252,408 | ||||||
BioMarin Pharmaceutical, Inc.* | 22,820 | 2,062,243 | ||||||
Bristol-Myers Squibb Co. | 299,226 | 17,672,288 | ||||||
Cardinal Health, Inc. | 37,253 | 1,941,626 | ||||||
Centene Corp.* | 74,349 | 3,941,984 | ||||||
Cerner Corp. | 40,337 | 2,794,144 | ||||||
Cigna Corp. | 48,212 | 8,819,903 | ||||||
DENTSPLY SIRONA, Inc. | 27,889 | 1,373,254 | ||||||
DexCom, Inc.* | 11,611 | 3,204,636 | ||||||
Edwards Lifesciences Corp.* | 26,537 | 5,435,839 | ||||||
Gilead Sciences, Inc. | 162,216 | 11,251,302 | ||||||
HCA Healthcare, Inc. | 34,940 | 4,437,729 | ||||||
Henry Schein, Inc.* | 19,118 | 1,165,051 | ||||||
Hologic, Inc.* | 33,717 | 1,588,745 | ||||||
Humana, Inc. | 17,210 | 5,501,693 | ||||||
IDEXX Laboratories, Inc.* | 10,776 | 2,742,600 | ||||||
IQVIA Holdings, Inc.* | 20,971 | 2,925,245 | ||||||
Jazz Pharmaceuticals PLC* | 7,262 | 832,080 | ||||||
Johnson & Johnson | 336,783 | 45,290,578 | ||||||
Laboratory Corp. of America Holdings* | 12,530 | 2,201,396 | ||||||
Merck & Co., Inc. | 326,824 | 25,021,645 | ||||||
Mettler-Toledo International, Inc.* | 3,236 | 2,270,701 | ||||||
Perrigo Co. PLC | 16,655 | 844,242 | ||||||
Quest Diagnostics, Inc. | 17,493 | 1,855,308 | ||||||
ResMed, Inc. | 18,484 | 2,938,217 | ||||||
STERIS PLC | 10,657 | 1,690,413 | ||||||
Varian Medical Systems, Inc.* | 12,000 | 1,475,640 | ||||||
Vertex Pharmaceuticals, Inc.* | 32,825 | 7,353,785 | ||||||
Waters Corp.* | 8,505 | 1,657,539 | ||||||
Zoetis, Inc. | 60,956 | 8,121,168 | ||||||
|
| |||||||
(Cost $224,630,565) | 232,101,277 | |||||||
|
| |||||||
Industrials — 8.8% | ||||||||
3M Co. | 73,590 | 10,982,572 | ||||||
Acuity Brands, Inc. | 5,012 | 515,534 | ||||||
Allegion PLC | 11,277 | 1,296,742 | ||||||
AMERCO (a) | 1,253 | 404,105 | ||||||
Arconic, Inc. | 49,540 | 1,453,999 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 16,612 | 1,144,567 | ||||||
Caterpillar, Inc. | 71,408 | 8,871,730 | ||||||
Copart, Inc.* | 26,636 | 2,250,209 | ||||||
CSX Corp. | 94,591 | 6,663,936 | ||||||
Cummins, Inc. | 19,118 | 2,892,362 | ||||||
Deere & Co. | 37,913 | 5,932,626 | ||||||
Delta Air Lines, Inc. | 21,624 | 997,515 | ||||||
Dover Corp. | 18,718 | 1,923,087 | ||||||
Eaton Corp. PLC | 53,272 | 4,832,836 | ||||||
Expeditors International of Washington, Inc. | 21,624 | 1,522,762 | ||||||
Fastenal Co. | 70,622 | 2,416,685 | ||||||
Flowserve Corp. | 16,532 | 664,421 | ||||||
Fortune Brands Home & Security, Inc. | 17,865 | 1,103,164 | ||||||
IDEX Corp. | 9,765 | 1,445,220 | ||||||
IHS Markit Ltd. | 48,644 | 3,465,399 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Illinois Tool Works, Inc. | 40,871 | $ | 6,857,336 | |||||
Ingersoll-Rand PLC | 31,231 | 4,030,048 | ||||||
Johnson Controls International PLC | 98,775 | 3,612,202 | ||||||
Kansas City Southern | 12,530 | 1,888,020 | ||||||
Lennox International, Inc. | 4,563 | 1,040,957 | ||||||
ManpowerGroup, Inc. | 7,518 | 570,917 | ||||||
Masco Corp. | 37,913 | 1,566,565 | ||||||
Nielsen Holdings PLC | 44,178 | 804,481 | ||||||
Norfolk Southern Corp. | 33,702 | 6,145,560 | ||||||
Owens Corning | 13,783 | 778,602 | ||||||
PACCAR, Inc. | 44,178 | 2,955,508 | ||||||
Parker-Hannifin Corp. | 16,612 | 3,069,399 | ||||||
Pentair PLC | 20,371 | 802,414 | ||||||
Robert Half International, Inc. | 15,067 | 759,528 | ||||||
Rockwell Automation, Inc. | 15,036 | 2,759,106 | ||||||
Roper Technologies, Inc. | 13,379 | 4,705,394 | ||||||
Sensata Technologies Holding PLC* | 20,885 | 852,108 | ||||||
Snap-on, Inc. (a) | 7,132 | 1,032,357 | ||||||
Southwest Airlines Co. | 17,021 | 786,200 | ||||||
Stanley Black & Decker, Inc. | 19,118 | 2,747,257 | ||||||
TransDigm Group, Inc. (a) | 6,035 | 3,366,383 | ||||||
Union Pacific Corp. | 88,884 | 14,204,552 | ||||||
United Parcel Service, Inc., Class B | 89,112 | 8,063,745 | ||||||
United Rentals, Inc.* | 9,651 | 1,278,565 | ||||||
W.W. Grainger, Inc. | 6,049 | 1,678,840 | ||||||
WABCO Holdings, Inc.* | 6,265 | 846,402 | ||||||
Waste Management, Inc. | 54,272 | 6,013,880 | ||||||
Xylem, Inc. | 23,180 | 1,792,741 | ||||||
|
| |||||||
(Cost $148,636,882) | 145,788,538 | |||||||
|
| |||||||
Information Technology — 25.0% | ||||||||
Accenture PLC, Class A | 81,179 | 14,660,116 | ||||||
Adobe, Inc.* | 61,930 | 21,373,282 | ||||||
Applied Materials, Inc. | 118,579 | 6,891,811 | ||||||
Autodesk, Inc.* | 28,022 | 5,348,839 | ||||||
Cadence Design Systems, Inc.* | 35,407 | 2,341,819 | ||||||
Citrix Systems, Inc. | 16,533 | 1,709,347 | ||||||
Cognizant Technology Solutions Corp., Class A | 70,361 | 4,287,096 | ||||||
Dell Technologies, Inc., Class C* | 20,159 | 815,633 | ||||||
Hewlett Packard Enterprise Co. | 167,260 | 2,139,255 | ||||||
HP, Inc. | 189,732 | 3,944,528 | ||||||
Intel Corp. | 556,970 | 30,922,974 | ||||||
International Business Machines Corp. | 113,003 | 14,707,340 | ||||||
Intuit, Inc. | 33,155 | 8,814,257 | ||||||
Jack Henry & Associates, Inc. | 9,737 | 1,477,492 | ||||||
Keysight Technologies, Inc.* | 23,964 | 2,270,829 | ||||||
Lam Research Corp. | 18,434 | 5,409,089 | ||||||
Marvell Technology Group Ltd. | 81,122 | 1,727,899 | ||||||
Mastercard, Inc., Class A | 115,240 | 33,448,410 | ||||||
Microsoft Corp. | 927,918 | 150,331,995 | ||||||
Motorola Solutions, Inc. | 21,935 | 3,634,191 | ||||||
NVIDIA Corp. | 74,440 | 20,104,011 | ||||||
salesforce.com, Inc.* | 106,411 | 18,132,434 | ||||||
TE Connectivity Ltd. | 42,925 | 3,557,195 | ||||||
Texas Instruments, Inc. | 119,027 | 13,585,742 | ||||||
Trimble, Inc.* | 31,648 | 1,249,463 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Visa, Inc., Class A | 219,285 | $ | 39,857,242 | |||||
VMware, Inc., Class A* (a) | 10,693 | 1,288,720 | ||||||
Western Union Co. (a) | 54,525 | 1,220,815 | ||||||
|
| |||||||
(Cost $353,632,543) | 415,251,824 | |||||||
|
| |||||||
Materials — 2.7% | ||||||||
Avery Dennison Corp. | 10,850 | 1,242,217 | ||||||
Axalta Coating Systems Ltd.* | 26,636 | 663,769 | ||||||
Ball Corp. | 39,166 | 2,759,636 | ||||||
Celanese Corp. | 16,532 | 1,549,710 | ||||||
Ecolab, Inc. | 32,719 | 5,904,144 | ||||||
International Flavors & Fragrances, Inc. (a) | 12,994 | 1,556,421 | ||||||
International Paper Co. | 48,179 | 1,780,696 | ||||||
Linde PLC | 69,005 | 13,180,645 | ||||||
Mosaic Co. | 46,732 | 795,846 | ||||||
Newmont Corp. | 104,391 | 4,658,970 | ||||||
Nucor Corp. | 39,166 | 1,619,514 | ||||||
PPG Industries, Inc. | 30,236 | 3,158,150 | ||||||
Sherwin-Williams Co. | 10,595 | 5,474,966 | ||||||
|
| |||||||
(Cost $43,687,416) | 44,344,684 | |||||||
|
| |||||||
Real Estate — 3.3% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 14,306 | 2,172,795 | ||||||
American Tower Corp. REIT | 56,614 | 12,840,055 | ||||||
Boston Properties, Inc. REIT | 19,694 | 2,539,344 | ||||||
Camden Property Trust REIT | 12,343 | 1,308,111 | ||||||
CBRE Group, Inc., Class A* | 40,419 | 2,269,123 | ||||||
Duke Realty Corp. REIT | 47,057 | 1,527,941 | ||||||
Equinix, Inc. REIT | 10,837 | 6,207,434 | ||||||
Federal Realty Investment Trust REIT | 9,660 | 1,123,845 | ||||||
Healthpeak Properties, Inc. REIT | 62,861 | 1,988,922 | ||||||
Host Hotels & Resorts, Inc. REIT | 92,436 | 1,338,473 | ||||||
Iron Mountain, Inc. REIT (a) | 36,760 | 1,117,872 | ||||||
Jones Lang LaSalle, Inc. | 6,494 | 959,618 | ||||||
Prologis, Inc. REIT | 93,779 | 7,903,694 | ||||||
SBA Communications Corp. REIT | 14,435 | 3,826,574 | ||||||
UDR, Inc. REIT | 37,519 | 1,687,605 | ||||||
Welltower, Inc. REIT | 51,876 | 3,881,362 | ||||||
Weyerhaeuser Co. REIT | 95,944 | 2,492,625 | ||||||
|
| |||||||
(Cost $51,769,733) | 55,185,393 | |||||||
|
| |||||||
Utilities — 3.3% | ||||||||
AES Corp. | 83,665 | 1,399,716 | ||||||
Alliant Energy Corp. | 31,131 | 1,622,548 | ||||||
American Water Works Co., Inc. | 22,687 | 2,805,474 | ||||||
CMS Energy Corp. | 36,465 | 2,203,215 | ||||||
Consolidated Edison, Inc. | 42,462 | 3,346,855 | ||||||
Dominion Energy, Inc. | 104,857 | 8,197,720 | ||||||
DTE Energy Co. | 24,596 | 2,746,635 | ||||||
Edison International | 45,677 | 3,069,038 | ||||||
Eversource Energy (a) | 41,365 | 3,576,418 | ||||||
NiSource, Inc. | 48,125 | 1,300,338 | ||||||
Pinnacle West Capital Corp. | 14,305 | 1,280,154 | ||||||
Public Service Enterprise Group, Inc. | 64,749 | 3,322,271 | ||||||
Sempra Energy | 36,091 | 5,044,800 | ||||||
Southern Co. | 133,479 | 8,056,792 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
WEC Energy Group, Inc. | 40,339 | $ | 3,724,500 | |||||
Xcel Energy, Inc. | 66,359 | 4,135,493 | ||||||
|
| |||||||
(Cost $54,544,117) | 55,831,967 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,656,948,793 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 634,131 | 634,131 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 4,162,938 | 4,162,938 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $1,591,356,397) | $ | 1,661,745,862 | ||||||
Other assets and liabilities, net — 0.1% | 2,214,265 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,663,960,127 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
719,723 | — | (85,592 | )(d) | — | — | 7,929 | — | 634,131 | 634,131 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
2,902,467 | 22,124,840 | (20,864,369 | ) | — | — | 29,159 | — | 4,162,938 | 4,162,938 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
3,622,190 | 22,124,840 | (20,949,961 | ) | — | — | 37,088 | — | 4,797,069 | 4,797,069 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2020 amounted to $26,996,160, which is 1.6% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $27,525,170. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
REIT: | Real Estate Investment Trust |
At February 29, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||
E-Mini S&P MidCap 400 Futures | USD | 1 | $ | 208,670 | $181,220 | 3/20/2020 | $ | (27,450 | ) | |||||||||||
E-Mini S&P 500 ESG Futures | USD | 10 | 1,377,675 | 1,241,600 | 3/20/2020 | (136,075 | ) | |||||||||||||
E-Mini S&P 500 Futures | USD | 36 | 5,815,950 | 5,311,980 | 3/20/2020 | (503,970 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | $ | (667,495 | ) | |||||||||||||||||
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)
February 29, 2020 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 1,656,948,793 | $ | — | $ | — | $ | 1,656,948,793 | ||||||||
Short-Term Investments (e) | 4,797,069 | — | — | 4,797,069 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,661,745,862 | $ | — | $ | — | $ | 1,661,745,862 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (667,495 | ) | $ | — | $ | — | $ | (667,495 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (667,495 | ) | $ | — | $ | — | $ | (667,495 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
February 29, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Communication Services — 10.7% | ||||||||
Activision Blizzard, Inc. | 5,075 | $ | 295,010 | |||||
Alphabet, Inc., Class A* | 1,997 | 2,674,482 | ||||||
Alphabet, Inc., Class C* | 1,995 | 2,671,963 | ||||||
AT&T, Inc. | 48,644 | 1,713,242 | ||||||
CenturyLink, Inc. (a) | 6,621 | 79,915 | ||||||
Charter Communications, Inc., Class A* | 1,063 | 524,240 | ||||||
Comcast Corp., Class A | 30,045 | 1,214,719 | ||||||
Discovery, Inc., Class A* | 1,034 | 26,574 | ||||||
Discovery, Inc., Class C* | 2,444 | 61,344 | ||||||
Electronic Arts, Inc.* | 1,975 | 200,206 | ||||||
Interpublic Group of Cos., Inc. (a) | 2,444 | 52,204 | ||||||
News Corp., Class A | 2,444 | 29,511 | ||||||
News Corp., Class B | 846 | 10,524 | ||||||
Omnicom Group, Inc. | 1,410 | 97,685 | ||||||
Take-Two Interactive Software, Inc.* | 752 | 80,825 | ||||||
Twitter, Inc.* | 5,133 | 170,416 | ||||||
Verizon Communications, Inc. | 27,406 | 1,484,309 | ||||||
ViacomCBS, Inc., Class B | 3,611 | 88,867 | ||||||
Walt Disney Co. | 11,998 | 1,411,565 | ||||||
|
| |||||||
(Cost $13,049,669) | 12,887,601 | |||||||
|
| |||||||
Consumer Discretionary — 10.9% | ||||||||
Amazon.com, Inc.* | 2,780 | 5,236,825 | ||||||
Best Buy Co., Inc. | 1,504 | 113,778 | ||||||
BorgWarner, Inc. (a) | 1,316 | 41,586 | ||||||
CarMax, Inc.* (a) | 1,128 | 98,486 | ||||||
Carnival Corp. (a) | 2,689 | 89,974 | ||||||
Darden Restaurants, Inc. | 842 | 82,095 | ||||||
Dollar Tree, Inc.* | 1,576 | 130,855 | ||||||
eBay, Inc. | 5,264 | 182,345 | ||||||
Ford Motor Co. | 25,978 | 180,807 | ||||||
Gap, Inc. | 1,504 | 21,552 | ||||||
Garmin Ltd. | 950 | 83,970 | ||||||
General Motors Co. | 8,573 | 261,476 | ||||||
H&R Block, Inc. (a) | 1,316 | 27,202 | ||||||
Hanesbrands, Inc. (a) | 2,350 | 31,114 | ||||||
Hasbro, Inc. | 824 | 63,654 | ||||||
Hilton Worldwide Holdings, Inc. | 1,880 | 182,736 | ||||||
Home Depot, Inc. | 7,252 | 1,579,776 | ||||||
Kohl’s Corp. | 1,034 | 40,481 | ||||||
L Brands, Inc. (a) | 1,504 | 32,577 | ||||||
Leggett & Platt, Inc. | 846 | 33,552 | ||||||
Lowe’s Cos., Inc. | 5,076 | 540,949 | ||||||
McDonald’s Corp. | 5,042 | 979,005 | ||||||
NIKE, Inc., Class B | 8,294 | 741,318 | ||||||
Nordstrom, Inc. (a) | 658 | 22,833 | ||||||
PVH Corp. | 470 | 34,832 | ||||||
Ralph Lauren Corp. | 376 | 39,672 | ||||||
Ross Stores, Inc. | 2,423 | 263,574 | ||||||
Starbucks Corp. | 7,891 | 618,891 | ||||||
Tapestry, Inc. | 1,880 | 44,086 | ||||||
Target Corp. | 3,381 | 348,243 | ||||||
Tiffany & Co. | 747 | 99,792 | ||||||
TJX Cos., Inc. | 8,010 | 478,998 | ||||||
Tractor Supply Co. | 752 | 66,559 | ||||||
VF Corp. | 2,161 | 155,592 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Whirlpool Corp. (a) | 437 | $ | 55,875 | |||||
Yum! Brands, Inc. | 1,974 | 176,179 | ||||||
|
| |||||||
(Cost $13,468,564) | 13,181,239 | |||||||
|
| |||||||
Consumer Staples — 7.4% | ||||||||
Archer-Daniels-Midland Co. | 3,572 | 134,486 | ||||||
Brown-Forman Corp., Class B (a) | 1,210 | 74,306 | ||||||
Campbell Soup Co. | 1,222 | 55,137 | ||||||
Clorox Co. | 846 | 134,869 | ||||||
Coca-Cola Co. | 25,671 | 1,373,142 | ||||||
Colgate-Palmolive Co. | 5,696 | 384,879 | ||||||
Conagra Brands, Inc. | 3,335 | 89,011 | ||||||
Constellation Brands, Inc., Class A | 1,128 | 194,445 | ||||||
General Mills, Inc. | 4,009 | 196,441 | ||||||
Hershey Co. | 1,029 | 148,166 | ||||||
Hormel Foods Corp. (a) | 1,786 | 74,298 | ||||||
JM Smucker Co. | 752 | 77,448 | ||||||
Kellogg Co. | 1,661 | 100,441 | ||||||
Kimberly-Clark Corp. | 2,273 | 298,195 | ||||||
Kraft Heinz Co. | 4,181 | 103,563 | ||||||
Kroger Co. | 5,170 | 145,432 | ||||||
McCormick & Co., Inc. | 825 | 120,607 | ||||||
Molson Coors Beverage Co., Class B | 1,222 | 60,623 | ||||||
Mondelez International, Inc., Class A | 9,556 | 504,557 | ||||||
PepsiCo, Inc. | 9,268 | 1,223,654 | ||||||
Procter & Gamble Co. | 16,583 | 1,877,693 | ||||||
Sysco Corp. | 3,391 | 226,010 | ||||||
Tyson Foods, Inc., Class A | 1,971 | 133,693 | ||||||
Walgreens Boots Alliance, Inc. | 4,982 | 227,976 | ||||||
Walmart, Inc. | 9,421 | 1,014,453 | ||||||
|
| |||||||
(Cost $9,554,771) | 8,973,525 | |||||||
|
| |||||||
Energy — 3.7% | ||||||||
Baker Hughes Co. | 4,304 | 69,251 | ||||||
Chevron Corp. | 12,571 | 1,173,377 | ||||||
ConocoPhillips | 7,355 | 356,129 | ||||||
Exxon Mobil Corp. | 28,173 | 1,449,219 | ||||||
Halliburton Co. | 5,964 | 101,149 | ||||||
Hess Corp. | 1,692 | 95,057 | ||||||
HollyFrontier Corp. | 1,034 | 34,825 | ||||||
Kinder Morgan, Inc. | 12,907 | 247,427 | ||||||
Noble Energy, Inc. (a) | 3,008 | 47,617 | ||||||
Occidental Petroleum Corp. | 5,919 | 193,788 | ||||||
Phillips 66 | 2,981 | 223,158 | ||||||
Schlumberger Ltd. | 9,223 | 249,851 | ||||||
TechnipFMC PLC | 2,726 | 40,454 | ||||||
Valero Energy Corp. | 2,815 | 186,494 | ||||||
|
| |||||||
(Cost $5,699,633) | 4,467,796 | |||||||
|
| |||||||
Financials — 11.6% | ||||||||
Aflac, Inc. | 4,950 | 212,107 | ||||||
Allstate Corp. | 2,162 | 227,550 | ||||||
American Express Co. | 4,504 | 495,125 | ||||||
American International Group, Inc. | 5,764 | 243,010 | ||||||
Ameriprise Financial, Inc. | 846 | 119,540 | ||||||
Aon PLC | 1,573 | 327,184 | ||||||
Bank of America Corp. | 53,906 | 1,536,321 | ||||||
Bank of New York Mellon Corp. | 5,640 | 225,036 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
BlackRock, Inc. | 769 | $ | 356,055 | |||||
Capital One Financial Corp. | 3,108 | 274,312 | ||||||
Cboe Global Markets, Inc. | 752 | 85,728 | ||||||
Charles Schwab Corp. | 7,771 | 316,668 | ||||||
Chubb Ltd. | 3,012 | 436,830 | ||||||
Citigroup, Inc. | 14,532 | 922,201 | ||||||
CME Group, Inc. | 2,362 | 469,613 | ||||||
Comerica, Inc. | 1,034 | 54,430 | ||||||
Discover Financial Services | 2,068 | 135,619 | ||||||
E*TRADE Financial Corp. | 1,598 | 73,156 | ||||||
Franklin Resources, Inc. (a) | 1,880 | 40,909 | ||||||
Globe Life, Inc. | 658 | 60,970 | ||||||
Goldman Sachs Group, Inc. | 2,161 | 433,864 | ||||||
Hartford Financial Services Group, Inc. | 2,350 | 117,383 | ||||||
Intercontinental Exchange, Inc. | 3,725 | 332,345 | ||||||
Invesco Ltd. | 2,538 | 36,547 | ||||||
JPMorgan Chase & Co. | 20,883 | 2,424,725 | ||||||
KeyCorp | 6,499 | 106,259 | ||||||
Lincoln National Corp. | 1,375 | 62,411 | ||||||
Marsh & McLennan Cos., Inc. | 3,361 | 351,426 | ||||||
MetLife, Inc. | 5,265 | 224,921 | ||||||
Moody’s Corp. | 1,094 | 262,593 | ||||||
Morgan Stanley | 8,344 | 375,730 | ||||||
MSCI, Inc. | 562 | 166,037 | ||||||
Nasdaq, Inc. | 752 | 77,118 | ||||||
Northern Trust Corp. | 1,410 | 123,742 | ||||||
PNC Financial Services Group, Inc. | 2,969 | 375,282 | ||||||
Principal Financial Group, Inc. | 1,692 | 75,108 | ||||||
Prudential Financial, Inc. | 2,632 | 198,584 | ||||||
Raymond James Financial, Inc. | 827 | 69,162 | ||||||
S&P Global, Inc. | 1,619 | 430,508 | ||||||
State Street Corp. | 2,458 | 167,414 | ||||||
Synchrony Financial | 4,042 | 117,622 | ||||||
T. Rowe Price Group, Inc. | 1,572 | 185,512 | ||||||
Travelers Cos., Inc. | 1,784 | 213,741 | ||||||
Unum Group | 1,316 | 30,676 | ||||||
US Bancorp | 9,504 | 441,366 | ||||||
|
| |||||||
(Cost $14,686,283) | 14,012,440 | |||||||
|
| |||||||
Health Care — 12.9% | ||||||||
Abbott Laboratories | 11,711 | 902,098 | ||||||
AbbVie, Inc. | 9,823 | 841,929 | ||||||
Agilent Technologies, Inc. | 2,077 | 160,074 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,500 | 141,045 | ||||||
Allergan PLC | 2,167 | 413,182 | ||||||
Amgen, Inc. | 4,014 | 801,716 | ||||||
Anthem, Inc. | 1,688 | 433,968 | ||||||
Baxter International, Inc. | 3,380 | 282,129 | ||||||
Becton Dickinson and Co. | 1,784 | 424,271 | ||||||
Biogen, Inc.* | 1,221 | 376,544 | ||||||
Boston Scientific Corp.* | 9,230 | 345,110 | ||||||
Bristol-Myers Squibb Co. | 15,608 | 921,809 | ||||||
Cardinal Health, Inc. | 2,000 | 104,240 | ||||||
Cerner Corp. | 2,068 | 143,250 | ||||||
Cigna Corp. | 2,512 | 459,545 | ||||||
CVS Health Corp. | 8,618 | 510,013 | ||||||
Danaher Corp. | 4,263 | 616,345 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
DaVita, Inc.* | 666 | $ | 51,695 | |||||
Edwards Lifesciences Corp.* | 1,387 | 284,113 | ||||||
Gilead Sciences, Inc. | 8,390 | 581,930 | ||||||
Henry Schein, Inc.* | 940 | 57,284 | ||||||
Humana, Inc. | 909 | 290,589 | ||||||
IDEXX Laboratories, Inc.* | 564 | 143,544 | ||||||
Illumina, Inc.* | 961 | 255,309 | ||||||
Incyte Corp.* | 1,128 | 85,062 | ||||||
Laboratory Corp. of America Holdings* | 650 | 114,199 | ||||||
McKesson Corp. | 1,203 | 168,252 | ||||||
Medtronic PLC | 8,920 | 897,976 | ||||||
Merck & Co., Inc. | 16,963 | 1,298,687 | ||||||
Mettler-Toledo International, Inc.* | 168 | 117,886 | ||||||
Pfizer, Inc. | 36,994 | 1,236,339 | ||||||
Quest Diagnostics, Inc. | 846 | 89,727 | ||||||
UnitedHealth Group, Inc. | 6,304 | 1,607,268 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,697 | 380,179 | ||||||
|
| |||||||
(Cost $15,464,256) | 15,537,307 | |||||||
|
| |||||||
Industrials — 7.4% | ||||||||
Alaska Air Group, Inc. | 752 | 37,946 | ||||||
AMETEK, Inc. | 1,663 | 143,018 | ||||||
Arconic, Inc. | 2,538 | 74,490 | ||||||
Caterpillar, Inc. | 3,735 | 464,036 | ||||||
Cintas Corp. | 564 | 150,441 | ||||||
CSX Corp. | 5,290 | 372,680 | ||||||
Cummins, Inc. | 1,040 | 157,342 | ||||||
Deere & Co. | 2,068 | 323,601 | ||||||
Delta Air Lines, Inc. | 3,837 | 177,001 | ||||||
Dover Corp. | 940 | 96,576 | ||||||
Eaton Corp. PLC | 2,726 | 247,303 | ||||||
Emerson Electric Co. | 4,075 | 261,248 | ||||||
Equifax, Inc. | 822 | 116,757 | ||||||
Expeditors International of Washington, Inc. | 1,128 | 79,434 | ||||||
Fastenal Co. (a) | 3,836 | 131,268 | ||||||
FedEx Corp. | 1,591 | 224,601 | ||||||
Flowserve Corp. | 846 | 34,001 | ||||||
General Electric Co. | 57,819 | 629,071 | ||||||
IHS Markit Ltd. | 2,646 | 188,501 | ||||||
Illinois Tool Works, Inc. | 1,974 | 331,198 | ||||||
Ingersoll-Rand PLC | 1,594 | 205,690 | ||||||
Johnson Controls International PLC | 5,264 | 192,504 | ||||||
L3Harris Technologies, Inc. | 1,486 | 293,827 | ||||||
Nielsen Holdings PLC | 2,350 | 42,793 | ||||||
Norfolk Southern Corp. | 1,757 | 320,389 | ||||||
PACCAR, Inc. | 2,256 | 150,926 | ||||||
Pentair PLC | 1,034 | 40,729 | ||||||
Quanta Services, Inc. | 940 | 35,842 | ||||||
Republic Services, Inc. | 1,410 | 127,267 | ||||||
Robert Half International, Inc. | 752 | 37,908 | ||||||
Rockwell Automation, Inc. | 752 | 137,992 | ||||||
Roper Technologies, Inc. | 678 | 238,453 | ||||||
Snap-on, Inc. | 376 | 54,426 | ||||||
Southwest Airlines Co. | 3,252 | 150,210 | ||||||
Stanley Black & Decker, Inc. | 1,014 | 145,712 | ||||||
Union Pacific Corp. | 4,674 | 746,952 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
United Parcel Service, Inc., Class B | 4,615 | $ | 417,611 | |||||
United Rentals, Inc.* | 560 | 74,189 | ||||||
United Technologies Corp. | 5,363 | 700,354 | ||||||
W.W. Grainger, Inc. | 298 | 82,707 | ||||||
Waste Management, Inc. | 2,538 | 281,236 | ||||||
Westinghouse Air Brake Technologies Corp. (a) | 1,211 | 83,196 | ||||||
Xylem, Inc. | 1,128 | 87,239 | ||||||
|
| |||||||
(Cost $9,102,967) | 8,888,665 | |||||||
|
| |||||||
Information Technology — 26.4% | ||||||||
Accenture PLC, Class A | 4,220 | 762,090 | ||||||
Adobe, Inc.* | 3,230 | 1,114,738 | ||||||
Akamai Technologies, Inc.* | 1,034 | 89,451 | ||||||
Alliance Data Systems Corp. | 282 | 24,218 | ||||||
ANSYS, Inc.* | 564 | 136,595 | ||||||
Apple, Inc. | 27,808 | 7,601,595 | ||||||
Applied Materials, Inc. | 6,361 | 369,701 | ||||||
Autodesk, Inc.* | 1,470 | 280,594 | ||||||
Automatic Data Processing, Inc. | 2,885 | 446,425 | ||||||
Cisco Systems, Inc. | 28,108 | 1,122,352 | ||||||
Citrix Systems, Inc. | 846 | 87,468 | ||||||
Corning, Inc. (a) | 5,199 | 124,048 | ||||||
DXC Technology Co. | 1,692 | 40,794 | ||||||
Hewlett Packard Enterprise Co. | 8,571 | 109,623 | ||||||
HP, Inc. | 9,955 | 206,964 | ||||||
Intel Corp. | 28,970 | 1,608,414 | ||||||
Intuit, Inc. | 1,741 | 462,845 | ||||||
Juniper Networks, Inc. | 2,256 | 47,872 | ||||||
Keysight Technologies, Inc.* | 1,222 | 115,797 | ||||||
KLA Corp. | 1,034 | 158,936 | ||||||
Lam Research Corp. | 961 | 281,986 | ||||||
Mastercard, Inc., Class A | 5,911 | 1,715,668 | ||||||
Microchip Technology, Inc. (a) | 1,583 | 143,594 | ||||||
Micron Technology, Inc.* | 7,376 | 387,683 | ||||||
Microsoft Corp. | 50,850 | 8,238,209 | ||||||
Motorola Solutions, Inc. | 1,131 | 187,384 | ||||||
NortonLifeLock, Inc. | 4,042 | 76,919 | ||||||
NVIDIA Corp. | 4,053 | 1,094,594 | ||||||
QUALCOMM, Inc. | 7,571 | 592,809 | ||||||
salesforce.com, Inc.* | 5,905 | 1,006,212 | ||||||
Seagate Technology PLC | 1,598 | 76,624 | ||||||
TE Connectivity Ltd. | 2,250 | 186,458 | ||||||
Texas Instruments, Inc. | 6,186 | 706,070 | ||||||
Visa, Inc., Class A (a) | 11,439 | 2,079,153 | ||||||
Xerox Holdings Corp. | 1,222 | 39,348 | ||||||
Xilinx, Inc. | 1,690 | 141,098 | ||||||
|
| |||||||
(Cost $29,208,206) | 31,864,329 | |||||||
|
| |||||||
Materials — 2.0% | ||||||||
Air Products & Chemicals, Inc. | 1,473 | 323,486 | ||||||
Ball Corp. | 2,162 | 152,334 | ||||||
CF Industries Holdings, Inc. | 1,410 | 51,973 | ||||||
Eastman Chemical Co. | 846 | 52,037 | ||||||
Ecolab, Inc. | 1,668 | 300,991 | ||||||
FMC Corp. | 846 | 78,763 | ||||||
Freeport-McMoRan, Inc. | 9,846 | 98,066 |
Number | Value | |||||||
Materials (Continued) | ||||||||
International Flavors & Fragrances, Inc. (a) | 731 | $ | 87,559 | |||||
Linde PLC | 3,575 | 682,861 | ||||||
LyondellBasell Industries NV, Class A | 1,692 | 120,910 | ||||||
Mosaic Co. | 2,330 | 39,680 | ||||||
Newmont Corp. | 5,518 | 246,268 | ||||||
Vulcan Materials Co. | 846 | 101,740 | ||||||
Westrock Co. | 1,598 | 53,133 | ||||||
|
| |||||||
(Cost $2,495,703) | 2,389,801 | |||||||
|
| |||||||
Real Estate — 3.1% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 802 | 121,808 | ||||||
Apartment Investment & Management Co., Class A REIT | 940 | 44,970 | ||||||
AvalonBay Communities, Inc. REIT | 936 | 187,752 | ||||||
Boston Properties, Inc. REIT | 1,029 | 132,679 | ||||||
CBRE Group, Inc., Class A* | 2,235 | 125,473 | ||||||
Crown Castle International Corp. REIT | 2,771 | 397,057 | ||||||
Digital Realty Trust, Inc. REIT (a) | 1,389 | 166,833 | ||||||
Duke Realty Corp. REIT | 2,256 | 73,252 | ||||||
Equinix, Inc. REIT | 564 | 323,059 | ||||||
Equity Residential REIT | 2,350 | 176,485 | ||||||
Essex Property Trust, Inc. REIT | 468 | 132,612 | ||||||
Federal Realty Investment Trust REIT | 470 | 54,680 | ||||||
Healthpeak Properties, Inc. REIT (a) | 3,263 | 103,241 | ||||||
Host Hotels & Resorts, Inc. REIT | 4,700 | 68,056 | ||||||
Iron Mountain, Inc. REIT (a) | 1,786 | 54,312 | ||||||
Kimco Realty Corp. REIT | 2,632 | 45,665 | ||||||
Mid-America Apartment Communities, Inc. REIT | 752 | 97,203 | ||||||
Prologis, Inc. REIT | 4,921 | 414,742 | ||||||
Regency Centers Corp. REIT | 1,140 | 65,482 | ||||||
Simon Property Group, Inc. REIT | 2,048 | 252,068 | ||||||
SL Green Realty Corp. REIT (a) | 564 | 44,240 | ||||||
UDR, Inc. REIT | 1,950 | 87,711 | ||||||
Ventas, Inc. REIT | 2,458 | 132,167 | ||||||
Vornado Realty Trust REIT | 1,222 | 65,475 | ||||||
Welltower, Inc. REIT | 2,721 | 203,585 | ||||||
Weyerhaeuser Co. REIT | 4,794 | 124,548 | ||||||
|
| |||||||
(Cost $3,990,239) | 3,695,155 | |||||||
|
| |||||||
Utilities — 3.5% | ||||||||
AES Corp. | 4,230 | 70,768 | ||||||
Alliant Energy Corp. | 1,670 | 87,041 | ||||||
American Electric Power Co., Inc. | 3,329 | 297,147 | ||||||
CMS Energy Corp. | 1,923 | 116,188 | ||||||
Consolidated Edison, Inc. | 2,267 | 178,685 | ||||||
Dominion Energy, Inc. | 5,442 | 425,456 | ||||||
Duke Energy Corp. (a) | 4,827 | 442,636 | ||||||
Edison International | 2,348 | 157,762 | ||||||
Entergy Corp. | 1,341 | 156,776 | ||||||
Eversource Energy (a) | 2,148 | 185,716 | ||||||
Exelon Corp. | 6,447 | 277,930 | ||||||
NextEra Energy, Inc. | 3,290 | 831,580 | ||||||
NiSource, Inc. | 2,350 | 63,497 | ||||||
NRG Energy, Inc. | 1,692 | 56,191 | ||||||
Pinnacle West Capital Corp. | 752 | 67,297 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2020 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Public Service Enterprise Group, Inc. | 3,358 | $ | 172,299 | |||||
Sempra Energy | 1,880 | 262,786 | ||||||
WEC Energy Group, Inc. | 2,131 | 196,755 | ||||||
Xcel Energy, Inc. | 3,541 | 220,675 | ||||||
|
| |||||||
(Cost $4,437,868) | 4,267,185 | |||||||
|
| |||||||
TOTAL COMMON STOCKS | 120,165,043 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) | 23,453 | 23,453 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) | 354,279 | 354,279 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $121,535,891) | $ | 120,542,775 | ||||||
Other assets and liabilities, net — 0.1% | 148,839 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 120,691,614 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2020 is as follows:
Value ($) at 8/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 2/29/2020 | Value ($) at 2/29/2020 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b)(c) |
| |||||||||||||||||||||||||||||||||||
4,434 | 19,019 | (d) | — | — | — | 343 | — | 23,453 | 23,453 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.54% (b) |
| |||||||||||||||||||||||||||||||||||
5,888 | 1,542,271 | (1,193,880 | ) | — | — | 1,865 | — | 354,279 | 354,279 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
10,322 | 1,561,290 | (1,193,880 | ) | — | — | 2,208 | — | 377,732 | 377,732 | |||||||||||||||||||||||||||
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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 February 29, 2020 amounted to $3,553,939, which is 2.9% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $3,622,235. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2020. |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers S&P 500 ESG ETF (Continued)
February 29, 2020 (Unaudited)
At February 29, 2020, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||
E-Mini S&P 500 Futures | USD | 1 | $ | 159,913 | $147,555 | 3/20/2020 | $ | (12,358 | ) | |||||||||||
E-Mini S&P 500 ESG Futures | USD | 2 | 270,615 | 248,320 | 3/20/2020 | (22,295 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | $ | (34,653 | ) | |||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 120,165,043 | $ | — | $ | — | $ | 120,165,043 | ||||||||
Short-Term Investments (e) | 377,732 | — | — | 377,732 | ||||||||||||
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| |||||||||
TOTAL | $ | 120,542,775 | $ | — | $ | — | $ | 120,542,775 | ||||||||
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| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (34,653 | ) | $ | — | $ | — | $ | (34,653 | ) | ||||||
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| |||||||||
TOTAL | $ | (34,653 | ) | $ | — | $ | — | $ | (34,653 | ) | ||||||
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|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 42 |
This Page is Intentionally Left Blank
43
DBX ETF Trust
February 29, 2020 (Unaudited)
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investment in non-affiliated securities at value | $ | 7,539,228 | $ | 9,611,328 | $ | 7,446,375 | $ | 1,656,948,793 | ||||||||
Investment in affiliated securities at value | 10,977 | — | — | — | ||||||||||||
Investment in DWS Government Money Market Series | — | — | 1,190 | 4,162,938 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 70,906 | 29,585 | 161,025 | 634,131 | ||||||||||||
Cash | — | 11,982 | — | — | ||||||||||||
Foreign currency at value | 38,750 | 13,998 | 3,617 | — | ||||||||||||
Deposit with broker for futures contracts | 2,600 | 1,023 | — | 293,500 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 68,135 | 24,279 | 111,373 | 1,921,620 | ||||||||||||
Capital shares | — | — | — | 2,725,563 | ||||||||||||
Dividends | 13,726 | 14,492 | 16,168 | 3,025,999 | ||||||||||||
Interest | 7 | 7 | 3 | 4,740 | ||||||||||||
Securities lending income | 98 | 27 | 93 | 4,091 | ||||||||||||
Foreign tax reclaim | 4,531 | 6,244 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 7,748,958 | $ | 9,712,965 | $ | 7,739,844 | $ | 1,669,721,375 | ||||||||
|
|
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|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | 2,074 | $ | — | $ | — | $ | — | ||||||||
Payable upon return of securities loaned | 70,906 | 29,585 | 161,025 | 634,131 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 66,111 | 48,073 | 109,772 | 4,961,498 | ||||||||||||
Investment advisory fees | 1,053 | 1,053 | 1,269 | 126,053 | ||||||||||||
Variation margin on futures contracts | 180 | 332 | — | 39,566 | ||||||||||||
Deferred foreign tax payable | 1,633 | — | 2,067 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 141,957 | 79,043 | 274,133 | 5,761,248 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 7,607,001 | $ | 9,633,922 | $ | 7,465,711 | $ | 1,663,960,127 | ||||||||
|
|
|
|
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|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 7,501,563 | $ | 10,059,856 | $ | 7,485,979 | $ | 1,572,219,367 | ||||||||
Distributable earnings (loss) | 105,438 | (425,934 | ) | (20,268 | ) | 91,740,760 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 7,607,001 | $ | 9,633,922 | $ | 7,465,711 | $ | 1,663,960,127 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 300,001 | 400,001 | 300,001 | 61,050,001 | ||||||||||||
|
|
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|
|
| |||||||||
Net Asset Value | $ | 25.36 | $ | 24.08 | $ | 24.89 | $ | 27.26 | ||||||||
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|
| |||||||||
Investment in non-affiliated securities at cost | $ | 7,430,494 | $ | 9,965,335 | $ | 7,440,050 | $ | 1,586,559,328 | ||||||||
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| |||||||||
Investment in affiliated securities at cost | $ | 12,101 | $ | — | $ | — | $ | — | ||||||||
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|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 77,099 | $ | 38,340 | $ | 142,360 | $ | 26,996,160 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | — | $ | — | $ | 1,190 | $ | 4,162,938 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 70,906 | $ | 29,585 | $ | 161,025 | $ | 634,131 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 18,338 | $ | 13,990 | $ | 7,716 | $ | 27,525,170 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 39,435 | $ | 14,273 | $ | 3,633 | $ | — | ||||||||
|
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|
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|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
February 29, 2020 (Unaudited)
Xtrackers S&P 500 ESG ETF | ||||
Assets | ||||
Investment in non-affiliated securities at value | $ | 120,165,043 | ||
Investment in DWS Government Money Market Series | 354,279 | |||
Investment in DWS Government & Agency Securities Portfolio* | 23,453 | |||
Deposit with broker for futures contracts | 16,200 | |||
Receivables: | ||||
Dividends | 192,950 | |||
Interest | 479 | |||
Securities lending income | 283 | |||
|
| |||
Total assets | $ | 120,752,687 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 23,453 | ||
Payables: | ||||
Investment securities purchased | 24,465 | |||
Investment advisory fees | 9,985 | |||
Variation margin on futures contracts | 3,170 | |||
|
| |||
Total liabilities | 61,073 | |||
|
| |||
Net Assets, at value | $ | 120,691,614 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 121,277,957 | ||
Distributable earnings (loss) | (586,343 | ) | ||
|
| |||
Net Assets, at value | $ | 120,691,614 | ||
|
| |||
Number of Common Shares outstanding | 4,700,001 | |||
|
| |||
Net Asset Value | $ | 25.68 | ||
|
| |||
Investment in non-affiliated securities at cost | $ | 121,158,159 | ||
|
| |||
Value of securities loaned | $ | 3,553,939 | ||
|
| |||
Investment in DWS Government Money Market Series at cost | $ | 354,279 | ||
|
| |||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 23,453 | ||
|
| |||
Non-cash collateral for securities on loan | $ | 3,622,235 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
For the Six Months Ended February 29, 2020 (Unaudited)
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 70,511 | $ | 76,441 | $ | 59,577 | $ | 15,502,034 | ||||||||
Income distributions from affiliated funds | 93 | 60 | 379 | 29,159 | ||||||||||||
Unaffiliated non-cash dividend income | 26,808 | — | 99,701 | — | ||||||||||||
Affiliated securities lending income | 523 | 478 | 641 | 7,929 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 194 | — | — | 16,631 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 98,129 | 76,979 | 160,298 | 15,555,753 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 6,501 | 6,200 | 7,861 | 797,090 | ||||||||||||
Other expenses | 43 | 57 | 43 | 30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 6,544 | 6,257 | 7,904 | 797,120 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (5 | ) | (2 | ) | (21 | ) | (81,345 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 6,539 | 6,255 | 7,883 | 715,775 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 91,590 | 70,724 | 152,415 | 14,839,978 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments** | 4,205 | (13,918 | ) | (28,392 | ) | (648,472 | ) | |||||||||
Investments in affiliates | 2,425 | — | — | — | ||||||||||||
In-kind redemptions | — | — | — | 18,842,790 | ||||||||||||
Futures contracts | 3,403 | 2,241 | 6,655 | 490,510 | ||||||||||||
Foreign currency transactions | 38 | 6 | (269 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 10,071 | (11,671 | ) | (22,006 | ) | 18,684,828 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments*** | 26,018 | (101,048 | ) | 156,576 | 318,546 | |||||||||||
Investments in affiliates | (1,186 | ) | — | — | — | |||||||||||
Futures contracts | (2,445 | ) | (1,548 | ) | 1,165 | (683,183 | ) | |||||||||
Foreign currency translations | (643 | ) | (277 | ) | (289 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 21,744 | (102,873 | ) | 157,452 | (364,637 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 31,815 | (114,544 | ) | 135,446 | 18,320,191 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 123,405 | $ | (43,820 | ) | $ | 287,861 | $ | 33,160,169 | |||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 8,564 | $ | 6,681 | $ | 7,837 | $ | — | ||||||||
** Net of foreign taxes | $ | 128 | $ | — | $ | — | $ | — | ||||||||
*** Net of change in deferred foreign taxes | $ | 1,633 | $ | — | $ | 2,067 | $ | — |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended February 29, 2020 (Unaudited)
Xtrackers S&P 500 ESG ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 973,160 | ||
Income distributions from affiliated funds | 1,865 | |||
Affiliated securities lending income | 343 | |||
Unaffiliated securities lending income, net of borrower rebates | 1,710 | |||
|
| |||
Total investment income | 977,078 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 50,383 | |||
Other expenses | 30 | |||
|
| |||
Total expenses | 50,413 | |||
|
| |||
Less fees waived (see note 3): | ||||
Waiver | (107 | ) | ||
|
| |||
Net expenses | 50,306 | |||
|
| |||
Net investment income (loss) | 926,772 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | 19,694 | |||
Futures contracts | 22,782 | |||
|
| |||
Net realized gain (loss) | 42,476 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | �� | (1,081,580 | ) | |
Futures contracts | (34,653 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (1,116,233 | ) | ||
|
| |||
Net realized and unrealized gain (loss) on investments and futures | (1,073,757 | ) | ||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (146,985 | ) | |
|
| |||
* Unaffiliated foreign tax withheld | $ | 266 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | Xtrackers MSCI EAFE ESG Leaders Equity ETF | |||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period December 6, 2018(1) to August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | For the Period September 6, 2018(1) to August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 91,590 | $ | 179,629 | $ | 70,724 | $ | 232,575 | ||||||||
Net realized gain (loss) | 10,071 | 2,102 | (11,671 | ) | (53,873 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 21,744 | 78,484 | (102,873 | ) | (253,106 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 123,405 | 260,215 | (43,820 | ) | (74,404 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (142,480 | ) | (135,702 | ) | (105,851 | ) | (201,859 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 7,501,538 | 2,552,217 | 7,507,614 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 7,501,538 | 2,552,217 | 7,507,614 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (19,075 | ) | 7,626,051 | 2,402,546 | 7,231,351 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 7,626,076 | 25 | 7,231,376 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 7,607,001 | $ | 7,626,076 | $ | 9,633,922 | $ | 7,231,376 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 1 | 300,001 | 1 | ||||||||||||
Shares sold | — | 300,000 | 100,000 | 300,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 300,001 | 300,001 | 400,001 | 300,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | Xtrackers MSCI USA ESG Leaders Equity ETF | |||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period December 6, 2018(1) to August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | For the Period March 7, 2019(1) to August 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 152,415 | $ | 150,899 | $ | 14,839,978 | $ | 9,603,428 | ||||||||
Net realized gain (loss) | (22,006 | ) | 6,372 | 18,684,828 | (233,999 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 157,452 | (153,826 | ) | (364,637 | ) | 70,086,607 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 287,861 | 3,445 | 33,160,169 | 79,456,036 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (231,895 | ) | (79,679 | ) | (13,846,392 | ) | (5,225,013 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 7,485,954 | 404,152,983 | 1,307,476,148 | ||||||||||||
Value of shares redeemed | — | — | (100,618,219 | ) | (40,595,610 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 7,485,954 | 303,534,764 | 1,266,880,538 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 55,966 | 7,409,720 | 322,848,541 | 1,341,111,561 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 7,409,745 | 25 | 1,341,111,586 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 7,465,711 | $ | 7,409,745 | $ | 1,663,960,127 | $ | 1,341,111,586 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 1 | 50,250,001 | 1 | ||||||||||||
Shares sold | — | 300,000 | 14,250,000 | 51,850,000 | ||||||||||||
Shares redeemed | — | — | (3,450,000 | ) | (1,600,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 300,001 | 300,001 | 61,050,001 | 50,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers S&P 500 ESG ETF | ||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period June 26, 2019(1) to August 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 926,772 | $ | 87,334 | ||||
Net realized gain (loss) | 42,476 | (70,217 | ) | |||||
Net change in net unrealized appreciation (depreciation) | (1,116,233 | ) | 88,464 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (146,985 | ) | 105,581 | |||||
|
|
|
| |||||
Distributions to Shareholders | (614,912 | ) | — | |||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 110,069,363 | 25,000,000 | ||||||
Value of shares redeemed | — | (13,721,458 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | 110,069,363 | 11,278,542 | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 109,307,466 | 11,384,123 | ||||||
Net Assets | ||||||||
Beginning of period | 11,384,148 | 25 | ||||||
|
|
|
| |||||
End of period | $ | 120,691,614 | $ | 11,384,148 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 450,001 | 1 | ||||||
Shares sold | 4,250,000 | 1,000,000 | ||||||
Shares redeemed | — | (550,000 | ) | |||||
|
|
|
| |||||
Shares outstanding, end of period | 4,700,001 | 450,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Period Ended 8/31/2019(a) | ||||||
Net Asset Value, beginning of period | $ | 25.42 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.31 | 0.60 | ||||||
Net realized and unrealized gain (loss) | 0.10 | 0.27 | ||||||
|
|
|
| |||||
Total from investment operations | 0.41 | 0.87 | ||||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.47 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Total distributions | (0.47 | ) | (0.45 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.36 | $ | 25.42 | ||||
|
|
|
| |||||
Total Return (%) (c) | 1.46 | ** | 3.44 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 8 | 8 | ||||||
Ratio of expenses before fee waiver (%) | 0.16 | * | 0.16 | * | ||||
Ratio of expenses after fee waiver (%) | 0.16 | * | 0.16 | * | ||||
Ratio of net investment income (loss) (%) | 2.25 | * | 3.17 | * | ||||
Portfolio turnover rate (%) (d) | 4 | ** | 10 | ** | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Period Ended 8/31/2019(e) | ||||||
Net Asset Value, beginning of period | $ | 24.10 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.21 | 0.78 | ||||||
Net realized and unrealized gain (loss) | 0.07 | (f) | (1.01 | ) | ||||
|
|
|
| |||||
Total from investment operations | 0.28 | (0.23 | ) | |||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.30 | ) | (0.66 | ) | ||||
Net realized gains | — | (0.01 | ) | |||||
|
|
|
| |||||
Total distributions | (0.30 | ) | (0.67 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.08 | $ | 24.10 | ||||
|
|
|
| |||||
Total Return (%)(c) | 1.05 | ** | (0.91 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 10 | 7 | ||||||
Ratio of expenses before fee waiver (%) | 0.14 | * | 0.14 | * | ||||
Ratio of expenses after fee waiver (%) | 0.14 | * | 0.14 | * | ||||
Ratio of net investment income (loss) (%) | 1.60 | * | 3.25 | * | ||||
Portfolio turnover rate (%) (d) | 3 | ** | 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. |
(f) | Because of timing of subscriptions and redemptions in relation to fluctuating markets at values, the amount shown may not agree with the change in aggregate gains and losses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Period Ended 8/31/2019(a) | ||||||
Net Asset Value, beginning of period | $ | 24.70 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.51 | 0.50 | ||||||
Net realized and unrealized gain (loss) | 0.45 | (0.53 | ) | |||||
|
|
|
| |||||
Total from investment operations | 0.96 | (0.03 | ) | |||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.77 | ) | (0.27 | ) | ||||
Net realized gains | (0.00 | )(c) | — | |||||
|
|
|
| |||||
Total distributions | (0.77 | ) | (0.27 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.89 | $ | 24.70 | ||||
|
|
|
| |||||
Total Return (%)(d) | 3.63 | ** | (0.17 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 7 | 7 | ||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | * | ||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.20 | * | ||||
Ratio of net investment income (loss) (%) | 3.88 | * | 2.68 | * | ||||
Portfolio turnover rate (%) (e) | 7 | ** | 16 | ** | ||||
Xtrackers MSCI USA ESG Leaders Equity ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Period Ended 8/31/2019(f) | ||||||
Net Asset Value, beginning of period | $ | 26.69 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.26 | 0.24 | ||||||
Net realized and unrealized gain (loss) | 0.55 | 1.57 | ||||||
|
|
|
| |||||
Total from investment operations | 0.81 | 1.81 | ||||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.24 | ) | (0.12 | ) | ||||
|
|
|
| |||||
Total distributions | (0.24 | ) | (0.12 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 27.26 | $ | 26.69 | ||||
|
|
|
| |||||
Total Return (%)(d) | 2.99 | ** | 7.23 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 1,664 | 1,341 | ||||||
Ratio of expenses before fee waiver (%) | 0.10 | * | 0.10 | * | ||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.10 | * | ||||
Ratio of net investment income (loss) (%) | 1.86 | * | 1.89 | * | ||||
Portfolio turnover rate (%) (e) | 3 | ** | 5 | ** |
(a) | For the period December 6, 2018 (commencement of operations) through August 31, 2019. |
(b) | Based on average shares outstanding during the period. |
(c) | Amount represents less than $0.005. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | For the period March 7, 2019 (commencement of operations) through August 31, 2019. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers S&P 500 ESG ETF Selected Per Share Data | For the Six Months Ended 2/29/2020 (Unaudited) | Period Ended 8/31/2019(a) | ||||||
Net Asset Value, beginning of period | $ | 25.30 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.27 | 0.10 | ||||||
Net realized and unrealized gain (loss) | 0.44 | (c) | 0.20 | |||||
|
|
|
| |||||
Total from investment operations | 0.71 | 0.30 | ||||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.33 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.33 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.68 | $ | 25.30 | ||||
|
|
|
| |||||
Total Return (%) (d) | 2.78 | ** | 1.20 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 121 | 11 | ||||||
Ratio of expenses before fee waiver (%) | 0.11 | * | 0.11 | * | ||||
Ratio of expenses after fee waiver (%) | 0.11 | * | 0.11 | * | ||||
Ratio of net investment income (loss) (%) | 2.02 | * | 2.08 | * | ||||
Portfolio turnover rate (%) (e) | 3 | ** | 0 | ** |
(a) | For the period June 26, 2019 (commencement of operations) through August 31, 2019. |
(b) | Based on average shares outstanding during the period. |
(c) | Because of timing of subscriptions and redemptions in relation to fluctuating markets at values, the amount shown may not agree with the change in aggregate gains and losses. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of February 29, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF |
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
Xtrackers MSCI USA ESG Leaders Equity ETF |
Xtrackers S&P 500 ESG ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | MSCI ACWI ex USA ESG Leaders Index | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | MSCI EAFE ESG Leaders Index | |
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | MSCI Emerging Markets ESG Leaders Index | |
Xtrackers MSCI USA ESG Leaders Equity ETF | MSCI USA ESG Leaders Index | |
Xtrackers S&P 500 ESG ETF | S&P 500 ESG Index |
The MSCI ACWI ex USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (“ESG”) performance relative to their sector peers. The Underlying Index is constructed using regional indexes that provide exposure to large- and medium-capitalization companies from developed and emerging markets countries (excluding the United States). The Underlying Index is rebalanced quarterly in February, May, August and November, and thus the Fund rebalances its portfolio in a corresponding fashion.
The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. The Underlying Index is rebalanced quarterly in February, May, August and November, and thus the Fund rebalances its portfolio in a corresponding fashion.
The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries. The Underlying Index is rebalanced quarterly in February, May, August and November, and thus the Fund rebalances its portfolio in a corresponding fashion.
MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S market. The Underlying Index is rebalanced quarterly in February, May, August and November, and reconstituted semi-annually in May and November, and thus the Fund rebalances its portfolio in a corresponding fashion.
54
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
S&P 500 ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefor, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
55
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
56
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2020, the Funds did not incur any interest or penalties.
At August 31, 2019, 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 | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 1,888 | ||
Xtrackers MSCI USA ESG Leaders Equity ETF | 1,567,752 |
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended August 31, 2019, the Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:
Post-October Losses on Capital | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | $ | 50,106 |
As of August 31, 2019, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 7,565,003 | $ | 65,894 | $ | 504,659 | $ | (438,765 | ) | |||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 7,510,014 | (271,096 | ) | 393,752 | (664,848 | ) | ||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 7,669,753 | (163,985 | ) | 386,891 | (550,876 | ) | ||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 1,269,717,931 | 69,616,320 | 106,007,977 | (36,391,657 | ) | |||||||||||
Xtrackers S&P 500 ESG ETF | 11,262,716 | 88,220 | 417,012 | (328,792 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of February 29, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
57
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of February 29, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of February 29, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of February 29, 2020 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 68,331 | $ | — | $ | 19 | $ | 18,319 | $ | 86,669 | ||||||||||
Exchange-Trade Funds | 2,575 | — | — | — | 2,575 | |||||||||||||||
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| |||||||||||
Total Borrowings | $ | 70,906 | $ | — | $ | 19 | $ | 18,319 | $ | 89,244 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 86,669 | |||||||||||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 23,235 | $ | — | $ | — | $ | 13,990 | $ | 37,225 | ||||||||||
Exchange-Trade Funds | 6,350 | — | — | — | 6,350 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 29,585 | $ | — | $ | — | $ | 13,990 | $ | 43,575 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 37,225 | |||||||||||||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 161,025 | $ | — | $ | 107 | $ | 7,609 | $ | 168,741 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 168,741 | |||||||||||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 634,131 | $ | 3,363 | $ | 904,101 | $ | 26,617,706 | $ | 28,159,301 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 28,159,301 | |||||||||||||||||
Xtrackers S&P 500 ESG ETF |
| |||||||||||||||||||
Common Stocks | $ | 23,453 | $ | — | $ | 61,127 | $ | 3,561,108 | $ | 3,645,688 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 3,645,688 |
58
DBX ETF Trust
Notes to Financial Statements (Unaudited) (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 period ended February 29, 2020, Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers S&P 500 ESG ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of February 29, 2020 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 4,840 | ||||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 1,614 | ||||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 667,495 | ||||||||
Xtrackers S&P 500 ESG ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 34,653 |
* | 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. |
59
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 3,403 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 2,241 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 6,655 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 490,510 | |||
Xtrackers S&P 500 ESG ETF | 22,782 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | (2,445 | ) | |
Xtrackers MSCI EAFE ESG Leaders Equity ETF | (1,548 | ) | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 1,165 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | (683,183 | ) | ||
Xtrackers S&P 500 ESG ETF | (34,653 | ) |
For the period ended February 29, 2020 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 51,746 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 34,993 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 58,228 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 4,202,761 | |||
Xtrackers S&P 500 ESG ETF | 246,166 |
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 management 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.
60
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | 0.16 | % | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 0.14 | % | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 0.20 | % | ||
Xtrackers MSCI USA ESG Leaders Equity ETF | 0.10 | % | ||
Xtrackers S&P 500 ESG ETF | 0.11 | % |
Effective July 31, 2019, the Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 0.09% of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 29, 2020, the Advisor waived $79,709 of expenses to the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2020, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 5 | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 2 | |||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 21 | |||
Xtrackers MSCI USA ESG Leaders Equity ETF | 1,636 | |||
Xtrackers S&P 500 ESG ETF | 107 |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended February 29, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 298,988 | $ | 356,627 | ||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 289,497 | 304,078 | ||||||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 498,352 | 541,777 | ||||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 39,165,563 | 39,667,278 | ||||||
Xtrackers S&P 500 ESG ETF | 2,871,445 | 3,046,678 |
61
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended February 29, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | $ | 2,544,454 | $ | — | ||||
Xtrackers MSCI USA ESG Leaders Equity ETF | 403,876,005 | 100,597,493 | ||||||
Xtrackers S&P 500 ESG ETF | 110,063,483 | — |
5. Fund Share Transactions
As of February 29, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2020, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | 78 | % | ||
Xtrackers MSCI EAFE ESG Leaders Equity ETF | 44 | % | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 68 | % |
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at February 29, 2020.
Pro-rata Share | ||||
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF | $ | 525,000 | ||
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF | 525,000 |
9. Subsequent Event
A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
62
DBX ETF Trust
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers S&P 500 ESG ETF
In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF and Xtrackers MSCI EAFE ESG Leaders Equity ETF
In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Japanese securities as illiquid due to an extended Japanese holiday market closure. The temporary reclassification of Japanese securities caused the Fund to exceed the 15% limit on illiquid investments for a two day period. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.
63
DBX ETF Trust
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).
Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Adviser”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.
In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges 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
64
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract
(Continued)
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 Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.
The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Adviser and by Broadridge. The Board took note of the detailed information provided by the Adviser throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees 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 Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
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 each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.
The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.
The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
65
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract
(Continued)
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
66
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.
67
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss. Stocks may decline in value. With respect to EASG, EMSG and ACSG 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. With respect to EMSG and ACSG, 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. With respect to SNPE, stocks of medium-sized companies involve greater risk than securities of larger, more established companies. These Funds are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. With respect to SNPE, funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2020 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 1002 | Administrator, custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-065808-2 (4/20) DBX004297 (4/21)
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.
Item 11. Controls and Procedures.
(a)The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) |
| DBX ETF Trust | |
By (Signature and Title) | /s/ Freddi Klassen | ||
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| Freddi Klassen |
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| President and Chief Executive Officer |
Date May 4, 2020 |
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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 | |
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| Freddi Klassen |
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| President and Chief Executive Officer |
Date | May 4, 2020 |
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By (Signature and Title) | /s/ Diane Kenneally | |
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| Diane Kenneally |
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| Treasurer and Chief Financial Officer |
Date | May 4, 2020 |
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