UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
60 Wall Street
New York, New York 10005
(Address of principal executive offices) (Zip code)
Alex Depetris
DBX ETF Trust
60 Wall Street
New York, New York 10005
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: November 30, 2014
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, 100 F Street, NE, Washington, DC 20549. 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.
November 30, 2014
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
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Dear Shareholder,
I am very pleased to tell you that the db X-trackers exchange-traded funds were renamed Deutsche X-trackers exchange-traded funds effective August 11, 2014, aligning more closely with the Deutsche Asset & Wealth Management brand. We are proud to adopt the Deutsche name — a brand that fully represents the global access, discipline and intelligence that support all of our products and services.
Deutsche Asset & Wealth Management combines the asset management and wealth management divisions of Deutsche Bank to deliver a comprehensive suite of investment capabilities. Your investment in the Deutsche X-trackers exchange-traded funds means you have access to the thought leadership and resources of one of the world’s largest and most influential financial institutions.
In conjunction with your fund’s name change, please note the new Web address for the Deutsche X-trackers exchange-traded funds. The former dbxus.com is now deutsche-etfs.com.
These changes have no effect on the day-to-day management of your investment, and there is no action required on your part. You will continue to experience the benefits that come from our decades of experience, in-depth research and worldwide network of investment professionals.
Thanks for your continued support. We appreciate your trust and the opportunity to put our capabilities to work for you.
Sincerely,
s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Deutsche X-trackers MSCI All World ex US Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.78%, compared to an increase of 3.95% for the MSCI ACWI ex US Dollar Hedged Index and a decrease of 3.94% for the MSCI ACWI ex USA Index.
Performance as of 11/30/14
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI ACWI ex USA US Dollar | MSCI ACWI ex USA Index | |||||
Six Month | 3.78% | 3.44% | 3.95% | -3.94% | ||||
Since Inception1 | 6.32% | 6.92% | 6.24% | 0.03% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.40%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI ACWI ex USA Index is a free float-adjusted market capitalization index that is designed to measure equity performance of developed and emerging stock markets (excluding the United States). The MSCI ACWI ex USA Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI ACWI ex USA Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
2
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW) (Continued)
Growth of a $10,000 Investment in DBAW2 as 11/30/14
2 Based on Net Asset Value from commencement of operations 1/23/14.
Sector Breakdown* as of 11/30/14
Financial | 27.1% | |||
Consumer, Non-cyclical | 19.6% | |||
Consumer, Cyclical | 10.7% | |||
Industrial | 10.2% | |||
Communications | 8.6% | |||
Energy | 7.4% | |||
Basic Materials | 7.1% | |||
Technology | 4.7% | |||
Utilities | 3.8% | |||
Diversified | 0.8% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Nestle SA | 1.4% | |||
Novartis AG | 1.2% | |||
Roche Holding AG | 1.1% | |||
HSBC Holdings PLC | 1.0% | |||
Toyota Motor Corp. | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 0.9% | |||
Royal Bank of Canada | 0.8% | |||
Royal Dutch Shell PLC, Class A | 0.7% | |||
Bayer AG | 0.7% | |||
SABMiller PLC | 0.7% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 26.
Country Breakdown* as of 11/30/14
Japan | 14.6% | |||
United Kingdom | 13.2% | |||
Canada | 7.6% | |||
Switzerland | 7.2% | |||
France | 6.8% | |||
Germany | 6.4% | |||
Australia | 5.3% | |||
China | 3.8% | |||
South Korea | 3.2% | |||
Hong Kong | 3.1% | |||
Netherlands | 3.1% | |||
Spain | 2.6% | |||
Brazil | 2.2% | |||
Taiwan | 2.2% | |||
Sweden | 2.0% | |||
Other | 16.7% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
3
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan) while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-US currencies.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.55%, compared to an increase of 3.53% for the MSCI Asia Pacific ex-Japan US Dollar Hedged Index and a decrease of 0.26% for the MSCI Asia Pacific ex-Japan Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Asia Pacific ex- Japan US Dollar Hedged Index | MSCI Asia Pacific ex-Japan Index | |||||
One Year | 5.61% | 3.66% | 5.56% | 3.72% | ||||
Since Inception1 | 8.26% | 7.99% | 8.12% | 6.35% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Asia Pacific ex- Japan US Dollar Hedged Index | MSCI Asia Pacific ex-Japan Index | |||||
Six Month | 3.55% | 2.67% | 3.53% | -0.26% | ||||
One Year | 5.61% | 3.66% | 5.56% | 3.72% | ||||
Since Inception1 | 9.70% | 9.38% | 9.55% | 7.45% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.60%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Asia Pacific Ex-Japan Index is a free float-adjusted market capitalization index that is designed to measure equity performance of non-Japanese Asian stocks. The MSCI Asia Pacific Ex-Japan US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Asia Pacific Ex-Japan Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
4
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) (Continued)
Growth of a $10,000 Investment in DBAP2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 10/1/13.
Sector Breakdown* as of 11/30/14
Financial | 36.1% | |||
Technology | 11.6% | |||
Consumer, Non-cyclical | 9.6% | |||
Communications | 8.6% | |||
Industrial | 8.0% | |||
Consumer, Cyclical | 7.2% | |||
Basic Materials | 6.6% | |||
Energy | 5.6% | |||
Utilities | 4.1% | |||
Diversified | 2.6% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.8% | |||
Commonwealth Bank of Australia | 2.8% | |||
Hon Hai Precision Industry Co. Ltd., GDR | 2.6% | |||
Samsung Electronics Co. Ltd. | 2.5% | |||
Westpac Banking Corp. | 2.0% | |||
BHP Billiton Ltd. | 1.9% | |||
AIA Group Ltd. | 1.9% | |||
China Mobile Ltd. | 1.9% | |||
Tencent Holdings Ltd. | 1.8% | |||
Australia & New Zealand Banking Group Ltd. | 1.8% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 45.
Country Breakdown* as of 11/30/14
Australia | 23.2% | |||
China | 16.3% | |||
South Korea | 13.7% | |||
Hong Kong | 13.5% | |||
Taiwan | 10.2% | |||
India | 5.5% | |||
Malaysia | 4.8% | |||
Singapore | 4.7% | |||
Indonesia | 3.0% | |||
Thailand | 2.1% | |||
Philippines | 1.4% | |||
New Zealand | 1.0% | |||
Macau | 0.5% | |||
Ireland | 0.1% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
5
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
The Deutsche X-trackers MSCI Brazil Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Brazilian real.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 0.83%, compared to an increase of 1.28% for the MSCI Brazil US Dollar Hedged Index and a decrease of 7.73% for the MSCI Brazil Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Brazil US Dollar Hedged Index | MSCI Brazil Index | |||||
One Year | -7.74% | -8.34% | -6.88% | -7.75% | ||||
Since Inception1 | -6.52% | -6.45% | -4.76% | -11.38% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Brazil US Dollar Hedged Index | MSCI Brazil Index | |||||
Six Month | 0.83% | 0.07% | 1.28% | -7.73% | ||||
One Year | -7.74% | -8.34% | -6.88% | -7.75% | ||||
Since Inception1 | -20.94% | -20.71% | -15.61% | -34.34% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.60%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Brazil Index is a free float-adjusted market capitalization index that is designed to measure equity performance in Brazil. The MSCI Brazil US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Brazil Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and Brazilian real.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
6
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR) (Continued)
Growth of a $10,000 Investment in DBBR2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 6/9/11.
Sector Breakdown* as of 11/30/14
Financial | 32.7% | |||
Consumer, Non-cyclical | 26.8% | |||
Basic Materials | 13.0% | |||
Energy | 9.6% | |||
Utilities | 4.6% | |||
Diversified | 3.4% | |||
Communications | 3.4% | |||
Industrial | 3.2% | |||
Consumer, Cyclical | 2.9% | |||
Technology | 0.4% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Itau Unibanco Holding SA, Preferred Stock | 10.9% | |||
Banco Bradesco SA, Preferred Stock | 8.5% | |||
Ambev SA | 8.1% | |||
Petroleo Brasileiro SA, Preferred Stock | 5.5% | |||
BRF SA | 4.4% | |||
Vale SA, Preferred Stock | 3.9% | |||
Petroleo Brasileiro SA | 3.7% | |||
Itausa — Investimentos Itau SA, Preferred Stock | 3.4% | |||
Cielo SA | 3.2% | |||
Vale SA | 3.1% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 52.
7
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
The Deutsche X-trackers MSCI EAFE Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. The Index includes securities from the following 21 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 4.09%, compared to an increase of 4.12% for the MSCI EAFE US Dollar Hedged Index and a decrease of 5.07% for the MSCI EAFE Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI EAFE US Dollar Hedged Index | MSCI EAFE Index | |||||
One Year | 8.38% | 7.75% | 8.64% | -0.02% | ||||
Since Inception1 | 10.46% | 10.57% | 10.91% | 5.46% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI EAFE US Dollar Hedged Index | MSCI EAFE Index | |||||
Six Month | 4.09% | 3.70% | 4.12% | -5.07% | ||||
One Year | 8.38% | 7.75% | 8.64% | -0.02% | ||||
Since Inception1 | 41.41% | 41.87% | 43.39% | 20.34% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.35%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI EAFE Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
8
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)
Growth of a $10,000 Investment in DBEF2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 6/9/11.
Sector Breakdown* as of 11/30/14
Financial | 25.9% | |||
Consumer, Non-cyclical | 23.9% | |||
Consumer, Cyclical | 12.2% | |||
Industrial | 11.6% | |||
Communications | 7.8% | |||
Basic Materials | 6.5% | |||
Energy | 5.4% | |||
Utilities | 4.1% | |||
Technology | 2.1% | |||
Diversified | 0.5% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Nestle SA | 1.9% | |||
Novartis AG | 1.7% | |||
Roche Holding AG | 1.6% | |||
HSBC Holdings PLC | 1.5% | |||
Toyota Motor Corp. | 1.3% | |||
Royal Dutch Shell PLC, Class A | 1.0% | |||
Bayer AG | 0.9% | |||
BP PLC | 0.9% | |||
Total SA | 0.9% | |||
Sanofi | 0.9% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 54.
Country Breakdown* as of 11/30/14
Japan | 22.2% | |||
United Kingdom | 17.8% | |||
Switzerland | 9.9% | |||
France | 9.6% | |||
Germany | 9.1% | |||
Australia | 7.2% | |||
Netherlands | 4.4% | |||
Spain | 3.5% | |||
Sweden | 3.0% | |||
Hong Kong | 3.0% | |||
Italy | 2.1% | |||
Singapore | 1.6% | |||
Denmark | 1.5% | |||
Belgium | 1.3% | |||
Finland | 0.9% | |||
Ireland | 0.8% | |||
Norway | 0.7% | |||
Israel | 0.5% | |||
Luxembourg | 0.3% | |||
Austria | 0.2% | |||
Other | 0.4% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
9
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. The Index includes securities from the following 23 countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.45%, compared to an increase of 3.94% for the MSCI EM US Dollar Hedged Index and a decrease of 0.82% for the MSCI EM Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI EM US Dollar Hedged Index | MSCI EM Index | |||||
One Year | 3.10% | 2.06% | 3.63% | 1.06% | ||||
Since Inception1 | -0.73% | -0.58% | 1.81% | -1.24% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI EM US Dollar Hedged Index | MSCI EM Index | |||||
Six Month | 3.45% | 3.90% | 3.94% | -0.82% | ||||
One Year | 3.10% | 2.06% | 3.63% | 1.03% | ||||
Since Inception1 | -2.50% | -1.99% | 6.43% | -4.26% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.65%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI EM Index is a free float-adjusted market capitalization index that is designed to measure equity performance in the global emerging markets. The MSCI EM US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI EM Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
10
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)
Growth of a $10,000 Investment in DBEM2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 6/9/11.
Sector Breakdown* as of 11/30/14
Financial | 26.8% | |||
Technology | 12.7% | |||
Communications | 12.2% | |||
Consumer, Non-cyclical | 10.5% | |||
Energy | 9.3% | |||
Consumer, Cyclical | 8.4% | |||
Industrial | 7.8% | |||
Basic Materials | 7.4% | |||
Utilities | 3.4% | |||
Diversified | 1.5% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.6% | |||
Samsung Electronics Co. Ltd. | 2.7% | |||
Hon Hai Precision Industry Co. Ltd., GDR | 2.5% | |||
China Mobile Ltd. | 1.8% | |||
MTN Group Ltd., ADR | 1.6% | |||
Advanced Semiconductor Engineering, Inc., ADR | 1.4% | |||
China Construction Bank Corp., Class H | 1.4% | |||
Itau Unibanco Holding SA, Preferred Stock | 1.3% | |||
Tencent Holdings Ltd. | 1.3% | |||
Reliance Industries Ltd., GDR, 144A | 1.3% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 72.
Country Breakdown* as of 11/30/14
China | 18.1% | |||
South Korea | 15.4% | |||
Taiwan | 11.0% | |||
Brazil | 10.7% | |||
India | 5.5% | |||
Mexico | 5.3% | |||
Malaysia | 4.4% | |||
South Africa | 4.0% | |||
Russia | 3.9% | |||
Hong Kong | 3.3% | |||
Poland | 3.2% | |||
Indonesia | 3.0% | |||
Turkey | 2.7% | |||
Thailand | 2.5% | |||
Chile | 1.9% | |||
Philippines | 1.4% | |||
United Arab Emirates | 1.0% | |||
Colombia | 0.7% | |||
Greece | 0.5% | |||
Other | 1.5% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
11
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
The Deutsche X-trackers MSCI Europe Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 0.65%, compared to an increase of 0.84% for the MSCI Europe US Dollar Hedged Index and a decrease of 7.14% for the MSCI Europe Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Europe US Dollar Hedged Index | MSCI Europe Index | |||||
One Year | 7.61% | 6.90% | 7.94% | 0.24% | ||||
Since Inception1 | 10.85% | 10.98% | 11.25% | 4.92% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Europe US Dollar Hedged Index | MSCI Europe Index | |||||
Six Month | 0.65% | 0.36% | 0.84% | -7.14% | ||||
One Year | 7.61% | 6.90% | 7.94% | 0.24% | ||||
Since Inception1 | 12.78% | 12.93% | 13.25% | 5.77% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.45%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure equity performance in developed markets in Europe. The MSCI Europe US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Europe Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
12
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)
Growth of a $10,000 Investment in DBEU2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 10/1/13.
Sector Breakdown* as of 11/30/14
Consumer, Non-cyclical | 29.0% | |||
Financial | 22.9% | |||
Industrial | 9.4% | |||
Consumer, Cyclical | 8.9% | |||
Communications | 8.4% | |||
Energy | 7.8% | |||
Basic Materials | 6.8% | |||
Utilities | 4.3% | |||
Technology | 2.3% | |||
Diversified | 0.2% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Nestle SA | 2.8% | |||
Novartis AG | 2.6% | |||
Roche Holding AG | 2.4% | |||
HSBC Holdings PLC | 2.2% | |||
Royal Dutch Shell PLC, Class A | 1.5% | |||
Bayer AG | 1.4% | |||
BP PLC | 1.4% | |||
Total SA | 1.4% | |||
Sanofi | 1.3% | |||
GlaxoSmithKline PLC | 1.3% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 82.
Country Breakdown* as of 11/30/14
United Kingdom | 27.6% | |||
Switzerland | 15.1% | |||
France | 14.5% | |||
Germany | 13.8% | |||
Netherlands | 6.7% | |||
Spain | 5.4% | |||
Sweden | 4.6% | |||
Italy | 3.3% | |||
Denmark | 2.3% | |||
Belgium | 1.9% | |||
Finland | 1.4% | |||
Ireland | 1.2% | |||
Norway | 0.9% | |||
Luxembourg | 0.5% | |||
Austria | 0.3% | |||
Portugal | 0.2% | |||
Channel Islands | 0.2% | |||
Other | 0.1% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
13
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
The Deutsche X-trackers MSCI Germany Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Euro.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 0.60%, compared to an increase of 0.81% for the MSCI Germany US Dollar Hedged Index and a decrease of 8.03% for the MSCI Germany Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Germany US Dollar Hedged Index2 | MSCI Germany Index2 | |||||
One Year | 5.32% | 4.99% | 5.56% | -3.60% | ||||
Since Inception1 | 4.70% | 4.59% | 5.12% | 2.22% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Germany US Dollar Hedged Index2 | MSCI Germany Index2 | |||||
Six Month | 0.60% | -0.09% | 0.81% | -8.03% | ||||
One Year | 5.32% | 4.99% | 5.56% | -3.60% | ||||
Since Inception1 | 17.36% | 16.93% | 18.98% | 7.96% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
2 Prior to 5/31/13, this fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Returns reflect performance for DBCN and its underlying hedged and unhedged indicies through 5/31/13.
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.45%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Germany Index is a free float-adjusted market capitalization index that is designed to measure equity performance in Germany. The MSCI Germany US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Germany Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and the Euro.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
14
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)
Growth of a $10,000 Investment in DBGR3,4 as of 11/30/14
3 Based on Net Asset Value from commencement of operations 6/9/11.
4 Prior to 5/31/13, this fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Returns reflect performance for DBCN and its underlying hedged and unhedged indicies through 5/31/13.
Sector Breakdown* as of 11/30/14
Consumer, Cyclical | 19.4% | |||
Consumer, Non-cyclical | 19.1% | |||
Financial | 17.5% | |||
Basic Materials | 13.3% | |||
Industrial | 12.3% | |||
Communications | 6.8% | |||
Technology | 6.4% | |||
Utilities | 4.5% | |||
Diversified | 0.7% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Bayer AG | 10.3% | |||
Siemens AG | 7.8% | |||
BASF SE | 6.9% | |||
Daimler AG | 6.7% | |||
Allianz SE | 6.5% | |||
SAP SE | 5.4% | |||
Deutsche Telekom AG | 4.5% | |||
Deutsche Bank AG | 3.7% | |||
Bayerische Motoren Werke AG | 3.1% | |||
Volkswagen AG | 3.1% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 92.
15
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
The Deutsche X-trackers MSCI Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 17.56%, compared to an increase of 17.76% for the MSCI Japan US Dollar Hedged Index and a increase of 1.78% for the MSCI Japan Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Japan US Dollar Hedged Index | MSCI Japan Index | |||||
One Year | 12.33% | 11.73% | 12.66% | -1.85% | ||||
Since Inception1 | 17.33% | 17.28% | 18.06% | 6.38% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Japan US Dollar Hedged Index | MSCI Japan Index | |||||
Six Month | 17.56% | 16.75% | 17.76% | 1.78% | ||||
One Year | 12.33% | 11.73% | 12.66% | -1.85% | ||||
Since Inception1 | 74.43% | 74.18% | 78.25% | 24.05% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.45%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Japan Index is a free float-adjusted market capitalization index that is designed to measure equity performance in Japan. The MSCI Japan US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Japan Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and Japanese Yen.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
16
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP) (Continued)
Growth of a $10,000 Investment in DBJP2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 6/9/11.
Sector Breakdown* as of 11/30/14
Consumer, Cyclical | 27.1% | |||
Industrial | 21.4% | |||
Financial | 18.7% | |||
Consumer, Non-cyclical | 13.2% | |||
Communications | 6.9% | |||
Basic Materials | 5.5% | |||
Technology | 3.9% | |||
Utilities | 2.4% | |||
Energy | 0.9% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Toyota Motor Corp. | 6.2% | |||
Mitsubishi UFJ Financial Group, Inc. | 2.7% | |||
SoftBank Corp. | 2.4% | |||
Honda Motor Co. Ltd. | 1.8% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.8% | |||
Mizuho Financial Group, Inc. | 1.5% | |||
KDDI Corp. | 1.4% | |||
Hitachi Ltd. | 1.4% | |||
Canon, Inc. | 1.3% | |||
Japan Tobacco, Inc. | 1.3% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 94.
17
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
The Deutsche X-trackers MSCI Mexico Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Mexican peso.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 5.68%, compared to an increase of 5.93% for the MSCI Mexico IMI 25/50 US Dollar Hedged Index and a decrease of 0.66% for the MSCI Mexico IMI 25/50 Index.
Performance as of 11/30/14
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Mexico IMI 25/50 Hedged Index | MSCI Mexico IMI 25/50 Index | |||||
Six Month | 5.68% | 5.77% | 5.93% | -0.66% | ||||
Since Inception | 2.68% | 3.44% | 3.11% | 1.12% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.50%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Mexico IMI 25/50 Index is designed to measure equity performance in Mexican market. The MSCI Mexico IMI 25/50 US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Mexico IMI 25/50 Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
18
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX) (Continued)
Growth of a $10,000 Investment in DBMX2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 1/23/14.
Sector Breakdown* as of 11/30/14
Communications | 25.5% | |||
Financial | 20.3% | |||
Consumer, Non-cyclical | 18.7% | |||
Industrial | 11.8% | |||
Consumer, Cyclical | 9.4% | |||
Basic Materials | 8.8% | |||
Diversified | 5.5% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
America Movil SAB de CV, Series L | 17.2% | |||
Grupo Televisa SAB, Series CPO | 7.7% | |||
Fomento Economico Mexicano SAB de CV | 7.6% | |||
Cemex SAB de CV | 6.0% | |||
Grupo Financiero Banorte SAB de CV, Class O | 5.6% | |||
Grupo Mexico SAB de CV, Series B | 4.5% | |||
Wal-Mart de Mexico SAB de CV, Series V | 4.4% | |||
Fibra Uno Administracion SA de CV REIT | 3.7% | |||
Alfa SAB de CV, Class A | 3.5% | |||
Grupo Financiero Inbursa SAB de CV, Class O | 3.0% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 99.
19
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
The Deutsche X-trackers MSCI South Korea Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won.
For the six-month period ended November 30, 2014, the Fund’s net asset value decreased 4.54%, compared to a decrease of 4.18% for the MSCI Korea 25/50 US Dollar Hedged Index and a decrease of 11.02% for the MSCI Korea 25/50 Index.
Performance as of 11/30/14
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI Korea 25/50 US Dollar Hedged Index | MSCI Korea 25/50 Index | |||||
Six Month | -4.54% | -4.61% | -4.18% | -11.02% | ||||
Since Inception1 | -4.20% | -4.00% | -2.76% | -4.83% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.58%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Korea 25/50 Index is designed to measure equity performance of the Korean market. The MSCI Korea 20/50 US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Korea 25/50 Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
20
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO) (Continued)
Growth of a $10,000 Investment in DBKO2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 1/23/14.
Sector Breakdown* as of 11/30/14
Technology | 29.7% | |||
Consumer, Cyclical | 19.1% | |||
Financial | 15.1% | |||
Industrial | 9.6% | |||
Basic Materials | 8.0% | |||
Consumer, Non-cyclical | 6.8% | |||
Communications | 6.7% | |||
Energy | 2.2% | |||
Utilities | 2.2% | |||
Diversified | 0.6% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 21.2% | |||
Hyundai Motor Co. | 4.5% | |||
SK Hynix, Inc. | 4.4% | |||
NAVER Corp. | 3.4% | |||
Shinhan Financial Group Co. Ltd. | 3.4% | |||
POSCO | 3.2% | |||
Hyundai Mobis Co. Ltd. | 2.7% | |||
KB Financial Group, Inc. | 2.4% | |||
Kia Motors Corp. | 2.4% | |||
Samsung Electronics Co. Ltd., Preferred Stock | 2.3% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 101.
21
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the United Kingdom equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and British pound sterling.
For the six-month period ended November 30, 2014, the Fund’s net asset value decreased 0.85%, compared to a decrease of 0.56% for the MSCI United Kingdom US Dollar Hedged Index and a decrease of 6.96% for the MSCI United Kingdom Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||||
Net Asset Value | Market Price | MSCI United Kingdom US Dollar Hedged Index | MSCI United Kingdom Index | |||||
One Year | 3.70% | 2.97% | 4.31% | -0.11% | ||||
Since Inception1 | 5.95% | 5.90% | 6.57% | 3.78% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Price | MSCI United Kingdom US Dollar Hedged Index | MSCI United Kingdom Index | |||||
Six Month | -0.85% | -1.34% | -0.56% | -6.96% | ||||
One Year | 3.70% | 2.97% | 4.31% | -0.11% | ||||
Since Inception1 | 6.98% | 6.92% | 7.71% | 4.43% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.45%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI United Kingdom Index is a free float-adjusted market capitalization index that is designed to measure equity performance of the United Kingdom markets. The MSCI United Kingdom US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI United Kingdom Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
22
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK) (Continued)
Growth of a $10,000 Investment in DBUK2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 10/1/13.
Sector Breakdown* as of 11/30/14
Consumer, Non-cyclical | 29.3% | |||
Financial | 23.2% | |||
Energy | 14.9% | |||
Communications | 9.1% | |||
Basic Materials | 8.3% | |||
Consumer, Cyclical | 6.4% | |||
Utilities | 4.4% | |||
Industrial | 3.4% | |||
Technology | 1.0% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
HSBC Holdings PLC | 7.0% | |||
Royal Dutch Shell PLC, Class A | 4.8% | |||
BP PLC | 4.4% | |||
GlaxoSmithKline PLC | 4.1% | |||
British American Tobacco PLC | 4.0% | |||
Vodafone Group PLC | 3.5% | |||
AstraZeneca PLC | 3.5% | |||
Royal Dutch Shell PLC, Class B | 3.1% | |||
Diageo PLC | 2.9% | |||
Lloyds Banking Group PLC | 2.6% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 103.
23
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. 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 are based on an investment of $1,000 made at the beginning of the period and held through the six-month period ended November 30, 2014 (June 1, 2014 to November 30, 2014).
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 June 1, 2014 | Ending | Annualized | June 1, 2014 to November 30, 2014 | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,037.84 | 0.40 | % | $ | 2.04 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,035.53 | 0.60 | % | $ | 3.06 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,009.00 | 0.60 | % | $ | 3.02 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,040.90 | 0.35 | % | $ | 1.79 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 |
24
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning June 1, 2014 | Ending | Annualized | June 1, 2014 to November 30, 2014 | |||||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,034.50 | 0.65 | % | $ | 3.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,006.53 | 0.45 | % | $ | 2.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,005.97 | 0.45 | % | $ | 2.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,175.60 | 0.45 | % | $ | 2.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,056.81 | 0.50 | % | $ | 2.58 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.56 | 0.50 | % | $ | 2.54 | ||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 954.56 | 0.58 | % | $ | 2.84 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.16 | 0.58 | % | $ | 2.94 | ||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 991.48 | 0.45 | % | $ | 2.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 1, 2014 to November 30, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.
25
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.4% | ||||||||
Australia — 5.3% | ||||||||
AGL Energy Ltd. | 123 | $ | 1,372 | |||||
ALS Ltd. | 243 | 1,042 | ||||||
Alumina Ltd.* | 1,247 | 1,772 | ||||||
Amcor Ltd. | 391 | 4,046 | ||||||
AMP Ltd. | 761 | 3,652 | ||||||
APA Group (a) | 264 | 1,768 | ||||||
Asciano Ltd. | 209 | 1,046 | ||||||
ASX Ltd. | 54 | 1,654 | ||||||
Aurizon Holdings Ltd. | 581 | 2,279 | ||||||
AusNet Services (a) | 725 | 814 | ||||||
Australia & New Zealand Banking Group Ltd. | 738 | 20,045 | ||||||
Bank of Queensland Ltd. | 129 | 1,352 | ||||||
Bendigo and Adelaide Bank Ltd. | 105 | 1,141 | ||||||
BHP Billiton Ltd. | 891 | 23,442 | ||||||
Boral Ltd. | 225 | 936 | ||||||
Brambles Ltd. | 604 | 4,996 | ||||||
Caltex Australia Ltd. | 44 | 1,133 | ||||||
Coca-Cola Amatil Ltd. | 232 | 1,804 | ||||||
Cochlear Ltd. | 35 | 2,071 | ||||||
Commonwealth Bank of Australia | 445 | 30,565 | ||||||
Computershare Ltd. | 117 | 1,150 | ||||||
Crown Resorts Ltd. | 126 | 1,542 | ||||||
CSL Ltd. | 137 | 9,625 | ||||||
Dexus Property Group REIT | 338 | 2,045 | ||||||
Federation Centres REIT | 755 | 1,780 | ||||||
Flight Centre Travel Group Ltd. | 26 | 894 | ||||||
Fortescue Metals Group Ltd. | 432 | 1,081 | ||||||
Goodman Group REIT | 729 | 3,381 | ||||||
GPT Group REIT | 639 | 2,251 | ||||||
Harvey Norman Holdings Ltd. | 314 | 986 | ||||||
Healthscope Ltd.* | 200 | 444 | ||||||
Iluka Resources Ltd. | 182 | 1,061 | ||||||
Incitec Pivot Ltd. | 526 | 1,276 | ||||||
Insurance Australia Group Ltd. | 584 | 3,165 | ||||||
Leighton Holdings Ltd. | 40 | 685 | ||||||
Lend Lease Group (a) | 284 | 3,705 | ||||||
Macquarie Group Ltd. | 67 | 3,331 | ||||||
Metcash Ltd. | 558 | 1,239 | ||||||
Mirvac Group REIT | 1,706 | 2,548 | ||||||
National Australia Bank Ltd. | 627 | 17,393 | ||||||
Newcrest Mining Ltd.* | 268 | 2,358 | ||||||
Novion Property Group REIT | 1,194 | 2,164 | ||||||
Orica Ltd. | 117 | 1,812 | ||||||
Origin Energy Ltd. | 314 | 3,273 | ||||||
Qantas Airways Ltd.* | 40 | 65 | ||||||
QBE Insurance Group Ltd. | 342 | 3,160 | ||||||
Ramsay Health Care Ltd. | 62 | 2,857 | ||||||
REA Group Ltd. | 10 | 386 | ||||||
Rio Tinto Ltd. | 124 | 6,236 | ||||||
Santos Ltd. | 271 | 2,329 | ||||||
Scentre Group REIT* | 1,775 | 5,241 | ||||||
Seek Ltd. | 104 | 1,512 | ||||||
Sonic Healthcare Ltd. | 168 | 2,495 | ||||||
Stockland REIT | 924 | 3,239 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Suncorp Group Ltd. | 357 | $ | 4,356 | |||||
Sydney Airport (a) | 524 | 1,980 | ||||||
Tabcorp Holdings Ltd. | 267 | 927 | ||||||
Tatts Group Ltd. | 485 | 1,407 | ||||||
Telstra Corp. Ltd. | 1,231 | 5,960 | ||||||
Toll Holdings Ltd. | 168 | 806 | ||||||
TPG Telecom Ltd. | 138 | 870 | ||||||
Transurban Group (a) | 634 | 4,483 | ||||||
Treasury Wine Estates Ltd. | 281 | 1,133 | ||||||
Wesfarmers Ltd.* | 286 | 10,079 | ||||||
Westfield Corp. REIT | 700 | 4,938 | ||||||
Westpac Banking Corp. | 843 | 23,348 | ||||||
Woodside Petroleum Ltd. | 181 | 5,506 | ||||||
Woolworths Ltd. | 371 | 9,824 | ||||||
WorleyParsons Ltd. | 78 | 738 | ||||||
|
| |||||||
279,994 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
Andritz AG | 21 | 1,135 | ||||||
Erste Group Bank AG | 98 | 2,654 | ||||||
Immofinanz AG* | 397 | 1,190 | ||||||
OMV AG | 47 | 1,359 | ||||||
Raiffeisen Bank International AG | 25 | 517 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 19 | 945 | ||||||
Voestalpine AG | 36 | 1,495 | ||||||
|
| |||||||
9,295 | ||||||||
|
| |||||||
Belgium — 0.9% | ||||||||
Ageas | 75 | 2,682 | ||||||
Anheuser-Busch InBev NV | 239 | 28,072 | ||||||
Belgacom SA | 61 | 2,408 | ||||||
Colruyt SA | 13 | 605 | ||||||
Delhaize Group SA | 25 | 1,828 | ||||||
Groupe Bruxelles Lambert SA | 25 | 2,262 | ||||||
KBC Groep NV* | 80 | 4,576 | ||||||
Solvay SA | 18 | 2,473 | ||||||
Telenet Group Holding NV* | 18 | 1,029 | ||||||
UCB SA | 34 | 2,667 | ||||||
Umicore SA | 34 | 1,382 | ||||||
|
| |||||||
49,984 | ||||||||
|
| |||||||
Bermuda — 0.0% | ||||||||
Seadrill Ltd. | 135 | 1,934 | ||||||
|
| |||||||
Brazil — 1.4% | ||||||||
Ambev SA | 1,455 | 9,526 | ||||||
B2W Cia Digital* | 40 | 444 | ||||||
Banco Bradesco SA | 200 | 2,965 | ||||||
Banco do Brasil SA | 273 | 3,145 | ||||||
Banco Santander Brasil SA | 400 | 2,300 | ||||||
BB Seguridade Participacoes SA | 300 | 3,913 | ||||||
BM&F Bovespa SA | 600 | 2,457 | ||||||
BR Malls Participacoes SA | 200 | 1,434 | ||||||
BRF SA | 205 | 5,289 | ||||||
CCR SA | 200 | 1,372 | ||||||
Centrais Eletricas Brasileiras SA | 77 | 180 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Brazil (Continued) | ||||||||
CETIP SA — Mercados Organizados | 100 | $ | 1,289 | |||||
Cia de Saneamento Basico do Estado de Sao Paulo | 100 | 746 | ||||||
Cia Siderurgica Nacional SA | 253 | 596 | ||||||
Cielo SA | 200 | 3,415 | ||||||
Cosan SA Industria e Comercio | 72 | 892 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 100 | 484 | ||||||
Duratex SA | 110 | 359 | ||||||
Embraer SA | 200 | 1,837 | ||||||
Estacio Participacoes SA | 100 | 1,084 | ||||||
Fibria Celulose SA* | 94 | 1,126 | ||||||
Hypermarcas SA* | 100 | 674 | ||||||
JBS SA | 205 | 956 | ||||||
Klabin SA | 100 | 542 | ||||||
Kroton Educacional SA | 392 | 2,731 | ||||||
Lojas Americanas SA | 125 | 636 | ||||||
Lojas Renner SA | 100 | 2,978 | ||||||
M Dias Branco SA | 1 | 38 | ||||||
Natura Cosmeticos SA | 25 | 343 | ||||||
Odontoprev SA | 200 | 750 | ||||||
Petroleo Brasileiro SA | 889 | 4,197 | ||||||
Qualicorp SA* | 100 | 1,080 | ||||||
Raia Drogasil SA | 100 | 948 | ||||||
Souza Cruz SA | 130 | 1,035 | ||||||
Sul America SA | 100 | 493 | ||||||
Tim Participacoes SA | 300 | 1,452 | ||||||
Totvs SA | 100 | 1,380 | ||||||
Ultrapar Participacoes SA | 115 | 2,460 | ||||||
Vale SA | 400 | 3,621 | ||||||
Via Varejo SA* | 1 | 9 | ||||||
WEG SA | 130 | 1,534 | ||||||
|
| |||||||
72,710 | ||||||||
|
| |||||||
Canada — 7.5% | ||||||||
Agnico Eagle Mines Ltd. | 100 | 2,333 | ||||||
Alimentation Couche Tard, Inc., Class B | 200 | 7,084 | ||||||
ARC Resources Ltd. | 100 | 2,365 | ||||||
Bank of Montreal | 200 | 14,667 | ||||||
Bank of Nova Scotia | 500 | 30,826 | ||||||
Barrick Gold Corp. | 300 | 3,552 | ||||||
BCE, Inc. | 100 | 4,665 | ||||||
BlackBerry Ltd.* | 100 | 1,036 | ||||||
Bombardier, Inc., Class B | 400 | 1,525 | ||||||
Brookfield Asset Management, Inc., Class A | 200 | 10,055 | ||||||
CAE, Inc. | 100 | 1,324 | ||||||
Cameco Corp. | 100 | 1,859 | ||||||
Canadian Imperial Bank of Commerce | 100 | 9,313 | ||||||
Canadian National Railway Co. | 200 | 14,207 | ||||||
Canadian Natural Resources Ltd. | 300 | 9,959 | ||||||
Canadian Oil Sands Ltd. | 100 | 1,271 | ||||||
Canadian Pacific Railway Ltd. | 100 | 19,288 | ||||||
Canadian Utilities Ltd., Class A | 100 | 3,495 | ||||||
Catamaran Corp.* | 100 | 5,052 | ||||||
Cenovus Energy, Inc. | 200 | 4,490 | ||||||
CGI Group, Inc., Class A* | 100 | 3,645 | ||||||
CI Financial Corp. | 100 | 2,962 |
Number | Value | |||||||
Canada (Continued) | ||||||||
Crescent Point Energy Corp. | 100 | $ | 2,596 | |||||
Dollarama, Inc. | 100 | 4,686 | ||||||
Eldorado Gold Corp. | 200 | 1,247 | ||||||
Enbridge, Inc. | 200 | 9,182 | ||||||
Encana Corp. | 200 | 3,152 | ||||||
Enerplus Corp. | 100 | 1,298 | ||||||
Finning International, Inc. | 100 | 2,219 | ||||||
First Capital Realty, Inc. | 100 | 1,637 | ||||||
First Quantum Minerals Ltd. | 200 | 3,253 | ||||||
Fortis, Inc. | 100 | 3,551 | ||||||
Franco-Nevada Corp. | 100 | 5,003 | ||||||
Goldcorp, Inc. | 200 | 3,918 | ||||||
Great-West Lifeco, Inc. | 100 | 2,962 | ||||||
H&R Real Estate Investment Trust REIT | 100 | 1,988 | ||||||
Husky Energy, Inc. | 100 | 2,115 | ||||||
Imperial Oil Ltd. | 100 | 4,336 | ||||||
Inter Pipeline Ltd. | 100 | 2,853 | ||||||
Kinross Gold Corp.* | 300 | 832 | ||||||
Loblaw Cos. Ltd. | 25 | 1,345 | ||||||
Magna International, Inc. | 100 | 10,695 | ||||||
Manulife Financial Corp. | 500 | 9,956 | ||||||
MEG Energy Corp.* | 100 | 1,624 | ||||||
New Gold, Inc.* | 100 | 399 | ||||||
Open Text Corp. | 100 | 5,920 | ||||||
Pacific Rubiales Energy Corp. | 100 | 966 | ||||||
Pembina Pipeline Corp. | 100 | 3,407 | ||||||
Penn West Petroleum Ltd. | 200 | 712 | ||||||
Peyto Exploration & Development Corp. | 100 | 2,937 | ||||||
Potash Corp. of Saskatchewan, Inc. | 200 | 6,875 | ||||||
Power Corp. of Canada | 100 | 2,836 | ||||||
Power Financial Corp. | 100 | 3,126 | ||||||
PrairieSky Royalty Ltd. | 100 | 3,010 | ||||||
Rogers Communications, Inc., Class B | 100 | 4,003 | ||||||
Royal Bank of Canada | 600 | 43,634 | ||||||
Shaw Communications, Inc., Class B | 100 | 2,700 | ||||||
Silver Wheaton Corp. | 100 | 1,975 | ||||||
SNC-Lavalin Group, Inc. | 100 | 3,780 | ||||||
Sun Life Financial, Inc. | 200 | 7,421 | ||||||
Suncor Energy, Inc. | 400 | 12,631 | ||||||
Talisman Energy, Inc. | 300 | 1,430 | ||||||
Teck Resources Ltd., Class B | 200 | 3,085 | ||||||
TELUS Corp. | 100 | 3,785 | ||||||
Tim Hortons, Inc. | 100 | 8,335 | ||||||
Toronto-Dominion Bank (The) | 480 | 24,187 | ||||||
Tourmaline Oil Corp.* | 100 | 3,323 | ||||||
TransAlta Corp. | 100 | 974 | ||||||
TransCanada Corp. | 200 | 9,523 | ||||||
Turquoise Hill Resources Ltd.* | 700 | 2,277 | ||||||
Yamana Gold, Inc. | 200 | 722 | ||||||
|
| |||||||
399,394 | ||||||||
|
| |||||||
Channel Islands — 0.1% | ||||||||
Friends Life Group Ltd. | 386 | 2,226 | ||||||
Randgold Resources Ltd. | 25 | 1,661 | ||||||
|
| |||||||
3,887 | ||||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Chile — 0.4% | ||||||||
AES Gener SA | 161 | $ | 88 | |||||
Aguas Andinas SA, Class A | 391 | 235 | ||||||
Banco de Chile | 26,234 | 3,186 | ||||||
Banco de Credito e Inversiones | 16 | 846 | ||||||
Banco Santander Chile | 40,759 | 2,215 | ||||||
CAP SA | 21 | 144 | ||||||
Cencosud SA | 453 | 1,175 | ||||||
Cia Cervecerias Unidas SA | 74 | 769 | ||||||
Colbun SA | 1,881 | 502 | ||||||
Corpbanca SA | 72,281 | 912 | ||||||
Empresa Nacional de Electricidad SA | 662 | 1,010 | ||||||
Empresas CMPC SA | 475 | 1,187 | ||||||
Empresas Copec SA | 164 | 1,935 | ||||||
Enersis SA | 4,418 | 1,473 | ||||||
ENTEL Chile SA | 84 | 936 | ||||||
LATAM Airlines Group SA* | 100 | 1,195 | ||||||
SACI Falabella | 417 | 2,992 | ||||||
Vina Concha y Toro SA | 37 | 73 | ||||||
|
| |||||||
20,873 | ||||||||
|
| |||||||
China — 3.7% | ||||||||
AAC Technologies Holdings, Inc. | 200 | 1,177 | ||||||
Agricultural Bank of China Ltd., Class H | 3,000 | 1,424 | ||||||
Air China Ltd., Class H | 2,000 | 1,534 | ||||||
Aluminum Corp. of China Ltd., Class H* | 1,054 | 458 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 400 | 1,354 | ||||||
Anta Sports Products Ltd. | 11 | 23 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 800 | 564 | ||||||
Bank of China Ltd., Class H | 23,000 | 11,863 | ||||||
Bank of Communications Co. Ltd., Class H | 3,000 | 2,487 | ||||||
BBMG Corp., Class H | 857 | 708 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 2,000 | 1,563 | ||||||
Belle International Holdings Ltd. | 1,669 | 1,896 | ||||||
Byd Co. Ltd., Class H | 200 | 1,213 | ||||||
China Cinda Asset Management Co. Ltd., Class H* | 921 | 492 | ||||||
China CITIC Bank Corp. Ltd., Class H | 2,000 | 1,488 | ||||||
China Communications Construction Co. Ltd., Class H | 1,000 | 1,001 | ||||||
China Communications Services Corp. Ltd., Class H | 2,000 | 975 | ||||||
China Construction Bank Corp., Class H | 25,140 | 19,061 | ||||||
China Everbright Bank Co. Ltd., Class H | 998 | 510 | ||||||
China Galaxy Securities Co. Ltd., Class H | 400 | 411 | ||||||
China Gas Holdings Ltd. | 174 | 325 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 200 | 455 | ||||||
China Life Insurance Co. Ltd., Class H | 2,000 | 6,950 | ||||||
China Longyuan Power Group Corp., Class H | 1,000 | 1,075 | ||||||
China Medical System Holdings Ltd. | 100 | 170 | ||||||
China Mengniu Dairy Co. Ltd. | 1,000 | 4,055 | ||||||
China Merchants Bank Co. Ltd., Class H | 1,100 | 2,278 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 1,925 | 2,115 | ||||||
China National Building Material Co. Ltd., Class H | 245 | 239 |
Number | Value | |||||||
China (Continued) | ||||||||
China Oilfield Services Ltd., Class H | 98 | $ | 173 | |||||
China Pacific Insurance Group Co. Ltd., Class H | 900 | 3,772 | ||||||
China Petroleum & Chemical Corp., Class H | 8,150 | 6,673 | ||||||
China Railway Construction Corp. Ltd., Class H | 600 | 689 | ||||||
China Resources Cement Holdings Ltd. | 2,000 | 1,372 | ||||||
China Resources Enterprise Ltd. | 258 | 538 | ||||||
China Resources Power Holdings Co. Ltd. | 944 | 2,751 | ||||||
China Shenhua Energy Co. Ltd., Class H | 895 | 2,545 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 1,000 | 294 | ||||||
China Telecom Corp. Ltd., Class H | 4,000 | 2,424 | ||||||
China Vanke Co. Ltd., Class H* | 458 | 938 | ||||||
Chongqing Rural Commercial Bank, Class H | 1,000 | 566 | ||||||
CITIC Securities Co. Ltd., Class H | 400 | 1,173 | ||||||
CNOOC Ltd. | 4,810 | 7,033 | ||||||
Country Garden Holdings Co. Ltd. | 1,000 | 418 | ||||||
Datang International Power Generation Co. Ltd., Class H | 2,000 | 1,124 | ||||||
ENN Energy Holdings Ltd. | 145 | 886 | ||||||
Fosun International Ltd. | 1,360 | 1,661 | ||||||
GOME Electrical Appliances Holding Ltd. | 4,000 | 588 | ||||||
Great Wall Motor Co. Ltd., Class H | 376 | 1,896 | ||||||
Guangdong Investment Ltd. | 2,000 | 2,759 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 2,000 | 1,893 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 1,724 | 2,130 | ||||||
Haitong Securities Co. Ltd., Class H | 500 | 1,064 | ||||||
Hengan International Group Co. Ltd. | 300 | 3,251 | ||||||
Huadian Power International Corp. Ltd., Class H | 500 | 409 | ||||||
Huaneng Power International, Inc., Class H | 2,000 | 2,344 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 18,000 | 12,208 | ||||||
Intime Retail Group Co. Ltd. | 200 | 158 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 117 | 133 | ||||||
Kingsoft Corp. Ltd. | 160 | 383 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,000 | 557 | ||||||
Lenovo Group Ltd. | 2,000 | 2,806 | ||||||
Longfor Properties Co. Ltd. | 820 | 1,104 | ||||||
New China Life Insurance Co. Ltd., Class H | 200 | 906 | ||||||
Nine Dragons Paper Holdings Ltd. | 698 | 596 | ||||||
People’s Insurance Co. (Group) of China Ltd., Class H | 2,000 | 970 | ||||||
PetroChina Co. Ltd., Class H | 6,000 | 6,507 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 2,000 | 4,028 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 500 | 4,194 | ||||||
Semiconductor Manufacturing International Corp.* | 1,900 | 196 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,231 | 1,091 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 155 | 93 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 60 | 215 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 306 | $ | 729 | |||||
Shimao Property Holdings Ltd. | 200 | 479 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 898 | 672 | ||||||
Sino Biopharmaceutical Ltd. | 1,200 | 1,187 | ||||||
Sino-Ocean Land Holdings Ltd. | 500 | 300 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 896 | 786 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 3,572 | 1,110 | ||||||
Sinopharm Group Co. Ltd., Class H | 300 | �� | 1,118 | |||||
Soho China Ltd. | 1,955 | 1,480 | ||||||
Sun Art Retail Group Ltd. | 1,465 | 1,664 | ||||||
Tencent Holdings Ltd. | 1,319 | 21,090 | ||||||
Tingyi Cayman Islands Holding Corp. | 117 | 278 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 199 | 1,397 | ||||||
Uni-President China Holdings Ltd. | 1,000 | 881 | ||||||
Want Want China Holdings Ltd. | 3,000 | 3,938 | ||||||
Weichai Power Co. Ltd., Class H | 67 | 254 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 181 | 154 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 2,000 | 2,239 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H‡ | 200 | 860 | ||||||
Zijin Mining Group Co. Ltd., Class H | 4,296 | 1,147 | ||||||
ZTE Corp., Class H | 300 | 718 | ||||||
|
| |||||||
197,854 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Almacenes Exito SA | 103 | 1,240 | ||||||
Cementos Argos SA | 163 | 701 | ||||||
Corp. Financiera Colombiana SA | 42 | 754 | ||||||
Grupo Argos SA/Colombia | 106 | 964 | ||||||
Grupo de Inversiones Suramericana SA | 94 | 1,720 | ||||||
Interconexion Electrica SA ESP | 87 | 322 | ||||||
|
| |||||||
5,701 | ||||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 40 | 1,114 | ||||||
Komercni Banka AS | 10 | 2,222 | ||||||
O2 Czech Republic AS | 26 | 298 | ||||||
|
| |||||||
3,634 | ||||||||
|
| |||||||
Denmark — 1.1% | ||||||||
A.P. Moeller — Maersk A/S, Class A | 1 | 2,044 | ||||||
A.P. Moeller — Maersk A/S, Class B | 2 | 4,171 | ||||||
Carlsberg A/S, Class B | 27 | 2,405 | ||||||
Coloplast A/S, Class B | 30 | 2,600 | ||||||
Danske Bank A/S | 230 | 6,534 | ||||||
DSV A/S | 50 | 1,566 | ||||||
Novo Nordisk A/S, Class B | 569 | 25,951 | ||||||
Novozymes A/S, Class B | 63 | 2,768 | ||||||
Pandora A/S | 34 | 3,017 | ||||||
TDC A/S | 219 | 1,775 | ||||||
Tryg A/S | 7 | 807 | ||||||
Vestas Wind Systems A/S* | 100 | 3,683 | ||||||
William Demant Holding A/S* | 7 | 502 | ||||||
|
| |||||||
57,823 | ||||||||
|
|
Number | Value | |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 547 | $ | 3,791 | |||||
Global Telecom Holding* | 173 | 103 | ||||||
Talaat Moustafa Group | 1,462 | 2,092 | ||||||
|
| |||||||
5,986 | ||||||||
|
| |||||||
Finland — 0.7% | ||||||||
Elisa OYJ | 45 | 1,305 | ||||||
Fortum OYJ | 138 | 3,463 | ||||||
Kone OYJ, Class B | 86 | 3,957 | ||||||
Metso OYJ | 37 | 1,147 | ||||||
Neste Oil OYJ | 39 | 925 | ||||||
Nokia OYJ | 1,132 | 9,417 | ||||||
Nokian Renkaat OYJ | 40 | 1,130 | ||||||
Orion OYJ, Class B | 25 | 857 | ||||||
Sampo OYJ, Class A | 127 | 6,265 | ||||||
Stora Enso OYJ, Class R | 164 | 1,453 | ||||||
UPM-Kymmene OYJ | 157 | 2,606 | ||||||
Wartsila OYJ Abp | 51 | 2,284 | ||||||
|
| |||||||
34,809 | ||||||||
|
| |||||||
France — 6.7% | ||||||||
Accor SA | 43 | 2,028 | ||||||
Aeroports de Paris | 11 | 1,350 | ||||||
Air Liquide SA | 99 | 12,458 | ||||||
Airbus Group NV | 165 | 10,052 | ||||||
Alcatel-Lucent* | 820 | 2,919 | ||||||
Alstom SA* | 68 | 2,378 | ||||||
Arkema SA | 21 | 1,429 | ||||||
AtoS | 24 | 1,705 | ||||||
AXA SA | 539 | 13,012 | ||||||
BNP Paribas SA | 322 | 20,644 | ||||||
Bollore SA | 1 | 494 | ||||||
Bouygues SA | 53 | 1,994 | ||||||
Bureau Veritas SA | 66 | 1,574 | ||||||
Cap Gemini SA | 44 | 3,224 | ||||||
Carrefour SA | 156 | 4,936 | ||||||
Casino Guichard-Perrachon SA | 12 | 1,156 | ||||||
Christian Dior SA | 15 | 2,872 | ||||||
Cie de St-Gobain | 124 | 5,696 | ||||||
Cie Generale des Etablissements Michelin | 58 | 5,333 | ||||||
CNP Assurances | 58 | 1,074 | ||||||
Credit Agricole SA | 271 | 3,810 | ||||||
Danone SA | 163 | 11,502 | ||||||
Dassault Systemes SA | 37 | 2,419 | ||||||
Edenred | 60 | 1,730 | ||||||
Electricite de France | 76 | 2,275 | ||||||
Essilor International SA | 57 | 6,400 | ||||||
Eurazeo SA | 10 | 696 | ||||||
Eutelsat Communications SA | 46 | 1,521 | ||||||
Fonciere des Regions REIT | 6 | 573 | ||||||
GDF Suez | 405 | 9,979 | ||||||
Gecina SA REIT | 9 | 1,217 | ||||||
Groupe Eurotunnel SA | 163 | 2,107 | ||||||
ICADE REIT | 12 | 960 | ||||||
Iliad SA | 7 | 1,719 | ||||||
Imerys SA | 11 | 832 | ||||||
JCDecaux SA | 24 | 789 | ||||||
Kering | 21 | 4,337 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Klepierre REIT | 34 | $ | 1,526 | |||||
Lafarge SA | 55 | 3,911 | ||||||
Lagardere SCA | 48 | 1,361 | ||||||
Legrand SA | 72 | 3,775 | ||||||
L’Oreal SA | 66 | 11,260 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 82 | 14,734 | ||||||
Natixis SA | 282 | 1,992 | ||||||
Numericable-SFR* | 30 | 1,254 | ||||||
Orange SA | 527 | 9,282 | ||||||
Pernod Ricard SA | 61 | 7,229 | ||||||
Peugeot SA* | 113 | 1,447 | ||||||
Publicis Groupe SA | 59 | 4,333 | ||||||
Remy Cointreau SA | 7 | 526 | ||||||
Renault SA | 59 | 4,733 | ||||||
Rexel SA | 63 | 1,166 | ||||||
Safran SA | 74 | 4,788 | ||||||
Sanofi | 339 | 32,820 | ||||||
Schneider Electric SE | 150 | 12,236 | ||||||
SCOR SE | 46 | 1,435 | ||||||
Societe BIC SA | 9 | 1,200 | ||||||
Societe Generale SA | 214 | 10,615 | ||||||
Sodexo | 23 | 2,320 | ||||||
Suez Environnement Co. | 85 | 1,507 | ||||||
Technip SA | 29 | 1,886 | ||||||
Thales SA | 24 | 1,273 | ||||||
Total SA | 614 | 34,349 | ||||||
Unibail-Rodamco SE REIT | 31 | 8,191 | ||||||
Valeo SA | 24 | 2,953 | ||||||
Vallourec SA | 32 | 1,061 | ||||||
Veolia Environnement | 110 | 2,006 | ||||||
Vinci SA | 138 | 7,460 | ||||||
Vivendi SA* | 362 | 9,219 | ||||||
Wendel SA | 13 | 1,532 | ||||||
Zodiac Aerospace | 45 | 1,491 | ||||||
|
| |||||||
356,065 | ||||||||
|
| |||||||
Germany — 6.0% | ||||||||
adidas AG | 58 | 4,652 | ||||||
Allianz SE | 125 | 21,520 | ||||||
Axel Springer SE | 13 | 765 | ||||||
BASF SE | 271 | 24,603 | ||||||
Bayer AG | 233 | 35,042 | ||||||
Bayerische Motoren Werke AG | 98 | 11,205 | ||||||
Beiersdorf AG | 27 | 2,403 | ||||||
Brenntag AG | 39 | 2,148 | ||||||
Celesio AG | 23 | 766 | ||||||
Commerzbank AG* | 264 | 4,039 | ||||||
Continental AG | 35 | 7,364 | ||||||
Daimler AG | 283 | 23,859 | ||||||
Deutsche Annington Immobilien SE | 100 | 3,220 | ||||||
Deutsche Bank AG (b) | 383 | 12,518 | ||||||
Deutsche Boerse AG | 62 | 4,529 | ||||||
Deutsche Lufthansa AG | 68 | 1,214 | ||||||
Deutsche Post AG | 279 | 9,268 | ||||||
Deutsche Telekom AG | 894 | 15,230 | ||||||
Deutsche Wohnen AG | 70 | 1,680 | ||||||
E.ON SE | 538 | 9,536 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 12 | $ | 733 | |||||
Fresenius Medical Care AG & Co. KGaA | 59 | 4,357 | ||||||
Fresenius SE & Co. KGaA | 102 | 5,529 | ||||||
GEA Group AG | 49 | 2,342 | ||||||
Hannover Rueck SE | 17 | 1,517 | ||||||
HeidelbergCement AG | 38 | 2,881 | ||||||
Henkel AG & Co. KGaA | 35 | 3,466 | ||||||
Hugo Boss AG | 9 | 1,185 | ||||||
Infineon Technologies AG | 299 | 2,929 | ||||||
K+S AG | 48 | 1,440 | ||||||
Kabel Deutschland Holding AG* | 7 | 971 | ||||||
LANXESS AG | 29 | 1,440 | ||||||
Linde AG | 50 | 9,435 | ||||||
MAN SE | 9 | 1,026 | ||||||
Merck KGaA | 32 | 3,186 | ||||||
Metro AG* | 30 | 1,019 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 49 | 10,093 | ||||||
OSRAM Licht AG* | 25 | 1,038 | ||||||
ProSiebenSat.1 Media AG | 70 | 2,990 | ||||||
RWE AG | 136 | 4,926 | ||||||
SAP SE | 262 | 18,466 | ||||||
Siemens AG | 215 | 25,440 | ||||||
Symrise AG | 100 | 5,977 | ||||||
Telefonica Deutschland Holding AG* | 74 | 388 | ||||||
ThyssenKrupp AG* | 123 | 3,254 | ||||||
United Internet AG | 34 | 1,498 | ||||||
Volkswagen AG | 14 | 3,167 | ||||||
|
| |||||||
316,254 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Alpha Bank AE* | 210 | 136 | ||||||
Eurobank Ergasias SA* | 2,118 | 656 | ||||||
FF Group* | 15 | 553 | ||||||
Hellenic Telecommunications Organization SA* | 62 | 759 | ||||||
JUMBO SA | 43 | 545 | ||||||
National Bank of Greece SA* | 334 | 797 | ||||||
OPAP SA | 53 | 664 | ||||||
Piraeus Bank SA* | 519 | 787 | ||||||
Public Power Corp. SA* | 43 | 332 | ||||||
Titan Cement Co. SA | 12 | 284 | ||||||
|
| |||||||
5,513 | ||||||||
|
| |||||||
Hong Kong — 3.1% | ||||||||
AIA Group Ltd. | 3,000 | 17,330 | ||||||
Alibaba Health Information Technology Ltd.* | 529 | 372 | ||||||
ASM Pacific Technology Ltd. | 100 | 1,018 | ||||||
Bank of East Asia Ltd. (The) | 300 | 1,257 | ||||||
Beijing Enterprises Holdings Ltd. | 300 | 2,395 | ||||||
Beijing Enterprises Water Group Ltd.* | 1,497 | 1,029 | ||||||
BOC Hong Kong (Holdings) Ltd. | 900 | 3,180 | ||||||
Brilliance China Automotive Holdings Ltd. | 2,000 | 3,409 | ||||||
Cheung Kong (Holdings) Ltd. | 698 | 12,807 | ||||||
China Everbright International Ltd. | 1,000 | 1,540 | ||||||
China Mobile Ltd. | 2,342 | 28,855 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China Overseas Land & Investment Ltd. | 2,000 | $ | 6,009 | |||||
China Resources Gas Group Ltd. | 394 | 1,108 | ||||||
China South City Holdings Ltd. | 500 | 257 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 300 | 774 | ||||||
China Unicom (Hong Kong) Ltd. | 2,000 | 3,043 | ||||||
CLP Holdings Ltd. | 500 | 4,349 | ||||||
Far East Horizon Ltd. | 1,000 | 931 | ||||||
Franshion Properties China Ltd. | 2,000 | 565 | ||||||
Galaxy Entertainment Group Ltd. | 654 | 4,465 | ||||||
GCL-Poly Energy Holdings Ltd.* | 2,000 | 544 | ||||||
Geely Automobile Holdings Ltd. | 686 | 298 | ||||||
Hanergy Thin Film Power Group Ltd.* | 2,000 | 503 | ||||||
Hang Lung Properties Ltd. | 1,000 | 3,004 | ||||||
Hang Seng Bank Ltd. | 200 | 3,332 | ||||||
Henderson Land Development Co. Ltd. | 95 | 637 | ||||||
HKT Trust and HKT Ltd. (a) | 237 | 295 | ||||||
Hong Kong and China Gas Co. Ltd. | 2,200 | 5,214 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 300 | 6,534 | ||||||
Hutchison Whampoa Ltd. | 734 | 9,200 | ||||||
Kerry Properties Ltd. | 200 | 721 | ||||||
Kingboard Chemical Holdings Ltd. | 100 | 187 | ||||||
Kunlun Energy Co. Ltd. | 2,000 | 2,164 | ||||||
Li & Fung Ltd. | 2,000 | 2,223 | ||||||
Link REIT (The) | 600 | 3,822 | ||||||
MGM China Holdings Ltd. | 300 | 907 | ||||||
MTR Corp. Ltd. | 200 | 803 | ||||||
New World China Land Ltd. | 1,647 | 1,019 | ||||||
New World Development Co. Ltd. | 205 | 245 | ||||||
Noble Group Ltd. | 1,000 | 939 | ||||||
PCCW Ltd. | 1,000 | 670 | ||||||
Power Assets Holdings Ltd. | 400 | 3,819 | ||||||
Sino Land Co. Ltd. | 2,000 | 3,280 | ||||||
SJM Holdings Ltd. | 1,000 | 1,986 | ||||||
Sun Hung Kai Properties Ltd. | 823 | 12,034 | ||||||
Swire Pacific Ltd., Class A | 200 | 2,749 | ||||||
Swire Properties Ltd. | 200 | 622 | ||||||
Techtronic Industries Co. Ltd. | 178 | 569 | ||||||
Wharf Holdings Ltd. (The) | 51 | 368 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 100 | 359 | ||||||
Yuexiu Property Co. Ltd. | 2,057 | 411 | ||||||
|
| |||||||
164,151 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil and Gas PLC | 26 | 1,255 | ||||||
OTP Bank PLC | 71 | 1,142 | ||||||
Richter Gedeon Nyrt | 149 | 2,318 | ||||||
|
| |||||||
4,715 | ||||||||
|
| |||||||
India — 1.1% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 100 | 5,839 | ||||||
ICICI Bank Ltd., ADR | 200 | 11,778 | ||||||
Infosys Ltd., ADR | 100 | 6,984 | ||||||
Larsen & Toubro Ltd., GDR | 300 | 7,935 | ||||||
Reliance Industries Ltd., GDR, 144A | 300 | 9,555 | ||||||
Tata Motors Ltd., ADR | 200 | 9,132 | ||||||
Wipro Ltd., ADR | 500 | 6,450 | ||||||
|
| |||||||
57,673 | ||||||||
|
|
Number | Value | |||||||
Indonesia — 0.7% | ||||||||
PT Adaro Energy Tbk | 6,600 | $ | 584 | |||||
PT Astra Agro Lestari Tbk | 400 | 787 | ||||||
PT Astra International Tbk | 5,000 | 2,919 | ||||||
PT Bank Central Asia Tbk | 3,600 | 3,864 | ||||||
PT Bank Danamon Indonesia Tbk | 2,466 | 849 | ||||||
PT Bank Mandiri Persero Tbk | 1,900 | 1,639 | ||||||
PT Bank Negara Indonesia Persero Tbk | 1,800 | 889 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 2,900 | 2,739 | ||||||
PT Bumi Serpong Damai Tbk | 3,676 | 533 | ||||||
PT Charoen Pokphand Indonesia Tbk | 1,700 | 573 | ||||||
PT Global Mediacom Tbk | 2,500 | 329 | ||||||
PT Gudang Garam Tbk | 200 | 1,003 | ||||||
PT Indo Tambangraya Megah Tbk | 100 | 156 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 500 | 1,011 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 500 | 461 | ||||||
PT Indofood Sukses Makmur Tbk | 1,000 | 549 | ||||||
PT Jasa Marga Persero Tbk | 1,000 | 553 | ||||||
PT Kalbe Farma Tbk | 6,400 | 918 | ||||||
PT Lippo Karawaci Tbk | 9,000 | 859 | ||||||
PT Matahari Department Store Tbk | 818 | 1,005 | ||||||
PT Media Nusantara Citra Tbk | 1,700 | 335 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 3,300 | 1,609 | ||||||
PT Semen Indonesia Persero Tbk | 1,000 | 1,311 | ||||||
PT Surya Citra Media Tbk | 2,100 | 552 | ||||||
PT Tambang Batubara Bukit Asam Persero Tbk | 903 | 973 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 13,600 | 3,148 | ||||||
PT Tower Bersama Infrastructure Tbk | 1,100 | 849 | ||||||
PT Unilever Indonesia Tbk | 800 | 2,085 | ||||||
PT United Tractors Tbk | 400 | 601 | ||||||
PT XL Axiata Tbk | 1,700 | 710 | ||||||
|
| |||||||
34,393 | ||||||||
|
| |||||||
Ireland — 0.5% | ||||||||
Bank of Ireland* | 6,801 | 2,791 | ||||||
CRH PLC | 182 | 4,300 | ||||||
Experian PLC | 282 | 4,462 | ||||||
James Hardie Industries PLC CDI | 141 | 1,452 | ||||||
Kerry Group PLC, Class A | 36 | 2,672 | ||||||
Shire PLC | 167 | 11,887 | ||||||
|
| |||||||
27,564 | ||||||||
|
| |||||||
Israel — 0.4% | ||||||||
Bank Hapoalim BM | 390 | 1,945 | ||||||
Bank Leumi Le-Israel BM* | 414 | 1,461 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 783 | 1,385 | ||||||
Delek Group Ltd. | 1 | 339 | ||||||
Israel Chemicals Ltd. | 239 | 1,632 | ||||||
Israel Corp. Ltd. (The)* | 1 | 490 | ||||||
Mizrahi Tefahot Bank Ltd.* | 68 | 720 | ||||||
NICE Systems Ltd. | 24 | 1,139 | ||||||
Teva Pharmaceutical Industries Ltd. | 236 | 13,429 | ||||||
|
| |||||||
22,540 | ||||||||
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Italy — 1.5% | ||||||||
Assicurazioni Generali SpA | 350 | $ | 7,568 | |||||
Atlantia SpA | 124 | 3,127 | ||||||
Banca Monte dei Paschi di Siena SpA* | 1,378 | 1,112 | ||||||
Banco Popolare SC* | 88 | 1,214 | ||||||
Enel Green Power SpA | 555 | 1,335 | ||||||
Enel SpA | 1,905 | 9,191 | ||||||
Eni SpA | 722 | 14,427 | ||||||
EXOR SpA | 27 | 1,202 | ||||||
Finmeccanica SpA* | 127 | 1,232 | ||||||
Intesa Sanpaolo SpA | 3,391 | 10,449 | ||||||
Intesa Sanpaolo SpA-RSP | 236 | 635 | ||||||
Luxottica Group SpA | 43 | 2,299 | ||||||
Mediobanca SpA | 197 | 1,764 | ||||||
Pirelli & C. SpA | 86 | 1,220 | ||||||
Prysmian SpA | 54 | 970 | ||||||
Saipem SpA* | 89 | 1,274 | ||||||
Snam SpA | 577 | 3,059 | ||||||
Telecom Italia SpA* | 2,762 | 3,112 | ||||||
Telecom Italia SpA-RSP | 1,715 | 1,519 | ||||||
Terna Rete Elettrica Nazionale SpA | 462 | 2,231 | ||||||
UniCredit SpA | 1,262 | 9,329 | ||||||
Unione di Banche Italiane SCpA | 231 | 1,775 | ||||||
UnipolSai SpA | 288 | 824 | ||||||
|
| |||||||
80,868 | ||||||||
|
| |||||||
Japan — 14.4% | ||||||||
Acom Co. Ltd.* | 200 | 598 | ||||||
Aeon Co. Ltd. | 400 | 3,986 | ||||||
AISIN SEIKI Co. Ltd. | 100 | 3,576 | ||||||
Asahi Group Holdings Ltd. | 200 | 6,238 | ||||||
ASICS Corp. | 100 | 2,531 | ||||||
Astellas Pharma, Inc. | 600 | 8,627 | ||||||
Bandai Namco Holdings, Inc. | 100 | 2,164 | ||||||
Bridgestone Corp. | 200 | 6,873 | ||||||
Brother Industries Ltd. | 100 | 1,868 | ||||||
Canon, Inc. | 300 | 9,607 | ||||||
Casio Computer Co. Ltd. | 100 | 1,511 | ||||||
Central Japan Railway Co. | 100 | 14,552 | ||||||
Chubu Electric Power Co., Inc.* | 200 | 2,338 | ||||||
Chugai Pharmaceutical Co. Ltd. | 100 | 2,708 | ||||||
Chugoku Electric Power Co., (The), Inc. | 100 | 1,290 | ||||||
Citizen Holdings Co. Ltd. | 200 | 1,547 | ||||||
Credit Saison Co. Ltd. | 100 | 1,872 | ||||||
Daihatsu Motor Co. Ltd. | 100 | 1,371 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 400 | 5,800 | ||||||
Daiichi Sankyo Co. Ltd. | 200 | 2,947 | ||||||
Daikin Industries Ltd. | 100 | 6,634 | ||||||
Daiwa Securities Group, Inc. | 1,000 | 8,035 | ||||||
DENSO Corp. | 100 | 4,669 | ||||||
Dentsu, Inc. | 100 | 3,757 | ||||||
East Japan Railway Co. | 100 | 7,494 | ||||||
Eisai Co. Ltd. | 100 | 3,584 | ||||||
FANUC Corp. | 100 | 16,864 | ||||||
Fuji Heavy Industries Ltd. | 200 | 7,275 | ||||||
FUJIFILM Holdings Corp. | 100 | 3,315 | ||||||
Fujitsu Ltd. | 1,000 | 5,712 | ||||||
GungHo Online Entertainment, Inc. | 100 | 377 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Hino Motors Ltd. | 100 | $ | 1,347 | |||||
Hitachi Ltd. | 1,100 | 8,492 | ||||||
Hokuhoku Financial Group, Inc. | 1,400 | 2,830 | ||||||
Hokuriku Electric Power Co. | 100 | 1,280 | ||||||
Honda Motor Co. Ltd. | 400 | 12,034 | ||||||
Hoya Corp. | 100 | 3,555 | ||||||
Hulic Co. Ltd. | 200 | 2,065 | ||||||
INPEX Corp. | 300 | 3,178 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 200 | 2,626 | ||||||
Isuzu Motors Ltd. | 100 | 1,305 | ||||||
ITOCHU Corp. | 400 | 4,603 | ||||||
Iyo Bank Ltd. (The) | 500 | 5,172 | ||||||
Japan Exchange Group, Inc. | 100 | 2,565 | ||||||
Japan Retail Fund Investment Corp. REIT | 1 | 2,081 | ||||||
Japan Tobacco, Inc. | 300 | 9,609 | ||||||
JFE Holdings, Inc. | 200 | 4,255 | ||||||
JSR Corp. | 100 | 1,788 | ||||||
JTEKT Corp. | 100 | 1,659 | ||||||
JX Holdings, Inc. | 700 | 2,604 | ||||||
Kakaku.com, Inc. | 100 | 1,527 | ||||||
Kansai Electric Power Co., (The), Inc.* | 300 | 3,010 | ||||||
Kao Corp. | 200 | 7,406 | ||||||
Kawasaki Heavy Industries Ltd. | 1,000 | 4,397 | ||||||
KDDI Corp. | 200 | 12,810 | ||||||
Kintetsu Corp. | 1,000 | 3,378 | ||||||
Kobe Steel Ltd. | 1,000 | 1,592 | ||||||
Komatsu Ltd. | 300 | 7,104 | ||||||
Konica Minolta, Inc. | 200 | 2,332 | ||||||
Kuraray Co. Ltd. | 200 | 2,434 | ||||||
Kyocera Corp. | 100 | 4,895 | ||||||
Kyushu Electric Power Co., Inc.* | 200 | 2,049 | ||||||
LIXIL Group Corp. | 100 | 2,126 | ||||||
Marubeni Corp. | 1,000 | 6,303 | ||||||
Marui Group Co. Ltd. | 200 | 1,750 | ||||||
Mazda Motor Corp. | 200 | 5,165 | ||||||
Medipal Holdings Corp. | 100 | 1,111 | ||||||
MEIJI Holdings Co. Ltd. | 100 | 8,971 | ||||||
Minebea Co. Ltd. | 100 | 1,253 | ||||||
Mitsubishi Chemical Holdings Corp. | 600 | 3,091 | ||||||
Mitsubishi Corp. | 400 | 7,564 | ||||||
Mitsubishi Electric Corp. | 1,000 | 12,016 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,000 | 5,834 | ||||||
Mitsubishi Motors Corp. | 200 | 2,055 | ||||||
Mitsubishi Tanabe Pharma Corp. | 100 | 1,525 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,500 | 20,237 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 500 | 2,359 | ||||||
Mitsui & Co. Ltd. | 500 | 6,897 | ||||||
Mizuho Financial Group, Inc. | 7,100 | 12,231 | ||||||
MS&AD Insurance Group Holdings, Inc. | 200 | 4,668 | ||||||
Murata Manufacturing Co. Ltd. | 100 | 10,803 | ||||||
NEC Corp. | 1,000 | 3,142 | ||||||
Nidec Corp. | 100 | 6,631 | ||||||
Nikon Corp. | 100 | 1,425 | ||||||
Nippon Building Fund, Inc. REIT | 1 | 5,037 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 3,000 | 7,728 | ||||||
Nippon Telegraph & Telephone Corp. | 100 | 5,350 | ||||||
Nippon Yusen KK | 1,000 | 2,822 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nissan Motor Co. Ltd. | 700 | $ | 6,536 | |||||
Nisshin Seifun Group, Inc. | 450 | 4,454 | ||||||
Nitto Denko Corp. | 100 | 5,276 | ||||||
Nomura Holdings, Inc. | 900 | 5,413 | ||||||
Nomura Research Institute Ltd. | 100 | 3,117 | ||||||
NTT DOCOMO, Inc. | 400 | 6,238 | ||||||
NTT Urban Development Corp. | 300 | 3,086 | ||||||
Olympus Corp.* | 100 | 3,639 | ||||||
Omron Corp. | 100 | 4,650 | ||||||
ORIX Corp. | 400 | 5,275 | ||||||
Osaka Gas Co. Ltd. | 1,000 | 3,823 | ||||||
Otsuka Holdings Co. Ltd. | 100 | 3,161 | ||||||
Panasonic Corp. | 600 | 7,745 | ||||||
Park24 Co. Ltd. | 100 | 1,517 | ||||||
Rakuten, Inc. | 300 | 4,041 | ||||||
Recruit Holdings Co. Ltd.* | 100 | 3,285 | ||||||
Resona Holdings, Inc. | 800 | 4,318 | ||||||
Ricoh Co. Ltd. | 200 | 2,166 | ||||||
SBI Holdings, Inc. | 100 | 1,154 | ||||||
Secom Co. Ltd. | 100 | 5,782 | ||||||
Sega Sammy Holdings, Inc. | 100 | 1,377 | ||||||
Seiko Epson Corp. | 100 | 4,827 | ||||||
Sekisui House Ltd. | 200 | 2,685 | ||||||
Seven & I Holdings Co. Ltd. | 300 | 11,189 | ||||||
Seven Bank Ltd. | 500 | 2,169 | ||||||
Shikoku Electric Power Co., Inc.* | 100 | 1,249 | ||||||
Shin-Etsu Chemical Co. Ltd. | 200 | 13,461 | ||||||
Shinsei Bank Ltd. | 1,000 | 1,878 | ||||||
Shionogi & Co. Ltd. | 100 | 2,487 | ||||||
Shiseido Co. Ltd. | 200 | 2,986 | ||||||
Showa Shell Sekiyu KK | 100 | 833 | ||||||
SoftBank Corp. | 300 | 20,123 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 100 | 2,479 | ||||||
Sony Corp. | 300 | 6,570 | ||||||
Sumitomo Chemical Co. Ltd. | 1,000 | 3,782 | ||||||
Sumitomo Corp. | 300 | 3,199 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 100 | 1,034 | ||||||
Sumitomo Electric Industries Ltd. | 200 | 2,600 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 400 | 15,078 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,000 | 8,312 | ||||||
Sumitomo Rubber Industries Ltd. | 100 | 1,523 | ||||||
Suzuki Motor Corp. | 100 | 3,158 | ||||||
T&D Holdings, Inc. | 200 | 2,423 | ||||||
Takeda Pharmaceutical Co. Ltd. | 200 | 8,376 | ||||||
TDK Corp. | 100 | 6,023 | ||||||
Terumo Corp. | 200 | 4,549 | ||||||
Tohoku Electric Power Co., Inc. | 200 | 2,316 | ||||||
Tokio Marine Holdings, Inc. | 200 | 6,538 | ||||||
Tokyo Electric Power Co., (The), Inc.* | 500 | 1,828 | ||||||
Tokyo Electron Ltd. | 100 | 6,812 | ||||||
Tokyo Gas Co. Ltd. | 1,000 | 5,452 | ||||||
Tokyu Fudosan Holdings Corp. | 600 | 4,286 | ||||||
Toray Industries, Inc. | 1,000 | 7,859 | ||||||
Toshiba Corp. | 1,000 | 4,443 | ||||||
Toyo Seikan Group Holdings Ltd. | 100 | 1,208 | ||||||
Toyota Industries Corp. | 100 | 4,995 | ||||||
Toyota Motor Corp. | 800 | 49,288 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Toyota Tsusho Corp. | 100 | $ | 2,367 | |||||
Trend Micro, Inc. | 100 | 3,037 | ||||||
United Urban Investment Corp. REIT | 2 | 3,213 | ||||||
USS Co. Ltd. | 200 | 2,886 | ||||||
West Japan Railway Co. | 100 | 4,773 | ||||||
Yahoo Japan Corp. | 400 | 1,459 | ||||||
Yamada Denki Co. Ltd. | 400 | 1,317 | ||||||
Yamaha Corp. | 100 | 1,490 | ||||||
Yamaha Motor Co. Ltd. | 100 | 2,125 | ||||||
Yamato Holdings Co. Ltd. | 200 | 4,511 | ||||||
Yokogawa Electric Corp. | 100 | 1,258 | ||||||
|
| |||||||
766,303 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
Altice SA* | 28 | 1,884 | ||||||
ArcelorMittal | 271 | 3,324 | ||||||
Millicom International Cellular SA SDR | 16 | 1,331 | ||||||
RTL Group SA | 12 | 1,155 | ||||||
SES SA FDR | 87 | 3,237 | ||||||
Tenaris SA | 145 | 2,398 | ||||||
|
| |||||||
13,329 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
Sands China Ltd. | 700 | 4,193 | ||||||
Wynn Macau Ltd. | 400 | 1,305 | ||||||
|
| |||||||
5,498 | ||||||||
|
| |||||||
Malaysia — 1.0% | ||||||||
Alliance Financial Group Bhd | 800 | 1,152 | ||||||
AMMB Holdings Bhd | 700 | 1,378 | ||||||
Astro Malaysia Holdings Bhd | 1,000 | 996 | ||||||
Axiata Group Bhd | 100 | 209 | ||||||
Berjaya Sports Toto Bhd | 1,318 | 1,356 | ||||||
British American Tobacco Malaysia Bhd | 100 | 2,087 | ||||||
Bumi Armada Bhd | 150 | 51 | ||||||
CIMB Group Holdings Bhd | 700 | 1,206 | ||||||
Dialog Group Bhd | 1,410 | 621 | ||||||
DiGi.Com Bhd | 1,400 | 2,607 | ||||||
Felda Global Ventures Holdings Bhd | 1,100 | 1,073 | ||||||
Genting Malaysia Bhd | 1,300 | 1,622 | ||||||
Genting Plantations Bhd | 200 | 633 | ||||||
Hong Leong Bank Bhd | 500 | 2,114 | ||||||
Hong Leong Financial Group Bhd | 400 | 2,093 | ||||||
IHH Healthcare Bhd | 1,000 | 1,455 | ||||||
IJM Corp. Bhd | 300 | 601 | ||||||
IOI Corp. Bhd | 900 | 1,282 | ||||||
Kuala Lumpur Kepong Bhd | 200 | 1,330 | ||||||
Lafarge Malaysia Bhd | 400 | 1,199 | ||||||
Malayan Banking Bhd | 1,800 | 5,034 | ||||||
Malaysia Airports Holdings Bhd | 300 | 617 | ||||||
Maxis Bhd | 1,000 | 2,049 | ||||||
MISC Bhd | 500 | 1,081 | ||||||
Petronas Chemicals Group Bhd | 700 | 1,165 | ||||||
Petronas Dagangan Bhd | 200 | 951 | ||||||
Petronas Gas Bhd | 300 | 2,015 | ||||||
PPB Group Bhd | 100 | 459 | ||||||
Public Bank Bhd | 600 | 3,296 | ||||||
RHB Capital Bhd | 100 | 242 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Malaysia (Continued) | ||||||||
SapuraKencana Petroleum Bhd | 900 | $ | 745 | |||||
Sime Darby Bhd | 600 | 1,717 | ||||||
Telekom Malaysia Bhd | 600 | 1,256 | ||||||
Tenaga Nasional Bhd | 500 | 2,108 | ||||||
UEM Sunrise Bhd | 100 | 53 | ||||||
UMW Holdings Bhd | 400 | 1,334 | ||||||
YTL Corp. Bhd | 1,300 | 607 | ||||||
YTL Power International Bhd | 2,065 | 934 | ||||||
|
| |||||||
50,728 | ||||||||
|
| |||||||
Mexico — 1.2% | ||||||||
Alfa SAB de CV, Class A | 800 | 2,127 | ||||||
America Movil SAB de CV, Series L | 10,100 | 11,905 | ||||||
Arca Continental SAB de CV | 100 | 643 | ||||||
Cemex SAB de CV* | 3,028 | 3,758 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 100 | 992 | ||||||
Compartamos SAB de CV | 300 | 640 | ||||||
Controladora Comercial Mexicana SAB de CV | 100 | 367 | ||||||
El Puerto de Liverpool SAB de CV, Series C1 | 100 | 1,087 | ||||||
Fibra Uno Administracion SA de CV REIT | 600 | 2,017 | ||||||
Fomento Economico Mexicano SAB de CV | 600 | 5,725 | ||||||
Fresnillo PLC(c) | 64 | 712 | ||||||
Genomma Lab Internacional SAB de CV, Class B* | 200 | 434 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 200 | 1,364 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 100 | 1,333 | ||||||
Grupo Bimbo SAB de CV, Series A* | 400 | 1,124 | ||||||
Grupo Carso SAB de CV, Series A1 | 200 | 1,124 | ||||||
Grupo Comercial Chedraui SA de CV | 100 | 329 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 700 | 3,964 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 900 | 2,428 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 500 | 1,130 | ||||||
Grupo Mexico SAB de CV, Series B | 1,100 | 3,602 | ||||||
Grupo Televisa SAB, Series CPO | 800 | 5,824 | ||||||
Industrias Penoles SAB de CV | 91 | 1,989 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 400 | 905 | ||||||
Mexichem SAB de CV* | 300 | 1,093 | ||||||
Minera Frisco SAB de CV, Class A1* | 200 | 338 | ||||||
OHL Mexico SAB de CV* | 300 | 688 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 1,500 | 3,207 | ||||||
|
| |||||||
60,849 | ||||||||
|
| |||||||
Netherlands — 3.0% | ||||||||
Aegon NV | 738 | 5,793 | ||||||
Akzo Nobel NV | 68 | 4,698 | ||||||
ASML Holding NV | 102 | 10,772 | ||||||
Corio NV REIT | 11 | 556 | ||||||
Delta Lloyd NV | 48 | 1,103 | ||||||
Gemalto NV | 26 | 2,209 | ||||||
Heineken Holding NV | 26 | 1,778 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Heineken NV | 67 | $ | 5,269 | |||||
ING Groep NV* | 1,043 | 15,278 | ||||||
Koninklijke Ahold NV | 213 | 3,762 | ||||||
Koninklijke Boskalis Westminster NV | 18 | 1,010 | ||||||
Koninklijke DSM NV | 45 | 2,958 | ||||||
Koninklijke KPN NV | 906 | 3,008 | ||||||
Koninklijke Philips NV | 264 | 7,962 | ||||||
Koninklijke Vopak NV | 19 | 954 | ||||||
OCI NV* | 29 | 1,040 | ||||||
QIAGEN NV* | 58 | 1,386 | ||||||
Randstad Holding NV | 38 | 1,875 | ||||||
Reed Elsevier NV | 216 | 5,310 | ||||||
Royal Dutch Shell PLC, Class A | 1,124 | 37,440 | ||||||
Royal Dutch Shell PLC, Class B | 699 | 24,272 | ||||||
TNT Express NV | 137 | 923 | ||||||
Unilever NV | 459 | 18,695 | ||||||
Wolters Kluwer NV | 92 | 2,696 | ||||||
|
| |||||||
160,747 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 515 | 1,564 | ||||||
Contact Energy Ltd. | 363 | 1,746 | ||||||
Fletcher Building Ltd. | 252 | 1,619 | ||||||
Meridian Energy Ltd. | 100 | 135 | ||||||
Ryman Healthcare Ltd. | 322 | 2,023 | ||||||
Spark New Zealand Ltd. | 511 | 1,227 | ||||||
|
| |||||||
8,314 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
DNB ASA | 329 | 5,463 | ||||||
Gjensidige Forsikring ASA | 78 | 1,338 | ||||||
Norsk Hydro ASA | 380 | 2,225 | ||||||
Orkla ASA | 265 | 1,972 | ||||||
Statoil ASA | 347 | 6,554 | ||||||
Telenor ASA | 249 | 5,256 | ||||||
Yara International ASA | 57 | 2,424 | ||||||
|
| |||||||
25,232 | ||||||||
|
| |||||||
Peru — 0.0% | ||||||||
Cia de Minas Buenaventura SA, Class B, ADR | 92 | 851 | ||||||
Southern Copper Corp. | 100 | 2,995 | ||||||
|
| |||||||
3,846 | ||||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,010 | 1,181 | ||||||
Aboitiz Power Corp. | 1,000 | 940 | ||||||
Alliance Global Group, Inc. | 500 | 276 | ||||||
Ayala Corp. | 80 | 1,236 | ||||||
Ayala Land, Inc. | 2,000 | 1,514 | ||||||
Bank of the Philippine Islands | 490 | 1,037 | ||||||
BDO Unibank, Inc. | 520 | 1,265 | ||||||
DMCI Holdings Inc. | 500 | 181 | ||||||
Energy Development Corp. | 2,000 | 358 | ||||||
International Container Terminal Services, Inc. | 390 | 1,007 | ||||||
JG Summit Holdings, Inc. | 200 | 275 | ||||||
Jollibee Foods Corp. | 290 | 1,337 | ||||||
Megaworld Corp. | 3,000 | 335 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Philippines (Continued) | ||||||||
Metro Pacific Investments Corp. | 2,000 | $ | 224 | |||||
Metropolitan Bank & Trust Company | 320 | 591 | ||||||
SM Investments Corp. | 50 | 896 | ||||||
SM Prime Holdings, Inc. | 3,000 | 1,144 | ||||||
Universal Robina Corp. | 380 | 1,651 | ||||||
|
| |||||||
15,448 | ||||||||
|
| |||||||
Poland — 0.6% | ||||||||
Alior Bank SA* | 80 | 1,878 | ||||||
Bank Handlowy w Warszawie SA | 16 | 513 | ||||||
Bank Millennium SA | 123 | 281 | ||||||
Bank Pekao SA | 59 | 3,241 | ||||||
Bank Zachodni WBK SA | 20 | 2,326 | ||||||
Cyfrowy Polsat SA | 730 | 5,358 | ||||||
Enea SA | 79 | 420 | ||||||
LPP SA | 1 | 2,627 | ||||||
mBank | 5 | 749 | ||||||
Orange Polska SA | 190 | 536 | ||||||
PGE SA | 390 | 2,244 | ||||||
Polski Koncern Naftowy Orlen SA | 96 | 1,289 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 695 | 1,004 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 337 | 3,760 | ||||||
Powszechny Zaklad Ubezpieczen SA | 22 | 3,138 | ||||||
Tauron Polska Energia SA | 168 | 259 | ||||||
|
| |||||||
29,623 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA, Class R* | 10,792 | 1,114 | ||||||
Banco Espirito Santo SA*‡ | 587 | 0 | ||||||
EDP — Energias de Portugal SA | 767 | 3,146 | ||||||
Galp Energia SGPS SA | 136 | 1,657 | ||||||
Jeronimo Martins SGPS SA | 82 | 833 | ||||||
|
| |||||||
6,750 | ||||||||
|
| |||||||
Qatar — 0.1% | ||||||||
Industries Qatar QSC | 17 | 892 | ||||||
Masraf Al Rayan | 100 | 1,325 | ||||||
Qatar Electricity & Water Co. | 10 | 522 | ||||||
Qatar Islamic Bank SAQ | 5 | 145 | ||||||
Qatar National Bank SAQ | 43 | 2,704 | ||||||
Vodafone Qatar | 55 | 267 | ||||||
|
| |||||||
5,855 | ||||||||
|
| |||||||
Russia — 0.7% | ||||||||
Gazprom OAO, ADR | 400 | 2,338 | ||||||
Lukoil OAO, ADR | 100 | 4,654 | ||||||
Magnit OJSC, GDR | 137 | 7,925 | ||||||
MegaFon OAO, GDR | 128 | 2,643 | ||||||
MMC Norilsk Nickel OJSC, ADR | 200 | 3,514 | ||||||
Mobile TeleSystems OJSC, ADR | 300 | 3,666 | ||||||
NovaTek OAO, GDR | 46 | 4,347 | ||||||
Rosneft Oil Co. OJSC, GDR | 600 | 2,841 | ||||||
Severstal OAO, GDR | 200 | 1,838 | ||||||
Sistema JSFC, GDR | 119 | 685 | ||||||
Surgutneftegas OJSC, ADR | 400 | 2,354 | ||||||
VTB Bank OJSC, GDR | 1,200 | 2,216 | ||||||
|
| |||||||
39,021 | ||||||||
|
|
Number | Value | |||||||
Singapore — 1.0% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,000 | $ | 1,794 | |||||
CapitaCommercial Trust REIT | 1,000 | 1,292 | ||||||
CapitaLand Ltd. | 1,000 | 2,546 | ||||||
CapitaMall Trust REIT | 1,000 | 1,518 | ||||||
ComfortDelGro Corp. Ltd. | 1,000 | 1,994 | ||||||
DBS Group Holdings Ltd. | 1,000 | 15,205 | ||||||
Genting Singapore PLC | 2,000 | 1,748 | ||||||
Global Logistic Properties Ltd. | 1,000 | 2,009 | ||||||
Golden Agri-Resources Ltd. | 2,000 | 705 | ||||||
Hutchison Port Holdings Trust, Class U | 1,000 | 685 | ||||||
Keppel Corp. Ltd. | 1,000 | 6,901 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,000 | 8,036 | ||||||
Singapore Technologies Engineering Ltd. | 1,000 | 2,584 | ||||||
Singapore Telecommunications Ltd. | 2,000 | 5,981 | ||||||
Wilmar International Ltd. | 1,000 | 2,461 | ||||||
|
| |||||||
55,459 | ||||||||
|
| |||||||
South Africa — 0.5% | ||||||||
AngloGold Ashanti Ltd., ADR* | 200 | 1,712 | ||||||
Gold Fields Ltd., ADR | 800 | 3,280 | ||||||
Impala Platinum Holdings Ltd., ADR* | 500 | 3,585 | ||||||
MTN Group Ltd., ADR | 500 | 9,840 | ||||||
Sasol Ltd., ADR | 200 | 8,410 | ||||||
|
| |||||||
26,827 | ||||||||
|
| |||||||
South Korea — 3.0% | ||||||||
Amorepacific Corp. | 1 | 2,256 | ||||||
AMOREPACIFIC Group | 1 | 1,049 | ||||||
BS Financial Group, Inc. | 70 | 992 | ||||||
Celltrion, Inc.* | 36 | 1,295 | ||||||
Cheil Worldwide, Inc.* | 40 | 673 | ||||||
CJ CheilJedang Corp. | 2 | 637 | ||||||
CJ Corp. | 4 | 585 | ||||||
Coway Co. Ltd. | 24 | 1,872 | ||||||
Daelim Industrial Co. Ltd. | 7 | 426 | ||||||
Daewoo International Corp. | 10 | 309 | ||||||
Daewoo Securities Co. Ltd.* | 10 | 98 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 30 | 523 | ||||||
DGB Financial Group, Inc. | 74 | 781 | ||||||
Dongbu Insurance Co. Ltd. | 30 | 1,508 | ||||||
Doosan Corp. | 1 | 104 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 7 | 165 | ||||||
Doosan Infracore Co. Ltd.* | 10 | 94 | ||||||
E-Mart Co. Ltd. | 8 | 1,589 | ||||||
GS Engineering & Construction Corp.* | 17 | 410 | ||||||
GS Holdings | 8 | 300 | ||||||
Halla Visteon Climate Control Corp. | 30 | 1,144 | ||||||
Hana Financial Group, Inc. | 80 | 2,441 | ||||||
Hankook Tire Co. Ltd. | 28 | 1,385 | ||||||
Hanwha Chemical Corp. | 84 | 955 | ||||||
Hanwha Corp. | 28 | 751 | ||||||
Hanwha Life Insurance Co. Ltd. | 160 | 1,216 | ||||||
Hite Jinro Co. Ltd. | 26 | 593 | ||||||
Hotel Shilla Co. Ltd. | 2 | 162 | ||||||
Hyosung Corp. | 16 | 1,001 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Department Store Co. Ltd. | 6 | $ | 696 | |||||
Hyundai Development Co.-Engineering & Construction | 10 | 320 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 14 | 566 | ||||||
Hyundai Glovis Co. Ltd. | 6 | 1,505 | ||||||
Hyundai Heavy Industries Co. Ltd. | 8 | 892 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 50 | 1,203 | ||||||
Hyundai Merchant Marine Co. Ltd.* | 25 | 219 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 2 | 139 | ||||||
Hyundai Mobis Co. Ltd. | 20 | 4,459 | ||||||
Hyundai Motor Co. | 40 | 6,462 | ||||||
Hyundai Steel Co. | 40 | 2,311 | ||||||
Hyundai Wia Corp. | 7 | 1,115 | ||||||
Industrial Bank of Korea | 20 | 272 | ||||||
Kangwon Land, Inc. | 40 | 1,181 | ||||||
KB Financial Group, Inc. | 90 | 3,160 | ||||||
KCC Corp. | 3 | 1,492 | ||||||
Kia Motors Corp. | 68 | 3,419 | ||||||
Korea Aerospace Industries Ltd. | 30 | 1,089 | ||||||
Korea Electric Power Corp. | 50 | 2,076 | ||||||
Korea Gas Corp.* | 5 | 260 | ||||||
Korea Investment Holdings Co. Ltd. | 20 | 1,036 | ||||||
Korea Zinc Co. Ltd. | 4 | 1,543 | ||||||
KT Corp. | 10 | 294 | ||||||
KT&G Corp. | 42 | 3,673 | ||||||
Kumho Petrochemical Co. Ltd. | 12 | 856 | ||||||
LG Chem Ltd. | 19 | 3,541 | ||||||
LG Corp. | 15 | 881 | ||||||
LG Display Co. Ltd.* | 50 | 1,532 | ||||||
LG Electronics, Inc. | 25 | 1,435 | ||||||
LG Household & Health Care Ltd. | 4 | 2,249 | ||||||
LG Innotek Co. Ltd.* | 3 | 271 | ||||||
LG Uplus Corp. | 117 | 1,146 | ||||||
Lotte Chemical Corp. | 10 | 1,588 | ||||||
Lotte Shopping Co. Ltd. | 4 | 1,083 | ||||||
LS Corp. | 3 | 164 | ||||||
LS Industrial Systems Co. Ltd. | 7 | 407 | ||||||
Mirae Asset Securities Co. Ltd. | 10 | 449 | ||||||
NAVER Corp. | 8 | 5,459 | ||||||
NCSoft Corp. | 6 | 864 | ||||||
OCI Co. Ltd.* | 9 | 690 | ||||||
Orion Corp. | 2 | 1,765 | ||||||
Paradise Co. Ltd. | 2 | 50 | ||||||
POSCO | 27 | 7,372 | ||||||
S-1 Corp. | 10 | 684 | ||||||
Samsung C&T Corp. | 23 | 1,493 | ||||||
Samsung Card Co. Ltd. | 30 | 1,298 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 16 | 878 | ||||||
Samsung Electronics Co. Ltd. | 25 | 29,040 | ||||||
Samsung Engineering Co. Ltd.* | 6 | 265 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 16 | 4,477 | ||||||
Samsung Heavy Industries Co. Ltd. | 30 | 585 | ||||||
Samsung Life Insurance Co. Ltd. | 31 | 3,414 | ||||||
Samsung SDI Co. Ltd. | 22 | 2,661 | ||||||
Samsung Securities Co. Ltd. | 20 | 892 | ||||||
Shinhan Financial Group Co. Ltd. | 130 | 5,820 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Shinsegae Co. Ltd. | 4 | $ | 713 | |||||
SK C&C Co. Ltd. | 8 | 1,610 | ||||||
SK Holdings Co. Ltd. | 4 | 614 | ||||||
SK Hynix, Inc.* | 140 | 6,072 | ||||||
SK Innovation Co. Ltd. | 9 | 696 | ||||||
SK Telecom Co. Ltd. | 6 | 1,519 | ||||||
S-Oil Corp. | 7 | 266 | ||||||
Woori Bank* | 33 | 319 | ||||||
Woori Investment & Securities Co. Ltd. | 8 | 86 | ||||||
Yuhan Corp. | 3 | 471 | ||||||
|
| |||||||
160,371 | ||||||||
|
| |||||||
Spain — 2.5% | ||||||||
Abertis Infraestructuras SA | 133 | 2,846 | ||||||
ACS Actividades de Construccion y Servicios SA | 40 | 1,413 | ||||||
Amadeus IT Holding SA, Class A | 114 | 4,538 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,750 | 18,797 | ||||||
Banco de Sabadell SA | 933 | 2,646 | ||||||
Banco Popular Espanol SA | 499 | 2,743 | ||||||
Banco Santander SA | 3,554 | 32,035 | ||||||
Bankia SA* | 1,381 | 2,421 | ||||||
Bankinter SA | 200 | 1,792 | ||||||
CaixaBank SA | 601 | 3,319 | ||||||
Distribuidora Internacional de Alimentacion SA | 130 | 904 | ||||||
Enagas SA | 85 | 2,846 | ||||||
Ferrovial SA | 109 | 2,234 | ||||||
Gas Natural SDG SA | 103 | 2,918 | ||||||
Grifols SA | 39 | 1,737 | ||||||
Iberdrola SA | 1,502 | 11,105 | ||||||
Inditex SA | 325 | 9,463 | ||||||
Mapfre SA | 305 | 1,119 | ||||||
Red Electrica Corp. SA | 38 | 3,481 | ||||||
Repsol SA | 282 | 6,329 | ||||||
Telefonica SA | 1,248 | 19,988 | ||||||
Zardoya Otis SA | 42 | 448 | ||||||
|
| |||||||
135,122 | ||||||||
|
| |||||||
Sweden — 2.0% | ||||||||
Alfa Laval AB | 73 | 1,453 | ||||||
Assa Abloy AB, Class B | 81 | 4,402 | ||||||
Atlas Copco AB, Class A | 173 | 4,988 | ||||||
Atlas Copco AB, Class B | 99 | 2,630 | ||||||
Boliden AB | 79 | 1,335 | ||||||
Electrolux AB, Series B | 71 | 2,110 | ||||||
Elekta AB, Class B | 87 | 887 | ||||||
Getinge AB, Class B | 59 | 1,366 | ||||||
Hennes & Mauritz AB, Class B | 267 | 11,437 | ||||||
Hexagon AB, Class B | 92 | 2,924 | ||||||
Husqvarna AB, Class B | 93 | 685 | ||||||
Industrivarden AB, Class C | 54 | 954 | ||||||
Investment AB Kinnevik, Class B | 64 | 2,220 | ||||||
Investor AB, Class B | 125 | 4,696 | ||||||
Lundin Petroleum AB* | 65 | 916 | ||||||
Nordea Bank AB | 827 | 10,331 | ||||||
Sandvik AB | 290 | 3,037 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Securitas AB, Class B | 76 | $ | 918 | |||||
Skandinaviska Enskilda Banken AB, Class A | 493 | 6,512 | ||||||
Skanska AB, Class B | 82 | 1,766 | ||||||
SKF AB, Class B | 98 | 2,019 | ||||||
Svenska Cellulosa AB SCA, Class B | 147 | 3,468 | ||||||
Svenska Handelsbanken AB, Class A | 130 | 6,350 | ||||||
Swedbank AB, Class A | 273 | 7,161 | ||||||
Swedish Match AB | 45 | 1,554 | ||||||
Tele2 AB, Class B | 75 | 971 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 856 | 10,779 | ||||||
TeliaSonera AB | 593 | 4,231 | ||||||
Volvo AB, Class B | 442 | 4,837 | ||||||
|
| |||||||
106,937 | ||||||||
|
| |||||||
Switzerland — 7.1% | ||||||||
ABB Ltd.* | 599 | 13,446 | ||||||
Actelion Ltd.* | 27 | 3,211 | ||||||
Adecco SA* | 47 | 3,300 | ||||||
Aryzta AG* | 21 | 1,676 | ||||||
Baloise Holding AG | 16 | 2,090 | ||||||
Barry Callebaut AG* | 1 | 1,070 | ||||||
Cie Financiere Richemont SA | 150 | 14,104 | ||||||
Coca-Cola HBC AG CDI* | 63 | 1,429 | ||||||
Credit Suisse Group AG* | 421 | 11,250 | ||||||
EMS-Chemie Holding AG | 3 | 1,113 | ||||||
Geberit AG | 11 | 3,832 | ||||||
Givaudan SA* | 3 | 5,346 | ||||||
Glencore PLC* | 2,988 | 14,954 | ||||||
Holcim Ltd.* | 61 | 4,504 | ||||||
Julius Baer Group Ltd.* | 62 | 2,809 | ||||||
Kuehne + Nagel International AG | 23 | 3,097 | ||||||
Lonza Group AG* | 14 | 1,646 | ||||||
Nestle SA | 964 | 72,381 | ||||||
Novartis AG | 656 | 63,478 | ||||||
Pargesa Holding SA | 9 | 716 | ||||||
Partners Group Holding AG | 6 | 1,723 | ||||||
Roche Holding AG | 203 | 60,800 | ||||||
Schindler Holding AG | 8 | 1,118 | ||||||
Schindler Holding AG Participation Certificates | 15 | 2,139 | ||||||
SGS SA | 2 | 4,326 | ||||||
Sika AG | 1 | 3,806 | ||||||
Sonova Holding AG | 17 | 2,572 | ||||||
STMicroelectronics NV | 183 | 1,371 | ||||||
Sulzer AG | 7 | 782 | ||||||
Swatch Group AG (The) — Bearer | 9 | 4,448 | ||||||
Swatch Group AG (The) — Registered | 12 | 1,105 | ||||||
Swiss Life Holding AG* | 11 | 2,520 | ||||||
Swiss Prime Site AG* | 34 | 2,621 | ||||||
Swiss Re AG* | 96 | 8,207 | ||||||
Swisscom AG | 11 | 6,677 | ||||||
Syngenta AG | 32 | 10,541 | ||||||
Transocean Ltd. | 106 | 2,244 | ||||||
UBS AG* | 1,051 | 18,872 | ||||||
Wolseley PLC | 70 | 3,925 | ||||||
Zurich Insurance Group AG* | 44 | 13,789 | ||||||
|
| |||||||
379,038 | ||||||||
|
|
Number | Value | |||||||
Taiwan — 2.2% | ||||||||
Advanced Semiconductor Engineering, Inc., ADR | 1,700 | $ | 10,506 | |||||
AU Optronics Corp., ADR | 900 | 4,266 | ||||||
Chunghwa Telecom Co. Ltd., ADR | 200 | 6,018 | ||||||
Hon Hai Precision Industry Co. Ltd., GDR | 4,580 | 28,854 | ||||||
Siliconware Precision Industries Co., ADR | 1,100 | 8,151 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2,000 | 46,940 | ||||||
United Microelectronics Corp., ADR | 5,100 | 11,016 | ||||||
|
| |||||||
115,751 | ||||||||
|
| |||||||
Thailand — 0.6% | ||||||||
Bangkok Bank PCL, NVDR | 500 | 3,076 | ||||||
Indorama Ventures PCL, NVDR | 2,400 | 1,645 | ||||||
IRPC PCL, NVDR | 10,300 | 1,048 | ||||||
Kasikornbank PCL, NVDR | 500 | 3,761 | ||||||
Krung Thai Bank PCL, NVDR | 4,000 | 2,912 | ||||||
PTT Exploration & Production PCL, NVDR | 1,000 | 4,127 | ||||||
PTT PCL, NVDR | 700 | 8,165 | ||||||
Siam Commercial Bank PCL, NVDR | 600 | 3,591 | ||||||
Thai Oil PCL, NVDR | 800 | 1,054 | ||||||
|
| |||||||
29,379 | ||||||||
|
| |||||||
Turkey — 0.5% | ||||||||
Akbank TAS | 521 | 2,108 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS* | 38 | 435 | ||||||
Arcelik AS | 309 | 1,975 | ||||||
BIM Birlesik Magazalar AS | 58 | 1,290 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 815 | 1,035 | ||||||
Enka Insaat ve Sanayi AS | 294 | 764 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 891 | 1,809 | ||||||
Ford Otomotiv Sanayi AS | 136 | 1,831 | ||||||
Haci Omer Sabanci Holding AS | 285 | 1,360 | ||||||
KOC Holding AS | 238 | 1,339 | ||||||
TAV Havalimanlari Holding AS | 175 | 1,497 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 224 | 1,593 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 65 | 1,466 | ||||||
Turk Hava Yollari* | 211 | 875 | ||||||
Turk Telekomunikasyon AS | 259 | 828 | ||||||
Turkcell Iletisim Hizmetleri AS* | 249 | 1,575 | ||||||
Turkiye Garanti Bankasi AS | 641 | 2,819 | ||||||
Turkiye Halk Bankasi AS | 157 | 1,117 | ||||||
Turkiye Is Bankasi, Class C | 451 | 1,251 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 164 | 261 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 131 | 301 | ||||||
Ulker Biskuvi Sanayi AS | 24 | 180 | ||||||
Yapi ve Kredi Bankasi AS | 218 | 522 | ||||||
|
| |||||||
28,231 | ||||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 400 | 800 | ||||||
Aldar Properties PJSC | 900 | 782 | ||||||
Arabtec Holding Co.* | 300 | 324 | ||||||
DP World Ltd. | 100 | 2,116 | ||||||
Dubai Financial Market | 700 | 499 | ||||||
Dubai Islamic Bank PJSC | 200 | 411 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
United Arab Emirates (Continued) | ||||||||
Emaar Properties PJSC | 974 | $ | 2,904 | |||||
First Gulf Bank PJSC | 555 | 2,712 | ||||||
National Bank of Abu Dhabi PJSC | 275 | 1,011 | ||||||
|
| |||||||
11,559 | ||||||||
|
| |||||||
United Kingdom — 13.1% | ||||||||
3i Group PLC | 299 | 2,074 | ||||||
Aberdeen Asset Management PLC | 281 | 1,975 | ||||||
Admiral Group PLC | 57 | 1,104 | ||||||
Aggreko PLC | 74 | 1,772 | ||||||
Amec Foster Wheeler PLC | 84 | 1,226 | ||||||
Anglo American PLC | 679 | 14,016 | ||||||
Antofagasta PLC | 106 | 1,220 | ||||||
ARM Holdings PLC | 403 | 5,757 | ||||||
Ashtead Group PLC | 100 | 1,646 | ||||||
Associated British Foods PLC | 101 | 5,053 | ||||||
AstraZeneca PLC | 360 | 26,879 | ||||||
Aviva PLC | 836 | 6,634 | ||||||
Babcock International Group PLC | 139 | 2,469 | ||||||
BAE Systems PLC | 874 | 6,568 | ||||||
Barclays PLC | 4,596 | 17,599 | ||||||
BG Group PLC | 967 | 13,597 | ||||||
BHP Billiton PLC | 611 | 14,478 | ||||||
BP PLC | 5,240 | 34,393 | ||||||
British American Tobacco PLC | 547 | 32,421 | ||||||
British Land Co. PLC REIT | 277 | 3,323 | ||||||
BT Group PLC | 2,319 | 14,859 | ||||||
Bunzl PLC | 90 | 2,511 | ||||||
Burberry Group PLC | 121 | 3,119 | ||||||
Capita PLC | 188 | 3,142 | ||||||
Carnival PLC | 47 | 2,070 | ||||||
Centrica PLC | 1,507 | 6,699 | ||||||
CNH Industrial NV | 253 | 1,980 | ||||||
Cobham PLC | 290 | 1,366 | ||||||
Compass Group PLC | 444 | 7,560 | ||||||
Croda International PLC | 44 | 1,687 | ||||||
Diageo PLC | 739 | 22,867 | ||||||
Direct Line Insurance Group PLC | 384 | 1,766 | ||||||
Dixons Carphone PLC | 256 | 1,693 | ||||||
easyJet PLC | 49 | 1,265 | ||||||
Fiat Chrysler Automobiles NV* | 285 | 3,555 | ||||||
G4S PLC | 453 | 1,956 | ||||||
GKN PLC | 495 | 2,670 | ||||||
GlaxoSmithKline PLC | 1,392 | 32,289 | ||||||
Hammerson PLC REIT | 178 | 1,732 | ||||||
Hargreaves Lansdown PLC | 71 | 1,082 | ||||||
HSBC Holdings PLC | 5,416 | 53,889 | ||||||
ICAP PLC | 158 | 1,029 | ||||||
IMI PLC | 73 | 1,347 | ||||||
Imperial Tobacco Group PLC | 278 | 12,854 | ||||||
Inmarsat PLC | 125 | 1,551 | ||||||
InterContinental Hotels Group PLC | 61 | 2,582 | ||||||
International Consolidated Airlines Group SA* | 310 | 2,215 | ||||||
Intertek Group PLC | 48 | 1,751 | ||||||
Intu Properties PLC REIT | 230 | 1,282 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Investec PLC | 159 | $ | 1,470 | |||||
ITV PLC | 1,156 | 3,868 | ||||||
J Sainsbury PLC | 279 | 1,017 | ||||||
Johnson Matthey PLC | 57 | 2,961 | ||||||
Kingfisher PLC | 692 | 3,372 | ||||||
Land Securities Group PLC REIT | 225 | 4,175 | ||||||
Legal & General Group PLC | 1,651 | 6,362 | ||||||
Lloyds Banking Group PLC* | 15,949 | 20,017 | ||||||
London Stock Exchange Group PLC | 66 | 2,325 | ||||||
Marks & Spencer Group PLC | 470 | 3,586 | ||||||
Meggitt PLC | 209 | 1,642 | ||||||
Melrose Industries PLC | 280 | 1,131 | ||||||
National Grid PLC | 1,092 | 15,863 | ||||||
Next PLC | 45 | 4,762 | ||||||
Old Mutual PLC | 1,369 | 4,283 | ||||||
Pearson PLC | 239 | 4,596 | ||||||
Persimmon PLC* | 84 | 2,011 | ||||||
Petrofac Ltd. | 80 | 1,031 | ||||||
Prudential PLC | 728 | 17,603 | ||||||
Reckitt Benckiser Group PLC | 176 | 14,447 | ||||||
Reed Elsevier PLC | 342 | 5,946 | ||||||
Rexam PLC | 194 | 1,371 | ||||||
Rio Tinto PLC | 353 | 16,500 | ||||||
Rolls-Royce Holdings PLC* | 523 | 6,883 | ||||||
Royal Bank of Scotland Group PLC* | 656 | 4,051 | ||||||
Royal Mail PLC | 185 | 1,207 | ||||||
RSA Insurance Group PLC* | 271 | 1,982 | ||||||
SABMiller PLC | 624 | 34,738 | ||||||
Sage Group PLC (The) | 315 | 2,003 | ||||||
Schroders PLC | 41 | 1,726 | ||||||
Segro PLC REIT | 168 | 1,029 | ||||||
Severn Trent PLC | 78 | 2,489 | ||||||
Sky PLC | 326 | 4,746 | ||||||
Smith & Nephew PLC | 260 | 4,508 | ||||||
Smiths Group PLC | 106 | 1,916 | ||||||
Sports Direct International PLC* | 74 | 764 | ||||||
SSE PLC | 297 | 7,608 | ||||||
Standard Chartered PLC | 695 | 10,173 | ||||||
Standard Life PLC | 661 | 4,378 | ||||||
Subsea 7 SA | 96 | 956 | ||||||
Tate & Lyle PLC | 172 | 1,621 | ||||||
Tesco PLC | 2,141 | 6,235 | ||||||
Travis Perkins PLC | 66 | 1,863 | ||||||
TUI Travel PLC | 103 | 716 | ||||||
Tullow Oil PLC | 267 | 1,777 | ||||||
Unilever PLC | 374 | 15,808 | ||||||
United Utilities Group PLC | 205 | 2,900 | ||||||
Vodafone Group PLC | 7,688 | 28,094 | ||||||
Weir Group PLC (The) | 58 | 1,700 | ||||||
Whitbread PLC | 45 | 3,224 | ||||||
William Hill PLC | 225 | 1,177 | ||||||
WM Morrison Supermarkets PLC | 536 | 1,494 | ||||||
WPP PLC | 393 | 8,226 | ||||||
|
| |||||||
694,903 | ||||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
United States — 0.4% | ||||||||
Thomson Reuters Corp. | 100 | $ | 3,988 | |||||
Valeant Pharmaceuticals International, Inc.* | 100 | 14,552 | ||||||
|
| |||||||
18,540 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,167,274 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Brazil — 0.8% | ||||||||
Banco Bradesco SA | 604 | 9,284 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 100 | 581 | ||||||
Bradespar SA | 100 | 586 | ||||||
Braskem SA, Class A | 3 | 22 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 100 | 300 | ||||||
Cia Brasileira de Distribuicao | 24 | 1,012 | ||||||
Cia Energetica de Minas Gerais | 200 | 1,094 | ||||||
Cia Paranaense de Energia, Class B | 6 | 82 | ||||||
Gerdau SA | 300 | 1,270 | ||||||
Itau Unibanco Holding SA | 782 | 11,728 | ||||||
Itausa — Investimentos Itau SA | 880 | 3,583 | ||||||
Lojas Americanas SA | 125 | 822 | ||||||
Metalurgica Gerdau SA | 100 | 505 | ||||||
Oi SA* | 837 | 449 | ||||||
Petroleo Brasileiro SA | 1,200 | 5,968 | ||||||
Suzano Papel e Celulose SA, Class A | 100 | 423 | ||||||
Telefonica Brasil SA | 100 | 2,040 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A* | 182 | 368 | ||||||
Vale SA | 597 | 4,639 | ||||||
|
| |||||||
44,756 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina SA, Class B | 165 | 503 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 30 | 759 | ||||||
|
| |||||||
1,262 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 166 | 2,144 | ||||||
Grupo Aval Acciones y Valores | 1,061 | 672 | ||||||
Grupo de Inversiones Suramericana SA | 31 | 555 | ||||||
|
| |||||||
3,371 | ||||||||
|
|
Number | Value | |||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 14 | $ | 1,189 | |||||
Fuchs Petrolub SE | 20 | 827 | ||||||
Henkel AG & Co. KGaA | 48 | 5,325 | ||||||
Porsche Automobil Holding SE | 42 | 3,658 | ||||||
Volkswagen AG | 47 | 10,823 | ||||||
|
| |||||||
21,822 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. | 14 | 1,624 | ||||||
Hyundai Motor Co. — 2nd Preferred | 15 | 1,800 | ||||||
LG Chem Ltd. | 7 | 1,055 | ||||||
Samsung Electronics Co. Ltd. | 6 | 5,681 | ||||||
|
| |||||||
10,160 | ||||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Rolls-Royce Holdings PLC, Class C* | 47,070 | 74 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 81,445 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Harvey Norman Holdings Ltd., Class R*, expires 1/15/15 | 14 | 21 | ||||||
|
| |||||||
South Korea — 0.0% | ||||||||
DGB Financial Group, Inc.*, expires 2/13/15 | 12 | 17 | ||||||
|
| |||||||
TOTAL RIGHTS | 38 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Hong Kong — 0.0% | ||||||||
Sun Hung Kai Properties Ltd.*, expires 4/22/16 | 83 | 181 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.9% (Cost $5,399,056) | $ | 5,248,938 | ||||||
Other assets less liabilities — 1.1% | 57,906 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,306,844 | ||||||
|
|
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 163,000 | USD | 169,388 | $ | 695 | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 163,000 | USD | 169,388 | 694 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | CHF | 2,000 | USD | 2,085 | 15 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 168,000 | USD | 28,283 | 207 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 168,000 | USD | 28,283 | 207 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 422,000 | USD | 528,811 | 4,073 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 422,000 | USD | 528,804 | 4,065 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 1,300 | USD | 1,621 | 4 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 1,500 | USD | 1,883 | 18 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 240,000 | USD | 383,908 | $ | 9,026 | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 240,000 | USD | 383,873 | 8,990 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | GBP | 2,210 | USD | 3,536 | 84 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 41,000 | USD | 10,811 | 283 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 41,000 | USD | 10,811 | 283 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 108,000 | USD | 15,981 | 587 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 108,000 | USD | 15,983 | 588 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 383,000 | USD | 51,757 | 393 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 383,000 | USD | 51,757 | 393 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 525,812 | EUR | 422,000 | (1,073 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 375,852 | GBP | 240,000 | (969 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 169,087 | CHF | 163,000 | (394 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 51,455 | SEK | 383,000 | (91 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 28,132 | DKK | 168,000 | (56 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 15,417 | NOK | 108,000 | (22 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 10,523 | ILS | 41,000 | 5 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 519,853 | EUR | 417,000 | (1,332 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 371,937 | GBP | 237,500 | (959 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 169,175 | CHF | 163,000 | (482 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 51,465 | SEK | 383,000 | (101 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 3,995 | GBP | 2,500 | (90 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 28,147 | DKK | 168,000 | (71 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 6,243 | EUR | 5,000 | (25 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 15,416 | NOK | 108,000 | (21 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 10,519 | ILS | 41,000 | 9 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 3,503 | EUR | 2,800 | (21 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 3,461 | GBP | 2,210 | (9 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 2,076 | CHF | 2,000 | (6 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 166,000 | USD | 145,618 | 4,399 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 166,000 | USD | 145,636 | 4,417 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | AUD | 1,400 | USD | 1,221 | 30 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | BRL | 144,000 | USD | 58,182 | 2,280 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | BRL | 144,000 | USD | 58,201 | 2,299 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | CAD | 213,000 | USD | 188,781 | 2,524 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CAD | 213,000 | USD | 188,793 | 2,536 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | CAD | 14,300 | USD | 12,542 | 38 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | CLP | 6,380,000 | USD | 10,991 | 509 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CLP | 6,380,000 | USD | 11,009 | 526 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | COP | 10,422,000 | USD | 5,044 | 345 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | COP | 10,422,000 | USD | 5,036 | 337 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | CZK | 39,000 | USD | 1,757 | 2 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CZK | 39,000 | USD | 1,757 | 2 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | EGP | 22,000 | USD | 3,053 | (22 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | EGP | 22,000 | USD | 3,053 | (22 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 1,353,000 | USD | 174,467 | 5 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 1,353,000 | USD | 174,467 | 5 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | HKD | 58,500 | USD | 7,546 | 3 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HUF | 546,000 | USD | 2,217 | 2 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HUF | 546,000 | USD | 2,217 | 2 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | IDR | 200,716,000 | USD | 16,540 | 102 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | IDR | 200,716,000 | USD | 16,518 | 80 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | INR | 1,784,000 | USD | 28,947 | 217 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | INR | 1,784,000 | USD | 28,943 | 213 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 40,630,000 | USD | 362,509 | 20,240 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 40,630,000 | USD | 362,490 | 20,220 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 1,650,000 | USD | 14,394 | 494 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | KRW | 93,250,000 | USD | 86,801 | 2,648 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | KRW | 93,250,000 | USD | 87,146 | 2,994 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | MXN | 422,000 | USD | 31,240 | $ | 915 | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MXN | 422,000 | USD | 31,242 | 917 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | MYR | 87,000 | USD | 26,232 | 518 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MYR | 87,000 | USD | 26,383 | 669 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 5,000 | USD | 3,878 | (43 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 5,000 | USD | 3,879 | (42 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | PHP | 337,000 | USD | 7,489 | (14 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PHP | 337,000 | USD | 7,510 | 6 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | PLN | 48,000 | USD | 14,253 | (8 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PLN | 48,000 | USD | 14,256 | (6 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | QAR | 26,000 | USD | 7,138 | (3 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | RUB | 731,000 | USD | 16,830 | 2,173 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | RUB | 731,000 | USD | 16,878 | 2,220 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 35,000 | USD | 27,221 | 384 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 35,000 | USD | 27,221 | 384 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | THB | 469,000 | USD | 14,366 | 85 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | THB | 469,000 | USD | 14,358 | 77 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | TRY | 28,000 | USD | 12,526 | (71 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TRY | 28,000 | USD | 12,530 | (68 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | TWD | 1,668,000 | USD | 54,742 | 843 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 1,668,000 | USD | 54,808 | 909 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 141,664 | AUD | 166,000 | (446 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 186,620 | CAD | 213,000 | (364 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 14,795 | RUB | 731,000 | (137 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 342,378 | JPY | 40,630,000 | (109 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 14,482 | ZAR | 160,000 | (43 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 14,304 | PLN | 48,000 | (42 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 30,353 | MXN | 422,000 | (29 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 12,621 | TRY | 28,000 | (23 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 4,713 | COP | 10,422,000 | (14 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 26,846 | SGD | 35,000 | (10 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 10,492 | CLP | 6,380,000 | (9 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 174,468 | HKD | 1,353,000 | (6 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 2,219 | HUF | 546,000 | (5 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 1,757 | CZK | 39,000 | (3 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 3,924 | NZD | 5,000 | (3 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 55,903 | BRL | 144,000 | (1 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 7,140 | QAR | 26,000 | 1 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 7,497 | PHP | 337,000 | 6 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 14,264 | THB | 469,000 | 17 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 28,681 | INR | 1,784,000 | 49 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 16,372 | IDR | 200,716,000 | 67 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 25,606 | MYR | 87,000 | 109 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 53,742 | TWD | 1,668,000 | 157 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 83,865 | KRW | 93,250,000 | 287 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 186,792 | CAD | 213,000 | (536 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 141,672 | AUD | 166,000 | (453 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 14,767 | RUB | 731,000 | (109 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 2,633 | JPY | 300,000 | (106 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 14,311 | PLN | 48,000 | (49 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 16,481 | IDR | 200,716,000 | (42 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 14,482 | ZAR | 160,000 | (42 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 28,764 | INR | 1,784,000 | (34 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 30,358 | MXN | 422,000 | (33 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 12,624 | TRY | 28,000 | (27 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 26,853 | SGD | 35,000 | (16 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 4,713 | COP | 10,422,000 | (15 | ) |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 84,164 | KRW | 93,250,000 | $ | (12 | ) | ||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 6,162 | EGP | 44,000 | (11 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 174,469 | HKD | 1,353,000 | (7 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 2,222 | HUF | 546,000 | (7 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 25,720 | MYR | 87,000 | (6 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 1,759 | CZK | 39,000 | (5 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 3,925 | NZD | 5,000 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 10,485 | CLP | 6,380,000 | (2 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 7,505 | PHP | 337,000 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 55,898 | BRL | 144,000 | 3 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 14,278 | THB | 469,000 | 3 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 53,859 | TWD | 1,668,000 | 41 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 336,771 | JPY | 40,330,000 | (67 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 12,540 | CAD | 14,300 | (36 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 3,398 | JPY | 400,000 | (29 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 1,195 | AUD | 1,400 | (4 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 10,533 | JPY | 1,250,000 | (3 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 7,544 | HKD | 58,500 | — | ||||||||||||
Barclays Bank PLC | 12/3/2014 | ZAR | 160,000 | USD | 14,416 | (24 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | ZAR | 160,000 | USD | 14,417 | (23 | ) | |||||||||||
Barclays Bank PLC | 12/8/2014 | AED | 19,000 | USD | 5,171 | (2 | ) | |||||||||||
Barclays Bank PLC | 12/8/2014 | USD | 5,173 | AED | 19,000 | — | ||||||||||||
Barclays Bank PLC | 1/5/2015 | DKK | 174,000 | USD | 29,142 | 56 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | DKK | 174,000 | USD | 29,158 | 72 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | EUR | 463,000 | USD | 576,995 | 1,152 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | EUR | 463,000 | USD | 577,299 | 1,456 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | GBP | 254,000 | USD | 397,698 | 1,034 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | GBP | 254,000 | USD | 397,699 | 1,034 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | NOK | 2,104 | USD | 300 | — | ||||||||||||
Barclays Bank PLC | 1/5/2015 | NOK | 104,000 | USD | 14,828 | 23 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | NOK | 104,000 | USD | 14,827 | 22 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | SEK | 408,000 | USD | 54,817 | 95 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | SEK | 408,000 | USD | 54,829 | 107 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 24,500 | EUR | 19,660 | (49 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 6,100 | GBP | 3,896 | (16 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 3,100 | CHF | 2,987 | (7 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 1,500 | SEK | 11,164 | (3 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 300 | DKK | 1,791 | (1 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | AUD | 169,000 | USD | 143,869 | 453 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | AUD | 169,000 | USD | 143,886 | 470 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | BRL | 152,000 | USD | 58,437 | 1 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | BRL | 152,000 | USD | 58,423 | (13 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | CAD | 243,000 | USD | 212,766 | 451 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CAD | 243,000 | USD | 212,937 | 622 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | CHF | 173,000 | USD | 179,536 | 396 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CHF | 173,000 | USD | 179,633 | 493 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | CLP | 6,740,000 | USD | 11,044 | 8 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CLP | 6,740,000 | USD | 11,034 | (1 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | COP | 10,019,000 | USD | 4,517 | 16 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | COP | 10,019,000 | USD | 4,512 | 11 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | CZK | 40,000 | USD | 1,803 | 3 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CZK | 40,000 | USD | 1,805 | 5 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HKD | 1,426,000 | USD | 183,875 | 5 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | HKD | 1,426,000 | USD | 183,874 | 4 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HUF | 589,000 | USD | 2,392 | 5 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | HUF | 589,000 | USD | 2,395 | 8 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | IDR | 211,212,000 | USD | 17,155 | (43 | ) |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | IDR | 211,212,000 | USD | 17,204 | $ | 6 | |||||||||||
Barclays Bank PLC | 1/6/2015 | ILS | 44,000 | USD | 11,293 | (6 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | ILS | 44,000 | USD | 11,288 | (11 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | INR | 1,795,000 | USD | 28,692 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | INR | 1,795,000 | USD | 28,769 | 73 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | KRW | 94,920,000 | USD | 85,144 | (380 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | KRW | 94,920,000 | USD | 85,520 | (4 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | MXN | 425,000 | USD | 30,494 | 20 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | MXN | 425,000 | USD | 30,509 | 35 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | MYR | 87,000 | USD | 25,506 | (138 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | MYR | 87,000 | USD | 25,627 | (17 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | SGD | 36,000 | USD | 27,605 | 9 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | SGD | 36,000 | USD | 27,607 | 12 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | TRY | 224 | USD | 100 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | TRY | 31,000 | USD | 13,863 | 7 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | TRY | 31,000 | USD | 13,890 | 34 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 21,200 | CAD | 24,213 | (45 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 4,500 | AUD | 5,286 | (14 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 1,800 | BRL | 4,682 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 1,500 | HKD | 11,633 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 200 | HUF | 49,245 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 700 | ILS | 2,727 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | ZAR | 161,000 | USD | 14,483 | 40 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | ZAR | 161,000 | USD | 14,485 | 43 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | AED | 28,000 | USD | 7,622 | (1 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | JPY | 45,088,000 | USD | 380,149 | 92 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | JPY | 45,088,000 | USD | 380,105 | 47 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | NZD | 5,000 | USD | 3,910 | 4 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | NZD | 5,000 | USD | 3,911 | 4 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | PHP | 348,000 | USD | 7,720 | (13 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | PHP | 348,000 | USD | 7,736 | 3 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | PLN | 672 | USD | 200 | 1 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | PLN | 50,000 | USD | 14,876 | 44 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | PLN | 50,000 | USD | 14,883 | 51 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | QAR | 38,000 | USD | 10,431 | (2 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | THB | 494,000 | USD | 14,976 | (40 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | THB | 494,000 | USD | 14,985 | (30 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | TWD | 1,803,000 | USD | 58,118 | (167 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | TWD | 1,803,000 | USD | 58,199 | (86 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | USD | 5,800 | JPY | 687,915 | (1 | ) | |||||||||||
Barclays Bank PLC | 1/8/2015 | EGP | 43,000 | USD | 5,907 | (65 | ) | |||||||||||
Barclays Bank PLC | 1/13/2015 | RUB | 771,000 | USD | 15,345 | 137 | ||||||||||||
JP Morgan & Chase Co. | 1/13/2015 | RUB | 771,000 | USD | 15,358 | 150 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 107,616 | ||||||||||||||||
|
|
Currency Abbreviations
AED – Arab Emirates Dirham
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CHF – Swiss Franc
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
DKK – Danish Krone
EGP – Egyptian Pound
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
INR – Indian Rupee
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
NOK – Norwegian Krone
NZD – New Zealand Dollar
PHP – Philippine Peso
PLN – Polish Zloty
QAR – Qatari Rial
RUB – Russian Ruble
SEK – Swedish Krona
SGD – Singapore Dollar
THB – Thai Baht
TRY – Turkish New Lira
TWD – New Taiwan Dollar
USD – U.S. Dollar
ZAR – South African Rand
* Non-income producing security.
‡ Fair valued security.
144A – Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of this security amounted to $9,555 or 0.2% of net assets.
(a) Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(b) Affiliated issuer. This security is owned in proportion with its representation in the index.
(c) Listed on London Stock Exchange.
ADR – American Depositary Receipt
CDI – Chess Depositary Interest
CPO – Ordinary Participation Certificates
FDR – Fiduciary Depositary Receipt
GDR – Global Depositary Receipt
NVDR – Non Voting Depositary Receipt
REIT – Real Estate Investment Trust
RSP – Risparmio (Convertible Savings Shares)
SDR – Swedish Depositary Receipt
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 23.1% | ||||||||
AGL Energy Ltd. | 1,501 | $ | 16,744 | |||||
ALS Ltd. | 733 | 3,143 | ||||||
Alumina Ltd.* | 4,711 | 6,694 | ||||||
Amcor Ltd. | 2,060 | 21,315 | ||||||
AMP Ltd. | 5,520 | 26,491 | ||||||
APA Group (a) | 2,006 | 13,433 | ||||||
Asciano Ltd. | 976 | 4,883 | ||||||
ASX Ltd. | 353 | 10,813 | ||||||
Aurizon Holdings Ltd. | 3,042 | 11,933 | ||||||
AusNet Services (a) | 5,702 | 6,404 | ||||||
Australia & New Zealand Banking Group Ltd. | 4,484 | 121,789 | ||||||
Bank of Queensland Ltd. | 326 | 3,417 | ||||||
Bendigo and Adelaide Bank Ltd. | 720 | 7,823 | ||||||
BHP Billiton Ltd. | 5,065 | 133,259 | ||||||
Boral Ltd. | 1,112 | 4,627 | ||||||
Brambles Ltd. | 2,798 | 23,141 | ||||||
Caltex Australia Ltd. | 231 | 5,946 | ||||||
Coca-Cola Amatil Ltd. | 966 | 7,513 | ||||||
Cochlear Ltd. | 73 | 4,320 | ||||||
Commonwealth Bank of Australia | 2,795 | 191,974 | ||||||
Computershare Ltd. | 551 | 5,415 | ||||||
Crown Resorts Ltd. | 675 | 8,259 | ||||||
CSL Ltd. | 814 | 57,190 | ||||||
Dexus Property Group REIT | 1,238 | 7,490 | ||||||
Federation Centres REIT | 2,583 | 6,088 | ||||||
Flight Centre Travel Group Ltd. | 70 | 2,408 | ||||||
Fortescue Metals Group Ltd. | 3,464 | 8,666 | ||||||
Goodman Group REIT | 1,980 | 9,182 | ||||||
GPT Group REIT | 2,504 | 8,821 | ||||||
Harvey Norman Holdings Ltd. | 1,250 | 3,925 | ||||||
Healthscope Ltd.* | 1,000 | 2,221 | ||||||
Iluka Resources Ltd. | 677 | 3,946 | ||||||
Incitec Pivot Ltd. | 1,637 | 3,970 | ||||||
Insurance Australia Group Ltd. | 4,272 | 23,155 | ||||||
Leighton Holdings Ltd. | 308 | 5,276 | ||||||
Lend Lease Group (a) | 697 | 9,092 | ||||||
Macquarie Group Ltd. | 578 | 28,737 | ||||||
Metcash Ltd. | 1,232 | 2,736 | ||||||
Mirvac Group REIT | 4,868 | 7,270 | ||||||
National Australia Bank Ltd. | 3,684 | 102,191 | ||||||
Newcrest Mining Ltd.* | 1,549 | 13,629 | ||||||
Novion Property Group REIT | 4,823 | 8,741 | ||||||
Orica Ltd. | 464 | 7,185 | ||||||
Origin Energy Ltd. | 2,031 | 21,170 | ||||||
Qantas Airways Ltd.* | 4,069 | 6,648 | ||||||
QBE Insurance Group Ltd. | 1,822 | 16,837 | ||||||
Ramsay Health Care Ltd. | 334 | 15,389 | ||||||
REA Group Ltd. | 74 | 2,860 | ||||||
Rio Tinto Ltd. | 693 | 34,850 | ||||||
Santos Ltd. | 1,637 | 14,068 | ||||||
Scentre Group REIT* | 10,406 | 30,724 | ||||||
Seek Ltd. | 623 | 9,060 | ||||||
Sonic Healthcare Ltd. | 752 | 11,166 | ||||||
Stockland REIT | 3,965 | 13,900 | ||||||
Suncorp Group Ltd. | 2,686 | 32,774 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 1,090 | $ | 4,118 | |||||
Tabcorp Holdings Ltd. | 903 | 3,135 | ||||||
Tatts Group Ltd. | 2,469 | 7,164 | ||||||
Telstra Corp. Ltd. | 7,834 | 37,930 | ||||||
Toll Holdings Ltd. | 1,067 | 5,121 | ||||||
TPG Telecom Ltd. | 388 | 2,446 | ||||||
Transurban Group (a) | 2,809 | 19,862 | ||||||
Treasury Wine Estates Ltd. | 2,195 | 8,853 | ||||||
Wesfarmers Ltd. | 1,833 | 64,611 | ||||||
Westfield Corp. REIT | 3,887 | 27,419 | ||||||
Westpac Banking Corp. | 4,869 | 134,856 | ||||||
Woodside Petroleum Ltd. | 1,062 | 32,306 | ||||||
Woolworths Ltd. | 2,236 | 59,209 | ||||||
WorleyParsons Ltd. | 202 | 1,911 | ||||||
|
| |||||||
1,579,642 | ||||||||
|
| |||||||
China — 16.2% | ||||||||
AAC Technologies Holdings, Inc. | 945 | 5,562 | ||||||
Agricultural Bank of China Ltd., Class H | 13,753 | 6,526 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 1,375 | 4,655 | ||||||
Anta Sports Products Ltd. | 3,750 | 7,766 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 5,500 | 3,879 | ||||||
Bank of China Ltd., Class H | 97,524 | 50,301 | ||||||
BBMG Corp., Class H | 2,905 | 2,401 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 12,503 | 9,770 | ||||||
Belle International Holdings Ltd. | 18,754 | 21,305 | ||||||
Byd Co. Ltd., Class H | 1,106 | 6,710 | ||||||
China Cinda Asset Management Co. Ltd., Class H* | 3,000 | 1,602 | ||||||
China Communications Construction Co. Ltd., Class H | 7,501 | 7,506 | ||||||
China Communications Services Corp. Ltd., Class H | 2,000 | 975 | ||||||
China Construction Bank Corp., Class H | 64,977 | 49,265 | ||||||
China COSCO Holdings Co. Ltd., Class H* | 7,828 | 3,846 | ||||||
China Everbright Bank Co. Ltd., Class H | 7,960 | 4,065 | ||||||
China Gas Holdings Ltd. | 10,002 | 18,675 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 26,885 | 5,651 | ||||||
China International Marine Containers (Group) Co. Ltd., Class H | 1,250 | 2,846 | ||||||
China Life Insurance Co. Ltd., Class H | 11,252 | 39,101 | ||||||
China Longyuan Power Group Corp., Class H | 7,501 | 8,067 | ||||||
China Mengniu Dairy Co. Ltd. | 2,500 | 10,138 | ||||||
China Merchants Bank Co. Ltd., Class H | 5,001 | 10,356 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 12,598 | 13,840 | ||||||
China National Building Material Co. Ltd., Class H | 915 | 894 | ||||||
China Oilfield Services Ltd., Class H | 2,500 | 4,403 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 5,626 | 23,577 | ||||||
China Petroleum & Chemical Corp., Class H | 45,011 | 36,855 | ||||||
China Railway Construction Corp. Ltd., Class H | 3,625 | 4,165 | ||||||
China Railway Group Ltd., Class H | 1,250 | 906 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Resources Power Holdings Co. Ltd. | 2,500 | $ | 7,285 | |||||
China Shenhua Energy Co. Ltd., Class H | 5,751 | 16,351 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 2,069 | 608 | ||||||
China State Construction International Holdings Ltd. | 5,001 | 7,596 | ||||||
China Telecom Corp. Ltd., Class H | 12,503 | 7,577 | ||||||
China Vanke Co. Ltd., Class H* | 1,965 | 4,024 | ||||||
CITIC Securities Co. Ltd., Class H | 1,250 | 3,667 | ||||||
CNOOC Ltd. | 20,005 | 29,252 | ||||||
Country Garden Holdings Co. Ltd. | 17,932 | 7,492 | ||||||
CSR Corp. Ltd., Class H | 2,500 | 2,543 | ||||||
Datang International Power Generation Co. Ltd., Class H | 1,188 | 668 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 5,001 | 7,609 | ||||||
ENN Energy Holdings Ltd. | 2,500 | 15,280 | ||||||
Evergrande Real Estate Group Ltd. | 29,546 | 12,001 | ||||||
Fosun International Ltd. | 12,099 | 14,774 | ||||||
GOME Electrical Appliances Holding Ltd. | 16,000 | 2,352 | ||||||
Great Wall Motor Co. Ltd., Class H | 3,350 | 16,890 | ||||||
Guangdong Investment Ltd. | 10,002 | 13,800 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 5,001 | 4,733 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 13,539 | 16,725 | ||||||
Haitong Securities Co. Ltd., Class H | 2,500 | 5,318 | ||||||
Hengan International Group Co. Ltd. | 2,250 | 24,385 | ||||||
Huadian Power International Corp. Ltd., Class H | 2,300 | 1,880 | ||||||
Huaneng Power International, Inc., Class H | 5,001 | 5,862 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 103,620 | 70,281 | ||||||
Intime Retail Group Co. Ltd. | 2,500 | 1,979 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 12,503 | 14,171 | ||||||
Kingsoft Corp. Ltd. | 922 | 2,209 | ||||||
Lee & Man Paper Manufacturing Ltd. | 3,466 | 1,930 | ||||||
Lenovo Group Ltd. | 16,505 | 23,155 | ||||||
Longfor Properties Co. Ltd. | 4,751 | 6,396 | ||||||
New China Life Insurance Co. Ltd., Class H | 1,125 | 5,099 | ||||||
Nine Dragons Paper Holdings Ltd. | 1,724 | 1,472 | ||||||
People’s Insurance Co. (Group) of China Ltd., Class H | 22,505 | 10,911 | ||||||
PetroChina Co. Ltd., Class H | 24,127 | 26,164 | ||||||
PICC Property��& Casualty Co. Ltd., Class H | 5,001 | 10,073 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 2,000 | 16,776 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 3,625 | 3,211 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 10,002 | 5,997 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 1,625 | 3,872 | ||||||
Shenzhou International Group Holdings Ltd. | 5,001 | 16,637 | ||||||
Shimao Property Holdings Ltd. | 1,763 | 4,219 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 4,508 | 3,371 | ||||||
Sino Biopharmaceutical Ltd. | 14,506 | 14,347 | ||||||
Sino-Ocean Land Holdings Ltd. | 2,700 | 1,619 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 1,900 | 1,666 |
Number | Value | |||||||
China (Continued) | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 23,099 | $ | 7,178 | |||||
Sinopharm Group Co. Ltd., Class H | 1,750 | 6,522 | ||||||
Soho China Ltd. | 41,066 | 31,082 | ||||||
Sun Art Retail Group Ltd. | 7,001 | 7,953 | ||||||
Tencent Holdings Ltd. | 7,905 | 126,394 | ||||||
Tingyi Cayman Islands Holding Corp. | 2,500 | 5,944 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,500 | 17,553 | ||||||
Uni-President China Holdings Ltd. | 2,500 | 2,202 | ||||||
Want Want China Holdings Ltd. | 17,504 | 22,977 | ||||||
Weichai Power Co. Ltd., Class H | 1,250 | 4,740 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 15,003 | 16,792 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H | 1,950 | 8,386 | ||||||
Zijin Mining Group Co. Ltd., Class H | 23,003 | 6,140 | ||||||
ZTE Corp., Class H | 1,810 | 4,332 | ||||||
|
| |||||||
1,108,030 | ||||||||
|
| |||||||
Hong Kong — 13.3% | ||||||||
AIA Group Ltd. | 22,745 | 131,392 | ||||||
Alibaba Health Information Technology Ltd.* | 5,718 | 4,026 | ||||||
Alibaba Pictures Group Ltd.* | 4,078 | 847 | ||||||
ASM Pacific Technology Ltd. | 582 | 5,925 | ||||||
Bank of East Asia Ltd. (The) | 625 | 2,619 | ||||||
Beijing Enterprises Holdings Ltd. | 2,750 | 21,950 | ||||||
Beijing Enterprises Water Group Ltd.* | 10,229 | 7,030 | ||||||
BOC Hong Kong (Holdings) Ltd. | 3,625 | 12,808 | ||||||
Brilliance China Automotive Holdings Ltd. | 5,001 | 8,525 | ||||||
Cheung Kong (Holdings) Ltd. | 2,500 | 45,873 | ||||||
China Everbright International Ltd. | 15,504 | 23,870 | ||||||
China Merchants Holdings International Co. Ltd. | 5,001 | 17,121 | ||||||
China Mobile Ltd. | 10,562 | 130,131 | ||||||
China Overseas Land & Investment Ltd. | 7,501 | 22,536 | ||||||
China Resources Gas Group Ltd. | 2,500 | 7,028 | ||||||
China Resources Land Ltd. | 2,500 | 6,318 | ||||||
China South City Holdings Ltd. | 6,100 | 3,138 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 1,500 | 3,868 | ||||||
China Unicom (Hong Kong) Ltd. | 3,882 | 5,906 | ||||||
CITIC Ltd. | 1,294 | 2,256 | ||||||
CLP Holdings Ltd. | 2,240 | 19,482 | ||||||
Far East Horizon Ltd. | 3,750 | 3,491 | ||||||
First Pacific Co. Ltd. | 2,500 | 2,637 | ||||||
Franshion Properties China Ltd. | 3,578 | 1,010 | ||||||
Galaxy Entertainment Group Ltd. | 3,750 | 25,603 | ||||||
GCL-Poly Energy Holdings Ltd.* | 10,357 | 2,818 | ||||||
Geely Automobile Holdings Ltd. | 10,000 | 4,345 | ||||||
Haier Electronics Group Co. Ltd. | 2,500 | 6,979 | ||||||
Hanergy Thin Film Power Group Ltd.* | 17,345 | 4,361 | ||||||
Hang Lung Properties Ltd. | 3,750 | 11,267 | ||||||
Hang Seng Bank Ltd. | 476 | 7,930 | ||||||
Henderson Land Development Co. Ltd. | 2,750 | 18,439 | ||||||
HKT Trust and HKT Ltd. (a) | 1,788 | 2,225 | ||||||
Hong Kong and China Gas Co. Ltd. | 8,251 | 19,554 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,875 | 40,835 | ||||||
Hutchison Whampoa Ltd. | 3,750 | 47,000 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Hysan Development Co. Ltd. | 1,250 | $ | 5,778 | |||||
Kerry Properties Ltd. | 1,250 | 4,505 | ||||||
Kunlun Energy Co. Ltd. | 10,002 | 10,821 | ||||||
Li & Fung Ltd. | 7,501 | 8,337 | ||||||
Link REIT (The) | 2,752 | 17,530 | ||||||
MGM China Holdings Ltd. | 2,000 | 6,048 | ||||||
New World China Land Ltd. | 12,808 | 7,927 | ||||||
New World Development Co. Ltd. | 7,501 | 8,956 | ||||||
Noble Group Ltd. | 8,752 | 8,221 | ||||||
NWS Holdings Ltd. | 323 | 598 | ||||||
PCCW Ltd. | 3,394 | 2,276 | ||||||
Power Assets Holdings Ltd. | 2,111 | 20,157 | ||||||
Shangri-La Asia Ltd. | 2,442 | 3,382 | ||||||
Sino Land Co. Ltd. | 5,001 | 8,203 | ||||||
SJM Holdings Ltd. | 8,752 | 17,379 | ||||||
Sun Hung Kai Properties Ltd. | 2,500 | 36,556 | ||||||
Swire Pacific Ltd., Class A | 750 | 10,309 | ||||||
Swire Properties Ltd. | 359 | 1,116 | ||||||
Techtronic Industries Co. Ltd. | 1,017 | 3,252 | ||||||
WH Group Ltd., 144A* | 3,500 | 2,072 | ||||||
Wharf Holdings Ltd. (The) | 3,750 | 27,054 | ||||||
Wheelock & Co. Ltd. | 2,500 | 12,572 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 167 | 599 | ||||||
Yuexiu Property Co. Ltd. | 47,376 | 9,469 | ||||||
|
| |||||||
914,260 | ||||||||
|
| |||||||
India — 5.4% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 625 | 36,494 | ||||||
ICICI Bank Ltd., ADR | 875 | 51,529 | ||||||
Infosys Ltd., ADR | 500 | 34,920 | ||||||
Larsen & Toubro Ltd., GDR | 1,775 | 46,949 | ||||||
Reliance Industries Ltd., GDR, 144A | 3,275 | 104,308 | ||||||
Tata Motors Ltd., ADR | 1,200 | 54,792 | ||||||
Wipro Ltd., ADR | 3,225 | 41,603 | ||||||
|
| |||||||
370,595 | ||||||||
|
| |||||||
Indonesia — 3.0% | ||||||||
PT Adaro Energy Tbk | 40,635 | 3,596 | ||||||
PT Astra Agro Lestari Tbk | 1,875 | 3,687 | ||||||
PT Astra International Tbk | 20,308 | 11,856 | ||||||
PT Bank Central Asia Tbk | 27,473 | 29,490 | ||||||
PT Bank Danamon Indonesia Tbk | 3,875 | 1,334 | ||||||
PT Bank Mandiri Persero Tbk | 12,128 | 10,459 | ||||||
PT Bank Negara Indonesia Persero Tbk | 3,625 | 1,790 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 19,379 | 18,301 | ||||||
PT Bumi Serpong Damai Tbk | 6,501 | 943 | ||||||
PT Global Mediacom Tbk | 17,504 | 2,302 | ||||||
PT Gudang Garam Tbk | 750 | 3,760 | ||||||
PT Indo Tambangraya Megah Tbk | 500 | 779 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 3,375 | 6,824 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 7,552 | 6,962 | ||||||
PT Indofood Sukses Makmur Tbk | 4,276 | 2,348 | ||||||
PT Jasa Marga Persero Tbk | 9,376 | 5,186 | ||||||
PT Kalbe Farma Tbk | 6,207 | 890 | ||||||
PT Lippo Karawaci Tbk | 72,643 | 6,934 | ||||||
PT Matahari Department Store Tbk | 4,633 | 5,694 | ||||||
PT Media Nusantara Citra Tbk | 2,811 | 554 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 23,130 | 11,277 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Semen Indonesia Persero Tbk | 8,752 | $ | 11,474 | |||||
PT Tambang Batubara Bukit Asam Persero Tbk | 4,251 | 4,581 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 97,274 | 22,517 | ||||||
PT Tower Bersama Infrastructure Tbk | 7,251 | 5,600 | ||||||
PT Unilever Indonesia Tbk | 7,751 | 20,197 | ||||||
PT XL Axiata Tbk | 15,878 | 6,635 | ||||||
|
| |||||||
205,970 | ||||||||
|
| |||||||
Ireland — 0.1% | ||||||||
James Hardie Industries PLC CDI† | 612 | 6,301 | ||||||
|
| |||||||
Macau — 0.5% | ||||||||
Sands China Ltd. | 4,501 | 26,958 | ||||||
Wynn Macau Ltd. | 2,500 | 8,156 | ||||||
|
| |||||||
35,114 | ||||||||
|
| |||||||
Malaysia — 4.7% | ||||||||
Alliance Financial Group Bhd | 5,876 | 8,460 | ||||||
AMMB Holdings Bhd | 3,000 | 5,907 | ||||||
Berjaya Sports Toto Bhd | 12,247 | 12,600 | ||||||
British American Tobacco Malaysia Bhd | 750 | 15,654 | ||||||
Bumi Armada Bhd | 3,187 | 1,084 | ||||||
CIMB Group Holdings Bhd | 1,250 | 2,154 | ||||||
DiGi.Com Bhd | 9,502 | 17,698 | ||||||
Felda Global Ventures Holdings Bhd | 11,127 | 10,855 | ||||||
Gamuda Bhd | 500 | 782 | ||||||
Genting Malaysia Bhd | 13,753 | 17,158 | ||||||
Hong Leong Bank Bhd | 4,251 | 17,972 | ||||||
Hong Leong Financial Group Bhd | 3,625 | 18,969 | ||||||
IHH Healthcare Bhd | 6,376 | 9,274 | ||||||
Kuala Lumpur Kepong Bhd | 1,000 | 6,652 | ||||||
Lafarge Malaysia Bhd | 1,500 | 4,497 | ||||||
Malayan Banking Bhd | 8,127 | 22,729 | ||||||
Malaysia Airports Holdings Bhd | 3,125 | 6,430 | ||||||
Maxis Bhd | 7,501 | 15,368 | ||||||
MISC Bhd | 2,125 | 4,592 | ||||||
Petronas Dagangan Bhd | 2,000 | 9,508 | ||||||
Petronas Gas Bhd | 2,375 | 15,953 | ||||||
Public Bank Bhd | 5,626 | 30,904 | ||||||
SapuraKencana Petroleum Bhd | 5,051 | 4,181 | ||||||
Sime Darby Bhd | 12,128 | 34,708 | ||||||
Telekom Malaysia Bhd | 5,251 | 10,991 | ||||||
UMW Holdings Bhd | 5,376 | 17,928 | ||||||
YTL Power International Bhd | 2,231 | 1,009 | ||||||
|
| |||||||
324,017 | ||||||||
|
| |||||||
New Zealand — 1.0% | ||||||||
Auckland International Airport Ltd. | 5,295 | 16,076 | ||||||
Contact Energy Ltd. | 4,976 | 23,929 | ||||||
Fletcher Building Ltd. | 1,734 | 11,141 | ||||||
Meridian Energy Ltd. | 300 | 405 | ||||||
Ryman Healthcare Ltd. | 1,711 | 10,752 | ||||||
Spark New Zealand Ltd. | 3,184 | 7,643 | ||||||
|
| |||||||
69,946 | ||||||||
|
| |||||||
Philippines — 1.4% | ||||||||
Aboitiz Equity Ventures, Inc. | 10,727 | 12,541 | ||||||
Aboitiz Power Corp. | 1,750 | 1,645 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Philippines (Continued) | ||||||||
Ayala Corp. | 325 | $ | 5,023 | |||||
Ayala Land, Inc. | 6,626 | 5,017 | ||||||
Bank of the Philippine Islands | 3,588 | 7,590 | ||||||
BDO Unibank, Inc. | 180 | 438 | ||||||
Globe Telecom, Inc. | 250 | 9,742 | ||||||
International Container Terminal Services, Inc. | 2,913 | 7,525 | ||||||
Jollibee Foods Corp. | 3,068 | 14,143 | ||||||
Philippine Long Distance Telephone Co. | 125 | 8,323 | ||||||
SM Investments Corp. | 75 | 1,344 | ||||||
SM Prime Holdings, Inc. | 30,257 | 11,535 | ||||||
Universal Robina Corp. | 2,700 | 11,731 | ||||||
|
| |||||||
96,597 | ||||||||
|
| |||||||
Singapore — 4.7% | ||||||||
Ascendas Real Estate Investment Trust REIT | 3,750 | 6,729 | ||||||
CapitaCommercial Trust REIT | 3,750 | 4,845 | ||||||
CapitaLand Ltd. | 6,251 | 15,914 | ||||||
CapitaMall Trust REIT | 5,001 | 7,592 | ||||||
City Developments Ltd. | 1,250 | 9,642 | ||||||
ComfortDelGro Corp. Ltd. | 1,000 | 1,994 | ||||||
DBS Group Holdings Ltd. | 2,500 | 38,013 | ||||||
Genting Singapore PLC | 12,503 | 10,929 | ||||||
Global Logistic Properties Ltd. | 7,501 | 15,069 | ||||||
Golden Agri-Resources Ltd. | 19,003 | 6,703 | ||||||
Hutchison Port Holdings Trust, Class U | 8,752 | 5,995 | ||||||
Keppel Corp. Ltd. | 2,500 | 17,253 | ||||||
Keppel Land Ltd. | 3,250 | 8,398 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,750 | 30,135 | ||||||
Sembcorp Industries Ltd. | 1,250 | 4,380 | ||||||
Sembcorp Marine Ltd. | 1,250 | 3,000 | ||||||
Singapore Exchange Ltd. | 1,250 | 7,016 | ||||||
Singapore Press Holdings Ltd. | 1,250 | 4,112 | ||||||
Singapore Technologies Engineering Ltd. | 3,750 | 9,690 | ||||||
Singapore Telecommunications Ltd. | 13,503 | 40,380 | ||||||
United Overseas Bank Ltd. | 2,500 | 46,007 | ||||||
UOL Group Ltd. | 1,250 | 6,451 | ||||||
Wilmar International Ltd. | 4,750 | 11,691 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 10,002 | 9,395 | ||||||
|
| |||||||
321,333 | ||||||||
|
| |||||||
South Korea — 13.2% | ||||||||
Amorepacific Corp. | 2 | 4,513 | ||||||
AMOREPACIFIC Group | 8 | 8,390 | ||||||
BS Financial Group, Inc. | 136 | 1,927 | ||||||
Celltrion, Inc.* | 217 | 7,805 | ||||||
Cheil Worldwide, Inc.* | 57 | 959 | ||||||
CJ CheilJedang Corp. | 3 | 956 | ||||||
CJ Corp. | 9 | 1,316 | ||||||
Coway Co. Ltd. | 88 | 6,862 | ||||||
Daelim Industrial Co. Ltd. | 1 | 61 | ||||||
Daewoo Securities Co. Ltd.* | 520 | 5,116 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 20 | 348 | ||||||
DGB Financial Group, Inc. | 302 | 3,189 | ||||||
Dongbu Insurance Co. Ltd. | 119 | 5,982 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
E-Mart Co. Ltd. | 50 | $ | 9,928 | |||||
GS Engineering & Construction Corp.* | 114 | 2,752 | ||||||
Hana Financial Group, Inc. | 750 | 22,880 | ||||||
Hankook Tire Co. Ltd. | 21 | 1,039 | ||||||
Hanwha Chemical Corp. | 321 | 3,651 | ||||||
Hanwha Corp. | 260 | 6,970 | ||||||
Hite Jinro Co. Ltd. | 30 | 684 | ||||||
Hotel Shilla Co. Ltd. | 21 | 1,696 | ||||||
Hyosung Corp. | 6 | 375 | ||||||
Hyundai Department Store Co. Ltd. | 2 | 232 | ||||||
Hyundai Glovis Co. Ltd. | 14 | 3,513 | ||||||
Hyundai Heavy Industries Co. Ltd. | 77 | 8,584 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 163 | 3,921 | ||||||
Hyundai Merchant Marine Co. Ltd.* | 22 | 193 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 8 | 555 | ||||||
Hyundai Mobis Co. Ltd. | 52 | 11,592 | ||||||
Hyundai Motor Co. | 131 | 21,165 | ||||||
Hyundai Steel Co. | 472 | 27,265 | ||||||
Hyundai Wia Corp. | 15 | 2,390 | ||||||
Industrial Bank of Korea | 2,880 | 39,121 | ||||||
Kangwon Land, Inc. | 82 | 2,421 | ||||||
KB Financial Group, Inc. | 1,910 | 67,061 | ||||||
Kia Motors Corp. | 367 | 18,450 | ||||||
Korea Aerospace Industries Ltd. | 58 | 2,104 | ||||||
Korea Electric Power Corp. | 497 | 20,635 | ||||||
Korea Zinc Co. Ltd. | 22 | 8,489 | ||||||
KT Corp. | 100 | 2,938 | ||||||
KT&G Corp. | 157 | 13,731 | ||||||
Kumho Petrochemical Co. Ltd. | 20 | 1,426 | ||||||
LG Chem Ltd. | 139 | 25,907 | ||||||
LG Display Co. Ltd.* | 93 | 2,850 | ||||||
LG Electronics, Inc. | 10 | 574 | ||||||
LG Household & Health Care Ltd. | 17 | 9,559 | ||||||
LG Uplus Corp. | 1,140 | 11,164 | ||||||
Lotte Chemical Corp. | 71 | 11,278 | ||||||
Mirae Asset Securities Co. Ltd. | 80 | 3,592 | ||||||
NAVER Corp. | 46 | 31,388 | ||||||
NCSoft Corp. | 38 | 5,470 | ||||||
OCI Co. Ltd.* | 21 | 1,611 | ||||||
Orion Corp. | 8 | 7,062 | ||||||
Paradise Co. Ltd. | 46 | 1,158 | ||||||
POSCO | 391 | 106,753 | ||||||
S-1 Corp. | 13 | 889 | ||||||
Samsung C&T Corp. | 9 | 584 | ||||||
Samsung Card Co. Ltd. | 80 | 3,462 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 29 | 1,591 | ||||||
Samsung Electronics Co. Ltd. | 149 | 173,079 | ||||||
Samsung Engineering Co. Ltd.* | 48 | 2,123 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 24 | 6,715 | ||||||
Samsung Heavy Industries Co. Ltd. | 19 | 370 | ||||||
Samsung Life Insurance Co. Ltd. | 90 | 9,910 | ||||||
Samsung SDI Co. Ltd. | 34 | 4,112 | ||||||
Samsung Securities Co. Ltd. | 150 | 6,688 | ||||||
Shinhan Financial Group Co. Ltd. | 1,220 | 54,616 | ||||||
SK C&C Co. Ltd. | 1 | 201 | ||||||
SK Holdings Co. Ltd. | 19 | 2,915 | ||||||
SK Hynix, Inc.* | 657 | 28,493 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
SK Innovation Co. Ltd. | 34 | $ | 2,630 | |||||
SK Telecom Co. Ltd. | 29 | 7,342 | ||||||
Woori Bank* | 2,125 | 20,522 | ||||||
Woori Investment & Securities Co. Ltd. | 630 | 6,767 | ||||||
|
| |||||||
904,560 | ||||||||
|
| |||||||
Taiwan — 10.1% | ||||||||
Advanced Semiconductor Engineering, Inc., ADR | 12,154 | 75,111 | ||||||
AU Optronics Corp., ADR | 5,951 | 28,208 | ||||||
Chunghwa Telecom Co. Ltd., ADR | 1,450 | 43,631 | ||||||
Hon Hai Precision Industry Co. Ltd., GDR | 27,754 | 174,850 | ||||||
Siliconware Precision Industries Co., ADR | 7,077 | 52,441 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 11,027 | 258,803 | ||||||
United Microelectronics Corp., ADR | 25,954 | 56,061 | ||||||
|
| |||||||
689,105 | ||||||||
|
| |||||||
Thailand — 2.1% | ||||||||
Bangkok Bank PCL, NVDR | 2,125 | 13,073 | ||||||
Indorama Ventures PCL, NVDR | 8,326 | 5,705 | ||||||
IRPC PCL, NVDR | 37,384 | 3,803 | ||||||
Kasikornbank PCL, NVDR | 3,000 | 22,567 | ||||||
Krung Thai Bank PCL, NVDR | 47,004 | 34,214 | ||||||
PTT Exploration & Production PCL, NVDR | 3,500 | 14,443 | ||||||
PTT PCL, NVDR | 2,125 | 24,787 | ||||||
Siam Commercial Bank PCL, NVDR | 3,000 | 17,953 | ||||||
Thai Oil PCL, NVDR | 5,251 | 6,917 | ||||||
|
| |||||||
143,462 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 6,768,932 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 0.4% | ||||||||
South Korea — 0.4% | ||||||||
Hyundai Motor Co. | 3 | $ | 348 | |||||
Hyundai Motor Co. — 2nd Preferred | 13 | 1,560 | ||||||
LG Chem Ltd. | 29 | 4,371 | ||||||
Samsung Electronics Co. Ltd. | 23 | 21,777 | ||||||
|
| |||||||
28,056 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 28,056 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Harvey Norman Holdings Ltd. Class R*, expires 1/15/15 | 56 | 86 | ||||||
|
| |||||||
Hong Kong — 0.0% | ||||||||
Shangri-La Asia Ltd.*, expires 1/15/15 | 357 | 15 | ||||||
|
| |||||||
South Korea — 0.0% | ||||||||
DGB Financial Group, Inc.*, expires 2/13/15 | 50 | 70 | ||||||
|
| |||||||
TOTAL RIGHTS | 171 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Hong Kong — 0.0% | ||||||||
Sun Hung Kai Properties Ltd.*, expires 4/22/16 | 208 | 452 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $6,531,226) | $ | 6,797,611 | ||||||
Other assets less liabilities — 0.8% | 52,693 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,850,304 | ||||||
|
|
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/3/2014 | AUD | 9,000 | USD | 7,681 | $ | 25 | |||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 947,000 | USD | 830,723 | 25,097 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 947,000 | USD | 830,827 | 25,201 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | HKD | 30,000 | USD | 3,868 | — | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 7,677,000 | USD | 989,937 | 30 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 7,677,000 | USD | 989,936 | 29 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 34,898 | USD | 4,500 | — | ||||||||||||
Barclays Bank PLC | 12/3/2014 | IDR | 1,256,336,000 | USD | 103,530 | 639 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | IDR | 1,256,336,000 | USD | 103,394 | 502 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | INR | 10,501,000 | USD | 170,388 | 1,276 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | INR | 10,501,000 | USD | 170,363 | 1,251 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | KRW | 494,568,000 | USD | 460,363 | 14,046 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | KRW | 494,568,000 | USD | 462,196 | 15,879 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | MYR | 603,000 | USD | 181,818 | 3,591 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MYR | 603,000 | USD | 182,863 | 4,636 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 45,000 | USD | 34,906 | (385 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 45,000 | USD | 34,910 | (381 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | PHP | 2,121,000 | USD | 47,136 | (88 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PHP | 2,121,000 | USD | 47,264 | 39 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | SGD | 2,000 | USD | 1,534 | 1 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 203,000 | USD | 157,881 | $ | 2,228 | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 203,000 | USD | 157,880 | 2,228 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | THB | 2,213,000 | USD | 67,786 | 400 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | THB | 2,213,000 | USD | 67,748 | 362 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | TWD | 9,508,000 | USD | 312,045 | 4,805 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 9,508,000 | USD | 312,419 | 5,180 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 100,000 | USD | 3,276 | 45 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 300,000 | USD | 9,807 | 113 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 7,691 | AUD | 9,000 | (35 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 3,869 | HKD | 30,000 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 1,542 | SGD | 2,000 | (8 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 808,170 | AUD | 947,000 | (2,544 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 989,942 | HKD | 7,677,000 | (35 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 102,474 | IDR | 1,256,336,000 | 417 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 168,824 | INR | 10,501,000 | 288 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 444,795 | KRW | 494,568,000 | 1,522 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 177,473 | MYR | 603,000 | 754 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 35,317 | NZD | 45,000 | (27 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 47,184 | PHP | 2,121,000 | 41 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 155,709 | SGD | 203,000 | (56 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 67,305 | THB | 2,213,000 | 81 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 306,344 | TWD | 9,508,000 | 895 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 808,212 | AUD | 947,000 | (2,585 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 994,446 | HKD | 7,711,898 | (39 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 103,156 | IDR | 1,256,336,000 | (265 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 169,314 | INR | 10,501,000 | (202 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 5,550 | KRW | 6,000,000 | (136 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 440,966 | KRW | 488,568,000 | (63 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 178,265 | MYR | 603,000 | (38 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 35,322 | NZD | 45,000 | (31 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 47,233 | PHP | 2,121,000 | (9 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 155,747 | SGD | 203,000 | (94 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 67,372 | THB | 2,213,000 | 15 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 319,923 | TWD | 9,508,000 | 243 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | AUD | 953,000 | USD | 811,285 | 2,554 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | AUD | 953,000 | USD | 811,381 | 2,651 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HKD | 13,960 | USD | 1,800 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HKD | 7,987,000 | USD | 1,029,879 | 27 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | HKD | 7,987,000 | USD | 1,029,876 | 25 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | IDR | 1,268,592,000 | USD | 103,037 | (259 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | IDR | 1,268,592,000 | USD | 103,331 | 34 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | INR | 10,943,000 | USD | 174,917 | (23 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | INR | 10,943,000 | USD | 175,388 | 448 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | KRW | 523,010,000 | USD | 469,143 | (2,095 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | KRW | 523,010,000 | USD | 471,214 | (24 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | MYR | 556,000 | USD | 163,002 | (881 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | MYR | 556,000 | USD | 163,775 | (108 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | SGD | 5,347 | USD | 4,100 | 1 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | SGD | 212,000 | USD | 162,560 | 51 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | SGD | 212,000 | USD | 162,577 | 69 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 23,000 | AUD | 27,018 | (72 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | NZD | 384 | USD | 300 | — | ||||||||||||
Barclays Bank PLC | 1/7/2015 | NZD | 46,000 | USD | 35,976 | 35 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | NZD | 46,000 | USD | 35,982 | 41 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | PHP | 2,170,000 | USD | 48,141 | (80 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | PHP | 2,170,000 | USD | 48,238 | 16 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | THB | 2,403,000 | USD | 72,849 | (193 | ) |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | THB | 2,403,000 | USD | 72,894 | $ | (148 | ) | ||||||||||
Barclays Bank PLC | 1/7/2015 | TWD | 10,734,000 | USD | 346,001 | (993 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | TWD | 10,734,000 | USD | 346,482 | (510 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 105,403 | ||||||||||||||||
|
|
Currency Abbreviations
AUD – Australian Dollar
HKD – Hong Kong Dollar
IDR – Indonesian Rupiah
INR – Indian Rupee
KRW – South Korean Won
MYR – Malaysian Ringgit
NZD – New Zealand Dollar
PHP – Phillippine Peso
SGD – Singapore Dollar
THB – Thai Baht
TWD – New Taiwan Dollar
USD – U.S. Dollar
* Non-income producing security.
144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of these securities amounted to $106,380 or 1.6% of net assets.
† Security is listed in country domicile. Significant business activities of company are in Australia, New Zealand and the United States.
(a) Stapled Security – A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
ADR – American Depositary Receipt.
CDI – Chess Depositary Interest.
GDR – Global Depositary Receipt.
NVDR – Non Voting Depositary Receipt.
REIT – Real Estate Investment Trust.
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 58.4% | ||||||||
Basic Materials — 7.0% | ||||||||
Cia Siderurgica Nacional SA | 21,715 | $ | 51,128 | |||||
Fibria Celulose SA* | 8,192 | 98,127 | ||||||
Klabin SA | 14,992 | 81,257 | ||||||
Ultrapar Participacoes SA | 11,834 | 253,113 | ||||||
Vale SA | 41,917 | 379,465 | ||||||
|
| |||||||
863,090 | ||||||||
|
| |||||||
Communications — 1.4% | ||||||||
B2W Cia Digital* | 3,761 | 41,778 | ||||||
Tim Participacoes SA | 27,625 | 133,735 | ||||||
|
| |||||||
175,513 | ||||||||
|
| |||||||
Consumer, Cyclical — 2.0% | ||||||||
Lojas Americanas SA | 5,031 | 25,607 | ||||||
Lojas Renner SA | 4,154 | 123,709 | ||||||
Raia Drogasil SA | 6,991 | 66,276 | ||||||
Via Varejo SA* | 4,008 | 35,287 | ||||||
|
| |||||||
250,879 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 25.3% | ||||||||
Ambev SA | 153,223 | 1,003,110 | ||||||
BRF SA | 21,387 | 551,750 | ||||||
CCR SA | 28,761 | 197,230 | ||||||
Cielo SA | 23,085 | 394,198 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 7,134 | 30,490 | ||||||
Estacio Participacoes SA | 9,777 | 105,945 | ||||||
Hypermarcas SA* | 11,341 | 76,450 | ||||||
JBS SA | 23,996 | 111,878 | ||||||
Kroton Educacional SA | 44,727 | 311,584 | ||||||
Localiza Rent a Car SA | 4,851 | 65,967 | ||||||
M Dias Branco SA | 1,086 | 41,224 | ||||||
Natura Cosmeticos SA | 5,692 | 78,000 | ||||||
Qualicorp SA* | 6,457 | 69,743 | ||||||
Souza Cruz SA | 12,445 | 99,123 | ||||||
|
| |||||||
3,136,692 | ||||||||
|
| |||||||
Energy — 4.1% | ||||||||
Cosan SA Industria e Comercio | 3,915 | 48,523 | ||||||
Petroleo Brasileiro SA | 96,946 | 457,647 | ||||||
|
| |||||||
506,170 | ||||||||
|
| |||||||
Financial — 12.7% | ||||||||
Banco Bradesco SA | 20,549 | 304,666 | ||||||
Banco do Brasil SA | 28,037 | 322,985 | ||||||
Banco Santander Brasil SA | 13,641 | 78,439 | ||||||
BB Seguridade Participacoes SA | 22,878 | 298,397 | ||||||
BM&F Bovespa SA | 58,764 | 240,645 | ||||||
BR Malls Participacoes SA | 14,265 | 102,257 | ||||||
CETIP SA — Mercados Organizados | 6,905 | 89,015 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 8,441 | 40,831 | ||||||
Odontoprev SA | 7,552 | 28,315 | ||||||
Porto Seguro SA | 3,585 | 43,333 | ||||||
Sul America SA | 5,674 | 27,997 | ||||||
|
| |||||||
1,576,880 | ||||||||
|
|
Number of Shares | Value | |||||||
Industrial — 3.2% | ||||||||
Duratex SA | 9,447 | $ | 30,795 | |||||
Embraer SA | 21,779 | 200,037 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,702 | 54,181 | ||||||
WEG SA | 9,280 | 109,537 | ||||||
|
| |||||||
394,550 | ||||||||
|
| |||||||
Technology — 0.4% | ||||||||
Totvs SA | 4,076 | 56,267 | ||||||
|
| |||||||
Utilities — 2.3% | ||||||||
Centrais Eletricas Brasileiras SA | 7,979 | 18,663 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 11,203 | 83,616 | ||||||
CPFL Energia SA | 7,549 | 57,809 | ||||||
EDP — Energias do Brasil SA | 7,199 | 28,250 | ||||||
Tractebel Energia SA | 5,171 | 69,655 | ||||||
Transmissora Alianca de Energia Eletrica SA | 3,006 | 22,775 | ||||||
|
| |||||||
280,768 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 7,240,809 | |||||||
|
| |||||||
PREFERRED STOCKS — 41.7% | ||||||||
Basic Materials — 6.1% | ||||||||
Braskem SA, Class A | 4,896 | 36,618 | ||||||
Gerdau SA | 28,000 | 118,580 | ||||||
Metalurgica Gerdau SA | 8,626 | 43,536 | ||||||
Suzano Papel e Celulose SA, Class A | 10,365 | 43,815 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A* | 12,127 | 24,501 | ||||||
Vale SA | 62,693 | 487,162 | ||||||
|
| |||||||
754,212 | ||||||||
|
| |||||||
Communications — 2.0% | ||||||||
Oi SA* | 89,575 | 48,028 | ||||||
Telefonica Brasil SA | 9,742 | 198,753 | ||||||
|
| |||||||
246,781 | ||||||||
|
| |||||||
Consumer, Cyclical — 0.8% | ||||||||
Lojas Americanas SA | 16,181 | 106,373 | ||||||
|
| |||||||
Consumer, Non-cyclical — 1.6% | ||||||||
Cia Brasileira de Distribuicao | 4,654 | 196,192 | ||||||
|
| |||||||
Diversified — 3.4% | ||||||||
Itausa — Investimentos Itau SA | 103,946 | 423,247 | ||||||
|
| |||||||
Energy — 5.5% | ||||||||
Petroleo Brasileiro SA | 136,818 | 680,422 | ||||||
|
| |||||||
Financial — 20.0% | ||||||||
Banco Bradesco SA | 68,555 | 1,053,709 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 5,892 | 34,270 | ||||||
Bradespar SA | 7,111 | 41,664 | ||||||
Itau Unibanco Holding SA | 89,889 | 1,348,091 | ||||||
|
| |||||||
2,477,734 | ||||||||
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Utilities — 2.3% | ||||||||
AES Tiete SA | 3,151 | $ | 23,457 | |||||
Centrais Eletricas Brasileiras SA, Class B | 6,808 | 20,420 | ||||||
Cia Energetica de Minas Gerais | 24,549 | 134,296 | ||||||
Cia Energetica de Sao Paulo, Class B | 6,251 | 62,830 | ||||||
Cia Paranaense de Energia, Class B | 3,388 | 46,467 | ||||||
|
| |||||||
287,470 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $5,673,549) | 5,172,431 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $13,147,850) | $ | 12,413,240 | ||||||
Liabilities in excess of other assets — (0.1%) | (7,704 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 12,405,536 | ||||||
|
|
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | BRL | 14,541,000 | USD | 5,875,152 | $ | 230,241 | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | BRL | 14,541,000 | USD | 5,877,051 | 232,141 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | BRL | 95,999 | USD | 38,800 | 1,533 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | BRL | 150,938 | USD | 58,570 | (25 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 5,645,017 | BRL | 14,541,000 | (107 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 27,780 | BRL | 70,000 | (606 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 11,748 | BRL | 30,000 | (101 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 15,770 | BRL | 40,000 | (242 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 5,627,499 | BRL | 14,496,999 | 330 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 54,100 | BRL | 136,781 | (1,001 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 5,600 | BRL | 14,157 | (104 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | BRL | 15,671,000 | USD | 6,024,759 | 86 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | BRL | 15,671,000 | USD | 6,023,369 | (1,303 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2015 | USD | 446,800 | BRL | 1,161,702 | (187 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 460,655 | ||||||||||||||||
|
|
Currency Abbreviations
BRL – Brazilian Real
USD – U.S. Dollar
* Non-income producing security.
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 98.3% | ||||||||
Australia — 7.1% | ||||||||
AGL Energy Ltd. | 49,086 | $ | 547,567 | |||||
ALS Ltd. | 23,362 | 100,188 | ||||||
Alumina Ltd.* | 274,661 | 390,293 | ||||||
Amcor Ltd. | 104,927 | 1,085,670 | ||||||
AMP Ltd. | 295,035 | 1,415,892 | ||||||
APA Group (a) | 75,477 | 505,436 | ||||||
Asciano Ltd. | 70,210 | 351,280 | ||||||
ASX Ltd. | 15,122 | 463,222 | ||||||
Aurizon Holdings Ltd. | 182,831 | 717,180 | ||||||
AusNet Services (a) | 598,079 | 671,753 | ||||||
Australia & New Zealand Banking Group Ltd. | 246,014 | 6,681,898 | ||||||
Bank of Queensland Ltd. | 2,515 | 26,365 | ||||||
Bendigo and Adelaide Bank Ltd. | 65,296 | 709,504 | ||||||
BHP Billiton Ltd. | 289,781 | 7,624,064 | ||||||
Boral Ltd. | 69,793 | 290,401 | ||||||
Brambles Ltd. | 131,865 | 1,090,619 | ||||||
Caltex Australia Ltd. | 28,354 | 729,822 | ||||||
Coca-Cola Amatil Ltd. | 51,569 | 401,063 | ||||||
Cochlear Ltd. | 4,235 | 250,627 | ||||||
Commonwealth Bank of Australia | 146,230 | 10,043,723 | ||||||
Computershare Ltd. | 40,245 | 395,522 | ||||||
Crown Resorts Ltd. | 36,135 | 442,145 | ||||||
CSL Ltd. | 49,800 | 3,498,878 | ||||||
Dexus Property Group REIT | 67,086 | 405,862 | ||||||
Federation Centres REIT | 143,249 | 337,636 | ||||||
Flight Centre Travel Group Ltd. | 718 | 24,700 | ||||||
Fortescue Metals Group Ltd. | 121,706 | 304,464 | ||||||
Goodman Group REIT | 147,921 | 685,967 | ||||||
GPT Group REIT | 157,203 | 553,781 | ||||||
Harvey Norman Holdings Ltd. | 93,900 | 294,828 | ||||||
Healthscope Ltd.* | 1,000 | 2,221 | ||||||
Iluka Resources Ltd. | 43,108 | 251,261 | ||||||
Incitec Pivot Ltd. | 109,033 | 264,411 | ||||||
Insurance Australia Group Ltd. | 200,008 | 1,084,086 | ||||||
Leighton Holdings Ltd. | 44,459 | 761,519 | ||||||
Lend Lease Group (a) | 39,761 | 518,653 | ||||||
Macquarie Group Ltd. | 31,721 | 1,577,102 | ||||||
Metcash Ltd. | 9,219 | 20,474 | ||||||
Mirvac Group REIT | 302,308 | 451,444 | ||||||
National Australia Bank Ltd. | 218,812 | 6,069,681 | ||||||
Newcrest Mining Ltd.* | 80,157 | 705,244 | ||||||
Novion Property Group REIT | 15,925 | 28,863 | ||||||
Orica Ltd. | 33,845 | 524,135 | ||||||
Origin Energy Ltd. | 121,640 | 1,267,914 | ||||||
Qantas Airways Ltd.* | 100 | 163 | ||||||
QBE Insurance Group Ltd. | 109,881 | 1,015,382 | ||||||
Ramsay Health Care Ltd. | 11,764 | 542,039 | ||||||
REA Group Ltd. | 1,542 | 59,595 | ||||||
Rio Tinto Ltd. | 40,597 | 2,041,543 | ||||||
Santos Ltd. | 109,930 | 944,745 | ||||||
Scentre Group REIT* | 500,369 | 1,477,396 | ||||||
Seek Ltd. | 16,823 | 244,638 | ||||||
Sonic Healthcare Ltd. | 31,335 | 465,267 | ||||||
Stockland REIT | 193,391 | 677,970 | ||||||
Suncorp Group Ltd. | 109,087 | 1,331,065 |
Number of Shares | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 185,003 | $ | 698,938 | |||||
Tabcorp Holdings Ltd. | 8,396 | 29,148 | ||||||
Tatts Group Ltd. | 10,032 | 29,108 | ||||||
Telstra Corp. Ltd. | 517,352 | 2,504,814 | ||||||
Toll Holdings Ltd. | 5,760 | 27,643 | ||||||
TPG Telecom Ltd. | 21,000 | 132,408 | ||||||
Transurban Group (a) | 162,629 | 1,149,943 | ||||||
Treasury Wine Estates Ltd. | 6,588 | 26,571 | ||||||
Wesfarmers Ltd.* | 96,551 | 3,402,868 | ||||||
Westfield Corp. REIT | 216,493 | 1,527,129 | ||||||
Westpac Banking Corp. | 281,284 | 7,790,640 | ||||||
Woodside Petroleum Ltd. | 67,009 | 2,038,385 | ||||||
Woolworths Ltd. | 104,681 | 2,771,945 | ||||||
WorleyParsons Ltd. | 18,491 | 174,961 | ||||||
|
| |||||||
85,671,662 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
Andritz AG | 793 | 42,854 | ||||||
Erste Group Bank AG | 30,308 | 820,815 | ||||||
Immofinanz AG* | 5,875 | 17,613 | ||||||
OMV AG | 10,106 | 292,294 | ||||||
Raiffeisen Bank International AG | 11,585 | 239,707 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 6,420 | 319,360 | ||||||
Voestalpine AG | 21,082 | 875,566 | ||||||
|
| |||||||
2,608,209 | ||||||||
|
| |||||||
Belgium — 1.3% | ||||||||
Ageas | 19,253 | 688,522 | ||||||
Anheuser-Busch InBev NV | 71,947 | 8,450,670 | ||||||
Belgacom SA | 13,996 | 552,471 | ||||||
Colruyt SA | 7,539 | 350,603 | ||||||
Delhaize Group SA | 9,258 | 676,786 | ||||||
Groupe Bruxelles Lambert SA | 7,536 | 681,717 | ||||||
KBC Groep NV* | 21,785 | 1,246,080 | ||||||
Solvay SA | 5,921 | 813,557 | ||||||
Telenet Group Holding NV* | 699 | 39,956 | ||||||
UCB SA | 21,082 | 1,653,614 | ||||||
Umicore SA | 12,609 | 512,695 | ||||||
|
| |||||||
15,666,671 | ||||||||
|
| |||||||
Bermuda — 0.0% | ||||||||
Seadrill Ltd. | 33,783 | 483,959 | ||||||
|
| |||||||
Channel Islands — 0.1% | ||||||||
Friends Life Group Ltd. | 128,162 | 739,104 | ||||||
Randgold Resources Ltd. | 8,086 | 537,172 | ||||||
|
| |||||||
1,276,276 | ||||||||
|
| |||||||
Denmark — 1.5% | ||||||||
A.P. Moeller — Maersk A/S, Class A | 580 | 1,185,454 | ||||||
A.P. Moeller — Maersk A/S, Class B | 707 | 1,474,566 | ||||||
Carlsberg A/S, Class B | 15,121 | 1,346,908 | ||||||
Coloplast A/S, Class B | 5,916 | 512,633 | ||||||
Danske Bank A/S | 69,321 | 1,969,445 | ||||||
DSV A/S | 21,873 | 685,028 | ||||||
ISS A/S* | 1,000 | 28,243 | ||||||
Novo Nordisk A/S, Class B | 176,564 | 8,052,596 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Denmark (Continued) | ||||||||
Novozymes A/S, Class B | 21,839 | $ | 959,519 | |||||
Pandora A/S | 9,040 | 802,219 | ||||||
TDC A/S | 66,054 | 535,391 | ||||||
Tryg A/S | 744 | 85,793 | ||||||
Vestas Wind Systems A/S* | 19,117 | 704,144 | ||||||
William Demant Holding A/S* | 745 | 53,438 | ||||||
|
| |||||||
18,395,377 | ||||||||
|
| |||||||
Finland — 0.9% | ||||||||
Elisa OYJ | 1,631 | 47,295 | ||||||
Fortum OYJ | 63,377 | 1,590,316 | ||||||
Kone OYJ, Class B | 28,799 | 1,324,981 | ||||||
Metso OYJ | 10,106 | 313,280 | ||||||
Neste Oil OYJ | 2,438 | 57,842 | ||||||
Nokia OYJ | 356,335 | 2,964,251 | ||||||
Nokian Renkaat OYJ | 5,906 | 166,779 | ||||||
Orion OYJ, Class B | 1,617 | 55,454 | ||||||
Sampo OYJ, Class A | 37,882 | 1,868,640 | ||||||
Stora Enso OYJ, Class R | 50,908 | 451,026 | ||||||
UPM-Kymmene OYJ | 46,084 | 765,001 | ||||||
Wartsila OYJ Abp | 15,105 | 676,542 | ||||||
|
| |||||||
10,281,407 | ||||||||
|
| |||||||
France — 9.4% | ||||||||
Accor SA | 14,962 | 705,765 | ||||||
Aeroports de Paris | 2,526 | 309,982 | ||||||
Air Liquide SA | 31,129 | 3,917,204 | ||||||
Airbus Group NV | 49,884 | 3,039,091 | ||||||
Alcatel-Lucent* | 369,084 | 1,313,945 | ||||||
Alstom SA* | 23,767 | 831,184 | ||||||
Arkema SA | 519 | 35,314 | ||||||
AtoS | 7,340 | 521,424 | ||||||
AXA SA | 163,863 | 3,955,931 | ||||||
BNP Paribas SA | 95,527 | 6,124,486 | ||||||
Bollore SA | 537 | 265,091 | ||||||
Bouygues SA | 18,524 | 696,887 | ||||||
Bureau Veritas SA | 19,909 | 474,943 | ||||||
Cap Gemini SA | 9,211 | 674,953 | ||||||
Carrefour SA | 50,785 | 1,606,824 | ||||||
Casino Guichard-Perrachon SA | 5,086 | 490,064 | ||||||
Christian Dior SA | 4,982 | 954,015 | ||||||
Cie de St-Gobain | 35,187 | 1,616,254 | ||||||
Cie Generale des Etablissements Michelin | 20,235 | 1,860,681 | ||||||
CNP Assurances | 43,167 | 799,240 | ||||||
Credit Agricole SA | 90,421 | 1,271,073 | ||||||
Danone SA | 50,724 | 3,579,397 | ||||||
Dassault Systemes SA | 23,951 | 1,565,641 | ||||||
Edenred | 18,441 | 531,760 | ||||||
Electricite de France | 21,028 | 629,499 | ||||||
Essilor International SA | 22,853 | 2,566,029 | ||||||
Eurazeo SA | 663 | 46,126 | ||||||
Eutelsat Communications SA | 20,459 | 676,573 | ||||||
Fonciere des Regions REIT | 565 | 53,935 | ||||||
GDF Suez | 130,772 | 3,222,102 | ||||||
Gecina SA REIT | 2,200 | 297,497 | ||||||
Groupe Eurotunnel SA | 42,297 | 546,720 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
ICADE REIT | 554 | $ | 44,315 | |||||
Iliad SA | 1,657 | 406,930 | ||||||
Imerys SA | 635 | 48,007 | ||||||
JCDecaux SA | 20,392 | 670,681 | ||||||
Kering | 8,077 | 1,668,208 | ||||||
Klepierre REIT | 21,082 | 946,083 | ||||||
Lafarge SA | 18,457 | 1,312,308 | ||||||
Lagardere SCA | 17,820 | 505,211 | ||||||
Legrand SA | 21,920 | 1,149,273 | ||||||
L’Oreal SA | 22,727 | 3,877,276 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 24,248 | 4,356,866 | ||||||
Natixis SA | 169,430 | 1,197,077 | ||||||
Numericable-SFR* | 9,039 | 377,763 | ||||||
Orange SA | 164,946 | 2,905,286 | ||||||
Pernod Ricard SA | 20,939 | 2,481,561 | ||||||
Peugeot SA* | 32,949 | 421,998 | ||||||
Publicis Groupe SA | 15,150 | 1,112,595 | ||||||
Remy Cointreau SA | 638 | 47,972 | ||||||
Renault SA | 17,827 | 1,430,221 | ||||||
Rexel SA | 24,411 | 451,971 | ||||||
Safran SA | 23,594 | 1,526,462 | ||||||
Sanofi | 107,162 | 10,374,944 | ||||||
Schneider Electric SE | 47,332 | 3,860,906 | ||||||
SCOR SE | 14,071 | 438,992 | ||||||
Societe BIC SA | 6,650 | 886,435 | ||||||
Societe Generale SA | 59,272 | 2,939,978 | ||||||
Sodexo | 9,227 | 930,720 | ||||||
Suez Environnement Co. | 28,612 | 507,339 | ||||||
Technip SA | 9,259 | 602,138 | ||||||
Thales SA | 8,416 | 446,538 | ||||||
Total SA | 193,205 | 10,808,488 | ||||||
Unibail-Rodamco SE REIT | 8,686 | 2,295,141 | ||||||
Valeo SA | 6,585 | 810,218 | ||||||
Vallourec SA | 9,787 | 324,505 | ||||||
Veolia Environnement | 29,359 | 535,370 | ||||||
Vinci SA | 41,455 | 2,241,027 | ||||||
Vivendi SA* | 118,343 | 3,013,722 | ||||||
Wendel SA | 25 | 2,945 | ||||||
Zodiac Aerospace | 16,822 | 557,449 | ||||||
|
| |||||||
113,694,549 | ||||||||
|
| |||||||
Germany — 8.5% | ||||||||
adidas AG | 21,063 | 1,689,314 | ||||||
Allianz SE | 42,222 | 7,268,793 | ||||||
Axel Springer SE | 788 | 46,400 | ||||||
BASF SE | 83,267 | 7,559,374 | ||||||
Bayer AG | 74,989 | 11,278,049 | ||||||
Bayerische Motoren Werke AG | 27,788 | 3,177,163 | ||||||
Beiersdorf AG | 9,292 | 827,049 | ||||||
Brenntag AG | 13,597 | 748,823 | ||||||
Celesio AG | 21,228 | 707,415 | ||||||
Commerzbank AG* | 86,096 | 1,317,332 | ||||||
Continental AG | 10,033 | 2,110,871 | ||||||
Daimler AG | 89,055 | 7,507,901 | ||||||
Deutsche Annington Immobilien SE | 20,644 | 664,722 | ||||||
Deutsche Bank AG (b) | 118,117 | 3,860,565 | ||||||
Deutsche Boerse AG | 26,131 | 1,908,949 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Lufthansa AG | 33,800 | $ | 603,324 | |||||
Deutsche Post AG | 84,841 | 2,818,328 | ||||||
Deutsche Telekom AG | 281,223 | 4,790,732 | ||||||
Deutsche Wohnen AG | 25,968 | 623,360 | ||||||
E.ON SE | 180,617 | 3,201,521 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 12,516 | 764,382 | ||||||
Fresenius Medical Care AG & Co. KGaA | 19,614 | 1,448,472 | ||||||
Fresenius SE & Co. KGaA | 43,126 | 2,337,795 | ||||||
GEA Group AG | 15,176 | 725,201 | ||||||
Hannover Rueck SE | 5,828 | 520,035 | ||||||
HeidelbergCement AG | 11,680 | 885,502 | ||||||
Henkel AG & Co. KGaA | 11,746 | 1,163,193 | ||||||
Hugo Boss AG | 3,907 | 514,482 | ||||||
Infineon Technologies AG | 103,597 | 1,014,831 | ||||||
K+S AG | 9,873 | 296,297 | ||||||
Kabel Deutschland Holding AG* | 8,203 | 1,137,818 | ||||||
LANXESS AG | 8,286 | 411,461 | ||||||
Linde AG | 15,203 | 2,868,722 | ||||||
MAN SE | 9,259 | 1,055,181 | ||||||
Merck KGaA | 11,722 | 1,167,230 | ||||||
Metro AG* | 14,870 | 504,967 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 15,284 | 3,148,176 | ||||||
OSRAM Licht AG* | 8,133 | 337,775 | ||||||
ProSiebenSat.1 Media AG | 19,965 | 852,760 | ||||||
RWE AG | 43,148 | 1,562,902 | ||||||
SAP SE | 79,468 | 5,600,833 | ||||||
Siemens AG | 70,977 | 8,398,517 | ||||||
Symrise AG | 7,792 | 465,702 | ||||||
Telefonica Deutschland Holding AG* | 3,339 | 17,509 | ||||||
ThyssenKrupp AG* | 37,251 | 985,458 | ||||||
United Internet AG | 11,223 | 494,367 | ||||||
Volkswagen AG | 2,537 | 573,831 | ||||||
|
| |||||||
101,963,384 | ||||||||
|
| |||||||
Hong Kong — 2.9% | ||||||||
AIA Group Ltd. | 1,114,118 | 6,435,960 | ||||||
ASM Pacific Technology Ltd. | 2,227 | 22,671 | ||||||
Bank of East Asia Ltd. (The) | 115,801 | 485,288 | ||||||
BOC Hong Kong (Holdings) Ltd. | 322,364 | 1,138,941 | ||||||
Cathay Pacific Airways Ltd. | 421,182 | 927,602 | ||||||
Cheung Kong (Holdings) Ltd. | 168,206 | 3,086,387 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 7,580 | 56,103 | ||||||
CLP Holdings Ltd. | 186,324 | 1,620,522 | ||||||
First Pacific Co. Ltd. | 27,065 | 28,547 | ||||||
Galaxy Entertainment Group Ltd. | 184,287 | 1,258,244 | ||||||
Hang Lung Properties Ltd. | 200,118 | 601,238 | ||||||
Hang Seng Bank Ltd. | 77,071 | 1,283,979 | ||||||
Henderson Land Development Co. Ltd. | 102,301 | 685,942 | ||||||
HKT Trust and HKT Ltd. (a) | 31,364 | 39,027 | ||||||
Hong Kong and China Gas Co. Ltd. | 570,347 | 1,351,727 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 98,029 | 2,134,954 | ||||||
Hutchison Whampoa Ltd. | 168,206 | 2,108,201 | ||||||
Hysan Development Co. Ltd. | 9,205 | 42,552 | ||||||
Kerry Properties Ltd. | 109,253 | 393,749 |
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
Li & Fung Ltd. | 780,430 | $ | 867,452 | |||||
Link REIT (The) | 210,368 | 1,340,019 | ||||||
MGM China Holdings Ltd. | 7,495 | 22,663 | ||||||
MTR Corp. Ltd. | 200,124 | 803,825 | ||||||
New World Development Co. Ltd. | 469,817 | 560,976 | ||||||
Noble Group Ltd. | 34,000 | 31,937 | ||||||
NWS Holdings Ltd. | 18,410 | 34,089 | ||||||
PCCW Ltd. | 63,063 | 42,284 | ||||||
Power Assets Holdings Ltd. | 115,777 | 1,105,482 | ||||||
Shangri-La Asia Ltd. | 378,734 | 524,497 | ||||||
Sino Land Co. Ltd. | 446,268 | 731,960 | ||||||
SJM Holdings Ltd. | 41,411 | 82,232 | ||||||
Sun Hung Kai Properties Ltd. | 168,278 | 2,460,620 | ||||||
Swire Pacific Ltd., Class A | 68,462 | 941,046 | ||||||
Swire Properties Ltd. | 10,915 | 33,919 | ||||||
Techtronic Industries Co. Ltd. | 37,279 | 119,212 | ||||||
WH Group Ltd., 144A* | 1,000 | 592 | ||||||
Wharf Holdings Ltd. (The) | 130,538 | 941,762 | ||||||
Wheelock & Co. Ltd. | 183,520 | 922,895 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 9,205 | 32,997 | ||||||
|
| |||||||
35,302,093 | ||||||||
|
| |||||||
Ireland — 0.8% | ||||||||
Bank of Ireland* | 2,124,008 | 871,567 | ||||||
CRH PLC | 76,771 | 1,813,767 | ||||||
Experian PLC | 95,297 | 1,507,902 | ||||||
James Hardie Industries PLC CDI | 30,709 | 316,175 | ||||||
Kerry Group PLC, Class A | 13,480 | 1,000,511 | ||||||
Shire PLC | 63,846 | 4,544,614 | ||||||
|
| |||||||
10,054,536 | ||||||||
|
| |||||||
Israel — 0.5% | ||||||||
Bank Hapoalim BM | 98,114 | 489,272 | ||||||
Bank Leumi Le-Israel BM* | 119,805 | 422,700 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 37,346 | 66,075 | ||||||
Delek Group Ltd. | 10 | 3,390 | ||||||
Israel Chemicals Ltd. | 3,330 | 22,746 | ||||||
Israel Corp. Ltd. (The)* | 272 | 133,405 | ||||||
Mizrahi Tefahot Bank Ltd.* | 2,425 | 25,687 | ||||||
NICE Systems Ltd. | 718 | 34,072 | ||||||
Teva Pharmaceutical Industries Ltd. | 86,812 | 4,939,922 | ||||||
|
| |||||||
6,137,269 | ||||||||
|
| |||||||
Italy — 2.1% | ||||||||
Assicurazioni Generali SpA | 99,062 | 2,142,088 | ||||||
Atlantia SpA | 35,375 | 892,062 | ||||||
Banca Monte dei Paschi di Siena SpA* | 392,275 | 316,567 | ||||||
Banco Popolare SC* | 32,839 | 452,848 | ||||||
Enel Green Power SpA | 10,901 | 26,229 | ||||||
Enel SpA | 545,476 | 2,631,709 | ||||||
Eni SpA | 219,156 | 4,379,250 | ||||||
EXOR SpA | 1,411 | 62,812 | ||||||
Finmeccanica SpA* | 12,572 | 121,935 | ||||||
Intesa Sanpaolo SpA | 993,478 | 3,061,188 | ||||||
Intesa Sanpaolo SpA-RSP | 107,149 | 288,321 | ||||||
Luxottica Group SpA | 21,082 | 1,127,225 | ||||||
Mediobanca SpA | 60,883 | 545,079 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Italy (Continued) | ||||||||
Pirelli & C. SpA | 43,108 | $ | 611,609 | |||||
Prysmian SpA | 18,377 | 330,197 | ||||||
Saipem SpA* | 30,103 | 430,840 | ||||||
Snam SpA | 176,536 | 936,011 | ||||||
Telecom Italia SpA* | 1,208,785 | 1,361,783 | ||||||
Telecom Italia SpA-RSP | 470,003 | 416,405 | ||||||
Terna Rete Elettrica Nazionale SpA | 129,969 | 627,696 | ||||||
UniCredit SpA | 391,233 | 2,892,130 | ||||||
Unione di Banche Italiane SCpA | 114,096 | 876,778 | ||||||
UnipolSai SpA | 81,955 | 234,387 | ||||||
|
| |||||||
24,765,149 | ||||||||
|
| |||||||
Japan — 22.0% | ||||||||
ABC-Mart, Inc. | 2,700 | 135,552 | ||||||
Acom Co. Ltd.* | 1,900 | 5,682 | ||||||
Advantest Corp. | 8,200 | 97,876 | ||||||
Aeon Co. Ltd. | 69,100 | 688,584 | ||||||
AEON Financial Service Co. Ltd. | 300 | 6,474 | ||||||
AEON Mall Co. Ltd. | 2,000 | 34,098 | ||||||
AIR WATER, Inc. | 10,000 | 162,237 | ||||||
AISIN SEIKI Co. Ltd. | 9,800 | 350,427 | ||||||
Ajinomoto Co., Inc. | 31,000 | 578,534 | ||||||
Alfresa Holdings Corp. | 400 | 4,616 | ||||||
Amada Co. Ltd. | 1,000 | 9,022 | ||||||
ANA Holdings, Inc. | 3,000 | 7,384 | ||||||
Aozora Bank Ltd. | 3,000 | 9,754 | ||||||
Asahi Glass Co. Ltd. | 23,000 | 111,014 | ||||||
Asahi Group Holdings Ltd. | 58,600 | 1,827,625 | ||||||
Asahi Kasei Corp. | 81,800 | 711,095 | ||||||
ASICS Corp. | 400 | 10,125 | ||||||
Astellas Pharma, Inc. | 235,300 | 3,383,373 | ||||||
Bandai Namco Holdings, Inc. | 9,100 | 196,925 | ||||||
Bank of Kyoto Ltd. (The) | 1,000 | 8,407 | ||||||
Bank of Yokohama Ltd. (The) | 108,000 | 608,617 | ||||||
Benesse Holdings, Inc. | 900 | 27,406 | ||||||
Bridgestone Corp. | 80,700 | 2,773,159 | ||||||
Brother Industries Ltd. | 2,900 | 54,182 | ||||||
Calbee, Inc. | 3,800 | 131,559 | ||||||
Canon, Inc. | 94,500 | 3,026,086 | ||||||
Casio Computer Co. Ltd. | 500 | 7,556 | ||||||
Central Japan Railway Co. | 13,404 | 1,950,504 | ||||||
Chiba Bank Ltd. (The) | 38,000 | 252,554 | ||||||
Chiyoda Corp. | 6,000 | 52,967 | ||||||
Chubu Electric Power Co., Inc.* | 70,900 | 828,953 | ||||||
Chugai Pharmaceutical Co. Ltd. | 67,000 | 1,814,472 | ||||||
Chugoku Bank Ltd. (The) | 500 | 7,004 | ||||||
Chugoku Electric Power Co., (The), Inc. | 64,600 | 833,654 | ||||||
Citizen Holdings Co. Ltd. | 56,800 | 439,223 | ||||||
COLOPL, Inc.* | 1,000 | 24,934 | ||||||
Credit Saison Co. Ltd. | 74,600 | 1,396,295 | ||||||
Dai Nippon Printing Co. Ltd. | 30,000 | 263,572 | ||||||
Daicel Corp. | 14,000 | 161,092 | ||||||
Daihatsu Motor Co. Ltd. | 400 | 5,482 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 84,204 | 1,221,052 | ||||||
Daiichi Sankyo Co. Ltd. | 70,400 | 1,037,483 | ||||||
Daikin Industries Ltd. | 54,800 | 3,635,177 | ||||||
Daito Trust Construction Co. Ltd. | 6,800 | 767,553 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Daiwa House Industry Co. Ltd. | 67,100 | $ | 1,277,678 | |||||
Daiwa Securities Group, Inc. | 119,000 | 956,190 | ||||||
DENSO Corp. | 71,000 | 3,315,107 | ||||||
Dentsu, Inc. | 20,100 | 755,135 | ||||||
Don Quijote Holdings Co. Ltd. | 1,600 | 99,735 | ||||||
East Japan Railway Co. | 56,300 | 4,219,358 | ||||||
Eisai Co. Ltd. | 52,100 | 1,867,376 | ||||||
Electric Power Development Co. Ltd. | 4,700 | 162,717 | ||||||
FamilyMart Co. Ltd. | 3,100 | 114,375 | ||||||
FANUC Corp. | 17,800 | 3,001,777 | ||||||
Fast Retailing Co. Ltd. | 3,800 | 1,382,967 | ||||||
Fuji Electric Co. Ltd. | 10,000 | 43,887 | ||||||
Fuji Heavy Industries Ltd. | 74,800 | 2,720,687 | ||||||
FUJIFILM Holdings Corp. | 77,800 | 2,579,134 | ||||||
Fujitsu Ltd. | 172,600 | 985,891 | ||||||
Fukuoka Financial Group, Inc. | 2,000 | 10,900 | ||||||
GungHo Online Entertainment, Inc. | 700 | 2,642 | ||||||
Gunma Bank Ltd. (The) | 2,000 | 11,894 | ||||||
Hachijuni Bank Ltd. (The) | 2,000 | 12,231 | ||||||
Hakuhodo DY Holdings, Inc. | 800 | 7,777 | ||||||
Hamamatsu Photonics KK | 3,100 | 156,678 | ||||||
Hankyu Hanshin Holdings, Inc. | 58,700 | 322,883 | ||||||
Hikari Tsushin, Inc. | 900 | 58,527 | ||||||
Hino Motors Ltd. | 500 | 6,735 | ||||||
Hirose Electric Co. Ltd. | 400 | 50,541 | ||||||
Hiroshima Bank Ltd. (The) | 2,000 | 9,670 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 100 | 3,041 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 7,403 | ||||||
Hitachi Construction Machinery Co. Ltd. | 200 | 4,316 | ||||||
Hitachi High-Technologies Corp. | 200 | 5,779 | ||||||
Hitachi Ltd. | 632,000 | 4,879,147 | ||||||
Hitachi Metals Ltd. | 5,000 | 86,468 | ||||||
Hokuhoku Financial Group, Inc. | 4,000 | 8,087 | ||||||
Hokuriku Electric Power Co. | 68,000 | 870,084 | ||||||
Honda Motor Co. Ltd. | 165,100 | 4,966,977 | ||||||
Hoya Corp. | 61,300 | 2,179,051 | ||||||
Hulic Co. Ltd. | 71,800 | 741,497 | ||||||
IBIDEN Co. Ltd. | 200 | 2,970 | ||||||
Idemitsu Kosan Co. Ltd. | 400 | 6,823 | ||||||
IHI Corp. | 71,000 | 358,843 | ||||||
Iida Group Holdings Co. Ltd. | 300 | 3,293 | ||||||
INPEX Corp. | 84,204 | 891,938 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 64,000 | 840,467 | ||||||
Isuzu Motors Ltd. | 67,300 | 878,134 | ||||||
ITOCHU Corp. | 149,000 | 1,714,476 | ||||||
Itochu Techno-Solutions Corp. | 1,300 | 50,811 | ||||||
Iyo Bank Ltd. (The) | 700 | 7,241 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 12,812 | ||||||
Japan Airlines Co. Ltd. | 200 | 5,880 | ||||||
Japan Display, Inc.* | 54,100 | 178,640 | ||||||
Japan Exchange Group, Inc. | 68,500 | 1,757,002 | ||||||
Japan Prime Realty Investment Corp. REIT | 25 | 90,658 | ||||||
Japan Real Estate Investment Corp. REIT | 64 | 315,377 | ||||||
Japan Retail Fund Investment Corp. REIT | 492 | 1,023,662 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Japan Tobacco, Inc. | 92,800 | $ | 2,972,430 | |||||
JFE Holdings, Inc. | 74,700 | 1,589,141 | ||||||
JGC Corp. | 10,700 | 230,151 | ||||||
Joyo Bank Ltd. (The) | 2,000 | 10,091 | ||||||
JSR Corp. | 300 | 5,365 | ||||||
JTEKT Corp. | 300 | 4,976 | ||||||
JX Holdings, Inc. | 224,600 | 835,475 | ||||||
Kajima Corp. | 4,000 | 15,803 | ||||||
Kakaku.com, Inc. | 5,600 | 85,522 | ||||||
Kamigumi Co. Ltd. | 7,000 | 63,151 | ||||||
Kaneka Corp. | 31,000 | 163,989 | ||||||
Kansai Electric Power Co., (The), Inc.* | 68,300 | 685,215 | ||||||
Kansai Paint Co. Ltd. | 9,000 | 143,360 | ||||||
Kao Corp. | 74,700 | 2,766,131 | ||||||
Kawasaki Heavy Industries Ltd. | 73,000 | 320,987 | ||||||
KDDI Corp. | 72,310 | 4,631,641 | ||||||
Keihan Electric Railway Co. Ltd. | 1,000 | 5,004 | ||||||
Keikyu Corp. | 24,500 | 187,184 | ||||||
Keio Corp. | 20,800 | 152,958 | ||||||
Keisei Electric Railway Co. Ltd. | 13,000 | 149,476 | ||||||
Keyence Corp. | 4,310 | 1,990,264 | ||||||
Kikkoman Corp. | 9,000 | 214,093 | ||||||
Kintetsu Corp. | 47,400 | 160,110 | ||||||
Kirin Holdings Co. Ltd. | 66,100 | 848,278 | ||||||
Kobe Steel Ltd. | 801,000 | 1,275,231 | ||||||
Koito Manufacturing Co. Ltd. | 1,000 | 31,378 | ||||||
Komatsu Ltd. | 83,900 | 1,986,631 | ||||||
Konami Corp. | 1,300 | 24,562 | ||||||
Konica Minolta, Inc. | 61,200 | 713,480 | ||||||
Kubota Corp. | 80,800 | 1,262,553 | ||||||
Kuraray Co. Ltd. | 87,400 | 1,063,834 | ||||||
Kurita Water Industries Ltd. | 3,900 | 80,947 | ||||||
Kyocera Corp. | 56,700 | 2,775,417 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 10,858 | ||||||
Kyushu Electric Power Co., Inc.* | 67,800 | 694,477 | ||||||
Lawson, Inc. | 1,000 | 61,660 | ||||||
LIXIL Group Corp. | 58,200 | 1,237,390 | ||||||
M3, Inc. | 69,710 | 1,199,072 | ||||||
Mabuchi Motor Co. Ltd. | 700 | 55,781 | ||||||
Makita Corp. | 3,200 | 160,654 | ||||||
Marubeni Corp. | 155,600 | 980,798 | ||||||
Marui Group Co. Ltd. | 600 | 5,251 | ||||||
Maruichi Steel Tube Ltd. | 2,500 | 54,879 | ||||||
Mazda Motor Corp. | 72,200 | 1,864,374 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 64,500 | 1,474,565 | ||||||
Medipal Holdings Corp. | 500 | 5,555 | ||||||
MEIJI Holdings Co. Ltd. | 2,200 | 197,363 | ||||||
Minebea Co. Ltd. | 1,000 | 12,526 | ||||||
Miraca Holdings, Inc. | 3,300 | 125,229 | ||||||
Mitsubishi Chemical Holdings Corp. | 242,300 | 1,248,085 | ||||||
Mitsubishi Corp. | 161,500 | 3,054,101 | ||||||
Mitsubishi Electric Corp. | 179,000 | 2,150,895 | ||||||
Mitsubishi Estate Co. Ltd. | 116,000 | 2,610,402 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,000 | 5,720 | ||||||
Mitsubishi Heavy Industries Ltd. | 560,200 | 3,268,285 | ||||||
Mitsubishi Logistics Corp. | 1,000 | 15,668 | ||||||
Mitsubishi Materials Corp. | 21,000 | 65,982 | ||||||
Mitsubishi Motors Corp. | 66,100 | 679,291 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Mitsubishi Tanabe Pharma Corp. | 80,900 | $ | 1,233,450 | |||||
Mitsubishi UFJ Financial Group, Inc. | 1,179,500 | 6,819,768 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,000 | 4,717 | ||||||
Mitsui & Co. Ltd. | 167,900 | 2,315,935 | ||||||
Mitsui Chemicals, Inc. | 3,000 | 8,390 | ||||||
Mitsui Fudosan Co. Ltd. | 88,000 | 2,542,931 | ||||||
Mitsui OSK Lines Ltd. | 29,000 | 91,850 | ||||||
Mixi, Inc. | 1,000 | 45,908 | ||||||
Mizuho Financial Group, Inc. | 2,360,200 | 4,065,711 | ||||||
MS&AD Insurance Group Holdings, Inc. | 64,600 | 1,507,868 | ||||||
Murata Manufacturing Co. Ltd. | 18,800 | 2,030,999 | ||||||
Nabtesco Corp. | 5,500 | 131,993 | ||||||
Nagoya Railroad Co. Ltd. | 54,700 | 211,953 | ||||||
NEC Corp. | 264,000 | 829,482 | ||||||
Nexon Co. Ltd. | 700 | 6,628 | ||||||
NGK Insulators Ltd. | 12,000 | 266,352 | ||||||
NGK Spark Plug Co. Ltd. | 9,100 | 273,655 | ||||||
NH Foods Ltd. | 1,000 | 20,073 | ||||||
NHK Spring Co. Ltd. | 600 | 5,196 | ||||||
Nidec Corp. | 17,000 | 1,127,271 | ||||||
Nikon Corp. | 77,500 | 1,104,578 | ||||||
Nintendo Co. Ltd. | 9,900 | 1,147,487 | ||||||
Nippon Building Fund, Inc. REIT | 72 | 362,684 | ||||||
Nippon Electric Glass Co. Ltd. | 31,000 | 141,793 | ||||||
Nippon Express Co. Ltd. | 2,000 | 9,603 | ||||||
Nippon Paint Holdings Co. Ltd. | 10,000 | 258,603 | ||||||
Nippon Prologis REIT, Inc. | 41 | 89,346 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 839,000 | 2,161,194 | ||||||
Nippon Telegraph & Telephone Corp. | 67,000 | 3,584,357 | ||||||
Nippon Yusen KK | 2,000 | 5,644 | ||||||
Nissan Motor Co. Ltd. | 248,800 | 2,323,167 | ||||||
Nisshin Seifun Group, Inc. | 4,400 | 43,550 | ||||||
Nissin Foods Holdings Co. Ltd. | 3,200 | 160,384 | ||||||
Nitori Holdings Co. Ltd. | 2,900 | 160,737 | ||||||
Nitto Denko Corp. | 8,000 | 422,053 | ||||||
NOK Corp. | 400 | 10,011 | ||||||
Nomura Holdings, Inc. | 336,400 | 2,023,246 | ||||||
Nomura Real Estate Holdings, Inc. | 2,200 | 40,399 | ||||||
Nomura Research Institute Ltd. | 1,500 | 46,751 | ||||||
NSK Ltd. | 24,000 | 302,236 | ||||||
NTT Data Corp. | 4,100 | 156,450 | ||||||
NTT DOCOMO, Inc. | 164,792 | 2,570,125 | ||||||
NTT Urban Development Corp. | 600 | 6,171 | ||||||
Obayashi Corp. | 34,000 | 211,936 | ||||||
Odakyu Electric Railway Co. Ltd. | 16,500 | 151,080 | ||||||
Oji Holdings Corp. | 1,600 | 5,607 | ||||||
Olympus Corp.* | 31,200 | 1,135,358 | ||||||
Omron Corp. | 10,500 | 488,228 | ||||||
Ono Pharmaceutical Co. Ltd. | 5,900 | 504,940 | ||||||
Oracle Corp. Japan | 2,000 | 75,475 | ||||||
Oriental Land Co. Ltd. | 4,700 | 1,022,626 | ||||||
ORIX Corp. | 156,600 | 2,065,091 | ||||||
Osaka Gas Co. Ltd. | 84,000 | 321,169 | ||||||
OTSUKA Corp. | 2,100 | 72,261 | ||||||
Otsuka Holdings Co. Ltd. | 74,500 | 2,354,894 | ||||||
Panasonic Corp. | 245,300 | 3,166,593 | ||||||
Park24 Co. Ltd. | 52,900 | 802,535 | ||||||
Rakuten, Inc. | 80,900 | 1,089,661 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Recruit Holdings Co. Ltd.* | 10,000 | $ | 328,518 | |||||
Resona Holdings, Inc. | 168,400 | 908,990 | ||||||
Ricoh Co. Ltd. | 77,500 | 839,205 | ||||||
Rinnai Corp. | 3,100 | 230,316 | ||||||
ROHM Co. Ltd. | 3,000 | 194,078 | ||||||
Sankyo Co. Ltd. | 3,200 | 102,969 | ||||||
Sanrio Co. Ltd. | 200 | 5,282 | ||||||
Santen Pharmaceutical Co. Ltd. | 100 | 5,593 | ||||||
SBI Holdings, Inc. | 3,600 | 41,545 | ||||||
Secom Co. Ltd. | 15,000 | 867,287 | ||||||
Sega Sammy Holdings, Inc. | 50,700 | 698,265 | ||||||
Seibu Holdings, Inc. | 5,400 | 102,209 | ||||||
Seiko Epson Corp. | 5,000 | 241,334 | ||||||
Sekisui Chemical Co. Ltd. | 30,000 | 373,247 | ||||||
Sekisui House Ltd. | 70,200 | 942,584 | ||||||
Seven & i Holdings Co. Ltd. | 76,000 | 2,834,436 | ||||||
Seven Bank Ltd. | 79,700 | 345,748 | ||||||
Sharp Corp.* | 24,000 | 57,213 | ||||||
Shikoku Electric Power Co., Inc.* | 58,200 | 727,040 | ||||||
Shimadzu Corp. | 9,000 | 89,003 | ||||||
Shimamura Co. Ltd. | 100 | 8,365 | ||||||
Shimano, Inc. | 7,300 | 990,018 | ||||||
Shimizu Corp. | 8,000 | 54,585 | ||||||
Shin-Etsu Chemical Co. Ltd. | 55,900 | 3,762,295 | ||||||
Shinsei Bank Ltd. | 3,000 | 5,635 | ||||||
Shionogi & Co. Ltd. | 52,000 | 1,293,484 | ||||||
Shiseido Co. Ltd. | 74,600 | 1,113,831 | ||||||
Shizuoka Bank Ltd. (The) | 28,000 | 269,351 | ||||||
Showa Shell Sekiyu KK | 900 | 7,498 | ||||||
SMC Corp. | 4,000 | 1,098,766 | ||||||
SoftBank Corp. | 84,000 | 5,634,435 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 53,800 | 1,333,500 | ||||||
Sony Corp. | 87,000 | 1,905,404 | ||||||
Sony Financial Holdings, Inc. | 400 | 6,068 | ||||||
Stanley Electric Co. Ltd. | 200 | 4,345 | ||||||
Sumitomo Chemical Co. Ltd. | 29,000 | 109,683 | ||||||
Sumitomo Corp. | 167,900 | 1,790,518 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 400 | 4,134 | ||||||
Sumitomo Electric Industries Ltd. | 70,200 | 912,721 | ||||||
Sumitomo Heavy Industries Ltd. | 2,000 | 10,967 | ||||||
Sumitomo Metal Mining Co. Ltd. | 27,000 | 413,250 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 139,400 | 5,254,728 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 572,000 | 2,377,331 | ||||||
Sumitomo Realty & Development Co. Ltd. | 26,100 | 901,073 | ||||||
Sumitomo Rubber Industries Ltd. | 500 | 7,615 | ||||||
Suntory Beverage & Food Ltd. | 7,100 | 250,592 | ||||||
Suruga Bank Ltd. | 7,000 | 132,966 | ||||||
Suzuken Co. Ltd. | 100 | 2,561 | ||||||
Suzuki Motor Corp. | 58,400 | 1,844,508 | ||||||
Sysmex Corp. | 13,500 | 579,960 | ||||||
T&D Holdings, Inc. | 81,200 | 983,579 | ||||||
Taiheiyo Cement Corp. | 41,000 | 128,476 | ||||||
Taisei Corp. | 20,000 | 104,452 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 134 | 8,296 | ||||||
Taiyo Nippon Sanso Corp. | 12,000 | 141,313 | ||||||
Takas himaya Co. Ltd. | 1,000 | 8,373 | ||||||
Takeda Pharmaceutical Co. Ltd. | 83,600 | 3,501,320 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
TDK Corp. | 6,300 | $ | 379,438 | |||||
Teijin Ltd. | 41,000 | 111,208 | ||||||
Terumo Corp. | 52,300 | 1,189,488 | ||||||
THK Co. Ltd. | 2,000 | 48,435 | ||||||
Tobu Railway Co. Ltd. | 41,000 | 184,770 | ||||||
Toho Co. Ltd. | 300 | 6,687 | ||||||
Toho Gas Co. Ltd. | 31,000 | 162,684 | ||||||
Tohoku Electric Power Co., Inc. | 68,800 | 796,866 | ||||||
Tokio Marine Holdings, Inc. | 80,700 | 2,637,885 | ||||||
Tokyo Electric Power Co., Inc.* | 171,400 | 626,607 | ||||||
Tokyo Electron Ltd. | 12,300 | 837,891 | ||||||
Tokyo Gas Co. Ltd. | 325,400 | 1,773,987 | ||||||
Tokyo Tatemono Co. Ltd. | 7,000 | 55,840 | ||||||
Tokyu Corp. | 81,600 | 492,837 | ||||||
Tokyu Fudosan Holdings Corp. | 63,600 | 454,305 | ||||||
TonenGeneral Sekiyu KK | 1,000 | 8,365 | ||||||
Toppan Printing Co. Ltd. | 31,000 | 199,764 | ||||||
Toray Industries, Inc. | 136,200 | 1,070,417 | ||||||
Toshiba Corp. | 601,000 | 2,670,493 | ||||||
TOTO Ltd. | 6,000 | 71,617 | ||||||
Toyo Seikan Group Holdings Ltd. | 300 | 3,624 | ||||||
Toyo Suisan Kaisha Ltd. | 4,000 | 135,450 | ||||||
Toyoda Gosei Co. Ltd. | 300 | 5,873 | ||||||
Toyota Industries Corp. | 8,300 | 414,598 | ||||||
Toyota Motor Corp. | 250,800 | 15,451,721 | ||||||
Toyota Tsusho Corp. | 3,800 | 89,947 | ||||||
Trend Micro, Inc. | 4,100 | 124,504 | ||||||
Unicharm Corp. | 44,000 | 1,007,017 | ||||||
United Urban Investment Corp. REIT | 713 | 1,145,340 | ||||||
USS Co. Ltd. | 56,400 | 813,824 | ||||||
West Japan Railway Co. | 8,400 | 400,913 | ||||||
Yahoo Japan Corp. | 162,400 | 592,337 | ||||||
Yakult Honsha Co. Ltd. | 3,200 | 169,818 | ||||||
Yamada Denki Co. Ltd. | 1,900 | 6,258 | ||||||
Yamaguchi Financial Group, Inc. | 24,400 | 244,586 | ||||||
Yamaha Corp. | 75,200 | 1,120,573 | ||||||
Yamaha Motor Co. Ltd. | 73,200 | 1,555,689 | ||||||
Yamato Holdings Co. Ltd. | 74,700 | 1,684,785 | ||||||
Yamato Kogyo Co. Ltd. | 2,600 | 72,931 | ||||||
Yamazaki Baking Co. Ltd. | 3,000 | 37,855 | ||||||
Yaskawa Electric Corp. | 2,000 | 25,944 | ||||||
Yokogawa Electric Corp. | 4,400 | 55,373 | ||||||
Yokohama Rubber Co. Ltd. (The) | 1,000 | 9,199 | ||||||
|
| |||||||
264,343,152 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
Altice SA* | 1,680 | 113,015 | ||||||
ArcelorMittal | 73,119 | 896,929 | ||||||
Millicom International Cellular SA SDR | 5,861 | 487,726 | ||||||
RTL Group SA | 722 | 69,524 | ||||||
SES SA FDR | 24,261 | 902,611 | ||||||
Tenaris SA | 42,776 | 707,428 | ||||||
|
| |||||||
3,177,233 | ||||||||
|
| |||||||
Macau — 0.2% | ||||||||
Sands China Ltd. | 215,187 | 1,288,861 | ||||||
Wynn Macau Ltd. | 141,171 | 460,543 | ||||||
|
| |||||||
1,749,404 | ||||||||
|
|
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC(c) | 19,550 | $ | 217,426 | |||||
|
| |||||||
Netherlands — 4.3% | ||||||||
Aegon NV | 163,647 | 1,284,618 | ||||||
Akzo Nobel NV | 25,397 | 1,754,588 | ||||||
ASML Holding NV | 31,110 | 3,285,426 | ||||||
Corio NV REIT | 713 | 36,071 | ||||||
Delta Lloyd NV | 18,452 | 424,125 | ||||||
Gemalto NV | 7,068 | 600,447 | ||||||
Heineken Holding NV | 14,308 | 978,348 | ||||||
Heineken NV | 30,233 | 2,377,783 | ||||||
ING Groep NV* | 347,917 | 5,096,259 | ||||||
Koninklijke Ahold NV | 83,599 | 1,476,634 | ||||||
Koninklijke Boskalis Westminster NV | 8,089 | 453,882 | ||||||
Koninklijke DSM NV | 15,121 | 994,078 | ||||||
Koninklijke KPN NV | 297,413 | 987,420 | ||||||
Koninklijke Philips NV | 85,359 | 2,574,430 | ||||||
Koninklijke Vopak NV | 700 | 35,165 | ||||||
NN Group NV* | 1,144 | 34,731 | ||||||
OCI NV* | 3,050 | 109,358 | ||||||
QIAGEN NV* | 21,081 | 503,689 | ||||||
Randstad Holding NV | 21,082 | 1,040,324 | ||||||
Reed Elsevier NV | 60,067 | 1,476,635 | ||||||
Royal Dutch Shell PLC, Class A | 354,751 | 11,816,721 | ||||||
Royal Dutch Shell PLC, Class B | 225,715 | 7,837,620 | ||||||
TNT Express NV | 39,037 | 263,091 | ||||||
Unilever NV | 141,956 | 5,781,784 | ||||||
Wolters Kluwer NV | 26,058 | 763,553 | ||||||
|
| |||||||
51,986,780 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd. | 94,916 | 288,166 | ||||||
Contact Energy Ltd. | 107,545 | 517,182 | ||||||
Fletcher Building Ltd. | 59,193 | 380,317 | ||||||
Meridian Energy Ltd. | 1,000 | 1,349 | ||||||
Mighty River Power Ltd. | 1,000 | 2,353 | ||||||
Ryman Healthcare Ltd. | 24,803 | 155,858 | ||||||
Spark New Zealand Ltd. | 14,229 | 34,158 | ||||||
|
| |||||||
1,379,383 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
DNB ASA | 119,950 | 1,991,914 | ||||||
Gjensidige Forsikring ASA | 9,166 | 157,177 | ||||||
Norsk Hydro ASA | 115,849 | 678,371 | ||||||
Orkla ASA | 66,584 | 495,433 | ||||||
Statoil ASA | 89,618 | 1,692,605 | ||||||
Telenor ASA | 95,463 | 2,015,277 | ||||||
Yara International ASA | 16,867 | 717,192 | ||||||
|
| |||||||
7,747,969 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA, Class R* | 3,177,478 | 327,938 | ||||||
Banco Espirito Santo SA*# | 163,078 | 0 | ||||||
EDP — Energias de Portugal SA | 198,074 | 812,531 | ||||||
Galp Energia SGPS SA | 19,542 | 238,136 | ||||||
Jeronimo Martins SGPS SA | 25,055 | 254,535 | ||||||
|
| |||||||
1,633,140 | ||||||||
|
|
Number of Shares | Value | |||||||
Singapore — 1.5% | ||||||||
Ascendas Real Estate Investment Trust REIT | 4,000 | $ | 7,177 | |||||
CapitaCommercial Trust REIT | 6,000 | 7,752 | ||||||
CapitaLand Ltd. | 746,100 | 1,899,362 | ||||||
CapitaMall Trust REIT | 4,000 | 6,073 | ||||||
City Developments Ltd. | 30,000 | 231,415 | ||||||
ComfortDelGro Corp. Ltd. | 134,000 | 267,147 | ||||||
DBS Group Holdings Ltd. | 160,000 | 2,432,849 | ||||||
Genting Singapore PLC | 680,000 | 594,410 | ||||||
Global Logistic Properties Ltd. | 654,000 | 1,313,867 | ||||||
Golden Agri-Resources Ltd. | 35,000 | 12,345 | ||||||
Hutchison Port Holdings Trust, Class U | 1,345,789 | 921,865 | ||||||
Jardine Cycle & Carriage Ltd. | 300 | 9,797 | ||||||
Keppel Corp. Ltd. | 135,000 | 931,641 | ||||||
Keppel Land Ltd. | 69,000 | 178,300 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 516,000 | 4,146,517 | ||||||
Sembcorp Industries Ltd. | 31,100 | 108,981 | ||||||
Sembcorp Marine Ltd. | 79,200 | 190,083 | ||||||
Singapore Airlines Ltd. | 1,000 | 8,266 | ||||||
Singapore Exchange Ltd. | 18,000 | 101,031 | ||||||
Singapore Press Holdings Ltd. | 82,000 | 269,739 | ||||||
Singapore Technologies Engineering Ltd. | 32,800 | 84,757 | ||||||
Singapore Telecommunications Ltd. | 767,600 | 2,295,472 | ||||||
StarHub Ltd. | 2,000 | 6,349 | ||||||
Suntec Real Estate Investment Trust REIT | 1,000 | 1,511 | ||||||
United Overseas Bank Ltd. | 120,000 | 2,208,335 | ||||||
UOL Group Ltd. | 2,000 | 10,321 | ||||||
Wilmar International Ltd. | 98,000 | 241,215 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 7,000 | 6,575 | ||||||
|
| |||||||
18,493,152 | ||||||||
|
| |||||||
Spain — 3.5% | ||||||||
Abertis Infraestructuras SA | 34,767 | 744,010 | ||||||
ACS Actividades de Construccion y Servicios SA | 15,277 | 539,779 | ||||||
Amadeus IT Holding SA, Class A | 33,115 | 1,318,283 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 531,016 | 5,703,630 | ||||||
Banco de Sabadell SA | 349,689 | 991,831 | ||||||
Banco Popular Espanol SA | 156,917 | 862,428 | ||||||
Banco Santander SA | 1,131,159 | 10,196,058 | ||||||
Bankia SA* | 419,487 | 735,475 | ||||||
Bankinter SA | 56,444 | 505,828 | ||||||
CaixaBank SA | 143,487 | 792,362 | ||||||
Distribuidora Internacional de Alimentacion SA | 52,296 | 363,505 | ||||||
Enagas SA | 27,960 | 936,276 | ||||||
Ferrovial SA | 37,698 | 772,514 | ||||||
Gas Natural SDG SA | 30,322 | 858,899 | ||||||
Grifols SA | 13,218 | 588,820 | ||||||
Iberdrola SA | 418,285 | 3,092,628 | ||||||
Inditex SA | 97,028 | 2,825,022 | ||||||
Mapfre SA | 21,676 | 79,539 | ||||||
Red Electrica Corp. SA | 14,461 | 1,324,706 | ||||||
Repsol SA | 92,043 | 2,065,849 | ||||||
Telefonica SA | 389,000 | 6,230,114 | ||||||
Zardoya Otis SA | 21,873 | 233,088 | ||||||
|
| |||||||
41,760,644 | ||||||||
|
|
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Sweden — 3.0% | ||||||||
Alfa Laval AB | 28,520 | $ | 567,604 | |||||
Assa Abloy AB, Class B | 30,511 | 1,658,013 | ||||||
Atlas Copco AB, Class A | 76,031 | 2,192,255 | ||||||
Atlas Copco AB, Class B | 33,597 | 892,580 | ||||||
Boliden AB | 21,873 | 369,608 | ||||||
Electrolux AB, Series B | 21,810 | 648,168 | ||||||
Elekta AB, Class B | 1,706 | 17,388 | ||||||
Getinge AB, Class B | 18,280 | 423,135 | ||||||
Hennes & Mauritz AB, Class B | 84,521 | 3,620,442 | ||||||
Hexagon AB, Class B | 31,072 | 987,597 | ||||||
Husqvarna AB, Class B | 64,065 | 471,688 | ||||||
ICA Gruppen AB | 1,000 | 38,624 | ||||||
Industrivarden AB, Class C | 1,629 | 28,794 | ||||||
Investment AB Kinnevik, Class B | 20,759 | 720,220 | ||||||
Investor AB, Class B | 39,553 | 1,485,780 | ||||||
Lundin Petroleum AB* | 21,238 | 299,349 | ||||||
Nordea Bank AB | 253,904 | 3,171,863 | ||||||
Sandvik AB | 96,294 | 1,008,585 | ||||||
Securitas AB, Class B | 23,563 | 284,562 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 167,647 | 2,214,594 | ||||||
Skanska AB, Class B | 33,808 | 728,160 | ||||||
SKF AB, Class B | 34,945 | 719,844 | ||||||
Svenska Cellulosa AB SCA, Class B | 50,787 | 1,198,065 | ||||||
Svenska Handelsbanken AB, Class A | 55,226 | 2,697,402 | ||||||
Swedbank AB, Class A | 81,865 | 2,147,480 | ||||||
Swedish Match AB | 27,928 | 964,449 | ||||||
Tele2 AB, Class B | 38,085 | 493,138 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 249,893 | 3,146,891 | ||||||
TeliaSonera AB | 226,367 | 1,615,053 | ||||||
Volvo AB, Class B | 128,850 | 1,410,057 | ||||||
|
| |||||||
36,221,388 | ||||||||
|
| |||||||
Switzerland — 9.8% | ||||||||
ABB Ltd.* | 201,481 | 4,522,766 | ||||||
Actelion Ltd.* | 8,751 | 1,040,611 | ||||||
Adecco SA* | 11,822 | 830,140 | ||||||
Aryzta AG* | 6,723 | 536,448 | ||||||
Baloise Holding AG | 4,191 | 547,378 | ||||||
Barry Callebaut AG* | 8 | 8,561 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 6 | 358,417 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates. | 15 | 75,555 | ||||||
Cie Financiere Richemont SA | 44,843 | 4,216,287 | ||||||
Coca-Cola HBC AG CDI* | 863 | 19,573 | ||||||
Credit Suisse Group AG* | 130,354 | 3,483,302 | ||||||
EMS-Chemie Holding AG | 25 | 9,276 | ||||||
Geberit AG | 3,369 | 1,173,615 | ||||||
Givaudan SA* | 780 | 1,390,075 | ||||||
Glencore PLC* | 958,055 | 4,794,764 | ||||||
Holcim Ltd.* | 21,032 | 1,553,049 | ||||||
Julius Baer Group Ltd.* | 19,305 | 874,694 | ||||||
Kuehne + Nagel International AG | 5,085 | 684,666 | ||||||
Lonza Group AG* | 5,013 | 589,368 | ||||||
Nestle SA | 298,264 | 22,394,880 |
Number of Shares | Value | |||||||
Switzerland (Continued) | ||||||||
Novartis AG | 212,753 | $ | 20,587,223 | |||||
Pargesa Holding SA | 8,287 | 659,529 | ||||||
Partners Group Holding AG | 1,673 | 480,473 | ||||||
Roche Holding AG | 64,981 | 19,462,356 | ||||||
Schindler Holding AG | 7,293 | 1,018,944 | ||||||
Schindler Holding AG Participation Certificates | 4,181 | 596,266 | ||||||
SGS SA | 777 | 1,680,652 | ||||||
Sika AG | 95 | 361,614 | ||||||
Sonova Holding AG | 5,006 | 757,441 | ||||||
STMicroelectronics NV | 49,883 | 373,839 | ||||||
Sulzer AG | 1,688 | 188,497 | ||||||
Swatch Group AG (The) — Bearer | 3,386 | 1,673,288 | ||||||
Swatch Group AG (The) — Registered | 1,614 | 148,580 | ||||||
Swiss Life Holding AG* | 6,735 | 1,543,212 | ||||||
Swiss Prime Site AG* | 4,988 | 384,586 | ||||||
Swiss Re AG* | 30,314 | 2,591,396 | ||||||
Swisscom AG | 2,461 | 1,493,792 | ||||||
Syngenta AG | 8,440 | 2,780,287 | ||||||
Transocean Ltd. | 30,448 | 644,726 | ||||||
UBS AG* | 302,494 | 5,447,240 | ||||||
Wolseley PLC | 23,506 | 1,318,128 | ||||||
Zurich Insurance Group AG* | 14,308 | 4,483,791 | ||||||
|
| |||||||
117,779,285 | ||||||||
|
| |||||||
United Kingdom — 17.6% | ||||||||
3i Group PLC | 102,995 | 714,305 | ||||||
Aberdeen Asset Management PLC | 42,199 | 296,553 | ||||||
Admiral Group PLC | 1,586 | 30,719 | ||||||
Aggreko PLC | 23,386 | 559,993 | ||||||
Amec Foster Wheeler PLC | 26,950 | 393,390 | ||||||
Anglo American PLC | 121,707 | 2,512,274 | ||||||
Antofagasta PLC | 14,332 | 164,990 | ||||||
ARM Holdings PLC | 121,758 | 1,739,264 | ||||||
Ashtead Group PLC | 46,644 | 767,928 | ||||||
Associated British Foods PLC | 31,269 | 1,564,427 | ||||||
AstraZeneca PLC | 114,168 | 8,524,259 | ||||||
Aviva PLC | 300,605 | 2,385,307 | ||||||
Babcock International Group PLC | 27,693 | 491,830 | ||||||
BAE Systems PLC | 382,469 | 2,874,193 | ||||||
Barclays PLC | 1,479,007 | 5,663,520 | ||||||
BG Group PLC | 292,372 | 4,111,110 | ||||||
BHP Billiton PLC | 182,092 | 4,314,801 | ||||||
BP PLC | 1,647,543 | 10,813,770 | ||||||
British American Tobacco PLC | 170,621 | 10,112,799 | ||||||
British Land Co. PLC REIT | 93,506 | 1,121,721 | ||||||
BT Group PLC | 715,919 | 4,587,160 | ||||||
Bunzl PLC | 29,582 | 825,266 | ||||||
Burberry Group PLC | 37,905 | 976,933 | ||||||
Capita PLC | 57,318 | 957,986 | ||||||
Carnival PLC | 10,971 | 483,259 | ||||||
Centrica PLC | 439,876 | 1,955,463 | ||||||
CNH Industrial NV | 81,342 | 636,709 | ||||||
Cobham PLC | 96,191 | 453,158 | ||||||
Compass Group PLC | 151,035 | 2,571,511 | ||||||
Croda International PLC | 12,429 | 476,426 | ||||||
Diageo PLC | 223,262 | 6,908,498 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Direct Line Insurance Group PLC | 120,551 | $ | 554,550 | |||||
Dixons Carphone PLC | 72,187 | 477,300 | ||||||
easyJet PLC | 1,547 | 39,944 | ||||||
Fiat Chrysler Automobiles NV* | 50,788 | 633,421 | ||||||
G4S PLC | 135,908 | 586,769 | ||||||
GKN PLC | 149,157 | 804,497 | ||||||
GlaxoSmithKline PLC | 436,753 | 10,130,868 | ||||||
Hammerson PLC REIT | 61,669 | 600,122 | ||||||
Hargreaves Lansdown PLC | 14,112 | 215,031 | ||||||
HSBC Holdings PLC | 1,771,127 | 17,622,742 | ||||||
ICAP PLC | 45,919 | 298,954 | ||||||
IMI PLC | 23,530 | 434,066 | ||||||
Imperial Tobacco Group PLC | 80,784 | 3,735,093 | ||||||
Inmarsat PLC | 38,558 | 478,512 | ||||||
InterContinental Hotels Group PLC | 22,579 | 955,781 | ||||||
International Consolidated Airlines Group SA* | 92,096 | 658,131 | ||||||
Intertek Group PLC | 14,293 | 521,308 | ||||||
Intu Properties PLC REIT | 80,232 | 447,279 | ||||||
Investec PLC | 60,844 | 562,631 | ||||||
ITV PLC | 318,307 | 1,065,001 | ||||||
J Sainsbury PLC | 105,879 | 386,007 | ||||||
Johnson Matthey PLC | 18,311 | 951,302 | ||||||
Kingfisher PLC | 203,053 | 989,575 | ||||||
Land Securities Group PLC REIT | 92,160 | 1,710,186 | ||||||
Legal & General Group PLC | 533,861 | 2,057,224 | ||||||
Lloyds Banking Group PLC* | 5,281,114 | 6,628,202 | ||||||
London Stock Exchange Group PLC | 20,414 | 719,050 | ||||||
Marks & Spencer Group PLC | 137,825 | 1,051,664 | ||||||
Meggitt PLC | 70,135 | 551,045 | ||||||
Melrose Industries PLC | 4,908 | 19,833 | ||||||
Merlin Entertainments PLC, 144A | 1,000 | 5,920 | ||||||
National Grid PLC | 348,795 | 5,066,843 | ||||||
Next PLC | 14,280 | 1,511,199 | ||||||
Old Mutual PLC | 424,238 | 1,327,318 | ||||||
Pearson PLC | 87,052 | 1,673,868 | ||||||
Persimmon PLC* | 27,672 | 662,624 | ||||||
Petrofac Ltd. | 1,613 | 20,786 | ||||||
Prudential PLC | 260,385 | 6,296,094 | ||||||
Reckitt Benckiser Group PLC | 61,720 | 5,066,207 | ||||||
Reed Elsevier PLC | 101,899 | 1,771,534 | ||||||
Rexam PLC | 62,543 | 441,963 | ||||||
Rio Tinto PLC | 113,964 | 5,327,043 | ||||||
Rolls-Royce Holdings PLC* | 171,038 | 2,250,852 | ||||||
Royal Bank of Scotland Group PLC* | 198,614 | 1,226,369 | ||||||
Royal Mail PLC | 29,575 | 193,009 | ||||||
RSA Insurance Group PLC* | 91,357 | 668,125 | ||||||
SABMiller PLC | 93,911 | 5,228,035 | ||||||
Sage Group PLC (The) | 75,326 | 478,994 | ||||||
Schroders PLC | 10,107 | 425,466 | ||||||
Segro PLC REIT | 64,210 | 393,464 | ||||||
Severn Trent PLC | 21,873 | 698,009 | ||||||
Sky PLC | 122,483 | 1,783,101 | ||||||
Smith & Nephew PLC | 66,828 | 1,158,686 | ||||||
Smiths Group PLC | 34,283 | 619,579 | ||||||
Sports Direct International PLC* | 9,040 | 93,266 | ||||||
SSE PLC | 90,538 | 2,319,311 |
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Standard Chartered PLC | 222,772 | $ | 3,260,850 | |||||
Standard Life PLC | 206,701 | 1,368,966 | ||||||
Subsea 7 SA | 23,693 | 236,070 | ||||||
Tate & Lyle PLC | 54,694 | 515,586 | ||||||
Tesco PLC | 681,005 | 1,983,339 | ||||||
Travis Perkins PLC | 21,238 | 599,454 | ||||||
TUI Travel PLC | 69,791 | 484,787 | ||||||
Tullow Oil PLC | 85,372 | 568,080 | ||||||
Unilever PLC | 108,742 | 4,596,311 | ||||||
United Utilities Group PLC | 58,359 | 825,431 | ||||||
Vodafone Group PLC | 2,420,731 | 8,846,142 | ||||||
Weir Group PLC (The) | 22,734 | 666,183 | ||||||
Whitbread PLC | 19,741 | 1,414,432 | ||||||
William Hill PLC | 78,678 | 411,702 | ||||||
WM Morrison Supermarkets PLC | 192,140 | 535,723 | ||||||
WPP PLC | 117,869 | 2,467,111 | ||||||
|
| |||||||
211,363,442 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,184,152,939 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 842 | 71,488 | ||||||
Fuchs Petrolub SE | 1,486 | 61,476 | ||||||
Henkel AG & Co. KGaA | 15,308 | 1,698,287 | ||||||
Porsche Automobil Holding SE | 12,628 | 1,099,794 | ||||||
Volkswagen AG | 14,896 | 3,430,372 | ||||||
|
| |||||||
6,361,417 | ||||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Rolls-Royce Holdings PLC, Class C* | 11,515,770 | 17,988 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 6,379,405 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Harvey Norman Holdings Ltd.*, expires 1/15/15 | 4,268 | 6,537 | ||||||
|
| |||||||
Hong Kong — 0.0% | ||||||||
Shangri-La Asia Ltd.*, expires 1/15/15 | 46,318 | 2,001 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 1/09/15 | 131,175 | 8,808 | ||||||
|
| |||||||
TOTAL RIGHTS | 17,346 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Hong Kong — 0.0% | ||||||||
Sun Hung Kai Properties Ltd.*, expires 4/22/16 | 4,854 | 10,553 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.8% (Cost $1,188,931,157) | $ | 1,190,560,243 | ||||||
Other assets less liabilities — 1.2% | 14,000,542 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,204,560,785 | ||||||
|
|
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
As of November 30, 2014, the Fund had the following futures contracts open:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
E-mini MSCI EAFE Index Futures | 20 | $ | 1,836,400 | 12/19/2014 | $ | (54,600 | ) |
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 19,772,000 | USD | 20,546,906 | $ | 84,293 | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 488,000 | USD | 507,294 | 2,249 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 359,500 | USD | 374,395 | 2,338 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 243,500 | USD | 250,197 | (1,809 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,453,500 | USD | 1,504,417 | 148 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 369,000 | USD | 383,096 | 1,207 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,223,500 | USD | 1,275,849 | 9,614 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,190,500 | USD | 1,233,833 | 1,751 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 235,000 | USD | 245,345 | 2,136 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,486,500 | USD | 1,533,015 | (5,407 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 4,210,000 | USD | 4,367,324 | 10,274 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | CHF | 19,772,000 | USD | 20,547,034 | 84,421 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 19,772,000 | USD | 20,546,821 | 84,207 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 488,000 | USD | 507,294 | 2,249 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,190,500 | USD | 1,233,833 | 1,751 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 359,500 | USD | 374,431 | 2,374 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 243,500 | USD | 250,196 | (1,809 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,453,500 | USD | 1,504,415 | 146 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 369,000 | USD | 383,094 | 1,205 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,223,500 | USD | 1,275,851 | 9,615 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 235,000 | USD | 245,344 | 2,135 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,486,500 | USD | 1,533,002 | (5,420 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 4,210,000 | USD | 4,367,315 | 10,265 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | CHF | 19,772,000 | USD | 20,547,376 | 84,763 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | CHF | 49,400 | USD | 51,208 | 82 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | CHF | 402,000 | USD | 418,312 | 2,270 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 20,893,000 | USD | 3,517,344 | 25,691 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 547,500 | USD | 92,193 | 694 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 400,500 | USD | 67,509 | 577 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 266,500 | USD | 44,351 | (186 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,598,500 | USD | 267,696 | 554 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 397,500 | USD | 66,645 | 215 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,322,000 | USD | 222,490 | 1,557 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,341,000 | USD | 225,083 | 974 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 268,500 | USD | 45,241 | 369 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,693,500 | USD | 282,050 | (968 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 4,866,000 | USD | 816,068 | 2,859 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | DKK | 20,893,000 | USD | 3,517,207 | 25,555 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 20,893,000 | USD | 3,517,340 | 25,688 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 547,500 | USD | 92,192 | 693 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,341,000 | USD | 225,080 | 972 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 400,500 | USD | 67,515 | 583 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 266,500 | USD | 44,352 | (186 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,598,500 | USD | 267,704 | 561 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 397,500 | USD | 66,645 | 214 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,322,000 | USD | 222,490 | 1,556 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 268,500 | USD | 45,242 | 370 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,693,500 | USD | 282,050 | (969 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 4,866,000 | USD | 816,065 | 2,856 |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | DKK | 20,893,000 | USD | 3,517,352 | $ | 25,700 | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 52,224,000 | USD | 65,442,260 | 503,998 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 1,314,000 | USD | 1,646,910 | 13,008 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 958,500 | USD | 1,202,495 | 10,643 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 652,500 | USD | 807,689 | (3,667 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 3,877,000 | USD | 4,829,057 | 8,177 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 968,500 | USD | 1,208,658 | 4,371 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 3,233,500 | USD | 4,050,796 | 30,080 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 3,216,000 | USD | 4,017,910 | 18,954 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 661,500 | USD | 829,744 | 7,198 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 4,212,500 | USD | 5,220,349 | (17,711 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 12,134,000 | USD | 15,139,119 | 51,020 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | EUR | 52,224,000 | USD | 65,441,894 | 503,632 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 52,224,000 | USD | 65,441,372 | 503,110 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 1,314,000 | USD | 1,646,918 | 13,016 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 3,216,000 | USD | 4,017,932 | 18,977 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 958,500 | USD | 1,202,637 | 10,784 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 1,000,000 | USD | 1,248,557 | 5,101 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 652,500 | USD | 807,688 | (3,667 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 600,000 | USD | 745,340 | (734 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 3,877,000 | USD | 4,829,265 | 8,385 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 968,500 | USD | 1,208,658 | 4,371 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 3,233,500 | USD | 4,050,793 | 30,077 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 661,500 | USD | 829,747 | 7,201 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 4,212,500 | USD | 5,220,349 | (17,711 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 12,134,000 | USD | 15,139,131 | 51,032 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | EUR | 52,224,000 | USD | 65,443,148 | 504,885 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 69,800 | USD | 87,638 | 845 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 523,000 | USD | 654,255 | 3,927 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 28,722,000 | USD | 45,944,237 | 1,080,132 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 712,500 | USD | 1,139,513 | 26,580 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 524,000 | USD | 838,060 | 19,566 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 355,000 | USD | 561,950 | 7,436 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 2,136,500 | USD | 3,391,337 | 54,099 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 540,000 | USD | 848,236 | 4,749 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 1,803,000 | USD | 2,825,245 | 8,938 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 1,739,500 | USD | 2,778,672 | 61,552 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 365,000 | USD | 572,106 | 1,972 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 2,298,000 | USD | 3,598,693 | 9,190 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 6,534,500 | USD | 10,265,353 | 58,387 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | GBP | 28,722,000 | USD | 45,940,265 | 1,076,160 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 28,722,000 | USD | 45,939,977 | 1,075,872 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 712,500 | USD | 1,139,518 | 26,584 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 1,739,500 | USD | 2,778,674 | 61,554 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 524,000 | USD | 838,144 | 19,650 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 600,000 | USD | 958,076 | 20,869 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 355,000 | USD | 561,948 | 7,434 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 400,000 | USD | 636,243 | 11,438 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,136,500 | USD | 3,391,339 | 54,101 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 540,000 | USD | 848,236 | 4,749 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 1,803,000 | USD | 2,825,251 | 8,943 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 365,000 | USD | 572,108 | 1,974 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,298,000 | USD | 3,598,696 | 9,192 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 6,534,500 | USD | 10,265,360 | 58,393 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | GBP | 28,722,000 | USD | 45,940,322 | 1,076,217 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | GBP | 211,000 | USD | 337,571 | 7,986 |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 4,339,000 | USD | 1,144,125 | $ | 29,932 | |||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 113,500 | USD | 29,866 | 720 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 87,000 | USD | 22,981 | 641 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 58,500 | USD | 15,366 | 344 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 352,000 | USD | 92,379 | 1,990 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 88,500 | USD | 23,227 | 502 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 295,000 | USD | 77,375 | 1,624 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 267,000 | USD | 70,167 | 1,605 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 59,000 | USD | 15,354 | 204 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 369,000 | USD | 95,698 | 944 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | ILS | 1,038,000 | USD | 268,762 | 2,218 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | ILS | 4,339,000 | USD | 1,143,980 | 29,787 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 4,339,000 | USD | 1,144,156 | 29,963 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 113,500 | USD | 29,866 | 721 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 267,000 | USD | 70,168 | 1,607 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 87,000 | USD | 22,984 | 644 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 58,500 | USD | 15,366 | 344 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 352,000 | USD | 92,378 | 1,989 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 88,500 | USD | 23,227 | 501 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 295,000 | USD | 77,370 | 1,619 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 59,000 | USD | 15,354 | 203 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 369,000 | USD | 95,697 | 943 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | ILS | 1,038,000 | USD | 268,764 | 2,220 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | ILS | 4,339,000 | USD | 1,144,170 | 29,978 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 12,441,000 | USD | 1,840,976 | 67,604 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 307,000 | USD | 45,471 | 1,711 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 224,500 | USD | 32,721 | 720 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 151,000 | USD | 21,976 | 452 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 912,500 | USD | 133,865 | 3,795 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 227,500 | USD | 33,488 | 1,060 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 761,500 | USD | 112,764 | 4,218 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 754,500 | USD | 110,826 | 3,278 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 155,000 | USD | 22,822 | 728 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 973,500 | USD | 143,169 | 4,403 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 2,753,500 | USD | 404,009 | 11,518 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | NOK | 12,441,000 | USD | 1,841,065 | 67,694 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 12,441,000 | USD | 1,841,104 | 67,732 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 307,000 | USD | 45,471 | 1,710 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 754,500 | USD | 110,826 | 3,278 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 224,500 | USD | 32,724 | 723 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 151,000 | USD | 21,977 | 453 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 912,500 | USD | 133,868 | 3,798 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 227,500 | USD | 33,488 | 1,060 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 761,500 | USD | 112,764 | 4,218 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 155,000 | USD | 22,822 | 728 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 973,500 | USD | 143,169 | 4,404 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 2,753,500 | USD | 404,009 | 11,518 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | NOK | 12,441,000 | USD | 1,841,051 | 67,679 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | NOK | 120,000 | USD | 17,129 | 23 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 50,886,000 | USD | 6,876,554 | 52,218 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 1,267,000 | USD | 171,592 | 1,674 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 935,000 | USD | 126,617 | 1,224 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 630,000 | USD | 84,778 | 288 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 3,769,000 | USD | 509,003 | 3,542 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 950,000 | USD | 127,894 | 489 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 3,158,000 | USD | 427,324 | 3,804 |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 3,089,000 | USD | 416,444 | $ | 2,178 | |||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 638,500 | USD | 86,389 | 760 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 4,048,000 | USD | 542,382 | (496 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 11,673,000 | �� | USD | 1,571,492 | 6,023 | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | SEK | 50,886,000 | USD | 6,876,486 | 52,151 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 50,886,000 | USD | 6,876,579 | 52,244 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 1,267,000 | USD | 171,591 | 1,673 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 3,089,000 | USD | 416,442 | 2,175 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 935,000 | USD | 126,618 | 1,225 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 630,000 | USD | 84,778 | 288 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 3,769,000 | USD | 509,008 | 3,546 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 950,000 | USD | 127,893 | 488 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 3,158,000 | USD | 427,323 | 3,802 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 638,500 | USD | 86,389 | 759 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 4,048,000 | USD | 542,382 | (497 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 11,673,000 | USD | 1,571,484 | 6,015 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | SEK | 50,886,000 | USD | 6,876,562 | 52,226 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 1,436,328 | CHF | 1,384,000 | (3,987 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 30,754,149 | CHF | 29,647,000 | (71,614 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 5,625,429 | DKK | 33,594,500 | (11,094 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 3,137,935 | EUR | 2,500,000 | (29,294 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 2,384,771 | EUR | 1,910,000 | (9,769 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 98,486,332 | EUR | 79,042,000 | (201,058 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 2,356,224 | GBP | 1,500,000 | (13,206 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 1,662,083 | GBP | 1,057,000 | (11,036 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 67,611,077 | GBP | 43,173,000 | (174,338 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 1,813,737 | ILS | 7,066,500 | 838 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 2,806,661 | NOK | 19,661,500 | (4,061 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 10,887,968 | SEK | 81,043,500 | (19,202 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 20,521,017 | CHF | 19,772,000 | (58,404 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 3,500,427 | DKK | 20,893,000 | (8,775 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 65,105,050 | EUR | 52,224,000 | (166,787 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 44,980,088 | GBP | 28,722,000 | (115,983 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 1,113,249 | ILS | 4,339,000 | 943 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 1,775,802 | NOK | 12,441,000 | (2,430 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 6,837,770 | SEK | 50,886,000 | (13,434 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 517,837 | CHF | 500,000 | (373 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 31,687,597 | CHF | 30,531,000 | (90,185 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 5,628,445 | DKK | 33,594,500 | (14,109 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 6,900 | EUR | 5,506 | (53 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 1,248,526 | EUR | 1,000,000 | (5,070 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 1,351,000 | EUR | 1,088,324 | 2,284 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 103,419,802 | EUR | 82,958,169 | (264,943 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 958,898 | GBP | 600,000 | (21,691 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 706,356 | GBP | 450,000 | (3,451 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 71,537,164 | GBP | 45,680,000 | (184,462 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 1,813,039 | ILS | 7,066,500 | 1,536 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 2,806,440 | NOK | 19,661,500 | (3,840 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 10,890,162 | SEK | 81,043,500 | (21,396 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 20,521,017 | CHF | 19,772,000 | (58,404 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 3,500,427 | DKK | 20,893,000 | (8,775 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 65,105,050 | EUR | 52,224,000 | (166,787 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 44,980,088 | GBP | 28,722,000 | (115,983 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 1,113,249 | ILS | 4,339,000 | 943 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 1,775,802 | NOK | 12,441,000 | (2,430 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 6,837,770 | SEK | 50,886,000 | (13,434 | ) |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 468,500 | CHF | 451,400 | $ | (1,333 | ) | ||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 739,014 | EUR | 592,800 | (1,893 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 110,558 | GBP | 70,000 | (1,217 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 220,813 | GBP | 141,000 | (569 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 17,589 | NOK | 120,000 | (484 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 20,171,000 | USD | 17,694,304 | 534,556 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 499,500 | USD | 438,668 | 13,736 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 371,500 | USD | 323,935 | 7,894 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 248,500 | USD | 212,461 | 1,059 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 1,501,000 | USD | 1,293,871 | 16,950 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 367,500 | USD | 319,905 | 7,268 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 1,227,000 | USD | 1,073,571 | 29,745 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 1,227,000 | USD | 1,064,224 | 20,398 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 242,500 | USD | 208,718 | 2,420 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 1,498,500 | USD | 1,298,151 | 23,356 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | AUD | 4,284,000 | USD | 3,652,757 | 8,299 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | AUD | 20,171,000 | USD | 17,696,825 | 537,078 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 20,171,000 | USD | 17,696,523 | 536,775 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 499,500 | USD | 438,675 | 13,743 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 1,227,000 | USD | 1,064,229 | 20,403 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 371,500 | USD | 323,955 | 7,915 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 248,500 | USD | 212,462 | 1,060 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 1,501,000 | USD | 1,293,882 | 16,960 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 367,500 | USD | 319,905 | 7,268 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 1,227,000 | USD | 1,073,565 | 29,739 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 242,500 | USD | 208,719 | 2,421 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 1,498,500 | USD | 1,298,154 | 23,359 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | AUD | 4,284,000 | USD | 3,652,774 | 8,316 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2014 | AUD | 20,171,000 | USD | 17,694,606 | 534,859 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | AUD | 355,200 | USD | 309,808 | 7,635 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 54,172,000 | USD | 6,985,393 | 211 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 1,340,000 | USD | 172,792 | 6 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 3,293,500 | USD | 424,794 | 115 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 993,000 | USD | 128,082 | 40 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 655,000 | USD | 84,486 | 27 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 3,926,000 | USD | 506,401 | 165 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 1,016,500 | USD | 131,082 | 10 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 3,405,000 | USD | 439,079 | 23 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 665,000 | USD | 85,745 | (3 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 4,156,000 | USD | 535,675 | (218 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 11,961,000 | USD | 1,542,541 | 236 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | HKD | 54,172,000 | USD | 6,985,393 | 211 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 54,172,000 | USD | 6,985,384 | 202 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 1,340,000 | USD | 172,793 | 7 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 3,293,500 | USD | 424,794 | 116 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 993,000 | USD | 128,095 | 53 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 655,000 | USD | 84,486 | 27 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 3,926,000 | USD | 506,404 | 168 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 1,016,500 | USD | 131,082 | 10 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 3,405,000 | USD | 439,080 | 24 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 665,000 | USD | 85,745 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 4,156,000 | USD | 535,677 | (216 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 11,961,000 | USD | 1,542,538 | 233 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2014 | HKD | 54,172,000 | USD | 6,985,506 | 324 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | HKD | 6,400,000 | USD | 825,368 | 123 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 5,160,915,000 | USD | 46,046,749 | 2,570,938 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 129,207,500 | USD | 1,150,532 | $ | 62,081 | |||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 99,864,500 | USD | 878,566 | 37,303 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 68,685,000 | USD | 596,481 | 17,875 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 414,515,500 | USD | 3,617,621 | 125,721 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 105,510,000 | USD | 911,337 | 22,515 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 354,306,500 | USD | 3,047,137 | 62,441 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 329,451,500 | USD | 2,895,905 | 120,589 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 70,716,000 | USD | 599,325 | 3,610 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 442,957,000 | USD | 3,762,600 | 31,108 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 1,267,022,500 | USD | 10,741,812 | 68,350 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | JPY | 5,160,915,000 | USD | 46,044,654 | 2,568,842 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 5,160,915,000 | USD | 46,044,243 | 2,568,432 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 129,207,500 | USD | 1,150,533 | 62,082 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 329,451,500 | USD | 2,895,949 | 120,632 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 99,864,500 | USD | 878,678 | 37,415 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 60,000,000 | USD | 523,818 | 18,375 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 68,685,000 | USD | 596,473 | 17,867 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 414,515,500 | USD | 3,617,607 | 125,707 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 105,510,000 | USD | 911,334 | 22,513 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 354,306,500 | USD | 3,047,135 | 62,439 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 70,716,000 | USD | 599,297 | 3,582 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 64,000,000 | USD | 544,674 | 5,535 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 442,957,000 | USD | 3,762,757 | 31,264 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 1,267,022,500 | USD | 10,741,812 | 68,350 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2014 | JPY | 5,160,915,000 | USD | 46,046,009 | 2,570,198 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 36,400,000 | USD | 319,958 | 13,322 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 147,800,000 | USD | 1,301,840 | 56,765 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 897,000,000 | USD | 7,824,835 | 268,462 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 10,400,000 | USD | 89,889 | 2,279 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 358,000 | USD | 277,694 | (3,063 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 9,000 | USD | 6,996 | (63 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 6,500 | USD | 5,039 | (58 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 4,500 | USD | 3,454 | (75 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 26,500 | USD | 20,482 | (300 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 6,500 | USD | 5,118 | 21 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 22,500 | USD | 17,777 | 131 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 22,000 | USD | 16,941 | (313 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 4,500 | USD | 3,533 | 4 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 28,500 | USD | 22,443 | 92 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | NZD | 75,000 | USD | 58,568 | (250 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | NZD | 358,000 | USD | 277,727 | (3,030 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 358,000 | USD | 277,727 | (3,030 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 9,000 | USD | 6,996 | (62 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 22,000 | USD | 16,945 | (308 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 6,500 | USD | 5,040 | (57 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 4,500 | USD | 3,455 | (74 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 26,500 | USD | 20,483 | (299 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 6,500 | USD | 5,119 | 21 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 22,500 | USD | 17,777 | 131 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 4,500 | USD | 3,535 | 5 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 28,500 | USD | 22,443 | 93 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | NZD | 75,000 | USD | 58,572 | (246 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | NZD | 358,000 | USD | 277,703 | (3,054 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 3,982,000 | USD | 3,096,950 | 43,705 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 83,000 | USD | 64,592 | 951 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 62,000 | USD | 48,066 | 527 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 41,500 | USD | 32,025 | $ | 205 | |||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 249,000 | USD | 193,154 | 2,230 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 63,000 | USD | 48,781 | 475 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 210,500 | USD | 162,305 | 902 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 208,000 | USD | 161,083 | 1,597 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 48,000 | USD | 36,747 | (57 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 299,000 | USD | 230,143 | 882 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | SGD | 758,500 | USD | 583,134 | 1,545 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | SGD | 3,982,000 | USD | 3,097,085 | 43,840 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 3,982,000 | USD | 3,096,941 | 43,695 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 83,000 | USD | 64,592 | 951 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 208,000 | USD | 161,079 | 1,593 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 62,000 | USD | 48,070 | 531 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 41,500 | USD | 32,026 | 205 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 249,000 | USD | 193,158 | 2,234 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 63,000 | USD | 48,781 | 475 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 210,500 | USD | 162,308 | 904 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 48,000 | USD | 36,747 | (57 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 299,000 | USD | 230,147 | 885 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | SGD | 758,500 | USD | 583,140 | 1,551 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2014 | SGD | 3,982,000 | USD | 3,096,929 | 43,683 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | SGD | 805,000 | USD | 623,413 | 6,170 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | SGD | 651,000 | USD | 505,093 | 5,931 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 26,999,866 | AUD | 31,638,000 | (84,984 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 11,035,844 | HKD | 85,583,000 | (386 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 2,545,091 | JPY | 300,000,000 | (17,875 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 2,015,411 | JPY | 237,519,000 | (14,539 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 66,618,623 | JPY | 7,905,632,000 | (21,176 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 442,253 | NZD | 563,500 | (334 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 4,605,685 | SGD | 6,004,500 | (1,663 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | USD | 17,215,949 | AUD | 20,171,000 | (56,201 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | USD | 6,985,429 | HKD | 54,172,000 | (247 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | USD | 43,484,139 | JPY | 5,160,915,000 | (8,328 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | USD | 281,030 | NZD | 358,000 | (273 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2014 | USD | 3,054,852 | SGD | 3,982,000 | (1,607 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 27,001,293 | AUD | 31,638,000 | (86,411 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 11,035,895 | HKD | 85,583,000 | (437 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 1,301,000 | JPY | 145,823,886 | (72,572 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 877,616 | JPY | 100,000,000 | (35,211 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 1,852,000 | JPY | 217,720,008 | (17,916 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 68,278,620 | JPY | 8,103,607,105 | (13,421 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 442,305 | NZD | 563,500 | (387 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 606,900 | SGD | 780,343 | (8,563 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 4,008,109 | SGD | 5,224,157 | (2,425 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | USD | 17,214,839 | AUD | 20,171,000 | (55,092 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | USD | 6,985,402 | HKD | 54,172,000 | (220 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | USD | 43,484,322 | JPY | 5,160,915,000 | (8,511 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | USD | 281,004 | NZD | 358,000 | (246 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | USD | 3,054,836 | SGD | 3,982,000 | (1,590 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 303,145 | AUD | 355,200 | (972 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 825,273 | HKD | 6,400,000 | (28 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 407,787 | JPY | 48,000,000 | (3,433 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 8,793,505 | JPY | 1,043,600,000 | (2,166 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 1,116,984 | SGD | 1,456,000 | (579 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | DKK | 27,785,000 | USD | 4,653,460 | 8,908 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | DKK | 27,785,000 | USD | 4,655,976 | 11,424 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | DKK | 27,785,000 | USD | 4,655,990 | $ | 11,438 | |||||||||||
State Street Bank & Trust Co. | 1/5/2015 | DKK | 27,785,000 | USD | 4,656,051 | 11,499 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | EUR | 72,750,000 | USD | 90,661,778 | 180,978 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | EUR | 72,750,000 | USD | 90,709,065 | 228,266 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | EUR | 72,750,000 | USD | 90,709,574 | 228,775 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | EUR | 72,750,000 | USD | 90,710,520 | 229,721 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | GBP | 39,103,000 | USD | 61,225,147 | 159,150 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | GBP | 39,103,000 | USD | 61,224,936 | 158,939 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | GBP | 39,103,000 | USD | 61,225,249 | 159,252 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | GBP | 39,103,000 | USD | 61,225,600 | 159,604 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | NOK | 15,559,000 | USD | 2,218,344 | 3,417 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | NOK | 15,559,000 | USD | 2,218,183 | 3,255 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | NOK | 15,559,000 | USD | 2,218,178 | 3,250 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | NOK | 15,559,000 | USD | 2,218,194 | 3,266 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | SEK | 69,213,000 | USD | 9,299,113 | 16,109 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | SEK | 69,213,000 | USD | 9,301,097 | 18,093 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | SEK | 69,213,000 | USD | 9,301,105 | 18,101 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | SEK | 69,213,000 | USD | 9,301,024 | 18,020 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 1,508,900 | CHF | 1,453,866 | (3,448 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 1,726,200 | EUR | 1,385,160 | (3,446 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 2,522,700 | GBP | 1,611,187 | (6,558 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | AUD | 25,882,000 | USD | 22,033,240 | 69,367 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2015 | AUD | 25,882,000 | USD | 22,037,229 | 73,355 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | AUD | 25,882,000 | USD | 22,035,857 | 71,984 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2015 | AUD | 25,882,000 | USD | 22,035,987 | 72,113 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | CHF | 27,022,000 | USD | 28,042,902 | 61,841 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2015 | CHF | 27,022,000 | USD | 28,057,898 | 76,837 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CHF | 27,022,000 | USD | 28,058,102 | 77,041 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2015 | CHF | 27,022,000 | USD | 28,058,218 | 77,157 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HKD | 72,395,000 | USD | 9,334,928 | 248 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2015 | HKD | 72,395,000 | USD | 9,334,882 | 202 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | HKD | 72,395,000 | USD | 9,334,906 | 226 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2015 | HKD | 72,395,000 | USD | 9,334,955 | 274 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | ILS | 5,992,000 | USD | 1,537,910 | (862 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2015 | ILS | 5,992,000 | USD | 1,537,289 | (1,483 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | ILS | 5,992,000 | USD | 1,537,218 | (1,554 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2015 | ILS | 5,992,000 | USD | 1,537,320 | (1,452 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | SGD | 5,967,000 | USD | 4,575,447 | 1,446 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2015 | SGD | 5,967,000 | USD | 4,576,026 | 2,025 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | SGD | 5,967,000 | USD | 4,575,934 | 1,934 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2015 | SGD | 5,967,000 | USD | 4,576,092 | 2,092 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 434,600 | AUD | 510,516 | (1,368 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 431,600 | HKD | 3,347,180 | (11 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 1,614,000 | SGD | 2,104,874 | (510 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | JPY | 7,796,715,000 | USD | 65,736,261 | 15,965 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/7/2015 | JPY | 7,796,715,000 | USD | 65,732,105 | 11,809 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | JPY | 7,796,715,000 | USD | 65,728,503 | 8,207 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2015 | JPY | 7,796,715,000 | USD | 65,734,044 | 13,748 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | NZD | 448,000 | USD | 350,376 | 341 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/7/2015 | NZD | 448,000 | USD | 352,890 | 2,854 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | NZD | 448,000 | USD | 350,438 | 402 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2015 | NZD | 448,000 | USD | 350,439 | 403 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | USD | 8,646,900 | JPY | 1,025,574,221 | (2,100 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 22,544,948 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Currency Abbreviations
AUD – Australian Dollar
CHF – Swiss Franc
DKK – Danish Krone
EUR – Euro
GBP – Pound Sterling
HKD – Hong Kong Dollar
ILS – Israeli New Sheqel
JPY – Japanese Yen
NOK – Norwegian Krone
NZD – New Zealand Dollar
SEK – Swedish Krona
SGD – Singapore Dollar
USD – U.S. Dollar
* Non-income producing security.
# Fair Valued Security.
144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of this security amounted to $6,512 or 0.0% of net assets.
(a) Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(b) Affiliated issuer. This security is owned in proportion with its representation in the index.
(c) Listed on the London Stock Exchange.
CDI – Chess Depositary Interest
FDR – Fixed Depositary Receipt
REIT – Real Estate Investment Trust
RSP – Risparmio (Convertible Savings Shares)
SDR – Swedish Depositary Receipt
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.2% | ||||||||
Brazil — 6.1% | ||||||||
Ambev SA | 35,493 | $ | 232,363 | |||||
B2W Cia Digital* | 785 | 8,720 | ||||||
Banco Bradesco SA | 4,987 | 73,939 | ||||||
Banco do Brasil SA | 7,464 | 85,985 | ||||||
Banco Santander Brasil SA | 8,667 | 49,837 | ||||||
BB Seguridade Participacoes SA | 3,356 | 43,772 | ||||||
BM&F Bovespa SA | 21,855 | 89,499 | ||||||
BR Malls Participacoes SA | 6,785 | 48,638 | ||||||
BRF SA | 8,708 | 224,652 | ||||||
CCR SA | 11,057 | 75,824 | ||||||
Centrais Eletricas Brasileiras SA | 3,581 | 8,376 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 411 | 3,068 | ||||||
Cia Siderurgica Nacional SA | 10,923 | 25,718 | ||||||
Cielo SA | 7,131 | 121,768 | ||||||
Cosan SA Industria e Comercio | 1,402 | 17,377 | ||||||
CPFL Energia SA | 2,345 | 17,957 | ||||||
Duratex SA | 2,100 | 6,846 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 1,233 | 5,270 | ||||||
EDP — Energias do Brasil SA | 2,261 | 8,873 | ||||||
Embraer SA | 9,802 | 90,030 | ||||||
Estacio Participacoes SA | 632 | 6,848 | ||||||
Fibria Celulose SA* | 798 | 9,558 | ||||||
Hypermarcas SA* | 437 | 2,946 | ||||||
JBS SA | 11,305 | 52,707 | ||||||
Klabin SA | 3,841 | 20,818 | ||||||
Kroton Educacional SA | 11,470 | 79,905 | ||||||
Localiza Rent a Car SA | 1,584 | 21,540 | ||||||
Lojas Americanas SA | 134 | 682 | ||||||
Lojas Renner SA | 3,173 | 94,495 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 752 | 15,079 | ||||||
Natura Cosmeticos SA | 3,012 | 41,275 | ||||||
Odontoprev SA | 3,319 | 12,444 | ||||||
Petroleo Brasileiro SA | 24,279 | 114,613 | ||||||
Qualicorp SA* | 2,274 | 24,562 | ||||||
Souza Cruz SA | 2,371 | 18,885 | ||||||
Tim Participacoes SA | 7,536 | 36,482 | ||||||
Totvs SA | 1,869 | 25,801 | ||||||
Tractebel Energia SA | 1,510 | 20,340 | ||||||
Ultrapar Participacoes SA | 4,148 | 88,720 | ||||||
Vale SA | 13,388 | 121,199 | ||||||
|
| |||||||
2,047,411 | ||||||||
|
| |||||||
Chile — 1.8% | ||||||||
AES Gener SA | 52,217 | 28,663 | ||||||
Banco de Chile | 224,645 | 27,281 | ||||||
Banco de Credito e Inversiones | 802 | 42,385 | ||||||
Banco Santander Chile | 1,219,288 | 66,268 | ||||||
CAP SA | 753 | 5,168 | ||||||
Cencosud SA | 13,070 | 33,888 | ||||||
Colbun SA | 79,264 | 21,157 | ||||||
Corpbanca SA | 2,119,582 | 26,757 | ||||||
Empresa Nacional de Electricidad SA | 40,288 | 61,452 | ||||||
Empresas CMPC SA | 14,722 | 36,799 | ||||||
Empresas Copec SA | 3,850 | 45,417 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Enersis SA | 173,384 | $ | 57,801 | |||||
ENTEL Chile SA | 1,511 | 16,829 | ||||||
LATAM Airlines Group SA* | 2,900 | 34,649 | ||||||
SACI Falabella | 12,588 | 90,309 | ||||||
|
| |||||||
594,823 | ||||||||
|
| |||||||
China — 17.8% | ||||||||
AAC Technologies Holdings, Inc. | 7,375 | 43,412 | ||||||
Agricultural Bank of China Ltd., Class H | 150,702 | 71,511 | ||||||
Air China Ltd., Class H | 42,873 | 32,893 | ||||||
Aluminum Corp. of China Ltd., Class H* | 12,484 | 5,425 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 18,842 | 63,776 | ||||||
Anta Sports Products Ltd. | 37,675 | 78,020 | ||||||
Bank of China Ltd., Class H | 744,018 | 383,749 | ||||||
Bank of Communications Co. Ltd., Class H | 82,886 | 68,722 | ||||||
BBMG Corp., Class H | 38,561 | 31,872 | ||||||
Belle International Holdings Ltd. | 37,675 | 42,799 | ||||||
Byd Co. Ltd., Class H | 11,550 | 70,072 | ||||||
China Cinda Asset Management Co. Ltd., Class H* | 19,950 | 10,650 | ||||||
China CITIC Bank Corp. Ltd., Class H | 75,358 | 56,067 | ||||||
China Communications Construction Co. Ltd., Class H | 45,213 | 45,240 | ||||||
China Communications Services Corp. Ltd., Class H | 60,146 | 29,316 | ||||||
China Construction Bank Corp., Class H | 626,182 | 474,768 | ||||||
China Everbright Bank Co. Ltd., Class H | 18,617 | 9,506 | ||||||
China Galaxy Securities Co. Ltd., Class H | 5,100 | 5,241 | ||||||
China Gas Holdings Ltd. | 68,043 | 127,045 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 4,653 | 10,596 | ||||||
China Life Insurance Co. Ltd., Class H | 65,667 | 228,197 | ||||||
China Longyuan Power Group Corp., Class H | 67,817 | 72,930 | ||||||
China Mengniu Dairy Co. Ltd | 25,120 | 101,870 | ||||||
China Merchants Bank Co. Ltd., Class H | 33,911 | 70,225 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 76,861 | 84,440 | ||||||
China National Building Material Co. Ltd., Class H | 26,518 | 25,919 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 18,106 | 75,877 | ||||||
China Petroleum & Chemical Corp., Class H | 228,966 | 187,477 | ||||||
China Railway Construction Corp. Ltd., Class H | 315 | 362 | ||||||
China Resources Cement Holdings Ltd. | 28,123 | 19,292 | ||||||
China Resources Enterprise Ltd. | 15,088 | 31,479 | ||||||
China Resources Power Holdings Co. Ltd. | 22,359 | 65,158 | ||||||
China Shenhua Energy Co. Ltd., Class H | 30,147 | 85,715 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 35,546 | 10,450 | ||||||
China State Construction International Holdings Ltd. | 22,359 | 33,963 | ||||||
China Telecom Corp. Ltd., Class H | 135,637 | 82,201 | ||||||
China Vanke Co. Ltd., Class H* | 18,019 | 36,897 | ||||||
CITIC Securities Co. Ltd., Class H | 6,321 | 18,543 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
CNOOC Ltd. | 138,719 | $ | 202,840 | |||||
Country Garden Holdings Co. Ltd. | 153,292 | 64,043 | ||||||
CSR Corp. Ltd., Class H# | 3,816 | 3,882 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 45,264 | 68,871 | ||||||
ENN Energy Holdings Ltd. | 2,261 | 13,819 | ||||||
Fosun International Ltd. | 67,498 | 82,422 | ||||||
GOME Electrical Appliances Holding Ltd. | 62,264 | 9,153 | ||||||
Great Wall Motor Co. Ltd., Class H | 32,404 | 163,373 | ||||||
Guangdong Investment Ltd. | 45,461 | 62,723 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 90,480 | 111,769 | ||||||
Haitian International Holdings Ltd. | 1,426 | 3,034 | ||||||
Haitong Securities Co. Ltd., Class H | 8,396 | 17,863 | ||||||
Hengan International Group Co. Ltd. | 5,030 | 54,514 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 518,671 | 351,789 | ||||||
Intime Retail Group Co. Ltd. | 13,062 | 10,341 | ||||||
Kingsoft Corp. Ltd. | 6,609 | 15,834 | ||||||
Lee & Man Paper Manufacturing Ltd. | 128,098 | 71,356 | ||||||
Lenovo Group Ltd. | 60,347 | 84,662 | ||||||
Longfor Properties Co. Ltd. | 24,368 | 32,804 | ||||||
New China Life Insurance Co. Ltd., Class H | 2,878 | 13,044 | ||||||
Nine Dragons Paper Holdings Ltd. | 56,822 | 48,504 | ||||||
PetroChina Co. Ltd., Class H | 212,705 | 230,663 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 45,264 | 91,167 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 15,088 | 126,556 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 12,493 | 11,067 | ||||||
Shanghai Industrial Holdings Ltd. | 22,605 | 69,664 | ||||||
Shenzhou International Group Holdings Ltd. | 3,758 | 12,502 | ||||||
Shimao Property Holdings Ltd. | 11,501 | 27,524 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 14,421 | 10,785 | ||||||
Sino Biopharmaceutical Ltd. | 105,489 | 104,330 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 5,116 | 4,486 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 105,218 | 32,697 | ||||||
Sinopharm Group Co. Ltd., Class H | 6,539 | 24,368 | ||||||
Sinotrans Ltd., Class H | 3,400 | 2,565 | ||||||
Soho China Ltd. | 90,422 | 68,441 | ||||||
Tencent Holdings Ltd. | 27,151 | 434,121 | ||||||
Tingyi Cayman Islands Holding Corp | 30,147 | 71,682 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 9,533 | 66,932 | ||||||
Uni-President China Holdings Ltd. | 62,544 | 55,082 | ||||||
Want Want China Holdings Ltd. | 82,886 | 108,801 | ||||||
Weichai Power Co. Ltd., Class H | 2,225 | 8,435 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 35,589 | 30,333 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H# | 2,080 | 8,945 | ||||||
Zijin Mining Group Co. Ltd., Class H | 121,889 | 32,534 | ||||||
|
| |||||||
6,011,995 | ||||||||
|
| |||||||
Colombia — 0.4% | ||||||||
Almacenes Exito SA | 2,445 | 29,441 |
Number | Value | |||||||
Colombia (Continued) | ||||||||
Cementos Argos SA | 3,781 | $ | 16,267 | |||||
Cemex Latam Holdings SA* | 4,599 | 35,053 | ||||||
Grupo de Inversiones Suramericana SA | 3,567 | 65,280 | ||||||
|
| |||||||
146,041 | ||||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 519 | 14,455 | ||||||
|
| |||||||
Egypt — 0.4% | ||||||||
Commercial International Bank Egypt SAE | 12,630 | 87,526 | ||||||
Global Telecom Holding SAE* | 6,072 | 3,618 | ||||||
Talaat Moustafa Group | 14,864 | 21,267 | ||||||
Telecom Egypt Co. | 16,405 | 33,085 | ||||||
|
| |||||||
145,496 | ||||||||
|
| |||||||
Greece — 0.5% | ||||||||
Alpha Bank AE* | 4,162 | 2,701 | ||||||
Eurobank Ergasias SA* | 6,339 | 1,963 | ||||||
FF Group* | 245 | 9,024 | ||||||
Hellenic Telecommunications Organization SA* | 3,651 | 44,718 | ||||||
JUMBO SA | 458 | 5,809 | ||||||
National Bank of Greece SA* | 11,190 | 26,715 | ||||||
OPAP SA | 2,912 | 36,499 | ||||||
Piraeus Bank SA* | 19,685 | 29,863 | ||||||
Public Power Corp. SA* | 188 | 1,449 | ||||||
Titan Cement Co. SA | 1,160 | 27,492 | ||||||
|
| |||||||
186,233 | ||||||||
|
| |||||||
Hong Kong — 3.2% | ||||||||
Alibaba Health Information Technology Ltd.* | 22,977 | 16,177 | ||||||
Alibaba Pictures Group Ltd.*# | 7,391 | 1,534 | ||||||
Beijing Enterprises Holdings Ltd. | 6,029 | 48,122 | ||||||
Beijing Enterprises Water Group Ltd.* | 65,503 | 45,019 | ||||||
Brilliance China Automotive Holdings Ltd. | 8,542 | 14,561 | ||||||
China Everbright International Ltd. | 34,320 | 52,839 | ||||||
China Everbright Ltd. | 2,751 | 6,378 | ||||||
China Mobile Ltd. | 49,014 | 603,886 | ||||||
China Overseas Land & Investment Ltd. | 45,264 | 135,993 | ||||||
China South City Holdings Ltd. | 57,582 | 29,625 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 5,801 | 14,960 | ||||||
GCL-Poly Energy Holdings Ltd.* | 75,221 | 20,465 | ||||||
Hanergy Thin Film Power Group Ltd.* | 75,105 | 18,885 | ||||||
Kunlun Energy Co. Ltd. | 27,277 | 29,510 | ||||||
New World China Land Ltd. | 72,598 | 44,933 | ||||||
Yuexiu Property Co. Ltd. | 48,740 | 9,741 | ||||||
|
| |||||||
1,092,628 | ||||||||
|
| |||||||
Hungary — 0.4% | ||||||||
MOL Hungarian Oil and Gas PLC | 717 | 34,612 | ||||||
OTP Bank PLC | 1,292 | 20,786 | ||||||
Richter Gedeon Nyrt | 4,148 | 64,531 | ||||||
|
| |||||||
119,929 | ||||||||
|
| |||||||
India — 5.4% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 4,134 | 241,384 | ||||||
ICICI Bank Ltd., ADR | 5,090 | 299,750 |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
India (Continued) | ||||||||
Infosys Ltd., ADR | 2,765 | $ | 193,108 | |||||
Larsen & Toubro Ltd., GDR | 8,583 | 227,020 | ||||||
Reliance Industries Ltd., GDR, 144A | 13,321 | 424,274 | ||||||
Tata Motors Ltd., ADR | 5,374 | 245,377 | ||||||
Wipro Ltd., ADR | 15,597 | 201,201 | ||||||
|
| |||||||
1,832,114 | ||||||||
|
| |||||||
Indonesia — 2.9% | ||||||||
PT Adaro Energy Tbk | 218,198 | 19,310 | ||||||
PT Astra Agro Lestari Tbk | 8,538 | 16,791 | ||||||
PT Astra International Tbk | 187,580 | 109,514 | ||||||
PT Bank Central Asia Tbk | 109,257 | 117,278 | ||||||
PT Bank Danamon Indonesia Tbk | 68,740 | 23,657 | ||||||
PT Bank Mandiri Persero Tbk | 94,190 | 81,232 | ||||||
PT Bank Negara Indonesia Persero Tbk | 71,586 | 35,341 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 101,728 | 96,068 | ||||||
PT Bumi Serpong Damai Tbk | 54,197 | 7,860 | ||||||
PT Charoen Pokphand Indonesia Tbk | 122,482 | 41,248 | ||||||
PT Gudang Garam Tbk | 6,029 | 30,222 | ||||||
PT Indo Tambangraya Megah Tbk | 6,152 | 9,590 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 14,010 | 28,327 | ||||||
PT Lippo Karawaci Tbk | 288,073 | 27,500 | ||||||
PT Matahari Department Store Tbk | 28,488 | 35,015 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 162,007 | 78,986 | ||||||
PT Semen Indonesia Persero Tbk | 30,147 | 39,524 | ||||||
PT Tambang Batubara Bukit Asam Persero Tbk | 380 | 409 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 452,594 | 104,767 | ||||||
PT Unilever Indonesia Tbk | 15,088 | 39,315 | ||||||
PT United Tractors Tbk | 25,968 | 38,992 | ||||||
PT XL Axiata Tbk | 32,407 | 13,543 | ||||||
|
| |||||||
994,489 | ||||||||
|
| |||||||
Malaysia — 4.3% | ||||||||
AirAsia Bhd | 23,600 | 18,001 | ||||||
AMMB Holdings Bhd | 16,400 | 32,291 | ||||||
Axiata Group Bhd | 3,800 | 7,931 | ||||||
British American Tobacco Malaysia Bhd | 5,900 | 123,146 | ||||||
CIMB Group Holdings Bhd | 44,300 | 76,354 | ||||||
DiGi.Com Bhd | 41,700 | 77,668 | ||||||
Genting Bhd | 5,300 | 14,368 | ||||||
Genting Malaysia Bhd | 29,200 | 36,430 | ||||||
Hong Leong Bank Bhd | 15,000 | 63,415 | ||||||
IOI Corp. Bhd | 42,500 | 60,561 | ||||||
IOI Properties Group Bhd | 44,366 | 32,266 | ||||||
Kuala Lumpur Kepong Bhd | 5,600 | 37,251 | ||||||
Lafarge Malaysia Bhd | 27,000 | 80,940 | ||||||
Malayan Banking Bhd | 29,600 | 82,784 | ||||||
Maxis Bhd | 35,900 | 73,551 | ||||||
Petronas Chemicals Group Bhd | 32,700 | 54,427 | ||||||
Petronas Dagangan Bhd | 14,600 | 69,407 | ||||||
Petronas Gas Bhd | 6,800 | 45,675 | ||||||
Public Bank Bhd | 17,600 | 96,677 | ||||||
RHB Capital Bhd | 6,400 | 15,477 | ||||||
Sime Darby Bhd | 24,400 | 69,828 | ||||||
Telekom Malaysia Bhd | 26,900 | 56,305 | ||||||
Tenaga Nasional Bhd | 29,800 | 125,631 | ||||||
UMW Holdings Bhd | 20,500 | 68,364 |
Number | Value | |||||||
Malaysia (Continued) | ||||||||
YTL Corp. Bhd | 47,693 | $ | 22,278 | |||||
YTL Power International Bhd | 34,270 | 15,501 | ||||||
|
| |||||||
1,456,527 | ||||||||
|
| |||||||
Mexico — 5.2% | ||||||||
Alfa SAB de CV, Class A | 30,147 | 80,148 | ||||||
America Movil SAB de CV, Series L | 311,384 | 367,031 | ||||||
Arca Continental SAB de CV | 7,536 | 48,433 | ||||||
Cemex SAB de CV* | 142,521 | 176,903 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 3,444 | 34,154 | ||||||
Fibra Uno Administracion SA de CV REIT | 9,973 | 33,531 | ||||||
Fomento Economico Mexicano SAB de CV | 17,362 | 165,665 | ||||||
Genomma Lab Internacional SAB de CV, Class B* | 4,758 | 10,321 | ||||||
Grupo Bimbo SAB de CV, Series A* | 16,610 | 46,690 | ||||||
Grupo Carso SAB de CV, Series A1 | 6,783 | 38,128 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 22,110 | 125,221 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 31,648 | 85,367 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 18,842 | 42,577 | ||||||
Grupo Mexico SAB de CV, Series B | 36,590 | 119,815 | ||||||
Grupo Televisa SAB, Series CPO | 30,681 | 223,357 | ||||||
Industrias Penoles SAB de CV | 1,257 | 27,471 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,162 | 2,630 | ||||||
Minera Frisco SAB de CV, Class A1* | 6,030 | 10,202 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 56,608 | 121,040 | ||||||
|
| |||||||
1,758,684 | ||||||||
|
| |||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SA, Class B, ADR | 1,180 | 10,915 | ||||||
Credicorp Ltd. | 280 | 46,385 | ||||||
Southern Copper Corp | 1,165 | 34,892 | ||||||
|
| |||||||
92,192 | ||||||||
|
| |||||||
Philippines — 1.4% | ||||||||
Aboitiz Power Corp. | 35,300 | 33,173 | ||||||
Ayala Land, Inc. | 86,200 | 65,267 | ||||||
Bank of the Philippine Islands | 18,520 | 39,180 | ||||||
BDO Unibank, Inc. | 18,269 | 44,427 | ||||||
Energy Development Corp. | 152,300 | 27,235 | ||||||
Metropolitan Bank & Trust Company | 18,679 | 34,525 | ||||||
Philippine Long Distance Telephone Co. | 750 | 49,939 | ||||||
SM Investments Corp. | 1,840 | 32,965 | ||||||
Universal Robina Corp. | 30,040 | 130,515 | ||||||
|
| |||||||
457,226 | ||||||||
|
| |||||||
Poland — 3.2% | ||||||||
Bank Pekao SA | 2,768 | 152,048 | ||||||
CCC SA | 200 | 8,647 | ||||||
Cyfrowy Polsat SA | 27,756 | 203,727 | ||||||
LPP SA | 45 | 118,212 | ||||||
Orange Polska SA | 5,439 | 15,338 | ||||||
PGE SA | 16,645 | 95,760 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 12,529 | 139,805 |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Poland (Continued) | ||||||||
Powszechny Zaklad Ubezpieczen SA | 2,355 | $ | 335,915 | |||||
|
| |||||||
1,069,452 | ||||||||
|
| |||||||
Qatar — 0.4% | ||||||||
Industries Qatar QSC | 692 | 36,301 | ||||||
Masraf Al Rayan | 1,820 | 24,118 | ||||||
Qatar Islamic Bank SAQ | 91 | 2,639 | ||||||
Qatar National Bank SAQ | 1,303 | 81,951 | ||||||
|
| |||||||
145,009 | ||||||||
|
| |||||||
Russia — 3.8% | ||||||||
Gazprom OAO, ADR | 9,442 | 55,188 | ||||||
Lukoil OAO, ADR | 4,001 | 186,207 | ||||||
Magnit OJSC, GDR | 3,700 | 214,045 | ||||||
MegaFon OAO, GDR | 3,965 | 81,877 | ||||||
MMC Norilsk Nickel OJSC, ADR | 11,677 | 205,165 | ||||||
Mobile TeleSystems OJSC, ADR | 3,022 | 36,929 | ||||||
NovaTek OAO, GDR | 1,653 | 156,209 | ||||||
Rosneft Oil Co. OJSC, GDR | 30,584 | 144,815 | ||||||
Sistema JSFC, GDR | 2,327 | 13,404 | ||||||
Surgutneftegas OJSC, ADR | 11,328 | 66,665 | ||||||
Tatneft, ADR | 1,896 | 58,131 | ||||||
VTB Bank OJSC, GDR | 37,737 | 69,700 | ||||||
|
| |||||||
1,288,335 | ||||||||
|
| |||||||
South Africa — 4.0% | ||||||||
AngloGold Ashanti Ltd., ADR* | 9,048 | 77,451 | ||||||
Gold Fields Ltd., ADR | 32,890 | 134,849 | ||||||
Impala Platinum Holdings Ltd., ADR* | 26,299 | 188,564 | ||||||
MTN Group Ltd., ADR | 26,841 | 528,231 | ||||||
Sasol Ltd., ADR | 9,687 | 407,338 | ||||||
|
| |||||||
1,336,433 | ||||||||
|
| |||||||
South Korea — 14.7% | ||||||||
Amorepacific Corp. | 36 | 81,231 | ||||||
AMOREPACIFIC Group | 1 | 1,049 | ||||||
BS Financial Group, Inc. | 846 | 11,988 | ||||||
Celltrion, Inc.* | 764 | 27,479 | ||||||
CJ Corp. | 53 | 7,749 | ||||||
Coway Co. Ltd. | 1,619 | 126,253 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 2,314 | 13,137 | ||||||
Daewoo International Corp. | 689 | 21,268 | ||||||
Daum Kakao Corp. | 100 | 13,241 | ||||||
DGB Financial Group, Inc. | 1,501 | 15,851 | ||||||
Dongbu Insurance Co. Ltd. | 368 | 18,500 | ||||||
Doosan Corp. | 202 | 21,058 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 689 | 16,231 | ||||||
Doosan Infracore Co. Ltd.* | 756 | 7,130 | ||||||
E-Mart Co. Ltd. | 509 | 101,070 | ||||||
GS Engineering & Construction Corp.* | 353 | 8,523 | ||||||
Hana Financial Group, Inc. | 2,103 | 64,156 | ||||||
Hankook Tire Co. Ltd. | 303 | 14,987 | ||||||
Hanwha Chemical Corp. | 127 | 1,444 | ||||||
Hanwha Corp. | 823 | 22,062 | ||||||
Hanwha Life Insurance Co. Ltd. | 6,095 | 46,320 | ||||||
Hyosung Corp. | 22 | 1,376 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Department Store Co. Ltd. | 129 | $ | 14,961 | |||||
Hyundai Engineering & Construction Co. Ltd. | 975 | 39,424 | ||||||
Hyundai Glovis Co. Ltd. | 3 | 753 | ||||||
Hyundai Heavy Industries Co. Ltd. | 383 | 42,692 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 249 | 5,989 | ||||||
Hyundai Merchant Marine Co. Ltd.* | 756 | 6,626 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 134 | 9,301 | ||||||
Hyundai Mobis Co. Ltd. | 592 | 131,977 | ||||||
Hyundai Motor Co. | 1,418 | 229,091 | ||||||
Hyundai Steel Co. | 1,149 | 66,371 | ||||||
Hyundai Wia Corp. | 176 | 28,037 | ||||||
Industrial Bank of Korea | 401 | 5,447 | ||||||
Kangwon Land, Inc. | 689 | 20,335 | ||||||
KB Financial Group, Inc. | 3,595 | 126,220 | ||||||
Kia Motors Corp. | 2,764 | 138,955 | ||||||
Korea Aerospace Industries Ltd. | 45 | 1,633 | ||||||
Korea Electric Power Corp. | 278 | 11,542 | ||||||
Korea Gas Corp.* | 660 | 34,252 | ||||||
Korea Zinc Co. Ltd. | 75 | 28,939 | ||||||
Korean Air Lines Co. Ltd.* | 291 | 11,031 | ||||||
KT&G Corp. | 2,316 | 202,555 | ||||||
Kumho Petrochemical Co. Ltd. | 93 | 6,631 | ||||||
LG Chem Ltd. | 417 | 77,721 | ||||||
LG Corp. | 1,005 | 59,051 | ||||||
LG Display Co. Ltd.* | 1,201 | 36,801 | ||||||
LG Electronics, Inc. | 885 | 50,802 | ||||||
LG Household & Health Care Ltd. | 149 | 83,783 | ||||||
LG Uplus Corp. | 7,440 | 72,859 | ||||||
Lotte Chemical Corp. | 177 | 28,117 | ||||||
Lotte Shopping Co. Ltd. | 172 | 46,573 | ||||||
LS Corp. | 674 | 36,865 | ||||||
Mirae Asset Securities Co. Ltd. | 58 | 2,604 | ||||||
NAVER Corp. | 208 | 141,927 | ||||||
NCSoft Corp. | 150 | 21,594 | ||||||
Neo Holdings Co. Ltd.*# | 26 | 0 | ||||||
OCI Co. Ltd.* | 202 | 15,497 | ||||||
POSCO | 827 | 225,793 | ||||||
Samsung C&T Corp. | 1,125 | 73,006 | ||||||
Samsung Card Co. Ltd. | 689 | 29,819 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 313 | 17,176 | ||||||
Samsung Electronics Co. Ltd. | 798 | 926,960 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 750 | 209,847 | ||||||
Samsung Heavy Industries Co. Ltd. | 1,803 | 35,150 | ||||||
Samsung Life Insurance Co. Ltd. | 2,375 | 261,519 | ||||||
Samsung SDI Co. Ltd. | 966 | 116,832 | ||||||
Samsung SDS Co. Ltd.* | 100 | 31,319 | ||||||
Shinhan Financial Group Co. Ltd. | 3,614 | 161,788 | ||||||
SK C&C Co. Ltd. | 184 | 37,034 | ||||||
SK Holdings Co. Ltd. | 395 | 60,608 | ||||||
SK Hynix, Inc.* | 4,286 | 185,876 | ||||||
SK Innovation Co. Ltd. | 303 | 23,437 | ||||||
SK Networks Co. Ltd.* | 2,314 | 19,674 | ||||||
S-Oil Corp. | 538 | 20,443 | ||||||
Woori Bank* | 4,077 | 39,374 | ||||||
|
| |||||||
4,954,714 | ||||||||
|
|
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Taiwan — 10.8% | ||||||||
Advanced Semiconductor Engineering, Inc., ADR | 77,423 | $ | 478,474 | |||||
AU Optronics Corp., ADR | 28,132 | 133,346 | ||||||
Chunghwa Telecom Co. Ltd., ADR | 12,382 | 372,574 | ||||||
Hon Hai Precision Industry Co. Ltd., GDR | 131,358 | 827,555 | ||||||
Siliconware Precision Industries Co., ADR | 45,458 | 336,844 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 52,380 | 1,229,359 | ||||||
United Microelectronics Corp., ADR | 124,590 | 269,114 | ||||||
|
| |||||||
3,647,266 | ||||||||
|
| |||||||
Thailand — 2.5% | ||||||||
Bangkok Bank PCL, NVDR | 14,500 | 89,204 | ||||||
Indorama Ventures PCL, NVDR | 151,000 | 103,472 | ||||||
IRPC PCL, NVDR | 696,112 | 70,809 | ||||||
Kasikornbank PCL, NVDR | 17,600 | 132,394 | ||||||
Krung Thai Bank PCL, NVDR | 181,400 | 132,038 | ||||||
PTT Exploration & Production PCL, NVDR | 12,800 | 52,822 | ||||||
PTT PCL, NVDR | 6,400 | 74,652 | ||||||
Siam Commercial Bank PCL, NVDR | 21,400 | 128,068 | ||||||
Thai Oil PCL, NVDR | 35,900 | 47,287 | ||||||
|
| |||||||
830,746 | ||||||||
|
| |||||||
Turkey — 2.7% | ||||||||
Akbank TAS | 16,467 | 66,642 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS* | 4,151 | 47,463 | ||||||
Arcelik AS | 8,667 | 55,403 | ||||||
BIM Birlesik Magazalar AS | 3,138 | 69,784 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 12,832 | 16,290 | ||||||
Enka Insaat ve Sanayi AS | 10,866 | 28,224 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 18,548 | 37,657 | ||||||
Ford Otomotiv Sanayi AS | 4,221 | 56,815 | ||||||
Haci Omer Sabanci Holding AS | 8,809 | 42,034 | ||||||
KOC Holding AS | 7,077 | 39,823 | ||||||
TAV Havalimanlari Holding AS | 1,565 | 13,386 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 6,530 | 46,445 | ||||||
Turk Hava Yollari* | 13,860 | 57,463 | ||||||
Turk Telekomunikasyon AS | 4,532 | 14,485 | ||||||
Turkcell Iletisim Hizmetleri AS* | 13,345 | 84,405 | ||||||
Turkiye Garanti Bankasi AS | 19,983 | 87,888 | ||||||
Turkiye Halk Bankasi AS | 4,067 | 28,927 | ||||||
Turkiye Is Bankasi, Class C | 23,914 | 66,314 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 9,813 | 22,529 | ||||||
Yapi ve Kredi Bankasi AS | 9,059 | 21,695 | ||||||
|
| |||||||
903,672 | ||||||||
|
| |||||||
United Arab Emirates — 1.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 7,825 | 15,658 | ||||||
Aldar Properties PJSC | 25,134 | 21,829 | ||||||
Arabtec Holding Co.* | 18,447 | 19,938 | ||||||
DP World Ltd. | 1,780 | 37,665 | ||||||
Dubai Financial Market | 21,674 | 15,460 | ||||||
Dubai Islamic Bank PJSC | 13,970 | 28,716 | ||||||
Emaar Properties PJSC | 34,343 | 102,382 | ||||||
First Gulf Bank PJSC | 12,626 | 61,702 | ||||||
National Bank of Abu Dhabi PJSC | 7,198 | 26,456 | ||||||
|
| |||||||
329,806 | ||||||||
|
|
Number | Value | |||||||
TOTAL COMMON STOCKS | $ | 31,455,676 | ||||||
|
| |||||||
PREFERRED STOCKS — 5.4% | ||||||||
Brazil — 4.5% | ||||||||
AES Tiete SA | 620 | 4,615 | ||||||
Banco Bradesco SA | 18,216 | 279,985 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 184 | 1,070 | ||||||
Bradespar SA | 2,605 | 15,263 | ||||||
Braskem SA, Class A | 4,522 | 33,821 | ||||||
Cia Brasileira de Distribuicao | 1,510 | 63,655 | ||||||
Cia Energetica de Minas Gerais | 8,617 | 47,139 | ||||||
Gerdau SA | 9,041 | 38,288 | ||||||
Itau Unibanco Holding SA | 30,228 | 453,338 | ||||||
Itausa — Investimentos Itau SA | 29,829 | 121,458 | ||||||
Lojas Americanas SA | 779 | 5,121 | ||||||
Metalurgica Gerdau SA | 4,523 | 22,828 | ||||||
Oi SA* | 18,575 | 9,959 | ||||||
Petroleo Brasileiro SA | 36,432 | 181,183 | ||||||
Telefonica Brasil SA | 3,369 | 68,734 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A* | 4,694 | 9,484 | ||||||
Vale SA | 20,489 | 159,212 | ||||||
|
| |||||||
1,515,153 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 1,679 | 42,454 | ||||||
|
| |||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 5,573 | 71,982 | ||||||
Grupo Argos SA | 584 | 5,294 | ||||||
|
| |||||||
77,276 | ||||||||
|
| |||||||
South Korea — 0.6% | ||||||||
LG Chem Ltd. | 79 | 11,908 | ||||||
Samsung Electronics Co. Ltd. | 178 | 168,529 | ||||||
|
| |||||||
180,437 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,815,320 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
South Korea — 0.0% | ||||||||
DGB Financial Group, Inc.*, expires 2/13/15 (Cost $0) | 313 | 438 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $32,468,724) | $ | 33,271,434 | ||||||
Other assets less liabilities — 1.4% | 487,103 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 33,758,537 | ||||||
|
|
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
As of November 30, 2014, the Fund had the following futures contracts open:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
E-mini MSCI Emerging Markets Index Futures | 4 | $ | 199,660 | 12/19/2014 | $ | (11,080 | ) |
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 68,000 | USD | 85,211 | $ | 656 | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 5,000 | USD | 6,255 | 38 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 68,000 | USD | 85,210 | 655 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 10,000 | USD | 12,536 | 102 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 90,958 | EUR | 73,000 | (186 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 97,239 | EUR | 78,000 | (249 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | BRL | 3,895,000 | USD | 1,573,737 | 61,673 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | BRL | 3,895,000 | USD | 1,574,246 | 62,182 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | BRL | 101,690 | USD | 40,221 | 744 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | BRL | 584,609 | USD | 225,109 | (1,840 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | CLP | 160,923,000 | USD | 277,238 | 12,842 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CLP | 160,923,000 | USD | 277,669 | 13,273 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CLP | 12,687,000 | USD | 21,239 | 394 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | CLP | 25,023,000 | USD | 41,750 | 638 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | COP | 291,141,000 | USD | 140,893 | 9,636 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | COP | 291,141,000 | USD | 140,682 | 9,425 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | COP | 20,621,000 | USD | 9,524 | 227 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | COP | 43,501,000 | USD | 20,193 | 581 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | CZK | 454,000 | USD | 20,452 | 24 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | CZK | 35,000 | USD | 1,587 | 13 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CZK | 454,000 | USD | 20,453 | 25 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | CZK | 67,000 | USD | 3,035 | 20 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | EGP | 794,000 | USD | 110,201 | (797 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | EGP | 63,000 | USD | 8,780 | (27 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | EGP | 31,000 | USD | 4,336 | 2 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 23,882,000 | USD | 3,079,546 | 93 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HKD | 1,849,000 | USD | 238,447 | 28 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 23,882,000 | USD | 3,079,542 | 89 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 100,816 | USD | 13,000 | — | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HKD | 3,517,000 | USD | 453,508 | 10 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HUF | 11,462,000 | USD | 46,535 | 42 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | HUF | 1,090,000 | USD | 4,441 | 20 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HUF | 11,462,000 | USD | 46,539 | 46 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | HUF | 1,739,000 | USD | 7,127 | 73 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | IDR | 5,004,336,000 | USD | 412,389 | 2,544 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | IDR | 387,864,000 | USD | 31,884 | 118 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | IDR | 5,004,336,000 | USD | 411,846 | 2,001 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | IDR | 244,820,000 | USD | 20,000 | (50 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | IDR | 772,495,000 | USD | 63,501 | 236 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | INR | 50,497,000 | USD | 819,357 | 6,136 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | INR | 3,259,000 | USD | 52,695 | 211 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | INR | 50,497,000 | USD | 819,238 | 6,016 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | INR | 6,468,000 | USD | 104,484 | 321 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | KRW | 2,467,280,000 | USD | 2,296,640 | 70,072 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | KRW | 2,467,280,000 | USD | 2,305,783 | 79,216 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | KRW | 183,636,000 | USD | 166,194 | 474 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | KRW | 371,601,000 | USD | 337,234 | 1,887 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | MXN | 10,973,000 | USD | 812,301 | 23,797 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | MXN | 834,000 | USD | 60,740 | 810 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MXN | 10,973,000 | USD | 812,357 | 23,853 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MXN | 1,631,000 | USD | 120,238 | $ | 3,037 | |||||||||||
The Bank of New York Mellon | 12/3/2014 | MXN | 544,000 | USD | 40,068 | 977 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | MYR | 2,363,000 | USD | 712,498 | 14,072 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MYR | 2,363,000 | USD | 716,593 | 18,167 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MYR | 173,000 | USD | 51,690 | 556 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | MYR | 342,000 | USD | 101,634 | 550 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | PHP | 9,335,000 | USD | 207,458 | (387 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | PHP | 693,000 | USD | 15,426 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PHP | 9,335,000 | USD | 208,018 | 173 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PHP | 1,406,000 | USD | 31,238 | (67 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | PLN | 1,464,000 | USD | 434,728 | (258 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | PLN | 111,000 | USD | 33,218 | 237 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PLN | 1,464,000 | USD | 434,815 | (171 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | PLN | 231,000 | USD | 68,646 | 11 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | PLN | 190,300 | USD | 56,472 | (70 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | QAR | 94,000 | USD | 25,806 | (10 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | QAR | 94,000 | USD | 25,805 | (10 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | QAR | 15,000 | USD | 4,118 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | QAR | 7,000 | USD | 1,923 | — | ||||||||||||
Barclays Bank PLC | 12/3/2014 | RUB | 24,431,000 | USD | 562,493 | 72,618 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | RUB | 2,146,000 | USD | 45,442 | 2,412 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | RUB | 24,431,000 | USD | 564,073 | 74,198 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | RUB | 4,574,000 | USD | 97,195 | 5,480 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | THB | 12,111,000 | USD | 370,971 | 2,186 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | THB | 911,000 | USD | 27,788 | 48 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | THB | 12,111,000 | USD | 370,764 | 1,980 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | THB | 1,786,000 | USD | 54,426 | 42 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | TRY | 773,000 | USD | 345,820 | (1,960 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | TRY | 63,000 | USD | 28,485 | 141 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TRY | 773,000 | USD | 345,915 | (1,864 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TRY | 120,000 | USD | 53,865 | (124 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | TRY | 21,000 | USD | 9,394 | (54 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | TWD | 46,677,000 | USD | 1,531,900 | 23,590 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | TWD | 800,000 | USD | 26,030 | 179 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | TWD | 3,708,000 | USD | 120,008 | 188 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 46,677,000 | USD | 1,533,737 | 25,427 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 450,000 | USD | 14,743 | 201 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | TWD | 7,189,000 | USD | 233,986 | 1,683 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 1,512,093 | BRL | 3,895,000 | (29 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 264,628 | CLP | 160,923,000 | (232 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 131,659 | COP | 291,141,000 | (402 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 22,035 | CZK | 489,000 | (32 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 3,317,987 | HKD | 25,731,000 | (116 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 51,021 | HUF | 12,552,000 | (107 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 439,821 | IDR | 5,392,200,000 | 1,790 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 864,230 | INR | 53,756,000 | 1,475 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 2,218,977 | KRW | 2,467,280,000 | 7,591 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 849,239 | MXN | 11,807,000 | (804 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 695,470 | MYR | 2,363,000 | 2,955 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 223,082 | PHP | 10,028,000 | 192 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 469,342 | PLN | 1,575,000 | (1,376 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 25,813 | QAR | 94,000 | 3 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 537,899 | RUB | 26,577,000 | (4,993 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 396,046 | THB | 13,022,000 | 478 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 376,825 | TRY | 836,000 | (701 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 1,649,161 | TWD | 51,185,000 | 4,820 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 44,609 | ZAR | 500,000 | 514 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 539,377 | ZAR | 5,959,000 | $ | (1,595 | ) | ||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 1,511,975 | BRL | 3,895,000 | 89 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 285,303 | CLP | 173,610,000 | (63 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 140,990 | COP | 311,762,000 | (436 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 23,502 | CZK | 521,000 | (60 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 124,370 | EGP | 888,000 | (231 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 3,546,091 | HKD | 27,499,816 | (140 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 53,719 | HUF | 13,201,000 | (172 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 494,429 | IDR | 6,021,651,000 | (1,268 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 918,479 | INR | 56,965,000 | (1,095 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 20,000 | KRW | 21,620,200 | (489 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 2,373,118 | KRW | 2,629,295,800 | (341 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 906,704 | MXN | 12,604,000 | (998 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 749,719 | MYR | 2,536,000 | (160 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 239,194 | PHP | 10,741,000 | (44 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 505,349 | PLN | 1,695,000 | (1,729 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 31,859 | QAR | 116,000 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 585,926 | RUB | 29,005,000 | (4,335 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 423,076 | THB | 13,897,000 | 92 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 402,629 | TRY | 893,000 | (861 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 1,753,826 | TWD | 54,316,000 | 1,329 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 26,962 | ZAR | 300,000 | 112 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 591,676 | ZAR | 6,537,000 | (1,731 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 11,773 | BRL | 29,497 | (322 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 254,866 | BRL | 656,801 | 109 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 41,143 | CLP | 25,023,000 | (30 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 19,665 | COP | 43,501,000 | (54 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 334,474 | KRW | 371,601,000 | 873 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 4,370 | MXN | 60,000 | (59 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 34,819 | MXN | 484,000 | (39 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 100,915 | MYR | 342,000 | 169 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 56,736 | PLN | 190,300 | (194 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 9,469 | TRY | 21,000 | (20 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | ZAR | 5,948,000 | USD | 535,906 | (884 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | ZAR | 511,000 | USD | 46,600 | 484 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | ZAR | 5,948,000 | USD | 535,943 | (847 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | ZAR | 889,000 | USD | 80,424 | 195 | ||||||||||||
Barclays Bank PLC | 12/8/2014 | AED | 409,000 | USD | 111,305 | (45 | ) | |||||||||||
JP Morgan & Chase Co. | 12/8/2014 | AED | 409,000 | USD | 111,338 | (11 | ) | |||||||||||
JP Morgan & Chase Co. | 12/8/2014 | AED | 60,000 | USD | 16,335 | — | ||||||||||||
JP Morgan & Chase Co. | 12/8/2014 | AED | 29,000 | USD | 7,895 | — | ||||||||||||
Barclays Bank PLC | 12/8/2014 | USD | 111,349 | AED | 409,000 | 1 | ||||||||||||
JP Morgan & Chase Co. | 12/8/2014 | USD | 135,579 | AED | 498,000 | — | ||||||||||||
Barclays Bank PLC | 1/5/2015 | EUR | 74,000 | USD | 92,220 | 184 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | EUR | 74,000 | USD | 92,268 | 233 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 2,400 | EUR | 1,926 | (5 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | BRL | 4,609,000 | USD | 1,771,943 | 25 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | BRL | 4,609,000 | USD | 1,771,534 | (383 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | CLP | 193,988,000 | USD | 317,852 | 223 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CLP | 193,988,000 | USD | 317,586 | (42 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | COP | 246,950,000 | USD | 111,334 | 396 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | COP | 246,950,000 | USD | 111,200 | 262 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | CZK | 711,957 | USD | 32,100 | 48 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | CZK | 167,000 | USD | 7,530 | 11 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CZK | 167,000 | USD | 7,537 | 19 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HKD | 55,838 | USD | 7,200 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HKD | 27,487,000 | USD | 3,544,294 | 94 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | HKD | 27,487,000 | USD | 3,544,286 | $ | 86 | |||||||||||
Barclays Bank PLC | 1/6/2015 | HUF | 2,486,850 | USD | 10,100 | 22 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | HUF | 14,986,000 | USD | 60,864 | 132 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | HUF | 14,986,000 | USD | 60,929 | 197 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | IDR | 6,099,978,000 | USD | 495,450 | (1,247 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | IDR | 6,099,978,000 | USD | 496,862 | 165 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | INR | 56,784,000 | USD | 907,658 | (121 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | INR | 56,784,000 | USD | 910,102 | 2,323 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | KRW | 2,861,585,000 | USD | 2,566,858 | (11,461 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | KRW | 2,861,585,000 | USD | 2,578,190 | (129 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | MXN | 143,553 | USD | 10,300 | 7 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | MXN | 12,439,000 | USD | 892,502 | 589 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | MXN | 12,439,000 | USD | 892,942 | 1,029 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | MYR | 2,477,000 | USD | 726,180 | (3,923 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | MYR | 2,477,000 | USD | 729,624 | (479 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | TRY | 984,000 | USD | 440,042 | 223 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | TRY | 984,000 | USD | 440,891 | 1,072 | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 31,400 | BRL | 81,675 | — | ||||||||||||
Barclays Bank PLC | 1/6/2015 | USD | 37,000 | TRY | 82,737 | (19 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | ZAR | 7,954,000 | USD | 715,494 | 1,997 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | ZAR | 7,954,000 | USD | 715,604 | 2,107 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | AED | 553,000 | USD | 150,531 | (13 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | AED | 553,000 | USD | 150,534 | (10 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | PHP | 10,241,000 | USD | 227,194 | (378 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | PHP | 10,241,000 | USD | 227,654 | 82 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | PLN | 1,810,000 | USD | 538,513 | 1,604 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | PLN | 1,810,000 | USD | 538,772 | 1,862 | ||||||||||||
Barclays Bank PLC | 1/7/2015 | QAR | 263,000 | USD | 72,191 | (15 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | QAR | 263,000 | USD | 72,201 | (5 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | THB | 13,823,000 | USD | 419,055 | (1,107 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | THB | 13,823,000 | USD | 419,312 | (851 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | TWD | 56,833,000 | USD | 1,831,963 | (5,255 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2015 | TWD | 56,833,000 | USD | 1,834,506 | (2,712 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | USD | 63,000 | PLN | 211,750 | (188 | ) | |||||||||||
Barclays Bank PLC | 1/8/2015 | EGP | 1,039,000 | USD | 142,720 | (1,577 | ) | |||||||||||
Barclays Bank PLC | 1/13/2015 | RUB | 26,223,000 | USD | 521,908 | 4,651 | ||||||||||||
JP Morgan & Chase Co. | 1/13/2015 | RUB | 26,223,000 | USD | 522,348 | 5,091 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 622,306 | ||||||||||||||||
|
|
Currency Abbreviations
AED – Arab Emirates Dirham
BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Kronua
EGP – Egyptian Pound
EUR – Euro
HKD – Hong Kong Dollar
HUF – Hungarian Forint
IDR – Indonesian Rupiah
INR – Indian Rupee
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
PHP – Philippine Peso
PLN – Polish Zloty
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
QAR – Qatari Rial
RUB – Russian Ruble
THB – Thai Baht
TRY – Turkish New Lira
TWD – New Taiwan Dollar
USD – U.S. Dollar
ZAR – South African Rand
* Non-income producing security.
# Fair Valued Security.
144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of this security amounted to $424,274 or 1.3% of net assets.
ADR – American Depositary Receipt
CPO – Ordinary Participation Certificates
GDR – Global Depositary Receipt
NVDR – Non Voting Depositary Receipt
REIT – Real Estate Investment Trust
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.1% | ||||||||
Austria — 0.3% | ||||||||
Andritz AG | 5,313 | $ | 287,118 | |||||
Erste Group Bank AG | 20,435 | 553,431 | ||||||
Immofinanz AG* | 68,636 | 205,769 | ||||||
OMV AG | 10,835 | 313,378 | ||||||
Raiffeisen Bank International AG | 8,711 | 180,240 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 2,726 | 135,603 | ||||||
Voestalpine AG | 8,111 | 336,862 | ||||||
|
| |||||||
2,012,401 | ||||||||
|
| |||||||
Belgium — 1.9% | ||||||||
Ageas | 15,872 | 567,611 | ||||||
Anheuser-Busch InBev NV | 58,311 | 6,849,029 | ||||||
Belgacom SA | 10,940 | 431,840 | ||||||
Colruyt SA | 5,202 | 241,920 | ||||||
Delhaize Group SA | 7,437 | 543,666 | ||||||
Groupe Bruxelles Lambert SA | 5,868 | 530,828 | ||||||
KBC Groep NV* | 18,110 | 1,035,874 | ||||||
Solvay SA | 4,297 | 590,416 | ||||||
Telenet Group Holding NV* | 3,855 | 220,358 | ||||||
UCB SA | 9,177 | 719,818 | ||||||
Umicore SA | 7,751 | 315,164 | ||||||
|
| |||||||
12,046,524 | ||||||||
|
| |||||||
Bermuda — 0.1% | ||||||||
Seadrill Ltd. | 28,605 | 409,782 | ||||||
|
| |||||||
Channel Islands — 0.2% | ||||||||
Friends Life Group Ltd | 102,387 | 590,461 | ||||||
Randgold Resources Ltd. | 6,440 | 427,824 | ||||||
|
| |||||||
1,018,285 | ||||||||
|
| |||||||
Denmark — 2.3% | ||||||||
A.P. Moeller — Maersk A/S, Class A | 288 | 588,639 | ||||||
A.P. Moeller — Maersk A/S, Class B | 518 | 1,080,376 | ||||||
Carlsberg A/S, Class B | 7,780 | 693,006 | ||||||
Coloplast A/S, Class B | 8,106 | 702,402 | ||||||
Danske Bank A/S | 47,394 | 1,346,488 | ||||||
DSV A/S | 12,761 | 399,654 | ||||||
ISS A/S* | 6,800 | 192,055 | ||||||
Novo Nordisk A/S, Class B | 145,533 | 6,637,358 | ||||||
Novozymes A/S, Class B | 17,312 | 760,620 | ||||||
Pandora A/S | 8,345 | 740,544 | ||||||
TDC A/S | 58,662 | 475,476 | ||||||
Tryg A/S | 1,521 | 175,391 | ||||||
Vestas Wind Systems A/S* | 16,193 | 596,443 | ||||||
William Demant Holding A/S* | 1,652 | 118,495 | ||||||
|
| |||||||
14,506,947 | ||||||||
|
| |||||||
Finland — 1.4% | ||||||||
Elisa OYJ | 10,467 | 303,516 | ||||||
Fortum OYJ | 32,348 | 811,707 | ||||||
Kone OYJ, Class B | 22,659 | 1,042,493 | ||||||
Metso OYJ | 8,154 | 252,769 | ||||||
Neste Oil OYJ | 9,521 | 225,887 | ||||||
Nokia OYJ | 271,668 | 2,259,930 | ||||||
Nokian Renkaat OYJ | 8,193 | 231,361 |
Number | Value | |||||||
Finland (Continued) | ||||||||
Orion OYJ, Class B | 7,227 | $ | 247,847 | |||||
Sampo OYJ, Class A | 32,330 | 1,594,771 | ||||||
Stora Enso OYJ, Class R | 40,514 | 358,939 | ||||||
UPM-Kymmene OYJ | 38,488 | 638,906 | ||||||
Wartsila OYJ Abp | 10,696 | 479,066 | ||||||
|
| |||||||
8,447,192 | ||||||||
|
| |||||||
France — 14.3% | ||||||||
Accor SA | 12,551 | 592,037 | ||||||
Aeroports de Paris | 2,158 | 264,823 | ||||||
Air Liquide SA | 24,988 | 3,144,434 | ||||||
Airbus Group NV | 42,648 | 2,598,249 | ||||||
Alcatel-Lucent* | 203,440 | 724,250 | ||||||
Alstom SA* | 15,799 | 552,526 | ||||||
Arkema SA | 4,738 | 322,383 | ||||||
AtoS | 5,825 | 413,800 | ||||||
AXA SA | 131,709 | 3,179,679 | ||||||
BNP Paribas SA | 76,814 | 4,924,745 | ||||||
Bollore SA | 410 | 202,397 | ||||||
Bouygues SA | 12,213 | 459,462 | ||||||
Bureau Veritas SA | 15,985 | 381,334 | ||||||
Cap Gemini SA | 10,345 | 758,050 | ||||||
Carrefour SA | 45,158 | 1,428,787 | ||||||
Casino Guichard-Perrachon SA | 4,121 | 397,081 | ||||||
Christian Dior SA | 3,946 | 755,629 | ||||||
Cie de St-Gobain | 32,950 | 1,513,501 | ||||||
Cie Generale des Etablissements Michelin | 13,478 | 1,239,351 | ||||||
CNP Assurances | 12,268 | 227,143 | ||||||
Credit Agricole SA | 74,730 | 1,050,500 | ||||||
Danone SA | 42,017 | 2,964,978 | ||||||
Dassault Systemes SA | 9,209 | 601,979 | ||||||
Edenred | 14,926 | 430,402 | ||||||
Electricite de France | 17,478 | 523,225 | ||||||
Essilor International SA | 14,822 | 1,664,275 | ||||||
Eurazeo SA | 2,726 | 189,652 | ||||||
Eutelsat Communications SA | 11,295 | 373,523 | ||||||
Fonciere des Regions REIT | 2,106 | 201,039 | ||||||
GDF Suez | 104,980 | 2,586,611 | ||||||
Gecina SA REIT | 2,093 | 283,028 | ||||||
Groupe Eurotunnel SA | 34,169 | 441,659 | ||||||
ICADE REIT | 2,676 | 214,057 | ||||||
Iliad SA | 1,891 | 464,397 | ||||||
Imerys SA | 2,537 | 191,803 | ||||||
JCDecaux SA | 5,011 | 164,809 | ||||||
Kering | 5,469 | 1,129,557 | ||||||
Klepierre REIT | 7,204 | 323,289 | ||||||
Lafarge SA | 13,498 | 959,719 | ||||||
Lagardere SCA | 8,675 | 245,943 | ||||||
Legrand SA | 19,147 | 1,003,884 | ||||||
L’Oreal SA | 18,229 | 3,109,908 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 20,251 | 3,638,688 | ||||||
Natixis SA | 67,350 | 475,849 | ||||||
Numericable-SFR* | 7,136 | 298,232 | ||||||
Orange SA | 134,483 | 2,368,723 | ||||||
Pernod Ricard SA | 15,411 | 1,826,416 | ||||||
Peugeot SA* | 28,817 | 369,077 |
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Publicis Groupe SA | 13,512 | $ | 992,301 | |||||
Remy Cointreau SA | 1,734 | 130,383 | ||||||
Renault SA | 13,894 | 1,114,685 | ||||||
Rexel SA | 20,308 | 376,004 | ||||||
Safran SA | 19,600 | 1,268,062 | ||||||
Sanofi | 86,240 | 8,349,368 | ||||||
Schneider Electric SE | 38,086 | 3,106,703 | ||||||
SCOR SE | 11,299 | 352,510 | ||||||
Societe BIC SA | 2,106 | 280,727 | ||||||
Societe Generale SA | 52,550 | 2,606,557 | ||||||
Sodexo | 6,861 | 692,064 | ||||||
Suez Environnement Co | 21,547 | 382,065 | ||||||
Technip SA | 7,408 | 481,763 | ||||||
Thales SA | 6,722 | 356,658 | ||||||
Total SA | 155,219 | 8,683,431 | ||||||
Unibail-Rodamco SE REIT | 7,091 | 1,873,687 | ||||||
Valeo SA | 5,478 | 674,013 | ||||||
Vallourec SA | 8,067 | 267,476 | ||||||
Veolia Environnement | 30,502 | 556,213 | ||||||
Vinci SA | 35,471 | 1,917,537 | ||||||
Vivendi SA* | 88,041 | 2,242,051 | ||||||
Wendel SA | 2,316 | 272,865 | ||||||
Zodiac Aerospace | 13,595 | 450,513 | ||||||
|
| |||||||
89,602,519 | ||||||||
|
| |||||||
Germany — 12.8% | ||||||||
adidas AG | 15,129 | 1,213,390 | ||||||
Allianz SE | 33,104 | 5,699,069 | ||||||
Axel Springer SE | 2,971 | 174,944 | ||||||
BASF SE | 66,604 | 6,046,628 | ||||||
Bayer AG | 59,967 | 9,018,798 | ||||||
Bayerische Motoren Werke AG | 24,012 | 2,745,431 | ||||||
Beiersdorf AG | 7,280 | 647,968 | ||||||
Brenntag AG | 11,285 | 621,495 | ||||||
Celesio AG | 3,686 | 122,835 | ||||||
Commerzbank AG* | 70,252 | 1,074,907 | ||||||
Continental AG | 7,958 | 1,674,306 | ||||||
Daimler AG | 69,822 | 5,886,438 | ||||||
Deutsche Annington Immobilien SE | 17,728 | 570,829 | ||||||
Deutsche Bank AG (a) | 100,018 | 3,269,013 | ||||||
Deutsche Boerse AG | 13,947 | 1,018,871 | ||||||
Deutsche Lufthansa AG | 16,990 | 303,268 | ||||||
Deutsche Post AG | 70,192 | 2,331,704 | ||||||
Deutsche Telekom AG | 230,228 | 3,922,015 | ||||||
Deutsche Wohnen AG | 20,698 | 496,854 | ||||||
E.ON SE | 145,103 | 2,572,019 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 2,734 | 166,972 | ||||||
Fresenius Medical Care AG & Co. KGaA | 15,688 | 1,158,541 | ||||||
Fresenius SE & Co. KGaA | 27,356 | 1,482,927 | ||||||
GEA Group AG | 13,231 | 632,257 | ||||||
Hannover Rueck SE | 4,366 | 389,580 | ||||||
HeidelbergCement AG | 10,194 | 772,843 | ||||||
Henkel AG & Co. KGaA | 8,516 | 843,330 | ||||||
Hugo Boss AG | 3,064 | 403,474 | ||||||
Infineon Technologies AG | 82,141 | 804,649 | ||||||
K+S AG | 12,653 | 379,727 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Kabel Deutschland Holding AG* | 1,642 | $ | 227,758 | |||||
LANXESS AG | 6,661 | 330,768 | ||||||
Linde AG | 13,469 | 2,541,526 | ||||||
MAN SE | 2,578 | 293,796 | ||||||
Merck KGaA | 9,411 | 937,110 | ||||||
Metro AG* | 11,826 | 401,597 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 12,543 | 2,583,589 | ||||||
OSRAM Licht AG* | 6,409 | 266,175 | ||||||
ProSiebenSat.1 Media AG | 15,905 | 679,346 | ||||||
RWE AG | 35,375 | 1,281,349 | ||||||
SAP SE | 66,814 | 4,708,991 | ||||||
Siemens AG | 57,498 | 6,803,583 | ||||||
Symrise AG | 9,014 | 538,737 | ||||||
Telefonica Deutschland Holding AG* | 43,140 | 226,211 | ||||||
ThyssenKrupp AG* | 32,911 | 870,645 | ||||||
United Internet AG | 8,931 | 393,406 | ||||||
Volkswagen AG | 2,140 | 484,035 | ||||||
|
| |||||||
80,013,704 | ||||||||
|
| |||||||
Ireland — 1.1% | ||||||||
Bank of Ireland* | 2,001,672 | 821,367 | ||||||
CRH PLC | 53,453 | 1,262,863 | ||||||
Experian PLC | 71,608 | 1,133,066 | ||||||
Kerry Group PLC, Class A | 11,516 | 854,739 | ||||||
Shire PLC | 42,753 | 3,043,197 | ||||||
|
| |||||||
7,115,232 | ||||||||
|
| |||||||
Italy — 3.3% | ||||||||
Assicurazioni Generali SpA | 84,783 | 1,833,322 | ||||||
Atlantia SpA | 30,096 | 758,940 | ||||||
Banca Monte dei Paschi di Siena SpA* | 311,422 | 251,319 | ||||||
Banco Popolare SC* | 26,646 | 367,446 | ||||||
Enel Green Power SpA | 128,938 | 310,236 | ||||||
Enel SpA | 477,451 | 2,303,515 | ||||||
Eni SpA | 184,473 | 3,686,203 | ||||||
EXOR SpA | 7,229 | 321,804 | ||||||
Finmeccanica SpA* | 29,847 | 289,485 | ||||||
Intesa Sanpaolo SpA | 843,920 | 2,600,357 | ||||||
Intesa Sanpaolo SpA-RSP | 66,644 | 179,328 | ||||||
Luxottica Group SpA | 12,191 | 651,836 | ||||||
Mediobanca SpA | 43,622 | 390,543 | ||||||
Pirelli & C. SpA | 17,606 | 249,791 | ||||||
Prysmian SpA | 15,069 | 270,759 | ||||||
Saipem SpA* | 19,482 | 278,830 | ||||||
Snam SpA | 146,667 | 777,643 | ||||||
Telecom Italia SpA* | 733,575 | 826,425 | ||||||
Telecom Italia SpA-RSP | 435,793 | 386,096 | ||||||
Terna Rete Elettrica Nazionale SpA | 109,017 | 526,507 | ||||||
UniCredit SpA | 319,007 | 2,358,211 | ||||||
Unione di Banche Italiane SCpA | 61,822 | 475,075 | ||||||
UnipolSai SpA | 65,092 | 186,160 | ||||||
|
| |||||||
20,279,831 | ||||||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
Altice SA* | 6,352 | 427,305 | ||||||
ArcelorMittal | 72,617 | 890,771 | ||||||
Millicom International Cellular SA SDR | 4,805 | 399,850 |
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Luxembourg (Continued) | ||||||||
RTL Group SA | 2,822 | $ | 271,740 | |||||
SES SA FDR | 21,962 | 817,078 | ||||||
Tenaris SA | 34,410 | 569,072 | ||||||
|
| |||||||
3,375,816 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC(b) | 16,481 | 183,294 | ||||||
|
| |||||||
Netherlands — 6.6% | ||||||||
Aegon NV | 132,545 | 1,040,470 | ||||||
Akzo Nobel NV | 17,542 | 1,211,915 | ||||||
ASML Holding NV | 25,928 | 2,738,172 | ||||||
Corio NV REIT | 5,208 | 263,473 | ||||||
Delta Lloyd NV | 14,424 | 331,540 | ||||||
Gemalto NV | 5,758 | 489,159 | ||||||
Heineken Holding NV | 7,349 | 502,507 | ||||||
Heineken NV | 16,650 | 1,309,500 | ||||||
ING Groep NV* | 279,736 | 4,097,549 | ||||||
Koninklijke Ahold NV | 64,759 | 1,143,857 | ||||||
Koninklijke Boskalis Westminster NV | 6,224 | 349,235 | ||||||
Koninklijke DSM NV | 12,561 | 825,779 | ||||||
Koninklijke KPN NV | 231,534 | 768,699 | ||||||
Koninklijke Philips NV | 69,199 | 2,087,044 | ||||||
Koninklijke Vopak NV | 5,190 | 260,723 | ||||||
NN Group NV* | 8,914 | 270,620 | ||||||
OCI NV* | 6,231 | 223,413 | ||||||
QIAGEN NV* | 16,900 | 403,792 | ||||||
Randstad Holding NV | 9,082 | 448,165 | ||||||
Reed Elsevier NV | 50,561 | 1,242,948 | ||||||
Royal Dutch Shell PLC, Class A | 285,908 | 9,523,568 | ||||||
Royal Dutch Shell PLC, Class B | 176,967 | 6,144,918 | ||||||
TNT Express NV | 31,445 | 211,925 | ||||||
Unilever NV | 118,127 | 4,811,243 | ||||||
Wolters Kluwer NV | 21,829 | 639,634 | ||||||
|
| |||||||
41,339,848 | ||||||||
|
| |||||||
Norway — 0.9% | ||||||||
DNB ASA | 70,641 | 1,173,079 | ||||||
Gjensidige Forsikring ASA | 14,709 | 252,228 | ||||||
Norsk Hydro ASA | 97,247 | 569,444 | ||||||
Orkla ASA | 58,792 | 437,455 | ||||||
Statoil ASA | 81,030 | 1,530,404 | ||||||
Telenor ASA | 54,300 | 1,146,303 | ||||||
Yara International ASA | 12,979 | 551,873 | ||||||
|
| |||||||
5,660,786 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, Class R* | 2,523,154 | 260,407 | ||||||
Banco Espirito Santo SA*‡ | 56,984 | 0 | ||||||
EDP — Energias de Portugal SA | 167,432 | 686,833 | ||||||
Galp Energia SGPS SA | 27,790 | 338,645 | ||||||
Jeronimo Martins SGPS SA | 17,931 | 182,162 | ||||||
|
| |||||||
1,468,047 | ||||||||
|
| |||||||
Spain — 5.4% | ||||||||
Abertis Infraestructuras SA | 29,233 | 625,583 | ||||||
ACS Actividades de Construccion y Servicios SA | 12,677 | 447,914 | ||||||
Amadeus IT Holding SA, Class A | 30,834 | 1,227,479 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 430,466 | $ | 4,623,625 | |||||
Banco de Sabadell SA | 246,610 | 699,466 | ||||||
Banco Popular Espanol SA | 129,896 | 713,918 | ||||||
Banco Santander SA | 896,214 | 8,078,306 | ||||||
Bankia SA* | 333,099 | 584,014 | ||||||
Bankinter SA | 48,924 | 438,437 | ||||||
CaixaBank SA | 166,123 | 917,363 | ||||||
Distribuidora Internacional de Alimentacion SA | 45,553 | 316,635 | ||||||
Enagas SA | 14,675 | 491,411 | ||||||
Ferrovial SA | 30,127 | 617,367 | ||||||
Gas Natural SDG SA | 25,500 | 722,311 | ||||||
Grifols SA | 10,909 | 485,961 | ||||||
Iberdrola SA | 365,969 | 2,705,825 | ||||||
Inditex SA | 79,123 | 2,303,708 | ||||||
Mapfre SA | 66,091 | 242,517 | ||||||
Red Electrica Corp. SA | 7,875 | 721,393 | ||||||
Repsol SA | 73,229 | 1,643,580 | ||||||
Telefonica SA | 305,502 | 4,892,834 | ||||||
Zardoya Otis SA | 12,377 | 131,895 | ||||||
|
| |||||||
33,631,542 | ||||||||
|
| |||||||
Sweden — 4.6% | ||||||||
Alfa Laval AB | 22,730 | 452,372 | ||||||
Assa Abloy AB, Class B | 24,152 | 1,312,456 | ||||||
Atlas Copco AB, Class A | 48,549 | 1,399,847 | ||||||
Atlas Copco AB, Class B | 28,398 | 754,457 | ||||||
Boliden AB | 20,091 | 339,496 | ||||||
Electrolux AB, Series B | 17,395 | 516,959 | ||||||
Elekta AB, Class B | 27,253 | 277,773 | ||||||
Getinge AB, Class B | 14,662 | 339,388 | ||||||
Hennes & Mauritz AB, Class B | 68,849 | 2,949,135 | ||||||
Hexagon AB, Class B | 18,622 | 591,884 | ||||||
Husqvarna AB, Class B | 29,136 | 214,518 | ||||||
ICA Gruppen AB | 5,700 | 220,155 | ||||||
Industrivarden AB, Class C | 11,879 | 209,970 | ||||||
Investment AB Kinnevik, Class B | 17,016 | 590,359 | ||||||
Investor AB, Class B | 33,033 | 1,240,861 | ||||||
Lundin Petroleum AB* | 16,095 | 226,859 | ||||||
Nordea Bank AB | 220,262 | 2,751,595 | ||||||
Sandvik AB | 77,549 | 812,249 | ||||||
Securitas AB, Class B | 23,083 | 278,765 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 109,814 | 1,450,628 | ||||||
Skanska AB, Class B | 27,779 | 598,307 | ||||||
SKF AB, Class B | 28,637 | 589,903 | ||||||
Svenska Cellulosa AB SCA, Class B | 42,573 | 1,004,297 | ||||||
Svenska Handelsbanken AB, Class A | 36,085 | 1,762,498 | ||||||
Swedbank AB, Class A | 65,455 | 1,717,014 | ||||||
Swedish Match AB | 14,504 | 500,872 | ||||||
Tele2 AB, Class B | 23,483 | 304,066 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 220,685 | 2,779,076 | ||||||
TeliaSonera AB | 172,809 | 1,232,935 | ||||||
Volvo AB, Class B | 110,923 | 1,213,875 | ||||||
|
| |||||||
28,632,569 | ||||||||
|
|
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Switzerland — 14.9% | ||||||||
ABB Ltd.* | 159,461 | $ | 3,579,518 | |||||
Actelion Ltd.* | 7,471 | 888,401 | ||||||
Adecco SA* | 12,325 | 865,460 | ||||||
Aryzta AG* | 6,339 | 505,808 | ||||||
Baloise Holding AG | 3,466 | 452,687 | ||||||
Barry Callebaut AG* | 160 | 171,219 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 477,889 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 69 | 347,553 | ||||||
Cie Financiere Richemont SA | 37,853 | 3,559,063 | ||||||
Coca-Cola HBC AG CDI* | 14,718 | 333,810 | ||||||
Credit Suisse Group AG* | 110,717 | 2,958,564 | ||||||
EMS-Chemie Holding AG | 597 | 221,500 | ||||||
Geberit AG | 2,730 | 951,015 | ||||||
Givaudan SA* | 681 | 1,213,642 | ||||||
Glencore PLC* | 769,871 | 3,852,963 | ||||||
Holcim Ltd.* | 16,551 | 1,222,162 | ||||||
Julius Baer Group Ltd.* | 16,252 | 736,365 | ||||||
Kuehne + Nagel International AG | 3,957 | 532,787 | ||||||
Lonza Group AG* | 3,838 | 451,226 | ||||||
Nestle SA | 233,847 | 17,558,188 | ||||||
Novartis AG | 166,804 | 16,140,929 | ||||||
Pargesa Holding SA | 2,235 | 177,875 | ||||||
Partners Group Holding AG | 1,260 | 361,863 | ||||||
Roche Holding AG | 50,947 | 15,259,055 | ||||||
Schindler Holding AG | 1,491 | 208,316 | ||||||
Schindler Holding AG Participation Certificates | 3,240 | 462,066 | ||||||
SGS SA | 399 | 863,038 | ||||||
Sika AG | 156 | 593,809 | ||||||
Sonova Holding AG | 3,919 | 592,971 | ||||||
STMicroelectronics NV | 46,831 | 350,966 | ||||||
Sulzer AG | 1,734 | 193,634 | ||||||
Swatch Group AG (The) — Bearer | 2,239 | 1,106,466 | ||||||
Swatch Group AG (The) — Registered | 3,581 | 329,656 | ||||||
Swiss Life Holding AG* | 2,319 | 531,360 | ||||||
Swiss Prime Site AG* | 4,196 | 323,521 | ||||||
Swiss Re AG* | 25,554 | 2,184,487 | ||||||
Swisscom AG | 1,692 | 1,027,020 | ||||||
Syngenta AG | 6,744 | 2,221,595 | ||||||
Transocean Ltd. | 26,351 | 557,973 | ||||||
UBS AG* | 248,656 | 4,477,738 | ||||||
Wolseley PLC | 19,344 | 1,084,739 | ||||||
Zurich Insurance Group AG* | 10,837 | 3,396,061 | ||||||
|
| |||||||
93,324,958 | ||||||||
|
| |||||||
United Kingdom — 27.3% | ||||||||
3i Group PLC | 70,220 | 486,999 | ||||||
Aberdeen Asset Management PLC | 66,483 | 467,209 | ||||||
Admiral Group PLC | 14,231 | 275,639 | ||||||
Aggreko PLC | 18,521 | 443,497 | ||||||
Amec Foster Wheeler PLC | 28,105 | 410,249 | ||||||
Anglo American PLC | 101,336 | 2,091,776 | ||||||
Antofagasta PLC | 28,984 | 333,665 | ||||||
ARM Holdings PLC | 101,544 | 1,450,515 | ||||||
Ashtead Group PLC | 36,562 | 601,942 | ||||||
Associated British Foods PLC | 25,758 | 1,288,705 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
AstraZeneca PLC | 91,557 | $ | 6,836,027 | |||||
Aviva PLC | 213,054 | 1,690,588 | ||||||
Babcock International Group PLC | 18,949 | 336,536 | ||||||
BAE Systems PLC | 228,158 | 1,714,571 | ||||||
Barclays PLC | 1,190,838 | 4,560,043 | ||||||
BG Group PLC | 247,336 | 3,477,849 | ||||||
BHP Billiton PLC | 153,157 | 3,629,165 | ||||||
BP PLC | 1,335,911 | 8,768,350 | ||||||
British American Tobacco PLC | 135,169 | 8,011,540 | ||||||
British Land Co. PLC REIT | 70,003 | 839,774 | ||||||
BT Group PLC | 590,273 | 3,782,099 | ||||||
Bunzl PLC | 24,340 | 679,027 | ||||||
Burberry Group PLC | 32,309 | 832,706 | ||||||
Capita PLC | 48,053 | 803,135 | ||||||
Carnival PLC | 13,437 | 591,883 | ||||||
Centrica PLC | 362,833 | 1,612,969 | ||||||
CNH Industrial NV | 68,498 | 536,172 | ||||||
Cobham PLC | 83,639 | 394,026 | ||||||
Compass Group PLC | 121,735 | 2,072,652 | ||||||
Croda International PLC | 9,940 | 381,018 | ||||||
Diageo PLC | 182,179 | 5,637,248 | ||||||
Direct Line Insurance Group PLC | 108,219 | 497,821 | ||||||
Dixons Carphone PLC | 70,756 | 467,838 | ||||||
easyJet PLC | 11,540 | 297,963 | ||||||
Fiat Chrysler Automobiles NV* | 63,810 | 795,830 | ||||||
G4S PLC | 112,094 | 483,955 | ||||||
GKN PLC | 118,661 | 640,013 | ||||||
GlaxoSmithKline PLC | 351,664 | 8,157,155 | ||||||
Hammerson PLC REIT | 56,694 | 551,708 | ||||||
Hargreaves Lansdown PLC | 17,441 | 265,756 | ||||||
HSBC Holdings PLC | 1,388,609 | 13,816,680 | ||||||
ICAP PLC | 40,689 | 264,904 | ||||||
IMI PLC | 19,848 | 366,143 | ||||||
Imperial Tobacco Group PLC | 69,404 | 3,208,932 | ||||||
Inmarsat PLC | 31,322 | 388,712 | ||||||
InterContinental Hotels Group PLC | 17,065 | 722,370 | ||||||
International Consolidated Airlines Group SA* | 73,714 | 526,771 | ||||||
Intertek Group PLC | 11,783 | 429,761 | ||||||
Intu Properties PLC REIT | 66,794 | 372,365 | ||||||
Investec PLC | 40,340 | 373,028 | ||||||
ITV PLC | 278,581 | 932,085 | ||||||
J Sainsbury PLC | 91,293 | 332,830 | ||||||
Johnson Matthey PLC | 14,915 | 774,872 | ||||||
Kingfisher PLC | 171,203 | 834,354 | ||||||
Land Securities Group PLC REIT | 57,383 | 1,064,838 | ||||||
Legal & General Group PLC | 429,151 | 1,653,726 | ||||||
Lloyds Banking Group PLC* | 4,140,528 | 5,196,679 | ||||||
London Stock Exchange Group PLC | 16,465 | 579,953 | ||||||
Marks & Spencer Group PLC | 118,984 | 907,899 | ||||||
Meggitt PLC | 58,204 | 457,304 | ||||||
Melrose Industries PLC | 78,765 | 318,283 | ||||||
Merlin Entertainments PLC | 36,800 | 217,857 | ||||||
National Grid PLC | 273,464 | 3,972,532 | ||||||
Next PLC | 11,093 | 1,173,931 | ||||||
Old Mutual PLC | 355,630 | 1,112,663 | ||||||
Pearson PLC | 59,381 | 1,141,800 |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Persimmon PLC* | 22,176 | $ | 531,019 | |||||
Petrofac Ltd | 19,028 | 245,206 | ||||||
Prudential PLC | 186,105 | 4,500,008 | ||||||
Reckitt Benckiser Group PLC | 47,126 | 3,868,278 | ||||||
Reed Elsevier PLC | 82,593 | 1,435,895 | ||||||
Rexam PLC | 51,642 | 364,930 | ||||||
Rio Tinto PLC | 92,273 | 4,313,136 | ||||||
Rolls-Royce Holdings PLC* | 136,926 | 1,801,939 | ||||||
Royal Bank of Scotland Group PLC* | 183,613 | 1,133,743 | ||||||
Royal Mail PLC | 47,675 | 311,131 | ||||||
RSA Insurance Group PLC* | 74,191 | 542,584 | ||||||
SABMiller PLC | 70,131 | 3,904,200 | ||||||
Sage Group PLC (The) | 79,181 | 503,508 | ||||||
Schroders PLC | 8,999 | 378,824 | ||||||
Segro PLC REIT | 54,610 | 334,638 | ||||||
Severn Trent PLC | 17,413 | 555,682 | ||||||
Sky PLC | 74,925 | 1,090,754 | ||||||
Smith & Nephew PLC | 64,822 | 1,123,905 | ||||||
Smiths Group PLC | 28,521 | 515,445 | ||||||
Sports Direct International PLC* | 19,197 | 198,057 | ||||||
SSE PLC | 70,783 | 1,813,248 | ||||||
Standard Chartered PLC | 179,122 | 2,621,919 | ||||||
Standard Life PLC | 173,542 | 1,149,357 | ||||||
Subsea 7 SA | 20,809 | 207,335 | ||||||
Tate & Lyle PLC | 34,349 | 323,799 | ||||||
Tesco PLC | 587,142 | 1,709,976 | ||||||
Travis Perkins PLC | 17,966 | 507,100 | ||||||
TUI Travel PLC | 37,232 | 258,623 | ||||||
Tullow Oil PLC | 66,613 | 443,254 | ||||||
Unilever PLC | 93,070 | 3,933,886 | ||||||
United Utilities Group PLC | 49,307 | 697,399 | ||||||
Vodafone Group PLC | 1,921,651 | 7,022,341 | ||||||
Weir Group PLC (The) | 15,526 | 454,964 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Whitbread PLC | 13,153 | $ | 942,406 | |||||
William Hill PLC | 63,461 | 332,075 | ||||||
WM Morrison Supermarkets PLC | 151,985 | 423,763 | ||||||
WPP PLC | 95,640 | 2,001,837 | ||||||
|
| |||||||
170,833,049 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 613,902,326 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.9% | ||||||||
Germany — 0.9% | ||||||||
Bayerische Motoren Werke AG | 3,996 | 339,273 | ||||||
Fuchs Petrolub SE | 5,163 | 213,592 | ||||||
Henkel AG & Co. KGaA | 12,938 | 1,435,357 | ||||||
Porsche Automobil Holding SE | 11,146 | 970,724 | ||||||
Volkswagen AG | 11,788 | 2,714,636 | ||||||
|
| |||||||
5,673,582 | ||||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Rolls-Royce Holdings PLC, Class C* | 9,160,650 | 14,309 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 5,687,891 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 1/09/15 | 129,308 | 8,683 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.0% (Cost $628,423,888) | $ | 619,598,900 | ||||||
Other assets less liabilities — 1.0% | 6,390,039 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 625,988,939 | ||||||
|
|
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 15,958,000 | USD | 16,583,427 | $ | 68,033 | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,803,000 | USD | 1,852,584 | (13,392 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 269,000 | USD | 278,423 | 27 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 361,000 | USD | 372,896 | (714 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,810,000 | USD | 1,876,789 | 3,568 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 180,500 | USD | 186,712 | (92 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,815,000 | USD | 1,880,986 | 2,590 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 88,000 | USD | 90,754 | (320 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 1,757,500 | USD | 1,818,575 | (312 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | CHF | 524,500 | USD | 545,767 | 2,947 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 15,958,000 | USD | 16,583,358 | 67,964 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,803,000 | USD | 1,852,579 | (13,398 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 269,000 | USD | 278,423 | 27 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 361,000 | USD | 372,895 | (714 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,810,000 | USD | 1,876,782 | 3,560 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 180,500 | USD | 186,711 | (93 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,815,000 | USD | 1,880,975 | 2,579 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 150,200 | USD | 155,257 | (189 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 88,000 | USD | 90,753 | (321 | ) |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 1,757,500 | USD | 1,818,568 | $ | (320 | ) | ||||||||||
JP Morgan & Chase Co. | 12/2/2014 | CHF | 524,500 | USD | 545,769 | 2,949 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | CHF | 15,958,000 | USD | 16,583,531 | 68,136 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | CHF | 15,958,000 | USD | 16,583,807 | 68,412 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | CHF | 447,000 | USD | 463,357 | 744 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | CHF | 328,000 | USD | 341,909 | 2,452 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 16,631,000 | USD | 2,799,834 | 20,450 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,873,500 | USD | 311,791 | (1,309 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 281,000 | USD | 47,058 | 97 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 375,000 | USD | 62,620 | (50 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,868,500 | USD | 313,365 | 1,100 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 187,000 | USD | 31,250 | (1 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,868,000 | USD | 312,475 | 293 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 96,000 | USD | 15,989 | (55 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 1,927,500 | USD | 322,380 | 255 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | DKK | 578,500 | USD | 97,254 | 575 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 16,631,000 | USD | 2,799,832 | 20,448 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,873,500 | USD | 311,793 | (1,307 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 281,000 | USD | 47,060 | 99 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 375,000 | USD | 62,619 | (51 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,868,500 | USD | 313,366 | 1,101 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 187,000 | USD | 31,250 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,868,000 | USD | 312,473 | 292 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 125,000 | USD | 20,870 | (20 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 96,000 | USD | 15,989 | (55 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 1,927,500 | USD | 322,379 | 254 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | DKK | 578,500 | USD | 97,262 | 583 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | DKK | 16,631,000 | USD | 2,799,726 | 20,342 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | DKK | 16,631,000 | USD | 2,799,841 | 20,457 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | DKK | 517,000 | USD | 86,790 | 388 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | DKK | 363,000 | USD | 61,245 | 580 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 42,206,000 | USD | 52,888,634 | 407,317 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 4,842,500 | USD | 5,994,226 | (27,212 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 719,000 | �� | USD | 895,561 | 1,516 | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 964,500 | USD | 1,198,158 | (1,156 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 4,839,000 | USD | 6,038,012 | 20,927 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 476,000 | USD | 591,974 | 89 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 4,827,000 | USD | 6,010,310 | 8,146 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 250,500 | USD | 310,433 | (1,053 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 5,045,000 | USD | 6,277,423 | 4,186 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 1,526,000 | USD | 1,908,965 | 11,451 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 42,206,000 | USD | 52,887,917 | 406,599 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 4,842,500 | USD | 5,994,221 | (27,216 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 719,000 | USD | 895,600 | 1,555 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 964,500 | USD | 1,198,158 | (1,156 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 4,839,000 | USD | 6,038,036 | 20,951 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 476,000 | USD | 591,973 | 88 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 4,827,000 | USD | 6,010,349 | 8,185 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 250,500 | USD | 310,433 | (1,053 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 5,045,000 | USD | 6,277,448 | 4,211 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 1,526,000 | USD | 1,908,970 | 11,455 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | EUR | 42,206,000 | USD | 52,888,339 | 407,022 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | EUR | 42,206,000 | USD | 52,889,352 | 408,034 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 900,000 | USD | 1,124,182 | 5,071 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 999,700 | USD | 1,255,188 | 12,105 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 1,200 | USD | 1,499 | 7 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 23,565,000 | USD | 37,695,005 | 886,194 |
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 2,682,000 | USD | 4,245,493 | $ | 56,178 | |||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 403,500 | USD | 640,489 | 10,217 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 542,000 | USD | 858,871 | 12,261 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 2,711,000 | USD | 4,314,662 | 80,048 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 270,500 | USD | 426,935 | 4,410 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 2,733,000 | USD | 4,273,956 | 4,978 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 139,500 | USD | 218,459 | 558 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 2,777,000 | USD | 4,361,065 | 23,358 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 832,000 | USD | 1,314,140 | 14,546 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 23,565,000 | USD | 37,691,511 | 882,701 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,682,000 | USD | 4,245,477 | 56,161 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 403,500 | USD | 640,489 | 10,217 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 542,000 | �� | USD | 858,871 | 12,260 | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,711,000 | USD | 4,314,684 | 80,070 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 270,500 | USD | 426,934 | 4,410 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,733,000 | USD | 4,273,967 | 4,988 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 40,000 | USD | 62,717 | 236 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 139,500 | USD | 218,459 | 558 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,777,000 | USD | 4,361,062 | 23,355 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 832,000 | USD | 1,314,142 | 14,548 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | GBP | 23,565,000 | USD | 37,691,746 | 882,936 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | GBP | 23,565,000 | USD | 37,691,793 | 882,984 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | GBP | 520,000 | USD | 830,878 | 18,632 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | GBP | 526,500 | USD | 842,327 | 19,928 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 9,424,000 | USD | 1,394,530 | 51,210 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 1,053,000 | USD | 153,252 | 3,155 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 159,000 | USD | 23,325 | 661 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 213,000 | USD | 31,248 | 886 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 1,065,500 | USD | 156,721 | 4,842 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 106,000 | USD | 15,574 | 465 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 1,064,000 | USD | 156,626 | 4,961 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 54,500 | USD | 8,015 | 247 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 1,093,000 | USD | 161,300 | 5,501 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | NOK | 314,000 | USD | 46,002 | 1,244 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 9,424,000 | USD | 1,394,627 | 51,307 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 1,053,000 | USD | 153,253 | 3,156 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 159,000 | USD | 23,326 | 662 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 213,000 | USD | 31,248 | 886 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 1,065,500 | USD | 156,724 | 4,845 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 106,000 | USD | 15,574 | 465 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 1,064,000 | USD | 156,626 | 4,961 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 186,000 | USD | 27,446 | 933 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 54,500 | USD | 8,015 | 247 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 1,093,000 | USD | 161,302 | 5,503 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | NOK | 314,000 | USD | 46,002 | 1,244 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | NOK | 9,424,000 | USD | 1,394,599 | 51,278 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | NOK | 9,424,000 | USD | 1,394,588 | 51,267 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | NOK | 230,000 | USD | 33,815 | 1,030 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | NOK | 162,800 | USD | 23,764 | 558 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 40,434,000 | USD | 5,464,108 | 41,493 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 4,597,500 | USD | 618,676 | 2,104 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 687,000 | USD | 92,779 | 646 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 921,500 | USD | 124,006 | 423 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 4,620,500 | USD | 624,991 | 5,334 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 458,000 | USD | 61,714 | 292 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 4,631,000 | USD | 622,626 | 1,561 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 237,500 | USD | 31,822 | (29 | ) |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 4,782,000 | USD | 643,137 | $ | 1,821 | |||||||||||
Barclays Bank PLC | 12/2/2014 | SEK | 1,434,000 | USD | 193,926 | 1,612 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 40,434,000 | USD | 5,464,128 | 41,513 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 4,597,500 | USD | 618,675 | 2,103 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 687,000 | USD | 92,780 | 646 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 921,500 | USD | 124,005 | 422 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 4,620,500 | USD | 624,991 | 5,334 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 458,000 | USD | 61,714 | 291 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 4,631,000 | USD | 622,625 | 1,560 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 594,000 | USD | 79,760 | 99 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 237,500 | USD | 31,822 | (29 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 4,782,000 | USD | 643,139 | 1,824 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | SEK | 1,434,000 | USD | 193,926 | 1,612 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | SEK | 40,434,000 | USD | 5,464,054 | 41,439 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | SEK | 40,434,000 | USD | 5,464,114 | 41,499 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | SEK | 1,002,000 | USD | 135,215 | 836 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | SEK | 678,000 | USD | 91,918 | 991 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 90,770 | CHF | 87,500 | (214 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 25,393,154 | CHF | 24,479,000 | (59,130 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 16,184 | DKK | 96,500 | (57 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 4,284,985 | DKK | 25,589,500 | (8,450 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 621,927 | EUR | 500,000 | (198 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 497,478 | EUR | 400,000 | (95 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 317,530 | EUR | 254,500 | (1,070 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 80,418,086 | EUR | 64,541,000 | (164,171 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 313,936 | GBP | 200,000 | (1,534 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 217,576 | GBP | 138,500 | (1,238 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 56,874,238 | GBP | 36,317,000 | (146,653 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 7,850 | NOK | 53,500 | (224 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 2,068,791 | NOK | 14,492,500 | (2,993 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 32,378 | SEK | 240,500 | (124 | ) | |||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 8,405,097 | SEK | 62,562,500 | (14,823 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 464,000 | CHF | 446,503 | (1,902 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 508,000 | CHF | 492,347 | 1,544 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 90,770 | CHF | 87,500 | (213 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 24,587,805 | CHF | 23,690,350 | (69,978 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 86,200 | DKK | 512,028 | (630 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 16,184 | DKK | 96,500 | (57 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 4,222,439 | DKK | 25,202,472 | (10,585 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 1,405,700 | EUR | 1,121,787 | (10,807 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 561,837 | EUR | 450,000 | (2,281 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 497,122 | EUR | 400,000 | 261 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 376,622 | EUR | 300,000 | (3,585 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 317,530 | EUR | 254,500 | (1,070 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 78,749,899 | EUR | 63,169,213 | (201,743 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 823,700 | GBP | 514,983 | (19,290 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 399,541 | GBP | 250,000 | (9,038 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 608,000 | GBP | 383,814 | (8,477 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 469,423 | GBP | 300,000 | (820 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 217,576 | GBP | 138,500 | (1,238 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 54,981,201 | GBP | 35,108,203 | (141,771 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 34,700 | NOK | 234,480 | (1,277 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 7,850 | NOK | 53,500 | (224 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 2,061,708 | NOK | 14,444,020 | (2,821 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 135,000 | SEK | 998,987 | (1,026 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 32,377 | SEK | 240,500 | (124 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 8,352,372 | SEK | 62,157,514 | (16,410 | ) |
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 16,562,532 | CHF | 15,958,000 | $ | (47,138 | ) | ||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 2,786,369 | DKK | 16,631,000 | (6,985 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 52,616,110 | EUR | 42,206,000 | (134,793 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 36,903,968 | GBP | 23,565,000 | (95,158 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 1,345,162 | NOK | 9,424,000 | (1,841 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 5,433,290 | SEK | 40,434,000 | (10,675 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 16,562,532 | CHF | 15,958,000 | (47,138 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 2,786,369 | DKK | 16,631,000 | (6,985 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 52,616,110 | EUR | 42,206,000 | (134,793 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 36,903,968 | GBP | 23,565,000 | (95,158 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 1,345,162 | NOK | 9,424,000 | (1,841 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 5,433,290 | SEK | 40,434,000 | (10,675 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 804,359 | CHF | 775,000 | (2,289 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 147,436 | DKK | 880,000 | (370 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 375,290 | EUR | 300,000 | (2,253 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 1,995,762 | EUR | 1,600,900 | (5,113 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 15,794 | GBP | 10,000 | (174 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 1,623,211 | GBP | 1,036,500 | (4,186 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 14,658 | NOK | 100,000 | (403 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 41,794 | NOK | 292,800 | (57 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 225,749 | SEK | 1,680,000 | (444 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | DKK | 21,772,000 | USD | 3,646,397 | 6,980 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | DKK | 21,772,000 | USD | 3,648,379 | 8,963 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | DKK | 21,772,000 | USD | 3,648,368 | 8,952 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | DKK | 21,772,000 | USD | 3,648,427 | 9,011 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | EUR | 57,784,000 | USD | 72,010,999 | 143,748 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | EUR | 57,784,000 | USD | 72,048,963 | 181,712 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | EUR | 57,784,000 | USD | 72,048,558 | 181,307 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | EUR | 57,784,000 | USD | 72,049,714 | 182,463 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | GBP | 31,311,000 | USD | 49,024,898 | 127,437 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | GBP | 31,311,000 | USD | 49,024,979 | 127,518 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | GBP | 31,311,000 | USD | 49,024,729 | 127,267 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | GBP | 31,311,000 | USD | 49,025,261 | 127,800 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | NOK | 11,490,000 | USD | 1,638,201 | 2,523 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | NOK | 11,490,000 | USD | 1,638,078 | 2,400 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | NOK | 11,490,000 | USD | 1,638,082 | 2,404 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | NOK | 11,490,000 | USD | 1,638,090 | 2,412 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | SEK | 54,475,000 | USD | 7,318,989 | 12,679 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | SEK | 54,475,000 | USD | 7,320,557 | 14,247 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | SEK | 54,475,000 | USD | 7,320,551 | 14,241 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | SEK | 54,475,000 | USD | 7,320,493 | 14,183 | ||||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 447,400 | CHF | 431,082 | (1,022 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 50,000 | DKK | 298,541 | (96 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 1,214,900 | EUR | 974,876 | (2,425 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 720,100 | GBP | 459,910 | (1,872 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 25,000 | NOK | 175,345 | (39 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | USD | 68,300 | SEK | 508,355 | (118 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | CHF | 21,193,000 | USD | 21,993,680 | 48,501 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | CHF | 21,193,000 | USD | 22,005,601 | 60,422 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2015 | CHF | 21,193,000 | USD | 22,005,441 | 60,262 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2015 | CHF | 21,193,000 | USD | 22,005,692 | 60,514 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 6,471,669 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Currency Abbreviations
CHF – Swiss Franc
DKK – Danish Krone
EUR – Euro
GBP – Pound Sterling
NOK – Norwegian Krone
SEK – Swedish Krona
USD – U.S. Dollar
* Non-income producing security.
‡ Fair valued security.
(a) Affiliated issuer. This security is owned in proportion with its representation in the index.
(b) Listed on the London Stock Exchange.
CDI – Chess Depositary Interest.
FDR – Fiduciary Depositary Receipt.
REIT – Real Estate Investment Trust.
RSP – Risparmio (Convertible Savings Shares).
SDR – Swedish Depositary Receipt.
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 92.1% | ||||||||
Basic Materials — 12.9% | ||||||||
BASF SE | 33,011 | $ | 2,996,894 | |||||
Brenntag AG | 5,552 | 305,764 | ||||||
K+S AG | 6,191 | 185,797 | ||||||
LANXESS AG | 3,286 | 163,174 | ||||||
Linde AG | 6,675 | 1,259,536 | ||||||
Symrise AG | 4,400 | 262,974 | ||||||
ThyssenKrupp AG* | 16,272 | 430,468 | ||||||
|
| |||||||
5,604,607 | ||||||||
|
| |||||||
Communications — 6.7% | ||||||||
Axel Springer SE | 1,422 | 83,733 | ||||||
Deutsche Telekom AG | 114,109 | 1,943,887 | ||||||
Kabel Deutschland Holding AG* | 795 | 110,273 | ||||||
ProSiebenSat.1 Media AG | 7,863 | 335,850 | ||||||
RTL Group SA (Luxembourg) | 1,390 | 133,848 | ||||||
Telefonica Deutschland Holding AG* | 21,251 | 111,433 | ||||||
United Internet AG | 4,420 | 194,699 | ||||||
|
| |||||||
2,913,723 | ||||||||
|
| |||||||
Consumer, Cyclical — 14.5% | ||||||||
adidas AG | 7,519 | 603,046 | ||||||
Bayerische Motoren Werke AG | 11,900 | 1,360,596 | ||||||
Continental AG | 3,953 | 831,683 | ||||||
Daimler AG | 34,606 | 2,917,504 | ||||||
Deutsche Lufthansa AG | 8,277 | 147,743 | ||||||
Hugo Boss AG | 1,518 | 199,893 | ||||||
Volkswagen AG | 1,060 | 239,756 | ||||||
|
| |||||||
6,300,221 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 17.2% | ||||||||
Bayer AG | 29,721 | 4,469,920 | ||||||
Beiersdorf AG | 3,622 | 322,382 | ||||||
Celesio AG | 1,826 | 60,851 | ||||||
Fresenius Medical Care AG & Co. KGaA | 7,800 | 576,021 | ||||||
Fresenius SE & Co. KGaA | 13,603 | 737,398 | ||||||
Henkel AG & Co. KGaA | 4,201 | 416,020 | ||||||
Merck KGaA | 4,645 | 462,530 | ||||||
Metro AG* | 5,824 | 197,776 | ||||||
QIAGEN NV (Netherlands)* | 8,358 | 199,698 | ||||||
|
| |||||||
7,442,596 | ||||||||
|
| |||||||
Diversified — 0.7% | ||||||||
GEA Group AG | 6,572 | 314,050 | ||||||
|
| |||||||
Financial — 17.3% | ||||||||
Allianz SE | 16,407 | 2,824,571 | ||||||
Commerzbank AG* | 34,781 | 532,175 | ||||||
Deutsche Annington Immobilien SE | 8,800 | 283,353 | ||||||
Deutsche Bank AG (a) | 49,572 | 1,620,224 |
Number | Value | |||||||
Financial (Continued) | ||||||||
Deutsche Boerse AG | 6,936 | $ | 506,696 | |||||
Deutsche Wohnen AG | 10,284 | 246,867 | ||||||
Hannover Rueck SE | 2,167 | 193,362 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 6,215 | 1,280,157 | ||||||
|
| |||||||
7,487,405 | ||||||||
|
| |||||||
Industrial — 12.1% | ||||||||
Deutsche Post AG | 34,781 | 1,155,388 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,324 | 80,860 | ||||||
HeidelbergCement AG | 5,065 | 383,996 | ||||||
MAN SE | 1,266 | 144,277 | ||||||
OSRAM Licht AG* | 3,195 | 132,693 | ||||||
Siemens AG | 28,497 | 3,371,973 | ||||||
|
| |||||||
5,269,187 | ||||||||
|
| |||||||
Technology — 6.3% | ||||||||
Infineon Technologies AG | 40,530 | 397,030 | ||||||
SAP SE | 33,115 | 2,333,916 | ||||||
|
| |||||||
2,730,946 | ||||||||
|
| |||||||
Utilities — 4.4% | ||||||||
E.ON SE | 71,918 | 1,274,780 | ||||||
RWE AG | 17,589 | 637,107 | ||||||
|
| |||||||
1,911,887 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 39,974,622 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.5% | ||||||||
Basic Materials — 0.3% | ||||||||
Fuchs Petrolub SE | 2,497 | 103,300 | ||||||
|
| |||||||
Consumer, Cyclical — 4.6% | ||||||||
Bayerische Motoren Werke AG | 1,950 | 165,561 | ||||||
Porsche Automobil Holding SE | 5,503 | 479,266 | ||||||
Volkswagen AG | 5,842 | 1,345,344 | ||||||
|
| |||||||
1,990,171 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 1.6% | ||||||||
Henkel AG & Co. KGaA | 6,403 | 710,356 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 2,803,827 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $43,632,212) | $ | 42,778,449 | ||||||
Other assets less liabilities — 1.4% | 617,478 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 43,395,927 | ||||||
|
|
As of November 30, 2014, the Fund had the following futures contracts open:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
DAX Index Futures | 1 | $ | 310,071 | 12/19/2014 | $ | 10,367 |
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | EUR | 7,835,000 | USD | 9,818,093 | $ | 75,613 | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | EUR | 7,835,000 | USD | 9,818,039 | 75,558 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | EUR | 7,835,000 | USD | 9,817,960 | 75,480 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2014 | EUR | 7,835,000 | USD | 9,818,227 | 75,746 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | EUR | 4,014 | USD | 5,004 | 13 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 9,818,093 | EUR | 7,879,690 | (20,043 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2014 | USD | 9,818,039 | EUR | 7,875,537 | (25,152 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 46,195 | EUR | 37,000 | (188 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 24,845 | EUR | 20,000 | 24 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 37,662 | EUR | 30,000 | (358 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 9,709,258 | EUR | 7,788,279 | (24,873 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2014 | USD | 9,818,227 | EUR | 7,875,688 | (25,153 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 5,004 | EUR | 4,000 | (30 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | EUR | 8,611,000 | USD | 10,731,114 | 21,421 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2015 | EUR | 8,611,000 | USD | 10,736,711 | 27,019 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | EUR | 8,611,000 | USD | 10,736,772 | 27,079 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2015 | EUR | 8,611,000 | USD | 10,736,884 | 27,191 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 309,347 | ||||||||||||||||
|
|
Currency Abbreviations
EUR – Euro
USD – U.S. Dollar
* Non-income producing security.
(a) Affiliated issuer. This security is owned in proportion with its representation in the index.
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.4% | ||||||||
Basic Materials — 5.4% | ||||||||
AIR WATER, Inc. | 35,500 | $ | 575,942 | |||||
Asahi Kasei Corp. | 300,000 | 2,607,927 | ||||||
Daicel Corp. | 64,900 | 746,775 | ||||||
Hitachi Chemical Co. Ltd. | 23,800 | 440,455 | ||||||
Hitachi Metals Ltd. | 51,600 | 892,346 | ||||||
JFE Holdings, Inc. | 116,600 | 2,480,507 | ||||||
JSR Corp. | 42,400 | 758,246 | ||||||
Kaneka Corp. | 67,000 | 354,429 | ||||||
Kansai Paint Co. Ltd. | 55,000 | 876,090 | ||||||
Kobe Steel Ltd. | 735,000 | 1,170,155 | ||||||
Kuraray Co. Ltd. | 81,700 | 994,453 | ||||||
Mitsubishi Chemical Holdings Corp. | 321,500 | 1,656,044 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 92,000 | 526,201 | ||||||
Mitsubishi Materials Corp. | 260,000 | 816,914 | ||||||
Mitsui Chemicals, Inc. | 189,000 | 528,560 | ||||||
Nippon Paint Holdings Co. Ltd. | 41,000 | 1,060,270 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 1,803,145 | 4,644,753 | ||||||
Nitto Denko Corp. | 37,100 | 1,957,270 | ||||||
Oji Holdings Corp. | 184,000 | 644,771 | ||||||
Shin-Etsu Chemical Co. Ltd. | 97,400 | 6,555,415 | ||||||
Sumitomo Chemical Co. Ltd. | 354,000 | 1,338,887 | ||||||
Sumitomo Metal Mining Co. Ltd. | 125,000 | 1,913,195 | ||||||
Taiyo Nippon Sanso Corp. | 36,000 | 423,940 | ||||||
Teijin Ltd. | 215,000 | 583,161 | ||||||
Yamato Kogyo Co. Ltd. | 9,100 | 255,258 | ||||||
|
| |||||||
34,801,964 | ||||||||
|
| |||||||
Communications — 6.8% | ||||||||
Dentsu, Inc. | 51,300 | 1,927,288 | ||||||
Hakuhodo DY Holdings, Inc. | 55,300 | 537,558 | ||||||
Hikari Tsushin, Inc. | 4,000 | 260,119 | ||||||
Kakaku.com, Inc. | 33,500 | 511,608 | ||||||
KDDI Corp. | 138,284 | 8,857,445 | ||||||
M3, Inc. | 46,000 | 791,240 | ||||||
Mixi, Inc. | 8,900 | 408,584 | ||||||
Nippon Telegraph & Telephone Corp. | 89,000 | 4,761,311 | ||||||
NTT DOCOMO, Inc. | 362,300 | 5,650,494 | ||||||
Rakuten, Inc. | 188,900 | 2,544,338 | ||||||
SBI Holdings, Inc. | 46,628 | 538,098 | ||||||
SoftBank Corp. | 227,800 | 15,280,052 | ||||||
Trend Micro, Inc. | 25,000 | 759,171 | ||||||
Yahoo Japan Corp. | 337,600 | 1,231,358 | ||||||
|
| |||||||
44,058,664 | ||||||||
|
| |||||||
Consumer, Cyclical — 26.7% | ||||||||
ABC-Mart, Inc. | 6,300 | 316,287 | ||||||
Aeon Co. Ltd. | 150,600 | 1,500,735 | ||||||
AISIN SEIKI Co. Ltd. | 45,500 | 1,626,985 | ||||||
ANA Holdings, Inc. | 276,000 | 679,335 | ||||||
ASICS Corp. | 38,000 | 961,884 | ||||||
Bandai Namco Holdings, Inc. | 42,200 | 913,211 | ||||||
Bridgestone Corp. | 154,300 | 5,302,336 | ||||||
Citizen Holdings Co. Ltd. | 61,600 | 476,341 | ||||||
Daihatsu Motor Co. Ltd. | 45,600 | 624,952 | ||||||
Daiwa House Industry Co. Ltd. | 141,000 | 2,684,838 |
Number | Value | |||||||
Consumer, Cyclical (Continued) | ||||||||
DENSO Corp. | 115,300 | $ | 5,383,547 | |||||
Don Quijote Holdings Co. Ltd. | 13,700 | 853,978 | ||||||
FamilyMart Co. Ltd. | 14,200 | 523,910 | ||||||
Fast Retailing Co. Ltd. | 12,600 | 4,585,630 | ||||||
Fuji Heavy Industries Ltd. | 139,300 | 5,066,735 | ||||||
Hino Motors Ltd. | 61,400 | 827,011 | ||||||
Hitachi High-Technologies Corp. | 15,100 | 436,280 | ||||||
Honda Motor Co. Ltd. | 386,600 | 11,630,728 | ||||||
Iida Group Holdings Co. Ltd. | 36,600 | 401,717 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 79,600 | 1,045,330 | ||||||
Isuzu Motors Ltd. | 140,900 | 1,838,471 | ||||||
ITOCHU Corp. | 357,000 | 4,107,838 | ||||||
J. Front Retailing Co. Ltd. | 57,300 | 734,139 | ||||||
Japan Airlines Co. Ltd. | 27,678 | 813,681 | ||||||
JTEKT Corp. | 48,700 | 807,735 | ||||||
Koito Manufacturing Co. Ltd. | 22,800 | 715,411 | ||||||
Lawson, Inc. | 15,200 | 937,236 | ||||||
Marubeni Corp. | 391,500 | 2,467,754 | ||||||
Marui Group Co. Ltd. | 54,500 | 476,987 | ||||||
Mazda Motor Corp. | 128,100 | 3,307,843 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 15,500 | 354,353 | ||||||
Mitsubishi Corp. | 327,300 | 6,189,517 | ||||||
Mitsubishi Logistics Corp. | 30,000 | 470,033 | ||||||
Mitsubishi Motors Corp. | 151,600 | 1,557,950 | ||||||
Mitsui & Co. Ltd. | 404,700 | 5,582,245 | ||||||
NGK Insulators Ltd. | 63,000 | 1,398,349 | ||||||
NGK Spark Plug Co. Ltd. | 42,500 | 1,278,061 | ||||||
NHK Spring Co. Ltd. | 35,900 | 310,872 | ||||||
Nintendo Co. Ltd. | 25,200 | 2,920,877 | ||||||
Nissan Motor Co. Ltd. | 589,600 | 5,505,383 | ||||||
Nitori Holdings Co. Ltd. | 16,200 | 897,915 | ||||||
NOK Corp. | 22,000 | 550,579 | ||||||
Oriental Land Co. Ltd. | 11,900 | 2,589,201 | ||||||
Panasonic Corp. | 523,500 | 6,757,897 | ||||||
Sankyo Co. Ltd. | 11,600 | 373,264 | ||||||
Sanrio Co. Ltd. | 11,700 | 308,971 | ||||||
Sega Sammy Holdings, Inc. | 44,200 | 608,744 | ||||||
Sekisui Chemical Co. Ltd. | 102,000 | 1,269,039 | ||||||
Sekisui House Ltd. | 131,700 | 1,768,351 | ||||||
Sharp Corp.* | 364,000 | 867,725 | ||||||
Shimamura Co. Ltd. | 5,300 | 443,322 | ||||||
Shimano, Inc. | 18,700 | 2,536,073 | ||||||
Sony Corp. | 248,700 | 5,446,826 | ||||||
Stanley Electric Co. Ltd. | 33,900 | 736,454 | ||||||
Sumitomo Corp. | 266,900 | 2,846,274 | ||||||
Sumitomo Electric Industries Ltd. | 178,900 | 2,326,009 | ||||||
Sumitomo Rubber Industries Ltd. | 40,600 | 618,328 | ||||||
Suzuki Motor Corp. | 86,500 | 2,732,020 | ||||||
Takashimaya Co. Ltd. | 63,000 | 527,499 | ||||||
Toho Co. Ltd. | 26,900 | 599,565 | ||||||
Toray Industries, Inc. | 349,000 | 2,742,846 | ||||||
Toyoda Gosei Co. Ltd. | 15,100 | 295,602 | ||||||
Toyota Industries Corp. | 38,700 | 1,933,126 | ||||||
Toyota Motor Corp. | 648,400 | 39,947,754 | ||||||
Toyota Tsusho Corp. | 49,600 | 1,174,039 | ||||||
USS Co. Ltd. | 52,000 | 750,335 |
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Consumer, Cyclical (Continued) | ||||||||
Yamada Denki Co. Ltd. | 206,300 | $ | 679,470 | |||||
Yamaha Corp. | 39,800 | 593,069 | ||||||
Yamaha Motor Co. Ltd. | 62,300 | 1,324,036 | ||||||
Yokohama Rubber Co. Ltd. (The) | 49,000 | 450,727 | ||||||
|
| |||||||
172,311,565 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 13.0% | ||||||||
Ajinomoto Co., Inc. | 134,000 | 2,500,755 | ||||||
Alfresa Holdings Corp. | 41,800 | 482,382 | ||||||
Asahi Group Holdings Ltd. | 91,800 | 2,863,072 | ||||||
Astellas Pharma, Inc. | 509,100 | 7,320,336 | ||||||
Benesse Holdings, Inc. | 16,100 | 490,262 | ||||||
Calbee, Inc. | 17,000 | 588,552 | ||||||
Chugai Pharmaceutical Co. Ltd. | 53,100 | 1,438,036 | ||||||
Dai Nippon Printing Co. Ltd. | 133,000 | 1,168,504 | ||||||
Daiichi Sankyo Co. Ltd. | 151,300 | 2,229,704 | ||||||
Eisai Co. Ltd. | 59,800 | 2,143,360 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 13,600 | 413,562 | ||||||
Japan Tobacco, Inc. | 260,900 | 8,356,756 | ||||||
Kao Corp. | 122,400 | 4,532,455 | ||||||
Kikkoman Corp. | 35,000 | 832,582 | ||||||
Kirin Holdings Co. Ltd. | 194,500 | 2,496,068 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 55,000 | 597,187 | ||||||
Medipal Holdings Corp. | 31,200 | 346,652 | ||||||
MEIJI Holdings Co. Ltd. | 14,500 | 1,300,805 | ||||||
Miraca Holdings, Inc. | 13,100 | 497,119 | ||||||
Mitsubishi Tanabe Pharma Corp. | 53,300 | 812,644 | ||||||
NH Foods Ltd. | 41,600 | 835,049 | ||||||
Nisshin Seifun Group, Inc. | 49,185 | 486,816 | ||||||
Nissin Foods Holdings Co. Ltd. | 13,700 | 686,644 | ||||||
Olympus Corp.* | 56,900 | 2,070,572 | ||||||
Ono Pharmaceutical Co. Ltd. | 19,600 | 1,677,429 | ||||||
Otsuka Holdings Co. Ltd. | 92,600 | 2,927,023 | ||||||
Park24 Co. Ltd. | 22,700 | 344,377 | ||||||
Recruit Holdings Co. Ltd.* | 34,100 | 1,120,246 | ||||||
Santen Pharmaceutical Co. Ltd. | 17,700 | 990,001 | ||||||
Secom Co. Ltd. | 49,800 | 2,879,393 | ||||||
Seven & I Holdings Co. Ltd. | 178,700 | 6,664,654 | ||||||
Shimadzu Corp. | 57,000 | 563,686 | ||||||
Shionogi & Co. Ltd. | 70,800 | 1,761,129 | ||||||
Shiseido Co. Ltd. | 85,400 | 1,275,083 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 36,000 | 372,084 | ||||||
Suntory Beverage & Food Ltd. | 33,000 | 1,164,722 | ||||||
Suzuken Co. Ltd. | 16,300 | 417,403 | ||||||
Sysmex Corp. | 34,500 | 1,482,121 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 7,500 | 464,347 | ||||||
Takeda Pharmaceutical Co. Ltd. | 187,300 | 7,844,465 | ||||||
Terumo Corp. | 72,100 | 1,639,810 | ||||||
Toppan Printing Co. Ltd. | 133,000 | 857,053 | ||||||
Toyo Suisan Kaisha Ltd. | 21,100 | 714,501 | ||||||
Unicharm Corp. | 88,400 | 2,023,188 | ||||||
Yakult Honsha Co. Ltd. | 20,900 | 1,109,127 | ||||||
Yamazaki Baking Co. Ltd. | 26,400 | 333,127 | ||||||
|
| |||||||
84,114,843 | ||||||||
|
|
Number | Value | |||||||
Energy — 0.8% | ||||||||
Idemitsu Kosan Co. Ltd. | 21,000 | $ | 358,211 | |||||
INPEX Corp. | 208,100 | 2,204,319 | ||||||
JX Holdings, Inc. | 532,600 | 1,981,183 | ||||||
Showa Shell Sekiyu KK | 42,200 | 351,563 | ||||||
TonenGeneral Sekiyu KK | 68,000 | 568,791 | ||||||
|
| |||||||
5,464,067 | ||||||||
|
| |||||||
Financial — 18.4% | ||||||||
Acom Co. Ltd.* | 92,800 | 277,505 | ||||||
AEON Financial Service Co. Ltd. | 26,800 | 578,373 | ||||||
AEON Mall Co. Ltd. | 26,050 | 444,133 | ||||||
Aozora Bank Ltd. | 268,000 | 871,398 | ||||||
Bank of Kyoto Ltd. (The) | 81,000 | 680,942 | ||||||
Bank of Yokohama Ltd. (The) | 276,000 | 1,555,355 | ||||||
Chiba Bank Ltd. (The) | 177,000 | 1,176,372 | ||||||
Chugoku Bank Ltd. (The) | 38,600 | 540,722 | ||||||
Credit Saison Co. Ltd. | 35,200 | 658,842 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 255,700 | 3,707,935 | ||||||
Daito Trust Construction Co. Ltd. | 17,300 | 1,952,744 | ||||||
Daiwa Securities Group, Inc. | 395,000 | 3,173,908 | ||||||
Fukuoka Financial Group, Inc. | 183,000 | 997,355 | ||||||
Gunma Bank Ltd. (The) | 90,000 | 535,231 | ||||||
Hachijuni Bank Ltd. (The) | 97,000 | 593,202 | ||||||
Hiroshima Bank Ltd. (The) | 119,100 | 575,862 | ||||||
Hokuhoku Financial Group, Inc. | 289,000 | 584,256 | ||||||
Hulic Co. Ltd. | 56,600 | 584,523 | ||||||
Iyo Bank Ltd. (The) | 57,600 | 595,820 | ||||||
Japan Exchange Group, Inc. | 61,920 | 1,588,227 | ||||||
Japan Prime Realty Investment Corp. REIT | 181 | 656,366 | ||||||
Japan Real Estate Investment Corp. REIT | 297 | 1,463,547 | ||||||
Japan Retail Fund Investment Corp. REIT | 576 | 1,198,433 | ||||||
Joyo Bank Ltd. (The) | 152,000 | 766,946 | ||||||
Mitsubishi Estate Co. Ltd. | 296,900 | 6,681,281 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,023,400 | 17,481,041 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 116,900 | 551,438 | ||||||
Mitsui Fudosan Co. Ltd. | 223,900 | 6,470,024 | ||||||
Mizuho Financial Group, Inc. | 5,471,540 | 9,425,346 | ||||||
MS&AD Insurance Group Holdings, Inc. | 120,200 | 2,805,662 | ||||||
Nippon Building Fund, Inc. REIT | 335 | 1,687,487 | ||||||
Nippon Prologis REIT, Inc. | 348 | 758,351 | ||||||
Nomura Holdings, Inc. | 861,000 | 5,178,403 | ||||||
Nomura Real Estate Holdings, Inc. | 29,700 | 545,390 | ||||||
NTT Urban Development Corp. | 26,300 | 270,499 | ||||||
ORIX Corp. | 313,860 | 4,138,886 | ||||||
Resona Holdings, Inc. | 523,500 | 2,825,749 | ||||||
Seibu Holdings, Inc. | 27,700 | 524,297 | ||||||
Seven Bank Ltd. | 136,400 | 591,720 | ||||||
Shinsei Bank Ltd. | 392,000 | 736,352 | ||||||
Shizuoka Bank Ltd. (The) | 127,000 | 1,221,699 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 78,850 | 1,954,396 | ||||||
Sony Financial Holdings, Inc. | 41,300 | 626,554 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 301,800 | 11,376,448 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 786,900 | 3,270,492 | ||||||
Sumitomo Realty & Development Co. Ltd. | 85,000 | 2,934,528 |
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Financial (Continued) | ||||||||
Suruga Bank Ltd. | 42,900 | $ | 814,889 | |||||
T&D Holdings, Inc. | 137,400 | 1,664,332 | ||||||
Tokio Marine Holdings, Inc. | 164,300 | 5,370,561 | ||||||
Tokyo Tatemono Co. Ltd. | 98,000 | 781,755 | ||||||
Tokyu Fudosan Holdings Corp. | 114,000 | 814,320 | ||||||
United Urban Investment Corp. REIT | 587 | 942,938 | ||||||
Yamaguchi Financial Group, Inc. | 50,500 | 506,212 | ||||||
|
| |||||||
118,709,047 | ||||||||
|
| |||||||
Industrial — 21.1% | ||||||||
Amada Co. Ltd. | 81,500 | 735,261 | ||||||
Asahi Glass Co. Ltd. | 237,000 | 1,143,925 | ||||||
Brother Industries Ltd. | 56,000 | 1,046,270 | ||||||
Casio Computer Co. Ltd. | 47,700 | 720,834 | ||||||
Central Japan Railway Co. | 34,198 | 4,976,376 | ||||||
Chiyoda Corp. | 38,000 | 335,459 | ||||||
Daikin Industries Ltd. | 55,600 | 3,688,245 | ||||||
East Japan Railway Co. | 79,400 | 5,950,569 | ||||||
FANUC Corp. | 45,500 | 7,673,083 | ||||||
Fuji Electric Co. Ltd. | 133,000 | 583,692 | ||||||
FUJIFILM Holdings Corp. | 109,900 | 3,643,275 | ||||||
Hamamatsu Photonics KK | 16,500 | 833,930 | ||||||
Hankyu Hanshin Holdings, Inc. | 272,000 | 1,496,155 | ||||||
Hirose Electric Co. Ltd. | 7,200 | 909,742 | ||||||
Hitachi Construction Machinery Co. Ltd. | 25,600 | 552,476 | ||||||
Hitachi Ltd. | 1,146,000 | 8,847,316 | ||||||
Hoya Corp. | 101,000 | 3,590,279 | ||||||
IBIDEN Co. Ltd. | 29,500 | 438,095 | ||||||
IHI Corp. | 331,000 | 1,672,914 | ||||||
Japan Display, Inc.* | 80,100 | 264,492 | ||||||
JGC Corp. | 50,000 | 1,075,475 | ||||||
Kajima Corp. | 201,000 | 794,078 | ||||||
Kamigumi Co. Ltd. | 56,000 | 505,210 | ||||||
Kawasaki Heavy Industries Ltd. | 337,000 | 1,481,818 | ||||||
Keihan Electric Railway Co. Ltd. | 120,800 | 604,432 | ||||||
Keikyu Corp. | 112,000 | 855,696 | ||||||
Keio Corp. | 135,000 | 992,756 | ||||||
Keisei Electric Railway Co. Ltd. | 66,000 | 758,876 | ||||||
Keyence Corp. | 10,910 | 5,038,000 | ||||||
Kintetsu Corp. | 430,000 | 1,452,470 | ||||||
Komatsu Ltd. | 221,500 | 5,244,801 | ||||||
Konica Minolta, Inc. | 109,200 | 1,273,072 | ||||||
Kubota Corp. | 267,000 | 4,172,051 | ||||||
Kurita Water Industries Ltd. | 23,200 | 481,530 | ||||||
Kyocera Corp. | 76,200 | 3,729,926 | ||||||
LIXIL Group Corp. | 63,100 | 1,341,569 | ||||||
Mabuchi Motor Co. Ltd. | 5,900 | 470,151 | ||||||
Makita Corp. | 28,300 | 1,420,781 | ||||||
Maruichi Steel Tube Ltd. | 11,200 | 245,859 | ||||||
Minebea Co. Ltd. | 75,800 | 949,455 | ||||||
Mitsubishi Electric Corp. | 459,000 | 5,515,423 | ||||||
Mitsubishi Heavy Industries Ltd. | 720,000 | 4,200,581 | ||||||
Mitsui OSK Lines Ltd. | 258,000 | 817,150 | ||||||
Murata Manufacturing Co. Ltd. | 48,100 | 5,196,332 | ||||||
Nabtesco Corp. | 27,400 | 657,563 | ||||||
Nagoya Railroad Co. Ltd. | 202,600 | 785,040 |
Number | Value | |||||||
Industrial (Continued) | ||||||||
NEC Corp. | 618,000 | $ | 1,941,743 | |||||
Nidec Corp. | 51,600 | 3,421,600 | ||||||
Nikon Corp. | 80,800 | 1,151,612 | ||||||
Nippon Electric Glass Co. Ltd. | 95,000 | 434,528 | ||||||
Nippon Express Co. Ltd. | 202,000 | 969,886 | ||||||
Nippon Yusen KK | 384,000 | 1,083,604 | ||||||
NSK Ltd. | 112,000 | 1,410,437 | ||||||
Obayashi Corp. | 151,000 | 941,246 | ||||||
Odakyu Electric Railway Co. Ltd. | 149,000 | 1,364,301 | ||||||
Omron Corp. | 48,500 | 2,255,149 | ||||||
Rinnai Corp. | 8,700 | 646,372 | ||||||
Shimizu Corp. | 137,700 | 939,536 | ||||||
SMC Corp. | 13,100 | 3,598,458 | ||||||
Sumitomo Heavy Industries Ltd. | 132,000 | 723,851 | ||||||
Taiheiyo Cement Corp. | 279,000 | 874,262 | ||||||
Taisei Corp. | 244,000 | 1,274,312 | ||||||
THK Co. Ltd. | 27,000 | 653,877 | ||||||
Tobu Railway Co. Ltd. | 243,000 | 1,095,102 | ||||||
Tokyu Corp. | 270,000 | 1,630,712 | ||||||
Toshiba Corp. | 955,000 | 4,243,461 | ||||||
TOTO Ltd. | 67,700 | 808,077 | ||||||
Toyo Seikan Group Holdings Ltd. | 38,800 | 468,679 | ||||||
West Japan Railway Co. | 39,100 | 1,866,155 | ||||||
Yamato Holdings Co. Ltd. | 86,300 | 1,946,412 | ||||||
Yaskawa Electric Corp. | 52,700 | 683,637 | ||||||
Yokogawa Electric Corp. | 51,000 | 641,823 | ||||||
|
| |||||||
136,231,315 | ||||||||
|
| |||||||
Technology — 3.9% | ||||||||
Advantest Corp. | 36,100 | 430,895 | ||||||
Canon, Inc. | 268,800 | 8,607,533 | ||||||
COLOPL, Inc.* | 11,100 | 276,764 | ||||||
Fujitsu Ltd. | 442,000 | 2,524,704 | ||||||
GungHo Online Entertainment, Inc. | 90,300 | 340,769 | ||||||
Itochu Techno-Solutions Corp. | 5,700 | 222,786 | ||||||
Konami Corp. | 23,000 | 434,562 | ||||||
Nexon Co. Ltd. | 29,300 | 277,414 | ||||||
Nomura Research Institute Ltd. | 26,700 | 832,161 | ||||||
NTT Data Corp. | 30,000 | 1,144,758 | ||||||
Oracle Corp. Japan | 9,100 | 343,411 | ||||||
OTSUKA Corp. | 11,300 | 388,835 | ||||||
Ricoh Co. Ltd. | 167,800 | 1,817,015 | ||||||
ROHM Co. Ltd. | 22,900 | 1,481,464 | ||||||
Seiko Epson Corp. | 30,800 | 1,486,619 | ||||||
TDK Corp. | 29,200 | 1,758,666 | ||||||
Tokyo Electron Ltd. | 40,700 | 2,772,530 | ||||||
|
| |||||||
25,140,886 | ||||||||
|
| |||||||
Utilities — 2.3% | ||||||||
Chubu Electric Power Co., Inc.* | 152,800 | 1,786,517 | ||||||
Chugoku Electric Power Co., (The), Inc. | 70,400 | 908,502 | ||||||
Electric Power Development Co. Ltd. | 27,700 | 958,994 | ||||||
Hokuriku Electric Power Co. | 39,900 | 510,534 | ||||||
Kansai Electric Power Co., (The), Inc.* | 167,000 | 1,675,416 | ||||||
Kyushu Electric Power Co., Inc.* | 101,200 | 1,036,594 | ||||||
Osaka Gas Co. Ltd. | 445,000 | 1,701,432 |
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Shikoku Electric Power Co., Inc.* | 42,400 | $ | 529,665 | |||||
Toho Gas Co. Ltd. | 98,000 | 514,291 | ||||||
Tohoku Electric Power Co., Inc. | 107,400 | 1,243,946 | ||||||
Tokyo Electric Power Co., Inc.* | 343,000 | 1,253,944 | ||||||
Tokyo Gas Co. Ltd. | 552,000 | 3,009,345 | ||||||
|
| |||||||
15,129,180 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 635,961,531 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.4% (Cost $647,709,245) | $ | 635,961,531 | ||||||
Other assets less liabilities — 1.6% | 10,424,894 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 646,386,425 | ||||||
|
|
As of November 30, 2014, the Fund had the following futures contracts open:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
TOPIX Index Futures | 17 | $ | 2,019,837 | 12/11/2014 | $ | 178,511 |
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 14,857,350,000 | USD | 132,560,343 | $ | 7,401,269 | |||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 650,294,000 | USD | 5,667,624 | 189,514 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 1,017,197,500 | USD | 8,785,987 | 217,063 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 227,900,000 | USD | 1,960,005 | 40,164 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 113,948,000 | USD | 967,906 | 8,002 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | JPY | 683,786,500 | USD | 5,782,007 | 21,755 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 14,857,350,000 | USD | 132,553,129 | 7,394,055 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 650,294,000 | USD | 5,667,855 | 189,745 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 1,017,197,500 | USD | 8,785,963 | 217,039 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 227,900,000 | USD | 1,960,004 | 40,162 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 113,948,000 | USD | 967,946 | 8,043 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | JPY | 683,786,500 | USD | 5,781,997 | 21,745 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2014 | JPY | 14,857,350,000 | USD | 132,558,214 | 7,399,140 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 54,000,000 | USD | 471,060 | 16,161 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | JPY | 55,001,839 | USD | 463,452 | 114 | ||||||||||||
The Bank of Nova Scotia | 12/3/2014 | JPY | 14,857,350,000 | USD | 132,555,494 | 7,396,420 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 947,010 | JPY | 106,351,500 | (51,100 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 1,310,273 | JPY | 150,000,000 | (46,665 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 1,689,336 | JPY | 200,000,000 | (4,526 | ) | |||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 972,545 | JPY | 114,714,000 | (6,188 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 947,011 | JPY | 947,011 | (51,100 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 522,951 | JPY | 60,000,000 | (17,507 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 1,727,514 | JPY | 200,000,000 | (42,704 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 858,488 | JPY | 100,000,000 | (16,083 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 972,545 | JPY | 114,714,000 | (6,188 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 150,688,386 | JPY | 18,045,687,668 | (29,887 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2014 | USD | 132,558,214 | JPY | 15,732,605,376 | (25,944 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 934,513 | JPY | 110,000,000 | (7,867 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 150,804,708 | JPY | 17,895,994,733 | (47,936 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2014 | USD | 132,555,494 | JPY | 15,732,216,261 | (26,502 | ) | |||||||||||
Barclays Bank PLC | 1/7/2015 | JPY | 18,879,498,000 | USD | 159,178,271 | 38,659 |
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2015 | JPY | 18,879,498,000 | USD | 159,159,484 | $ | 19,872 | |||||||||||
State Street Bank & Trust Co. | 1/7/2015 | JPY | 18,879,498,000 | USD | 159,172,903 | 33,291 | ||||||||||||
The Bank of Nova Scotia | 1/7/2015 | JPY | 18,879,498,000 | USD | 159,169,548 | 29,936 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 30,301,952 | ||||||||||||||||
|
|
Currency Abbreviations
JPY – Japanese Yen
USD – U.S. Dollar
* Non-income producing security.
REIT – Real Estate Investment Trust
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Basic Materials — 8.8% | ||||||||
Bio Pappel SAB de CV* | 4,900 | $ | 9,030 | |||||
Grupo Mexico SAB de CV, Series B | 70,023 | 229,291 | ||||||
Grupo Simec SAB de CV, Series B* | 3,900 | 14,335 | ||||||
Industrias Penoles SAB de CV | 3,574 | 78,107 | ||||||
Mexichem SAB de CV* | 23,847 | 86,914 | ||||||
Minera Frisco SAB de CV, Class A1* | 19,289 | 32,635 | ||||||
|
| |||||||
450,312 | ||||||||
|
| |||||||
Communications — 25.5% | ||||||||
America Movil SAB de CV, Series L | 750,866 | 885,054 | ||||||
Axtel SAB de CV* | 37,200 | 10,214 | ||||||
Grupo Televisa SAB, Series CPO | 54,337 | 395,572 | ||||||
TV Azteca SAB de CV | 35,900 | 17,700 | ||||||
|
| |||||||
1,308,540 | ||||||||
|
| |||||||
Consumer, Cyclical — 9.4% | ||||||||
Alsea SAB de CV* | 14,000 | 43,267 | ||||||
Consorcio ARA SAB de CV* | 30,900 | 14,125 | ||||||
Controladora Comercial Mexicana SAB de CV | 12,574 | 46,180 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 16,900 | 14,151 | ||||||
El Puerto de Liverpool SAB de CV, Series C1 | 5,015 | 54,491 | ||||||
Grupo Aeromexico SAB de CV* | 13,900 | 21,459 | ||||||
Grupo Comercial Chedraui SA de CV | 10,526 | 34,642 | ||||||
Grupo Famsa SAB de CV, Class A* | 10,400 | 9,605 | ||||||
Hoteles City Express SAB de CV* | 10,500 | 18,678 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 106,668 | 228,079 | ||||||
|
| |||||||
484,677 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 18.6% | ||||||||
Arca Continental SAB de CV | 10,596 | 68,099 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 5,876 | 58,272 | ||||||
Fomento Economico Mexicano SAB de CV | 41,080 | 391,978 | ||||||
Genomma Lab Internacional SAB de CV, Class B* | 21,812 | 47,313 | ||||||
Gruma SAB de CV, Class B | 4,700 | 51,792 | ||||||
Grupo Bimbo SAB de CV, Series A* | 40,847 | 114,818 | ||||||
Grupo Herdez SAB de CV | 7,400 | 19,136 | ||||||
Grupo Lala SAB de CV | 17,100 | 35,089 | ||||||
Industrias Bachoco SAB de CV, Series B | 4,000 | 18,687 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 38,820 | 87,860 | ||||||
OHL Mexico SAB de CV* | 21,539 | 49,414 | ||||||
Organizacion Cultiba SAB de CV | 9,400 | 14,329 | ||||||
|
| |||||||
956,787 | ||||||||
|
| |||||||
Diversified — 5.5% | ||||||||
Alfa SAB de CV, Class A | 68,400 | 181,846 | ||||||
Grupo Carso SAB de CV, Series A1 | 14,788 | 83,126 | ||||||
Grupo Financiero Interacciones SA de CV, Class O | 2,000 | 14,991 | ||||||
|
| |||||||
279,963 | ||||||||
|
|
Number | Value | |||||||
Financial — 20.3% | ||||||||
Banregio Grupo Financiero SAB de CV | 5,400 | $ | 27,964 | |||||
Bolsa Mexicana de Valores SAB de CV | 12,800 | 26,376 | ||||||
Compartamos SAB de CV | 28,850 | 61,563 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT | 13,600 | 22,550 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 11,800 | 23,942 | ||||||
Credito Real SAB de CV | 5,300 | 13,736 | ||||||
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT | 11,100 | 14,432 | ||||||
Fibra Uno Administracion SA de CV REIT | 55,992 | 188,256 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 51,012 | 288,910 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 57,002 | 153,756 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 45,600 | 103,041 | ||||||
Mexico Real Estate Management SA de CV REIT* | 23,800 | 41,960 | ||||||
PLA Administradora Industrial S de RL de CV REIT* | 16,600 | 35,721 | ||||||
Prologis Property Mexico SA de CV REIT* | 10,100 | 21,487 | ||||||
Qualitas Controladora SAB de CV | 6,800 | 16,114 | ||||||
|
| |||||||
1,039,808 | ||||||||
|
| |||||||
Industrial — 11.8% | ||||||||
Cemex SAB de CV* | 249,219 | 309,341 | ||||||
Empresas ICA SAB de CV* | 17,800 | 26,201 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV* | 6,800 | 31,059 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 8,559 | 58,360 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 5,515 | 73,496 | ||||||
Industrias CH SAB de CV, Series B* | 4,738 | 24,450 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 6,815 | 84,297 | ||||||
|
| |||||||
607,204 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,127,291 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $5,152,919) | $ | 5,127,291 | ||||||
Other assets less liabilities — 0.1% | 7,361 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,134,652 | ||||||
|
|
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | MXN | 34,853,000 | USD | 2,580,072 | $ | 75,585 | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | MXN | 34,853,000 | USD | 2,580,251 | 75,763 | ||||||||||||
The Bank of New York Mellon | 12/3/2014 | MXN | 192,365 | USD | 13,839 | 16 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 2,580,072 | MXN | 35,870,857 | (2,443 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 2,580,251 | MXN | 35,867,813 | (2,840 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2014 | USD | 13,839 | MXN | 190,000 | (186 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | MXN | 35,475,000 | USD | 2,545,343 | 1,680 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2015 | MXN | 35,475,000 | USD | 2,546,598 | 2,935 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 150,510 | ||||||||||||||||
|
|
Currency Abbreviations
MXN – Mexican Peso
USD – U.S. Dollar
* Non-income producing security.
REIT – Real Estate Investment Trust.
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
Basic Materials — 7.7% | ||||||||
Hanwha Chemical Corp. | 956 | $ | 10,872 | |||||
Hyundai Steel Co. | 609 | 35,178 | ||||||
KCC Corp. | 51 | 25,363 | ||||||
Korea Zinc Co. Ltd. | 75 | 28,939 | ||||||
Kumho Petrochemical Co. Ltd. | 128 | 9,127 | ||||||
LG Chem Ltd. | 400 | 74,552 | ||||||
Lotte Chemical Corp. | 137 | 21,763 | ||||||
OCI Co. Ltd.* | 148 | 11,354 | ||||||
POSCO | 561 | 153,168 | ||||||
|
| |||||||
370,316 | ||||||||
|
| |||||||
Communications — 6.7% | ||||||||
Cheil Worldwide, Inc.* | 731 | 12,305 | ||||||
Daum Kakao Corp. | 61 | 8,077 | ||||||
KT Corp. | 553 | 16,246 | ||||||
LG Uplus Corp. | 1,916 | 18,763 | ||||||
NAVER Corp. | 241 | 164,444 | ||||||
NCSoft Corp. | 138 | 19,867 | ||||||
Samsung SDI Co. Ltd. | 476 | 57,569 | ||||||
SK Telecom Co. Ltd. | 86 | 21,773 | ||||||
|
| |||||||
319,044 | ||||||||
|
| |||||||
Consumer, Cyclical — 17.8% | ||||||||
Daewoo International Corp. | 414 | 12,779 | ||||||
E-Mart Co. Ltd. | 183 | 36,337 | ||||||
Halla Visteon Climate Control Corp. | 336 | 12,813 | ||||||
Hankook Tire Co. Ltd. | 652 | 32,248 | ||||||
Hanwha Corp. | 414 | 11,098 | ||||||
Hotel Shilla Co. Ltd. | 283 | 22,861 | ||||||
Hyundai Department Store Co. Ltd. | 135 | 15,657 | ||||||
Hyundai Development Co.-Engineering & Construction | 505 | 16,181 | ||||||
Hyundai Mobis Co. Ltd. | 585 | 130,417 | ||||||
Hyundai Motor Co. | 1,321 | 213,420 | ||||||
Hyundai Wia Corp. | 136 | 21,665 | ||||||
Kangwon Land, Inc. | 997 | 29,425 | ||||||
Kia Motors Corp. | 2,265 | 113,868 | ||||||
Korean Air Lines Co. Ltd.* | 276 | 10,463 | ||||||
LG Corp. | 824 | 48,416 | ||||||
Lotte Shopping Co. Ltd. | 97 | 26,265 | ||||||
Paradise Co. Ltd. | 308 | 7,756 | ||||||
Samsung C&T Corp. | 1,080 | 70,086 | ||||||
Shinsegae Co. Ltd. | 62 | 11,052 | ||||||
SK Networks Co. Ltd.* | 1,043 | 8,868 | ||||||
|
| |||||||
851,675 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 6.8% | ||||||||
Amorepacific Corp. | 28 | 63,180 | ||||||
AMOREPACIFIC Group | 25 | 26,220 | ||||||
Celltrion, Inc.* | 553 | 19,890 | ||||||
CJ CheilJedang Corp. | 69 | 21,984 | ||||||
Hite Jinro Co. Ltd. | 278 | 6,335 | ||||||
KT&G Corp. | 947 | 82,823 | ||||||
LG Household & Health Care Ltd. | 82 | 46,109 | ||||||
Lotte Confectionery Co. Ltd. | 6 | 10,777 | ||||||
Orion Corp. | 31 | 27,364 |
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
S-1 Corp. | 174 | $ | 11,904 | |||||
Yuhan Corp. | 72 | 11,307 | ||||||
|
| |||||||
327,893 | ||||||||
|
| |||||||
Diversified — 0.6% | ||||||||
CJ Corp. | 129 | 18,862 | ||||||
LS Corp. | 164 | 8,970 | ||||||
|
| |||||||
27,832 | ||||||||
|
| |||||||
Energy — 2.2% | ||||||||
GS Holdings | 458 | �� | 17,196 | |||||
SK Holdings Co. Ltd. | 226 | 34,677 | ||||||
SK Innovation Co. Ltd. | 523 | 40,454 | ||||||
S-Oil Corp. | 404 | 15,351 | ||||||
|
| |||||||
107,678 | ||||||||
|
| |||||||
Financial — 15.1% | ||||||||
BS Financial Group, Inc. | 1,697 | 24,047 | ||||||
Daewoo Securities Co. Ltd.* | 1,617 | 15,908 | ||||||
DGB Financial Group, Inc. | 1,198 | 12,651 | ||||||
Dongbu Insurance Co. Ltd. | 377 | 18,953 | ||||||
Hana Financial Group, Inc. | 2,456 | 74,925 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,988 | 15,108 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 564 | 13,566 | ||||||
Industrial Bank of Korea | 1,873 | 25,442 | ||||||
KB Financial Group, Inc. | 3,321 | 116,600 | ||||||
Korea Investment Holdings Co. Ltd. | 352 | 18,236 | ||||||
Mirae Asset Securities Co. Ltd. | 217 | 9,744 | ||||||
Samsung Card Co. Ltd. | 316 | 13,676 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 287 | 80,301 | ||||||
Samsung Life Insurance Co. Ltd. | 521 | 57,369 | ||||||
Samsung Securities Co. Ltd. | 541 | 24,122 | ||||||
Shinhan Financial Group Co. Ltd. | 3,661 | 163,893 | ||||||
Woori Bank* | 2,666 | 25,747 | ||||||
Woori Investment & Securities Co. Ltd. | 1,104 | 11,858 | ||||||
|
| |||||||
722,146 | ||||||||
|
| |||||||
Industrial — 9.6% | ||||||||
CJ Korea Express Co. Ltd.* | 26 | 4,611 | ||||||
Coway Co. Ltd. | 471 | 36,730 | ||||||
Daelim Industrial Co. Ltd. | 248 | 15,109 | ||||||
Daewoo Engineering & Construction Co. | 1,000 | 5,677 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 892 | 15,538 | ||||||
Doosan Corp. | 70 | 7,297 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 495 | 11,661 | ||||||
Doosan Infracore Co. Ltd.* | 1,231 | 11,611 | ||||||
GS Engineering & Construction Corp.* | 442 | 10,672 | ||||||
Hyosung Corp. | 207 | 12,947 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 633 | 25,595 | ||||||
Hyundai Glovis Co. Ltd. | 115 | 28,855 | ||||||
Hyundai Heavy Industries Co. Ltd. | 364 | 40,574 | ||||||
Hyundai Merchant Marine Co. Ltd.* | 654 | 5,732 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 102 | 7,080 |
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Industrial (Continued) | ||||||||
KEPCO Plant Service & Engineering Co. Ltd. | 50 | $ | 4,084 | |||||
Korea Aerospace Industries Ltd. | 400 | 14,513 | ||||||
LG Display Co. Ltd.* | 2,013 | 61,683 | ||||||
LG Electronics, Inc. | 921 | 52,868 | ||||||
LG Innotek Co. Ltd.* | 115 | 10,369 | ||||||
LS Industrial Systems Co. Ltd. | 143 | 8,312 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 527 | 28,920 | ||||||
Samsung Engineering Co. Ltd.* | 254 | 11,233 | ||||||
Samsung Heavy Industries Co. Ltd. | 1,416 | 27,606 | ||||||
|
| |||||||
459,277 | ||||||||
|
| |||||||
Technology — 27.4% | ||||||||
Samsung Electronics Co. Ltd. | 873 | 1,014,081 | ||||||
Samsung SDS Co. Ltd.* | 170 | 53,242 | ||||||
SK C&C Co. Ltd. | 175 | 35,223 | ||||||
SK Hynix, Inc.* | 4,814 | 208,775 | ||||||
|
| |||||||
1,311,321 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
Korea Electric Power Corp. | 2,214 | 91,921 | ||||||
Korea Gas Corp.* | 253 | 13,130 | ||||||
|
| |||||||
105,051 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,602,233 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 3.8% | ||||||||
Basic Materials — 0.2% | ||||||||
LG Chem Ltd. | 70 | $ | 10,551 | |||||
|
| |||||||
Consumer, Cyclical — 1.3% | ||||||||
Hyundai Motor Co. | 210 | 24,356 | ||||||
Hyundai Motor Co. — 2nd Preferred | 327 | 39,253 | ||||||
|
| |||||||
63,609 | ||||||||
|
| |||||||
Technology — 2.3% | ||||||||
Samsung Electronics Co. Ltd. | 114 | 107,935 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 182,095 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Financial — 0.0% | ||||||||
DGB Financial Group, Inc.*, expires 2/13/15 (Cost $0) | 242 | 339 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $5,068,288) | $ | 4,784,667 | ||||||
Other assets less liabilities — 0.1% | 5,302 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,789,969 | ||||||
|
|
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/3/2014 | KRW | 2,486,805,000 | USD | 2,314,814 | $ | 70,627 | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | KRW | 2,486,805,000 | USD | 2,324,030 | 79,842 | ||||||||||||
Barclays Bank PLC | 12/3/2014 | USD | 2,236,537 | KRW | 2,486,805,000 | 7,651 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 5,000 | KRW | 5,435,050 | (95 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2014 | USD | 2,239,605 | KRW | 2,481,369,950 | (322 | ) | |||||||||||
Barclays Bank PLC | 1/6/2015 | KRW | 2,598,728,000 | USD | 2,331,074 | (10,409 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2015 | KRW | 2,598,728,000 | USD | 2,341,365 | (117 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 147,177 | ||||||||||||||||
|
|
Currency Abbreviations
KRW – South Korean Won
USD – U.S. Dollar
* Non-income producing security.
See Notes to Financial Statements. | 102 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.4% | ||||||||
Basic Materials — 8.1% | ||||||||
Anglo American PLC | 2,767 | $ | 57,116 | |||||
Antofagasta PLC | 748 | 8,611 | ||||||
BHP Billiton PLC | 4,106 | 97,295 | ||||||
Croda International PLC | 257 | 9,851 | ||||||
Fresnillo PLC (Mexico) | 419 | 4,660 | ||||||
Glencore PLC (Switzerland)* | 20,621 | 103,202 | ||||||
Johnson Matthey PLC | 389 | 20,210 | ||||||
Randgold Resources Ltd. (Channel Islands) | 167 | 11,094 | ||||||
Rio Tinto PLC | 2,467 | 115,316 | ||||||
|
| |||||||
427,355 | ||||||||
|
| |||||||
Communications — 9.0% | ||||||||
BT Group PLC | 15,836 | 101,468 | ||||||
Inmarsat PLC | 808 | 10,027 | ||||||
ITV PLC | 7,267 | 24,314 | ||||||
Pearson PLC | 1,555 | 29,900 | ||||||
Reed Elsevier PLC | 2,167 | 37,674 | ||||||
Sky PLC | 1,958 | 28,504 | ||||||
Vodafone Group PLC | 50,979 | 186,294 | ||||||
WPP PLC | 2,499 | 52,307 | ||||||
|
| |||||||
470,488 | ||||||||
|
| |||||||
Consumer, Cyclical — 6.3% | ||||||||
Burberry Group PLC | 842 | 21,701 | ||||||
Carnival PLC | 348 | 15,329 | ||||||
Compass Group PLC | 3,182 | 54,177 | ||||||
Dixons Carphone PLC | 1,855 | 12,265 | ||||||
easyJet PLC | 301 | 7,772 | ||||||
GKN PLC | 3,114 | 16,796 | ||||||
InterContinental Hotels Group PLC | 448 | 18,964 | ||||||
Kingfisher PLC | 4,493 | 21,897 | ||||||
Marks & Spencer Group PLC | 3,102 | 23,670 | ||||||
Merlin Entertainments PLC | 1,000 | 5,920 | ||||||
Next PLC | 290 | 30,689 | ||||||
Persimmon PLC* | 580 | 13,888 | ||||||
Sports Direct International PLC* | 510 | 5,262 | ||||||
Travis Perkins PLC | 468 | 13,210 | ||||||
TUI Travel PLC | 965 | 6,703 | ||||||
Whitbread PLC | 344 | 24,647 | ||||||
William Hill PLC | 1,660 | 8,686 | ||||||
Wolseley PLC (Switzerland) | 505 | 28,318 | ||||||
|
| |||||||
329,894 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 28.9% | ||||||||
Aggreko PLC | 485 | 11,614 | ||||||
Ashtead Group PLC | 1,000 | 16,464 | ||||||
Associated British Foods PLC | 676 | 33,821 | ||||||
AstraZeneca PLC | 2,429 | 181,359 | ||||||
Babcock International Group PLC | 476 | 8,454 | ||||||
British American Tobacco PLC | 3,584 | 212,425 | ||||||
Bunzl PLC | 634 | 17,686 | ||||||
Capita PLC | 1,254 | 20,958 | ||||||
Coca-Cola HBC AG CDI (Switzerland)* | 380 | 8,619 | ||||||
Diageo PLC | 4,850 | 150,076 | ||||||
Experian PLC (Ireland) | 1,879 | 29,732 |
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
G4S PLC | 2,943 | $ | 12,706 | |||||
GlaxoSmithKline PLC | 9,322 | 216,232 | ||||||
Imperial Tobacco Group PLC | 1,871 | 86,507 | ||||||
Intertek Group PLC | 306 | 11,161 | ||||||
J Sainsbury PLC | 2,359 | 8,600 | ||||||
Reckitt Benckiser Group PLC | 1,263 | 103,672 | ||||||
SABMiller PLC | 1,879 | 104,604 | ||||||
Shire PLC (Ireland) | 1,154 | 82,143 | ||||||
Smith & Nephew PLC | 1,694 | 29,371 | ||||||
Tate & Lyle PLC | 886 | 8,352 | ||||||
Tesco PLC | 15,411 | 44,882 | ||||||
Unilever PLC | 2,496 | 105,501 | ||||||
WM Morrison Supermarkets PLC | 3,987 | 11,117 | ||||||
|
| |||||||
1,516,056 | ||||||||
|
| |||||||
Energy — 14.6% | ||||||||
Amec Foster Wheeler PLC | 735 | 10,729 | ||||||
BG Group PLC | 6,622 | 93,113 | ||||||
BP PLC | 35,413 | 232,436 | ||||||
Petrofac Ltd. | 492 | 6,340 | ||||||
Royal Dutch Shell PLC, Class A (Netherlands) | 7,579 | 252,456 | ||||||
Royal Dutch Shell PLC, Class B (Netherlands) | 4,697 | 163,096 | ||||||
Tullow Oil PLC | 1,727 | 11,492 | ||||||
|
| |||||||
769,662 | ||||||||
|
| |||||||
Financial — 22.8% | ||||||||
3i Group PLC | 1,844 | 12,788 | ||||||
Aberdeen Asset Management PLC | 1,745 | 12,263 | ||||||
Admiral Group PLC | 367 | 7,108 | ||||||
Aviva PLC | 5,592 | 44,373 | ||||||
Barclays PLC | 31,822 | 121,855 | ||||||
British Land Co. PLC REIT | 1,832 | 21,977 | ||||||
Direct Line Insurance Group PLC | 2,845 | 13,087 | ||||||
Friends Life Group Ltd. (Channel Islands) | 2,690 | 15,513 | ||||||
Hammerson PLC REIT | 1,487 | 14,470 | ||||||
Hargreaves Lansdown PLC | 449 | 6,842 | ||||||
HSBC Holdings PLC | 36,810 | 366,259 | ||||||
ICAP PLC | 1,045 | 6,803 | ||||||
Intu Properties PLC REIT | 1,742 | 9,711 | ||||||
Investec PLC | 1,047 | 9,682 | ||||||
Land Securities Group PLC REIT | 1,499 | 27,817 | ||||||
Legal & General Group PLC | 11,265 | 43,410 | ||||||
Lloyds Banking Group PLC* | 110,322 | 138,463 | ||||||
London Stock Exchange Group PLC | 428 | 15,076 | ||||||
Old Mutual PLC | 9,307 | 29,119 | ||||||
Prudential PLC | 4,974 | 120,271 | ||||||
Royal Bank of Scotland Group PLC* | 4,797 | 29,620 | ||||||
RSA Insurance Group PLC* | 1,924 | 14,071 | ||||||
Schroders PLC | 236 | 9,935 | ||||||
Segro PLC REIT | 1,408 | 8,628 | ||||||
Standard Chartered PLC | 4,856 | 71,080 | ||||||
Standard Life PLC | 4,537 | 30,048 | ||||||
|
| |||||||
1,200,269 | ||||||||
|
|
See Notes to Financial Statements. | 103 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Industrial — 3.3% | ||||||||
BAE Systems PLC | 5,988 | $ | 44,999 | |||||
Cobham PLC | 2,160 | 10,176 | ||||||
IMI PLC | 514 | 9,482 | ||||||
Meggitt PLC | 1,528 | 12,005 | ||||||
Melrose Industries PLC | 2,033 | 8,215 | ||||||
Rexam PLC | 1,335 | 9,434 | ||||||
Rolls-Royce Holdings PLC* | 3,578 | 47,086 | ||||||
Royal Mail PLC | 1,233 | 8,047 | ||||||
Smiths Group PLC | 748 | 13,518 | ||||||
Weir Group PLC (The) | 404 | 11,839 | ||||||
|
| |||||||
174,801 | ||||||||
|
| |||||||
Technology — 1.0% | ||||||||
ARM Holdings PLC | 2,664 | 38,054 | ||||||
Sage Group PLC (The) | 2,058 | 13,087 | ||||||
|
| |||||||
51,141 | ||||||||
|
| |||||||
Utilities — 4.4% | ||||||||
Centrica PLC | 9,521 | 42,325 | ||||||
National Grid PLC | 7,323 | 106,380 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Severn Trent PLC | 454 | $ | 14,488 | |||||
SSE PLC | 1,849 | 47,366 | ||||||
United Utilities Group PLC | 1,294 | 18,302 | ||||||
|
| |||||||
228,861 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,168,527 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Industrial — 0.0% | ||||||||
Rolls-Royce Holdings PLC, Class C* | 319,320 | 499 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.4% (Cost $5,346,844) | $ | 5,169,026 | ||||||
Other assets less liabilities — 1.6% | 82,022 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,251,048 | ||||||
|
|
As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Barclays Bank PLC | 12/2/2014 | GBP | 1,573,000 | USD | 2,516,200 | $ | 59,155 | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 1,573,000 | USD | 2,515,966 | 58,922 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2014 | GBP | 2,000 | USD | 3,181 | 57 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | GBP | 2,700 | USD | 4,320 | 102 | ||||||||||||
The Bank of New York Mellon | 12/2/2014 | GBP | 772 | USD | 1,208 | 3 | ||||||||||||
Barclays Bank PLC | 12/2/2014 | USD | 2,516,200 | GBP | 1,606,717 | (6,488 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2014 | USD | 2,519,148 | GBP | 1,608,600 | (6,496 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2014 | USD | 5,528 | GBP | 3,500 | (61 | ) | |||||||||||
Barclays Bank PLC | 1/5/2015 | GBP | 1,671,000 | USD | 2,616,352 | 6,801 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2015 | GBP | 1,671,000 | USD | 2,616,357 | 6,805 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 118,800 | ||||||||||||||||
|
|
Currency Abbreviations
GBP – Pound Sterling
USD – U.S. Dollar
* Non-income producing security.
CDI – Chess Depositary Interest.
REIT – Real Estate Investment Trust.
See Notes to Financial Statements. | 104 |
This Page is Intentionally Left Blank
105
DBX ETF Trust
Statements of assets and liabilities
November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 5,236,420 | $ | 6,797,611 | $ | 12,413,240 | ||||||
Investment in affiliated securities at fair value (See Note 5) | 12,518 | — | — | |||||||||
Cash | — | — | 20 | |||||||||
Foreign currency at value | 12,296 | 2,874 | 5,833 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 117,741 | 117,811 | 464,331 | |||||||||
Receivable for variation margin on futures contracts | — | — | — | |||||||||
Receivables: | ||||||||||||
Dividends | 11,200 | 16,345 | 15,553 | |||||||||
Investment securities sold | 39,050 | 130,006 | — | |||||||||
Capital shares | — | — | — | |||||||||
Foreign tax reclaim | 1,672 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 5,430,897 | $ | 7,064,647 | $ | 12,898,977 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | $ | 10,125 | $ | 12,408 | $ | 3,676 | ||||||
Payable for variation margin on futures contracts | — | — | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 110,820 | 196,255 | 483,745 | |||||||||
Investment advisory fees | 1,713 | 3,359 | 6,020 | |||||||||
Due to custodian | 1,395 | 2,321 | — | |||||||||
Capital shares | — | — | — | |||||||||
Due to foreign custodian | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 124,053 | 214,343 | 493,441 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 5,306,844 | $ | 6,850,304 | $ | 12,405,536 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 5,009,449 | $ | 6,268,352 | $ | 15,478,686 | ||||||
Undistributed net investment income (loss) | 26,789 | 114,395 | (14,659 | ) | ||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | 313,703 | 95,947 | (2,784,066 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (43,097 | ) | 371,610 | (274,425 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 5,306,844 | $ | 6,850,304 | $ | 12,405,536 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 200,001 | 250,001 | 850,800 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 26.53 | $ | 27.40 | $ | 14.58 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 5,381,365 | $ | 6,531,226 | $ | 13,147,850 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 17,691 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 12,358 | $ | 2,863 | $ | 5,867 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 1,186,699,678 | $ | 33,271,434 | $ | 616,329,887 | ||||||
Investment in affiliated securities at fair value (See Note 5) | 3,860,565 | — | 3,269,013 | |||||||||
Cash | 4,997,183 | 100,368 | 1,492,091 | |||||||||
Foreign currency at value | 471,949 | — | 132,137 | |||||||||
Deposit with broker for futures contracts | 133,049 | 18,796 | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | 25,056,960 | 687,401 | 8,083,669 | |||||||||
Receivable for variation margin on futures contracts | — | — | — | |||||||||
Receivables: | ||||||||||||
Dividends | 2,369,818 | 20,043 | 855,295 | |||||||||
Investment securities sold | 1,423,218 | 983,306 | 1,341,528 | |||||||||
Capital shares | 20,296,527 | 1,159,061 | 9,082,027 | |||||||||
Foreign tax reclaim | 676,136 | 1,234 | 151,546 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 1,245,985,083 | $ | 36,241,643 | $ | 640,737,193 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | $ | 2,512,012 | $ | 65,095 | $ | 1,612,000 | ||||||
Payable for variation margin on futures contracts | 54,600 | 11,080 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 37,139,837 | 2,238,811 | 11,558,683 | |||||||||
Investment advisory fees | 293,125 | 16,441 | 199,647 | |||||||||
Due to custodian | — | — | — | |||||||||
Capital shares | 1,424,724 | 728 | 1,377,924 | |||||||||
Due to foreign custodian | — | 150,951 | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 41,424,298 | 2,483,106 | 14,748,254 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,204,560,785 | $ | 33,758,537 | $ | 625,988,939 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 1,132,072,135 | $ | 32,671,620 | $ | 606,809,600 | ||||||
Undistributed net investment income (loss) | 1,347,746 | 162,063 | 880,763 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | 47,151,249 | (492,417 | ) | 20,671,530 | ||||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 23,989,655 | 1,417,271 | (2,372,954 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,204,560,785 | $ | 33,758,537 | $ | 625,988,939 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 42,200,800 | 1,500,800 | 22,650,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 28.54 | $ | 22.49 | $ | 27.64 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 1,184,472,664 | $ | 32,468,724 | $ | 624,931,870 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 4,458,493 | $ | — | $ | 3,492,018 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 472,048 | $ | (150,975 | ) | $ | 132,193 | |||||
|
|
|
|
|
|
See Notes to Financial Statements. | 107 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 41,158,225 | $ | 635,961,531 | $ | 5,127,291 | ||||||
Investment in affiliated securities at fair value (See Note 5) | 1,620,224 | — | — | |||||||||
Cash | 180,289 | 5,311,853 | 14,125 | |||||||||
Foreign currency at value | 299,155 | — | 2,429 | |||||||||
Deposit with broker for futures contracts | 14,890 | — | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | 405,144 | 30,682,149 | 155,979 | |||||||||
Receivable for variation margin on futures contracts | 10,632 | 172,986 | — | |||||||||
Receivables: | ||||||||||||
Dividends | — | 2,306,583 | — | |||||||||
Investment securities sold | — | 2,087,737 | — | |||||||||
Capital shares | — | 1,113,037 | — | |||||||||
Foreign tax reclaim | 102,463 | 446,016 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 43,791,022 | $ | 678,081,892 | $ | 5,299,824 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | $ | 95,797 | $ | 380,197 | $ | 5,469 | ||||||
Payable for variation margin on futures contracts | — | — | — | |||||||||
Due to broker for futures contracts | — | 57,224 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 284,082 | 28,947,351 | 157,584 | |||||||||
Investment advisory fees | 15,216 | 225,096 | 2,119 | |||||||||
Due to custodian | — | — | — | |||||||||
Capital shares | — | 2,053,685 | — | |||||||||
Due to foreign custodian | — | 31,914 | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 395,095 | 31,695,467 | 165,172 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 43,395,927 | $ | 646,386,425 | $ | 5,134,652 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 41,035,551 | $ | 575,889,366 | $ | 5,003,920 | ||||||
Undistributed net investment income | (740,095 | ) | 5,300,267 | (79,792 | ) | |||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 3,648,610 | 46,753,954 | 85,643 | |||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (548,139 | ) | 18,442,838 | 124,881 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 43,395,927 | $ | 646,386,425 | $ | 5,134,652 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 1,650,800 | 15,750,800 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 26.29 | $ | 41.04 | $ | 25.67 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 41,418,499 | $ | 647,709,245 | $ | 5,152,919 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 2,213,713 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 3,898 | $ | 6,189 | $ | 2,430 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at fair value | $ | 4,784,667 | $ | 5,169,026 | ||||
Investment in affiliated securities at fair value (See Note 5) | — | — | ||||||
Cash | 25,605 | 6,397 | ||||||
Foreign currency at value | — | 696 | ||||||
Unrealized appreciation on forward foreign currency contracts | 158,120 | 131,845 | ||||||
Receivable for variation margin on futures contracts | — | — | ||||||
Receivables: | ||||||||
Dividends | — | 24,783 | ||||||
Investment securities sold | 22,283 | — | ||||||
Capital shares | — | — | ||||||
Foreign tax reclaim | — | — | ||||||
|
|
|
| |||||
Total Assets | $ | 4,990,675 | $ | 5,332,747 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Unrealized depreciation on forward foreign currency contracts | $ | 10,943 | $ | 13,045 | ||||
Payable for variation margin on futures contracts | — | — | ||||||
Payables: | ||||||||
Investment securities purchased | 187,513 | 66,739 | ||||||
Investment advisory fees | 2,250 | 1,915 | ||||||
Due to custodian | — | — | ||||||
Capital shares | — | — | ||||||
Due to foreign custodian | — | — | ||||||
|
|
|
| |||||
Total Liabilities | 200,706 | 81,699 | ||||||
|
|
|
| |||||
Net Assets | $ | 4,789,969 | $ | 5,251,048 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 5,045,847 | $ | 5,025,321 | ||||
Undistributed net investment (loss) | (221,907 | ) | 38,037 | |||||
Accumulated net realized gain on investments and foreign currency transactions | 102,473 | 246,995 | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (136,444 | ) | (59,305 | ) | ||||
|
|
|
| |||||
Net Assets | $ | 4,789,969 | $ | 5,251,048 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 200,001 | 200,001 | ||||||
|
|
|
| |||||
Net Assets Value | $ | 23.95 | $ | 26.26 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 5,068,288 | $ | 5,346,844 | ||||
|
|
|
| |||||
Investments in affiliated securities at cost | $ | — | $ | — | ||||
|
|
|
| |||||
Foreign currency at cost | $ | — | $ | 703 | ||||
|
|
|
|
See Notes to Financial Statements. | 109 |
DBX ETF Trust
For the Six Months Ended November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 57,628 | $ | 107,733 | $ | 129,437 | ||||||
|
|
|
|
|
| |||||||
Total Investment Income | 57,628 | 107,733 | 129,437 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 10,363 | 20,409 | 22,516 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 10,363 | 20,409 | 22,516 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 47,265 | 87,324 | 106,921 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (3,082 | ) | 24,652 | (159,574 | ) | |||||||
In-kind redemptions | — | — | — | |||||||||
Futures contracts | — | — | — | |||||||||
Foreign currency transactions | 322,060 | 109,183 | 91,099 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 318,978 | 133,835 | (68,475 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (265,269 | ) | (128,868 | ) | (564,520 | ) | ||||||
Futures contracts | — | — | — | |||||||||
Foreign currency translations | 89,975 | 144,241 | 485,209 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (175,294 | ) | 15,373 | (79,311 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions | 143,684 | 149,208 | (147,786 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 190,949 | $ | 236,532 | $ | (40,865 | ) | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 6,928 | $ | 7,348 | $ | 9,506 |
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 7,394,573 | $ | 420,316 | $ | 2,867,887 | ||||||
|
|
|
|
|
| |||||||
Total Investment Income | 7,394,573 | 420,316 | 2,867,887 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 1,214,690 | 99,075 | 674,906 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 1,214,690 | 99,075 | 674,906 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | 6,179,883 | 321,241 | 2,192,981 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (1,463,362 | ) | (25,000 | ) | (847,304 | ) | ||||||
In-kind redemptions | 173,477 | — | 170,558 | |||||||||
Futures contracts | 25,500 | 23,500 | — | |||||||||
Foreign currency transactions | 50,718,941 | 640,676 | 21,416,022 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 49,454,556 | 639,176 | 20,739,276 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (28,487,769 | ) | (756,924 | ) | (11,091,775 | ) | ||||||
Futures contracts | (135,600 | ) | (26,900 | ) | — | |||||||
Foreign currency translations | 17,735,381 | 879,408 | 5,250,047 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (10,887,988 | ) | 95,584 | (5,841,728 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain on investments, futures, and foreign currency transactions | 38,566,568 | 734,760 | 14,897,548 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Operations | $ | 44,746,451 | $ | 1,056,001 | $ | 17,090,529 | ||||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 390,514 | $ | 53,156 | $ | 141,318 |
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 28,828 | $ | 4,187,204 | $ | 31,986 | ||||||
|
|
|
|
|
| |||||||
Total Investment Income | 28,828 | 4,187,204 | 31,986 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 95,704 | 1,178,921 | 12,977 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 95,704 | 1,178,921 | 12,977 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | (66,876 | ) | 3,008,283 | 19,009 | ||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (105,972 | ) | (1,867,477 | ) | 16,106 | |||||||
In-kind redemptions | 39,283 | 3,708,400 | — | |||||||||
Futures contracts | 12,269 | 125,353 | — | |||||||||
Foreign currency transactions | 4,245,321 | 49,964,300 | 83,574 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 4,190,901 | 51,930,576 | 99,680 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (3,625,345 | ) | (2,406,344 | ) | (90,733 | ) | ||||||
Futures contracts | (12,841 | ) | 212,644 | |||||||||
Foreign currency translations | (422,668 | ) | 31,423,875 | 248,969 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (4,060,854 | ) | 29,230,175 | 158,236 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 130,047 | 81,160,751 | 257,916 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 63,171 | $ | 84,169,034 | $ | 276,925 | ||||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 3,950 | $ | 474,033 | $ | 669 |
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2014 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 1,557 | $ | 95,777 | ||||
|
|
|
| |||||
Total Investment Income | 1,557 | 95,777 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Advisory fees | 14,306 | 11,739 | ||||||
|
|
|
| |||||
Total Expenses | 14,306 | 11,739 | ||||||
|
|
|
| |||||
Net Investment Income (Loss) | (12,749 | ) | 84,038 | |||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain from: | ||||||||
Investments | 3,674 | (13,863 | ) | |||||
In-kind redemptions | — | — | ||||||
Futures contracts | — | — | ||||||
Foreign currency transactions | 123,802 | 268,557 | ||||||
|
|
|
| |||||
Net realized gain | 127,476 | 254,694 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (558,082 | ) | (465,545 | ) | ||||
Futures contracts | — | — | ||||||
Foreign currency translations | 217,987 | 81,423 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (340,095 | ) | (384,122 | ) | ||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (212,619 | ) | (129,428 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (225,368 | ) | $ | (45,390 | ) | ||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 444 | $ | 1,655 |
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period January 23, 2014(1) to May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period October 1, 2013(1) to May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 47,265 | $ | 90,710 | $ | 87,324 | $ | 92,286 | ||||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | 318,978 | (110,799 | ) | 133,835 | (112,323 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (175,294 | ) | 132,197 | 15,373 | 356,237 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 190,949 | 112,108 | 236,532 | 336,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (5,662 | ) | — | (2,525 | ) | (2,908 | ) | |||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (5,662 | ) | — | (2,525 | ) | (2,908 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 5,009,449 | — | 6,283,005 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 5,009,449 | — | 6,283,005 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in Net Assets | 185,287 | 5,121,557 | 234,007 | 6,616,297 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 5,121,557 | — | 6,616,297 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,306,844 | $ | 5,121,557 | $ | 6,850,304 | $ | 6,616,297 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 26,789 | $ | (14,814 | ) | $ | 114,395 | $ | 29,596 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 200,001 | 1 | 250,001 | 1 | ||||||||||||
Shares sold | — | 200,000 | — | 250,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 200,001 | 250,001 | 250,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 106,921 | $ | 138,006 | $ | 6,179,883 | $ | 11,633,240 | ||||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | (68,475 | ) | (1,447,182 | ) | 49,454,556 | (9,926,016 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (79,311 | ) | 457,583 | (10,887,988 | ) | 33,271,282 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | (40,865 | ) | (851,593 | ) | 44,746,451 | 34,978,506 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | — | (913,085 | ) | (7,624,876 | ) | (1,788,671 | ) | |||||||||
Return of capital | — | (10,791 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (923,876 | ) | (7,624,876 | ) | (1,788,671 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 8,202,279 | 3,145,520 | 605,732,448 | 454,643,464 | ||||||||||||
Value of shares redeemed | (1,549,644 | ) | (3,303,982 | ) | (1,426,724 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 6,652,635 | (158,462 | ) | 604,305,724 | 454,643,464 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in Net Assets | 6,611,770 | (1,933,931 | ) | 641,427,299 | 487,833,299 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 5,793,766 | 7,727,697 | 563,133,486 | 75,300,187 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 12,405,536 | $ | 5,793,766 | $ | 1,204,560,785 | $ | 563,133,486 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (14,659 | ) | $ | (121,580 | ) | $ | 1,347,746 | $ | 2,792,739 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 400,800 | 400,800 | 20,250,800 | 3,000,800 | ||||||||||||
Shares sold | 550,000 | 200,000 | 22,000,000 | 17,250,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (200,000 | ) | (50,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 850,800 | 400,800 | 42,200,800 | 20,250,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 115 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period October 1, 2013(1) to May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 321,241 | $ | 369,001 | $ | 2,192,981 | $ | 1,265,258 | ||||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | 639,176 | (799,456 | ) | 20,739,276 | (608,214 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation | 95,584 | 1,367,286 | (5,841,728 | ) | 3,468,774 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,056,001 | 936,831 | 17,090,529 | 4,125,818 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | — | (283,194 | ) | (1,964,375 | ) | (72,633 | ) | |||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (283,194 | ) | (1,964,375 | ) | (72,633 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 3,329,690 | 19,919,058 | 448,510,162 | 159,677,733 | ||||||||||||
Value of shares redeemed | — | — | (1,378,295 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | 3,329,690 | 19,919,058 | 447,131,867 | 159,677,733 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase in Net Assets | 4,385,691 | 20,572,695 | 462,258,021 | 163,730,918 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 29,372,846 | 8,800,151 | 163,730,918 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 33,758,537 | $ | 29,372,846 | $ | 625,988,939 | $ | 163,730,918 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 162,063 | $ | (159,178 | ) | $ | 880,763 | $ | 652,157 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,350,800 | 400,800 | 5,900,001 | 1 | ||||||||||||
Shares sold | 150,000 | 950,000 | 16,800,000 | 5,900,000 | ||||||||||||
Shares redeemed | — | — | (50,000 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,500,800 | 1,350,800 | 22,650,001 | 5,900,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 116 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | (66,876 | ) | $ | 863,270 | $ | 3,008,283 | $ | 4,427,355 | |||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | 4,190,901 | (794,670 | ) | 51,930,576 | 2,444,775 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation | (4,060,854 | ) | 3,389,180 | 29,230,175 | (8,122,951 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 63,171 | 3,457,780 | 84,169,034 | (1,250,821 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (631,983 | ) | (170,600 | ) | (5,720,597 | ) | (2,980,876 | ) | ||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (631,983 | ) | (170,600 | ) | (5,720,597 | ) | (2,980,876 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 37,145,009 | 154,656,476 | 362,208,513 | ||||||||||||
Value of shares redeemed | (1,130,264 | ) | — | (27,872,988 | ) | (25,894,201 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | (1,130,264 | ) | 37,145,009 | 126,783,488 | 336,314,312 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in Net Assets | (1,699,076 | ) | 40,432,189 | 205,231,925 | 332,082,615 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 45,095,003 | 4,662,814 | 441,154,500 | 109,071,885 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 43,395,927 | $ | 45,095,003 | $ | 646,386,425 | $ | 441,154,500 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (740,095 | ) | $ | (41,236 | ) | $ | 5,300,267 | $ | 8,012,581 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,700,800 | 200,800 | 12,450,800 | 3,200,800 | ||||||||||||
Shares sold | — | 1,500,000 | 4,050,000 | 10,000,000 | ||||||||||||
Shares redeemed | (50,000 | ) | — | (750,000 | ) | (750,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,650,800 | 1,700,800 | 15,750,800 | 12,450,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 117 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | Deutsche X-trackers MSCI South Korea Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period January 23, 2014(1) to May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period January 23, 2014(1) to May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 19,009 | $ | 13,290 | $ | (12,749 | ) | $ | (4,513 | ) | ||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | 99,680 | (126,128 | ) | 127,476 | (231,799 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation | 158,236 | (33,355 | ) | (340,095 | ) | 203,651 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 276,925 | (146,193 | ) | (225,368 | ) | (32,661 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | — | — | — | — | ||||||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 5,003,920 | — | 5,047,998 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | — | 5,003,920 | — | 5,047,998 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in Net Assets | 276,925 | 4,857,727 | (225,368 | ) | 5,015,337 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 4,857,727 | — | 5,015,337 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,134,652 | $ | 4,857,727 | $ | 4,789,969 | $ | 5,015,337 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | (79,792 | ) | $ | (98,801 | ) | $ | (221,907 | ) | $ | (209,158 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 200,001 | 1 | 200,001 | 1 | ||||||||||||
Shares sold | — | 200,000 | — | 200,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 200,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 118 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period October 1, 2013(1) to May 31, 2014 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 84,038 | $ | 263,296 | ||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | 254,694 | (224,457 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation | (384,122 | ) | 324,817 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (45,390 | ) | 363,656 | |||||
|
|
|
| |||||
Distributions to Shareholders from |
| |||||||
Net investment income | (8,776 | ) | (84,384 | ) | ||||
Return of capital | — | — | ||||||
|
|
|
| |||||
Total distributions | (8,776 | ) | (84,384 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 5,025,942 | ||||||
Value of shares redeemed | — | — | ||||||
|
|
|
| |||||
Net increase in net assets resulting from fund share transactions | — | 5,025,942 | ||||||
|
|
|
| |||||
Total increase in Net Assets | (54,166 | ) | 5,305,214 | |||||
Net Assets | ||||||||
Beginning of period | 5,305,214 | — | ||||||
|
|
|
| |||||
End of period | $ | 5,251,048 | $ | 5,305,214 | ||||
|
|
|
| |||||
Undistributed net investment (loss) | $ | 38,037 | $ | (37,225 | ) | |||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 200,001 | 1 | ||||||
Shares sold | — | 200,000 | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 200,001 | 200,001 | ||||||
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 119 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period January 23, 2014* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 25.61 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.24 | 0.45 | ||||||
Net realized and unrealized gain on investment and foreign currency transactions | 0.71 | 0.16 | ||||||
|
|
|
| |||||
Net increase in net asset value from operations | 0.95 | 0.61 | ||||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.03 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 26.53 | $ | 25.61 | ||||
|
|
|
| |||||
Total Return*** | 3.78 | % | 2.44 | % | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 5,307 | $ | 5,122 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.40 | %† | 0.40 | %† | ||||
Net investment income | 1.82 | %† | 5.18 | %† | ||||
Portfolio turnover rate | 2 | %†† | 3 | %†† | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period October 1, 2013* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 26.47 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.35 | 0.40 | ||||||
Net realized and unrealized gain on investment and foreign currency transactions | 0.59 | 1.08 | ||||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | 0.94 | 1.48 | ||||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.01 | ) | (0.01 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 27.40 | $ | 26.47 | ||||
|
|
|
| |||||
Total Return*** | 3.55 | % | 5.94 | % | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 6,850 | $ | 6,616 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.60 | %† | 0.60 | %† | ||||
Net investment income | 2.57 | %† | 2.33 | %† | ||||
Portfolio turnover rate | 6 | %†† | 20 | %†† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 120 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | Year Ended May 31, 2013 | For the Period June 9, 2011* to May 31, 2012 | ||||||||||||
Net Asset Value, beginning of period | $ | 14.46 | $ | 19.28 | $ | 20.74 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income** | 0.21 | 0.47 | 0.54 | 0.64 | ||||||||||||
Net realized and unrealized loss on investment and foreign currency transactions | (0.09 | ) | (2.30 | ) | (0.15 | ) | (4.18 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net asset value from operations | 0.12 | (1.83 | ) | 0.39 | (3.54 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions paid to shareholders from: | ||||||||||||||||
Net investment income | — | (2.95 | ) | (0.54 | ) | (0.29 | ) | |||||||||
Net realized capital gains | — | — | (1.31 | ) | (0.43 | ) | ||||||||||
Return of capital | — | (0.04 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (2.99 | ) | (1.85 | ) | (0.72 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 14.58 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return*** | 0.83 | % | (9.83 | )%††† | 1.43 | %††† | (14.28 | )% | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 12,406 | $ | 5,794 | $ | 7,728 | $ | 4,165 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.60 | %† | 0.60 | % | 0.68 | % | 1.13 | %† | ||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.60 | %† | 0.63 | % | 0.92 | % | — | |||||||||
Net investment income | 2.85 | %† | 2.93 | % | 2.66 | % | 2.89 | %† | ||||||||
Portfolio turnover rate | 28 | %†† | 89 | % | 25 | % | 34 | %†† | ||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | Year Ended May 31, 2013 | For the Period June 9, 2011* to May 31, 2012 | ||||||||||||
Net Asset Value, beginning of period | $ | 27.81 | $ | 25.09 | $ | 22.12 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income** | 0.24 | 1.18 | 0.79 | 0.70 | ||||||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 0.86 | 1.95 | 6.26 | (3.48 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net asset value from operations | 1.10 | 3.13 | 7.05 | (2.78 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions paid to shareholders from: | ||||||||||||||||
Net investment income | (0.37 | ) | (0.41 | ) | (1.68 | ) | (0.10 | ) | ||||||||
Net realized capital gains | — | — | (2.40 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.37 | ) | (0.41 | ) | (4.08 | ) | (0.10 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 28.54 | $ | 27.81 | $ | 25.09 | $ | 22.12 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return*** | 4.09 | % | 12.74 | %††† | 35.60 | %††† | (11.14 | )% | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 1,204,561 | $ | 563,133 | $ | 75,300 | $ | 30,979 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.35 | %† | 0.35 | % | 0.48 | % | 0.57 | %† | ||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.35 | %† | 0.36 | % | 0.64 | % | — | |||||||||
Net investment income | 1.78 | %† | 4.48 | % | 3.35 | % | 3.04 | %† | ||||||||
Portfolio turnover rate | 3 | %†† | 10 | % | 14 | % | 14 | %†† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
††† | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
See Notes to Financial Statements. | 121 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | Year Ended May 31, 2013 | For the Period June 9, 2011* to May 31, 2012 | ||||||||||||
Net Asset Value, beginning of period | $ | 21.74 | $ | 21.96 | $ | 21.22 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income** | 0.24 | 0.38 | 0.38 | 0.21 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.51 | (0.17 | )(a) | 1.01 | (3.34 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net asset value from operations | 0.75 | 0.21 | 1.39 | (3.13 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions paid to shareholders from: | ||||||||||||||||
Net investment income | — | (0.43 | ) | (0.40 | ) | (0.06 | ) | |||||||||
Net realized capital gains | — | — | (0.25 | ) | (0.59 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (0.43 | ) | (0.65 | ) | (0.65 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 22.49 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return*** | 3.45 | % | 1.17 | %††† | 6.54 | %††† | (12.52 | )% | ||||||||
Ratios/Supplemental Data | ||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 33,759 | $ | 29,373 | $ | 8,800 | $ | 4,261 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.65 | %† | 0.65 | % | 0.72 | % | 1.19 | %† | ||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.65 | %† | 0.66 | % | 0.94 | % | — | |||||||||
Net investment income | 2.11 | %† | 1.81 | % | 1.72 | % | 0.97 | %† | ||||||||
Portfolio turnover rate | 5 | %†† | 16 | % | 15 | % | 19 | %†† | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period October 1, 2013* to May 31, 2014 | ||||||||||||||
Net Asset Value, beginning of period | $ | 27.75 | $ | 25.00 | ||||||||||||
|
|
|
| |||||||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income** | 0.19 | 1.27 | ||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.01 | )(a) | 1.72 | |||||||||||||
|
|
|
| |||||||||||||
Net increase in net asset value from operations | 0.18 | 2.99 | ||||||||||||||
|
|
|
| |||||||||||||
Distributions paid to shareholders from: | ||||||||||||||||
Net investment income | (0.29 | ) | (0.24 | ) | ||||||||||||
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 27.64 | $ | 27.75 | ||||||||||||
|
|
|
| |||||||||||||
Total Return*** | 0.65 | % | 12.05 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 625,989 | $ | 163,731 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses | 0.45 | %† | 0.45 | %† | ||||||||||||
Net investment income | 1.46 | %† | 7.30 | %† | ||||||||||||
Portfolio turnover rate | 3 | %†† | 4 | %†† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
††† | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(a) | 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. |
See Notes to Financial Statements. | 122 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Germany Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | Year Ended May 31, 2013 | For the Period June 9, 2011* to May 31, 2012 | ||||||||||||
Net Asset Value, beginning of period | $ | 26.51 | $ | 23.22 | $ | 21.57 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss)** | (0.04 | ) | 1.03 | 0.44 | 0.27 | |||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.19 | 3.11 | 2.08 | (3.30 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net asset value from operations | 0.15 | 4.14 | 2.52 | (3.03 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions paid to shareholders from: | ||||||||||||||||
Net investment income | (0.37 | ) | (0.85 | ) | (0.44 | ) | (0.12 | ) | ||||||||
Net realized capital gains | — | — | (0.43 | ) | (0.28 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.37 | ) | (0.85 | ) | (0.87 | ) | (0.40 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 26.29 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return*** | 0.60 | % | 18.70 | %††† | 11.86 | %††† | (12.14 | )% | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 43,396 | $ | 45,095 | $ | 4,663 | $ | 4,331 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.45 | %† | 0.47 | % | 0.58 | % | 1.04 | %† | ||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.45 | %† | 0.47 | % | 0.82 | % | — | |||||||||
Net investment income (loss) | (0.31 | )%† | 4.15 | % | 1.93 | % | 1.20 | %† | ||||||||
Portfolio turnover rate | 6 | %†† | 12 | % | 108 | % | 17 | %†† | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | Year Ended May 31, 2014 | Year Ended May 31, 2013 | For the Period June 9, 2011* to May 31, 2012 | ||||||||||||
Net Asset Value, beginning of period | $ | 35.43 | $ | 34.08 | $ | 21.79 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income** | 0.22 | 0.55 | 0.39 | 0.27 | ||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.86 | 1.51 | (a) | 12.31 | (3.31 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net asset value from operations | 6.08 | 2.06 | 12.70 | (3.04 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions paid to shareholders from: | ||||||||||||||||
Net investment income | (0.47 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.47 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 41.04 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return*** | 17.56 | % | 6.21 | %††† | 59.04 | %††† | (12.16 | )% | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 646,386 | $ | 441,155 | $ | 109,072 | $ | 4,376 | ||||||||
Ratios to average net assets: | ||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.45 | %† | 0.48 | % | 0.52 | % | 1.03 | %† | ||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.45 | %† | 0.48 | % | 0.66 | % | — | |||||||||
Net investment income | 1.15 | %† | 1.56 | % | 1.27 | % | 1.15 | %† | ||||||||
Portfolio turnover rate | 3 | %†† | 13 | % | 12 | % | 16 | %†† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
††† | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(a) | 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. |
See Notes to Financial Statements. | 123 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period January 23, 2014* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 24.29 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.10 | 0.07 | ||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.28 | (0.78 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | 1.38 | (0.71 | ) | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.67 | $ | 24.29 | ||||
|
|
|
| |||||
Total Return*** | 5.68 | % | (2.84 | )% | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 5,135 | $ | 4,858 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.50 | %† | 0.50 | %† | ||||
Net investment income | 0.73 | %† | 0.79 | %† | ||||
Portfolio turnover rate | 13 | %†† | 7 | %†† | ||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period January 23, 2014* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 25.08 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment loss** | (0.06 | ) | (0.02 | ) | ||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.07 | ) | 0.10 | (a) | ||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | (1.13 | ) | 0.08 | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 23.95 | $ | 25.08 | ||||
|
|
|
| |||||
Total Return*** | (4.54 | )% | 0.32 | % | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 4,790 | $ | 5,015 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.58 | %† | 0.58 | %† | ||||
Net investment loss | (0.52 | )%† | (0.26 | )%† | ||||
Portfolio turnover rate | 10 | %†† | 8 | %†† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(a) | 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. |
See Notes to Financial Statements. | 124 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period October 1, 2013* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 26.53 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.42 | 1.32 | ||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.65 | ) | 0.63 | |||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | (0.23 | ) | 1.95 | |||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.04 | ) | (0.42 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 26.26 | $ | 26.53 | ||||
|
|
|
| |||||
Total Return*** | (0.85 | )% | 7.90 | % | ||||
Ratios/Supplemental Data: | ||||||||
Net Assets, end of period (000’s omitted) | $ | 5,251 | $ | 5,305 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.45 | %† | 0.45 | %† | ||||
Net investment income | 3.22 | %† | 7.70 | %† | ||||
Portfolio turnover rate | 4 | %†† | 11 | %†† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 125 |
DBX ETF Trust
Notes to financial statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2014, the Trust consists of seventeen non-diversified series of exchange-traded funds (“ETF”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name: | Former Fund Name: | |
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | db X-trackers MSCI All World ex US Hedged Equity Fund | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | db X-trackers MSCI Asia Pacific ex Japan Hedged Equity Fund | |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | db X-trackers MSCI Brazil Hedged Equity Fund | |
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | db X-trackers MSCI EAFE Hedged Equity Fund | |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | db X-trackers MSCI Emerging Markets Hedged Equity Fund | |
Deutsche X-trackers MSCI Europe Hedged Equity ETF | db X-trackers MSCI Europe Hedged Equity Fund | |
Deutsche X-trackers MSCI Germany Hedged Equity ETF | db X-trackers MSCI Germany Hedged Equity Fund | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF | db X-trackers MSCI Japan Hedged Equity Fund | |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | db X-trackers MSCI Mexico Hedged Equity Fund | |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | db X-trackers MSCI South Korea Hedged Equity Fund | |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | db X-trackers MSCI United Kingdom Hedged Equity Fund |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, 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.
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, 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. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
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 | |
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | MSCI Asia Pacific ex Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | MSCI EAFE US Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Deutsche X-trackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | MSCI United Kingdom US Dollar Hedged Index |
MSCI, Inc. (“MSCI”) is the creator of each MSCI Hedged Underlying Index. Each MSCI Hedged Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, exchange traded funds, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.
The MSCI Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means
126
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI 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. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a 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.
The funds invest in securities of non-U.S. issuers that trade in non-U.S. Markets, this involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.
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. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“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 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.
Equity securities 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 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 are generally 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.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
127
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s 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 net asset value 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.
The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2014 (see the Schedule of Investments for security categories).
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 5,166,414 | $ | — | $ | 860 | $ | 5,167,274 | ||||||||
Preferred Stocks | 81,371 | 74 | — | 81,445 | ||||||||||||
Rights | 17 | 21 | — | 38 | ||||||||||||
Warrants | 181 | — | — | 181 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 117,741 | — | 117,741 | ||||||||||||
Unrealized Depreciation on Forward | — | (10,125 | ) | — | (10,125 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 5,247,983 | $ | 107,711 | $ | 860 | $ | 5,356,554 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $1,312. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.
128
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 6,757,156 | $ | — | $ | 11,776 | $ | 6,768,932 | ||||||||
Preferred Stocks | 28,056 | — | — | 28,056 | ||||||||||||
Rights | 85 | 86 | — | 171 | ||||||||||||
Warrants | 452 | — | — | 452 | ||||||||||||
Other Financial Securities | ||||||||||||||||
Unrealized Appreciation on Forward | — | 117,811 | — | 117,811 | ||||||||||||
Unrealized Depreciation on Forward | — | (12,408 | ) | — | (12,408 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 6,785,749 | $ | 105,489 | $ | 11,776 | $ | 6,903,014 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $7,586. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 7,240,809 | $ | — | $ | — | $ | 7,240,809 | ||||||||
Preferred Stocks | 5,172,431 | — | — | 5,172,431 | ||||||||||||
Other Financial Securities | ||||||||||||||||
Unrealized Appreciation on Forward | — | 464,331 | — | 464,331 | ||||||||||||
Unrealized Depreciation on Forward | — | (3,676 | ) | — | (3,676 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 12,413,240 | $ | 460,655 | $ | — | $ | 12,873,895 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2014.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 1,184,152,939 | $ | — | $ | 0 | $ | 1,184,152,939 | ||||||||
Preferred Stocks | 6,361,417 | 17,988 | — | 6,379,405 | ||||||||||||
Rights | 10,809 | 6,537 | — | 17,346 | ||||||||||||
Warrants | 10,553 | — | — | 10,553 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 25,056,960 | — | 25,056,960 | ||||||||||||
Unrealized Depreciation on Forward | — | (2,512,012 | ) | — | (2,512,012 | ) | ||||||||||
Futures Contracts | (54,600 | ) | — | — | (54,600 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,190,481,118 | $ | 22,569,473 | $ | — | $ | 1,213,050,591 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $209,759. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.
129
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 31,441,315 | $ | — | $ | 14,361 | $ | 31,455,676 | ||||||||
Preferred Stocks | 1,815,320 | — | — | 1,815,320 | ||||||||||||
Rights | 438 | — | — | 438 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 687,401 | — | 687,401 | ||||||||||||
Unrealized Depreciation on Forward | — | (65,095 | ) | — | (65,095 | ) | ||||||||||
Futures Contracts | (11,080 | ) | — | — | (11,080 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 33,245,993 | $ | 622,306 | $ | 14,361 | $ | 33,882,660 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2014, the amount of transfer between Level 1 and Level 3 was $6,117. Investment was transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 613,902,326 | $ | — | $ | 0 | $ | 613,902,326 | ||||||||
Preferred Stocks | 5,673,582 | 14,309 | — | 5,687,891 | ||||||||||||
Rights | 8,683 | — | — | 8,683 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 8,083,669 | — | 8,083,669 | ||||||||||||
Unrealized Depreciation on Forward | — | (1,612,000 | ) | — | (1,612,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 619,584,591 | $ | 6,485,978 | $ | — | $ | 626,070,569 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2014, the amount of transfer between Level 1 and Level 3 was $74,039. Investment was transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 39,974,622 | $ | — | $ | — | $ | 39,974,622 | ||||||||
Preferred Stocks | 2,803,827 | — | — | 2,803,827 | ||||||||||||
Other Financial Securities | ||||||||||||||||
Unrealized Appreciation on Forward | — | 405,144 | — | 405,144 | ||||||||||||
Unrealized Appreciation on Forward | — | (95,797 | ) | — | (95,797 | ) | ||||||||||
Futures Contracts | 10,637 | — | — | 10,637 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 42,789,086 | $ | 309,347 | $ | — | $ | 43,098,433 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2014.
130
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | �� | |||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 635,961,531 | $ | — | $ | — | $ | 635,961,531 | ||||||||
Other Financial Securities | ||||||||||||||||
Unrealized Appreciation on Forward | — | 30,682,149 | — | 30,682,149 | ||||||||||||
Unrealized Depreciation on Forward | — | (380,197 | ) | — | (380,197 | ) | ||||||||||
Futures Contracts | 178,511 | — | — | 178,511 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 636,140,042 | $ | 30,301,952 | $ | — | $ | 666,441,994 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2014.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 5,127,291 | $ | — | $ | — | $ | 5,127,291 | ||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 155,979 | — | 155,979 | ||||||||||||
Unrealized Depreciation on Forward | — | (5,469 | ) | — | (5,469 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 5,127,291 | $ | 150,510 | $ | — | $ | 5,277,801 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2014.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 4,602,233 | $ | — | $ | — | $ | 4,602,233 | ||||||||
Preferred Stocks | 182,095 | — | — | 182,095 | ||||||||||||
Rights | 339 | — | — | 339 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 158,120 | — | 158,120 | ||||||||||||
Unrealized Depreciation on Forward | — | (10,943 | ) | — | (10,943 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 4,784,667 | $ | 147,177 | $ | — | $ | 4,931,844 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2014.
131
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Investment in Securities* | ||||||||||||||||
Common Stocks | $ | 5,168,527 | $ | — | $ | — | $ | 5,168,527 | ||||||||
Preferred Stocks | — | 499 | — | 499 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward | — | 131,845 | — | 131,845 | ||||||||||||
Unrealized Depreciation on Forward | — | (13,045 | ) | — | (13,045 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 5,168,527 | $ | 119,299 | $ | — | $ | 5,287,826 | ||||||||
|
|
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There have been no transfers between fair value measurement levels during the period ended November 30, 2014.
* | See Schedule of Investments for Industry or Country Classification. |
Cash Cash consists of cash held at banks and are on deposits 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.
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 sufficient to relieve it from all, or substantially all, Federal income and excise taxes. 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 Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the six months ended November 30, 2014, the Funds did not incur any interest or penalties.
132
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income 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 November 30, 2014, 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. That 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.
Derivatives
Forward Currency Contracts Each Fund may enter into forward currency contracts designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into foreign currency forward and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
The Deutsche X-trackers MSCI EAFE Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers Asia Pacific ex Japan ETF, Deutsche X-trackers Europe ETF, and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invest in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF Deutsche X-trackers United Kingdom ETF, and Deutsche X-trackers MSCI Mexico Hedged Equity ETF each invest in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, Euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso respectively.
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2014 is included in a table following the Funds’ Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the six months ended November 30, 2014.
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. Each Fund may enter into futures contracts in seeking performance that corresponds to its Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
133
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 November 30, 2014 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 November 30, 2014 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 117,741 | Unrealized depreciation on forward foreign currency contracts | $ | 10,125 | ||||||||
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|
|
| |||||||||||
Total | $ | 117,741 | Total | $ | 10,125 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 117,811 | Unrealized depreciation on forward foreign currency contracts | $ | 12,408 | ||||||||
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|
|
| |||||||||||
Total | $ | 117,811 | Total | $ | 12,408 | |||||||||
|
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|
| |||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 464,331 | Unrealized depreciation on forward foreign currency contracts | $ | 3,676 | ||||||||
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|
| |||||||||||
Total | $ | 464,331 | Total | $ | 3,676 | |||||||||
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| |||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts(a) | $ | — | Unrealized depreciation on futures contracts(a) | $ | 54,600 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 25,056,960 | Unrealized depreciation on forward foreign currency contracts | 2,512,012 | ||||||||||
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|
|
| |||||||||||
Total | $ | 25,056,960 | Total | $ | 2,566,612 | |||||||||
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|
134
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts(a) | $ | — | Unrealized depreciation on futures contracts(a) | $ | 11,080 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 687,401 | Unrealized depreciation on forward foreign currency contracts | 65,095 | ||||||||||
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|
|
| |||||||||||
Total | $ | 687,401 | Total | $ | 76,175 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 8,083,669 | Unrealized depreciation on forward foreign currency contracts | $ | 1,612,000 | ||||||||
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|
|
| |||||||||||
Total | $ | 8,083,669 | Total | $ | 1,612,000 | |||||||||
|
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|
| |||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts(a) | $ | 10,637 | Unrealized depreciation on futures contracts(a) | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 405,144 | Unrealized depreciation on forward foreign currency contracts | 95,797 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 415,781 | Total | $ | 95,797 | |||||||||
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|
| |||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 178,511 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 30,682,149 | Unrealized depreciation on forward foreign currency contracts | 380,197 | ||||||||||
|
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|
| |||||||||||
Total | $ | 30,860,660 | Total | $ | 380,197 | |||||||||
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|
| |||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 155,979 | Unrealized depreciation on forward foreign currency contracts | $ | 5,469 | ||||||||
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|
|
| |||||||||||
Total | $ | 155,979 | Total | $ | 5,469 | |||||||||
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| |||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 158,120 | Unrealized depreciation on forward foreign currency contracts | $ | 10,943 | ||||||||
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| |||||||||||
Total | $ | 158,120 | Total | $ | 10,943 | |||||||||
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|
| |||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 131,845 | Unrealized depreciation on forward foreign currency contracts | $ | 13,045 | ||||||||
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|
| |||||||||||
Total | $ | 131,845 | Total | $ | 13,045 | |||||||||
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(a) | Includes cumulative appreciation (depreciation) of futures contracts as disclosed in the Investment Portfolio. Unsettled Variation Margin is disclosed separately, within the Statement of Assets and Liabilities. |
135
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds’ earnings during the six-months ended November 30, 2014 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||||||||
Equity Futures Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 324,210 | $ | 324,210 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | 110,493 | 110,493 | |||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | 241,544 | 241,544 | |||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 25,500 | 50,633,828 | 50,659,328 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 23,500 | 646,815 | 670,315 | |||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 21,477,940 | 21,477,940 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 12,269 | 4,276,021 | 4,288,290 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 125,353 | 49,905,744 | 50,031,097 | |||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 83,475 | 83,475 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | 122,955 | 122,955 | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | 266,175 | 266,175 | |||||||||
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||||||||
Equity Futures Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 90,526 | $ | 90,526 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | 144,439 | 144,439 | |||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | 485,600 | 485,600 | |||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | (135,600 | ) | 17,859,797 | 17,724,197 | ||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | (26,900 | ) | 876,019 | 849,119 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 5,268,363 | 5,268,363 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | (12,841 | ) | (410,160 | ) | (423,001 | ) | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 212,644 | 31,728,678 | 31,941,322 | |||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 248,970 | 248,970 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | 217,987 | 217,987 | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | 81,576 | 81,576 |
136
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
For the six months ended November 30, 2014 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Market Value) | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | (5,105,412 | ) | |||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | (6,728,211 | ) | |||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | (7,220,292 | ) | |||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 1,896,529 | (715,632,636 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 206,294 | (30,395,604 | ) | |||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | (317,013,106 | ) | |||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 314,717 | (42,391,162 | ) | |||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 2,063,631 | (511,967,350 | ) | |||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | (6,669,010 | ) | |||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | (4,949,064 | ) | |||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | (5,219,669 | ) |
As of November 30, 2014, the Fund has transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is included in the following tables:
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Barclays Bank PLC | 58,204 | $ | (5,008 | ) | $ | — | $ | 53,196 | $ | 5,008 | $ | (5,008 | ) | $ — | $ | — | ||||||||||||||||
JP Morgan & Chase Co. | 58,851 | (5,009 | ) | — | 53,842 | 5,009 | (5,009 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 686 | (108 | ) | — | 578 | 108 | (108 | ) | — | — | ||||||||||||||||||||||
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$ | 117,741 | $ | (10,125 | ) | — | $ | 107,616 | $ | 10,125 | $ | (10,125 | ) | — | $ | — | |||||||||||||||||
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Deutsche X-trackers MSCI Asia Pacific ex Japan ETF |
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Barclays Bank PLC | $ | 58,778 | $ | (7,731 | ) | $ | — | $ | 51,047 | $ | 7,731 | $ | (7,731 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 59,007 | (4,633 | ) | — | 54,374 | 4,633 | (4,633 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 26 | (26 | ) | — | — | 44 | (26 | ) | — | 18 | ||||||||||||||||||||||
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$ | 117,811 | $ | (12,390 | ) | $ | — | $ | 105,421 | $ | 12,408 | $ | (12,390 | ) | $ | — | $ | 18 | |||||||||||||||
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Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
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Barclays Bank PLC | $ | 230,327 | $ | (107 | ) | $ | — | $ | 230,220 | $ | 107 | $ | (107 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 234,004 | (2,252 | ) | — | 231,752 | 2,252 | (2,252 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | — | — | — | — | 1,317 | — | — | 1,317 | ||||||||||||||||||||||||
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$ | 464,331 | $ | (2,359 | ) | $ | — | $ | 461,972 | $ | 3,676 | $ | (2,359 | ) | $ | — | $ | 1,317 | |||||||||||||||
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Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
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Barclays Bank PLC | $ | 6,700,881 | $ | (742,563 | ) | $ | — | $ | 5,958,318 | $ | 742,563 | $ | (742,563 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 5,577,373 | (436,982 | ) | — | 5,140,391 | 436,982 | (436,982 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 6,823,534 | (883,815 | ) | — | 5,939,719 | 883,815 | (883,815 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 5,579,352 | (435,978 | ) | — | 5,143,374 | 435,978 | (435,978 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 375,820 | (12,674 | ) | — | 363,146 | 12,674 | (12,674 | ) | — | — | ||||||||||||||||||||||
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$ | 25,056,960 | $ | (2,512,012 | ) | $ | — | $ | 22,544,948 | $ | 2,512,012 | $ | (2,512,012 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
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Barclays Bank PLC | $ | 334,933 | $ | (39,430 | ) | $ | — | $ | 295,503 | $ | 39,430 | $ | (39,430 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 345,940 | (22,983 | ) | — | 322,957 | 22,983 | (22,983 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 6,528 | (2,682 | ) | — | 3,846 | 2,682 | (2,682 | ) | — | — | ||||||||||||||||||||||
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$ | 687,401 | $ | (65,095 | ) | $ | — | $ | 622,306 | $ | 65,095 | $ | (65,095 | ) | $ | — | $ | — | |||||||||||||||
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137
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Barclays Bank PLC | $ | 2,116,641 | $ | (452,241 | ) | $ | — | $ | 1,664,400 | $ | 452,241 | $ | (452,241 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 1,865,586 | (296,590 | ) | — | 1,568,996 | 296,590 | (296,590 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 2,169,084 | (551,290 | ) | — | 1,617,794 | 551,290 | (551,290 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 1,869,036 | (296,590 | ) | — | 1,572,446 | 296,590 | (296,590 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 63,322 | (15,289 | ) | — | 48,033 | 15,289 | (15,289 | ) | — | — | ||||||||||||||||||||||
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$ | 8,083,669 | $ | (1,612,000 | ) | $ | — | $ | 6,471,669 | $ | 1,612,000 | $ | (1,612,000 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Germany Hedged Equity ETF |
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Barclays Bank PLC | $ | 97,034 | $ | (20,043 | ) | $ | — | $ | 76,991 | $ | 20,043 | $ | (20,043 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 102,577 | (25,152 | ) | — | 77,425 | 25,152 | (25,152 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 102,583 | (25,419 | ) | — | 77,164 | 25,419 | (25,419 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 102,937 | (25,153 | ) | — | 77,784 | 25,153 | (25,153 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 13 | (13 | ) | — | — | 30 | (13 | ) | — | 17 | ||||||||||||||||||||||
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$ | 405,144 | $ | (95,780 | ) | $ | — | $ | 309,364 | $ | 95,797 | $ | (95,780 | ) | $ | — | $ | 17 | |||||||||||||||
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Deutsche X-trackers MSCI Japan Hedged Equity ETF |
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Barclays Bank PLC | $ | 7,916,426 | $ | (108,479 | ) | $ | — | $ | 7,807,947 | $ | 108,479 | $ | (108,479 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 7,890,661 | (163,469 | ) | — | 7,727,192 | 163,469 | (163,469 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 7,432,431 | (25,944 | ) | — | 7,406,487 | 25,944 | (25,944 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 16,275 | (16,275 | ) | — | — | 55,803 | (16,275 | ) | — | 39,528 | ||||||||||||||||||||||
The Bank of Nova Scotia | 7,426,356 | (26,502 | ) | — | 7,399,854 | 26,502 | (26,502 | ) | — | — | ||||||||||||||||||||||
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$ | 30,682,149 | $ | (340,669 | ) | $ | — | $ | 30,341,480 | $ | 380,197 | $ | (340,669 | ) | $ | — | $ | 39,528 | |||||||||||||||
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Deutsche X-trackers MSCI Mexico ETF |
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Barclays Bank PLC | $ | 77,265 | $ | (2,443 | ) | $ | — | $ | 74,822 | $ | 2,443 | $ | (2,443 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 78,698 | (2,840 | ) | — | 75,858 | 2,840 | (2,840 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 16 | (186 | ) | — | (170 | ) | 186 | (186 | ) | — | — | |||||||||||||||||||||
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$ | 155,979 | $ | (5,469 | ) | $ | — | $ | 150,510 | $ | 5,469 | $ | (5,469 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
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Barclays Bank PLC | $ | 78,278 | $ | (10,409 | ) | $ | — | $ | 67,869 | $ | 10,409 | $ | (10,409 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 79,842 | (534 | ) | — | 79,308 | 534 | (534 | ) | — | — | ||||||||||||||||||||||
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$ | 158,120 | $ | (10,943 | ) | $ | — | $ | 147,177 | $ | 10,943 | $ | (10,943 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
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Barclays Bank PLC | $ | 65,956 | $ | (6,488 | ) | $ | — | $ | 59,468 | $ | 6,488 | $ | (6,488 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 65,784 | (6,496 | ) | — | 59,288 | 6,496 | (6,496 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 105 | (61 | ) | — | 44 | 61 | (61 | ) | — | — | ||||||||||||||||||||||
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$ | 131,845 | $ | (13,045 | ) | $ | — | $ | 118,800 | $ | 13,045 | $ | (13,045 | ) | $ | — | $ | — | |||||||||||||||
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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. The Advisor is also responsible for employing any sampling strategy for the Funds.
TDAM USA Inc. (“TDAM”) acts as investment sub-advisor to each Fund. TDAM is responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and TDAM from time to time.
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Notes to financial statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to:
Fund | Management Fee | |||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 0.60 | % | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 0.60 | % | ||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 0.35 | % | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 0.50 | % | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 0.58 | % | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisor, 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, taxes, brokerage expenses.
The Advisor pays TDAM a fee based on a percentage of daily net assets for each of the Funds listed below:
Fund
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
— | 0.15% on the first $100 million in daily net assets |
— | 0.08% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
— | 0.15% on the first $100 million in daily net assets |
— | 0.07% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
— | 0.20% on the first $100 million in daily net assets |
— | 0.12% on the next $400 million in daily net assets |
— | 0.06% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
— | 0.12% on the first $100 million in daily net assets |
— | 0.08% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
— | 0.20% on the first $100 million in daily net assets |
— | 0.15% on the next $400 million in daily net assets |
— | 0.06% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI Europe Hedged Equity ETF
— | 0.15% on the first $100 million in daily net assets |
— | 0.07% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Fund
Deutsche X-trackers MSCI Germany Hedged Equity ETF
— | 0.15% on the first $100 million in daily net assets |
— | 0.07% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI Japan Hedged Equity ETF
— | 0.15% on the first $100 million in daily net assets |
— | 0.07% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
— | 0.20% on the first $100 million in daily net assets |
— | 0.12% on the next $400 million in daily net assets |
— | 0.06% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
— | 0.20% on the first $100 million in daily net assets |
— | 0.12% on the next $400 million in daily net assets |
— | 0.06% in excess of $500 million in daily net assets |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
— | 0.15% on the first $100 million in daily net assets |
— | 0.07% on the next $400 million in daily net assets |
— | 0.04% in excess of $500 million in daily net assets |
The total aggregate fees paid by the Advisor to TDAM will be at least $650,000 per year.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, of whom three are Independent Trustees. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus a specified amount to the Audit Committee.
4. Federal Income Taxes
As of November 30, 2014, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Cost | Net Unrealized Appreciation (Depreciation) | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 5,403,249 | $ | (157,476 | ) | $ | 279,582 | $ | (437,058 | ) | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 6,542,086 | 255,525 | 640,488 | (384,963 | ) | |||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 13,558,377 | (1,145,137 | ) | 572,822 | (1,717,959 | ) | ||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 1,191,025,763 | (498,076 | ) | 42,835,377 | (43,333,453 | ) | ||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 33,651,325 | 480,110 | 3,172,579 | (2,692,469 | ) |
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Cost | Net Unrealized Appreciation (Depreciation) | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Deutsche X-trackers MSCI Europe Hedged | 628,622,376 | (8,905,415 | ) | 13,595,450 | (22,500,865 | ) | ||||||||||
Deutsche X-trackers MSCI Germany Hedged | 43,678,094 | (899,645 | ) | 1,477,282 | (2,376,927 | ) | ||||||||||
Deutsche X-trackers MSCI Japan Hedged | 651,623,783 | (15,662,252 | ) | 25,466,547 | (41,128,799 | ) | ||||||||||
Deutsche X-trackers MSCI Mexico Hedged | 5,160,208 | (32,917 | ) | 202,112 | (235,029 | ) | ||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 5,093,291 | (308,624 | ) | 257,960 | (566,584 | ) | ||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 5,354,543 | (185,517 | ) | 333,021 | (518,538 | ) |
At May 31, 2014 for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, as provided by regulations, to offset future capital gains. 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.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses for an unlimited period.
Short-term | Long-term | Total Amount | ||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | $ | 847,129 | $ | 1,385,419 | $ | 2,232,548 | ||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | — | 6,337 | 6,337 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged | 252,765 | 495,350 | 748,115 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 20,778 | 474,496 | 495,274 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | — | 10,110 | 10,110 |
The tax character of current year distributions will be determined at the end of the fiscal year.
5. Investments in Affiliates
The Advisor is a wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG securities for the six months ended November 30, 2014.
Fair Value 5/31/14 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ (Depreciation) | Realized Gain (Loss) | Fair Value 11/30/14 | Dividend Income | ||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
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Deutsche Bank AG (Common Stock) | $ | 11,180 | $ | 3,692 | $ | — | $ | (2,354 | ) | $ | — | $ | 12,518 | $ | — | |||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
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Deutsche Bank AG (Common Stock) | $ | 1,688,545 | $ | 2,527,649 | $ | — | $ | (355,629 | ) | $ | — | $ | 3,860,565 | $ | — | |||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
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Deutsche Bank AG (Common Stock) | $ | 728,748 | $ | 2,771,137 | $ | (38,620 | ) | $ | (172,666 | ) | $ | (19,586 | ) | $ | 3,269,013 | $ | — | |||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
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Deutsche Bank AG (Common Stock) | $ | 1,459,644 | $ | 634,642 | $ | (114,136 | ) | $ | (320,894 | ) | $ | (39,032 | ) | $ | 1,620,224 | $ | — |
141
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
6. Investment Portfolio Transactions
For the six months ended November 30, 2014, the cost of investments purchased and proceeds from sale of investments (excluding in- kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 557,720 | $ | 120,997 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 690,735 | 384,583 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 9,372,714 | 2,024,461 | ||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 90,556,369 | 21,526,583 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 4,682,888 | 1,648,926 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 50,940,208 | 8,097,591 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 5,317,717 | 2,382,597 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 95,252,802 | 17,709,034 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 1,001,715 | 664,400 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 802,865 | 494,265 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 585,191 | 189,319 |
For the six months ended November 30, 2014, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | — | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | — | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | — | ||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | 594,785,080 | 1,419,767 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 2,107,240 | — | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 427,420,164 | 1,321,768 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | — | 1,138,690 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 150,330,846 | 27,431,866 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | — | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | — | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | — |
7. Fund Share Transactions
As of November 30, 2014, 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. The purchase of Creation Units for Deutsche X-trackers Brazil Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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.
8. Investing in Emerging Markets
Investment in emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, (i) greater market volatility, (ii) lower trading volume, (iii) political and economic instability, (iv) high levels of inflations, deflation or currency devaluation, (v) greater risk of market shut down, (vi) more governmental limitations on foreign investments and limitations on repatriation of invested capital than those typically found in a developed market, and (vii) the risk that companies may be held to lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets.
142
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to a Fund. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. Local agents are held only to the standards of care of their local markets.
9. Line of Credit
Trust entered into a senior unsecured credit facility with a commercial bank which allows the Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, and certain other funds managed by the Advisor, to borrow up to $100 million.
The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no loans outstanding at November 30, 2014.
10. 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 November 30, 2014, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Fund Name | Approximate Percent of Outstanding Shares Held | |||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 88 | % | ||
Deutsche X-trackers MSCI Asia Pacific ex-Japan Hedged Equity ETF | 52 | % | ||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | 50 | % | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 50 | % | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 50 | % |
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DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom 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.
Quarterly Portfolio Disclosure
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-Q. 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 Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.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 Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
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DBX ETF Trust
Privacy policy notice (Unaudited)
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, 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.
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.deutsche-etfs.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.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at WWW.DEUTSCHE-ETFS.COM. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile than the markets or more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund 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 this 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. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. 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. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
MSCI and MSCI Index are servicemarks of MSCI Inc. and have been licensed for use by Deutsche Bank AG. DBX ETF Trust Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. Nor does this company make any representation regarding the advisability of investing in Deutsche-X ETFs. Index data source: MSCI Inc.
Copyright © 2014 Deutsche Bank AG. All rights reserved. db-X® and Deutsche X-trackers® are registered trademarks of Deutsche Bank AG. 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 60 Wall Street New York, NY 10005 | Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 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 |
MSCI – R-36924-1 (1/15) DBX 1188 (1/16)
November 30, 2014
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Deutsche X-trackers Harvest MSCI All China Equity ETF (CN)
DBX ETF Trust
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Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 4 | |||
6 | ||||
8 | ||||
9 | ||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 14 | |||
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27 | ||||
28 | ||||
30 | ||||
32 | ||||
40 | ||||
41 |
Dear Shareholder,
I am very pleased to tell you that the db X-trackers exchange-traded funds were renamed Deutsche X-trackers exchange-traded funds effective August 11, 2014, aligning more closely with the Deutsche Asset & Wealth Management brand. We are proud to adopt the Deutsche name — a brand that fully represents the global access, discipline and intelligence that support all of our products and services.
Deutsche Asset & Wealth Management combines the asset management and wealth management divisions of Deutsche Bank to deliver a comprehensive suite of investment capabilities. Your investment in the Deutsche X-trackers exchange-traded funds means you have access to the thought leadership and resources of one of the world’s largest and most influential financial institutions.
In conjunction with your fund’s name change, please note the new Web address for the Deutsche X-trackers exchange-traded funds. The former dbxus.com is now deutsche-etfs.com.
These changes have no effect on the day-to-day management of your investment, and there is no action required on your part. You will continue to experience the benefits that come from our decades of experience, in-depth research and worldwide network of investment professionals.
Thanks for your continued support. We appreciate your trust and the opportunity to put our capabilities to work for you.
Best regards,
s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 33.85%, compared to an increase of 35.14% for the Underlying Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||
Net Asset Value | Market Price | CSI 300 Index | ||||
One Year | 15.42% | 17.01% | 17.03% | |||
Since Inception1 | 16.46% | 19.57% | 18.43% | |||
Cumulative Total Returns | ||||||
Net Asset Value | Market Price | CSI 300 Index | ||||
Six Months | 33.85% | 36.55% | 35.14% | |||
One Year | 15.42% | 17.01% | 17.03% | |||
Since Inception1 | 17.68% | 21.04% | 19.81% |
1 Total returns are calculated based on the commencement of operations, 11/06/13 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.80%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
2
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) (Continued)
Growth of a $10,000 Investment in ASHR2 as of 11/30/14
2 Based on Net Asset Value from commencement of trading 11/06/13.
Sector Breakdown* as of 11/30/14
Financial | 41.3% | |||
Industrial | 14.5% | |||
Consumer, Cyclical | 12.3% | |||
Consumer, Non-cyclical | 11.4% | |||
Basic Materials | 6.2% | |||
Energy | 3.8% | |||
Communications | 3.7% | |||
Utilities | 3.4% | |||
Technology | 2.6% | |||
Diversified | 0.8% | |||
|
| |||
Total | 100.0% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd., Class A | 3.7% | |||
China Merchants Bank Co. Ltd., Class A | 3.1% | |||
China Minsheng Banking Corp. Ltd., Class A | 3.1% | |||
Shanghai Pudong Development Bank, Class A | 2.2% | |||
Industrial Bank Co. Ltd., Class A | 2.1% | |||
CITIC Securities Co. Ltd., Class A | 2.1% | |||
Haitong Securities Co. Ltd., Class A | 1.8% | |||
China Vanke Co. Ltd., Class A | 1.6% | |||
Bank of Communications Co. Ltd., Class A | 1.3% | |||
China Pacific Insurance Group Co. Ltd., Class A | 1.2% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 9.
3
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index. The Underlying Index is designed to reflect the price fluctuation and performance of small cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 38.13%, compared to an increase of 40.03% for the Underlying Index.
Performance as of 11/30/14
Cumulative Total Returns | ||||||
Net Asset Value | Market Price | CSI 500 Index | ||||
Six Months | 38.13% | 39.50% | 40.03% | |||
Since Inception1 | 42.00% | 42.68% | 44.35% |
1 Total returns are calculated based on the commencement of operations, 5/21/14 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.80%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
4
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) (Continued)
Growth of a $10,000 Investment in ASHS2 as of 11/30/14
2 Based on Net Asset Value from commencement of trading 5/21/14.
Sector Breakdown* as of 11/30/14
Industrial | 28.7% | |||
Consumer, Non-cyclical | 16.9% | |||
Consumer, Cyclical | 15.3% | |||
Basic Materials | 10.5% | |||
Financial | 9.6% | |||
Technology | 8.1% | |||
Communications | 4.0% | |||
Utilities | 2.8% | |||
Energy | 2.3% | |||
Diversified | 1.8% | |||
|
| |||
Total | 100.0% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Hundsun Technologies, Inc., Class A | 1.1% | |||
Pacific Securities Co. Ltd., Class A | 0.8% | |||
Beijing Teamsun Technology Co. Ltd., Class A | 0.6% | |||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 0.5% | |||
Wanxiang Qianchao Co. Ltd., Class A | 0.5% | |||
Pengxin International Mining Co. Ltd., Class A | 0.5% | |||
Xiamen ITG Group Corp. Ltd., Class A | 0.5% | |||
Jilin Yatai Group Co. Ltd., Class A | 0.5% | |||
Guangdong Golden Dragon Development, Inc., Class A | 0.5% | |||
China Aerospace Times Electronics Co. Ltd., Class A | 0.5% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 14.
5
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Harvest MSCI All China Equity ETF (CN)
The Deutsche X-trackers Harvest MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI All China Index (the “Underlying Index”). The Underlying Index is designed to capture large and mid cap representation across all China securities listed in China and Hong Kong as well as in the U.S. and Singapore. The Underlying Index includes: A-shares, H-shares, B-shares, Red chips, and P chips along with China securities (including American Depository Receipts) that are listed on the NYSE Euronext (New York), the NASDAQ, the New York AMEX and the Singapore exchanges. The fund, using a passive approach or indexing approach, attempts to approximate the performance of the Underlying Index. CN expects to gain exposure to the China A-share components of the Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS), affiliated funds subadvised by Harvest Global Investments Limited.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 23.13%, compared to an increase of 23.91% for the Underlying Index.
Performance as of 11/30/14
Cumulative Total Returns | ||||||
Net Asset Value | Market Price | MSCI All China Index | ||||
Six Months | 23.13% | 25.31% | 23.91% | |||
Since Inception1 | 25.64% | 27.72% | 26.69% |
1 Total returns are calculated based on the commencement of operations, 4/30/14 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 1.00%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
6
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Harvest MSCI All China Equity ETF (CN) (Continued)
Growth of a $10,000 Investment in CN2 as of 11/30/14
2 Based on Net Asset Value from commencement of trading 4/30/14.
Sector Breakdown* as of 11/30/14
Exchange - Traded Funds | 54.1% | |||
Communications | 15.4% | |||
Financial | 14.8% | |||
Energy | 4.6% | |||
Consumer, Non-cyclical | 2.7% | |||
Consumer, Cyclical | 2.4% | |||
Industrial | 2.2% | |||
Utilities | 1.6% | |||
Technology | 1.2% | |||
Basic Materials | 0.8% | |||
Diversified | 0.2% | |||
|
| |||
Total | 100.0% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 45.3% | |||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 8.8% | |||
Tencent Holdings Ltd. | 3.9% | |||
China Mobile Ltd. | 3.6% | |||
Baidu, Inc., ADR | 3.2% | |||
China Construction Bank Corp., Class H | 2.6% | |||
Industrial & Commercial Bank of China Ltd., Class H | 2.4% | |||
Bank of China Ltd., Class H | 1.9% | |||
Alibaba Group Holding Ltd., ADR | 1.7% | |||
CNOOC Ltd. | 1.2% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 22.
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. 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. In the most recent six-month period, Deutsche X-trackers Harvest MSCI All China Equity ETF limited these expenses; had it not done so, expenses would have been higher.
The examples are based on an investment of $1,000 made at the beginning of the period and held through the six-month period ended November 30, 2014 (June 1, 2014 to November 30, 2014).
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 | Ending Account Value November 30, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,338.49 | 0.81 | % | $ | 4.75 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.01 | 0.81 | % | $ | 4.10 | ||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,381.32 | 0.80 | % | $ | 4.78 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.06 | 0.80 | % | $ | 4.05 | ||||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,231.28 | 0.30 | % | $ | 1.68 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.56 | 0.30 | % | $ | 1.52 |
(1) Expenses are calculated using the Fund’s annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 01, 2014 to November 30, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.
8
DBX ETF Trust
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Basic Materials — 6.2% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 1,739,860 | $ | 1,231,634 | |||||
Baoshan Iron & Steel Co. Ltd., Class A | 3,001,867 | 2,462,068 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A | 718,600 | 1,074,684 | ||||||
China Minmetals Rare Earth Co. Ltd., Class A* | 346,525 | 1,370,310 | ||||||
China Molybdenum Co. Ltd., Class A | 129,335 | 189,004 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 352,257 | 698,782 | ||||||
Hebei Iron & Steel Co. Ltd., Class A | 2,586,000 | 1,186,740 | ||||||
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd., Class A | 872,919 | 3,196,206 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd., Class A | 398,940 | 677,776 | ||||||
Inner Mongolia Yili Energy Co. Ltd., Class A | 256,910 | 350,769 | ||||||
Inner Mongolian Baotou Steel Union Co. Ltd., Class A | 4,816,000 | 2,476,577 | ||||||
Jiangxi Copper Co. Ltd., Class A | 513,326 | 1,278,094 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 597,200 | 906,733 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A | 128,733 | 604,385 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 950,857 | 977,936 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A | 2,583,500 | 1,311,720 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 417,534 | 1,474,449 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 82,399 | 631,837 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 235,760 | 698,648 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 699,059 | 893,021 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 873,689 | 1,167,288 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 1,339,403 | 845,709 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 442,044 | 832,294 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 654,399 | 1,897,704 | ||||||
Western Mining Co. Ltd., Class A | 1,166,600 | 1,404,856 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 209,624 | 1,077,287 | ||||||
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 598,763 | 1,109,831 | ||||||
Yunnan Copper Industry Co. Ltd., Class A* | 381,852 | 738,226 | ||||||
Yunnan Tin Co. Ltd., Class A* | 276,900 | 734,945 | ||||||
Yunnan Yuntianhua Co. Ltd., Class A | 265,203 | 422,944 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 643,509 | 1,545,678 | ||||||
Zhongjin Gold Co. Ltd., Class A | 903,433 | 1,446,669 | ||||||
Zijin Mining Group Co. Ltd., Class A | 4,811,700 | 2,192,475 | ||||||
|
| |||||||
39,107,279 | ||||||||
|
|
Number | Value | |||||||
Communications — 3.7% | ||||||||
Chengdu B-Ray Media Co. Ltd., Class A | 332,352 | $ | 642,529 | |||||
China South Publishing & Media Group Co. Ltd., Class A | 430,548 | 1,011,735 | ||||||
China Spacesat Co. Ltd., Class A | 352,646 | 1,250,473 | ||||||
China United Network Communications Ltd., Class A | 5,149,801 | 3,293,526 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 567,085 | 858,241 | ||||||
Dr Peng Telcom & Media Group Co. Ltd., Class A | 679,747 | 1,942,450 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 307,372 | 808,821 | ||||||
Guangdong Advertising Co. Ltd., Class A | 274,191 | 1,044,112 | ||||||
Guangzhou Haige Communication Group, Inc. Co., Class A | 413,400 | 1,264,755 | ||||||
Huawen Media Investment Group Corp., Class A | 667,244 | 1,269,338 | ||||||
Hunan TV & Broadcast Intermediary Co. Ltd., Class A | 429,792 | 1,268,044 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 447,160 | 772,070 | ||||||
Jishi Media Co. Ltd., Class A | 523,783 | 974,262 | ||||||
People.cn Co. Ltd., Class A | 170,907 | 1,212,619 | ||||||
Searainbow Holding Corp., Class A* | 433,200 | 1,992,227 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 126,501 | 289,851 | ||||||
Wasu Media Holding Co. Ltd., Class A* | 44,800 | 202,821 | ||||||
Zhe Jiang Daily Media Group Co. Ltd., Class A | 134,700 | 389,523 | ||||||
ZTE Corp., Class A | 1,198,678 | 3,058,628 | ||||||
|
| |||||||
23,546,025 | ||||||||
|
| |||||||
Consumer, Cyclical — 12.3% | ||||||||
Air China Ltd., Class A | 1,037,773 | 949,111 | ||||||
Beiqi Foton Motor Co. Ltd., Class A | 984,000 | 983,199 | ||||||
BesTV New Media Co. Ltd., Class A | 391,232 | 2,579,139 | ||||||
Byd Co. Ltd., Class A | 289,031 | 2,036,622 | ||||||
China Avic Electronics Co. Ltd., Class A | 306,168 | 1,306,881 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 1,552,900 | 1,331,779 | ||||||
China International Travel Service Corp. Ltd., Class A | 182,876 | 1,251,711 | ||||||
China Southern Airlines Co. Ltd., Class A | 2,124,400 | 1,431,248 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,133,773 | 2,712,199 | ||||||
FAW CAR Co. Ltd., Class A | 483,900 | 996,149 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 860,230 | 1,588,871 | ||||||
Great Wall Motor Co. Ltd., Class A | 254,222 | 1,507,129 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,453,913 | 7,166,644 | ||||||
Guangdong Alpha Animation and Culture Co. Ltd., Class A | 123,281 | 599,252 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 518,148 | 688,053 | ||||||
Hainan Airlines Co. Ltd., Class A* | 3,591,000 | 1,671,319 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Consumer, Cyclical (Continued) | ||||||||
Haining China Leather Market Co. Ltd., Class A | 341,722 | $ | 774,644 | |||||
Hisense Electric Co. Ltd., Class A | 477,740 | 884,733 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 618,302 | 1,519,343 | ||||||
Hubei Energy Group Co. Ltd., Class A | 1,163,800 | 1,217,776 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 812,403 | 2,486,786 | ||||||
Midea Group Co. Ltd., Class A | 1,028,637 | 3,701,084 | ||||||
Minmetals Development Co. Ltd., Class A | 252,200 | 588,535 | ||||||
Pang Da Automobile Trade Co. Ltd., Class A* | 485,401 | 481,056 | ||||||
Qingdao Haier Co. Ltd., Class A | 946,943 | 2,636,647 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,983,855 | 6,385,786 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 474,286 | 1,256,530 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 295,218 | 1,690,117 | ||||||
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A | 157,160 | 289,000 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 956,500 | 2,291,242 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 570,974 | 1,385,390 | ||||||
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd., Class A | 175,466 | 914,022 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 609,751 | 1,195,687 | ||||||
Shenzhen MTC Co. Ltd., Class A* | 388,588 | 516,009 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 2,210,140 | 2,298,258 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A | 2,707,500 | 2,163,356 | ||||||
Suning Commerce Group Co. Ltd., Class A* | 2,689,986 | 3,646,475 | ||||||
TCL Corp., Class A | 4,478,000 | 2,375,635 | ||||||
Weichai Power Co. Ltd., Class A | 648,709 | 2,303,471 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 353,780 | 1,517,022 | ||||||
Xiamen C & D, Inc., Class A | 1,039,711 | 1,407,714 | ||||||
Youngor Group Co. Ltd., Class A | 954,300 | 1,497,063 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 501,170 | 1,522,676 | ||||||
|
| |||||||
77,745,363 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 11.3% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 473,134 | 1,137,985 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 170,548 | 1,149,846 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 403,725 | 1,311,367 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 861,117 | 1,050,997 | ||||||
Beingmate Baby & Child Food Co. Ltd., Class A | 372,572 | 1,004,641 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 382,741 | 990,331 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 215,578 | 735,667 |
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 226,500 | $ | 783,996 | |||||
Gansu Yasheng Industrial Group Co., Class A | 931,900 | 1,348,184 | ||||||
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A | 526,629 | 1,308,645 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 320,239 | 1,373,718 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A | 575,600 | 735,307 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 395,540 | 1,907,861 | ||||||
Huadong Medicine Co. Ltd., Class A | 131,417 | 1,116,777 | ||||||
Hualan Biological Engineering, Inc., Class A | 172,500 | 1,047,071 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,502,350 | 5,997,176 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 451,201 | 2,619,095 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 201,379 | 1,974,137 | ||||||
Jilin Aodong Medicine Industry Groups Co. Ltd., Class A | 434,625 | 2,033,437 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 205,285 | 582,615 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 937,187 | 2,379,189 | ||||||
Kweichow Moutai Co. Ltd., Class A | 274,941 | 6,972,630 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 430,824 | 1,255,664 | ||||||
MeiHua Holdings Group Co., Class A | 939,685 | 1,003,146 | ||||||
New Hope Liuhe Co. Ltd., Class A | 418,232 | 993,684 | ||||||
Shandong Dong-E E-Jiao, Class A | 309,933 | 1,753,681 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 695,054 | 2,298,372 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 2,771,300 | 2,593,161 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 28,200 | 208,987 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 166,850 | 516,162 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 816,519 | 1,526,737 | ||||||
Shenzhen Hepalink Pharmaceutical Co. Ltd., Class A | 136,202 | 589,359 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 116,067 | 657,115 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 69,400 | 362,190 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 215,267 | 1,140,267 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 387,890 | 2,542,589 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 432,897 | 1,440,642 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 215,655 | 1,373,945 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 1,159,185 | 3,414,361 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
Xizang Haisco Pharmaceutical Group Co. Ltd., Class A | 131,044 | $ | 409,233 | |||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 86,291 | 414,815 | ||||||
Yonghui Superstores Co. Ltd., Class A | 992,270 | 1,261,128 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 312,012 | 2,842,889 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 45,921 | 660,904 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A | 305,173 | 833,328 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 393,850 | 689,638 | ||||||
Zhejiang NHU Co. Ltd., Class A | 338,064 | 824,667 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 226,964 | 724,290 | ||||||
|
| |||||||
71,891,626 | ||||||||
|
| |||||||
Diversified — 0.8% | ||||||||
AVIC Capital Co. Ltd., Class A | 264,325 | 809,966 | ||||||
China Baoan Group Co. Ltd., Class A | 910,000 | 1,972,531 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 259,599 | 1,072,615 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 825,509 | 1,441,450 | ||||||
|
| |||||||
5,296,562 | ||||||||
|
| |||||||
Energy — 3.8% | ||||||||
China Coal Energy Co. Ltd., Class A | 1,120,000 | 925,891 | ||||||
China Oilfield Services Ltd., Class A | 352,339 | 982,192 | ||||||
China Petroleum & Chemical Corp., Class A | 3,390,615 | 2,974,030 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,999,327 | 5,202,480 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 303,270 | 495,991 | ||||||
Henan Dayou Energy Co. Ltd., Class A | 301,792 | 327,576 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 487,909 | 629,637 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 1,080,400 | 1,399,509 | ||||||
PetroChina Co. Ltd., Class A | 2,353,106 | 3,128,540 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 721,996 | 606,265 | ||||||
SDIC Xinji Energy Co. Ltd., Class A | 604,059 | 529,842 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 302,500 | 324,406 | ||||||
Shanxi Coal International Energy Group Co. Ltd., Class A | 604,900 | 527,626 | ||||||
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A | 429,300 | 667,179 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A* | 562,961 | 941,780 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 958,479 | 1,091,839 | ||||||
Wintime Energy Co. Ltd., Class A | 1,237,440 | 932,359 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A | 735,609 | 902,602 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 220,923 | 1,194,314 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 352,230 | 606,443 | ||||||
|
| |||||||
24,390,501 | ||||||||
|
|
Number | Value | |||||||
Financial — 41.2% | ||||||||
Agricultural Bank of China Ltd., Class A | 15,750,170 | $ | 7,304,798 | |||||
Bank of Beijing Co. Ltd., Class A | 3,847,282 | 5,747,445 | ||||||
Bank of China Ltd., Class A | 3,944,300 | 2,137,432 | ||||||
Bank of Communications Co. Ltd., Class A | 9,503,532 | 8,258,562 | ||||||
Bank of Nanjing Co. Ltd., Class A | 1,262,715 | 2,739,136 | ||||||
Bank of Ningbo Co. Ltd., Class A | 700,749 | 1,552,025 | ||||||
Beijing Capital Development Co. Ltd., Class A | 688,955 | 820,692 | ||||||
Changjiang Securities Co. Ltd., Class A | 2,019,092 | 3,249,605 | ||||||
China CITIC Bank Corp. Ltd., Class A | 1,790,400 | 1,780,202 | ||||||
China Construction Bank Corp., Class A | 5,804,300 | 4,439,416 | ||||||
China Everbright Bank Co. Ltd., Class A | 11,951,100 | 7,390,428 | ||||||
China Fortune Land Development Co. Ltd., Class A | 311,939 | 1,799,550 | ||||||
China Life Insurance Co. Ltd., Class A | 912,245 | 3,355,043 | ||||||
China Merchants Bank Co. Ltd., Class A | 9,915,037 | 19,604,183 | ||||||
China Merchants Property Development Co. Ltd., Class A | 618,966 | 1,710,341 | ||||||
China Merchants Securities Co. Ltd., Class A | 1,417,757 | 4,185,209 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 16,411,549 | 19,576,347 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,907,011 | 7,485,290 | ||||||
China Vanke Co. Ltd., Class A | 5,821,206 | 10,325,654 | ||||||
CITIC Securities Co. Ltd., Class A | 4,735,794 | 13,301,841 | ||||||
Financial Street Holdings Co. Ltd., Class A | 1,468,328 | 1,768,206 | ||||||
Founder Securities Co. Ltd., Class A* | 2,325,600 | 3,742,910 | ||||||
Gemdale Corp., Class A | 2,667,900 | 3,881,371 | ||||||
GF Securities Co. Ltd., Class A | 1,587,370 | 4,626,493 | ||||||
Guanghui Energy Co. Ltd., Class A* | 1,909,989 | 2,464,803 | ||||||
Guoyuan Securities Co. Ltd., Class A | 603,801 | 2,153,835 | ||||||
Haitong Securities Co. Ltd., Class A | 4,905,800 | 11,543,998 | ||||||
Hong Yuan Securities Co. Ltd., Class A | 938,400 | 2,681,579 | ||||||
Huatai Securities Co. Ltd., Class A | 1,485,837 | 4,074,264 | ||||||
Huaxia Bank Co. Ltd., Class A | 2,696,600 | 4,467,272 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 10,206,603 | 6,710,281 | ||||||
Industrial Bank Co. Ltd., Class A | 6,870,359 | 13,573,012 | ||||||
Industrial Securities Co. Ltd., Class A | 1,905,712 | 3,532,312 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 215,640 | 390,222 | ||||||
Jinke Properties Group Co. Ltd., Class A | 239,403 | 555,166 | ||||||
Luxin Venture Capital Group Co. Ltd., Class A | 129,307 | 490,293 | ||||||
New China Life Insurance Co. Ltd., Class A | 515,712 | 3,515,570 | ||||||
Northeast Securities Co. Ltd., Class A | 602,972 | 1,425,742 | ||||||
Ping An Bank Co. Ltd., Class A | 3,442,252 | 6,968,530 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,875,337 | 23,222,615 | ||||||
Poly Real Estate Group Co. Ltd., Class A | 3,903,175 | 4,573,289 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 342,470 | 701,102 | ||||||
Sealand Securities Co. Ltd., Class A | 429,193 | 1,039,283 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Financial (Continued) | ||||||||
Shanghai Chengtou Holding Co. Ltd., Class A | 671,284 | $ | 789,810 | |||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 255,415 | 1,374,960 | ||||||
Shanghai Pudong Development Bank, Class A | 6,783,547 | 13,688,524 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 475,030 | 847,246 | ||||||
Shanxi Securities Co. Ltd., Class A | 606,500 | 1,221,883 | ||||||
Sinolink Securities Co. Ltd., Class A | 940,288 | 2,611,996 | ||||||
SooChow Securities Co. Ltd., Class A | 659,002 | 1,768,420 | ||||||
Southwest Securities Co. Ltd., Class A | 662,900 | 1,137,016 | ||||||
Suning Universal Co. Ltd., Class A | 504,900 | 487,235 | ||||||
Western Securities Co. Ltd., Class A | 215,604 | 734,703 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 1,478,300 | 1,467,474 | ||||||
|
| |||||||
260,994,614 | ||||||||
|
| |||||||
Industrial — 14.4% | ||||||||
Anhui Conch Cement Co. Ltd., Class A | 1,218,198 | 3,608,007 | ||||||
AVIC Aircraft Co. Ltd., Class A | 814,795 | 2,006,159 | ||||||
BBMG Corp., Class A | 652,400 | 943,830 | ||||||
Beijing Capital Co. Ltd., Class A | 656,200 | 830,795 | ||||||
Beijing Orient Landscape Co. Ltd., Class A | 244,744 | 687,036 | ||||||
Beijing Zhongke Sanhuan High-Tech Co. Ltd., Class A | 519,968 | 1,386,863 | ||||||
China CAMC Engineering Co. Ltd., Class A | 187,034 | 791,356 | ||||||
China CNR Corp. Ltd., Class A | 1,810,607 | 1,900,474 | ||||||
China Communications Construction Co. Ltd., Class A | 1,430,800 | 1,764,925 | ||||||
China CSSC Holdings Ltd., Class A | 421,872 | 2,573,111 | ||||||
China Gezhouba Group Co. Ltd., Class A | 1,221,753 | 1,163,101 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 522,648 | 1,542,003 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 1,206,680 | 1,396,175 | ||||||
China Railway Construction Corp. Ltd., Class A | 1,869,100 | 2,652,327 | ||||||
China Railway Group Ltd., Class A | 3,777,800 | 3,129,211 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 4,225,700 | 4,346,042 | ||||||
China Shipping Container Lines Co. Ltd., Class A* | 1,899,100 | 1,094,030 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 9,089,300 | 6,182,794 | ||||||
China XD Electric Co. Ltd., Class A | 1,136,390 | 1,015,261 | ||||||
CPT Technology Group Co. Ltd., Class A* | 184,475 | 570,687 | ||||||
CSG Holding Co. Ltd., Class A | 786,699 | 1,051,066 | ||||||
CSR Corp. Ltd., Class A | 2,083,601 | 1,966,621 | ||||||
Daqin Railway Co. Ltd., Class A | 3,568,132 | 5,562,686 | ||||||
Dongfang Electric Corp. Ltd., Class A | 398,661 | 1,058,771 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A* | 431,000 | 537,961 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 521,200 | 918,567 |
Number | Value | |||||||
Industrial (Continued) | ||||||||
GoerTek, Inc., Class A | 476,820 | $ | 2,074,109 | |||||
Guangshen Railway Co. Ltd., Class A | 1,976,600 | 1,116,160 | ||||||
Hangzhou Hikvision Digital Technology Co.Ltd., Class A | 736,441 | 2,316,584 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 527,659 | 1,489,810 | ||||||
Jiangsu Kangde Xin Composite Material Co. Ltd., Class A | 501,015 | 2,693,007 | ||||||
Jiangxi Hongdu Aviation Industry Corp. Ltd., Class A | 261,173 | 1,140,746 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 141,800 | 690,886 | ||||||
Metallurgical Corp. of China Ltd., Class A | 2,959,100 | 1,401,299 | ||||||
NARI Technology Development Co. Ltd., Class A | 872,067 | 2,240,836 | ||||||
Neway Valve Suzhou Co. Ltd., Class A | 87,948 | 310,144 | ||||||
Ningbo Port Co. Ltd., Class A | 2,340,100 | 1,519,447 | ||||||
Power Construction Corp. of China Ltd., Class A | 2,320,500 | 1,593,574 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,860,623 | 1,989,307 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 682,792 | 708,904 | ||||||
Shanghai International Airport Co. Ltd., Class A | 584,710 | 1,653,744 | ||||||
Shenzhen Laibao Hi-tech Co. Ltd., Class A | 286,409 | 615,232 | ||||||
Shenzhen O-film Tech Co. Ltd., Class A | 384,068 | 1,405,645 | ||||||
Sound Environmental Resources Co. Ltd., Class A | 304,317 | 1,198,944 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 527,024 | 1,536,046 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 342,847 | 552,349 | ||||||
TBEA Co. Ltd., Class A | 1,916,554 | 3,228,044 | ||||||
Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd., Class A* | 218,519 | 773,796 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 742,224 | 1,233,215 | ||||||
Xi’ An Aero-Engine PLC, Class A | 350,257 | 1,584,564 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 747,494 | 1,468,227 | ||||||
Xinxing Ductile Iron Pipes, Class A | 1,275,700 | 1,027,618 | ||||||
XJ Electric Co. Ltd., Class A | 365,393 | 1,183,291 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 2,681,800 | 2,251,926 | ||||||
|
| |||||||
91,677,313 | ||||||||
|
| |||||||
Technology — 2.6% | ||||||||
Aisino Co. Ltd., Class A | 345,107 | 1,551,156 | ||||||
BOE Technology Group Co. Ltd., Class A* | 6,092,000 | 2,696,540 | ||||||
DHC Software Co. Ltd., Class A | 444,331 | 1,281,293 | ||||||
Glodon Software Co. Ltd., Class A | 220,774 | 845,372 | ||||||
Iflytek Co. Ltd., Class A | 342,105 | 1,711,917 | ||||||
Neusoft Corp., Class A | 522,080 | 1,355,114 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 727,830 | 1,672,410 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Technology (Continued) | ||||||||
Tsinghua Tongfang Co. Ltd., Class A | 898,600 | $ | 1,819,135 | |||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 126,703 | 652,381 | ||||||
Yonyou Software Co. Ltd., Class A | 326,874 | 1,308,028 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 347,913 | 1,372,402 | ||||||
|
| |||||||
16,265,748 | ||||||||
|
| |||||||
Utilities — 3.4% | ||||||||
Chengdu Xingrong Investment Co. Ltd., Class A | 1,090,500 | 1,070,092 | ||||||
China Yangtze Power Co. Ltd., Class A | 3,001,721 | 4,283,985 | ||||||
Chongqing Water Group Co. Ltd., Class A | 571,700 | 637,290 | ||||||
Datang International Power Generation Co. Ltd., Class A | 1,808,227 | 1,350,653 | ||||||
GD Power Development Co. Ltd., Class A | 5,238,100 | 2,531,677 | ||||||
Huadian Power International Corp. Ltd., Class A | 1,278,876 | 980,229 | ||||||
Huaneng Power International, Inc., Class A | 2,554,545 | 2,768,636 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd., Class A | 1,775,450 | 933,231 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 2,028,912 | 2,410,262 | ||||||
Shenergy Co. Ltd., Class A | 1,387,822 | 1,212,792 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 476,900 | 676,740 | ||||||
Shenzhen Gas Corp. Ltd., Class A | 257,379 | 338,006 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 617,275 | 1,689,596 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 476,490 | 469,899 | ||||||
|
| |||||||
21,353,088 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 632,268,119 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% (Cost $531,388,863) | $ | 632,268,119 | ||||||
Other assets less liabilities — 0.3% | 1,730,520 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 633,998,639 | ||||||
|
|
* Non-income producing security.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
Basic Materials — 10.3% | ||||||||
Baoji Titanium Industry Co. Ltd., Class A | 13,200 | $ | 38,730 | |||||
Befar Group Co. Ltd., Class A | 20,200 | 31,459 | ||||||
CEFC Anhui International Holding Co. Ltd. | 27,302 | 62,157 | ||||||
ChenZhou Mining Group Co. Ltd., Class A | 42,500 | 69,923 | ||||||
Chongyi Zhangyuan Tungsten Co. Ltd., Class A | 5,608 | 19,995 | ||||||
Cofco Biochemical Co. Ltd., Class A | 46,885 | 51,272 | ||||||
Danhua Chemical Technology Co. Ltd., Class A* | 28,600 | 36,349 | ||||||
FSPG Hi-Tech Co. Ltd., Class A | 40,600 | 46,711 | ||||||
Goldleaf Jewelry Co. Ltd., Class A | 20,200 | 36,554 | ||||||
Guangdong Hec Technology Holding Co. Ltd., Class A | 20,602 | 56,391 | ||||||
Guangdong Highsun Group Co. Ltd., Class A | 22,600 | 32,512 | ||||||
Hebei Veyong Bio-Chemical Co. Ltd., Class A* | 12,000 | 26,656 | ||||||
Henan Billions Chemicals Co. Ltd., Class A | 6,400 | 23,538 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 21,000 | 26,109 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A* | 47,600 | 31,759 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 34,900 | 52,591 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 20,800 | 49,047 | ||||||
Hubei Yihua Chemical Industry Co. Ltd., Class A | 55,200 | 59,467 | ||||||
Ingenious Ene-Carbon New Materials Co. Ltd., Class A* | 69,300 | 95,858 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A | 16,900 | 31,820 | ||||||
Jiangsu Chengxing Phosph-Chemicals Co. Ltd., Class A | 24,400 | 36,650 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A* | 36,300 | 56,946 | ||||||
Jilin Ji En Nickel Industry Co. Ltd., Class A | 27,900 | 71,464 | ||||||
Juli Sling Co. Ltd., Class A | 27,000 | 30,669 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 33,559 | 83,447 | ||||||
Luxi Chemical Group Co. Ltd., Class A* | 62,200 | 47,169 | ||||||
Nanjing Redsun Co. Ltd., Class A | 11,700 | 30,311 | ||||||
Nantong Jiangshan Agrochemical & Chemicals Co. Ltd., Class A | 5,800 | 28,976 | ||||||
Ningxia Orient Tantalum Industry Co. Ltd., Class A | 16,000 | 32,469 | ||||||
Pengxin International Mining Co. Ltd., Class A* | 53,000 | 122,475 | ||||||
PetroChina Jinhong Energy Investment Co. Ltd., Class A | 10,800 | 40,968 | ||||||
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A | 16,800 | 53,038 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 53,800 | 46,139 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 40,600 | 61,775 |
Number | Value | |||||||
Basic Materials (Continued) | ||||||||
Shandong Humon Smelting Co. Ltd., Class A* | 14,000 | $ | 39,004 | |||||
Shandong Jinling Mining Co. Ltd., Class A | 18,200 | 26,567 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 42,000 | 27,408 | ||||||
Shanghai 3F New Materials Co., Class A | 16,700 | 40,221 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A | 14,000 | 20,049 | ||||||
Shanxi Coking Co. Ltd., Class A* | 36,600 | 38,953 | ||||||
Shengda Mining Co. Ltd., Class A* | 5,600 | 13,806 | ||||||
Sichuan EM Technology Co. Ltd., Class A | 15,400 | 25,211 | ||||||
Sichuan Hebang Corp. Ltd., Class A | 18,600 | 35,172 | ||||||
Sichuan Jinlu Group Co. Ltd., Class A* | 37,000 | 45,098 | ||||||
Sichuan Western Resources Holding Co. Ltd., Class A* | 13,700 | 33,642 | ||||||
Stanley Fertilizer Co. Ltd., Class A | 7,000 | 39,426 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 56,600 | 59,870 | ||||||
Tibet Mineral Development Co. Ltd., Class A | 22,400 | 53,476 | ||||||
Xinjiang Joinworld Co. Ltd., Class A | 23,800 | 28,351 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 59,000 | 71,338 | ||||||
Yueyang Forest & Paper Co. Ltd., Class A | 44,200 | 41,071 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A | 23,800 | 55,191 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 55,600 | 62,250 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 23,700 | 65,835 | ||||||
Zhejiang Satellite Petrochemical Co. Ltd., Class A | 14,100 | 31,206 | ||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 32,800 | 54,338 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 14,000 | 39,596 | ||||||
|
| |||||||
2,568,473 | ||||||||
|
| |||||||
Communications — 3.9% | ||||||||
Anhui Xinhua Media Co. Ltd., Class A | 11,200 | 30,000 | ||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 38,200 | 95,050 | ||||||
Central China Land Media Co. Ltd. | 8,200 | 21,004 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A* | 25,600 | 38,535 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A* | 6,900 | 29,397 | ||||||
Dalian Daxian Enterprises Holdings Co. Ltd., Class A* | 61,800 | 66,476 | ||||||
Datang Telecom Technology Co. Ltd., Class A* | 21,000 | 58,950 | ||||||
Eastern Communications Co. Ltd., Class A | 23,262 | 37,969 | ||||||
Focus Technology Co. Ltd., Class A | 2,800 | 29,777 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 8,000 | 35,554 | ||||||
Guangdong Guangzhou Daily Media Co. Ltd., Class A | 16,800 | 46,477 | ||||||
Guomai Technologies, Inc., Class A | 21,000 | 24,332 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 11,700 | 36,081 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Communications (Continued) | ||||||||
Insigma Technology Co. Ltd., Class A | 51,000 | $ | 73,366 | |||||
Jiangsu Zhongtian Technologies Co. Ltd., Class A | 35,800 | 91,174 | ||||||
Northern United Publishing & Media Group Co. Ltd., Class A | 13,600 | 27,753 | ||||||
Shaanxi Broadcast & TV Network Intermediary Co. Ltd., Class A | 23,800 | 37,336 | ||||||
Shanghai Xinhua Media Co. Ltd., Class A | 31,800 | 64,376 | ||||||
Shenzhen Coship Electronics Co. Ltd., Class A* | 29,200 | 46,901 | ||||||
Shenzhen Topway Video Communication Co. Ltd., Class A | 8,300 | 20,193 | ||||||
Time Publishing and Media Co. Ltd., Class A | 12,600 | 37,380 | ||||||
Wuhan Fingu Electronic Technology Co. Ltd., Class A | 9,800 | 19,903 | ||||||
|
| |||||||
967,984 | ||||||||
|
| |||||||
Consumer, Cyclical — 15.0% | ||||||||
Anhui Huamao Textile Co., Class A | 34,200 | 37,122 | ||||||
Anhui Jianghuai Automobile Co. Ltd., Class A | 52,000 | 97,908 | ||||||
Beijing Capital Retailing Group Co. Ltd., Class A | 20,200 | 24,260 | ||||||
Beijing Wangfujing Department Store (Group) Co. Ltd., Class A | 14,200 | 43,651 | ||||||
Beijing WKW Automotive Parts Co. Ltd., Class A | 11,000 | 27,138 | ||||||
Besttone Holdings Co. Ltd., Class A | 12,600 | 39,676 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 11,100 | 29,606 | ||||||
Bros Eastern Co. Ltd., Class A | 14,000 | 24,970 | ||||||
China Automotive Engineering Research Institute Co. Ltd., Class A | 11,200 | 23,566 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 31,100 | 86,746 | ||||||
China Meheco Co. Ltd., Class A | 24,300 | 54,690 | ||||||
China Television Media Ltd., Class A | 9,800 | 33,028 | ||||||
Chongqing Department Store, Class A | 9,800 | 36,282 | ||||||
CMST Development Co. Ltd., Class A | 57,200 | 83,403 | ||||||
CNHTC Jinan Truck Co. Ltd., Class A | 9,800 | 25,086 | ||||||
Dashang Group Co. Ltd., Class A | 18,200 | 100,967 | ||||||
Dongfeng Automobile Co. Ltd., Class A | 48,400 | 43,950 | ||||||
Dongguan Souyute Fashion Co. Ltd., Class A | 9,920 | 25,555 | ||||||
Eastern Gold Jade Co. Ltd., Class A* | 12,600 | 52,779 | ||||||
Elec-Tech International Co. Ltd., Class A* | 58,900 | 78,981 | ||||||
Fangda Special Steel Technology Co. Ltd., Class A | 32,200 | 23,737 | ||||||
FAWER Automotive Parts Ltd. Co., Class A | 19,400 | 25,825 | ||||||
Fengfan Stock Ltd. Co., Class A | 19,600 | 46,759 | ||||||
Fujian Septwolves Industry Co. Ltd., Class A | 27,900 | 48,672 | ||||||
Guangdong Chj Industry Co. Ltd., Class A | 20,500 | 29,657 | ||||||
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | 5,500 | 15,448 |
Number | Value | |||||||
Consumer, Cyclical (Continued) | ||||||||
Guangdong Yihua Timber Industry Co. Ltd., Class A | 70,500 | $ | 65,280 | |||||
Guangzhou Friendship Group Co. Ltd., Class A | 3,200 | 4,859 | ||||||
Guangzhou Pearl River Piano Group Co. Ltd., Class A | 11,300 | 22,618 | ||||||
Guirenniao Co. Ltd., Class A | 7,300 | 16,548 | ||||||
Haima Automobile Group Co. Ltd., Class A* | 60,400 | 52,389 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 9,277 | 50,408 | ||||||
Hefei Department Store Group Co. Ltd., Class A | 33,500 | 37,234 | ||||||
Hefei Rongshida Sanyo Electric Co. Ltd., Class A | 13,000 | 27,290 | ||||||
Heilan Home Co. Ltd., Class A | 55,044 | 94,591 | ||||||
Hisense Kelon Electrical Holdings Co. Ltd., Class A* | 21,999 | 31,110 | ||||||
Huangshan Tourism Development Co. Ltd., Class A | 7,600 | 18,032 | ||||||
Hunan Friendship & Apollo Cmmericial Co. Ltd., Class A | 20,900 | 48,194 | ||||||
Jiangling Motors Corp. Ltd., Class A | 12,600 | 61,924 | ||||||
Jiangsu Guotai International Group Guomao Co. Ltd., Class A | 11,200 | 30,930 | ||||||
Jiangsu Sunshine Co. Ltd., Class A* | 86,800 | 57,066 | ||||||
Jiangsu Yueda Investment Co. Ltd., Class A | 41,200 | 74,958 | ||||||
Joeone Co. Ltd., Class A | 10,500 | 22,657 | ||||||
Joyoung Co. Ltd., Class A | 18,500 | 33,538 | ||||||
Lancy Co. Ltd., Class A | 3,500 | 14,125 | ||||||
Lao Feng Xiang Co. Ltd., Class A | 7,200 | 37,435 | ||||||
Lifan Industry Group Co. Ltd., Class A | 18,200 | 30,299 | ||||||
Loncin Motor Co. Ltd., Class A | 16,400 | 43,982 | ||||||
Luolai Home Textile Co. Ltd., Class A | 7,082 | 28,466 | ||||||
Luthai Textile Co. Ltd., Class A | 27,200 | 47,982 | ||||||
Markor International Home Furnishings Co. Ltd., Class A | 22,100 | 34,885 | ||||||
MeiDu Energy Corp., Class A | 64,790 | 61,047 | ||||||
Nanjing Central Emporium, Class A | 10,400 | 19,785 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 25,800 | 63,188 | ||||||
Ningbo Joyson Electronic Corp., Class A* | 10,400 | 37,166 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 17,400 | 49,666 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A | 22,300 | 61,838 | ||||||
Ningxia Zhongyin Cashmere Co. Ltd., Class A | 15,840 | 11,961 | ||||||
Rainbow Department Store Co. Ltd., Class A | 9,800 | 20,381 | ||||||
Shanghai Haixin Group Co., Class A* | 35,600 | 50,634 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A | 10,400 | 42,497 | ||||||
Shanghai Lansheng Corp., Class A | 12,600 | 40,783 | ||||||
Shanghai New World Co. Ltd., Class A | 25,800 | 44,337 | ||||||
Shunfa Hengye Corp., Class A | 19,500 | 21,705 | ||||||
Sichuan Chengfei Integration Technology Co. Ltd., Class A | 9,200 | 81,280 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Consumer, Cyclical (Continued) | ||||||||
Sinochem International Corp., Class A | 51,000 | $ | 71,624 | |||||
Sinomach Automobile Co. Ltd., Class A | 10,800 | 36,064 | ||||||
Sunny Loan Top Co. Ltd., Class A | 19,600 | 35,404 | ||||||
Sunvim Group Co. Ltd., Class A | 44,600 | 38,032 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 8,400 | 30,962 | ||||||
Tianjin Faw Xiali Automobile Co. Ltd., Class A* | 29,400 | 29,711 | ||||||
TongKun Group Co. Ltd., Class A | 17,200 | 22,560 | ||||||
Vtron Technologies Ltd., Class A | 25,200 | 36,211 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 56,900 | 125,653 | ||||||
Wenfeng Great World Chain Development Corp., Class A | 14,000 | 19,456 | ||||||
Wuhan Department Store Group Co. Ltd., Class A* | 15,461 | 35,828 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 13,905 | 27,086 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 72,248 | 122,275 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A* | 21,600 | 37,998 | ||||||
Yotrio Group Co. Ltd., Class A | 10,000 | 24,248 | ||||||
Zhejiang Aokang Shoes Co. Ltd., Class A | 7,000 | 19,365 | ||||||
Zhejiang Baoxiniao Garment Co. Ltd., Class A | 19,800 | 29,321 | ||||||
Zhejiang Haiyue Co. Ltd., Class A | 18,800 | 43,566 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 26,200 | 43,361 | ||||||
Zhejiang Material Industrial Zhongda Yuantong Group Co. Ltd., Class A | 25,200 | 42,568 | ||||||
Zhejiang Ming Jewelry Co. Ltd., Class A | 12,569 | 22,336 | ||||||
Zhejiang Orient Holdings Co., Class A | 18,200 | 54,112 | ||||||
Zhejiang Supor Cookware Co. Ltd., Class A | 7,400 | 21,363 | ||||||
|
| |||||||
3,721,634 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 16.5% | ||||||||
Angel Yeast Co. Ltd., Class A | 12,500 | 40,521 | ||||||
Anhui Golden Seed Winery Co. Ltd., Class A | 23,800 | 37,220 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 7,000 | 30,404 | ||||||
Anhui Wanjiang Logistics Group Co. Ltd., Class A* | 14,700 | 9,832 | ||||||
Beijing Sanyuan Foods Co. Ltd., Class A* | 21,600 | 31,776 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 14,000 | 40,075 | ||||||
Beijing Tiantan Biological Products Co., Class A* | 15,400 | 69,645 | ||||||
Chacha Food Co. Ltd., Class A | 8,500 | 29,643 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 10,400 | 26,960 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 7,000 | 50,828 | ||||||
China National Medicines Corp. Ltd., Class A | 17,000 | 79,703 | ||||||
Chongqing Brewery Co., Class A | 14,200 | 37,528 | ||||||
Chuying Agro-pastoral Group Co. Ltd., Class A | 28,300 | 48,310 | ||||||
COFCO Tunhe Co. Ltd., Class A | 25,200 | 29,814 |
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
Dalian Port PDA Co. Ltd., Class A | 61,700 | $ | 46,187 | |||||
Dalian Yi Qiao Marine Seeds Co. Ltd., Class A | 11,100 | 28,396 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A | 27,000 | 58,789 | ||||||
Gansu Ronghua Industry Group Co. Ltd., Class A* | 40,600 | 41,162 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 19,600 | 34,894 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 14,600 | 48,492 | ||||||
Guangzhou Zhujiang Brewery Co. Ltd., Class A | 12,600 | 33,914 | ||||||
Guilin Sanjin Pharmaceutical Co. Ltd., Class A | 11,279 | 36,085 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 7,000 | 50,076 | ||||||
Hainan Haiyao Co. Ltd., Class A | 24,400 | 67,184 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 15,550 | 60,100 | ||||||
Hebei Chengde Lolo Co., Class A | 18,100 | 65,596 | ||||||
Henan Rebecca Hair Products Co. Ltd., Class A | 40,000 | 31,766 | ||||||
Hengkang Medical Group Co. Ltd., Class A | 18,305 | 65,922 | ||||||
Huapont-Nutrichem Co. Ltd., Class A | 19,500 | 58,643 | ||||||
Inner Mongolia Jinyu Group Ltd., Class A | 16,900 | 100,712 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 21,240 | 89,351 | ||||||
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 9,920 | 43,910 | ||||||
Jiangsu Sihuan Bioengineering Co. Ltd., Class A* | 62,200 | 60,226 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 12,600 | 55,321 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A | 11,200 | 38,239 | ||||||
Jianxin Mining Co. Ltd., Class A* | 21,000 | 26,656 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 15,400 | 38,594 | ||||||
Jinling Pharmaceutical Co. Ltd., Class A | 15,400 | 36,338 | ||||||
Jiugui Liquor Co. Ltd., Class A* | 14,000 | 32,010 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 38,000 | 46,874 | ||||||
Kunming Pharmaceutical Corp., Class A | 15,496 | 68,515 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 6,600 | 52,800 | ||||||
Luoniushan Co. Ltd., Class A | 53,800 | 70,566 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 12,600 | 46,156 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 4,300 | 40,446 | ||||||
North China Pharmaceutical Co. Ltd., Class A* | 49,600 | 53,676 | ||||||
PKU HealthCare Corp. Ltd., Class A | 22,700 | 65,643 | ||||||
Pubang Landscape Architecture Co. Ltd., Class A | 16,800 | 38,603 | ||||||
Qinghai Huzhu Barley Wine Co. Ltd., Class A | 11,200 | 33,354 | ||||||
Renhe Pharmacy Co. Ltd., Class A | 36,400 | 47,507 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
Rizhao Port Co. Ltd., Class A | 93,600 | $ | 63,822 | |||||
Sanquan Food Co. Ltd., Class A | 9,700 | 36,685 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A | 8,400 | 47,557 | ||||||
Shandong Homey Aquatic Development Co. Ltd., Class A | 26,646 | 27,101 | ||||||
Shanghai Jinfeng Wine Co. Ltd., Class A | 18,800 | 28,361 | ||||||
Shanghai Kehua Bio-Engineering Co. Ltd., Class A | 23,800 | 88,616 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A | 30,000 | 44,426 | ||||||
Shantou Dongfeng Printing Co. Ltd., Class A* | 14,000 | 27,590 | ||||||
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A | 9,800 | 22,646 | ||||||
Shenzhen Glory Medical Co. Ltd., Class A | 12,500 | 55,879 | ||||||
Shenzhen Grandland Decoration Group Co. Ltd., Class A | 12,800 | 33,474 | ||||||
Shenzhen Jinjia Color Printing Group Co. Ltd., Class A | 26,900 | 61,986 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A* | 33,800 | 55,994 | ||||||
Shinva Medical Instrument Co. Ltd., Class A | 16,829 | 93,908 | ||||||
Sichuan Tuopai Shede Wine Co. Ltd., Class A | 16,800 | 41,282 | ||||||
TangShan Port Group Co. Ltd., Class A | 49,600 | 57,551 | ||||||
Tianjin Lisheng Pharmaceutical Co. Ltd., Class A | 5,600 | 31,249 | ||||||
Tianjin Tianyao Pharmaceutical Co. Ltd., Class A | 29,400 | 28,658 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 12,600 | 32,048 | ||||||
Tieling Newcity Investment Holding Ltd., Class A* | 22,600 | 56,711 | ||||||
Tongwei Co. Ltd., Class A | 19,600 | 31,609 | ||||||
V V Food & Beverage Co. Ltd., Class A | 47,400 | 43,350 | ||||||
Xiandai Investment Co. Ltd., Class A | 43,120 | 47,365 | ||||||
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A | 14,200 | 44,622 | ||||||
Xinjiang Yilite Industry Co. Ltd., Class A | 13,600 | 24,766 | ||||||
Yabao Pharmaceutical Group Co. Ltd., Class A | 33,680 | 54,151 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 42,600 | 135,252 | ||||||
Zhangzidao Group Co. Ltd., Class A | 11,800 | 29,687 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 24,400 | 68,614 | ||||||
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A | 30,060 | 42,509 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 28,600 | 67,812 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A* | 18,200 | 30,091 | ||||||
Zhongbai Holdings Group Co. Ltd., Class A | 33,000 | 45,163 |
Number | Value | |||||||
Consumer, Non-cyclical (Continued) | ||||||||
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A* | 16,800 | $ | 100,062 | |||||
Zhuzhou Qianjin Pharmaceutical Co. Ltd., Class A | 12,600 | 33,668 | ||||||
|
| |||||||
4,109,227 | ||||||||
|
| |||||||
Diversified — 1.8% | ||||||||
Anyuan Coal Industry Group Co. Ltd., Class A | 23,800 | 21,224 | ||||||
Jilin Yatai Group Co. Ltd., Class A | 107,700 | 120,231 | ||||||
Metro Land Corp. Ltd., Class A | 22,400 | 26,282 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 22,400 | 63,136 | ||||||
Orient Group, Inc., Class A | 81,100 | 107,957 | ||||||
Silver Plaza Group Co. Ltd., Class A | 22,400 | 30,656 | ||||||
Tianjin TEDA Co. Ltd., Class A | 63,100 | 70,237 | ||||||
|
| |||||||
439,723 | ||||||||
|
| |||||||
Energy — 2.2% | ||||||||
Anhui Hengyuan Coal Industry and Electric Power Co. Ltd., Class A | 30,700 | 36,770 | ||||||
Beijing Haohua Energy Resource Co. Ltd., Class A | 29,500 | 35,813 | ||||||
Changchun Gas Co. Ltd., Class A | 16,000 | 21,611 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 13,200 | 22,190 | ||||||
Hareon Solar Technology Co. Ltd., Class A* | 28,344 | 39,714 | ||||||
Henan Shenhuo Coal & Power Co. Ltd., Class A | 69,400 | 57,033 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 24,100 | 34,395 | ||||||
Inner Mongolia Pingzhuang Energy Co. Ltd., Class A | 24,700 | 21,866 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 47,600 | 77,616 | ||||||
Kailuan Energy Chemical Co. Ltd., Class A | 38,000 | 37,722 | ||||||
Kingdream PLC, Class A | 9,600 | 33,994 | ||||||
Oriental Energy Co. Ltd., Class A | 16,000 | 38,275 | ||||||
Qitaihe Baotailong Coal & Coal Chemicals PCL, Class A* | 9,800 | 19,233 | ||||||
Shaan Xi Provincial Natural Gas Co. Ltd., Class A | 13,000 | 24,985 | ||||||
Shanghai Datun Energy Resources Co. Ltd., Class A* | 17,200 | 28,718 | ||||||
Wuhan Kaidi Electric Power Co. Ltd., Class A* | 13,200 | 21,459 | ||||||
|
| |||||||
551,394 | ||||||||
|
| |||||||
Financial — 9.4% | ||||||||
Anxin Trust Co. Ltd., Class A | 19,641 | 94,385 | ||||||
Beijing Centergate Technologies (Holding) Co. Ltd., Class A* | 32,800 | 43,929 | ||||||
Beijing Huaye Realestate Co. Ltd., Class A* | 37,600 | 43,994 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 36,500 | 83,216 | ||||||
Black Peony Group Co. Ltd., Class A | 18,200 | 20,999 | ||||||
Bohai Leasing Co. Ltd., Class A | 21,300 | 43,813 | ||||||
China Enterprise Co. Ltd., Class A | 78,560 | 81,053 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Financial (Continued) | ||||||||
China Sports Industry Group Co. Ltd., Class A | 38,800 | $ | 98,878 | |||||
Cinda Real Estate Co. Ltd., Class A | 37,000 | 30,889 | ||||||
COFCO Property Group Co. Ltd., Class A | 55,200 | 55,335 | ||||||
Deluxe Family Co. Ltd., Class A | 61,400 | 63,348 | ||||||
Geo-Jade Petroleum Corp., Class A | 41,400 | 74,042 | ||||||
Greattown Holdings Ltd., Class A* | 19,000 | 24,395 | ||||||
Hainan Expressway Co. Ltd., Class A | 48,200 | 37,807 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 24,500 | 30,301 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 39,800 | 79,535 | ||||||
Huayuan Property Co. Ltd., Class A | 33,100 | 22,354 | ||||||
Macrolink Real Estate Co. Ltd., Class A | 19,600 | 22,646 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A* | 119,100 | 56,013 | ||||||
Ningbo Fuda Co. Ltd., Class A | 26,600 | 24,847 | ||||||
Pacific Securities Co. Ltd., Class A | 127,633 | 197,318 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 29,200 | 53,078 | ||||||
Shanghai AJ Corp., Class A | 46,800 | 110,813 | ||||||
Shanghai Dingli Technology Development Group Co. Ltd., Class A | 14,000 | 27,089 | ||||||
Shanghai DZH Ltd., Class A* | 8,800 | 8,564 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 26,600 | 49,304 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 16,000 | 42,129 | ||||||
Shanghai Shimao Co. Ltd., Class A | 21,300 | 42,323 | ||||||
Shenzhen Heungkong Holding Co. Ltd., Class A | 21,300 | 24,194 | ||||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 22,940 | 65,740 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 58,000 | 65,504 | ||||||
Sunshine City Group Co. Ltd., Class A | 31,500 | 72,073 | ||||||
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A | 38,400 | 34,057 | ||||||
Thaihot Group Co. Ltd., Class A* | 18,200 | 38,532 | ||||||
Tianjin Jinbin Development Co., Class A* | 79,000 | 88,835 | ||||||
Tianjin Realty Development Group Co. Ltd., Class A | 53,800 | 39,398 | ||||||
Tibet Urban Development and Investment Co. Ltd., Class A | 13,900 | 27,845 | ||||||
Wuhan Langold Real Estate Co. Ltd., Class A | 17,400 | 20,387 | ||||||
Yeland Investment Group Co. Ltd., Class A | 87,300 | 67,766 | ||||||
YunNan Metropolitan Real Estate Development Co. Ltd., Class A | 30,000 | 31,928 | ||||||
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A | 29,400 | 40,763 | ||||||
Zhonghong Holding Co. Ltd., Class A* | 70,100 | 53,958 | ||||||
Zhongrun Resources Investment Corp., Class A | 26,400 | 29,944 | ||||||
Zhongtian Urban Development Group Co. Ltd., Class A | 46,800 | 63,365 | ||||||
|
| |||||||
2,326,686 | ||||||||
|
|
Number | Value | |||||||
Industrial — 28.1% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A | 31,504 | $ | 51,216 | |||||
Anhui Heli Co. Ltd., Class A | 26,680 | 52,361 | ||||||
Anhui Jiangnan Chemical Industry Co. Ltd., Class A | 8,400 | 15,857 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 32,800 | 101,736 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 12,900 | 46,226 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 26,000 | 99,133 | ||||||
Baotou Beifang Chuangye Co. Ltd., Class A | 39,100 | 94,044 | ||||||
Beijing Jingyuntong Technology Co. Ltd., Class A | 14,300 | 30,648 | ||||||
Beijing Lier High-temperature Materials Co. Ltd. | 14,600 | 28,250 | ||||||
Beijing New Building Material PLC, Class A | 17,400 | 61,756 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 12,000 | 59,092 | ||||||
Beijing Sevenstar Electronics Co. Ltd., Class A | 8,400 | 35,883 | ||||||
Beijing Sifang Automation Co. Ltd., Class A | 8,600 | 25,835 | ||||||
Camel Group Co. Ltd., Class A | 21,000 | 49,860 | ||||||
CCS Supply Chain Management Co. Ltd., Class A | 15,800 | 32,963 | ||||||
Changjiang & Jingong Steel Building Group Co. Ltd., Class A | 25,200 | 39,205 | ||||||
Changyuan Group Ltd., Class A | 30,200 | 61,235 | ||||||
Chengdu Xinzhu Road&Bridge Machinery Co. Ltd., Class A* | 20,000 | 39,382 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 50,300 | 117,871 | ||||||
China Aviation Optical-Electrical Technology Co. Ltd., Class A | 11,200 | 46,112 | ||||||
China Fiberglass Co. Ltd., Class A | 21,000 | 45,452 | ||||||
China Railway Erju Co. Ltd., Class A | 44,100 | 58,489 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A* | 55,200 | 68,271 | ||||||
China Shipping Development Co. Ltd., Class A* | 38,400 | 41,056 | ||||||
China-Kinwa High Technology Co. Ltd., Class A* | 70,200 | 78,597 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A | 42,000 | 68,690 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 49,400 | 42,044 | ||||||
Citic Offshore Helicopter Co. Ltd., Class A | 22,801 | 56,659 | ||||||
Citychamp Dartong Co. Ltd., Class A* | 51,000 | 65,731 | ||||||
COSCO Shipping Co. Ltd., Class A* | 50,900 | 45,805 | ||||||
CPI Yuanda Environmental-Protection Group Co. Ltd., Class A | 11,600 | 43,682 | ||||||
Dalian Huarui Heavy Industry Group Co. Ltd., Class A | 23,376 | 45,040 | ||||||
Dazhong Transportation Group Co. Ltd., Class A | 41,600 | 64,312 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 6,800 | 35,732 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Industrial (Continued) | ||||||||
East China Engineering Science and Technology Co. Ltd., Class A | 11,200 | $ | 33,700 | |||||
Far East Smarter Energy Co. Ltd., Class A | 12,500 | 21,155 | ||||||
Feilo Acoustics Co. Ltd., Class A | 45,400 | 68,857 | ||||||
Fenghua Advanced Technology Holding Co. Ltd., Class A* | 32,800 | 49,854 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 32,200 | 54,916 | ||||||
Gansu Qilianshan Cement Group Co. Ltd., Class A | 37,800 | 53,578 | ||||||
Gem-Year Industrial Co. Ltd., Class A | 22,000 | 72,176 | ||||||
Guangdong Goworld Co. Ltd., Class A | 19,600 | 37,828 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 21,600 | 29,702 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 48,100 | 64,890 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 28,000 | 45,930 | ||||||
Guangzhou Guangri Stock Co. Ltd., Class A* | 20,400 | 47,373 | ||||||
Guangzhou Shipyard International Co. Ltd., Class A | 13,100 | 59,563 | ||||||
Guizhou Changzheng Tiacheng Holding Co. Ltd., Class A | 6,000 | 15,710 | ||||||
Guizhou Space Appliance Co. Ltd., Class A | 12,600 | 41,522 | ||||||
Guodian Nanjing Automation Co. Ltd., Class A | 19,600 | 22,168 | ||||||
Hafei Aviation Industry Co. Ltd., Class A | 11,200 | 66,963 | ||||||
Hainan Strait Shipping Co. Ltd., Class A | 10,400 | 21,579 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 24,400 | 57,536 | ||||||
Hangzhou Boiler Group Co. Ltd., Class A | 4,500 | 13,914 | ||||||
Hangzhou Hangyang Co. Ltd., Class A | 15,400 | 20,575 | ||||||
Harbin Boshi Automation Co. Ltd., Class A | 7,000 | 32,636 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 8,400 | 56,729 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A* | 53,500 | 58,158 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 41,200 | 99,295 | ||||||
Henan Senyuan Electric Co. Ltd., Class A | 7,400 | 44,882 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 12,600 | 43,818 | ||||||
Hongfa Technology Co. Ltd., Class A* | 9,800 | 35,341 | ||||||
Huagong Tech Co. Ltd., Class A | 38,400 | 84,736 | ||||||
Huaxin Cement Co. Ltd., Class A | 17,980 | 25,046 | ||||||
Hubei Hongcheng General Machinery Co. Ltd., Class A* | 8,900 | 31,414 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 22,519 | 91,395 | ||||||
Jangho Group Co. Ltd., Class A | 24,900 | 33,146 | ||||||
Jiangsu Hengli Highpressure Oil Cylinder Co. Ltd., Class A | 11,200 | 22,291 | ||||||
Jiangsu Jianghuai Engine Co. Ltd., Class A | 52,400 | 62,846 | ||||||
Jiangsu Shagang Co. Ltd., Class A* | 28,600 | 25,738 | ||||||
Jiangsu Sunrain Solar Energy Co. Ltd., Class A | 9,800 | 28,642 | ||||||
Jiangsu Wuzhong Industrial Co., Class A | 35,700 | 76,048 |
Number | Value | |||||||
Industrial (Continued) | ||||||||
Jihua Group Corp. Ltd., Class A | 93,800 | $ | 75,406 | |||||
Jonjee High-Tech Industrial and Commercial Holding Co. Ltd., Class A | 48,200 | 81,183 | ||||||
Kaile Science & Technology Co. Ltd. Hubei, Class A | 25,500 | 41,414 | ||||||
Long Yuan Construction Group Co. Ltd., Class A | 34,500 | 24,591 | ||||||
Ningxia Building Materials Group Co. Ltd., Class A | 17,400 | 30,298 | ||||||
North Electro-Optic Co. Ltd., Class A* | 4,200 | 20,327 | ||||||
North Navigation Control Technology Co. Ltd., Class A | 22,400 | 95,906 | ||||||
ORG Packaging Co. Ltd., Class A | 18,400 | 67,342 | ||||||
Palm Landscape Architecture Co. Ltd., Class A | 12,900 | 39,991 | ||||||
Puyang Refractories Group Co. Ltd., Class A | 14,200 | 17,470 | ||||||
Qingdao Hanhe Cable Co. Ltd., Class A | 12,600 | 18,659 | ||||||
Rongxin Power Electronic Co. Ltd., Class A | 23,200 | 34,545 | ||||||
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 12,600 | 53,722 | ||||||
Shandong Jinjing Science & Technology Co. Ltd., Class A* | 60,800 | 38,686 | ||||||
Shandong Molong Petroleum Machinery Co. Ltd., Class A* | 11,400 | 18,960 | ||||||
Shanghai Aerospace Automobile Electromechanical Co., Class A | 45,400 | 73,512 | ||||||
Shanghai Feilo Co. Ltd., Class A | 45,809 | 83,045 | ||||||
Shanghai Guangdian Electric Group Co. Ltd., Class A | 37,400 | 31,588 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 19,600 | 60,443 | ||||||
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A | 30,099 | 55,300 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 82,300 | 90,804 | ||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., Class A* | 101,000 | 92,042 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 12,960 | 26,257 | ||||||
Shantui Construction Machinery Co. Ltd., Class A* | 60,800 | 46,998 | ||||||
Shengyi Technology Co. Ltd., Class A | 52,400 | 60,458 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 7,000 | 41,351 | ||||||
Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd., Class A* | 33,000 | 70,404 | ||||||
Shenzhen Hifuture Electric Co. Ltd., Class A* | 32,200 | 53,082 | ||||||
Shenzhen Hongtao Decoration Co. Ltd., Class A | 23,100 | 43,418 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 23,200 | 51,233 | ||||||
Shenzhen Yantian Port Holding Co. Ltd., Class A | 47,000 | 64,706 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 24,200 | 44,777 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 55,500 | 48,410 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Industrial (Continued) | ||||||||
Sichuan Shuangma Cement Co. Ltd., Class A* | 11,468 | $ | 13,064 | |||||
Sieyuan Electric Co. Ltd., Class A | 22,400 | 44,764 | ||||||
Sinoma International Engineering Co. Ltd., Class A | 26,800 | 44,921 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 22,400 | 58,762 | ||||||
SUFA Technology Industry Co. Ltd. CNNC, Class A | 13,320 | 63,988 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A | 4,200 | 22,247 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 18,800 | 39,007 | ||||||
Taiyuan Heavy Industry Co. Ltd., Class A | 103,400 | 110,719 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 34,400 | 53,741 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 27,505 | 48,072 | ||||||
Tianjin Benefo Tejing Electric Co. Ltd., Class A | 11,200 | 26,647 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 26,600 | 37,876 | ||||||
Tianma Bearing Group Co. Ltd., Class A | 36,400 | 52,601 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 19,400 | 72,454 | ||||||
Tongfang Guoxin Electronics Co. Ltd., Class A | 14,000 | 66,275 | ||||||
Wolong Electric Group Co. Ltd., Class A | 34,200 | 55,544 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 41,240 | 38,858 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 7,000 | 34,778 | ||||||
Xiamen XGMA Machinery Co. Ltd., Class A* | 32,500 | 30,570 | ||||||
Xi’an Shaangu Power Co. Ltd., Class A | 39,800 | 49,159 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A | 25,800 | 47,024 | ||||||
Xinjiang Qingsong Building Materials and Chemicals Group Co. Ltd., Class A | 33,600 | 34,612 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 37,700 | 49,755 | ||||||
Xinjiang Urban Construction Group Co. Ltd., Class A | 32,800 | 53,270 | ||||||
Yechiu Metal Recycling China Ltd., Class A | 12,640 | 22,297 | ||||||
Yintai Resources Co. Ltd., Class A | 26,600 | 58,265 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 15,900 | 52,138 | ||||||
Zhejiang Dun’an Artificial Environment Co. Ltd., Class A | 25,800 | 43,875 | ||||||
Zhejiang Hailiang Co. Ltd., Class A | 10,000 | 17,087 | ||||||
Zhejiang Sanhua Co. Ltd., Class A | 16,940 | 37,409 | ||||||
Zhejiang Wanma Co. Ltd., Class A | 26,200 | 39,652 | ||||||
Zhejiang Yankon Group Co. Ltd., Class A | 34,890 | 53,201 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 50,700 | 57,094 | ||||||
Zhongli Science and Technology Group Co. Ltd., Class A | 17,400 | 57,849 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 16,400 | 36,910 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A | 15,400 | 20,450 |
Number | Value | |||||||
Industrial (Continued) | ||||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 18,800 | $ | 37,263 | |||||
|
| |||||||
6,978,401 | ||||||||
|
| |||||||
Technology — 8.0% | ||||||||
Accelink Technologies Co. Ltd., Class A | 4,600 | 29,689 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 7,300 | 82,444 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A | 30,600 | 136,692 | ||||||
Bright Oceans Inter-Telecom Corp., Class A | 28,000 | 52,947 | ||||||
China Greatwall Computer Shenzhen Co. Ltd., Class A* | 40,200 | 43,307 | ||||||
China National Software & Service Co. Ltd., Class A | 12,400 | 57,651 | ||||||
EGing Photovoltaic Technology Co. Ltd., Class A | 14,600 | 39,654 | ||||||
Founder Technology Group Corp., Class A | 133,800 | 115,184 | ||||||
Fujian Newland Computer Co. Ltd., Class A | 20,100 | 93,451 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 26,740 | 86,377 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A* | 37,980 | 39,741 | ||||||
Hundsun Technologies, Inc., Class A | 29,500 | 266,485 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 14,000 | 90,721 | ||||||
Invengo Information Technology Co. Ltd., Class A | 31,400 | 46,244 | ||||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 47,200 | 85,489 | ||||||
Jiangsu Hongtu High Technology Co. Ltd., Class A | 55,200 | 63,330 | ||||||
Mesnac Co. Ltd., Class A | 36,400 | 86,306 | ||||||
NavInfo Co. Ltd., Class A | 29,200 | 112,143 | ||||||
Shangdong Geo-Mineral Co. Ltd., Class A* | 11,200 | 19,830 | ||||||
Shanghai Belling Co. Ltd., Class A | 32,800 | 58,181 | ||||||
Shanghai East-China Computer Co. Ltd., Class A | 5,600 | 36,689 | ||||||
Shenghe Resources, Class A* | 9,300 | 31,570 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 35,600 | 46,694 | ||||||
Taiji Computer Corp. Ltd., Class A | 8,400 | 72,394 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 14,200 | 51,739 | ||||||
Xi’an LONGi Silicon Materials Co. Ltd., Class A | 19,800 | 57,580 | ||||||
YGSOFT, Inc., Class A | 22,300 | 82,341 | ||||||
|
| |||||||
1,984,873 | ||||||||
|
| |||||||
Utilities — 2.7% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 26,800 | 41,127 | ||||||
Beijing SPC Environmental Protection Tech Co. Ltd., Class A | 16,100 | 59,972 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 73,400 | 61,873 | ||||||
Guangdong Golden Dragon Development, Inc., Class A | 27,200 | 119,733 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2014 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Harbin Hatou Investment Co. Ltd., Class A | 19,500 | $ | 34,208 | |||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A | 80,400 | 98,390 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 39,200 | 45,994 | ||||||
Top Energy Co. Ltd., Class A | 28,000 | 27,430 | ||||||
Xinjiang Tianfu Energy Co. Ltd., Class A | 28,000 | 45,748 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 50,800 | 64,482 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A* | 15,600 | 24,600 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 18,800 | 59,261 | ||||||
|
| |||||||
682,818 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 24,331,213 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.9% (Cost $21,370,465) | $ | 24,331,213 | ||||||
Other assets less liabilities — 2.1% | 517,807 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,849,020 | ||||||
|
|
* Non-income producing security.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest MSCI All China Equity ETF
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 45.9% | ||||||||
Basic Materials — 0.8% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 14,626 | $ | 6,356 | |||||
CITIC Ltd. | 8,312 | 14,491 | ||||||
Fosun International Ltd. | 6,418 | 7,837 | ||||||
Jiangxi Copper Co. Ltd., Class H | 4,888 | 8,773 | ||||||
Kingboard Chemical Holdings Ltd. | 2,472 | 4,622 | ||||||
Lee & Man Paper Manufacturing Ltd. | 5,201 | 2,897 | ||||||
Nine Dragons Paper Holdings Ltd. | 6,057 | 5,171 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 12,961 | 4,028 | ||||||
Zijin Mining Group Co. Ltd., Class H | 21,665 | 5,783 | ||||||
|
| |||||||
59,958 | ||||||||
|
| |||||||
Communications — 15.4% | ||||||||
Alibaba Group Holding Ltd., ADR* | 1,188 | 132,628 | ||||||
Baidu, Inc., ADR* | 1,020 | 250,011 | ||||||
Bitauto Holdings Ltd., ADR* | 73 | 6,728 | ||||||
China Communications Services Corp. Ltd., Class H | 8,869 | 4,323 | ||||||
China Mobile Ltd. | 22,663 | 279,223 | ||||||
China Telecom Corp. Ltd., Class H | 51,465 | 31,190 | ||||||
China Unicom (Hong Kong) Ltd. | 22,145 | 33,695 | ||||||
Ctrip.com International, Ltd., ADR* | 502 | 27,148 | ||||||
JD.com, Inc., ADR* | 2,772 | 65,197 | ||||||
Qihoo 360 Technology Co. Ltd., ADR* | 281 | 20,887 | ||||||
SINA Corp.* | 244 | 9,260 | ||||||
Sohu.com, Inc.* | 114 | 5,770 | ||||||
Tencent Holdings Ltd. | 19,099 | 305,376 | ||||||
Vipshop Holdings Ltd., ADS* | 1,044 | 23,866 | ||||||
Youku Tudou, Inc., ADR* | 490 | 9,065 | ||||||
ZTE Corp., Class H | 2,335 | 5,588 | ||||||
|
| |||||||
1,209,955 | ||||||||
|
| |||||||
Consumer, Cyclical — 2.4% | ||||||||
Air China Ltd., Class H | 6,768 | 5,193 | ||||||
Alibaba Pictures Group Ltd.* | 16,896 | 3,508 | ||||||
Anta Sports Products Ltd. | 3,702 | 7,666 | ||||||
Belle International Holdings Ltd. | 17,203 | 19,543 | ||||||
Brilliance China Automotive Holdings Ltd. | 11,183 | 19,063 | ||||||
Byd Co. Ltd., Class H | 2,375 | 14,409 | ||||||
China Resources Enterprise Ltd. | 4,473 | 9,332 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 10,061 | 15,308 | ||||||
Geely Automobile Holdings Ltd. | 19,584 | 8,510 | ||||||
GOME Electrical Appliances Holding Ltd. | 37,737 | 5,547 | ||||||
Great Wall Motor Co. Ltd., Class H | 3,832 | 19,320 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 8,208 | 7,769 | ||||||
Haier Electronics Group Co. Ltd. | 3,978 | 11,105 | ||||||
Intime Retail Group Co. Ltd. | 4,555 | 3,606 | ||||||
Jumei International Holding Ltd., ADR* | 295 | 5,458 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,556 | 6,091 | ||||||
Shenzhou International Group Holdings Ltd. | 2,075 | 6,903 | ||||||
Sun Art Retail Group Ltd. | 8,845 | 10,048 | ||||||
Weichai Power Co. Ltd., Class H | 1,801 | 6,828 | ||||||
|
| |||||||
185,207 | ||||||||
|
|
Number of Shares | Value | |||||||
Consumer, Non-cyclical — 2.7% | ||||||||
China Agri-Industries Holdings Ltd. | 7,788 | $ | 3,023 | |||||
China Huishan Dairy Holdings Co. Ltd. | 21,373 | 4,492 | ||||||
China Medical System Holdings Ltd. | 4,030 | 6,849 | ||||||
China Mengniu Dairy Co. Ltd. | 5,084 | 20,617 | ||||||
COSCO Pacific Ltd. | 6,539 | 8,887 | ||||||
CSPC Pharmaceutical Group Ltd. | 10,955 | 9,747 | ||||||
Hengan International Group Co. Ltd. | 2,730 | 29,587 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 4,532 | 5,137 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 494 | 10,927 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 6,986 | 6,189 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 1,496 | 5,363 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 15,374 | 11,498 | ||||||
Sino Biopharmaceutical Ltd. | 10,995 | 10,874 | ||||||
Sinopharm Group Co. Ltd., Class H | 3,686 | 13,736 | ||||||
Tingyi Cayman Islands Holding Corp. | 7,269 | 17,284 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,336 | 9,380 | ||||||
Uni-President China Holdings Ltd. | 4,805 | 4,232 | ||||||
Want Want China Holdings Ltd. | 22,022 | 28,907 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 5,317 | 5,951 | ||||||
|
| |||||||
212,680 | ||||||||
|
| |||||||
Diversified — 0.2% | ||||||||
China Merchants Holdings International Co. Ltd. | 4,250 | 14,550 | ||||||
|
| |||||||
Energy — 4.6% | ||||||||
China Coal Energy Co. Ltd., Class H | 15,230 | 9,505 | ||||||
China Longyuan Power Group Corp., Class H | 11,148 | 11,989 | ||||||
China Oilfield Services Ltd., Class H | 6,717 | 11,831 | ||||||
China Petroleum & Chemical Corp., Class H | 94,618 | 77,473 | ||||||
China Shenhua Energy Co. Ltd., Class H | 12,604 | 35,836 | ||||||
CNOOC Ltd. | 66,231 | 96,846 | ||||||
GCL-Poly Energy Holdings Ltd.* | 37,332 | 10,157 | ||||||
Kunlun Energy Co. Ltd. | 11,975 | 12,955 | ||||||
PetroChina Co. Ltd., Class H | 78,246 | 84,852 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 4,334 | 3,800 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 8,756 | 7,463 | ||||||
|
| |||||||
362,707 | ||||||||
|
| |||||||
Financial — 14.8% | ||||||||
Agricultural Bank of China Ltd., Class H | 79,797 | 37,865 | ||||||
Bank of China Ltd., Class H | 294,609 | 151,953 | ||||||
Bank of Communications Co. Ltd., Class H | 32,461 | 26,914 | ||||||
China Cinda Asset Management Co. Ltd., Class H* | 19,459 | 10,388 | ||||||
China CITIC Bank Corp. Ltd., Class H | 30,355 | 22,584 | ||||||
China Construction Bank Corp., Class H | 267,478 | 202,802 | ||||||
China Everbright Bank Co. Ltd., Class H | 10,189 | 5,203 | ||||||
China Everbright Ltd. | 3,125 | 7,245 | ||||||
China Galaxy Securities Co., Class H | 5,957 | 6,122 | ||||||
China Life Insurance Co. Ltd., Class H | 27,596 | 95,898 | ||||||
China Merchants Bank Co. Ltd., Class H | 17,025 | 35,256 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest MSCI All China Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
Financial (Continued) | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 23,142 | $ | 25,424 | |||||
China Overseas Land & Investment Ltd. | 15,157 | 45,538 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 9,778 | 40,977 | ||||||
China Resources Land Ltd. | 7,569 | 19,129 | ||||||
China South City Holdings Ltd. | 8,908 | 4,583 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 4,034 | 10,403 | ||||||
China Vanke Co. Ltd., Class H* | 4,877 | 9,986 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 9,321 | 5,276 | ||||||
CITIC Securities Co. Ltd., Class H | 3,933 | 11,537 | ||||||
Country Garden Holdings Co. Ltd. | 18,869 | 7,883 | ||||||
Evergrande Real Estate Group Ltd. | 21,872 | 8,884 | ||||||
Far East Horizon Ltd. | 4,884 | 4,547 | ||||||
Franshion Properties China Ltd. | 13,591 | 3,838 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 3,765 | 4,651 | ||||||
Haitong Securities Co. Ltd., Class H | 4,982 | 10,600 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 273,596 | 185,567 | ||||||
Longfor Properties Co. Ltd. | 5,045 | 6,792 | ||||||
New China Life Insurance Co. Ltd., Class H | 2,685 | 12,170 | ||||||
New World China Land Ltd. | 9,662 | 5,980 | ||||||
People’s Insurance Co. (Group) of China Ltd., Class H | 24,271 | 11,767 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 11,668 | 23,501 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 7,545 | 63,286 | ||||||
Shanghai Industrial Holdings Ltd. | 1,807 | 5,569 | ||||||
Shimao Property Holdings Ltd. | 5,151 | 12,328 | ||||||
Shui On Land Ltd. | 13,354 | 3,323 | ||||||
Sino-Ocean Land Holdings Ltd. | 12,449 | 7,464 | ||||||
Soho China Ltd. | 6,749 | 5,108 | ||||||
Yuexiu Property Co. Ltd. | 25,295 | 5,056 | ||||||
|
| |||||||
1,163,397 | ||||||||
|
| |||||||
Industrial — 2.2% | ||||||||
AAC Technologies Holdings, Inc. | 2,733 | 16,088 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 4,579 | 15,498 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 7,865 | 5,547 | ||||||
BBMG Corp., Class H | 4,337 | 3,585 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 5,576 | 4,357 | ||||||
China Communications Construction Co. Ltd., Class H | 16,419 | 16,429 | ||||||
China COSCO Holdings Co. Ltd., Class H* | 9,570 | 4,701 | ||||||
China Everbright International Ltd. | 9,145 | 14,080 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 1,857 | 4,229 | ||||||
China National Building Material Co. Ltd., Class H | 10,678 | 10,437 | ||||||
China Railway Construction Corp. Ltd., Class H | 7,315 | 8,404 | ||||||
China Railway Group Ltd., Class H | 14,823 | 10,742 | ||||||
China Resources Cement Holdings Ltd. | 7,268 | 4,986 |
Number of Shares | Value | |||||||
Industrial (Continued) | ||||||||
China Shipping Container Lines Co. Ltd., Class H* | 13,911 | $ | 4,090 | |||||
China State Construction International Holdings Ltd. | 6,496 | 9,867 | ||||||
CSR Corp. Ltd., Class H | 6,349 | 6,459 | ||||||
Haitian International Holdings Ltd. | 2,368 | 5,038 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 10,474 | 6,280 | ||||||
Sinotrans Ltd., Class H | 6,761 | 5,100 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 7,115 | 6,683 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H | 1,630 | 7,010 | ||||||
|
| |||||||
169,610 | ||||||||
|
| |||||||
Technology — 1.2% | ||||||||
Alibaba Health Information Technology Ltd.* | 9,093 | 6,402 | ||||||
Hanergy Thin Film Power Group Ltd.* | 46,299 | 11,642 | ||||||
Kingsoft Corp. Ltd. | 2,415 | 5,786 | ||||||
Lenovo Group Ltd. | 24,718 | 34,677 | ||||||
NetEase, Inc., ADR | 289 | 30,539 | ||||||
Semiconductor Manufacturing International Corp.* | 90,553 | 9,341 | ||||||
|
| |||||||
98,387 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Beijing Enterprises Holdings Ltd. | 1,905 | 15,205 | ||||||
Beijing Enterprises Water Group Ltd.* | 16,068 | 11,043 | ||||||
China Gas Holdings Ltd. | 7,448 | 13,906 | ||||||
China Resources Gas Group Ltd. | 3,299 | 9,273 | ||||||
China Resources Power Holdings Co. Ltd. | 7,113 | 20,728 | ||||||
Datang International Power Generation Co. Ltd., Class H | 9,837 | 5,530 | ||||||
ENN Energy Holdings Ltd. | 2,812 | 17,187 | ||||||
Guangdong Investment Ltd. | 9,257 | 12,772 | ||||||
Huadian Power International Corp. Ltd., Class H | 6,050 | 4,946 | ||||||
Huaneng Power International, Inc., Class H | 13,085 | 15,337 | ||||||
|
| |||||||
125,927 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,602,378 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 54.0% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF* (a) | 120,844 | 3,555,206 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF* (a) | 19,369 | 687,570 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 4,242,776 | |||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest MSCI All China Equity ETF (Continued)
November 30, 2014 (Unaudited)
Number of Shares | Value | |||||||
RIGHTS — 0.0% | ||||||||
Financial — 0.0% | ||||||||
PICC Property & Casualty Co. Ltd.*, expires 1/02/2015 (Cost $0) | 1,125 | $ | 1,184 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $6,876,780) | $ | 7,846,338 | ||||||
Other assets less liabilities — 0.1% | 6,673 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 7,853,011 | ||||||
|
|
ADR – American Depositary Receipt.
ADS – American Depositary Share.
* Non-income producing security.
(a) Affiliated fund advised by DBX Advisors LLC.
See Notes to Financial Statements. | 24 |
This Page is Intentionally Left Blank
25
DBX ETF Trust
Statements of assets and liabilities
November 30, 2014 (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers Harvest MSCI All China Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 632,268,119 | $ | 24,331,213 | $ | 3,603,562 | ||||||
Investment in affiliated securities at fair value (See Note 5) | — | — | 4,242,776 | |||||||||
Cash | — | — | 100,344 | |||||||||
Foreign currency at value | 2,790,334 | † | 562,896 | † | — | |||||||
Receivables: | ||||||||||||
Capital shares | — | — | — | |||||||||
Dividends and interest | 373 | 11 | 1,493 | |||||||||
Investment securities sold | — | — | 1,588,612 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 635,058,826 | $ | 24,894,120 | $ | 9,536,787 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Deferred foreign taxes payable | $ | 597,209 | $ | 29,123 | $ | — | ||||||
Payables: | ||||||||||||
Due to custodian | 132,789 | 1,190 | 7,604 | |||||||||
Investment advisory fees | 330,189 | 14,787 | 1,819 | |||||||||
Shares repurchased | — | — | 1,573,744 | |||||||||
Investment securities purchased | — | — | 100,609 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,060,187 | 45,100 | 1,683,776 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 633,998,639 | $ | 24,849,020 | $ | 7,853,011 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 545,983,614 | $ | 21,766,174 | $ | 6,544,905 | ||||||
Undistributed net investment income | 2,274,196 | 1,698 | 56,215 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (14,642,855 | ) | 147,792 | 282,370 | ||||||||
Net unrealized appreciation on investments and foreign currency translations (net of deferred foreign taxes of $510,017, $27,298 and $0 respectively) | 100,383,684 | 2,933,356 | 969,521 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 633,998,639 | $ | 24,849,020 | $ | 7,853,011 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 21,550,001 | 700,001 | 250,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 29.42 | $ | 35.50 | $ | 31.41 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 531,388,863 | $ | 21,370,465 | $ | 3,376,227 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | — | $ | — | $ | 3,500,553 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 2,777,059 | $ | 562,965 | $ | (7,568 | ) | |||||
|
|
|
|
|
|
† | Included in foreign currency at value is $107,633 and $5,676 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
For the Six Months Ended November 30, 2014 (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers Harvest MSCI All China Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated interest income | $ | 9,277 | $ | 427 | $ | — | ||||||
Unaffiliated dividend income* | 4,340,813 | 38,460 | 50,174 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 4,350,090 | 38,887 | 50,174 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 1,411,208 | 41,942 | 16,575 | |||||||||
Interest expense | 12,025 | 13 | — | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 1,423,233 | 41,955 | 16,575 | |||||||||
Less fees waived (See Note 3): | ||||||||||||
Waiver | — | — | (8,311 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Expenses | 1,423,233 | 41,955 | 8,264 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | 2,926,857 | (3,068 | ) | 41,910 | ||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (6,766,840 | )** | 135,148 | ** | (30,385 | ) | ||||||
Investments in affiliates | — | — | 9,159 | |||||||||
In-kind redemptions | — | — | 151,256 | |||||||||
In-kind redemptions in affiliates | — | — | 152,544 | |||||||||
Foreign currency transactions | (5,945 | ) | 14,563 | 186 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (6,772,785 | ) | 149,711 | 282,760 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 117,882,275 | *** | 2,739,721 | *** | 892,350 | |||||||
Foreign currency translations | 14,983 | 415 | (32 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation | 117,897,258 | 2,740,136 | 892,318 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 111,124,473 | 2,889,847 | 1,175,078 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Operations | $ | 114,051,330 | $ | 2,886,779 | $ | 1,216,988 | ||||||
|
|
|
|
|
| |||||||
* Foreign tax withheld | $ | 513,050 | $ | 4,752 | $ | 4,992 | ||||||
** Net of deferred foreign taxes | $ | 83,573 | $ | 1,801 | $ | — | ||||||
*** Net of deferred foreign taxes | $ | 453,261 | $ | 24,876 | $ | — |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period November 6, 2013(1) to May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period May 21, 2014(1) to May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,926,857 | $ | (370,444 | ) | $ | (3,068 | ) | $ | 5,901 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (6,772,785 | ) | (8,462,221 | ) | 149,711 | (3,054 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 117,897,258 | (17,513,574 | ) | 2,740,136 | 193,220 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 114,051,330 | (26,346,239 | ) | 2,886,779 | 196,067 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 490,026,983 | 237,857,414 | 16,882,325 | 7,514,273 | ||||||||||||
Value of shares redeemed | (122,872,211 | ) | (58,718,638 | ) | (2,630,424 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | 367,154,772 | 179,138,776 | 14,251,901 | 7,514,273 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 481,206,102 | 152,792,537 | 17,138,680 | 7,710,340 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 152,792,537 | — | 7,710,340 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 633,998,639 | $ | 152,792,537 | $ | 24,849,020 | $ | 7,710,340 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) | $ | 2,274,196 | $ | (652,661 | ) | $ | 1,698 | $ | 4,766 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 6,950,001 | 1 | 300,001 | 1 | ||||||||||||
Shares sold | 19,350,000 | 9,500,000 | 500,000 | 300,000 | ||||||||||||
Shares redeemed | (4,750,000 | ) | (2,550,000 | ) | (100,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 21,550,001 | 6,950,001 | 700,001 | 300,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers Harvest MSCI All China Equity ETF | ||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period April 30, 2014(1) to May 31, 2014 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 41,910 | $ | 14,167 | ||||
Net realized gain (loss) on investments and foreign currency related transactions | 282,760 | 47,763 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 892,318 | 77,203 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 1,216,988 | 139,133 | ||||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 4,338,673 | 7,493,477 | ||||||
Value of shares redeemed | (2,805,304 | ) | (2,529,956 | ) | ||||
|
|
|
| |||||
Net increase in net assets resulting from fund share transactions | 1,533,369 | 4,963,521 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 2,750,357 | 5,102,654 | ||||||
Net Assets | ||||||||
Beginning of period | 5,102,654 | — | ||||||
|
|
|
| |||||
End of period | $ | 7,853,011 | $ | 5,102,654 | ||||
|
|
|
| |||||
Undistributed net investment income (loss) | $ | 56,215 | $ | 14,305 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 200,001 | 1 | ||||||
Shares sold | 150,000 | 300,000 | ||||||
Shares redeemed | (100,000 | ) | (100,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 250,001 | 200,001 | ||||||
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period November 6, 2013* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 21.98 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income (loss)** | 0.21 | (0.05 | ) | |||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 7.23 | (2.97 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | 7.44 | (3.02 | ) | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 29.42 | $ | 21.98 | ||||
|
|
|
| |||||
Total Return*** | 33.85 | % | (12.08 | )%† | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 633,999 | $ | 152,793 | ||||
Ratios to average net assets: | ||||||||
Expenses, net of fee waiver and expense reimbursements | 0.81 | %†† | 0.92 | %†† | ||||
Expenses, prior to fee waiver and expense reimbursements | 0.81 | %†† | 0.96 | %†† | ||||
Net investment income (loss) | 1.66 | %†† | (0.38 | )%†† | ||||
Portfolio turnover rate | 34 | %††† | 42 | %††† | ||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period May 21, 2014* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 25.70 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income (loss)** | (0.01 | ) | 0.02 | |||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 9.81 | 0.68 | ||||||
|
|
|
| |||||
Net increase in net asset value from operations | 9.80 | 0.70 | ||||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 35.50 | $ | 25.70 | ||||
|
|
|
| |||||
Total Return*** | 38.13 | % | 2.80 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 24,849 | $ | 7,710 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.80 | %†† | 0.80 | %†† | ||||
Net investment income (loss) | (0.06 | )%†† | 2.57 | %†† | ||||
Portfolio turnover rate | 30 | %††† | 0 | %††† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
†† | Annualized. |
††† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Harvest MSCI All China Equity ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period April 30, 2014* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 25.51 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.22 | 0.06 | ||||||
Net realized and unrealized gain on investments and foreign currency transactions | 5.68 | 0.45 | ||||||
|
|
|
| |||||
Net increase in net asset value from operations | 5.90 | 0.51 | ||||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 31.41 | $ | 25.51 | ||||
|
|
|
| |||||
Total Return*** | 23.13 | %† | 2.04 | %† | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 7,853 | $ | 5,103 | ||||
Ratios to average net assets: | ||||||||
Expenses, net of fee waiver and expense reimbursements | 0.30 | %†† | 0.30 | %†† | ||||
Expenses, prior to fee waiver and expense reimbursements | 0.60 | %†† | 0.60 | %†† | ||||
Net investment income | 1.52 | %†† | 2.73 | %†† | ||||
Portfolio turnover rate | 9 | %††† | 2 | %††† |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
†† | Annualized. |
††† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 31 |
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 November 30, 2014, the Trust consists of seventeen non-diversified series of exchange-traded funds (“ETF”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name | Former Fund Name | |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | db X-trackers Harvest CSI 300 China A-Shares Fund | |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | db X-trackers Harvest CSI 500 China A-Shares Small Cap Fund | |
Deutsche X-trackers Harvest MSCI All China Equity ETF | db X-trackers Harvest MSCI All China Equity Fund |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
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, 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. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
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 | |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Deutsche X-trackers Harvest MSCI All China Equity ETF | MSCI All China Index |
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the Chinese A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the Chinese A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.
MSCI is the creator of the MSCI All China Index. The MSCI All China Index captures large and mid-cap representation across all China securities listed in China and Hong Kong as well as in the U.S. and Singapore. The Underlying Index includes: A shares, B shares, H shares, Red chips and P chips share classes as well as securities of Chinese Companies listed in the U.S. and Singapore. With over 600 constituents, the Underlying index is comprehensive, aiming to cover the global large and mid-cap China equity opportunity set. The MSCI All China Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI, CSI 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. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a 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.
The Funds invest in securities of non-U.S. issuers that trade in non-U.S. Markets, this involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not
32
DBX ETF Trust
Notes to financial statements (Continued)
limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.
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. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“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 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.
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.
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 Fund’s 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 net asset value 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.
33
DBX ETF Trust
Notes to financial statements (Continued)
The following tables summarize the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2014.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | $ | 621,196,466 | $ | — | $ | 11,071,653 | $ | 632,268,119 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 621,196,466 | $ | — | $ | 11,071,653 | $ | 632,268,119 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for Industry Classification. |
The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2014 | 30,253 | |||
Purchases | 7,675,708 | |||
Sales | (1,948,009 | ) | ||
Realized gain (loss) | 1,468 | |||
Change in unrealized gain (loss) | 2,498,443 | |||
Transfers into Level 3 (a) | 2,813,790 | |||
Transfers out of Level 3 | — | |||
Balance at November 30, 2014 | 11,071,653 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2014 | 2,498,354 |
Transfers between price levels are recognized at the beginning of the reporting period. |
(a) | During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $2,813,790. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. These halted securities are valued at the last traded price. |
A significant change between last traded price and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement. |
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | $ | 22,782,421 | $ | — | $ | 1,548,792 | $ | 24,331,213 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 22,782,421 | $ | — | $ | 1,548,792 | $ | 24,331,213 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for Industry Classification. |
The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2014 | — | |||
Purchases | 1,178,532 | |||
Sales | (230,539 | ) | ||
Realized gain (loss) | 13,873 | |||
Change in unrealized gain (loss) | 125,150 | |||
Transfers into Level 3 (a) | 461,776 | |||
Transfers out of Level 3 | — | |||
Balance at November 30, 2014 | 1,548,792 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2014 | 125,150 |
Transfers between price levels are recognized at the beginning of the reporting period. |
34
DBX ETF Trust
Notes to financial statements (Continued)
(a) | During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $461,776. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. These halted securities are valued at the last traded price. |
A significant change between last traded price and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement. |
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | $ | 3,585,402 | $ | — | $ | 16,976 | (a) | $ | 3,602,378 | |||||||
Exchange-Traded Funds | 4,242,776 | — | — | 4,242,776 | ||||||||||||
Rights | 1,184 | — | — | 1,184 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 7,829,362 | $ | — | $ | 16,976 | $ | 7,846,338 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for Industry Classification. |
(a) | During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $9,494. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. These halted securities are valued at the last traded price. |
Transfers between price levels are recognized at the beginning of the reporting period. |
Cash Cash consists of cash held at banks and are 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.
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 annually sufficient to relieve it from all, or substantially all, Federal income and excise taxes. 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 Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
35
DBX ETF Trust
Notes to financial statements (Continued)
The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the six-months ended November 30, 2014, the Funds did not incur any interest or penalties.
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 November 30, 2014, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ investments in China A-Shares (including the Deutsche X-trackers Harvest MSCI All China Equity ETF though its investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF) will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ investments include withholding taxes on dividends and interest earned by the Funds.
China generally imposes withholding tax at a rate of 10% on dividends and interest derived by Qualified Foreign Institutional Investors (“QFII”) from issuers resident in China, subject to any lower rate provided by an applicable tax treaty. There is no direct authority on the application of this tax to an Renminbi Qualified Foreign Institutional Investor (“RQFII”), but it is expected that the authorities requiring such withholding with respect to QFIIs and nonresident enterprises generally would be followed in the case of an RQFII that is not a PRC resident for tax purposes and does not have a place of business, an establishment or a permanent establishment in the People’s Republic of China (“PRC”). It is generally expected that such taxes will be withheld by the payor.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from PRC Withholding Income Tax (WHT) with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only be subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Thus, the Funds reserve a portion of realized gains from investments in A-Shares of “land-rich” enterprises disposed of, prior to November 17, 2014, at a rate of 10% to meet WHT liabilities. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. It should be noted that the above treaty relief on gross realized gains derived from the disposal of non land-rich A-Share companies is subject to the approval of the PRC tax authorities. The Funds’ withholding provision with respect to such investments may be excessive or inadequate to meet liabilities for those WHT. The Funds could be subject to WHT liability in excess of the amount reserved. The impact of any such WHT liability on the Funds’ return could be substantial.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may adversely affect the Fund and its shareholders. The applicability of reduced treaty rates of withholding in the case of an RQFII acting for a foreign investor such as the Funds is also uncertain.
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
36
DBX ETF Trust
Notes to financial statements (Continued)
currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That 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.
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 ETFs, 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. The Advisor is also responsible for employing any sampling strategy for the Funds.
Harvest Global Investments Ltd. acts as investment sub-advisor (the “Sub-Advisor”) to the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and the Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and Sub-Advisor from time to time.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to:
Fund | Management Fee | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.80 | % | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.80 | % | ||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 0.60 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the Sub-Advisor, 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, taxes, brokerage expenses, and extraordinary expenses.
The Advisor for the Deutsche X-trackers Harvest MSCI All China Equity ETF has contractually agreed to waive fees and/or reimburse the Fund’s expenses in order to limit the Fund’s net annual operating expenses by an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in an affiliated fund, if any (the “Expense Limit”). For the six-months ended November 30, 2014, the Advisor reimbursed $8,311 of expenses to the Fund. The Expense Limit will remain in effect until at least May 1, 2016.
The Advisor pays the Sub-Advisor a fee based on a percentage of the average daily net assets for each of the Funds listed below:
Fund | Sub-Advisor Fee | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.30 | % | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.30 | % |
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, of whom three are Independent Trustees. The Advisor pays retainer fees to each Trustee not affiliated with the Advisor, plus a specified amount to the Audit Committee.
37
DBX ETF Trust
Notes to financial statements (Continued)
4. Federal Income Taxes
As of November 30, 2014, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Cost | Net Unrealized Appreciation (Depreciation) | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 532,309,187 | $ | 99,958,932 | $ | 102,600,130 | $ | (2,641,198 | ) | |||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 21,372,985 | 2,958,228 | 3,048,198 | (89,970 | ) | |||||||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 6,876,960 | 969,378 | 1,036,608 | (67,230 | ) |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2014, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | Late Year Ordinary Losses | |||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 6,941,534 | $ | 652,661 | ||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 210 | — |
The tax character of current year distributions will be determined at the end of the current fiscal year.
5. Investments in Affiliates
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers Harvest MSCI All China Equity ETF invests are considered to be affiliate investments. The table below shows the transactions in and earnings from the Fund’s investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the six-months ended November 30, 2014.
Fair Value 5/31/14 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Fair Value 11/30/14 | Dividend Income | |||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 2,508,528 | $ | 1,848,471 | $ | (1,569,354 | ) | $ | 139,068 | $ | 3,555,206 | $ | — | |||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | — | 659,378 | (104,293 | ) | 22,635 | 687,570 | — | |||||||||||||||||
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|
|
|
|
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|
|
|
|
| |||||||||||||
$ | 2,508,528 | $ | 2,507,849 | $ | (1,673,647 | ) | $ | 161,703 | $ | 4,242,776 | $ | — | ||||||||||||
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|
|
|
|
|
|
|
|
6. Investment Portfolio Transactions
For the six-months ended November 30, 2014, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 493,684,354 | $ | 125,066,012 | ||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 17,629,436 | 3,488,829 | ||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 592,229 | 536,796 |
For the six-months ended November 30, 2014, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | $ | 4,329,431 | $ | 2,804,918 |
38
DBX ETF Trust
Notes to financial statements (Continued)
7. Fund Share Transactions
As of November 30, 2014 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 Deutsche X-trackers Harvest MSCI All China Equity ETF 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. The purchase of Creation Units for Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a commercial bank which allows the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $100 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 Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Funds had no outstanding loans at November 30, 2014.
39
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 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom 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.
Quarterly Portfolio Disclosure
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-Q. 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 Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.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 Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
40
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 adviser, 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.
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.deutsche-etfs.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.
41
This Page is Intentionally Left Blank
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Emerging markets tend to be more volatile than the markets or more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Fund which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the fund to achieve its investment objective. Performance of the Fund 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 this 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. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. 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. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
MSCI and MSCI Index are servicemarks of MSCI Inc. and have been licensed for use by Deutsche Bank AG. The Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. nor does this company make any representation regarding the advisability of investing in the Funds. Index data source: MSCI Inc.
Copyright © 2014 Deutsche Bank AG. All rights reserved. db-X® and Deutsche X-trackers® are registered trademarks of Deutsche Bank AG. 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 60 Wall Street New York, NY 10005 | Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 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-36923-1 (1/15) DBX 1187 (1/16)
November 30, 2014
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Deutsche X-trackers Regulated Utilities ETF (UTLT)
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD)
DBX ETF Trust
Page | ||||
1 | ||||
Performance Summary | ||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU) | 2 | |||
4 | ||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD) | 6 | |||
8 | ||||
Schedules of Investments | ||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU) | 9 | |||
11 | ||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD) | 12 | |||
14 | ||||
15 | ||||
16 | ||||
18 | ||||
20 | ||||
26 | ||||
27 |
Dear Shareholder:
I am very pleased to tell you that the db X-trackers exchange-traded funds were renamed Deutsche X-trackers exchange-traded funds effective August 11, 2014, aligning more closely with the Deutsche Asset & Wealth Management brand. We are proud to adopt the Deutsche name – a brand that fully represents the global access, discipline and intelligence that support all of our products and services.
Deutsche Asset & Wealth Management combines the asset management and wealth management divisions of Deutsche Bank to deliver a comprehensive suite of investment capabilities. Your investment in the Deutsche X-trackers exchange-traded funds means you have access to the thought leadership and resources of one of the world’s largest and most influential financial institutions.
In conjunction with your fund’s name change, please note the new Web address for the Deutsche X-trackers exchange-traded funds. The former dbxus.com is now deutsche-etfs.com.
These changes have no effect on the day-to-day management of your investment, and there is no action required on your part. You will continue to experience the benefits that come from our decades of experience, in-depth research and worldwide network of investment professionals.
Thanks for your continued support. We appreciate your trust and the opportunity to put our capabilities to work for you.
Best regards,
s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the DBIQ Municipal Infrastructure Revenue Bond Index (the “Index”). The Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.99%, compared to an increase of 3.92% for the Underlying Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||
Net Asset Value | Market Price | DBIQ Municipal Infrastructure Revenue Bond Index | ||||
One Year | 13.40% | 13.93% | 14.06% | |||
Since Inception1 | 5.02% | 5.13% | 4.73% | |||
Cumulative Total Returns | ||||||
Net Asset Value | Market Price | DBIQ Municipal Infrastructure Revenue Bond Index | ||||
Six Months | 3.99% | 4.43% | 3.92% | |||
One Year | 13.40% | 13.93% | 14.06% | |||
Since Inception1 | 7.59% | 7.75% | 7.15% |
1 Total returns are calculated based on the commencement of trading, 6/04/13 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.30%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
2
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)
Growth of a $10,000 Investment in RVNU2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 6/4/13.
Sector Breakdown* as of 11/30/14
Transportation / Toll Revenue | 32.8% | |||
Water And Sewer Revenue | 18.9% | |||
Sales And Special Tax | 18.0% | |||
Airport Revenue | 16.3% | |||
Prepaid Gas Revenue | 5.7% | |||
Electric Revenue | 3.9% | |||
Industrial Development Revenue | 3.0% | |||
Tax Increment | 1.4% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on municipal bond classifications under the Bloomberg revenue category. For complete list of holdings go to page 9.
Modified duration as of 11/30/14: 6.5 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates base on the current interest rate environment.
Quality
% of Municipal Bonds | ||||
AAA | 9.6% | |||
AA | 34.0% | |||
A | 49.4% | |||
BBB | 7.0% | |||
|
| |||
Total | 100% |
The quality ratings represents the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s 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.
3
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Regulated Utilities ETF (UTLT)
The Deutsche X-trackers Regulated Utilities ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the DBIQ Regulated Utilities Index (the “Index”). The Index is designed to track the price movements in shares of companies whose main business operations are in the regulated utilities sector. A company is considered to be in the regulated utilities sector if its ancillary, non-utility businesses are, or unregulated utilities business does not, represent more than 25% of the company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”).
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 8.24%, compared to an increase of 8.07% for the Underlying Index.
Performance as of 11/30/14
Average Annual Total Returns | ||||||
Net Asset Value | Market Price | DBIQ Regulated Utilities | ||||
One Year | 22.76% | 13.93% | 14.06% | |||
Since Inception1 | 5.02% | 5.13% | 4.73% | |||
Cumulative Total Returns | ||||||
Net Asset Value | Market Price | DBIQ Regulated Utilities Index | ||||
Six Months | 8.24% | 8.09% | 8.07% | |||
One Year | 22.76% | 22.74% | 22.33% | |||
Since Inception1 | 25.21% | 24.54% | 24.52% |
1 Total returns are calculated based on the commencement of trading, 6/04/13 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.45%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
4
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Regulated Utilities ETF (UTLT) (Continued)
Growth of a $10,000 Investment in UTLT2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 6/4/13.
Sector Breakdown* as of 11/30/14
Electric Utilities | 44.2% | |||
Multi-Utilities | 35.5% | |||
Gas Utilities | 10.1% | |||
Water Utilities | 5.7% | |||
Oil, Gas & Consumable Fuels | 4.5% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name. For complete list of holdings go to page 11.
Top Ten Holdings3 as of 11/30/14
Description | % of Net Assets | |||
Southern (The) Co. | 5.0% | |||
Duke Energy Corp. | 5.0% | |||
Dominion Resources, Inc. | 4.9% | |||
National Grid PLC (United Kingdom) | 4.7% | |||
American Electric Power Co., Inc. | 4.7% | |||
Sempra Energy | 4.6% | |||
Enbridge, Inc. (Canada) | 4.5% | |||
PG&E Corp. | 4.0% | |||
Edison International | 3.5% | |||
Consolidated Edison, Inc. | 3.1% |
3 Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 11.
Country Breakdown* as of 11/30/14
United States | 74.5% | |||
United Kingdom | 7.6% | |||
Canada | 6.6% | |||
Italy | 4.6% | |||
Spain | 3.4% | |||
Australia | 2.5% | |||
Belgium | 0.5% | |||
Portugal | 0.3% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
5
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD)
The Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Subordinated Bond Index (the “Index”). The Index is designed to track the subordinated corporate bond market denominated in U.S. dollars. The Index is comprised of corporate securities which are classified as subordinated or junior subordinated. Subordinated securities are subordinated or “junior” to more senior securities of the issuer and are entitled to payment after other, more senior holders of debt in that issuer. Junior subordinated securities generally rank slightly higher in terms of payment priority than both common and preferred stock of an issuer, but rank below other subordinated securities and debt securities. In order to be added to the index, a bond must have an amount outstanding of at least $500 million and a remaining maturity of at least one year. The index may include U.S. dollar-denominated bonds issued by issuers located outside the U.S. (including emerging markets). Additionally, the index may include a substantial number of bonds offered pursuant to Rule 144A under the Securities Act of 1933, as amended. As of November 30, 2014, the index was substantially comprised of issuers in the financial services sector.
For the six-month period ended November 30, 2014, the Fund’s net asset value increased 2.66%, compared to an increase of 2.97% for the Underlying Index.
Performance as of 11/30/14
Cumulative Total Returns | ||||||
Net Asset Value | Market Price | Solactive Subordinated Bond Index | ||||
Six Months | 2.66% | 2.67% | 2.97% | |||
Since Inception1 | 4.63% | 4.51% | 4.89% |
1 Total returns are calculated based on the commencement of trading, 5/01/14 (“Inception”).
Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.45%.
The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.
6
DBX ETF Trust
Performance summary (Unaudited)
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD) (Continued)
Growth of a $10,000 Investment in SUBD2 as of 11/30/14
2 Based on Net Asset Value from commencement of operations 5/1/14.
Sector Breakdown* as of 11/30/14
Financial | 97.5% | |||
Utilities | 2.5% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name. For complete list of holdings go to page 12.
Modified duration as of 11/30/14: 9.4 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates base on the current interest rate environment.
Quality
% of Market Value | ||||
AA | 5.2% | |||
A | 44.2% | |||
BBB | 50.6% | |||
|
| |||
Total | 100% |
The quality ratings represents the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s 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 Breakdown* as of 11/30/14
United States | 58.8% | |||
United Kingdom | 15.6% | |||
France | 6.6% | |||
Netherlands | 5.6% | |||
Brazil | 4.7% | |||
Sweden | 3.5% | |||
Switzerland | 3.1% | |||
Singapore | 2.1% | |||
|
| |||
Total | 100% |
* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.
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. 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 are based on an investment of $1,000 made at the beginning of the period and held through the six-month period ended November 30, 2014 (June 1, 2014 to November 30, 2014).
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 | Ending Account Value November 30, 2014 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,039.85 | 0.30 | % | $ | 1.53 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.56 | 0.30 | % | $ | 1.52 | ||||||||
Deutsche X-trackers Regulated Utilities ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,082.41 | 0.45 | % | $ | 2.35 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,026.71 | 0.45 | % | $ | 2.29 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 01, 2014 to November 30, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.
8
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
November 30, 2014 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 98.0% | ||||||||
Arizona — 0.6% | ||||||||
Arizona Department of Transportation State Highway Fund, Fuel Sales Tax Revenue, Sub-Series A, | $ | 100,000 | $ | 118,862 | ||||
|
| |||||||
California — 11.1% | ||||||||
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, | 85,000 | 96,368 | ||||||
City of San Francisco Public Utilities Commission, Water Revenue, | 100,000 | 113,400 | ||||||
M-S-R Energy Authority, Natural Gas Revenue, | 100,000 | 127,218 | ||||||
Series A, 6.50%, 11/01/39 | 500,000 | 679,485 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, | 600,000 | 659,952 | ||||||
San Francisco City & County Airports Commission, Private Airport & Marina Revenue, San Francisco International Airport, Series E, | 220,000 | 251,288 | ||||||
Southern California Public Power Authority, Natural Gas Revenue, Project No. 1, Series A, | 300,000 | 344,304 | ||||||
|
| |||||||
2,272,015 | ||||||||
|
| |||||||
Colorado — 0.9% | ||||||||
City & County of Denver Airport System, Private Airport & Marina Revenue, Series B, | 100,000 | 114,798 | ||||||
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A, | 50,000 | 59,463 | ||||||
|
| |||||||
174,261 | ||||||||
|
| |||||||
Florida — 10.2% | ||||||||
City of Cape Coral, Water & Sewer Revenue, | 80,000 | 87,114 | ||||||
County of Miami-Dade Aviation, Private Airport & Marina Revenue, | 250,000 | 288,853 | ||||||
Series A, AMT, 5.00%, 10/01/30 | 50,000 | 55,811 | ||||||
County of Miami-Dade Transit System, Sales Tax Revenue, | 50,000 | 55,826 | ||||||
County of Miami-Dade Water & Sewer System, Water Revenue, | 500,000 | 565,355 | ||||||
Orlando-Orange County Expressway Authority, Highway Tolls Revenue, | 200,000 | 226,770 |
Principal | Value | |||||||
Florida (Continued) | ||||||||
Tampa-Hillsborough County Expressway Authority, Series B, | $ | 750,000 | $ | 823,620 | ||||
|
| |||||||
2,103,349 | ||||||||
|
| |||||||
Georgia — 2.3% | ||||||||
County of DeKalb Water & Sewerage, Water Revenue, Series A, | 110,000 | 126,914 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue, 3rd Series, | 300,000 | 338,103 | ||||||
|
| |||||||
465,017 | ||||||||
|
| |||||||
Illinois — 3.0% | ||||||||
City of Chicago Waterworks, Water Revenue, | 575,000 | 623,254 | ||||||
|
| |||||||
Indiana — 3.8% | ||||||||
Indiana Finance Authority, Sewer Revenue, Series A, | 700,000 | 774,801 | ||||||
|
| |||||||
Massachusetts — 12.5% | ||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A, | 750,000 | 939,397 | ||||||
Massachusetts School Building Authority, Sales Tax Revenue, | 750,000 | 904,807 | ||||||
Series A, 5.00%, 8/15/26 | 200,000 | 240,058 | ||||||
Series B, 5.00%, 8/15/28 | 400,000 | 474,452 | ||||||
|
| |||||||
2,558,714 | ||||||||
|
| |||||||
Nevada — 0.5% | ||||||||
County of Clark, Private Airport & Marina Revenue, Las Vegas-McCarran International Airport, Series A, | 100,000 | 112,246 | ||||||
|
| |||||||
New Jersey — 5.1% | ||||||||
New Jersey State Turnpike Authority, Highway Tolls Revenue, | 250,000 | 276,753 | ||||||
Series A, 5.00%, 1/01/43 | 700,000 | 769,692 | ||||||
|
| |||||||
1,046,445 | ||||||||
|
| |||||||
New York — 20.1% | ||||||||
Hudson Yards Infrastructure Corp., Miscellaneous Tax Revenue, | 200,000 | 222,358 | ||||||
Series A, 5.75%, 2/15/47 | 55,000 | 63,320 | ||||||
Long Island Power Authority, Electric Power & Light Revenue, Series A, | 200,000 | 234,320 | ||||||
Metropolitan Transportation Authority, New York Transit Revenue, | 250,000 | 287,730 | ||||||
Series A, 5.00%, 11/15/38 | 100,000 | 111,564 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2014 (Unaudited)
Principal | Value | |||||||
New York (Continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-1, | $ | 350,000 | $ | 392,686 | ||||
New York City Water & Sewer System, Water Revenue, | 110,000 | 126,078 | ||||||
Series GG, 5.00%, 6/15/43 | 100,000 | 110,400 | ||||||
Series FF, 5.00%, 6/15/45 | 300,000 | 332,448 | ||||||
Series BB, 5.00%, 6/15/47 | 450,000 | 499,811 | ||||||
New York Liberty Development Corp., Class 1, | 530,000 | 602,144 | ||||||
Triborough Bridge & Tunnel Authority, New York Highway Tolls Revenue, | 200,000 | 238,710 | ||||||
Series A, 5.00%, 11/15/27 | 765,000 | 908,230 | ||||||
|
| |||||||
4,129,799 | ||||||||
|
| |||||||
Ohio — 2.1% | ||||||||
Ohio State Turnpike Commission, Series A-1, | 400,000 | 437,104 | ||||||
|
| |||||||
Pennsylvania — 2.7% | ||||||||
Pennsylvania Turnpike Commission, Highway Tolls Revenue, Series A, | 100,000 | 109,847 | ||||||
Westmoreland County Municipal Authority, Water Revenue, | 400,000 | 441,072 | ||||||
|
| |||||||
550,919 | ||||||||
|
| |||||||
Texas — 17.0% | ||||||||
City Public Service Board of San Antonio, Electric Power & Light Revenue, | 435,000 | 546,208 | ||||||
Dallas/Fort Worth International Airport, Private Airport & Marina Revenue, | 200,000 | 215,202 | ||||||
Series H, AMT, 5.00%, 11/01/37 | 300,000 | 322,770 | ||||||
Series C, 5.00%, 11/01/45 | 650,000 | 705,946 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Highway Tolls Revenue, LBJ Infrastructure, | 700,000 | 844,466 | ||||||
Texas Transportation Commission, Highway Tolls Revenue, Series A, | 800,000 | 863,895 | ||||||
|
| |||||||
3,498,487 | ||||||||
|
| |||||||
Utah — 1.1% | ||||||||
Utah Transit Authority, Sales Tax Revenue, | 200,000 | 217,736 | ||||||
|
| |||||||
Virginia — 2.8% | ||||||||
Virginia Small Business Financing Authority, Highway Tolls Revenue, Elizabeth River Crossings, AMT, | 500,000 | 568,930 | ||||||
|
|
Principal | Value | |||||||
Washington — 2.2% | ||||||||
Port of Seattle, Private Airport & Marina Revenue, Series A, | $ | 400,000 | $ | 459,636 | ||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 20,111,575 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.0% (Cost $19,397,320) | $ | 20,111,575 | ||||||
Other assets less liabilities — 2.0% | 417,904 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 20,529,479 | ||||||
|
|
AGC – Assured Guaranty Corp
AMT – Alternative Minimum Tax
INS – Insured
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Regulated Utilities ETF
November 30, 2014 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Electric Utilities — 43.9% | ||||||||
ALLETE, Inc | 632 | $ | 32,213 | |||||
American Electric Power Co., Inc | 7,243 | 416,835 | ||||||
AusNet Services (Australia) | 50,762 | 57,015 | ||||||
Cleco Corp | 895 | 48,088 | ||||||
Duke Energy Corp | 5,500 | 444,951 | ||||||
Edison International | 4,829 | 306,931 | ||||||
El Paso Electric Co | 598 | 22,622 | ||||||
Elia System Operator SA (Belgium) | 898 | 45,039 | ||||||
Emera, Inc. (Canada) | 2,106 | 72,563 | ||||||
Empire District Electric (The) Co | 643 | 17,818 | ||||||
Entergy Corp | 2,662 | 223,342 | ||||||
FirstEnergy Corp | 6,230 | 229,762 | ||||||
Fortis, Inc. (Canada) | 3,192 | 113,360 | ||||||
Great Plains Energy, Inc | 2,284 | 59,772 | ||||||
IDACORP, Inc | 745 | 46,272 | ||||||
ITC Holdings Corp | 2,306 | 87,605 | ||||||
Northeast Utilities | 4,689 | 237,451 | ||||||
Pepco Holdings, Inc | 3,728 | 102,520 | ||||||
Pinnacle West Capital Corp | 1,636 | 103,444 | ||||||
PNM Resources, Inc | 1,181 | 34,202 | ||||||
Portland General Electric Co | 1,159 | 42,732 | ||||||
Red Electrica Corp. SA (Spain) | 2,006 | 183,760 | ||||||
Southern (The) Co | 9,393 | 445,511 | ||||||
Spark Infrastructure Group (Australia) | 21,723 | 36,044 | ||||||
Terna Rete Elettrica Nazionale SpA (Italy) | 29,802 | 143,931 | ||||||
UIL Holdings Corp | 838 | 33,352 | ||||||
Westar Energy, Inc | 1,922 | 75,131 | ||||||
Xcel Energy, Inc | 7,490 | 254,211 | ||||||
|
| |||||||
3,916,477 | ||||||||
|
| |||||||
Gas Utilities — 10.1% | ||||||||
AGL Resources, Inc | 1,771 | 92,641 | ||||||
APA Group (Australia) | 12,384 | 82,930 | ||||||
Atmos Energy Corp | 1,487 | 79,852 | ||||||
Enagas SA (Spain) | 3,539 | 118,508 | ||||||
Northwest Natural Gas Co | 403 | 18,744 | ||||||
ONE Gas, Inc | 771 | 29,930 | ||||||
Piedmont Natural Gas Co., Inc | 1,161 | 43,514 | ||||||
Questar Corp | 2,598 | 62,326 | ||||||
Snam SpA (Italy) | 50,150 | 265,901 | ||||||
South Jersey Industries, Inc | 491 | 28,026 | ||||||
Southwest Gas Corp | 689 | 39,886 | ||||||
WGL Holdings, Inc | 770 | 37,630 | ||||||
|
| |||||||
899,888 | ||||||||
|
| |||||||
Multi-Utilities — 35.3% | ||||||||
Alliant Energy Corp | 1,644 | 103,358 | ||||||
Avista Corp | 955 | 32,900 | ||||||
CenterPoint Energy, Inc | 6,370 | 152,498 | ||||||
CMS Energy Corp | 4,092 | 135,445 | ||||||
Consolidated Edison, Inc | 4,341 | 274,134 | ||||||
Dominion Resources, Inc | 5,980 | 433,849 | ||||||
DTE Energy Co | 2,623 | 213,670 | ||||||
DUET Group (Australia) | 19,665 | 40,996 | ||||||
Integrys Energy Group, Inc | 1,185 | 86,315 | ||||||
National Grid PLC (United Kingdom) | 28,902 | 419,851 | ||||||
NiSource, Inc | 4,674 | 195,560 |
Number | Value | |||||||
Multi-Utilities (Continued) | ||||||||
NorthWestern Corp | 580 | $ | 30,873 | |||||
PG&E Corp | 6,987 | 352,844 | ||||||
REN — Redes Energeticas Nacionais SGPS SA (Portugal) | 7,915 | 24,703 | ||||||
SCANA Corp | 2,105 | 120,048 | ||||||
Sempra Energy | 3,645 | 407,256 | ||||||
TECO Energy, Inc | 3,460 | 68,612 | ||||||
Vectren Corp | 1,223 | 54,069 | ||||||
|
| |||||||
3,146,981 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.5% | ||||||||
Enbridge, Inc. (Canada) | 8,730 | 401,405 | ||||||
|
| |||||||
Water Utilities — 5.7% | ||||||||
American States Water Co | 574 | 20,027 | ||||||
American Water Works Co., Inc | 2,655 | 140,848 | ||||||
Aqua America, Inc | 2,626 | 69,799 | ||||||
California Water Service Group | 709 | 17,775 | ||||||
Severn Trent PLC (United Kingdom) | 3,552 | 113,351 | ||||||
United Utilities Group PLC (United Kingdom) | 10,110 | 142,995 | ||||||
|
| |||||||
504,795 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 8,869,546 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Multi-Utilities — 0.0% | ||||||||
DUET Group (Australia), expires 12/16/14* | 2,458 | 126 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% (Cost $7,514,171) | $ | 8,869,672 | ||||||
Other assets less liabilities — 0.5% | 45,721 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,915,393 | ||||||
|
|
* Non-income producing security.
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF
November 30, 2014 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 97.9% | ||||||||
Financial — 95.5% | ||||||||
Banks — 70.3% | ||||||||
Banco Bradesco SA, 144A (Brazil) | $ | 550,000 | $ | 586,438 | ||||
Bank of America Corp. | 100,000 | 108,201 | ||||||
6.11%, 1/29/37 | 300,000 | 356,729 | ||||||
7.75%, 5/14/38 | 100,000 | 140,286 | ||||||
Barclays Bank PLC (United Kingdom) | 500,000 | 549,320 | ||||||
BB&T Corp. | 500,000 | 522,870 | ||||||
BPCE SA, 144A (France) | 500,000 | 520,438 | ||||||
Citigroup, Inc. | 125,000 | 148,436 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) | 300,000 | 306,378 | ||||||
Credit Suisse AG, 144A (Switzerland) | 350,000 | 386,365 | ||||||
Fifth Third Bancorp | 150,000 | 229,194 | ||||||
Goldman Sachs Group, (The), Inc. | 125,000 | 150,441 | ||||||
6.75%, 10/01/37 | 550,000 | 682,394 | ||||||
HSBC Holdings PLC (United Kingdom) | 200,000 | 255,156 | ||||||
5.25%, 3/14/44 | 250,000 | 277,984 | ||||||
ING Bank NV, 144A (Netherlands) | 350,000 | 393,640 | ||||||
JPMorgan Chase & Co. | 225,000 | 221,690 | ||||||
Morgan Stanley | 300,000 | 324,109 | ||||||
MTN, 4.10%, 5/22/23 | 125,000 | 127,536 | ||||||
Nordea Bank AB, 144A (Sweden) | 400,000 | 438,273 | ||||||
Oversea-Chinese Banking Corp. Ltd., 144A (Singapore) | 250,000 | 257,559 | ||||||
Santander UK PLC, 144A (United Kingdom) | 400,000 | 426,127 | ||||||
Standard Chartered PLC, 144A | 450,000 | 441,942 | ||||||
US Bank NA | 550,000 | 558,982 | ||||||
Wells Fargo & Co. | 200,000 | 226,253 | ||||||
5.606%, 1/15/44 | 300,000 | 350,625 | ||||||
|
| |||||||
8,987,366 | ||||||||
|
|
Principal | Value | |||||||
Diversified Financial Services — 7.3% | ||||||||
General Electric Capital Corp., | ||||||||
7.125%, 12/29/49 (a) | $ | 250,000 | $ | 292,813 | ||||
Series G, MTN | ||||||||
6.375%, 11/15/67 (a) | 150,000 | 162,075 | ||||||
HSBC Finance Corp. | 400,000 | 475,231 | ||||||
|
| |||||||
930,119 | ||||||||
|
| |||||||
Insurance — 17.9% | ||||||||
Allstate (The) Corp. | 400,000 | 422,750 | ||||||
Chubb (The) Corp. | 400,000 | 435,999 | ||||||
MetLife, Inc. | 300,000 | 335,063 | ||||||
Northwestern Mutual Life Insurance (The) Co., 144A | 250,000 | 317,511 | ||||||
Prudential Financial, Inc. | 425,000 | 440,938 | ||||||
Teachers Insurance & Annuity Association of America, 144A | 250,000 | 335,688 | ||||||
|
| |||||||
2,287,949 | ||||||||
|
| |||||||
Utilities — 2.4% | ||||||||
Electric — 2.4% | ||||||||
Electricite de France SA, 144A (France) | 300,000 | 311,625 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 12,517,059 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.9% (Cost $12,287,783) | $ | 12,517,059 | ||||||
Other assets less liabilities — 2.1% | 272,076 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 12,789,135 | ||||||
|
|
MTN – Medium Term Note.
(a) Variable Rate Coupon. Stated interest rate was in effect at November 30, 2014.
144A – Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 12 |
This Page is Intentionally Left Blank
13
DBX ETF Trust
Statements of assets and liabilities (Unaudited)
November 30, 2014
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers Regulated Utilities ETF | Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 20,111,575 | $ | 8,869,672 | $ | 12,517,059 | ||||||
Cash | 181,383 | 1,739 | 112,443 | |||||||||
Receivables: | ||||||||||||
Dividends and Interest | 241,541 | 44,484 | 164,322 | |||||||||
Foreign tax reclaim | — | 4,386 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 20,534,499 | $ | 8,920,281 | $ | 12,793,824 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Investment advisory fees | $ | 5,020 | $ | 3,271 | $ | 4,689 | ||||||
Due to foreign custodian | — | 1,617 | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 5,020 | 4,888 | 4,689 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 20,529,479 | $ | 8,915,393 | $ | 12,789,135 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 19,824,022 | $ | 7,437,895 | $ | 12,541,620 | ||||||
Undistributed net investment income | 53,296 | 59,258 | — | |||||||||
Distributions in excess of net investment income | — | — | (20,195 | ) | ||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (62,094 | ) | 62,966 | 38,434 | ||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 714,255 | 1,355,274 | 229,276 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 20,529,479 | $ | 8,915,393 | $ | 12,789,135 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 800,001 | 300,001 | 500,000 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 25.66 | $ | 29.72 | $ | 25.58 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 19,397,320 | $ | 7,514,171 | $ | 12,287,783 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Statements of operations (Unaudited)
For the Six Months Ended November 30, 2014
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers Regulated Utilities ETF | Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | ||||||||||
Investment Income | ||||||||||||
Interest income | $ | 312,488 | $ | — | $ | 234,373 | ||||||
Dividend income* | — | 166,787 | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 312,488 | 166,787 | 234,373 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 26,760 | 19,168 | 27,440 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 26,760 | 19,168 | 27,440 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 285,728 | 147,619 | 206,933 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain from: | ||||||||||||
Investments | — | 55,335 | 41,372 | |||||||||
Foreign currency transactions | — | 350 | — | |||||||||
|
|
|
|
|
| |||||||
Net realized gain | — | 55,685 | 41,372 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 388,897 | 477,953 | 74,047 | |||||||||
Foreign currency translations | — | (249 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 388,897 | 477,704 | 74,047 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain on investments and foreign currency transactions | 388,897 | 533,389 | 115,419 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Operations | $ | 674,625 | $ | 681,008 | $ | 322,352 | ||||||
|
|
|
|
|
| |||||||
* Foreign tax withheld | $ | — | $ | 5,693 | $ | — |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers Regulated Utilities ETF | |||||||||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period June 4, 2013(1) to May 31, 2014 | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period June 4, 2013(1) to May 31, 2014 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 285,728 | $ | 535,867 | $ | 147,619 | $ | 405,867 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | — | (135,916 | ) | 55,685 | 162,225 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 388,897 | 325,358 | 477,704 | 877,570 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 674,625 | 725,309 | 681,008 | 1,445,662 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (278,486 | ) | (489,813 | ) | (145,830 | ) | (349,668 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 3,837,585 | 17,235,994 | — | 16,232,245 | ||||||||||||
Value of shares redeemed | — | (1,175,735 | ) | — | (8,948,024 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | 3,837,585 | 16,060,259 | — | 7,284,221 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase in Net Assets | 4,233,724 | 16,295,755 | 535,178 | 8,380,215 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 16,295,755 | — | 8,380,215 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 20,529,479 | $ | 16,295,755 | $ | 8,915,393 | $ | 8,380,215 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 53,296 | $ | 46,054 | $ | 59,258 | $ | 57,469 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 650,001 | 1 | 300,001 | 1 | ||||||||||||
Shares sold | 150,000 | 700,000 | — | 650,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | — | (350,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 800,001 | 650,001 | 300,001 | 300,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | ||||||||
For the Six Months Ended November 30, 2014 (Unaudited) | For the Period May 1, 2014(1) to May 31, 2014 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 206,933 | $ | 29,052 | ||||
Net realized gain on investments and foreign currency related transactions | 41,372 | 6,679 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 74,047 | 155,229 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 322,352 | 190,960 | ||||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (265,797 | ) | — | |||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 2,541,620 | 10,000,000 | ||||||
Value of shares redeemed | — | — | ||||||
|
|
|
| |||||
Net increase in net assets resulting from fund share transactions | 2,541,620 | 10,000,000 | ||||||
|
|
|
| |||||
Total increase in Net Assets | 2,598,175 | 10,190,960 | ||||||
Net Assets | ||||||||
Beginning of period | 10,190,960 | — | ||||||
|
|
|
| |||||
End of period | $ | 12,789,135 | $ | 10,190,960 | ||||
|
|
|
| |||||
Undistributed net investment income | — | $ | 38,669 | |||||
Distributions in excess of net investment income | $ | (20,195 | ) | — | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 400,000 | — | ||||||
Shares sold | 100,000 | 400,000 | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 500,000 | 400,000 | ||||||
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period June 4, 2013* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 25.07 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.41 | 0.81 | ||||||
Net realized and unrealized gain on investment and foreign currency transactions | 0.58 | 0.00 | ‡ | |||||
|
|
|
| |||||
Net increase in net asset value from operations | 0.99 | 0.81 | ||||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.40 | ) | (0.74 | ) | ||||
|
|
|
| |||||
Total distributions | (0.40 | ) | (0.74 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.66 | $ | 25.07 | ||||
|
|
|
| |||||
Total Return*** | 3.99 | % | 3.46 | %††† | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 20,529 | $ | 16,296 | ||||
Ratios to average net assets: | ||||||||
Expenses, net of fee waiver | 0.30 | %† | 0.30 | %† | ||||
Expenses, prior to fee waiver | 0.30 | %† | 0.32 | %† | ||||
Net investment income | 3.20 | %† | 3.48 | %† | ||||
Portfolio turnover rate | — | %†† | 5 | %†† | ||||
Deutsche X-trackers Regulated Utilities ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period June 4, 2013* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 27.93 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.49 | 0.88 | ||||||
Net realized and unrealized gain on investment and foreign currency transactions | 1.79 | 2.81 | ||||||
|
|
|
| |||||
Net increase in net asset value from operations | 2.28 | 3.69 | ||||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.49 | ) | (0.76 | ) | ||||
|
|
|
| |||||
Total distributions | (0.49 | ) | (0.76 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 29.72 | $ | 27.93 | ||||
|
|
|
| |||||
Total Return*** | 8.24 | % | 15.68 | %††† | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 8,915 | $ | 8,380 | ||||
Ratios to average net assets: | ||||||||
Expenses, net of fee waiver | 0.45 | %† | 0.45 | %† | ||||
Expenses, prior to fee waiver | 0.45 | %† | 0.47 | %† | ||||
Net investment income | 3.47 | %† | 3.51 | %† | ||||
Portfolio turnover rate | 8 | %†† | 59 | %†† |
* | Commencement of operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
††† | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
‡ | Less than 0.005. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | For the Six Months Ended November 30, 2014 (Unaudited) | For the Period May 1, 2014* to May 31, 2014 | ||||||
Net Asset Value, beginning of period | $ | 25.48 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.43 | 0.07 | ||||||
Net realized and unrealized gain on investment and foreign currency transactions | 0.24 | 0.41 | ||||||
|
|
|
| |||||
Net increase in net asset value from operations | 0.67 | 0.48 | ||||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.57 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.57 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.58 | $ | 25.48 | ||||
|
|
|
| |||||
Total Return*** | 2.66 | % | 1.92 | % | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 12,789 | $ | 10,191 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.45 | %† | 0.45 | %† | ||||
Net investment income | 3.39 | %† | 3.39 | %† | ||||
Portfolio turnover rate | 24 | %†† | 4 | %†† |
* | Commencement of operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. |
† | Annualized. |
†† | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 19 |
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 November 30, 2014, the Trust consists of seventeen non-diversified series of exchange-traded funds (“ETF”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name | Former Fund Name | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | db X-trackers Municipal Infrastructure Revenue Bond Fund | |
Deutsche X-trackers Regulated Utilities ETF | db X-trackers Regulated Utilities Fund | |
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | db X-trackers Solactive Investment Grade Subordinated Debt Fund |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.
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, 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. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
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 | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | DBIQ Municipal Infrastructure Revenue Bond Index | |
Deutsche X-trackers Regulated Utilities ETF | DBIQ Regulated Utilities Index | |
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | Solactive Subordinated Bond Index |
Deutsche Bank Securities Inc. is the creator of each DBIQ Underlying Index. The DBIQ Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). The DBIQ Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month. The DBIQ Regulated Utilities Index is designed to track the price movements in shares of companies whose main business operations are in the regulated utilities sector. It consists of issuers of large, medium or small market capitalization from the following seven developed market countries: Australia, Belguim, Canada, Italy, Spain, the United Kingdom and the United States. The Underlying Index is a total return index, which tracks capital gains and assumes that any cash distributions are reinvested back into the Underlying Index. The composition of the DBIQ Regulated Utilities Index is ordinarily adjusted annually on the fifth business day of October.
Solactive AG maintains and calculates the Solactive Subordinated Bond Index. It is designed to track the subordinated corporate bond market denominated in U.S. dollars. It is comprised of corporate securities which are classified as subordinated or junior subordinated. The Underlying Index is a total return index, which assumes that any cash distributions are reinvested. Financial instruments must meet certain requirements in order for it to be included in the Underlying Index. The Solactive Subordinated Bond Index is reconstituted on a monthly basis and the composition is determined five business days prior to the last business day of each month.
20
DBX ETF Trust
Notes to financial statements (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between DBIQ, Solactive 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. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a 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.
The Deutsche X-trackers Regulated Utilities ETF and the Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF may invest in securities of non-U.S. issuers that may trade in non-U.S. Markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.
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. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“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 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.
Equity securities 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 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 are generally categorized as Level 1.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board, whose valuations are intended to reflect the mean between the bid and asked prices. 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, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
21
DBX ETF Trust
Notes to financial statements (Continued)
Corporate debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board, whose valuations are intended to reflect the mean between the bid and asked prices. 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, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
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 Fund’s 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 net asset value 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.
The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2014. For the six months ended November 30, 2014, there were no transfers between investment levels.
Level 1 | Level 2 | Level 3 | Fair Value at 11/30/2014 | |||||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Municipal Bonds | $ | — | $ | 20,111,575 | $ | — | $ | 20,111,575 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | — | $ | 20,111,575 | $ | — | $ | 20,111,575 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Deutsche X-trackers Regulated Utilities ETF | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | $ | 8,869,546 | $ | — | $ | — | $ | 8,869,546 | ||||||||
Rights | 126 | — | — | 126 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 8,869,672 | $ | — | $ | — | $ | 8,869,672 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Corporate Bonds | $ | — | $ | 12,517,059 | $ | — | $ | 12,517,059 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | — | $ | 12,517,059 | $ | — | $ | 12,517,059 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
Cash Cash consists of cash held at banks and are 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
22
DBX ETF Trust
Notes to financial statements (Continued)
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. All premiums and discounts for Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF and Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF are amortized/accreted for 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 net investment income, monthly or quarterly, depending on the fund, sufficient to relieve it from all or substantially all Federal income and excise taxes. Deutsche X-trackers Regulated Utilities ETF pays out dividends from net investment income to investors quarterly, and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF and Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF pay 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. Differences for Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF primarily relate to premium amortization on debt securities. 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 Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the six months ended November 30, 2014, the Funds did not incur any interest or penalties.
Foreign Taxes The Deutsche X-trackers Regulated Utilities ETF and the Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF 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 November 30, 2014, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translation 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
23
DBX ETF Trust
Notes to financial statements (Continued)
actually received. That 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.
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. The Advisor is also responsible for employing any sampling strategy for the Funds.
The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF and the Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF are sub-advised by Deutsche Investment Management Americas Inc. (“DIMA”). The sub-advisors are responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and sub-advisor from time to time.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to:
Fund | Unitary Management Fee | |||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 0.30 | % | ||
Deutsche X-trackers Regulated Utilities ETF | 0.45 | % | ||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, 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, taxes, brokerage expenses and extraordinary expenses.
The Advisor pays DIMA a fee based on a percentage of the average daily net assets for each of the Funds listed below:
Fund | Sub-Advisor Fee | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 0.05% on the average daily net assets | |
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | 0.09% on the average daily net assets |
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, of whom three are Independent Trustees. The Trust paid retainer fees to each Trustee not affiliated with the Advisor, plus a specified amount to the audit committee.
4. Federal Income Taxes
As of November 30, 2014, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Cost | Net Unrealized Appreciation (Depreciation) | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | 19,397,320 | $ | 714,255 | $ | 714,829 | $ | (574 | ) | |||||||
Deutsche X-trackers Regulated Utilities ETF | 7,516,194 | 1,353,478 | 1,369,077 | (15,599 | ) | |||||||||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | 12,297,141 | 219,918 | 244,032 | (24,114 | ) |
24
DBX ETF Trust
Notes to financial statements (Continued)
At May 31, 2014, 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. 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.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses for an unlimited period.
Short-term | Long-term | Total | ||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | 38,192 | $ | — | $ | 38,192 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2014, the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF incurred and elected to defer net capital losses of $23,902.
The tax character of current year distributions will be determined at the end of the current fiscal year.
5. Investment Portfolio Transactions
For the six months ended November 30, 2014, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | 3,852,744 | $ | — | ||||
Deutsche X-trackers Regulated Utilities ETF | 646,424 | 642,390 | ||||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | 3,533,819 | 2,561,755 |
For the six months ended November 30, 2014, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | — | $ | — | ||||
Deutsche X-trackers Regulated Utilities ETF | — | — | ||||||
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF | 1,843,180 | — |
6. Fund Share Transactions
As of November 30, 2014, 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.
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2014, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Fund Name | Approximate Percent of Outstanding Shares Held | |||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 29 | % | ||
Deutsche X-trackers Regulated Utilities ETF | 67 | % |
25
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 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom 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.
Quarterly Portfolio Disclosure
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-Q. 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 Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.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 Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, 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.
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.deutsche-etfs.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 DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including 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. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. The Fund may invest a significant portion of its assets in securities offered pursuant to Rule 144A under the 1933 Act, which are restricted securities. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable in broad public markets. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time. 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. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Stocks may decline in value. Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including operating costs; increased competition; deregulation; effects of a national energy policy; costs and other problems associated with the design, construction, licensing, regulation and operation of nuclear facilities; and potential impact of terrorist activities on the utility industry and its customers and the impact of natural or man-made disasters. Issuers in the utilities sector also may be subject to regulation by various governmental authorities and may be affected by the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. Performance of the Fund 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 this 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. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. 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. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
Copyright © 2014 Deutsche Bank AG. All rights reserved. db-X® and Deutsche X-trackers® are registered trademarks of Deutsche Bank AG. 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 60 Wall Street New York, NY 10005 | Investment sub-advisors Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154 | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 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-36922-1 (1/15) DBX1186 (1/16)
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 have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
Item 12. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
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 | |||
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By (Signature and Title)* | /s/ Alex Depetris | |||
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Alex Depetris | ||||
President and Chief Executive Officer |
Date | February 4, 2015 | |
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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/ Alex Depetris | |||
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Alex Depetris | ||||
President and Chief Executive Officer |
Date | February 4, 2015 | |
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By (Signature and Title)* | /s/ Michael Gilligan | |||
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Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date | February 4, 2015 | |
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* | Print the name and title of each signing officer under his or her signature. |