Attached for filing are exhibits containing interactive data format risk/return summary information, for the db X-trackers Ultra-Short Duration Bond Fund and the db X-trackers Managed Municipal Bond Fund, each a series of DBX ETF Trust.
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|Registrant Name||dei_EntityRegistrantName||DBX ETF Trust|
|Prospectus Date||rr_ProspectusDate||Feb. 27, 2014|
db-X Managed Municipal Bond Fund
|Risk/Return [Heading]||rr_RiskReturnHeading||db X-trackers Managed Municipal Bond Fund
Ticker: AMUN Stock Exchange: NYSE Arca
|Objective [Heading]||rr_ObjectiveHeading||Investment Objective|
|Objective, Primary [Text Block]||rr_ObjectivePrimaryTextBlock||The db X-trackers Managed Municipal Bond Fund (the “Fund”) seeks to provide income exempt from regular federal income tax.|
|Expense [Heading]||rr_ExpenseHeading||Fees and Expenses|
|Expense Narrative [Text Block]||rr_ExpenseNarrativeTextBlock||The following table describes the fees and expenses that you will incur if you own shares of the Fund.
You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:
|Operating Expenses Caption [Text]||rr_OperatingExpensesCaption||Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)
|Portfolio Turnover [Heading]||rr_PortfolioTurnoverHeading||Portfolio Turnover.|
|Portfolio Turnover [Text Block]||rr_PortfolioTurnoverTextBlock||The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.|
|Expense Exchange Traded Fund Commissions [Text]||rr_ExpenseExchangeTradedFundCommissions||You will also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:|
|Other Expenses, New Fund, Based on Estimates [Text]||rr_OtherExpensesNewFundBasedOnEstimates||Other expenses are based on estimated amounts for the Fund’s fiscal year ending May 31, 2014.|
|Expense Example [Heading]||rr_ExpenseExampleHeading||Example.|
|Expense Example Narrative [Text Block]||rr_ExpenseExampleNarrativeTextBlock||This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.
This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|Strategy [Heading]||rr_StrategyHeading||Principal Investment Strategies|
|Strategy Narrative [Text Block]||rr_StrategyNarrativeTextBlock||Under normal circumstances, the Fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities issued by municipalities across the United States (including the Commonwealth of Puerto Rico and U.S. territories such as the U.S. Virgin Islands and Guam) whose income is free from regular federal income tax. The Fund considers any investments in municipal securities that pay interest subject to the alternative minimum tax (“AMT”) as part of the 80% of the Fund’s net assets that must be invested in municipal securities.
The Fund may buy municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer’s ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein.
The Fund normally invests at least 65% of total assets in municipal securities of the top credit quality (rated AAA+ through A- by Standard & Poor’s Rating Services, Inc. (“S&P”) and Fitch, Inc. (“Fitch”) or Aaa1 through A3 by Moody’s Investor Service, Inc. (“Moody’s”) or, if unrated, determined by the Fund’s Adviser and/or Sub-Adviser to be of comparable quality). The Fund may invest up to 10% of total assets in high yield debt securities (commonly referred to as “junk” bonds) rated BB+ or lower by S&P and Fitch or Ba1 or lower by Moody’s or, if unrated, determined by the Fund’s Adviser and/or Sub-Adviser to be of comparable quality.
Management Process. Portfolio management looks for securities that appear to offer the best opportunity to meet the Fund’s objective. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market.
Although portfolio management may adjust the Fund’s duration (a measure of sensitivity to interest rates) over a wider range, it generally intends to keep it between five and nine years.
|Risk [Heading]||rr_RiskHeading||Summary of Principal Risks|
|Risk Narrative [Text Block]||rr_RiskNarrativeTextBlock||As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective, as well as numerous other risks that are described in greater detail in the section of this Prospectus entitled “Further Discussion of Principal Risks” and in the Statement of Additional Information (“SAI”).|
Municipal Securities Risk. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market. Municipal securities may include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on particular property or revenues generated from a municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations.
Private Activity Bonds Risk. The issuers of private activity bonds in which the Fund may invest may be negatively impacted by conditions affecting either the general credit of the user of the private activity project or the project itself. The Fund’s private activity bond holdings also may pay interest subject to the AMT. See “Dividends and Distributions” for more details.
Industrial Development Bond Risk. These revenue bonds are issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, port and parking facilities. These bonds are normally secured only by the revenues from the project and not by state or local government tax payments. Consequently, the credit quality of these securities is dependent upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations. These bonds are subject to a wide variety of risks, many of which relate to the nature of the specific project. Generally, the value and credit quality of these bonds are sensitive to the risks related to an economic slowdown.
Health Care Bond Risk. The health care industry is subject to regulatory action by a number of private and governmental agencies, including federal, state and local governmental agencies. A major source of revenues for the health care industry is payments from Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may also affect the health care industry, as well as the value and credit quality of health care bonds; implementation of a national health insurance program; other state or local health care reform measures; medical and technological advances which dramatically alter the need for health services or the way in which such services are delivered; changes in medical coverage which alter the traditional fee-for-service revenue stream; and efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services. such as general and local economic conditions, demand for services, expenses (including malpractice insurance premiums) and competition among health care providers. In the future, the following elements may adversely affect health care facility operations: implementation of a national health insurance program; other state or local health care reform measures; medical and technological advances which dramatically alter the need for health services or the way in which such services are delivered; changes in medical coverage which alter the traditional fee-for-service revenue stream; and efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services.
Special Tax Bond Risk. Special tax bonds are usually backed and payable through a single tax, or series of special taxes such as incremental property taxes. The failure of the tax levy to generate adequate revenue to pay the debt service on the bonds may cause the value of the bonds to decline.
Pre-Refunded Bonds Risk. Pre-refunded bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded bonds commonly referred to as “escrowed-to-maturity bonds,” to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded bonds held by the Fund is funded from securities held in a designated escrow account where such securities typically (but not always) are obligations of and carry the full faith and credit of the U.S. Treasury. The securities held in the escrow fund pledged to pay the principal and interest of the pre-refunded bond do not guarantee the price of the bond. Investment in pre-refunded bonds held by the Fund may subject the Fund to interest rate and reinvestment risk.
Transportation Bond Risk. Transportation debt may be issued to finance the construction of airports, toll roads, highways or other transit facilities. Airport bonds are dependent on the general stability of the airline industry and on the stability of a specific carrier who uses the airport as a hub. Air traffic generally follows broader economic trends and is also affected by the price and availability of fuel. Toll road bonds are also affected by the cost and availability of fuel as well as toll levels, the presence of competing roads and the general economic health of an area. Fuel costs and availability also affect other transportation related