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)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices) (Zip code)
Alex Depetris
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(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, 2015
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, 2015
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 Emerging Markets Hedged Equity ETF (DBEM)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
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
Table of contents
Page | ||||
1 | ||||
Portfolio Summary | ||||
2 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 3 | |||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
Schedules of Investments | ||||
15 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 41 | |||
51 | ||||
53 | ||||
67 | ||||
77 | ||||
85 | ||||
88 | ||||
94 | ||||
97 | ||||
100 | ||||
104 | ||||
108 | ||||
112 | ||||
118 | ||||
126 | ||||
140 | ||||
141 |
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for eleven of our currency-hedged equity ETFs for the period ended November 30, 2015.
The world economy continues to grow at a moderate rate; however, decelerating emerging market growth has become a concern. Global equities have been unsettled by developments in China, but fundamentals in developed markets remain sound. The US economy is on stable ground, having shrugged off the winter blues in the initial part of the year. The continued recovery of the housing sector, improved labor markets, and consumer spending have bolstered the economy. However, inflation continues to remain below target in the current environment of low energy prices and a strong US dollar.
The Federal Reserve (Fed) was poised to raise interest rates in September, but delayed it citing global economic concerns. However, current strong payroll growth and a steady unemployment rate sets the stage for a Fed rate hike in December. Our economists believe the overall trajectory of subsequent moves is still expected to be “low and slow”, as the Fed would like to assess the economy’s reaction to these changes.
Across the Atlantic, the European economy is also staging a recovery, though at a very slow pace. The interim resolution of the Greek crisis, lower commodity prices, rising trend in the credit cycle, increasing exports helped by a weak euro, and an ultra-loose monetary policy have strengthened its recovery. The positive sentiment is noticeable in various European equity markets that have performed well in the last two months. However, inflation remains a concern for the European Central Bank (ECB), which has stepped up its quantitative easing program by extending it until March 2017, and reduced deposit rates by 10 basis points (100 basis points equals one percentage point).
Economic growth in emerging markets has come under pressure, with increasing debt and the prospects of Fed tightening. Investor sentiment was dominated by fears of a hard landing in China, which is facing its slowest pace of growth in 25 years. With declining demand from China, commodity prices have continued their downward slide and slowed down resource-rich countries like Russia and Brazil. However, some bright spots remain in the emerging market space, with countries like India and South Korea gaining from their economic reforms.
Global equity markets have recovered from their September lows. Further modest gains are possible, although periods of volatility are likely. Even if the Fed starts tightening this year, the central banks of Europe, Japan, and China would continue with their monetary easing. In this environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a significant positive contribution to the funds’ overall performance, except for Deutsche X-trackers Japan Hedged Equity ETF as the yen strengthened against the dollar.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Nestle SA | 1.5% | |||
Novartis AG | 1.1% | |||
Roche Holding AG | 1.1% | |||
Toyota Motor Corp. | 1.1% | |||
HSBC Holdings PLC | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 0.7% | |||
Samsung Electronics Co. Ltd. | 0.7% | |||
Bayer AG | 0.6% | |||
Tencent Holdings Ltd. | 0.6% | |||
British American Tobacco PLC | 0.6% |
Sector Diversification* as of 11/30/15
Financials | 26.9% | |||
Consumer Discretionary | 12.2% | |||
Industrials | 10.8% | |||
Consumer Staples | 10.7% | |||
Health Care | 9.1% | |||
Information Technology | 8.9% | |||
Materials | 6.6% | |||
Energy | 6.2% | |||
Telecommunication Services | 5.3% | |||
Utilities | 3.3% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
Japan | 16.7% | |||
United Kingdom | 13.3% | |||
France | 7.1% | |||
Switzerland | 7.1% | |||
Germany | 6.6% | |||
Canada | 6.0% | |||
China | 5.0% | |||
Australia | 5.0% | |||
South Korea | 3.4% | |||
Hong Kong | 3.3% | |||
Netherlands | 2.5% | |||
Spain | 2.4% | |||
Taiwan | 2.3% | |||
Sweden | 2.0% | |||
Italy | 1.7% | |||
Denmark | 1.4% | |||
Brazil | 1.2% | |||
India | 1.2% | |||
South Africa | 1.1% | |||
Belgium | 1.1% | |||
Mexico | 0.9% | |||
Singapore | 0.9% | |||
Malaysia | 0.8% | |||
Finland | 0.7% | |||
Russia | 0.6% | |||
Israel | 0.6% | |||
Ireland | 0.6% | |||
Indonesia | 0.5% | |||
Thailand | 0.4% | |||
Norway | 0.4% | |||
Turkey | 0.4% | |||
Poland | 0.3% | |||
Philippines | 0.3% | |||
Chile | 0.3% | |||
United States | 0.3% | |||
New Zealand | 0.2% | |||
United Arab Emirates | 0.2% | |||
Qatar | 0.2% | |||
Luxembourg | 0.2% | |||
Other | 0.8% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
2
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 3.2% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.8% | |||
Tencent Holdings Ltd. | 2.7% | |||
Commonwealth Bank of Australia | 2.5% | |||
China Mobile Ltd. | 2.0% | |||
Alibaba Group Holding Ltd., ADR | 2.0% | |||
AIA Group Ltd. | 1.9% | |||
Westpac Banking Corp. | 1.7% | |||
Australia & New Zealand Banking Group Ltd. | 1.5% | |||
National Australia Bank Ltd. | 1.5% |
Sector Diversification* as of 11/30/15
Financials | 35.7% | |||
Information Technology | 20.5% | |||
Industrials | 8.4% | |||
Consumer Discretionary | 7.1% | |||
Materials | 6.0% | |||
Consumer Staples | 5.6% | |||
Telecommunication Services | 5.4% | |||
Energy | 4.2% | |||
Utilities | 4.0% | |||
Health Care | 3.1% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
China | 20.9% | |||
Australia | 20.1% | |||
Hong Kong | 14.8% | |||
South Korea | 14.0% | |||
Taiwan | 10.4% | |||
India | 5.2% | |||
Singapore | 3.8% | |||
Malaysia | 3.1% | |||
Indonesia | 2.3% | |||
Philippines | 1.7% | |||
Thailand | 1.6% | |||
New Zealand | 0.7% | |||
United States | 0.6% | |||
United Kingdom | 0.4% | |||
Macau | 0.3% | |||
Ireland | 0.1% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.
3
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Ambev SA | 11.3% | |||
Itau Unibanco Holding SA | 10.9% | |||
Banco Bradesco SA | 9.2% | |||
Petroleo Brasileiro SA | 7.5% | |||
Vale SA | 4.8% | |||
BRF SA | 4.6% | |||
Cielo SA | 3.8% | |||
Itausa — Investimentos Itau SA | 3.3% | |||
Ultrapar Participacoes SA | 2.9% | |||
Embraer SA | 2.6% |
Sector Diversification* as of 11/30/15
Financials | 33.8% | |||
Consumer Staples | 20.9% | |||
Materials | 11.1% | |||
Energy | 10.7% | |||
Industrials | 5.6% | |||
Consumer Discretionary | 5.1% | |||
Utilities | 5.0% | |||
Information Technology | 4.3% | |||
Telecommunication Services | 2.7% | |||
Health Care | 0.8% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 51.
4
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 3.3% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.2% | |||
Tencent Holdings Ltd. | 3.0% | |||
China Mobile Ltd. | 2.1% | |||
Alibaba Group Holding Ltd., ADR | 2.0% | |||
Naspers Ltd., Class N | 1.7% | |||
China Construction Bank Corp., Class H | 1.5% | |||
Baidu, Inc., ADR | 1.5% | |||
Reliance Industries Ltd., GDR, 144A | 1.3% | |||
Hon Hai Precision Industry Co. Ltd. | 1.2% |
Sector Diversification* as of 11/30/15
Financials | 27.1% | |||
Information Technology | 22.4% | |||
Consumer Discretionary | 9.7% | |||
Consumer Staples | 8.3% | |||
Energy | 7.5% | |||
Telecommunication Services | 7.1% | |||
Industrials | 6.8% | |||
Materials | 5.7% | |||
Utilities | 3.1% | |||
Health Care | 2.3% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
China | 22.7% | |||
South Korea | 15.8% | |||
Taiwan | 12.0% | |||
South Africa | 6.9% | |||
Hong Kong | 5.9% | |||
India | 5.4% | |||
Brazil | 5.4% | |||
Mexico | 5.1% | |||
Malaysia | 3.4% | |||
Russia | 3.4% | |||
Indonesia | 2.7% | |||
Thailand | 1.8% | |||
Turkey | 1.8% | |||
Philippines | 1.8% | |||
Chile | 1.6% | |||
Poland | 1.5% | |||
United Arab Emirates | 0.9% | |||
Qatar | 0.6% | |||
Hungary | 0.5% | |||
Egypt | 0.4% | |||
Malta | 0.2% | |||
Other | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 53.
5
DBX ETF Trust
Portfolio 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 the euro. It is not possible to invest directly into an index.
Ten Largest Holdings as of 11/30/15
Description | % of Net Assets | |||
Nestle SA | 2.9% | |||
Novartis AG | 2.4% | |||
Roche Holding AG | 2.3% | |||
HSBC Holdings PLC | 1.9% | |||
Bayer AG | 1.4% | |||
British American Tobacco PLC | 1.3% | |||
Novo Nordisk A/S, Class B | 1.3% | |||
Total SA | 1.3% | |||
BP PLC | 1.3% | |||
Sanofi | 1.3% |
Sector Diversification* as of 11/30/15
Financials | 22.5% | |||
Consumer Staples | 14.6% | |||
Health Care | 13.6% | |||
Consumer Discretionary | 11.7% | |||
Industrials | 11.3% | |||
Materials | 6.7% | |||
Energy | 6.6% | |||
Telecommunication Services | 5.1% | |||
Information Technology | 4.1% | |||
Utilities | 3.8% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
United Kingdom | 27.9% | |||
France | 15.0% | |||
Switzerland | 14.6% | |||
Germany | 14.1% | |||
Netherlands | 5.5% | |||
Spain | 5.0% | |||
Sweden | 4.4% | |||
Italy | 3.4% | |||
Denmark | 2.8% | |||
Belgium | 2.2% | |||
Finland | 1.4% | |||
Ireland | 1.3% | |||
Norway | 0.9% | |||
Luxembourg | 0.3% | |||
Australia | 0.3% | |||
Austria | 0.3% | |||
Portugal | 0.2% | |||
South Africa | 0.2% | |||
Other | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 67.
6
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Deutsche X-trackers MSCI Eurozone Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). Underlying Index is composed of equities from countries in the EMU, or the “Eurozone,” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating fluctuation between the value of the U.S. Dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
% of Net Assets | ||||
Bayer AG | 2.5% | |||
Total SA | 2.5% | |||
Sanofi | 2.4% | |||
Anheuser-Busch InBev NV | 2.4% | |||
Daimler AG | 2.0% | |||
Siemens AG | 1.9% | |||
Allianz SE | 1.9% | |||
Banco Santander SA | 1.8% | |||
SAP SE | 1.8% | |||
BASF SE | 1.8% |
Sector Diversification* as of 11/30/15
Financials | 22.7% | |||
Industrials | 14.5% | |||
Consumer Discretionary | 14.5% | |||
Consumer Staples | 10.7% | |||
Health Care | 8.7% | |||
Materials | 7.6% | |||
Information Technology | 6.6% | |||
Utilities | 5.0% | |||
Telecommunication Services | 5.0% | |||
Energy | 4.7% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
France | 30.1% | |||
Germany | 28.9% | |||
Spain | 10.6% | |||
Italy | 8.3% | |||
Netherlands | 7.3% | |||
Belgium | 4.9% | |||
Finland | 3.2% | |||
United Kingdom | 2.8% | |||
Ireland | 1.7% | |||
Austria | 0.9% | |||
Luxembourg | 0.7% | |||
Portugal | 0.5% | |||
Other | 0.1% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 77.
7
DBX ETF Trust
Portfolio 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 the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Bayer AG | 9.5% | |||
Daimler AG | 7.4% | |||
Siemens AG | 7.1% | |||
Allianz SE | 7.0% | |||
SAP SE | 6.7% | |||
BASF SE | 6.6% | |||
Deutsche Telekom AG | 5.1% | |||
Bayerische Motoren Werke AG | 3.1% | |||
Deutsche Bank AG | 3.1% | |||
Muenchener Rueckversicherungs-Gesellschaft AG | 2.9% |
Sector Diversification* as of 11/30/15
Consumer Discretionary | 20.9% | |||
Financials | 18.1% | |||
Health Care | 15.2% | |||
Materials | 13.4% | |||
Industrials | 12.1% | |||
Information Technology | 8.7% | |||
Telecommunication Services | 5.5% | |||
Consumer Staples | 4.0% | |||
Utilities | 2.1% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 85.
8
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Toyota Motor Corp. | 5.9% | |||
Mitsubishi UFJ Financial Group, Inc. | 2.8% | |||
Honda Motor Co. Ltd. | 1.8% | |||
SoftBank Group Corp. | 1.8% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.7% | |||
Mizuho Financial Group, Inc. | 1.6% | |||
KDDI Corp. | 1.5% | |||
Japan Tobacco, Inc. | 1.3% | |||
Takeda Pharmaceutical Co. Ltd. | 1.3% | |||
FANUC Corp. | 1.2% |
Sector Diversification* as of 11/30/15
Consumer Discretionary | 22.0% | |||
Financials | 19.2% | |||
Industrials | 18.9% | |||
Information Technology | 10.5% | |||
Health Care | 7.9% | |||
Consumer Staples | 7.6% | |||
Materials | 5.5% | |||
Telecommunication Services | 5.1% | |||
Utilities | 2.4% | |||
Energy | 0.9% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 88.
9
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
America Movil SAB de CV, Series L | 13.8% | |||
Fomento Economico Mexicano SAB de CV | 9.1% | |||
Wal-Mart de Mexico SAB de CV | 6.9% | |||
Grupo Televisa SAB, Series CPO | 6.9% | |||
Grupo Financiero Banorte SAB de CV, Class O | 6.7% | |||
Cemex SAB de CV | 4.1% | |||
Grupo Mexico SAB de CV, Series B | 4.0% | |||
Alfa SAB de CV, Class A | 3.3% | |||
Fibra Uno Administracion SA de CV REIT | 3.1% | |||
Grupo Bimbo SAB de CV, Series A | 2.6% |
Sector Diversification* as of 11/30/15
Consumer Staples | 29.0% | |||
Financials | 21.2% | |||
Telecommunication Services | 14.0% | |||
Industrials | 13.1% | |||
Materials | 11.7% | |||
Consumer Discretionary | 10.5% | |||
Health Care | 0.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 94.
10
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Holdings as of 11/30/15
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 20.5% | |||
Hyundai Motor Co. | 3.6% | |||
SK Hynix, Inc. | 2.9% | |||
NAVER Corp. | 2.8% | |||
Shinhan Financial Group Co. Ltd. | 2.8% | |||
Hyundai Mobis Co. Ltd. | 2.7% | |||
LG Chem Ltd. | 2.4% | |||
Kia Motors Corp. | 2.2% | |||
KB Financial Group, Inc. | 2.2% | |||
Amorepacific Corp. | 2.1% |
Sector Diversification* as of 11/30/15
Information Technology | 33.7% | |||
Consumer Discretionary | 16.1% | |||
Financials | 13.9% | |||
Industrials | 11.1% | |||
Consumer Staples | 9.7% | |||
Materials | 7.8% | |||
Energy | 2.3% | |||
Utilities | 2.2% | |||
Health Care | 2.2% | |||
Telecommunication Services | 1.0% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 97.
11
DBX ETF Trust
Portfolio 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
HSBC Holdings PLC | 6.2% | |||
British American Tobacco PLC | 4.3% | |||
BP PLC | 4.2% | |||
GlaxoSmithKline PLC | 4.0% | |||
Royal Dutch Shell PLC, Class A | 3.9% | |||
Vodafone Group PLC | 3.6% | |||
AstraZeneca PLC | 3.4% | |||
Diageo PLC | 2.9% | |||
Lloyds Banking Group PLC | 2.5% | |||
BT Group PLC | 2.5% |
Sector Diversification* as of 11/30/15
Financials | 23.5% | |||
Consumer Staples | 18.7% | |||
Energy | 12.9% | |||
Consumer Discretionary | 10.7% | |||
Health Care | 9.7% | |||
Industrials | 6.9% | |||
Telecommunication Services | 6.4% | |||
Materials | 5.4% | |||
Utilities | 4.3% | |||
Information Technology | 1.5% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 100.
12
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including 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 in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
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 purposeqs
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, 2015 | Ending Account Value November 30, 2015 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 927.86 | 0.40 | % | $ | 1.93 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.00 | 0.40 | % | $ | 2.02 | ||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 870.16 | 0.60 | % | $ | 2.81 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 812.89 | 0.60 | % | $ | 2.72 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 864.64 | 0.65 | % | $ | 3.03 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.75 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 963.43 | 0.45 | % | $ | 2.21 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
13
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning June 1, 2015 | Ending Account Value November 30, 2015 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 990.77 | 0.45 | % | $ | 2.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 989.76 | 0.45 | % | $ | 2.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 934.39 | 0.45 | % | $ | 2.18 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 980.35 | 0.50 | % | $ | 2.48 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | 0.50 | % | $ | 2.53 | ||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 940.38 | 0.58 | % | $ | 2.81 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.10 | 0.58 | % | $ | 2.93 | ||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 919.73 | 0.45 | % | $ | 2.16 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six month period), then divided by 366.
14
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Australia — 4.9% | ||||||||
AGL Energy Ltd. | 1,081 | $ | 12,938 | |||||
Alumina Ltd. | 16,598 | 13,504 | ||||||
Amcor Ltd. | 5,923 | 57,913 | ||||||
AMP Ltd. | 10,151 | 42,653 | ||||||
APA Group (a) | 5,463 | 35,163 | ||||||
Aristocrat Leisure Ltd. | 2,171 | 14,900 | ||||||
Asciano Ltd. | 4,033 | 24,938 | ||||||
ASX Ltd. | 745 | 22,300 | ||||||
Aurizon Holdings Ltd. | 8,373 | 33,728 | ||||||
AusNet Services | 19,148 | 20,841 | ||||||
Australia & New Zealand Banking Group Ltd. | 9,943 | 195,230 | ||||||
Bank of Queensland Ltd. | 1,701 | 16,804 | ||||||
Bendigo and Adelaide Bank Ltd. | 1,435 | 11,582 | ||||||
BHP Billiton Ltd. | 12,094 | 158,222 | ||||||
BHP Billiton PLC | 7,777 | 93,340 | ||||||
Boral Ltd. | 3,026 | 12,408 | ||||||
Brambles Ltd. | 8,086 | 63,683 | ||||||
Caltex Australia Ltd. | 1,173 | 29,114 | ||||||
Challenger Ltd. | 25 | 153 | ||||||
CIMIC Group Ltd. | 835 | 15,127 | ||||||
Coca-Cola Amatil Ltd. | 3,082 | 20,127 | ||||||
Cochlear Ltd. | 476 | 32,486 | ||||||
Commonwealth Bank of Australia | 6,466 | 371,432 | ||||||
Computershare Ltd. | 3,232 | 27,231 | ||||||
Crown Resorts Ltd. | 1,701 | 14,319 | ||||||
CSL Ltd. | 1,930 | 139,731 | ||||||
Dexus Property Group REIT | 4,511 | 25,055 | ||||||
Flight Centre Travel Group Ltd. (b) | 265 | 6,896 | ||||||
Fortescue Metals Group Ltd. (b) | 957 | 1,357 | ||||||
Goodman Group REIT | 9,727 | 43,052 | ||||||
GPT Group REIT | 8,505 | 28,417 | ||||||
Harvey Norman Holdings Ltd. (b) | 4,193 | 12,372 | ||||||
Healthscope Ltd. | 2,658 | 5,171 | ||||||
Iluka Resources Ltd. | 2,067 | 8,595 | ||||||
Incitec Pivot Ltd. | 7,022 | 19,196 | ||||||
Insurance Australia Group Ltd. | 7,768 | 31,123 | ||||||
LendLease Group (a) | 3,704 | 34,154 | ||||||
Macquarie Group Ltd. | 833 | 49,044 | ||||||
Medibank Pvt Ltd. | 6,081 | 10,203 | ||||||
Mirvac Group REIT | 22,710 | 30,631 | ||||||
National Australia Bank Ltd. | 7,426 | 157,839 | ||||||
Newcrest Mining Ltd.* | 3,504 | 27,647 | ||||||
Oil Search Ltd. | 3,500 | 20,756 | ||||||
Orica Ltd. | 1,543 | 17,631 | ||||||
Origin Energy Ltd. | 4,034 | 16,337 | ||||||
Platinum Asset Management Ltd. | 635 | 3,706 | ||||||
Qantas Airways Ltd.* | 7,982 | 21,012 | ||||||
QBE Insurance Group Ltd. | 4,564 | 41,160 | ||||||
Ramsay Health Care Ltd. | 851 | 41,266 | ||||||
REA Group Ltd. | 157 | 5,700 | ||||||
Santos Ltd. (b) | 2,455 | 7,120 | ||||||
Scentre Group REIT | 21,743 | 62,898 | ||||||
Seek Ltd. | 1,475 | 14,806 | ||||||
Sonic Healthcare Ltd. | 2,235 | 32,861 | ||||||
South32 Ltd.* | 14,966 | 12,880 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Stockland REIT | 12,301 | $ | 35,584 | |||||
Suncorp Group Ltd. | 4,785 | 46,336 | ||||||
Sydney Airport (a) | 8,470 | 40,428 | ||||||
Tabcorp Holdings Ltd. | 4,348 | 14,370 | ||||||
Tatts Group Ltd. | 7,050 | 21,210 | ||||||
Telstra Corp. Ltd. | 15,638 | 60,619 | ||||||
TPG Telecom Ltd. | 1,860 | 13,895 | ||||||
Transurban Group (a) | 8,782 | 65,862 | ||||||
Treasury Wine Estates Ltd. | 3,768 | 20,628 | ||||||
Vicinity Centres REIT | 10,047 | 19,691 | ||||||
Wesfarmers Ltd. | 3,969 | 109,333 | ||||||
Westfield Corp. REIT | 9,778 | 67,886 | ||||||
Westpac Banking Corp. | 11,147 | 259,178 | ||||||
Woodside Petroleum Ltd. | 1,999 | 43,529 | ||||||
Woolworths Ltd. | 4,879 | 83,520 | ||||||
|
| |||||||
3,170,821 | ||||||||
|
| |||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 315 | 16,529 | ||||||
Erste Group Bank AG* | 1,103 | 33,842 | ||||||
OMV AG | 504 | 14,386 | ||||||
Raiffeisen Bank International AG* | 463 | 7,245 | ||||||
Voestalpine AG | 477 | 15,522 | ||||||
|
| |||||||
87,524 | ||||||||
|
| |||||||
Belgium — 1.1% | ||||||||
Ageas | 935 | 40,903 | ||||||
Anheuser-Busch InBev NV | 2,985 | 384,605 | ||||||
Colruyt SA (b) | 98 | 4,856 | ||||||
Delhaize Group | 375 | 37,572 | ||||||
Groupe Bruxelles Lambert SA | 435 | 35,743 | ||||||
KBC Groep NV | 1,009 | 60,232 | ||||||
Proximus SA | 797 | 26,327 | ||||||
Solvay SA | 257 | 29,611 | ||||||
Telenet Group Holding NV* | 211 | 11,523 | ||||||
UCB SA | 460 | 41,078 | ||||||
Umicore SA | 475 | 19,645 | ||||||
|
| |||||||
692,095 | ||||||||
|
| |||||||
Brazil — 0.8% | ||||||||
Ambev SA | 20,594 | 99,217 | ||||||
B2W Cia Digital* | 450 | 1,717 | ||||||
Banco Bradesco SA | 3,384 | 21,009 | ||||||
Banco do Brasil SA | 2,950 | 12,421 | ||||||
Banco Santander Brasil SA | 2,736 | 10,466 | ||||||
BB Seguridade Participacoes SA | 3,734 | 25,064 | ||||||
BM&F Bovespa SA | 7,310 | 21,482 | ||||||
BR Malls Participacoes SA | 2,123 | 7,035 | ||||||
BRF SA | 2,756 | 39,207 | ||||||
CCR SA | 2,384 | 7,893 | ||||||
CETIP SA — Mercados Organizados | 1,161 | 11,043 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,332 | 6,514 | ||||||
Cia Siderurgica Nacional SA | 4,085 | 5,807 | ||||||
Cielo SA | 2,625 | 23,821 | ||||||
Cosan SA Industria e Comercio | 373 | 2,323 | ||||||
Duratex SA | 1,567 | 2,714 | ||||||
Embraer SA | 1,023 | 8,038 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Brazil (Continued) | ||||||||
Estacio Participacoes SA | 1,057 | $ | 3,663 | |||||
Fibria Celulose SA | 1,168 | 17,277 | ||||||
Hypermarcas SA* | 1,332 | 7,712 | ||||||
JBS SA | 2,756 | 8,847 | ||||||
Klabin SA | 1,171 | 7,182 | ||||||
Kroton Educacional SA | 4,941 | 11,813 | ||||||
Lojas Americanas SA | 1,625 | 5,040 | ||||||
Lojas Renner SA | 3,004 | 13,587 | ||||||
M Dias Branco SA | 51 | 949 | ||||||
Natura Cosmeticos SA | 787 | 4,308 | ||||||
Odontoprev SA | 2,927 | 7,527 | ||||||
Petroleo Brasileiro SA* | 10,927 | 26,576 | ||||||
Qualicorp SA | 1,138 | 4,344 | ||||||
Raia Drogasil SA | 906 | 9,285 | ||||||
Sul America SA | 1,355 | 7,547 | ||||||
Tim Participacoes SA | 2,788 | 5,513 | ||||||
Totvs SA | 905 | 7,829 | ||||||
Ultrapar Participacoes SA | 1,277 | 20,705 | ||||||
Vale SA | 4,925 | 16,765 | ||||||
WEG SA | 1,618 | 6,357 | ||||||
|
| |||||||
498,597 | ||||||||
|
| |||||||
Canada — 6.0% | ||||||||
Agnico Eagle Mines Ltd. | 916 | 24,336 | ||||||
Agrium, Inc. | 308 | 30,407 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,123 | 96,783 | ||||||
AltaGas Ltd. | 356 | 8,344 | ||||||
ARC Resources Ltd. | 1,332 | 18,253 | ||||||
Bank of Montreal | 2,758 | 159,249 | ||||||
Bank of Nova Scotia | 4,921 | 224,374 | ||||||
Barrick Gold Corp. | 4,403 | 32,410 | ||||||
BCE, Inc. | 934 | 40,201 | ||||||
BlackBerry Ltd.* | 2,409 | 19,157 | ||||||
Bombardier, Inc., Class B | 10,283 | 10,010 | ||||||
Brookfield Asset Management, Inc., Class A | 4,000 | 137,332 | ||||||
CAE, Inc. | 2,577 | 29,254 | ||||||
Cameco Corp. | 1,432 | 17,500 | ||||||
Canadian Imperial Bank of Commerce | 1,848 | 138,768 | ||||||
Canadian National Railway Co. | 3,177 | 189,628 | ||||||
Canadian Natural Resources Ltd. | 3,988 | 96,576 | ||||||
Canadian Oil Sands Ltd. | 1,906 | 12,217 | ||||||
Canadian Pacific Railway Ltd. | 414 | 61,037 | ||||||
Canadian Tire Corp. Ltd., Class A | 154 | 14,428 | ||||||
Canadian Utilities Ltd., Class A | 959 | 23,425 | ||||||
CCL Industries, Inc., Class B | 43 | 7,141 | ||||||
Cenovus Energy, Inc. | 2,958 | 43,768 | ||||||
CGI Group, Inc., Class A* | 1,332 | 57,980 | ||||||
CI Financial Corp. | 1,630 | 38,741 | ||||||
Constellation Software, Inc. | 100 | 42,918 | ||||||
Crescent Point Energy Corp. | 1,738 | 22,736 | ||||||
Dollarama, Inc. | 1,055 | 70,547 | ||||||
Eldorado Gold Corp. | 2,999 | 9,185 | ||||||
Element Financial Corp.* | 194 | 2,484 | ||||||
Enbridge, Inc. | 3,093 | 109,851 | ||||||
Encana Corp. | 2,953 | 24,589 | ||||||
Finning International, Inc. | 1,067 | 15,676 |
Number | Value | |||||||
Canada (Continued) | ||||||||
First Capital Realty, Inc. | 1,748 | $ | 25,642 | |||||
First Quantum Minerals Ltd. | 3,827 | 13,927 | ||||||
Fortis, Inc. | 1,332 | 36,785 | ||||||
Franco-Nevada Corp. | 573 | 27,542 | ||||||
Gildan Activewear, Inc. | 260 | 8,066 | ||||||
Goldcorp, Inc. | 3,078 | 36,393 | ||||||
Great-West Lifeco, Inc. | 1,332 | 36,196 | ||||||
H&R Real Estate Investment Trust REIT | 1,332 | 21,405 | ||||||
Husky Energy, Inc. | 1,332 | 17,983 | ||||||
Imperial Oil Ltd. | 1,214 | 39,435 | ||||||
Inter Pipeline Ltd. | 1,332 | 23,160 | ||||||
Keyera Corp. | �� | 462 | 13,779 | |||||
Kinross Gold Corp.* | 4,904 | 9,584 | ||||||
Linamar Corp. | 66 | 3,724 | ||||||
Loblaw Cos. Ltd. | 1,041 | 52,555 | ||||||
Magna International, Inc. | 1,219 | 55,443 | ||||||
Manulife Financial Corp. | 6,753 | 111,147 | ||||||
MEG Energy Corp.* | 714 | 5,983 | ||||||
Methanex Corp. | 154 | 6,050 | ||||||
Metro, Inc. | 308 | 8,870 | ||||||
Open Text Corp. | 154 | 7,482 | ||||||
Pembina Pipeline Corp. | 1,332 | 30,571 | ||||||
Peyto Exploration & Development Corp. (b) | 934 | 18,988 | ||||||
Potash Corp. of Saskatchewan, Inc. | 3,382 | 68,453 | ||||||
Power Corp. of Canada | 1,332 | 31,249 | ||||||
Power Financial Corp. | 1,332 | 33,822 | ||||||
PrairieSky Royalty Ltd. | 614 | 11,793 | ||||||
Restaurant Brands International, Inc. | 949 | 34,664 | ||||||
Rogers Communications, Inc., Class B | 1,332 | 51,377 | ||||||
Royal Bank of Canada | 6,802 | 387,507 | ||||||
Saputo, Inc. | 106 | 2,595 | ||||||
Seven Generations Energy Ltd., Class A* | 700 | 8,214 | ||||||
Shaw Communications, Inc., Class B | 1,752 | 36,366 | ||||||
Silver Wheaton Corp. | 1,486 | 19,528 | ||||||
SNC-Lavalin Group, Inc. | 684 | 21,727 | ||||||
Sun Life Financial, Inc. | 2,509 | 82,741 | ||||||
Suncor Energy, Inc. (b) | 5,269 | 145,588 | ||||||
Teck Resources Ltd., Class B | 2,005 | 8,528 | ||||||
TELUS Corp. | 1,067 | 33,909 | ||||||
Toronto-Dominion Bank (The) | 6,634 | 270,934 | ||||||
Tourmaline Oil Corp.* | 815 | 15,495 | ||||||
TransCanada Corp. | 2,653 | 83,715 | ||||||
Turquoise Hill Resources Ltd.* | 8,161 | 21,511 | ||||||
Veresen, Inc. | 797 | 6,254 | ||||||
Vermilion Energy, Inc. | 260 | 7,786 | ||||||
West Fraser Timber Co. Ltd. | 200 | 8,210 | ||||||
Yamana Gold, Inc. | 3,670 | 7,750 | ||||||
|
| |||||||
3,839,731 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
AES Gener SA | 2,173 | 946 | ||||||
Aguas Andinas SA, Class A | 5,216 | 2,593 | ||||||
Antofagasta PLC (b) | 1,436 | 10,976 | ||||||
Banco de Chile | 357,002 | 35,602 | ||||||
Banco de Credito e Inversiones | 216 | 8,015 | ||||||
Banco Santander Chile | 542,459 | 24,198 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Chile (Continued) | ||||||||
Cencosud SA | 6,059 | $ | 12,775 | |||||
Cia Cervecerias Unidas SA | 1,010 | 11,284 | ||||||
Colbun SA | 23,217 | 5,744 | ||||||
Corpbanca SA | 962,136 | 8,146 | ||||||
Empresa Nacional de Electricidad SA | 8,827 | 10,465 | ||||||
Empresa Nacional de Telecomunicaciones SA | 311 | 2,781 | ||||||
Empresas CMPC SA | 6,329 | 13,257 | ||||||
Empresas Copec SA | 1,317 | 11,298 | ||||||
Enersis SA | 58,751 | 14,309 | ||||||
LATAM Airlines Group SA* | 385 | 2,070 | ||||||
SACI Falabella | 3,503 | 21,129 | ||||||
|
| |||||||
195,588 | ||||||||
|
| |||||||
China — 5.0% | ||||||||
58.com, Inc., ADR* | 200 | 12,042 | ||||||
AAC Technologies Holdings, Inc. | 3,139 | 22,004 | ||||||
Agricultural Bank of China Ltd., Class H | 94,135 | 36,059 | ||||||
Air China Ltd., Class H | 21,124 | 17,028 | ||||||
Alibaba Group Holding Ltd., ADR* | 3,700 | 311,096 | ||||||
Aluminum Corp. of China Ltd., Class H*(b) | 21,845 | 6,959 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 7,081 | 19,316 | ||||||
Anta Sports Products Ltd. | 3,314 | 10,023 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 9,447 | 8,017 | ||||||
Baidu, Inc., ADR* | 1,000 | 217,970 | ||||||
Bank of China Ltd., Class H | 390,477 | 173,244 | ||||||
Bank of Communications Co. Ltd., Class H | 39,658 | 27,620 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 17,231 | 19,223 | ||||||
Belle International Holdings Ltd. | 19,705 | 17,231 | ||||||
Byd Co. Ltd., Class H* | 2,229 | 12,046 | ||||||
CAR, Inc.* | 1,800 | 3,376 | ||||||
CGN Power Co. Ltd., Class H, 144A | 21,969 | 8,500 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 28,519 | 10,557 | ||||||
China CITIC Bank Corp. Ltd., Class H* | 33,534 | 21,149 | ||||||
China Communications Construction Co. Ltd., Class H | 27,067 | 31,279 | ||||||
China Communications Services Corp. Ltd., Class H | 23,588 | 9,096 | ||||||
China Conch Venture Holdings Ltd. | 1,700 | 3,565 | ||||||
China Construction Bank Corp., Class H | 253,270 | 174,107 | ||||||
China COSCO Holdings Co. Ltd., | 3,731 | 2,232 | ||||||
China Everbright Bank Co. Ltd., Class H | 31,842 | 14,374 | ||||||
China Galaxy Securities Co. Ltd., Class H | 10,665 | 9,711 | ||||||
China Huishan Dairy Holdings Co. Ltd. (b) | 16,957 | 6,299 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 3,420 | 5,981 | ||||||
China Life Insurance Co. Ltd., Class H | 21,199 | 73,138 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 11,801 | 9,817 | ||||||
China Medical System Holdings Ltd. | 3,103 | 4,282 | ||||||
China Mengniu Dairy Co. Ltd. | 20,564 | 32,729 | ||||||
China Merchants Bank Co. Ltd., Class H | 16,644 | 39,112 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 26,910 | 25,787 |
Number | Value | |||||||
China (Continued) | ||||||||
China National Building Material Co. Ltd., Class H | 5,427 | $ | 2,912 | |||||
China Oilfield Services Ltd., Class H | 1,184 | 1,177 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 10,623 | 43,706 | ||||||
China Petroleum & Chemical Corp., Class H | 90,172 | 55,242 | ||||||
China Railway Construction Corp. Ltd., Class H | 8,970 | 11,916 | ||||||
China Railway Group Ltd., Class H | 6,208 | 5,156 | ||||||
China Shenhua Energy Co. Ltd., Class H | 10,559 | 16,478 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 11,132 | 4,192 | ||||||
China Southern Airlines Co. Ltd., Class H | 6,000 | 4,388 | ||||||
China Telecom Corp. Ltd., Class H | 47,190 | 23,128 | ||||||
China Vanke Co. Ltd., Class H | 5,833 | 14,535 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 11,928 | 7,031 | ||||||
CITIC Securities Co. Ltd., Class H | 4,797 | 11,000 | ||||||
CNOOC Ltd. | 53,688 | 59,411 | ||||||
Country Garden Holdings Co. Ltd. | 43,230 | 16,225 | ||||||
CRRC Corp. Ltd., Class H | 12,393 | 15,856 | ||||||
CSPC Pharmaceutical Group Ltd. | 13,966 | 13,131 | ||||||
Ctrip.com International, Ltd., ADR* | 600 | 64,206 | ||||||
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A(b) | 519 | 3,082 | ||||||
Datang International Power Generation Co. Ltd., Class H | 23,588 | 7,606 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 6,171 | 8,389 | ||||||
ENN Energy Holdings Ltd. | 1,743 | 8,835 | ||||||
Evergrande Real Estate Group Ltd. | 8,927 | 7,035 | ||||||
Fosun International Ltd. | 16,043 | 28,637 | ||||||
Geely Automobile Holdings Ltd. | 10,782 | 5,660 | ||||||
GF Securities Co. Ltd., Class H* | 2,220 | 5,377 | ||||||
GOME Electrical Appliances Holding Ltd. | 44,358 | 7,609 | ||||||
Great Wall Motor Co. Ltd., Class H | 10,434 | 12,798 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 21,321 | 20,404 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 14,710 | 16,563 | ||||||
Haitong Securities Co. Ltd., Class H | 6,149 | 10,611 | ||||||
Hengan International Group Co. Ltd. | 3,543 | 35,597 | ||||||
Huadian Power International Corp. Ltd., Class H | 12,695 | 8,023 | ||||||
Huaneng Power International, Inc., Class H | 23,600 | 20,576 | ||||||
Huatai Securities Co. Ltd., Class H, 144A* | 2,469 | 5,974 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 240,113 | 145,242 | ||||||
JD.com, Inc., ADR* | 1,200 | 36,816 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 3,965 | 5,134 | ||||||
Kingsoft Corp. Ltd. | 2,374 | 6,307 | ||||||
Lenovo Group Ltd. | 27,954 | 29,564 | ||||||
Longfor Properties Co. Ltd. | 11,263 | 15,427 | ||||||
Luye Pharma Group Ltd.* | 2,743 | 2,388 | ||||||
NetEase, Inc., ADR | 300 | 49,998 | ||||||
New China Life Insurance Co. Ltd., Class H | 3,689 | 15,273 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 500 | 14,510 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
People’s Insurance Co. (Group) of China Ltd., Class H | 23,588 | $ | 12,169 | |||||
PetroChina Co. Ltd., Class H | 67,868 | 48,231 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 20,609 | 44,708 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 15,868 | 86,877 | ||||||
Qihoo 360 Technology Co. Ltd., ADR* | 300 | 20,370 | ||||||
Qunar Cayman Islands Ltd., ADR* | 200 | 9,006 | ||||||
Semiconductor Manufacturing International Corp.* | 70,324 | 7,347 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 14,537 | 10,312 | ||||||
Shanghai Electric Group Co. Ltd., Class H (b) | 20,912 | 12,680 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (b) | 1,083 | 3,506 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,634 | 7,977 | ||||||
Shenzhou International Group Holdings Ltd. | 2,050 | 10,761 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 6,973 | 3,514 | ||||||
Sino-Ocean Land Holdings Ltd. | 9,354 | 5,248 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 13,575 | 10,505 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H* | 37,938 | 13,554 | ||||||
Sinopharm Group Co. Ltd., Class H | 4,017 | 16,864 | ||||||
Soho China Ltd. | 30,049 | 12,247 | ||||||
SouFun Holdings Ltd., ADR | 800 | 5,360 | ||||||
Sunac China Holdings Ltd. | 2,147 | 1,432 | ||||||
TAL Education Group, ADR* | 100 | 4,404 | ||||||
Tencent Holdings Ltd. | 20,381 | 405,599 | ||||||
Tingyi Cayman Islands Holding Corp. | 1,418 | 2,052 | ||||||
TravelSky Technology Ltd., Class H | 3,300 | 5,644 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,364 | 10,595 | ||||||
Vipshop Holdings Ltd., ADR* | 1,300 | 21,489 | ||||||
Want Want China Holdings Ltd. | 35,398 | 27,804 | ||||||
Weichai Power Co. Ltd., Class H | 5,390 | 5,561 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 2,168 | 990 | ||||||
Youku Tudou, Inc., ADR* | 300 | 8,061 | ||||||
YY, Inc., ADR* | 100 | 6,058 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 14,899 | 18,101 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H | 2,643 | 17,453 | ||||||
Zijin Mining Group Co. Ltd., Class H | 50,676 | 12,680 | ||||||
ZTE Corp., Class H | 4,242 | 9,531 | ||||||
|
| |||||||
3,196,784 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Cementos Argos SA | 615 | 1,831 | ||||||
Corp. Financiera Colombiana SA — CD | 579 | 6,555 | ||||||
Corp. Financiera Colombiana SA — ND* | 5 | 61 | ||||||
Grupo Argos SA | 533 | 2,651 | ||||||
Grupo de Inversiones Suramericana SA | 899 | 9,251 | ||||||
|
| |||||||
20,349 | ||||||||
|
|
Number | Value | |||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 530 | $ | 9,631 | |||||
Komercni Banka AS | 156 | 31,701 | ||||||
O2 Czech Republic AS | 100 | 1,007 | ||||||
|
| |||||||
42,339 | ||||||||
|
| |||||||
Denmark — 1.3% | ||||||||
A.P. Moeller — Maersk A/S, Class A | 24 | 35,995 | ||||||
A.P. Moeller — Maersk A/S, Class B | 37 | 56,487 | ||||||
Carlsberg A/S, Class B | 370 | 31,466 | ||||||
Chr Hansen Holding A/S | 205 | 12,864 | ||||||
Coloplast A/S, Class B (b) | 422 | 34,245 | ||||||
Danske Bank A/S | 2,525 | 67,764 | ||||||
DSV A/S | 692 | 26,912 | ||||||
ISS A/S | 455 | 15,871 | ||||||
Novo Nordisk A/S, Class B | 7,132 | 392,909 | ||||||
Novozymes A/S, Class B | 852 | 40,965 | ||||||
Pandora A/S | 495 | 58,676 | ||||||
TDC A/S | 2,922 | 15,349 | ||||||
Tryg A/S | 265 | 5,160 | ||||||
Vestas Wind Systems A/S | 893 | 58,264 | ||||||
William Demant Holding A/S*(b) | 105 | 10,082 | ||||||
|
| |||||||
863,009 | ||||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 10,762 | 59,156 | ||||||
Talaat Moustafa Group | 19,000 | 14,293 | ||||||
|
| |||||||
73,449 | ||||||||
|
| |||||||
Finland — 0.7% | ||||||||
Elisa OYJ | 633 | 23,582 | ||||||
Fortum OYJ | 1,705 | 24,896 | ||||||
Kone OYJ, Class B | 1,168 | 49,843 | ||||||
Metso OYJ | 631 | 15,667 | ||||||
Neste OYJ | 527 | 15,189 | ||||||
Nokia OYJ | 14,431 | 104,213 | ||||||
Nokian Renkaat OYJ | 530 | 20,803 | ||||||
Orion OYJ, Class B | 368 | 12,290 | ||||||
Sampo OYJ, Class A | 1,464 | 72,575 | ||||||
Stora Enso OYJ, Class R | 2,072 | 20,469 | ||||||
UPM-Kymmene OYJ | 1,967 | 37,554 | ||||||
Wartsila OYJ Abp | 582 | 26,158 | ||||||
|
| |||||||
423,239 | ||||||||
|
| |||||||
France — 7.1% | ||||||||
Accor SA | 582 | 24,560 | ||||||
Aeroports de Paris | 156 | 17,669 | ||||||
Air Liquide SA | 1,260 | 153,759 | ||||||
Airbus Group SE | 2,232 | 161,396 | ||||||
Alcatel-Lucent* | 11,141 | 43,882 | ||||||
Alstom SA*(b) | 857 | 26,634 | ||||||
Arkema SA | 297 | 21,398 | ||||||
Atos SE | 318 | 26,035 | ||||||
AXA SA | 10,013 | 270,933 | ||||||
BNP Paribas SA | 3,986 | 236,301 | ||||||
Bollore SA | 2,160 | 9,943 | ||||||
Bouygues SA | 633 | 23,829 | ||||||
Bureau Veritas SA | 852 | 17,549 | ||||||
Cap Gemini SA | 581 | 53,602 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Carrefour SA | 1,947 | $ | 60,026 | |||||
Casino Guichard-Perrachon SA | 158 | 9,034 | ||||||
Christian Dior SE | 211 | 38,612 | ||||||
Cie de Saint-Gobain | 1,648 | 72,834 | ||||||
Cie Generale des Etablissements Michelin | 707 | 70,888 | ||||||
CNP Assurances | 586 | 8,160 | ||||||
Credit Agricole SA | 3,417 | 41,229 | ||||||
Danone SA | 1,896 | 132,873 | ||||||
Dassault Systemes SA | 516 | 41,068 | ||||||
Edenred | 728 | 15,087 | ||||||
Electricite de France | 957 | 14,262 | ||||||
Engie | 4,924 | 85,788 | ||||||
Essilor International SA | 695 | 90,723 | ||||||
Eurazeo SA | 161 | 10,824 | ||||||
Eutelsat Communications SA | 634 | 18,923 | ||||||
Fonciere des Regions REIT | 104 | 9,224 | ||||||
Gecina SA REIT | 156 | 18,839 | ||||||
Groupe Eurotunnel SE | 1,758 | 22,465 | ||||||
Hermes International | 54 | 19,013 | ||||||
ICADE REIT | 159 | 11,218 | ||||||
Iliad SA | 106 | 23,642 | ||||||
Imerys SA | 158 | 10,709 | ||||||
Ingenico Group | 200 | 25,178 | ||||||
JCDecaux SA | 317 | 11,753 | ||||||
Kering | 264 | 45,619 | ||||||
Klepierre REIT | 502 | 22,785 | ||||||
Lagardere SCA | 640 | 18,886 | ||||||
Legrand SA | 957 | 56,299 | ||||||
L’Oreal SA | 830 | 146,974 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (b) | 1,041 | 174,604 | ||||||
Natixis SA | 3,525 | 21,378 | ||||||
Numericable-SFR SAS* | 454 | 19,439 | ||||||
Orange SA (b) | 7,014 | 121,238 | ||||||
Pernod Ricard SA | 693 | 78,857 | ||||||
Peugeot SA* | 1,658 | 29,622 | ||||||
Publicis Groupe SA | 696 | 43,915 | ||||||
Remy Cointreau SA (b) | 90 | 6,384 | ||||||
Renault SA | 727 | 73,362 | ||||||
Rexel SA | 1,063 | 14,561 | ||||||
Safran SA | 909 | 67,113 | ||||||
Sanofi | 4,412 | 393,336 | ||||||
Schneider Electric SE | 1,920 | 121,714 | ||||||
SCOR SE | 520 | 20,394 | ||||||
Societe BIC SA | 94 | 15,463 | ||||||
Societe Generale SA | 4,258 | 203,255 | ||||||
Sodexo SA | 264 | 26,097 | ||||||
Suez Environnement Co. | 1,168 | 22,145 | ||||||
Technip SA | 370 | 19,394 | ||||||
Thales SA | 363 | 27,027 | ||||||
Total SA (b) | 7,814 | 388,025 | ||||||
Unibail-Rodamco SE REIT | 450 | 115,581 | ||||||
Valeo SA | 317 | 49,083 | ||||||
Veolia Environnement SA | 1,489 | 35,696 | ||||||
Vinci SA | 1,705 | 110,895 | ||||||
Vivendi SA | 4,729 | 99,578 | ||||||
Wendel SA | 156 | 18,592 | ||||||
Zodiac Aerospace | 633 | 17,141 | ||||||
|
| |||||||
4,574,314 | ||||||||
|
|
Number | Value | |||||||
Germany — 6.2% | ||||||||
adidas AG | 757 | $ | 73,254 | |||||
Allianz SE | 1,692 | 299,704 | ||||||
Axel Springer SE | 209 | 11,668 | ||||||
BASF SE | 3,506 | 290,191 | ||||||
Bayer AG | 3,076 | 410,467 | ||||||
Bayerische Motoren Werke AG | 1,308 | 142,757 | ||||||
Beiersdorf AG | 315 | 29,334 | ||||||
Brenntag AG | 529 | 28,901 | ||||||
Commerzbank AG* | 3,607 | 39,710 | ||||||
Continental AG | 413 | 99,794 | ||||||
Daimler AG | 3,807 | 340,807 | ||||||
Deutsche Bank AG (c) | 4,926 | 126,497 | ||||||
Deutsche Boerse AG | 692 | 59,360 | ||||||
Deutsche Lufthansa AG* | 906 | 12,985 | ||||||
Deutsche Post AG | 3,727 | 108,938 | ||||||
Deutsche Telekom AG | 11,701 | 215,790 | ||||||
Deutsche Wohnen AG | 957 | 26,334 | ||||||
E.ON SE | 7,170 | 68,149 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 158 | 9,664 | ||||||
Fresenius Medical Care AG & Co. KGaA | 721 | 59,570 | ||||||
Fresenius SE & Co. KGaA | 1,310 | 96,179 | ||||||
GEA Group AG | 686 | 28,470 | ||||||
Hannover Rueck SE | 209 | 24,456 | ||||||
HeidelbergCement AG | 527 | 41,960 | ||||||
Henkel AG & Co. KGaA | 316 | 30,332 | ||||||
Hugo Boss AG | 156 | 13,512 | ||||||
Infineon Technologies AG | 3,799 | 56,314 | ||||||
K+S AG (b) | 641 | 18,245 | ||||||
Kabel Deutschland Holding AG | 105 | 12,847 | ||||||
LANXESS AG | 421 | 21,440 | ||||||
Linde AG | 720 | 125,708 | ||||||
MAN SE | 52 | 5,161 | ||||||
Merck KGaA | 424 | 43,427 | ||||||
Metro AG | 453 | 15,105 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 621 | 125,154 | ||||||
OSRAM Licht AG | 368 | 15,537 | ||||||
ProSiebenSat.1 Media SE | 904 | 47,469 | ||||||
RWE AG | 1,701 | 19,571 | ||||||
SAP SE | 3,660 | 288,436 | ||||||
Siemens AG | 3,004 | 311,483 | ||||||
Symrise AG | 475 | 32,149 | ||||||
Telefonica Deutschland Holding AG | 1,010 | 5,678 | ||||||
ThyssenKrupp AG | 1,597 | 33,991 | ||||||
TUI AG | 2,172 | 36,049 | ||||||
United Internet AG | 475 | 25,319 | ||||||
Volkswagen AG (b) | 147 | 21,946 | ||||||
Vonovia SE | 1,014 | 31,428 | ||||||
Zalando SE, 144A* | 200 | 6,783 | ||||||
|
| |||||||
3,988,023 | ||||||||
|
| |||||||
Hong Kong — 3.3% | ||||||||
AIA Group Ltd. | 36,815 | 219,842 | ||||||
Alibaba Health Information Technology Ltd.* | 8,897 | 6,805 | ||||||
Alibaba Pictures Group Ltd.* | 29,996 | 7,312 | ||||||
ASM Pacific Technology Ltd. | 1,186 | 9,032 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Bank of East Asia Ltd. (The) | 3,543 | $ | 12,658 | |||||
Beijing Enterprises Holdings Ltd. | 3,543 | 22,094 | ||||||
Beijing Enterprises Water Group Ltd.* | 17,677 | 13,816 | ||||||
BOC Hong Kong (Holdings) Ltd. | 10,623 | 32,540 | ||||||
Brilliance China Automotive Holdings Ltd. | 17,219 | 21,897 | ||||||
Cathay Pacific Airways Ltd. | 4,290 | 7,569 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 364 | 3,188 | ||||||
Cheung Kong Property Holdings Ltd. | 9,530 | 62,133 | ||||||
China Everbright International Ltd. | 11,801 | 17,869 | ||||||
China Everbright Ltd. | 1,305 | 3,006 | ||||||
China Gas Holdings Ltd. | 4,035 | 5,735 | ||||||
China Jinmao Holdings Group Ltd. | 34,065 | 10,325 | ||||||
China Merchants Holdings International Co. Ltd. | 1,967 | 6,393 | ||||||
China Mobile Ltd. | 30,394 | 345,357 | ||||||
China Overseas Land & Investment Ltd. | 20,556 | 68,136 | ||||||
China Resources Beer (Holdings) Co. Ltd. | 3,064 | 5,959 | ||||||
China Resources Gas Group Ltd. | 4,663 | 13,020 | ||||||
China Resources Land Ltd. | 1,784 | 4,797 | ||||||
China Resources Power Holdings Co. Ltd. | 11,139 | 20,975 | ||||||
China State Construction International Holdings Ltd. | 4,137 | 6,243 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 6,096 | 18,358 | ||||||
China Unicom (Hong Kong) Ltd. | 23,609 | 29,232 | ||||||
CITIC Ltd. | 2,904 | 5,094 | ||||||
CK Hutchison Holdings Ltd. | 11,225 | 147,235 | ||||||
CLP Holdings Ltd. | 5,895 | 49,268 | ||||||
Far East Horizon Ltd. | 11,801 | 10,243 | ||||||
First Pacific Co. Ltd. | 6,244 | 3,882 | ||||||
Galaxy Entertainment Group Ltd. | 8,823 | 25,945 | ||||||
GCL-Poly Energy Holdings Ltd.*(b) | 58,792 | 11,147 | ||||||
Goldin Properties Holdings Ltd.* | 4,621 | 3,636 | ||||||
Guangdong Investment Ltd. | 23,600 | 32,203 | ||||||
Haier Electronics Group Co. Ltd. | 1,418 | 2,542 | ||||||
Hanergy Thin Film Power Group Ltd.* | 36,104 | 16,094 | ||||||
Hang Lung Properties Ltd. | 11,191 | 26,211 | ||||||
Hang Seng Bank Ltd. | 2,365 | 42,856 | ||||||
Henderson Land Development Co. Ltd. | 7,354 | 45,290 | ||||||
HKT Trust and HKT Ltd. (a) | 6,309 | 7,991 | ||||||
Hong Kong and China Gas Co. Ltd. | 27,490 | 53,963 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 4,174 | 108,745 | ||||||
Hongkong Land Holdings Ltd. | 3,400 | 23,766 | ||||||
Hysan Development Co. Ltd. | 1,745 | 7,371 | ||||||
Imperial Pacific International Holdings Ltd.* | 123,500 | 3,966 | ||||||
Kerry Properties Ltd. | 2,365 | 6,665 | ||||||
Kunlun Energy Co. Ltd. | 23,600 | 20,667 | ||||||
Li & Fung Ltd. | 25,034 | 17,242 | ||||||
Link REIT (The) | 8,609 | 52,353 | ||||||
Melco Crown Entertainment Ltd., ADR | 200 | 3,250 | ||||||
MTR Corp. Ltd. | 3,615 | 16,785 | ||||||
New World China Land Ltd. | 19,438 | 13,337 | ||||||
New World Development Co. Ltd. | 23,402 | 23,301 | ||||||
Nine Dragons Paper Holdings Ltd. | 8,252 | 4,800 | ||||||
Noble Group Ltd. | 46,200 | 13,920 | ||||||
NWS Holdings Ltd. | 9,638 | 13,524 | ||||||
PCCW Ltd. | 16,637 | 10,064 | ||||||
Power Assets Holdings Ltd. | 4,714 | 42,103 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Shangri-La Asia Ltd. | 1,915 | $ | 1,781 | |||||
Shimao Property Holdings Ltd. | 7,394 | 12,340 | ||||||
Sino Biopharmaceutical Ltd. | 21,241 | 20,026 | ||||||
Sino Land Co. Ltd. | 19,188 | 28,460 | ||||||
SJM Holdings Ltd. | 11,801 | 8,660 | ||||||
Sun Art Retail Group Ltd. | 17,298 | 13,587 | ||||||
Sun Hung Kai Properties Ltd. | 6,939 | 85,289 | ||||||
Swire Pacific Ltd., Class A | 2,957 | 32,265 | ||||||
Swire Properties Ltd. | 3,451 | 10,015 | ||||||
Techtronic Industries Co. Ltd. | 5,139 | 20,845 | ||||||
WH Group Ltd., 144A* | 14,389 | 7,423 | ||||||
Wharf Holdings Ltd. (The) | 4,891 | 28,071 | ||||||
Wheelock & Co. Ltd. | 892 | 3,854 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 2,413 | 8,761 | ||||||
Yuexiu Property Co. Ltd. | 67,937 | 11,391 | ||||||
|
| |||||||
2,132,518 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil and Gas PLC | 311 | 14,269 | ||||||
OTP Bank PLC | 991 | 20,444 | ||||||
Richter Gedeon Nyrt | 1,519 | 28,858 | ||||||
|
| |||||||
63,571 | ||||||||
|
| |||||||
India — 1.2% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 1,149 | 53,819 | ||||||
ICICI Bank Ltd., ADR | 19,139 | 159,045 | ||||||
Infosys Ltd., ADR | 6,028 | 100,547 | ||||||
Larsen & Toubro Ltd., GDR | 4,716 | 96,678 | ||||||
Reliance Industries Ltd., GDR, 144A | 5,764 | 164,562 | ||||||
Tata Motors Ltd., ADR* | 3,484 | 109,990 | ||||||
Wipro Ltd., ADR | 5,184 | 65,060 | ||||||
|
| |||||||
749,701 | ||||||||
|
| |||||||
Indonesia — 0.5% | ||||||||
PT Adaro Energy Tbk | 87,819 | 3,491 | ||||||
PT Astra Agro Lestari Tbk | 5,323 | 6,521 | ||||||
PT Astra International Tbk | 72,814 | 31,183 | ||||||
PT Bank Central Asia Tbk | 47,909 | 42,853 | ||||||
PT Bank Danamon Indonesia Tbk | 32,815 | 6,701 | ||||||
PT Bank Mandiri Persero Tbk | 29,197 | 17,938 | ||||||
PT Bank Negara Indonesia Persero Tbk | 23,948 | 8,257 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 38,594 | 30,058 | ||||||
PT Bumi Serpong Damai Tbk | 48,916 | 5,958 | ||||||
PT Charoen Pokphand Indonesia Tbk | 33,692 | 7,708 | ||||||
PT Global Mediacom Tbk | 33,284 | 2,009 | ||||||
PT Gudang Garam Tbk | 2,658 | 9,395 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 6,653 | 8,992 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 6,653 | 6,071 | ||||||
PT Indofood Sukses Makmur Tbk | 13,308 | 4,689 | ||||||
PT Jasa Marga Persero Tbk | 13,897 | 4,520 | ||||||
PT Kalbe Farma Tbk | 103,838 | 10,020 | ||||||
PT Lippo Karawaci Tbk | 119,721 | 11,120 | ||||||
PT Matahari Department Store Tbk | 10,899 | 12,329 | ||||||
PT Media Nusantara Citra Tbk | 22,613 | 2,656 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 43,923 | 8,429 | ||||||
PT Semen Indonesia Persero Tbk | 13,308 | 10,220 | ||||||
PT Summarecon Agung Tbk | 27,983 | 3,135 | ||||||
PT Surya Citra Media Tbk | 27,956 | 6,123 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Telekomunikasi Indonesia Persero Tbk | 180,997 | $ | 38,332 | |||||
PT Tower Bersama Infrastructure Tbk* | 14,643 | 6,430 | ||||||
PT Unilever Indonesia Tbk | 10,650 | 28,290 | ||||||
PT United Tractors Tbk | 5,632 | 6,635 | ||||||
PT XL Axiata Tbk* | 22,613 | 5,655 | ||||||
|
| |||||||
345,718 | ||||||||
|
| |||||||
Ireland — 0.6% | ||||||||
Bank of Ireland* | 84,733 | 31,602 | ||||||
CRH PLC | 2,519 | 74,121 | ||||||
Experian PLC | 3,452 | 64,000 | ||||||
James Hardie Industries PLC CDI (d) | 1,912 | 22,622 | ||||||
Kerry Group PLC, Class A | 416 | 33,575 | ||||||
Shire PLC | 2,167 | 151,632 | ||||||
|
| |||||||
377,552 | ||||||||
|
| |||||||
Israel — 0.6% | ||||||||
Azrieli Group | 296 | 11,400 | ||||||
Bank Hapoalim BM | 5,212 | 26,952 | ||||||
Bank Leumi Le-Israel BM* | 8,192 | 29,602 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 9,827 | 21,169 | ||||||
Check Point Software Technologies Ltd.* | 400 | 34,916 | ||||||
Delek Group Ltd. | 46 | 10,365 | ||||||
Israel Chemicals Ltd. | 3,717 | 18,693 | ||||||
Mizrahi Tefahot Bank Ltd. | 959 | 11,347 | ||||||
NICE Systems Ltd. | 400 | 24,300 | ||||||
Teva Pharmaceutical Industries Ltd. | 3,329 | 203,873 | ||||||
|
| |||||||
392,617 | ||||||||
|
| |||||||
Italy — 1.7% | ||||||||
Assicurazioni Generali SpA | 4,083 | 77,650 | ||||||
Atlantia SpA | 1,648 | 43,530 | ||||||
Banco Popolare SC* | 674 | 9,720 | ||||||
Enel Green Power SpA | 7,394 | 15,616 | ||||||
Enel SpA | 25,211 | 111,181 | ||||||
Eni SpA | 9,067 | 147,719 | ||||||
EXOR SpA | 315 | 14,118 | ||||||
Finmeccanica SpA* | 1,940 | 28,101 | ||||||
Intesa Sanpaolo SpA | 75,783 | 260,062 | ||||||
Intesa Sanpaolo SpA-RSP | 3,830 | 12,035 | ||||||
Luxottica Group SpA | 528 | 35,312 | ||||||
Mediobanca SpA | 4,341 | 41,599 | ||||||
Prysmian SpA | 745 | 16,294 | ||||||
Saipem SpA*(b) | 994 | 8,591 | ||||||
Snam SpA | 7,710 | 39,182 | ||||||
Telecom Italia SpA*(b) | 36,745 | 47,519 | ||||||
Telecom Italia SpA-RSP | 22,817 | 26,277 | ||||||
Terna Rete Elettrica Nazionale SpA | 6,169 | 30,373 | ||||||
UniCredit SpA | 15,656 | 91,887 | ||||||
Unione di Banche Italiane SpA | 1,945 | 13,234 | ||||||
UnipolSai SpA | 3,717 | 9,590 | ||||||
|
| |||||||
1,079,590 | ||||||||
|
| |||||||
Japan — 16.6% | ||||||||
Acom Co. Ltd.* | 4,500 | 22,336 | ||||||
Aeon Co. Ltd. | 5,000 | 77,579 | ||||||
AEON Financial Service Co. Ltd. | 200 | 4,608 |
Number | Value | |||||||
Japan (Continued) | ||||||||
AISIN SEIKI Co. Ltd. | 300 | $ | 12,015 | |||||
Ajinomoto Co., Inc. | 1,000 | 22,929 | ||||||
Alfresa Holdings Corp. | 100 | 1,982 | ||||||
Alps Electric Co. Ltd. | 500 | 15,719 | ||||||
Amada Holdings Co. Ltd. | 1,100 | 10,830 | ||||||
ANA Holdings, Inc. | 1,000 | �� | 2,815 | |||||
Asahi Glass Co. Ltd. | 1,000 | 5,881 | ||||||
Asahi Group Holdings Ltd. | 3,800 | 119,155 | ||||||
Asahi Kasei Corp. | 2,000 | 13,682 | ||||||
ASICS Corp. | 200 | 4,569 | ||||||
Astellas Pharma, Inc. | 10,600 | 149,270 | ||||||
Bandai Namco Holdings, Inc. | 200 | 4,453 | ||||||
Bridgestone Corp. | 3,600 | 128,091 | ||||||
Brother Industries Ltd. | 300 | 3,590 | ||||||
Calbee, Inc. | 100 | 4,135 | ||||||
Canon, Inc. | 5,300 | 159,990 | ||||||
Casio Computer Co. Ltd. | 500 | 11,028 | ||||||
Central Japan Railway Co. | 300 | 53,578 | ||||||
Chubu Electric Power Co., Inc. | 4,900 | 67,609 | ||||||
Chugai Pharmaceutical Co. Ltd. | 200 | 6,986 | ||||||
Chugoku Electric Power Co., (The), Inc. | 100 | 1,281 | ||||||
Citizen Holdings Co. Ltd. | 5,100 | 37,701 | ||||||
Credit Saison Co. Ltd. | 100 | 1,888 | ||||||
Daicel Corp. | 300 | 4,392 | ||||||
Daihatsu Motor Co. Ltd. | 100 | 1,298 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 5,100 | 88,245 | ||||||
Daiichi Sankyo Co. Ltd. | 4,300 | 88,620 | ||||||
Daikin Industries Ltd. | 500 | 35,134 | ||||||
Daito Trust Construction Co. Ltd. | 300 | 31,170 | ||||||
Daiwa House Industry Co. Ltd. | 100 | 2,786 | ||||||
Daiwa Securities Group, Inc. | 1,000 | 6,469 | ||||||
DENSO Corp. | 900 | 42,938 | ||||||
Dentsu, Inc. | 400 | 22,453 | ||||||
Don Quijote Holdings Co. Ltd. | 200 | 7,920 | ||||||
East Japan Railway Co. | 800 | 75,516 | ||||||
Eisai Co. Ltd. | 700 | 45,474 | ||||||
FANUC Corp. | 500 | 89,033 | ||||||
Fast Retailing Co. Ltd. | 100 | 40,439 | ||||||
Fuji Electric Co. Ltd. | 1,000 | 4,606 | ||||||
Fuji Heavy Industries Ltd. | 3,200 | 132,263 | ||||||
FUJIFILM Holdings Corp. | 600 | 24,302 | ||||||
Fujitsu Ltd. | 5,000 | 25,248 | ||||||
GungHo Online Entertainment, Inc. | 100 | 309 | ||||||
Hakuhodo DY Holdings, Inc. | 200 | 2,148 | ||||||
Hamamatsu Photonics KK | 300 | 7,518 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,000 | 6,401 | ||||||
Hino Motors Ltd. | 300 | 3,643 | ||||||
Hirose Electric Co. Ltd. | 100 | 12,169 | ||||||
Hitachi Ltd. | 35,200 | 207,769 | ||||||
Hokuhoku Financial Group, Inc. | 52,500 | 111,312 | ||||||
Hokuriku Electric Power Co. | 100 | 1,367 | ||||||
Honda Motor Co. Ltd. | 5,400 | 175,555 | ||||||
Hoshizaki Electric Co. Ltd. | 200 | 14,054 | ||||||
Hoya Corp. | 2,400 | 97,287 | ||||||
Hulic Co. Ltd. | 3,800 | 34,882 | ||||||
Idemitsu Kosan Co. Ltd. | 200 | 3,311 | ||||||
IHI Corp. | 2,000 | 5,232 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Iida Group Holdings Co. Ltd. | 200 | $ | 3,890 | |||||
INPEX Corp. | 4,700 | 46,675 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 4,300 | 65,565 | ||||||
Isuzu Motors Ltd. | 1,000 | 11,251 | ||||||
ITOCHU Corp. | 5,000 | 61,007 | ||||||
Itochu Techno-Solutions Corp. | 100 | 2,066 | ||||||
Iyo Bank Ltd. (The) | 5,000 | 49,838 | ||||||
J. Front Retailing Co. Ltd. | 200 | 3,300 | ||||||
Japan Airlines Co. Ltd. | 100 | 3,420 | ||||||
Japan Airport Terminal Co. Ltd. | 100 | 5,045 | ||||||
Japan Exchange Group, Inc. | 1,200 | 18,814 | ||||||
Japan Prime Realty Investment Corp. REIT | 1 | 3,452 | ||||||
Japan Real Estate Investment Corp. REIT | 2 | 9,521 | ||||||
Japan Retail Fund Investment Corp. REIT | 3 | 5,739 | ||||||
Japan Tobacco, Inc. | 5,300 | 189,870 | ||||||
JFE Holdings, Inc. | 3,800 | 59,948 | ||||||
JGC Corp. | 1,000 | 16,994 | ||||||
JSR Corp. | 100 | 1,574 | ||||||
JTEKT Corp. | 2,600 | 48,072 | ||||||
JX Holdings, Inc. | 10,400 | 42,183 | ||||||
Kajima Corp. | 2,000 | 10,983 | ||||||
Kakaku.com, Inc. | 400 | 7,630 | ||||||
Kaneka Corp. | 1,000 | 9,862 | ||||||
Kansai Electric Power Co., (The), Inc.* | 5,200 | 58,294 | ||||||
Kansai Paint Co. Ltd. | 400 | 6,310 | ||||||
Kao Corp. | 2,700 | 138,422 | ||||||
Kawasaki Heavy Industries Ltd. | 3,000 | 11,917 | ||||||
KDDI Corp. | 8,200 | 203,701 | ||||||
Keihan Electric Railway Co. Ltd. | 3,000 | 20,008 | ||||||
Keikyu Corp. | 1,000 | 8,099 | ||||||
Keio Corp. | 1,000 | 8,213 | ||||||
Keisei Electric Railway Co. Ltd. | 1,000 | 12,007 | ||||||
Keyence Corp. | 100 | 54,200 | ||||||
Kikkoman Corp. | 1,000 | 32,941 | ||||||
Kintetsu Group Holdings Co. Ltd. | 5,000 | 19,171 | ||||||
Kirin Holdings Co. Ltd. | 500 | 7,033 | ||||||
Kobe Steel Ltd. | 1,000 | 1,170 | ||||||
Koito Manufacturing Co. Ltd. | 200 | 8,123 | ||||||
Komatsu Ltd. | 5,300 | 87,659 | ||||||
Konami Holdings Corp. | 300 | 7,021 | ||||||
Konica Minolta, Inc. | 5,100 | 53,610 | ||||||
KOSE Corp. | 100 | 10,463 | ||||||
Kubota Corp. | 2,000 | 33,363 | ||||||
Kuraray Co. Ltd. | 4,900 | 62,374 | ||||||
Kurita Water Industries Ltd. | 400 | 8,634 | ||||||
Kyocera Corp. | 500 | 23,180 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 17,620 | ||||||
Kyushu Electric Power Co., Inc.* | 4,300 | 45,096 | ||||||
Lawson, Inc. | 100 | 7,595 | ||||||
LIXIL Group Corp. | 400 | 9,352 | ||||||
M3, Inc. | 200 | 4,400 | ||||||
Mabuchi Motor Co. Ltd. | 100 | 5,760 | ||||||
Makita Corp. | 100 | 5,678 | ||||||
Marubeni Corp. | 15,300 | 84,765 | ||||||
Marui Group Co. Ltd. | 2,900 | 43,017 | ||||||
Mazda Motor Corp. | 3,300 | 68,560 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 100 | 2,429 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Medipal Holdings Corp. | 100 | $ | 1,752 | |||||
MEIJI Holdings Co. Ltd. | 200 | 16,003 | ||||||
Minebea Co. Ltd. | 1,100 | 12,072 | ||||||
Mitsubishi Chemical Holdings Corp. | 10,000 | 65,532 | ||||||
Mitsubishi Corp. | 5,400 | 90,892 | ||||||
Mitsubishi Electric Corp. | 3,000 | 33,217 | ||||||
Mitsubishi Estate Co. Ltd. | 2,000 | 42,071 | ||||||
Mitsubishi Heavy Industries Ltd. | 4,000 | 20,474 | ||||||
Mitsubishi Materials Corp. | 1,000 | 3,534 | ||||||
Mitsubishi Motors Corp. | 4,600 | 40,955 | ||||||
Mitsubishi Tanabe Pharma Corp. | 100 | 1,747 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 53,700 | 344,622 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 8,900 | 46,777 | ||||||
Mitsui & Co. Ltd. | 10,500 | 128,798 | ||||||
Mitsui Chemicals, Inc. | 2,000 | 8,335 | ||||||
Mixi, Inc. | 300 | 12,283 | ||||||
Mizuho Financial Group, Inc. | 98,800 | 199,446 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,300 | 121,280 | ||||||
Murata Manufacturing Co. Ltd. | 600 | 93,095 | ||||||
Nabtesco Corp. | 300 | 6,280 | ||||||
Nagoya Railroad Co. Ltd. | 3,000 | 12,088 | ||||||
NEC Corp. | 4,000 | 13,387 | ||||||
Nexon Co. Ltd. | 2,100 | 33,317 | ||||||
NGK Insulators Ltd. | 1,000 | 23,193 | ||||||
NGK Spark Plug Co. Ltd. | 300 | 8,176 | ||||||
NHK Spring Co. Ltd. | 200 | 2,055 | ||||||
Nidec Corp. | 700 | 54,123 | ||||||
Nikon Corp. | 100 | 1,342 | ||||||
Nintendo Co. Ltd. | 500 | 76,787 | ||||||
Nippon Building Fund, Inc. REIT | 2 | 9,439 | ||||||
Nippon Express Co. Ltd. | 1,000 | 4,517 | ||||||
Nippon Paint Holdings Co. Ltd. | 600 | 15,037 | ||||||
Nippon Prologis REIT, Inc. | 2 | 3,508 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 5,410 | 108,661 | ||||||
Nippon Telegraph & Telephone Corp. | 900 | 33,375 | ||||||
Nippon Yusen KK | 1,000 | 2,600 | ||||||
Nissan Motor Co. Ltd. | 10,800 | 115,326 | ||||||
Nisshin Seifun Group, Inc. | 3,550 | 55,773 | ||||||
Nitori Holdings Co. Ltd. | 100 | 8,237 | ||||||
Nitto Denko Corp. | 400 | 26,957 | ||||||
NOK Corp. | 100 | 2,697 | ||||||
Nomura Holdings, Inc. | 15,200 | 90,163 | ||||||
Nomura Real Estate Master Fund, Inc. REIT* | 2 | 2,413 | ||||||
Nomura Research Institute Ltd. | 820 | 31,008 | ||||||
NSK Ltd. | 2,700 | 33,975 | ||||||
NTT Data Corp. | 500 | 24,370 | ||||||
NTT DOCOMO, Inc. | 5,200 | 98,340 | ||||||
NTT Urban Development Corp. | 5,200 | 50,691 | ||||||
Obayashi Corp. | 1,000 | 9,236 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,000 | 10,171 | ||||||
Oji Holdings Corp. | 1,000 | 4,338 | ||||||
Olympus Corp. | 200 | 7,977 | ||||||
Omron Corp. | 200 | 7,352 | ||||||
Ono Pharmaceutical Co. Ltd. | 200 | 32,023 | ||||||
Oracle Corp. Japan | 100 | 4,874 | ||||||
Oriental Land Co. Ltd. | 300 | 17,052 | ||||||
ORIX Corp. | 5,100 | 73,600 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Osaka Gas Co. Ltd. | 1,000 | $ | 3,713 | |||||
OTSUKA Corp. | 100 | 5,012 | ||||||
Otsuka Holdings Co. Ltd. | 400 | 13,251 | ||||||
Panasonic Corp. | 10,700 | 121,472 | ||||||
Park24 Co. Ltd. | 300 | 6,093 | ||||||
Rakuten, Inc. | 4,500 | 56,734 | ||||||
Recruit Holdings Co. Ltd. | 200 | 6,247 | ||||||
Resona Holdings, Inc. | 10,600 | 51,734 | ||||||
Ricoh Co. Ltd. | 5,100 | 52,284 | ||||||
Rinnai Corp. | 100 | 8,952 | ||||||
ROHM Co. Ltd. | 200 | 10,755 | ||||||
Ryohin Keikaku Co. Ltd. | 100 | 21,576 | ||||||
Santen Pharmaceutical Co. Ltd. | 500 | 7,929 | ||||||
SBI Holdings, Inc. | 300 | 3,400 | ||||||
Secom Co. Ltd. | 300 | 20,561 | ||||||
Sega Sammy Holdings, Inc. | 100 | 1,080 | ||||||
Seibu Holdings, Inc. | 200 | 4,221 | ||||||
Seiko Epson Corp. | 400 | 6,301 | ||||||
Sekisui Chemical Co. Ltd. | 400 | 4,767 | ||||||
Sekisui House Ltd. | 4,900 | 82,854 | ||||||
Seven & i Holdings Co. Ltd. | 4,400 | 197,303 | ||||||
Seven Bank Ltd. | 10,300 | 45,099 | ||||||
Shikoku Electric Power Co., Inc. | 100 | 1,432 | ||||||
Shimadzu Corp. | 1,000 | 16,182 | ||||||
Shimano, Inc. | 100 | 14,842 | ||||||
Shimizu Corp. | 1,000 | 8,392 | ||||||
Shin-Etsu Chemical Co. Ltd. | 3,300 | 186,660 | ||||||
Shinsei Bank Ltd. | 1,000 | 1,901 | ||||||
Shionogi & Co. Ltd. | 1,700 | 74,933 | ||||||
Shiseido Co. Ltd. | 2,500 | 59,819 | ||||||
Showa Shell Sekiyu KK | 800 | 7,051 | ||||||
SMC Corp. | 100 | 26,499 | ||||||
SoftBank Group Corp. | 4,300 | 228,344 | ||||||
Sohgo Security Services Co. Ltd. | 200 | 9,618 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 100 | 3,083 | ||||||
Sony Corp. | 5,200 | 134,203 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,214 | ||||||
Sumitomo Chemical Co. Ltd. | 3,000 | 17,206 | ||||||
Sumitomo Corp. | 4,900 | 52,045 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 100 | 1,203 | ||||||
Sumitomo Electric Industries Ltd. | 4,800 | 68,315 | ||||||
Sumitomo Heavy Industries Ltd. | 1,000 | 4,744 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,400 | 206,042 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 33,100 | 126,377 | ||||||
Sumitomo Rubber Industries Ltd. | 100 | 1,350 | ||||||
Suntory Beverage & Food Ltd. | 100 | 3,903 | ||||||
Suzuki Motor Corp. | 600 | 18,448 | ||||||
Sysmex Corp. | 200 | 12,494 | ||||||
T&D Holdings, Inc. | 4,900 | 68,664 | ||||||
Taiheiyo Cement Corp. | 1,000 | 3,087 | ||||||
Taisei Corp. | 2,000 | 12,331 | ||||||
Taiyo Nippon Sanso Corp. | 100 | 956 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,200 | 204,132 | ||||||
TDK Corp. | 200 | 14,379 | ||||||
Teijin Ltd. | 1,000 | 3,558 | ||||||
Terumo Corp. | 2,800 | 89,391 | ||||||
THK Co. Ltd. | 200 | 3,987 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Tobu Railway Co. Ltd. | 1,000 | $ | 4,874 | |||||
Toho Co. Ltd. | 100 | 2,660 | ||||||
Tohoku Electric Power Co., Inc. | 4,900 | 57,558 | ||||||
Tokio Marine Holdings, Inc. | 5,200 | 191,779 | ||||||
Tokyo Electric Power Co., Inc.* | 7,800 | 47,776 | ||||||
Tokyo Electron Ltd. | 500 | 33,298 | ||||||
Tokyo Gas Co. Ltd. | 2,000 | 9,555 | ||||||
Tokyu Corp. | 3,000 | 23,323 | ||||||
Tokyu Fudosan Holdings Corp. | 10,000 | 67,344 | ||||||
TonenGeneral Sekiyu KK | 1,000 | 9,651 | ||||||
Toray Industries, Inc. | 2,000 | 18,180 | ||||||
Toshiba Corp.* | 46,100 | 112,685 | ||||||
TOTO Ltd. | 500 | 17,262 | ||||||
Toyo Seikan Group Holdings Ltd. | 100 | 1,968 | ||||||
Toyota Industries Corp. | 100 | 5,305 | ||||||
Toyota Motor Corp. | 10,800 | 671,776 | ||||||
Toyota Tsusho Corp. | 300 | 7,038 | ||||||
Trend Micro, Inc. | 200 | 8,156 | ||||||
Unicharm Corp. | 300 | 6,327 | ||||||
United Urban Investment Corp. REIT | 49 | 65,280 | ||||||
USS Co. Ltd. | 3,900 | 62,001 | ||||||
West Japan Railway Co. | 400 | 25,264 | ||||||
Yahoo Japan Corp. | 5,300 | 21,829 | ||||||
Yakult Honsha Co. Ltd. | 100 | 4,939 | ||||||
Yamada Denki Co. Ltd. | 5,300 | 23,852 | ||||||
Yamaha Corp. | 100 | 2,518 | ||||||
Yamaha Motor Co. Ltd. | 400 | 9,764 | ||||||
Yamato Holdings Co. Ltd. | 4,600 | 87,964 | ||||||
Yaskawa Electric Corp. | 200 | 2,640 | ||||||
Yokogawa Electric Corp. | 200 | 2,388 | ||||||
|
| |||||||
10,663,267 | ||||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 368 | 22,402 | ||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal (b) | 3,352 | 16,440 | ||||||
Millicom International Cellular SA SDR | 212 | 12,469 | ||||||
RTL Group SA | 159 | 13,910 | ||||||
SES SA FDR | 1,120 | 31,086 | ||||||
Tenaris SA | 1,595 | 20,947 | ||||||
|
| |||||||
94,852 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 5,463 | 7,187 | ||||||
Sands China Ltd. | 8,746 | 29,554 | ||||||
Wynn Macau Ltd. | 7,242 | 9,013 | ||||||
|
| |||||||
45,754 | ||||||||
|
| |||||||
Malaysia — 0.8% | ||||||||
Alliance Financial Group Bhd | 10,600 | 8,900 | ||||||
AMMB Holdings Bhd | 10,500 | 11,303 | ||||||
Astro Malaysia Holdings Bhd | 15,600 | 10,427 | ||||||
Axiata Group Bhd | 100 | 144 | ||||||
Berjaya Sports Toto Bhd | 15,025 | 10,888 | ||||||
British American Tobacco Malaysia Bhd | 100 | 1,357 | ||||||
Bumi Armada Bhd | 5,050 | 1,232 | ||||||
Dialog Group Bhd | 21,010 | 8,031 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Malaysia (Continued) | ||||||||
DiGi.Com Bhd | 21,000 | $ | 24,625 | |||||
Felda Global Ventures Holdings Bhd | 15,800 | 6,559 | ||||||
Genting Malaysia Bhd | 20,900 | 21,566 | ||||||
Genting Plantations Bhd | 5,100 | 12,271 | ||||||
Hartalega Holdings Bhd | 800 | 1,013 | ||||||
Hong Leong Bank Bhd | 5,300 | 16,854 | ||||||
Hong Leong Financial Group Bhd | 3,400 | 11,163 | ||||||
IHH Healthcare Bhd | 15,700 | 23,344 | ||||||
IJM Corp. Bhd | 10,400 | 8,293 | ||||||
IOI Corp. Bhd | 15,600 | 15,915 | ||||||
Kuala Lumpur Kepong Bhd | 5,100 | 27,438 | ||||||
Lafarge Malaysia Bhd | 5,300 | 11,311 | ||||||
Malayan Banking Bhd | 22,100 | 43,122 | ||||||
Malaysia Airports Holdings Bhd | 5,200 | 6,610 | ||||||
Maxis Bhd | 15,700 | 24,154 | ||||||
MISC Bhd | 5,100 | 11,051 | ||||||
Petronas Chemicals Group Bhd | 10,500 | 16,597 | ||||||
Petronas Dagangan Bhd | 3,300 | 19,348 | ||||||
Petronas Gas Bhd | 5,200 | 27,951 | ||||||
PPB Group Bhd | 100 | 370 | ||||||
Public Bank Bhd | 10,400 | 44,829 | ||||||
Sime Darby Bhd | 10,400 | 19,293 | ||||||
Telekom Malaysia Bhd | 10,400 | 15,878 | ||||||
Tenaga Nasional Bhd | 5,700 | 17,859 | ||||||
UMW Holdings Bhd | 5,300 | 9,919 | ||||||
YTL Corp. Bhd | 12,400 | 4,595 | ||||||
YTL Power International Bhd | 15,265 | 5,549 | ||||||
|
| |||||||
499,759 | ||||||||
|
| |||||||
Malta — 0.0% | ||||||||
Brait SE* | 1,225 | 13,585 | ||||||
|
| |||||||
Mexico — 0.9% | ||||||||
Alfa SAB de CV, Class A | 10,098 | 20,424 | ||||||
America Movil SAB de CV, Series L (b) | 125,817 | 101,924 | ||||||
Arca Continental SAB de CV | 1,332 | 8,384 | ||||||
Cemex SAB de CV* | 41,905 | 26,566 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 1,332 | 10,291 | ||||||
Controladora Comercial Mexicana SAB de CV | 1,332 | 4,218 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,332 | 17,611 | ||||||
Fibra Uno Administracion SA de CV REIT | 7,980 | 18,537 | ||||||
Fomento Economico Mexicano SAB de CV | 7,526 | 72,830 | ||||||
Fresnillo PLC (e) | 1,005 | 10,822 | ||||||
Gentera SAB de CV | 3,988 | 7,808 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 423 | 6,405 | ||||||
Grupo Bimbo SAB de CV, Series A* | 5,323 | 14,731 | ||||||
Grupo Carso SAB de CV, Series A1 | 1,329 | 5,885 | ||||||
Grupo Comercial Chedraui SA de CV | 1,332 | 3,618 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 9,770 | 52,739 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 11,983 | 22,921 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 7,125 | 13,843 | ||||||
Grupo Mexico SAB de CV, Series B | 14,643 | 32,054 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Televisa SAB, Series CPO | 10,042 | $ | 56,545 | |||||
Industrias Penoles SAB de CV | 1,011 | 12,649 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 5,323 | 12,577 | ||||||
Mexichem SAB de CV | 3,988 | 9,872 | ||||||
OHL Mexico SAB de CV* | 2,234 | 2,667 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 293 | 3,563 | ||||||
Wal-Mart de Mexico SAB de CV | 19,958 | 52,826 | ||||||
|
| |||||||
602,310 | ||||||||
|
| |||||||
Netherlands — 2.5% | ||||||||
Aegon NV | 6,702 | 41,041 | ||||||
Akzo Nobel NV | 862 | 61,311 | ||||||
Altice NV, Class A* | 1,113 | 17,098 | ||||||
Altice NV, Class B* | 371 | 5,768 | ||||||
ASML Holding NV | 1,341 | 123,930 | ||||||
Gemalto NV | 315 | 19,875 | ||||||
Heineken Holding NV | 350 | 27,535 | ||||||
Heineken NV | 782 | 69,535 | ||||||
ING Groep NV | 13,969 | 191,792 | ||||||
Koninklijke Ahold NV | 2,788 | 60,651 | ||||||
Koninklijke Boskalis Westminster NV | 400 | 17,801 | ||||||
Koninklijke DSM NV | 633 | 32,206 | ||||||
Koninklijke KPN NV | 11,802 | 44,902 | ||||||
Koninklijke Philips NV | 3,483 | 95,237 | ||||||
Koninklijke Vopak NV | 254 | 11,022 | ||||||
NN Group NV | 866 | 29,581 | ||||||
NXP Semiconductors NV* | 800 | 74,768 | ||||||
OCI NV*(b) | 409 | 10,326 | ||||||
QIAGEN NV* | 822 | 21,829 | ||||||
Randstad Holding NV | 507 | 31,706 | ||||||
Royal Dutch Shell PLC, Class A | 14,448 | 357,517 | ||||||
Royal Dutch Shell PLC, Class B | 8,922 | 221,985 | ||||||
TNT Express NV | 2,023 | 16,479 | ||||||
Wolters Kluwer NV | 1,226 | 42,364 | ||||||
|
| |||||||
1,626,259 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 11,209 | 38,957 | ||||||
Contact Energy Ltd. | 7,799 | 25,566 | ||||||
Fletcher Building Ltd. | 3,134 | 15,039 | ||||||
Meridian Energy Ltd. | 9,828 | 15,009 | ||||||
Ryman Healthcare Ltd. | 4,299 | 22,214 | ||||||
Spark New Zealand Ltd. | 7,971 | 17,498 | ||||||
|
| |||||||
134,283 | ||||||||
|
| |||||||
Norway — 0.4% | ||||||||
DNB ASA | 3,655 | 48,113 | ||||||
Gjensidige Forsikring ASA | 957 | 15,450 | ||||||
Norsk Hydro ASA | 5,058 | 19,556 | ||||||
Orkla ASA | 3,105 | 25,224 | ||||||
Schibsted ASA, Class B* | 63 | 2,197 | ||||||
Statoil ASA | 3,804 | 58,829 | ||||||
Telenor ASA | 2,911 | 50,747 | ||||||
Yara International ASA | 718 | 33,237 | ||||||
|
| |||||||
253,353 | ||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR* | 1,244 | $ | 5,896 | |||||
Southern Copper Corp. (b) | 1,452 | 37,360 | ||||||
|
| |||||||
43,256 | ||||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 13,820 | 16,593 | ||||||
Aboitiz Power Corp. | 15,700 | 13,988 | ||||||
Alliance Global Group, Inc. | 10,300 | 3,868 | ||||||
Ayala Corp. | 1,060 | 16,707 | ||||||
Ayala Land, Inc. | 26,400 | 18,957 | ||||||
Bank of the Philippine Islands | 6,860 | 12,151 | ||||||
BDO Unibank, Inc. | 6,340 | 13,584 | ||||||
DMCI Holdings Inc. | 9,800 | 2,802 | ||||||
Energy Development Corp. | 26,500 | 3,485 | ||||||
International Container Terminal Services, Inc. | 5,290 | 8,248 | ||||||
JG Summit Holdings, Inc. | 2,650 | 3,977 | ||||||
Jollibee Foods Corp. | 2,640 | 11,257 | ||||||
Megaworld Corp. | 48,100 | 4,531 | ||||||
Metro Pacific Investments Corp. | 45,600 | 5,069 | ||||||
Metropolitan Bank & Trust Company | 4,240 | 7,241 | ||||||
Philippine Long Distance Telephone Co. | 190 | 8,263 | ||||||
SM Investments Corp. | 1,030 | 18,463 | ||||||
SM Prime Holdings, Inc. | 42,200 | 19,247 | ||||||
Universal Robina Corp. | 5,280 | 22,625 | ||||||
|
| |||||||
211,056 | ||||||||
|
| |||||||
Poland — 0.4% | ||||||||
Alior Bank SA* | 692 | 12,521 | ||||||
Bank Handlowy w Warszawie SA | 159 | 2,824 | ||||||
Bank Pekao SA | 799 | 27,098 | ||||||
Bank Zachodni WBK SA* | 421 | 27,150 | ||||||
CCC SA | 385 | 15,148 | ||||||
Cyfrowy Polsat SA* | 5,198 | 30,948 | ||||||
LPP SA | 13 | 21,901 | ||||||
Orange Polska SA | 2,545 | 4,258 | ||||||
PGE Polska Grupa Energetyczna SA | 5,948 | 19,517 | ||||||
Polski Koncern Naftowy Orlen SA | 1,027 | 17,264 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 8,578 | 11,442 | ||||||
Powszechny Zaklad Ubezpieczen SA | 3,160 | 30,184 | ||||||
|
| |||||||
220,255 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA, | 139,826 | 7,475 | ||||||
Banco Espirito Santo SA* | 587 | 0 | ||||||
EDP — Energias de Portugal SA | 9,166 | 30,554 | ||||||
Galp Energia SGPS SA | 1,354 | 14,406 | ||||||
Jeronimo Martins SGPS SA | 2,441 | 33,876 | ||||||
|
| |||||||
86,311 | ||||||||
|
| |||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. | 852 | 8,890 | ||||||
Ezdan Holding Group QSC | 2,275 | 9,988 | ||||||
Gulf International Services QSC | 210 | 2,710 | ||||||
Industries Qatar QSC | 367 | 10,127 | ||||||
Masraf Al Rayan | 1,332 | 13,057 |
Number | Value | |||||||
Qatar (Continued) | ||||||||
Qatar Electricity & Water Co. | 243 | $ | 13,011 | |||||
Qatar Insurance Co. SAQ | 296 | 6,754 | ||||||
Qatar Islamic Bank SAQ | 103 | 3,295 | ||||||
Qatar National Bank SAQ | 582 | 25,569 | ||||||
Vodafone Qatar QSC | 756 | 2,541 | ||||||
|
| |||||||
95,942 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
New Europe Property Investments PLC | 300 | 3,455 | ||||||
|
| |||||||
Russia — 0.7% | ||||||||
Gazprom PAO, ADR | 8,823 | 36,448 | ||||||
Lukoil PJSC, ADR | 1,332 | 51,322 | ||||||
Magnit PJSC, GDR | 1,523 | 73,439 | ||||||
MegaFon PJSC, GDR | 1,382 | 20,937 | ||||||
Mobile TeleSystems PJSC, ADR | 3,206 | 22,602 | ||||||
NovaTek OAO, GDR | 672 | 62,899 | ||||||
Rosneft Oil Co. OJSC, GDR | 8,780 | 35,296 | ||||||
Severstal PAO, GDR | 2,759 | 29,521 | ||||||
Sistema JSFC, GDR | 1,768 | 11,846 | ||||||
Surgutneftegas OJSC, ADR | 6,958 | 34,790 | ||||||
VTB Bank PJSC, GDR | 16,083 | 34,289 | ||||||
|
| |||||||
413,389 | ||||||||
|
| |||||||
Singapore — 0.9% | ||||||||
Ascendas Real Estate Investment Trust REIT | 15,500 | 26,263 | ||||||
CapitaLand Commercial Trust REIT | 27,300 | 25,354 | ||||||
CapitaLand Ltd. | 12,400 | 26,549 | ||||||
CapitaLand Mall Trust REIT | 15,300 | 20,663 | ||||||
ComfortDelGro Corp. Ltd. | 20,300 | 42,167 | ||||||
DBS Group Holdings Ltd. | 9,900 | 115,806 | ||||||
Genting Singapore PLC | 24,200 | 13,039 | ||||||
Global Logistic Properties Ltd. | 10,400 | 14,525 | ||||||
Golden Agri-Resources Ltd. | 10,400 | 2,654 | ||||||
Hutchison Port Holdings Trust, Class U | 26,500 | 14,310 | ||||||
Keppel Corp. Ltd. | 5,400 | 25,075 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 10,000 | 61,465 | ||||||
Sembcorp Marine Ltd. | 1,100 | 1,607 | ||||||
Singapore Exchange Ltd. | 600 | 3,207 | ||||||
Singapore Press Holdings Ltd. | 1,300 | 3,705 | ||||||
Singapore Technologies Engineering Ltd. | 14,900 | 30,211 | ||||||
Singapore Telecommunications Ltd. | 37,200 | 101,007 | ||||||
United Overseas Bank Ltd. | 1,200 | 16,496 | ||||||
Wilmar International Ltd. | 10,400 | 21,087 | ||||||
|
| |||||||
565,190 | ||||||||
|
| |||||||
South Africa — 1.1% | ||||||||
Anglo American Platinum Ltd.* | 106 | 1,467 | ||||||
AngloGold Ashanti Ltd.* | 1,711 | 10,809 | ||||||
Aspen Pharmacare Holdings Ltd.* | 840 | 18,165 | ||||||
Barclays Africa Group Ltd. | 748 | 8,221 | ||||||
Bidvest Group Ltd. (The) | 788 | 18,372 | ||||||
Capitec Bank Holdings Ltd. | 110 | 4,566 | ||||||
Discovery Ltd. | 35 | 349 | ||||||
Exxaro Resources Ltd. | 1,272 | 3,960 | ||||||
FirstRand Ltd. | 10,435 | 33,941 | ||||||
Fortress Income Fund Ltd. | 2,779 | 7,759 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
South Africa (Continued) | ||||||||
Foschini Group Ltd. (The) | 338 | $ | 3,028 | |||||
Gold Fields Ltd. | 3,118 | 7,933 | ||||||
Growthpoint Properties Ltd. REIT | 298 | 497 | ||||||
Impala Platinum Holdings Ltd.* | 2,035 | 4,451 | ||||||
Imperial Holdings Ltd. | 47 | 494 | ||||||
Investec Ltd. | 225 | 1,883 | ||||||
Investec PLC | 2,014 | 17,138 | ||||||
Life Healthcare Group Holdings Ltd. | 248 | 612 | ||||||
Mediclinic International Ltd. | 1,216 | 9,673 | ||||||
Mondi Ltd. | 442 | 10,049 | ||||||
Mondi PLC | 1,270 | 29,533 | ||||||
Mr Price Group Ltd. | 513 | 7,133 | ||||||
MTN Group Ltd. | 5,571 | 55,941 | ||||||
Naspers Ltd., Class N | 1,421 | 211,817 | ||||||
Nedbank Group Ltd. | 127 | 1,853 | ||||||
Netcare Ltd. | 907 | 2,259 | ||||||
PSG Group Ltd. | 282 | 5,269 | ||||||
Remgro Ltd. | 1,452 | 26,074 | ||||||
RMB Holdings Ltd. | 1,044 | 4,413 | ||||||
Sanlam Ltd. | 4,402 | 18,758 | ||||||
Sappi Ltd.* | 1,725 | 7,470 | ||||||
Sasol Ltd. | 2,157 | 60,067 | ||||||
Shoprite Holdings Ltd. | 1,057 | 10,381 | ||||||
SPAR Group Ltd. (The) | 259 | 3,253 | ||||||
Standard Bank Group Ltd. | 3,910 | 35,119 | ||||||
Steinhoff International Holdings Ltd. | 7,438 | 41,677 | ||||||
Telkom SA SOC Ltd. | 187 | 800 | ||||||
Tiger Brands Ltd. | 250 | 5,762 | ||||||
Truworths International Ltd. | 833 | 5,446 | ||||||
Vodacom Group Ltd. | 1,001 | 10,110 | ||||||
Woolworths Holdings Ltd. | 3,046 | 21,492 | ||||||
|
| |||||||
727,994 | ||||||||
|
| |||||||
South Korea — 3.2% | ||||||||
Amorepacific Corp. | 106 | 36,934 | ||||||
AMOREPACIFIC Group | 96 | 12,725 | ||||||
BGF Retail Co. Ltd. | 26 | 4,030 | ||||||
BNK Financial Group, Inc. | 943 | 7,923 | ||||||
Celltrion, Inc.* | 386 | 28,765 | ||||||
Cheil Worldwide, Inc.* | 530 | 9,359 | ||||||
CJ CheilJedang Corp. | 51 | 15,876 | ||||||
CJ Corp. | 60 | 13,108 | ||||||
CJ E&M Corp.* | 100 | 7,288 | ||||||
Coway Co. Ltd. | 316 | 23,058 | ||||||
Daelim Industrial Co. Ltd. | 105 | 6,546 | ||||||
Daewoo International Corp. | 157 | 2,596 | ||||||
Daewoo Securities Co. Ltd. | 157 | 1,403 | ||||||
DGB Financial Group, Inc. | 1,010 | 9,070 | ||||||
Dongbu Insurance Co. Ltd. | 353 | 18,929 | ||||||
Dongsuh Cos., Inc. | 14 | 446 | ||||||
Doosan Corp. | 1 | 90 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 105 | 2,140 | ||||||
E-MART, Inc. | 106 | 19,588 | ||||||
GS Engineering & Construction Corp.* | 262 | 4,955 | ||||||
GS Holdings | 106 | 4,622 | ||||||
GS Retail Co. Ltd. | 100 | 4,767 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hana Financial Group, Inc. | 1,046 | $ | 23,033 | |||||
Hankook Tire Co. Ltd. | 371 | 14,785 | ||||||
Hanmi Pharm. Co. Ltd.* | 31 | 21,255 | ||||||
Hanmi Science Co. Ltd.* | 45 | 5,790 | ||||||
Hanon Systems | 317 | 12,496 | ||||||
Hanssem Co. Ltd. | 25 | 5,106 | ||||||
Hanwha Chemical Corp. | 745 | 16,019 | ||||||
Hanwha Corp. | 371 | 11,661 | ||||||
Hanwha Life Insurance Co. Ltd. | 2,129 | 14,046 | ||||||
Hotel Shilla Co. Ltd. | 51 | 3,986 | ||||||
Hyosung Corp. | 141 | 14,063 | ||||||
Hyundai Department Store Co. Ltd. | 104 | 11,360 | ||||||
Hyundai Development Co.-Engineering & Construction | 213 | 7,541 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 210 | 5,794 | ||||||
Hyundai Glovis Co. Ltd. | 104 | 17,153 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 106 | 8,293 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 551 | 16,130 | ||||||
Hyundai Mobis Co. Ltd. | 265 | 57,094 | ||||||
Hyundai Motor Co. | 514 | 65,468 | ||||||
Hyundai Steel Co. | 304 | 13,335 | ||||||
Hyundai Wia Corp. | 105 | 10,971 | ||||||
Industrial Bank of Korea | 265 | 3,043 | ||||||
Kakao Corp. | 51 | 5,311 | ||||||
Kangwon Land, Inc. | 530 | 17,483 | ||||||
KB Financial Group, Inc. | 1,183 | 36,009 | ||||||
KCC Corp. | 37 | 14,681 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 18 | 1,570 | ||||||
Kia Motors Corp. | 906 | 41,073 | ||||||
Korea Aerospace Industries Ltd. | 353 | 25,575 | ||||||
Korea Electric Power Corp. | 679 | 28,701 | ||||||
Korea Gas Corp. | 85 | 2,815 | ||||||
Korea Investment Holdings Co. Ltd. | 258 | 12,186 | ||||||
Korea Zinc Co. Ltd. | 53 | 20,824 | ||||||
KT Corp.* | 157 | 4,060 | ||||||
KT&G Corp. | 581 | 53,682 | ||||||
Kumho Petrochemical Co. Ltd. | 146 | 7,413 | ||||||
LG Chem Ltd. | 202 | 55,469 | ||||||
LG Corp. | 232 | 14,745 | ||||||
LG Display Co. Ltd. | 692 | 15,178 | ||||||
LG Electronics, Inc. | 368 | �� | 17,223 | |||||
LG Household & Health Care Ltd. | 53 | 46,133 | ||||||
LG Innotek Co. Ltd. | 52 | 4,472 | ||||||
LG Uplus Corp. | 1,594 | 14,659 | ||||||
Lotte Chemical Corp. | 87 | 18,068 | ||||||
Lotte Shopping Co. Ltd. | 53 | 10,755 | ||||||
Mirae Asset Securities Co. Ltd. | 204 | 3,497 | ||||||
NAVER Corp. | 102 | 55,578 | ||||||
NCSoft Corp. | 94 | 18,061 | ||||||
NH Investment & Securities Co. Ltd. | 106 | 938 | ||||||
OCI Co. Ltd. | 139 | 9,134 | ||||||
Orion Corp. | 34 | 33,499 | ||||||
Paradise Co. Ltd. | 104 | 1,805 | ||||||
POSCO | 314 | 45,824 | ||||||
S-1 Corp. | 157 | 12,771 |
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, 2015 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
Samsung C&T Corp.* | 270 | $ | 34,040 | |||||
Samsung Card Co. Ltd. | 336 | 9,125 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 212 | 12,668 | ||||||
Samsung Electronics Co. Ltd. | 380 | 421,329 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 179 | 47,376 | ||||||
Samsung Heavy Industries Co. Ltd. | 422 | 4,209 | ||||||
Samsung Life Insurance Co. Ltd. | 370 | 32,909 | ||||||
Samsung SDI Co. Ltd. | 232 | 24,040 | ||||||
Samsung SDS Co. Ltd. | 94 | 21,186 | ||||||
Samsung Securities Co. Ltd. | 265 | 10,126 | ||||||
Shinhan Financial Group Co. Ltd. | 1,489 | 53,296 | ||||||
Shinsegae Co. Ltd. | 53 | 11,465 | ||||||
SK Holdings Co. Ltd. | 142 | 33,107 | ||||||
SK Hynix, Inc. | 1,962 | 53,538 | ||||||
SK Innovation Co. Ltd.* | 127 | 13,983 | ||||||
SK Telecom Co. Ltd. | 53 | 10,709 | ||||||
S-Oil Corp. | 105 | 6,728 | ||||||
Woori Bank | 97 | 795 | ||||||
Yuhan Corp. | 52 | 12,438 | ||||||
|
| |||||||
2,054,899 | ||||||||
|
| |||||||
Spain — 2.3% | ||||||||
Abertis Infraestructuras SA | 1,650 | 25,548 | ||||||
ACS Actividades de Construccion y Servicios SA | 995 | 32,453 | ||||||
Aena SA, 144A* | 265 | 30,056 | ||||||
Amadeus IT Holding SA, Class A | 1,462 | 58,643 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 23,312 | 193,495 | ||||||
Banco de Sabadell SA | 15,945 | 29,431 | ||||||
Banco Popular Espanol SA | 6,841 | 24,105 | ||||||
Banco Santander SA | 51,359 | 280,432 | ||||||
Bankia SA | 19,664 | 24,640 | ||||||
Bankinter SA | 3,395 | 24,574 | ||||||
CaixaBank SA | 8,163 | 29,901 | ||||||
Distribuidora Internacional de Alimentacion SA* | 1,754 | 11,088 | ||||||
Enagas SA | 906 | 27,003 | ||||||
Endesa SA | 105 | 2,172 | ||||||
Ferrovial SA | 1,490 | 35,295 | ||||||
Gas Natural SDG SA | 1,384 | 29,940 | ||||||
Grifols SA | 527 | 25,011 | ||||||
Iberdrola SA | 19,393 | 135,867 | ||||||
Industria de Diseno Textil SA | 4,143 | 149,090 | ||||||
Mapfre SA | 5,969 | 16,378 | ||||||
Red Electrica Corp. SA | 476 | 40,837 | ||||||
Repsol SA | 3,727 | 48,612 | ||||||
Telefonica SA (b) | 17,825 | 219,875 | ||||||
Zardoya Otis SA | 421 | 5,093 | ||||||
|
| |||||||
1,499,539 | ||||||||
|
| |||||||
Sweden — 2.0% | ||||||||
Alfa Laval AB | 1,009 | 18,660 | ||||||
Assa Abloy AB, Class B | 3,546 | 75,418 | ||||||
Atlas Copco AB, Class A | 2,615 | 70,099 | ||||||
Atlas Copco AB, Class B | 1,497 | 37,040 | ||||||
Boliden AB | 1,257 | 23,103 | ||||||
Electrolux AB, Series B | 1,219 | 35,780 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Getinge AB, Class B | 703 | $ | 17,797 | |||||
Hennes & Mauritz AB, Class B | 3,466 | 128,557 | ||||||
Hexagon AB, Class B | 1,220 | 44,272 | ||||||
Husqvarna AB, Class B | 1,615 | 10,527 | ||||||
ICA Gruppen AB (b) | 213 | 7,502 | ||||||
Industrivarden AB, Class C | 789 | 14,130 | ||||||
Investment AB Kinnevik, Class B | 843 | 25,932 | ||||||
Investor AB, Class B | 1,398 | 53,280 | ||||||
Lundin Petroleum AB*(b) | 792 | 12,668 | ||||||
Nordea Bank AB | 10,092 | 111,834 | ||||||
Sandvik AB (b) | 3,951 | 40,929 | ||||||
Securitas AB, Class B | 1,103 | 16,832 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 5,380 | 57,212 | ||||||
Skanska AB, Class B | 1,173 | 23,348 | ||||||
SKF AB, Class B | 1,399 | 24,397 | ||||||
Svenska Cellulosa AB SCA, Class B | 1,821 | 52,531 | ||||||
Svenska Handelsbanken AB, Class A | 4,545 | 61,178 | ||||||
Swedbank AB, Class A | 3,150 | 69,777 | ||||||
Swedish Match AB | 577 | 19,906 | ||||||
Tele2 AB, Class B | 1,011 | 10,293 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 11,415 | 111,182 | ||||||
TeliaSonera AB | 7,918 | 38,865 | ||||||
Volvo AB, Class B | 5,968 | 61,720 | ||||||
|
| |||||||
1,274,769 | ||||||||
|
| |||||||
Switzerland — 7.1% | ||||||||
ABB Ltd.* | 8,008 | 151,855 | ||||||
Actelion Ltd.* | 370 | 51,966 | ||||||
Adecco SA* | 612 | 41,877 | ||||||
Aryzta AG* | 315 | 14,797 | ||||||
Baloise Holding AG | 212 | 25,757 | ||||||
Barry Callebaut AG*(b) | 16 | 16,640 | ||||||
Cie Financiere Richemont SA | 1,967 | 147,212 | ||||||
Coca-Cola HBC AG CDI* | 852 | 20,672 | ||||||
Credit Suisse Group AG* | 5,151 | 110,745 | ||||||
Dufry AG*(b) | 77 | 9,213 | ||||||
EMS-Chemie Holding AG | 52 | 21,202 | ||||||
Galenica AG | 7 | 10,233 | ||||||
Geberit AG | 158 | 52,843 | ||||||
Givaudan SA* | 50 | 90,246 | ||||||
Glencore PLC* | 42,152 | 61,396 | ||||||
Julius Baer Group Ltd.* | 692 | 33,119 | ||||||
Kuehne + Nagel International AG | 317 | 42,858 | ||||||
LafargeHolcim Ltd.* | 1,545 | 82,592 | ||||||
Lonza Group AG* | 158 | 24,970 | ||||||
Nestle SA | 12,624 | 936,815 | ||||||
Novartis AG | 8,483 | 725,159 | ||||||
Pargesa Holding SA | 156 | 9,803 | ||||||
Partners Group Holding AG | 104 | 37,553 | ||||||
Roche Holding AG | 2,609 | 698,624 | ||||||
Schindler Holding AG | 106 | 17,381 | ||||||
Schindler Holding AG Participation Certificates | 211 | 34,721 | ||||||
SGS SA | 30 | 57,384 | ||||||
Sika AG | 5 | 16,936 | ||||||
Sonova Holding AG | 254 | 32,045 |
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, 2015 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
STMicroelectronics NV | 2,453 | $ | 17,826 | |||||
Sulzer AG | 105 | 10,961 | ||||||
Swatch Group AG (The) — Bearer (b) | 123 | 43,254 | ||||||
Swatch Group AG (The) — Registered | 159 | 10,478 | ||||||
Swiss Life Holding AG* | 91 | 22,952 | ||||||
Swiss Prime Site AG* | 475 | 35,526 | ||||||
Swiss Re AG | 1,330 | 126,750 | ||||||
Swisscom AG | 152 | 74,903 | ||||||
Syngenta AG | 366 | 134,931 | ||||||
Transocean Ltd. (b) | 1,265 | 18,258 | ||||||
UBS Group AG | 14,494 | 278,230 | ||||||
Wolseley PLC | 957 | 55,549 | ||||||
Zurich Insurance Group AG* | 603 | 158,772 | ||||||
|
| |||||||
4,565,004 | ||||||||
|
| |||||||
Taiwan — 2.3% | ||||||||
Acer, Inc.* | 30,306 | 11,234 | ||||||
Advanced Semiconductor Engineering, Inc. | 26,922 | 28,331 | ||||||
Advantech Co. Ltd. | 1,474 | 9,686 | ||||||
Asustek Computer, Inc. | 2,207 | 18,255 | ||||||
AU Optronics Corp. | 60,793 | 16,278 | ||||||
Casetek Holdings Ltd. | 1,055 | 5,204 | ||||||
Catcher Technology Co. Ltd. | 2,851 | 27,600 | ||||||
Cathay Financial Holding Co. Ltd. | 39,594 | 55,372 | ||||||
Chailease Holding Co. Ltd. | 1,587 | 2,684 | ||||||
Chang Hwa Commercial Bank Ltd. | 7,014 | 3,438 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,488 | 4,169 | ||||||
Chicony Electronics Co. Ltd. | 1,668 | 3,848 | ||||||
China Airlines Ltd.* | 455 | 151 | ||||||
China Development Financial Holding Corp. | 43,383 | 11,177 | ||||||
China Life Insurance Co. Ltd. | 9,658 | 7,841 | ||||||
China Steel Corp. | 11,644 | 6,474 | ||||||
Chunghwa Telecom Co. Ltd. | 10,104 | 30,892 | ||||||
Compal Electronics, Inc. | 16,243 | 9,007 | ||||||
CTBC Financial Holding Co. Ltd. | 59,854 | 31,355 | ||||||
Delta Electronics, Inc. | 8,526 | 40,877 | ||||||
E.Sun Financial Holding Co. Ltd. | 18,128 | 10,913 | ||||||
Eclat Textile Co. Ltd. | 884 | 11,889 | ||||||
EVA Airways Corp.* | 919 | 462 | ||||||
Evergreen Marine Corp. (Taiwan) Ltd. | 3,144 | 1,247 | ||||||
Far Eastern New Century Corp. | 2,300 | 1,860 | ||||||
Far EasTone Telecommunications Co. Ltd. | 3,356 | 7,063 | ||||||
Feng Tay Enterprise Co. Ltd. | 2,036 | 11,196 | ||||||
First Financial Holding Co. Ltd. | 12,798 | 5,960 | ||||||
Formosa Chemicals & Fibre Corp. | 6,434 | 13,916 | ||||||
Formosa Petrochemical Corp. | 609 | 1,440 | ||||||
Formosa Plastics Corp. | 6,506 | 14,689 | ||||||
Foxconn Technology Co. Ltd. | 4,870 | 10,921 | ||||||
Fubon Financial Holding Co. Ltd. | 28,722 | 45,755 | ||||||
Giant Manufacturing Co. Ltd. | 648 | 4,377 | ||||||
Hermes Microvision, Inc. | 162 | 5,782 | ||||||
Hiwin Technologies Corp. | 641 | 2,995 | ||||||
Hon Hai Precision Industry Co. Ltd. | 68,744 | 176,904 | ||||||
Hotai Motor Co. Ltd. | 830 | 8,976 | ||||||
HTC Corp. | 1,556 | 3,866 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 8,191 | $ | 3,827 | |||||
Innolux Corp. | 81,899 | 25,065 | ||||||
Inotera Memories, Inc.* | 15,254 | 10,328 | ||||||
Inventec Corp. | 10,528 | 6,128 | ||||||
Largan Precision Co. Ltd. | 487 | 37,522 | ||||||
Lite-On Technology Corp. | 4,477 | 4,595 | ||||||
MediaTek, Inc. | 5,833 | 46,550 | ||||||
Mega Financial Holding Co. Ltd. | 25,969 | 17,900 | ||||||
Merida Industry Co. Ltd. | 402 | 2,235 | ||||||
Nan Ya Plastics Corp. | 22,511 | 40,412 | ||||||
Novatek Microelectronics Corp. | 1,959 | 7,112 | ||||||
OBI Pharma, Inc.* | 400 | 8,284 | ||||||
Pegatron Corp. | 7,296 | 19,245 | ||||||
Phison Electronics Corp. | 574 | 4,379 | ||||||
Pou Chen Corp. | 6,910 | 9,198 | ||||||
Powertech Technology, Inc. | 2,983 | 6,443 | ||||||
President Chain Store Corp. | 1,857 | 11,890 | ||||||
Quanta Computer, Inc. | 8,999 | 14,060 | ||||||
Radiant Opto-Electronics Corp. | 1,285 | 3,362 | ||||||
Realtek Semiconductor Corp. | 1,223 | 2,525 | ||||||
Siliconware Precision Industries Co. Ltd. | 11,529 | 15,187 | ||||||
Simplo Technology Co. Ltd. | 746 | 2,560 | ||||||
Standard Foods Corp. | 1,000 | 2,350 | ||||||
Synnex Technology International Corp. | 2,984 | 2,893 | ||||||
Taiwan Mobile Co. Ltd. | 3,809 | 11,506 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 101,007 | 430,120 | ||||||
Transcend Information, Inc. | 347 | 907 | ||||||
Uni-President Enterprises Corp. | 14,549 | 23,979 | ||||||
United Microelectronics Corp. | 52,225 | 18,959 | ||||||
Vanguard International Semiconductor Corp. | 3,661 | 4,430 | ||||||
Wistron Corp. | 6,177 | 3,226 | ||||||
WPG Holdings Ltd. | 5,041 | 4,880 | ||||||
Yuanta Financial Holding Co. Ltd. | 42,738 | 16,170 | ||||||
Zhen Ding Technology Holding Ltd. | 1,624 | 4,612 | ||||||
|
| |||||||
1,486,923 | ||||||||
|
| |||||||
Thailand — 0.4% | ||||||||
Bangkok Bank PCL, NVDR | 8,500 | 39,725 | ||||||
Indorama Ventures PCL, NVDR | 30,700 | 19,530 | ||||||
IRPC PCL, NVDR | 137,004 | 16,055 | ||||||
Kasikornbank PCL, NVDR | 9,000 | 42,941 | ||||||
Krung Thai Bank PCL, NVDR | 53,000 | 25,140 | ||||||
PTT Exploration & Production PCL, NVDR | 22,000 | 40,053 | ||||||
PTT PCL, NVDR | 5,900 | 42,143 | ||||||
Siam Commercial Bank PCL, NVDR | 10,400 | 38,158 | ||||||
Thai Oil PCL, NVDR | 4,900 | 7,998 | ||||||
|
| |||||||
271,743 | ||||||||
|
| |||||||
Turkey — 0.4% | ||||||||
Akbank TAS | 6,968 | 16,575 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 472 | 3,231 | ||||||
Arcelik AS | 1,512 | 8,200 | ||||||
BIM Birlesik Magazalar AS | 798 | 14,929 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 10,847 | 10,351 |
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, 2015 (Unaudited)
Number | Value | |||||||
Turkey (Continued) | ||||||||
Enka Insaat ve Sanayi AS | 4,374 | $ | 7,192 | |||||
Eregli Demir ve Celik Fabrikalari TAS | 13,107 | 16,917 | ||||||
Ford Otomotiv Sanayi AS | 1,351 | 15,164 | ||||||
Haci Omer Sabanci Holding AS | 4,240 | 11,862 | ||||||
KOC Holding AS | 4,515 | 18,582 | ||||||
TAV Havalimanlari Holding AS | 2,332 | 16,842 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,258 | 8,304 | ||||||
Tupras Turkiye Petrol Rafinerileri AS* | 588 | 14,522 | ||||||
Turk Hava Yollari Anonim Ortakligi* | 2,545 | 6,692 | ||||||
Turk Telekomunikasyon AS | 3,452 | 7,110 | ||||||
Turkcell Iletisim Hizmetleri AS | 3,344 | 12,741 | ||||||
Turkiye Garanti Bankasi AS | 9,511 | 23,898 | ||||||
Turkiye Halk Bankasi AS | 2,120 | 7,932 | ||||||
Turkiye Is Bankasi, Class C | 6,011 | 9,759 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 10,401 | 10,532 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 1,755 | 2,398 | ||||||
Ulker Biskuvi Sanayi AS | 318 | 2,053 | ||||||
Yapi ve Kredi Bankasi AS | 1,541 | 1,777 | ||||||
|
| |||||||
247,563 | ||||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 5,323 | 9,059 | ||||||
Aldar Properties PJSC | 11,983 | 7,635 | ||||||
Arabtec Holding PJSC* | 3,499 | 1,048 | ||||||
DP World Ltd. | 1,332 | 24,908 | ||||||
Dubai Financial Market PJSC | 6,586 | 2,134 | ||||||
Dubai Islamic Bank PJSC | 2,667 | 4,648 | ||||||
Emaar Malls Group PJSC* | 17,404 | 13,553 | ||||||
Emaar Properties PJSC | 12,973 | 20,382 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,400 | 10,783 | ||||||
First Gulf Bank PJSC | 8,534 | 27,884 | ||||||
National Bank of Abu Dhabi PJSC | 4,031 | 8,396 | ||||||
|
| |||||||
130,430 | ||||||||
|
| |||||||
United Kingdom — 13.3% | ||||||||
3i Group PLC | 3,664 | 27,730 | ||||||
Aberdeen Asset Management PLC | 3,451 | 16,601 | ||||||
Admiral Group PLC | 797 | 19,458 | ||||||
Aggreko PLC | 1,010 | 15,288 | ||||||
Amec Foster Wheeler PLC | 2,062 | 13,522 | ||||||
Anglo American PLC | 9,717 | 59,805 | ||||||
ARM Holdings PLC | 5,170 | 87,520 | ||||||
Ashtead Group PLC | 1,512 | 24,936 | ||||||
Associated British Foods PLC | 1,329 | 70,977 | ||||||
AstraZeneca PLC | 4,744 | 321,699 | ||||||
Auto Trader Group PLC, 144A* | 2,700 | 16,522 | ||||||
Aviva PLC | 14,137 | 108,907 | ||||||
Babcock International Group PLC | 1,014 | 16,356 | ||||||
BAE Systems PLC | 10,622 | 82,628 | ||||||
Barclays PLC | 58,359 | 196,180 | ||||||
Barratt Developments PLC | 3,535 | 31,997 | ||||||
BG Group PLC | 12,700 | 197,299 | ||||||
BP PLC | 67,769 | 393,211 | ||||||
British American Tobacco PLC | 6,902 | 402,081 | ||||||
British Land Co. PLC REIT | 3,715 | 46,663 | ||||||
BT Group PLC | 30,219 | 225,947 | ||||||
Bunzl PLC | 1,224 | 35,394 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Burberry Group PLC | 1,597 | $ | 29,945 | |||||
Capita PLC | 2,455 | 47,032 | ||||||
Centrica PLC | 18,181 | 59,721 | ||||||
CNH Industrial NV | 3,397 | 24,998 | ||||||
Cobham PLC | 3,875 | 17,707 | ||||||
Compass Group PLC | 5,370 | 93,332 | ||||||
Croda International PLC | 580 | 25,053 | ||||||
Diageo PLC | 9,289 | 267,211 | ||||||
Direct Line Insurance Group PLC | 4,682 | 29,038 | ||||||
Dixons Carphone PLC | 3,400 | 24,820 | ||||||
easyJet PLC | 686 | 17,078 | ||||||
Fiat Chrysler Automobiles NV* | 3,689 | 52,696 | ||||||
G4S PLC | 5,534 | 18,912 | ||||||
GKN PLC | 6,598 | 29,861 | ||||||
GlaxoSmithKline PLC | 18,461 | 376,883 | ||||||
Hammerson PLC REIT | 2,537 | 23,327 | ||||||
Hargreaves Lansdown PLC | 906 | 20,413 | ||||||
HSBC Holdings PLC | 71,673 | 571,575 | ||||||
ICAP PLC | 2,125 | 16,290 | ||||||
IMI PLC | 1,009 | 14,497 | ||||||
Imperial Tobacco Group PLC | 3,586 | 193,782 | ||||||
Inmarsat PLC | 1,700 | 28,548 | ||||||
InterContinental Hotels Group PLC | 808 | 31,105 | ||||||
International Consolidated Airlines Group SA* | 3,821 | 32,567 | ||||||
Intertek Group PLC | 641 | 27,292 | ||||||
Intu Properties PLC REIT | 3,080 | 15,006 | ||||||
ITV PLC | 15,438 | 63,010 | ||||||
J Sainsbury PLC | 4,447 | 16,999 | ||||||
Johnson Matthey PLC | 797 | 33,970 | ||||||
Kingfisher PLC | 8,949 | 47,631 | ||||||
Land Securities Group PLC REIT | 3,026 | 56,102 | ||||||
Legal & General Group PLC | 20,853 | 85,269 | ||||||
Lloyds Banking Group PLC | 207,327 | 227,820 | ||||||
London Stock Exchange Group PLC | 800 | 31,929 | ||||||
Marks & Spencer Group PLC | 6,169 | 46,688 | ||||||
Meggitt PLC | 2,814 | 16,431 | ||||||
Melrose Industries PLC | 3,453 | 15,092 | ||||||
Merlin Entertainments PLC, 144A | 1,854 | 11,426 | ||||||
National Grid PLC | 14,354 | 200,144 | ||||||
Next PLC | 560 | 66,798 | ||||||
Old Mutual PLC | 17,532 | 55,186 | ||||||
Pearson PLC | 3,184 | 39,610 | ||||||
Persimmon PLC* | 1,119 | 32,274 | ||||||
Petrofac Ltd. | 1,078 | 13,394 | ||||||
Provident Financial PLC | 271 | 14,579 | ||||||
Prudential PLC | 9,398 | 217,905 | ||||||
Reckitt Benckiser Group PLC | 2,502 | 234,762 | ||||||
RELX NV | 4,078 | 70,596 | ||||||
RELX PLC | 4,127 | 74,463 | ||||||
Rexam PLC | 2,598 | 22,675 | ||||||
Rio Tinto Ltd. | 1,576 | 52,327 | ||||||
Rio Tinto PLC | 4,657 | 154,901 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 6,619 | 60,461 | ||||||
Rolls-Royce Holdings PLC* | 613,581 | 924 | ||||||
Royal Bank of Scotland Group PLC* | 8,609 | 39,209 | ||||||
Royal Mail PLC | 2,491 | 18,237 |
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, 2015 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
RSA Insurance Group PLC | 3,293 | $ | 21,817 | |||||
SABMiller PLC | 4,824 | 292,904 | ||||||
Sage Group PLC (The) | 4,199 | 37,091 | ||||||
Schroders PLC | 475 | 21,433 | ||||||
Segro PLC REIT | 2,235 | 14,851 | ||||||
Severn Trent PLC | 1,063 | 36,054 | ||||||
Sky PLC | 3,864 | 64,364 | ||||||
Smith & Nephew PLC | 3,493 | 59,184 | ||||||
Smiths Group PLC | 1,436 | 22,341 | ||||||
Sports Direct International PLC* | 1,010 | 11,120 | ||||||
SSE PLC | 3,672 | 79,306 | ||||||
St James’s Place PLC | 1,200 | 18,362 | ||||||
Standard Chartered PLC | 9,376 | 78,683 | ||||||
Standard Life PLC | 6,919 | 43,402 | ||||||
Tate & Lyle PLC | 2,019 | 17,941 | ||||||
Taylor Wimpey PLC | 11,863 | 34,769 | ||||||
Tesco PLC* | 29,843 | 75,150 | ||||||
Travis Perkins PLC | 904 | 27,679 | ||||||
Unilever NV | 5,781 | 253,630 | ||||||
Unilever PLC | 4,881 | 208,334 | ||||||
United Utilities Group PLC | 2,756 | 40,117 | ||||||
Vodafone Group PLC | 102,433 | 345,958 | ||||||
Weir Group PLC (The) | 798 | 14,446 | ||||||
Whitbread PLC | 633 | 43,359 | ||||||
William Hill PLC | 3,026 | 16,297 | ||||||
Wm Morrison Supermarkets PLC (b) | 8,189 | 18,808 | ||||||
WPP PLC | 5,301 | 122,551 | ||||||
|
| |||||||
8,540,173 | ||||||||
|
| |||||||
United States — 0.3% | ||||||||
Carnival PLC | 647 | 33,764 | ||||||
Thomson Reuters Corp. | 1,332 | 53,871 | ||||||
Valeant Pharmaceuticals International, | 1,299 | 117,065 | ||||||
|
| |||||||
204,700 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 63,405,544 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.0% | ||||||||
Brazil — 0.4% | ||||||||
Banco Bradesco SA | 9,846 | 53,747 | ||||||
Braskem SA, Class A | 780 | 5,286 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 1,197 | 3,212 | ||||||
Cia Brasileira de Distribuicao | 519 | 6,573 | ||||||
Cia Energetica de Minas Gerais | 2,387 | 4,072 | ||||||
Cia Paranaense de Energia, Class B | 104 | 772 | ||||||
Gerdau SA | 5,926 | 9,343 | ||||||
Itau Unibanco Holding SA | 11,536 | 82,860 | ||||||
Itausa — Investimentos Itau SA | 14,089 | 26,401 | ||||||
Lojas Americanas SA | 2,138 | 9,527 | ||||||
Petroleo Brasileiro SA* | 14,546 | 28,836 | ||||||
Suzano Papel e Celulose SA, Class A | 1,332 | 6,541 | ||||||
Telefonica Brasil SA | 1,067 | 10,204 | ||||||
Vale SA | 8,783 | 24,131 | ||||||
|
| |||||||
271,505 | ||||||||
|
|
Number | Value | |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina SA, Class B | 2,226 | $ | 6,813 | |||||
Sociedad Quimica y Minera de Chile SA, Class B | 422 | 7,032 | ||||||
|
| |||||||
13,845 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,890 | 13,463 | ||||||
Grupo Aval Acciones y Valores SA | 14,134 | 4,899 | ||||||
Grupo de Inversiones Suramericana SA | 213 | 2,127 | ||||||
|
| |||||||
20,489 | ||||||||
|
| |||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 210 | 17,606 | ||||||
FUCHS PETROLUB SE | 265 | 12,550 | ||||||
Henkel AG & Co. KGaA | 562 | 63,831 | ||||||
Porsche Automobil Holding SE | 550 | 28,869 | ||||||
Volkswagen AG | 631 | 87,702 | ||||||
|
| |||||||
210,558 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp. | 24 | 4,901 | ||||||
Hyundai Motor Co. | 158 | 15,144 | ||||||
Hyundai Motor Co. — 2nd Preferred | 211 | 20,316 | ||||||
LG Chem Ltd. | 52 | 10,081 | ||||||
Samsung Electronics Co. Ltd. | 81 | 76,660 | ||||||
|
| |||||||
127,102 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 643,499 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Transurban Group*, expires 12/31/15 | 487 | 212 | ||||||
|
| |||||||
Italy — 0.0% | ||||||||
Unione di Banche Italiane SpA*, expires 1/30/16 | 1,945 | 0 | ||||||
|
| |||||||
Malaysia — 0.0% | ||||||||
Hong Leong Bank Bhd*, expires 12/31/15 | 848 | 527 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Telefonica SA*(b), expires 12/31/15 | 11,778 | 4,268 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG*, expires 12/31/15 | 5,151 | 3,154 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Delta Electronics, Inc.*, expires 12/31/15 | 447 | 89 | ||||||
Mega Financial Holding Co. Ltd.*, expires 12/31/15 | 2,108 | 96 | ||||||
Taiwan Glass Industry Corp.*, expires 12/31/15 | 182 | 0 | ||||||
|
| |||||||
185 | ||||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Standard Chartered PLC*, | 2,624 | 3,596 | ||||||
|
| |||||||
TOTAL RIGHTS | 11,942 | |||||||
|
|
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, 2015 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 1.7% | ||||||||
Daily Assets Fund, 0.20% (f)(g) | 1,112,028 | $ | 1,112,028 | |||||
|
| |||||||
TOTAL INVESTMENTS — 101.4% | ||||||||
(Cost $70,351,343)† | $ | 65,173,013 | ||||||
Other assets and liabilities, net — (1.4%) | (888,979 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 64,284,034 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $70,573,778. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $5,400,765. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,666,517 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,067,282. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $1,047,227, which is 1.6% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Security is listed in country domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(e) | Listed on London Stock Exchange |
(f) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(g) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
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.
OJSC: Open Joint Stock Company.
PJSC: Private Joint Stock Company.
REIT: Real Estate Investment Trust.
RSP: Risparmio (Convertible Savings Shares).
SDR: Swedish Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 132,500 | USD | 134,531 | $ | 5,746 | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CHF | 2,000 | USD | 1,946 | 2 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 351,000 | USD | 356,258 | 15,100 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 1,445,000 | USD | 1,467,154 | 62,673 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 28,000 | USD | 28,394 | 1,179 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 45,600 | USD | 46,298 | 1,977 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | CHF | 2,523,596 | USD | 2,562,261 | 109,428 | ||||||||||||
Bank of Montreal | 12/2/2015 | CZK | 8,900 | USD | 348 | 0 | ||||||||||||
Bank of Montreal | 12/2/2015 | CZK | 32,000 | USD | 1,305 | 55 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CZK | 682,000 | USD | 27,820 | 1,167 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CZK | 451,000 | USD | 18,394 | 769 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CZK | 13,100 | USD | 534 | 22 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 184,000 | USD | 27,272 | 1,213 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | DKK | 68,000 | USD | 9,627 | (3 | ) |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 1,260,000 | USD | 186,757 | $ | 8,313 | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 163,000 | USD | 24,154 | 1,070 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 45,000 | USD | 6,651 | 278 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 41,100 | USD | 6,092 | 271 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 4,003,400 | USD | 593,369 | 26,399 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 367,500 | USD | 406,095 | 17,814 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 184,000 | USD | 194,332 | (73 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 3,546,843 | USD | 3,919,411 | 172,005 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 1,447,000 | USD | 1,598,785 | 69,962 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 102,000 | USD | 112,414 | 4,646 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 811,800 | USD | 897,055 | 39,351 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 7,541,626 | USD | 8,333,685 | 365,607 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 175,500 | USD | 270,992 | 6,673 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | GBP | 3,670,736 | USD | 5,667,818 | 139,351 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 1,912,285 | USD | 2,952,807 | 72,730 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 472,000 | USD | 728,734 | 17,859 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 60,000 | USD | 92,750 | 2,384 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 89,900 | USD | 138,564 | 3,166 | ||||||||||||
Bank of Montreal | 12/2/2015 | HKD | 1,020,000 | USD | 131,604 | 50 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 22,141,796 | USD | 2,857,153 | 1,419 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 7,042,000 | USD | 908,713 | 472 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 3,622,000 | USD | 467,377 | 231 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 2,404,400 | USD | 310,262 | 154 | ||||||||||||
Bank of Montreal | 12/2/2015 | HUF | 583,500 | USD | 2,071 | 88 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HUF | 10,222,000 | USD | 36,290 | 1,550 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HUF | 8,035,500 | USD | 28,527 | 1,218 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | HUF | 1,851,000 | USD | 6,571 | 280 | ||||||||||||
Bank of Montreal | 12/2/2015 | ILS | 45,500 | USD | 11,782 | 29 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | ILS | 738,698 | USD | 191,283 | 482 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | ILS | 73,000 | USD | 18,888 | 33 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | ILS | 569,500 | USD | 147,460 | 361 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | ILS | 27,200 | USD | 7,043 | 17 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | ILS | 5,000 | USD | 1,295 | 3 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 5,000 | USD | 576 | 1 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 65,500 | USD | 7,745 | 208 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | NOK | 1,468,000 | USD | 173,393 | 4,474 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 175,000 | USD | 20,664 | 527 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 584,500 | USD | 69,041 | 1,784 | ||||||||||||
Bank of Montreal | 12/2/2015 | PLN | 7,800 | USD | 1,929 | (1 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | PLN | 31,000 | USD | 8,040 | 368 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | PLN | 864,392 | USD | 224,181 | 10,278 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | PLN | 19,000 | USD | 4,926 | 224 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | PLN | 285,300 | USD | 73,993 | 3,393 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | PLN | 6,500 | USD | 1,686 | 77 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 317,500 | USD | 37,416 | 1,013 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | SEK | 6,362,000 | USD | 749,732 | 20,295 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 836,000 | USD | 98,489 | 2,638 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 89,000 | USD | 10,470 | 265 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 3,284,100 | USD | 387,016 | 10,477 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 54,800 | USD | 6,458 | 175 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 128,897 | CHF | 132,500 | (113 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 1,250 | CZK | 32,000 | 1 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 26,049 | DKK | 184,000 | 9 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 388,135 | EUR | 367,500 | 146 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 135,628 | GBP | 90,100 | 71 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 131,867 | GBP | 85,400 | (3,247 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 131,580 | HKD | 1,020,000 | (25 | ) |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | USD | 1,983 | HUF | 583,500 | $ | 1 | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 11,759 | ILS | 45,500 | (7 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 7,544 | NOK | 65,500 | (7 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 7,666 | PLN | 31,000 | 5 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 36,406 | SEK | 317,500 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 2,031 | CHF | 2,000 | (87 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 26,635 | CZK | 682,000 | 17 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 10,079 | DKK | 68,000 | (448 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 203,315 | EUR | 184,000 | (8,910 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 5,525,559 | GBP | 3,670,736 | 2,908 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 2,856,287 | HKD | 22,141,796 | (553 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 34,730 | HUF | 10,222,000 | 10 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 190,913 | ILS | 738,698 | (111 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 169,085 | NOK | 1,468,000 | (166 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 213,760 | PLN | 864,392 | 143 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 729,495 | SEK | 6,362,000 | (59 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 1,774,405 | CHF | 1,824,000 | (1,552 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 4,083 | CZK | 100,000 | (175 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 13,708 | CZK | 351,000 | 9 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 207,826 | DKK | 1,468,000 | 75 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 5,381,975 | EUR | 5,095,843 | 2,020 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 3,679,382 | GBP | 2,444,285 | 1,936 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 1,375,654 | HKD | 10,664,000 | (266 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 27,302 | HUF | 8,035,500 | 8 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 166,051 | ILS | 642,500 | (97 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 87,480 | NOK | 759,500 | (86 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 75,252 | PLN | 304,300 | 50 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 482,634 | SEK | 4,209,100 | (39 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 44,360 | CHF | 45,600 | (39 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 874 | CZK | 22,000 | (15 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 5,819 | DKK | 41,100 | 2 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,823 | EUR | 2,600 | (76 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 27,340 | EUR | 24,800 | (1,138 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 429 | EUR | 400 | (7 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 538,108 | EUR | 509,500 | 202 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 300,727 | EUR | 274,500 | (10,704 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,105 | GBP | 1,400 | 4 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 133,219 | GBP | 88,500 | 70 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 813 | HKD | 6,300 | 0 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 296,454 | HKD | 2,298,100 | (57 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 12,904 | HKD | 100,000 | (7 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,571 | ILS | 6,100 | 4 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 5,453 | ILS | 21,100 | (3 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 577 | NOK | 5,000 | (2 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,700 | PLN | 14,300 | (162 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,391 | SEK | 12,000 | (15 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 4,908 | SEK | 42,800 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 2,454,980 | CHF | 2,523,596 | (2,148 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 566,765 | DKK | 4,003,400 | 205 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 7,965,088 | EUR | 7,541,626 | 2,989 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 6,289 | HUF | 1,851,000 | 2 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 1,292 | ILS | 5,000 | (1 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 127,000 | USD | 90,466 | (1,365 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 12,000 | USD | 8,695 | 18 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | AUD | 2,592,807 | USD | 1,846,955 | (27,844 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 33,000 | USD | 23,525 | (336 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 290,000 | USD | 206,535 | (3,157 | ) |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 869,000 | USD | 619,015 | $ | (9,339 | ) | ||||||||||
The Bank of Nova Scotia | 12/3/2015 | AUD | 562,000 | USD | 400,352 | (6,017 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | BRL | 651,530 | USD | 167,877 | (361 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 26,000 | USD | 6,635 | (79 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 43,000 | USD | 11,047 | (57 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 47,922 | USD | 12,589 | 215 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 2,582,023 | USD | 665,016 | (1,713 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | CAD | 154,000 | USD | 117,684 | 2,368 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | CAD | 95,000 | USD | 72,600 | 1,463 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CAD | 888,200 | USD | 678,748 | 13,655 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CAD | 36,000 | USD | 27,545 | 588 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CAD | 329,000 | USD | 251,382 | 5,023 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | CAD | 173,900 | USD | 132,895 | 2,677 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | CAD | 3,855,888 | USD | 2,946,654 | 59,326 | ||||||||||||
Bank of Montreal | 12/3/2015 | CLP | 4,126,000 | USD | 5,952 | 147 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | CLP | 95,944,000 | USD | 138,423 | 3,458 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CLP | 5,901,000 | USD | 8,515 | 214 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CLP | 44,265,280 | USD | 63,875 | 1,606 | ||||||||||||
Bank of Montreal | 12/3/2015 | COP | 4,457,000 | USD | 1,534 | 117 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | COP | 124,064,000 | USD | 42,735 | 3,287 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | COP | 23,072,780 | USD | 7,951 | 615 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | EGP | 484,000 | USD | 58,881 | (2,632 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | EGP | 205,000 | USD | 25,293 | (761 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | IDR | 137,191,500 | USD | 9,908 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | IDR | 2,917,359,000 | USD | 210,716 | 1 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 1,423,583,500 | USD | 102,564 | (259 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 428,112,000 | USD | 30,844 | (78 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | INR | 1,292,500 | USD | 19,701 | 321 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | INR | 23,679,246 | USD | 360,086 | 5,034 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | INR | 3,009,000 | USD | 45,729 | 612 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | INR | 20,218,671 | USD | 307,275 | 4,111 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 36,114,500 | USD | 299,344 | 5,931 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | JPY | 700,391,722 | USD | 5,805,009 | 114,654 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 283,585,500 | USD | 2,350,568 | 46,569 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 153,471,000 | USD | 1,271,925 | 25,045 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 4,911,000 | USD | 40,686 | 786 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 81,831,400 | USD | 678,254 | 13,413 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | JPY | 60,474,000 | USD | 501,243 | 9,920 | ||||||||||||
Bank of Montreal | 12/3/2015 | KRW | 68,934,500 | USD | 60,343 | 823 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | KRW | 1,553,631,000 | USD | 1,360,507 | 19,048 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 4,608,000 | USD | 4,028 | 49 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 171,931,000 | USD | 150,500 | 2,049 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 744,202,011 | USD | 651,437 | 8,867 | ||||||||||||
Bank of Montreal | 12/3/2015 | MXN | 212,500 | USD | 12,829 | 14 | ||||||||||||
Bank of Montreal | 12/3/2015 | MXN | 55,900 | USD | 3,366 | (5 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | MXN | 5,615,493 | USD | 338,982 | 330 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MXN | 3,731,500 | USD | 225,251 | 216 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MXN | 561,000 | USD | 33,861 | 29 | ||||||||||||
Bank of Montreal | 12/3/2015 | MYR | 59,000 | USD | 13,701 | (133 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | MYR | 1,419,000 | USD | 330,115 | (2,597 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 61,000 | USD | 14,186 | (117 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 585,423 | USD | 136,145 | (1,119 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | NZD | 4,500 | USD | 2,965 | 4 | ||||||||||||
Bank of Montreal | 12/3/2015 | NZD | 6,000 | USD | 4,050 | 102 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | NZD | 93,116 | USD | 62,861 | 1,580 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 82,700 | USD | 55,829 | 1,404 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 15,000 | USD | 10,123 | 252 |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/3/2015 | NZD | 13,500 | USD | 9,114 | $ | 230 | |||||||||||
Bank of Montreal | 12/3/2015 | PHP | 303,500 | USD | 6,483 | 46 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | PHP | 5,613,000 | USD | 119,770 | 723 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 428,000 | USD | 9,132 | 54 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 3,923,500 | USD | 83,692 | 479 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | QAR | 32,000 | USD | 8,786 | 1 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | QAR | 429,500 | USD | 117,870 | (52 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | RUB | 6,778,000 | USD | 105,244 | 3,137 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 783,000 | USD | 12,147 | 352 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 8,880,756 | USD | 137,772 | 3,987 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 23,200 | USD | 16,549 | 103 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 5,000 | USD | 3,549 | 4 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | SGD | 511,707 | USD | 364,984 | 2,251 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 69,000 | USD | 49,204 | 292 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 71,000 | USD | 50,641 | 311 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | SGD | 145,000 | USD | 103,419 | 633 | ||||||||||||
Bank of Montreal | 12/3/2015 | THB | 293,000 | USD | 8,215 | 40 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | THB | 7,352,000 | USD | 205,823 | 713 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 1,371,931 | USD | 38,429 | 154 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 346,000 | USD | 9,684 | 32 | ||||||||||||
Bank of Montreal | 12/3/2015 | TRY | 23,000 | USD | 7,827 | (61 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | TRY | 460,846 | USD | 156,836 | (1,200 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TRY | 62,000 | USD | 21,094 | (168 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TRY | 301,000 | USD | 102,432 | (789 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | TRY | 30,600 | USD | 10,414 | (79 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | TRY | 23,700 | USD | 8,068 | (60 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | TWD | 1,310,500 | USD | 39,988 | (160 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | TWD | 22,001,297 | USD | 677,046 | 3,020 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 2,111,000 | USD | 64,974 | 302 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 23,576,650 | USD | 725,659 | 3,370 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 7,978 | AUD | 11,200 | 120 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 83,904 | AUD | 115,800 | (172 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 115,645 | CAD | 154,000 | (328 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 5,771 | CLP | 4,126,000 | 33 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 1,415 | COP | 4,457,000 | 2 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 9,914 | IDR | 137,191,500 | (5 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 19,349 | INR | 1,292,500 | 31 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 292,950 | JPY | 36,114,500 | 463 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 59,542 | KRW | 68,934,500 | (21 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 12,796 | MXN | 212,500 | 19 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 13,882 | MYR | 59,000 | (49 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 3,953 | NZD | 6,000 | (5 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 6,444 | PHP | 303,500 | (7 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 16,466 | SGD | 23,200 | (20 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 8,176 | THB | 293,000 | (1 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 7,909 | TRY | 23,000 | (22 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 40,138 | TWD | 1,310,500 | 10 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,878,748 | AUD | 2,592,807 | (3,948 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 166,313 | BRL | 651,530 | 1,925 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 71,339 | CAD | 95,000 | (202 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 134,984 | CLP | 95,944,000 | (18 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 39,404 | COP | 124,064,000 | 44 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 62,613 | EGP | 484,000 | (1,100 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 210,899 | IDR | 2,917,359,000 | (183 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 356,138 | INR | 23,679,246 | (1,086 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 5,681,309 | JPY | 700,391,722 | 9,046 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,343,971 | KRW | 1,553,631,000 | (2,512 | ) |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 338,161 | MXN | 5,615,493 | $ | 492 | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 333,914 | MYR | 1,419,000 | (1,202 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 61,355 | NZD | 93,116 | (75 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 119,010 | PHP | 5,613,000 | 36 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 8,782 | QAR | 32,000 | 4 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 102,526 | RUB | 6,778,000 | (419 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 363,184 | SGD | 511,707 | (451 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 205,383 | THB | 7,352,000 | (273 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 158,557 | TRY | 460,846 | (521 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 674,328 | TWD | 22,001,297 | (302 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 112,672 | ZAR | 1,624,732 | (349 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 863,723 | AUD | 1,192,000 | (1,815 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 17,683 | BRL | 69,000 | 134 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 941,088 | CAD | 1,253,200 | (2,679 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 70,624 | CLP | 50,166,280 | (54 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 7,325 | COP | 23,072,780 | 11 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 133,677 | IDR | 1,851,695,500 | 67 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 349,262 | INR | 23,227,671 | (981 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 3,585,071 | JPY | 441,967,500 | 5,708 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 795,745 | KRW | 920,741,011 | (745 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 258,491 | MXN | 4,292,500 | 376 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 152,082 | MYR | 646,423 | (515 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 64,379 | NZD | 97,700 | (83 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 92,338 | PHP | 4,351,500 | (47 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 146,274 | RUB | 9,663,756 | (694 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 99,365 | SGD | 140,000 | (123 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 47,933 | THB | 1,717,931 | (5 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 124,892 | TRY | 363,000 | (410 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 788,013 | TWD | 25,687,650 | (1,053 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 120,074 | ZAR | 1,666,460 | (4,867 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 9,580 | ZAR | 133,000 | (385 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,356 | AUD | 1,900 | 18 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 7,196 | AUD | 10,100 | 107 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 670,939 | BRL | 2,629,945 | 8,165 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 9,083 | CAD | 11,900 | (172 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 120,526 | CAD | 160,500 | (342 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,140 | CAD | 1,500 | (16 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 587,715 | JPY | 72,452,800 | 930 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 77,079 | JPY | 9,378,600 | (882 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,688 | MXN | 44,300 | (17 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 688 | MXN | 11,600 | 11 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 3,023 | NZD | 4,500 | (61 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 117,931 | QAR | 429,500 | (10 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 3,569 | SGD | 5,000 | (25 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 10,523 | TRY | 30,600 | (29 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 407,225 | AUD | 562,000 | (856 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 2,895,572 | CAD | 3,855,888 | (8,243 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 26,448 | EGP | 205,000 | (394 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 490,542 | JPY | 60,474,000 | 781 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 8,896 | NZD | 13,500 | (11 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 102,914 | SGD | 145,000 | (128 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 8,154 | TRY | 23,700 | (27 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | ZAR | 1,624,732 | USD | 117,067 | 4,744 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 1,624,160 | USD | 112,632 | 349 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 175,300 | USD | 12,631 | 512 | ||||||||||||
JP Morgan & Chase Co. | 12/7/2015 | AED | 50,000 | USD | 13,606 | (7 | ) | |||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 22,000 | USD | 5,990 | 0 |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 350,800 | USD | 95,477 | $ | (36 | ) | ||||||||||
JP Morgan & Chase Co. | 12/7/2015 | USD | 13,613 | AED | 50,000 | 1 | ||||||||||||
State Street Bank & Trust Co. | 12/7/2015 | USD | 5,990 | AED | 22,000 | 0 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | USD | 95,506 | AED | 350,800 | 7 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | AED | 50,000 | USD | 13,606 | (5 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | AED | 350,800 | USD | 95,482 | (10 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | CHF | 132,500 | USD | 129,245 | 72 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 8,000 | USD | 7,811 | 11 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 7,000 | USD | 6,825 | 1 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 1,824,000 | USD | 1,779,122 | 920 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | CHF | 45,600 | USD | 44,479 | 24 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | CHF | 2,523,596 | USD | 2,461,649 | 1,418 | ||||||||||||
Bank of Montreal | 1/5/2016 | CZK | 32,000 | USD | 1,250 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | CZK | 682,000 | USD | 26,635 | (74 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CZK | 351,000 | USD | 13,731 | (16 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | DKK | 184,000 | USD | 26,089 | (15 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | DKK | 1,468,000 | USD | 208,143 | (118 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | DKK | 292,000 | USD | 41,394 | (31 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | DKK | 41,100 | USD | 5,828 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | DKK | 4,003,400 | USD | 567,625 | (325 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | EUR | 367,500 | USD | 388,558 | (212 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 5,095,843 | USD | 5,388,039 | (2,734 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 246,000 | USD | 260,068 | (169 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 509,500 | USD | 538,707 | (281 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | EUR | 7,541,626 | USD | 7,973,837 | (4,273 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | GBP | 90,100 | USD | 135,649 | (74 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | GBP | 3,670,736 | USD | 5,526,329 | (3,136 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | GBP | 2,444,285 | USD | 3,680,005 | (1,978 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | GBP | 88,500 | USD | 133,241 | (72 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | HKD | 1,020,000 | USD | 131,596 | 18 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HKD | 22,141,796 | USD | 2,856,656 | 414 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 10,664,000 | USD | 1,375,849 | 217 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | HKD | 2,298,100 | USD | 296,497 | 47 | ||||||||||||
Bank of Montreal | 1/5/2016 | HUF | 583,500 | USD | 1,982 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HUF | 10,222,000 | USD | 34,722 | (17 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HUF | 8,035,500 | USD | 27,297 | (11 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HUF | 2,314,000 | USD | 7,856 | (8 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | HUF | 1,851,000 | USD | 6,288 | (2 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | ILS | 45,500 | USD | 11,764 | 5 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | ILS | 738,698 | USD | 191,012 | 96 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | ILS | 642,500 | USD | 166,086 | 32 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | ILS | 21,100 | USD | 5,455 | 2 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | ILS | 5,000 | USD | 1,293 | 1 | ||||||||||||
Bank of Montreal | 1/5/2016 | NOK | 65,500 | USD | 7,541 | 8 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | NOK | 1,468,000 | USD | 169,009 | 173 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | NOK | 759,500 | USD | 87,441 | 90 | ||||||||||||
Bank of Montreal | 1/5/2016 | PLN | 31,000 | USD | 7,661 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | PLN | 864,392 | USD | 213,607 | (117 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | PLN | 304,300 | USD | 75,202 | (37 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | SEK | 317,500 | USD | 36,455 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | SEK | 6,362,000 | USD | 730,458 | (89 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | SEK | 129,000 | USD | 14,807 | (6 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | SEK | 4,209,100 | USD | 483,296 | (34 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | SEK | 42,800 | USD | 4,914 | 0 | ||||||||||||
Bank of Montreal | 1/5/2016 | TRY | 23,000 | USD | 7,838 | 32 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | TRY | 460,846 | USD | 157,050 | 637 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | TRY | 363,000 | USD | 123,702 | 498 |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 1/5/2016 | TRY | 30,600 | USD | 10,429 | $ | 44 | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | TRY | 23,700 | USD | 8,076 | 32 | ||||||||||||
Bank of Montreal | 1/5/2016 | USD | 348 | CZK | 8,900 | 1 | ||||||||||||
Bank of Montreal | 1/5/2016 | USD | 576 | NOK | 5,000 | (1 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | USD | 1,928 | PLN | 7,800 | 1 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | USD | 9,641 | DKK | 68,000 | 6 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | USD | 194,540 | EUR | 184,000 | 110 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 6,534 | AED | 24,000 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 45,481 | EUR | 43,000 | 8 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 105,404 | GBP | 70,000 | 41 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 174,064 | HKD | 1,349,000 | (46 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 15,328 | PLN | 62,000 | 2 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 10,221 | TRY | 30,000 | (39 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | USD | 5,988 | AED | 22,000 | 1 | ||||||||||||
Bank of Montreal | 1/6/2016 | AUD | 115,800 | USD | 83,755 | 180 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | AUD | 2,592,807 | USD | 1,875,312 | 4,048 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | AUD | 31,000 | USD | 22,385 | 12 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | AUD | 1,192,000 | USD | 862,203 | 1,921 | ||||||||||||
The Bank of Nova Scotia | 1/6/2016 | AUD | 562,000 | USD | 406,500 | 897 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | BRL | 651,530 | USD | 164,702 | (1,709 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | BRL | 2,629,945 | USD | 664,161 | (7,567 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | CAD | 154,000 | USD | 115,644 | 329 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | CAD | 95,000 | USD | 71,341 | 205 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CAD | 20,000 | USD | 14,980 | 4 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CAD | 1,253,200 | USD | 941,070 | 2,674 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | CAD | 160,500 | USD | 120,525 | 343 | ||||||||||||
The Bank of Nova Scotia | 1/6/2016 | CAD | 3,855,888 | USD | 2,895,529 | 8,239 | ||||||||||||
Bank of Montreal | 1/6/2016 | CLP | 4,126,000 | USD | 5,752 | (31 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | CLP | 95,944,000 | USD | 134,494 | 17 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CLP | 50,166,280 | USD | 70,384 | 70 | ||||||||||||
Bank of Montreal | 1/6/2016 | COP | 4,457,000 | USD | 1,412 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | COP | 124,064,000 | USD | 39,304 | (76 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | COP | 23,072,780 | USD | 7,315 | (8 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | EGP | 484,000 | USD | 58,881 | 662 | ||||||||||||
The Bank of Nova Scotia | 1/6/2016 | EGP | 205,000 | USD | 25,573 | 915 | ||||||||||||
Bank of Montreal | 1/6/2016 | IDR | 137,191,500 | USD | 9,883 | 55 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | IDR | 2,917,359,000 | USD | 209,415 | 424 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | IDR | 162,805,000 | USD | 11,673 | 10 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | IDR | 1,851,695,500 | USD | 132,767 | 117 | ||||||||||||
Bank of Montreal | 1/6/2016 | INR | 1,292,500 | USD | 19,257 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | INR | 23,679,246 | USD | 353,976 | 1,120 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | INR | 23,227,671 | USD | 347,408 | 1,280 | ||||||||||||
Bank of Montreal | 1/6/2016 | JPY | 36,114,500 | USD | 293,334 | (462 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | JPY | 700,391,722 | USD | 5,688,184 | (9,579 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | JPY | 441,967,500 | USD | 3,589,677 | (5,777 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | JPY | 23,341,000 | USD | 189,547 | (334 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | JPY | 72,452,800 | USD | 588,433 | (979 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | JPY | 60,474,000 | USD | 491,181 | (781 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | KRW | 68,934,500 | USD | 59,488 | 32 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | KRW | 1,553,631,000 | USD | 1,342,172 | 2,167 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 20,620,000 | USD | 17,799 | 14 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 920,741,011 | USD | 794,770 | 632 | ||||||||||||
Bank of Montreal | 1/6/2016 | MXN | 212,500 | USD | 12,768 | (17 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | MXN | 5,615,493 | USD | 337,389 | (452 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MXN | 4,292,500 | USD | 257,927 | (319 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | MYR | 59,000 | USD | 13,910 | 109 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | MYR | 1,419,000 | USD | 333,992 | 2,062 |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MYR | 646,423 | USD | 152,207 | $ | 997 | |||||||||||
Bank of Montreal | 1/6/2016 | PHP | 303,500 | USD | 6,433 | 11 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | PHP | 5,613,000 | USD | 118,693 | (83 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | PHP | 4,351,500 | USD | 92,084 | 2 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | QAR | 429,500 | USD | 117,812 | (8 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | SGD | 23,200 | USD | 16,445 | 19 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | SGD | 511,707 | USD | 362,759 | 463 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | SGD | 140,000 | USD | 99,246 | 125 | ||||||||||||
The Bank of Nova Scotia | 1/6/2016 | SGD | 145,000 | USD | 102,785 | 123 | ||||||||||||
Bank of Montreal | 1/6/2016 | THB | 293,000 | USD | 8,167 | 3 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | THB | 7,352,000 | USD | 205,118 | 256 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | THB | 483,000 | USD | 13,468 | 9 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | THB | 1,717,931 | USD | 47,909 | 39 | ||||||||||||
Bank of Montreal | 1/6/2016 | TWD | 1,310,500 | USD | 40,138 | (18 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | TWD | 22,001,297 | USD | 673,750 | (397 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | TWD | 25,687,650 | USD | 787,168 | 67 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 8,679 | AUD | 12,000 | (19 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 3,359 | MXN | 55,900 | 4 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 3,544 | SGD | 5,000 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | USD | 8,773 | QAR | 32,000 | 5 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 34,005 | AUD | 47,000 | (84 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 32,570 | BRL | 128,000 | 123 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 7,838 | BRL | 31,000 | 80 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 6,574 | BRL | 26,000 | 67 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 165,973 | CAD | 221,000 | (488 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 7,954 | CLP | 5,669,000 | (8 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 5,092 | COP | 16,061,000 | 6 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 25,591 | INR | 1,711,000 | (94 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 45,512 | JPY | 5,597,000 | 20 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 9,260 | KRW | 10,742,000 | 5 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 5,829 | MXN | 97,000 | 6 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 6,666 | PHP | 315,000 | 0 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 7,958 | QAR | 29,000 | (3 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 33,328 | SGD | 47,000 | (52 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 22,615 | TWD | 738,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 6,041 | ZAR | 88,000 | 2 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 111,924 | ZAR | 1,624,160 | (389 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | USD | 13,597 | EGP | 109,000 | (486 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | ZAR | 1,624,732 | USD | 111,962 | 388 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | ZAR | 722,000 | USD | 50,204 | 622 | ||||||||||||
Bank of Montreal | 1/7/2016 | NZD | 6,000 | USD | 3,944 | 5 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2016 | NZD | 93,116 | USD | 61,206 | 81 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2016 | NZD | 97,700 | USD | 64,223 | 90 | ||||||||||||
The Bank of Nova Scotia | 1/7/2016 | NZD | 13,500 | USD | 8,874 | 12 | ||||||||||||
Bank of Montreal | 1/7/2016 | USD | 2,958 | NZD | 4,500 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 1/13/2016 | RUB | 6,778,000 | USD | 101,268 | 567 | ||||||||||||
State Street Bank & Trust Co. | 1/13/2016 | RUB | 9,663,756 | USD | 144,451 | 876 | ||||||||||||
State Street Bank & Trust Co. | 1/13/2016 | USD | 40,538 | RUB | 2,712,000 | (246 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 1,495,223 | ||||||||||||||||
|
|
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, 2015 (Unaudited)
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 Kronua | |
DKK | Danish Krone | |
EGP | Egyptian Pound | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli New Sheqel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PHP | Phillippine 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 |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 63,308,370 | $ | — | $ | 97,174 | $ | 63,405,544 | ||||||||
Preferred Stocks** | 643,499 | — | — | 643,499 | ||||||||||||
Rights** | 11,942 | — | — | 11,942 | ||||||||||||
Securities Lending Collateral | 1,112,028 | — | — | 1,112,028 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 1,669,575 | — | 1,669,575 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (174,352 | ) | — | (174,352 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 65,075,839 | $ | 1,495,223 | $ | 97,174 | $ | 66,668,236 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $27,415 and between Level 3 and Level 1 was $10,895.
Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Australia — 20.3% | ||||||||
AGL Energy Ltd. | 2,011 | $ | 24,070 | |||||
Alumina Ltd. | 7,512 | 6,112 | ||||||
Amcor Ltd. | 3,192 | 31,210 | ||||||
AMP Ltd. | 7,181 | 30,173 | ||||||
APA Group (a) | 3,205 | 20,629 | ||||||
Aristocrat Leisure Ltd. | 1,094 | 7,508 | ||||||
Asciano Ltd. | 2,089 | 12,917 | ||||||
ASX Ltd. | 473 | 14,159 | ||||||
Aurizon Holdings Ltd. | 5,760 | 23,203 | ||||||
AusNet Services | 9,102 | 9,907 | ||||||
Australia & New Zealand Banking Group Ltd. | 7,077 | 138,956 | ||||||
Bank of Queensland Ltd. | 722 | 7,133 | ||||||
Bendigo and Adelaide Bank Ltd. | 1,006 | 8,119 | ||||||
BHP Billiton Ltd. | 8,151 | 106,637 | ||||||
Boral Ltd. | 1,699 | 6,967 | ||||||
Brambles Ltd. | 4,360 | 34,338 | ||||||
Caltex Australia Ltd. | 504 | 12,509 | ||||||
CIMIC Group Ltd. | 329 | 5,960 | ||||||
Coca-Cola Amatil Ltd. | 1,954 | 12,761 | ||||||
Cochlear Ltd. | 170 | 11,602 | ||||||
Commonwealth Bank of Australia | 4,155 | 238,680 | ||||||
Computershare Ltd. | 1,171 | 9,866 | ||||||
Crown Resorts Ltd. | 719 | 6,053 | ||||||
CSL Ltd. | 1,134 | 82,101 | ||||||
Dexus Property Group REIT | 2,321 | 12,891 | ||||||
Flight Centre Travel Group Ltd. (b) | 98 | 2,550 | ||||||
Fortescue Metals Group Ltd. (b) | 4,322 | 6,126 | ||||||
Goodman Group REIT | 3,992 | 17,669 | ||||||
GPT Group REIT | 4,597 | 15,359 | ||||||
Harvey Norman Holdings Ltd. (b) | 1,997 | 5,893 | ||||||
Healthscope Ltd. | 4,549 | 8,850 | ||||||
Iluka Resources Ltd. | 1,056 | 4,391 | ||||||
Incitec Pivot Ltd. | 3,740 | 10,224 | ||||||
Insurance Australia Group Ltd. | 5,816 | 23,302 | ||||||
LendLease Group (a) | 1,290 | 11,895 | ||||||
Macquarie Group Ltd. | 717 | 42,214 | ||||||
Medibank Pvt Ltd. | 8,345 | 14,002 | ||||||
Mirvac Group REIT | 8,101 | 10,926 | ||||||
National Australia Bank Ltd. | 6,509 | 138,348 | ||||||
Newcrest Mining Ltd.* | 2,199 | 17,350 | ||||||
Orica Ltd. | 949 | 10,844 | ||||||
Origin Energy Ltd. | 3,677 | 14,892 | ||||||
Platinum Asset Management Ltd. | 129 | 753 | ||||||
Qantas Airways Ltd.* | 1,664 | 4,380 | ||||||
QBE Insurance Group Ltd. | 3,772 | 34,017 | ||||||
Ramsay Health Care Ltd. | 399 | 19,348 | ||||||
REA Group Ltd. | 75 | 2,723 | ||||||
Santos Ltd. (b) | 1,800 | 5,220 | ||||||
Scentre Group REIT | 13,795 | 39,906 | ||||||
Seek Ltd. | 886 | 8,894 | ||||||
Sonic Healthcare Ltd. | 1,118 | 16,438 | ||||||
South32 Ltd.* | 12,923 | 11,122 | ||||||
Stockland REIT | 5,812 | 16,813 | ||||||
Suncorp Group Ltd. | 3,137 | 30,378 | ||||||
Sydney Airport (a) | 2,976 | 14,205 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Tabcorp Holdings Ltd. | 1,258 | $ | 4,158 | |||||
Tatts Group Ltd. | 3,089 | 9,293 | ||||||
Telstra Corp. Ltd. | 10,236 | 39,678 | ||||||
TPG Telecom Ltd. | 850 | 6,350 | ||||||
Transurban Group (a) | 5,165 | 38,735 | ||||||
Treasury Wine Estates Ltd. | 2,205 | 12,072 | ||||||
Vicinity Centres REIT | 9,010 | 17,659 | ||||||
Wesfarmers Ltd. | 2,702 | 74,431 | ||||||
Westfield Corp. REIT | 5,390 | 37,421 | ||||||
Westpac Banking Corp. | 6,827 | 158,734 | ||||||
Woodside Petroleum Ltd. | 1,527 | 33,251 | ||||||
Woolworths Ltd. | 3,049 | 52,193 | ||||||
|
| |||||||
1,917,468 | ||||||||
|
| |||||||
China — 21.0% | ||||||||
58.com, Inc., ADR* | 100 | 6,021 | ||||||
AAC Technologies Holdings, Inc. | 1,902 | 13,333 | ||||||
Agricultural Bank of China Ltd., Class H | 69,195 | 26,506 | ||||||
Air China Ltd., Class H | 2,000 | 1,612 | ||||||
Alibaba Group Holding Ltd., ADR* | 2,200 | 184,976 | ||||||
Aluminum Corp. of China Ltd., Class H*(b) | 13,369 | 4,259 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 3,680 | 10,038 | ||||||
Anta Sports Products Ltd. | 5,359 | 16,208 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 8,585 | 7,286 | ||||||
Baidu, Inc., ADR* | 600 | 130,782 | ||||||
Bank of China Ltd., Class H | 156,616 | 69,486 | ||||||
Bank of Communications Co. Ltd., Class H | 11,000 | 7,661 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 9,382 | 10,467 | ||||||
Belle International Holdings Ltd. | 19,826 | 17,337 | ||||||
Byd Co. Ltd., Class H* | 1,367 | 7,387 | ||||||
CGN Power Co. Ltd., Class H, 144A | 19,705 | 7,624 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 17,211 | 6,371 | ||||||
China CITIC Bank Corp. Ltd., Class H* | 10,000 | 6,307 | ||||||
China Communications Construction Co. Ltd., Class H | 11,984 | 13,849 | ||||||
China Communications Services Corp. Ltd., Class H | 3,196 | 1,232 | ||||||
China Conch Venture Holdings Ltd. | 2,300 | 4,823 | ||||||
China Construction Bank Corp., Class H | 172,068 | 118,286 | ||||||
China COSCO Holdings Co. Ltd., | 5,370 | 3,212 | ||||||
China Everbright Bank Co. Ltd., Class H | 20,106 | 9,076 | ||||||
China Galaxy Securities Co. Ltd., Class H | 6,990 | 6,365 | ||||||
China Huishan Dairy Holdings Co. Ltd. (b) | 36,452 | 13,540 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 1,997 | 3,493 | ||||||
China Life Insurance Co. Ltd., Class H | 14,748 | 50,882 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 11,984 | 9,969 | ||||||
China Medical System Holdings Ltd. | 1,362 | 1,880 | ||||||
China Mengniu Dairy Co. Ltd. | 7,986 | 12,710 | ||||||
China Merchants Bank Co. Ltd., Class H | 8,704 | 20,454 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 20,126 | 19,286 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China National Building Material Co. Ltd., Class H | 1,462 | $ | 784 | |||||
China Oilfield Services Ltd., Class H | 7,422 | 7,380 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 8,228 | 33,852 | ||||||
China Petroleum & Chemical Corp., Class H | 67,907 | 41,602 | ||||||
China Railway Construction Corp. Ltd., Class H | 5,791 | 7,693 | ||||||
China Railway Group Ltd., Class H | 5,997 | 4,981 | ||||||
China Shenhua Energy Co. Ltd., Class H | 7,980 | 12,454 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 591 | 223 | ||||||
China Southern Airlines Co. Ltd., Class H | 3,200 | 2,340 | ||||||
China Telecom Corp. Ltd., Class H | 23,974 | 11,750 | ||||||
China Vanke Co. Ltd., Class H | 4,127 | 10,284 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 2,309 | 1,361 | ||||||
CITIC Securities Co. Ltd., Class H | 2,237 | 5,130 | ||||||
CNOOC Ltd. | 29,960 | 33,154 | ||||||
Country Garden Holdings Co. Ltd. | 27,896 | 10,470 | ||||||
CRRC Corp. Ltd., Class H | 8,256 | 10,563 | ||||||
CSPC Pharmaceutical Group Ltd. | 6,933 | 6,519 | ||||||
Ctrip.com International, Ltd., ADR* | 300 | 32,103 | ||||||
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A (b) | 900 | 5,345 | ||||||
Datang International Power Generation Co. Ltd., Class H | 5,217 | 1,682 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 7,989 | 10,860 | ||||||
ENN Energy Holdings Ltd. | 3,293 | 16,691 | ||||||
Evergrande Real Estate Group Ltd. | 15,377 | 12,118 | ||||||
Fosun International Ltd. | 9,225 | 16,467 | ||||||
Geely Automobile Holdings Ltd. | 15,976 | 8,386 | ||||||
GF Securities Co. Ltd., Class H* | 2,400 | 5,813 | ||||||
GOME Electrical Appliances Holding Ltd. | 12,249 | 2,101 | ||||||
Great Wall Motor Co. Ltd., Class H | 11,152 | 13,678 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 7,989 | 7,645 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 7,711 | 8,682 | ||||||
Haitian International Holdings Ltd. | 1,598 | 2,481 | ||||||
Haitong Securities Co. Ltd., Class H | 3,993 | 6,891 | ||||||
Hengan International Group Co. Ltd. | 3,041 | 30,553 | ||||||
Huadian Power International Corp. Ltd., Class H | 6,397 | 4,043 | ||||||
Huaneng Power International, Inc., Class H | 10,390 | 9,059 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 2,000 | 598 | ||||||
Huatai Securities Co. Ltd., Class H, 144A* | 624 | 1,510 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 176,130 | 106,540 | ||||||
JD.com, Inc., ADR* | 300 | 9,204 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 6,565 | 8,501 | ||||||
Kingsoft Corp. Ltd. | 1,747 | 4,642 | ||||||
Lenovo Group Ltd. | 18,265 | 19,317 | ||||||
Longfor Properties Co. Ltd. | 9,118 | 12,489 | ||||||
Luye Pharma Group Ltd.* | 1,104 | 961 | ||||||
NetEase, Inc., ADR | 100 | 16,666 | ||||||
New China Life Insurance Co. Ltd., Class H | 1,807 | 7,481 |
Number | Value | |||||||
China (Continued) | ||||||||
New Oriental Education & Technology Group, Inc., ADR | 200 | $ | 5,804 | |||||
People’s Insurance Co. (Group) of China Ltd., Class H | 25,926 | 13,375 | ||||||
PetroChina Co. Ltd., Class H | 46,507 | 33,050 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 7,989 | 17,331 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 11,650 | 63,784 | ||||||
Qihoo 360 Technology Co. Ltd., ADR* | 100 | 6,790 | ||||||
Semiconductor Manufacturing International Corp.* | 37,712 | 3,940 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 8,377 | 5,942 | ||||||
Shanghai Electric Group Co. Ltd., | 12,567 | 7,620 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (b) | 504 | 1,632 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,595 | 5,696 | ||||||
Shenzhou International Group Holdings Ltd. | 3,237 | 16,992 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 5,410 | 2,726 | ||||||
Sino-Ocean Land Holdings Ltd. | 4,313 | 2,420 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 8,232 | 6,370 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H* | 17,377 | 6,208 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,795 | 11,734 | ||||||
Sinotrans Ltd., Class H | 4,671 | 2,711 | ||||||
Soho China Ltd. | 22,098 | 9,006 | ||||||
SouFun Holdings Ltd., ADR | 300 | 2,010 | ||||||
Sunac China Holdings Ltd. | 6,299 | 4,200 | ||||||
Tencent Holdings Ltd. | 12,894 | 256,601 | ||||||
Tingyi Cayman Islands Holding Corp. | 3,993 | 5,778 | ||||||
TravelSky Technology Ltd., Class H | 400 | 684 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 3,297 | 14,777 | ||||||
Vipshop Holdings Ltd., ADR* | 500 | 8,265 | ||||||
Want Want China Holdings Ltd. | 27,964 | 21,965 | ||||||
Weichai Power Co. Ltd., Class H | 3,994 | 4,121 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 6,402 | 4,993 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 631 | 288 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 8,037 | 9,765 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H | 1,904 | 12,573 | ||||||
Zijin Mining Group Co. Ltd., Class H | 31,903 | 7,982 | ||||||
ZTE Corp., Class H | 2,260 | 5,078 | ||||||
|
| |||||||
1,987,976 | ||||||||
|
| |||||||
Hong Kong — 14.9% | ||||||||
AIA Group Ltd. | 29,584 | 176,662 | ||||||
Alibaba Health Information Technology Ltd.* | 6,862 | 5,248 | ||||||
Alibaba Pictures Group Ltd.* | 19,854 | 4,840 | ||||||
ASM Pacific Technology Ltd. | 857 | 6,527 | ||||||
Bank of East Asia Ltd. (The) | 1,622 | 5,795 | ||||||
Beijing Enterprises Holdings Ltd. | 2,704 | 16,862 | ||||||
Beijing Enterprises Water Group Ltd.* | 16,341 | 12,772 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
BOC Hong Kong (Holdings) Ltd. | 7,981 | $ | 24,447 | |||||
Brilliance China Automotive Holdings Ltd. | 7,989 | 10,160 | ||||||
Cathay Pacific Airways Ltd. | 2,090 | 3,688 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 993 | 8,696 | ||||||
Cheung Kong Property Holdings Ltd. | 6,980 | 45,507 | ||||||
China Everbright International Ltd. | 10,027 | 15,183 | ||||||
China Everbright Ltd. | 2,266 | 5,220 | ||||||
China Gas Holdings Ltd. | 9,141 | 12,992 | ||||||
China Jinmao Holdings Group Ltd. | 26,731 | 8,102 | ||||||
China Merchants Holdings International Co. Ltd. | 5,339 | 17,353 | ||||||
China Mobile Ltd. | 16,342 | 185,689 | ||||||
China Overseas Land & Investment Ltd. | 9,984 | 33,093 | ||||||
China Power International Development Ltd. | 4,000 | 2,131 | ||||||
China Resources Beer (Holdings) Co. Ltd. | 1,625 | 3,161 | ||||||
China Resources Gas Group Ltd. | 4,885 | 13,640 | ||||||
China Resources Land Ltd. | 3,993 | 10,738 | ||||||
China Resources Power Holdings Co. Ltd. | 7,194 | 13,547 | ||||||
China State Construction International Holdings Ltd. | 7,973 | 12,031 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 2,975 | 8,959 | ||||||
China Unicom (Hong Kong) Ltd. | 9,836 | 12,179 | ||||||
CITIC Ltd. | 8,000 | 14,032 | ||||||
CK Hutchison Holdings Ltd. | 6,610 | 86,702 | ||||||
CLP Holdings Ltd. | 4,138 | 34,584 | ||||||
Far East Horizon Ltd. | 5,991 | 5,200 | ||||||
First Pacific Co. Ltd. | 3,993 | 2,482 | ||||||
Galaxy Entertainment Group Ltd. | 5,918 | 17,403 | ||||||
GCL-Poly Energy Holdings Ltd.*(b) | 13,980 | 2,650 | ||||||
Goldin Properties Holdings Ltd.* | 4,200 | 3,304 | ||||||
Guangdong Investment Ltd. | 13,833 | 18,876 | ||||||
Haier Electronics Group Co. Ltd. | 2,853 | 5,115 | ||||||
Hanergy Thin Film Power Group Ltd.* | 36,273 | 16,169 | ||||||
Hang Lung Properties Ltd. | 5,991 | 14,032 | ||||||
Hang Seng Bank Ltd. | 1,984 | 35,952 | ||||||
Henderson Land Development Co. Ltd. | 3,015 | 18,568 | ||||||
HKT Trust and HKT Ltd. (a) | 5,653 | 7,160 | ||||||
Hong Kong and China Gas Co. Ltd. | 14,909 | 29,266 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 2,746 | 71,541 | ||||||
Hysan Development Co. Ltd. | 1,733 | 7,320 | ||||||
Kerry Properties Ltd. | 1,837 | 5,177 | ||||||
Kunlun Energy Co. Ltd. | 14,572 | 12,761 | ||||||
Li & Fung Ltd. | 14,143 | 9,741 | ||||||
Link REIT (The) | 5,412 | 32,911 | ||||||
MTR Corp. Ltd. | 3,180 | 14,765 | ||||||
New World China Land Ltd. | 17,692 | 12,139 | ||||||
New World Development Co. Ltd. | 13,736 | 13,677 | ||||||
Nine Dragons Paper Holdings Ltd. | 2,754 | 1,602 | ||||||
Noble Group Ltd. | 14,052 | 4,234 | ||||||
NWS Holdings Ltd. | 2,421 | 3,397 | ||||||
PCCW Ltd. | 6,045 | 3,657 | ||||||
Power Assets Holdings Ltd. | 3,372 | 30,117 | ||||||
Shangri-La Asia Ltd. | 3,336 | 3,102 | ||||||
Shimao Property Holdings Ltd. | 2,817 | 4,701 | ||||||
Sino Biopharmaceutical Ltd. | 22,099 | 20,835 | ||||||
Sino Land Co. Ltd. | 7,989 | 11,849 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
SJM Holdings Ltd. | 11,838 | $ | 8,687 | |||||
Sun Art Retail Group Ltd. | 11,185 | 8,785 | ||||||
Sun Hung Kai Properties Ltd. | 4,309 | 52,963 | ||||||
Swire Pacific Ltd., Class A | 1,198 | 13,072 | ||||||
Swire Properties Ltd. | 2,477 | 7,188 | ||||||
Techtronic Industries Co. Ltd. | 3,285 | 13,325 | ||||||
WH Group Ltd., 144A* | 15,701 | 8,100 | ||||||
Wharf Holdings Ltd. (The) | 3,668 | 21,052 | ||||||
Wheelock & Co. Ltd. | 2,673 | 11,549 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 1,829 | 6,640 | ||||||
Yuexiu Property Co. Ltd. | 57,315 | 9,610 | ||||||
|
| |||||||
1,411,214 | ||||||||
|
| |||||||
India — 5.2% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 639 | 29,931 | ||||||
ICICI Bank Ltd., ADR | 12,269 | 101,955 | ||||||
Infosys Ltd., ADR | 2,916 | 48,639 | ||||||
Larsen & Toubro Ltd., GDR | 2,929 | 60,044 | ||||||
Reliance Industries Ltd., GDR, 144A | 4,356 | 124,364 | ||||||
Tata Motors Ltd., ADR* | 2,338 | 73,811 | ||||||
Wipro Ltd., ADR | 4,052 | 50,853 | ||||||
|
| |||||||
489,597 | ||||||||
|
| |||||||
Indonesia — 2.3% | ||||||||
PT Astra Agro Lestari Tbk | 2,996 | 3,671 | ||||||
PT Astra International Tbk | 48,957 | 20,966 | ||||||
PT Bank Central Asia Tbk | 29,954 | 26,793 | ||||||
PT Bank Danamon Indonesia Tbk | 9,519 | 1,944 | ||||||
PT Bank Mandiri Persero Tbk | 19,375 | 11,904 | ||||||
PT Bank Negara Indonesia Persero Tbk | 17,112 | 5,900 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 24,518 | 19,095 | ||||||
PT Bumi Serpong Damai Tbk | 18,946 | 2,307 | ||||||
PT Charoen Pokphand Indonesia Tbk | 12,091 | 2,766 | ||||||
PT Global Mediacom Tbk | 27,964 | 1,688 | ||||||
PT Gudang Garam Tbk | 1,198 | 4,234 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 6,950 | 9,394 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 5,536 | 5,052 | ||||||
PT Indofood Sukses Makmur Tbk | 8,051 | 2,837 | ||||||
PT Jasa Marga Persero Tbk | 14,715 | 4,786 | ||||||
PT Kalbe Farma Tbk | 31,342 | 3,024 | ||||||
PT Lippo Karawaci Tbk | 74,685 | 6,937 | ||||||
PT Matahari Department Store Tbk | 7,401 | 8,372 | ||||||
PT Media Nusantara Citra Tbk | 4,490 | 527 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 36,797 | 7,062 | ||||||
PT Semen Indonesia Persero Tbk | 12,899 | 9,906 | ||||||
PT Summarecon Agung Tbk | 14,100 | 1,580 | ||||||
PT Surya Citra Media Tbk | 3,698 | 810 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 135,110 | 28,614 | ||||||
PT Tower Bersama Infrastructure Tbk* | 11,584 | 5,087 | ||||||
PT Unilever Indonesia Tbk | 6,759 | 17,954 | ||||||
PT United Tractors Tbk | 2,377 | 2,800 | ||||||
PT XL Axiata Tbk* | 16,155 | 4,040 | ||||||
|
| |||||||
220,050 | ||||||||
|
| |||||||
Ireland — 0.1% | ||||||||
James Hardie Industries PLC CDI(c) | 1,046 | 12,376 | ||||||
|
|
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Macau — 0.3% | ||||||||
MGM China Holdings Ltd. | 2,514 | $ | 3,307 | |||||
Sands China Ltd. | 6,107 | 20,636 | ||||||
Wynn Macau Ltd. | 3,993 | 4,970 | ||||||
|
| |||||||
28,913 | ||||||||
|
| |||||||
Malaysia — 3.2% | ||||||||
Alliance Financial Group Bhd | 6,176 | 5,185 | ||||||
AMMB Holdings Bhd | 6,300 | 6,782 | ||||||
Axiata Group Bhd | 100 | 144 | ||||||
Berjaya Sports Toto Bhd | 6,795 | 4,924 | ||||||
British American Tobacco Malaysia Bhd | 850 | 11,534 | ||||||
CIMB Group Holdings Bhd | 1,850 | 1,952 | ||||||
Dialog Group Bhd | 900 | 344 | ||||||
DiGi.Com Bhd | 13,702 | 16,067 | ||||||
Felda Global Ventures Holdings Bhd | 9,227 | 3,830 | ||||||
Gamuda Bhd | 800 | 852 | ||||||
Genting Malaysia Bhd | 18,353 | 18,938 | ||||||
Hong Leong Bank Bhd | 4,351 | 13,837 | ||||||
Hong Leong Financial Group Bhd | 3,125 | 10,260 | ||||||
IHH Healthcare Bhd | 9,476 | 14,090 | ||||||
IOI Properties Group Bhd | 6,100 | 3,147 | ||||||
Kuala Lumpur Kepong Bhd | 1,600 | 8,608 | ||||||
Lafarge Malaysia Bhd | 2,400 | 5,122 | ||||||
Malayan Banking Bhd | 14,927 | 29,126 | ||||||
Malaysia Airports Holdings Bhd | 4,925 | 6,260 | ||||||
Maxis Bhd | 9,701 | 14,925 | ||||||
MISC Bhd | 3,325 | 7,205 | ||||||
Petronas Dagangan Bhd | 1,200 | 7,036 | ||||||
Petronas Gas Bhd | 3,275 | 17,604 | ||||||
Public Bank Bhd | 8,026 | 34,596 | ||||||
Sime Darby Bhd | 12,028 | 22,313 | ||||||
Telekom Malaysia Bhd | 7,151 | 10,918 | ||||||
Tenaga Nasional Bhd | 900 | 2,820 | ||||||
UMW Holdings Bhd | 5,376 | 10,061 | ||||||
Westports Holdings Bhd | 2,900 | 2,924 | ||||||
YTL Power International Bhd | 16,031 | 5,827 | ||||||
|
| |||||||
297,231 | ||||||||
|
| |||||||
New Zealand — 0.7% | ||||||||
Auckland International Airport Ltd. | 3,715 | 12,912 | ||||||
Contact Energy Ltd. | 4,806 | 15,755 | ||||||
Fletcher Building Ltd. | 2,269 | 10,888 | ||||||
Meridian Energy Ltd. | 2,122 | 3,241 | ||||||
Mighty River Power Ltd. | 4,303 | 8,214 | ||||||
Ryman Healthcare Ltd. | 2,183 | 11,280 | ||||||
Spark New Zealand Ltd. | 3,505 | 7,694 | ||||||
|
| |||||||
69,984 | ||||||||
|
| |||||||
Philippines — 1.7% | ||||||||
Aboitiz Equity Ventures, Inc. | 17,137 | 20,576 | ||||||
Aboitiz Power Corp. | 5,950 | 5,301 | ||||||
Ayala Corp. | 515 | 8,117 | ||||||
Ayala Land, Inc. | 10,826 | 7,774 | ||||||
Bank of the Philippine Islands | 5,738 | 10,164 | ||||||
BDO Unibank, Inc. | 2,690 | 5,763 | ||||||
DMCI Holdings Inc. | 10,900 | 3,117 | ||||||
Energy Development Corp. | 23,300 | 3,064 | ||||||
Globe Telecom, Inc. | 300 | 12,728 |
Number | Value | |||||||
Philippines (Continued) | ||||||||
GT Capital Holdings, Inc. | 200 | $ | 5,367 | |||||
International Container Terminal Services, Inc. | 4,653 | 7,255 | ||||||
JG Summit Holdings, Inc. | 1,260 | 1,891 | ||||||
Jollibee Foods Corp. | 3,038 | 12,954 | ||||||
Metropolitan Bank & Trust Company | 630 | 1,076 | ||||||
Philippine Long Distance Telephone Co. | 300 | 13,046 | ||||||
SM Investments Corp. | 105 | 1,882 | ||||||
SM Prime Holdings, Inc. | 48,457 | 22,101 | ||||||
Universal Robina Corp. | 4,250 | 18,212 | ||||||
|
| |||||||
160,388 | ||||||||
|
| |||||||
Singapore — 3.8% | ||||||||
Ascendas Real Estate Investment Trust REIT | 5,550 | 9,404 | ||||||
CapitaLand Commercial Trust REIT | 5,950 | 5,526 | ||||||
CapitaLand Ltd. | 8,451 | 18,094 | ||||||
CapitaLand Mall Trust REIT | 5,701 | 7,699 | ||||||
City Developments Ltd. | 1,950 | 10,147 | ||||||
ComfortDelGro Corp. Ltd. | 3,400 | 7,063 | ||||||
DBS Group Holdings Ltd. | 4,000 | 46,790 | ||||||
Genting Singapore PLC | 12,303 | 6,629 | ||||||
Global Logistic Properties Ltd. | 10,201 | 14,247 | ||||||
Golden Agri-Resources Ltd. | 28,603 | 7,300 | ||||||
Hutchison Port Holdings Trust, Class U | 14,052 | 7,588 | ||||||
Jardine Cycle & Carriage Ltd. | 200 | 4,530 | ||||||
Keppel Corp. Ltd. | 4,000 | 18,574 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 6,050 | 37,187 | ||||||
Sembcorp Industries Ltd. | 2,150 | 4,954 | ||||||
Sembcorp Marine Ltd. | 2,150 | 3,140 | ||||||
Singapore Airlines Ltd. | 600 | 4,322 | ||||||
Singapore Exchange Ltd. | 1,850 | 9,889 | ||||||
Singapore Press Holdings Ltd. | 1,850 | 5,272 | ||||||
Singapore Technologies Engineering Ltd. | 5,650 | 11,456 | ||||||
Singapore Telecommunications Ltd. | 17,803 | 48,340 | ||||||
StarHub Ltd. | 1,000 | 2,573 | ||||||
Suntec Real Estate Investment Trust REIT | 1,600 | 1,741 | ||||||
United Overseas Bank Ltd. | 3,500 | 48,112 | ||||||
UOL Group Ltd. | 1,650 | 7,147 | ||||||
Wilmar International Ltd. | 6,050 | 12,267 | ||||||
|
| |||||||
359,991 | ||||||||
|
| |||||||
South Korea — 13.5% | ||||||||
Amorepacific Corp. | 90 | 31,359 | ||||||
AMOREPACIFIC Group | 118 | 15,641 | ||||||
BGF Retail Co. Ltd. | 26 | 4,030 | ||||||
BNK Financial Group, Inc. | 688 | 5,781 | ||||||
Celltrion, Inc.* | 229 | 17,065 | ||||||
Cheil Worldwide, Inc.* | 358 | 6,322 | ||||||
CJ CheilJedang Corp. | 12 | 3,736 | ||||||
CJ Corp. | 40 | 8,739 | ||||||
CJ Korea Express Co. Ltd.* | 5 | 831 | ||||||
Coway Co. Ltd. | 141 | 10,288 | ||||||
Daelim Industrial Co. Ltd. | 1 | 62 | ||||||
Daewoo Securities Co. Ltd. | 799 | 7,141 | ||||||
DGB Financial Group, Inc. | 671 | 6,026 | ||||||
Dongbu Insurance Co. Ltd. | 205 | 10,993 | ||||||
Dongsuh Cos., Inc. | 100 | 3,186 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
E-MART, Inc. | 80 | $ | 14,783 | |||||
GS Engineering & Construction Corp.* | 183 | 3,461 | ||||||
Hana Financial Group, Inc. | 858 | 18,893 | ||||||
Hankook Tire Co. Ltd. | 138 | 5,500 | ||||||
Hanmi Pharm. Co. Ltd.* | 17 | 11,656 | ||||||
Hanmi Science Co. Ltd.* | 49 | 6,305 | ||||||
Hanon Systems | 72 | 2,838 | ||||||
Hanssem Co. Ltd. | 23 | 4,697 | ||||||
Hanwha Chemical Corp. | 499 | 10,729 | ||||||
Hanwha Corp. | 267 | 8,392 | ||||||
Hanwha Life Insurance Co. Ltd. | 520 | 3,431 | ||||||
Hotel Shilla Co. Ltd. | 70 | 5,470 | ||||||
Hyosung Corp. | 68 | 6,782 | ||||||
Hyundai Department Store Co. Ltd. | 25 | 2,731 | ||||||
Hyundai Development Co.-Engineering & Construction | 85 | 3,009 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 39 | 1,076 | ||||||
Hyundai Glovis Co. Ltd. | 47 | 7,752 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 298 | 8,723 | ||||||
Hyundai Mobis Co. Ltd. | 145 | 31,240 | ||||||
Hyundai Motor Co. | 301 | 38,338 | ||||||
Hyundai Steel Co. | 332 | 14,564 | ||||||
Hyundai Wia Corp. | 34 | 3,553 | ||||||
Industrial Bank of Korea | 928 | 10,658 | ||||||
Kakao Corp. | 64 | 6,665 | ||||||
Kangwon Land, Inc. | 248 | 8,181 | ||||||
KB Financial Group, Inc. | 952 | 28,978 | ||||||
KCC Corp. | 4 | 1,587 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 66 | 5,756 | ||||||
Kia Motors Corp. | 632 | 28,652 | ||||||
Korea Aerospace Industries Ltd. | 171 | 12,389 | ||||||
Korea Electric Power Corp. | 670 | 28,320 | ||||||
Korea Investment Holdings Co. Ltd. | 88 | 4,157 | ||||||
Korea Zinc Co. Ltd. | 39 | 15,323 | ||||||
KT Corp.* | 160 | 4,138 | ||||||
KT&G Corp. | 301 | 27,811 | ||||||
Kumho Petrochemical Co. Ltd. | 56 | 2,843 | ||||||
LG Chem Ltd. | 133 | 36,522 | ||||||
LG Corp. | 114 | 7,245 | ||||||
LG Display Co. Ltd. | 371 | 8,137 | ||||||
LG Electronics, Inc. | 64 | 2,995 | ||||||
LG Household & Health Care Ltd. | 26 | 22,631 | ||||||
LG Uplus Corp. | 1,108 | 10,190 | ||||||
Lotte Chemical Corp. | 64 | 13,291 | ||||||
Mirae Asset Securities Co. Ltd. | 148 | 2,537 | ||||||
NAVER Corp. | 69 | 37,597 | ||||||
NCSoft Corp. | 62 | 11,912 | ||||||
NH Investment & Securities Co. Ltd. | 538 | 4,762 | ||||||
OCI Co. Ltd. | 33 | 2,169 | ||||||
Orion Corp. | 14 | 13,794 | ||||||
Paradise Co. Ltd. | 193 | 3,350 | ||||||
POSCO | 211 | 30,792 | ||||||
S-1 Corp. | 65 | 5,287 | ||||||
Samsung C&T Corp.* | 210 | 26,476 | ||||||
Samsung Card Co. Ltd. | 131 | 3,558 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 102 | $ | 6,095 | |||||
Samsung Electronics Co. Ltd. | 269 | 298,257 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 98 | 25,938 | ||||||
Samsung Heavy Industries Co. Ltd. | 31 | 309 | ||||||
Samsung Life Insurance Co. Ltd. | 264 | 23,481 | ||||||
Samsung SDI Co. Ltd. | 87 | 9,015 | ||||||
Samsung SDS Co. Ltd. | 67 | 15,100 | ||||||
Samsung Securities Co. Ltd. | 207 | 7,910 | ||||||
Shinhan Financial Group Co. Ltd. | 1,083 | 38,764 | ||||||
Shinsegae Co. Ltd. | 7 | 1,514 | ||||||
SK Holdings Co. Ltd. | 56 | 13,056 | ||||||
SK Hynix, Inc. | 1,350 | 36,838 | ||||||
SK Innovation Co. Ltd.* | 63 | 6,936 | ||||||
SK Telecom Co. Ltd. | 47 | 9,497 | ||||||
S-Oil Corp. | 9 | 577 | ||||||
Woori Bank | 1,093 | 8,957 | ||||||
Yuhan Corp. | 15 | 3,588 | ||||||
|
| |||||||
1,279,658 | ||||||||
|
| |||||||
Taiwan — 10.5% | ||||||||
Acer, Inc.* | 11,893 | 4,409 | ||||||
Advanced Semiconductor Engineering, Inc. | 18,358 | 19,319 | ||||||
Advantech Co. Ltd. | 933 | 6,131 | ||||||
Asia Cement Corp. | 3,869 | 3,277 | ||||||
Asia Pacific Telecom Co. Ltd.* | 9,136 | 2,883 | ||||||
Asustek Computer, Inc. | 1,787 | 14,781 | ||||||
AU Optronics Corp. | 34,695 | 9,290 | ||||||
Catcher Technology Co. Ltd. | 2,048 | 19,826 | ||||||
Cathay Financial Holding Co. Ltd. | 18,101 | 25,314 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 3,080 | 5,161 | ||||||
Chicony Electronics Co. Ltd. | 1,346 | 3,105 | ||||||
China Life Insurance Co. Ltd./Taiwan | 4,044 | 3,283 | ||||||
China Steel Corp. | 21,935 | 12,197 | ||||||
Chunghwa Telecom Co. Ltd. | 9,206 | 28,147 | ||||||
Compal Electronics, Inc. | 13,440 | 7,453 | ||||||
CTBC Financial Holding Co. Ltd. | 34,783 | 18,222 | ||||||
Delta Electronics, Inc. | 5,467 | 26,211 | ||||||
E.Sun Financial Holding Co. Ltd. | 8,966 | 5,397 | ||||||
Eclat Textile Co. Ltd. | 503 | 6,765 | ||||||
EVA Airways Corp.* | 428 | 215 | ||||||
Far Eastern New Century Corp. | 4,622 | 3,738 | ||||||
Far EasTone Telecommunications Co. Ltd. | 3,761 | 7,916 | ||||||
Feng Tay Enterprise Co. Ltd. | 978 | 5,378 | ||||||
First Financial Holding Co. Ltd. | 4,180 | 1,946 | ||||||
Formosa Chemicals & Fibre Corp. | 9,355 | 20,234 | ||||||
Formosa Petrochemical Corp. | 142 | 336 | ||||||
Formosa Plastics Corp. | 11,004 | 24,845 | ||||||
Formosa Taffeta Co. Ltd. | 1,000 | 933 | ||||||
Foxconn Technology Co. Ltd. | 3,756 | 8,423 | ||||||
Fubon Financial Holding Co. Ltd. | 16,519 | 26,315 | ||||||
Giant Manufacturing Co. Ltd. | 412 | 2,783 | ||||||
Hermes Microvision, Inc. | 112 | 3,997 | ||||||
Hiwin Technologies Corp. | 23 | 107 | ||||||
Hon Hai Precision Industry Co. Ltd. | 40,837 | 105,089 | ||||||
Hotai Motor Co. Ltd. | 482 | 5,213 | ||||||
HTC Corp. | 4,317 | 10,726 | ||||||
Innolux Corp. | 43,977 | 13,459 |
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, 2015 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Inotera Memories, Inc.* | 7,171 | $ | 4,855 | |||||
Inventec Corp. | 7,616 | 4,433 | ||||||
Largan Precision Co. Ltd. | 316 | 24,347 | ||||||
Lite-On Technology Corp. | 4,425 | 4,541 | ||||||
MediaTek, Inc. | 3,775 | 30,126 | ||||||
Mega Financial Holding Co. Ltd. | 15,013 | 10,348 | ||||||
Merida Industry Co. Ltd. | 139 | 773 | ||||||
Nan Ya Plastics Corp. | 15,174 | 27,241 | ||||||
Novatek Microelectronics Corp. | 1,292 | 4,690 | ||||||
Pegatron Corp. | 5,397 | 14,236 | ||||||
Phison Electronics Corp. | 287 | 2,189 | ||||||
Pou Chen Corp. | 6,272 | 8,349 | ||||||
Powertech Technology, Inc. | 1,832 | 3,957 | ||||||
President Chain Store Corp. | 1,193 | 7,639 | ||||||
Quanta Computer, Inc. | 7,270 | 11,359 | ||||||
Radiant Opto-Electronics Corp. | 1,266 | 3,312 | ||||||
Realtek Semiconductor Corp. | 937 | 1,935 | ||||||
Ruentex Industries Ltd. | 1,074 | 2,083 | ||||||
Siliconware Precision Industries Co. Ltd. | 7,825 | 10,308 | ||||||
Simplo Technology Co. Ltd. | 784 | 2,690 | ||||||
SinoPac Financial Holdings Co. Ltd. | 2,372 | 734 | ||||||
Standard Foods Corp. | 342 | 804 | ||||||
Synnex Technology International Corp. | 3,017 | 2,925 | ||||||
Taishin Financial Holding Co. Ltd. | 3,863 | 1,373 | ||||||
Taiwan Cement Corp. | 6,234 | 5,624 | ||||||
Taiwan Fertilizer Co. Ltd. | 1,388 | 1,709 | ||||||
Taiwan Mobile Co. Ltd. | 3,921 | 11,844 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 63,055 | 268,508 | ||||||
Transcend Information, Inc. | 534 | 1,396 | ||||||
Uni-President Enterprises Corp. | 10,977 | 18,092 | ||||||
United Microelectronics Corp. | 44,413 | 16,123 | ||||||
Vanguard International Semiconductor Corp. | 2,147 | 2,598 | ||||||
Wistron Corp. | 9,083 | 4,744 | ||||||
WPG Holdings Ltd. | 4,766 | 4,614 | ||||||
Yuanta Financial Holding Co. Ltd. | 8,781 | 3,322 | ||||||
Yulon Motor Co. Ltd. | 2,030 | 2,027 | ||||||
Zhen Ding Technology Holding Ltd. | 998 | 2,834 | ||||||
|
| |||||||
991,506 | ||||||||
|
| |||||||
Thailand — 1.7% | ||||||||
Bangkok Bank PCL, NVDR | 4,625 | 21,615 | ||||||
Indorama Ventures PCL, NVDR | 13,326 | 8,477 | ||||||
IRPC PCL, NVDR | 44,423 | 5,206 | ||||||
Kasikornbank PCL, NVDR | 4,800 | 22,902 | ||||||
Krung Thai Bank PCL, NVDR | 73,204 | 34,723 | ||||||
PTT Exploration & Production PCL, NVDR | 7,200 | 13,108 | ||||||
PTT PCL, NVDR | 2,825 | 20,179 | ||||||
Siam Commercial Bank PCL, NVDR | 5,000 | 18,345 | ||||||
Thai Oil PCL, NVDR | 6,651 | 10,856 | ||||||
|
| |||||||
155,411 | ||||||||
|
| |||||||
United Kingdom — 0.4% | ||||||||
Rio Tinto Ltd. | 1,003 | 33,302 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 9,415,065 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 0.6% | ||||||||
South Korea — 0.6% | ||||||||
Amorepacific Corp. | 15 | $ | 3,063 | |||||
Hyundai Motor Co. | 6 | 575 | ||||||
Hyundai Motor Co. — 2nd Preferred | 33 | 3,177 | ||||||
LG Chem Ltd. | 33 | 6,398 | ||||||
Samsung Electronics Co. Ltd. | 46 | 43,535 | ||||||
|
| |||||||
56,748 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 56,748 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Transurban Group*, expires 12/31/15 | 287 | 124 | ||||||
|
| |||||||
Malaysia — 0.0% | ||||||||
Hong Leong Bank Bhd*, expires 12/31/15 | 920 | 572 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Delta Electronics, Inc.*, expires 12/31/15 | 287 | 57 | ||||||
Mega Financial Holding Co. Ltd.*, expires 12/31/15 | 1,218 | 56 | ||||||
|
| |||||||
113 | ||||||||
|
| |||||||
TOTAL RIGHTS | 809 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.6% | ||||||||
Daily Assets Fund, 0.20% (d)(e) | 56,466 | 56,466 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.8% (Cost $10,695,858)† | $ | 9,529,088 | ||||||
Other assets and liabilities, net — (0.8%) | (71,995 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,457,093 | ||||||
|
|
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, 2015 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $10,760,709. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $1,231,621. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $417,499 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,649,120. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $52,741, which is 0.6% of net assets. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
CDI: Chess Depositary Interest.
GDR: Global Depositary Receipt.
NVDR: Non Voting Depositary Receipt
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | HKD | 3,601,700 | USD | 464,706 | $ | 177 | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 19,275,703 | USD | 2,487,316 | 1,235 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 2,583,000 | USD | 333,306 | 164 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 596,900 | USD | 77,023 | 38 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 110,444 | HKD | 856,000 | (42 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 354,195 | HKD | 2,745,700 | (69 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 2,486,562 | HKD | 19,275,703 | (481 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 333,206 | HKD | 2,583,000 | (64 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 30,109 | HKD | 233,400 | (6 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 46,208 | HKD | 358,100 | (22 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 697 | HKD | 5,400 | 0 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | AUD | 2,182,801 | USD | 1,554,892 | (23,443 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 436,903 | USD | 311,219 | (4,697 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 10,000 | USD | 7,246 | 15 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 22,000 | USD | 15,683 | (224 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 194,000 | USD | 138,165 | (2,112 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 83,200 | USD | 59,268 | (892 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | IDR | 2,543,408,000 | USD | 183,706 | 1 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 416,090,000 | USD | 29,978 | (76 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 480,092,000 | USD | 34,589 | (87 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | INR | 27,675,572 | USD | 420,857 | 5,883 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | INR | 2,067,000 | USD | 31,413 | 420 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | INR | 4,958,128 | USD | 75,351 | 1,008 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | KRW | 1,272,775,880 | USD | 1,114,564 | 15,604 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 121,333,000 | USD | 106,209 | 1,446 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 328,315,410 | USD | 287,391 | 3,912 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | MYR | 1,185,000 | USD | 275,678 | (2,169 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 164,732 | USD | 38,310 | (315 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 41,000 | USD | 9,535 | (78 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | NZD | 89,782 | USD | 60,609 | 1,524 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 10,000 | USD | 6,749 | 168 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 6,400 | USD | 4,217 | 5 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 41,250 | USD | 27,847 | 700 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | PHP | 5,459,000 | USD | 116,484 | 704 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 415,000 | USD | 8,854 | 53 |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 2,006,051 | USD | 42,791 | $ | 245 | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | SGD | 714,437 | USD | 509,584 | 3,143 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 126,000 | USD | 89,428 | 111 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 50,000 | USD | 35,655 | 211 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | SGD | 800 | USD | 568 | 1 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | THB | 4,918,000 | USD | 137,682 | 477 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 686,688 | USD | 19,235 | 77 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 260,000 | USD | 7,277 | 24 | ||||||||||||
Bank of Montreal | 12/3/2015 | TWD | 386,160 | USD | 11,783 | (47 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | TWD | 22,260,983 | USD | 685,038 | 3,056 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 10,345,095 | USD | 318,409 | 1,479 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 1,948,000 | USD | 59,957 | 278 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 7,176 | AUD | 10,000 | 55 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 11,827 | TWD | 386,160 | 3 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,581,658 | AUD | 2,182,801 | (3,324 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 183,865 | IDR | 2,543,408,000 | (160 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 416,243 | INR | 27,675,572 | (1,269 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,101,017 | KRW | 1,272,775,880 | (2,058 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 278,850 | MYR | 1,185,000 | (1,004 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 59,158 | NZD | 89,782 | (72 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 115,745 | PHP | 5,459,000 | 35 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 507,071 | SGD | 714,437 | (629 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 137,388 | THB | 4,918,000 | (182 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 682,287 | TWD | 22,260,983 | (305 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 473,093 | AUD | 652,903 | (994 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 64,697 | IDR | 896,182,000 | 32 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 75,996 | INR | 5,054,128 | (213 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 30,000 | INR | 1,971,000 | (446 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 357,305 | KRW | 413,430,810 | (335 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 32,000 | KRW | 36,217,600 | (728 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 48,402 | MYR | 205,732 | (164 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 33,771 | NZD | 51,250 | (43 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 51,374 | PHP | 2,421,051 | (26 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 125,532 | SGD | 176,000 | (771 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 26,414 | THB | 946,688 | (3 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 377,112 | TWD | 12,293,095 | (504 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 33,982 | AUD | 46,900 | (69 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 25,400 | AUD | 35,600 | 342 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 492 | AUD | 700 | 14 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,199 | NZD | 6,400 | 13 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 285 | SGD | 400 | (2 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 282 | SGD | 400 | 2 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | HKD | 233,400 | USD | 30,113 | 5 | ||||||||||||
Bank of Montreal | 1/5/2016 | HKD | 2,745,700 | USD | 354,238 | 49 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HKD | 19,275,703 | USD | 2,486,883 | 361 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 2,583,000 | USD | 333,254 | 53 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 108,645 | HKD | 842,000 | (29 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | AUD | 2,182,801 | USD | 1,578,765 | 3,408 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | AUD | 652,903 | USD | 472,261 | 1,052 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | AUD | 21,000 | USD | 15,164 | 8 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | AUD | 46,900 | USD | 33,922 | 73 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | IDR | 896,182,000 | USD | 64,256 | 56 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | IDR | 2,543,408,000 | USD | 182,572 | 370 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | IDR | 92,402,000 | USD | 6,625 | 6 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | INR | 27,675,572 | USD | 413,717 | 1,309 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | INR | 5,054,128 | USD | 75,593 | 279 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | KRW | 1,272,775,880 | USD | 1,099,543 | 1,775 |
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, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 413,430,810 | USD | 356,867 | $ | 284 | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | MYR | 1,185,000 | USD | 278,915 | 1,722 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MYR | 205,732 | USD | 48,442 | 317 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | PHP | 5,459,000 | USD | 115,437 | (80 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | PHP | 2,421,051 | USD | 51,233 | 1 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | SGD | 714,437 | USD | 506,478 | 646 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | THB | 4,918,000 | USD | 137,211 | 171 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | THB | 946,688 | USD | 26,401 | 22 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | TWD | 12,293,095 | USD | 376,707 | 32 | ||||||||||||
Bank of Montreal | 1/6/2016 | TWD | 386,160 | USD | 11,827 | (5 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | TWD | 22,260,983 | USD | 681,702 | (401 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 6,581 | PHP | 311,000 | 0 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 7,233 | AUD | 10,000 | (16 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 20,258 | AUD | 28,000 | (50 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 13,506 | INR | 903,000 | (50 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 6,165 | KRW | 7,152,000 | 3 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 7,535 | MYR | 32,000 | (49 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 22,692 | SGD | 32,000 | (35 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 89,322 | SGD | 126,000 | (112 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 18,723 | TWD | 611,000 | (2 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | USD | 567 | SGD | 800 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 1/7/2016 | NZD | 89,782 | USD | 59,014 | 78 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2016 | NZD | 51,250 | USD | 33,689 | 47 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2016 | USD | 4,207 | NZD | 6,400 | (6 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 5,821 | ||||||||||||||||
|
|
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 |
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, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 9,370,350 | $ | — | $ | 44,715 | $ | 9,415,065 | ||||||||
Preferred Stocks** | 56,748 | — | — | 56,748 | ||||||||||||
Rights | 809 | — | — | 809 | ||||||||||||
Securities Lending Collateral | 56,466 | — | — | 56,466 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 54,782 | — | 54,782 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (48,961 | ) | — | (48,961 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 9,484,373 | $ | 5,821 | $ | 44,715 | $ | 9,534,909 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $26,791 and between Level 3 and Level 1 was $19,632.
Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of a resumption in trading.
Transfers between price levels are recognized at the beginning of the reporting period.
** See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 65.4% | ||||||||
Consumer Discretionary — 4.1% | ||||||||
B2W Cia Digital* | 2,015 | $ | 7,687 | |||||
Estacio Participacoes SA | 5,051 | 17,507 | ||||||
Kroton Educacional SA | 24,122 | 57,671 | ||||||
Lojas Americanas SA | 2,711 | 8,408 | ||||||
Lojas Renner SA | 11,096 | 50,189 | ||||||
|
| |||||||
141,462 | ||||||||
|
| |||||||
Consumer Staples — 20.1% | ||||||||
Ambev SA | 82,423 | 397,096 | ||||||
BRF SA | 11,441 | 162,759 | ||||||
Hypermarcas SA* | 6,059 | 35,079 | ||||||
JBS SA | 12,798 | 41,083 | ||||||
M Dias Branco SA | 563 | 10,477 | ||||||
Natura Cosmeticos SA | 3,079 | 16,855 | ||||||
Raia Drogasil SA | 3,749 | 38,420 | ||||||
|
| |||||||
701,769 | ||||||||
|
| |||||||
Energy — 6.9% | ||||||||
Cosan SA Industria e Comercio | 2,134 | 13,293 | ||||||
Petroleo Brasileiro SA* | 52,044 | 126,579 | ||||||
Ultrapar Participacoes SA | 6,308 | 102,275 | ||||||
|
| |||||||
242,147 | ||||||||
|
| |||||||
Financials — 13.0% | ||||||||
Banco Bradesco SA | 13,177 | 81,807 | ||||||
Banco do Brasil SA | 14,969 | 63,025 | ||||||
Banco Santander Brasil SA | 7,478 | 28,606 | ||||||
BB Seguridade Participacoes SA | 12,215 | 81,991 | ||||||
BM&F Bovespa SA | 30,135 | 88,559 | ||||||
BR Malls Participacoes SA | 7,808 | 25,872 | ||||||
CETIP SA — Mercados Organizados | 3,801 | 36,153 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,326 | 14,600 | ||||||
Porto Seguro SA | 1,983 | 16,678 | ||||||
Sul America SA | 3,151 | 17,551 | ||||||
|
| |||||||
454,842 | ||||||||
|
| |||||||
Health Care — 0.8% | ||||||||
Odontoprev SA | 4,735 | 12,177 | ||||||
Qualicorp SA | 3,854 | 14,713 | ||||||
|
| |||||||
26,890 | ||||||||
|
| |||||||
Industrials — 5.7% | ||||||||
CCR SA | 15,423 | 51,064 | ||||||
Embraer SA | 11,560 | 90,831 | ||||||
Localiza Rent a Car SA | 2,566 | 17,622 | ||||||
WEG SA | 9,941 | 39,055 | ||||||
|
| |||||||
198,572 | ||||||||
|
| |||||||
Information Technology — 4.3% | ||||||||
Cielo SA | 14,793 | 134,242 | ||||||
Totvs SA | 2,140 | 18,513 | ||||||
|
| |||||||
152,755 | ||||||||
|
| |||||||
Materials — 6.4% | ||||||||
Cia Siderurgica Nacional SA | 11,123 | 15,812 | ||||||
Duratex SA | 5,295 | 9,169 | ||||||
Fibria Celulose SA | 4,335 | 64,123 | ||||||
Klabin SA | 9,677 | 59,353 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Vale SA | 22,475 | $ | 76,504 | |||||
|
| |||||||
224,961 | ||||||||
|
| |||||||
Telecommunication Services — 0.8% | ||||||||
Tim Participacoes SA | 14,821 | 29,305 | ||||||
|
| |||||||
Utilities — 3.3% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 5,761 | 28,172 | ||||||
CPFL Energia SA* | 3,512 | 14,288 | ||||||
EDP — Energias do Brasil SA | 4,167 | 12,784 | ||||||
Equatorial Energia SA | 3,180 | 28,849 | ||||||
Tractebel Energia SA | 2,925 | 25,296 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,688 | 7,688 | ||||||
|
| |||||||
117,077 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,289,780 | |||||||
|
| |||||||
PREFERRED STOCKS — 35.3% | ||||||||
Consumer Discretionary — 1.1% | ||||||||
Lojas Americanas SA | 8,471 | 37,746 | ||||||
|
| |||||||
Consumer Staples — 1.0% | ||||||||
Cia Brasileira de Distribuicao | 2,837 | 35,930 | ||||||
|
| |||||||
Energy — 3.9% | ||||||||
Petroleo Brasileiro SA* | 68,542 | 135,879 | ||||||
|
| |||||||
Financials — 21.1% | ||||||||
Banco Bradesco SA | 44,133 | 240,912 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 11 | 16 | ||||||
Itau Unibanco Holding SA | 53,049 | 381,037 | ||||||
Itausa — Investimentos Itau SA | 61,896 | 115,985 | ||||||
|
| |||||||
737,950 | ||||||||
|
| |||||||
Materials — 4.7% | ||||||||
Braskem SA, Class A | 2,682 | 18,176 | ||||||
Gerdau SA | 15,349 | 24,200 | ||||||
Suzano Papel e Celulose SA, Class A | 6,454 | 31,695 | ||||||
Vale SA | 33,679 | 92,532 | ||||||
|
| |||||||
166,603 | ||||||||
|
| |||||||
Telecommunication Services — 1.9% | ||||||||
Telefonica Brasil SA | 6,806 | 65,087 | ||||||
|
| |||||||
Utilities — 1.6% | ||||||||
AES Tiete SA | 86 | 292 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 3,961 | 10,627 | ||||||
Cia Energetica de Minas Gerais | 12,689 | 21,645 | ||||||
Cia Energetica de Sao Paulo, Class B | 3,366 | 11,710 | ||||||
Cia Paranaense de Energia, Class B | 1,811 | 13,434 | ||||||
|
| |||||||
57,708 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,236,903 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% | $ | 3,526,683 | ||||||
Other assets and liabilities, net — (0.7%) | (25,693 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,500,990 | ||||||
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $5,682,816. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $2,156,133. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $54,720 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,210,853. |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | BRL | 9,301,086 | USD | 2,396,569 | $ | (5,153 | ) | ||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 4,559,410 | USD | 1,168,480 | (8,849 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 167,000 | USD | 42,903 | (220 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 1,797,068 | USD | 479,295 | 15,257 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 107,302 | USD | 27,374 | (333 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 2,374,240 | BRL | 9,301,086 | 27,482 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 6,665 | BRL | 26,000 | 49 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 1,199,482 | BRL | 4,700,410 | 14,256 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 22,482 | BRL | 84,000 | (791 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 143,753 | BRL | 550,000 | (1,733 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,985 | BRL | 19,000 | (79 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 322,298 | BRL | 1,251,370 | 830 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | BRL | 9,301,086 | USD | 2,351,253 | (24,391 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | BRL | 4,700,410 | USD | 1,188,473 | (12,086 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 22,250 | BRL | 88,000 | 226 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 147,837 | BRL | 581,000 | 559 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | USD | 27,098 | BRL | 107,302 | 309 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 5,333 | ||||||||||||||||
|
|
Currency Abbreviations
BRL | Brazilian Real | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 2,289,780 | $ | — | $ | — | $ | 2,289,780 | ||||||||
Preferred Stocks** | 1,236,903 | — | — | 1,236,903 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 58,968 | — | 58,968 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (53,635 | ) | — | (53,635 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,526,683 | $ | 5,333 | $ | — | $ | 3,532,016 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.1% | ||||||||
Brazil — 3.4% | ||||||||
Ambev SA | 160,952 | $ | 775,432 | |||||
B2W Cia Digital* | 4,551 | 17,362 | ||||||
Banco Bradesco SA | 29,920 | 185,753 | ||||||
Banco do Brasil SA | 36,359 | 153,085 | ||||||
Banco Santander Brasil SA | 25,200 | 96,397 | ||||||
BB Seguridade Participacoes SA | 24,883 | 167,023 | ||||||
BM&F Bovespa SA | 83,897 | 246,552 | ||||||
BR Malls Participacoes SA | 29,838 | 98,869 | ||||||
BRF SA | 29,745 | 423,149 | ||||||
CCR SA | 37,920 | 125,550 | ||||||
CETIP SA — Mercados Organizados | 4,667 | 44,390 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 18,714 | 91,514 | ||||||
Cia Siderurgica Nacional SA | 39,619 | 56,321 | ||||||
Cielo SA | 30,042 | 272,622 | ||||||
Cosan SA Industria e Comercio | 7,238 | 45,085 | ||||||
CPFL Energia SA* | 13,130 | 53,416 | ||||||
Duratex SA | 11,275 | 19,525 | ||||||
EDP — Energias do Brasil SA | 12,186 | 37,386 | ||||||
Embraer SA | 35,030 | 275,242 | ||||||
Estacio Participacoes SA | 7,824 | 27,118 | ||||||
Fibria Celulose SA | 6,294 | 93,100 | ||||||
Hypermarcas SA* | 10,751 | 62,244 | ||||||
JBS SA | 36,728 | 117,902 | ||||||
Klabin SA | 26,749 | 164,061 | ||||||
Kroton Educacional SA | 46,005 | 109,989 | ||||||
Localiza Rent a Car SA | 8,530 | 58,579 | ||||||
Lojas Renner SA | 20,245 | 91,571 | ||||||
M Dias Branco SA | 322 | 5,992 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 4,033 | 44,406 | ||||||
Natura Cosmeticos SA | 12,467 | 68,248 | ||||||
Odontoprev SA | 17,844 | 45,890 | ||||||
Petroleo Brasileiro SA* | 134,244 | 326,502 | ||||||
Porto Seguro SA | 2,516 | 21,161 | ||||||
Qualicorp SA | 12,375 | 47,242 | ||||||
Raia Drogasil SA | 5,058 | 51,835 | ||||||
Sul America SA | 4,704 | 26,201 | ||||||
Tim Participacoes SA | 40,680 | 80,435 | ||||||
Totvs SA | 10,141 | 87,728 | ||||||
Tractebel Energia SA | 8,205 | 70,959 | ||||||
Transmissora Alianca de Energia Eletrica SA | 252 | 1,148 | ||||||
Ultrapar Participacoes SA | 20,662 | 335,003 | ||||||
Vale SA | 49,399 | 168,153 | ||||||
WEG SA | 1,001 | 3,933 | ||||||
|
| |||||||
5,294,073 | ||||||||
|
| |||||||
Chile — 1.5% | ||||||||
AES Gener SA | 282,058 | 122,829 | ||||||
Banco de Chile | 2,825,138 | 281,739 | ||||||
Banco de Credito e Inversiones | 4,439 | 164,724 | ||||||
Banco Santander Chile | 6,341,507 | 282,876 | ||||||
Cencosud SA | 69,628 | 146,800 | ||||||
Cia Cervecerias Unidas SA | 11,283 | 126,054 | ||||||
Colbun SA | 428,804 | 106,089 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Corpbanca SA | 11,465,422 | $ | 97,077 | |||||
Empresa Nacional de Electricidad SA | 186,908 | 221,594 | ||||||
Empresa Nacional de Telecomunicaciones SA | 8,206 | 73,371 | ||||||
Empresas CMPC SA | 71,993 | 150,804 | ||||||
Empresas Copec SA | 20,812 | 178,532 | ||||||
Enersis SA | 936,455 | 228,075 | ||||||
LATAM Airlines Group SA* | 14,052 | 75,556 | ||||||
|
| |||||||
2,256,120 | ||||||||
|
| |||||||
China — 22.7% | ||||||||
58.com, Inc., ADR* | 600 | 36,126 | ||||||
AAC Technologies Holdings, Inc. | 40,175 | 281,618 | ||||||
Agricultural Bank of China Ltd., Class H | 813,414 | 311,583 | ||||||
Air China Ltd., Class H | 232,471 | 187,393 | ||||||
Alibaba Group Holding Ltd., ADR* | 36,700 | 3,085,736 | ||||||
Aluminum Corp. of China Ltd., | 197,030 | 62,767 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 101,080 | 275,728 | ||||||
Anta Sports Products Ltd. | 111,112 | 336,054 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 61,518 | 52,208 | ||||||
Baidu, Inc., ADR* | 10,300 | 2,245,091 | ||||||
Bank of China Ltd., Class H | 4,132,792 | 1,833,610 | ||||||
Bank of Communications Co. Ltd., Class H | 447,225 | 311,476 | ||||||
Beijing Capital International Airport Co. Ltd., Class H (a) | 32,874 | 36,675 | ||||||
Belle International Holdings Ltd. | 204,903 | 179,177 | ||||||
Byd Co. Ltd., Class H* | 37,999 | 205,348 | ||||||
CGN Power Co. Ltd., Class H, 144A | 315,582 | 122,106 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 219,337 | 81,189 | ||||||
China CITIC Bank Corp. Ltd., Class H* | 409,793 | 258,451 | ||||||
China Communications Construction Co. Ltd., Class H | 245,859 | 284,118 | ||||||
China Communications Services Corp. Ltd., Class H | 327,099 | 126,141 | ||||||
China Conch Venture Holdings Ltd. | 30,916 | 64,835 | ||||||
China Construction Bank Corp., Class H | 3,314,051 | 2,278,198 | ||||||
China COSCO Holdings Co. Ltd., Class H* | 78,036 | 46,680 | ||||||
China Everbright Bank Co. Ltd., Class H | 144,836 | 65,381 | ||||||
China Galaxy Securities Co. Ltd., Class H | 77,484 | 70,554 | ||||||
China Huishan Dairy Holdings Co. Ltd. (a) | 199,571 | 74,130 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 24,556 | 42,946 | ||||||
China Life Insurance Co. Ltd., Class H | 241,265 | 832,383 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 314,873 | 261,939 | ||||||
China Medical System Holdings Ltd. | 46,621 | 64,338 | ||||||
China Mengniu Dairy Co. Ltd. | 213,045 | 339,072 | ||||||
China Merchants Bank Co. Ltd., Class H | 181,465 | 426,429 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 423,144 | 405,492 | ||||||
China National Building Material Co. Ltd., Class H | 144,498 | 77,528 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Oilfield Services Ltd., Class H | 84,614 | $ | 84,140 | |||||
China Pacific Insurance Group Co. Ltd., Class H | 101,550 | 417,807 | ||||||
China Petroleum & Chemical Corp., Class H | 1,288,060 | 789,105 | ||||||
China Railway Construction Corp. Ltd., Class H | 43,869 | 58,277 | ||||||
China Railway Group Ltd., Class H | 134,301 | 111,550 | ||||||
China Shenhua Energy Co. Ltd., Class H | 168,426 | 262,845 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 233,198 | 87,821 | ||||||
China Southern Airlines Co. Ltd., Class H | 90,555 | 66,222 | ||||||
China Telecom Corp. Ltd., Class H | 763,597 | 374,242 | ||||||
China Vanke Co. Ltd., Class H | 98,023 | 244,253 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 46,994 | 27,699 | ||||||
CITIC Securities Co. Ltd., Class H | 55,163 | 126,498 | ||||||
CNOOC Ltd. | 778,185 | 861,143 | ||||||
Country Garden Holdings Co. Ltd. | 599,486 | 224,997 | ||||||
CRRC Corp. Ltd., Class H | 153,321 | 196,164 | ||||||
CSPC Pharmaceutical Group Ltd. | 166,991 | 157,009 | ||||||
Ctrip.com International, Ltd., ADR* | 5,100 | 545,751 | ||||||
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A (a) | 21,182 | 125,806 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 230,390 | 313,191 | ||||||
ENN Energy Holdings Ltd. | 31,822 | 161,297 | ||||||
Evergrande Real Estate Group Ltd. | 171,878 | 135,446 | ||||||
Fosun International Ltd. | 198,134 | 353,672 | ||||||
Geely Automobile Holdings Ltd. | 139,222 | 73,081 | ||||||
GF Securities Co. Ltd., Class H* | 26,501 | 64,189 | ||||||
GOME Electrical Appliances Holding Ltd. | 363,107 | 62,286 | ||||||
Great Wall Motor Co. Ltd., Class H | 224,022 | 274,774 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 26,108 | 24,985 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 141,261 | 159,053 | ||||||
Haitian International Holdings Ltd. | 7,764 | 12,056 | ||||||
Haitong Securities Co. Ltd., Class H | 87,459 | 150,927 | ||||||
Hengan International Group Co. Ltd. | 27,425 | 275,543 | ||||||
Huadian Power International Corp. Ltd., Class H | 40,030 | 25,298 | ||||||
Huaneng Power International, Inc., Class H | 94,411 | 82,314 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 52,212 | 15,623 | ||||||
Huatai Securities Co. Ltd., Class H, 144A* | 22,365 | 54,114 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,887,769 | 1,746,788 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 33,062 | 42,812 | ||||||
Kingsoft Corp. Ltd. | 36,031 | 95,730 | ||||||
Lenovo Group Ltd. | 328,168 | 347,068 | ||||||
Longfor Properties Co. Ltd. | 132,573 | 181,587 | ||||||
Luye Pharma Group Ltd.* | 49,195 | 42,828 | ||||||
NetEase, Inc., ADR | 1,700 | 283,322 |
Number | Value | |||||||
China (Continued) | ||||||||
New China Life Insurance Co. Ltd., Class H | 16,932 | $ | 70,100 | |||||
New Oriental Education & Technology Group, Inc., ADR | 2,500 | 72,550 | ||||||
People’s Insurance Co. (Group) of China Ltd., Class H | 111,058 | 57,295 | ||||||
PetroChina Co. Ltd., Class H | 1,081,911 | 768,862 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 240,873 | 522,539 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 207,061 | 1,133,655 | ||||||
Qihoo 360 Technology Co. Ltd., ADR* | 300 | 20,370 | ||||||
Qunar Cayman Islands Ltd., ADR* | 800 | 36,024 | ||||||
Semiconductor Manufacturing International Corp.* | 801,406 | 83,723 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 89,333 | 63,369 | ||||||
Shanghai Electric Group Co. Ltd., | 124,986 | 75,787 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (a) | 17,337 | 56,125 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 25,613 | 56,224 | ||||||
Shenzhou International Group Holdings Ltd. | 22,080 | 115,904 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 77,906 | 39,255 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 185,409 | 143,479 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H* | 393,460 | 140,568 | ||||||
Sinopharm Group Co. Ltd., Class H | 49,602 | 208,236 | ||||||
Sinotrans Ltd., Class H | 41,575 | 24,130 | ||||||
Soho China Ltd. | 414,092 | 168,768 | ||||||
SouFun Holdings Ltd., ADR | 9,200 | 61,640 | ||||||
Sunac China Holdings Ltd. | 79,049 | 52,710 | ||||||
Tencent Holdings Ltd. | 231,067 | 4,598,422 | ||||||
Tingyi Cayman Islands Holding Corp. | 163,930 | 237,223 | ||||||
TravelSky Technology Ltd., Class H | 8,500 | 14,537 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 25,874 | 115,964 | ||||||
Vipshop Holdings Ltd., ADR* | 6,400 | 105,792 | ||||||
Want Want China Holdings Ltd. | 460,113 | 361,399 | ||||||
Weichai Power Co. Ltd., Class H (a) | 24,180 | 24,949 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 60,215 | 27,492 | ||||||
YY, Inc., ADR* | 100 | 6,058 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 26,767 | 32,520 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H | 19,791 | 130,690 | ||||||
Zijin Mining Group Co. Ltd., Class H | 577,719 | 144,552 | ||||||
ZTE Corp., Class H | 25,845 | 58,067 | ||||||
|
| |||||||
34,930,791 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Grupo de Inversiones Suramericana SA | 384 | 3,952 | ||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 2,752 | 50,009 | ||||||
|
|
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Egypt — 0.4% | ||||||||
Commercial International Bank Egypt SAE | 90,191 | $ | 495,759 | |||||
Global Telecom Holding SAE* | 32,670 | 6,676 | ||||||
Talaat Moustafa Group | 150,784 | 113,424 | ||||||
|
| |||||||
615,859 | ||||||||
|
| |||||||
Hong Kong — 5.9% | ||||||||
Alibaba Health Information Technology | 119,985 | 91,767 | ||||||
Alibaba Pictures Group Ltd.* | 337,076 | 82,167 | ||||||
Beijing Enterprises Holdings Ltd. | 32,812 | 204,613 | ||||||
Beijing Enterprises Water Group Ltd.* | 356,209 | 278,409 | ||||||
Brilliance China Automotive Holdings Ltd. | 81,077 | 103,105 | ||||||
China Everbright International Ltd. | 186,662 | 282,637 | ||||||
China Everbright Ltd. (a) | 14,933 | 34,398 | ||||||
China Gas Holdings Ltd. | 170,448 | 242,258 | ||||||
China Merchants Holdings International Co. Ltd. | 33,360 | 108,426 | ||||||
China Mobile Ltd. | 278,358 | 3,162,894 | ||||||
China Overseas Land & Investment Ltd. | 237,866 | 788,443 | ||||||
China Power International Development Ltd. | 62,652 | 33,373 | ||||||
China Resources Beer (Holdings) Co. Ltd. (a) | 70,136 | 136,410 | ||||||
China Resources Gas Group Ltd. | 51,991 | 145,175 | ||||||
China Resources Land Ltd. | 73,178 | 196,785 | ||||||
China Resources Power Holdings Co. Ltd. | 121,679 | 229,126 | ||||||
China State Construction International Holdings Ltd. | 121,675 | 183,608 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 46,029 | 138,619 | ||||||
China Unicom (Hong Kong) Ltd. | 191,233 | 236,777 | ||||||
CITIC Ltd. | 73,292 | 128,558 | ||||||
Far East Horizon Ltd. | 12,182 | 10,574 | ||||||
GCL-Poly Energy Holdings Ltd.*(a) | 408,857 | 77,516 | ||||||
Goldin Properties Holdings Ltd.*(a) | 77,201 | 60,738 | ||||||
Guangdong Investment Ltd. | 245,534 | 335,044 | ||||||
Haier Electronics Group Co. Ltd. | 26,687 | 47,843 | ||||||
Hanergy Thin Film Power Group Ltd.* | 792,724 | 353,367 | ||||||
Kunlun Energy Co. Ltd. | 219,820 | 192,505 | ||||||
New World China Land Ltd. | 362,917 | 249,014 | ||||||
Nine Dragons Paper Holdings Ltd. | 241,109 | 140,247 | ||||||
Shanghai Industrial Holdings Ltd. | 75,568 | 197,364 | ||||||
Shimao Property Holdings Ltd. | 62,657 | 104,570 | ||||||
Sino Biopharmaceutical Ltd. | 471,577 | 444,606 | ||||||
Sun Art Retail Group Ltd. | 16,710 | 13,125 | ||||||
Yuexiu Property Co. Ltd. | 263,963 | 44,258 | ||||||
|
| |||||||
9,078,319 | ||||||||
|
| |||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil and Gas PLC | 3,885 | 178,247 | ||||||
OTP Bank PLC | 16,388 | 338,074 | ||||||
Richter Gedeon Nyrt | 13,359 | 253,795 | ||||||
|
| |||||||
770,116 | ||||||||
|
| |||||||
India — 5.4% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 11,208 | 524,983 | ||||||
ICICI Bank Ltd., ADR | 203,885 | 1,694,284 |
Number | Value | |||||||
India (Continued) | ||||||||
Infosys Ltd., ADR | 53,338 | $ | 889,678 | |||||
Larsen & Toubro Ltd., GDR | 45,642 | 935,661 | ||||||
Reliance Industries Ltd., GDR, 144A | 70,169 | 2,003,325 | ||||||
Tata Motors Ltd., ADR* | 42,044 | 1,327,329 | ||||||
Wipro Ltd., ADR | 73,878 | 927,169 | ||||||
|
| |||||||
8,302,429 | ||||||||
|
| |||||||
Indonesia — 2.7% | ||||||||
PT Astra Agro Lestari Tbk | 69,820 | 85,540 | ||||||
PT Astra International Tbk | 1,033,311 | 442,527 | ||||||
PT Bank Central Asia Tbk | 596,257 | 533,334 | ||||||
PT Bank Danamon Indonesia Tbk | 370,798 | 75,714 | ||||||
PT Bank Mandiri Persero Tbk | 343,939 | 211,311 | ||||||
PT Bank Negara Indonesia Persero Tbk | 386,649 | 133,308 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 409,498 | 318,926 | ||||||
PT Bumi Serpong Damai Tbk | 298,812 | 36,393 | ||||||
PT Charoen Pokphand Indonesia Tbk | 136,857 | 31,308 | ||||||
PT Gudang Garam Tbk | 35,979 | 127,168 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 120,724 | 163,176 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 16,092 | 14,685 | ||||||
PT Indofood Sukses Makmur Tbk | 66,115 | 23,297 | ||||||
PT Kalbe Farma Tbk | 892,440 | 86,115 | ||||||
PT Lippo Karawaci Tbk | 1,555,865 | 144,509 | ||||||
PT Matahari Department Store Tbk | 153,898 | 174,088 | ||||||
PT Media Nusantara Citra Tbk | 902 | 106 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 865,211 | 166,038 | ||||||
PT Semen Indonesia Persero Tbk | 163,048 | 125,218 | ||||||
PT Summarecon Agung Tbk | 357,591 | 40,063 | ||||||
PT Surya Citra Media Tbk | 129,141 | 28,283 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 2,518,681 | 533,411 | ||||||
PT Tower Bersama Infrastructure Tbk* | 166,658 | 73,180 | ||||||
PT Unilever Indonesia Tbk | 133,780 | 355,361 | ||||||
PT United Tractors Tbk | 140,282 | 165,276 | ||||||
PT XL Axiata Tbk* | 265,901 | 66,499 | ||||||
|
| |||||||
4,154,834 | ||||||||
|
| |||||||
Malaysia — 3.4% | ||||||||
AirAsia Bhd | 100,000 | 31,895 | ||||||
Alliance Financial Group Bhd | 48,600 | 40,804 | ||||||
AMMB Holdings Bhd | 88,200 | 94,943 | ||||||
Axiata Group Bhd | 16,900 | 24,296 | ||||||
Berjaya Sports Toto Bhd | 15,016 | 10,882 | ||||||
British American Tobacco Malaysia Bhd | 19,800 | 268,674 | ||||||
CIMB Group Holdings Bhd | 103,100 | 108,806 | ||||||
Dialog Group Bhd | 800 | 306 | ||||||
DiGi.Com Bhd | 226,100 | 265,127 | ||||||
Genting Bhd | 13,900 | 23,471 | ||||||
Genting Malaysia Bhd | 160,900 | 166,032 | ||||||
Hong Leong Bank Bhd | 81,000 | 257,589 | ||||||
IHH Healthcare Bhd | 49,000 | 72,856 | ||||||
IOI Corp. Bhd | 199,700 | 203,728 | ||||||
IOI Properties Group Bhd | 88,466 | 45,644 | ||||||
Kuala Lumpur Kepong Bhd | 32,000 | 172,158 | ||||||
Lafarge Malaysia Bhd | 96,800 | 206,585 | ||||||
Malayan Banking Bhd | 195,800 | 382,049 | ||||||
Malaysia Airports Holdings Bhd | 1,700 | 2,161 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Malaysia (Continued) | ||||||||
Maxis Bhd | 192,200 | $ | 295,692 | |||||
Petronas Chemicals Group Bhd | 177,500 | 280,570 | ||||||
Petronas Dagangan Bhd | 28,700 | 168,269 | ||||||
Petronas Gas Bhd | 33,200 | 178,458 | ||||||
Public Bank Bhd | 158,400 | 682,784 | ||||||
RHB Capital Bhd | 21,700 | 28,296 | ||||||
Sime Darby Bhd | 130,000 | 241,159 | ||||||
Telekom Malaysia Bhd | 145,700 | 222,445 | ||||||
Tenaga Nasional Bhd | 118,400 | 370,972 | ||||||
UMW Holdings Bhd | 112,900 | 211,290 | ||||||
Westports Holdings Bhd | 5,700 | 5,748 | ||||||
YTL Corp. Bhd | 258,793 | 95,894 | ||||||
YTL Power International Bhd | 179,870 | 65,384 | ||||||
|
| |||||||
5,224,967 | ||||||||
|
| |||||||
Malta — 0.2% | ||||||||
Brait SE*(a) | 24,761 | 274,605 | ||||||
|
| |||||||
Mexico — 5.1% | ||||||||
Alfa SAB de CV, Class A | 154,882 | 313,253 | ||||||
America Movil SAB de CV, Series L (a) | 1,531,009 | 1,240,267 | ||||||
Arca Continental SAB de CV | 40,709 | 256,238 | ||||||
Cemex SAB de CV* | 722,952 | 458,325 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 19,678 | 152,028 | ||||||
Controladora Comercial Mexicana SAB de CV | 15,943 | 50,488 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,793 | 23,706 | ||||||
Fibra Uno Administracion SA de CV REIT | 86,744 | 201,500 | ||||||
Fomento Economico Mexicano SAB de CV | 97,168 | 940,308 | ||||||
Gentera SAB de CV | 44,904 | 87,922 | ||||||
Gruma SAB de CV, Class B | 6,244 | 90,879 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3,489 | 31,737 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 4,387 | 66,423 | ||||||
Grupo Bimbo SAB de CV, Series A* | 89,737 | 248,346 | ||||||
Grupo Carso SAB de CV, Series A1 | 30,806 | 136,412 | ||||||
Grupo Comercial Chedraui SA de CV | 12,074 | 32,796 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 123,477 | 666,533 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 169,825 | 324,832 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 101,818 | 197,823 | ||||||
Grupo Lala SAB de CV | 10,252 | 24,884 | ||||||
Grupo Mexico SAB de CV, Series B | 204,405 | 447,445 | ||||||
Grupo Televisa SAB, Series CPO | 102,444 | 576,849 | ||||||
Industrias Penoles SAB de CV | 6,788 | 84,929 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 63,003 | 148,859 | ||||||
Mexichem SAB de CV | 32,944 | 81,554 | ||||||
OHL Mexico SAB de CV* | 34,832 | 41,580 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 8,430 | 102,508 | ||||||
Wal-Mart de Mexico SAB de CV | 317,869 | 841,349 | ||||||
|
| |||||||
7,869,773 | ||||||||
|
|
Number | Value | |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR* | 6,412 | $ | 30,393 | |||||
Credicorp Ltd. | 1,486 | 156,936 | ||||||
|
| |||||||
187,329 | ||||||||
|
| |||||||
Philippines — 1.8% | ||||||||
Aboitiz Equity Ventures, Inc. | 81,990 | 98,444 | ||||||
Aboitiz Power Corp. | 193,600 | 172,490 | ||||||
Ayala Corp. | 4,040 | 63,677 | ||||||
Ayala Land, Inc. | 465,100 | 333,976 | ||||||
Bank of the Philippine Islands | 100,330 | 177,716 | ||||||
BDO Unibank, Inc. | 98,759 | 211,597 | ||||||
Energy Development Corp. | 824,700 | 108,467 | ||||||
Globe Telecom, Inc. | 2,990 | 126,856 | ||||||
GT Capital Holdings, Inc. | 2,575 | 69,100 | ||||||
International Container Terminal Services, Inc. | 860 | 1,341 | ||||||
JG Summit Holdings, Inc. | 66,360 | 99,596 | ||||||
Jollibee Foods Corp. | 13,690 | 58,373 | ||||||
Megaworld Corp. | 300,000 | 28,256 | ||||||
Metro Pacific Investments Corp. | 286,700 | 31,869 | ||||||
Metropolitan Bank & Trust Company | 101,489 | 173,311 | ||||||
Philippine Long Distance Telephone Co. | 5,475 | 238,094 | ||||||
SM Investments Corp. | 9,760 | 174,951 | ||||||
SM Prime Holdings, Inc. | 180,800 | 82,461 | ||||||
Universal Robina Corp. | 110,660 | 474,190 | ||||||
|
| |||||||
2,724,765 | ||||||||
|
| |||||||
Poland — 1.5% | ||||||||
Bank Pekao SA | 9,485 | 321,679 | ||||||
Bank Zachodni WBK SA* | 2,577 | 166,186 | ||||||
CCC SA | 2,448 | 96,319 | ||||||
Cyfrowy Polsat SA* | 38,879 | 231,482 | ||||||
Grupa Azoty SA* | 397 | 10,605 | ||||||
LPP SA | 121 | 203,850 | ||||||
Orange Polska SA | 28,568 | 47,789 | ||||||
PGE Polska Grupa Energetyczna SA | 92,593 | 303,828 | ||||||
Polski Koncern Naftowy Orlen SA | 8,478 | 142,515 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 59,754 | 79,701 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 41,431 | 276,306 | ||||||
Powszechny Zaklad Ubezpieczen SA | 45,669 | 436,229 | ||||||
|
| |||||||
2,316,489 | ||||||||
|
| |||||||
Qatar — 0.6% | ||||||||
Ezdan Holding Group QSC | 35,670 | 156,609 | ||||||
Gulf International Services QSC | 2,361 | 30,469 | ||||||
Industries Qatar QSC | 7,080 | 195,373 | ||||||
Masraf Al Rayan | 10,511 | 103,034 | ||||||
Qatar Islamic Bank SAQ | 484 | 15,482 | ||||||
Qatar National Bank SAQ | 10,058 | 441,873 | ||||||
Vodafone Qatar QSC | 6,819 | 22,918 | ||||||
|
| |||||||
965,758 | ||||||||
|
| |||||||
Russia — 3.4% | ||||||||
Gazprom PAO, ADR | 117,916 | 487,111 | ||||||
Lukoil PJSC, ADR | 14,736 | 567,778 | ||||||
Magnit PJSC, GDR | 19,696 | 949,741 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Russia (Continued) | ||||||||
MegaFon PJSC, GDR | 21,446 | $ | 324,907 | |||||
Mobile TeleSystems PJSC, ADR | 49,050 | 345,803 | ||||||
NovaTek OAO, GDR | 8,445 | 790,452 | ||||||
Rosneft Oil Co. OJSC, GDR | 129,013 | 518,632 | ||||||
Severstal PAO, GDR | 26,253 | 280,907 | ||||||
Sistema JSFC, GDR | 26,193 | 175,493 | ||||||
Surgutneftegas OJSC, ADR | 74,070 | 370,350 | ||||||
VTB Bank PJSC, GDR | 155,315 | 331,132 | ||||||
|
| |||||||
5,142,306 | ||||||||
|
| |||||||
South Africa — 6.9% | ||||||||
Anglo American Platinum Ltd.* | 3,401 | 47,053 | ||||||
AngloGold Ashanti Ltd.* | 25,455 | 160,802 | ||||||
Aspen Pharmacare Holdings Ltd.* | 13,610 | 294,315 | ||||||
Barclays Africa Group Ltd. | 13,460 | 147,943 | ||||||
Barloworld Ltd. | 3,766 | 19,914 | ||||||
Bidvest Group Ltd. (The) | 11,648 | 271,572 | ||||||
Capitec Bank Holdings Ltd. | 4,133 | 171,541 | ||||||
Coronation Fund Managers Ltd. | 5,796 | 24,365 | ||||||
Discovery Ltd. | 12,276 | 122,488 | ||||||
Exxaro Resources Ltd. | 14,749 | 45,912 | ||||||
FirstRand Ltd. | 146,285 | 475,811 | ||||||
Foschini Group Ltd. (The) | 7,954 | 71,259 | ||||||
Gold Fields Ltd. | 52,004 | 132,312 | ||||||
Growthpoint Properties Ltd. REIT | 85,857 | 143,313 | ||||||
Hyprop Investments Ltd. REIT | 8,894 | 74,113 | ||||||
Impala Platinum Holdings Ltd.*(a) | 31,087 | 67,997 | ||||||
Imperial Holdings Ltd. | 5,304 | 55,751 | ||||||
Investec Ltd. | 8,112 | 67,899 | ||||||
Liberty Holdings Ltd. | 2,940 | 26,388 | ||||||
Life Healthcare Group Holdings Ltd. (a) | 31,904 | 78,789 | ||||||
Massmart Holdings Ltd. | 2,021 | 16,147 | ||||||
Mediclinic International Ltd. | 19,925 | 158,507 | ||||||
MMI Holdings Ltd. | 39,913 | 65,325 | ||||||
Mondi Ltd. | 7,043 | 160,129 | ||||||
Mr Price Group Ltd. (a) | 8,533 | 118,651 | ||||||
MTN Group Ltd. | 72,590 | 728,913 | ||||||
Naspers Ltd., Class N | 17,563 | 2,617,976 | ||||||
Nedbank Group Ltd. | 6,707 | 97,872 | ||||||
Netcare Ltd. | 47,203 | 117,550 | ||||||
Pick N Pay Stores Ltd. | 2,282 | 10,324 | ||||||
Pioneer Foods Group Ltd. | 1,794 | 20,911 | ||||||
PSG Group Ltd. | 6,840 | 127,805 | ||||||
Rand Merchant Insurance Holdings Ltd. | 20,300 | 59,274 | ||||||
Redefine Properties Ltd. REIT | 149,260 | 108,930 | ||||||
Remgro Ltd. | 19,669 | 353,201 | ||||||
Resilient REIT Ltd. REIT | 12,284 | 105,794 | ||||||
RMB Holdings Ltd. | 26,706 | 112,895 | ||||||
Sanlam Ltd. | 70,195 | 299,115 | ||||||
Sappi Ltd.* | 34,409 | 149,004 | ||||||
Sasol Ltd. | 27,895 | 776,799 | ||||||
Shoprite Holdings Ltd. | 16,848 | 165,462 | ||||||
SPAR Group Ltd. (The) | 4,417 | 55,485 | ||||||
Standard Bank Group Ltd. | 52,498 | 471,523 | ||||||
Steinhoff International Holdings Ltd. (a) | 97,889 | 548,493 | ||||||
Telkom SA SOC Ltd. | 8,375 | 35,809 | ||||||
Tiger Brands Ltd. | 4,759 | 109,685 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Truworths International Ltd. | 15,356 | $ | 100,394 | |||||
Vodacom Group Ltd. (a) | 19,622 | 198,175 | ||||||
Woolworths Holdings Ltd. | 40,139 | 283,217 | ||||||
|
| |||||||
10,672,902 | ||||||||
|
| |||||||
South Korea — 15.1% | ||||||||
Amorepacific Corp. | 1,447 | 504,179 | ||||||
AMOREPACIFIC Group | 752 | 99,678 | ||||||
BGF Retail Co. Ltd. | 713 | 110,516 | ||||||
BNK Financial Group, Inc. | 4,516 | 37,944 | ||||||
Celltrion, Inc.* | 4,348 | 324,021 | ||||||
Cheil Worldwide, Inc.* | 1,592 | 28,113 | ||||||
CJ CheilJedang Corp. | 152 | 47,317 | ||||||
CJ Corp. | 429 | 93,724 | ||||||
Coway Co. Ltd. | 4,744 | 346,158 | ||||||
Daelim Industrial Co. Ltd. | 54 | 3,367 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 12,550 | 67,299 | ||||||
Daewoo International Corp. | 3,706 | 61,284 | ||||||
Daewoo Securities Co. Ltd. | 271 | 2,422 | ||||||
DGB Financial Group, Inc. | 8,396 | 75,401 | ||||||
Dongbu Insurance Co. Ltd. | 2,567 | 137,654 | ||||||
Dongsuh Cos., Inc. | 672 | 21,413 | ||||||
Doosan Corp. | 1,125 | 101,032 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 3,706 | 75,525 | ||||||
E-MART, Inc. | 1,997 | 369,032 | ||||||
GS Engineering & Construction Corp.* | 1,923 | 36,366 | ||||||
Hana Financial Group, Inc. | 11,316 | 249,176 | ||||||
Hankook Tire Co. Ltd. | 1,617 | 64,440 | ||||||
Hanmi Pharm. Co. Ltd.* | 341 | 233,802 | ||||||
Hanmi Science Co. Ltd.* | 725 | 93,282 | ||||||
Hanon Systems | 317 | 12,496 | ||||||
Hanssem Co. Ltd. | 612 | 124,984 | ||||||
Hanwha Chemical Corp. | 6,139 | 131,999 | ||||||
Hanwha Corp. | 4,486 | 141,005 | ||||||
Hanwha Life Insurance Co. Ltd. | 32,908 | 217,104 | ||||||
Hotel Shilla Co. Ltd. | 1,075 | 84,010 | ||||||
Hyosung Corp. | 785 | 78,293 | ||||||
Hyundai Department Store Co. Ltd. | 663 | 72,423 | ||||||
Hyundai Development Co.-Engineering & Construction | 1,569 | 55,549 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 5,314 | 146,610 | ||||||
Hyundai Glovis Co. Ltd. | 417 | 68,777 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 1,176 | 92,004 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 4,483 | 131,232 | ||||||
Hyundai Mobis Co. Ltd. | 3,302 | 711,411 | ||||||
Hyundai Motor Co. | 6,857 | 873,371 | ||||||
Hyundai Steel Co. | 3,301 | 144,804 | ||||||
Hyundai Wia Corp. | 970 | 101,351 | ||||||
Industrial Bank of Korea | 2,163 | 24,842 | ||||||
Kakao Corp. | 957 | 99,663 | ||||||
Kangwon Land, Inc. | 3,728 | 122,974 | ||||||
KB Financial Group, Inc. | 9,993 | 304,178 | ||||||
KCC Corp. | 16 | 6,349 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 550 | 47,969 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
Kia Motors Corp. | 15,337 | $ | 695,300 | |||||
Korea Aerospace Industries Ltd. | 2,569 | 186,122 | ||||||
Korea Electric Power Corp. | 4,737 | 200,230 | ||||||
Korea Investment Holdings Co. Ltd. | 730 | 34,481 | ||||||
Korea Zinc Co. Ltd. | 345 | 135,551 | ||||||
Korean Air Lines Co. Ltd.* | 1,599 | 39,076 | ||||||
KT&G Corp. | 7,398 | 683,551 | ||||||
Kumho Petrochemical Co. Ltd. | 1,273 | 64,637 | ||||||
LG Chem Ltd. | 2,417 | 663,707 | ||||||
LG Corp. | 5,476 | 348,028 | ||||||
LG Display Co. Ltd. | 6,482 | 142,172 | ||||||
LG Electronics, Inc. | 4,813 | 225,262 | ||||||
LG Household & Health Care Ltd. | 652 | 567,520 | ||||||
LG Innotek Co. Ltd. | 109 | 9,375 | ||||||
LG Uplus Corp. | 25,710 | 236,442 | ||||||
Lotte Chemical Corp. | 1,271 | 263,957 | ||||||
Lotte Shopping Co. Ltd. | 964 | 195,622 | ||||||
Mirae Asset Securities Co. Ltd. | 421 | 7,216 | ||||||
NAVER Corp. | 1,122 | 611,357 | ||||||
NCSoft Corp. | 824 | 158,318 | ||||||
Neo Holdings Co. Ltd.* | 26 | 0 | ||||||
OCI Co. Ltd. | 1,125 | 73,928 | ||||||
Orion Corp. | 81 | 79,807 | ||||||
Paradise Co. Ltd. | 459 | 7,967 | ||||||
POSCO | 2,061 | 300,772 | ||||||
S-1 Corp. | 788 | 64,099 | ||||||
Samsung C&T Corp.* | 4,277 | 539,218 | ||||||
Samsung Card Co. Ltd. | 3,735 | 101,434 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,174 | 129,909 | ||||||
Samsung Electronics Co. Ltd. | 4,647 | 5,152,410 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 2,295 | 607,415 | ||||||
Samsung Heavy Industries Co. Ltd. | 9,662 | 96,366 | ||||||
Samsung Life Insurance Co. Ltd. | 6,283 | 558,826 | ||||||
Samsung SDI Co. Ltd. | 3,154 | 326,825 | ||||||
Samsung SDS Co. Ltd. | 1,280 | 288,485 | ||||||
Samsung Securities Co. Ltd. | 709 | 27,091 | ||||||
Shinhan Financial Group Co. Ltd. | 17,982 | 643,628 | ||||||
Shinsegae Co. Ltd. | 97 | 20,982 | ||||||
SK Holdings Co. Ltd. | 2,328 | 542,774 | ||||||
SK Hynix, Inc. | 23,890 | 651,892 | ||||||
SK Innovation Co. Ltd.* | 1,463 | 161,075 | ||||||
SK Networks Co. Ltd. | 12,550 | 66,107 | ||||||
SK Telecom Co. Ltd. | 62 | 12,528 | ||||||
S-Oil Corp. | 1,773 | 113,602 | ||||||
Woori Bank | 10,023 | 82,137 | ||||||
Yuhan Corp. | 321 | 76,782 | ||||||
|
| |||||||
23,170,526 | ||||||||
|
| |||||||
Taiwan — 12.0% | ||||||||
Acer, Inc.* | 218,604 | 81,034 | ||||||
Advanced Semiconductor Engineering, Inc. | 329,333 | 346,565 | ||||||
Advantech Co. Ltd. | 22,633 | 148,728 | ||||||
Asia Cement Corp. | 61,772 | 52,325 | ||||||
Asia Pacific Telecom Co. Ltd.* | 100,173 | 31,609 | ||||||
Asustek Computer, Inc. | 36,114 | 298,719 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
AU Optronics Corp. | 550,320 | $ | 147,350 | |||||
Catcher Technology Co. Ltd. | 37,034 | 358,518 | ||||||
Cathay Financial Holding Co. Ltd. | 338,593 | 473,524 | ||||||
Chailease Holding Co. Ltd. | 53,104 | 89,803 | ||||||
Chang Hwa Commercial Bank Ltd. | 7,833 | 3,839 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 62,936 | 105,465 | ||||||
Chicony Electronics Co. Ltd. | 30,679 | 70,772 | ||||||
China Airlines Ltd.* | 154,727 | 51,193 | ||||||
China Life Insurance Co. Ltd./Taiwan | 161,231 | 130,893 | ||||||
China Steel Corp. | 397,690 | 221,128 | ||||||
Chunghwa Telecom Co. Ltd. | 185,932 | 568,471 | ||||||
Compal Electronics, Inc. | 210,484 | 116,713 | ||||||
CTBC Financial Holding Co. Ltd. | 676,696 | 354,497 | ||||||
Delta Electronics, Inc. | 98,779 | 473,590 | ||||||
E.Sun Financial Holding Co. Ltd. | 287,405 | 173,014 | ||||||
Eclat Textile Co. Ltd. | 10,401 | 139,882 | ||||||
EVA Airways Corp.* | 126,061 | 63,336 | ||||||
Evergreen Marine Corp. (Taiwan) Ltd. | 99,735 | 39,568 | ||||||
Far Eastern New Century Corp. | 90,152 | 72,913 | ||||||
Far EasTone Telecommunications Co. Ltd. | 85,625 | 180,211 | ||||||
Feng Tay Enterprise Co. Ltd. | 23,141 | 127,254 | ||||||
First Financial Holding Co. Ltd. | 244,906 | 114,042 | ||||||
Formosa Chemicals & Fibre Corp. | 98,787 | 213,662 | ||||||
Formosa Plastics Corp. | 147,678 | 333,431 | ||||||
Formosa Taffeta Co. Ltd. | 9,077 | 8,467 | ||||||
Foxconn Technology Co. Ltd. | 73,050 | 163,815 | ||||||
Fubon Financial Holding Co. Ltd. | 309,105 | 492,417 | ||||||
Giant Manufacturing Co. Ltd. | 11,448 | 77,332 | ||||||
Hermes Microvision, Inc. | 2,591 | 92,473 | ||||||
Highwealth Construction Corp. | 60,410 | 73,935 | ||||||
Hiwin Technologies Corp. | 14,698 | 68,668 | ||||||
Hon Hai Precision Industry Co. Ltd. | 743,728 | 1,913,889 | ||||||
Hotai Motor Co. Ltd. | 10,801 | 116,805 | ||||||
HTC Corp. | 47,685 | 118,475 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 142,117 | 66,396 | ||||||
Innolux Corp. | 200,301 | 61,302 | ||||||
Inotera Memories, Inc.* | 149,651 | 101,320 | ||||||
Inventec Corp. | 123,791 | 72,055 | ||||||
Largan Precision Co. Ltd. | 5,019 | 386,704 | ||||||
Lite-On Technology Corp. | 95,455 | 97,964 | ||||||
MediaTek, Inc. | 64,557 | 515,198 | ||||||
Mega Financial Holding Co. Ltd. | 339,444 | 233,977 | ||||||
Merida Industry Co. Ltd. | 9,507 | 52,862 | ||||||
Nan Ya Plastics Corp. | 202,520 | 363,571 | ||||||
Novatek Microelectronics Corp. | 28,641 | 103,975 | ||||||
Pegatron Corp. | 106,291 | 280,364 | ||||||
Phison Electronics Corp. | 8,451 | 64,466 | ||||||
Pou Chen Corp. | 117,029 | 155,778 | ||||||
Powertech Technology, Inc. | 39,496 | 85,303 | ||||||
President Chain Store Corp. | 14,100 | 90,279 | ||||||
Quanta Computer, Inc. | 131,586 | 205,591 | ||||||
Radiant Opto-Electronics Corp. | 25,135 | 65,760 | ||||||
Realtek Semiconductor Corp. | 26,909 | 55,562 | ||||||
Ruentex Development Co. Ltd. | 7,142 | 9,485 | ||||||
Ruentex Industries Ltd. | 1,143 | 2,217 | ||||||
Siliconware Precision Industries Co. Ltd. | 147,684 | 194,547 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Simplo Technology Co. Ltd. | 16,518 | $ | 56,676 | |||||
SinoPac Financial Holdings Co. Ltd. | 324,276 | 100,337 | ||||||
Standard Foods Corp. | 6,088 | 14,305 | ||||||
Synnex Technology International Corp. | 71,138 | 68,976 | ||||||
Taishin Financial Holding Co. Ltd. | 179,933 | 63,943 | ||||||
Taiwan Business Bank* | 82,898 | 20,876 | ||||||
Taiwan Cement Corp. | 89,972 | 81,174 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 185,553 | 79,014 | ||||||
Taiwan Fertilizer Co. Ltd. | 2,888 | 3,557 | ||||||
Taiwan Mobile Co. Ltd. | 83,625 | 252,602 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,143,551 | 4,869,603 | ||||||
Teco Electric & Machinery Co. Ltd. | 44,836 | 34,957 | ||||||
Transcend Information, Inc. | 18,181 | 47,511 | ||||||
Uni-President Enterprises Corp. | 183,801 | 302,938 | ||||||
United Microelectronics Corp. | 617,452 | 224,153 | ||||||
Vanguard International Semiconductor Corp. | 58,577 | 70,884 | ||||||
Wistron Corp. | 103,812 | 54,224 | ||||||
WPG Holdings Ltd. | 86,521 | 83,759 | ||||||
Zhen Ding Technology Holding Ltd. | 22,735 | 64,565 | ||||||
|
| |||||||
18,467,055 | ||||||||
|
| |||||||
Thailand — 1.8% | ||||||||
Bangkok Bank PCL, NVDR | 80,500 | 376,221 | ||||||
Indorama Ventures PCL, NVDR | 562,300 | 357,713 | ||||||
IRPC PCL, NVDR | 1,809,979 | 212,107 | ||||||
Kasikornbank PCL, NVDR | 96,800 | 461,852 | ||||||
Krung Thai Bank PCL, NVDR | 995,700 | 472,291 | ||||||
PTT Exploration & Production PCL, NVDR | 65,600 | 119,431 | ||||||
PTT PCL, NVDR | 22,400 | 160,000 | ||||||
Siam Commercial Bank PCL, NVDR | 113,700 | 417,175 | ||||||
Thai Oil PCL, NVDR | 152,300 | 248,592 | ||||||
|
| |||||||
2,825,382 | ||||||||
|
| |||||||
Turkey — 1.8% | ||||||||
Akbank TAS | 88,939 | 211,567 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 8,299 | 56,803 | ||||||
Arcelik AS | 11,467 | 62,191 | ||||||
BIM Birlesik Magazalar AS | 15,928 | 297,975 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 69,099 | 65,938 | ||||||
Enka Insaat ve Sanayi AS | 61,029 | 100,345 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 140,586 | 181,448 | ||||||
Ford Otomotiv Sanayi AS | 8,238 | 92,468 | ||||||
Haci Omer Sabanci Holding AS | 47,625 | 133,234 | ||||||
KOC Holding AS | 22,413 | 92,245 | ||||||
Petkim Petrokimya Holding As* | 9,422 | 14,392 | ||||||
TAV Havalimanlari Holding AS | 8,478 | 61,230 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 8,264 | 54,550 | ||||||
Tupras Turkiye Petrol Rafinerileri AS* | 7,313 | 180,613 | ||||||
Turk Hava Yollari Anonim Ortakligi* | 36,182 | 95,136 | ||||||
Turk Telekomunikasyon AS | 62,778 | 129,295 | ||||||
Turkcell Iletisim Hizmetleri AS | 74,354 | 283,302 | ||||||
Turkiye Garanti Bankasi AS | 106,263 | 267,003 | ||||||
Turkiye Halk Bankasi AS | 20,687 | 77,401 |
Number | Value | |||||||
Turkey (Continued) | ||||||||
Turkiye Is Bankasi, Class C | 100,836 | $ | 163,719 | |||||
Turkiye Vakiflar Bankasi TAO, Class D | 47,064 | 64,297 | ||||||
Ulker Biskuvi Sanayi AS | 6,184 | 39,928 | ||||||
Yapi ve Kredi Bankasi AS | 1,790 | 2,064 | ||||||
|
| |||||||
2,727,144 | ||||||||
|
| |||||||
United Arab Emirates — 0.9% | ||||||||
Abu Dhabi Commercial Bank PJSC | 44,647 | 75,980 | ||||||
Aldar Properties PJSC | 132,963 | 84,717 | ||||||
Arabtec Holding PJSC* | 102,486 | 30,696 | ||||||
DP World Ltd. | 9,700 | 181,390 | ||||||
Dubai Financial Market PJSC | 114,665 | 37,154 | ||||||
Dubai Islamic Bank PJSC | 74,218 | 129,335 | ||||||
Emaar Malls Group PJSC* | 25,155 | 19,589 | ||||||
Emaar Properties PJSC | 181,154 | 284,610 | ||||||
First Gulf Bank PJSC | 122,385 | 399,886 | ||||||
National Bank of Abu Dhabi PJSC | 53,755 | 111,971 | ||||||
|
| |||||||
1,355,328 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 149,380,831 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.8% | ||||||||
Brazil — 1.9% | ||||||||
Banco Bradesco SA | 105,680 | 576,883 | ||||||
Braskem SA, Class A | 12,353 | 83,716 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 9,143 | 24,529 | ||||||
Cia Brasileira de Distribuicao | 7,941 | 100,571 | ||||||
Cia Energetica de Minas Gerais | 45,436 | 77,508 | ||||||
Cia Energetica de Sao Paulo, Class B | 3,572 | 12,427 | ||||||
Cia Paranaense de Energia, Class B | 1,067 | 7,915 | ||||||
Gerdau SA | 42,354 | 66,777 | ||||||
Itau Unibanco Holding SA | 126,206 | 906,504 | ||||||
Itausa — Investimentos Itau SA | 155,069 | 290,579 | ||||||
Lojas Americanas SA | 7,910 | 35,246 | ||||||
Petroleo Brasileiro SA* | 177,804 | 352,483 | ||||||
Suzano Papel e Celulose SA, Class A | 7,478 | 36,723 | ||||||
Telefonica Brasil SA | 18,235 | 174,385 | ||||||
Vale SA | 79,919 | 219,576 | ||||||
|
| |||||||
2,965,822 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 17,651 | 54,025 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 7,118 | 118,601 | ||||||
|
| |||||||
172,626 | ||||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp. | 200 | 40,845 | ||||||
Hyundai Motor Co. — 2nd Preferred | 394 | 37,935 | ||||||
LG Chem Ltd. | 502 | 97,318 | ||||||
Samsung Electronics Co. Ltd. | 968 | 916,133 | ||||||
|
| |||||||
1,092,231 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 15,860 | 112,976 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 4,343,655 | |||||||
|
|
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Malaysia — 0.0% | ||||||||
Hong Leong Bank Bhd*, expires 12/31/15 | 12,960 | $ | 8,054 | |||||
RHB Capital Bhd*, expires 12/31/15 | 4,340 | 0 | ||||||
|
| |||||||
8,054 | ||||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Delta Electronics, Inc.*, expires 12/31/15 | 5,187 | 1,033 | ||||||
Mega Financial Holding Co. Ltd.*, | 27,558 | 1,258 | ||||||
Taiwan Glass Industry Corp.*, | 464 | 0 | ||||||
|
| |||||||
2,291 | ||||||||
|
| |||||||
TOTAL RIGHTS | 10,345 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 1.7% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 2,599,528 | $ | 2,599,528 | |||||
|
| |||||||
TOTAL INVESTMENTS — 101.6% | $ | 156,334,359 | ||||||
Other assets and liabilities, net — (1.6%) | (2,463,632 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 153,870,727 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $184,992,689. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $28,658,330. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,608,917 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $32,267,247. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $2,327,449, which is 1.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
CPO: Ordinary Participation Certificates.
GDR: Global Depositary Receipt.
NVDR: Non Voting Depositary Receipt
OJSC: Open Joint Stock Company.
PJSC: Private Joint Stock Company.
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
At November 30, 2015, open future(s) contract(s) purchased was as follows:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
E-mini MSCI Emerging Markets Index Futures | 4 | $ | 164,000 | 12/18/2015 | $ | 3,360 |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CZK | 1,582,500 | USD | 64,552 | $ | 2,709 | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CZK | 229,800 | USD | 8,975 | (6 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 76 | USD | 84 | 4 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 289,039,563 | USD | 37,297,353 | 18,520 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 14,994,600 | USD | 1,934,300 | 374 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 30,136,000 | USD | 3,888,704 | 1,918 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 859,000 | USD | 110,841 | 52 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 5,998,400 | USD | 774,028 | 385 | ||||||||||||
Bank of Montreal | 12/2/2015 | HUF | 47,160,500 | USD | 167,398 | 7,119 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HUF | 190,696,500 | USD | 677,017 | 28,920 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HUF | 7,216,700 | USD | 24,520 | (7 | ) |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HUF | 13,895,000 | USD | 49,297 | $ | 2,074 | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | PLN | 17,992,000 | USD | 4,666,247 | 213,939 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | PLN | 139,000 | USD | 36,036 | 1,639 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | PLN | 7,822,500 | USD | 1,934,467 | (1,293 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | PLN | 122,000 | USD | 31,622 | 1,432 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | PLN | 151,500 | USD | 37,832 | 341 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 46,128 | HUF | 12,995,500 | (1,962 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 116,080 | HUF | 34,165,000 | 33 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 61,804 | CZK | 1,582,500 | 39 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 37,286,046 | HKD | 289,039,563 | (7,213 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 647,914 | HUF | 190,696,500 | 183 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 4,449,335 | PLN | 17,992,000 | 2,973 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 9,372 | CZK | 229,800 | (392 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 81 | EUR | 76 | — | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 3,887,538 | HKD | 30,136,000 | (752 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 47,210 | HUF | 13,895,000 | 13 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 64,544 | PLN | 261,000 | 43 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 743,920 | HKD | 5,765,200 | (354 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,075,826 | HKD | 16,086,800 | (1,033 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 25,224 | HUF | 7,216,700 | (698 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 52,417 | PLN | 202,100 | (2,406 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,982,189 | PLN | 7,642,500 | (90,974 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 33,354 | PLN | 129,400 | (1,332 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | BRL | 18,292,797 | USD | 4,713,424 | (10,134 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 2,554,375 | USD | 654,632 | (4,957 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 827,000 | USD | 211,997 | (1,551 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 517,000 | USD | 132,820 | (680 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 14,988,050 | USD | 3,860,263 | (9,945 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | CLP | 34,469,500 | USD | 48,209 | (280 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | CLP | 1,993,592,800 | USD | 2,876,259 | 71,844 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CLP | 91,591,000 | USD | 132,166 | 3,324 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CLP | 23,608,500 | USD | 33,236 | 26 | ||||||||||||
Bank of Montreal | 12/3/2015 | COP | 27,485,000 | USD | 8,725 | (14 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | COP | 1,932,085,100 | USD | 665,525 | 51,186 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | COP | 26,502,000 | USD | 9,110 | 684 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | COP | 27,521,000 | USD | 9,484 | 733 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | COP | 326,924,500 | USD | 103,789 | (162 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | EGP | 10,659,002 | USD | 1,296,716 | (57,962 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | EGP | 4,252,000 | USD | 548,560 | 8,163 | ||||||||||||
Bank of Montreal | 12/3/2015 | IDR | 1,031,227,000 | USD | 74,521 | 38 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | IDR | 56,621,179,500 | USD | 4,089,648 | 14 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 7,089,581,000 | USD | 510,777 | (1,290 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | INR | 9,949,500 | USD | 148,945 | (241 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | INR | 644,676,144 | USD | 9,803,469 | 137,046 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | INR | 65,960,946 | USD | 991,819 | 2,786 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | INR | 36,322,000 | USD | 552,006 | 7,386 | ||||||||||||
Bank of Montreal | 12/3/2015 | KRW | 495,908,500 | USD | 428,338 | 153 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | KRW | 26,112,304,000 | USD | 22,866,416 | 320,139 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 55,359,000 | USD | 48,391 | 592 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 2,271,334,000 | USD | 1,988,213 | 27,063 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 3,367,404,900 | USD | 2,947,658 | 40,123 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | MXN | 119,015,000 | USD | 7,184,397 | 6,990 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MXN | 685,000 | USD | 41,358 | 48 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MXN | 7,265,000 | USD | 438,509 | 380 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | MXN | 29,190,262 | USD | 1,761,764 | 1,394 | ||||||||||||
Bank of Montreal | 12/3/2015 | MYR | 418,000 | USD | 98,353 | 345 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | MYR | 22,826,332 | USD | 5,310,302 | (41,769 | ) |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 132,260 | USD | 30,758 | $ | (253 | ) | ||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 738,000 | USD | 171,628 | (1,410 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | PHP | 2,179,000 | USD | 46,263 | 49 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | PHP | 93,717,000 | USD | 1,999,723 | 12,078 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 4,634,000 | USD | 98,869 | 587 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 198,000 | USD | 4,223 | 23 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 37,313,216 | USD | 795,930 | 4,554 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | QAR | 1,199,000 | USD | 329,034 | (158 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | QAR | 101,000 | USD | 27,718 | (13 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | QAR | 3,225,080 | USD | 885,075 | (389 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | RUB | 97,878,155 | USD | 1,519,788 | 45,301 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 1,956,000 | USD | 30,444 | 977 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 78,075,198 | USD | 1,211,219 | 35,054 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 17,651,000 | USD | 273,829 | 7,925 | ||||||||||||
Bank of Montreal | 12/3/2015 | THB | 1,901,000 | USD | 53,044 | 8 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | THB | 119,770,000 | USD | 3,353,024 | 11,608 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 169,000 | USD | 4,729 | 14 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 3,060,000 | USD | 85,648 | 279 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 10,614,960 | USD | 296,176 | 34 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | TRY | 9,388,172 | USD | 3,195,001 | (24,456 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TRY | 582,000 | USD | 198,011 | (1,572 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TRY | 66,000 | USD | 22,419 | (214 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TRY | 722,000 | USD | 248,409 | 816 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | TRY | 369,300 | USD | 125,686 | (957 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | TWD | 10,494,000 | USD | 321,409 | (83 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | TWD | 487,572,884 | USD | 15,004,089 | 66,927 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 31,575,000 | USD | 971,837 | 4,514 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 1,221,000 | USD | 37,569 | 163 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 140,127,406 | USD | 4,312,940 | 20,031 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 49,721 | CLP | 34,469,500 | (1,232 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 9,460 | COP | 27,485,000 | (721 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 74,478 | IDR | 1,031,227,000 | 5 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 151,654 | INR | 9,949,500 | (2,469 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 434,105 | KRW | 495,908,500 | (5,920 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 97,069 | MYR | 418,000 | 939 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 46,545 | PHP | 2,179,000 | (330 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 53,298 | THB | 1,901,000 | (263 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 320,212 | TWD | 10,494,000 | 1,279 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 2,436,783 | ZAR | 35,144,500 | (7,130 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 4,669,508 | BRL | 18,292,797 | 54,050 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 2,804,796 | CLP | 1,993,592,800 | (381 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 613,656 | COP | 1,932,085,100 | 683 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,378,914 | EGP | 10,659,002 | (24,236 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 4,093,196 | IDR | 56,621,179,500 | (3,561 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 9,695,982 | INR | 644,676,144 | (29,558 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 22,588,498 | KRW | 26,112,304,000 | (42,221 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 7,166,990 | MXN | 119,015,000 | 10,418 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 5,371,407 | MYR | 22,826,332 | (19,336 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,987,045 | PHP | 93,717,000 | 599 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 329,219 | QAR | 1,199,000 | (26 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,480,535 | RUB | 97,878,155 | (6,048 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 3,345,858 | THB | 119,770,000 | (4,443 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 3,230,061 | TRY | 9,388,172 | (10,604 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 14,943,847 | TWD | 487,572,884 | (6,684 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 8,809,058 | ZAR | 127,026,616 | (27,296 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 994,813 | BRL | 3,898,375 | 11,823 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 161,946 | CLP | 112,228,500 | (4,072 | ) |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 4,281 | CLP | 2,971,000 | $ | (102 | ) | ||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 131,280 | COP | 380,947,500 | (10,151 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 371,041 | IDR | 5,139,661,500 | 186 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 12,240 | IDR | 169,519,000 | 4 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 128,271 | IDR | 1,780,400,500 | 324 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 1,164,634 | INR | 76,632,946 | (15,582 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 370,000 | INR | 24,309,000 | (5,505 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 20,399 | INR | 1,341,000 | (291 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 1,000,000 | KRW | 1,131,800,000 | (22,764 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 3,942,941 | KRW | 4,562,297,900 | (3,693 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 478,743 | MXN | 7,950,000 | 696 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 204,743 | MYR | 870,260 | (694 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 894,309 | PHP | 42,145,216 | (451 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 27,732 | QAR | 101,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 1,478,555 | RUB | 97,682,198 | (7,020 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 387,786 | THB | 13,843,960 | (1,559 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 222,949 | TRY | 648,000 | (732 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 5,304,724 | TWD | 172,923,406 | (7,086 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 940,361 | ZAR | 13,560,000 | (2,914 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 3,572,389 | BRL | 14,003,050 | 43,473 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 257,887 | BRL | 985,000 | (3,541 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,712 | MXN | 45,700 | 44 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,844 | MXN | 46,700 | (27 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 21,492 | MXN | 354,000 | (143 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 5,806 | MXN | 96,200 | (4 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 771,457 | MXN | 12,811,662 | 1,173 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 955,774 | MXN | 15,836,000 | (756 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 97,424 | QAR | 355,000 | 43 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 788,061 | QAR | 2,870,080 | (65 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 361,778 | TRY | 1,063,000 | 2,754 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 9,936 | TRY | 28,300 | (232 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 12,896 | ZAR | 180,600 | (410 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 133,138 | ZAR | 1,862,600 | (4,370 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 29,648 | ZAR | 421,900 | (481 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,522,885 | ZAR | 21,137,000 | (61,617 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 171,107 | EGP | 1,368,000 | 2,755 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 355,828 | EGP | 2,884,000 | 10,707 | ||||||||||||
Bank of Montreal | 12/3/2015 | ZAR | 35,144,500 | USD | 2,532,253 | 102,599 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | ZAR | 127,026,616 | USD | 9,152,664 | 370,901 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 478,000 | USD | 34,425 | 1,379 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 8,222,169 | USD | 570,192 | 1,767 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 13,082,000 | USD | 942,263 | 37,862 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | ZAR | 15,379,931 | USD | 1,108,098 | 44,834 | ||||||||||||
Bank of Montreal | 12/7/2015 | AED | 1,520,000 | USD | 413,718 | (137 | ) | |||||||||||
JP Morgan & Chase Co. | 12/7/2015 | AED | 2,137,000 | USD | 581,528 | (319 | ) | |||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 1,889,239 | USD | 514,195 | (194 | ) | |||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 263,000 | USD | 71,603 | (5 | ) | |||||||||||
Bank of Montreal | 12/7/2015 | USD | 413,825 | AED | 1,520,000 | 30 | ||||||||||||
JP Morgan & Chase Co. | 12/7/2015 | USD | 581,813 | AED | 2,137,000 | 34 | ||||||||||||
State Street Bank & Trust Co. | 12/7/2015 | USD | 71,607 | AED | 263,000 | — | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | USD | 164,119 | AED | 603,000 | 62 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | USD | 350,183 | AED | 1,286,239 | 25 | ||||||||||||
Bank of Montreal | 1/5/2016 | AED | 1,520,000 | USD | 413,718 | (47 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | AED | 2,137,000 | USD | 581,513 | (208 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | AED | 1,286,239 | USD | 350,094 | (38 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | CZK | 1,582,500 | USD | 61,804 | (171 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 76 | USD | 81 | — |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HKD | 289,039,563 | USD | 37,290,856 | $ | 5,407 | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 30,136,000 | USD | 3,888,090 | 614 | ||||||||||||
Bank of Montreal | 1/5/2016 | HUF | 34,165,000 | USD | 116,060 | (46 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HUF | 190,696,500 | USD | 647,748 | (310 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HUF | 21,074,000 | USD | 71,544 | (73 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HUF | 13,895,000 | USD | 47,202 | (19 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | PLN | 17,992,000 | USD | 4,446,147 | (2,430 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | PLN | 261,000 | USD | 64,501 | (32 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | TRY | 9,388,172 | USD | 3,199,350 | 12,975 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | TRY | 648,000 | USD | 220,823 | 890 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | TRY | 29,000 | USD | 9,850 | 7 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 73,506 | AED | 270,000 | (8 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 8,989 | CZK | 229,800 | 10 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 1,934,575 | HKD | 14,994,600 | (305 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 5,290 | HKD | 41,000 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 1,444,252 | HKD | 11,193,000 | (380 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 24,515 | HUF | 7,216,700 | 10 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 142,155 | PLN | 575,000 | 16 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 1,933,180 | PLN | 7,822,500 | 957 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 6,931 | PLN | 28,000 | (7 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 167,284 | TRY | 491,000 | (637 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 246,040 | TRY | 722,000 | (991 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | USD | 71,584 | AED | 263,000 | 8 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | BRL | 18,292,797 | USD | 4,624,298 | (47,972 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | BRL | 3,898,375 | USD | 985,683 | (10,024 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | BRL | 14,003,050 | USD | 3,536,302 | (40,298 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | CLP | 1,993,592,800 | USD | 2,794,613 | 361 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CLP | 2,911,000 | USD | 4,077 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | COP | 1,932,085,100 | USD | 612,099 | (1,185 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | EGP | 10,659,002 | USD | 1,296,716 | 14,585 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | IDR | 56,621,179,500 | USD | 4,064,402 | 8,230 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | IDR | 5,139,661,500 | USD | 368,514 | 324 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | IDR | 2,086,505,000 | USD | 149,602 | 131 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | INR | 644,676,144 | USD | 9,637,135 | 30,486 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | INR | 1,067,000 | USD | 15,943 | 43 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | KRW | 26,112,304,000 | USD | 22,558,251 | 36,415 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 202,805,000 | USD | 175,058 | 139 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 4,562,297,900 | USD | 3,938,108 | 3,130 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | MXN | 119,015,000 | USD | 7,150,627 | (9,574 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MXN | 7,950,000 | USD | 477,698 | (591 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | MXN | 12,811,662 | USD | 769,635 | (1,142 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | MYR | 22,826,332 | USD | 5,372,671 | 33,172 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MYR | 870,260 | USD | 204,912 | 1,342 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | PHP | 93,717,000 | USD | 1,981,751 | (1,379 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | PHP | 42,145,216 | USD | 891,849 | 21 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | QAR | 1,199,000 | USD | 328,717 | (189 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | QAR | 101,000 | USD | 27,706 | — | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | QAR | 2,870,080 | USD | 787,262 | (50 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | THB | 119,770,000 | USD | 3,341,545 | 4,174 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | TWD | 487,572,884 | USD | 14,931,033 | (8,792 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | TWD | 172,923,406 | USD | 5,299,035 | 452 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 48,055 | CLP | 34,469,500 | 258 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 8,709 | COP | 27,485,000 | 16 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 74,291 | IDR | 1,031,227,000 | (417 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 148,235 | INR | 9,949,500 | 28 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 427,950 | KRW | 495,908,500 | (229 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 98,550 | MYR | 418,000 | (772 | ) |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 1/6/2016 | USD | 46,185 | PHP | 2,179,000 | $ | (75 | ) | ||||||||||
Bank of Montreal | 1/6/2016 | USD | 52,991 | THB | 1,901,000 | (20 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 321,407 | TWD | 10,494,000 | 142 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 81,163 | BRL | 321,000 | 825 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 382,697 | BRL | 1,504,000 | 1,448 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 33,123 | CLP | 23,608,500 | (33 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 99,832 | CLP | 71,155,000 | (100 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 103,654 | COP | 326,924,500 | 119 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 137,516 | COP | 433,727,000 | 158 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 13,758 | COP | 43,254,000 | (28 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 14,882 | IDR | 207,331,000 | (29 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 986,553 | INR | 65,960,946 | (3,635 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 288,887 | INR | 19,315,000 | (1,065 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 109,402 | KRW | 126,914,000 | 61 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 27,862 | MXN | 463,000 | (7 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 109,854 | MXN | 1,828,000 | 122 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 23,546 | MYR | 100,000 | (154 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 4,471 | MYR | 19,000 | (27 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 106,166 | PHP | 5,017,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 132,537 | QAR | 483,000 | (42 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 296,028 | THB | 10,614,960 | (244 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 6,887 | THB | 247,000 | (5 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 13,817 | TWD | 451,000 | 2 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 453,222 | TWD | 14,790,000 | (39 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 71,193 | ZAR | 1,037,000 | 21 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 228,838 | ZAR | 3,320,000 | (845 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 566,606 | ZAR | 8,222,169 | (1,971 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | USD | 530,426 | EGP | 4,252,000 | (18,969 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | USD | 126,491 | EGP | 1,014,000 | (4,521 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | ZAR | 35,144,500 | USD | 2,421,421 | 7,965 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | ZAR | 127,026,616 | USD | 8,753,514 | 30,296 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | ZAR | 13,560,000 | USD | 934,447 | 3,250 | ||||||||||||
JP Morgan & Chase Co. | 1/13/2016 | RUB | 97,878,155 | USD | 1,462,363 | 8,182 | ||||||||||||
State Street Bank & Trust Co. | 1/13/2016 | RUB | 97,682,198 | USD | 1,460,123 | 8,853 | ||||||||||||
State Street Bank & Trust Co. | 1/13/2016 | USD | 344,425 | RUB | 23,042,000 | (2,088 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 1,314,693 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
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 | Phillippine Peso | |
PLN | Polish Zloty | |
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 |
For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 148,229,428 | $ | — | $ | 1,151,403 | $ | 149,380,831 | ||||||||
Preferred Stocks** | 4,343,655 | — | — | 4,343,655 | ||||||||||||
Rights** | 10,345 | — | — | 10,345 | ||||||||||||
Securities Lending Collateral | 2,599,528 | — | — | 2,599,528 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 2,091,202 | — | 2,091,202 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (776,509 | ) | — | (776,509 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts | 3,360 | — | — | 3,360 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 155,186,316 | $ | 1,314,693 | $ | 1,151,403 | $ | 157,652,412 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $903,571 and between Level 3 and Level 1 was $305,399. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Australia — 0.3% | ||||||||
BHP Billiton PLC | 1,010,363 | $ | 12,126,425 | |||||
|
| |||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 37,313 | 1,957,939 | ||||||
Erste Group Bank AG* | 133,643 | 4,100,449 | ||||||
OMV AG | 70,451 | 2,010,855 | ||||||
Raiffeisen Bank International AG* | 54,883 | 858,779 | ||||||
Voestalpine AG | 54,399 | 1,770,232 | ||||||
|
| |||||||
10,698,254 | ||||||||
|
| |||||||
Belgium — 2.2% | ||||||||
Ageas | 96,345 | 4,214,737 | ||||||
Anheuser-Busch InBev NV | 384,671 | 49,563,254 | ||||||
Colruyt SA | 33,718 | 1,670,795 | ||||||
Delhaize Group | 49,639 | 4,973,445 | ||||||
Groupe Bruxelles Lambert SA | 38,594 | 3,171,177 | ||||||
KBC Groep NV | 119,913 | 7,158,191 | ||||||
Proximus SA | 72,766 | 2,403,674 | ||||||
Solvay SA | 28,363 | 3,267,882 | ||||||
Telenet Group Holding NV* | 25,174 | 1,374,825 | ||||||
UCB SA | 60,480 | 5,400,821 | ||||||
Umicore SA | 45,541 | 1,883,508 | ||||||
|
| |||||||
85,082,309 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC (a) | 184,731 | 1,411,976 | ||||||
|
| |||||||
Denmark — 2.8% | ||||||||
A.P. Moeller — Maersk A/S, Class A | 1,825 | 2,737,093 | ||||||
A.P. Moeller — Maersk A/S, Class B | 3,298 | 5,035,008 | ||||||
Carlsberg A/S, Class B | 51,172 | 4,351,872 | ||||||
Chr Hansen Holding A/S | 47,300 | 2,968,203 | ||||||
Coloplast A/S, Class B (a) | 53,147 | 4,312,848 | ||||||
Danske Bank A/S | 337,749 | 9,064,294 | ||||||
DSV A/S | 92,087 | 3,581,208 | ||||||
ISS A/S | 71,055 | 2,478,505 | ||||||
Novo Nordisk A/S, Class B | 937,346 | 51,639,288 | ||||||
Novozymes A/S, Class B | 111,619 | 5,366,716 | ||||||
Pandora A/S | 52,653 | 6,241,361 | ||||||
TDC A/S | 388,441 | 2,040,387 | ||||||
Tryg A/S | 56,000 | 1,090,489 | ||||||
Vestas Wind Systems A/S | 107,191 | 6,993,704 | ||||||
William Demant Holding A/S* (a) | 11,474 | 1,101,730 | ||||||
|
| |||||||
109,002,706 | ||||||||
|
| |||||||
Finland — 1.3% | ||||||||
Elisa OYJ | 68,041 | 2,534,787 | ||||||
Fortum OYJ (a) | 212,486 | 3,102,608 | ||||||
Kone OYJ, Class B (a) | 161,161 | 6,877,370 | ||||||
Metso OYJ (a) | 52,816 | 1,311,360 | ||||||
Neste OYJ | 61,328 | 1,767,631 | ||||||
Nokia OYJ | 1,759,623 | 12,707,108 | ||||||
Nokian Renkaat OYJ (a) | 54,768 | 2,149,682 | ||||||
Orion OYJ, Class B | 48,713 | 1,626,889 | ||||||
Sampo OYJ, Class A | 213,853 | 10,601,368 | ||||||
Stora Enso OYJ, Class R | 263,498 | 2,603,020 | ||||||
UPM-Kymmene OYJ | 255,326 | 4,874,631 |
Number | Value | |||||||
Finland (Continued) | ||||||||
Wartsila OYJ Abp (a) | 70,766 | $ | 3,180,612 | |||||
|
| |||||||
53,337,066 | ||||||||
|
| |||||||
France — 15.0% | ||||||||
Accor SA | 100,506 | 4,241,199 | ||||||
Aeroports de Paris | 14,202 | 1,608,544 | ||||||
Air Liquide SA | 164,572 | 20,082,903 | ||||||
Airbus Group SE | 282,572 | 20,432,791 | ||||||
Alcatel-Lucent* | 1,351,252 | 5,322,318 | ||||||
Alstom SA* (a) | 103,780 | 3,225,307 | ||||||
Arkema SA | 31,968 | 2,303,163 | ||||||
Atos SE | 41,833 | 3,424,942 | ||||||
AXA SA | 935,700 | 25,318,313 | ||||||
BNP Paribas SA | 506,723 | 30,039,967 | ||||||
Bollore SA | 415,150 | 1,911,090 | ||||||
Bouygues SA | 96,956 | 3,649,884 | ||||||
Bureau Veritas SA | 126,865 | 2,613,085 | ||||||
Cap Gemini SA | 78,246 | 7,218,790 | ||||||
Carrefour SA | 264,949 | 8,168,384 | ||||||
Casino Guichard-Perrachon SA | 27,070 | 1,547,870 | ||||||
Christian Dior SE | 26,080 | 4,772,479 | ||||||
Cie de Saint-Gobain | 233,227 | 10,307,545 | ||||||
Cie Generale des Etablissements Michelin | 89,242 | 8,947,961 | ||||||
CNP Assurances | 80,412 | 1,119,760 | ||||||
Credit Agricole SA | 504,924 | 6,092,291 | ||||||
Danone SA | 281,981 | 19,761,432 | ||||||
Dassault Systemes SA | 61,092 | 4,862,290 | ||||||
Edenred | 99,375 | 2,059,463 | ||||||
Electricite de France (a) | 115,671 | 1,723,797 | ||||||
Engie | 698,988 | 12,178,083 | ||||||
Essilor International SA | 98,223 | 12,821,667 | ||||||
Eurazeo SA | 19,105 | 1,284,392 | ||||||
Eutelsat Communications SA (a) | 81,433 | 2,430,566 | ||||||
Fonciere des Regions REIT | 14,055 | 1,246,637 | ||||||
Gecina SA REIT | 16,616 | 2,006,602 | ||||||
Groupe Eurotunnel SE | 223,640 | 2,857,879 | ||||||
Hermes International | 12,625 | 4,445,188 | ||||||
ICADE REIT | 15,665 | 1,105,262 | ||||||
Iliad SA | 12,583 | 2,806,474 | ||||||
Imerys SA | 16,867 | 1,143,202 | ||||||
Ingenico Group | 26,258 | 3,305,554 | ||||||
JCDecaux SA | 34,772 | 1,289,144 | ||||||
Kering | 36,242 | 6,262,551 | ||||||
Klepierre REIT | 105,266 | 4,777,943 | ||||||
Lagardere SCA | 56,457 | 1,666,009 | ||||||
Legrand SA | 127,227 | 7,484,574 | ||||||
L’Oreal SA | 120,489 | 21,335,851 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 133,661 | 22,418,523 | ||||||
Natixis SA | 448,926 | 2,722,546 | ||||||
Numericable-SFR SAS* | 52,411 | 2,244,058 | ||||||
Orange SA (a) | 950,371 | 16,427,256 | ||||||
Pernod Ricard SA (a) | 101,576 | 11,558,337 | ||||||
Peugeot SA* | 211,858 | 3,785,097 | ||||||
Publicis Groupe SA | 90,377 | 5,702,513 | ||||||
Remy Cointreau SA (a) | 11,413 | 809,598 | ||||||
Renault SA | 91,953 | 9,279,046 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Rexel SA | 144,394 | $ | 1,977,927 | |||||
Safran SA (a) | 139,647 | 10,310,342 | ||||||
Sanofi | 564,966 | 50,367,500 | ||||||
Schneider Electric SE | 267,038 | 16,928,282 | ||||||
SCOR SE | 73,471 | 2,881,459 | ||||||
Societe BIC SA | 13,758 | 2,263,250 | ||||||
Societe Generale SA | 347,056 | 16,566,636 | ||||||
Sodexo SA | 45,100 | 4,458,157 | ||||||
Suez Environnement Co. | 142,374 | 2,699,372 | ||||||
Technip SA | 50,173 | 2,629,831 | ||||||
Thales SA | 50,061 | 3,727,283 | ||||||
Total SA (a) | 1,039,472 | 51,617,767 | ||||||
Unibail-Rodamco SE REIT | 47,176 | 12,116,987 | ||||||
Valeo SA | 38,012 | 5,885,659 | ||||||
Veolia Environnement SA | 215,193 | 5,158,830 | ||||||
Vinci SA | 228,882 | 14,886,713 | ||||||
Vivendi SA | 556,123 | 11,710,265 | ||||||
Wendel SA | 13,758 | 1,639,657 | ||||||
Zodiac Aerospace | 96,492 | 2,612,934 | ||||||
|
| |||||||
586,588,971 | ||||||||
|
| |||||||
Germany — 13.3% | ||||||||
adidas AG | 100,083 | 9,684,940 | ||||||
Allianz SE | 218,617 | 38,723,629 | ||||||
Axel Springer SE | 20,821 | 1,162,393 | ||||||
BASF SE | 439,377 | 36,367,165 | ||||||
Bayer AG | 395,591 | 52,788,377 | ||||||
Bayerische Motoren Werke AG | 158,388 | 17,286,663 | ||||||
Beiersdorf AG | 48,220 | 4,490,439 | ||||||
Brenntag AG | 73,909 | 4,037,945 | ||||||
Commerzbank AG* | 509,232 | 5,606,244 | ||||||
Continental AG | 52,622 | 12,715,167 | ||||||
Daimler AG | 460,605 | 41,233,900 | ||||||
Deutsche Bank AG (b) | 659,810 | 16,943,498 | ||||||
Deutsche Boerse AG | 92,326 | 7,919,816 | ||||||
Deutsche Lufthansa AG* | 110,689 | 1,586,400 | ||||||
Deutsche Post AG | 463,521 | 13,548,420 | ||||||
Deutsche Telekom AG | 1,542,597 | 28,448,600 | ||||||
Deutsche Wohnen AG | 161,384 | 4,440,924 | ||||||
E.ON SE | 957,229 | 9,098,166 | ||||||
Evonik Industries AG | 66,876 | 2,285,067 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 19,527 | 1,194,339 | ||||||
Fresenius Medical Care AG & Co. KGaA | 104,543 | 8,637,544 | ||||||
Fresenius SE & Co. KGaA | 182,480 | 13,397,573 | ||||||
GEA Group AG | 87,480 | 3,630,520 | ||||||
Hannover Rueck SE | 28,845 | 3,375,226 | ||||||
HeidelbergCement AG | 67,421 | 5,368,150 | ||||||
Henkel AG & Co. KGaA | 49,712 | 4,771,717 | ||||||
Hugo Boss AG | 31,993 | 2,771,095 | ||||||
Infineon Technologies AG | 540,214 | 8,007,779 | ||||||
K+S AG (a) | 91,561 | 2,606,134 | ||||||
Kabel Deutschland Holding AG | 10,343 | 1,265,446 | ||||||
LANXESS AG | 43,782 | 2,229,622 | ||||||
Linde AG | 88,850 | 15,512,702 | ||||||
MAN SE | 16,859 | 1,673,111 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Merck KGaA | 61,826 | $ | 6,332,318 | |||||
Metro AG | 85,275 | 2,843,461 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 79,814 | 16,085,412 | ||||||
OSRAM Licht AG | 42,568 | 1,797,204 | ||||||
ProSiebensat.1 Media SE | 104,667 | 5,496,101 | ||||||
RWE AG | 234,109 | 2,693,609 | ||||||
SAP SE | 470,149 | 37,051,405 | ||||||
Siemens AG | 379,304 | 39,329,827 | ||||||
Symrise AG | 58,994 | 3,992,853 | ||||||
Telefonica Deutschland Holding AG | 284,590 | 1,599,932 | ||||||
ThyssenKrupp AG | 175,975 | 3,745,474 | ||||||
TUI AG | 238,524 | 3,958,815 | ||||||
United Internet AG | 58,840 | 3,136,335 | ||||||
Volkswagen AG (a) | 16,939 | 2,528,823 | ||||||
Vonovia SE | 222,923 | 6,909,228 | ||||||
Zalando SE, 144A* | 41,300 | 1,400,695 | ||||||
|
| |||||||
521,710,203 | ||||||||
|
| |||||||
Ireland — 1.3% | ||||||||
Bank of Ireland* | 13,159,533 | 4,907,991 | ||||||
CRH PLC | 393,322 | 11,573,427 | ||||||
Experian PLC | 465,457 | 8,629,570 | ||||||
Kerry Group PLC, Class A | 75,721 | 6,111,410 | ||||||
Shire PLC | 283,210 | 19,817,065 | ||||||
|
| |||||||
51,039,463 | ||||||||
|
| |||||||
Italy — 3.4% | ||||||||
Assicurazioni Generali SpA | 558,577 | 10,622,925 | ||||||
Atlantia SpA | 197,517 | 5,217,147 | ||||||
Banca Monte dei Paschi di Siena SpA* | 1,262,372 | 1,981,959 | ||||||
Banco Popolare SC* | 173,257 | 2,498,688 | ||||||
Enel Green Power SpA | 837,157 | 1,768,106 | ||||||
Enel SpA | 3,373,753 | 14,878,333 | ||||||
Eni SpA | 1,216,954 | 19,826,547 | ||||||
EXOR SpA | 47,116 | 2,111,678 | ||||||
Finmeccanica SpA* | 193,601 | 2,804,359 | ||||||
Intesa Sanpaolo SpA | 6,068,001 | 20,823,332 | ||||||
Intesa Sanpaolo SpA-RSP | 436,853 | 1,372,666 | ||||||
Luxottica Group SpA | 80,926 | 5,412,281 | ||||||
Mediobanca SpA | 269,704 | 2,584,540 | ||||||
Prysmian SpA | 93,306 | 2,040,650 | ||||||
Saipem SpA*(a) | 124,057 | 1,072,169 | ||||||
Snam SpA | 1,004,772 | 5,106,239 | ||||||
Telecom Italia SpA*(a) | 5,489,325 | 7,098,865 | ||||||
Telecom Italia SpA-RSP | 2,882,749 | 3,319,876 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 721,148 | 3,550,576 | ||||||
UniCredit SpA | 2,283,642 | 13,402,958 | ||||||
Unione di Banche Italiane SpA | 431,374 | 2,935,137 | ||||||
UnipolSai SpA (a) | 520,996 | 1,344,215 | ||||||
|
| |||||||
131,773,246 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 44,620 | 2,716,298 | ||||||
|
|
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal (a) | 478,009 | $ | 2,344,389 | |||||
Millicom International Cellular SA SDR | 30,684 | 1,804,776 | ||||||
RTL Group SA | 18,511 | 1,619,380 | ||||||
SES SA FDR | 156,151 | 4,334,045 | ||||||
Tenaris SA | 225,896 | 2,966,663 | ||||||
|
| |||||||
13,069,253 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC (c) | 103,551 | 1,115,095 | ||||||
|
| |||||||
Netherlands — 5.5% | ||||||||
Aegon NV | 866,692 | 5,307,399 | ||||||
AerCap Holdings NV* | 85,000 | 3,862,400 | ||||||
Akzo Nobel NV | 118,452 | 8,425,100 | ||||||
Altice NV, Class A* | 176,407 | 2,709,997 | ||||||
Altice NV, Class B* | 51,203 | 796,057 | ||||||
ASML Holding NV | 165,836 | 15,325,918 | ||||||
Gemalto NV | 38,321 | 2,417,938 | ||||||
Heineken Holding NV | 48,225 | 3,793,882 | ||||||
Heineken NV | 110,218 | 9,800,468 | ||||||
ING Groep NV | 1,851,083 | 25,415,036 | ||||||
Koninklijke Ahold NV | 415,664 | 9,042,475 | ||||||
Koninklijke Boskalis Westminster NV | 42,067 | 1,872,054 | ||||||
Koninklijke DSM NV | 86,789 | 4,415,650 | ||||||
Koninklijke KPN NV | 1,532,089 | 5,829,022 | ||||||
Koninklijke Philips NV | 455,648 | 12,458,975 | ||||||
Koninklijke Vopak NV | 33,634 | 1,459,459 | ||||||
NN Group NV | 114,264 | 3,903,046 | ||||||
NXP Semiconductors NV* | 114,400 | 10,691,824 | ||||||
OCI NV* (a) | 39,518 | 997,678 | ||||||
QIAGEN NV* | 105,776 | 2,809,018 | ||||||
Randstad Holding NV | 61,286 | 3,832,641 | ||||||
Royal Dutch Shell PLC, Class A | 1,874,283 | 46,379,309 | ||||||
Royal Dutch Shell PLC, Class B | 1,167,433 | 29,046,483 | ||||||
TNT Express NV | 236,321 | 1,925,064 | ||||||
Wolters Kluwer NV | 144,420 | 4,990,339 | ||||||
|
| |||||||
217,507,232 | ||||||||
|
| |||||||
Norway — 0.9% | ||||||||
DNB ASA | 467,506 | 6,154,120 | ||||||
Gjensidige Forsikring ASA | 93,740 | 1,513,336 | ||||||
Norsk Hydro ASA | 643,343 | 2,487,337 | ||||||
Orkla ASA | 389,945 | 3,167,822 | ||||||
Schibsted ASA, Class A | 36,100 | 1,310,567 | ||||||
Schibsted ASA, Class B* | 42,600 | 1,485,268 | ||||||
Statoil ASA (a) | 533,879 | 8,256,479 | ||||||
Telenor ASA | 359,130 | 6,260,616 | ||||||
Yara International ASA | 85,535 | 3,959,557 | ||||||
|
| |||||||
34,595,102 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, | 19,769,983 | 1,056,928 | ||||||
Banco Espirito Santo SA* | 56,984 | 0 | ||||||
EDP — Energias de Portugal SA | 1,107,824 | 3,692,825 | ||||||
Galp Energia SGPS SA | 184,454 | 1,962,484 | ||||||
Jeronimo Martins SGPS SA | 120,415 | 1,671,087 | ||||||
|
| |||||||
8,383,324 | ||||||||
|
|
Number | Value | |||||||
South Africa — 0.2% | ||||||||
Investec PLC | 265,822 | $ | 2,261,991 | |||||
Mondi PLC | 175,679 | 4,085,251 | ||||||
|
| |||||||
6,347,242 | ||||||||
|
| |||||||
Spain — 5.0% | ||||||||
Abertis Infraestructuras SA | 248,167 | 3,842,540 | ||||||
ACS Actividades de Construccion y Servicios SA | 89,869 | 2,931,130 | ||||||
Aena SA, 144A* | 32,290 | 3,662,340 | ||||||
Amadeus IT Holding SA, Class A | 209,922 | 8,420,346 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,049,058 | 25,307,877 | ||||||
Banco de Sabadell SA | 2,416,836 | 4,460,963 | ||||||
Banco Popular Espanol SA | 815,549 | 2,873,654 | ||||||
Banco Santander SA | 6,915,221 | 37,758,708 | ||||||
Bankia SA | 2,203,844 | 2,761,558 | ||||||
Bankinter SA | 322,496 | 2,334,355 | ||||||
CaixaBank SA (a) | 1,254,804 | 4,596,405 | ||||||
Distribuidora Internacional de Alimentacion SA* | 295,883 | 1,870,370 | ||||||
Enagas SA | 102,784 | 3,063,495 | ||||||
Endesa SA | 151,944 | 3,143,293 | ||||||
Ferrovial SA | 215,452 | 5,103,577 | ||||||
Gas Natural SDG SA | 167,546 | 3,624,487 | ||||||
Grifols SA | 71,347 | 3,386,133 | ||||||
Iberdrola SA | 2,576,693 | 18,052,205 | ||||||
Industria de Diseno Textil SA | 521,825 | 18,778,378 | ||||||
Mapfre SA | 504,894 | 1,385,354 | ||||||
Red Electrica Corp. SA | 51,767 | 4,441,172 | ||||||
Repsol SA | 502,424 | 6,553,149 | ||||||
Telefonica SA (a) | 2,155,881 | 26,593,178 | ||||||
Zardoya Otis SA | 84,830 | 1,026,227 | ||||||
|
| |||||||
195,970,894 | ||||||||
|
| |||||||
Sweden — 4.4% | ||||||||
Alfa Laval AB | 140,460 | 2,597,652 | ||||||
Assa Abloy AB, Class B | 479,474 | 10,197,715 | ||||||
Atlas Copco AB, Class A | 321,236 | 8,611,178 | ||||||
Atlas Copco AB, Class B | 186,671 | 4,618,726 | ||||||
Boliden AB | 130,841 | 2,404,757 | ||||||
Electrolux AB, Series B | 115,088 | 3,378,033 | ||||||
Getinge AB, Class B (a) | 95,744 | 2,423,843 | ||||||
Hennes & Mauritz AB, Class B | 454,187 | 16,846,235 | ||||||
Hexagon AB, Class B | 123,504 | 4,481,760 | ||||||
Husqvarna AB, Class B | 199,187 | 1,298,331 | ||||||
ICA Gruppen AB (a) | 36,310 | 1,278,914 | ||||||
Industrivarden AB, Class C | 76,929 | 1,377,733 | ||||||
Investment AB Kinnevik, Class B | 112,609 | 3,464,078 | ||||||
Investor AB, Class B | 217,892 | 8,304,169 | ||||||
Lundin Petroleum AB* (a) | 104,165 | 1,666,057 | ||||||
Nordea Bank AB | 1,453,049 | 16,101,858 | ||||||
Sandvik AB (a) | 510,057 | 5,283,732 | ||||||
Securitas AB, Class B | 149,791 | 2,285,902 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 726,659 | 7,727,490 | ||||||
Skanska AB, Class B | 181,790 | 3,618,375 | ||||||
SKF AB, Class B | 190,441 | 3,321,112 | ||||||
Svenska Cellulosa AB SCA, Class B | 281,830 | 8,130,022 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Svenska Handelsbanken AB, Class A | 716,335 | $ | 9,642,245 | |||||
Swedbank AB, Class A | 433,219 | 9,596,403 | ||||||
Swedish Match AB | 94,000 | 3,242,977 | ||||||
Tele2 AB, Class B | 152,670 | 1,554,392 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,455,838 | 14,179,807 | ||||||
TeliaSonera AB | 1,242,844 | 6,100,364 | ||||||
Volvo AB, Class B | 737,486 | 7,627,008 | ||||||
|
| |||||||
171,360,868 | ||||||||
|
| |||||||
Switzerland — 14.5% | ||||||||
ABB Ltd.* | 1,051,951 | 19,948,062 | ||||||
Actelion Ltd.* | 49,136 | 6,901,057 | ||||||
Adecco SA* | 79,137 | 5,415,021 | ||||||
Aryzta AG* | 41,723 | 1,959,929 | ||||||
Baloise Holding AG | 23,918 | 2,905,914 | ||||||
Barry Callebaut AG* | 1,050 | 1,091,996 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 48 | 3,466,161 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 464 | 2,798,387 | ||||||
Cie Financiere Richemont SA | 249,712 | 18,688,656 | ||||||
Coca-Cola HBC AG CDI* (a) | 95,643 | 2,320,600 | ||||||
Credit Suisse Group AG* | 859,130 | 18,471,065 | ||||||
Dufry AG* (a) | 19,328 | 2,312,560 | ||||||
EMS-Chemie Holding AG | 3,916 | 1,596,697 | ||||||
Galenica AG | 1,800 | 2,631,287 | ||||||
Geberit AG | 18,081 | 6,047,210 | ||||||
Givaudan SA* | 4,417 | 7,972,366 | ||||||
Glencore PLC* | 5,853,180 | 8,525,401 | ||||||
Julius Baer Group Ltd.* | 107,064 | 5,124,004 | ||||||
Kuehne + Nagel International AG | 25,832 | 3,492,473 | ||||||
LafargeHolcim Ltd.* | 203,019 | 10,852,938 | ||||||
Lonza Group AG* | 25,315 | 4,000,796 | ||||||
Nestle SA | 1,525,253 | 113,187,604 | ||||||
Novartis AG | 1,088,517 | 93,050,562 | ||||||
Pargesa Holding SA | 14,464 | 908,877 | ||||||
Partners Group Holding AG | 7,663 | 2,766,977 | ||||||
Roche Holding AG | 336,089 | 89,996,131 | ||||||
Schindler Holding AG | 9,767 | 1,601,490 | ||||||
Schindler Holding AG Participation Certificates | 21,161 | 3,482,099 | ||||||
SGS SA | 2,619 | 5,009,663 | ||||||
Sika AG | 1,028 | 3,482,121 | ||||||
Sonova Holding AG | 25,707 | 3,243,202 | ||||||
STMicroelectronics NV | 304,912 | 2,215,773 | ||||||
Sulzer AG | 11,473 | 1,197,648 | ||||||
Swatch Group AG (The) — Bearer (a) | 14,753 | 5,187,963 | ||||||
Swatch Group AG (The) — Registered | 23,736 | 1,564,174 | ||||||
Swiss Life Holding AG* | 15,346 | 3,870,620 | ||||||
Swiss Prime Site AG* | 31,653 | 2,367,399 | ||||||
Swiss Re AG | 168,470 | 16,055,288 | ||||||
Swisscom AG | 12,390 | 6,105,584 | ||||||
Syngenta AG | 44,462 | 16,391,541 | ||||||
Transocean Ltd. (a) | 173,915 | 2,510,218 | ||||||
UBS Group AG | 1,749,046 | 33,575,019 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Wolseley PLC | 124,134 | $ | 7,205,332 | |||||
Zurich Insurance Group AG* | 71,946 | 18,943,647 | ||||||
|
| |||||||
570,441,512 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
Orascom Construction Ltd.* | 7,720 | 47,980 | ||||||
|
| |||||||
United Kingdom — 27.9% | ||||||||
3i Group PLC | 465,257 | 3,521,118 | ||||||
Aberdeen Asset Management PLC | 441,320 | 2,122,951 | ||||||
Admiral Group PLC | 100,329 | 2,449,407 | ||||||
Aggreko PLC | 122,525 | 1,854,566 | ||||||
Amec Foster Wheeler PLC | 182,376 | 1,195,935 | ||||||
Anglo American PLC | 670,607 | 4,127,348 | ||||||
ARM Holdings PLC | 671,839 | 11,373,210 | ||||||
Ashtead Group PLC | 240,787 | 3,970,989 | ||||||
Associated British Foods PLC | 170,422 | 9,101,562 | ||||||
AstraZeneca PLC | 604,565 | 40,996,640 | ||||||
Auto Trader Group PLC, 144A* | 359,100 | 2,197,424 | ||||||
Aviva PLC | 1,935,412 | 14,909,759 | ||||||
Babcock International Group PLC | 120,597 | 1,945,259 | ||||||
BAE Systems PLC | 1,513,587 | 11,774,142 | ||||||
Barclays PLC | 8,026,320 | 26,981,259 | ||||||
Barratt Developments PLC | 476,396 | 4,312,153 | ||||||
BG Group PLC | 1,633,983 | 25,384,482 | ||||||
BP PLC | 8,748,868 | 50,762,857 | ||||||
British American Tobacco PLC | 891,788 | 51,951,684 | ||||||
British Land Co. PLC REIT | 465,668 | 5,849,167 | ||||||
BT Group PLC | 4,004,161 | 29,939,090 | ||||||
Bunzl PLC | 160,296 | 4,635,274 | ||||||
Burberry Group PLC | 212,797 | 3,990,124 | ||||||
Capita PLC | 317,900 | 6,090,167 | ||||||
Centrica PLC | 2,417,054 | 7,939,507 | ||||||
CNH Industrial NV | 453,850 | 3,339,812 | ||||||
Cobham PLC | 544,667 | 2,488,847 | ||||||
Compass Group PLC | 788,236 | 13,699,781 | ||||||
Croda International PLC | 64,954 | 2,805,670 | ||||||
Diageo PLC | 1,203,341 | 34,615,740 | ||||||
Direct Line Insurance Group PLC | 657,766 | 4,079,522 | ||||||
Dixons Carphone PLC | 468,206 | 3,417,917 | ||||||
easyJet PLC | 76,005 | 1,892,198 | ||||||
Fiat Chrysler Automobiles NV* | 430,271 | 6,146,209 | ||||||
G4S PLC | 742,245 | 2,536,491 | ||||||
GKN PLC | 819,781 | 3,710,170 | ||||||
GlaxoSmithKline PLC | 2,328,080 | 47,527,937 | ||||||
Hammerson PLC REIT | 375,246 | 3,450,272 | ||||||
Hargreaves Lansdown PLC | 124,796 | 2,811,796 | ||||||
HSBC Holdings PLC | 9,357,881 | 74,626,835 | ||||||
ICAP PLC | 264,667 | 2,028,940 | ||||||
IMI PLC | 130,082 | 1,869,034 | ||||||
Imperial Tobacco Group PLC | 457,849 | 24,741,513 | ||||||
Inmarsat PLC | 215,067 | 3,611,604 | ||||||
InterContinental Hotels Group PLC | 112,952 | 4,348,168 | ||||||
International Consolidated Airlines Group SA* | 388,776 | 3,313,600 | ||||||
Intertek Group PLC | 77,191 | 3,286,579 | ||||||
Intu Properties PLC REIT | 448,454 | 2,184,961 | ||||||
ITV PLC | 1,832,329 | 7,478,669 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
J Sainsbury PLC (a) | 644,102 | $ | 2,462,055 | |||||
Johnson Matthey PLC | 98,027 | 4,178,147 | ||||||
Kingfisher PLC | 1,103,183 | 5,871,724 | ||||||
Land Securities Group PLC REIT | 378,219 | 7,012,178 | ||||||
Legal & General Group PLC | 2,844,444 | 11,631,046 | ||||||
Lloyds Banking Group PLC | 27,314,768 | 30,014,691 | ||||||
London Stock Exchange Group PLC | 149,987 | 5,986,197 | ||||||
Marks & Spencer Group PLC | 786,526 | 5,952,518 | ||||||
Meggitt PLC | 365,251 | 2,132,744 | ||||||
Melrose Industries PLC | 476,082 | 2,080,802 | ||||||
Merlin Entertainments PLC, 144A | 339,466 | 2,092,105 | ||||||
National Grid PLC | 1,790,788 | 24,969,675 | ||||||
Next PLC | 69,474 | 8,287,032 | ||||||
Old Mutual PLC | 2,357,596 | 7,421,082 | ||||||
Pearson PLC | 392,740 | 4,885,812 | ||||||
Persimmon PLC* | 146,645 | 4,229,486 | ||||||
Petrofac Ltd. | 121,535 | 1,510,104 | ||||||
Provident Financial PLC | 70,300 | 3,781,972 | ||||||
Prudential PLC | 1,229,938 | 28,517,697 | ||||||
Reckitt Benckiser Group PLC | 306,092 | 28,720,472 | ||||||
RELX NV | 475,907 | 8,238,670 | ||||||
RELX PLC | 534,363 | 9,641,503 | ||||||
Rexam PLC | 337,302 | 2,943,906 | ||||||
Rio Tinto PLC | 599,670 | 19,946,250 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 75,008,575 | 112,970 | ||||||
Rolls-Royce Holdings PLC* | 879,564 | 8,034,332 | ||||||
Royal Bank of Scotland Group PLC* | 1,660,997 | 7,564,882 | ||||||
Royal Mail PLC | 430,538 | 3,152,018 | ||||||
RSA Insurance Group PLC | 486,498 | 3,223,195 | ||||||
SABMiller PLC | 464,330 | 28,193,238 | ||||||
Sage Group PLC (The) | 515,994 | 4,557,894 | ||||||
Schroders PLC | 59,467 | 2,683,301 | ||||||
Segro PLC REIT | 357,587 | 2,376,122 | ||||||
Severn Trent PLC | 113,279 | 3,842,106 | ||||||
Sky PLC | 493,920 | 8,227,413 | ||||||
Smith & Nephew PLC | 428,248 | 7,256,036 | ||||||
Smiths Group PLC | 188,965 | 2,939,905 | ||||||
Sports Direct International PLC* | 126,167 | 1,389,040 | ||||||
SSE PLC | 475,089 | 10,260,669 | ||||||
St James’s Place PLC | 250,564 | 3,834,104 | ||||||
Standard Chartered PLC | 1,566,417 | 13,145,286 | ||||||
Standard Life PLC | 942,078 | 5,909,536 | ||||||
Tate & Lyle PLC | 223,125 | 1,982,676 | ||||||
Taylor Wimpey PLC | 1,556,376 | 4,561,513 | ||||||
Tesco PLC* | 3,892,502 | 9,802,044 | ||||||
Travis Perkins PLC | 119,051 | 3,645,205 | ||||||
Unilever NV | 779,269 | 34,188,937 | ||||||
Unilever PLC | 613,975 | 26,206,081 | ||||||
United Utilities Group PLC | 326,198 | 4,748,262 | ||||||
Vodafone Group PLC | 12,699,676 | 42,892,033 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Weir Group PLC (The) | 102,360 | $ | 1,853,046 | |||||
Whitbread PLC | 87,289 | 5,979,041 | ||||||
William Hill PLC | 422,803 | 2,277,126 | ||||||
Wm Morrison Supermarkets PLC (a) | 1,061,222 | 2,437,405 | ||||||
WPP PLC | 619,638 | 14,325,110 | ||||||
|
| |||||||
1,093,496,733 | ||||||||
|
| |||||||
United States — 0.1% | ||||||||
Carnival PLC | 88,111 | 4,598,169 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,882,420,321 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.8% | ||||||||
Germany — 0.8% | ||||||||
Bayerische Motoren Werke AG | 26,071 | 2,185,713 | ||||||
FUCHS PETROLUB SE | 33,247 | 1,574,568 | ||||||
Henkel AG & Co. KGaA | 85,228 | 9,680,088 | ||||||
Porsche Automobil Holding SE | 73,251 | 3,844,888 | ||||||
Volkswagen AG | 88,779 | 12,339,276 | ||||||
|
| |||||||
29,624,533 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 29,624,533 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Unione di Banche Italiane SpA*, | 416,281 | 0 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Telefonica SA* (a), expires 12/31/15 | 1,983,143 | 718,682 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG*, | 718,431 | 439,920 | ||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Standard Chartered PLC*, | 335,766 | 460,182 | ||||||
|
| |||||||
TOTAL RIGHTS | 1,618,784 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.1% | ||||||||
Daily Assets Fund, 0.20% (d)(e) | 120,222,183 | 120,222,183 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.9% (Cost $4,184,816,109)† | $ | 4,033,885,821 | ||||||
Other assets and liabilities, net — (2.9%) | (112,989,091 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,920,896,730 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $4,197,828,840. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $163,943,019. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $108,159,719 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $272,102,738. |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $95,843,583, which is 2.4% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Listed on London Stock Exchange. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CDI: Chess Depositary Interest.
FDR: Fiduciary Depositary Receipt.
REIT: Real Estate Investment Trust.
RSP: Risparmio (Convertible Savings Shares).
SDR: Swedish Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 1,864,000 | USD | 1,824,071 | $ | 12,340 | |||||||||||
Bank of Montreal | 12/2/2015 | CHF | 83,988,240 | USD | 85,275,387 | 3,642,262 | ||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 2,309,500 | USD | 2,299,703 | 54,964 | ||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 1,869,500 | USD | 1,892,360 | 75,282 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | CHF | 95,434,000 | USD | 96,894,687 | 4,136,754 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | CHF | 1,864,000 | USD | 1,824,250 | 12,518 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | CHF | 2,207,500 | USD | 2,194,334 | 48,735 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CHF | 82,512,377 | USD | 83,772,568 | 3,573,922 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 87,099,500 | USD | 88,434,956 | 3,777,815 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 4,304,000 | USD | 4,348,705 | 165,393 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 1,869,500 | USD | 1,892,894 | 75,817 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 2,207,500 | USD | 2,194,454 | 48,855 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 90,017,000 | USD | 91,397,096 | 3,904,264 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 4,304,000 | USD | 4,347,822 | 164,510 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 2,309,500 | USD | 2,299,534 | 54,795 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 21,000 | USD | 20,511 | 100 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 1,460,600 | USD | 1,436,849 | 17,206 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 88,336,400 | USD | 89,679,803 | 3,820,446 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 9,221,800 | USD | 9,362,994 | 399,783 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | CHF | 37,728,000 | USD | 38,304,315 | 1,634,247 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | CHF | 30,060,994 | USD | 30,521,565 | 1,303,511 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | CHF | 186,000 | USD | 188,086 | 7,302 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | CHF | 3,283,000 | USD | 3,329,260 | 138,319 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 3,092,000 | USD | 445,359 | 7,463 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 92,514,000 | USD | 13,712,014 | 609,997 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 2,387,000 | USD | 352,153 | 14,101 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 2,497,000 | USD | 355,455 | 1,825 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | DKK | 2,932,000 | USD | 421,313 | 6,077 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | DKK | 118,741,500 | USD | 17,599,129 | 782,721 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | DKK | 2,497,000 | USD | 355,475 | 1,845 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | DKK | 129,648,031 | USD | 19,215,656 | 854,643 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 42,497,000 | USD | 6,298,588 | 280,078 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 2,932,000 | USD | 421,349 | 6,113 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 2,387,000 | USD | 352,157 | 14,106 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 5,601,000 | USD | 823,729 | 30,504 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 111,608,000 | USD | 16,542,483 | 736,336 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 3,092,000 | USD | 445,298 | 7,403 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 5,601,000 | USD | 823,655 | 30,430 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 13,337,800 | USD | 1,976,870 | 87,944 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 6,008,700 | USD | 888,742 | 37,778 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 237,000 | USD | 34,898 | 1,334 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 5,309,000 | USD | 785,076 | 33,205 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 20,652,000 | USD | 3,060,808 | $ | 136,031 | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 116,152,500 | USD | 17,215,684 | 765,935 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 5,740,500 | USD | 6,314,148 | 249,044 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 249,428,471 | USD | 275,623,449 | 12,090,706 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 7,187,000 | USD | 7,721,835 | 128,436 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 5,767,000 | USD | 6,124,220 | 31,117 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 291,029,970 | USD | 321,596,848 | 14,110,192 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 6,850,000 | USD | 7,341,899 | 104,556 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 5,767,000 | USD | 6,124,496 | 31,393 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 248,356,997 | USD | 274,427,776 | 12,027,095 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 13,299,500 | USD | 14,585,881 | 534,343 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 6,850,000 | USD | 7,342,234 | 104,892 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 270,184,358 | USD | 298,563,172 | 13,100,872 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 5,740,500 | USD | 6,314,470 | 249,365 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 7,187,000 | USD | 7,721,289 | 127,890 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 283,072,500 | USD | 312,807,002 | 13,727,783 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 13,299,500 | USD | 14,585,336 | 533,797 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 21,400,300 | USD | 23,647,760 | 1,037,350 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 13,886,200 | USD | 15,308,425 | 637,011 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 567,000 | USD | 622,518 | 23,456 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 170,009,000 | USD | 187,855,661 | 8,233,270 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 12,117,000 | USD | 13,353,903 | 551,731 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 21,564,000 | USD | 23,828,759 | 1,045,393 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 2,648,500 | USD | 4,005,700 | 16,815 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 2,677,500 | USD | 4,126,627 | 94,066 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 120,870,808 | USD | 186,638,307 | 4,595,733 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 3,286,000 | USD | 4,998,318 | 49,299 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | GBP | 2,648,500 | USD | 4,005,922 | 17,037 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | GBP | 150,007,500 | USD | 231,628,831 | 5,703,714 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | GBP | 3,144,000 | USD | 4,751,842 | 16,688 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | GBP | 115,685,825 | USD | 178,625,277 | 4,391,764 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 3,144,000 | USD | 4,751,999 | 16,845 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 133,013,396 | USD | 205,388,912 | 5,058,480 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 6,184,000 | USD | 9,537,225 | 223,551 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 2,677,500 | USD | 4,126,686 | 94,124 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 3,286,000 | USD | 4,997,855 | 48,836 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 143,736,500 | USD | 221,947,123 | 5,466,710 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 6,184,000 | USD | 9,536,476 | 222,802 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 486,000 | USD | 732,193 | 232 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 8,950,800 | USD | 13,821,020 | 340,290 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 6,951,000 | USD | 10,713,646 | 244,799 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | GBP | 56,324,000 | USD | 86,966,385 | 2,137,251 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | GBP | 4,711,429 | USD | 7,274,989 | 179,142 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | GBP | 267,000 | USD | 408,701 | 6,574 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | GBP | 7,074,000 | USD | 10,937,571 | 283,475 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 39,842,000 | USD | 4,710,807 | 126,287 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 992,000 | USD | 116,685 | 2,538 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 1,246,000 | USD | 144,557 | 1,182 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 990,000 | USD | 114,403 | 486 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | NOK | 55,282,000 | USD | 6,529,769 | 168,606 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | NOK | 990,000 | USD | 114,408 | 491 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | NOK | 1,198,500 | USD | 138,826 | 918 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | NOK | 47,789,092 | USD | 5,644,625 | 145,653 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 992,000 | USD | 116,693 | 2,546 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 2,317,000 | USD | 272,506 | 5,894 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 17,006,500 | USD | 2,008,794 | 51,898 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 1,198,500 | USD | 138,840 | 931 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 52,587,500 | USD | 6,211,611 | 160,498 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 2,317,000 | USD | 272,422 | 5,810 |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 1,246,000 | USD | 144,494 | $ | 1,120 | |||||||||||
The Bank of New York Mellon | 12/2/2015 | NOK | 2,417,600 | USD | 284,874 | 6,687 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | NOK | 3,452,600 | USD | 407,820 | 10,538 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | NOK | 19,857,000 | USD | 2,345,355 | 60,459 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | NOK | 99,000 | USD | 11,528 | 136 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | NOK | 34,361,500 | USD | 4,058,717 | 104,824 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | NOK | 3,603,000 | USD | 424,987 | 10,399 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 6,266,000 | USD | 722,048 | 3,619 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 232,290,000 | USD | 27,374,127 | 740,863 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 5,000,500 | USD | 572,557 | (776 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | SEK | 280,975,000 | USD | 33,111,080 | 895,827 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | SEK | 5,000,500 | USD | 572,589 | (744 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | SEK | 5,969,000 | USD | 686,565 | 2,188 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | SEK | 221,079,146 | USD | 26,053,142 | 705,261 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 246,502,000 | USD | 29,048,682 | 785,938 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 11,508,500 | USD | 1,348,295 | 28,785 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 5,969,000 | USD | 686,647 | 2,270 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 11,508,500 | USD | 1,347,728 | 28,218 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 266,381,500 | USD | 31,391,849 | 849,816 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 6,266,000 | USD | 721,675 | 3,245 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 12,121,400 | USD | 1,428,437 | 38,655 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 198,200 | USD | 22,733 | 8 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 10,011,000 | USD | 1,171,811 | 23,997 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 12,083,200 | USD | 1,419,025 | 33,623 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | SEK | 10,529,000 | USD | 1,238,109 | 30,904 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | SEK | 7,415,000 | USD | 873,813 | 23,644 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | SEK | 91,256,000 | USD | 10,753,491 | 290,513 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | SEK | 495,000 | USD | 58,033 | 1,278 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 87,583,287 | CHF | 90,031,240 | (76,615 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 14,226,457 | DKK | 100,490,000 | 5,138 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 283,178,076 | EUR | 268,122,971 | 106,274 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 194,910,471 | GBP | 129,482,808 | 102,569 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 4,960,839 | NOK | 43,070,000 | (4,881 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 27,927,268 | SEK | 243,556,500 | (2,241 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 96,799,942 | CHF | 99,505,500 | (84,677 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 17,578,926 | DKK | 124,170,500 | 6,348 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 320,696,748 | EUR | 303,646,970 | 120,354 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 234,525,740 | GBP | 155,800,000 | 123,416 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 6,619,500 | NOK | 57,470,500 | (6,512 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 33,475,651 | SEK | 291,944,500 | (2,687 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 80,268,862 | CHF | 82,512,377 | (70,216 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 18,354,385 | DKK | 129,648,031 | 6,628 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 262,302,242 | EUR | 248,356,997 | 98,439 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 174,141,873 | GBP | 115,685,825 | 91,640 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 5,504,387 | NOK | 47,789,092 | (5,415 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 25,349,915 | SEK | 221,079,146 | (2,035 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 92,884,382 | CHF | 95,480,500 | (81,252 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 7,562,291 | DKK | 53,417,000 | 2,731 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 312,698,933 | EUR | 296,074,358 | 117,352 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 218,296,945 | GBP | 145,018,896 | 114,876 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 2,478,000 | NOK | 21,514,000 | (2,438 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 30,269,060 | SEK | 263,979,500 | (2,429 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 94,003,113 | CHF | 96,630,500 | (82,230 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 17,031,117 | DKK | 120,301,000 | 6,151 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 320,603,838 | EUR | 303,559,000 | 120,319 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 230,621,744 | GBP | 153,206,500 | 121,361 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 6,467,461 | NOK | 56,150,500 | (6,363 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 32,582,587 | SEK | 284,156,000 | (2,615 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 87,751,559 | CHF | 86,889,400 | (3,298,625 | ) |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 11,820,030 | CHF | 12,150,400 | $ | (10,340 | ) | ||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,839,317 | DKK | 12,992,200 | 664 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 933,854 | DKK | 6,354,300 | (33,945 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 112,138 | EUR | 105,000 | (1,201 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 23,748,906 | EUR | 22,486,300 | 8,913 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,300,469 | EUR | 1,197,700 | (35,043 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 9,425,850 | EUR | 8,603,800 | (335,536 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,017,469 | EUR | 2,836,500 | (20,575 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 62,172 | EUR | 57,200 | (1,738 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 16,066,518 | GBP | 10,673,300 | 8,455 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 147,490 | GBP | 98,100 | 258 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 83,078 | GBP | 54,500 | (996 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 8,551,794 | GBP | 5,546,900 | (197,652 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 22,632 | GBP | 15,000 | (41 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 356,393 | NOK | 3,094,200 | (351 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 102,286 | NOK | 886,200 | (313 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 222,001 | NOK | 1,889,800 | (4,547 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,346,326 | SEK | 11,502,700 | (27,481 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,627,088 | SEK | 22,911,100 | (211 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 69,320,487 | CHF | 71,257,994 | (60,639 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 20,152,684 | DKK | 142,350,500 | 7,278 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 215,726,031 | EUR | 204,257,000 | 80,960 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 102,927,039 | GBP | 68,376,429 | 54,164 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 6,671,331 | NOK | 57,920,500 | (6,563 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 12,578,115 | SEK | 109,695,000 | (1,010 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | CHF | 90,031,240 | USD | 87,819,506 | 48,859 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | CHF | 99,505,500 | USD | 97,061,965 | 54,947 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | CHF | 82,512,377 | USD | 80,474,756 | 34,181 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 95,480,500 | USD | 93,131,264 | 48,182 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 96,630,500 | USD | 94,252,969 | 48,763 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | CHF | 12,150,400 | USD | 11,851,736 | 6,420 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | CHF | 773,000 | USD | 753,983 | 393 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | CHF | 71,257,994 | USD | 69,508,805 | 40,027 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | CHF | 1,064,000 | USD | 1,038,525 | 1,241 | ||||||||||||
Bank of Montreal | 1/5/2016 | DKK | 100,490,000 | USD | 14,248,040 | (8,169 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | DKK | 124,170,500 | USD | 17,605,345 | (10,343 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | DKK | 129,648,031 | USD | 18,381,448 | (11,321 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | DKK | 53,417,000 | USD | 7,573,227 | (4,879 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | DKK | 120,301,000 | USD | 17,057,076 | (9,658 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | DKK | 12,992,200 | USD | 1,842,147 | (1,017 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | DKK | 34,678,000 | USD | 4,916,597 | (3,065 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | DKK | 142,350,500 | USD | 20,183,258 | (11,571 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | EUR | 268,122,971 | USD | 283,486,417 | (154,580 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 303,646,970 | USD | 321,052,015 | (168,987 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | EUR | 248,356,997 | USD | 262,582,885 | (148,151 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 296,074,358 | USD | 313,042,379 | (167,734 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 303,559,000 | USD | 320,965,073 | (162,867 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 22,486,300 | USD | 23,775,327 | (12,402 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | EUR | 204,257,000 | USD | 215,962,969 | (115,717 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | EUR | 29,812,000 | USD | 31,519,548 | (17,867 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | GBP | 129,482,808 | USD | 194,941,547 | (106,744 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | GBP | 155,800,000 | USD | 234,563,132 | (128,440 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | GBP | 115,685,825 | USD | 174,166,167 | (98,841 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | GBP | 145,018,896 | USD | 218,328,849 | (122,452 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | GBP | 153,206,500 | USD | 230,660,812 | (124,004 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | GBP | 10,673,300 | USD | 16,069,187 | (8,692 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | GBP | 68,376,429 | USD | 102,943,791 | (56,027 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | NOK | 43,070,000 | USD | 4,958,611 | 5,110 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | NOK | 57,470,500 | USD | 6,616,376 | 6,666 |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | NOK | 47,789,092 | USD | 5,501,886 | $ | 5,640 | |||||||||||
RBC Capital Markets | 1/5/2016 | NOK | 21,514,000 | USD | 2,476,767 | 2,431 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | NOK | 56,150,500 | USD | 6,464,565 | 6,669 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | NOK | 3,094,200 | USD | 356,226 | 361 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | NOK | 57,920,500 | USD | 6,668,298 | 6,833 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | NOK | 249,000 | USD | 28,611 | (27 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | SEK | 243,556,500 | USD | 27,965,106 | (2,450 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | SEK | 291,944,500 | USD | 33,520,929 | (3,014 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | SEK | 221,079,146 | USD | 25,383,387 | (3,098 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | SEK | 263,979,500 | USD | 30,307,496 | (5,231 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | SEK | 284,156,000 | USD | 32,627,294 | (2,297 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | SEK | 22,911,100 | USD | 2,630,663 | (215 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | SEK | 109,695,000 | USD | 12,595,157 | (1,104 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | SEK | 18,231,000 | USD | 2,093,175 | (288 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | SEK | 1,243,000 | USD | 142,608 | (125 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 311,777 | DKK | 2,198,000 | 46 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 5,750,255 | EUR | 5,436,000 | 362 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 239,281 | GBP | 159,000 | 231 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 10,544,174 | GBP | 7,003,000 | 4,896 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 90,958 | NOK | 790,000 | (100 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 140,243,617 | ||||||||||||||||
|
|
Currency Abbreviations
CHF | Swiss Franc | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
NOK | Norwegian Krone | |
SEK | Swedish Krona | |
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks** | $ | 3,882,420,321 | $ | — | $ | 0 | $ | 3,882,420,321 | ||||||||
Preferred Stocks** | 29,624,533 | — | — | 29,624,533 | ||||||||||||
Rights** | 1,618,784 | — | — | 1,618,784 | ||||||||||||
Securities Lending Collateral | 120,222,183 | — | — | 120,222,183 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 146,386,027 | — | 146,386,027 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts
| — | (6,142,410 | ) | — | (6,142,410 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,033,885,821 | $ | 140,243,617 | $ | — | $ | 4,174,129,438 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.3% | ||||||||
Austria — 0.9% | ||||||||
ANDRITZ AG | 1,177 | $ | 61,761 | |||||
BUWOG AG* | 881 | 17,597 | ||||||
CA Immobilien Anlagen AG* | 1,083 | 19,744 | ||||||
Conwert Immobilien Invest SE* | 1,067 | 14,993 | ||||||
DO & CO AG | 120 | 11,625 | ||||||
Erste Group Bank AG* | 4,031 | 123,680 | ||||||
EVN AG | 600 | 6,371 | ||||||
FACC AG* | 584 | 4,614 | ||||||
Immofinanz AG* | 13,594 | 33,637 | ||||||
Lenzing AG | 129 | 10,086 | ||||||
Oesterreichische Post AG | 614 | 22,017 | ||||||
OMV AG | 2,124 | 60,624 | ||||||
Palfinger AG | 300 | 8,490 | ||||||
Raiffeisen Bank International AG* | 1,784 | 27,915 | ||||||
RHI AG | 446 | 8,951 | ||||||
S IMMO AG* | 1,095 | 9,037 | ||||||
Semperit AG Holding | 219 | 7,462 | ||||||
UNIQA Insurance Group AG | 1,761 | 15,633 | ||||||
Voestalpine AG | 1,551 | 50,472 | ||||||
Wienerberger AG | 1,666 | 29,246 | ||||||
Zumtobel Group AG | 520 | 11,340 | ||||||
|
| |||||||
555,295 | ||||||||
|
| |||||||
Belgium — 4.9% | ||||||||
Ablynx NV* | 876 | 13,045 | ||||||
Ackermans & van Haaren NV | 355 | 49,303 | ||||||
Ageas | 2,835 | 124,021 | ||||||
Agfa Gevaert NV* | 3,446 | 17,112 | ||||||
Anheuser-Busch InBev NV | 11,532 | 1,485,850 | ||||||
Befimmo SA REIT | 318 | 19,433 | ||||||
Bekaert SA | 542 | 15,356 | ||||||
BHF Kleinwort Benson Group* | 1,012 | 6,138 | ||||||
bpost SA | 1,682 | 40,874 | ||||||
Cofinimmo SA/NV REIT | 301 | 31,436 | ||||||
Colruyt SA | 1,025 | 50,791 | ||||||
Compagnie d’Entreprises CFE SA | 133 | 15,598 | ||||||
Delhaize Group | 1,518 | 152,092 | ||||||
D’ieteren SA | 546 | 18,731 | ||||||
Econocom Group SA* | 1,233 | 10,857 | ||||||
Elia System Operator SA | 439 | 19,680 | ||||||
Euronav NV | 1,839 | 23,500 | ||||||
EVS Broadcast Equipment SA | 306 | 10,076 | ||||||
Exmar NV | 594 | 6,524 | ||||||
Fagron | 611 | 6,462 | ||||||
Galapagos NV* | 531 | 26,486 | ||||||
Groupe Bruxelles Lambert SA | 1,126 | 92,521 | ||||||
Intervest Offices & Warehouses NV REIT | 306 | 7,457 | ||||||
Ion Beam Applications | 445 | 14,204 | ||||||
KBC Ancora | 535 | 21,160 | ||||||
KBC Groep NV | 3,666 | 218,841 | ||||||
Melexis NV | 755 | 38,010 | ||||||
Nyrstar NV* (a) | 4,521 | 7,108 | ||||||
Ontex Group NV | 1,038 | 36,920 | ||||||
Proximus SA | 2,376 | 78,486 | ||||||
Solvay SA | 860 | 99,086 | ||||||
Telenet Group Holding NV* | 709 | 38,721 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Tessenderlo Chemie NV* | 496 | $ | 14,710 | |||||
UCB SA | 1,836 | 163,953 | ||||||
Umicore SA | 1,405 | 58,109 | ||||||
Warehouses De Pauw Comm. VA REIT | 241 | 19,288 | ||||||
|
| |||||||
3,051,939 | ||||||||
|
| |||||||
Finland — 3.2% | ||||||||
Amer Sports OYJ | 1,744 | 50,801 | ||||||
Cargotec OYJ, Class B (a) | 561 | 20,627 | ||||||
Caverion Corp. | 1,547 | 14,400 | ||||||
Citycon OYJ* | 5,730 | 14,627 | ||||||
Cramo OYJ | 576 | 11,654 | ||||||
Elisa OYJ | 2,198 | 81,884 | ||||||
Fortum OYJ | 6,363 | 92,909 | ||||||
F-Secure OYJ | 1,975 | 6,135 | ||||||
Huhtamaki OYJ | 1,342 | 48,633 | ||||||
Kemira OYJ (a) | 1,475 | 17,719 | ||||||
Kesko OYJ, Class B (a) | 976 | 32,410 | ||||||
Kone OYJ, Class B | 4,831 | 206,158 | ||||||
Konecranes OYJ | 791 | 21,946 | ||||||
Metsa Board OYJ (a) | 2,866 | 20,621 | ||||||
Metso OYJ | 1,690 | 41,961 | ||||||
Neste OYJ | 1,875 | 54,042 | ||||||
Nokia OYJ | 53,701 | 387,801 | ||||||
Nokian Renkaat OYJ | 1,695 | 66,530 | ||||||
Orion OYJ, Class B | 1,526 | 50,964 | ||||||
Outokumpu OYJ* | 4,348 | 13,497 | ||||||
Outotec OYJ | 2,646 | 11,361 | ||||||
PKC Group OYJ | 420 | 7,859 | ||||||
Ramirent OYJ | 1,158 | 8,051 | ||||||
Sampo OYJ, Class A | 6,279 | 311,270 | ||||||
Sanoma OYJ | 1,284 | 6,091 | ||||||
Sponda OYJ (a) | 3,209 | 13,019 | ||||||
Stora Enso OYJ, Class R | 7,992 | 78,951 | ||||||
Technopolis OYJ | 1,405 | 5,478 | ||||||
Tieto OYJ | 803 | 20,481 | ||||||
UPM-Kymmene OYJ | 7,720 | 147,389 | ||||||
Uponor OYJ (a) | 936 | 14,092 | ||||||
Valmet OYJ | 1,786 | 17,077 | ||||||
Wartsila OYJ Abp | 2,144 | 96,363 | ||||||
YIT OYJ (a) | 1,876 | 10,346 | ||||||
|
| |||||||
2,003,147 | ||||||||
|
| |||||||
France — 30.0% | ||||||||
Accor SA | 3,160 | 133,347 | ||||||
Aeroports de Paris | 470 | 53,233 | ||||||
Air France-KLM* | 2,387 | 15,914 | ||||||
Air Liquide SA | 4,957 | 604,908 | ||||||
Airbus Group SE | 8,598 | 621,722 | ||||||
Albioma SA | 493 | 7,798 | ||||||
Alcatel-Lucent* | 42,137 | 165,969 | ||||||
Alstom SA* (a) | 3,223 | 100,165 | ||||||
Alten SA | 453 | 24,797 | ||||||
Altran Technologies SA | 2,189 | 28,655 | ||||||
ANF Immobilier REIT | 175 | 3,994 | ||||||
Arkema SA | 989 | 71,253 | ||||||
Atos SE | 1,293 | 105,860 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
AXA SA | 27,845 | $ | 753,434 | |||||
BNP Paribas SA | 15,009 | 889,776 | ||||||
Bollore SA | 13,247 | 60,981 | ||||||
Bonduelle SCA | 293 | 7,717 | ||||||
Bouygues SA | 2,956 | 111,278 | ||||||
Bureau Veritas SA | 3,916 | 80,659 | ||||||
Cap Gemini SA | 2,394 | 220,865 | ||||||
Carrefour SA | 8,050 | 248,182 | ||||||
Casino Guichard-Perrachon SA | 830 | 47,460 | ||||||
CGG*(a) | 2,642 | 8,882 | ||||||
Christian Dior SE | 786 | 143,833 | ||||||
Cie de Saint-Gobain | 7,009 | 309,765 | ||||||
Cie Generale des Etablissements Michelin | 2,710 | 271,722 | ||||||
CNP Assurances | 2,367 | 32,961 | ||||||
Coface SA | 1,575 | 15,411 | ||||||
Credit Agricole SA | 15,412 | 185,957 | ||||||
Danone SA | 8,485 | 594,635 | ||||||
Dassault Systemes SA | 1,875 | 149,231 | ||||||
DBV Technologies SA*(a) | 328 | 22,855 | ||||||
Edenred | 3,114 | 64,535 | ||||||
Eiffage SA | 667 | 41,966 | ||||||
Electricite de France | 3,523 | 52,502 | ||||||
Elior, 144A | 1,448 | 27,997 | ||||||
Elis SA | 1,062 | 16,674 | ||||||
Engie | 21,090 | 367,439 | ||||||
Essilor International SA | 3,034 | 396,047 | ||||||
Etablissements Maurel et Prom* | 1,472 | 4,750 | ||||||
Euler Hermes Group | 211 | 18,916 | ||||||
Eurazeo SA | 624 | 41,950 | ||||||
Eutelsat Communications SA (a) | 2,391 | 71,365 | ||||||
Faiveley Transport SA | 137 | 13,747 | ||||||
Faurecia | 970 | 36,413 | ||||||
FFP | 133 | 9,555 | ||||||
Fonciere des Regions REIT | 456 | 40,446 | ||||||
GameLoft SE* | 1,545 | 9,435 | ||||||
Gaztransport Et Technigaz SA | 371 | 17,896 | ||||||
Gecina SA REIT | 502 | 60,623 | ||||||
Genfit* | 336 | 13,492 | ||||||
Groupe Eurotunnel SE | 7,209 | 92,123 | ||||||
Guerbet | 138 | 8,893 | ||||||
Havas SA | 2,515 | 21,205 | ||||||
Hermes International | 383 | 134,852 | ||||||
ICADE REIT | 512 | 36,125 | ||||||
Iliad SA | 397 | 88,546 | ||||||
Imerys SA | 522 | 35,380 | ||||||
Ingenico Group | 842 | 105,997 | ||||||
Innate Pharma SA* | 741 | 10,859 | ||||||
Interparfums SA | 243 | 6,100 | ||||||
Ipsen SA | 577 | 37,047 | ||||||
Ipsos | 578 | 12,095 | ||||||
Jacquet Metal Service | 371 | 5,684 | ||||||
JCDecaux SA | 1,089 | 40,374 | ||||||
Kering | 1,100 | 190,078 | ||||||
Klepierre REIT | 3,245 | 147,288 | ||||||
Korian SA | 656 | 22,532 | ||||||
Lagardere SCA | 1,769 | 52,202 | ||||||
Legrand SA | 3,877 | 228,078 | ||||||
LISI | 353 | 9,436 |
Number | Value | |||||||
France (Continued) | ||||||||
L’Oreal SA | 3,620 | $ | 641,019 | |||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 4,030 | 675,939 | ||||||
Mercialys SA REIT (a) | 923 | 19,865 | ||||||
Mersen | 286 | 5,146 | ||||||
Metropole Television SA | 938 | 17,422 | ||||||
MGI Coutier | 241 | 4,764 | ||||||
MPI | 1,587 | 3,773 | ||||||
Natixis SA | 14,269 | 86,535 | ||||||
Neopost SA | 621 | 16,206 | ||||||
Nexans SA* | 460 | 17,594 | ||||||
Nexity SA | 505 | 21,553 | ||||||
NextRadioTV | 195 | 7,571 | ||||||
Numericable-SFR SAS* | 1,632 | 69,877 | ||||||
Orange SA (a) | 29,017 | 501,562 | ||||||
Orpea | 662 | 52,129 | ||||||
Pernod Ricard SA | 3,083 | 350,815 | ||||||
Peugeot SA* | 6,517 | 116,434 | ||||||
Plastic Omnium SA | 978 | 28,597 | ||||||
Publicis Groupe SA | 2,696 | 170,109 | ||||||
Rallye SA | 404 | 7,598 | ||||||
Remy Cointreau SA (a) | 393 | 27,878 | ||||||
Renault SA | 2,802 | 282,752 | ||||||
Rexel SA | 4,487 | 61,463 | ||||||
Rubis SCA | 618 | 49,134 | ||||||
Safran SA | 4,233 | 312,529 | ||||||
Saft Groupe SA | 497 | 15,191 | ||||||
Sanofi | 17,080 | 1,522,706 | ||||||
Schneider Electric SE | 8,086 | 512,594 | ||||||
SCOR SE | 2,206 | 86,517 | ||||||
SEB SA | 352 | 36,045 | ||||||
Societe BIC SA | 423 | 69,585 | ||||||
Societe Generale SA | 10,476 | 500,069 | ||||||
Societe Television Francaise 1 | 1,817 | 22,154 | ||||||
Sodexo SA | 1,406 | 138,984 | ||||||
Solocal Group* | 835 | 6,667 | ||||||
Sopra Steria Group | 247 | 28,184 | ||||||
Suez Environnement Co. | 4,496 | 85,243 | ||||||
Technicolor SA | 5,168 | 38,757 | ||||||
Technip SA | 1,546 | 81,034 | ||||||
Teleperformance | 852 | 70,826 | ||||||
Thales SA | 1,511 | 112,501 | ||||||
Total SA (a) | 31,452 | 1,561,833 | ||||||
Trigano SA | 178 | 10,344 | ||||||
Ubisoft Entertainment SA* | 1,550 | 43,398 | ||||||
Unibail-Rodamco SE REIT | 1,421 | 364,979 | ||||||
Valeo SA | 1,168 | 180,849 | ||||||
Vallourec SA | 1,777 | 18,275 | ||||||
Valneva SE* | 1,184 | 4,566 | ||||||
Veolia Environnement SA | 6,583 | 157,814 | ||||||
Vicat | 271 | 16,601 | ||||||
Vilmorin & Cie SA | 114 | 8,473 | ||||||
Vinci SA | 6,863 | 446,376 | ||||||
Virbac SA | 72 | 14,636 | ||||||
Vivendi SA | 15,181 | 319,666 | ||||||
Wendel SA | 454 | 54,107 | ||||||
Zodiac Aerospace | 3,021 | 81,806 | ||||||
|
| |||||||
18,842,905 | ||||||||
|
|
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Germany — 27.3% | ||||||||
Aareal Bank AG | 983 | $ | 33,126 | |||||
adidas AG | 3,058 | 295,920 | ||||||
AIXTRON SE* | 350 | 2,794 | ||||||
Allianz SE | 6,574 | 1,164,453 | ||||||
alstria office REIT-AG* | 1,791 | 23,682 | ||||||
AURELIUS SE & Co. KGaA | 422 | 18,684 | ||||||
Aurubis AG | 489 | 30,467 | ||||||
Axel Springer SE | 662 | 36,958 | ||||||
BASF SE | 13,283 | 1,099,432 | ||||||
Bayer AG | 11,981 | 1,598,766 | ||||||
Bayerische Motoren Werke AG | 4,799 | 523,769 | ||||||
Bechtle AG | 251 | 23,769 | ||||||
Beiersdorf AG | 1,472 | 137,078 | ||||||
Bilfinger SE | 533 | 25,220 | ||||||
Biotest AG | 205 | 3,403 | ||||||
Borussia Dortmund GmbH & Co. KGaA | 1,723 | 7,355 | ||||||
Brenntag AG | 2,292 | 125,221 | ||||||
CANCOM SE | 292 | 12,604 | ||||||
comdirect bank AG | 1,129 | 13,109 | ||||||
Commerzbank AG* | 15,570 | 171,413 | ||||||
Continental AG | 1,601 | 386,853 | ||||||
CTS Eventim AG & Co. KGaA | 725 | 25,653 | ||||||
Daimler AG | 13,962 | 1,249,895 | ||||||
Deutsche Bank AG (b) | 20,006 | 513,741 | ||||||
Deutsche Beteiligungs AG | 263 | 8,172 | ||||||
Deutsche Boerse AG | 2,866 | 245,848 | ||||||
Deutsche Euroshop AG | 703 | 29,825 | ||||||
Deutsche Lufthansa AG* | 3,557 | 50,979 | ||||||
Deutsche Post AG | 14,237 | 416,138 | ||||||
Deutsche Telekom AG | 47,056 | 867,808 | ||||||
Deutsche Wohnen AG | 4,929 | 135,635 | ||||||
Deutz AG | 1,840 | 6,983 | ||||||
DIC Asset AG | 873 | 8,191 | ||||||
DMG Mori AG | 667 | 27,304 | ||||||
Drillisch AG | 844 | 37,765 | ||||||
Duerr AG | 418 | 36,121 | ||||||
E.ON SE | 29,082 | 276,415 | ||||||
ElringKlinger AG (a) | 560 | 14,090 | ||||||
Evonik Industries AG | 1,997 | 68,235 | ||||||
Evotec AG* | 2,160 | 9,608 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 673 | 41,163 | ||||||
Freenet AG | 1,992 | 67,054 | ||||||
Fresenius Medical Care AG & Co. KGaA | 3,250 | 268,521 | ||||||
Fresenius SE & Co. KGaA | 5,633 | 413,571 | ||||||
GEA Group AG | 2,728 | 113,215 | ||||||
Gerresheimer AG | 489 | 38,180 | ||||||
Gerry Weber International AG | 498 | 7,403 | ||||||
Hannover Rueck SE | 874 | 102,269 | ||||||
HeidelbergCement AG | 2,034 | 161,950 | ||||||
Heidelberger Druckmaschinen AG* | 4,649 | 11,543 | ||||||
Henkel AG & Co. KGaA | 1,511 | 145,037 | ||||||
Hugo Boss AG | 1,006 | 87,135 | ||||||
Indus Holding AG | 401 | 19,057 | ||||||
Infineon Technologies AG | 18,698 | 277,167 | ||||||
K+S AG (a) | 2,820 | 80,267 | ||||||
Kabel Deutschland Holding AG | 263 | 32,178 |
Number | Value | |||||||
Germany (Continued) | ||||||||
KION Group AG* | 987 | $ | 48,856 | |||||
Kloeckner & Co. SE | 1,614 | 13,823 | ||||||
Krones AG | 237 | 28,846 | ||||||
KUKA AG | 384 | 33,877 | ||||||
LANXESS AG | 1,359 | 69,208 | ||||||
LEG Immobilien AG* | 925 | 73,298 | ||||||
Leoni AG | 528 | 20,328 | ||||||
Linde AG | 2,682 | 468,262 | ||||||
MAN SE | 479 | 47,537 | ||||||
Merck KGaA | 1,896 | 194,191 | ||||||
Metro AG | 2,656 | 88,563 | ||||||
MLP AG | 1,574 | 6,403 | ||||||
MorphoSys AG* | 383 | 22,673 | ||||||
MTU Aero Engines AG | 788 | 78,252 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 2,385 | 480,664 | ||||||
Nordex SE* | 1,044 | 35,076 | ||||||
Norma Group SE | 547 | 29,896 | ||||||
OSRAM Licht AG | 1,360 | 57,419 | ||||||
PATRIZIA Immobilien AG* | 804 | 20,001 | ||||||
ProSiebenSat.1 Media SE | 3,226 | 169,398 | ||||||
Rational AG | 58 | 24,307 | ||||||
Rheinmetall AG | 622 | 39,476 | ||||||
Rhoen-Klinikum AG | 794 | 22,952 | ||||||
RIB Software AG | 739 | 7,691 | ||||||
RWE AG | 7,298 | 83,969 | ||||||
Salzgitter AG | 599 | 14,733 | ||||||
SAP SE | 14,263 | 1,124,036 | ||||||
SGL Carbon SE* | 823 | 12,721 | ||||||
Siemens AG | 11,456 | 1,187,866 | ||||||
SLM Solutions Group AG* | 332 | 6,212 | ||||||
SMA Solar Technology AG* | 365 | 18,212 | ||||||
Software AG | 848 | 22,677 | ||||||
STADA Arzneimittel AG | 972 | 37,114 | ||||||
STRATEC Biomedical AG | 167 | 9,523 | ||||||
Stroeer SE | 328 | 19,490 | ||||||
Suedzucker AG (a) | 1,269 | 23,986 | ||||||
Symrise AG | 1,802 | 121,964 | ||||||
TAG Immobilien AG | 1,710 | 20,235 | ||||||
Telefonica Deutschland Holding AG | 9,257 | 52,042 | ||||||
ThyssenKrupp AG | 5,416 | 115,275 | ||||||
United Internet AG | 1,849 | 98,557 | ||||||
Volkswagen AG (a) | 531 | 79,273 | ||||||
Vonovia SE | 6,778 | 210,076 | ||||||
VTG AG | 307 | 9,423 | ||||||
Wacker Chemie AG | 246 | 22,116 | ||||||
Wacker Neuson SE | 552 | 7,923 | ||||||
Wincor Nixdorf AG | 508 | 25,712 | ||||||
Wirecard AG (a) | 1,762 | 86,315 | ||||||
zooplus AG* | 113 | 16,738 | ||||||
|
| |||||||
17,135,377 | ||||||||
|
| |||||||
Ireland — 1.7% | ||||||||
Bank of Ireland* | 404,848 | 150,992 | ||||||
C&C Group PLC | 5,360 | 20,784 | ||||||
CRH PLC | 11,923 | 350,832 | ||||||
FBD Holdings PLC | 569 | 4,119 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Ireland (Continued) | ||||||||
Glanbia PLC | 2,674 | $ | 49,074 | |||||
Hibernia REIT PLC | 11,133 | 16,362 | ||||||
Irish Continental Group PLC | 3,029 | 17,122 | ||||||
Kerry Group PLC, Class A | 2,302 | 185,793 | ||||||
Kingspan Group PLC | 2,252 | 59,020 | ||||||
Origin Enterprises PLC* | 2,151 | 17,056 | ||||||
Paddy Power PLC | 600 | 76,103 | ||||||
Ryanair Holdings PLC | 2,385 | 35,719 | ||||||
Smurfit Kappa Group PLC | 3,450 | 94,262 | ||||||
|
| |||||||
1,077,238 | ||||||||
|
| |||||||
Italy — 8.3% | ||||||||
A2A SpA | 24,590 | 34,554 | ||||||
ACEA SpA | 1,176 | 17,445 | ||||||
Amplifon SpA | 2,243 | 17,169 | ||||||
Anima Holding SpA, 144A | 3,103 | 28,523 | ||||||
Ansaldo STS SpA | 2,391 | 24,694 | ||||||
Ascopiave SpA | 3,133 | 7,408 | ||||||
Assicurazioni Generali SpA | 16,248 | 309,002 | ||||||
Astaldi SpA (a) | 1,146 | 6,883 | ||||||
Atlantia SpA | 6,205 | 163,897 | ||||||
Autogrill SpA* | 2,401 | 21,309 | ||||||
Azimut Holding SpA | 1,865 | 47,626 | ||||||
Banca Carige SpA*(a) | 9,622 | 15,574 | ||||||
Banca Generali SpA | 1,062 | 32,349 | ||||||
Banca IFIS SpA | 483 | 12,809 | ||||||
Banca Monte dei Paschi di Siena SpA* | 39,512 | 62,035 | ||||||
Banca Popolare dell’Emilia Romagna SC (a) | 7,585 | 58,301 | ||||||
Banca Popolare di Milano Scarl | 67,405 | 65,306 | ||||||
Banca Popolare di Sondrio Scarl | 7,714 | 35,127 | ||||||
Banco Popolare SC* | 5,467 | 78,844 | ||||||
Beni Stabili SpA SIIQ REIT (a) | 18,364 | 13,844 | ||||||
Brembo SpA | 499 | 22,934 | ||||||
Brunello Cucinelli SpA (a) | 562 | 9,791 | ||||||
Buzzi Unicem SpA (a) | 1,035 | 18,601 | ||||||
Cairo Communication SpA | 1,044 | 4,853 | ||||||
Cementir Holding SpA | 957 | 5,945 | ||||||
Cerved Information Solutions SpA* (a) | 3,142 | 23,736 | ||||||
Compagnie Industriali Riunite SpA* (a) | 7,098 | 7,799 | ||||||
Credito Emiliano SpA | 2,278 | 16,210 | ||||||
Credito Valtellinese SC* | 19,239 | 22,990 | ||||||
Danieli & C Officine Meccaniche SpA (a) | 317 | 6,196 | ||||||
Datalogic SpA | 686 | 12,749 | ||||||
Davide Campari-Milano SpA | 4,503 | 39,560 | ||||||
De’ Longhi (a) | 870 | 23,908 | ||||||
DeA Capital SpA* | 2,787 | 4,270 | ||||||
DiaSorin SpA | 494 | 25,387 | ||||||
Ei Towers SpA | 374 | 22,840 | ||||||
Enel Green Power SpA | 26,114 | 55,154 | ||||||
Enel SpA | 95,432 | 420,857 | ||||||
Eni SpA | 36,698 | 597,882 | ||||||
ERG SpA | 867 | 10,837 | ||||||
EXOR SpA | 1,484 | 66,511 | ||||||
Falck Renewables SpA | 4,701 | 5,548 | ||||||
Fincantieri SpA* | 11,618 | 5,401 | ||||||
FinecoBank Banca Fineco SpA | 4,444 | 34,698 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Finmeccanica SpA* | 6,109 | $ | 88,490 | |||||
Hera SpA | 11,356 | 28,796 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT (a) | 7,836 | 8,180 | ||||||
Interpump Group SpA (a) | 1,271 | 19,727 | ||||||
Intesa Sanpaolo SpA | 175,397 | 601,903 | ||||||
Intesa Sanpaolo SpA-RSP | 17,613 | 55,343 | ||||||
Iren SpA | 11,481 | 17,953 | ||||||
Italcementi SpA (a) | 2,940 | 31,870 | ||||||
Italmobiliare SpA | 137 | 5,898 | ||||||
Italmobiliare SpA-RSP | 286 | 9,141 | ||||||
Luxottica Group SpA | 2,390 | 159,842 | ||||||
Maire Tecnimont SpA* | 2,964 | 8,242 | ||||||
MARR SpA | 687 | 14,081 | ||||||
Mediaset SpA | 11,615 | 51,075 | ||||||
Mediobanca SpA | 8,484 | 81,301 | ||||||
Mediolanum SpA | 3,583 | 29,490 | ||||||
Moncler SpA | 2,212 | 33,701 | ||||||
Piaggio & C SpA | 3,337 | 8,151 | ||||||
Prysmian SpA | 2,991 | 65,415 | ||||||
RCS MediaGroup SpA* | 7,541 | 4,577 | ||||||
Recordati SpA | 1,475 | 36,669 | ||||||
Saipem SpA* (a) | 4,017 | 34,717 | ||||||
Salini Impregilo SpA | 3,920 | 17,006 | ||||||
Salvatore Ferragamo SpA (a) | 852 | 20,272 | ||||||
Saras SpA* (a) | 4,632 | 9,274 | ||||||
Snam SpA | 28,966 | 147,205 | ||||||
Societa Cattolica DI Assicurazioni Scrl | 2,403 | 18,737 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 1,537 | 16,564 | ||||||
Sogefi SpA* | 1,811 | 4,049 | ||||||
Telecom Italia SpA* (a) | 170,862 | 220,961 | ||||||
Telecom Italia SpA-RSP | 93,059 | 107,170 | ||||||
Terna Rete Elettrica Nazionale SpA | 22,062 | 108,622 | ||||||
Tod’s SpA (a) | 212 | 16,889 | ||||||
Trevi Finanziaria Industriale SpA | 2,621 | 3,378 | ||||||
UniCredit SpA | 62,274 | 365,493 | ||||||
Unione di Banche Italiane SpA | 13,412 | 91,257 | ||||||
Unipol Gruppo Finanziario SpA | 6,580 | 32,800 | ||||||
UnipolSai SpA (a) | 16,882 | 43,557 | ||||||
Vittoria Assicurazioni SpA | 603 | 6,530 | ||||||
Yoox Net-A-Porter Group SpA, Class A* | 901 | 30,881 | ||||||
Zignago Vetro SpA | 739 | 4,474 | ||||||
|
| |||||||
5,177,037 | ||||||||
|
| |||||||
Luxembourg — 0.7% | ||||||||
APERAM SA* | 726 | 24,691 | ||||||
ArcelorMittal (a) | 14,511 | 71,169 | ||||||
BRAAS Monier Building Group SA | 353 | 8,830 | ||||||
Eurofins Scientific SE | 138 | 51,935 | ||||||
Grand City Properties SA | 1,616 | 33,294 | ||||||
RTL Group SA | 560 | 48,990 | ||||||
SES SA FDR | 4,651 | 129,091 | ||||||
Tenaris SA | 6,884 | 90,407 | ||||||
|
| |||||||
458,407 | ||||||||
|
|
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Netherlands — 7.3% | ||||||||
Aalberts Industries NV | 1,737 | $ | 57,351 | |||||
Aegon NV | 27,106 | 165,990 | ||||||
Akzo Nobel NV | 3,687 | 262,244 | ||||||
Altice NV, Class A* | 5,664 | 87,012 | ||||||
Altice NV, Class B* | 1,900 | 29,540 | ||||||
Arcadis NV | 1,194 | 28,819 | ||||||
ASM International NV | 1,139 | 45,543 | ||||||
ASML Holding NV | 5,504 | 508,658 | ||||||
BinckBank NV | 1,368 | 11,969 | ||||||
Brunel International NV | 550 | 10,076 | ||||||
Corbion NV | 1,043 | 24,877 | ||||||
Delta Lloyd NV | 3,643 | 26,227 | ||||||
Eurocommercial Properties NV | 789 | 33,432 | ||||||
Euronext NV, 144A | 1,018 | 50,643 | ||||||
Fugro NV* | 1,118 | 20,736 | ||||||
Gemalto NV | 1,213 | 76,537 | ||||||
Heineken Holding NV | 1,580 | 124,299 | ||||||
Heineken NV | 3,441 | 305,970 | ||||||
IMCD Group NV | 744 | 27,198 | ||||||
ING Groep NV | 57,106 | 784,055 | ||||||
Koninklijke Ahold NV | 12,481 | 271,515 | ||||||
Koninklijke BAM Groep NV* | 4,251 | 22,143 | ||||||
Koninklijke Boskalis Westminster NV | 1,390 | 61,858 | ||||||
Koninklijke DSM NV | 2,683 | 136,506 | ||||||
Koninklijke KPN NV | 48,438 | 184,288 | ||||||
Koninklijke Philips NV | 14,172 | 387,511 | ||||||
Koninklijke Vopak NV | 1,073 | 46,560 | ||||||
NN Group NV | 3,486 | 119,075 | ||||||
NSI NV REIT (a) | 3,004 | 12,121 | ||||||
OCI NV* (a) | 1,350 | 34,082 | ||||||
PostNL NV* | 8,056 | 26,922 | ||||||
QIAGEN NV* | 3,261 | 86,600 | ||||||
Randstad Holding NV | 1,986 | 124,199 | ||||||
SBM Offshore NV* | 2,807 | 39,444 | ||||||
TKH Group NV | 746 | 27,807 | ||||||
TNT Express NV | 7,784 | 63,408 | ||||||
TomTom NV* | 1,922 | 24,003 | ||||||
USG People NV | 1,247 | 19,177 | ||||||
Wereldhave NV REIT | 634 | 35,455 | ||||||
Wessanen NV | 1,637 | 16,000 | ||||||
Wolters Kluwer NV | 4,712 | 162,820 | ||||||
|
| |||||||
4,582,670 | ||||||||
|
| |||||||
Portugal — 0.5% | ||||||||
Altri SGPS SA | 1,102 | 6,059 | ||||||
Banco BPI SA* | 5,274 | 6,219 | ||||||
Banco Comercial Portugues SA, Class R* (a) | 598,055 | 31,973 | ||||||
CTT-Correios de Portugal SA | 2,430 | 22,485 | ||||||
EDP — Energias de Portugal SA | 31,088 | 103,629 | ||||||
Galp Energia SGPS SA | 5,530 | 58,836 | ||||||
Jeronimo Martins SGPS SA | 3,674 | 50,987 | ||||||
Mota-Engil SGPS SA | 1,412 | 3,081 | ||||||
NOS SGPS SA | 2,050 | 15,826 | ||||||
Pharol SGPS SA* | 9,864 | 3,512 | ||||||
Portucel SA | 2,829 | 11,298 | ||||||
REN — Redes Energeticas Nacionais SGPS SA | 1,773 | 5,017 |
Number | Value | |||||||
Portugal (Continued) | ||||||||
Semapa-Sociedade de Investimento e Gestao | 320 | $ | 4,493 | |||||
Sonae SGPS SA | 10,152 | 11,981 | ||||||
|
| |||||||
335,396 | ||||||||
|
| |||||||
Spain — 10.6% | ||||||||
Abengoa SA, Class B | 14,571 | 5,388 | ||||||
Abertis Infraestructuras SA | 7,797 | 120,726 | ||||||
Acciona SA | 408 | 33,964 | ||||||
Acerinox SA | 2,270 | 24,415 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,807 | 91,552 | ||||||
Aena SA, 144A* | 1,010 | 114,554 | ||||||
Almirall SA | 989 | 18,161 | ||||||
Amadeus IT Holding SA, Class A | 6,409 | 257,076 | ||||||
Applus Services SA | 1,755 | 16,280 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 1,181 | 14,312 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 92,408 | 767,008 | ||||||
Banco de Sabadell SA | 74,920 | 138,286 | ||||||
Banco Popular Espanol SA | 25,531 | 89,961 | ||||||
Banco Santander SA | 209,263 | 1,142,624 | ||||||
Bankia SA | 69,785 | 87,445 | ||||||
Bankinter SA | 10,598 | 76,713 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 1,219 | 42,701 | ||||||
CaixaBank SA | 38,744 | 141,921 | ||||||
CIE Automotive SA | 886 | 14,369 | ||||||
Deoleo SA* | 11,677 | 3,825 | ||||||
Distribuidora Internacional de Alimentacion SA* | 9,425 | 59,578 | ||||||
Duro Felguera SA | 2,218 | 4,757 | ||||||
Ebro Foods SA | 1,062 | 20,343 | ||||||
Enagas SA | 3,226 | 96,151 | ||||||
Ence Energia y Celulosa S.A | 2,495 | 9,793 | ||||||
Endesa SA | 4,599 | 95,140 | ||||||
Faes Farma SA | 4,612 | 12,353 | ||||||
Ferrovial SA | 6,366 | 150,796 | ||||||
Fomento de Construcciones y Contratas SA*(a) | 2,291 | 15,850 | ||||||
Gamesa Corp. Tecnologica SA | 3,611 | 63,218 | ||||||
Gas Natural SDG SA | 5,097 | 110,262 | ||||||
Grifols SA | 2,201 | 104,460 | ||||||
Grupo Catalana Occidente SA | 668 | 20,891 | ||||||
Hispania Activos Inmobiliarios SA* | 1,459 | 21,196 | ||||||
Iberdrola SA | 76,373 | 535,066 | ||||||
Indra Sistemas SA* | 1,915 | 19,678 | ||||||
Industria de Diseno Textil SA | 16,586 | 596,863 | ||||||
Inmobiliaria Colonial SA* | 31,717 | 22,184 | ||||||
Laboratorios Farmaceuticos Rovi SA | 389 | 5,935 | ||||||
Liberbank SA* | 22,780 | 13,406 | ||||||
Mapfre SA | 15,740 | 43,188 | ||||||
Mediaset Espana Comunicacion SA | 2,442 | 28,046 | ||||||
Melia Hotels International SA | 1,694 | 21,549 | ||||||
Merlin Properties Socimi SA REIT | 4,643 | 57,836 | ||||||
NH Hotel Group SA* | 3,560 | 19,051 | ||||||
Pharma Mar SA* | 3,694 | 13,504 | ||||||
Promotora de Informaciones SA, Class A* | 1,090 | 6,507 | ||||||
Prosegur Compania de Seguridad SA | 4,381 | 19,580 |
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Red Electrica Corp. SA | 1,588 | $ | 136,237 | |||||
Repsol SA | 15,236 | 198,724 | ||||||
Sacyr SA | 5,759 | 14,646 | ||||||
Tecnicas Reunidas SA | 528 | 21,148 | ||||||
Telefonica SA (a) | 65,725 | 810,730 | ||||||
Tubacex SA | 2,390 | 4,773 | ||||||
Viscofan SA | 683 | 41,739 | ||||||
Zardoya Otis SA | 2,870 | 34,720 | ||||||
|
| |||||||
6,651,179 | ||||||||
|
| |||||||
Switzerland — 0.1% | ||||||||
STMicroelectronics NV | 11,687 | 84,929 | ||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
Orascom Construction Ltd.* | 48 | 298 | ||||||
|
| |||||||
United Kingdom — 2.8% | ||||||||
CNH Industrial NV | 14,358 | 105,658 | ||||||
Dialog Semiconductor PLC* | 1,360 | 50,780 | ||||||
Fiat Chrysler Automobiles NV* | 13,184 | 188,327 | ||||||
International Consolidated Airlines Group SA* | 12,271 | 104,588 | ||||||
RELX NV | 15,178 | 262,754 | ||||||
Stallergenes Greer PLC* | 88 | 3,511 | ||||||
Unilever NV | 23,724 | 1,040,845 | ||||||
|
| |||||||
1,756,463 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 61,712,280 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Germany — 1.5% | ||||||||
Bayerische Motoren Werke AG | 811 | 67,992 | ||||||
FUCHS PETROLUB SE | 1,050 | 49,728 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Henkel AG & Co. KGaA | 2,595 | $ | 294,737 | |||||
Jungheinrich AG | 292 | 22,660 | ||||||
Porsche Automobil Holding SE | 2,243 | 117,733 | ||||||
Sartorius AG | 157 | 36,949 | ||||||
Volkswagen AG | 2,698 | 374,992 | ||||||
|
| |||||||
964,791 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 964,791 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Unione di Banche Italiane SpA*, expires 01/30/16 | 11,866 | 0 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Telefonica SA* (a), expires 12/31/15 | 55,435 | 20,089 | ||||||
|
| |||||||
TOTAL RIGHTS | 20,089 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.9% | ||||||||
Daily Assets Fund, | 3,081,428 | 3,081,428 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.7% (Cost $66,299,462)† | $ | 65,778,588 | ||||||
Other assets and liabilities, net — (4.7%) | (2,962,333 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 62,816,255 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $66,314,754. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $536,166. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,855,049 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,391,215. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $2,931,340, which is 4.7% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
FDR: Fiduciary Depositary Receipt.
REIT: Real Estate Investment Trust.
RSP: Risparmio (Convertible Savings Shares).
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 3,035,500 | USD | 3,243,905 | $ | 36,759 | |||||||||||
Bank of Montreal | 12/2/2015 | EUR | 7,229,570 | USD | 7,988,819 | 350,444 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 3,035,500 | USD | 3,243,796 | 36,650 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 11,738,243 | USD | 12,971,110 | 569,112 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 7,503,239 | USD | 8,290,876 | 363,356 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 385,000 | USD | 424,382 | 17,612 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 17,435,394 | USD | 19,266,721 | 845,418 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 5,294,000 | USD | 5,849,796 | 256,439 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 290,900 | USD | 320,694 | 13,345 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 11,232,725 | EUR | 10,635,539 | 4,216 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 15,983,338 | EUR | 15,133,587 | 5,998 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 231,568 | EUR | 209,558 | (10,160 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 8,290,876 | EUR | 7,850,094 | 3,111 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 25,540,898 | EUR | 24,183,022 | 9,585 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 55,892 | EUR | 52,920 | 21 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 222,177 | EUR | 202,800 | (7,909 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 38,003 | EUR | 35,000 | (1,024 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,884 | EUR | 2,700 | (31 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,739 | EUR | 1,600 | (49 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | EUR | 10,623,971 | USD | 11,232,725 | (6,125 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 15,116,841 | USD | 15,983,338 | (8,413 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | EUR | 7,841,704 | USD | 8,290,876 | (4,678 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 1,117,000 | USD | 1,180,962 | (686 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 24,156,490 | USD | 25,540,898 | (13,685 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 52,861 | USD | 55,892 | (29 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 194,618 | EUR | 184,000 | 32 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 2,459,309 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, 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.
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 61,712,280 | $ | — | $ | — | $ | 61,712,280 | ||||||||
Preferred Stocks** | 964,791 | — | — | 964,791 | ||||||||||||
Rights** | 20,089 | — | — | 20,089 | ||||||||||||
Securities Lending Collateral | 3,081,428 | — | — | 3,081,428 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 2,512,098 | — | 2,512,098 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (52,789 | ) | — | (52,789 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 65,778,588 | $ | 2,459,309 | $ | — | $ | 68,237,897 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 94.1% | ||||||||
Consumer Discretionary — 17.5% | ||||||||
adidas AG | 28,378 | $ | 2,746,113 | |||||
Axel Springer SE | 6,039 | 337,145 | ||||||
Bayerische Motoren Werke AG | 44,910 | 4,901,533 | ||||||
Continental AG | 14,921 | 3,605,393 | ||||||
Daimler AG | 130,602 | 11,691,644 | ||||||
Hugo Boss AG | 9,071 | 785,691 | ||||||
Kabel Deutschland Holding AG | 3,001 | 367,167 | ||||||
ProSiebenSat.1 Media SE | 29,677 | 1,558,350 | ||||||
RTL Group SA (Luxembourg) | 5,248 | 459,106 | ||||||
Volkswagen AG | 4,803 | 717,040 | ||||||
Zalando SE, 144A* | 11,700 | 396,807 | ||||||
|
| |||||||
27,565,989 | ||||||||
|
| |||||||
Consumer Staples — 2.2% | �� | |||||||
Beiersdorf AG | 13,672 | 1,273,191 | ||||||
Henkel AG & Co. KGaA | 14,095 | 1,352,940 | ||||||
Metro AG | 24,179 | 806,239 | ||||||
|
| |||||||
3,432,370 | ||||||||
|
| |||||||
Financials — 18.0% | ||||||||
Allianz SE | 61,988 | 10,979,934 | ||||||
Commerzbank AG* | 144,389 | 1,589,609 | ||||||
Deutsche Bank AG (a) | 187,084 | 4,804,197 | ||||||
Deutsche Boerse AG | 26,178 | 2,245,575 | ||||||
Deutsche Wohnen AG | 45,759 | 1,259,185 | ||||||
Hannover Rueck SE | 8,178 | 956,929 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 22,631 | 4,560,966 | ||||||
Vonovia SE | 63,208 | 1,959,055 | ||||||
|
| |||||||
28,355,450 | ||||||||
|
| |||||||
Health Care — 15.1% | ||||||||
Bayer AG | 112,167 | 14,967,767 | ||||||
Fresenius Medical Care AG & Co. KGaA | 29,642 | 2,449,079 | ||||||
Fresenius SE & Co. KGaA | 51,741 | 3,798,794 | ||||||
Merck KGaA | 17,530 | 1,795,451 | ||||||
QIAGEN NV (Netherlands)* | 29,992 | 796,476 | ||||||
|
| |||||||
23,807,567 | ||||||||
|
| |||||||
Industrials — 12.0% | ||||||||
Brenntag AG | 20,956 | 1,144,910 | ||||||
Deutsche Lufthansa AG* | 31,385 | 449,811 | ||||||
Deutsche Post AG | 131,428 | 3,841,556 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 5,638 | 344,840 | ||||||
GEA Group AG | 24,804 | 1,029,394 | ||||||
MAN SE | 4,780 | 474,374 | ||||||
OSRAM Licht AG | 12,070 | 509,591 | ||||||
Siemens AG | 107,549 | 11,151,698 | ||||||
|
| |||||||
18,946,174 | ||||||||
|
|
Number | Value | |||||||
Information Technology — 8.7% | ||||||||
Infineon Technologies AG | 153,173 | $ | 2,270,536 | |||||
SAP SE | 133,308 | 10,505,709 | ||||||
United Internet AG | 16,683 | 889,250 | ||||||
|
| |||||||
13,665,495 | ||||||||
|
| |||||||
Materials — 13.1% | ||||||||
BASF SE | 124,583 | 10,311,715 | ||||||
Evonik Industries AG | 18,962 | 647,907 | ||||||
HeidelbergCement AG | 19,116 | 1,522,041 | ||||||
K+S AG (b) | 25,961 | 738,937 | ||||||
LANXESS AG | 12,414 | 632,190 | ||||||
Linde AG | 25,193 | 4,398,554 | ||||||
Symrise AG | 16,727 | 1,132,123 | ||||||
ThyssenKrupp AG | 49,896 | 1,061,993 | ||||||
|
| |||||||
20,445,460 | ||||||||
|
| |||||||
Telecommunication Services — 5.4% | ||||||||
Deutsche Telekom AG | 437,392 | 8,066,390 | ||||||
Telefonica Deutschland Holding AG (b) | 80,693 | 453,647 | ||||||
|
| |||||||
8,520,037 | ||||||||
|
| |||||||
Utilities — 2.1% | ||||||||
E.ON SE | 271,415 | 2,579,716 | ||||||
RWE AG | 66,379 | 763,743 | ||||||
|
| |||||||
3,343,459 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 148,082,001 | |||||||
|
| |||||||
PREFERRED STOCKS — 5.3% | ||||||||
Consumer Discretionary — 3.3% | ||||||||
Bayerische Motoren Werke AG | 7,392 | 619,723 | ||||||
Porsche Automobil Holding SE | 20,769 | 1,090,148 | ||||||
Volkswagen AG | 25,173 | 3,498,762 | ||||||
|
| |||||||
5,208,633 | ||||||||
|
| |||||||
Consumer Staples — 1.7% | ||||||||
Henkel AG & Co. KGaA | 24,166 | 2,744,744 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
FUCHS PETROLUB SE | 9,426 | 446,412 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 8,399,789 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
Daily Assets Fund, 0.20% (c)(d) | 713,337 | 713,337 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $169,782,375)† | $ | 157,195,127 | ||||||
Other assets and liabilities, net — 0.1% | 167,847 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 157,362,974 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $171,067,045. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $13,871,918. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
over tax cost of $4,066,873 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,938,791. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $690,237, which is 0.4% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
At November 30, 2015, open futures contracts purchased were as follows:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
DAX Index Future | 1 | $ | 300,548 | 12/18/2015 | $ | 31,710 |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 24,263,160 | USD | 26,811,277 | $ | 1,176,124 | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 36,219,854 | USD | 40,024,025 | 1,756,071 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 32,750,454 | USD | 36,188,367 | 1,585,994 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 1,084,000 | USD | 1,194,883 | 49,587 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 17,433,000 | USD | 19,263,221 | 844,448 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 31,158,884 | USD | 34,431,876 | 1,511,070 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 810,000 | USD | 892,960 | 37,158 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 355,641 | USD | 392,990 | 17,239 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 22,248,789 | EUR | 21,065,936 | 8,350 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 4,562,488 | EUR | 4,128,874 | (200,141 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 40,024,025 | EUR | 37,896,156 | 15,021 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 36,188,367 | EUR | 34,264,420 | 13,581 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 2,382,743 | EUR | 2,223,000 | (34,040 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 18,075,362 | EUR | 17,114,389 | 6,783 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 34,431,876 | EUR | 32,601,312 | 12,922 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,056,215 | EUR | 964,100 | (37,599 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 229,736 | EUR | 217,522 | 86 | ||||||||||||
Bank of Montreal | 1/5/2016 | EUR | 21,043,023 | USD | 22,248,789 | (12,132 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 37,854,221 | USD | 40,024,025 | (21,067 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | EUR | 34,227,799 | USD | 36,188,367 | (20,418 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 17,095,612 | USD | 18,075,362 | (9,685 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 4,575,000 | USD | 4,836,974 | (2,811 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 32,564,620 | USD | 34,431,876 | (17,472 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 217,280 | USD | 229,736 | (120 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 487,602 | EUR | 461,000 | 79 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 6,679,028 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 148,082,001 | $ | — | $ | — | $ | 148,082,001 | ||||||||
Preferred Stocks** | 8,399,789 | — | — | 8,399,789 | ||||||||||||
Securities Lending Collateral | 713,337 | — | — | 713,337 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 7,034,513 | — | 7,034,513 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (355,485 | ) | — | (355,485 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts | 31,710 | — | — | 31,710 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 157,226,837 | $ | 6,679,028 | $ | — | $ | 163,905,865 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Consumer Discretionary — 21.8% | ||||||||
ABC-Mart, Inc. | 11,900 | $ | 647,685 | |||||
AISIN SEIKI Co. Ltd. | 115,900 | 4,641,649 | ||||||
ASICS Corp. | 99,000 | 2,261,478 | ||||||
Bandai Namco Holdings, Inc. | 109,900 | 2,447,083 | ||||||
Benesse Holdings, Inc. | 54,300 | 1,376,247 | ||||||
Bridgestone Corp. | 428,500 | 15,246,385 | ||||||
Casio Computer Co. Ltd. | 121,800 | 2,686,328 | ||||||
Daihatsu Motor Co. Ltd. (a) | 116,900 | 1,517,516 | ||||||
DENSO Corp. | 316,400 | 15,095,184 | ||||||
Dentsu, Inc. | 149,700 | 8,403,144 | ||||||
Don Quijote Holdings Co. Ltd. | 79,800 | 3,160,236 | ||||||
Fast Retailing Co. Ltd. | 34,500 | 13,951,340 | ||||||
Fuji Heavy Industries Ltd. | 377,100 | 15,586,392 | ||||||
Hakuhodo DY Holdings, Inc. | 161,200 | 1,731,165 | ||||||
Hikari Tsushin, Inc. (a) | 8,700 | 626,174 | ||||||
Honda Motor Co. Ltd. | 1,061,000 | 34,493,274 | ||||||
Iida Group Holdings Co. Ltd. | 98,700 | 1,919,479 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 244,600 | 3,729,604 | ||||||
Isuzu Motors Ltd. | 384,900 | 4,330,516 | ||||||
J. Front Retailing Co. Ltd. | 164,900 | 2,720,649 | ||||||
Koito Manufacturing Co. Ltd. | 72,900 | 2,961,007 | ||||||
Marui Group Co. Ltd. | 156,600 | 2,322,921 | ||||||
Mazda Motor Corp. | 355,900 | 7,394,104 | ||||||
McDonald’s Holdings Co. Japan | 54,200 | 1,316,474 | ||||||
Mitsubishi Motors Corp. | 406,700 | 3,620,985 | ||||||
NGK Spark Plug Co. Ltd. | 110,900 | 3,022,498 | ||||||
NHK Spring Co. Ltd. | 99,400 | 1,021,454 | ||||||
Nikon Corp. (a) | 207,500 | 2,784,647 | ||||||
Nissan Motor Co. Ltd. | 1,587,600 | 16,952,885 | ||||||
Nitori Holdings Co. Ltd. | 48,200 | 3,970,333 | ||||||
NOK Corp. | 68,200 | 1,839,350 | ||||||
Oriental Land Co. Ltd. | 130,200 | 7,400,564 | ||||||
Panasonic Corp. | 1,407,700 | 15,980,997 | ||||||
Rakuten, Inc. | 589,900 | 7,437,244 | ||||||
Rinnai Corp. | 23,800 | 2,130,593 | ||||||
Ryohin Keikaku Co. Ltd. | 14,600 | 3,150,089 | ||||||
Sankyo Co. Ltd. | 23,100 | 913,867 | ||||||
Sanrio Co. Ltd. | 22,100 | 527,815 | ||||||
Sega Sammy Holdings, Inc. | 104,300 | 1,126,880 | ||||||
Sekisui Chemical Co. Ltd. | 252,200 | 3,005,503 | ||||||
Sekisui House Ltd. | 384,200 | 6,496,444 | ||||||
Shimamura Co. Ltd. | 14,400 | 1,755,841 | ||||||
Shimano, Inc. | 53,000 | 7,866,044 | ||||||
Sony Corp. | 814,000 | 21,007,945 | ||||||
Stanley Electric Co. Ltd. | 94,900 | 2,100,752 | ||||||
Sumitomo Electric Industries Ltd. | 480,700 | 6,841,482 | ||||||
Sumitomo Rubber Industries Ltd. | 100,800 | 1,360,923 | ||||||
Suzuki Motor Corp. | 244,100 | 7,505,430 | ||||||
Takashimaya Co. Ltd. | 185,000 | 1,686,190 | ||||||
Toho Co. Ltd. | 79,300 | 2,109,728 | ||||||
Toyoda Gosei Co. Ltd. | 53,400 | 1,269,714 | ||||||
Toyota Industries Corp. | 101,600 | 5,389,505 | ||||||
Toyota Motor Corp. | 1,779,600 | 110,693,722 | ||||||
USS Co. Ltd. | 151,000 | 2,400,544 | ||||||
Yamada Denki Co. Ltd. (a) | 384,200 | 1,729,056 |
Number | Value | |||||||
Yamaha Corp. | 100,000 | $ | 2,518,278 | |||||
Yamaha Motor Co. Ltd. | 174,600 | 4,262,169 | ||||||
Yokohama Rubber Co. Ltd. (The) | 72,900 | 1,253,690 | ||||||
|
| |||||||
413,699,195 | ||||||||
|
| |||||||
Consumer Staples — 7.6% | ||||||||
Aeon Co. Ltd. | 435,300 | 6,754,045 | ||||||
Ajinomoto Co., Inc. | 367,000 | 8,414,764 | ||||||
Asahi Group Holdings Ltd. | 254,600 | 7,983,395 | ||||||
Calbee, Inc. | 57,500 | 2,377,538 | ||||||
FamilyMart Co. Ltd. | 45,000 | 2,006,905 | ||||||
Japan Tobacco, Inc. | 714,900 | 25,610,959 | ||||||
Kao Corp. | 323,000 | 16,559,326 | ||||||
Kikkoman Corp. | 96,000 | 3,162,307 | ||||||
Kirin Holdings Co. Ltd. | 539,600 | 7,589,906 | ||||||
Kose Corp. | 19,700 | 2,061,218 | ||||||
Lawson, Inc. | 42,500 | 3,228,067 | ||||||
MEIJI Holdings Co. Ltd. (a) | 81,700 | 6,537,327 | ||||||
NH Foods Ltd. | 112,600 | 2,176,080 | ||||||
Nisshin Seifun Group, Inc. | 152,285 | 2,392,520 | ||||||
Nissin Foods Holdings Co. Ltd. | 42,000 | 2,132,413 | ||||||
Seven & i Holdings Co. Ltd. | 490,400 | 21,990,317 | ||||||
Shiseido Co. Ltd. | 241,400 | 5,776,147 | ||||||
Suntory Beverage & Food Ltd. | 90,900 | 3,548,128 | ||||||
Toyo Suisan Kaisha Ltd. | 65,000 | 2,323,314 | ||||||
Unicharm Corp. | 252,300 | 5,320,640 | ||||||
Yakult Honsha Co. Ltd. | 64,800 | 3,200,520 | ||||||
Yamazaki Baking Co. Ltd. | 71,400 | 1,342,738 | ||||||
|
| |||||||
142,488,574 | ||||||||
|
| |||||||
Energy — 0.8% | ||||||||
Idemitsu Kosan Co. Ltd. | 69,700 | 1,153,929 | ||||||
INPEX Corp. (a) | 625,400 | 6,210,816 | ||||||
JX Holdings, Inc. | 1,461,900 | 5,929,542 | ||||||
Showa Shell Sekiyu KK | 107,100 | 943,976 | ||||||
TonenGeneral Sekiyu KK | 184,000 | 1,775,727 | ||||||
|
| |||||||
16,013,990 | ||||||||
|
| |||||||
Financials — 19.1% | ||||||||
Acom Co. Ltd.* (a) | 279,500 | 1,387,282 | ||||||
AEON Financial Service Co. Ltd. | 76,900 | 1,771,636 | ||||||
AEON Mall Co. Ltd. | 79,550 | 1,366,761 | ||||||
Aozora Bank Ltd. | 782,500 | 2,758,773 | ||||||
Bank of Kyoto Ltd. (The) | 222,000 | 2,068,513 | ||||||
Bank of Yokohama Ltd. (The) | 769,500 | 4,528,861 | ||||||
Chiba Bank Ltd. (The) | 454,600 | 3,135,300 | ||||||
Chugoku Bank Ltd. (The) | 98,800 | 1,370,037 | ||||||
Credit Saison Co. Ltd. | 95,500 | 1,802,941 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 684,900 | 11,850,829 | ||||||
Daito Trust Construction Co. Ltd. | 48,500 | 5,039,115 | ||||||
Daiwa House Industry Co. Ltd. | 382,900 | 10,665,833 | ||||||
Daiwa Securities Group, Inc. | 1,031,000 | 6,669,255 | ||||||
Fukuoka Financial Group, Inc. | 596,000 | 2,890,430 | ||||||
Gunma Bank Ltd. (The) | 245,000 | 1,470,796 | ||||||
Hachijuni Bank Ltd. (The) | 266,000 | 1,609,829 | ||||||
Hiroshima Bank Ltd. (The) | 325,100 | 1,848,660 | ||||||
Hokuhoku Financial Group, Inc. | 830,000 | 1,759,789 | ||||||
Hulic Co. Ltd. | 193,500 | 1,776,239 | ||||||
Iyo Bank Ltd. (The) | 165,700 | 1,651,616 |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Japan Exchange Group, Inc. | 355,840 | $ | 5,578,970 | |||||
Japan Post Bank Co. Ltd.* | 259,125 | 3,662,693 | ||||||
Japan Post Holdings Co. Ltd.* | 287,642 | 4,455,998 | ||||||
Japan Prime Realty Investment Corp. REIT | 622 | 2,147,441 | ||||||
Japan Real Estate Investment Corp. REIT | 872 | 4,151,032 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,658 | 3,171,885 | ||||||
Joyo Bank Ltd. (The) | 516,000 | 2,393,469 | ||||||
Kyushu Financial Group, Inc.* | 211,400 | 1,607,395 | ||||||
Mitsubishi Estate Co. Ltd. | 802,000 | 16,870,666 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 8,299,200 | 53,260,504 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 331,300 | 1,741,276 | ||||||
Mitsui Fudosan Co. Ltd. | 622,900 | 15,706,593 | ||||||
Mizuho Financial Group, Inc. | 15,328,240 | 30,942,873 | ||||||
MS&AD Insurance Group Holdings, Inc. | 335,600 | 9,465,501 | ||||||
Nippon Building Fund, Inc. REIT | 935 | 4,412,957 | ||||||
Nippon Prologis REIT, Inc. | 958 | 1,680,197 | ||||||
Nomura Holdings, Inc. | 2,301,900 | 13,654,325 | ||||||
Nomura Real Estate Holdings, Inc. | 84,200 | 1,649,116 | ||||||
Nomura Real Estate Master Fund, Inc. REIT* | 2,104 | 2,538,132 | ||||||
NTT Urban Development Corp. | 87,900 | 856,864 | ||||||
ORIX Corp. | 849,760 | 12,263,190 | ||||||
Resona Holdings, Inc. | 1,419,300 | 6,927,014 | ||||||
SBI Holdings, Inc. | 152,428 | 1,727,352 | ||||||
Seven Bank Ltd. (a) | 385,200 | 1,686,619 | ||||||
Shinsei Bank Ltd. | 1,107,000 | 2,104,289 | ||||||
Shizuoka Bank Ltd. (The) | 324,000 | 3,166,304 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 206,150 | 6,355,315 | ||||||
Sony Financial Holdings, Inc. (a) | 107,400 | 1,978,742 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 821,600 | 31,348,946 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,058,900 | 7,860,950 | ||||||
Sumitomo Realty & Development Co. Ltd. | 232,000 | 7,052,348 | ||||||
Suruga Bank Ltd. | 111,700 | 2,261,222 | ||||||
T&D Holdings, Inc. | 373,700 | 5,236,657 | ||||||
Tokio Marine Holdings, Inc. | 443,900 | 16,371,292 | ||||||
Tokyo Tatemono Co. Ltd. | 114,900 | 1,380,480 | ||||||
Tokyu Fudosan Holdings Corp. | 343,600 | 2,313,927 | ||||||
United Urban Investment Corp. | 1,755 | 2,338,099 | ||||||
Yamaguchi Financial Group, Inc. | 128,500 | 1,490,642 | ||||||
|
| |||||||
361,233,770 | ||||||||
|
| |||||||
Health Care — 7.8% | ||||||||
Alfresa Holdings Corp. | 108,500 | 2,150,609 | ||||||
Astellas Pharma, Inc. | 1,373,700 | 19,344,508 | ||||||
Chugai Pharmaceutical Co. Ltd. | 152,900 | 5,340,942 | ||||||
Daiichi Sankyo Co. Ltd. | 402,300 | 8,291,106 | ||||||
Eisai Co. Ltd. (a) | 167,300 | 10,868,384 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 37,100 | 1,582,250 | ||||||
Hoya Corp. | 276,400 | 11,204,192 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Kyowa Hakko Kirin Co. Ltd. | 150,000 | $ | 2,642,973 | |||||
M3, Inc. | 117,500 | 2,584,809 | ||||||
Medipal Holdings Corp. | 92,400 | 1,619,064 | ||||||
Miraca Holdings, Inc. | 35,400 | 1,573,014 | ||||||
Mitsubishi Tanabe Pharma Corp. (a) | 153,300 | 2,678,703 | ||||||
Olympus Corp. | 178,600 | 7,123,688 | ||||||
Ono Pharmaceutical Co. Ltd. | 55,200 | 8,838,278 | ||||||
Otsuka Holdings Co. Ltd. | 256,400 | 8,493,901 | ||||||
Santen Pharmaceutical Co. Ltd. | 252,000 | 3,995,971 | ||||||
Shionogi & Co. Ltd. | 191,100 | 8,423,303 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 98,000 | 1,179,025 | ||||||
Suzuken Co. Ltd. | 59,650 | 2,328,337 | ||||||
Sysmex Corp. | 93,800 | 5,859,642 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 20,500 | 1,388,871 | ||||||
Takeda Pharmaceutical Co. Ltd. | 514,200 | 24,991,540 | ||||||
Terumo Corp. | 194,100 | 6,196,694 | ||||||
|
| |||||||
148,699,804 | ||||||||
|
| |||||||
Industrials — 18.8% | ||||||||
Amada Holdings Co. Ltd. | 224,100 | 2,206,411 | ||||||
ANA Holdings, Inc. (a) | 805,000 | 2,265,902 | ||||||
Asahi Glass Co. Ltd. | 683,000 | 4,016,994 | ||||||
Central Japan Railway Co. | 92,298 | 16,483,928 | ||||||
Dai Nippon Printing Co. Ltd. (a) | 332,000 | 3,244,484 | ||||||
Daikin Industries Ltd. | 158,700 | 11,151,544 | ||||||
East Japan Railway Co. | 217,100 | 20,493,111 | ||||||
FANUC Corp. | 129,700 | 23,095,240 | ||||||
Fuji Electric Co. Ltd. | 364,000 | 1,676,588 | ||||||
Hankyu Hanshin Holdings, Inc. | 777,200 | 4,975,090 | ||||||
Hino Motors Ltd. | 172,800 | 2,098,587 | ||||||
Hitachi Construction Machinery Co. Ltd. (a) | 76,600 | 1,202,203 | ||||||
Hoshizaki Electric Co. Ltd. | 25,900 | 1,819,943 | ||||||
IHI Corp. | 930,000 | 2,432,656 | ||||||
ITOCHU Corp. | 1,021,600 | 12,465,014 | ||||||
Japan Airlines Co. Ltd. | 81,978 | 2,803,634 | ||||||
Japan Airport Terminal Co. Ltd. (a) | 19,800 | 998,846 | ||||||
JGC Corp. | 135,000 | 2,294,232 | ||||||
JTEKT Corp. | 136,400 | 2,521,904 | ||||||
Kajima Corp. | 632,000 | 3,470,609 | ||||||
Kamigumi Co. Ltd. | 106,000 | 934,281 | ||||||
Kawasaki Heavy Industries Ltd. | 937,000 | 3,722,120 | ||||||
Keihan Electric Railway Co. Ltd. | 331,800 | 2,212,898 | ||||||
Keikyu Corp. | 305,000 | 2,470,228 | ||||||
Keio Corp. | 377,000 | 3,096,239 | ||||||
Keisei Electric Railway Co. Ltd. | 180,000 | 2,161,170 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,117,000 | 4,282,892 | ||||||
Komatsu Ltd. | 587,000 | 9,708,627 | ||||||
Kubota Corp. | 720,200 | 12,014,060 | ||||||
Kurita Water Industries Ltd. | 76,500 | 1,651,182 | ||||||
LIXIL Group Corp. | 176,100 | 4,117,106 | ||||||
Mabuchi Motor Co. Ltd. | 32,300 | 1,860,333 | ||||||
Makita Corp. | 81,800 | 4,644,858 | ||||||
Marubeni Corp. | 1,064,600 | 5,898,109 | ||||||
Minebea Co. Ltd. | 207,500 | 2,277,275 | ||||||
Mitsubishi Corp. | 877,200 | 14,764,894 |
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Mitsubishi Electric Corp. | 1,229,000 | $ | 13,607,855 | |||||
Mitsubishi Heavy Industries Ltd. | 1,932,100 | 9,889,652 | ||||||
Mitsubishi Logistics Corp. (a) | 56,000 | 782,908 | ||||||
Mitsui & Co. Ltd. | 1,096,800 | 13,453,842 | ||||||
Mitsui OSK Lines Ltd. | 798,000 | 2,080,894 | ||||||
Nabtesco Corp. | 83,100 | 1,739,632 | ||||||
Nagoya Railroad Co. Ltd. | 644,600 | 2,597,251 | ||||||
NGK Insulators Ltd. | 160,000 | 3,710,804 | ||||||
Nidec Corp. | 142,000 | 10,979,334 | ||||||
Nippon Express Co. Ltd. | 624,000 | 2,818,392 | ||||||
Nippon Yusen KK | 994,000 | 2,583,915 | ||||||
NSK Ltd. | 294,900 | 3,710,805 | ||||||
Obayashi Corp. | 473,000 | 4,368,814 | ||||||
Odakyu Electric Railway Co. Ltd. | 432,000 | 4,393,696 | ||||||
Park24 Co. Ltd. | 70,600 | 1,433,794 | ||||||
Recruit Holdings Co. Ltd. | 91,900 | 2,870,475 | ||||||
Secom Co. Ltd. | 135,000 | 9,252,600 | ||||||
Seibu Holdings, Inc. | 82,100 | 1,732,704 | ||||||
Shimizu Corp. | 410,700 | 3,446,410 | ||||||
SMC Corp. | 35,100 | 9,301,072 | ||||||
Sohgo Security Services Co. Ltd. | 39,900 | 1,918,830 | ||||||
Sumitomo Corp. | 732,400 | 7,779,147 | ||||||
Sumitomo Heavy Industries Ltd. | 360,000 | 1,707,880 | ||||||
Taisei Corp. | 735,000 | 4,531,804 | ||||||
THK Co. Ltd. | 82,500 | 1,644,639 | ||||||
Tobu Railway Co. Ltd. | 742,000 | 3,616,572 | ||||||
Tokyu Corp. | 769,000 | 5,978,335 | ||||||
Toppan Printing Co. Ltd. | 320,000 | 2,807,474 | ||||||
Toshiba Corp.* | 2,659,000 | 6,499,538 | ||||||
TOTO Ltd. | 85,750 | 2,960,500 | ||||||
Toyota Tsusho Corp. | 152,000 | 3,566,011 | ||||||
West Japan Railway Co. | 102,300 | 6,461,271 | ||||||
Yamato Holdings Co. Ltd. | 216,000 | 4,130,496 | ||||||
|
| |||||||
355,890,538 | ||||||||
|
| |||||||
Information Technology — 10.5% | ||||||||
Alps Electric Co. Ltd. | 116,600 | 3,665,654 | ||||||
Brother Industries Ltd. | 162,600 | 1,945,652 | ||||||
Canon, Inc. | 694,400 | 20,961,742 | ||||||
Citizen Holdings Co. Ltd. | 183,700 | 1,357,977 | ||||||
FUJIFILM Holdings Corp. | 293,100 | 11,871,621 | ||||||
Fujitsu Ltd. | 1,138,000 | 5,746,392 | ||||||
GungHo Online Entertainment, Inc. (a) | 277,100 | 855,386 | ||||||
Hamamatsu Photonics KK | 92,400 | 2,315,629 | ||||||
Hirose Electric Co. Ltd. | 19,510 | 2,374,166 | ||||||
Hitachi High-Technologies Corp. | 55,300 | 1,525,130 | ||||||
Hitachi Ltd. | 3,146,000 | 18,569,322 | ||||||
Itochu Techno-Solutions Corp. (a) | 21,700 | 448,279 | ||||||
Kakaku.com, Inc. (a) | 94,900 | 1,810,115 | ||||||
Keyence Corp. (a) | 29,710 | 16,102,772 | ||||||
Konami Holdings Corp. | 72,000 | 1,685,069 | ||||||
Konica Minolta, Inc. | 292,300 | 3,072,593 | ||||||
Kyocera Corp. | 200,900 | 9,313,861 | ||||||
Mixi, Inc. | 27,400 | 1,121,820 | ||||||
Murata Manufacturing Co. Ltd. | 130,700 | 20,279,204 | ||||||
NEC Corp. | 1,585,000 | 5,304,793 | ||||||
Nexon Co. Ltd. | 91,000 | 1,443,729 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Nintendo Co. Ltd. | 68,300 | $ | 10,489,127 | |||||
Nippon Electric Glass Co. Ltd. | 259,000 | 1,437,019 | ||||||
Nomura Research Institute Ltd. | 82,520 | 3,120,476 | ||||||
NTT Data Corp. | 85,100 | 4,147,847 | ||||||
Obic Co. Ltd. | 42,200 | 2,245,410 | ||||||
Omron Corp. | 127,300 | 4,679,387 | ||||||
Oracle Corp. Japan | 17,300 | 843,217 | ||||||
OTSUKA Corp. | 34,000 | 1,704,143 | ||||||
Ricoh Co. Ltd. | 459,700 | 4,712,765 | ||||||
ROHM Co. Ltd. | 68,800 | 3,699,886 | ||||||
Seiko Epson Corp. | 181,400 | 2,857,308 | ||||||
Shimadzu Corp. | 164,000 | 2,653,842 | ||||||
TDK Corp. | 83,700 | 6,017,425 | ||||||
Tokyo Electron Ltd. | 105,500 | 7,025,906 | ||||||
Trend Micro, Inc. | 74,900 | 3,054,411 | ||||||
Yahoo Japan Corp. | 925,100 | 3,810,119 | ||||||
Yaskawa Electric Corp. | 162,600 | 2,146,425 | ||||||
Yokogawa Electric Corp. | 159,200 | 1,901,089 | ||||||
|
| |||||||
198,316,708 | ||||||||
|
| |||||||
Materials — 5.3% | ||||||||
AIR WATER, Inc. | 103,500 | 1,679,878 | ||||||
Asahi Kasei Corp. | 835,300 | 5,714,103 | ||||||
Daicel Corp. | 186,300 | 2,727,154 | ||||||
Hitachi Chemical Co. Ltd. | 75,100 | 1,250,650 | ||||||
Hitachi Metals Ltd. | 133,200 | 1,726,947 | ||||||
JFE Holdings, Inc. | 308,100 | 4,860,521 | ||||||
JSR Corp. | 115,900 | 1,824,648 | ||||||
Kaneka Corp. | 182,000 | 1,794,866 | ||||||
Kansai Paint Co. Ltd. | 147,800 | 2,331,662 | ||||||
Kobe Steel Ltd. | 1,955,000 | 2,286,921 | ||||||
Kuraray Co. Ltd. | 213,600 | 2,719,019 | ||||||
Maruichi Steel Tube Ltd. (a) | 21,200 | 587,262 | ||||||
Mitsubishi Chemical Holdings Corp. | 866,400 | 5,677,700 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 181,000 | 980,723 | ||||||
Mitsubishi Materials Corp. | 784,000 | 2,770,431 | ||||||
Mitsui Chemicals, Inc. | 618,000 | 2,575,418 | ||||||
Nippon Paint Holdings Co. Ltd. (a) | 95,200 | 2,385,800 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 483,414 | 9,709,514 | ||||||
Nitto Denko Corp. | 102,600 | 6,914,457 | ||||||
Oji Holdings Corp. | 608,000 | 2,637,465 | ||||||
Shin-Etsu Chemical Co. Ltd. | 266,700 | 15,085,557 | ||||||
Sumitomo Chemical Co. Ltd. | 964,000 | 5,528,708 | ||||||
Sumitomo Metal Mining Co. Ltd. | 301,000 | 3,393,891 | ||||||
Taiheiyo Cement Corp. | 812,000 | 2,506,580 | ||||||
Taiyo Nippon Sanso Corp. | 92,300 | 882,511 | ||||||
Teijin Ltd. | 676,000 | 2,405,264 | ||||||
Toray Industries, Inc. (a) | 949,000 | 8,626,572 | ||||||
Toyo Seikan Group Holdings Ltd. | 99,000 | 1,948,635 | ||||||
|
| |||||||
103,532,857 | ||||||||
|
| |||||||
Telecommunication Services — 5.1% | ||||||||
KDDI Corp. (a) | 1,138,352 | 28,278,476 | ||||||
Nippon Telegraph & Telephone Corp. | 478,800 | 17,755,662 | ||||||
NTT DOCOMO, Inc. | 919,700 | 17,392,864 | ||||||
SoftBank Group Corp. | 624,500 | 33,162,929 | ||||||
|
| |||||||
96,589,931 | ||||||||
|
|
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Utilities — 2.4% | ||||||||
Chubu Electric Power Co., Inc. | 431,100 | $ | 5,948,200 | |||||
Chugoku Electric Power Co., (The), Inc. | 192,400 | 2,464,783 | ||||||
Electric Power Development Co. Ltd. | 95,200 | 3,043,152 | ||||||
Hokuriku Electric Power Co. | 100,100 | 1,368,548 | ||||||
Kansai Electric Power Co., (The), Inc.* | 457,900 | 5,133,241 | ||||||
Kyushu Electric Power Co., Inc.* | 276,800 | 2,902,915 | ||||||
Osaka Gas Co. Ltd. | 1,127,000 | 4,184,823 | ||||||
Shikoku Electric Power Co., Inc. | 109,500 | 1,568,225 | ||||||
Toho Gas Co. Ltd. | 264,000 | 1,640,617 | ||||||
Tohoku Electric Power Co., Inc. | 290,400 | 3,411,197 | ||||||
Tokyo Electric Power Co., Inc.* | 925,900 | 5,671,232 | ||||||
Tokyo Gas Co. Ltd. | 1,576,000 | 7,529,209 | ||||||
|
| |||||||
44,866,142 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,881,331,509 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 19,323,530 | 19,323,530 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $1,864,075,517)† | $ | 1,900,655,039 | ||||||
Other assets and liabilities, net — (0.2%) | (4,716,544 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,895,938,495 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $1,882,072,884. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $18,582,155. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $102,382,018 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $83,799,863. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $18,320,901, which is 1.0% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: Real Estate Investment Trust.
As of November 30, 2015, the Fund had the following futures contracts open:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
TOPIX Index Futures | 17 | $ | 2,184,728 | 12/10/2015 | $ | 195,461 |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 732,519,500 | USD | 5,971,179 | $ | 19,801 | |||||||||||
Bank of Montreal | 12/3/2015 | JPY | 486,462,000 | USD | 3,966,516 | 14,241 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 52,415,869,859 | USD | 434,461,873 | 8,607,513 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 475,838,000 | USD | 3,908,478 | 42,517 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 970,084,500 | USD | 7,877,195 | (4,286 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 2,392,194,500 | USD | 19,827,062 | 391,604 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 847,897,500 | USD | 6,870,629 | (18,140 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 732,519,500 | USD | 5,969,284 | 17,907 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 817,197,000 | USD | 6,769,779 | 130,437 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 942,054,000 | USD | 7,750,437 | 96,690 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 23,849,782,000 | USD | 197,676,448 | 3,908,154 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 12,650,660,110 | USD | 104,856,380 | 2,075,700 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | JPY | 39,386,025,508 | USD | 326,440,499 | 6,447,514 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 43,110,264,557 | USD | 357,330,067 | 7,079,386 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 2,392,194,500 | USD | 19,825,747 | 390,289 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 942,054,000 | USD | 7,750,035 | 96,288 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 591,662,322 | USD | 4,903,956 | 96,977 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 997,060,100 | USD | 8,201,180 | 100,534 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | JPY | 970,084,500 | USD | 7,877,132 | (4,350 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | JPY | 39,653,652,643 | USD | 328,672,275 | 6,504,945 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | JPY | 847,897,500 | USD | 6,870,128 | (18,641 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 448,308,045 | JPY | 55,266,833,034 | 709,053 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 357,597,215 | JPY | 44,084,584,649 | 569,360 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 326,440,499 | JPY | 40,243,584,699 | 519,753 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 384,905,849 | JPY | 47,451,193,110 | 612,840 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 6,492,365 | JPY | 800,370,260 | 10,268 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 6,612,772 | JPY | 804,609,000 | (75,701 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 343,419,535 | JPY | 42,336,760,265 | 546,786 | ||||||||||||
Bank of Montreal | 1/6/2016 | JPY | 55,194,565,777 | USD | 448,308,045 | (705,763 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | JPY | 5,438,127,000 | USD | 44,167,493 | (72,263 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | JPY | 44,028,084,289 | USD | 357,597,215 | (576,050 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | JPY | 40,194,945,065 | USD | 326,440,499 | (549,760 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | JPY | 47,390,301,005 | USD | 384,905,849 | (619,415 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | JPY | 799,394,458 | USD | 6,492,365 | (10,797 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | JPY | 42,281,641,430 | USD | 343,419,535 | (546,227 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | USD | 8,021,232 | JPY | 986,395,000 | 3,199 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 35,790,363 | ||||||||||||||||
|
|
Currency Abbreviations
JPY – Japanese Yen
USD – U.S. Dollar
For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks** | $ | 1,881,331,509 | $ | — | $ | — | $ | 1,881,331,509 | ||||||||
Securities Lending Collateral | 19,323,530 | — | — | 19,323,530 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 38,991,756 | — | 38,991,756 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (3,201,393 | ) | — | (3,201,393 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts | 195,461 | — | — | 195,461 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment | $ | 1,900,850,500 | $ | 35,790,363 | $ | — | $ | 1,936,640,863 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 100.1% | ||||||||
Consumer Discretionary — 10.5% | ||||||||
Alsea SAB de CV | 13,860 | $ | 49,376 | |||||
Consorcio ARA SAB de CV | 31,502 | 11,762 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 4,981 | 65,857 | ||||||
Grupo Famsa SAB de CV, Class A* | 11,720 | 9,904 | ||||||
Grupo Televisa SAB, Series CPO | 54,563 | 307,237 | ||||||
Hoteles City Express SAB de CV* | 10,600 | 14,552 | ||||||
TV Azteca SAB de CV | 53,401 | 9,374 | ||||||
|
| |||||||
468,062 | ||||||||
|
| |||||||
Consumer Staples — 29.1% | ||||||||
Arca Continental SAB de CV | 10,732 | 67,551 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 7,970 | 61,574 | ||||||
Controladora Comercial Mexicana SAB de CV | 12,957 | 41,032 | ||||||
Fomento Economico Mexicano SAB de CV | 41,820 | 404,698 | ||||||
Gruma SAB de CV, Class B | 5,113 | 74,418 | ||||||
Grupo Bimbo SAB de CV, Series A* | 42,286 | 117,026 | ||||||
Grupo Comercial Chedraui SA de CV | 10,186 | 27,667 | ||||||
Grupo Herdez SAB de CV | 7,900 | 21,363 | ||||||
Grupo Lala SAB de CV | 17,249 | 41,868 | ||||||
Industrias Bachoco SAB de CV, Series B | 5,720 | 23,862 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 39,559 | 93,467 | ||||||
Organizacion Cultiba SAB de CV | 9,140 | 12,350 | ||||||
Wal-Mart de Mexico SAB de CV | 116,738 | 308,987 | ||||||
|
| |||||||
1,295,863 | ||||||||
|
| |||||||
Financials — 21.0% | ||||||||
Banregio Grupo Financiero SAB de | 6,640 | 35,202 | ||||||
Bolsa Mexicana de Valores SAB de CV | 12,840 | 18,511 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT | 15,840 | 14,399 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 16,920 | 25,679 | ||||||
Credito Real SAB de CV, SOFOM, ER | 6,852 | 15,727 | ||||||
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT | 13,840 | 14,042 | ||||||
Fibra Uno Administracion SA de CV REIT | 60,153 | 139,731 | ||||||
Gentera SAB de CV | 28,747 | 56,286 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 55,279 | 298,398 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 59,647 | 114,090 | ||||||
Grupo Financiero Interacciones SA de CV, Class O | 2,800 | 17,366 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 47,583 | 92,449 | ||||||
Grupo GICSA SA de CV* | 4,700 | 4,814 | ||||||
Mexico Real Estate Management SA de CV REIT* | 23,821 | 31,482 | ||||||
PLA Administradora Industrial S de RL de CV REIT* | 17,940 | 31,328 | ||||||
Prologis Property Mexico SA de CV REIT* | 11,740 | 19,042 | ||||||
Qualitas Controladora SAB de CV* | 8,960 | 10,696 | ||||||
Unifin Financiera SAPI de CV SOFOM ENR* | 1,500 | 4,855 | ||||||
|
| |||||||
944,097 | ||||||||
|
|
Number | Value | |||||||
Health Care — 0.5% | ||||||||
Genomma Lab Internacional SAB de CV, Class B* | 26,152 | $ | 20,365 | |||||
|
| |||||||
Industrials — 13.2% | ||||||||
Alfa SAB de CV, Class A | 71,910 | 145,440 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 13,680 | 24,120 | ||||||
Elementia SAB de CV, 144A* | 4,000 | 4,821 | ||||||
Empresas ICA SAB de CV* | 26,341 | 8,453 | ||||||
Grupo Aeromexico SAB de CV* | 11,820 | 27,279 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV* | 6,380 | 32,354 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 8,170 | 74,316 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 5,440 | 82,367 | ||||||
Grupo Carso SAB de CV, Series A1 | 15,127 | 66,984 | ||||||
Grupo Rotoplas SAB de CV* | 7,180 | 12,174 | ||||||
OHL Mexico SAB de CV* | 22,732 | 27,136 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 6,491 | 78,930 | ||||||
|
| |||||||
584,374 | ||||||||
|
| |||||||
Materials — 11.7% | ||||||||
Cemex SAB de CV* | 289,515 | 183,542 | ||||||
Grupo Mexico SAB de CV, Series B | 82,396 | 180,366 | ||||||
Grupo Simec SAB de CV, Series B* | 4,540 | 10,828 | ||||||
Industrias CH SAB de CV, Series B* | 5,238 | 18,256 | ||||||
Industrias Penoles SAB de CV | 3,790 | 47,419 | ||||||
Mexichem SAB de CV | 27,893 | 69,050 | ||||||
Minera Frisco SAB de CV, Class A1* | 25,649 | 12,594 | ||||||
|
| |||||||
522,055 | ||||||||
|
| |||||||
Telecommunication Services — 14.1% | ||||||||
America Movil SAB de CV, Series L (a) | 756,203 | 612,598 | ||||||
Axtel SAB de CV * | 28,261 | 13,876 | ||||||
|
| |||||||
626,474 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,461,290 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 14.6% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 649,477 | 649,477 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 114.7% | $ | 5,110,767 | ||||||
Other assets and liabilities, net — (14.7%) | (654,435 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,456,332 | ||||||
|
|
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $5,917,115. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $806,348. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $170,985 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $977,333. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $598,270, which is 13.4% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/3/2015 | MXN | 3,454,000 | USD | 208,483 | $ | 183 | |||||||||||
Bank of Montreal | 12/3/2015 | MXN | 90,682 | USD | 5,460 | (8 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | MXN | 412,000 | USD | 24,877 | 31 | ||||||||||||
Bank of Montreal | 12/3/2015 | MXN | 28,727,976 | USD | 1,734,362 | 1,871 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | MXN | 43,567,080 | USD | 2,629,948 | 2,559 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | MXN | 75,100 | USD | 4,547 | 18 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 7,983 | MXN | 132,227 | (9 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 1,947,571 | MXN | 32,343,315 | 2,949 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 12,168 | MXN | 200,000 | (107 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 2,629,948 | MXN | 43,672,896 | 3,823 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 10,007 | MXN | 166,500 | 34 | ||||||||||||
Bank of Montreal | 1/6/2016 | MXN | 32,414,206 | USD | 1,947,571 | (2,538 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | MXN | 43,772,834 | USD | 2,629,948 | (3,521 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 32,332 | MXN | 538,000 | 35 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 17,033 | MXN | 283,000 | (7 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 5,460 | MXN | 90,881 | 7 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 5,320 | ||||||||||||||||
|
|
Currency Abbreviations
MXN | Mexican Peso | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 4,461,290 | $ | — | $ | — | $ | 4,461,290 | ||||||||
Securities Lending Collateral | 649,477 | — | — | 649,477 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 11,510 | — | 11,510 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (6,190 | ) | — | (6,190 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,110,767 | $ | 5,320 | $ | — | $ | 5,116,087 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.9% | ||||||||
Consumer Discretionary — 14.7% | ||||||||
Cheil Worldwide, Inc.* | 19,936 | $ | 352,050 | |||||
CJ E&M Corp.* | 4,000 | 291,524 | ||||||
Coway Co. Ltd. | 12,218 | 891,517 | ||||||
Hankook Tire Co. Ltd. | 17,331 | 690,666 | ||||||
Hanon Systems | 9,273 | 365,539 | ||||||
Hanssem Co. Ltd. | 1,981 | 404,565 | ||||||
Hotel Shilla Co. Ltd. | 7,610 | 594,711 | ||||||
Hyundai Department Store Co. Ltd. | 3,605 | 393,793 | ||||||
Hyundai Mobis Co. Ltd. | 14,995 | 3,230,649 | ||||||
Hyundai Motor Co. | 33,732 | 4,296,420 | ||||||
Hyundai Wia Corp. | 3,881 | 405,510 | ||||||
Kangwon Land, Inc. | 26,576 | 876,649 | ||||||
Kia Motors Corp. | 58,050 | 2,631,687 | ||||||
LG Electronics, Inc. | 24,127 | 1,129,211 | ||||||
Lotte Shopping Co. Ltd. | 2,577 | 522,944 | ||||||
Paradise Co. Ltd. | 11,987 | 208,055 | ||||||
Shinsegae Co. Ltd. | 1,684 | 364,269 | ||||||
|
| |||||||
17,649,759 | ||||||||
|
| |||||||
Consumer Staples — 9.4% | ||||||||
Amorepacific Corp. | 7,099 | 2,473,508 | ||||||
AMOREPACIFIC Group | 6,326 | 838,514 | ||||||
BGF Retail Co. Ltd. | 1,789 | 277,298 | ||||||
CJ CheilJedang Corp. | 1,825 | 568,121 | ||||||
Dongsuh Cos., Inc. | 7,216 | 229,930 | ||||||
E-MART, Inc. | 4,727 | 873,518 | ||||||
GS Retail Co. Ltd. | 5,600 | 266,932 | ||||||
KT&G Corp. | 24,234 | 2,239,142 | ||||||
LG Household & Health Care Ltd. | 2,089 | 1,818,326 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 100 | 193,256 | ||||||
Lotte Confectionery Co. Ltd. | 177 | 299,573 | ||||||
Orion Corp. | 826 | 813,839 | ||||||
Ottogi Corp. | 300 | 269,677 | ||||||
|
| |||||||
11,161,634 | ||||||||
|
| |||||||
Energy — 2.3% | ||||||||
GS Holdings | 12,067 | 526,215 | ||||||
SK Innovation Co. Ltd.* | 13,954 | 1,536,320 | ||||||
S-Oil Corp. | 10,541 | 675,396 | ||||||
|
| |||||||
2,737,931 | ||||||||
|
| |||||||
Financials — 13.9% | ||||||||
BNK Financial Group, Inc. | 50,358 | 423,111 | ||||||
Daewoo Securities Co. Ltd. | 42,373 | 378,706 | ||||||
DGB Financial Group, Inc. | 40,162 | 360,679 | ||||||
Dongbu Insurance Co. Ltd. | 10,049 | 538,874 | ||||||
Hana Financial Group, Inc. | 65,387 | 1,439,807 | ||||||
Hanwha Life Insurance Co. Ltd. | 52,564 | 346,780 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 15,173 | 444,164 | ||||||
Industrial Bank of Korea | 59,029 | 677,938 | ||||||
KB Financial Group, Inc. | 85,026 | 2,588,115 | ||||||
Korea Investment Holdings Co. Ltd. | 9,125 | 431,016 | ||||||
Mirae Asset Securities Co. Ltd. | 15,360 | 263,284 | ||||||
NH Investment & Securities Co. Ltd. | 34,942 | 309,275 | ||||||
Samsung Card Co. Ltd. | 8,797 | 238,906 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 7,639 | 2,021,807 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Samsung Life Insurance Co. Ltd. | 17,805 | $ | 1,583,624 | |||||
Samsung Securities Co. Ltd. | 13,409 | 512,368 | ||||||
Shinhan Financial Group Co. Ltd. | 93,628 | 3,351,220 | ||||||
Woori Bank | 72,085 | 590,723 | ||||||
|
| |||||||
16,500,397 | ||||||||
|
| |||||||
Health Care — 2.2% | ||||||||
Celltrion, Inc.* | 14,395 | 1,072,742 | ||||||
Hanmi Pharm. Co. Ltd.* | 1,087 | 745,285 | ||||||
Hanmi Science Co. Ltd.* | 2,392 | 307,766 | ||||||
Yuhan Corp. | 1,877 | 448,969 | ||||||
|
| |||||||
2,574,762 | ||||||||
|
| |||||||
Industrials — 11.2% | ||||||||
CJ Corp. | 3,317 | 724,667 | ||||||
CJ Korea Express Co. Ltd.* | 1,743 | 289,735 | ||||||
Daelim Industrial Co. Ltd. | 6,731 | 419,652 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 29,456 | 157,957 | ||||||
Daewoo International Corp. | 11,637 | 192,434 | ||||||
Doosan Corp. | 2,075 | 186,348 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 12,672 | 258,244 | ||||||
GS Engineering & Construction Corp.* | 12,679 | 239,774 | ||||||
Hanwha Corp. | 10,820 | 340,096 | ||||||
Hyundai Development Co.-Engineering & Construction | 13,040 | 461,673 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 17,143 | 472,966 | ||||||
Hyundai Glovis Co. Ltd. | 3,977 | 655,936 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 9,563 | 748,161 | ||||||
KCC Corp. | 1,371 | 543,996 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 5,093 | 444,189 | ||||||
Korea Aerospace Industries Ltd. | 9,991 | 723,842 | ||||||
Korean Air Lines Co. Ltd.* | 8,952 | 218,766 | ||||||
LG Corp. | 21,352 | 1,357,029 | ||||||
S-1 Corp. | 4,636 | 377,109 | ||||||
Samsung C&T Corp.* | 16,232 | 2,046,433 | ||||||
Samsung Heavy Industries Co. Ltd. | 36,191 | 360,957 | ||||||
SK Holdings Co. Ltd. | 7,814 | 1,821,839 | ||||||
SK Networks Co. Ltd. | 30,243 | 159,304 | ||||||
|
| |||||||
13,201,107 | ||||||||
|
| |||||||
Information Technology — 31.7% | ||||||||
Kakao Corp. | 6,349 | 661,189 | ||||||
LG Display Co. Ltd. | 52,454 | 1,150,496 | ||||||
LG Innotek Co. Ltd. | 3,315 | 285,112 | ||||||
NAVER Corp. | 6,164 | 3,358,649 | ||||||
NCSoft Corp. | 3,721 | 714,928 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 13,759 | 822,177 | ||||||
Samsung Electronics Co. Ltd. | 22,001 | 24,393,838 | ||||||
Samsung SDI Co. Ltd. | 12,491 | 1,294,348 | ||||||
Samsung SDS Co. Ltd. | 6,610 | 1,489,754 | ||||||
SK Hynix, Inc. | 127,592 | 3,481,635 | ||||||
|
| |||||||
37,652,126 | ||||||||
|
|
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Materials — 7.3% | ||||||||
Hanwha Chemical Corp. | 25,379 | $ | 545,691 | |||||
Hyosung Corp. | 5,297 | 528,305 | ||||||
Hyundai Steel Co. | 18,205 | 798,596 | ||||||
Korea Zinc Co. Ltd. | 1,931 | 758,693 | ||||||
Kumho Petrochemical Co. Ltd. | 3,645 | 185,075 | ||||||
LG Chem Ltd. | 10,257 | 2,816,567 | ||||||
Lotte Chemical Corp. | 3,540 | 735,176 | ||||||
OCI Co. Ltd. | 4,167 | 273,830 | ||||||
POSCO | 14,964 | 2,183,771 | ||||||
|
| |||||||
8,825,704 | ||||||||
|
| |||||||
Telecommunication Services — 1.0% | ||||||||
KT Corp.* | 8,313 | 214,995 | ||||||
LG Uplus Corp. | 50,364 | 463,172 | ||||||
SK Telecom Co. Ltd. | 2,282 | 461,110 | ||||||
|
| |||||||
1,139,277 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
Korea Electric Power Corp. | 56,597 | 2,392,317 | ||||||
Korea Gas Corp. | 7,118 | 235,720 | ||||||
|
| |||||||
2,628,037 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 114,070,734 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 3.7% | ||||||||
Consumer Discretionary — 1.2% | ||||||||
Hyundai Motor Co. | 5,614 | $ | 538,106 | |||||
Hyundai Motor Co. — 2nd Preferred | 8,579 | 826,008 | ||||||
|
| |||||||
1,364,114 | ||||||||
|
| |||||||
Consumer Staples — 0.3% | ||||||||
Amorepacific Corp. | 1,887 | 385,368 | ||||||
|
| |||||||
Information Technology — 1.9% | ||||||||
Samsung Electronics Co. Ltd. | 2,440 | 2,309,261 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
LG Chem Ltd. | 1,930 | 374,151 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 4,432,894 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% | $ | 118,503,628 | ||||||
Other assets and liabilities, net — 0.4% | 433,972 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 118,937,600 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $113,874,378. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $4,629,250. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,947,561 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $6,318,311. |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/3/2015 | KRW | 33,081,316,000 | USD | 28,573,799 | $ | 10,233 | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | KRW | 84,407,896,340 | USD | 73,915,580 | 1,034,848 | ||||||||||||
RBC Capital Markets | 12/3/2015 | KRW | 8,227,044,000 | USD | 7,205,644 | 102,126 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 272,037,000 | USD | 237,795 | 2,908 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 69,659,093,000 | USD | 60,976,097 | 829,998 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | KRW | 8,865,098,000 | USD | 7,760,065 | 105,629 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 4,586,832 | KRW | 5,190,000,000 | (105,604 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 24,415,309 | KRW | 27,891,316,000 | (332,970 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 73,017,211 | KRW | 84,407,896,340 | (136,479 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 7,106,738 | KRW | 8,227,044,000 | (3,220 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 68,099,205 | KRW | 78,796,228,000 | (63,784 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | KRW | 84,407,896,340 | USD | 72,919,439 | 117,713 | ||||||||||||
RBC Capital Markets | 1/6/2016 | KRW | 8,227,044,000 | USD | 7,097,786 | 1,969 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 78,796,228,000 | USD | 68,015,734 | 54,066 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | KRW | 455,493,000 | USD | 393,175 | 312 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 28,547,908 | KRW | 33,081,316,000 | (15,306 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 528,662 | KRW | 613,285,000 | 296 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 1,602,735 | ||||||||||||||||
|
|
Currency Abbreviations
KRW | South Korean Won | |
USD | U.S. Dollar |
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 114,070,734 | $ | — | $ | — | $ | 114,070,734 | ||||||||
Preferred Stocks** | 4,432,894 | — | — | 4,432,894 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 2,260,098 | — | 2,260,098 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (657,363 | ) | — | (657,363 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 118,503,628 | $ | 1,602,735 | $ | — | $ | 120,106,363 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Consumer Discretionary — 10.6% | ||||||||
Barratt Developments PLC | 1,780 | $ | 16,112 | |||||
Burberry Group PLC | 789 | 14,794 | ||||||
Carnival PLC (United States) | 327 | 17,065 | ||||||
Compass Group PLC | 2,945 | 51,185 | ||||||
Dixons Carphone PLC | 1,737 | 12,680 | ||||||
GKN PLC | 3,063 | 13,863 | ||||||
InterContinental Hotels Group PLC | 419 | 16,130 | ||||||
ITV PLC | 6,846 | 27,942 | ||||||
Kingfisher PLC | 4,129 | 21,977 | ||||||
Marks & Spencer Group PLC | 2,927 | 22,152 | ||||||
Merlin Entertainments PLC, 144A | 1,272 | 7,839 | ||||||
Next PLC | 260 | 31,013 | ||||||
Pearson PLC | 1,468 | 18,262 | ||||||
Persimmon PLC* | 544 | 15,690 | ||||||
RELX PLC | 1,993 | 35,960 | ||||||
Sky PLC | 1,846 | 30,750 | ||||||
Sports Direct International PLC* | 483 | 5,318 | ||||||
Taylor Wimpey PLC | 5,776 | 16,928 | ||||||
TUI AG (Germany) | 885 | 14,688 | ||||||
Whitbread PLC | 327 | 22,399 | ||||||
William Hill PLC | 1,581 | 8,515 | ||||||
WPP PLC | 2,315 | 53,519 | ||||||
|
| |||||||
474,781 | ||||||||
|
| |||||||
Consumer Staples — 18.5% | ||||||||
Associated British Foods PLC | 637 | 34,019 | ||||||
British American Tobacco PLC | 3,332 | 194,108 | ||||||
Coca-Cola HBC AG CDI (Switzerland)* | 359 | 8,710 | ||||||
Diageo PLC | 4,496 | 129,334 | ||||||
Imperial Tobacco Group PLC | 1,711 | 92,460 | ||||||
J Sainsbury PLC | 2,387 | 9,124 | ||||||
Reckitt Benckiser Group PLC | 1,144 | 107,341 | ||||||
SABMiller PLC | 1,735 | 105,346 | ||||||
Tate & Lyle PLC | 836 | 7,429 | ||||||
Tesco PLC* | 14,542 | 36,619 | ||||||
Unilever PLC | 2,294 | 97,914 | ||||||
Wm Morrison Supermarkets PLC (a) | 3,938 | 9,045 | ||||||
|
| |||||||
831,449 | ||||||||
|
| |||||||
Energy — 12.8% | ||||||||
Amec Foster Wheeler PLC | 698 | 4,577 | ||||||
BG Group PLC | 6,105 | 94,843 | ||||||
BP PLC | 32,684 | 189,640 | ||||||
Petrofac Ltd. | 465 | 5,778 | ||||||
Royal Dutch Shell PLC, Class A (Netherlands) | 7,002 | 173,265 | ||||||
Royal Dutch Shell PLC, Class B (Netherlands) | 4,362 | 108,530 | ||||||
|
| |||||||
576,633 | ||||||||
|
| |||||||
Financials — 23.4% | ||||||||
3i Group PLC | 1,726 | 13,063 | ||||||
Aberdeen Asset Management PLC | 1,654 | 7,956 | ||||||
Admiral Group PLC | 371 | 9,057 | ||||||
Aviva PLC | 7,231 | 55,705 | ||||||
Barclays PLC | 29,985 | 100,797 |
Number | Value | |||||||
Financials (Continued) | ||||||||
British Land Co. PLC REIT | 1,740 | $ | 21,856 | |||||
Direct Line Insurance Group PLC | 2,441 | 15,139 | ||||||
Hammerson PLC REIT | 1,392 | 12,799 | ||||||
Hargreaves Lansdown PLC | 463 | 10,432 | ||||||
HSBC Holdings PLC | 34,959 | 278,790 | ||||||
ICAP PLC | 990 | 7,589 | ||||||
Intu Properties PLC REIT | 1,664 | 8,107 | ||||||
Investec PLC (South Africa) | 980 | 8,339 | ||||||
Land Securities Group PLC REIT | 1,413 | 26,197 | ||||||
Legal & General Group PLC | 10,627 | 43,454 | ||||||
Lloyds Banking Group PLC | 102,042 | 112,128 | ||||||
London Stock Exchange Group PLC | 561 | 22,390 | ||||||
Old Mutual PLC | 8,808 | 27,725 | ||||||
Provident Financial PLC | 263 | 14,149 | ||||||
Prudential PLC | 4,595 | 106,541 | ||||||
Royal Bank of Scotland Group PLC* | 6,206 | 28,265 | ||||||
RSA Insurance Group PLC | 1,805 | 11,959 | ||||||
Schroders PLC | 220 | 9,927 | ||||||
Segro PLC REIT | 1,326 | 8,811 | ||||||
St James’s Place PLC | 929 | 14,215 | ||||||
Standard Chartered PLC | 5,852 | 49,110 | ||||||
Standard Life PLC | 3,520 | 22,081 | ||||||
|
| |||||||
1,046,581 | ||||||||
|
| |||||||
Health Care — 9.6% | ||||||||
AstraZeneca PLC | 2,259 | 153,187 | ||||||
GlaxoSmithKline PLC | 8,698 | 177,570 | ||||||
Shire PLC (Ireland) | 1,059 | 74,102 | ||||||
Smith & Nephew PLC | 1,600 | 27,110 | ||||||
|
| |||||||
431,969 | ||||||||
|
| |||||||
Industrials — 6.8% | ||||||||
Aggreko PLC | 459 | 6,947 | ||||||
Ashtead Group PLC | 893 | 14,727 | ||||||
Babcock International Group PLC | 450 | 7,259 | ||||||
BAE Systems PLC | 5,655 | 43,990 | ||||||
Bunzl PLC | 594 | 17,177 | ||||||
Capita PLC | 1,188 | 22,759 | ||||||
Cobham PLC | 2,021 | 9,235 | ||||||
easyJet PLC | 285 | 7,095 | ||||||
Experian PLC (Ireland) | 1,751 | 32,464 | ||||||
G4S PLC | 2,754 | 9,411 | ||||||
IMI PLC | 488 | 7,012 | ||||||
Intertek Group PLC | 286 | 12,177 | ||||||
Meggitt PLC | 1,409 | 8,227 | ||||||
Melrose Industries PLC | 1,783 | 7,793 | ||||||
Rolls-Royce Holdings PLC* | 3,286 | 30,016 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 305,353 | 460 | ||||||
Royal Mail PLC | 1,609 | 11,780 | ||||||
Smiths Group PLC | 700 | 10,891 | ||||||
Travis Perkins PLC | 441 | 13,503 | ||||||
Weir Group PLC (The) | 383 | 6,933 | ||||||
Wolseley PLC (Switzerland) | 462 | 26,817 | ||||||
|
| |||||||
306,673 | ||||||||
|
| |||||||
Information Technology — 1.5% | ||||||||
ARM Holdings PLC | 2,510 | 42,490 | ||||||
Auto Trader Group PLC, 144A* | 1,400 | 8,567 |
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Information Technology — (Continued) | ||||||||
Sage Group PLC (The) | 1,913 | $ | 16,898 | |||||
|
| |||||||
67,955 | ||||||||
|
| |||||||
Materials — 5.2% | ||||||||
Anglo American PLC | 2,488 | 15,313 | ||||||
Antofagasta PLC (Chile) (a) | 707 | 5,404 | ||||||
BHP Billiton PLC (Australia) | 3,775 | 45,308 | ||||||
Croda International PLC | 241 | 10,410 | ||||||
Fresnillo PLC (Mexico) (b) | 397 | 4,275 | ||||||
Glencore PLC (Switzerland)* | 21,867 | 31,850 | ||||||
Johnson Matthey PLC | 363 | 15,472 | ||||||
Mondi PLC (South Africa) | 652 | 15,162 | ||||||
Randgold Resources Ltd. (Jersey Island) | 165 | 10,045 | ||||||
Rexam PLC | 1,251 | 10,919 | ||||||
Rio Tinto PLC | 2,241 | 74,540 | ||||||
|
| |||||||
238,698 | ||||||||
|
| |||||||
Telecommunication Services — 6.4% | ||||||||
BT Group PLC | 14,959 | 111,848 | ||||||
Inmarsat PLC | 798 | 13,401 | ||||||
Vodafone Group PLC | 47,443 | 160,235 | ||||||
|
| |||||||
285,484 | ||||||||
|
|
Number | Value | |||||||
Utilities — 4.3% | ||||||||
Centrica PLC | 9,030 | $ | 29,662 | |||||
National Grid PLC | 6,690 | 93,281 | ||||||
Severn Trent PLC | 421 | 14,279 | ||||||
SSE PLC | 1,775 | 38,335 | ||||||
United Utilities Group PLC | 1,210 | 17,613 | ||||||
|
| |||||||
193,170 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,453,393 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Financials — 0.0% | ||||||||
Standard Chartered PLC*, expires 12/31/15 (Cost $0) | 1,291 | 1,769 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Daily Assets Fund 0.20% (c)(d) | 14,525 | 14,525 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% | $ | 4,469,687 | ||||||
Other assets and liabilities, net — 0.6% | 24,961 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,494,648 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $5,011,689. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $542,002. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $388,984 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $930,986. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $8,673, which is 0.2% of net assets. |
(b) | Listed on London Stock Exchange. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CDI: Chess Depositary Interest.
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 28,000 | USD | 43,285 | $ | 1,115 | |||||||||||
Bank of Montreal | 12/2/2015 | GBP | 229,000 | USD | 353,584 | 8,689 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 972,538 | USD | 1,501,710 | 36,978 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | GBP | 1,715,170 | USD | 2,648,316 | 65,113 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 3,849 | USD | 5,943 | 146 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 25,300 | USD | 38,995 | 891 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 1,898,579 | GBP | 1,261,263 | 999 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 2,648,316 | GBP | 1,759,328 | 1,394 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,387 | GBP | 1,585 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 42,552 | GBP | 27,600 | (983 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | GBP | 1,261,062 | USD | 1,898,579 | (1,040 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | GBP | 1,759,083 | USD | 2,648,316 | (1,503 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | GBP | 1,585 | USD | 2,387 | (1 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | USD | 45,170 | GBP | 30,000 | 21 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 111,820 | ||||||||||||||||
|
|
Currency Abbreviations
GBP | Pound Sterling | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** | $ | 4,453,393 | $ | — | $ | — | $ | 4,453,393 | ||||||||
Rights** | 1,769 | — | — | 1,769 | ||||||||||||
Securities Lending Collateral | 14,525 | — | — | 14,525 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 115,347 | — | 115,347 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (3,527 | ) | — | (3,527 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL INVESTMENTS | $ | 4,469,687 | $ | 111,820 | $ | — | $ | 4,581,507 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 102 |
This Page is Intentionally Left Blank
103
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (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 | $ | 63,934,488 | $ | 9,472,622 | $ | 3,526,683 | ||||||
Investment in affiliated securities at fair value (See Note 5) | 126,497 | — | — | |||||||||
Investment in Daily Assets Fund* | 1,112,028 | 56,466 | — | |||||||||
Cash | 3,328 | 1,081 | — | |||||||||
Foreign currency at value | 112,438 | 6,386 | 1,060 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 1,669,575 | 54,782 | 58,968 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 878,099 | 365,867 | 32,515 | |||||||||
Dividends | 138,032 | 21,264 | 10,603 | |||||||||
Interest | 3,048 | 308 | — | |||||||||
Foreign tax reclaim | 29,734 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 68,007,267 | $ | 9,978,776 | $ | 3,629,829 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | — | $ | — | $ | 12,540 | ||||||
Payable upon return of securities loaned | 1,112,028 | 56,466 | — | |||||||||
Unrealized depreciation on forward foreign currency contracts | 174,352 | 48,961 | 53,635 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 2,415,807 | 411,520 | 61,027 | |||||||||
Investment advisory fees | 21,046 | 4,736 | 1,637 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 3,723,233 | 521,683 | 128,839 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 64,284,034 | $ | 9,457,093 | $ | 3,500,990 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 67,510,090 | $ | 10,388,860 | $ | 9,849,689 | ||||||
Undistributed net investment income | 502,307 | 146,859 | 30,928 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (43,163 | ) | 81,980 | (5,075,656 | ) | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (3,685,200 | ) | (1,160,606 | ) | (1,303,971 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 64,284,034 | $ | 9,457,093 | $ | 3,500,990 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 2,650,001 | 400,001 | 400,800 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 24.26 | $ | 23.64 | $ | 8.74 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 69,091,612 | $ | 10,639,392 | $ | 4,833,541 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 147,703 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 1,047,227 | $ | 52,741 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 1,112,028 | $ | 56,466 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 112,576 | $ | 6,361 | $ | 1,030 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 153,734,831 | $ | 3,896,720,140 | $ | 62,183,419 | ||||||
Investment in affiliated securities at fair value (See Note 5) | — | 16,943,498 | 513,741 | |||||||||
Investment in Daily Assets Fund* | 2,599,528 | 120,222,183 | 3,081,428 | |||||||||
Cash | — | 3,192,781 | 228,671 | |||||||||
Foreign currency at value | 85,064 | 1,505,696 | 28,555 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 2,091,202 | 146,386,027 | 2,512,098 | |||||||||
Unrealized appreciation on future contracts | 3,360 | — | — | |||||||||
Deposit with broker for futures contracts | 8,045 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 5,449,932 | 4,018,877 | 305,324 | |||||||||
Capital shares | 41,191 | 593,604 | — | |||||||||
Dividends | 81,994 | 6,155,818 | 10,214 | |||||||||
Interest | 2,726 | 340,962 | 5,157 | |||||||||
Foreign tax reclaim | 4,777 | 2,893,595 | 24,171 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 164,102,650 | $ | 4,198,973,181 | $ | 68,892,778 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | 256,477 | $ | — | $ | — | ||||||
Payable upon return of securities loaned | 2,599,528 | 120,222,183 | 3,081,428 | |||||||||
Unrealized depreciation on forward foreign currency contracts | 776,509 | 6,142,410 | 52,789 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 6,512,362 | 150,312,255 | 2,921,069 | |||||||||
Capital shares | 2,988 | 15 | — | |||||||||
Investment advisory fees | 84,059 | 1,399,588 | 21,237 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 10,231,923 | 278,076,451 | 6,076,523 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 153,870,727 | $ | 3,920,896,730 | $ | 62,816,255 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 183,322,648 | $ | 3,956,138,738 | $ | 61,077,006 | ||||||
Undistributed net investment income | 2,314,004 | 12,414,824 | 113,049 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (5,832,761 | ) | (36,683,522 | ) | (310,380 | ) | ||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (25,933,164 | ) | (10,973,310 | ) | 1,936,580 | |||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 153,870,727 | $ | 3,920,896,730 | $ | 62,816,255 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 8,050,800 | 144,150,001 | 2,250,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 19.11 | $ | 27.20 | $ | 27.92 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 180,980,592 | $ | 4,044,151,283 | $ | 62,615,891 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | — | $ | 20,442,643 | $ | 602,143 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 2,327,449 | $ | 95,843,583 | $ | 2,931,340 | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 2,599,528 | $ | 120,222,183 | $ | 3,081,428 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 83,536 | $ | 1,510,906 | $ | 28,739 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (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 | $ | 151,677,593 | $ | 1,881,331,509 | $ | 4,461,290 | ||||||
Investment in affiliated securities at fair value (See Note 5) | 4,804,197 | — | — | |||||||||
Investment in Daily Assets Fund* | 713,337 | 19,323,530 | 649,477 | |||||||||
Cash | — | 4,033,415 | 3,593 | |||||||||
Foreign currency at value | 94 | 3,445,439 | 4,521 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 7,034,513 | 38,991,756 | 11,510 | |||||||||
Unrealized appreciation on future contracts | 30,838 | 193,477 | — | |||||||||
Deposit with broker for futures contracts | 3,357 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 3,320,629 | 43,045 | |||||||||
Dividends | — | 6,254,008 | 883 | |||||||||
Interest | 227 | 13,550 | 71 | |||||||||
Foreign tax reclaim | 502,226 | 1,532,902 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 164,766,382 | $ | 1,958,440,215 | $ | 5,174,390 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | 208,268 | $ | — | $ | — | ||||||
Payable upon return of securities loaned | 713,337 | 19,323,530 | 649,477 | |||||||||
Unrealized depreciation on forward foreign currency contracts | 355,485 | 3,201,393 | 6,190 | |||||||||
Due to broker for future contracts | — | 135,467 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 6,070,013 | 39,152,523 | 60,523 | |||||||||
Investment advisory fees | 56,305 | 688,807 | 1,868 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 7,403,408 | 62,501,720 | 718,058 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 157,362,974 | $ | 1,895,938,495 | $ | 4,456,332 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 171,888,137 | $ | 1,842,996,928 | $ | 5,033,131 | ||||||
Undistributed net investment income (loss) | (770,522 | ) | 7,823,859 | 42,960 | ||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (7,826,968 | ) | (27,209,744 | ) | 151,228 | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (5,927,673 | ) | 72,327,452 | (770,987 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 157,362,974 | $ | 1,895,938,495 | $ | 4,456,332 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 6,100,800 | 47,000,800 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 25.79 | $ | 40.34 | $ | 22.28 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 162,839,977 | $ | 1,844,751,987 | $ | 5,237,589 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 6,229,061 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 690,237 | $ | 18,320,901 | $ | 598,270 | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 713,337 | $ | 19,323,530 | $ | 649,477 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 96 | $ | 3,451,371 | $ | 4,529 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (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 | $ | 118,503,628 | $ | 4,455,162 | ||||
Investment in Daily Assets Fund* | — | 14,525 | ||||||
Cash | 11,924 | 3,545 | ||||||
Foreign currency at value | 22 | 5,612 | ||||||
Unrealized appreciation on forward foreign currency contracts | 2,260,098 | 115,347 | ||||||
Receivables: | ||||||||
Investment securities sold | 2,330,554 | 4,830 | ||||||
Dividends | — | 22,277 | ||||||
Interest | — | 443 | ||||||
Foreign tax reclaim | — | 6 | ||||||
|
|
|
| |||||
Total Assets | $ | 123,106,226 | $ | 4,621,747 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | — | $ | 14,525 | ||||
Unrealized depreciation on forward foreign currency contracts | 657,363 | 3,527 | ||||||
Payables: | ||||||||
Investment securities purchased | 3,453,896 | 107,404 | ||||||
Investment advisory fees | 57,367 | 1,643 | ||||||
|
|
|
| |||||
Total Liabilities | 4,168,626 | 127,099 | ||||||
|
|
|
| |||||
Net Assets | $ | 118,937,600 | $ | 4,494,648 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 130,461,713 | $ | 5,025,321 | ||||
Undistributed net investment income (loss) | (1,082,314 | ) | 41,586 | |||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (20,113,477 | ) | (220,848 | ) | ||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 9,671,678 | (351,411 | ) | |||||
|
|
|
| |||||
Net Assets | $ | 118,937,600 | $ | 4,494,648 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 5,200,001 | 200,001 | ||||||
|
|
|
| |||||
Net Assets Value | $ | 22.87 | $ | 22.47 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 110,434,684 | $ | 4,918,060 | ||||
|
|
|
| |||||
Value of securities loaned | $ | — | $ | 8,673 | ||||
|
|
|
| |||||
Investment in Daily Assets Fund at cost | $ | — | $ | 14,525 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 22 | $ | 5,631 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 107 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (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* | $ | 708,710 | $ | 179,871 | $ | 46,465 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 18,538 | 1,566 | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 727,248 | 181,437 | 46,465 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 120,567 | 29,636 | 11,782 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 120,567 | 29,636 | 11,782 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 606,681 | 151,801 | 34,683 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (549,044 | ) | (124,545 | ) | (1,369,448 | ) | ||||||
Investments in affiliates | (15,154 | ) | — | — | ||||||||
Foreign currency transactions | 1,664,000 | 464,046 | 742,417 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 1,099,802 | 339,501 | (627,031 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (6,805,874 | ) | (1,744,909 | ) | 3,964 | |||||||
Foreign currency translations | 624,528 | (160,739 | ) | (301,661 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (6,181,346 | ) | (1,905,648 | ) | (297,697 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss on investments, futures, and foreign currency transactions | (5,081,544 | ) | (1,566,147 | ) | (924,728 | ) | ||||||
|
|
|
|
|
| |||||||
Net Decrease in Net Assets Resulting from Operations | $ | (4,474,863 | ) | $ | (1,414,346 | ) | $ | (890,045 | ) | |||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 64,459 | $ | 14,091 | $ | 3,206 |
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 3,210,925 | $ | 29,002,199 | $ | 212,320 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 31,384 | 1,020,850 | 14,227 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 3,242,309 | 30,023,049 | 226,547 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 618,189 | 6,865,684 | 76,151 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 618,189 | 6,865,684 | 76,151 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 2,624,120 | 23,157,365 | 150,396 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (12,864,449 | ) | (26,840,037 | ) | (173,911 | ) | ||||||
Investments in affiliates | — | (184,492 | ) | (2,430 | ) | |||||||
In-kind redemptions | 877,671 | — | — | |||||||||
Futures contracts | (24,560 | ) | — | — | ||||||||
Foreign currency transactions | 11,593,395 | 45,718,748 | 758,933 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (417,943 | ) | 18,694,219 | 582,592 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (30,713,759 | ) | (197,008,643 | ) | (602,014 | ) | ||||||
Futures contracts | (8,500 | ) | — | — | ||||||||
Foreign currency translations | (2,195,745 | ) | 106,590,448 | 2,018,924 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (32,918,004 | ) | (90,418,195 | ) | 1,416,910 | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions | (33,335,947 | ) | (71,723,976 | ) | 1,999,502 | |||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (30,711,827 | ) | $ | (48,566,611 | ) | $ | 2,149,898 | ||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 439,931 | $ | 1,748,524 | $ | 30,352 |
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (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* | $ | (17,521 | ) | $ | 11,535,759 | $ | 56,278 | |||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 3,160 | 83,140 | 204 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | (14,361 | ) | 11,618,899 | 56,482 | ||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 398,079 | 3,273,489 | 12,204 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 398,079 | 3,273,489 | 12,204 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | (412,440 | ) | 8,345,410 | 44,278 | ||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (1,834,851 | ) | (13,791,518 | ) | (153,384 | ) | ||||||
Investments in affiliates | (345,305 | ) | — | — | ||||||||
In-kind redemptions | (440,170 | ) | 927,606 | (49,927 | ) | |||||||
Futures contracts | (50,512 | ) | (107,479 | ) | — | |||||||
Foreign currency transactions | 2,466,115 | 4,253,768 | 341,898 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (204,723 | ) | (8,717,623 | ) | 138,587 | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (6,272,589 | ) | (58,547,326 | ) | (299,415 | ) | ||||||
Futures contracts | 48,061 | (12,602 | ) | — | ||||||||
Foreign currency translations | 1,939,553 | (5,368,917 | ) | 2,659 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (4,284,975 | ) | (63,928,845 | ) | (296,756 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss on investments, futures, and foreign currency transactions | (4,489,698 | ) | (72,646,468 | ) | (158,169 | ) | ||||||
|
|
|
|
|
| |||||||
Net decrease in Net Assets Resulting from Operations | $ | (4,902,138 | ) | $ | (64,301,058 | ) | $ | (113,891 | ) | |||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 105,032 | $ | 1,283,377 | $ | 572 |
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 93,628 | $ | 88,341 | ||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | — | 1,047 | ||||||
|
|
|
| |||||
Total Investment Income | 93,628 | 89,388 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 386,141 | 10,264 | ||||||
|
|
|
| |||||
Total Expenses | 386,141 | 10,264 | ||||||
|
|
|
| |||||
Net Investment Income (Loss) | (292,513 | ) | 79,124 | |||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (19,351,034 | ) | (96,358 | ) | ||||
Foreign currency transactions | 9,285,160 | (41,584 | ) | |||||
|
|
|
| |||||
Net realized (loss) | (10,065,874 | ) | (137,942 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 1,298,450 | (424,583 | ) | |||||
Foreign currency translations | (3,586,495 | ) | 85,420 | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (2,288,045 | ) | (339,163 | ) | ||||
|
|
|
| |||||
Net realized and unrealized loss on investments and foreign currency transactions | (12,353,919 | ) | (477,105 | ) | ||||
|
|
|
| |||||
Net decrease in Net Assets Resulting from Operations | $ | (12,646,432 | ) | $ | (397,981 | ) | ||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 29,437 | $ | 1,168 |
See Notes to Financial Statements. | 111 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 606,681 | $ | 614,758 | $ | 151,801 | $ | 189,378 | ||||||||
Net realized gain (loss) | 1,099,802 | (31,374 | ) | 339,501 | 169,540 | |||||||||||
Net change in unrealized appreciation (depreciation) | (6,181,346 | ) | 2,363,949 | (1,905,648 | ) | 388,805 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations. | (4,474,863 | ) | 2,947,333 | (1,414,346 | ) | 747,723 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (1,439,100 | ) | (363,724 | ) | (289,973 | ) | (323,116 | ) | ||||||||
Net realized gains | — | (7,810 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1,439,100 | ) | (371,534 | ) | (289,973 | ) | (323,116 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 23,167,348 | 39,333,293 | — | 4,120,508 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | 23,167,348 | 39,333,293 | — | 4,120,508 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in Net Assets | 17,253,385 | 41,909,092 | (1,704,319 | ) | 4,545,115 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 47,030,649 | 5,121,557 | 11,161,412 | 6,616,297 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 64,284,034 | $ | 47,030,649 | $ | 9,457,093 | $ | 11,161,412 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 502,307 | $ | 1,334,726 | $ | 146,859 | $ | 285,031 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,750,001 | 200,001 | 400,001 | 250,001 | ||||||||||||
Shares sold | 900,000 | 1,550,000 | — | 150,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,650,001 | 1,750,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 34,683 | $ | 202,521 | $ | 2,624,120 | $ | 1,374,039 | ||||||||
Net realized gain (loss) | (627,031 | ) | (532,624 | ) | (417,943 | ) | (1,307,463 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (297,697 | ) | (811,160 | ) | (32,918,004 | ) | 5,663,153 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations. | (890,045 | ) | (1,141,263 | ) | (30,711,827 | ) | 5,729,729 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (1,041,199 | ) | (243,907 | ) | (3,543,741 | ) | (956,998 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1,041,199 | ) | (243,907 | ) | (3,543,741 | ) | (956,998 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,580,238 | 10,339,307 | — | 210,396,502 | ||||||||||||
Value of shares redeemed | (2,674,488 | ) | (8,221,419 | ) | (56,415,784 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,094,250 | ) | 2,117,888 | (56,415,784 | ) | 210,396,502 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (3,025,494 | ) | 732,718 | (90,671,352 | ) | 215,169,233 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,526,484 | 5,793,766 | 244,542,079 | 29,372,846 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,500,990 | $ | 6,526,484 | $ | 153,870,727 | $ | 244,542,079 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 30,928 | $ | 1,037,444 | $ | 2,314,004 | $ | 3,233,625 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 500,800 | 400,800 | 10,900,800 | 1,350,800 | ||||||||||||
Shares sold | 150,000 | 700,000 | — | 9,550,000 | ||||||||||||
Shares redeemed | (250,000 | ) | (600,000 | ) | (2,850,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,800 | 500,800 | 8,050,800 | 10,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period December 10, 2014(1) to May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 23,157,365 | $ | 43,275,210 | $ | 150,396 | $ | 318,178 | ||||||||
Net realized gain (loss) | 18,694,219 | 28,985,989 | 582,592 | (291,227 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (90,418,195 | ) | 75,976,111 | 1,416,910 | 519,670 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations. | (48,566,611 | ) | 148,237,310 | 2,149,898 | 546,621 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (113,603,486 | ) | (24,329,020 | ) | (957,602 | ) | — | |||||||||
Net realized gains | — | (65,401 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (113,603,486 | ) | (24,394,421 | ) | (957,602 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,414,815,388 | 2,387,879,956 | 39,647,237 | 21,430,076 | ||||||||||||
Value of shares redeemed | — | (7,202,324 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | 1,414,815,388 | 2,380,677,632 | 39,647,237 | 21,430,076 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase in Net Assets | 1,252,645,291 | 2,504,520,521 | 40,839,533 | 21,976,697 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,668,251,439 | 163,730,918 | 21,976,722 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,920,896,730 | $ | 2,668,251,439 | $ | 62,816,255 | $ | 21,976,722 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 12,414,824 | $ | 102,860,945 | $ | 113,049 | $ | 920,255 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 90,550,001 | 5,900,001 | 750,001 | 1 | ||||||||||||
Shares sold | 53,600,000 | 84,900,000 | 1,500,000 | 750,000 | ||||||||||||
Shares redeemed | — | (250,000 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 144,150,001 | 90,550,001 | 2,250,001 | 750,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | (412,440 | ) | $ | 4,266,017 | $ | 8,345,410 | $ | 8,953,553 | |||||||
Net realized gain (loss) | (204,723 | ) | 2,718,383 | (8,717,623 | ) | 80,877,064 | ||||||||||
Net change in unrealized appreciation (depreciation) | (4,284,975 | ) | (5,155,413 | ) | (63,928,845 | ) | 147,043,634 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations. | (4,902,138 | ) | 1,828,987 | (64,301,058 | ) | 236,874,251 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (10,235,065 | ) | (4,112,744 | ) | (43,147,928 | ) | (62,464,849 | ) | ||||||||
Net realized gains | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (10,235,065 | ) | (4,112,744 | ) | (43,147,928 | ) | (62,464,849 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 9,797,088 | 192,112,959 | 744,827,504 | 697,274,666 | ||||||||||||
Value of shares redeemed | (71,090,851 | ) | (1,130,265 | ) | (4,308,582 | ) | (49,970,009 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (61,293,763 | ) | 190,982,694 | 740,518,922 | 647,304,657 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (76,430,966 | ) | 188,698,937 | 633,069,936 | 821,714,059 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 233,793,940 | 45,095,003 | 1,262,868,559 | 441,154,500 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 157,362,974 | $ | 233,793,940 | $ | 1,895,938,495 | $ | 1,262,868,559 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | 9,876,983 | $ | 7,823,859 | $ | 42,626,377 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment loss | $ | (770,522 | ) | $ | — | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 8,550,800 | 1,700,800 | 28,350,800 | 12,450,800 | ||||||||||||
Shares sold | 400,000 | 6,900,000 | 18,750,000 | 17,200,000 | ||||||||||||
Shares redeemed | (2,850,000 | ) | (50,000 | ) | (100,000 | ) | (1,300,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 6,100,800 | 8,550,800 | 47,000,800 | 28,350,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 115 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 44,278 | $ | 52,836 | $ | (292,513 | ) | $ | (190,237 | ) | ||||||
Net realized gain (loss) | 138,587 | 628,796 | (10,065,874 | ) | (10,413,006 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (296,756 | ) | (440,876 | ) | (2,288,045 | ) | 11,756,072 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (113,891 | ) | 240,756 | (12,646,432 | ) | 1,152,829 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (506,949 | ) | (36,482 | ) | — | — | ||||||||||
Net realized gains | — | (14,040 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (506,949 | ) | (50,522 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,145,870 | — | 89,248,048 | 249,685,690 | ||||||||||||
Value of shares redeemed | (1,116,659 | ) | — | (95,061,917 | ) | (118,455,955 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 29,211 | — | (5,813,869 | ) | 131,229,735 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (591,629 | ) | 190,234 | (18,460,301 | ) | 132,382,564 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 5,047,961 | 4,857,727 | 137,397,901 | 5,015,337 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,456,332 | $ | 5,047,961 | $ | 118,937,600 | $ | 137,397,901 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 42,960 | $ | 505,631 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment loss | $ | — | $ | — | $ | (1,082,314) | $ | (789,801 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 200,001 | 200,001 | 5,650,001 | 200,001 | ||||||||||||
Shares sold | 50,000 | — | 3,950,000 | 10,350,000 | ||||||||||||
Shares redeemed | (50,000 | ) | — | (4,400,000 | ) | (4,900,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 200,001 | 5,200,001 | 5,650,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 116 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 79,124 | $ | 183,195 | ||||
Net realized gain (loss) | (137,942 | ) | 356,306 | |||||
Net change in unrealized appreciation (depreciation) | (339,163 | ) | (337,065 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations. | (397,981 | ) | 202,436 | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (293,977 | ) | (316,148 | ) | ||||
Net realized gains | — | (4,896 | ) | |||||
|
|
|
| |||||
Total distributions | (293,977 | ) | (321,044 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Net increase in net assets resulting from fund share transactions | — | — | ||||||
|
|
|
| |||||
Total Decrease in Net Assets | (691,958 | ) | (118,608 | ) | ||||
Net Assets | ||||||||
Beginning of period | 5,186,606 | 5,305,214 | ||||||
|
|
|
| |||||
End of period | $ | 4,494,648 | $ | 5,186,606 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 41,586 | $ | 256,438 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 200,001 | 200,001 | ||||||
Shares sold | — | — | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 200,001 | 200,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 117 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period January 23, 2014* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 0.25 | 0.96 | 0.45 | |||||||||
Net realized and unrealized gain (loss) | (2.14 | ) | 2.16 | 0.16 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net asset value from investment operations | (1.89 | ) | 3.12 | 0.61 | ||||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.72 | ) | (1.82 | ) | — | |||||||
Net realized gains | — | (0.04 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.72 | ) | (1.86 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 24.26 | $ | 26.87 | $ | 25.61 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | (7.21 | )% | 13.01 | % | 2.44 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net Assets, end of period (000’s omitted) | $ | 64,284 | $ | 47,031 | $ | 5,122 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.40 | %† | 0.40 | % | 0.40 | %† | ||||||
Net investment income | 2.01 | %† | 3.70 | % | 5.18 | %† | ||||||
Portfolio turnover rate†† | 8 | %††† | 24 | % | 3 | %††† | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period October 1, 2013* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 0.38 | 0.68 | 0.40 | |||||||||
Net realized and unrealized gain (loss) | (3.92 | ) | 2.04 | 1.08 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net asset value from investment operations | (3.54 | ) | 2.72 | 1.48 | ||||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.72 | ) | (1.29 | ) | (0.01 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.72 | ) | (1.29 | ) | (0.01 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.64 | $ | 27.90 | $ | 26.47 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | (12.98 | )% | 10.78 | % | 5.94 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 9,457 | $ | 11,161 | $ | 6,616 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.60 | %† | 0.60 | % | 0.60 | %† | ||||||
Net investment income | 3.07 | %† | 2.51 | % | 2.33 | %† | ||||||
Portfolio turnover rate†† | 20 | %††† | 19 | % | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
††† | Not Annualized. |
See Notes to Financial Statements. | 118 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | 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 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** | 0.09 | 0.42 | 0.47 | 0.54 | 0.64 | |||||||||||||||
Net realized and unrealized loss | (2.07 | ) | (1.44 | ) | (2.30 | ) | (0.15 | ) | (4.18 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net asset value from investment operations | (1.98 | ) | (1.02 | ) | (1.83 | ) | 0.39 | (3.54 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income | (2.31 | ) | (0.41 | ) | (2.95 | ) | (0.54 | ) | (0.29 | ) | ||||||||||
Net realized gains | — | — | — | (1.31 | ) | (0.43 | ) | |||||||||||||
Return of capital | — | — | (0.04 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.31 | ) | (0.41 | ) | (2.99 | ) | (1.85 | ) | (0.72 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 8.74 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return*** | (18.71 | )% | (6.96 | )% | (9.83 | )%††† | 1.43 | %††† | (14.28 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 3,501 | $ | 6,526 | $ | 5,794 | $ | 7,728 | $ | 4,165 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.60 | %† | 0.60 | % | 0.60 | % | 0.68 | % | 1.13 | %† | ||||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.60 | %† | 0.60 | % | 0.63 | % | 0.92 | % | 1.13 | %† | ||||||||||
Net investment income | 1.77 | %† | 2.97 | % | 2.93 | % | 2.66 | % | 2.89 | %† | ||||||||||
Portfolio turnover rate†† | 47 | %†††† | 141 | % | 89 | % | 25 | % | 34 | %†††† |
* | 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 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. |
†††† | Not annualized. |
See Notes to Financial Statements. | 119 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | 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 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** | 0.28 | 0.36 | 0.38 | 0.38 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) | (3.27 | ) | 0.77 | (0.17 | ) | 1.01 | (3.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net asset value from investment operations | (2.99 | ) | 1.13 | 0.21 | 1.39 | (3.13 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.44 | ) | (0.43 | ) | (0.40 | ) | (0.06 | ) | ||||||||||
Net realized gains | — | — | — | (0.25 | ) | (0.59 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.33 | ) | (0.44 | ) | (0.43 | ) | (0.65 | ) | (0.65 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 19.11 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return*** | (13.54 | )% | 5.35 | % | 1.17 | %††† | 6.54 | %††† | (12.52 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 153,871 | $ | 244,542 | $ | 29,373 | $ | 8,800 | $ | 4,261 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.65 | %† | 0.65 | % | 0.65 | % | 0.72 | % | 1.19 | %† | ||||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.65 | %† | 0.65 | % | 0.66 | % | 0.94 | % | 1.19 | %† | ||||||||||
Net investment income | 2.76 | %† | 1.64 | % | 1.81 | % | 1.72 | % | 0.97 | %† | ||||||||||
Portfolio turnover rate†† | 14 | %†††† | 58 | % | 16 | % | 15 | % | 19 | %†††† |
* | 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 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. |
†††† | Not annualized. |
See Notes to Financial Statements. | 120 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Europe Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period October 1, 2013* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income from Investment Operations: | ||||||||||||
Net investment income** | 0.20 | 1.33 | 1.27 | |||||||||
Net realized and unrealized gain (loss) | (1.24 | ) | 1.54 | 1.72 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net asset value from operations | (1.04 | ) | 2.87 | 2.99 | ||||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (1.23 | ) | (1.15 | ) | (0.24 | ) | ||||||
Net realized gains | — | (0.00 | )(a) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (1.23 | ) | (1.15 | ) | (0.24 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 27.20 | $ | 29.47 | $ | 27.75 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | (3.66 | )% | 10.88 | % | 12.05 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 3,920,897 | $ | 2,668,251 | $ | 163,731 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.45 | %† | 0.45 | % | 0.45 | %† | ||||||
Net investment income | 1.52 | %† | 4.74 | % | 7.30 | %† | ||||||
Portfolio turnover rate†† | 8 | %††† | 13 | % | 4 | %††† | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period December 10, 2014* to May 31, 2015 | ||||||||||
Net Asset Value, beginning of period | $ | 29.30 | $ | 25.00 | ||||||||
|
|
|
| |||||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 0.12 | 0.81 | ||||||||||
Net realized and unrealized gain (loss) | (0.37 | )(b) | 3.49 | |||||||||
|
|
|
| |||||||||
Net increase (decrease) in net asset value from investment operations | (0.25 | ) | 4.30 | |||||||||
|
|
|
| |||||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (1.13 | ) | — | |||||||||
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 27.92 | $ | 29.30 | ||||||||
|
|
|
| |||||||||
Total Return*** | (0.92 | )% | 17.20 | % | ||||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 62,816 | $ | 21,977 | ||||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.45 | %† | 0.45 | %† | ||||||||
Net investment income | 0.89 | %† | 6.04 | %† | ||||||||
Portfolio turnover rate†† | 8 | %††† | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
††† | Not Annualized. |
(a) | Less than $0.005. |
(b) | Because of the timing of Fund share transactions 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. | 121 |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | 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 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)** | (0.06 | ) | 1.38 | 1.03 | 0.44 | 0.27 | ||||||||||||||
Net realized and unrealized gain (loss) | (0.20 | ) | 1.93 | (a) | 3.11 | 2.08 | (3.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net asset value from investment operations | (0.26 | ) | 3.31 | 4.14 | 2.52 | (3.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income | (1.29 | ) | (2.48 | ) | (0.85 | ) | (0.44 | ) | (0.12 | ) | ||||||||||
Net realized gains | — | — | — | (0.43 | ) | (0.28 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.29 | ) | (2.48 | ) | (0.85 | ) | (0.87 | ) | (0.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 25.79 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return*** | (1.02 | )% | 13.92 | % | 18.70 | %††† | 11.86 | %††† | (12.14 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 157,363 | $ | 233,794 | $ | 45,095 | $ | 4,663 | $ | 4,331 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.45 | %† | 0.45 | % | 0.47 | % | 0.58 | % | 1.04 | %† | ||||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.45 | %† | 0.45 | % | 0.47 | % | 0.82 | % | 1.04 | %† | ||||||||||
Net investment income (loss) | (0.47 | )%† | 5.14 | % | 4.15 | % | 1.93 | % | 1.20 | %† | ||||||||||
Portfolio turnover rate†† | 7 | %†††† | 20 | % | 12 | % | 108 | % | 17 | %†††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | The Total Return would have been lower if certain fees has not been reimbursed by the Advisor. |
†††† | Not Annualized. |
(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 Japan Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | 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 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | $ | 25.00 | ||||||||||
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Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** | 0.23 | 0.52 | 0.55 | 0.39 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) | (3.06 | ) | 12.49 | 1.51 | 12.31 | (3.31 | ) | |||||||||||||
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Net increase (decrease) in net asset value from investment operations | (2.83 | ) | 13.01 | 2.06 | 12.70 | (3.04 | ) | |||||||||||||
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Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income | (1.37 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||
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Total distributions | (1.37 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||
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Net Asset Value, end of period | $ | 40.34 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||||
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Total Return*** | (6.56 | )% | 39.00 | % | 6.21 | %††† | 59.04 | %††† | (12.16 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000’s omitted) | $ | 1,895,938 | $ | 1,262,869 | $ | 441,155 | $ | 109,072 | $ | 4,376 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.45 | %† | 0.45 | % | 0.48 | % | 0.52 | % | 1.03 | %† | ||||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.45 | %† | 0.45 | % | 0.48 | % | 0.66 | % | 1.03 | %† | ||||||||||
Net investment income | 1.15 | %† | 1.32 | % | 1.56 | % | 1.27 | % | 1.15 | %† | ||||||||||
Portfolio turnover rate†† | 8 | %†††† | 14 | % | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
††† | The Total Return would have been lower if certain fees has not been reimbursed by the Advisor. |
†††† | Not Annualized. |
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, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period January 23, 2014* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||
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Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 0.21 | 0.26 | 0.07 | |||||||||
Net realized and unrealized gain (loss) | (0.64 | ) | 0.94 | (0.78 | ) | |||||||
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Net increase (decrease) in net asset value from investment operations | (0.43 | ) | 1.20 | (0.71 | ) | |||||||
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Distributions paid to shareholders from: | ||||||||||||
Net investment income | (2.53 | ) | (0.18 | ) | — | |||||||
Net realized gains | — | (0.07 | ) | — | ||||||||
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Total distributions | (2.53 | ) | (0.25 | ) | — | |||||||
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Net Asset Value, end of period | $ | 22.28 | $ | 25.24 | $ | 24.29 | ||||||
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Total Return*** | (1.97 | )% | 4.99 | % | (2.84 | )% | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 4,456 | $ | 5,048 | $ | 4,858 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.50 | %† | 0.50 | % | 0.50 | %† | ||||||
Net investment income | 1.81 | %† | 1.04 | % | 0.79 | %† | ||||||
Portfolio turnover rate†† | 17 | %††† | 22 | % | 7 | %††† | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period January 23, 2014* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||
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Income from Investment Operations: | ||||||||||||
Net investment loss** | (0.05 | ) | (0.11 | ) | (0.02 | ) | ||||||
Net realized and unrealized gain (loss) | (1.40 | ) | (0.65 | )(a) | 0.10 | |||||||
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Net increase (decrease) in net asset value from operations | (1.45 | ) | (0.76 | ) | 0.08 | |||||||
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Net Asset Value, end of period | $ | 22.87 | $ | 24.32 | $ | 25.08 | ||||||
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Total Return*** | (5.96 | )% | (3.07 | )% | 0.32 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 118,938 | $ | 137,398 | $ | 5,015 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.58 | %† | 0.58 | % | 0.58 | %† | ||||||
Net investment loss | (0.44 | )%† | (0.47 | )% | (0.26 | )%† | ||||||
Portfolio turnover rate†† | 80 | %††† | 287 | % | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
(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, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period October 1, 2013* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||
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Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 0.40 | 0.92 | 1.32 | |||||||||
Net realized and unrealized gain (loss) | (2.39 | ) | 0.08 | 0.63 | ||||||||
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Net increase (decrease) in net asset value from investment operations | (1.99 | ) | 1.00 | 1.95 | ||||||||
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Distributions paid to shareholders from: | ||||||||||||
Net investment income | (1.47 | ) | (1.58 | ) | (0.42 | ) | ||||||
Net realized gains | — | (0.02 | ) | — | ||||||||
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Total distributions | (1.47 | ) | (1.60 | ) | (0.42 | ) | ||||||
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Net Asset Value, end of period | $ | 22.47 | $ | 25.93 | $ | 26.53 | ||||||
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Total Return*** | (8.03 | )% | 4.27 | % | 7.90 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 4,495 | $ | 5,187 | $ | 5,305 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.45 | %† | 0.45 | % | 0.45 | %† | ||||||
Net investment income | 3.47 | %† | 3.57 | % | 7.70 | %† | ||||||
Portfolio turnover rate†† | 11 | %††† | 19 | % | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not Annualized. |
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, 2015, the Trust consists of thirty-five investment 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:
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 Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
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 |
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 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 Eurozone Hedged Equity ETF | MSCI EMU IMI 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.
126
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 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, except Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. 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.
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.
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
127
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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.
Disclosure about classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
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 period ended November 30, 2015, 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
128
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain benefits of owning the securities they have loaned and continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral Invested in Daily Assets Fund. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, the funds listed below had securities on loan all of which were classified as common stocks and rights in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
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 Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
As of November 30, 2015, the funds listed below had no securities on loan.
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
129
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a
negotiated forward rate. For the period ended November 30, 2015, The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers Asia Pacific ex Japan ETF, Deutsche X-trackers Europe ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invested 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 invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the Euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.
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, 2015 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 period ended November 30, 2015.
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.
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, 2015 is included in a table following the Funds’ Schedule of Investments.
130
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2015 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 | $ | 1,669,575 | Unrealized depreciation on forward foreign currency contracts | $ | 174,352 | ||||||||
|
|
|
| |||||||||||
Total | $ | 1,669,575 | Total | $ | 174,352 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 54,782 | Unrealized depreciation on forward foreign currency contracts | $ | 48,961 | ||||||||
|
|
|
| |||||||||||
Total | $ | 54,782 | Total | $ | 48,961 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 58,968 | Unrealized depreciation on forward foreign currency contracts | $ | 53,635 | ||||||||
|
|
|
| |||||||||||
Total | $ | 58,968 | Total | $ | 53,635 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 3,360 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 2,091,202 | Unrealized depreciation on forward foreign currency contracts | 776,509 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 2,094,562 | Total | $ | 776,509 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 146,386,027 | Unrealized depreciation on forward foreign currency contracts | $ | 6,142,410 | ||||||||
|
|
|
| |||||||||||
Total | $ | 146,386,027 | Total | $ | 6,142,410 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 2,512,098 | Unrealized depreciation on forward foreign currency contracts | $ | 52,789 | ||||||||
|
|
|
| |||||||||||
Total | $ | 2,512,098 | Total | $ | 52,789 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 30,838 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 7,034,513 | Unrealized depreciation on forward foreign currency contracts | 355,485 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 7,065,351 | Total | $ | 355,485 | |||||||||
|
|
|
|
131
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 Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 193,477 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 38,991,756 | Unrealized depreciation on forward foreign currency contracts | 3,201,393 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 39,185,233 | Total | $ | 3,201,393 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 11,510 | Unrealized depreciation on forward foreign currency contracts | $ | 6,190 | ||||||||
|
|
|
| |||||||||||
Total | $ | 11,510 | Total | $ | 6,190 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 2,260,098 | Unrealized depreciation on forward foreign currency contracts | $ | 657,363 | ||||||||
|
|
|
| |||||||||||
Total | $ | 2,260,098 | Total | $ | 657,363 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 115,347 | Unrealized depreciation on forward foreign currency contracts | $ | 3,527 | ||||||||
|
|
|
| |||||||||||
Total | $ | 115,347 | Total | $ | 3,527 | |||||||||
|
|
|
|
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, 2015 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 | $ | — | $ | 1,760,284 | $ | 1,760,284 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | 478,343 | 478,343 | |||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | 833,223 | 833,223 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | (24,560 | ) | 11,562,178 | 11,537,618 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 51,830,813 | 51,830,813 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | 605,706 | 605,706 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | (50,512 | ) | 2,485,697 | 2,435,185 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | (107,479 | ) | 5,703,308 | 5,595,829 |
132
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||||||||
Equity Futures Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | $ | — | $ | 346,449 | $ | 346,449 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | 9,717,873 | 9,717,873 | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | (41,399 | ) | (41,399 | ) | |||||||
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 | $ | — | $ | 622,298 | $ | 622,298 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | (162,169 | ) | (162,169 | ) | |||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | (301,395 | ) | (301,395 | ) | |||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | (8,500 | ) | (2,194,086 | ) | (2,202,586 | ) | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 106,783,719 | 106,783,719 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | 2,020,242 | 2,020,242 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 48,061 | 1,952,576 | 2,000,637 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | (12,602 | ) | (5,525,413 | ) | (5,538,015 | ) | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 2,646 | 2,646 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | (3,586,494 | ) | (3,586,494 | ) | |||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | 85,374 | 85,374 |
For the six months ended November 30, 2015 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 | $ | — | $ | (58,834,479 | ) | |||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | (9,857,618 | ) | |||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | (3,933,451 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 175,103 | (182,256,502 | ) | |||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | (3,042,697,744 | ) | |||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | (34,426,306 | ) | |||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 297,961 | (177,817,981 | ) | |||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 2,194,501 | (1,449,750,550 | ) | |||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | (4,653,618 | ) | |||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | (133,155,997 | ) | |||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | (4,694,019 | ) |
133
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 |
| |||||||||||||||||||||||||||||||
Bank of Montreal | $ | 45,091 | $ | (6,633 | ) | $ | — | $ | 38,458 | $ | 6,633 | $ | (6,633 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 370,989 | (73,426 | ) | — | 297,563 | 73,426 | (73,426 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 593,937 | (45,201 | ) | — | 548,736 | 45,201 | (45,201 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 72,118 | (24,579 | ) | — | 47,539 | 24,579 | (24,579 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 587,440 | (24,513 | ) | — | 562,927 | 24,513 | (24,513 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
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|
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|
|
| |||||||||||||||||
$ | 1,669,575 | $ | (174,352 | ) | $ | — | $ | 1,495,223 | $ | 174,352 | $ | (174,352 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal | $ | 284 | $ | (163 | ) | $ | — | $ | 121 | $ | 163 | $ | (163 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 41,502 | (35,577 | ) | — | 5,925 | 35,577 | (35,577 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 12,508 | (12,229 | ) | — | 279 | 12,229 | (12,229 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 488 | (488 | ) | — | — | 992 | (488 | ) | — | 504 | ||||||||||||||||||||||
|
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|
|
|
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|
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|
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|
| |||||||||||||||||
$ | 54,782 | $ | (48,457 | ) | $ | — | $ | 6,325 | $ | 48,961 | $ | (48,457 | ) | $ | — | $ | 504 | |||||||||||||||
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|
| |||||||||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 27,482 | $ | (27,482 | ) | $ | — | $ | — | $ | 29,544 | $ | (27,482 | ) | $ | — | $ | 2,062 | ||||||||||||||
State Street Bank & Trust Co. | 15,090 | (15,090 | ) | — | — | 21,155 | (15,090 | ) | — | 6,065 | ||||||||||||||||||||||
The Bank of New York Mellon | 16,396 | (2,936 | ) | — | 13,460 | 2,936 | (2,936 | ) | — | — | ||||||||||||||||||||||
|
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|
| |||||||||||||||||
$ | 58,968 | $ | (45,508 | ) | $ | — | $ | 13,460 | $ | 53,635 | $ | (45,508 | ) | $ | — | $ | 8,127 | |||||||||||||||
|
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|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal | $ | 121,006 | $ | (22,388 | ) | $ | — | $ | 98,618 | $ | 22,388 | $ | (22,388 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 1,611,384 | (388,615 | ) | — | 1,222,769 | 388,615 | (388,615 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 242,599 | (120,555 | ) | — | 122,044 | 120,555 | (120,555 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 94,588 | (94,588 | ) | — | — | 221,461 | (94,588 | ) | — | 126,873 | ||||||||||||||||||||||
The Bank of Nova Scotia | 21,625 | (21,625 | ) | — | — | 23,490 | (21,625 | ) | — | 1,865 | ||||||||||||||||||||||
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|
| |||||||||||||||||
$ | 2,091,202 | $ | (647,771 | ) | $ | — | $ | 1,443,431 | $ | 776,509 | $ | (647,771 | ) | $ | — | $ | 128,738 | |||||||||||||||
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|
134
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 |
| |||||||||||||||||||||||||||||||
Bank of Montreal | $ | 22,816,375 | $ | (356,456 | ) | $ | — | $ | 22,459,919 | $ | 356,456 | $ | (356,456 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 26,351,991 | (405,404 | ) | — | 25,946,587 | 405,404 | (405,404 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 21,934,866 | (339,077 | ) | — | 21,595,789 | 339,077 | (339,077 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 24,944,987 | (386,415 | ) | — | 24,558,572 | 386,415 | (386,415 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 26,377,526 | (390,034 | ) | — | 25,987,492 | 390,034 | (390,034 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 6,761,518 | (3,990,921 | ) | — | 2,770,597 | 3,990,921 | (3,990,921 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 17,198,764 | (274,103 | ) | — | 16,924,661 | 274,103 | (274,103 | ) | — | — | ||||||||||||||||||||||
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|
| |||||||||||||||||
$ | 146,386,027 | $ | (6,142,410 | ) | $ | — | $ | 140,243,617 | $ | 6,142,410 | $ | (6,142,410 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal | $ | 391,419 | $ | (6,125 | ) | $ | — | $ | 385,294 | $ | 6,125 | $ | (6,125 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 611,760 | (18,573 | ) | — | 593,187 | 18,573 | (18,573 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 366,467 | (4,678 | ) | — | 361,789 | 4,678 | (4,678 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 1,129,086 | (14,371 | ) | — | 1,114,715 | 14,371 | (14,371 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 13,366 | (9,042 | ) | 4,324 | 9,042 | (9,042 | ) | — | — | |||||||||||||||||||||||
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| |||||||||||||||||
$ | 2,512,098 | $ | (52,789 | ) | $ | — | $ | 2,459,309 | $ | 52,789 | $ | (52,789 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal | $ | 1,184,474 | $ | (212,273 | ) | $ | — | $ | 972,201 | $ | 212,273 | $ | (212,273 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 1,771,092 | (21,067 | ) | — | 1,750,025 | 21,067 | (21,067 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 1,599,575 | (20,418 | ) | — | 1,579,157 | 20,418 | (20,418 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 900,897 | (46,536 | ) | — | 854,361 | 46,536 | (46,536 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 1,523,992 | (17,472 | ) | — | 1,506,520 | 17,472 | (17,472 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 54,483 | (37,719 | ) | — | 16,764 | 37,719 | (37,719 | ) | — | — | ||||||||||||||||||||||
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|
| |||||||||||||||||
$ | 7,034,513 | $ | (355,485 | ) | $ | — | $ | 6,679,028 | $ | 355,485 | $ | (355,485 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 6,967,267 | $ | (549,760 | ) | $ | — | $ | 6,417,507 | $ | 549,760 | $ | (549,760 | ) | $ | — | $ | — | ||||||||||||||
State Street Bank & Trust Co. | 8,178,803 | (619,415 | ) | — | 7,559,388 | 619,415 | (619,415 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 207,779 | (86,498 | ) | — | 121,281 | 86,498 | (86,498 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 7,051,731 | (569,218 | ) | — | 6,482,513 | 569,218 | (569,218 | ) | — | — | ||||||||||||||||||||||
Bank of Montreal | 9,393,125 | (705,763 | ) | — | 8,687,362 | 705,763 | (705,763 | ) | — | — | ||||||||||||||||||||||
Canadian Imperial Bank of Commerce | 7,193,051 | (670,739 | ) | — | 6,522,312 | 670,739 | (670,739 | ) | — | — | ||||||||||||||||||||||
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$ | 38,991,756 | $ | (3,201,393 | ) | $ | — | $ | 35,790,363 | $ | 3,201,393 | $ | (3,201,393 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
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Bank of Montreal | $ | 5,076 | $ | (2,669 | ) | $ | — | $ | 2,407 | $ | 2,669 | $ | (2,669 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 6,382 | (3,521 | ) | — | 2,861 | 3,521 | (3,521 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 52 | — | — | 52 | — | �� | — | — | — | |||||||||||||||||||||||
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$ | 11,510 | $ | (6,190 | ) | $ | — | $ | 5,320 | $ | 6,190 | $ | (6,190 | ) | $ | — | $ | — | |||||||||||||||
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135
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 South Korea Hedged Equity ETF |
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JP Morgan & Chase Co. | $ | 1,152,561 | $ | (136,479 | ) | $ | — | $ | 1,016,082 | $ | 136,479 | $ | (136,479 | ) | $ | — | $ | — | ||||||||||||||
State Street Bank & Trust Co. | 993,209 | (63,784 | ) | — | 929,425 | 63,784 | (63,784 | ) | — | — | ||||||||||||||||||||||
Bank of Montreal | 10,233 | (10,233 | ) | — | — | 453,880 | (10,233 | ) | — | 443,647 | ||||||||||||||||||||||
RBC Capital Markets | 104,095 | (3,220 | ) | — | 100,875 | 3,220 | (3,220 | ) | — | — | ||||||||||||||||||||||
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$ | 2,260,098 | $ | (213,716 | ) | $ | — | $ | 2,046,382 | $ | 657,363 | $ | (213,716 | ) | $ | — | $ | 443,647 | |||||||||||||||
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Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
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Bank of Montreal | $ | 47,802 | $ | (1,040 | ) | $ | — | $ | 46,762 | $ | 1,040 | $ | (1,040 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 66,507 | (1,503 | ) | — | 65,004 | 1,503 | (1,503 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 1,038 | (984 | ) | — | 54 | 984 | (984 | ) | — | — | ||||||||||||||||||||||
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$ | 115,347 | $ | (3,527 | ) | $ | — | $ | 111,820 | $ | 3,527 | $ | (3,527 | ) | $ | — | $ | — | |||||||||||||||
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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 subadvisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
TDAM USA Inc. (“TDAM”) serves 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.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets 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 Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Eurozone 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 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.
136
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Federal Income Taxes
At May 31, 2015 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 for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-term | Long-term | Total Amount | ||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | $ | 865,903 | $ | 1,434,243 | $ | 2,300,146 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 81,895 | — | 81,895 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | — | 429,896 | 429,896 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
During the fiscal year ended May 31, 2015, the Fund incurred and elected to defer net capital losses as follows:
Late Year Ordinary Losses | Post-October Losses on Capital | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 77,909 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | — | 53,183 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | 995,906 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | — | 985,660 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 8,611,085 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | 435,970 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | — | 1,177,135 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 789,801 | 1,423,429 |
The tax character of current year distributions will be determined at the end of the fiscal year.
5. Transactions with Affiliates
The Advisor is an indirect 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, 2015.
Value at 05/31/15 ($) | Purchases at Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Value at 11/30/15 ($) | ||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF Deutsche Bank AG (Common Stock) | 98,068 | 106,503 | (48,545 | ) | (15,154 | ) | 126,497 | |||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF Deutsche Bank AG (Common Stock) | 12,693,883 | 8,124,633 | (1,125,008 | ) | (184,492 | ) | 16,943,498 | |||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF Deutsche Bank AG (Common Stock) | 205,048 | 394,733 | (14,707 | ) | (2,430 | ) | 513,741 | |||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF Deutsche Bank AG (Common Stock) | 8,184,755 | 725,088 | �� | (3,383,934 | ) | (345,305 | ) | 4,804,197 |
137
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
6. Investment Portfolio Transactions
For the six months ended November 30, 2015, 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 | $ | 8,504,625 | $ | 4,788,208 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 2,192,083 | 1,975,391 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 1,849,481 | 3,465,140 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 27,189,843 | 47,534,778 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 290,372,894 | 237,851,405 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 4,618,876 | 2,744,554 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 13,251,005 | 20,653,554 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 110,618,756 | 138,933,855 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 787,735 | 873,472 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 107,395,158 | 107,409,251 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 485,220 | 648,476 |
For the six months ended November 30, 2015, 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 | $ | 20,709,129 | $ | — | ||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | — | 25,859,508 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 1,409,983,445 | — | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 39,523,830 | — | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 9,771,836 | 71,198,390 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 734,797,983 | 4,222,845 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 1,143,226 | 1,119,565 |
7. Fund Share Transactions
As of November 30, 2015, 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 and Deutsche X-trackers South Korea 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.
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.
138
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the 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 Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $130 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 as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.
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, 2015, there was one affiliated shareholder account for fund 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 | 37 | % |
139
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.
140
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.
141
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. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. 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. Non-diversified Funds can take larger positions in fewer issues, increasing potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark 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 345 Park Ave. New York, NY 10154 | Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, fund accountant & transfer agent 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-036924-2 (1/16) DBX 001744 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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Dear Shareholder,
We are pleased to provide this semi-annual report for our currency-hedged Deutsche X-trackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2015.
Over the last six months, the global macroeconomic environment has been unsettled by developments in China, the Greek debt crisis and timing of the impending U.S. Federal Reserve rate hike. Equity markets reacted with increased volatility and performed negatively during the period. The US economy grew steadily as strong payroll growth and a steady unemployment rate set the stage for a Fed rate hike in December. While the slowdown in the Chinese economy negatively impacted commodity prices, markets were also impacted by the devaluation of the yuan and the Chinese equity market crash. In Europe, volatility arising from the Greek debt crisis abated as Greece eventually accepted the terms of its third bailout.
The recovery of the Eurozone has continued despite headwinds on the global macroeconomic front. A combination of low crude oil prices, a weak euro, and an ultra-loose monetary policy seem to be working to sustain economic growth. The German economy continued to show steady positive growth driven by low interest rates and a strong labor market, which in turn helped boost private consumption. France expanded modestly in the third quarter compared to a previously flat quarter, as growth was supported by strong domestic demand. However, the service industry was severely affected by the recent terror attacks in Paris. In the UK, equity markets fell during the reporting period as slower global growth negatively impacted the economy; however, fundamentals remained strong and a robust labor market helped sustain growth. In an effort to boost growth in the Eurozone and meet its inflation target, the European Central Bank announced a reduction in deposit rates by 10 basis points (100 basis points equals one percentage point) and also extended its EUR 60bn Bond purchase until March 2017. Excess liquidity from the quantitative easing program resulted in the euro weakening further against the dollar.
Japanese markets were aided by strong corporate earnings and falling energy prices. However, market sentiment was dampened by a faltering Chinese market, an impending Fed rate hike, and weak economic data. The Bank of Japan held off expanding its JPY 80tn asset purchase program despite experiencing deflationary pressures, which were driven by weak exports and slumping energy costs. The Australian economy grew moderately over the last two quarters, despite the slowdown in China, Australia’s biggest trade partner. Growth in the third quarter was supported by healthy consumption expenditure, along with a sharp increase in mining activity, which helped boost net exports.
Global equities have recovered from their September-end lows and future modest gains are possible, although periods of volatility are likely. While Japanese and European equities are likely to be supported by further monetary policy initiatives, US equities could face headwinds from a strong dollar. In 2016, earnings growth should be similar in Europe, Japan, and the US and less influenced by currency fluctuations. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a positive contribution to fund performance.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
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 to 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. As of November 30, 2015, the Index included 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. It is not possible to invest directly into an index.
Ten Largest Holdings as of 11/30/15
Description | % of Net Assets | |||
Nestle SA | 1.9% | |||
Novartis AG | 1.5% | |||
Roche Holding AG | 1.5% | |||
Toyota Motor Corp. | 1.4% | |||
HSBC Holdings PLC | 1.2% | |||
Bayer AG | 0.9% | |||
British American Tobacco PLC | 0.9% | |||
Novo Nordisk A/S, Class B | 0.9% | |||
Total SA | 0.9% | |||
BP PLC | 0.8% |
Sector Diversification* as of 11/30/15
Financials | 25.3% | |||
Consumer Discretionary | 13.2% | |||
Industrials | 12.8% | |||
Consumer Staples | 11.7% | |||
Health Care | 11.6% | |||
Materials | 6.5% | |||
Information Technology | 5.4% | |||
Telecommunication Services | 5.0% | |||
Energy | 4.8% | |||
Utilities | 3.7% | |||
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| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
Japan | 23.0% | |||
United Kingdom | 18.3% | |||
France | 9.8% | |||
Switzerland | 9.5% | |||
Germany | 9.1% | |||
Australia | 6.6% | |||
Netherlands | 3.7% | |||
Spain | 3.3% | |||
Sweden | 3.0% | |||
Hong Kong | 2.9% | |||
Italy | 2.2% | |||
Denmark | 1.8% | |||
Belgium | 1.5% | |||
Singapore | 1.2% | |||
Finland | 0.9% | |||
Ireland | 0.9% | |||
Israel | 0.7% | |||
Norway | 0.6% | |||
Luxembourg | 0.2% | |||
Austria | 0.2% | |||
New Zealand | 0.2% | |||
Other | 0.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 4.
2
DBX ETF Trust
As a shareholder of the fund, 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 example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
Actual expenses
The first line in the following table 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 table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Fund’s 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 table 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 June 1, 2015 | Ending Account Value | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 947.17 | 0.35 | % | $ | 1.70 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.25 | 0.35 | % | $ | 1.77 |
(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
3
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Australia — 6.6% | ||||||||
AGL Energy Ltd. | 741,833 | $ | 8,878,991 | |||||
Alumina Ltd. | 3,346,231 | 2,722,500 | ||||||
Amcor Ltd. | 1,296,003 | 12,671,913 | ||||||
AMP Ltd. | 3,618,421 | 15,203,889 | ||||||
APA Group (a) | 1,251,016 | 8,052,159 | ||||||
Aristocrat Leisure Ltd. | 583,347 | 4,003,618 | ||||||
Asciano Ltd. | 862,743 | 5,334,664 | ||||||
ASX Ltd. | 188,093 | 5,630,248 | ||||||
Aurizon Holdings Ltd. | 2,251,305 | 9,068,783 | ||||||
AusNet Services | 1,875,945 | 2,041,814 | ||||||
Australia & New Zealand Banking Group Ltd. | 3,186,680 | 62,570,232 | ||||||
Bank of Queensland Ltd. | 454,784 | 4,492,782 | ||||||
Bendigo and Adelaide Bank Ltd. | 800,305 | 6,459,207 | ||||||
BHP Billiton Ltd. | 3,561,463 | 46,593,623 | ||||||
BHP Billiton PLC | 2,300,690 | 27,612,992 | ||||||
Boral Ltd. | 857,554 | 3,516,446 | ||||||
Brambles Ltd. | 1,625,947 | 12,805,417 | ||||||
Caltex Australia Ltd. | 348,645 | 8,653,468 | ||||||
Challenger Ltd. | 633,400 | 3,866,161 | ||||||
CIMIC Group Ltd. | 112,325 | 2,034,903 | ||||||
Coca-Cola Amatil Ltd. | 637,453 | 4,162,894 | ||||||
Cochlear Ltd. | 51,324 | 3,502,789 | ||||||
Commonwealth Bank of Australia | 1,862,379 | 106,982,342 | ||||||
Computershare Ltd. | 662,038 | 5,577,869 | ||||||
Crown Resorts Ltd. | 443,804 | 3,735,972 | ||||||
CSL Ltd. | 545,737 | 39,511,210 | ||||||
Dexus Property Group REIT | 827,182 | 4,594,326 | ||||||
DUET Group (a) | 2,580,500 | 4,385,622 | ||||||
Flight Centre Travel Group Ltd. (b) | 61,046 | 1,588,466 | ||||||
Fortescue Metals Group Ltd. (b) | 1,496,922 | 2,121,850 | ||||||
Goodman Group REIT | 2,272,929 | 10,059,972 | ||||||
GPT Group REIT | 1,934,022 | 6,461,939 | ||||||
Harvey Norman Holdings Ltd. (b) | 1,142,240 | 3,370,366 | ||||||
Healthscope Ltd. | 1,928,692 | 3,752,102 | ||||||
Iluka Resources Ltd. | 534,612 | 2,223,136 | ||||||
Incitec Pivot Ltd. | 1,527,799 | 4,176,548 | ||||||
Insurance Australia Group Ltd. | 2,461,459 | 9,861,928 | ||||||
LendLease Group (a) | 593,607 | 5,473,545 | ||||||
Macquarie Group Ltd. | 326,111 | 19,200,064 | ||||||
Medibank Pvt Ltd. | 3,048,572 | 5,114,980 | ||||||
Mirvac Group REIT | 3,701,193 | 4,992,063 | ||||||
National Australia Bank Ltd. | 2,935,284 | 62,389,167 | ||||||
Newcrest Mining Ltd.* | 983,478 | 7,759,770 | ||||||
Oil Search Ltd. | 1,523,500 | 9,034,743 | ||||||
Orica Ltd. (b) | 423,075 | 4,834,304 | ||||||
Origin Energy Ltd. | 1,933,582 | 7,830,871 | ||||||
Platinum Asset Management Ltd. | 7,096 | 41,414 | ||||||
Qantas Airways Ltd.* | 1,359,094 | 3,577,753 | ||||||
QBE Insurance Group Ltd. | 1,358,436 | 12,250,819 | ||||||
Ramsay Health Care Ltd. | 145,998 | 7,079,542 | ||||||
REA Group Ltd. (b) | 50,501 | 1,833,425 | ||||||
Santos Ltd. (b) | 1,349,877 | 3,914,696 | ||||||
Scentre Group REIT | 6,143,477 | 17,771,893 | ||||||
Seek Ltd. | 290,835 | 2,919,413 | ||||||
Sonic Healthcare Ltd. | 392,567 | 5,771,792 |
Number | Value | |||||||
Australia (Continued) | ||||||||
South32 Ltd.* | 5,837,906 | $ | 5,024,161 | |||||
Stockland REIT | 2,386,392 | 6,903,372 | ||||||
Suncorp Group Ltd. | 1,347,641 | 13,050,113 | ||||||
Sydney Airport (a) | 1,172,564 | 5,596,802 | ||||||
Tabcorp Holdings Ltd. | 903,465 | 2,985,981 | ||||||
Tatts Group Ltd. | 1,771,698 | 5,330,188 | ||||||
Telstra Corp. Ltd. | 5,291,157 | 20,510,437 | ||||||
TPG Telecom Ltd. | 261,005 | 1,949,883 | ||||||
Transurban Group (a) | 2,010,796 | 15,080,170 | ||||||
Treasury Wine Estates Ltd. | 819,285 | 4,485,288 | ||||||
Vicinity Centres REIT | 3,647,834 | 7,149,305 | ||||||
Wesfarmers Ltd. | 1,193,167 | 32,867,879 | ||||||
Westfield Corp. REIT | 2,150,488 | 14,930,272 | ||||||
Westpac Banking Corp. | 3,681,922 | 85,608,135 | ||||||
Woodside Petroleum Ltd. | 827,898 | 18,027,980 | ||||||
Woolworths Ltd. | 1,403,845 | 24,031,279 | ||||||
|
| |||||||
913,604,640 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 86,574 | 4,542,830 | ||||||
Erste Group Bank AG* | 355,904 | 10,919,884 | ||||||
OMV AG | 125,464 | 3,581,069 | ||||||
Raiffeisen Bank International AG* | 142,462 | 2,229,167 | ||||||
Voestalpine AG | 120,820 | 3,931,680 | ||||||
|
| |||||||
25,204,630 | ||||||||
|
| |||||||
Belgium — 1.5% | ||||||||
Ageas | 240,306 | 10,512,499 | ||||||
Anheuser-Busch InBev NV | 891,074 | 114,811,168 | ||||||
Colruyt SA | 91,575 | 4,537,727 | ||||||
Delhaize Group | 114,441 | 11,466,106 | ||||||
Groupe Bruxelles Lambert SA | 92,025 | 7,561,474 | ||||||
KBC Groep NV | 270,830 | 16,167,161 | ||||||
Proximus SA | 174,011 | 5,748,092 | ||||||
Solvay SA | 71,876 | 8,281,293 | ||||||
Telenet Group Holding NV* | 58,429 | 3,190,976 | ||||||
UCB SA | 162,246 | 14,488,454 | ||||||
Umicore SA | 153,846 | 6,362,841 | ||||||
|
| |||||||
203,127,791 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC (b) | 292,015 | 2,231,993 | ||||||
|
| |||||||
China — 0.0% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 944,600 | 736,635 | ||||||
|
| |||||||
Denmark — 1.8% | ||||||||
A.P. Moeller — Maersk A/S, Class A | 4,307 | 6,459,539 | ||||||
A.P. Moeller — Maersk A/S, Class B | 7,783 | 11,882,190 | ||||||
Carlsberg A/S, Class B (b) | 115,438 | 9,817,310 | ||||||
Chr Hansen Holding A/S | 110,000 | 6,902,798 | ||||||
Coloplast A/S, Class B (b) | 123,211 | 9,998,499 | ||||||
Danske Bank A/S | 739,313 | 19,841,215 | ||||||
DSV A/S (b) | 190,621 | 7,413,136 | ||||||
ISS A/S | 160,799 | 5,608,910 | ||||||
Novo Nordisk A/S, Class B | 2,171,302 | 119,619,105 | ||||||
Novozymes A/S, Class B (b) | 272,666 | 13,109,963 | ||||||
Pandora A/S | 119,200 | 14,129,683 |
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
TDC A/S | 818,989 | $ | 4,301,953 | |||||
Tryg A/S (b) | 51,413 | 1,001,167 | ||||||
Vestas Wind Systems A/S | 239,836 | 15,648,161 | ||||||
William Demant Holding A/S*(b) | 10,171 | 976,617 | ||||||
|
| |||||||
246,710,246 | ||||||||
|
| |||||||
Finland — 0.9% | ||||||||
Elisa OYJ (b) | 157,790 | 5,878,281 | ||||||
Fortum OYJ (b) | 479,438 | 7,000,500 | ||||||
Kone OYJ, Class B (b) | 361,488 | 15,426,105 | ||||||
Metso OYJ (b) | 124,505 | 3,091,315 | ||||||
Neste OYJ | 151,713 | 4,372,761 | ||||||
Nokia OYJ (b) | 4,377,706 | 31,613,579 | ||||||
Nokian Renkaat OYJ | 88,896 | 3,489,230 | ||||||
Orion OYJ, Class B | 65,174 | 2,176,644 | ||||||
Sampo OYJ, Class A | 482,266 | 23,907,447 | ||||||
Stora Enso OYJ, Class R (b) | 816,572 | 8,066,677 | ||||||
UPM-Kymmene OYJ | 707,461 | 13,506,699 | ||||||
Wartsila OYJ Abp | 188,131 | 8,455,639 | ||||||
|
| |||||||
126,984,877 | ||||||||
|
| |||||||
France — 9.7% | ||||||||
Accor SA | 232,954 | 9,830,300 | ||||||
Aeroports de Paris | 30,871 | 3,496,504 | ||||||
Air Liquide SA | 370,884 | 45,259,384 | ||||||
Airbus Group SE | 675,384 | 48,837,039 | ||||||
Alcatel-Lucent* | 3,076,423 | 12,117,430 | ||||||
Alstom SA*(b) | 297,283 | 9,239,054 | ||||||
Arkema SA | 79,268 | 5,710,934 | ||||||
Atos SE | 91,443 | 7,486,601 | ||||||
AXA SA | 2,151,924 | 58,227,087 | ||||||
BNP Paribas SA | 1,179,405 | 69,918,450 | ||||||
Bollore SA | 665,781 | 3,064,838 | ||||||
Bouygues SA | 232,839 | 8,765,165 | ||||||
Bureau Veritas SA | 248,137 | 5,110,970 | ||||||
Cap Gemini SA | 181,344 | 16,730,367 | ||||||
Carrefour SA | 677,813 | 20,896,990 | ||||||
Casino Guichard-Perrachon SA (b) | 61,345 | 3,507,725 | ||||||
Christian Dior SE | 67,650 | 12,379,533 | ||||||
Cie de Saint-Gobain | 502,797 | 22,221,281 | ||||||
Cie Generale des Etablissements Michelin | 199,651 | 20,018,257 | ||||||
CNP Assurances | 344,309 | 4,794,600 | ||||||
Credit Agricole SA | 1,115,341 | 13,457,436 | ||||||
Danone SA | 653,231 | 45,778,899 | ||||||
Dassault Systemes SA | 137,655 | 10,955,912 | ||||||
Edenred | 230,104 | 4,768,711 | ||||||
Electricite de France (b) | 264,146 | 3,936,459 | ||||||
Engie | 1,611,934 | 28,083,839 | ||||||
Essilor International SA | 239,232 | 31,228,461 | ||||||
Eurazeo SA | 40,866 | 2,747,341 | ||||||
Eutelsat Communications SA (b) | 196,802 | 5,874,035 | ||||||
Fonciere des Regions REIT | 37,208 | 3,300,240 | ||||||
Gecina SA REIT | 36,842 | 4,449,160 | ||||||
Groupe Eurotunnel SE | 525,491 | 6,715,212 | ||||||
Hermes International | 28,744 | 10,120,592 | ||||||
ICADE REIT | 49,629 | 3,501,632 | ||||||
Iliad SA | 29,569 | 6,594,979 |
Number | Value | |||||||
France (Continued) | ||||||||
Imerys SA | 40,890 | $ | 2,771,420 | |||||
Ingenico Group | 59,120 | 7,442,469 | ||||||
JCDecaux SA | 151,310 | 5,609,699 | ||||||
Kering | 82,519 | 14,259,131 | ||||||
Klepierre REIT | 259,075 | 11,759,215 | ||||||
Lagardere SCA | 222,309 | 6,560,192 | ||||||
Legrand SA | 276,772 | 16,282,082 | ||||||
L’Oreal SA | 284,825 | 50,436,005 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (b) | 300,115 | 50,337,309 | ||||||
Natixis SA | 1,019,465 | 6,182,623 | ||||||
Numericable-SFR SAS* | 112,068 | 4,798,364 | ||||||
Orange SA (b) | 2,201,883 | 38,059,764 | ||||||
Pernod Ricard SA | 253,428 | 28,837,583 | ||||||
Peugeot SA* | 411,767 | 7,356,711 | ||||||
Publicis Groupe SA | 191,673 | 12,093,981 | ||||||
Remy Cointreau SA (b) | 10,100 | 716,459 | ||||||
Renault SA | 223,752 | 22,578,981 | ||||||
Rexel SA | 301,444 | 4,129,217 | ||||||
Safran SA (b) | 304,896 | 22,510,917 | ||||||
Sanofi | 1,308,728 | 116,674,910 | ||||||
Schneider Electric SE | 618,643 | 39,217,501 | ||||||
SCOR SE | 175,022 | 6,864,188 | ||||||
Societe BIC SA | 31,051 | 5,108,022 | ||||||
Societe Generale SA | 776,665 | 37,073,921 | ||||||
Sodexo SA | 111,186 | 10,990,789 | ||||||
Suez Environnement Co. | 351,845 | 6,670,884 | ||||||
Technip SA | 114,530 | 6,003,120 | ||||||
Thales SA | 102,474 | 7,629,683 | ||||||
Total SA | 2,407,858 | 119,568,640 | ||||||
Unibail-Rodamco SE REIT | 111,981 | 28,761,919 | ||||||
Valeo SA | 81,487 | 12,617,192 | ||||||
Veolia Environnement SA | 493,282 | 11,825,468 | ||||||
Vinci SA | 515,430 | 33,524,080 | ||||||
Vivendi SA | 1,236,689 | 26,040,922 | ||||||
Wendel SA | 19,518 | 2,326,125 | ||||||
Zodiac Aerospace | 211,858 | 5,736,963 | ||||||
|
| |||||||
1,358,481,866 | ||||||||
|
| |||||||
Germany — 8.6% | ||||||||
adidas AG | 227,896 | 22,053,287 | ||||||
Allianz SE | 505,043 | 89,458,265 | ||||||
Axel Springer SE | 49,463 | 2,761,416 | ||||||
BASF SE | 1,003,424 | 83,053,246 | ||||||
Bayer AG | 910,339 | 121,477,280 | ||||||
Bayerische Motoren Werke AG | 366,934 | 40,047,631 | ||||||
Beiersdorf AG | 120,511 | 11,222,466 | ||||||
Brenntag AG | 172,508 | 9,424,804 | ||||||
Commerzbank AG* | 1,063,200 | 11,704,995 | ||||||
Continental AG | 124,483 | 30,079,095 | ||||||
Daimler AG | 1,067,004 | 95,519,450 | ||||||
Deutsche Bank AG (d) | 1,487,755 | 38,204,595 | ||||||
Deutsche Boerse AG | 211,055 | 18,104,509 | ||||||
Deutsche Lufthansa AG* | 420,417 | 6,025,438 | ||||||
Deutsche Post AG | 1,047,320 | 30,612,488 | ||||||
Deutsche Telekom AG | 3,504,218 | 64,624,847 | ||||||
Deutsche Wohnen AG | 327,302 | 9,006,615 | ||||||
E.ON SE | 2,221,350 | 21,113,246 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Evonik Industries AG | 151,005 | $ | 5,159,646 | |||||
Fraport AG Frankfurt Airport Services Worldwide | 44,872 | 2,744,527 | ||||||
Fresenius Medical Care AG & Co. KGaA | 246,076 | 20,331,273 | ||||||
Fresenius SE & Co. KGaA | 423,141 | 31,066,761 | ||||||
GEA Group AG | 193,080 | 8,013,040 | ||||||
Hannover Rueck SE | 70,882 | 8,294,081 | ||||||
HeidelbergCement AG | 174,029 | 13,856,421 | ||||||
Henkel AG & Co. KGaA | 113,069 | 10,853,181 | ||||||
Hugo Boss AG | 75,692 | 6,556,113 | ||||||
Infineon Technologies AG | 1,277,037 | 18,929,961 | ||||||
K+S AG (b) | 197,287 | 5,615,451 | ||||||
Kabel Deutschland Holding AG | 36,632 | 4,481,854 | ||||||
LANXESS AG | 102,085 | 5,198,733 | ||||||
Linde AG | 199,609 | 34,850,591 | ||||||
MAN SE | 38,716 | 3,842,230 | ||||||
Merck KGaA | 145,429 | 14,895,072 | ||||||
Metro AG | 184,105 | 6,138,908 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 193,159 | 38,928,534 | ||||||
OSRAM Licht AG | 101,539 | 4,286,935 | ||||||
ProSiebenSat.1 Media SE | 250,099 | 13,132,787 | ||||||
RWE AG | 535,808 | 6,164,894 | ||||||
SAP SE | 1,089,077 | 85,827,755 | ||||||
Siemens AG | 878,656 | 91,107,366 | ||||||
Symrise AG | 130,311 | 8,819,756 | ||||||
Telefonica Deutschland Holding AG | 517,622 | 2,910,010 | ||||||
ThyssenKrupp AG | 396,971 | 8,449,181 | ||||||
TUI AG | 537,474 | 8,920,529 | ||||||
United Internet AG | 142,049 | 7,571,604 | ||||||
Volkswagen AG | 30,905 | 4,613,808 | ||||||
Vonovia SE | 475,737 | 14,744,892 | ||||||
Zalando SE, 144A* | 96,100 | 3,259,245 | ||||||
|
| |||||||
1,204,058,812 | ||||||||
|
| |||||||
Hong Kong — 2.9% | ||||||||
AIA Group Ltd. | 13,190,834 | 78,769,530 | ||||||
ASM Pacific Technology Ltd. | 186,927 | 1,423,629 | ||||||
Bank of East Asia Ltd. (The) | 1,322,300 | 4,724,053 | ||||||
BOC Hong Kong (Holdings) Ltd. | 3,695,726 | 11,320,572 | ||||||
Cathay Pacific Airways Ltd. | 1,216,211 | 2,145,853 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 672,050 | 5,885,405 | ||||||
Cheung Kong Property Holdings Ltd. | 3,003,702 | 19,583,171 | ||||||
CK Hutchison Holdings Ltd. | 2,974,019 | 39,009,439 | ||||||
CLP Holdings Ltd. | 2,017,079 | 16,857,879 | ||||||
First Pacific Co. Ltd. | 354,033 | 220,088 | ||||||
Galaxy Entertainment Group Ltd. | 2,132,287 | 6,270,260 | ||||||
Hang Lung Properties Ltd. | 2,297,448 | 5,381,044 | ||||||
Hang Seng Bank Ltd. | 887,038 | 16,073,985 | ||||||
Henderson Land Development Co. Ltd. | 1,294,122 | 7,969,913 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (a) | 2,946,900 | 2,348,870 | ||||||
HKT Trust and HKT Ltd. (a) | 2,946,239 | 3,731,509 | ||||||
Hong Kong and China Gas Co. Ltd. | 7,402,409 | 14,530,908 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 1,238,411 | $ | 32,264,221 | |||||
Hongkong Land Holdings Ltd. | 1,307,800 | 9,141,522 | ||||||
Hysan Development Co. Ltd. | 354,291 | 1,496,499 | ||||||
Kerry Properties Ltd. | 1,231,259 | 3,469,811 | ||||||
Li & Fung Ltd. | 8,872,368 | 6,110,628 | ||||||
Link REIT (The) | 2,413,826 | 14,678,871 | ||||||
Melco Crown Entertainment Ltd., ADR | 211,600 | 3,438,500 | ||||||
MTR Corp. Ltd. | 1,600,601 | 7,431,742 | ||||||
New World Development Co. Ltd. | 5,378,201 | 5,354,998 | ||||||
Noble Group Ltd. | 1,998,800 | 602,240 | ||||||
NWS Holdings Ltd. | 1,154,997 | 1,620,745 | ||||||
PCCW Ltd. | 3,228,660 | 1,952,991 | ||||||
Power Assets Holdings Ltd. | 1,542,470 | 13,776,583 | ||||||
Shangri-La Asia Ltd. | 2,423,131 | 2,253,290 | ||||||
Sino Land Co. Ltd. | 5,070,644 | 7,520,833 | ||||||
SJM Holdings Ltd. | 1,255,764 | 921,564 | ||||||
Sun Hung Kai Properties Ltd. | 1,919,254 | 23,590,132 | ||||||
Swire Pacific Ltd., Class A | 781,629 | 8,528,566 | ||||||
Swire Properties Ltd. | 1,275,905 | 3,702,592 | ||||||
Techtronic Industries Co. Ltd. | 1,527,727 | 6,196,856 | ||||||
WH Group Ltd., 144A* | 6,467,120 | 3,336,383 | ||||||
Wharf Holdings Ltd. (The) | 1,516,864 | 8,705,860 | ||||||
Wheelock & Co. Ltd. | 1,002,400 | 4,331,027 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 825,144 | 2,995,802 | ||||||
|
| |||||||
409,668,364 | ||||||||
|
| |||||||
Ireland — 0.9% | ||||||||
Bank of Ireland* | 26,329,419 | 9,819,843 | ||||||
CRH PLC | 879,194 | 25,870,122 | ||||||
Experian PLC | 1,160,313 | 21,512,196 | ||||||
James Hardie Industries PLC CDI (c) | 384,086 | 4,544,344 | ||||||
Kerry Group PLC, Class A | 171,420 | 13,835,236 | ||||||
Shire PLC | 679,297 | 47,532,477 | ||||||
|
| |||||||
123,114,218 | ||||||||
|
| |||||||
Israel — 0.7% | ||||||||
Azrieli Group | 1,431 | 55,110 | ||||||
Bank Hapoalim BM | 1,203,146 | 6,221,535 | ||||||
Bank Leumi Le-Israel BM* | 1,467,807 | 5,303,979 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 2,112,062 | 4,549,753 | ||||||
Check Point Software Technologies Ltd.* | 150,800 | 13,163,332 | ||||||
Delek Group Ltd. | 10 | 2,253 | ||||||
Israel Chemicals Ltd. | 566,313 | 2,847,985 | ||||||
Mizrahi Tefahot Bank Ltd. | 34,870 | 412,598 | ||||||
Mobileye NV* | 180,700 | 7,878,520 | ||||||
NICE Systems Ltd. | 38,885 | 2,362,297 | ||||||
Taro Pharmaceutical Industries Ltd.* | 16,700 | 2,418,661 | ||||||
Teva Pharmaceutical Industries Ltd. | 965,422 | 59,124,009 | ||||||
|
| |||||||
104,340,032 | ||||||||
|
| |||||||
Italy — 2.2% | ||||||||
Assicurazioni Generali SpA | 1,408,058 | 26,778,214 | ||||||
Atlantia SpA | 443,752 | 11,721,114 |
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Banca Monte dei Paschi di Siena SpA* | 1,988,033 | $ | 3,121,267 | |||||
Banco Popolare SC* | 414,502 | 5,977,889 | ||||||
Enel Green Power SpA | 1,894,936 | 4,002,173 | ||||||
Enel SpA | 7,917,000 | 34,914,164 | ||||||
Eni SpA | 2,771,115 | 45,146,853 | ||||||
EXOR SpA | 109,299 | 4,898,639 | ||||||
Finmeccanica SpA*(b) | 446,607 | 6,469,214 | ||||||
Intesa Sanpaolo SpA | 14,250,837 | 48,904,064 | ||||||
Intesa Sanpaolo SpA-RSP | 1,308,859 | 4,112,656 | ||||||
Luxottica Group SpA | 183,807 | 12,292,899 | ||||||
Mediobanca SpA | 749,182 | 7,179,318 | ||||||
Prysmian SpA | 228,395 | 4,995,115 | ||||||
Saipem SpA*(b) | 371,306 | 3,209,031 | ||||||
Snam SpA (b) | 2,176,226 | 11,059,555 | ||||||
Telecom Italia SpA*(b) | 12,720,777 | 16,450,671 | ||||||
Telecom Italia SpA-RSP | 5,917,862 | 6,815,220 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,603,143 | 7,893,084 | ||||||
UniCredit SpA | 5,290,582 | 31,051,034 | ||||||
Unione di Banche Italiane SpA | 1,026,521 | 6,984,612 | ||||||
UnipolSai SpA (b) | 1,055,616 | 2,723,580 | ||||||
|
| |||||||
306,700,366 | ||||||||
|
| |||||||
Japan — 23.0% | ||||||||
ABC-Mart, Inc. | 2,700 | 146,954 | ||||||
Acom Co. Ltd.*(b) | 443,700 | 2,202,280 | ||||||
Aeon Co. Ltd. | 705,400 | 10,944,874 | ||||||
AEON Financial Service Co. Ltd. | 113,500 | 2,614,833 | ||||||
AEON Mall Co. Ltd. | 126,700 | 2,176,852 | ||||||
AIR WATER, Inc. | 134,000 | 2,174,915 | ||||||
AISIN SEIKI Co. Ltd. | 220,800 | 8,842,762 | ||||||
Ajinomoto Co., Inc. | 570,000 | 13,069,253 | ||||||
Alfresa Holdings Corp. | 190,500 | 3,775,955 | ||||||
Alps Electric Co. Ltd. | 185,400 | 5,828,578 | ||||||
Amada Holdings Co. Ltd. | 282,900 | 2,785,335 | ||||||
ANA Holdings, Inc. | 1,242,000 | 3,495,963 | ||||||
Aozora Bank Ltd. | 1,326,000 | 4,674,931 | ||||||
Asahi Glass Co. Ltd. | 1,037,000 | 6,099,009 | ||||||
Asahi Group Holdings Ltd. | 437,400 | 13,715,386 | ||||||
Asahi Kasei Corp. | 1,368,800 | 9,363,659 | ||||||
ASICS Corp. | 177,400 | 4,052,387 | ||||||
Astellas Pharma, Inc. | 2,360,700 | 33,243,489 | ||||||
Bandai Namco Holdings, Inc. | 195,200 | 4,346,411 | ||||||
Bank of Kyoto Ltd. (The) | 345,000 | 3,214,582 | ||||||
Bank of Yokohama Ltd. (The) | 1,491,000 | 8,775,219 | ||||||
Benesse Holdings, Inc. | 74,100 | 1,878,083 | ||||||
Bridgestone Corp. | 714,400 | 25,418,944 | ||||||
Brother Industries Ltd. | 255,600 | 3,058,479 | ||||||
Calbee, Inc. | 81,200 | 3,357,498 | ||||||
Canon, Inc. | 1,150,200 | 34,720,903 | ||||||
Casio Computer Co. Ltd. | 219,600 | 4,843,331 | ||||||
Central Japan Railway Co. (b) | 154,904 | 27,665,024 | ||||||
Chiba Bank Ltd. (The) | 638,000 | 4,400,179 | ||||||
Chubu Electric Power Co., Inc. | 701,600 | 9,680,484 | ||||||
Chugai Pharmaceutical Co. Ltd. | 245,100 | 8,561,576 | ||||||
Chugoku Bank Ltd. (The) | 178,200 | 2,471,059 | ||||||
Chugoku Electric Power Co., (The), Inc. (b) | 314,400 | 4,027,691 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Citizen Holdings Co. Ltd. | 286,300 | $ | 2,116,434 | |||||
Credit Saison Co. Ltd. | 180,700 | 3,411,428 | ||||||
Dai Nippon Printing Co. Ltd. | 511,000 | 4,993,769 | ||||||
Daicel Corp. | 301,800 | 4,417,901 | ||||||
Daihatsu Motor Co. Ltd. | 210,600 | 2,733,865 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 1,182,104 | 20,453,952 | ||||||
Daiichi Sankyo Co. Ltd. | 693,200 | 14,286,340 | ||||||
Daikin Industries Ltd. (b) | 254,000 | 17,848,091 | ||||||
Daito Trust Construction Co. Ltd. | 66,100 | 6,867,742 | ||||||
Daiwa House Industry Co. Ltd. | 661,600 | 18,429,134 | ||||||
Daiwa Securities Group, Inc. | 1,840,000 | 11,902,453 | ||||||
DENSO Corp. | 538,000 | 25,667,539 | ||||||
Dentsu, Inc. | 275,800 | 15,481,543 | ||||||
Don Quijote Holdings Co. Ltd. | 135,300 | 5,358,144 | ||||||
East Japan Railway Co. | 359,900 | 33,972,689 | ||||||
Eisai Co. Ltd. (b) | 279,500 | 18,157,283 | ||||||
Electric Power Development Co. Ltd. | 177,200 | 5,664,354 | ||||||
FamilyMart Co. Ltd. | 65,800 | 2,934,541 | ||||||
FANUC Corp. | 231,700 | 41,258,034 | ||||||
Fast Retailing Co. Ltd. | 59,000 | 23,858,814 | ||||||
Fuji Electric Co. Ltd. | 487,000 | 2,243,128 | ||||||
Fuji Heavy Industries Ltd. | 663,000 | 27,403,282 | ||||||
FUJIFILM Holdings Corp. | 518,800 | 21,013,297 | ||||||
Fujitsu Ltd. | 2,063,600 | 10,420,258 | ||||||
Fukuoka Financial Group, Inc. | 781,000 | 3,787,628 | ||||||
GungHo Online Entertainment, Inc. (b) | 11,000 | 33,956 | ||||||
Gunma Bank Ltd. (The) | 419,000 | 2,515,361 | ||||||
Hachijuni Bank Ltd. (The) | 458,000 | 2,771,812 | ||||||
Hakuhodo DY Holdings, Inc. | 255,800 | 2,747,097 | ||||||
Hamamatsu Photonics KK | 158,400 | 3,969,651 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,315,700 | 8,422,190 | ||||||
Hikari Tsushin, Inc. (b) | 1,300 | 93,566 | ||||||
Hino Motors Ltd. | 282,700 | �� | 3,433,278 | |||||
Hirose Electric Co. Ltd. | 30,320 | 3,689,631 | ||||||
Hiroshima Bank Ltd. (The) | 561,000 | 3,190,089 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 63,500 | 2,708,164 | ||||||
Hitachi Chemical Co. Ltd. | 115,900 | 1,930,097 | ||||||
Hitachi Construction Machinery Co. Ltd. (b) | 119,600 | 1,877,069 | ||||||
Hitachi High-Technologies Corp. | 76,600 | 2,112,567 | ||||||
Hitachi Ltd. | 5,356,000 | 31,613,888 | ||||||
Hitachi Metals Ltd. | 235,100 | 3,048,088 | ||||||
Hokuhoku Financial Group, Inc. | 1,288,000 | 2,730,853 | ||||||
Hokuriku Electric Power Co. | 196,600 | 2,687,878 | ||||||
Honda Motor Co. Ltd. | 1,806,800 | 58,739,347 | ||||||
Hoshizaki Electric Co. Ltd. | 44,300 | 3,112,876 | ||||||
Hoya Corp. (b) | 462,700 | 18,756,076 | ||||||
Hulic Co. Ltd. | 309,100 | 2,837,392 | ||||||
Idemitsu Kosan Co. Ltd. | 1,600 | 26,489 | ||||||
IHI Corp. | 1,731,000 | 4,527,880 | ||||||
Iida Group Holdings Co. Ltd. | 160,900 | 3,129,119 | ||||||
INPEX Corp. (b) | 1,011,404 | 10,044,203 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 403,200 | 6,147,899 | ||||||
Isuzu Motors Ltd. | 646,300 | 7,271,531 | ||||||
ITOCHU Corp. | 1,720,800 | 20,996,276 | ||||||
Itochu Techno-Solutions Corp. | 3,200 | 66,106 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Iyo Bank Ltd. (The) | 264,500 | $ | 2,636,405 | |||||
J. Front Retailing Co. Ltd. | 259,500 | 4,281,434 | ||||||
Japan Airlines Co. Ltd. | 136,800 | 4,678,538 | ||||||
Japan Airport Terminal Co. Ltd. | 47,000 | 2,370,999 | ||||||
Japan Exchange Group, Inc. | 551,800 | 8,651,292 | ||||||
Japan Post Bank Co. Ltd.* | 440,158 | 6,221,567 | ||||||
Japan Post Holdings Co. Ltd.* | 489,398 | 7,581,495 | ||||||
Japan Prime Realty Investment Corp. REIT | 922 | 3,183,184 | ||||||
Japan Real Estate Investment Corp. REIT | 1,603 | 7,630,853 | ||||||
Japan Retail Fund Investment Corp. REIT | 2,649 | 5,067,746 | ||||||
Japan Tobacco, Inc. | 1,233,300 | 44,182,396 | ||||||
JFE Holdings, Inc. | 531,200 | 8,380,101 | ||||||
JGC Corp. | 232,700 | 3,954,577 | ||||||
Joyo Bank Ltd. (The) | 619,000 | 2,871,235 | ||||||
JSR Corp. | 205,900 | 3,241,545 | ||||||
JTEKT Corp. | 215,000 | 3,975,142 | ||||||
JX Holdings, Inc. | 3,001,900 | 12,175,862 | ||||||
Kajima Corp. | 853,000 | 4,684,224 | ||||||
Kakaku.com, Inc. (b) | 157,600 | 3,006,050 | ||||||
Kamigumi Co. Ltd. | 260,000 | 2,291,633 | ||||||
Kaneka Corp. | 312,000 | 3,076,913 | ||||||
Kansai Electric Power Co., (The), Inc.* | 993,800 | 11,140,894 | ||||||
Kansai Paint Co. Ltd. | 245,500 | 3,872,957 | ||||||
Kao Corp. | 574,400 | 29,447,916 | ||||||
Kawasaki Heavy Industries Ltd. | 1,758,000 | 6,983,444 | ||||||
KDDI Corp. | 1,957,530 | 48,628,162 | ||||||
Keihan Electric Railway Co. Ltd. | 563,000 | 3,754,858 | ||||||
Keikyu Corp. | 521,500 | 4,223,684 | ||||||
Keio Corp. | 583,800 | 4,794,653 | ||||||
Keisei Electric Railway Co. Ltd. | 309,000 | 3,710,008 | ||||||
Keyence Corp. | 49,810 | 26,996,939 | ||||||
Kikkoman Corp. | 149,000 | 4,908,164 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,987,400 | 7,620,250 | ||||||
Kirin Holdings Co. Ltd. | 992,800 | 13,964,526 | ||||||
Kobe Steel Ltd. | 3,261,000 | 3,814,655 | ||||||
Koito Manufacturing Co. Ltd. | 121,500 | 4,935,012 | ||||||
Komatsu Ltd. | 1,011,500 | 16,729,602 | ||||||
Konami Holdings Corp. | 103,700 | 2,426,968 | ||||||
Konica Minolta, Inc. | 495,500 | 5,208,587 | ||||||
KOSE Corp. | 33,000 | 3,452,803 | ||||||
Kubota Corp. | 1,201,800 | 20,047,898 | ||||||
Kuraray Co. Ltd. | 393,000 | 5,002,689 | ||||||
Kurita Water Industries Ltd. | 116,800 | 2,521,020 | ||||||
Kyocera Corp. | 400,100 | 18,548,909 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 233,000 | 4,105,418 | ||||||
Kyushu Electric Power Co., Inc.* | 464,200 | 4,868,255 | ||||||
Kyushu Financial Group, Inc.* | 374,900 | 2,850,580 | ||||||
Lawson, Inc. | 65,800 | 4,997,807 | ||||||
LIXIL Group Corp. | 285,100 | 6,665,457 | ||||||
M3, Inc. | 219,610 | 4,831,063 | ||||||
Mabuchi Motor Co. Ltd. | 55,200 | 3,179,269 | ||||||
Makita Corp. | 154,700 | 8,784,346 | ||||||
Marubeni Corp. | 2,009,100 | 11,130,838 | ||||||
Marui Group Co. Ltd. | 242,200 | 3,592,666 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Maruichi Steel Tube Ltd. (b) | 2,900 | $ | 80,333 | |||||
Mazda Motor Corp. | 577,100 | 11,989,710 | ||||||
McDonald’s Holdings Co. Japan Ltd. (b) | 62,200 | 1,510,788 | ||||||
Medipal Holdings Corp. | 149,600 | 2,621,342 | ||||||
MEIJI Holdings Co. Ltd. | 125,300 | 10,026,036 | ||||||
Minebea Co. Ltd. | 291,000 | 3,193,672 | ||||||
Miraca Holdings, Inc. | 60,500 | 2,688,343 | ||||||
Mitsubishi Chemical Holdings Corp. | 1,481,900 | 9,711,200 | ||||||
Mitsubishi Corp. | 1,503,500 | 25,306,677 | ||||||
Mitsubishi Electric Corp. | 2,196,000 | 24,314,768 | ||||||
Mitsubishi Estate Co. Ltd. | 1,330,000 | 27,977,539 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 430,000 | 2,329,894 | ||||||
Mitsubishi Heavy Industries Ltd. | 3,830,200 | 19,605,272 | ||||||
Mitsubishi Logistics Corp. | 128,000 | 1,789,504 | ||||||
Mitsubishi Materials Corp. | 1,288,000 | 4,551,422 | ||||||
Mitsubishi Motors Corp. | 990,800 | 8,821,420 | ||||||
Mitsubishi Tanabe Pharma Corp. | 246,400 | 4,305,495 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 14,131,200 | 90,687,636 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 540,700 | 2,841,859 | ||||||
Mitsui & Co. Ltd. | 2,022,300 | 24,806,442 | ||||||
Mitsui Chemicals, Inc. | 916,000 | 3,817,287 | ||||||
Mitsui Fudosan Co. Ltd. | 1,048,000 | 26,425,605 | ||||||
Mitsui OSK Lines Ltd. | 1,231,000 | 3,210,000 | ||||||
Mixi, Inc. | 18,600 | 761,527 | ||||||
Mizuho Financial Group, Inc. | 25,404,500 | 51,283,658 | ||||||
MS&AD Insurance Group Holdings, Inc. | 545,400 | 15,382,850 | ||||||
Murata Manufacturing Co. Ltd. | 229,400 | 35,593,339 | ||||||
Nabtesco Corp. | 135,500 | 2,836,584 | ||||||
Nagoya Railroad Co. Ltd. | 954,700 | 3,846,720 | ||||||
NEC Corp. | 2,622,000 | 8,775,500 | ||||||
Nexon Co. Ltd. | 143,500 | 2,276,649 | ||||||
NGK Insulators Ltd. | 239,000 | 5,543,014 | ||||||
NGK Spark Plug Co. Ltd. | 209,200 | 5,701,592 | ||||||
NH Foods Ltd. | 175,000 | 3,382,006 | ||||||
NHK Spring Co. Ltd. | 176,400 | 1,812,721 | ||||||
Nidec Corp. | 239,900 | 18,548,889 | ||||||
Nikon Corp. | 384,400 | 5,158,642 | ||||||
Nintendo Co. Ltd. | 114,800 | 17,630,333 | ||||||
Nippon Building Fund, Inc. REIT | 1,585 | 7,480,788 | ||||||
Nippon Electric Glass Co. Ltd. | 443,000 | 2,457,912 | ||||||
Nippon Express Co. Ltd. | 774,000 | 3,495,890 | ||||||
Nippon Paint Holdings Co. Ltd. | 154,900 | 3,881,937 | ||||||
Nippon Prologis REIT, Inc. | 1,577 | 2,765,835 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 828,700 | 16,644,685 | ||||||
Nippon Telegraph & Telephone Corp. | 814,800 | 30,215,776 | ||||||
Nippon Yusen KK | 1,935,000 | 5,030,057 | ||||||
Nissan Motor Co. Ltd. | 2,708,400 | 28,921,136 | ||||||
Nisshin Seifun Group, Inc. | 231,200 | 3,632,338 | ||||||
Nissin Foods Holdings Co. Ltd. | 72,400 | 3,675,873 | ||||||
Nitori Holdings Co. Ltd. | 67,800 | 5,584,825 | ||||||
Nitto Denko Corp. | 182,800 | 12,319,324 | ||||||
NOK Corp. | 105,900 | 2,856,117 | ||||||
Nomura Holdings, Inc. | 4,086,600 | 24,240,742 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nomura Real Estate Holdings, Inc. | 135,600 | $ | 2,655,821 | |||||
Nomura Real Estate Master Fund, Inc. REIT* | 3,760 | 4,535,825 | ||||||
Nomura Research Institute Ltd. | 143,310 | 5,419,237 | ||||||
NSK Ltd. | 519,400 | 6,535,748 | ||||||
NTT Data Corp. | 161,300 | 7,861,901 | ||||||
NTT DOCOMO, Inc. | 1,652,792 | 31,256,700 | ||||||
NTT Urban Development Corp. | 1,800 | 17,547 | ||||||
Obayashi Corp. | 655,000 | 6,049,838 | ||||||
OBIC Co. Ltd. | 72,000 | 3,831,032 | ||||||
Odakyu Electric Railway Co. Ltd. | 570,500 | 5,802,323 | ||||||
Oji Holdings Corp. | 871,600 | 3,780,946 | ||||||
Olympus Corp. | 296,400 | 11,822,291 | ||||||
Omron Corp. | 224,500 | 8,252,335 | ||||||
Ono Pharmaceutical Co. Ltd. | 91,800 | 14,698,440 | ||||||
Oracle Corp. Japan | 42,500 | 2,071,487 | ||||||
Oriental Land Co. Ltd. | 213,100 | 12,112,597 | ||||||
ORIX Corp. | 1,450,100 | 20,926,910 | ||||||
Osaka Gas Co. Ltd. | 2,052,000 | 7,619,571 | ||||||
OTSUKA Corp. | 57,700 | 2,892,031 | ||||||
Otsuka Holdings Co. Ltd. | 441,300 | 14,619,183 | ||||||
Panasonic Corp. (b) | 2,418,000 | 27,450,487 | ||||||
Park24 Co. Ltd. (b) | 122,500 | 2,487,815 | ||||||
Rakuten, Inc. | 1,007,300 | 12,699,672 | ||||||
Recruit Holdings Co. Ltd. | 158,700 | 4,956,958 | ||||||
Resona Holdings, Inc. | 2,448,100 | 11,948,160 | ||||||
Ricoh Co. Ltd. | 1,003,100 | 10,283,608 | ||||||
Rinnai Corp. | 41,100 | 3,679,301 | ||||||
ROHM Co. Ltd. | 134,100 | 7,211,552 | ||||||
Ryohin Keikaku Co. Ltd. | 26,000 | 5,609,748 | ||||||
Sankyo Co. Ltd. | 54,800 | 2,167,961 | ||||||
Sanrio Co. Ltd. (b) | 2,900 | 69,261 | ||||||
Santen Pharmaceutical Co. Ltd. | 431,300 | 6,839,136 | ||||||
SBI Holdings, Inc. | 233,900 | 2,650,613 | ||||||
Secom Co. Ltd. | 233,500 | 16,003,570 | ||||||
Sega Sammy Holdings, Inc. | 210,500 | 2,274,289 | ||||||
Seibu Holdings, Inc. | 133,200 | 2,811,158 | ||||||
Seiko Epson Corp. | 301,100 | 4,742,753 | ||||||
Sekisui Chemical Co. Ltd. | 365,000 | 4,349,756 | ||||||
Sekisui House Ltd. | 653,100 | 11,043,279 | ||||||
Seven & i Holdings Co. Ltd. | 811,600 | 36,393,436 | ||||||
Seven Bank Ltd. | 1,003,100 | 4,392,128 | ||||||
Shikoku Electric Power Co., Inc. | 203,100 | 2,908,735 | ||||||
Shimadzu Corp. | 254,000 | 4,110,219 | ||||||
Shimamura Co. Ltd. | 24,500 | 2,987,368 | ||||||
Shimano, Inc. | 87,700 | 13,016,076 | ||||||
Shimizu Corp. | 597,000 | 5,009,756 | ||||||
Shin-Etsu Chemical Co. Ltd. | 474,800 | 26,856,478 | ||||||
Shinsei Bank Ltd. | 1,964,000 | 3,733,355 | ||||||
Shionogi & Co. Ltd. | 310,000 | 13,664,175 | ||||||
Shiseido Co. Ltd. | 413,900 | 9,903,675 | ||||||
Shizuoka Bank Ltd. (The) | 485,000 | 4,739,683 | ||||||
Showa Shell Sekiyu KK | 209,500 | 1,846,527 | ||||||
SMC Corp. | 59,500 | 15,766,775 | ||||||
SoftBank Group Corp. | 1,064,600 | 56,533,633 | ||||||
Sohgo Security Services Co. Ltd. | 68,100 | 3,274,996 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 409,500 | 12,624,310 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Sony Corp. | 1,378,100 | $ | 35,566,399 | |||||
Sony Financial Holdings, Inc. | 188,000 | 3,463,721 | ||||||
Stanley Electric Co. Ltd. | 151,100 | 3,344,821 | ||||||
Sumitomo Chemical Co. Ltd. | 1,820,000 | 10,438,018 | ||||||
Sumitomo Corp. | 1,230,100 | 13,065,441 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 177,000 | 2,129,464 | ||||||
Sumitomo Electric Industries Ltd. | 996,100 | 14,176,825 | ||||||
Sumitomo Heavy Industries Ltd. | 611,000 | 2,898,651 | ||||||
Sumitomo Metal Mining Co. Ltd. | 550,000 | 6,201,462 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,443,200 | 55,066,697 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 4,091,000 | 15,619,578 | ||||||
Sumitomo Realty & Development Co. Ltd. | 397,100 | 12,071,066 | ||||||
Sumitomo Rubber Industries Ltd. | 187,200 | 2,527,428 | ||||||
Suntory Beverage & Food Ltd. | 173,000 | 6,752,762 | ||||||
Suruga Bank Ltd. | 198,300 | 4,014,327 | ||||||
Suzuken Co. Ltd. | 74,210 | 2,896,662 | ||||||
Suzuki Motor Corp. | 436,500 | 13,421,223 | ||||||
Sysmex Corp. | 162,800 | 10,170,041 | ||||||
T&D Holdings, Inc. | 638,700 | 8,950,102 | ||||||
Taiheiyo Cement Corp. | 1,347,000 | 4,158,083 | ||||||
Taisei Corp. | 1,398,000 | 8,619,675 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 35,134 | 2,380,321 | ||||||
Taiyo Nippon Sanso Corp. | 13,600 | 130,034 | ||||||
Takashimaya Co. Ltd. | 314,000 | 2,861,966 | ||||||
Takeda Pharmaceutical Co. Ltd. | 876,000 | 42,576,020 | ||||||
TDK Corp. | 158,500 | 11,395,004 | ||||||
Teijin Ltd. | 1,048,000 | 3,728,871 | ||||||
Terumo Corp. | 319,200 | 10,190,544 | ||||||
THK Co. Ltd. | 134,000 | 2,671,292 | ||||||
Tobu Railway Co. Ltd. | 1,109,000 | 5,405,361 | ||||||
Toho Co. Ltd. | 119,800 | 3,187,206 | ||||||
Toho Gas Co. Ltd. | 452,000 | 2,808,936 | ||||||
Tohoku Electric Power Co., Inc. | 488,100 | 5,733,490 | ||||||
Tokio Marine Holdings, Inc. | 754,000 | 27,807,961 | ||||||
Tokyo Electric Power Co., Inc.*(b) | 2,011,500 | 12,320,642 | ||||||
Tokyo Electron Ltd. | 202,600 | 13,492,403 | ||||||
Tokyo Gas Co. Ltd. | 2,530,400 | 12,088,775 | ||||||
Tokyo Tatemono Co. Ltd. | 226,000 | 2,715,305 | ||||||
Tokyu Corp. | 1,414,600 | 10,997,337 | ||||||
Tokyu Fudosan Holdings Corp. | 555,600 | 3,741,612 | ||||||
TonenGeneral Sekiyu KK | 318,000 | 3,068,920 | ||||||
Toppan Printing Co. Ltd. (b) | 529,000 | 4,641,105 | ||||||
Toray Industries, Inc. | 1,497,200 | 13,609,803 | ||||||
Toshiba Corp.*(b) | 4,682,000 | 11,444,466 | ||||||
TOTO Ltd. | 121,500 | 4,194,760 | ||||||
Toyo Seikan Group Holdings Ltd. | 151,500 | 2,982,002 | ||||||
Toyo Suisan Kaisha Ltd. | 96,900 | 3,463,526 | ||||||
Toyoda Gosei Co. Ltd. | 72,300 | 1,719,107 | ||||||
Toyota Industries Corp. | 194,700 | 10,328,115 | ||||||
Toyota Motor Corp. | 3,030,200 | 188,482,871 | ||||||
Toyota Tsusho Corp. | 239,800 | 5,625,852 | ||||||
Trend Micro, Inc. | 106,900 | 4,359,366 | ||||||
Unicharm Corp. | 426,700 | 8,998,483 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
United Urban Investment Corp. REIT (b) | 2,839 | $ | 3,782,258 | |||||
USS Co. Ltd. | 242,900 | 3,861,538 | ||||||
West Japan Railway Co. | 192,900 | 12,183,570 | ||||||
Yahoo Japan Corp. | 2,013,100 | 8,291,159 | ||||||
Yakult Honsha Co. Ltd. | 80,100 | 3,956,198 | ||||||
Yamada Denki Co. Ltd. | 736,900 | 3,316,349 | ||||||
Yamaguchi Financial Group, | 221,400 | 2,568,312 | ||||||
Yamaha Corp. | 195,700 | 4,928,270 | ||||||
Yamaha Motor Co. Ltd. | 280,300 | 6,842,417 | ||||||
Yamato Holdings Co. Ltd. | 402,800 | 7,702,609 | ||||||
Yamazaki Baking Co. Ltd. | 123,000 | 2,313,119 | ||||||
Yaskawa Electric Corp. | 258,800 | 3,416,328 | ||||||
Yokogawa Electric Corp. | 250,500 | 2,991,349 | ||||||
Yokohama Rubber Co. Ltd. (The) | 113,500 | 1,951,905 | ||||||
|
| |||||||
3,204,383,389 | ||||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 101,086 | 6,153,736 | ||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal (b) | 1,316,578 | 6,457,141 | ||||||
Millicom International Cellular SA SDR (b) | 88,682 | 5,216,110 | ||||||
RTL Group SA | 42,947 | 3,757,091 | ||||||
SES SA FDR | 361,894 | 10,044,539 | ||||||
Tenaris SA | 534,129 | 7,014,648 | ||||||
|
| |||||||
32,489,529 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 365,030 | 480,213 | ||||||
Sands China Ltd. | 2,280,528 | 7,706,225 | ||||||
Wynn Macau Ltd. (b) | 1,607,544 | 2,000,761 | ||||||
|
| |||||||
10,187,199 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC (e) | 351,708 | 3,787,388 | ||||||
|
| |||||||
Netherlands — 3.6% | ||||||||
Aegon NV | 2,347,701 | 14,376,717 | ||||||
AerCap Holdings NV* | 197,600 | 8,978,944 | ||||||
Akzo Nobel NV | 267,352 | 19,015,866 | ||||||
Altice NV, Class A*(b) | 404,371 | 6,212,022 | ||||||
Altice NV, Class B* | 82,960 | 1,289,786 | ||||||
ASML Holding NV | 376,898 | 34,831,447 | ||||||
Gemalto NV | 93,649 | 5,908,966 | ||||||
Heineken Holding NV | 109,683 | 8,628,810 | ||||||
Heineken NV | 250,599 | 22,282,998 | ||||||
ING Groep NV | 4,325,421 | 59,387,252 | ||||||
Koninklijke Ahold NV | 1,031,815 | 22,446,402 | ||||||
Koninklijke Boskalis Westminster NV | 101,448 | 4,514,612 | ||||||
Koninklijke DSM NV | 227,076 | 11,553,170 | ||||||
Koninklijke KPN NV | 3,654,322 | 13,903,319 | ||||||
Koninklijke Philips NV | 1,083,466 | 29,625,666 | ||||||
Koninklijke Vopak NV | 70,294 | 3,050,223 | ||||||
NN Group NV | 261,921 | 8,946,735 | ||||||
NXP Semiconductors NV* | 265,900 | 24,851,014 | ||||||
OCI NV*(b) | 109,345 | 2,760,543 | ||||||
QIAGEN NV* | 260,550 | 6,919,242 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Randstad Holding NV | 137,909 | $ | 8,624,412 | |||||
Royal Dutch Shell PLC, Class A | 4,341,915 | 107,441,094 | ||||||
Royal Dutch Shell PLC, Class B | 2,738,245 | 68,129,294 | ||||||
TNT Express NV | 476,088 | 3,878,200 | ||||||
Wolters Kluwer NV | 327,905 | 11,330,544 | ||||||
|
| |||||||
508,887,278 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 1,297,057 | 4,507,998 | ||||||
Contact Energy Ltd. | 1,275,127 | 4,179,974 | ||||||
Fletcher Building Ltd. | 729,779 | 3,501,948 | ||||||
Meridian Energy Ltd. | 1,347,568 | 2,057,925 | ||||||
Mighty River Power Ltd. | 36,583 | 69,834 | ||||||
Ryman Healthcare Ltd. | 311,360 | 1,608,878 | ||||||
Spark New Zealand Ltd. | 2,290,602 | 5,028,474 | ||||||
|
| |||||||
20,955,031 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
DNB ASA | 1,055,639 | 13,896,140 | ||||||
Gjensidige Forsikring ASA | 121,037 | 1,954,018 | ||||||
Norsk Hydro ASA | 1,429,033 | 5,525,025 | ||||||
Orkla ASA | 819,993 | 6,661,432 | ||||||
Schibsted ASA, Class A | 84,100 | 3,053,150 | ||||||
Schibsted ASA, Class B* | 99,100 | 3,455,167 | ||||||
Statoil ASA | 1,248,118 | 19,302,237 | ||||||
Telenor ASA | 962,790 | 16,784,057 | ||||||
Yara International ASA | 213,165 | 9,867,762 | ||||||
|
| |||||||
80,498,988 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA, Class R*(b) | 38,804,277 | 2,074,525 | ||||||
Banco Espirito Santo SA* | 163,078 | 0 | ||||||
EDP — Energias de Portugal SA | 2,440,625 | 8,135,588 | ||||||
Galp Energia SGPS SA | 363,316 | 3,865,472 | ||||||
Jeronimo Martins SGPS SA | 311,069 | 4,316,934 | ||||||
|
| |||||||
18,392,519 | ||||||||
|
| |||||||
Singapore — 1.2% | ||||||||
Ascendas Real Estate Investment Trust REIT | 2,272,000 | 3,849,619 | ||||||
CapitaLand Commercial Trust REIT | 933,600 | 867,049 | ||||||
CapitaLand Ltd. | 3,915,100 | 8,382,264 | ||||||
CapitaLand Mall Trust REIT | 2,693,200 | 3,637,266 | ||||||
City Developments Ltd. | 745,500 | 3,879,317 | ||||||
ComfortDelGro Corp. Ltd. | 2,912,000 | 6,048,818 | ||||||
DBS Group Holdings Ltd. | 1,952,600 | 22,840,665 | ||||||
Genting Singapore PLC | 9,153,500 | 4,931,878 | ||||||
Global Logistic Properties Ltd. | 3,443,500 | 4,809,255 | ||||||
Golden Agri-Resources Ltd. | 7,845,900 | 2,002,427 | ||||||
Hutchison Port Holdings Trust, Class U. | 6,118,709 | 3,304,103 | ||||||
Jardine Cycle & Carriage Ltd. | 129,300 | 2,928,741 | ||||||
Keppel Corp. Ltd. | 1,577,800 | 7,326,638 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,231,100 | 19,860,081 | ||||||
Sembcorp Industries Ltd. | 911,900 | 2,101,078 | ||||||
Sembcorp Marine Ltd. (b) | 947,800 | 1,384,189 | ||||||
Singapore Airlines Ltd. | 581,500 | 4,188,465 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Singapore Exchange Ltd. | 917,200 | $ | 4,902,831 | |||||
Singapore Press Holdings Ltd. | 1,776,200 | 5,062,085 | ||||||
Singapore Technologies Engineering Ltd. | 1,007,200 | 2,042,176 | ||||||
Singapore Telecommunications Ltd. | 8,599,700 | 23,350,360 | ||||||
StarHub Ltd. | 771,300 | 1,984,913 | ||||||
Suntec Real Estate Investment Trust REIT | 2,649,000 | 2,882,716 | ||||||
United Overseas Bank Ltd. | 1,420,000 | 19,519,904 | ||||||
UOL Group Ltd. | 531,100 | 2,300,536 | ||||||
Wilmar International Ltd. | 2,105,900 | 4,269,876 | ||||||
|
| |||||||
168,657,250 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 738,788 | 6,286,658 | ||||||
Mondi PLC | 412,383 | 9,589,580 | ||||||
|
| |||||||
15,876,238 | ||||||||
|
| |||||||
Spain — 3.3% | ||||||||
Abertis Infraestructuras SA | 575,285 | 8,907,533 | ||||||
ACS Actividades de Construccion y Servicios SA | 198,034 | 6,458,995 | ||||||
Aena SA, 144A* | 74,846 | 8,489,052 | ||||||
Amadeus IT Holding SA, Class A | 522,888 | 20,973,970 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 6,876,522 | 57,076,702 | ||||||
Banco de Sabadell SA | 5,602,296 | 10,340,642 | ||||||
Banco Popular Espanol SA | 2,079,928 | 7,328,797 | ||||||
Banco Santander SA | 16,019,540 | 87,470,398 | ||||||
Bankia SA | 5,154,707 | 6,459,178 | ||||||
Bankinter SA | 695,099 | 5,031,404 | ||||||
CaixaBank SA | 2,721,850 | 9,970,262 | ||||||
Distribuidora Internacional de Alimentacion SA* | 647,847 | 4,095,246 | ||||||
Enagas SA | 234,053 | 6,975,990 | ||||||
Endesa SA | 348,705 | 7,213,722 | ||||||
Ferrovial SA | 470,312 | 11,140,642 | ||||||
Gas Natural SDG SA | 381,363 | 8,249,945 | ||||||
Grifols SA | 164,902 | 7,826,259 | ||||||
Iberdrola SA | 6,096,089 | 42,708,949 | ||||||
Industria de Diseno Textil SA | 1,172,845 | 42,205,964 | ||||||
Mapfre SA | 1,460,709 | 4,007,968 | ||||||
Red Electrica Corp. SA | 116,787 | 10,019,340 | ||||||
Repsol SA | 1,277,533 | 16,662,946 | ||||||
Telefonica SA (b) | 4,906,072 | 60,517,275 | ||||||
Zardoya Otis SA (b) | 269,793 | 3,263,809 | ||||||
|
| |||||||
453,394,988 | ||||||||
|
| |||||||
Sweden — 3.0% | ||||||||
Alfa Laval AB | 445,206 | 8,233,590 | ||||||
Assa Abloy AB, Class B | 1,081,287 | 22,997,402 | ||||||
Atlas Copco AB, Class A | 722,243 | 19,360,730 | ||||||
Atlas Copco AB, Class B | 495,195 | 12,252,411 | ||||||
Boliden AB | 402,208 | 7,392,275 | ||||||
Electrolux AB, Series B | 323,564 | 9,497,166 | ||||||
Getinge AB, Class B (b) | 227,389 | 5,756,552 | ||||||
Hennes & Mauritz AB, Class B | 1,020,825 | 37,863,387 | ||||||
Hexagon AB, Class B | 332,978 | 12,083,233 | ||||||
Husqvarna AB, Class B | 780,769 | 5,089,169 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
ICA Gruppen AB (b) | 61,696 | $ | 2,173,062 | |||||
Industrivarden AB, Class C | 127,388 | 2,281,410 | ||||||
Investment AB Kinnevik, Class B | 274,322 | 8,438,693 | ||||||
Investor AB, Class B | 517,910 | 19,738,275 | ||||||
Lundin Petroleum AB*(b) | 319,624 | 5,112,196 | ||||||
Nordea Bank AB | 3,474,563 | 38,503,120 | ||||||
Sandvik AB (b) | 1,435,366 | 14,869,100 | ||||||
Securitas AB, Class B | 291,930 | 4,455,030 | ||||||
Skandinaviska Enskilda Banken | 1,652,118 | 17,569,073 | ||||||
Skanska AB, Class B | 462,128 | 9,198,264 | ||||||
SKF AB, Class B | 505,437 | 8,814,347 | ||||||
Svenska Cellulosa AB SCA, Class B | 628,126 | 18,119,712 | ||||||
Svenska Handelsbanken AB, Class A | 1,621,455 | 21,825,634 | ||||||
Swedbank AB, Class A | 1,009,001 | 22,350,775 | ||||||
Swedish Match AB | 212,102 | 7,317,468 | ||||||
Tele2 AB, Class B | 472,198 | 4,807,629 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 3,285,213 | 31,997,850 | ||||||
TeliaSonera AB | 3,225,486 | 15,831,945 | ||||||
Volvo AB, Class B | 1,674,682 | 17,319,397 | ||||||
|
| |||||||
411,248,895 | ||||||||
|
| |||||||
Switzerland — 9.5% | ||||||||
ABB Ltd.* | 2,476,276 | 46,957,423 | ||||||
Actelion Ltd.* | 111,884 | 15,713,892 | ||||||
Adecco SA* | 183,764 | 12,574,219 | ||||||
Aryzta AG* | 83,751 | 3,934,185 | ||||||
Baloise Holding AG | 51,200 | 6,220,537 | ||||||
Barry Callebaut AG* | 2,408 | 2,504,311 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 93 | 6,715,687 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 1,337 | 8,063,454 | ||||||
Cie Financiere Richemont SA | 579,302 | 43,355,449 | ||||||
Coca-Cola HBC AG CDI* | 160,295 | 3,889,261 | ||||||
Credit Suisse Group AG* | 1,951,464 | 41,955,954 | ||||||
Dufry AG*(b) | 43,737 | 5,233,051 | ||||||
EMS-Chemie Holding AG | 9,413 | 3,838,026 | ||||||
Galenica AG | 4,400 | 6,432,036 | ||||||
Geberit AG | 41,041 | 13,726,207 | ||||||
Givaudan SA* | 10,060 | 18,157,574 | ||||||
Glencore PLC* | 12,928,902 | 18,831,485 | ||||||
Julius Baer Group Ltd.* | 227,243 | 10,875,682 | ||||||
Kuehne + Nagel International AG | 61,318 | 8,290,163 | ||||||
LafargeHolcim Ltd.* | 476,261 | 25,459,839 | ||||||
Lonza Group AG* | 61,254 | 9,680,615 | ||||||
Nestle SA | 3,522,579 | 261,407,306 | ||||||
Novartis AG | 2,521,406 | 215,539,348 | ||||||
Pargesa Holding SA | 33,385 | 2,097,818 | ||||||
Partners Group Holding AG | 20,217 | 7,300,010 | ||||||
Roche Holding AG | 778,511 | 208,465,549 | ||||||
Schindler Holding AG | 22,430 | 3,677,835 | ||||||
Schindler Holding AG Participation Certificates | 51,210 | 8,426,742 | ||||||
SGS SA | 6,170 | 11,802,070 | ||||||
Sika AG | 2,384 | 8,075,269 | ||||||
Sonova Holding AG | 61,250 | 7,727,317 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
STMicroelectronics NV | 703,547 | $ | 5,112,624 | |||||
Sulzer AG (b) | 20,380 | 2,127,435 | ||||||
Swatch Group AG (The) — Bearer (b) | 40,946 | 14,398,856 | ||||||
Swatch Group AG (The) — Registered | 48,057 | 3,166,900 | ||||||
Swiss Life Holding AG* | 35,023 | 8,833,619 | ||||||
Swiss Prime Site AG* | 61,251 | 4,581,100 | ||||||
Swiss Re AG | 381,371 | 36,344,877 | ||||||
Swisscom AG | 30,441 | 15,000,814 | ||||||
Syngenta AG | 103,959 | 38,325,945 | ||||||
Transocean Ltd. (b) | 394,571 | 5,695,076 | ||||||
UBS Group AG | 4,051,702 | 77,777,241 | ||||||
Wolseley PLC | 291,332 | 16,910,305 | ||||||
Zurich Insurance Group AG* | 167,806 | 44,183,939 | ||||||
|
| |||||||
1,319,387,045 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
Orascom Construction Ltd.* | 12,739 | 79,173 | ||||||
|
| |||||||
United Kingdom — 18.2% | ||||||||
3i Group PLC | 1,254,531 | 9,494,432 | ||||||
Aberdeen Asset Management PLC | 958,694 | 4,611,758 | ||||||
Admiral Group PLC | 232,644 | 5,679,713 | ||||||
Aggreko PLC | 284,451 | 4,305,515 | ||||||
Amec Foster Wheeler PLC | 388,580 | 2,548,123 | ||||||
Anglo American PLC | 1,531,646 | 9,426,738 | ||||||
ARM Holdings PLC | 1,602,571 | 27,129,084 | ||||||
Ashtead Group PLC | 567,830 | 9,364,487 | ||||||
Associated British Foods PLC | 385,056 | 20,564,311 | ||||||
AstraZeneca PLC | 1,396,948 | 94,729,557 | ||||||
Auto Trader Group PLC, 144A* | 834,700 | 5,107,740 | ||||||
Aviva PLC | 4,743,194 | 36,539,960 | ||||||
Babcock International Group PLC | 334,243 | 5,391,422 | ||||||
BAE Systems PLC | 3,447,359 | 26,816,888 | ||||||
Barclays PLC | 18,420,248 | 61,921,463 | ||||||
Barratt Developments PLC | 1,113,697 | 10,080,755 | ||||||
BG Group PLC | 3,710,720 | 57,647,299 | ||||||
BP PLC | 20,266,024 | 117,587,929 | ||||||
British American Tobacco PLC | 2,065,768 | 120,342,645 | ||||||
British Land Co. PLC REIT | 1,134,969 | 14,256,128 | ||||||
BT Group PLC | 9,066,482 | 67,790,036 | ||||||
Bunzl PLC | 364,603 | 10,543,214 | ||||||
Burberry Group PLC | 514,297 | 9,643,504 | ||||||
Capita PLC | 699,886 | 13,408,060 | ||||||
Centrica PLC | 5,343,983 | 17,553,846 | ||||||
CNH Industrial NV | 1,005,064 | 7,396,111 | ||||||
Cobham PLC | 1,167,093 | 5,333,012 | ||||||
Compass Group PLC | 1,836,383 | 31,916,894 | ||||||
Croda International PLC | 152,041 | 6,567,369 | ||||||
Diageo PLC | 2,759,709 | 79,386,782 | ||||||
Direct Line Insurance Group PLC | 1,351,977 | 8,385,080 | ||||||
Dixons Carphone PLC | 898,574 | 6,559,616 | ||||||
easyJet PLC | 176,290 | 4,388,864 | ||||||
Fiat Chrysler Automobiles NV* | 921,713 | 13,166,216 | ||||||
G4S PLC | 1,654,143 | 5,652,741 | ||||||
GKN PLC | 1,816,117 | 8,219,395 | ||||||
GlaxoSmithKline PLC | 5,406,303 | 110,370,103 | ||||||
Hammerson PLC REIT | 754,316 | 6,935,704 | ||||||
Hargreaves Lansdown PLC | 259,552 | 5,848,002 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
HSBC Holdings PLC | 21,677,346 | $ | 172,871,586 | |||||
ICAP PLC | 558,589 | 4,282,148 | ||||||
IMI PLC | 284,612 | 4,089,339 | ||||||
Imperial Tobacco Group PLC | 1,060,686 | 57,317,972 | ||||||
Inmarsat PLC | 466,782 | 7,838,636 | ||||||
InterContinental Hotels Group PLC | 274,274 | 10,558,374 | ||||||
International Consolidated Airlines Group SA* | 1,133,391 | 9,660,072 | ||||||
Intertek Group PLC | 180,000 | 7,663,900 | ||||||
Intu Properties PLC REIT | 972,806 | 4,739,713 | ||||||
ITV PLC | 3,873,614 | 15,810,193 | ||||||
J Sainsbury PLC (b) | 1,308,931 | 5,003,339 | ||||||
Johnson Matthey PLC | 248,697 | 10,600,065 | ||||||
Kingfisher PLC | 2,549,789 | 13,571,328 | ||||||
Land Securities Group PLC REIT | 852,970 | 15,814,059 | ||||||
Legal & General Group PLC | 6,634,793 | 27,129,935 | ||||||
Lloyds Banking Group PLC | 64,044,424 | 70,374,884 | ||||||
London Stock Exchange Group PLC | 347,610 | 13,873,616 | ||||||
Marks & Spencer Group PLC | 1,785,975 | 13,516,461 | ||||||
Meggitt PLC | 854,382 | 4,988,838 | ||||||
Melrose Industries PLC | 1,104,162 | 4,825,938 | ||||||
Merlin Entertainments PLC, 144A | 766,770 | 4,725,549 | ||||||
National Grid PLC | 4,235,899 | 59,062,839 | ||||||
Next PLC | 172,624 | 20,591,022 | ||||||
Old Mutual PLC | 5,480,550 | 17,251,306 | ||||||
Pearson PLC | 1,060,283 | 13,190,261 | ||||||
Persimmon PLC* | 349,259 | 10,073,211 | ||||||
Petrofac Ltd. | 292,833 | 3,638,526 | ||||||
Provident Financial PLC | 163,400 | 8,790,530 | ||||||
Prudential PLC | 2,849,181 | 66,061,933 | ||||||
Reckitt Benckiser Group PLC | 692,966 | 65,020,681 | ||||||
RELX NV | 1,138,853 | 19,715,268 | ||||||
RELX PLC | 1,239,979 | 22,372,921 | ||||||
Rexam PLC | 758,478 | 6,619,847 | ||||||
Rio Tinto Ltd. | 504,801 | 16,760,500 | ||||||
Rio Tinto PLC | 1,389,480 | 46,216,946 | ||||||
Rolls-Royce Holdings PLC* | 2,129,130 | 19,448,429 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 198,656,285 | 299,195 | ||||||
Royal Bank of Scotland Group PLC* | 3,516,275 | 16,014,602 | ||||||
Royal Mail PLC | 998,684 | 7,311,479 | ||||||
RSA Insurance Group PLC | 1,107,435 | 7,337,088 | ||||||
SABMiller PLC | 1,054,243 | 64,011,637 | ||||||
Sage Group PLC (The) | 1,114,816 | 9,847,427 | ||||||
Schroders PLC | 122,167 | 5,512,483 | ||||||
Segro PLC REIT | 780,882 | 5,188,866 | ||||||
Severn Trent PLC | 272,692 | 9,248,948 | ||||||
Sky PLC | 1,124,698 | 18,734,521 | ||||||
Smith & Nephew PLC | 992,324 | 16,813,478 | ||||||
Smiths Group PLC | 418,016 | 6,503,464 | ||||||
Sports Direct International PLC* | 272,842 | 3,003,863 | ||||||
SSE PLC | 1,104,777 | 23,860,268 | ||||||
St James’s Place PLC | 563,695 | 8,625,602 | ||||||
Standard Chartered PLC | 3,556,837 | 29,848,782 | ||||||
Standard Life PLC | 2,159,088 | 13,543,686 | ||||||
Tate & Lyle PLC | 660,719 | 5,871,112 | ||||||
Taylor Wimpey PLC | 3,652,365 | 10,704,553 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Tesco PLC* | 9,012,090 | $ | 22,694,119 | |||||
Travis Perkins PLC | 271,626 | 8,316,877 | ||||||
Unilever NV | 1,805,230 | 79,201,014 | ||||||
Unilever PLC | 1,389,894 | 59,324,361 | ||||||
United Utilities Group PLC | 712,264 | 10,367,986 | ||||||
Vodafone Group PLC | 29,507,761 | 99,659,855 | ||||||
Weir Group PLC (The) | 282,597 | 5,115,918 | ||||||
Whitbread PLC | 197,967 | 13,560,160 | ||||||
William Hill PLC | 939,467 | 5,059,768 | ||||||
Wm Morrison Supermarkets PLC (b) | 2,349,865 | 5,397,148 | ||||||
WPP PLC | 1,436,302 | 33,205,168 | ||||||
|
| |||||||
2,540,864,089 | ||||||||
|
| |||||||
United States — 0.1% | ||||||||
Carnival PLC | 204,213 | 10,657,079 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 13,830,864,284 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 59,076 | 4,952,752 | ||||||
FUCHS PETROLUB SE | 78,748 | 3,729,481 | ||||||
Henkel AG & Co. KGaA | 193,207 | 21,944,206 | ||||||
Porsche Automobil Holding SE | 160,059 | 8,401,373 | ||||||
Volkswagen AG | 205,701 | 28,590,109 | ||||||
|
| |||||||
67,617,921 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 67,617,921 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Transurban Group*, expires 12/31/15 | 112,073 | 48,631 | ||||||
|
| |||||||
Italy — 0.0% | ||||||||
Unione di Banche Italiane SpA*, expires 01/30/16 | 1,033,209 | 0 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Telefonica SA*(b), expires 12/31/15 | 4,938,024 | 1,789,517 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG*, expires 12/31/15 | 1,682,698 | 1,030,373 | ||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Standard Chartered PLC*, expires 12/31/15 | 779,497 | 1,068,335 | ||||||
|
| |||||||
TOTAL RIGHTS | 3,936,856 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 2.3% | ||||||||
Daily Assets Fund, 0.20% (f)(g) | 324,932,268 | $ | 324,932,268 | |||||
|
| |||||||
TOTAL INVESTMENTS — 102.0% | $ | 14,227,351,329 | ||||||
Other assets and liabilities, | (277,879,413 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 13,949,471,916 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $15,226,830,458. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $999,479,129. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $329,986,171 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,329,465,300. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $276,474,946, which is 2.0% of net assets. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(e) | Listed on London Stock Exchange. |
(f) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(g) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt. | |
CDI: | Chess Depositary Interest. | |
FDR: | Fiduciary Depositary Receipt. | |
REIT: | Real Estate Investment Trust. | |
RSP: | Risparmio (Convertible Savings Shares). | |
SDR: | Swedish Depositary Receipt. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following open futures contracts purchased:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||
E-mini MSCI EAFE Index | 20 | $1,744,000 | 12/18/2015 | $ | 46,900 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 8,185,000 | USD | 8,300,678 | $ | 345,194 | |||||||||||
Bank of Montreal | 12/2/2015 | CHF | 100,453,000 | USD | 101,987,297 | 4,351,101 | ||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 207,523,600 | USD | 210,703,966 | 8,999,538 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | CHF | 195,363,600 | USD | 198,353,783 | 8,468,377 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | CHF | 520,000 | USD | 510,079 | 4,660 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CHF | 264,376,881 | USD | 268,414,643 | 11,451,158 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 100,233,400 | USD | 101,770,232 | 4,347,479 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 520,000 | USD | 510,101 | 4,682 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 303,897,500 | USD | 308,556,706 | 13,180,801 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 1,100 | USD | 1,117 | 48 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 6,093,400 | USD | 5,994,314 | 71,779 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 6,465,900 | USD | 6,564,232 | 279,643 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | CHF | 108,205,100 | USD | 109,862,932 | 4,692,013 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 264,827,900 | USD | 39,251,615 | 1,746,159 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 13,242,000 | USD | 1,957,222 | 81,864 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 57,352,000 | USD | 8,500,030 | 377,726 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | DKK | 244,732,300 | USD | 36,272,705 | 1,613,228 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | DKK | 657,000 | USD | 93,822 | 776 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | DKK | 406,823,500 | USD | 60,296,947 | 2,681,790 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 657,000 | USD | 93,831 | 785 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 130,303,600 | USD | 19,312,626 | 858,770 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 327,936,000 | USD | 48,606,514 | 2,163,563 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 19,465,900 | USD | 2,885,150 | 128,350 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 2,100 | USD | 302 | 5 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 25,112,100 | USD | 3,555,142 | (1,284 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | DKK | 149,931,700 | USD | 22,222,310 | 988,683 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 604,141,682 | USD | 667,588,641 | 29,284,946 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 30,208,000 | USD | 33,289,216 | 1,373,064 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 433,480,000 | USD | 478,995,400 | 21,003,683 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 1,576,500 | USD | 1,679,280 | 13,635 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 665,874,504 | USD | 735,811,303 | 32,284,020 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 802,191,041 | USD | 886,399,441 | 38,847,417 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 1,576,500 | USD | 1,679,360 | 13,715 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 96,469,016 | USD | 106,601,639 | 4,677,651 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 988,362,000 | USD | 1,092,181,521 | 47,931,248 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 3,014,900 | USD | 3,323,686 | 138,304 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 337,810,300 | USD | 373,288,827 | 16,376,584 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | EUR | 39,743,000 | USD | 41,974,569 | (15,753 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | GBP | 180,373,500 | USD | 278,517,246 | 6,858,135 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 17,621,000 | USD | 27,240,462 | 701,613 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | GBP | 355,516,500 | USD | 548,958,360 | 13,517,753 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | GBP | 686,500 | USD | 1,045,639 | 11,707 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | GBP | 379,042,312 | USD | 585,262,177 | 14,389,529 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 143,463,000 | USD | 221,524,374 | 5,455,877 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 686,500 | USD | 1,045,702 | 11,770 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 280,097,000 | USD | 432,504,780 | 10,652,889 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 144,765,000 | USD | 223,506,882 | 5,477,453 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | GBP | 363,445,500 | USD | 561,201,648 | 13,819,236 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | GBP | 9,978,300 | USD | 15,020,335 | (7,904 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | HKD | 315,944,000 | USD | 40,767,020 | 18,192 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | HKD | 912,808,948 | USD | 117,790,159 | 60,768 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 697,213,000 | USD | 89,967,611 | 44,674 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 27,524,000 | USD | 3,551,715 | 1,811 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 861,854,000 | USD | 111,215,219 | 57,734 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 388,663,900 | USD | 50,152,834 | 24,968 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 20,231,900 | USD | 2,610,802 | 1,396 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/2/2015 | HKD | 100,168,500 | USD | 12,925,602 | $ | 6,385 | |||||||||||
Bank of Montreal | 12/2/2015 | ILS | 15,460,000 | USD | 4,002,734 | 9,501 | ||||||||||||
Bank of Montreal | 12/2/2015 | ILS | 930,000 | USD | 240,678 | 464 | ||||||||||||
Bank of Montreal | 12/2/2015 | ILS | 58,149,000 | USD | 15,056,823 | 37,258 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | ILS | 126,500 | USD | 32,438 | (236 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | ILS | 51,017,800 | USD | 13,210,031 | 32,415 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | ILS | 63,411,000 | USD | 16,420,080 | 41,369 | ||||||||||||
RBC Capital Markets | 12/2/2015 | ILS | 126,500 | USD | 32,439 | (235 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | ILS | 25,311,700 | USD | 6,553,927 | 16,055 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | ILS | 67,482,800 | USD | 17,473,220 | 42,785 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | ILS | 10,925,600 | USD | 2,829,044 | 7,022 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | ILS | 28,274,800 | USD | 7,321,398 | 18,173 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 55,641,000 | USD | 6,571,936 | 169,464 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 9,069,000 | USD | 1,069,785 | 26,238 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | NOK | 281,000 | USD | 32,367 | 33 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | NOK | 117,630,700 | USD | 13,894,238 | 358,765 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | NOK | 150,672,500 | USD | 17,796,735 | 459,225 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 132,571,300 | USD | 15,659,214 | 404,564 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 281,000 | USD | 32,370 | 36 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 185,971,000 | USD | 21,966,808 | 567,587 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | NOK | 2,543,800 | USD | 292,997 | 288 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | NOK | 63,076,900 | USD | 7,450,526 | 192,424 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 262,585,000 | USD | 30,942,699 | 835,955 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 26,233,000 | USD | 3,085,736 | 77,986 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | SEK | 1,455,000 | USD | 166,722 | (102 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | SEK | 729,960,200 | USD | 86,021,073 | 2,327,317 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | SEK | 745,107,500 | USD | 87,807,429 | 2,376,956 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 295,632,800 | USD | 34,838,432 | 942,585 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 1,455,000 | USD | 166,727 | (96 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 932,920,000 | USD | 109,940,382 | 2,976,223 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | SEK | 689,958,800 | USD | 81,307,455 | 2,200,069 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | SEK | 60,615,200 | USD | 6,950,408 | 558 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 2,563,387 | CHF | 2,619,500 | (17,341 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 305,016,878 | CHF | 313,542,100 | (266,818 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 47,016,804 | DKK | 332,107,900 | 16,979 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 471,757 | DKK | 3,314,000 | (2,422 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 8,472,173 | EUR | 7,978,000 | (43,046 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 661,542,452 | EUR | 626,371,682 | 248,269 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 292,542,260 | GBP | 194,341,500 | 153,946 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 5,524,947 | GBP | 3,653,000 | (23,192 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 40,756,713 | HKD | 315,944,000 | (7,885 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 167,894 | ILS | 651,000 | 256 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 19,095,961 | ILS | 73,888,000 | (11,098 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 160,568 | NOK | 1,389,500 | (682 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 7,293,308 | NOK | 63,320,500 | (7,175 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 829,724 | SEK | 7,246,500 | 1,125 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 32,286,237 | SEK | 281,571,500 | (2,591 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 2,563,638 | CHF | 2,619,500 | (17,592 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 188,009,242 | CHF | 193,264,100 | (164,464 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 471,783 | DKK | 3,314,000 | (2,448 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 34,270,811 | DKK | 242,075,300 | 12,376 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 4,645,215 | EUR | 4,203,700 | (203,811 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 1,149,882,578 | EUR | 1,088,749,304 | 431,538 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 8,472,556 | EUR | 7,978,000 | (43,429 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 517,315,161 | GBP | 343,662,500 | 272,230 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 13,723,322 | GBP | 8,887,500 | (337,928 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 5,525,254 | GBP | 3,653,000 | (23,499 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 14,556,581 | HKD | 112,805,500 | $ | (7,510 | ) | ||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 103,200,285 | HKD | 800,003,448 | (19,965 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 167,893 | ILS | 651,000 | 256 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 13,049,725 | ILS | 50,493,300 | (7,584 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 2,096,762 | NOK | 17,751,500 | (54,141 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 160,576 | NOK | 1,389,500 | (690 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 11,376,492 | NOK | 98,770,700 | (11,193 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 5,682,237 | SEK | 48,218,500 | (153,734 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 77,507,447 | SEK | 675,950,200 | (6,221 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 829,770 | SEK | 7,246,500 | 1,079 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 257,188,464 | CHF | 264,376,881 | (224,979 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 57,594,357 | DKK | 406,823,500 | 20,799 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 847,234,067 | EUR | 802,191,041 | 317,957 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 570,572,392 | GBP | 379,042,312 | 300,256 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 89,940,338 | HKD | 697,213,000 | (17,400 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 16,388,236 | ILS | 63,411,000 | (9,524 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 17,354,584 | NOK | 150,672,500 | (17,074 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 85,437,330 | SEK | 745,107,500 | (6,857 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 98,013,911 | CHF | 100,753,400 | (85,739 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 18,540,206 | DKK | 130,960,600 | 6,696 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 103,550,772 | EUR | 98,045,516 | 38,861 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 216,988,242 | GBP | 144,149,500 | 114,187 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 3,550,591 | HKD | 27,524,000 | (687 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 6,574,367 | ILS | 25,438,200 | (3,821 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 15,302,039 | NOK | 132,852,300 | (15,055 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 34,065,405 | SEK | 297,087,800 | (2,734 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 295,634,515 | CHF | 303,897,500 | (258,610 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 46,426,185 | DKK | 327,936,000 | 16,766 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 1,043,858,526 | EUR | 988,362,000 | 391,748 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 639,544,769 | GBP | 424,862,000 | 336,551 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 111,178,994 | HKD | 861,854,000 | (21,509 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 17,440,571 | ILS | 67,482,800 | (10,136 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 21,420,295 | NOK | 185,971,000 | (21,074 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 106,972,744 | SEK | 932,920,000 | (8,585 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 12,218,882 | CHF | 12,560,400 | (10,689 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 6,493,369 | DKK | 44,580,100 | (179,846 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 30,552,669 | EUR | 27,888,100 | (1,087,598 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 102,686 | EUR | 97,000 | (201 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,008,556 | EUR | 927,900 | (28,186 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 9,730,310 | EUR | 9,080,000 | (136,869 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 28,010 | EUR | 26,000 | (540 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,289,881 | EUR | 3,029,900 | (88,651 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 436,052 | EUR | 409,900 | (2,973 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 261,762 | EUR | 245,100 | (2,802 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,130,682 | EUR | 1,054,000 | (17,082 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 101,734 | GBP | 66,900 | (977 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 248,623 | GBP | 163,100 | (2,979 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 9,962,018 | GBP | 6,480,900 | (201,186 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,866,400 | GBP | 1,902,600 | (909 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 62,164 | GBP | 41,200 | (113 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 408,041 | GBP | 271,400 | 713 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,621,766 | GBP | 1,052,200 | (37,056 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 596,823 | HKD | 4,625,400 | (263 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 4,217,318 | HKD | 32,683,600 | (1,956 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 712,928 | HKD | 5,526,100 | (200 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 427,262 | HKD | 3,311,100 | (213 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 46,389,128 | HKD | 359,606,200 | (8,975 | ) |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 405,575 | HKD | 3,143,400 | $ | (156 | ) | ||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,682,320 | ILS | 10,378,700 | (1,559 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 140,960 | ILS | 546,900 | 301 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 293,607 | NOK | 2,543,800 | (898 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,810,012 | SEK | 32,870,000 | (41,294 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,111,816 | SEK | 27,010,500 | (14,921 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 86,282 | SEK | 734,700 | (2,044 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 105,262,999 | CHF | 108,205,100 | (92,080 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 21,225,961 | DKK | 149,931,700 | 7,665 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 356,778,348 | EUR | 337,810,300 | 133,895 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 547,094,511 | GBP | 363,445,500 | 287,901 | ||||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 12,921,716 | HKD | 100,168,500 | (2,500 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 7,307,472 | ILS | 28,274,800 | (4,247 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 7,265,250 | NOK | 63,076,900 | (7,148 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2015 | USD | 79,113,736 | SEK | 689,958,800 | (6,350 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 2,864,500 | USD | 2,040,469 | (30,786 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 9,691,000 | USD | 6,909,470 | (97,874 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 85,286,000 | USD | 60,748,365 | (920,022 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | AUD | 203,846,300 | USD | 145,211,950 | (2,184,721 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | AUD | 489,500 | USD | 347,660 | (6,286 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | AUD | 253,320,500 | USD | 180,449,818 | (2,720,533 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 489,500 | USD | 347,669 | (6,277 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 100,504,500 | USD | 71,593,275 | (1,079,267 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 340,874,000 | USD | 242,814,776 | (3,663,540 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | AUD | 280,454,500 | USD | 199,787,372 | (3,002,964 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | AUD | 2,700,600 | USD | 1,956,855 | 4,112 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 33,549,320,200 | USD | 278,081,820 | 5,509,328 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 621,067,000 | USD | 5,037,910 | (7,968 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | JPY | 1,450,971,000 | USD | 12,020,265 | 231,806 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 154,678,000 | USD | 1,251,866 | (4,821 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | JPY | 86,705,473,427 | USD | 718,635,040 | 14,193,733 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 43,243,364,000 | USD | 358,413,895 | 7,081,844 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 69,527,314,300 | USD | 576,291,914 | 11,415,094 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 154,678,000 | USD | 1,251,934 | (4,752 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 87,861,470,700 | USD | 728,261,483 | 14,428,240 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 34,189,561,100 | USD | 283,378,045 | 5,603,896 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 8,976,636,600 | USD | 73,836,083 | 905,121 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 1,599,993,600 | USD | 13,019,669 | 20,471 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | JPY | 28,705,291,667 | USD | 237,925,964 | 4,708,932 | ||||||||||||
Bank of Montreal | 12/3/2015 | NZD | 7,539,300 | USD | 5,089,555 | 127,927 | ||||||||||||
Bank of Montreal | 12/3/2015 | NZD | 376,000 | USD | 254,051 | 6,605 | ||||||||||||
Bank of Montreal | 12/3/2015 | NZD | 2,437,000 | USD | 1,645,072 | 41,278 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | NZD | 12,500 | USD | 8,063 | (163 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | NZD | 4,932,300 | USD | 3,329,796 | 83,839 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | NZD | 4,454,000 | USD | 3,006,784 | 75,598 | ||||||||||||
RBC Capital Markets | 12/3/2015 | NZD | 12,500 | USD | 8,066 | (161 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | NZD | 2,405,000 | USD | 1,623,555 | 40,820 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 7,635,500 | USD | 5,154,535 | 129,597 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | NZD | 819,000 | USD | 539,680 | 695 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | NZD | 3,822,800 | USD | 2,580,811 | 65,018 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 15,505,000 | USD | 11,057,663 | 66,672 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 687,000 | USD | 489,722 | 2,730 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 24,831,200 | USD | 17,712,343 | 110,313 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | SGD | 91,000 | USD | 63,934 | (573 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | SGD | 40,984,900 | USD | 29,231,499 | 178,635 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | SGD | 45,958,848 | USD | 32,780,918 | 202,185 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 18,942,400 | USD | 13,510,522 | 82,870 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 91,000 | USD | 63,940 | $ | (566 | ) | ||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 66,077,000 | USD | 47,129,250 | 289,412 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | SGD | 7,486,600 | USD | 5,357,349 | 50,341 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | SGD | 2,549,400 | USD | 1,818,286 | 11,099 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | SGD | 7,993,700 | USD | 5,701,356 | 34,882 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 1,763,620 | AUD | 2,431,000 | (5,819 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 69,130,632 | AUD | 95,410,500 | (141,447 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 277,619,298 | JPY | 34,224,546,200 | 439,088 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 6,323,534 | JPY | 775,745,000 | (20,970 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 6,778,745 | NZD | 10,287,800 | (8,323 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 42,432 | NZD | 64,500 | 15 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 28,791,741 | SGD | 40,566,700 | (35,326 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 325,066 | SGD | 456,500 | (1,468 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 10,602,837 | AUD | 14,884,100 | 159,520 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 1,763,678 | AUD | 2,431,000 | (5,877 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 135,515,199 | AUD | 187,020,700 | (284,740 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 6,321,528 | JPY | 775,745,000 | (18,963 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 42,426 | NZD | 64,500 | 21 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 3,215,874 | NZD | 4,880,300 | (4,139 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 324,990 | SGD | 456,500 | (1,392 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 28,829,554 | SGD | 40,619,400 | (35,781 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 183,556,034 | AUD | 253,320,500 | (385,682 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 703,321,491 | JPY | 86,705,473,427 | 1,119,816 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 2,934,781 | NZD | 4,454,000 | (3,594 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 32,619,218 | SGD | 45,958,848 | (40,485 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 73,176,011 | AUD | 100,994,000 | (149,522 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 806,243,012 | JPY | 99,392,429,100 | 1,273,860 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 112,170,542 | JPY | 13,532,927,200 | (2,221,854 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 1,592,905 | NZD | 2,417,500 | (1,944 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 13,508,772 | SGD | 19,033,400 | (16,613 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 246,997,300 | AUD | 340,874,000 | (518,983 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 712,698,497 | JPY | 87,861,470,700 | 1,134,745 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 5,031,413 | NZD | 7,635,500 | (6,475 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 46,898,045 | SGD | 66,077,000 | (58,206 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 778,690 | AUD | 1,091,400 | 10,477 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 239,087 | AUD | 335,100 | 3,216 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 920,282 | AUD | 1,274,100 | 991 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 64,499 | JPY | 7,958,500 | 160 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 21,101,855 | JPY | 2,567,568,200 | (241,568 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 341,941,922 | JPY | 42,154,155,600 | 540,822 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 80,009 | JPY | 9,881,500 | 274 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 216,847 | JPY | 26,627,500 | (511 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 550,121 | NZD | 819,000 | (11,136 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 7,090,114 | SGD | 9,989,800 | (8,669 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 32,528 | SGD | 46,200 | 221 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 203,217,331 | AUD | 280,454,500 | (426,994 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 232,846,298 | JPY | 28,705,291,667 | 370,734 | ||||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 2,519,034 | NZD | 3,822,800 | (3,242 | ) | |||||||||||
The Bank of Nova Scotia | 12/3/2015 | USD | 5,673,516 | SGD | 7,993,700 | (7,042 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | CHF | 2,499,000 | USD | 2,439,472 | 3,219 | ||||||||||||
Bank of Montreal | 1/5/2016 | CHF | 1,388,000 | USD | 1,353,782 | 633 | ||||||||||||
Bank of Montreal | 1/5/2016 | CHF | 313,542,100 | USD | 305,839,531 | 170,156 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | CHF | 193,264,100 | USD | 188,518,155 | 106,721 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | CHF | 264,376,881 | USD | 257,848,166 | 109,520 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 100,753,400 | USD | 98,274,428 | 50,843 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 303,897,500 | USD | 296,420,298 | 153,356 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | CHF | 12,560,400 | USD | 12,251,658 | 6,637 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 1/5/2016 | CHF | 108,205,100 | USD | 105,548,960 | $ | 60,781 | |||||||||||
Bank of Montreal | 1/5/2016 | DKK | 77,973,000 | USD | 11,054,899 | (6,892 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | DKK | 332,107,900 | USD | 47,088,134 | (26,997 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | DKK | 242,075,300 | USD | 34,322,317 | (20,165 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | DKK | 406,823,500 | USD | 57,679,280 | (35,524 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | DKK | 130,960,600 | USD | 18,567,017 | (11,962 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | DKK | 327,936,000 | USD | 46,496,948 | (26,328 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | DKK | 149,931,700 | USD | 21,258,163 | (12,188 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | EUR | 626,371,682 | USD | 662,262,779 | (361,119 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 1,088,749,304 | USD | 1,151,156,414 | (605,916 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | EUR | 802,191,041 | USD | 848,140,543 | (478,527 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 98,045,516 | USD | 103,664,505 | (55,545 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 71,909,000 | USD | 76,026,653 | (44,190 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 988,362,000 | USD | 1,045,034,677 | (530,281 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | EUR | 337,810,300 | USD | 357,170,208 | (191,378 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | GBP | 194,341,500 | USD | 292,588,902 | (160,213 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | GBP | 343,662,500 | USD | 517,397,640 | (283,312 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | GBP | 379,042,312 | USD | 570,651,991 | (323,850 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | GBP | 144,149,500 | USD | 217,019,955 | (121,718 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | GBP | 424,862,000 | USD | 639,653,108 | (343,879 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | GBP | 363,445,500 | USD | 547,183,555 | (297,803 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | HKD | 315,944,000 | USD | 40,761,656 | 5,594 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | HKD | 800,003,448 | USD | 103,212,934 | 14,298 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HKD | 697,213,000 | USD | 89,951,941 | 13,041 | ||||||||||||
RBC Capital Markets | 1/5/2016 | HKD | 27,524,000 | USD | 3,551,083 | 549 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 861,854,000 | USD | 111,194,772 | 17,556 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | HKD | 359,606,200 | USD | 46,395,711 | 7,325 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | HKD | 100,168,500 | USD | 12,923,217 | 1,707 | ||||||||||||
Bank of Montreal | 1/5/2016 | ILS | 6,192,000 | USD | 1,600,822 | 496 | ||||||||||||
Bank of Montreal | 1/5/2016 | ILS | 73,888,000 | USD | 19,103,860 | 7,454 | ||||||||||||
Bank of Montreal | 1/5/2016 | ILS | 1,290,000 | USD | 332,967 | (434 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | ILS | 50,493,300 | USD | 13,055,393 | 5,364 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | ILS | 63,411,000 | USD | 16,396,817 | 8,199 | ||||||||||||
RBC Capital Markets | 1/5/2016 | ILS | 25,438,200 | USD | 6,577,228 | 2,708 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | ILS | 67,482,800 | USD | 17,444,295 | 3,317 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | ILS | 10,378,700 | USD | 2,683,371 | 989 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | ILS | 28,274,800 | USD | 7,310,646 | 3,004 | ||||||||||||
Bank of Montreal | 1/5/2016 | NOK | 63,320,500 | USD | 7,290,033 | 7,512 | ||||||||||||
Bank of Montreal | 1/5/2016 | NOK | 583,000 | USD | 66,968 | (84 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | NOK | 98,770,700 | USD | 11,371,122 | 11,456 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | NOK | 150,672,500 | USD | 17,346,698 | 17,782 | ||||||||||||
RBC Capital Markets | 1/5/2016 | NOK | 132,852,300 | USD | 15,294,420 | 15,013 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | NOK | 185,971,000 | USD | 21,410,702 | 22,088 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | NOK | 63,076,900 | USD | 7,261,946 | 7,442 | ||||||||||||
Bank of Montreal | 1/5/2016 | SEK | 2,917,000 | USD | 334,757 | (202 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | SEK | 281,571,500 | USD | 32,329,981 | (2,833 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | SEK | 48,438,000 | USD | 5,561,363 | (766 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | SEK | 675,950,200 | USD | 77,612,282 | (6,978 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | SEK | 745,107,500 | USD | 85,550,140 | (10,442 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | SEK | 297,087,800 | USD | 34,108,661 | (5,887 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | SEK | 932,920,000 | USD | 107,119,524 | (7,540 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | SEK | 689,958,800 | USD | 79,220,925 | (6,941 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | USD | 730,018 | DKK | 5,148,000 | 313 | ||||||||||||
Bank of Montreal | 1/5/2016 | USD | 13,508,723 | EUR | 12,768,000 | (1,755 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | USD | 562,759 | GBP | 374,000 | 622 | ||||||||||||
Bank of Montreal | 1/5/2016 | USD | 60,506 | HKD | 469,000 | (6 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | USD | 15,253,813 | HKD | 118,218,000 | (3,959 | ) |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 1/5/2016 | USD | 487,029 | NOK | 4,230,000 | $ | (535 | ) | ||||||||||
RBC Capital Markets | 1/5/2016 | USD | 2,059,276 | CHF | 2,112,500 | 181 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 383,991 | DKK | 2,707,000 | 43 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 6,855,190 | EUR | 6,480,500 | 379 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 4,415,472 | GBP | 2,931,000 | (318 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 137,013 | ILS | 530,000 | (34 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 128,532 | NOK | 1,117,500 | (8 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 679,362 | SEK | 5,917,000 | 86 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 2,059,718 | CHF | 2,112,500 | (260 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 384,041 | DKK | 2,707,000 | (7 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 6,855,714 | EUR | 6,480,500 | (146 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 27,091,886 | GBP | 17,992,000 | 10,622 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 4,415,783 | GBP | 2,931,000 | (629 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 137,050 | ILS | 530,000 | (72 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 128,592 | NOK | 1,117,500 | (68 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 679,612 | SEK | 5,917,000 | (164 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 3,560,535 | DKK | 25,112,100 | 2,041 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 42,020,671 | EUR | 39,743,000 | 22,515 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 15,022,780 | GBP | 9,978,300 | 8,176 | ||||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 292,864 | NOK | 2,543,800 | (300 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2016 | USD | 6,959,825 | SEK | 60,615,200 | 610 | ||||||||||||
Bank of Montreal | 1/6/2016 | AUD | 95,410,500 | USD | 69,007,552 | 148,478 | ||||||||||||
Bank of Montreal | 1/6/2016 | AUD | 9,210,000 | USD | 6,646,553 | (431 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | AUD | 187,020,700 | USD | 135,270,202 | 294,783 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | AUD | 253,320,500 | USD | 183,220,385 | 395,485 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 100,994,000 | USD | 73,043,204 | 154,441 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | AUD | 340,874,000 | USD | 246,562,686 | 549,218 | ||||||||||||
The Bank of Nova Scotia | 1/6/2016 | AUD | 280,454,500 | USD | 202,855,544 | 447,663 | ||||||||||||
Bank of Montreal | 1/6/2016 | JPY | 34,224,546,200 | USD | 277,982,790 | (437,623 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | JPY | 8,822,962,000 | USD | 71,658,516 | (117,241 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | JPY | 86,705,473,427 | USD | 704,172,576 | (1,185,900 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 99,392,429,100 | USD | 807,274,381 | (1,293,862 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | JPY | 87,861,470,700 | USD | 713,614,248 | (1,148,392 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | JPY | 42,154,155,600 | USD | 342,359,322 | (569,328 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | JPY | 28,705,291,667 | USD | 233,149,840 | (370,837 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | SGD | 714,000 | USD | 505,349 | (173 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | SGD | 40,566,700 | USD | 28,755,312 | 33,546 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | SGD | 40,619,400 | USD | 28,794,199 | 35,121 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | SGD | 45,958,848 | USD | 32,581,063 | 41,585 | ||||||||||||
RBC Capital Markets | 1/6/2016 | SGD | 19,033,400 | USD | 13,492,024 | 16,122 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | SGD | 66,077,000 | USD | 46,842,158 | 58,759 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | SGD | 9,989,800 | USD | 7,081,148 | 8,236 | ||||||||||||
The Bank of Nova Scotia | 1/6/2016 | SGD | 7,993,700 | USD | 5,666,437 | 6,791 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 13,404,325 | AUD | 18,531,000 | (30,246 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 5,044,506 | JPY | 621,067,000 | 7,941 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 13,501,680 | JPY | 1,659,933,000 | 2,056 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 8,235,492 | SGD | 11,615,000 | (11,917 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 1,420,778 | AUD | 1,968,000 | (445 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 4,972,682 | JPY | 611,245,500 | (133 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 257,100 | SGD | 363,000 | (92 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 1,421,097 | AUD | 1,968,000 | (764 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 4,973,013 | JPY | 611,245,500 | (465 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 257,116 | SGD | 363,000 | (108 | ) | |||||||||||
The Bank of Nova Scotia | 1/6/2016 | USD | 1,953,371 | AUD | 2,700,600 | (4,311 | ) | |||||||||||
Bank of Montreal | 1/7/2016 | NZD | 10,287,800 | USD | 6,762,171 | 8,876 | ||||||||||||
Bank of Montreal | 1/7/2016 | NZD | 311,000 | USD | 204,187 | 35 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/7/2016 | NZD | 4,880,300 | USD | 3,208,065 | 4,455 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2016 | NZD | 4,454,000 | USD | 2,927,632 | 3,861 | ||||||||||||
RBC Capital Markets | 1/7/2016 | NZD | 2,417,500 | USD | 1,589,057 | 2,120 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 1/7/2016 | NZD | 7,635,500 | USD | 5,019,226 | $ | 7,000 | |||||||||||
The Bank of Nova Scotia | 1/7/2016 | NZD | 3,822,800 | USD | 2,512,879 | 3,451 | ||||||||||||
Bank of Montreal | 1/7/2016 | USD | 427,956 | NZD | 651,000 | (616 | ) | |||||||||||
RBC Capital Markets | 1/7/2016 | USD | 34,149 | NZD | 52,000 | (14 | ) | |||||||||||
State Street Bank & Trust Co. | 1/7/2016 | USD | 34,161 | NZD | 52,000 | (26 | ) | |||||||||||
The Bank of Nova Scotia | 1/7/2016 | USD | 538,361 | NZD | 819,000 | (739 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 389,286,247 | ||||||||||||||||
|
|
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 |
For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 13,823,432,542 | $ | — | $ | 7,431,742 | $ | 13,830,864,284 | ||||||||
Preferred Stocks* | 67,617,921 | — | — | 67,617,921 | ||||||||||||
Rights* | 3,936,856 | — | — | 3,936,856 | ||||||||||||
Securities Lending Collateral | 324,932,268 | — | — | 324,932,268 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 420,995,418 | — | 420,995,418 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (31,709,171 | ) | — | (31,709,171 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts | 46,900 | — | — | 46,900 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 14,219,966,487 | $ | 389,286,247 | $ | 7,431,742 | $ | 14,616,684,476 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $7,668,947.
Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on the securities exchanges. Transfers between price levels are recognized at the beginning of the reporting period.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Statement of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investments in non-affiliated securities at value | $ | 13,864,214,466 | ||
Investment in affiliated securities at value (See Note 4) | 38,204,595 | |||
Investment in Daily Assets Fund | 324,932,268 | |||
Cash | 107,688 | |||
Foreign currency at value | 16,568,586 | |||
Unrealized appreciation on forward foreign currency contracts | 420,995,418 | |||
Unrealized appreciation on future contracts | 46,900 | |||
Deposit with broker for futures contracts | 33,989 | |||
Receivables: | ||||
Investment securities sold | 56,114,517 | |||
Capital shares | 9,107 | |||
Dividends | 37,153,621 | |||
Interest | 901,424 | |||
Foreign tax reclaim | 11,499,811 | |||
|
| |||
Total Assets | $ | 14,770,782,390 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 324,932,268 | ||
Unrealized depreciation on forward foreign currency contracts | 31,709,171 | |||
Payables: | ||||
Investment securities purchased | 411,983,280 | |||
Capital shares | 48,693,555 | |||
Investment advisory fees | 3,992,200 | |||
|
| |||
Total Liabilities | 821,310,474 | |||
|
| |||
Net Assets | $ | 13,949,471,916 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 14,484,979,522 | ||
Undistributed net investment income | 102,697,591 | |||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (53,562,634 | ) | ||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (584,642,563 | ) | ||
|
| |||
Net Assets | $ | 13,949,471,916 | ||
|
| |||
Number of Common Shares outstanding | 491,550,800 | |||
|
| |||
Net Assets Value | $ | 28.38 | ||
|
| |||
Investments in non-affiliated securities at cost | $ | 14,826,402,111 | ||
|
| |||
Investments in affiliated securities at cost | $ | 48,941,700 | ||
|
| |||
Value of securities loaned | $ | 276,474,946 | ||
|
| |||
Investment in Daily Assets Fund at cost | $ | 324,932,268 | ||
|
| |||
Foreign currency at cost | $ | 16,599,324 | ||
|
|
See Notes to Financial Statements. | �� | 22 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 144,892,124 | ||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 3,130,260 | |||
|
| |||
Total investment income | 148,022,384 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 23,338,825 | |||
|
| |||
Total Expenses | 23,338,825 | |||
|
| |||
Net Investment Income | 124,683,559 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (70,678,191 | ) | ||
Investments in affiliates | (1,178,962 | ) | ||
In-kind redemptions | 45,314,516 | |||
Futures contracts | (112,800 | ) | ||
Foreign currency transactions | 205,367,387 | |||
|
| |||
Net realized gain (loss) | 178,711,950 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (1,225,136,071 | ) | ||
Futures contracts | (33,400 | ) | ||
Foreign currency translations | 161,521,210 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | (1,063,648,261 | ) | ||
|
| |||
Net realized and unrealized loss on investments, futures, and foreign currency transactions | (884,936,311 | ) | ||
|
| |||
Net Decrease in Net Assets Resulting from Operations | $ | (760,252,752 | ) | |
|
| |||
* Unaffiliated foreign tax withheld | $ | 8,278,772 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Statement of changes in net assets
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 124,683,559 | $ | 156,253,508 | ||||
Net realized gain (loss) | 178,711,950 | 10,994,476 | ||||||
Net change in unrealized appreciation (depreciation) | (1,063,648,261 | ) | 444,128,055 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (760,252,752 | ) | 611,376,039 | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (331,524,748 | ) | (60,786,308 | ) | ||||
Net realized gains | — | (18,620 | ) | |||||
|
|
|
| |||||
Total distributions | (331,524,748 | ) | (60,804,928 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 3,462,240,353 | 11,584,742,012 | ||||||
Value of shares redeemed | (689,021,735 | ) | (430,415,811 | ) | ||||
|
|
|
| |||||
Net increase in net assets resulting from fund share transactions | 2,773,218,618 | 11,154,326,201 | ||||||
|
|
|
| |||||
Total increase in Net Assets | 1,681,441,118 | 11,704,897,312 | ||||||
Net Assets | ||||||||
Beginning of period | 12,268,030,798 | 563,133,486 | ||||||
|
|
|
| |||||
End of period | $ | 13,949,471,916 | $ | 12,268,030,798 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 102,697,591 | $ | 309,538,780 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 398,950,800 | 20,250,800 | ||||||
Shares sold | 118,200,000 | 392,850,000 | ||||||
Shares redeemed | (25,600,000 | ) | (14,150,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 491,550,800 | 398,950,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | 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 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** | 0.26 | 1.41 | 1.18 | 0.79 | 0.70 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.85 | ) | 2.90 | 1.95 | 6.26 | (3.48 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net asset value from investment operations | (1.59 | ) | 4.31 | 3.13 | 7.05 | (2.78 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income | (0.78 | ) | (1.37 | ) | (0.41 | ) | (1.68 | ) | (0.10 | ) | ||||||||||
Net realized gains | — | (0.00 | )†††† | — | (2.40 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.78 | ) | (1.37 | ) | (0.41 | ) | (4.08 | ) | (0.10 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 28.38 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return*** | (5.28 | )% | 16.22 | % | 12.74 | %††† | 35.60 | %††† | (11.14 | )% | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, end of period (000’s omitted) | $ | 13,949,472 | $ | 12,268,031 | $ | 563,133 | $ | 75,300 | $ | 30,979 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.35 | %† | 0.35 | % | 0.35 | % | 0.48 | % | 0.57 | %† | ||||||||||
Expenses, prior to fee waiver and expense reimbursements | 0.35 | %† | 0.35 | % | 0.36 | % | 0.64 | % | 0.57 | %† | ||||||||||
Net investment income | 1.87 | %† | 4.81 | % | 4.48 | % | 3.35 | % | 3.04 | %† | ||||||||||
Portfolio turnover rate†† | 6 | % | 12 | % | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate 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. |
††††† | Not annualized |
See Notes to Financial Statements. | 25 |
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, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (“ETF”) in operation and trading. These financial statements report on Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees.
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
MSCI, Inc. (“MSCI”) is the creator of the Underlying Index. The 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, ETFs, 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 Underlying Index is 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 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 the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between MSCI and DBX. There is no charge to the Fund in connection with these licensing agreements.
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 Fund. 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 Fund 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 Fund.
Security Valuation The Net Asset Value (“NAV”), of the 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.
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
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.
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.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all
requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The 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 the 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 Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the 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-
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 Fund’s 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 Fund’s financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Fund recognizes interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statement of Operations. For the period ended November 30, 2015, the Fund did not incur any interest or penalties. The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement 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, 2015, if any, are disclosed in the Fund’s
Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Fund invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral Invested in Daily Assets Fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If
28
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, the Fund had securities on loan, which were classified as common stock and rights in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Derivatives
Forward Currency Contracts The Fund may enter into forward currency contracts designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Fund invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
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 Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Fund’s 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 Fund had to the value of non U.S currencies during the period ended November 30, 2015.
Futures Contracts The 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. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not 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. The 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.
At the time the Fund enters into a futures contract, the 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, the 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 the 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 the 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 the 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, 2015 is included in a table following the Fund’s Schedule of Investments.
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2015 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 Liabilities Location | Fair Value | Statement of Asset and Liabilities Location | Fair Value | ||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 46,900 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 420,995,418 | Unrealized depreciation on forward foreign currency contracts | 31,709,171 | ||||||||||
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Total | $ | 421,042,318 | Total | $ | 31,709,171 | |||||||||
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Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Fund’s earnings during the six months ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following table 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 EAFE Hedged Equity ETF | $ | (112,800 | ) | $ | 222,381,794 | $ | 222,268,994 | |||||
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||||||||
Equity Futures Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | $ | (33,400 | ) | $ | 161,426,751 | $ | 161,393,351 |
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Market Value) | |||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | $ | 1,784,186 | $ | (13,094,887,990 | ) |
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 EAFE Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 81,308,829 | $ | (4,635,615 | ) | $ | — | $ | 76,673,214 | $ | 4,635,615 | $ | (4,635,615 | ) | $ — | $ | — | |||||||||||||||
JP Morgan & Chase Co. | 87,111,935 | $ | (5,460,371 | ) | — | 81,651,564 | 5,460,371 | $ | (5,460,371 | ) | — | — | ||||||||||||||||||||
The Bank of New York Mellon | 7,822,805 | $ | (2,702,348 | ) | — | 5,120,457 | 2,702,348 | $ | (2,702,348 | ) | — | — | ||||||||||||||||||||
Bank of Montreal | 62,647,666 | $ | (2,699,054 | ) | — | 59,948,612 | 2,699,054 | $ | (2,699,054 | ) | — | — | ||||||||||||||||||||
State Street Bank & Trust Co. | 100,599,258 | $ | (6,626,247 | ) | — | 93,973,011 | 6,626,247 | $ | (6,626,247 | ) | — | — | ||||||||||||||||||||
The Bank of Nova Scotia | 44,472,428 | $ | (4,462,005 | ) | — | 40,010,423 | 4,462,005 | $ | (4,462,005 | ) | — | — | ||||||||||||||||||||
RBC Capital Markets | 37,032,497 | $ | (5,123,531 | ) | — | 31,908,966 | 5,123,531 | $ | (5,123,531 | ) | — | — | ||||||||||||||||||||
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$ | 420,995,418 | $ | (31,709,171 | ) | $ | — | $ | 389,286,247 | $ | 31,709,171 | $ | (31,709,171 | ) | $ | — | $ | — | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, 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 Fund to operate.
TDAM USA Inc. (“TDAM”) serves as investment sub-advisor to the Fund. TDAM is responsible for day-to-day management of the Fund, subject to the replication strategy for the 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.
For its investment advisory services to the Fund below, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets at an annual rate equal to 0.35%.
Out of the unitary management fee, the Advisor pays substantially all expenses of the 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. The Fund is responsible for the payment of interest expense, taxes, and brokerage expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. Deutsche Bank AG is owned by the Fund in proportion with Deutsche Bank AG’s representation in the DBEF index. A summary of the Funds’ transactions with Deutsche Bank AG securities during the six months ended November 30, 2015 is as follows:
Value ($) 5/31/2015 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/ (Loss)($) | Value ($) at 11/30/2015 | ||||||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||||||
Deutsche Bank AG (Common Stock) | 39,601,472 | 12,584,821 | (6,258,204 | ) | (1,178,962 | ) | 38,204,595 |
5. Investment Portfolio Transactions
For the six months ended November 30, 2015, 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 EAFE Hedged Equity ETF | $ | 1,043,614,665 | $ | 808,087,112 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | $ | 3,346,378,102 | $ | 674,734,720 |
6. Fund Share Transactions
As of November 30, 2015, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement 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 Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the 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 Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its 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 the Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of the 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.
33
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 the 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. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. 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 the 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 Fund 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 Fund is 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark 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 345 Park Avenue New York, NY 10154 | Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, fund accountant & transfer agent 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-040497-1 (1/16) DBX 001745 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
DBX ETF Trust
Dear Shareholder,
We are pleased to provide this semi-annual report for our eight ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2015.
Global markets have witnessed an increasing growth differential between the US and the rest of the world. Macroeconomic concerns were mainly around the timing of a rate hike by the US Federal Reserve (Fed) and slowing growth in China, with its spillover effects on emerging markets (EM) and commodities. The Fed rate hike was deferred twice in the period, mainly due to developments in Europe and China. Low commodity prices have pushed EM countries, such as Brazil and Russia, into recession and dampened Eurozone inflation. This pushed the European Central Bank (ECB) to extend its quantitative easing (QE) program until March 2017.
Equity markets witnessed the most volatility in the reporting period. As China tried to counter slowing economic growth with its devaluation of the yuan in mid-August, market anxiety about the implications of an impending Fed rate hike and central banks’ inaction came to the fore. Global equities were down in August and September; however, positive corporate earnings, aided by accommodative monetary policy in the Eurozone and Japan, helped markets recover in October and November.
Although the Barclays Global Aggregate Bond Index (Hedged)1 has remained flat over the past six months, it has not been without periods of volatility. The September bond rally — as evidenced by the Treasury 10-year rate, which rose to 2.3% — was a reaction to unchanged rates by the Fed, while the brief October sell-off appeared to be a reaction to surety over a rate hike and global growth concerns. As investors continued to prepare for an eventual rate hike, the Treasury yield curve flattened. Corporate bond issuances surged, as loose monetary policy made bonds a low-cost funding option. While Investment Grade bonds were mostly flat, the High Yield bond market — with about a fifth of the issues linked to commodities — saw spreads widen against Treasuries.
The Municipal Bond market has been one of most stable markets in this reporting period, gaining about 2.58%, as measured by the Barclays Municipal Bond Index2. Markets have seen year-to-date net inflows of USD 9 billion with favorable demand-supply, as a majority of the new issuance has been for refunding. Despite the overall market stability, Pennsylvania and Illinois were downgraded, and Puerto Rico’s financial crisis continued.
Despite concerns over debt levels, we still believe EM economies will continue to grow, though the momentum has been slowing in some countries. While the US appears to be leading the recovery in developed markets, the interest rate divergence between Europe and the US is likely to strengthen the dollar further, thereby possibly creating headwinds for US equities. European and Japanese markets will likely remain well supported by the ECB and Bank of Japan’s accommodative monetary policy, while a strong labor market sets the stage for a Fed rate hike in December.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1 Barclays Global Aggregate Bond Index (Hedged) is an unmanaged, broad-based, global investment-grade fixed-income measure comprised of three component indices, the U.S. Aggregate Index, the Pan-European Aggregate Index and the Asian-Pacific Aggregate Index.
2 The Barclays Municipal Bond Index is an unmanaged, market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (name changed from DBIQ USD Emerging Markets Bond — Interest Rate Hedged Index effective August 10, 2015) (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated emerging markets bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the emerging markets bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/15
AAA | 5.3% | |||
AA | 4.7% | |||
A | 18.3% | |||
BBB | 41.6% | |||
BB | 16.5% | |||
B | 6.9% | |||
CCC | 6.7% | |||
|
| |||
Total | 100.0% |
The quality ratings represent 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 Diversification* as of 11/30/15
Hungary | 7.3% | |||
Peru | 7.1% | |||
Russia | 6.3% | |||
Poland | 6.2% | |||
Brazil | 5.9% | |||
Uruguay | 5.8% | |||
Colombia | 5.7% | |||
Qatar | 4.9% | |||
Romania | 4.1% | |||
Indonesia | 4.1% | |||
Ukraine | 4.1% | |||
Mexico | 4.0% | |||
Panama | 4.0% | |||
Croatia | 3.9% | |||
South Africa | 3.7% | |||
Philippines | 3.7% | |||
Turkey | 3.6% | |||
Kazakhstan | 3.4% | |||
Ecuador | 3.0% | |||
Venezuela | 2.7% | |||
Lithuania | 2.1% | |||
Sri Lanka | 1.8% | |||
Egypt | 1.7% | |||
Lebanon | 0.9% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/15: 0.0 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
2
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (name changed from DBIQ USD High Yield Corporate Bond — Interest Rate Hedged Index effective August 10, 2015) (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/15
AAA | 5.1% | |||
BBB | 9.3% | |||
BB | 46.9% | |||
B | 32.5% | |||
CCC | 6.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent 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.
Sector Diversification* as of 11/30/15
Communications | 24.8% | |||
Consumer, Cyclical | 15.7% | |||
Consumer, Non-cyclical | 14.1% | |||
Financial | 12.7% | |||
Energy | 11.6% | |||
Industrial | 6.6% | |||
Technology | 6.1% | |||
Basic Materials | 5.7% | |||
Utilities | 2.7% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/15: -0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Country Diversification* as of 11/30/15
United States | 91.3% | |||
Luxembourg | 3.5% | |||
United Kingdom | 2.0% | |||
Canada | 2.0% | |||
New Zealand | 1.2% | |||
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| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
3
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
The Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (name changed from DBIQ USD Investment Grade Bond — Interest Rate Hedged Index effective August 10, 2015) (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/15
AAA | 8.4% | |||
AA | 20.1% | |||
A | 42.5% | |||
BBB | 29.0% | |||
|
| |||
Total | 100.0% |
The quality ratings represent 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.
Sector Diversification* as of 11/30/15
Financial | 35.6% | |||
Consumer, Non-cyclical | 17.0% | |||
Communications | 13.8% | |||
Energy | 11.5% | |||
Technology | 6.3% | |||
Consumer, Cyclical | 6.0% | |||
Basic Materials | 4.4% | |||
Industrial | 4.2% | |||
Utilities | 1.2% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/15: 0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Country Diversification* as of 11/30/15
United States | 80.5% | |||
United Kingdom | 7.1% | |||
France | 3.7% | |||
Canada | 3.4% | |||
Netherlands | 3.2% | |||
Luxembourg | 1.2% | |||
Australia | 0.9% | |||
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| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
4
DBX ETF Trust
Portfolio 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 Solactive Municipal Infrastructure Revenue Bond Index (name changed from DBIQ Municipal Infrastructure Revenue Bond Index effective August 10, 2015) (the “Underlying Index”). The Underlying 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 not possible to invest directly into an index.
Quality* as of 11/30/15
AAA | 9.4% | |||
AA | 46.0% | |||
A | 42.5% | |||
BBB | 2.1% | |||
|
| |||
Total | 100.0% |
The quality ratings represent 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.
Sector Diversification* as of 11/30/15
Transportation | 30.6% | |||
General | 23.4% | |||
Airport | 15.6% | |||
Water | 10.1% | |||
Power | 9.9% | |||
Development | 4.9% | |||
Utilities | 3.6% | |||
Education | 1.9% | |||
|
| |||
100.0% |
Modified duration as of 11/30/15: 6.5 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.
5
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
The Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex US High Dividend Yield 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) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
HSBC Holdings PLC | 4.5% | |||
British American Tobacco PLC | 3.1% | |||
Total SA | 3.1% | |||
Sanofi | 3.0% | |||
GlaxoSmithKline PLC | 2.9% | |||
Royal Dutch Shell PLC, Class A | 2.8% | |||
Vodafone Group PLC | 2.6% | |||
Royal Bank of Canada | 2.5% | |||
AstraZeneca PLC | 2.5% | |||
Allianz SE | 2.4% |
Sector Diversification* as of 11/30/15
Financials | 33.6% | |||
Energy | 14.9% | |||
Telecommunication Services | 9.6% | |||
Health Care | 8.9% | |||
Materials | 8.6% | |||
Consumer Staples | 8.0% | |||
Utilities | 5.7% | |||
Consumer Discretionary | 4.9% | |||
Industrials | 3.8% | |||
Information Technology | 2.0% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
United Kingdom | 27.5% | |||
Canada | 10.2% | |||
France | 9.8% | |||
China | 6.8% | |||
Germany | 6.5% | |||
Australia | 6.4% | |||
Netherlands | 5.0% | |||
Switzerland | 2.9% | |||
South Africa | 2.8% | |||
Hong Kong | 2.4% | |||
Taiwan | 2.2% | |||
Sweden | 1.8% | |||
Japan | 1.7% | |||
Finland | 1.7% | |||
Russia | 1.6% | |||
Singapore | 1.5% | |||
Norway | 1.5% | |||
Brazil | 1.4% | |||
Spain | 1.3% | |||
Malaysia | 1.1% | |||
Thailand | 0.6% | |||
Italy | 0.6% | |||
United Arab Emirates | 0.4% | |||
Macau | 0.3% | |||
Chile | 0.3% | |||
Luxembourg | 0.3% | |||
Portugal | 0.2% | |||
Denmark | 0.2% | |||
Hungary | 0.2% | |||
Mexico | 0.2% | |||
New Zealand | 0.2% | |||
Austria | 0.2% | |||
Indonesia | 0.1% | |||
Colombia | 0.1% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.
6
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
The Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
British American Tobacco PLC | 4.8% | |||
Total SA | 4.8% | |||
Sanofi | 4.7% | |||
GlaxoSmithKline PLC | 4.4% | |||
Vodafone Group PLC | 4.0% | |||
AstraZeneca PLC | 3.8% | |||
Allianz SE | 3.6% | |||
BASF SE | 3.4% | |||
Royal Dutch Shell PLC, Class A | 3.0% | |||
Australia & New Zealand Banking Group Ltd. | 2.5% |
Sector Diversification* as of 11/30/15
Financials | 22.5% | |||
Health Care | 13.3% | |||
Energy | 12.8% | |||
Materials | 10.8% | |||
Consumer Staples | 10.1% | |||
Utilities | 8.5% | |||
Telecommunication Services | 8.2% | |||
Industrials | 6.2% | |||
Consumer Discretionary | 4.8% | |||
Information Technology | 2.8% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
United Kingdom | 34.1% | |||
France | 13.8% | |||
Australia | 12.2% | |||
Germany | 9.4% | |||
Netherlands | 4.9% | |||
Switzerland | 4.3% | |||
Hong Kong | 3.8% | |||
Singapore | 2.9% | |||
Sweden | 2.8% | |||
Finland | 2.4% | |||
Norway | 2.2% | |||
Spain | 2.1% | |||
Japan | 1.5% | |||
Italy | 1.4% | |||
Luxembourg | 0.4% | |||
Macau | 0.4% | |||
Portugal | 0.3% | |||
New Zealand | 0.3% | |||
Denmark | 0.3% | |||
Ireland | 0.2% | |||
Austria | 0.2% | |||
China | 0.1% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.
7
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
The Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Hon Hai Precision Industry Co. Ltd. | 5.0% | |||
China Construction Bank Corp., Class H | 5.0% | |||
Bank of China Ltd., Class H | 4.9% | |||
Industrial & Commercial Bank of China Ltd., Class H | 4.8% | |||
Ambev SA | 3.5% | |||
CNOOC Ltd. | 3.2% | |||
Sasol Ltd. | 2.8% | |||
China Petroleum & Chemical Corp., Class H | 2.6% | |||
MTN Group Ltd. | 2.4% | |||
Lukoil PJSC, ADR | 2.4% |
Sector Diversification* as of 11/30/15
Financials | 38.9% | |||
Energy | 18.0% | |||
Information Technology | 14.2% | |||
Telecommunication Services | 11.7% | |||
Consumer Staples | 6.9% | |||
Consumer Discretionary | 3.6% | |||
Industrials | 3.0% | |||
Materials | 2.4% | |||
Utilities | 0.9% | |||
Health Care | 0.4% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
China | 25.6% | |||
Taiwan | 23.3% | |||
South Africa | 14.5% | |||
Russia | 8.6% | |||
Brazil | 6.0% | |||
Malaysia | 5.3% | |||
Thailand | 4.0% | |||
United Arab Emirates | 2.7% | |||
South Korea | 2.2% | |||
Poland | 1.8% | |||
Turkey | 1.3% | |||
Czech Republic | 1.1% | |||
Mexico | 0.9% | |||
Indonesia | 0.8% | |||
Hungary | 0.8% | |||
Chile | 0.7% | |||
Hong Kong | 0.4% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.
8
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
The Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”), or the “Eurozone”, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Volkswagen AG | 5.7% | |||
Allianz SE | 5.0% | |||
Muenchener Rueckversicherungs-Gesellschaft AG | 5.0% | |||
AXA SA | 4.9% | |||
Sampo OYJ, Class A | 4.9% | |||
Repsol SA | 4.9% | |||
Total SA | 4.8% | |||
ProSiebenSat.1 Media SE | 4.0% | |||
Atlantia SpA | 3.9% | |||
Snam SpA | 3.8% |
Sector Diversification* as of 11/30/15
Financial | 24.9% | |||
Consumer Discretionary | 22.1% | |||
Utilities | 19.7% | |||
Industrials | 13.4% | |||
Energy | 13.2% | |||
Materials | 3.6% | |||
Telecommunication Services | 1.9% | |||
Health Care | 1.2% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
Germany | 25.5% | |||
France | 22.2% | |||
Spain | 17.0% | |||
Finland | 16.5% | |||
Italy | 11.3% | |||
Luxembourg | 3.2% | |||
Portugal | 2.8% | |||
Austria | 1.5% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.
9
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 in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
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 June 1, 2015 | Ending Account Value | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 994.50 | 0.50 | % | $ | 2.49 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.50 | 0.50 | % | $ | 2.53 | ||||||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 935.32 | 0.45 | % | $ | 2.18 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 989.61 | 0.25 | % | $ | 1.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.75 | 0.25 | % | $ | 1.26 | ||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,036.22 | 0.30 | % | $ | 1.53 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.50 | 0.30 | % | $ | 1.52 | ||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual (2) | $ | 1,000.00 | $ | 948.01 | 0.45 | % | $ | 1.33 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
10
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2015 | Ending Account Value | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual (2) | $ | 1,000.00 | $ | 961.22 | 0.45 | % | $ | 1.34 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual (2) | $ | 1,000.00 | $ | 900.95 | 0.65 | % | $ | 1.87 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.75 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual (2) | $ | 1,000.00 | $ | 1,022.80 | 0.45 | % | $ | 1.38 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from August 12, 2015 (commencement of operations) to November 30, 2015.
11
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
November 30, 2015 (Unaudited)
Principal | Value | |||||||
SOVEREIGN BONDS — 93.3% | ||||||||
Brazil — 5.5% | ||||||||
Brazilian Government International Bond | ||||||||
4.875%, 1/22/21 (a) | $ | 110,000 | $ | 106,755 | ||||
10.125%, 5/15/27 | 30,000 | 39,150 | ||||||
8.25%, 1/20/34 | 35,000 | 37,537 | ||||||
5.00%, 1/27/45 | 200,000 | 148,000 | ||||||
|
| |||||||
331,442 | ||||||||
|
| |||||||
Colombia — 5.4% | ||||||||
Colombia Government International Bond | ||||||||
7.375%, 3/18/19 | 100,000 | 113,350 | ||||||
2.625%, 3/15/23 | 200,000 | 180,500 | ||||||
8.125%, 5/21/24 | 25,000 | 30,725 | ||||||
|
| |||||||
324,575 | ||||||||
|
| |||||||
Croatia — 3.6% | ||||||||
Croatia Government International Bond, 144A | ||||||||
6.75%, 11/05/19 | 100,000 | 108,750 | ||||||
6.625%, 7/14/20 | 100,000 | 108,837 | ||||||
|
| |||||||
217,587 | ||||||||
|
| |||||||
Ecuador — 2.8% | ||||||||
Ecuador Government International Bond, 144A | ||||||||
10.50%, 3/24/20 | 200,000 | 169,000 | ||||||
|
| |||||||
Egypt — 1.6% | ||||||||
Egypt Government International Bond, 144A | ||||||||
5.75%, 4/29/20 | 100,000 | 97,395 | ||||||
|
| |||||||
Hungary — 6.8% | ||||||||
Hungary Government International Bond | ||||||||
6.375%, 3/29/21 | 110,000 | 126,225 | ||||||
5.75%, 11/22/23 | 90,000 | 101,587 | ||||||
5.375%, 3/25/24 | 106,000 | 116,998 | ||||||
7.625%, 3/29/41 | 50,000 | 68,707 | ||||||
|
| |||||||
413,517 | ||||||||
|
| |||||||
Indonesia — 3.9% | ||||||||
Indonesia Government International Bond, 144A | ||||||||
8.50%, 10/12/35 | 100,000 | 127,190 | ||||||
6.625%, 2/17/37 | 100,000 | 106,650 | ||||||
|
| |||||||
233,840 | ||||||||
|
| |||||||
Kazakhstan — 3.1% | ||||||||
Kazakhstan Government International Bond, 144A | ||||||||
3.875%, 10/14/24 | 200,000 | 190,297 | ||||||
|
| |||||||
Lebanon — 0.8% | ||||||||
Lebanon Government International Bond | ||||||||
GMTN, 6.375%, 3/09/20 | 50,000 | 50,250 | ||||||
|
| |||||||
Lithuania — 2.0% | ||||||||
Lithuania Government International Bond, 144A | ||||||||
7.375%, 2/11/20 | 100,000 | 119,283 | ||||||
|
|
Principal | Value | |||||||
Mexico — 3.7% | ||||||||
Mexico Government International Bond | ||||||||
3.625%, 3/15/22 | $ | 100,000 | $ | 101,250 | ||||
Series A, MTN, 6.75%, 9/27/34 | 10,000 | 12,375 | ||||||
MTN, 4.75%, 3/08/44 | 60,000 | 56,550 | ||||||
5.55%, 1/21/45 | 35,000 | 36,881 | ||||||
5.75%, 10/12/2110 | 20,000 | 19,350 | ||||||
|
| |||||||
226,406 | ||||||||
|
| |||||||
Panama — 3.7% | ||||||||
Panama Government International Bond | ||||||||
5.20%, 1/30/20 | 100,000 | 108,625 | ||||||
6.70%, 1/26/36 | 95,000 | 115,662 | ||||||
|
| |||||||
224,287 | ||||||||
|
| |||||||
Peru — 6.6% | ||||||||
Peruvian Government International Bond | ||||||||
7.35%, 7/21/25 | 100,000 | 127,650 | ||||||
8.75%, 11/21/33 | 75,000 | 107,813 | ||||||
6.55%, 3/14/37 | 70,000 | 83,300 | ||||||
5.625%, 11/18/50 | 75,000 | 79,313 | ||||||
|
| |||||||
398,076 | ||||||||
|
| |||||||
Philippines — 3.4% | ||||||||
Philippine Government International Bond | ||||||||
10.625%, 3/16/25 | 75,000 | 118,747 | ||||||
9.50%, 2/02/30 | 55,000 | 87,493 | ||||||
|
| |||||||
206,240 | ||||||||
|
| |||||||
Poland — 5.8% | ||||||||
Poland Government International Bond | ||||||||
6.375%, 7/15/19 | 90,000 | 103,725 | ||||||
5.125%, 4/21/21 | 70,000 | 78,442 | ||||||
5.00%, 3/23/22 | 50,000 | 55,794 | ||||||
3.00%, 3/17/23 | 40,000 | 39,999 | ||||||
4.00%, 1/22/24 | 70,000 | 74,149 | ||||||
|
| |||||||
352,109 | ||||||||
|
| |||||||
Qatar — 4.6% | ||||||||
Qatar Government International Bond, 144A | ||||||||
9.75%, 6/15/30 | 90,000 | 145,976 | ||||||
6.40%, 1/20/40 | 100,000 | 131,635 | ||||||
|
| |||||||
277,611 | ||||||||
|
| |||||||
Romania — 3.9% | ||||||||
Romanian Government International Bond, 144A | ||||||||
6.75%, 2/07/22 | 40,000 | 47,500 | ||||||
4.375%, 8/22/23 | 10,000 | 10,534 | ||||||
4.875%, 1/22/24 | 86,000 | 93,417 | ||||||
6.125%, 1/22/44 | 70,000 | 82,786 | ||||||
|
| |||||||
234,237 | ||||||||
|
| |||||||
Russia — 5.9% | ||||||||
Russian Foreign Bond — Eurobond, 144A | ||||||||
4.875%, 9/16/23 | 200,000 | 208,930 | ||||||
12.75%, 6/24/28 | 90,000 | 147,005 | ||||||
|
| |||||||
355,935 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Principal | Value | |||||||
South Africa — 3.5% | ||||||||
South Africa Government International Bond | ||||||||
5.50%, 3/09/20 | $ | 100,000 | $ | 106,533 | ||||
4.665%, 1/17/24 | 100,000 | 100,830 | ||||||
|
| |||||||
207,363 | ||||||||
|
| |||||||
Sri Lanka — 1.7% | ||||||||
Sri Lanka Government International Bond, 144A | ||||||||
6.25%, 10/04/20 | 100,000 | 99,770 | ||||||
|
| |||||||
Turkey — 3.3% | ||||||||
Turkey Government International Bond | ||||||||
7.00%, 6/05/20 | 20,000 | 22,499 | ||||||
7.375%, 2/05/25 | 30,000 | 35,446 | ||||||
11.875%, 1/15/30 | 20,000 | 32,875 | ||||||
8.00%, 2/14/34 | 80,000 | 100,460 | ||||||
7.25%, 3/05/38 | 10,000 | 11,753 | ||||||
|
| |||||||
203,033 | ||||||||
|
| |||||||
Ukraine — 3.8% | ||||||||
Ukraine Government International Bond, 144A | ||||||||
7.75%, 9/01/20 | 120,000 | 116,424 | ||||||
7.75%, 9/01/24 | 120,000 | 113,400 | ||||||
|
| |||||||
229,824 | ||||||||
|
|
Principal | Value | |||||||
Uruguay — 5.4% | ||||||||
Uruguay Government International Bond | ||||||||
4.50%, 8/14/24 (a) | $ | 65,000 | $ | 66,950 | ||||
7.625%, 3/21/36 | 90,000 | 113,625 | ||||||
5.10%, 6/18/50 | 165,000 | 147,263 | ||||||
|
| |||||||
327,838 | ||||||||
|
| |||||||
Venezuela — 2.5% | ||||||||
Venezuela Government International Bond | ||||||||
7.65%, 4/21/25 | 155,000 | 62,000 | ||||||
9.25%, 9/15/27 | 200,000 | 88,800 | ||||||
|
| |||||||
150,800 | ||||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 5,640,715 | |||||||
|
| |||||||
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 1.7% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 104,833 | 104,833 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 95.0% | ||||||||
(Cost $5,951,987)† | $ | 5,745,548 | ||||||
Other assets and liabilities, net — 5.0% | 301,300 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,046,848 | ||||||
|
|
† | The cost for federal income tax purposes was $5,967,137. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $221,589. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $61,585 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $283,174. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $100,482, which is 1.7% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
GMTN: Global Medium Term Note
MTN: Medium Term Note
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2015, open futures contracts sold were as follows:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
5-Year U.S. Treasury Note | 20 | $ | 2,373,594 | 3/31/2016 | $ | 1,016 | ||||||||||
10-Year U.S. Treasury Note | 16 | 2,023,000 | 3/21/2016 | 875 | ||||||||||||
U.S. Treasury Long Bond | 9 | 1,386,000 | 3/21/2016 | (2,531 | ) | |||||||||||
|
|
|
| |||||||||||||
$ | 5,782,594 | $ | (640 | ) | ||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Sovereign Bonds* | $ | — | $ | 5,640,715 | $ | — | $ | 5,640,715 | ||||||||
Securities Lending Collateral | 104,833 | — | — | 104,833 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Depreciation on Futures Contracts | (640 | ) | — | — | (640 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 104,193 | $ | 5,640,715 | $ | — | $ | 5,744,908 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
November 30, 2015 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 93.3% | ||||||||
Basic Materials — 5.4% | ||||||||
Chemicals — 2.1% | ||||||||
Hexion, Inc. | $ | 129,000 | $ | 85,463 | ||||
Huntsman International LLC | 106,000 | 100,170 | ||||||
|
| |||||||
185,633 | ||||||||
|
| |||||||
Iron/Steel — 2.3% | ||||||||
ArcelorMittal (Luxembourg) | 209,000 | 203,775 | ||||||
|
| |||||||
Mining — 1.0% | ||||||||
Alcoa, Inc. | 93,000 | 88,466 | ||||||
|
| |||||||
Communications — 23.1% | ||||||||
Advertising — 0.6% | ||||||||
Lamar Media Corp. | 50,000 | 52,625 | ||||||
|
| |||||||
Internet — 0.9% | ||||||||
Netflix, Inc., 144A | 80,000 | 83,100 | ||||||
|
| |||||||
Media — 9.4% | ||||||||
Cablevision Systems Corp. | 133,000 | 138,652 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 144A | 80,000 | 79,600 | ||||||
CSC Holdings LLC | 111,000 | 105,172 | ||||||
DISH DBS Corp. | 155,000 | 134,463 | ||||||
iHeartCommunications, Inc. | 97,000 | 70,689 | ||||||
Nexstar Broadcasting, Inc. | 164,000 | 167,690 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 21,000 | 20,947 | ||||||
Sirius XM Radio, Inc., 144A | 35,000 | 36,269 | ||||||
Univision Communications, Inc., 144A | 84,000 | 87,675 | ||||||
|
| |||||||
841,157 | ||||||||
|
| |||||||
Telecommunications — 12.2% | ||||||||
Avaya, Inc., 144A | 222,000 | 175,935 | ||||||
CenturyLink, Inc. | 65,000 | 61,955 | ||||||
CommScope Technologies Finance LLC, 144A | 26,000 | 24,960 | ||||||
Frontier Communications Corp. | 23,000 | 19,492 | ||||||
Level 3 Communications, Inc. | 151,000 | 152,887 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Sprint Communications, Inc. | $ | 231,000 | $ | 192,308 | ||||
T-Mobile USA, Inc. | 244,000 | 252,845 | ||||||
Windstream Services LLC | 199,000 | 208,204 | ||||||
|
| |||||||
1,088,586 | ||||||||
|
| |||||||
Consumer, Cyclical — 14.6% | ||||||||
Airlines — 1.1% | ||||||||
American Airlines Group, Inc., 144A | 95,000 | 95,831 | ||||||
|
| |||||||
Auto Manufacturers — 2.6% | ||||||||
General Motors Co. | 133,000 | 138,278 | ||||||
General Motors Financial Co., Inc. | 88,000 | 85,092 | ||||||
|
| |||||||
223,370 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.6% | ||||||||
ZF North America Capital, Inc., 144A | 150,000 | 145,454 | ||||||
|
| |||||||
Distribution/Wholesale — 0.3% | ||||||||
HD Supply, Inc. | 28,000 | 29,680 | ||||||
|
| |||||||
Entertainment — 2.4% | ||||||||
GLP Capital LP / GLP Financing II, Inc. | 124,000 | 127,720 | ||||||
Regal Entertainment Group | 88,000 | 89,650 | ||||||
|
| |||||||
217,370 | ||||||||
|
| |||||||
Lodging — 2.8% | ||||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 151,000 | 157,976 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 99,000 | 88,976 | ||||||
|
| |||||||
246,952 | ||||||||
|
| |||||||
Retail — 3.8% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A (Canada) | 21,000 | 21,840 | ||||||
Dollar Tree, Inc., 144A | 98,000 | 102,165 | ||||||
L Brands, Inc. | 111,000 | 118,182 | ||||||
Rite Aid Corp., 144A | 99,000 | 105,311 | ||||||
|
| |||||||
347,498 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 13.2% | ||||||||
Commercial Services — 1.0% | ||||||||
ADT (The) Corp. | 21,000 | 19,294 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Principal | Value | |||||||
Commercial Services (Continued) | ||||||||
United Rentals North America, Inc. | $ | 71,000 | $ | 71,266 | ||||
|
| |||||||
90,560 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Edgewell Personal Care Co. | 18,000 | 18,427 | ||||||
|
| |||||||
Food — 2.0% | ||||||||
Post Holdings, Inc. | 83,000 | 86,709 | ||||||
Smithfield Foods, Inc. | 80,000 | 86,100 | ||||||
|
| |||||||
172,809 | ||||||||
|
| |||||||
Healthcare-Products — 1.2% | ||||||||
Hologic, Inc., 144A | 20,000 | 20,875 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A (Luxembourg) | 105,000 | 89,513 | ||||||
|
| |||||||
110,388 | ||||||||
|
| |||||||
Healthcare-Services — 5.8% | ||||||||
CHS/Community Health Systems, Inc. | 87,000 | 84,608 | ||||||
Fresenius Medical Care US Finance II, Inc., 144A | 155,000 | 168,562 | ||||||
HCA, Inc. | 133,000 | 149,293 | ||||||
Tenet Healthcare Corp. | 80,000 | 80,150 | ||||||
6.75%, 6/15/23 | 35,000 | 32,856 | ||||||
|
| |||||||
515,469 | ||||||||
|
| |||||||
Pharmaceuticals — 3.0% | ||||||||
Endo Finance LLC, 144A | 83,000 | 79,680 | ||||||
Valeant Pharmaceuticals International, 144A | 204,000 | 187,935 | ||||||
|
| |||||||
267,615 | ||||||||
|
| |||||||
Energy — 10.8% | ||||||||
Energy-Alternate Sources — 0.4% | ||||||||
TerraForm Power Operating LLC, 144A | 44,000 | 33,000 | ||||||
|
| |||||||
Oil & Gas — 7.8% | ||||||||
Antero Resources Corp. | 102,000 | 94,350 | ||||||
California Resources Corp. | 111,000 | 67,155 | ||||||
Chesapeake Energy Corp. | 111,000 | 53,002 | ||||||
Concho Resources, Inc. | 106,000 | 103,880 | ||||||
Denbury Resources, Inc. | 93,000 | 58,125 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Energy XXI Gulf Coast, Inc. | $ | 173,000 | $ | 29,410 | ||||
EP Energy LLC / Everest Acquisition Finance, Inc. | 88,000 | 75,240 | ||||||
Linn Energy LLC / Linn Energy Finance Corp. | 119,000 | 25,585 | ||||||
Range Resources Corp. | 89,000 | 79,210 | ||||||
SandRidge Energy, Inc. | 124,000 | 20,770 | ||||||
Whiting Petroleum Corp. | 91,000 | 83,265 | ||||||
|
| |||||||
689,992 | ||||||||
|
| |||||||
Pipelines — 2.6% | ||||||||
Energy Transfer Equity LP | 21,000 | 19,530 | ||||||
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. | 44,000 | 39,270 | ||||||
Sabine Pass Liquefaction LLC | 100,000 | 92,750 | ||||||
144A, 5.625%, 3/01/25 | 26,000 | 23,952 | ||||||
Williams (The) Cos., Inc. | 80,000 | 65,733 | ||||||
|
| |||||||
241,235 | ||||||||
|
| |||||||
Financial — 11.8% | ||||||||
Banks — 2.3% | ||||||||
CIT Group, Inc. | 39,000 | 39,926 | ||||||
Royal Bank of Scotland Group PLC | 155,000 | 170,738 | ||||||
|
| |||||||
210,664 | ||||||||
|
| |||||||
Diversified Financial Services — 4.6% | ||||||||
Aircastle Ltd. | 111,000 | 116,550 | ||||||
E*TRADE Financial Corp. | 119,000 | 126,140 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 88,000 | 88,220 | ||||||
Navient Corp. | 94,000 | 80,488 | ||||||
|
| |||||||
411,398 | ||||||||
|
| |||||||
Real Estate — 1.4% | ||||||||
Howard Hughes (The) Corp., 144A | 119,000 | 122,273 | ||||||
|
| |||||||
REITS — 3.5% | ||||||||
DuPont Fabros Technology LP | 137,000 | 142,309 | ||||||
Equinix, Inc. | 82,000 | 83,947 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Principal | Value | |||||||
REITS (Continued) | ||||||||
Iron Mountain, Inc. | $ | 88,000 | $ | 87,670 | ||||
|
| |||||||
313,926 | ||||||||
|
| |||||||
Industrial — 6.2% | ||||||||
Aerospace/Defense — 0.2% | ||||||||
TransDigm, Inc. | 20,000 | 19,750 | ||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Building Materials Corp. of America, 144A | 18,000 | 18,225 | ||||||
|
| |||||||
Engineering & Construction — 1.4% | ||||||||
AECOM | 119,000 | 123,239 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 0.9% | ||||||||
Gates Global LLC / Gates Global Co., 144A | 105,000 | 77,700 | ||||||
|
| |||||||
Packaging & Containers — 3.5% | ||||||||
Berry Plastics Corp. | 62,000 | 60,450 | ||||||
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Issuer, 144A (New Zealand) | 99,000 | 98,752 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 18,000 | 17,888 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC | 133,000 | 136,658 | ||||||
|
| |||||||
313,748 | ||||||||
|
| |||||||
Technology — 5.6% | ||||||||
Computers — 0.9% | ||||||||
NCR Corp. | 84,000 | 84,105 | ||||||
|
|
Principal | Value | |||||||
Semiconductors — 0.2% | ||||||||
Micron Technology, Inc. | $ | 20,000 | $ | 18,600 | ||||
|
| |||||||
Software — 4.5% | ||||||||
BMC Software Finance, Inc., 144A | 110,000 | 85,662 | ||||||
First Data Corp., 144A | 82,000 | 86,407 | ||||||
8.25%, 1/15/21 | 84,000 | 87,885 | ||||||
Open Text Corp., 144A (Canada) | 142,000 | 141,290 | ||||||
|
| |||||||
401,244 | ||||||||
|
| |||||||
Utilities — 2.6% | ||||||||
Electric — 2.6% | ||||||||
AES Corp. | 119,000 | 123,165 | ||||||
FirstEnergy Corp. | 102,000 | 103,598 | ||||||
|
| |||||||
226,763 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS | 8,330,627 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 2.6% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 228,237 | 228,237 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 95.9% | $ | 8,558,864 | ||||||
Other assets and liabilities, net — 4.1% | 367,152 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,926,016 | ||||||
|
|
† | The cost for federal income tax purposes was $9,442,753. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $883,889. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,050 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $914,939. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $220,763, which is 2.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
At November 30, 2015, open futures contracts sold were as follows:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
2-Year U.S. Treasury Note | 4 | $ | 870,188 | 3/31/2016 | $ | 250 | ||||||||||
5-Year U.S. Treasury Note | 38 | 4,509,827 | 3/31/2016 | 2,437 | ||||||||||||
10-Year U.S. Treasury Note | 23 | 2,908,063 | 3/21/2016 | 1,258 | ||||||||||||
|
|
|
| |||||||||||||
$ | 8,288,078 | $ | 3,945 | |||||||||||||
|
|
|
|
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 8,330,627 | $ | — | $ | 8,330,627 | ||||||||
Securities Lending Collateral | 228,237 | — | — | 228,237 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Futures Contracts | 3,945 | — | — | 3,945 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 232,182 | $ | 8,330,627 | $ | — | $ | 8,562,809 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
November 30, 2015 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 93.5% | ||||||||
Basic Materials — 4.1% | ||||||||
Chemicals — 0.9% | ||||||||
CF Industries, Inc. | $ | 45,000 | $ | 42,569 | ||||
|
| |||||||
Mining — 3.2% | ||||||||
Barrick Gold Corp. (Canada) | 45,000 | 39,659 | ||||||
Freeport-McMoRan, Inc. | 45,000 | 34,847 | ||||||
3.875%, 3/15/23 | 45,000 | 30,487 | ||||||
Rio Tinto Finance USA PLC (United Kingdom) | 50,000 | 49,390 | ||||||
|
| |||||||
154,383 | ||||||||
|
| |||||||
Communications — 13.0% | ||||||||
Internet — 2.3% | ||||||||
Amazon.com, Inc. | 45,000 | 47,445 | ||||||
eBay, Inc. | 65,000 | 64,456 | ||||||
|
| |||||||
111,901 | ||||||||
|
| |||||||
Media — 4.5% | ||||||||
Comcast Corp. | 95,000 | 94,356 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. | 40,000 | 38,367 | ||||||
Time Warner Cable, Inc. | 45,000 | 41,484 | ||||||
Walt Disney (The) Co. | 40,000 | 39,682 | ||||||
|
| |||||||
213,889 | ||||||||
|
| |||||||
Telecommunications — 6.2% | ||||||||
AT&T, Inc. | 45,000 | 42,278 | ||||||
Cisco Systems, Inc. | 40,000 | 47,133 | ||||||
Motorola Solutions, Inc. | 40,000 | 37,066 | ||||||
Verizon Communications, Inc. | 40,000 | 43,475 | ||||||
4.40%, 11/01/34 | 75,000 | 71,257 | ||||||
Vodafone Group PLC (United Kingdom) | 55,000 | 52,851 | ||||||
|
| |||||||
294,060 | ||||||||
|
| |||||||
Consumer, Cyclical — 5.6% | ||||||||
Auto Manufacturers — 1.5% | ||||||||
Ford Motor Co. | 50,000 | 48,066 | ||||||
Toyota Motor Credit Corp. | 25,000 | 25,089 | ||||||
|
| |||||||
73,155 | ||||||||
|
|
Principal | Value | |||||||
Retail — 4.1% | ||||||||
CVS Health Corp. | $ | 45,000 | $ | 46,231 | ||||
Target Corp. | 75,000 | 73,025 | ||||||
Wal-Mart Stores, Inc. | 59,000 | 74,900 | ||||||
|
| |||||||
194,156 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 15.8% | ||||||||
Agriculture — 1.4% | ||||||||
Altria Group, Inc. | ||||||||
4.00%, 1/31/24 | 65,000 | 67,999 | ||||||
|
| |||||||
Beverages — 1.7% | ||||||||
Anheuser-Busch InBev Finance, Inc. | ||||||||
2.15%, 2/01/19 | 40,000 | 40,167 | ||||||
4.625%, 2/01/44 | 40,000 | 40,541 | ||||||
|
| |||||||
80,708 | ||||||||
|
| |||||||
Biotechnology — 0.9% | ||||||||
Amgen, Inc. | ||||||||
5.375%, 5/15/43 | 40,000 | 42,255 | ||||||
|
| |||||||
Food — 0.9% | ||||||||
Kraft Foods Group, Inc. | ||||||||
6.50%, 2/09/40 | 35,000 | 41,452 | ||||||
|
| |||||||
Healthcare-Products — 1.1% | ||||||||
Medtronic, Inc. | ||||||||
3.625%, 3/15/24 | 50,000 | 51,812 | ||||||
|
| |||||||
Healthcare-Services — 3.2% | ||||||||
Anthem, Inc. | ||||||||
2.25%, 8/15/19 | 90,000 | 90,091 | ||||||
Laboratory Corp. of America Holdings | 65,000 | 63,348 | ||||||
|
| |||||||
153,439 | ||||||||
|
| |||||||
Pharmaceuticals — 6.6% | ||||||||
AbbVie, Inc. | ||||||||
4.70%, 5/14/45 | 75,000 | 73,992 | ||||||
Express Scripts Holding Co. | ||||||||
2.25%, 6/15/19 | 50,000 | 49,796 | ||||||
GlaxoSmithKline Capital PLC | 40,000 | 40,370 | ||||||
GlaxoSmithKline Capital, Inc. | ||||||||
2.80%, 3/18/23 | 60,000 | 60,183 | ||||||
Johnson & Johnson | ||||||||
5.95%, 8/15/37 | 45,000 | 58,301 | ||||||
Pfizer, Inc. | ||||||||
2.10%, 5/15/19 | 40,000 | 40,537 | ||||||
|
| |||||||
323,179 | ||||||||
|
| |||||||
Energy — 10.7% | ||||||||
Oil & Gas — 6.8% | ||||||||
Apache Corp. | 40,000 | 38,921 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
3.814%, 2/10/24 | $ | 40,000 | $ | 41,118 | ||||
Continental Resources, Inc. | ||||||||
3.80%, 6/01/24 | 50,000 | 41,569 | ||||||
Phillips 66 | ||||||||
4.30%, 4/01/22 | 60,000 | 63,154 | ||||||
Shell International Finance BV (Netherlands) | ||||||||
4.55%, 8/12/43 | 65,000 | 66,188 | ||||||
Total Capital International SA (France) | ||||||||
3.70%, 1/15/24 | 70,000 | 72,576 | ||||||
|
| |||||||
323,526 | ||||||||
|
| |||||||
Oil & Gas Services — 1.1% | ||||||||
Schlumberger Investment SA (Luxembourg) | ||||||||
3.65%, 12/01/23 | 50,000 | 51,802 | ||||||
|
| |||||||
Pipelines — 2.8% | ||||||||
Enbridge, Inc. (Canada) | ||||||||
4.00%, 10/01/23 | 55,000 | 50,388 | ||||||
Enterprise Products Operating LLC | ||||||||
5.10%, 2/15/45 | 45,000 | 41,034 | ||||||
Williams Partners LP / ACMP Finance Corp. | ||||||||
4.875%, 3/15/24 | 55,000 | 48,078 | ||||||
|
| |||||||
139,500 | ||||||||
|
| |||||||
Financial — 33.3% | ||||||||
Banks — 27.2% | ||||||||
Bank of America Corp. | ||||||||
MTN, 3.30%, 1/11/23 | 140,000 | 140,110 | ||||||
Bank of Montreal (Canada) | ||||||||
MTN, 2.375%, 1/25/19 | 60,000 | 60,787 | ||||||
Bank of New York Mellon (The) Corp. | ||||||||
MTN, 2.30%, 9/11/19 | 72,000 | 72,721 | ||||||
BNP Paribas SA (France) | ||||||||
MTN, 2.40%, 12/12/18 | 55,000 | 55,662 | ||||||
3.25%, 3/03/23 | 40,000 | 40,212 | ||||||
Citigroup, Inc. | ||||||||
2.40%, 2/18/20 | 40,000 | 39,919 | ||||||
5.30%, 5/06/44 | 40,000 | 42,151 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) | ||||||||
4.50%, 1/11/21 | 70,000 | 76,591 | ||||||
Deutsche Bank AG | ||||||||
2.50%, 2/13/19 (a) | 8,000 | 8,081 | ||||||
Goldman Sachs Group, (The), Inc. | ||||||||
2.625%, 1/31/19 | 85,000 | 86,569 | ||||||
3.50%, 1/23/25 | 50,000 | 49,838 | ||||||
5.95%, 1/15/27 | 35,000 | 39,477 | ||||||
MTN, 4.80%, 7/08/44 | 40,000 | 40,526 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
5.10%, 4/05/21 | 75,000 | 84,036 | ||||||
4.00%, 3/30/22 | 40,000 | 42,225 | ||||||
JPMorgan Chase & Co. | ||||||||
2.25%, 1/23/20 | 45,000 | 44,874 | ||||||
5.60%, 7/15/41 | 45,000 | 52,882 | ||||||
Morgan Stanley | 45,000 | 45,736 |
Principal | Value | |||||||
Banks (Continued) | ||||||||
GMTN, 3.70%, 10/23/24 | $ | 45,000 | $ | 45,815 | ||||
GMTN, 4.35%, 9/08/26 | 40,000 | 40,750 | ||||||
4.30%, 1/27/45 | 40,000 | 38,917 | ||||||
Wells Fargo & Co. | ||||||||
2.15%, 1/30/20 | 40,000 | 39,844 | ||||||
4.125%, 8/15/23 | 40,000 | 41,746 | ||||||
Wells Fargo & Co. | ||||||||
5.606%, 1/15/44 | 35,000 | 39,179 | ||||||
Westpac Banking Corp. (Australia) | ||||||||
2.25%, 1/17/19 | 40,000 | 40,354 | ||||||
|
| |||||||
1,309,002 | ||||||||
|
| |||||||
Diversified Financial Services — 1.7% | ||||||||
General Electric Capital Corp. | ||||||||
MTN, 5.875%, 1/14/38 | 65,000 | 79,875 | ||||||
|
| |||||||
Insurance — 2.2% | ||||||||
American International Group, Inc. | ||||||||
4.50%, 7/16/44 | 50,000 | 47,472 | ||||||
Berkshire Hathaway, Inc. | ||||||||
2.10%, 8/14/19 | 55,000 | 55,664 | ||||||
|
| |||||||
103,136 | ||||||||
|
| |||||||
REITS — 2.2% | ||||||||
American Tower Corp. | ||||||||
5.00%, 2/15/24 | 40,000 | 42,596 | ||||||
HCP, Inc. | ||||||||
5.375%, 2/01/21 | 55,000 | 60,376 | ||||||
|
| |||||||
102,972 | ||||||||
|
| |||||||
Industrial — 4.0% | ||||||||
Aerospace/Defense — 1.4% | ||||||||
United Technologies Corp. | ||||||||
3.10%, 6/01/22 | 65,000 | 66,478 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 0.8% | ||||||||
General Electric Co. | ||||||||
2.70%, 10/09/22 | 40,000 | 40,159 | ||||||
|
| |||||||
Transportation — 1.8% | ||||||||
United Parcel Service, Inc. | 80,000 | 83,934 | ||||||
|
| |||||||
Technology — 5.9% | ||||||||
Computers — 1.5% | ||||||||
Hewlett-Packard Co. | 70,000 | 69,938 | ||||||
|
| |||||||
Semiconductors — 0.9% | ||||||||
Intel Corp. | 40,000 | 41,711 | ||||||
|
| |||||||
Software — 3.5% | ||||||||
Microsoft Corp. | 85,000 | 78,344 | ||||||
Oracle Corp. | 90,000 | 90,602 | ||||||
|
| |||||||
168,946 | ||||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Principal | Value | |||||||
Utilities — 1.1% | ||||||||
Electric — 1.1% | ||||||||
Pacific Gas & Electric Co. | $ | 45,000 | $ | 54,138 | ||||
|
| |||||||
TOTAL CORPORATE BONDS | 4,480,074 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 93.5% | $ | 4,480,074 | ||||||
Other assets and liabilities, net — 6.5% | 311,956 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,792,030 | ||||||
|
|
† | The cost for federal income tax purposes was $4,677,602. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $197,528. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,905 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $199,433. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
GMTN: Global Medium Term Note
MTN: Medium Term Note
At November 30, 2015, open futures contracts sold were as follows:
Contract Description | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
10-Year U.S. Treasury Note | 13 | $ | 1,643,688 | 3/21/2016 | $ | 711 | ||||||||||
5-Year U.S. Treasury Note | 12 | 1,424,156 | 3/31/2016 | 688 | ||||||||||||
Ultra Long U.S. Treasury Bond | 2 | 316,875 | 3/21/2016 | (719 | ) | |||||||||||
U.S. Treasury Long Bond | 7 | 1,078,000 | 3/21/2016 | (1,969 | ) | |||||||||||
|
|
|
| |||||||||||||
$4,462,719 | $ | (1,289 | ) | |||||||||||||
|
|
|
|
For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Corporate Bonds* | $ | — | 4,480,074 | $ | — | $ | 4,480,074 | |||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Depreciation on Futures Contracts | (1,289 | ) | — | — | (1,289 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (1,289 | ) | $ | 4,480,074 | $ | — | $ | 4,478,785 | |||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
November 30, 2015 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 98.1% | ||||||||
Arizona — 0.5% | ||||||||
Arizona Department of Transportation State Highway Fund, Fuel Sales Tax Revenue, Sub-Series A, | $ | 100,000 | $ | 117,952 | ||||
|
| |||||||
California — 12.7% | ||||||||
Bay Area Toll Authority, | 1,100,000 | 1,225,235 | ||||||
City of San Francisco Public Utilities Commission, Water Revenue, | 100,000 | 113,345 | ||||||
M-S-R Energy Authority, Natural Gas Revenue, Series B, | 100,000 | 129,111 | ||||||
Series A, 6.50%, 11/01/39 | 500,000 | 676,180 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, | 600,000 | 659,070 | ||||||
Southern California Public Power Authority, Natural Gas Revenue, Project No. 1, Series A, | 300,000 | 347,748 | ||||||
|
| |||||||
3,150,689 | ||||||||
|
| |||||||
Colorado — 0.7% | ||||||||
City & County of Denver Airport System, Private Airport & Marina Revenue, Series B, | 100,000 | 116,542 | ||||||
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A, | 50,000 | 59,570 | ||||||
|
| |||||||
176,112 | ||||||||
|
| |||||||
Florida — 12.1% | ||||||||
County of Miami-Dade Aviation, Private Airport & Marina Revenue, Series A, AMT, | 50,000 | 55,736 | ||||||
5.00%, 10/01/36 | 700,000 | 772,464 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 1,200,000 | 1,327,320 | ||||||
County of Miami-Dade Transit System, Sales Tax Revenue, | 50,000 | 55,682 | ||||||
County of Miami-Dade Water & Sewer System, Water Revenue, | 500,000 | 566,025 | ||||||
Orlando-Orange County Expressway Authority, Highway Tolls Revenue, | 200,000 | 226,664 | ||||||
|
| |||||||
3,003,891 | ||||||||
|
|
Principal | Value | |||||||
Georgia — 1.9% | ||||||||
County of DeKalb Water & Sewerage, Water Revenue, Series A, | $ | 110,000 | $ | 128,228 | ||||
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue, 3rd Series, | 300,000 | 334,134 | ||||||
|
| |||||||
462,362 | ||||||||
|
| |||||||
Indiana — 3.2% | ||||||||
Indiana Finance Authority, Sewer Revenue, Series A, | 700,000 | 789,733 | ||||||
|
| |||||||
Louisiana — 5.3% | ||||||||
New Orleans Aviation Board, Series A, | 1,200,000 | 1,304,928 | ||||||
|
| |||||||
Massachusetts — 10.3% | ||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A, | 750,000 | 936,487 | ||||||
Massachusetts School Building Authority, Sales Tax Revenue, Series A, | 750,000 | 899,445 | ||||||
Series A, 5.00%, 8/15/26 | 200,000 | 238,666 | ||||||
Series B, 5.00%, 8/15/28 | 400,000 | 473,460 | ||||||
|
| |||||||
2,548,058 | ||||||||
|
| |||||||
New Jersey — 3.1% | ||||||||
New Jersey State Turnpike Authority, Highway Tolls Revenue, Series A, | 700,000 | 774,270 | ||||||
|
| |||||||
New York — 29.6% | ||||||||
Hudson Yards Infrastructure Corp., Miscellaneous Tax Revenue, Series A, | 200,000 | 219,806 | ||||||
Series A, 5.75%, 2/15/47 | 55,000 | 62,819 | ||||||
Long Island Power Authority, | 700,000 | 780,773 | ||||||
Metropolitan Transportation Authority, New York Transit Revenue, Series A, | 100,000 | 112,635 | ||||||
5.00%, 11/15/45 | 1,300,000 | 1,463,657 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-1, | 350,000 | 399,252 | ||||||
New York City Water & Sewer System, Water Revenue, | ||||||||
Series GG, 5.00%, 6/15/43 | 100,000 | 113,984 | ||||||
Series FF, 5.00%, 6/15/45 | 300,000 | 333,606 | ||||||
Series BB, 5.00%, 6/15/47 | 450,000 | 503,258 | ||||||
New York Liberty Development Corp., Class 1, | 530,000 | 609,007 | ||||||
New York State Thruway Authority, | 1,000,000 | 1,177,590 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2015 (Unaudited)
Principal | Value | |||||||
New York (Continued) | ||||||||
Triborough Bridge & Tunnel Authority, New York Highway Tolls Revenue, Series B, | $ | 200,000 | $ | 239,872 | ||||
Utility Debt Securitization Authority, | 1,100,000 | 1,263,768 | ||||||
|
| |||||||
7,280,027 | ||||||||
|
| |||||||
Pennsylvania — 2.3% | ||||||||
Pennsylvania Turnpike Commission, Highway Tolls Revenue, Series C, | 520,000 | 577,247 | ||||||
|
| |||||||
South Carolina — 4.4% | ||||||||
South Carolina State Public Service Authority, Series E, | 1,000,000 | 1,095,200 | ||||||
|
| |||||||
Texas — 7.8% | ||||||||
Dallas/Fort Worth International Airport, Private Airport & Marina Revenue, | 200,000 | 222,212 | ||||||
Series H, AMT, 5.00%, 11/01/37 | 300,000 | 326,706 |
Principal | Value | |||||||
Texas (Continued) | ||||||||
Series C, 5.00%, 11/01/45 | $ | 350,000 | $ | 383,918 | ||||
Texas Transportation Commission, Highway Tolls Revenue, Series A, | 900,000 | 985,113 | ||||||
|
| |||||||
1,917,949 | ||||||||
|
| |||||||
Virginia — 2.3% | ||||||||
Virginia Small Business Financing Authority, Highway Tolls Revenue, Elizabeth River Crossings, AMT, | 500,000 | 575,160 | ||||||
|
| |||||||
Washington — 1.9% | ||||||||
Port of Seattle, Private Airport & Marina Revenue, Series A, | 400,000 | 464,004 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (Cost $23,418,926) | 24,237,582 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.1% (Cost $23,418,926)† | $ | 24,237,582 | ||||||
Other assets and liabilities, net — 1.9% | 461,076 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,698,658 | ||||||
|
|
† | The cost for federal income tax purposes was $23,418,926. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $818,656. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $841,773 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $23,117. |
AGM: Assured Guaranty Municipal Corp.
AMT: Alternative Minimum Tax
INS: Insured
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Municipal Bonds* | $ | — | $ | 24,237,582 | $ | — | $ | 24,237,582 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 24,237,582 | $ | — | $ | 24,237,582 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.2% | ||||||||
Australia — 6.3% | ||||||||
Amcor Ltd. | 3,689 | $ | 36,070 | |||||
ASX Ltd. | 620 | 18,559 | ||||||
Bendigo and Adelaide Bank Ltd. | 1,314 | 10,605 | ||||||
BHP Billiton Ltd. | 9,783 | 127,988 | ||||||
BHP Billiton PLC | 6,375 | 76,513 | ||||||
Insurance Australia Group Ltd. | 8,081 | 32,377 | ||||||
LendLease Group (a) | 1,916 | 17,667 | ||||||
Orica Ltd. | 1,214 | 13,872 | ||||||
Sonic Healthcare Ltd. | 1,255 | 18,452 | ||||||
Suncorp Group Ltd. | 4,176 | 40,439 | ||||||
Tatts Group Ltd. | 4,301 | 12,940 | ||||||
Telstra Corp. Ltd. | 13,139 | 50,931 | ||||||
Wesfarmers Ltd. | 3,438 | 94,706 | ||||||
Woodside Petroleum Ltd. | 2,222 | 48,385 | ||||||
Woolworths Ltd. | 3,881 | 66,436 | ||||||
|
| |||||||
665,940 | ||||||||
|
| |||||||
Austria — 0.1% | ||||||||
OMV AG | 525 | 14,985 | ||||||
|
| |||||||
Brazil — 1.3% | ||||||||
Ambev SA | 14,727 | 70,951 | ||||||
BB Seguridade Participacoes SA | 2,114 | 14,190 | ||||||
CCR SA | 3,757 | 12,439 | ||||||
CETIP SA — Mercados Organizados | 919 | 8,741 | ||||||
Cielo SA | 2,811 | 25,509 | ||||||
Tractebel Energia SA | 774 | 6,694 | ||||||
|
| |||||||
138,524 | ||||||||
|
| |||||||
Canada — 9.9% | ||||||||
ARC Resources Ltd. | 1,100 | 15,074 | ||||||
Bank of Montreal | 1,800 | 103,933 | ||||||
Bank of Nova Scotia | 3,700 | 168,702 | ||||||
BCE, Inc. | 450 | 19,369 | ||||||
Canadian Imperial Bank of Commerce | 1,250 | 93,863 | ||||||
Cenovus Energy, Inc. | 2,700 | 39,951 | ||||||
CI Financial Corp. | 900 | 21,391 | ||||||
Great-West Lifeco, Inc. | 900 | 24,457 | ||||||
Husky Energy, Inc. | 1,100 | 14,851 | ||||||
IGM Financial, Inc. | 450 | 12,828 | ||||||
Potash Corp. of Saskatchewan, Inc. | 2,700 | 54,649 | ||||||
Power Corp. of Canada | 900 | 21,114 | ||||||
Power Financial Corp. | 900 | 22,853 | ||||||
PrairieSky Royalty Ltd. | 550 | 10,564 | ||||||
Rogers Communications, Inc., Class B | 1,250 | 48,214 | ||||||
Royal Bank of Canada | 4,750 | 270,605 | ||||||
Shaw Communications, Inc., Class B | 900 | 18,681 | ||||||
TELUS Corp. (b) | 450 | 14,301 | ||||||
TransCanada Corp. | 2,169 | 68,443 | ||||||
Vermilion Energy, Inc. | 350 | 10,481 | ||||||
|
| |||||||
1,054,324 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Banco de Chile | 125,652 | 12,531 | ||||||
Banco Santander Chile | 358,821 | 16,006 | ||||||
|
| |||||||
28,537 | ||||||||
|
|
Number | Value | |||||||
China — 6.6% | ||||||||
Agricultural Bank of China Ltd., Class H | 71,847 | $ | 27,521 | |||||
Bank of China Ltd., Class H | 242,203 | 107,459 | ||||||
China Construction Bank Corp., Class H | 251,129 | 172,635 | ||||||
China Merchants Bank Co. Ltd., Class H | 14,487 | 34,043 | ||||||
China Oilfield Services Ltd., Class H | 7,119 | 7,079 | ||||||
China Petroleum & Chemical Corp., Class H | 84,248 | 51,613 | ||||||
CNOOC Ltd. | 58,064 | 64,254 | ||||||
Country Garden Holdings Co. Ltd. | 18,064 | 6,780 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 224,474 | 135,783 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 5,310 | 6,876 | ||||||
Jiangxi Copper Co. Ltd., Class H | 5,022 | 6,004 | ||||||
PetroChina Co. Ltd., Class H | 68,832 | 48,916 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 10,971 | 23,800 | ||||||
Sino-Ocean Land Holdings Ltd. | 10,381 | 5,824 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 7,300 | 5,693 | ||||||
|
| |||||||
704,280 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Ecopetrol SA | 18,103 | 7,513 | ||||||
|
| |||||||
Denmark — 0.2% | ||||||||
TDC A/S | 2,634 | 13,836 | ||||||
Tryg A/S | 422 | 8,217 | ||||||
|
| |||||||
22,053 | ||||||||
|
| |||||||
Finland — 1.7% | ||||||||
Elisa OYJ | 468 | 17,435 | ||||||
Fortum OYJ | 1,403 | 20,486 | ||||||
Metso OYJ (b) | 390 | 9,683 | ||||||
Nokian Renkaat OYJ | 422 | 16,564 | ||||||
Orion OYJ, Class B | 346 | 11,555 | ||||||
Sampo OYJ, Class A | 1,389 | 68,857 | ||||||
UPM-Kymmene OYJ | 1,629 | 31,101 | ||||||
|
| |||||||
175,681 | ||||||||
|
| |||||||
France — 9.5% | ||||||||
AXA SA | 6,023 | 162,971 | ||||||
Bouygues SA | 621 | 23,377 | ||||||
Casino Guichard-Perrachon SA | 152 | 8,691 | ||||||
CNP Assurances | 553 | 7,701 | ||||||
Edenred | 658 | 13,637 | ||||||
Eutelsat Communications SA | 503 | 15,013 | ||||||
Rexel SA | 894 | 12,246 | ||||||
Sanofi | 3,622 | 322,906 | ||||||
SCOR SE | 491 | 19,257 | ||||||
Total SA | 6,672 | 331,316 | ||||||
Vinci SA | 1,431 | 93,074 | ||||||
|
| |||||||
1,010,189 | ||||||||
|
| |||||||
Germany — 6.3% | ||||||||
Allianz SE | 1,444 | 255,776 | ||||||
Axel Springer SE | 179 | 9,993 | ||||||
BASF SE | 2,824 | 233,742 | ||||||
Hannover Rueck SE | 207 | 24,221 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 519 | 104,597 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
ProSiebenSat.1 Media SE | 783 | $ | 41,116 | |||||
|
| |||||||
669,445 | ||||||||
|
| |||||||
Hong Kong — 2.4% | ||||||||
BOC Hong Kong (Holdings) Ltd. | 11,267 | 34,513 | ||||||
CLP Holdings Ltd. | 5,403 | 45,156 | ||||||
Hang Seng Bank Ltd. | 2,268 | 41,098 | ||||||
HKT Trust and HKT Ltd. (a) | 7,613 | 9,642 | ||||||
Li & Fung Ltd. | 18,342 | 12,633 | ||||||
NWS Holdings Ltd. | 5,652 | 7,931 | ||||||
PCCW Ltd. | 12,330 | 7,458 | ||||||
Power Assets Holdings Ltd. | 4,072 | 36,369 | ||||||
Shimao Property Holdings Ltd. | 4,099 | 6,841 | ||||||
Sino Land Co. Ltd. | 10,148 | 15,052 | ||||||
Sun Art Retail Group Ltd. | 9,206 | 7,231 | ||||||
Swire Pacific Ltd., Class A | 1,836 | 20,033 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 2,331 | 8,463 | ||||||
|
| |||||||
252,420 | ||||||||
|
| |||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil and Gas PLC | 458 | 21,013 | ||||||
|
| |||||||
Indonesia — 0.1% | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 5,216 | 7,050 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 40,513 | 7,775 | ||||||
|
| |||||||
14,825 | ||||||||
|
| |||||||
Italy — 0.6% | ||||||||
Snam SpA | 6,848 | 34,802 | ||||||
Terna Rete Elettrica Nazionale SpA | 5,241 | 25,804 | ||||||
|
| |||||||
60,606 | ||||||||
|
| |||||||
Japan — 1.7% | ||||||||
Canon, Inc. | 3,300 | 99,617 | ||||||
NTT DOCOMO, Inc. | 4,300 | 81,319 | ||||||
|
| |||||||
180,936 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
SES SA FDR | 995 | 27,617 | ||||||
|
| |||||||
Macau — 0.3% | ||||||||
Sands China Ltd. | 7,695 | 26,003 | ||||||
Wynn Macau Ltd. | 5,389 | 6,707 | ||||||
|
| |||||||
32,710 | ||||||||
|
| |||||||
Malaysia — 1.1% | ||||||||
AMMB Holdings Bhd | 7,500 | 8,073 | ||||||
British American Tobacco Malaysia Bhd | 700 | 9,499 | ||||||
DiGi.Com Bhd | 13,500 | 15,830 | ||||||
IOI Corp. Bhd | 13,400 | 13,670 | ||||||
Lafarge Malaysia Bhd | 2,900 | 6,189 | ||||||
Malayan Banking Bhd | 16,100 | 31,415 | ||||||
Maxis Bhd | 8,900 | 13,692 | ||||||
Telekom Malaysia Bhd | 6,200 | 9,466 | ||||||
UMW Holdings Bhd | 3,600 | 6,737 | ||||||
|
| |||||||
114,571 | ||||||||
|
|
Number | Value | |||||||
Mexico — 0.2% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 8,688 | $ | 20,527 | |||||
|
| |||||||
Netherlands — 4.9% | ||||||||
Aegon NV | 5,775 | 35,365 | ||||||
Royal Dutch Shell PLC, Class A | 11,980 | 296,446 | ||||||
Royal Dutch Shell PLC, Class B | 7,538 | 187,550 | ||||||
|
| |||||||
519,361 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Fletcher Building Ltd. | 3,141 | 15,072 | ||||||
|
| |||||||
Norway — 1.4% | ||||||||
Gjensidige Forsikring ASA | 728 | 11,753 | ||||||
Orkla ASA | 2,645 | 21,487 | ||||||
Statoil ASA | 3,481 | 53,834 | ||||||
Telenor ASA | 2,358 | 41,106 | ||||||
Yara International ASA | 541 | 25,044 | ||||||
|
| |||||||
153,224 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 7,232 | 24,107 | ||||||
|
| |||||||
Russia — 1.5% | ||||||||
Gazprom PAO, ADR | 11,750 | 48,539 | ||||||
Lukoil PJSC, ADR | 1,550 | 59,722 | ||||||
MegaFon PJSC, GDR | 1,736 | 26,300 | ||||||
Mobile TeleSystems PJSC, ADR | 4,212 | 29,695 | ||||||
|
| |||||||
164,256 | ||||||||
|
| |||||||
Singapore — 1.5% | ||||||||
Keppel Corp. Ltd. | 5,800 | 26,933 | ||||||
Sembcorp Industries Ltd. | 5,300 | 12,211 | ||||||
Sembcorp Marine Ltd. | 6,200 | 9,054 | ||||||
Singapore Exchange Ltd. | 2,700 | 14,433 | ||||||
Singapore Press Holdings Ltd. | 4,500 | 12,825 | ||||||
Singapore Technologies Engineering Ltd. | 6,300 | 12,774 | ||||||
Singapore Telecommunications Ltd. | 24,200 | 65,709 | ||||||
StarHub Ltd. | 2,000 | 5,147 | ||||||
|
| |||||||
159,086 | ||||||||
|
| |||||||
South Africa — 2.7% | ||||||||
Barclays Africa Group Ltd. | 1,208 | 13,277 | ||||||
Coronation Fund Managers Ltd. | 891 | 3,746 | ||||||
FirstRand Ltd. | 11,291 | 36,725 | ||||||
Foschini Group Ltd. (The) | 624 | 5,590 | ||||||
Imperial Holdings Ltd. | 528 | 5,550 | ||||||
Investec Ltd. | 752 | 6,294 | ||||||
Investec PLC | 1,578 | 13,428 | ||||||
Liberty Holdings Ltd. | 567 | 5,089 | ||||||
MMI Holdings Ltd. | 3,908 | 6,396 | ||||||
MTN Group Ltd. | 5,135 | 51,563 | ||||||
Nampak Ltd. (b) | 2,384 | 4,184 | ||||||
Nedbank Group Ltd. | 793 | 11,572 | ||||||
RMB Holdings Ltd. | 2,455 | 10,378 | ||||||
Sasol Ltd. | 2,020 | 56,252 | ||||||
Standard Bank Group Ltd. | 4,030 | 36,196 | ||||||
Truworths International Ltd. | 1,314 | 8,591 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
South Africa (Continued) | ||||||||
Vodacom Group Ltd. (b) | 1,421 | $ | 14,352 | |||||
|
| |||||||
289,183 | ||||||||
|
| |||||||
Spain — 1.2% | ||||||||
Enagas SA | 717 | 21,370 | ||||||
Gas Natural SDG SA | 1,141 | 24,683 | ||||||
Mapfre SA | 3,146 | 8,632 | ||||||
Red Electrica Corp. SA | 359 | 30,799 | ||||||
Repsol SA | 3,375 | 44,021 | ||||||
|
| |||||||
129,505 | ||||||||
|
| |||||||
Sweden — 1.8% | ||||||||
Hennes & Mauritz AB, Class B | 3,109 | 115,316 | ||||||
Industrivarden AB, Class C | 378 | 6,769 | ||||||
Skanska AB, Class B | 1,283 | 25,537 | ||||||
TeliaSonera AB | 8,756 | 42,978 | ||||||
|
| |||||||
190,600 | ||||||||
|
| |||||||
Switzerland — 2.9% | ||||||||
SGS SA | 17 | 32,518 | ||||||
Swiss Prime Site AG | 218 | 16,305 | ||||||
Swiss Re AG | 1,005 | 95,777 | ||||||
Swisscom AG | 84 | 41,394 | ||||||
Zurich Insurance Group AG | 452 | 119,013 | ||||||
|
| |||||||
305,007 | ||||||||
|
| |||||||
Taiwan — 2.1% | ||||||||
Asia Cement Corp. | 14,920 | 12,638 | ||||||
Asustek Computer, Inc. | 2,636 | 21,804 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 7,262 | 12,169 | ||||||
Chicony Electronics Co. Ltd. | 3,151 | 7,269 | ||||||
Chunghwa Telecom Co. Ltd. | 13,877 | 42,428 | ||||||
Far Eastern New Century Corp. | 18,929 | 15,309 | ||||||
Far EasTone Telecommunications Co. Ltd. | 6,657 | 14,011 | ||||||
Lite-On Technology Corp. | 10,260 | 10,530 | ||||||
Novatek Microelectronics Corp. | 2,653 | 9,631 | ||||||
Quanta Computer, Inc. | 10,535 | 16,460 | ||||||
Synnex Technology International Corp. | 7,407 | 7,182 | ||||||
Taiwan Cement Corp. | 15,924 | 14,367 | ||||||
Taiwan Fertilizer Co. Ltd. | 6,448 | 7,941 | ||||||
Taiwan Mobile Co. Ltd. | 6,507 | 19,655 | ||||||
Teco Electric & Machinery Co. Ltd. | 9,583 | 7,472 | ||||||
WPG Holdings Ltd. | 8,227 | 7,964 | ||||||
|
| |||||||
226,830 | ||||||||
|
| |||||||
Thailand — 0.6% | ||||||||
Krung Thai Bank PCL, NVDR | 44,900 | 21,298 | ||||||
PTT PCL, NVDR | 3,500 | 25,000 | ||||||
Siam Commercial Bank PCL, NVDR | 5,300 | 19,446 | ||||||
|
| |||||||
65,744 | ||||||||
|
| |||||||
United Arab Emirates — 0.4% | ||||||||
Dubai Islamic Bank PJSC | 6,362 | 11,087 | ||||||
First Gulf Bank PJSC | 10,863 | 35,494 | ||||||
|
| |||||||
46,581 | ||||||||
|
|
Number | Value | |||||||
United Kingdom — 26.7% | ||||||||
Aberdeen Asset Management PLC | 2,950 | $ | 14,191 | |||||
Admiral Group PLC | 643 | 15,698 | ||||||
Amec Foster Wheeler PLC | 1,289 | 8,453 | ||||||
Anglo American PLC | 4,293 | 26,422 | ||||||
AstraZeneca PLC | 3,879 | 263,042 | ||||||
BAE Systems PLC | 9,260 | 72,033 | ||||||
British American Tobacco PLC | 5,738 | 334,271 | ||||||
Centrica PLC | 15,552 | 51,085 | ||||||
Direct Line Insurance Group PLC | 4,173 | 25,881 | ||||||
GlaxoSmithKline PLC | 14,891 | 304,001 | ||||||
HSBC Holdings PLC | 60,460 | 482,154 | ||||||
ICAP PLC | 1,715 | 13,147 | ||||||
Imperial Tobacco Group PLC | 2,928 | 158,225 | ||||||
Inmarsat PLC | 1,398 | 23,477 | ||||||
ITV PLC | 11,291 | 46,084 | ||||||
J Sainsbury PLC | 3,797 | 14,514 | ||||||
Legal & General Group PLC | 18,289 | 74,784 | ||||||
Marks & Spencer Group PLC | 5,140 | 38,900 | ||||||
National Grid PLC | 11,446 | 159,596 | ||||||
Old Mutual PLC | 15,223 | 47,918 | ||||||
Pearson PLC | 2,445 | 30,417 | ||||||
Persimmon PLC | 936 | 26,996 | ||||||
Petrofac Ltd. | 892 | 11,083 | ||||||
Rexam PLC | 2,096 | 18,293 | ||||||
Rio Tinto Ltd. | 1,295 | 42,997 | ||||||
Rio Tinto PLC | 3,838 | 127,660 | ||||||
Severn Trent PLC | 774 | 26,252 | ||||||
SSE PLC | 3,068 | 66,261 | ||||||
Standard Life PLC | 6,073 | 38,095 | ||||||
Tate & Lyle PLC | 1,528 | 13,578 | ||||||
Vodafone Group PLC | 80,971 | 273,472 | ||||||
|
| |||||||
2,848,980 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 10,354,232 | |||||||
|
| |||||||
PREFERRED STOCK — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Cia Energetica de Minas Gerais | 3,005 | 5,126 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Daily Assets Fund, 0.20% (c)(d) | 29,008 | 29,008 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.5% (Cost $10,461,398)† | $ | 10,388,366 | ||||||
Other assets and liabilities, net — 2.5% | 264,461 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,652,827 | ||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
† | The cost for federal income tax purposes was $10,461,398. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $73,032. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $334,951 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $407,983. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $26,958, which is 0.3% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt
FDR: Fiduciary Depositary Receipt
GDR: Global Depositary Receipt
NVDR: Non Voting Depositary Receipt
PJSC: Private Joint Stock Company
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 10/2/2015 | CAD | 17,000 | USD | 12,766 | $ | 36 | |||||||||||
Bank of Montreal | 10/2/2015 | GBP | 1,257,561 | USD | 1,893,308 | (1,037 | ) | |||||||||||
Bank of Montreal | 10/2/2015 | ZAR | 37,200 | USD | 2,579 | 8 | ||||||||||||
Bank of Montreal | 10/6/2015 | HUF | 3,530,500 | USD | 11,993 | (5 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | BRL | 8,000 | USD | 2,054 | (11 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | CHF | 174,500 | USD | 177,174 | 7,567 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 29,000 | USD | 29,445 | 1,258 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 110,500 | USD | 112,194 | 4,793 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 5,900 | USD | 5,990 | 256 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 97,000 | USD | 14,377 | 640 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | DKK | 59,000 | USD | 8,745 | 389 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 9,700 | USD | 1,438 | 64 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 1,144,229 | USD | 1,264,396 | 55,465 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 213,000 | USD | 235,362 | 10,318 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 15,000 | USD | 16,534 | 686 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 706,000 | USD | 780,160 | 34,238 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 25,000 | USD | 27,626 | 1,212 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 18,300 | USD | 28,257 | 696 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 1,386,561 | USD | 2,141,008 | 52,720 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 22,000 | USD | 34,017 | 883 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 166,000 | USD | 256,325 | 6,314 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 831,500 | USD | 1,283,940 | 31,624 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 906,000 | USD | 116,911 | 60 | ||||||||||||
Bank of Montreal | 12/2/2015 | HKD | 1,698,000 | USD | 219,083 | 83 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 906,000 | USD | 116,890 | 18 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 5,830,900 | USD | 752,414 | 375 | ||||||||||||
Bank of Montreal | 12/2/2015 | HUF | 3,530,500 | USD | 12,532 | 533 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HUF | 2,197,500 | USD | 7,801 | 333 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HUF | 271,400 | USD | 963 | 41 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HUF | 289,400 | USD | 986 | 3 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 782,600 | USD | 92,532 | 2,481 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 137,000 | USD | 16,182 | 418 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | NOK | 484,000 | USD | 57,170 | 1,477 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | NOK | 3,200 | USD | 378 | 10 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 1,027,500 | USD | 121,085 | 3,277 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 110,000 | USD | 12,963 | 351 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 630,500 | USD | 74,302 | 2,011 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 34,600 | USD | 4,077 | $ | 110 | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 16,245 | CHF | 16,000 | (694 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 154,190 | CHF | 158,500 | (135 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 13,732 | DKK | 97,000 | 5 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 100,557 | EUR | 91,000 | (4,412 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 1,112,368 | EUR | 1,053,229 | 417 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 191,470 | GBP | 124,000 | (4,716 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 1,893,007 | GBP | 1,257,561 | 996 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 7,708 | GBP | 5,000 | (178 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 192,468 | HKD | 1,492,000 | (37 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 26,579 | HKD | 206,000 | (10 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 11,995 | HUF | 3,530,500 | 3 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 84,727 | NOK | 735,600 | (83 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 5,557 | NOK | 47,000 | (149 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 105,090 | SEK | 916,500 | (8 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 13,081 | SEK | 111,000 | (354 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 55,748 | NOK | 484,000 | (55 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 240,802 | EUR | 228,000 | 90 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 1,251,657 | GBP | 831,500 | 659 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 116,874 | HKD | 906,000 | (23 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 28,211 | CHF | 29,000 | (25 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 107,496 | CHF | 110,500 | (94 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 8,353 | DKK | 59,000 | 3 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 745,642 | EUR | 706,000 | 280 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 282,996 | GBP | 188,000 | 149 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 7,466 | HUF | 2,197,500 | 2 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 15,780 | NOK | �� | 137,000 | (16 | ) | ||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 12,613 | SEK | 110,000 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 72,296 | SEK | 630,500 | (6 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,020 | CHF | 2,000 | (76 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,794 | CHF | 3,900 | (3 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,373 | DKK | 9,700 | 0 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 7,921 | EUR | 7,500 | 3 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 17,310 | EUR | 15,800 | (616 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,848 | EUR | 1,700 | (52 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 9,182 | GBP | 6,100 | 5 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 18,809 | GBP | 12,200 | (435 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 745,309 | HKD | 5,777,600 | (144 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,465 | HKD | 19,100 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 4,413 | HKD | 34,200 | (2 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,905 | HUF | 560,800 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 369 | NOK | 3,200 | 0 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,967 | SEK | 34,600 | 0 | ||||||||||||
Bank of Montreal | 12/3/2015 | AUD | 610,597 | USD | 434,947 | (6,563 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 365,000 | USD | 260,000 | (3,924 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 7,200 | USD | 5,217 | 11 | ||||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 7,000 | USD | 4,992 | (69 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 67,000 | USD | 47,727 | (719 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 2,800 | USD | 1,995 | (30 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 600,152 | USD | 154,573 | (398 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | CAD | 858,329 | USD | 655,921 | 13,196 | ||||||||||||
RBC Capital Markets | 12/3/2015 | CAD | 9,000 | USD | 6,888 | 149 | ||||||||||||
RBC Capital Markets | 12/3/2015 | CAD | 102,000 | USD | 77,951 | 1,572 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CAD | 530,000 | USD | 405,018 | 8,148 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | CAD | 18,700 | USD | 14,291 | 288 | ||||||||||||
RBC Capital Markets | 12/3/2015 | CHF | 13,000 | USD | 12,680 | 7 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
��
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/3/2015 | CLP | 6,871,500 | USD | 9,912 | $ | 246 | |||||||||||
RBC Capital Markets | 12/3/2015 | CLP | 3,457,000 | USD | 4,987 | 124 | ||||||||||||
RBC Capital Markets | 12/3/2015 | CLP | 3,907,000 | USD | 5,638 | 142 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CLP | 6,871,500 | USD | 9,916 | 249 | ||||||||||||
Bank of Montreal | 12/3/2015 | COP | 9,138,000 | USD | 3,145 | 240 | ||||||||||||
RBC Capital Markets | 12/3/2015 | COP | 5,243,000 | USD | 1,806 | 139 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | COP | 9,138,000 | USD | 3,149 | 244 | ||||||||||||
RBC Capital Markets | 12/3/2015 | EUR | 32,000 | USD | 33,832 | (20 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | IDR | 89,246,000 | USD | 6,446 | 0 | ||||||||||||
RBC Capital Markets | 12/3/2015 | IDR | 57,515,000 | USD | 4,153 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 89,246,000 | USD | 6,430 | (16 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | IDR | 89,246,000 | USD | 6,399 | 6 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 14,974,000 | USD | 124,116 | 2,459 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 599,500 | USD | 4,863 | (8 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 2,438,000 | USD | 20,207 | 399 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 2,438,000 | USD | 19,802 | (32 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 9,403,000 | USD | 77,939 | 1,544 | ||||||||||||
Bank of Montreal | 12/3/2015 | MXN | 189,000 | USD | 11,410 | 12 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MXN | 123,000 | USD | 7,425 | 7 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | MXN | 8,400 | USD | 507 | 0 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | MXN | 14,500 | USD | 877 | 2 | ||||||||||||
Bank of Montreal | 12/3/2015 | MYR | 195,000 | USD | 45,284 | (438 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | MYR | 103,000 | USD | 23,945 | (205 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 195,000 | USD | 45,349 | (373 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | NZD | 400 | USD | 263 | 0 | ||||||||||||
Bank of Montreal | 12/3/2015 | NZD | 13,500 | USD | 9,113 | 229 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 8,500 | USD | 5,738 | 144 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | NZD | 400 | USD | 270 | 7 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 8,953,001 | USD | 138,892 | 4,020 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | RUB | 297,590 | USD | 4,508 | 25 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | RUB | 426,000 | USD | 6,623 | 205 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 148,500 | USD | 105,927 | 660 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 6,100 | USD | 4,329 | 5 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 18,000 | USD | 12,838 | 79 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 92,500 | USD | 65,975 | 405 | ||||||||||||
Bank of Montreal | 12/3/2015 | THB | 962,500 | USD | 26,985 | 133 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 962,500 | USD | 26,961 | 108 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | THB | 393,000 | USD | 11,022 | 57 | ||||||||||||
Bank of Montreal | 12/3/2015 | TWD | 3,089,300 | USD | 94,266 | (377 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | TWD | 1,458,000 | USD | 44,901 | 234 | ||||||||||||
RBC Capital Markets | 12/3/2015 | TWD | 447,000 | USD | 13,767 | 72 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 2,894,000 | USD | 89,074 | 414 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 65,534 | AUD | 92,000 | 989 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 375,755 | AUD | 518,597 | (769 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 32,096 | CAD | 42,000 | (646 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 613,014 | CAD | 816,329 | (1,738 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 9,610 | CLP | 6,871,500 | 56 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 2,901 | COP | 9,138,000 | 5 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 6,449 | IDR | 89,246,000 | (3 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 28,596 | JPY | 3,450,000 | (567 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 4,846 | JPY | 584,600 | (96 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 88,737 | JPY | 10,939,400 | 140 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 11,381 | MXN | 189,000 | 17 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 45,882 | MYR | 195,000 | (161 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 8,895 | NZD | 13,500 | (11 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 100,428 | SGD | 141,500 | (123 | ) |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/3/2015 | USD | 4,993 | SGD | 7,000 | $ | (31 | ) | ||||||||||
Bank of Montreal | 12/3/2015 | USD | 26,857 | THB | 962,500 | (4 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 94,619 | TWD | 3,089,300 | 24 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 169,873 | ZAR | 2,450,000 | (497 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 19,022 | ZAR | 264,000 | (771 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 53,617 | AUD | 74,000 | (110 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 2,053 | BRL | 8,000 | 13 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 83,354 | CAD | 111,000 | (236 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 10,360 | CLP | 7,364,000 | (1 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 1,670 | COP | 5,243,000 | (3 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 4,152 | IDR | 57,515,000 | 2 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 19,776 | JPY | 2,438,000 | 31 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 24,250 | MYR | 103,000 | (99 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 58,382 | TWD | 1,905,000 | (21 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 12,897 | ZAR | 186,000 | (38 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 264,479 | AUD | 365,000 | (556 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 398,002 | CAD | 530,000 | (1,133 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 9,674 | CLP | 6,871,500 | (7 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 2,901 | COP | 9,138,000 | 5 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 6,443 | IDR | 89,246,000 | 3 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 76,274 | JPY | 9,403,000 | 121 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 7,407 | MXN | 123,000 | 11 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 45,877 | MYR | 195,000 | (155 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 5,601 | NZD | 8,500 | (7 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 135,516 | RUB | 8,953,001 | (643 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 65,652 | SGD | 92,500 | (81 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 26,855 | THB | 962,500 | (3 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 88,778 | TWD | 2,894,000 | (119 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 116,990 | ZAR | 1,687,000 | (363 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 7,124 | AUD | 10,000 | 106 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 153,108 | BRL | 600,152 | 1,863 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 10,419 | CAD | 13,600 | (235 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 16,775 | CAD | 22,100 | (226 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,931 | JPY | 599,500 | (60 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,379 | MXN | 22,900 | 2 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 264 | NZD | 400 | 0 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 11,229 | RUB | 723,590 | (329 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,342 | SGD | 6,100 | (18 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 10,965 | THB | 393,000 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 5,242 | ZAR | 74,600 | (85 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,515 | ZAR | 35,300 | (74 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | ZAR | 72,700 | USD | 5,238 | 212 | ||||||||||||
Bank of Montreal | 12/3/2015 | ZAR | 2,714,000 | USD | 195,551 | 7,923 | ||||||||||||
RBC Capital Markets | 12/3/2015 | ZAR | 186,000 | USD | 13,402 | 543 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 1,687,000 | USD | 121,554 | 4,927 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 22,000 | USD | 5,990 | 0 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 198,200 | USD | 53,944 | (20 | ) | |||||||||||
RBC Capital Markets | 12/7/2015 | USD | 5,989 | AED | 22,000 | 1 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | USD | 53,961 | AED | 198,200 | 4 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | AED | 198,200 | USD | 53,947 | (6 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | AUD | 365,000 | USD | 264,014 | 588 | ||||||||||||
Bank of Montreal | 1/5/2016 | CHF | 158,500 | USD | 154,606 | 86 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 29,000 | USD | 28,286 | 15 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 110,500 | USD | 107,781 | 56 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | CHF | 3,900 | USD | 3,804 | 2 | ||||||||||||
Bank of Montreal | 1/5/2016 | DKK | 97,000 | USD | 13,753 | (8 | ) |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | DKK | 59,000 | USD | 8,365 | $ | (5 | ) | ||||||||||
The Bank of New York Mellon | 1/5/2016 | DKK | 9,700 | USD | 1,375 | (1 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | EUR | 1,053,229 | USD | 1,113,580 | (607 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 228,000 | USD | 241,067 | (129 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 706,000 | USD | 746,482 | (379 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 7,500 | USD | 7,930 | (4 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | GBP | 188,000 | USD | 283,038 | (159 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | GBP | 831,500 | USD | 1,251,869 | (673 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | HKD | 5,777,600 | USD | 745,415 | 118 | ||||||||||||
Bank of Montreal | 1/5/2016 | HKD | 1,492,000 | USD | 192,491 | 26 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HUF | 2,197,500 | USD | 7,465 | (3 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | HUF | 560,800 | USD | 1,905 | (1 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | IDR | 57,515,000 | USD | 4,123 | 3 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | MXN | 22,900 | USD | 1,376 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | MYR | 195,000 | USD | 45,915 | 301 | ||||||||||||
Bank of Montreal | 1/5/2016 | NOK | 735,600 | USD | 84,689 | 87 | ||||||||||||
RBC Capital Markets | 1/5/2016 | NOK | 137,000 | USD | 15,772 | 15 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | NOK | 484,000 | USD | 55,723 | 57 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | NOK | 3,200 | USD | 368 | 0 | ||||||||||||
Bank of Montreal | 1/5/2016 | SEK | 916,500 | USD | 105,232 | (9 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | SEK | 630,500 | USD | 72,395 | (5 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | SEK | 34,600 | USD | 3,973 | 0 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 6,346 | EUR | 6,000 | 1 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 6,022 | GBP | 4,000 | 3 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 67,349 | HKD | 522,000 | (12 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 5,052 | SEK | 44,000 | 1 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | USD | 5,988 | AED | 22,000 | 1 | ||||||||||||
Bank of Montreal | 1/6/2016 | AUD | 518,597 | USD | 375,086 | 807 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 7,000 | USD | 5,054 | 2 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 74,000 | USD | 53,520 | 113 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | BRL | 600,152 | USD | 151,561 | (1,727 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CAD | 530,000 | USD | 397,995 | 1,131 | ||||||||||||
Bank of Montreal | 1/6/2016 | CAD | 816,329 | USD | 613,009 | 1,742 | ||||||||||||
RBC Capital Markets | 1/6/2016 | CAD | 111,000 | USD | 83,354 | 237 | ||||||||||||
Bank of Montreal | 1/6/2016 | CLP | 6,871,500 | USD | 9,580 | (52 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | CLP | 7,364,000 | USD | 10,325 | 3 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CLP | 6,871,500 | USD | 9,641 | 10 | ||||||||||||
Bank of Montreal | 1/6/2016 | COP | 9,138,000 | USD | 2,895 | (5 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | COP | 5,243,000 | USD | 1,667 | 2 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | COP | 9,138,000 | USD | 2,897 | (3 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | GBP | 6,100 | USD | 9,184 | (5 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | IDR | 89,246,000 | USD | 6,429 | 36 | ||||||||||||
Bank of Montreal | 1/6/2016 | JPY | 10,939,400 | USD | 88,853 | (140 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | JPY | 9,403,000 | USD | 76,372 | (123 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MXN | 123,000 | USD | 7,391 | (9 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | MXN | 189,000 | USD | 11,356 | (15 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | MYR | 195,000 | USD | 45,974 | 360 | ||||||||||||
RBC Capital Markets | 1/6/2016 | MYR | 103,000 | USD | 24,261 | 167 | ||||||||||||
RBC Capital Markets | 1/6/2016 | SEK | 110,000 | USD | 12,629 | (2 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | SGD | 141,500 | USD | 100,301 | 117 | ||||||||||||
RBC Capital Markets | 1/6/2016 | SGD | 18,000 | USD | 12,759 | 15 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | SGD | 92,500 | USD | 65,573 | 82 | ||||||||||||
Bank of Montreal | 1/6/2016 | THB | 962,500 | USD | 26,830 | 10 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | THB | 962,500 | USD | 26,842 | 22 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | THB | 393,000 | USD | 10,954 | 3 | ||||||||||||
Bank of Montreal | 1/6/2016 | TWD | 3,089,300 | USD | 94,618 | (42 | ) |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 1/6/2016 | TWD | 1,905,000 | USD | 58,376 | $ | 5 | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | TWD | 2,894,000 | USD | 88,683 | 8 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 5,208 | AUD | 7,200 | (11 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 12,766 | CAD | 17,000 | (36 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 4,869 | JPY | 599,500 | 8 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 4,324 | SGD | 6,100 | (5 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 2,563 | ZAR | 37,200 | (8 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 46,291 | AUD | 64,000 | (101 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 6,355 | BRL | 25,000 | 31 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 2,036 | BRL | 8,000 | 8 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 30,788 | CAD | 41,000 | (88 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 9,217 | SGD | 13,000 | (12 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 12,775 | SGD | 18,000 | (16 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 11,121 | TWD | 363,000 | 1 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 16,951 | ZAR | 246,000 | (57 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | ZAR | 2,450,000 | USD | 168,803 | 555 | ||||||||||||
RBC Capital Markets | 1/6/2016 | ZAR | 186,000 | USD | 12,815 | 42 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | ZAR | 1,687,000 | USD | 116,255 | 404 | ||||||||||||
Bank of Montreal | 1/7/2016 | NZD | 13,500 | USD | 8,874 | 12 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2016 | NZD | 8,500 | USD | 5,588 | 8 | ||||||||||||
State Street Bank & Trust Co. | 1/13/2016 | RUB | 8,953,001 | USD | 133,827 | 811 | ||||||||||||
The Bank of New York Mellon | 1/13/2016 | USD | 20,929 | RUB | 1,398,000 | (159 | ) | |||||||||||
The Bank of New York Mellon | 1/13/2016 | USD | 4,443 | RUB | 297,590 | (22 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 243,220 | ||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TWD | New Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 10,354,232 | �� | $ | — | $ | — | $ | 10,354,232 | |||||||
Preferred Stocks | 5,126 | — | — | 5,126 | ||||||||||||
Securities Lending Collateral | 29,008 | — | — | 29,008 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 284,452 | — | 284,452 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (41,232 | ) | — | (41,232 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 10,388,366 | $ | 243,220 | $ | — | $ | 10,631,586 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Australia — 12.1% | ||||||||
Amcor Ltd. | 2,514 | $ | 24,581 | |||||
ASX Ltd. | 413 | 12,362 | ||||||
Aurizon Holdings Ltd. | 4,524 | 18,224 | ||||||
Australia & New Zealand Banking Group Ltd. | 6,130 | 120,362 | ||||||
Bendigo and Adelaide Bank Ltd. | 968 | 7,813 | ||||||
BHP Billiton Ltd. | 6,846 | 89,564 | ||||||
BHP Billiton PLC | 4,517 | 54,213 | ||||||
Flight Centre Travel Group Ltd. | 119 | 3,096 | ||||||
Harvey Norman Holdings Ltd. | 1,185 | 3,497 | ||||||
Insurance Australia Group Ltd. | 5,183 | 20,766 | ||||||
LendLease Group (a) | 1,175 | 10,834 | ||||||
Orica Ltd. | 768 | 8,776 | ||||||
Platinum Asset Management Ltd. | 476 | 2,778 | ||||||
Sonic Healthcare Ltd. | 814 | 11,968 | ||||||
Tatts Group Ltd. | 3,114 | 9,369 | ||||||
Telstra Corp. Ltd. | 9,121 | 35,356 | ||||||
Wesfarmers Ltd. | 2,408 | 66,333 | ||||||
Woodside Petroleum Ltd. | 1,581 | 34,427 | ||||||
Woolworths Ltd. | 2,732 | 46,767 | ||||||
|
| |||||||
581,086 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
OMV AG | 314 | 8,962 | ||||||
|
| |||||||
China — 0.1% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 4,000 | 3,119 | ||||||
|
| |||||||
Denmark — 0.3% | ||||||||
TDC A/S | 1,730 | 9,087 | ||||||
Tryg A/S | 244 | 4,752 | ||||||
|
| |||||||
13,839 | ||||||||
|
| |||||||
Finland — 2.4% | ||||||||
Elisa OYJ | 303 | 11,288 | ||||||
Fortum OYJ | 947 | 13,828 | ||||||
Metso OYJ (b) | 232 | 5,760 | ||||||
Nokian Renkaat OYJ | 244 | 9,577 | ||||||
Orion OYJ, Class B | 217 | 7,247 | ||||||
Sampo OYJ, Class A | 953 | 47,243 | ||||||
UPM-Kymmene OYJ | 1,138 | 21,727 | ||||||
|
| |||||||
116,670 | ||||||||
|
| |||||||
France — 13.8% | ||||||||
AXA SA | 4,170 | 112,832 | ||||||
Bouygues SA | 432 | 16,262 | ||||||
Casino Guichard-Perrachon SA | 120 | 6,862 | ||||||
CNP Assurances | 352 | 4,902 | ||||||
Edenred | 443 | 9,181 | ||||||
Eutelsat Communications SA | 363 | 10,835 | ||||||
Rexel SA | 643 | 8,808 | ||||||
Sanofi | 2,518 | 224,483 | ||||||
SCOR SE | 327 | 12,825 | ||||||
Suez Environnement Co. | 634 | 12,020 | ||||||
Technip SA | 224 | 11,741 | ||||||
Total SA (b) | 4,632 | 230,014 | ||||||
|
| |||||||
660,765 | ||||||||
|
|
Number | Value | |||||||
Germany — 9.4% | ||||||||
Allianz SE | 975 | $ | 172,702 | |||||
Axel Springer SE | 92 | 5,136 | ||||||
BASF SE | 1,958 | 162,064 | ||||||
Hugo Boss AG | 143 | 12,386 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 356 | 71,747 | ||||||
ProSiebenSat.1 Media SE | 467 | 24,522 | ||||||
|
| |||||||
448,557 | ||||||||
|
| |||||||
Hong Kong — 3.8% | ||||||||
BOC Hong Kong (Holdings) Ltd. | 7,888 | 24,162 | ||||||
CLP Holdings Ltd. | 4,039 | 33,756 | ||||||
Hang Lung Properties Ltd. | 4,781 | 11,198 | ||||||
Hang Seng Bank Ltd. | 1,630 | 29,537 | ||||||
HKT Trust and HKT Ltd. (a) | 5,463 | 6,919 | ||||||
New World Development Co. Ltd. | 11,507 | 11,457 | ||||||
NWS Holdings Ltd. | 3,096 | 4,345 | ||||||
PCCW Ltd. | 8,448 | 5,110 | ||||||
Power Assets Holdings Ltd. | 2,957 | 26,411 | ||||||
Sino Land Co. Ltd. | 6,484 | 9,617 | ||||||
Swire Pacific Ltd., Class A | 1,255 | 13,694 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 1,528 | 5,548 | ||||||
|
| |||||||
181,754 | ||||||||
|
| |||||||
Ireland — 0.2% | ||||||||
James Hardie Industries PLC CDI | 959 | 11,346 | ||||||
|
| |||||||
Italy — 1.4% | ||||||||
Atlantia SpA | 880 | 23,244 | ||||||
Snam SpA | 4,477 | 22,752 | ||||||
Terna Rete Elettrica Nazionale SpA | 3,213 | 15,819 | ||||||
UnipolSai SpA | 2,371 | 6,118 | ||||||
|
| |||||||
67,933 | ||||||||
|
| |||||||
Japan — 1.4% | ||||||||
Canon, Inc. | 2,300 | 69,430 | ||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
SES SA FDR | 696 | 19,318 | ||||||
|
| |||||||
Macau — 0.4% | ||||||||
Sands China Ltd. | 5,160 | 17,436 | ||||||
|
| |||||||
Netherlands — 4.9% | ||||||||
Royal Dutch Shell PLC, Class A | 5,847 | 144,685 | ||||||
Royal Dutch Shell PLC, Class B | 3,642 | 90,615 | ||||||
|
| |||||||
235,300 | ||||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Contact Energy Ltd. | 1,507 | 4,940 | ||||||
Fletcher Building Ltd. | 1,468 | 7,044 | ||||||
Mighty River Power Ltd. | 1,431 | 2,732 | ||||||
|
| |||||||
14,716 | ||||||||
|
| |||||||
Norway — 2.2% | ||||||||
Gjensidige Forsikring ASA | 412 | 6,651 | ||||||
Orkla ASA | 1,738 | 14,119 | ||||||
Statoil ASA | 2,379 | 36,792 | ||||||
Telenor ASA | 1,600 | 27,892 | ||||||
Yara International ASA | 381 | 17,637 | ||||||
|
| |||||||
103,091 | ||||||||
|
|
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Portugal — 0.3% | ||||||||
EDP—Energias de Portugal SA | 4,936 | $ | 16,454 | |||||
|
| |||||||
Singapore — 2.8% | ||||||||
Keppel Corp. Ltd. | 3,100 | 14,395 | ||||||
Sembcorp Industries Ltd. | 2,000 | 4,608 | ||||||
Sembcorp Marine Ltd. | 1,900 | 2,775 | ||||||
Singapore Exchange Ltd. | 1,900 | 10,157 | ||||||
Singapore Press Holdings Ltd. | 3,500 | 9,975 | ||||||
Singapore Technologies Engineering Ltd. | 3,200 | 6,488 | ||||||
Singapore Telecommunications Ltd. | 17,000 | 46,159 | ||||||
StarHub Ltd. | 1,200 | 3,088 | ||||||
United Overseas Bank Ltd. | 2,800 | 38,490 | ||||||
|
| |||||||
136,135 | ||||||||
|
| |||||||
Spain — 2.1% | ||||||||
Abertis Infraestructuras SA | 1,106 | 17,125 | ||||||
Enagas SA | 458 | 13,651 | ||||||
Gas Natural SDG SA | 747 | 16,160 | ||||||
Mapfre SA | 2,220 | 6,091 | ||||||
Red Electrica Corp. SA | 231 | 19,818 | ||||||
Repsol SA | 2,239 | 29,203 | ||||||
|
| |||||||
102,048 | ||||||||
|
| |||||||
Sweden — 2.8% | ||||||||
Industrivarden AB, Class C | 339 | 6,071 | ||||||
Sandvik AB | 2,273 | 23,546 | ||||||
Skanska AB, Class B | 810 | 16,122 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 6,488 | 63,193 | ||||||
TeliaSonera AB | 5,538 | 27,183 | ||||||
|
| |||||||
136,115 | ||||||||
|
| |||||||
Switzerland — 4.3% | ||||||||
Swiss Prime Site AG | 141 | 10,546 | ||||||
Swiss Re AG | 751 | 71,571 | ||||||
Swisscom AG | 55 | 27,103 | ||||||
Transocean Ltd. | 775 | 11,186 | ||||||
Zurich Insurance Group AG | 321 | 84,520 | ||||||
|
| |||||||
204,926 | ||||||||
|
| |||||||
United Kingdom — 34.0% | ||||||||
Aberdeen Asset Management PLC | 1,920 | 9,236 | ||||||
Admiral Group PLC | 447 | 10,913 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Amec Foster Wheeler PLC | 800 | $ | 5,246 | |||||
AstraZeneca PLC | 2,694 | 182,685 | ||||||
BAE Systems PLC | 6,745 | 52,469 | ||||||
British American Tobacco PLC | 3,974 | 231,508 | ||||||
Centrica PLC | 10,771 | 35,380 | ||||||
Direct Line Insurance Group PLC | 2,931 | 18,178 | ||||||
G4S PLC | 3,308 | 11,304 | ||||||
GlaxoSmithKline PLC | 10,374 | 211,786 | ||||||
ICAP PLC | 1,179 | 9,038 | ||||||
IMI PLC | 580 | 8,334 | ||||||
Imperial Tobacco Group PLC | 2,040 | 110,239 | ||||||
ITV PLC | 8,165 | 33,326 | ||||||
Legal & General Group PLC | 12,675 | 51,829 | ||||||
Marks & Spencer Group PLC | 3,505 | 26,526 | ||||||
National Grid PLC | 7,980 | 111,268 | ||||||
Old Mutual PLC | 10,506 | 33,070 | ||||||
Pearson PLC | 1,750 | 21,771 | ||||||
Persimmon PLC | 654 | 18,862 | ||||||
Petrofac Ltd. | 535 | 6,648 | ||||||
Rio Tinto Ltd. | 899 | 29,849 | ||||||
Rio Tinto PLC | 2,672 | 88,876 | ||||||
Rolls-Royce Holdings PLC | 3,920 | 35,807 | ||||||
Severn Trent PLC | 504 | 17,094 | ||||||
Smiths Group PLC | 843 | 13,115 | ||||||
SSE PLC | 2,117 | 45,722 | ||||||
Tate & Lyle PLC | 994 | 8,833 | ||||||
Vodafone Group PLC | 56,590 | 191,128 | ||||||
|
| |||||||
1,630,040 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,779,040 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.5% | ||||||||
Daily Assets Fund, 0.20% (c)(d) (Cost $118,020) | 118,020 | 118,020 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.1% (Cost $5,081,729)† | $ | 4,897,060 | ||||||
Other assets and liabilities, net — (2.1%) | (101,533 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,795,527 | ||||||
|
|
CDI – Chess Depositary Interest
FDR – Fiduciary Depositary Receipt
† | The cost for federal income tax purposes was $5,081,729. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $184,669. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $78,853 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $263,522. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $112,922, which is 2.4% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 10/2/2015 | EUR | 141,000 | USD | 155,803 | $ | 6,830 | |||||||||||
Bank of Montreal | 10/2/2015 | SEK | 70,000 | USD | 8,249 | 223 | ||||||||||||
JP Morgan & Chase Co. | 10/5/2015 | AUD | 495,000 | USD | 352,608 | (5,316 | ) | |||||||||||
Bank of Montreal | 10/5/2015 | CHF | 18,000 | USD | 18,276 | 781 | ||||||||||||
JP Morgan & Chase Co. | 10/5/2015 | HKD | 2,600 | USD | 336 | 0 | ||||||||||||
Bank of Montreal | 10/5/2015 | JPY | 627,500 | USD | 5,201 | 103 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 120,000 | USD | 121,840 | 5,205 | ||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 48,000 | USD | 48,736 | 2,082 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 5,900 | USD | 5,990 | 256 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 75,800 | USD | 11,235 | 500 | ||||||||||||
Bank of Montreal | 12/2/2015 | DKK | 29,000 | USD | 4,298 | 191 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 322,315 | USD | 356,165 | 15,623 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 10,000 | USD | 11,023 | 457 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 850,000 | USD | 939,280 | 41,214 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 18,700 | USD | 20,664 | 906 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 97,000 | USD | 149,780 | 3,689 | ||||||||||||
Bank of Montreal | 12/2/2015 | GBP | 330,343 | USD | 510,087 | 12,560 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 806,440 | USD | 1,245,242 | 30,668 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 12,000 | USD | 18,555 | 482 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 2,500 | USD | 3,853 | 88 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 7,199 | USD | 11,116 | 274 | ||||||||||||
Bank of Montreal | 12/2/2015 | HKD | 382,000 | USD | 49,287 | 19 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 91,000 | USD | 11,743 | 6 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 990,000 | USD | 127,750 | 65 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 572,800 | USD | 67,659 | 1,748 | ||||||||||||
Bank of Montreal | 12/2/2015 | NOK | 225,000 | USD | 26,603 | 713 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 89,000 | USD | 10,513 | 272 | ||||||||||||
Bank of Montreal | 12/2/2015 | SEK | 287,000 | USD | 33,821 | 915 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 5,600 | USD | 660 | 18 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 46,695 | CHF | 48,000 | (41 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 4,106 | DKK | 29,000 | 1 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 340,413 | EUR | 322,315 | 128 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 15,000 | GBP | 9,932 | (42 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 482,315 | GBP | 320,411 | 254 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 49,278 | HKD | 382,000 | (10 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 25,916 | NOK | 225,000 | (26 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 32,909 | SEK | 287,000 | (3 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 134,248 | CHF | 138,000 | (117 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 10,731 | DKK | 75,800 | 4 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,057,206 | EUR | 1,001,000 | 397 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,378,012 | GBP | 915,440 | 725 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 139,449 | HKD | 1,081,000 | (27 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 76,227 | NOK | 661,800 | (75 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 89,324 | SEK | 779,000 | (7 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 5,151 | CHF | 5,100 | (194 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 778 | CHF | 800 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 17,857 | EUR | 16,300 | (636 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,535 | EUR | 2,400 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 7,224 | GBP | 4,799 | 4 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 7,554 | GBP | 4,900 | (175 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 335 | HKD | 2,600 | 0 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,493 | SEK | 21,300 | (51 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 642 | SEK | 5,600 | 0 | ||||||||||||
Bank of Montreal | 12/3/2015 | AUD | 222,235 | USD | 158,304 | (2,388 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 6,000 | USD | 4,279 | (59 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 49,000 | USD | 34,905 | (526 | ) |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 4,000 | USD | 2,849 | $ | (43 | ) | ||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 4,900 | USD | 3,496 | (47 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 11,658,000 | USD | 96,630 | 1,914 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 4,376,749 | USD | 36,278 | 719 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 1,802,000 | USD | 14,936 | 295 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 307,500 | USD | 2,494 | (4 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | NZD | 5,000 | USD | 3,375 | 85 | ||||||||||||
RBC Capital Markets | 12/3/2015 | NZD | 16,000 | USD | 10,801 | 272 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | NZD | 1,400 | USD | 945 | 24 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SEK | 709,000 | USD | 83,551 | 2,261 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | SEK | 21,300 | USD | 2,501 | 59 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 37,000 | USD | 26,392 | 164 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 11,000 | USD | 7,846 | 48 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 100,000 | USD | 71,324 | 437 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 161,022 | AUD | 222,235 | (329 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 35,503 | JPY | 4,376,749 | 56 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 3,295 | NZD | 5,000 | (4 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 26,260 | SGD | 37,000 | (32 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 398,507 | AUD | 550,000 | (814 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 109,184 | JPY | 13,460,000 | 173 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 10,543 | NZD | 16,000 | (13 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 78,781 | SGD | 111,000 | (97 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 6,449 | AUD | 8,900 | (13 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 7,684 | JPY | 935,000 | (88 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 922 | NZD | 1,400 | (1 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | CHF | 48,000 | USD | 46,821 | 26 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 138,000 | USD | 134,605 | 70 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 9,000 | USD | 8,779 | 5 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | CHF | 800 | USD | 780 | 0 | ||||||||||||
Bank of Montreal | 1/5/2016 | DKK | 29,000 | USD | 4,112 | (2 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | DKK | 75,800 | USD | 10,747 | (7 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | EUR | 1,001,000 | USD | 1,058,367 | (567 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | EUR | 322,315 | USD | 340,784 | (186 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 18,000 | USD | 19,031 | (11 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 2,400 | USD | 2,538 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | GBP | 915,440 | USD | 1,378,213 | (773 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | GBP | 320,411 | USD | 482,392 | (264 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | GBP | 4,799 | USD | 7,225 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HKD | 1,081,000 | USD | 139,468 | 22 | ||||||||||||
Bank of Montreal | 1/5/2016 | HKD | 382,000 | USD | 49,284 | 7 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | HKD | 2,600 | USD | 335 | 0 | ||||||||||||
Bank of Montreal | 1/5/2016 | NOK | 225,000 | USD | 25,904 | 27 | ||||||||||||
RBC Capital Markets | 1/5/2016 | NOK | 661,800 | USD | 76,189 | 75 | ||||||||||||
Bank of Montreal | 1/5/2016 | SEK | 287,000 | USD | 32,953 | (3 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | SEK | 779,000 | USD | 89,437 | (15 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | SEK | 5,600 | USD | 643 | 0 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 4,231 | EUR | 4,000 | 1 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 9,677 | HKD | 75,000 | (2 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | AUD | 222,235 | USD | 160,736 | 346 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 550,000 | USD | 397,784 | 841 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 6,000 | USD | 4,332 | 2 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | AUD | 8,900 | USD | 6,437 | 14 | ||||||||||||
Bank of Montreal | 1/6/2016 | JPY | 4,376,749 | USD | 35,549 | (56 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 704,000 | USD | 5,718 | (9 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 13,460,000 | USD | 109,323 | (175 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | SGD | 37,000 | USD | 26,227 | 31 | ||||||||||||
RBC Capital Markets | 1/6/2016 | SGD | 111,000 | USD | 78,684 | 94 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 32,548 | AUD | 45,000 | $ | (71 | ) | ||||||||||
RBC Capital Markets | 1/6/2016 | USD | 2,498 | JPY | 307,500 | 4 | ||||||||||||
Bank of Montreal | 1/7/2016 | NZD | 5,000 | USD | 3,287 | 4 | ||||||||||||
RBC Capital Markets | 1/7/2016 | NZD | 16,000 | USD | 10,517 | 14 | ||||||||||||
The Bank of New York Mellon | 1/7/2016 | NZD | 1,400 | USD | 920 | 1 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 122,168 | ||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
CHF | Swiss Franc | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 4,779,040 | $ | — | $ | — | $ | 4,779,040 | ||||||||
Securities Lending Collateral | 118,020 | — | — | 118,020 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 135,493 | — | 135,493 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (13,325 | ) | — | (13,325 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,897,060 | $ | 122,168 | $ | — | $ | 5,019,228 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
Brazil — 5.6% | ||||||||
Ambev SA | 16,365 | $ | 78,843 | |||||
BB Seguridade Participacoes SA | 2,332 | 15,653 | ||||||
CCR SA | 3,390 | 11,224 | ||||||
CETIP SA - Mercados Organizados | 796 | 7,571 | ||||||
Odontoprev SA | 251 | 646 | ||||||
Porto Seguro SA | 444 | 3,734 | ||||||
Tractebel Energia SA | 634 | 5,483 | ||||||
Transmissora Alianca de Energia Eletrica SA | 482 | 2,195 | ||||||
|
| |||||||
125,349 | ||||||||
|
| |||||||
Chile — 0.7% | ||||||||
Banco de Chile | 153,808 | 15,339 | ||||||
|
| |||||||
China — 25.2% | ||||||||
Agricultural Bank of China Ltd., Class H | 79,376 | 30,406 | ||||||
Bank of China Ltd., Class H | 248,590 | 110,293 | ||||||
Belle International Holdings Ltd. | 17,233 | 15,069 | ||||||
China Construction Bank Corp., Class H | 162,525 | 111,726 | ||||||
China Oilfield Services Ltd., Class H | 6,923 | 6,884 | ||||||
China Petroleum & Chemical Corp., Class H | 95,162 | 58,299 | ||||||
China Vanke Co. Ltd., Class H | 5,043 | 12,566 | ||||||
CNOOC Ltd. | 65,872 | 72,894 | ||||||
Country Garden Holdings Co. Ltd. | 18,308 | 6,871 | ||||||
Great Wall Motor Co. Ltd., Class H | 9,408 | 11,540 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 177,870 | 107,592 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 5,378 | 6,964 | ||||||
Sino-Ocean Land Holdings Ltd. | 10,678 | 5,991 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 4,730 | 3,660 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 3,839 | 4,664 | ||||||
|
| |||||||
565,419 | ||||||||
|
| |||||||
Czech Republic — 1.1% | ||||||||
Komercni Banka AS | 117 | 23,776 | ||||||
|
| |||||||
Hong Kong — 0.4% | ||||||||
Shimao Property Holdings Ltd. | 3,984 | 6,649 | ||||||
Yuexiu Property Co. Ltd. | 18,395 | 3,084 | ||||||
|
| |||||||
9,733 | ||||||||
|
| |||||||
Hungary — 0.8% | ||||||||
MOL Hungarian Oil and Gas PLC | 399 | 18,306 | ||||||
|
| |||||||
Indonesia — 0.8% | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 5,958 | 8,053 | ||||||
PT Indofood Sukses Makmur Tbk | 6,759 | 2,382 | ||||||
PT Media Nusantara Citra Tbk | 6,385 | 750 | ||||||
PT United Tractors Tbk | 6,327 | 7,454 | ||||||
|
| |||||||
18,639 | ||||||||
|
| |||||||
Malaysia — 5.2% | ||||||||
Alliance Financial Group Bhd | 3,300 | 2,771 | ||||||
AMMB Holdings Bhd | 5,000 | 5,382 | ||||||
Axiata Group Bhd | 11,700 | 16,820 |
Number | Value | |||||||
Malaysia (Continued) | ||||||||
British American Tobacco Malaysia Bhd | 500 | $ | 6,785 | |||||
DiGi.Com Bhd | 14,300 | 16,768 | ||||||
Lafarge Malaysia Bhd | 2,600 | 5,549 | ||||||
Malayan Banking Bhd | 17,100 | 33,366 | ||||||
Sime Darby Bhd | 8,300 | 15,397 | ||||||
Telekom Malaysia Bhd | 5,700 | 8,702 | ||||||
UMW Holdings Bhd | 2,500 | 4,679 | ||||||
|
| |||||||
116,219 | ||||||||
|
| |||||||
Mexico — 0.9% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 8,497 | 20,076 | ||||||
|
| |||||||
Poland — 1.7% | ||||||||
Bank Pekao SA | 450 | 15,261 | ||||||
Enea SA | 1,059 | 3,019 | ||||||
Energa SA | 359 | 1,213 | ||||||
Powszechny Zaklad Ubezpieczen SA | 1,940 | 18,531 | ||||||
Synthos SA | 918 | 825 | ||||||
|
| |||||||
38,849 | ||||||||
|
| |||||||
Russia — 8.4% | ||||||||
Gazprom PAO, ADR | 10,700 | 44,202 | ||||||
Lukoil PJSC, ADR | 1,400 | 53,942 | ||||||
MegaFon PJSC, GDR | 1,432 | 21,695 | ||||||
Mobile TeleSystems PJSC, ADR | 2,511 | 17,702 | ||||||
Rosneft Oil Co. OJSC, GDR | 12,900 | 51,858 | ||||||
|
| |||||||
189,399 | ||||||||
|
| |||||||
South Africa — 14.3% | ||||||||
Barclays Africa Group Ltd. | 1,247 | 13,706 | ||||||
Barloworld Ltd. | 584 | 3,088 | ||||||
FirstRand Ltd. | 12,432 | 40,437 | ||||||
Foschini Group Ltd. (The) | 699 | 6,262 | ||||||
Imperial Holdings Ltd. | 517 | 5,434 | ||||||
Liberty Holdings Ltd. | 388 | 3,482 | ||||||
Life Healthcare Group Holdings Ltd. (a) | 3,395 | 8,384 | ||||||
MMI Holdings Ltd. | 2,624 | 4,295 | ||||||
MTN Group Ltd. | 5,405 | 54,274 | ||||||
Nedbank Group Ltd. | 735 | 10,726 | ||||||
RMB Holdings Ltd. | 2,458 | 10,391 | ||||||
Sanlam Ltd. | 5,639 | 24,029 | ||||||
Sasol Ltd. | 2,297 | 63,965 | ||||||
SPAR Group Ltd. (The) | 554 | 6,959 | ||||||
Standard Bank Group Ltd. | 4,470 | 40,148 | ||||||
Truworths International Ltd. | 1,438 | 9,401 | ||||||
Tsogo Sun Holdings Ltd. | 962 | 1,531 | �� | |||||
Vodacom Group Ltd. (a) | 1,442 | 14,564 | ||||||
|
| |||||||
321,076 | ||||||||
|
| |||||||
South Korea — 2.2% | ||||||||
KT&G Corp. | 417 | 38,530 | ||||||
SK Telecom Co. Ltd. | 51 | 10,305 | ||||||
|
| |||||||
48,835 | ||||||||
|
| |||||||
Taiwan — 22.9% | ||||||||
Advanced Semiconductor Engineering, Inc. | 24,313 | 25,585 | ||||||
Asia Cement Corp. | 12,227 | 10,357 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Asustek Computer, Inc. | 2,710 | $ | 22,416 | |||||
Cathay Financial Holding Co. Ltd. | 24,243 | 33,904 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 6,256 | 10,484 | ||||||
Chicony Electronics Co. Ltd. | 2,223 | 5,128 | ||||||
Chunghwa Telecom Co. Ltd. | 15,120 | 46,228 | ||||||
Delta Electronics, Inc. | 7,058 | 33,839 | ||||||
Far EasTone Telecommunications Co. Ltd. | 7,044 | 14,825 | ||||||
Fubon Financial Holding Co. Ltd. | 19,293 | 30,735 | ||||||
Hon Hai Precision Industry Co. Ltd. | 43,449 | 111,810 | ||||||
Inventec Corp. | 9,691 | 5,641 | ||||||
MediaTek, Inc. | 4,918 | 39,248 | ||||||
Merida Industry Co. Ltd. | 300 | 1,668 | ||||||
Novatek Microelectronics Corp. | 2,323 | 8,433 | ||||||
Phison Electronics Corp. | 669 | 5,103 | ||||||
Quanta Computer, Inc. | 10,159 | 15,873 | ||||||
Radiant Opto-Electronics Corp. | 1,767 | 4,623 | ||||||
Realtek Semiconductor Corp. | 1,795 | 3,706 | ||||||
Ruentex Development Co. Ltd. | 363 | 482 | ||||||
Ruentex Industries Ltd. | 2,014 | 3,906 | ||||||
Siliconware Precision Industries Co. Ltd. | 6,197 | 8,163 | ||||||
Simplo Technology Co. Ltd. | 1,155 | 3,963 | ||||||
Synnex Technology International Corp. | 5,842 | 5,665 | ||||||
Taiwan Cement Corp. | 13,434 | 12,120 | ||||||
Taiwan Fertilizer Co. Ltd. | 3,678 | 4,530 | ||||||
Taiwan Mobile Co. Ltd. | 6,994 | 21,126 | ||||||
Teco Electric & Machinery Co. Ltd. | 6,667 | 5,198 | ||||||
Transcend Information, Inc. | 1,016 | 2,655 | ||||||
Vanguard International Semiconductor Corp. | 3,621 | 4,382 | ||||||
WPG Holdings Ltd. | 6,435 | 6,230 | ||||||
Yuanta Financial Holding Co. Ltd. | 13,338 | 5,046 | ||||||
Zhen Ding Technology Holding Ltd. | 737 | 2,093 | ||||||
|
| |||||||
515,165 | ||||||||
|
| |||||||
Thailand — 4.0% | ||||||||
Bangkok Bank PCL, NVDR | 4,700 | 21,966 | ||||||
Krung Thai Bank PCL, NVDR | 45,000 | 21,345 | ||||||
PTT PCL, NVDR | 3,700 | 26,428 |
Number | Value | |||||||
Thailand (Continued) | ||||||||
Siam Commercial Bank PCL, NVDR | 5,200 | $ | 19,079 | |||||
|
| |||||||
88,818 | ||||||||
|
| |||||||
Turkey — 1.2% | ||||||||
Arcelik AS | 848 | 4,599 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 8,718 | 11,252 | ||||||
TAV Havalimanlari Holding AS | 1,112 | 8,031 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 629 | 4,152 | ||||||
|
| |||||||
28,034 | ||||||||
|
| |||||||
United Arab Emirates — 2.6% | ||||||||
Dubai Islamic Bank PJSC | 6,930 | 12,077 | ||||||
Emirates Telecommunications Group Co. PJSC | 3,700 | 16,623 | ||||||
First Gulf Bank PJSC | 9,390 | 30,681 | ||||||
|
| |||||||
59,381 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,202,413 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Brazil — 0.3% | ||||||||
Cia Energetica de Minas Gerais | 2,922 | 4,985 | ||||||
Cia Paranaense de Energia, Class B | 345 | 2,559 | ||||||
|
| |||||||
7,544 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 7,544 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
Delta Electronics, Inc., expires 12/31/15* | 355 | 71 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.1% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 23,903 | 23,903 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% | $ | 2,233,931 | ||||||
Other assets and liabilities, net — 0.6% | 13,566 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,247,497 | ||||||
|
|
† | The cost for federal income tax purposes was $2,516,289. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $282,358. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $11,411 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $293,769. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $21,791, which is 1.0% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt
GDR: Global Depositary Receipt
NVDR: Non Voting Depositary Receipt
OJSC: Open Joint Stock Company
PJSC: Private Joint Stock Company
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 12/2/2015 | CZK | 503,000 | USD | 20,515 | $ | 858 | |||||||||||
The Bank of New York Mellon | 12/2/2015 | CZK | 130,900 | USD | 5,337 | 222 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 599,000 | USD | 77,295 | 39 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 4,758,000 | USD | 613,975 | 313 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 363,806 | USD | 46,945 | 23 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HUF | 4,508,600 | USD | 16,004 | 682 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HUF | 1,185,000 | USD | 4,038 | 11 | ||||||||||||
RBC Capital Markets | 12/2/2015 | PLN | 226,000 | USD | 58,611 | 2,685 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | PLN | 7,100 | USD | 1,841 | 85 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 19,644 | CZK | 503,000 | 13 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 691,052 | HKD | 5,357,000 | (134 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 15,319 | HUF | 4,508,600 | 4 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 55,889 | PLN | 226,000 | 37 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 5,112 | CZK | 130,900 | 3 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 35,540 | HKD | 275,506 | (7 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 11,394 | HKD | 88,300 | (5 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 4,026 | HUF | 1,185,000 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,256 | PLN | 4,900 | (43 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 544 | PLN | 2,200 | 0 | ||||||||||||
RBC Capital Markets | 12/3/2015 | BRL | 36,000 | USD | 9,245 | (51 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | BRL | 11,925 | USD | 3,043 | (36 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 738,339 | USD | 190,164 | (490 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | CLP | 9,448,000 | USD | 13,628 | 338 | ||||||||||||
Bank of Montreal | 12/3/2015 | COP | 38,317,000 | USD | 13,188 | 1,005 | ||||||||||||
Bank of Montreal | 12/3/2015 | IDR | 371,966,000 | USD | 26,865 | (2 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | KRW | 55,591,000 | USD | 48,663 | 664 | ||||||||||||
RBC Capital Markets | 12/3/2015 | MXN | 302,000 | USD | 18,231 | 18 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | MXN | 22,900 | USD | 1,382 | 1 | ||||||||||||
Bank of Montreal | 12/3/2015 | MYR | 508,000 | USD | 117,969 | (1,141 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | MYR | 20,000 | USD | 4,709 | 19 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | RUB | 1,010,450 | USD | 15,676 | 454 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | RUB | 9,335,119 | USD | 144,872 | 4,243 | ||||||||||||
Bank of Montreal | 12/3/2015 | THB | 3,316,000 | USD | 92,970 | 458 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | THB | 287,000 | �� | USD | 8,049 | 42 | |||||||||||
The Bank of New York Mellon | 12/3/2015 | THB | 37,000 | USD | 1,032 | 0 | ||||||||||||
RBC Capital Markets | 12/3/2015 | TRY | 85,000 | USD | 28,928 | (221 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | TWD | 295,335 | USD | 9,090 | 42 | ||||||||||||
Bank of Montreal | 12/3/2015 | TWD | 10,604,880 | USD | 323,596 | (1,293 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | TWD | 52,000 | USD | 1,594 | 1 | ||||||||||||
RBC Capital Markets | 12/3/2015 | TWD | 328,000 | USD | 10,102 | 53 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 13,214 | CLP | 9,448,000 | 77 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 12,164 | COP | 38,317,000 | 19 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 26,880 | IDR | 371,966,000 | (14 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 48,016 | KRW | 55,591,000 | (17 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 119,529 | MYR | 508,000 | (419 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 92,526 | THB | 3,316,000 | (14 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 324,805 | TWD | 10,604,880 | 84 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 9,237 | BRL | 36,000 | 59 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 18,185 | MXN | 302,000 | 27 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 4,650 | MYR | 20,000 | 40 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 29,228 | TRY | 85,000 | (79 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 11,703 | TWD | 380,000 | (61 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 382,430 | ZAR | 5,515,588 | (1,119 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 3,056 | BRL | 11,925 | 23 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 15,295 | RUB | 1,010,450 | $ | (73 | ) | ||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 9,060 | TWD | 295,335 | (12 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 3,804 | BRL | 14,500 | (60 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 184,662 | BRL | 723,839 | 2,247 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,379 | MXN | 22,900 | 2 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 141,406 | RUB | 9,335,119 | (777 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 9,086 | THB | 324,000 | (47 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 3,252 | ZAR | 45,500 | (107 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 7,648 | ZAR | 110,303 | (22 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,602 | ZAR | 22,800 | (26 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | ZAR | 297,000 | USD | 21,400 | 867 | ||||||||||||
RBC Capital Markets | 12/3/2015 | ZAR | 5,218,588 | USD | 376,011 | 15,231 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | ZAR | 178,603 | USD | 12,868 | 521 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 214,500 | USD | 58,381 | (22 | ) | |||||||||||
The Bank of New York Mellon | 12/7/2015 | AED | 24,000 | USD | 6,534 | 0 | ||||||||||||
RBC Capital Markets | 12/7/2015 | USD | 6,534 | AED | 24,000 | 1 | ||||||||||||
The Bank of New York Mellon | 12/7/2015 | USD | 58,398 | AED | 214,500 | 4 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | AED | 214,500 | USD | 58,384 | (6 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | CZK | 503,000 | USD | 19,676 | (23 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | CZK | 130,900 | USD | 5,113 | (13 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | HKD | 5,357,000 | USD | 691,148 | 107 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | HKD | 275,506 | USD | 35,545 | 6 | ||||||||||||
RBC Capital Markets | 1/5/2016 | HUF | 4,508,600 | USD | 15,315 | (7 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | HUF | 1,185,000 | USD | 4,025 | (2 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | PLN | 226,000 | USD | 55,845 | (34 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | PLN | 2,200 | USD | 544 | 0 | ||||||||||||
RBC Capital Markets | 1/5/2016 | TRY | 85,000 | USD | 28,950 | 101 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 48,254 | HKD | 374,000 | (9 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | USD | 6,532 | AED | 24,000 | 1 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | BRL | 723,839 | USD | 182,797 | (2,085 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | CLP | 9,448,000 | USD | 13,172 | (71 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | COP | 38,317,000 | USD | 12,141 | (22 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | IDR | 371,966,000 | USD | 26,797 | 150 | ||||||||||||
Bank of Montreal | 1/6/2016 | KRW | 55,591,000 | USD | 47,973 | 26 | ||||||||||||
RBC Capital Markets | 1/6/2016 | MXN | 302,000 | USD | 18,146 | (23 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | MXN | 22,900 | USD | 1,376 | (2 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | MYR | 508,000 | USD | 119,769 | 938 | ||||||||||||
Bank of Montreal | 1/6/2016 | THB | 3,316,000 | USD | 92,435 | 35 | ||||||||||||
Bank of Montreal | 1/6/2016 | TWD | 10,604,880 | USD | 324,803 | (143 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | TWD | 295,335 | USD | 9,050 | 1 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 6,863 | BRL | 27,000 | 33 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 9,160 | BRL | 36,000 | 35 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 4,711 | MYR | 20,000 | (33 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 1,593 | TWD | 52,000 | 0 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 16,850 | TWD | 550,000 | 2 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 19,569 | ZAR | 284,000 | (66 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 3,015 | BRL | 11,925 | 31 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | USD | 1,031 | THB | 37,000 | 0 | ||||||||||||
RBC Capital Markets | 1/6/2016 | ZAR | 5,515,588 | USD | 380,015 | 1,247 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | ZAR | 110,303 | USD | 7,600 | 25 | ||||||||||||
State Street Bank & Trust Co. | 1/13/2016 | RUB | 1,010,450 | USD | 15,104 | 92 | ||||||||||||
The Bank of New York Mellon | 1/13/2016 | RUB | 9,335,119 | USD | 139,386 | 694 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 26,209 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Currency Abbreviations
AED | Arab Emirates Dirham | |
BRL | Brazilian Real | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
CZK | Czech Kronua | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
THB | Thai Baht | |
TRY | Turkish New Lira | |
TWD | New Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,202,413 | $ | — | $ | — | $ | 2,202,413 | ||||||||
Preferred Stocks | 7,544 | — | — | 7,544 | ||||||||||||
Rights | 71 | — | — | 71 | ||||||||||||
Securities Lending Collateral | 23,903 | — | — | 23,903 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 35,040 | — | 35,040 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (8,831 | ) | — | (8,831 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,233,931 | $ | 26,209 | $ | — | $ | 2,260,140 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 92.6% | ||||||||
Austria — 1.5% | ||||||||
OMV AG | 1,335 | $ | 38,105 | |||||
|
| |||||||
Finland — 16.5% | ||||||||
Elisa OYJ | 1,290 | 48,058 | ||||||
Fortum OYJ | 4,027 | 58,800 | ||||||
Metso OYJ (a) | 1,022 | 25,375 | ||||||
Nokian Renkaat OYJ | 1,038 | 40,742 | ||||||
Orion OYJ, Class B | 923 | 30,826 | ||||||
Sampo OYJ, Class A | 2,532 | 125,519 | ||||||
UPM-Kymmene OYJ | 4,839 | 92,385 | ||||||
|
| |||||||
421,705 | ||||||||
|
| |||||||
France — 22.2% | ||||||||
AXA SA | 4,669 | 126,334 | ||||||
Bouygues SA | 1,837 | 69,153 | ||||||
CNP Assurances | 1,556 | 21,668 | ||||||
Edenred | 1,884 | 39,044 | ||||||
Eutelsat Communications SA | 1,543 | 46,055 | ||||||
Rexel SA | 2,737 | 37,492 | ||||||
SCOR SE | 1,393 | 54,632 | ||||||
Technip SA | 951 | 49,847 | ||||||
Total SA (a) | 2,492 | 123,747 | ||||||
|
| |||||||
567,972 | ||||||||
|
| |||||||
Germany — 18.2% | ||||||||
Allianz SE | 724 | 128,242 | ||||||
Axel Springer SE | 403 | 22,499 | ||||||
Hugo Boss AG | 607 | 52,576 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 636 | 128,177 | ||||||
ProSiebenSat.1 Media SE | 1,984 | 104,180 | ||||||
Volkswagen AG | 199 | 29,709 | ||||||
|
| |||||||
465,383 | ||||||||
|
| |||||||
Italy — 11.3% | ||||||||
Atlantia SpA | 3,744 | 98,893 | ||||||
Snam SpA | 19,043 | 96,776 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Terna Rete Elettrica Nazionale SpA | 13,668 | $ | 67,294 | |||||
UnipolSai SpA | 10,084 | 26,018 | ||||||
|
| |||||||
288,981 | ||||||||
|
| |||||||
Luxembourg — 3.2% | ||||||||
SES SA FDR | 2,960 | 82,156 | ||||||
|
| |||||||
Portugal — 2.7% | ||||||||
EDP — Energias de Portugal SA | 20,996 | 69,988 | ||||||
|
| |||||||
Spain — 17.0% | ||||||||
Abertis Infraestructuras SA | 4,704 | 72,835 | ||||||
Enagas SA | 1,948 | 58,060 | ||||||
Gas Natural SDG SA | 3,176 | 68,706 | ||||||
Mapfre SA | 9,772 | 26,813 | ||||||
Red Electrica Corp. SA | 981 | 84,162 | ||||||
Repsol SA | 9,523 | 124,209 | ||||||
|
| |||||||
434,785 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,369,075 | |||||||
|
| |||||||
PREFERRED STOCKS — 7.3% | ||||||||
Germany — 7.3% | ||||||||
Bayerische Motoren Werke AG | 495 | 41,500 | ||||||
Volkswagen AG | 1,041 | 144,687 | ||||||
|
| |||||||
186,187 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 186,187 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 5.6% | ||||||||
Daily Assets Fund, 0.20% (b)(c) (Cost $143,010) | 143,010 | 143,010 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 105.5% (Cost $2,742,961)† | $ | 2,698,272 | ||||||
Other assets and liabilities, net — (5.5%) | (141,240 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,557,032 | ||||||
|
|
† | The cost for federal income tax purposes was $2,742,961. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $44,689. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $50,703 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $95,392. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $136,832, which is 5.4% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
FDR: Fiduciary Depositary Receipt
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 627,295 | USD | 693,174 | $ | 30,407 | |||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 18,000 | USD | 19,841 | 823 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 1,388,892 | USD | 1,534,774 | 67,346 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 230,000 | USD | 254,147 | 11,141 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 14,078 | USD | 15,000 | 126 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 975 | USD | 1,077 | 47 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 4,385 | EUR | 4,000 | (159 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 688,789 | EUR | 652,169 | 259 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 16,122 | EUR | 15,000 | (274 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,792,640 | EUR | 1,697,335 | 673 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 16,077 | EUR | 15,222 | 6 | ||||||||||||
Bank of Montreal | 1/5/2016 | EUR | 651,460 | USD | 688,789 | (376 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 1,695,473 | USD | 1,792,640 | (961 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 51,000 | USD | 53,920 | (31 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 15,206 | USD | 16,077 | (8 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 8,462 | EUR | 8,000 | 1 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 109,020 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,369,075 | $ | — | $ | — | $ | 2,369,075 | ||||||||
Preferred Stocks | 186,187 | — | — | 186,187 | ||||||||||||
Securities Lending Collateral | 143,010 | — | — | 143,010 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 110,829 | — | 110,829 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (1,809 | ) | — | (1,809 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,698,272 | $ | 109,020 | $ | — | $ | 2,807,292 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 46 |
This Page is Intentionally Left Blank
47
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 5,640,715 | $ | 8,330,627 | $ | 4,471,993 | ||||||
Investment in affiliated securities at fair value (See Note 5) | — | — | 8,081 | |||||||||
Investment in Daily Assets Fund* | 104,833 | 228,237 | — | |||||||||
Cash | 210,557 | 568,717 | 193,758 | |||||||||
Unrealized appreciation on futures contracts | — | 3,945 | — | |||||||||
Deposit with broker for futures contracts | 80,948 | 75,073 | 70,871 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 289,995 | — | 40,991 | |||||||||
Interest | 86,516 | 138,358 | 50,839 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 6,413,564 | $ | 9,344,957 | $ | 4,836,533 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 104,833 | $ | 228,237 | $ | — | ||||||
Unrealized depreciation on futures contracts | 640 | — | 1,289 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 258,755 | 115,478 | 42,232 | |||||||||
Capital shares | — | 71,499 | — | |||||||||
Investment advisory fees | 2,488 | 3,727 | 982 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 366,716 | 418,941 | 44,503 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 6,046,848 | $ | 8,926,016 | $ | 4,792,030 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 6,236,855 | $ | 10,026,720 | $ | 5,036,435 | ||||||
Distributions in excess of net investment income | (7,510 | ) | (620 | ) | — | |||||||
Undistributed net investment income | — | — | 4,639 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | 24,582 | (241,400 | ) | (55,411 | ) | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (207,079 | ) | (858,684 | ) | (193,633 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 6,046,848 | $ | 8,926,016 | $ | 4,792,030 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 250,001 | 400,001 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 24.19 | $ | 22.31 | $ | 23.96 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 5,847,153 | $ | 9,193,256 | $ | 4,664,304 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | — | $ | — | $ | 8,114 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 100,482 | $ | 220,763 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 104,833 | $ | 228,237 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | — | $ | — | $ | — | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 24,237,582 | $ | 10,359,358 | $ | 4,779,040 | ||||||
Investment in Daily Assets Fund* | — | 29,008 | 118,020 | |||||||||
Cash | 146,037 | — | 3,508 | |||||||||
Foreign currency at value | — | 12,561 | 5,410 | |||||||||
Unrealized appreciation on forward foreign currency contracts | — | 284,452 | 135,493 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 28,579 | 308,824 | |||||||||
Dividends | — | 32,648 | 20,367 | |||||||||
Interest | 320,509 | 997 | 544 | |||||||||
Foreign tax reclaim | — | 996 | 66 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 24,704,128 | $ | 10,748,599 | $ | 5,371,272 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | — | $ | 21,592 | $ | — | ||||||
Payable upon return of securities loaned | — | 29,008 | 118,020 | |||||||||
Unrealized depreciation on forward foreign currency contracts | — | 41,232 | 13,325 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | — | — | 442,638 | |||||||||
Investment advisory fees | 5,470 | 3,940 | 1,762 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 5,470 | 95,772 | 575,745 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 24,698,658 | $ | 10,652,827 | $ | 4,795,527 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 23,916,100 | $ | 10,470,837 | $ | 4,824,394 | ||||||
Undistributed net investment income | 57,950 | 70,590 | 31,345 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (94,048 | ) | (58,169 | ) | 2,414 | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 818,656 | 169,569 | (62,626 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 24,698,658 | $ | 10,652,827 | $ | 4,795,527 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 950,001 | 450,001 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 26.00 | $ | 23.67 | $ | 23.98 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 23,418,926 | $ | 10,432,390 | $ | 4,963,709 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | — | $ | 26,958 | $ | 112,922 | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | — | $ | 29,008 | $ | 118,020 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | — | $ | 12,681 | $ | 5,427 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at fair value | $ | 2,210,028 | $ | 2,555,262 | ||||
Investment in Daily Assets Fund* | 23,903 | 143,010 | ||||||
Cash | 2,166 | 222 | ||||||
Foreign currency at value | 1,417 | 2,814 | ||||||
Unrealized appreciation on forward foreign currency contracts | 35,040 | 110,829 | ||||||
Receivables: | ||||||||
Investment securities sold | 307,349 | 367,147 | ||||||
Dividends | 1,135 | 1,713 | ||||||
Interest | 29 | 491 | ||||||
|
|
|
| |||||
Total Assets | $ | 2,581,067 | $ | 3,181,488 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | 23,903 | $ | 143,010 | ||||
Unrealized depreciation on forward foreign currency contracts | 8,831 | 1,809 | ||||||
Payables: | ||||||||
Investment securities purchased | 299,598 | 478,713 | ||||||
Investment advisory fees | 1,238 | 924 | ||||||
|
|
|
| |||||
Total Liabilities | 333,570 | 624,456 | ||||||
|
|
|
| |||||
Net Assets | $ | 2,247,497 | $ | 2,557,032 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 2,507,967 | $ | 2,535,950 | ||||
Undistributed net investment income | 12,443 | 7,428 | ||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (16,757 | ) | (50,637 | ) | ||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (256,156 | ) | 64,291 | |||||
|
|
|
| |||||
Net Assets | $ | 2,247,497 | $ | 2,557,032 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 100,001 | 100,001 | ||||||
|
|
|
| |||||
Net Assets Value | $ | 22.47 | $ | 25.57 | ||||
Investments in non-affiliated securities at cost | $ | 2,492,386 | $ | 2,599,951 | ||||
|
|
|
| |||||
Value of securities loaned | $ | 21,791 | $ | 136,832 | ||||
|
|
|
| |||||
Investment in Daily Assets Fund at cost | $ | 23,903 | $ | 143,010 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 1,419 | $ | 2,826 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||
Investment Income | ||||||||||||
Interest income | $ | 150,778 | $ | 256,509 | $ | 78,417 | ||||||
Affiliated interest income | — | — | 102 | |||||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 186 | 332 | 370 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 150,964 | 256,841 | 78,889 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 15,217 | 21,984 | 6,132 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 15,217 | 21,984 | 6,132 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 135,747 | 234,857 | 72,757 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | 48,668 | (33,465 | ) | (73,515 | ) | |||||||
Investments in affiliates | — | — | (19 | ) | ||||||||
In-kind redemptions | — | (99,279 | ) | — | ||||||||
Futures contracts | (22,406 | ) | 7,430 | 5,033 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 26,262 | (125,314 | ) | (68,501 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (219,030 | ) | (753,988 | ) | (78,178 | ) | ||||||
Futures contracts | 21,123 | 32,598 | 22,295 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (197,907 | ) | (721,390 | ) | (55,883 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss on investments, futures, and foreign currency transactions | (171,645 | ) | (846,704 | ) | (124,384 | ) | ||||||
|
|
|
|
|
| |||||||
Net decrease in Net Assets Resulting from Operations | $ | (35,898 | ) | $ | (611,847 | ) | $ | (51,627 | ) | |||
|
|
|
|
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1) | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1) | ||||||||||
Investment Income | ||||||||||||
Interest income | $ | 376,565 | $ | — | $ | — | ||||||
Dividend income* | — | 93,658 | 45,594 | |||||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | — | 1,778 | 908 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 376,565 | 95,436 | 46,502 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 32,651 | 11,589 | 5,475 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 32,651 | 11,589 | 5,475 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 343,914 | 83,847 | 41,027 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (17,995 | ) | (4,035 | ) | (24,447 | ) | ||||||
Foreign currency transactions | — | (54,134 | ) | 26,861 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (17,995 | ) | (58,169 | ) | 2,414 | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 448,501 | (73,032 | ) | (184,669 | ) | |||||||
Foreign currency translations | — | 242,601 | 122,043 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 448,501 | 169,569 | (62,626 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions | 430,506 | 111,400 | (60,212 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 774,420 | $ | 195,247 | $ | (19,185 | ) | |||||
|
|
|
|
|
| |||||||
* Foreign tax withheld | $ | — | $ | 6,710 | $ | 2,126 |
(1) | For the period August 12, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF(1) | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1) | |||||||
Investment Income | ||||||||
Dividend income* | $ | 22,521 | $ | 10,059 | ||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 120 | 995 | ||||||
|
|
|
| |||||
Total Investment Income | 22,641 | 11,054 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 4,620 | 3,626 | ||||||
|
|
|
| |||||
Total Expenses | 4,620 | 3,626 | ||||||
|
|
|
| |||||
Net Investment Income | 18,021 | 7,428 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (63,942 | ) | (14,396 | ) | ||||
In-kind redemptions | — | (38,071 | ) | |||||
Foreign currency transactions | 47,185 | 1,830 | ||||||
|
|
|
| |||||
Net realized gain (loss) | (16,757 | ) | (50,637 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (282,358 | ) | (44,689 | ) | ||||
Foreign currency translations | 26,202 | 108,980 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (256,156 | ) | 64,291 | |||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions | (272,913 | ) | 13,654 | |||||
|
|
|
| |||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | (254,892 | ) | $ | 21,082 | |||
|
|
|
| |||||
* Foreign tax withheld | $ | 2,720 | $ | 1,887 |
(1) | For the period August 12, 2015 (commencement of operations) through November 30, 2015 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Period March 3, 2015(1) to May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period March 3, 2015(1) to May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 135,747 | $ | 64,757 | $ | 234,857 | $ | 128,299 | ||||||||
Net realized gain (loss) | 26,262 | 13,674 | (125,314 | ) | (94,169 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (197,907 | ) | (9,172 | ) | (721,390 | ) | (137,294 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations. | (35,898 | ) | 69,259 | (611,847 | ) | (103,164 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (174,530 | ) | (48,838 | ) | (289,919 | ) | (95,774 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (174,530 | ) | (48,838 | ) | (289,919 | ) | (95,774 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 6,236,830 | 1,110,857 | 11,254,996 | ||||||||||||
Value of shares redeemed | — | — | (2,339,158 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 6,236,830 | (1,228,301 | ) | 11,254,996 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (210,428 | ) | 6,257,251 | (2,130,067 | ) | 11,056,058 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,257,276 | 25 | 11,056,083 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 6,046,848 | $ | 6,257,276 | $ | 8,926,016 | $ | 11,056,083 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | (7,510 | ) | — | (620 | ) | — | ||||||||||
Undistributed net investment income | $ | — | $ | 31,273 | $ | — | $ | 54,442 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 250,001 | 1 | 450,001 | 1 | ||||||||||||
Shares sold | — | 250,000 | 50,000 | 450,000 | ||||||||||||
Shares redeemed | — | — | (100,000 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 250,001 | 250,001 | 400,001 | 450,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Period March 3, 2015(1) to May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 72,757 | $ | 40,754 | $ | 343,914 | $ | 584,119 | ||||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions | (68,501 | ) | 18,716 | (17,995 | ) | 106,699 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation | (55,883 | ) | (137,750 | ) | 448,501 | 44,797 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations. | (51,627 | ) | (78,280 | ) | 774,420 | 735,615 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (86,185 | ) | (28,313 | ) | (342,381 | ) | (573,756 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (86,185 | ) | (28,313 | ) | (342,381 | ) | (573,756 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 6,263,110 | 2,601,132 | 10,360,410 | ||||||||||||
Value of shares redeemed | (1,226,700 | ) | — | — | (5,152,537 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,226,700 | ) | 6,263,110 | 2,601,132 | 5,207,873 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (1,364,512 | ) | 6,156,517 | 3,033,171 | 5,369,732 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,156,542 | 25 | 21,665,487 | 16,295,755 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,792,030 | $ | 6,156,542 | $ | 24,698,658 | $ | 21,665,487 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 4,639 | $ | 18,067 | $ | 57,950 | $ | 56,417 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 250,001 | 1 | 850,001 | 650,001 | ||||||||||||
Shares sold | — | 250,000 | 100,000 | 400,000 | ||||||||||||
Shares redeemed | (50,000 | ) | — | — | (200,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 250,001 | 950,001 | 850,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | |||||||
For the Period August 12, 2015(1) to November 30, 2015 | For the Period August 12, 2015(1) to November 30, 2015 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 83,847 | $ | 41,027 | ||||
Net realized gain (loss) | (58,169 | ) | 2,414 | |||||
Net change in unrealized appreciation (depreciation) | 169,569 | (62,626 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations. | 195,247 | (19,185 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (13,257 | ) | (9,682 | ) | ||||
|
|
|
| |||||
Total distributions | (13,257 | ) | (9,682 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 10,470,812 | 4,824,369 | ||||||
Value of shares redeemed | — | — | ||||||
|
|
|
| |||||
Net increase in net assets resulting from fund share transactions | 10,470,812 | 4,824,369 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 10,652,802 | 4,795,502 | ||||||
Net Assets | ||||||||
Beginning of period | 25 | 25 | ||||||
|
|
|
| |||||
End of period | $ | 10,652,827 | $ | 4,795,527 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 70,590 | $ | 31,345 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 1 | 1 | ||||||
Shares sold | 450,000 | 200,000 | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 450,001 | 200,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||
For the Period August 12, 2015(1) to November 30, 2015 | For the Period August 12, 2015(1) to November 30, 2015 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 18,021 | $ | 7,428 | ||||
Net realized gain (loss) | (16,757 | ) | (50,637 | ) | ||||
Net change in unrealized appreciation (depreciation) | (256,156 | ) | 64,291 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations. | (254,892 | ) | 21,082 | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (5,578 | ) | — | |||||
|
|
|
| |||||
Total distributions | (5,578 | ) | — | |||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 2,507,942 | 3,670,465 | ||||||
Value of shares redeemed | — | (1,134,540 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from fund share transactions | 2,507,942 | 2,535,925 | ||||||
|
|
|
| |||||
Total Increase in Net Assets | 2,247,472 | 2,557,007 | ||||||
Net Assets | ||||||||
Beginning of period | 25 | 25 | ||||||
|
|
|
| |||||
End of period | $ | 2,247,497 | $ | 2,557,032 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 12,443 | $ | 7,428 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 1 | 1 | ||||||
Shares sold | 100,000 | 150,000 | ||||||
Shares redeemed | — | (50,000 | ) | |||||
|
|
|
| |||||
Shares outstanding, end of period | 100,001 | 100,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period March 3, 2015* to May 31, 2015 | ||||||
Net Asset Value, beginning of period | $ | 25.03 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from Investment Operations: | ||||||||
Net investment income** | 0.54 | 0.27 | ||||||
Net realized and unrealized gain (loss) | (0.68 | ) | (0.04 | )(a) | ||||
|
|
|
| |||||
Net increase (decrease) in net asset value from investment operations | (0.14 | ) | 0.23 | |||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.70 | ) | (0.20 | ) | ||||
|
|
|
| |||||
Total distributions | (0.70 | ) | (0.20 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.19 | $ | 25.03 | ||||
|
|
|
| |||||
Total Return*** | (0.55 | )% | 0.90 | % | ||||
Ratios/Supplemental Data | ||||||||
Net Assets, end of period (000’s omitted) | $ | 6,047 | $ | 6,257 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.50 | %† | 0.50 | %† | ||||
Net investment income | 4.46 | %† | 4.35 | %† | ||||
Portfolio turnover rate†† | 8 | %††† | 1 | %††† | ||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period March 3, 2015* to May 31, 2015 | ||||||
Net Asset Value, beginning of period | $ | 24.57 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from Investment Operations: | ||||||||
Net investment income** | 0.56 | 0.29 | ||||||
Net realized and unrealized loss | (2.14 | ) | (0.51 | ) | ||||
|
|
|
| |||||
Net (decrease) in net asset value from investment operations | (1.58 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.68 | ) | (0.21 | ) | ||||
|
|
|
| |||||
Total distributions | (0.68 | ) | (0.21 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 22.31 | $ | 24.57 | ||||
|
|
|
| |||||
Total Return*** | (6.47 | )% | (0.87 | )% | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 8,926 | $ | 11,056 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.45 | %† | 0.45 | %† | ||||
Net investment income | 4.81 | %† | 4.75 | %† | ||||
Portfolio turnover rate†† | 20 | %††† | 13 | %††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
(a) | Because of the timing of Fund share transactions 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. | 58 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period March 3, 2015* to May 31, 2015 | ||||||
Net Asset Value, beginning of period | $ | 24.63 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from Investment Operations: | ||||||||
Net investment income** | 0.36 | 0.17 | ||||||
Net realized and unrealized gain (loss) | (0.62 | ) | (0.43 | ) | ||||
|
|
|
| |||||
Net (decrease) in net asset value from investment operations | (0.26 | ) | (0.26 | ) | ||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.41 | ) | (0.11 | ) | ||||
|
|
|
| |||||
Total distributions | (0.41 | ) | (0.11 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 23.96 | $ | 24.63 | ||||
|
|
|
| |||||
Total Return*** | (1.04 | )% | (1.03 | )% | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 4,792 | $ | 6,157 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.25 | %† | 0.25 | %† | ||||
Net investment income | 2.97 | %† | 2.72 | %† | ||||
Portfolio turnover rate†† | 3 | %†††† | 7 | %†††† |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period June 4, 2013* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 0.40 | 0.81 | 0.81 | |||||||||
Net realized and unrealized gain | 0.51 | 0.40 | 0.00 | ‡ | ||||||||
|
|
|
|
|
| |||||||
Net increase in net asset value from investment operations | 0.91 | 1.21 | 0.81 | |||||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.40 | ) | (0.79 | ) | (0.74 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.40 | ) | (0.79 | ) | (0.74 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 26.00 | $ | 25.49 | $ | 25.07 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | 3.62 | % | 4.88 | % | 3.46 | %††† | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 24,699 | $ | 21,665 | $ | 16,296 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.30 | %† | 0.30 | % | 0.30 | %† | ||||||
Expenses, prior to fee waiver and expense reimbursements | 0.30 | %† | 0.30 | % | 0.32 | %† | ||||||
Net investment income | 3.16 | %† | 3.16 | % | 3.48 | %† | ||||||
Portfolio turnover rate†† | 15 | %†††† | 4 | % | 5 | %†††† |
* | 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 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. |
†††† | Not annualized. |
‡ | Less than 0.005. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income (loss) from Investment Operations: | ||||
Net investment income** | 0.23 | |||
Net realized and unrealized gain (loss) | (1.53 | )(a) | ||
|
| |||
Net (decrease) in net asset value from investment operations | (1.30 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | (0.03 | ) | ||
|
| |||
Total distributions | (0.03 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 23.67 | ||
|
| |||
Total Return*** | (5.20 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 10,653 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 3.26 | %† | ||
Portfolio turnover rate†† | 2 | %††† | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income (loss) from Investment Operations: | ||||
Net investment income** | 0.24 | |||
Net realized and unrealized loss | (1.21 | ) | ||
|
| |||
Net (decrease) in net asset value from investment operations | (0.97 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | (0.05 | ) | ||
|
| |||
Total distributions | (0.05 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 23.98 | ||
|
| |||
Total Return*** | (3.88 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 4,796 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 3.37 | %† | ||
Portfolio turnover rate†† | 9 | %††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
(a) | Because of the timing of Fund share transactions 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. | 60 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.18 | |||
Net realized and unrealized loss | (2.65 | ) | ||
|
| |||
Net (decrease) in net asset value from investment operations | (2.47 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | (0.06 | ) | ||
|
| |||
Total distributions | (0.06 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 22.47 | ||
|
| |||
Total Return*** | (9.90 | )% | ||
Ratios/Supplemental Data | ||||
Net Assets, end of period (000’s omitted) | $ | 2,247 | ||
Ratios to average net assets: | ||||
Expenses | 0.65 | %† | ||
Net investment income | 2.54 | %† | ||
Portfolio turnover rate†† | 17 | %††† | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income (loss) from Investment Operations: | ||||
Net investment income** | 0.07 | |||
Net realized and unrealized gain | 0.50 | |||
|
| |||
Net increase in net asset value from investment operations | 0.57 | |||
|
| |||
Net Asset Value, end of period | $ | 25.57 | ||
|
| |||
Total Return*** | 2.28 | % | ||
Ratios/Supplemental Data | ||||
Net Assets, end of period (000’s omitted) | $ | 2,557 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 0.92 | %† | ||
Portfolio turnover rate†† | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
See Notes to Financial Statements. | 61 |
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, 2015, the Trust consists of thirty-five investment 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:
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
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 Emerging Markets Bond — Interest Rate Hedged ETF | Solactive Emerging Markets Bond — Interest Rate Hedged Index | |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | |
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Solactive Investment Grade Bond — Interest Rate Hedged Index | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | MSCI ACWI ex-USA High Dividend Yield U.S. Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | MSCI EAFE High Dividend Yield U.S. Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | MSCI EM (Emerging Markets) High Dividend Yield U.S. Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | MSCI EMU High Dividend Yield U.S. Dollar Hedged Index |
The Solactive USD Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar denominated emerging markets bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive USD High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive USD Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in
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Notes to financial statements (Unaudited) (Continued)
aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive 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 nd 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 Solactive Indexes are rebalanced monthly on the last business day of each month.
The MSCI ACWI ex US High Dividend Yield U.S. Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets (excluding the U.S. and Canada) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EMU High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”) in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.
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 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 or Solactive and DBX, as applicable. 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.
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.
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Notes to financial statements (Unaudited) (Continued)
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.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from brokerdealers. These securities are generally categorized as Level 2.
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.
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.
Disclosure about the classification of the fair value measurements is included in a table following each Fund’s Schedule of Investments.
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Notes to financial statements (Unaudited) (Continued)
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted over the lives of the respective security 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 Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly; 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 period ended November 30, 2015, 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, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is 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.
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Notes to financial statements (Unaudited) (Continued)
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds, except the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain the benefits of owning securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015, the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, the Funds listed below had securities on loan, all of which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
As of November 30, 2015, the Funds listed below had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
As of November 30, 2015, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF had no securities on loan.
Derivatives
Forward Currency Contracts Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward currency contracts designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
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Notes to financial statements (Unaudited) (Continued)
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Funds invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
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 Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Fund’s 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 Funds had to the value of non U.S currencies during the period ended November 30, 2015.
Futures Contracts Each Fund may enter into futures contracts. 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. Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange- traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2015 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, 2015 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 Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest Rate Contracts | Unrealized appreciation on Future Contracts | $ | — | Unrealized depreciation on Future Contracts | $ | 640 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | — | Total | $ | 640 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest Rate Contracts | Unrealized appreciation on Future Contracts | $ | 3,945 | Unrealized depreciation on Future Contracts | $ | — | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 3,945 | Total | $ | — | |||||||||||
|
|
|
|
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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 Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest Rate Contracts | Unrealized appreciation on Future Contracts | $ | — | Unrealized depreciation on Future Contracts | $ | 1,289 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | — | Total | $ | 1,289 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 284,452 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 41,232 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 284,452 | Total | $ | 41,232 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 135,493 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 13,325 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 135,493 | Total | $ | 13,325 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 35,040 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 8,831 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 35,040 | Total | $ | 8,831 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 110,829 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,809 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 110,829 | Total | $ | 1,809 | |||||||||||
|
|
|
|
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, 2015 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 | ||||||||||||
Interest Rate Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (22,406 | ) | $ | — | $ | (22,406 | ) | ||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 7,430 | — | 7,430 | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 5,033 | — | 5,033 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | (34,255 | ) | (34,255 | ) | |||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | 32,177 | 32,177 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | 42,573 | 42,573 | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | 17,224 | 17,224 |
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Notes to financial statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||||||||
Interest Rate Contracts | Forward Foreign Currency Contracts | Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 21,123 | $ | — | $ | 21,123 | ||||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 32,598 | — | 32,598 | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 22,295 | — | 22,295 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | 243,220 | 243,220 | |||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | 122,168 | 122,168 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | 26,209 | 26,209 | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | 109,020 | 109,020 |
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Market Value) | |||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (5,630,797 | ) | $ | — | |||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | (9,106,804 | ) | — | |||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | (4,556,463 | ) | — | |||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | (8,262,402 | ) | |||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | (4,029,357 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (2,233,781 | ) | |||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | (2,634,394 | ) |
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Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 154,422 | $ | (25,559 | ) | $ | — | $ | 128,863 | $ | 25,559 | $ | (25,559 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | — | — | — | — | 55 | — | — | 55 | ||||||||||||||||||||||||
JP Morgan & Chase Co. | 767 | (23 | ) | — | 744 | 23 | (23 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 24,459 | (2,155 | ) | — | 22,304 | 2,155 | (2,155 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co | 99,133 | (8,708 | ) | — | 90,425 | 8,708 | (8,708 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 5,671 | (4,732 | ) | — | 939 | 4,732 | (4,732 | ) | — | — | ||||||||||||||||||||||
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$ | 284,452 | $ | (41,177 | ) | $ | — | $ | 243,275 | $ | 41,232 | $ | (41,177 | ) | $ | — | $ | 55 | |||||||||||||||
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Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 41,888 | $ | (3,386 | ) | $ | — | $ | 38,502 | $ | 3,386 | $ | (3,386 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 22 | (22 | ) | — | — | 6,656 | (22 | ) | — | 6,634 | ||||||||||||||||||||||
RBC Capital Markets | 91,938 | (2,029 | ) | — | 89,909 | 2,029 | (2,029 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 1,645 | (1,254 | ) | — | 391 | 1,254 | (1,254 | ) | — | — | ||||||||||||||||||||||
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$ | 135,493 | $ | (6,691 | ) | $ | — | $ | 128,802 | $ | 13,325 | $ | (6,691 | ) | $ | — | $ | 6,634 | |||||||||||||||
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Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 3,794 | $ | (3,136 | ) | $ | — | | $ | 658 | $ | 3,136 | $ | (3,136 | ) | $ | — | $ | — | |||||||||||||
JP Morgan & Chase Co. | 682 | — | 682 | — | — | — | — | |||||||||||||||||||||||||
RBC Capital Markets | 21,790 | (1,860 | ) | — | 19,930 | 1,860 | (1,860 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co | 643 | (121 | ) | — | 522 | 121 | (121 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 8,131 | (3,714 | ) | — | 4,417 | 3,714 | (3,714 | ) | — | — | ||||||||||||||||||||||
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$ | 35,040 | $ | (8,831 | ) | $ | — | $ | 26,209 | $ | 8,831 | $ | (8,831 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 30,666 | $ | (535 | ) | $ | — | $ | 30,131 | $ | 535 | $ | (535 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 79,984 | (1,266 | ) | — | 78,718 | 1,266 | (1,266 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 179 | (8 | ) | — | 171 | 8 | (8 | ) | — | — | ||||||||||||||||||||||
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$ | 110,829 | $ | (1,809 | ) | $ | — | $ | 109,020 | $ | 1,809 | $ | (1,809 | ) | $ | — | $ | — | |||||||||||||||
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70
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
TDAM USA Inc. (“TDAM”) serves as investment sub-advisor to Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF pursuant to a Sub-Advisory Agreement. Deutsche Investment Management Americas Inc. (“DIMA”) serves as investment sub-advisor to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF pursuant to a Sub-Advisory Agreement.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets at an annual rate equal to:
Fund | Unitary Management Fee | |||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | 0.50 | % | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 0.45 | % | ||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 0.25 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 0.30 | % |
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 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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Federal Income Taxes
At May 31, 2015, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount** | ||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | 62,094 | $ | — | $ | 62,094 |
** | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
71
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 year ended May 31, 2015, the Funds incurred and elected to defer net capital losses as follows:
Post-October Loss on Capital | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 8,293 | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 123,479 | |||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 5,310 | |||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 13,959 |
The tax character of current year distributions will be determined at the end of the fiscal year.
5. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. A summary of the Funds’ transactions with Deutsche Bank AG securities during the six months ended November 30, 2015 is as follows:
Value ($) 5/31/15 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/ (Loss)($) | Income ($) | Value ($) at 11/30/15 | |||||||||||||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||||||||||
Deutsche Bank AG 2.5% 2/13/19 | 10,156 | — | (2,010 | ) | (19 | ) | 102 | 8,081 |
6. Investment Portfolio Transactions
For the six months ended November 30, 2015, 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 Emerging Markets Bond — Interest Rate Hedged ETF | $ | 482,548 | $ | 540,787 | ||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 1,790,911 | 1,947,594 | ||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 154,352 | 1,282,774 | ||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 5,894,558 | 3,241,878 | ||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1) | 3,910,604 | 159,760 | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1) | 3,025,757 | 352,461 | ||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF(1) | 2,938,273 | 381,945 | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1) | 3,054,160 | 442,004 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | $ | — | $ | 1,025,776 | ||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1) | 6,685,581 | — | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1) | 2,314,860 | — | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1) | 1,170,986 | 1,130,724 |
(1) | For the period from August 12, 2015 (commencement of operations) to November 30, 2015. |
7. Fund Share Transactions
As of November 30, 2015, 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
72
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $130 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 as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.
9. 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, 2015, 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 Emerging Markets Bond — Interest Rate Hedged ETF | 80 | % | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 92 | % | ||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 59 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 19 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 39 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 97 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 95 | % |
10. 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.
11. Investing in High-Yield Securities
A Fund’s performance could be hurt if a security declines in credit quality or goes into default, or if an issuer does not make timely payments of interest or principal. Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth-highest category) may be in uncertain financial health, the risk of loss from default by the issuer is significantly greater. Prices and yields of high-yield securities will fluctuate over time and, during periods of economic uncertainty, volatility of high-yield securities may adversely affect a fund’s net asset value.
73
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
At a meeting held on May 21, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the “Funds”).
In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (“TDAM” or “Sub-Adviser”) with respect to its management of other funds of the Trust, as well as TDAM’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
The Board reached a determination, with the assistance of K&L Gates LLP (“Independent Trustees’ Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds’ portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.
The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the
74
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also noted that the Funds’ portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that since each Fund was new, it was difficult to estimate the profitability of each Fund to the Adviser at this time, and noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered TDAM’s operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of non-U.S. equity securities. The Board gave special consideration to TDAM’s experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies
75
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
while minimizing index tracking error. In addition, the Board considered TDAM’s operational capabilities and resources, and TDAM’s experience in managing index funds covering various asset classes.
The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.
Performance of TDAM; TDAM’s Financial Resources. The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAM’s performance in managing other currency-hedged equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAM’s capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds’ tracking error within acceptable ranges.
The Board also considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to TDAM. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.
Costs of Services and Profitability. The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board further noted that specific information about TDAM’s profitability with respect to its services provided to the Funds was not available because TDAM does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also noted that the overall fees paid by each Fund remained reasonable.
The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
76
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 “Resources” “proxy voting” and at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 1-855-329-3837.
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 during the past calendar year, when available can be found at www.deutsche-etfs.com.
77
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.
78
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. 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. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. These Funds are non-diversified and can take larger positions in fewer issuers, increasing potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
EMIH, HYIH, IGIH and RVNU are not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks is a the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave New York, New York 10154 | Investment sub-advisors 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 |
R-036922-2 (1/16) DBX001742 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
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 MSCI All China Equity ETF (CN)
DBX ETF Trust
Dear Shareholder,
We are pleased to provide this semi-annual report for our four flagship ETFs tracking China’s equity market for the period ended November 30, 2015.
The global economy is growing at a moderate rate; however, decelerating emerging market growth has led to widespread questions about potentially slower global growth and its impact on inflation. Growth momentum in China continues to wane as the traditional sources of growth, investment, and manufacturing are faltering mainly due to overcapacity in certain sectors and insufficient global demand. On the upside, the fall in commodity prices is bolstering China’s already massive trade surplus. The upward trend in retail sales suggests the transformation toward a more domestic-consumption-based economic model is continuing.
China, the economic heavyweight of Asia, experienced two major shocks in the last six months. The first was China’s unexpected decision to moderately devalue the Renminbi versus the US dollar in August, which led to a huge sell-off in international equity markets. This was driven primarily by weaker exports and Renminbi appreciation. The second was the sharp downward trajectory in equity markets, with the Shanghai Composite Index1 tumbling nearly 9% intra-day in July and August. This fall was attributable to soft economic data, speculation about the Chinese government’s continued support to restore its markets, and the unwinding of margin financing that powered the market rally earlier this year. However, the equity market has staged a modest recovery since then.
“Hard landing” fears dominated investor sentiment and, it seems, persuaded the Federal Reserve to not raise rates in September. The shift from “Made in China” to “Consumed in China” has also been reflected in reduced demand for raw materials, which in turn partly explains the significant decline in commodity prices. Gross Domestic Product (GDP) growth in the third quarter stood at 6.9%, the slowest since 2009. In response, the People’s Bank of China (PBOC) continued to inject new liquidity into the banking system by reducing interest rates for the sixth time in a year in October. The Chinese government has taken unprecedented steps to stabilize markets, including deleveraging of margin financing, tightening trading rules to curb speculation and volatility, and extending liquidity (via China Securities Finance Corp) during the equity market sell-off.
The slowdown has deep roots, wedded in both cyclical and structural forces; however, we believe China will continue to be one of the fastest growing among the world’s major economies. Meanwhile, the Chinese government is facing the challenge of rebalancing the economy while trying to avoid a hard landing.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1 The Shanghai Composite Index is a capitalization-weighted index which tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Sector Diversification* as of 11/30/15
Financials | 39.7% | |||
Industrials | 17.7% | |||
Consumer Discretionary | 10.5% | |||
Information Technology | 7.2% | |||
Materials | 6.4% | |||
Health Care | 5.5% | |||
Consumer Staples | 5.4% | |||
Utilities | 4.1% | |||
Energy | 2.7% | |||
Telecommunication Services | 0.8% | |||
|
| |||
Total | 100.0% |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged 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, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
2
DBX ETF Trust
Portfolio 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 approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd., Class A | 4.0% | |||
China Merchants Bank Co. Ltd., Class A | 3.1% | |||
China Minsheng Banking Corp. Ltd., Class A | 2.8% | |||
Shanghai Pudong Development Bank Co. Ltd., Class A | 2.3% | |||
Industrial Bank Co. Ltd., Class A | 1.9% | |||
China Vanke Co. Ltd., Class A | 1.6% | |||
CITIC Securities Co. Ltd., Class A | 1.5% | |||
Bank of Communications Co. Ltd., Class A | 1.3% | |||
CRRC Corp. Ltd., Class A | 1.3% | |||
Haitong Securities Co. Ltd., Class A | 1.3% |
Sector Diversification* as of 11/30/15
Financials | 39.7% | |||
Industrials | 17.7% | |||
Consumer Discretionary | 10.5% | |||
Information Technology | 7.2% | |||
Materials | 6.4% | |||
Health Care | 5.5% | |||
Consumer Staples | 5.4% | |||
Utilities | 4.1% | |||
Energy | 2.7% | |||
Telecommunication Services | 0.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
3
DBX ETF Trust
Portfolio summary (Unaudited)
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”). 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Guangdong Yihua Timber Industry Co. Ltd., Class A | 0.8% | |||
Greatwall Information Industry Co. Ltd., Class A | 0.7% | |||
Eternal Asia Supply Chain Management Ltd., Class A | 0.7% | |||
Shanghai AJ Corp., Class A | 0.6% | |||
CEFC Anhui International Holding Co. Ltd., Class A | 0.6% | |||
NavInfo Co. Ltd., Class A | 0.6% | |||
Sichuan Tianqi Lithium Industries, Inc., Class A | 0.6% | |||
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | 0.6% | |||
China-Kinwa High Technology Co. Ltd., Class A | 0.5% | |||
China Security & Fire Co. Ltd., Class A | 0.5% |
Sector Diversification* as of 11/30/15
Industrials | 24.0% | |||
Consumer Discretionary | 16.0% | |||
Information Technology | 14.8% | |||
Materials | 14.3% | |||
Health Care | 12.4% | |||
Financials | 9.5% | |||
Consumer Staples | 4.4% | |||
Utilities | 2.8% | |||
Energy | 1.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
4
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI All China Equity ETF (CN)
The Deutsche X-trackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index. The MSCI China All Shares Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe and is compose of A-shares, H-shares, B-shares, Red chips, and P chips share classes. On November 30, 2015 the MSCI China All Shares Index replaced the MSCI All China Index as the comparative broad-based securities market index because the Advisor believes the MSCI China All Shares Index more closely reflects the Fund’s investment strategy. The MSCI All China 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 MSCI All China 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 MSCI China All Shares Index. The Fund 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 and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Ten Largest Equity and ETF Holdings as of 11/30/15
Description | % of Net Assets | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 35.2% | |||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 12.3% | |||
Tencent Holdings Ltd. | 5.0% | |||
Alibaba Group Holding Ltd., ADR | 4.2% | |||
China Mobile Ltd. | 3.4% | |||
Baidu, Inc., ADR | 3.0% | |||
China Construction Bank Corp., Class H | 2.8% | |||
Industrial & Commercial Bank of China Ltd., Class H | 2.2% | |||
Bank of China Ltd., Class H | 1.7% | |||
Ping An Insurance Group Co. of China Ltd., Class H | 1.4% |
Sector Diversification* as of 11/30/15
Financials | 32.0% | |||
Information Technology | 19.8% | |||
Industrials | 12.8% | |||
Consumer Discretionary | 9.8% | |||
Materials | 4.7% | |||
Health Care | 4.5% | |||
Telecommunication Services | 4.5% | |||
Energy | 4.3% | |||
Consumer Staples | 4.0% | |||
Utilities | 3.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
5
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Deutsche X-trackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Deutsche X-trackers MSCI All China Equity ETF invests. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the Underlying Fund) in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Deutsche X-trackers MSCI All China Equity ETF’s and Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
Actual expenses
The first line in the following table 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 table 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 June 1, 2015 | Ending Account Value November 30, 2015 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF* | ||||||||||||||||
Actual (2) | $ | 1,000.00 | $ | 1,014.80 | 0.06 | % | $ | 0.07 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.70 | 0.06 | % | $ | 0.30 | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 713.60 | 0.80 | % | $ | 3.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 685.42 | 0.80 | % | $ | 3.37 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
Deutsche X-trackers MSCI All China Equity ETF* | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 769.67 | 0.22 | % | $ | 0.97 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.90 | 0.22 | % | $ | 1.11 |
(1) Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from October 20, 2015 (commencement of operations) to November 30, 2015.
* The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
6
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
EXCHANGE-TRADED FUND — 99.7% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) | 70,438 | $ | 2,530,133 | |||||
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| |||||||
SECURITIES LENDING COLLATERAL — 52.6% | ||||||||
Daily Assets Fund, 0.20% (c)(d) | 1,334,736 | 1,334,736 | ||||||
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| |||||||
TOTAL INVESTMENTS —152.3% (Cost $3,843,450)† | $ | 3,864,869 | ||||||
Other assets and liabilities, | (1,327,737 | ) | ||||||
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| |||||||
NET ASSETS — 100.0% | $ | 2,537,132 | ||||||
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|
† | The cost for federal income tax purposes was $3,843,450. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $21,419. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,419 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $0. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $1,331,770, which is 52.5% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | ||||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CNH | 15,756,000 | USD | 2,483,576 | $ | 31,012 | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 2,452,086 | CNH | 15,756,000 | 477 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CNH | 16,034,427 | USD | 2,484,572 | 1,214 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | CNH | 171,000 | USD | 26,614 | 130 | ||||||||||||
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| |||||||||||||||||
Total net unrealized appreciation | $ | 32,833 | ||||||||||||||||
|
|
Currency Abbreviations
CNH Chinese Offshore Yuan
USD U.S. Dollar
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||
Investment in Securities | ||||||||||||||||
Exchange-Traded Fund | $ | 2,530,133 | $ | — | $ | — | $ | 2,530,133 | ||||||||
Securities Lending Collateral | 1,334,736 | — | — | 1,334,736 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 32,833 | — | 32,833 | ||||||||||||
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| |||||||||
Total | $ | 3,864,869 | $ | 32,833 | $ | — | $ | 3,897,702 | ||||||||
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There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Consumer Discretionary — 10.4% | ||||||||
Beijing Enlight Media Co. Ltd., Class A | 138,150 | $ | 640,183 | |||||
Beiqi Foton Motor Co. Ltd., Class A | 487,400 | 472,660 | ||||||
Byd Co. Ltd., Class A* | 146,231 | 1,426,733 | ||||||
China International Travel Service Corp. Ltd., Class A | 121,293 | 943,828 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 223,329 | 813,805 | ||||||
Chinese Universe Publishing and Media Co. Ltd., Class A | 169,144 | 712,720 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 698,415 | 1,581,801 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 537,585 | 1,563,417 | ||||||
FAW CAR Co. Ltd., Class A | 244,600 | 571,494 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 429,017 | 935,594 | ||||||
Great Wall Motor Co. Ltd., Class A | 374,856 | 712,449 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,490,411 | 4,252,474 | ||||||
Guangdong Alpha Animation and Culture Co. Ltd., Class A | 154,962 | 832,182 | ||||||
Haining China Leather Market Co. Ltd., Class A | 173,222 | 477,793 | ||||||
Heilan Home Co. Ltd., Class A | 418,241 | 953,761 | ||||||
Hisense Electric Co. Ltd., Class A | 243,748 | 616,549 | ||||||
Huawen Media Investment Corp., Class A | 480,144 | 1,095,249 | ||||||
Huayi Brothers Media Corp., Class A | 302,100 | 1,789,756 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 315,583 | 783,520 | ||||||
Hunan TV & Broadcast Intermediary Co. Ltd., Class A | 358,592 | 1,461,315 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 231,543 | 585,319 | ||||||
Jishi Media Co. Ltd., Class A | 576,526 | 573,444 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 619,977 | 1,444,171 | ||||||
Midea Group Co. Ltd., Class A | 653,799 | 2,730,483 | ||||||
Pang Da Automobile Trade Co. Ltd., Class A* | 1,012,402 | 620,897 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,179,160 | 1,798,679 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,034,192 | 3,079,575 | ||||||
Shanghai Oriental Pearl Media Co. Ltd., Class A | 410,054 | 2,196,344 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 1,135,050 | 1,441,711 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A* | 1,191,311 | 1,120,053 | ||||||
Suning Commerce Group Co. Ltd., Class A | 1,390,555 | 2,971,890 | ||||||
TCL Corp., Class A | 2,649,800 | 1,596,233 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 339,724 | 1,157,040 | ||||||
Wasu Media Holding Co. Ltd., Class A* | 37,201 | 186,170 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 186,628 | 678,615 | ||||||
Youngor Group Co. Ltd., Class A | 483,800 | 1,152,210 | ||||||
Zhe Jiang Daily Media Group Co. Ltd., Class A | 248,700 | 616,131 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 121,558 | $ | 596,030 | |||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 207,745 | 501,230 | ||||||
|
| |||||||
47,683,508 | ||||||||
|
| |||||||
Consumer Staples — 5.4% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 452,653 | 852,563 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 431,917 | 525,077 | ||||||
Beingmate Baby & Child Food Co. Ltd., Class A* | 160,844 | 349,263 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 186,710 | 436,818 | ||||||
By-health Co. Ltd., Class A | 87,100 | 439,818 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 84,802 | 450,390 | ||||||
Gansu Yasheng Industrial Group Co. Ltd., Class A | 471,863 | 520,022 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 300,054 | 898,160 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,906,450 | 4,377,139 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 136,580 | 1,339,375 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A* | 102,329 | 283,366 | ||||||
Kweichow Moutai Co. Ltd., Class A | 158,196 | 5,277,304 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 216,028 | 780,140 | ||||||
MeiHua Holdings Group Co. Ltd., Class A | 591,901 | 808,018 | ||||||
New Hope Liuhe Co. Ltd., Class A | 442,767 | 1,176,415 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 219,446 | 598,802 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 165,475 | 1,036,231 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A* | 81,850 | 211,367 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 234,919 | 540,100 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 110,530 | 544,193 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 589,085 | 2,203,464 | ||||||
Yonghui Superstores Co. Ltd., Class A | 636,932 | 960,709 | ||||||
|
| |||||||
24,608,734 | ||||||||
|
| |||||||
Energy — 2.7% | ||||||||
China Coal Energy Co. Ltd., Class A | 536,400 | 503,477 | ||||||
China Oilfield Services Ltd., Class A | 183,976 | 449,038 | ||||||
China Petroleum & Chemical Corp., Class A | 3,271,015 | 2,500,002 | ||||||
China Shenhua Energy Co. Ltd., Class A | 580,200 | 1,327,602 | ||||||
Guanghui Energy Co. Ltd., Class A | 971,734 | 1,031,590 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 316,955 | 250,137 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 670,849 | 945,035 | ||||||
PetroChina Co. Ltd., Class A | 1,547,321 | 2,023,166 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 592,403 | 444,462 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 350,716 | 340,109 |
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, 2015 (Unaudited)
Number | Value | |||||||
Energy (Continued) | ||||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 460,404 | $ | 427,130 | |||||
Wintime Energy Co. Ltd., Class A | 1,039,942 | 780,236 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A* | 355,803 | 367,748 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 150,323 | 578,427 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 110,038 | 160,152 | ||||||
|
| |||||||
12,128,311 | ||||||||
|
| |||||||
Financials — 39.3% | ||||||||
Agricultural Bank of China Ltd., Class A | 8,432,070 | 4,134,523 | ||||||
AVIC Capital Co. Ltd., Class A | 701,835 | 1,749,042 | ||||||
Bank of Beijing Co. Ltd., Class A | 3,194,503 | 4,609,539 | ||||||
Bank of China Ltd., Class A | 7,169,500 | 4,586,705 | ||||||
Bank of Communications Co. Ltd., Class A | 6,074,141 | 6,041,673 | ||||||
Bank of Nanjing Co. Ltd., Class A | 624,381 | 1,647,382 | ||||||
Bank of Ningbo Co. Ltd., Class A | 600,502 | 1,336,673 | ||||||
Changjiang Securities Co. Ltd., Class A | 1,018,902 | 1,828,676 | ||||||
China CITIC Bank Corp. Ltd., Class A* | 1,055,976 | 1,193,343 | ||||||
China Construction Bank Corp., Class A | 2,909,470 | 2,613,162 | ||||||
China Everbright Bank Co. Ltd., Class A | 6,640,758 | 4,475,851 | ||||||
China Fortune Land Development Co. Ltd., Class A | 330,495 | 1,323,153 | ||||||
China Life Insurance Co. Ltd., Class A | 514,306 | 2,106,283 | ||||||
China Merchants Bank Co. Ltd., Class A | 5,204,936 | 13,935,392 | ||||||
China Merchants Property Development Co. Ltd., Class A | 326,759 | 1,859,040 | ||||||
China Merchants Securities Co. Ltd., Class A | 718,008 | 2,263,228 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 9,353,976 | 12,565,535 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 971,749 | 4,002,380 | ||||||
China Vanke Co. Ltd., Class A | 3,114,501 | 7,305,917 | ||||||
CITIC Securities Co. Ltd., Class A | 2,439,453 | 6,694,513 | ||||||
Everbright Securities Co. Ltd., Class A | 370,169 | 1,287,813 | ||||||
Financial Street Holdings Co. Ltd., Class A | 703,428 | 1,027,057 | ||||||
Founder Securities Co. Ltd., Class A* | 1,286,963 | 1,899,095 | ||||||
Gemdale Corp., Class A | 670,331 | 1,384,634 | ||||||
GF Securities Co. Ltd., Class A | 909,240 | 2,490,949 | ||||||
Guosen Securities Co. Ltd., Class A | 380,000 | 1,119,123 | ||||||
Guoyuan Securities Co. Ltd., Class A | 364,301 | 1,281,570 | ||||||
Haitong Securities Co. Ltd., Class A | 2,501,867 | 5,927,236 | ||||||
Huatai Securities Co. Ltd., Class A | 1,002,300 | 2,912,844 | ||||||
Huaxia Bank Co. Ltd., Class A | 1,642,940 | 2,831,035 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 7,762,926 | 5,582,716 | ||||||
Industrial Bank Co. Ltd., Class A | 3,638,357 | 8,863,282 | ||||||
Industrial Securities Co. Ltd., Class A | 1,277,837 | 2,114,370 | ||||||
New China Life Insurance Co. Ltd., Class A | 259,245 | 1,775,970 | ||||||
Northeast Securities Co. Ltd., Class A | 356,703 | 963,897 | ||||||
Oceanwide Holdings Co. Ltd., Class A | 406,198 | 692,348 | ||||||
Orient Securities Co. Ltd., Class A | 325,236 | 1,144,653 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Pacific Securities Co. Ltd., Class A | 755,753 | $ | 1,070,523 | |||||
Ping An Bank Co. Ltd., Class A | 1,761,867 | 3,219,694 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 3,434,486 | 18,069,795 | ||||||
Poly Real Estate Group Co. Ltd., Class A | 1,974,561 | 2,950,623 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 474,120 | 729,154 | ||||||
Sealand Securities Co. Ltd., Class A | 421,733 | 797,602 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 122,942 | 896,761 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 3,536,177 | 10,265,641 | ||||||
Shanghai SMI Holding Co. Ltd., Class A | 482,020 | 1,222,254 | ||||||
Shanxi Securities Co. Ltd., Class A | 383,300 | 893,767 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A* | 1,390,386 | 2,252,985 | ||||||
Sinolink Securities Co. Ltd., Class A | 559,968 | 1,341,452 | ||||||
SooChow Securities Co. Ltd., Class A | 418,993 | 986,125 | ||||||
Southwest Securities Co. Ltd., Class A | 863,342 | 1,236,362 | ||||||
Western Securities Co. Ltd., Class A | 341,714 | 1,906,358 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 765,257 | 621,800 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 845,383 | 1,201,435 | ||||||
|
| |||||||
179,232,933 | ||||||||
|
| |||||||
Health Care — 5.3% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 124,572 | 617,208 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 127,076 | 679,856 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 210,250 | 870,221 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 121,664 | 482,921 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 165,319 | 1,191,198 | ||||||
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A | 857,747 | 985,347 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 164,673 | 694,905 | ||||||
Huadong Medicine Co. Ltd., Class A | 64,406 | 752,003 | ||||||
Hualan Biological Engineering, Inc., Class A | 89,797 | 552,399 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 361,738 | 2,786,108 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 218,535 | 954,175 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 962,838 | 2,683,233 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 156,683 | 1,004,832 | ||||||
Searainbow Holding Corp., Class A* | 216,298 | 1,103,998 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 356,464 | 1,338,898 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 294,559 | 855,575 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 158,630 | 1,000,774 | ||||||
Shenzhen Hepalink Pharmaceutical Co. Ltd., Class A | 125,945 | 583,820 |
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, 2015 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 95,419 | $ | 460,438 | |||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 227,404 | 633,259 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 201,793 | 1,126,709 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 243,400 | 922,939 | ||||||
Xizang Haisco Pharmaceutical Group Co. Ltd., Class A | 65,555 | 224,391 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 162,703 | 1,714,076 | ||||||
Zhejiang NHU Co. Ltd., Class A | 168,980 | 412,962 | ||||||
|
| |||||||
24,632,245 | ||||||||
|
| |||||||
Industrials — 17.5% | ||||||||
Air China Ltd., Class A | 786,349 | 987,788 | ||||||
AVIC Aero-Engine Controls Co. Ltd., Class A | 142,246 | 721,824 | ||||||
AVIC Aircraft Co. Ltd., Class A | 418,778 | 1,613,370 | ||||||
Avic Aviation Engine Corp. PLC, Class A | 184,723 | 1,315,485 | ||||||
AVIC Helicopter Co. Ltd., Class A | 68,661 | 596,802 | ||||||
Beijing Orient Landscape & Ecology Co. Ltd., Class A | 298,344 | 1,059,622 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 190,382 | 1,482,326 | ||||||
BlueFocus Communication Group Co. Ltd., Class A | 464,845 | 1,045,565 | ||||||
China Avionics Systems Co. Ltd., Class A | 153,986 | 596,355 | ||||||
China Baoan Group Co. Ltd., Class A | 392,600 | 1,222,232 | ||||||
China CAMC Engineering Co. Ltd., Class A | 109,831 | 382,954 | ||||||
China Communications Construction Co. Ltd., Class A | 458,123 | 978,383 | ||||||
China COSCO Holdings Co. Ltd., Class A* | 1,252,792 | 1,916,558 | ||||||
China CSSC Holdings Ltd., Class A | 210,551 | 1,170,692 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 1,048,815 | 1,173,825 | ||||||
China First Heavy Industries, Class A | 789,692 | 1,026,399 | ||||||
China Gezhouba Group Co. Ltd., Class A | 831,412 | 987,452 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 263,361 | 774,795 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 589,980 | 622,641 | ||||||
China Railway Construction Corp. Ltd., Class A | 1,098,766 | 2,348,279 | ||||||
China Railway Group Ltd., Class A | 1,808,871 | 3,147,918 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 2,922,334 | 4,576,182 | ||||||
China Shipping Container Lines Co. Ltd., Class A* | 1,317,900 | 1,513,440 | ||||||
China Southern Airlines Co. Ltd., Class A | 1,035,620 | 1,247,710 | ||||||
China Spacesat Co. Ltd., Class A | 184,132 | 1,264,844 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 4,669,924 | 4,506,866 | ||||||
China XD Electric Co. Ltd., Class A | 623,190 | 633,446 | ||||||
CRRC Corp. Ltd., Class A* | 2,931,148 | 6,022,640 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Daqin Railway Co. Ltd., Class A | 1,829,160 | $ | 2,471,414 | |||||
Dongfang Electric Corp. Ltd., Class A | 353,329 | 745,785 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 329,500 | 739,082 | ||||||
Guangshen Railway Co. Ltd., Class A | 1,008,950 | 709,881 | ||||||
Hainan Airlines Co. Ltd., Class A | 1,842,800 | 1,087,143 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 260,677 | 967,350 | ||||||
Jiangxi Hongdu Aviation Industry Corp. Ltd., Class A | 136,682 | 509,979 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 191,716 | 955,817 | ||||||
Metallurgical Corp. of China Ltd., Class A | 1,961,600 | 2,010,103 | ||||||
NARI Technology Co. Ltd., Class A | 448,276 | 1,075,285 | ||||||
Ningbo Port Co. Ltd., Class A | 1,573,000 | 1,797,637 | ||||||
Power Construction Corp. of China Ltd., Class A | 1,312,425 | 1,634,331 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,139,944 | 1,139,178 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 534,602 | 600,821 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 907,700 | 1,697,123 | ||||||
Shanghai International Airport Co. Ltd., Class A | 295,364 | 1,314,917 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 779,353 | 815,226 | ||||||
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd., Class A | 88,474 | 350,630 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 142,576 | 972,728 | ||||||
Siasun Robot & Automation Co. Ltd., Class A | 156,597 | 1,800,879 | ||||||
Spring Airlines Co. Ltd., Class A | 67,384 | 595,666 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 274,030 | 690,161 | ||||||
TBEA Co. Ltd., Class A | 811,657 | 1,475,676 | ||||||
Tianjin Port Co. Ltd., Class A | 258,212 | 440,515 | ||||||
Weichai Power Co. Ltd., Class A | 722,609 | 1,055,063 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 1,318,772 | 899,113 | ||||||
Xiamen C & D, Inc., Class A | 958,812 | 1,954,924 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 458,469 | 1,165,387 | ||||||
XJ Electric Co. Ltd., Class A | 187,893 | 549,847 | ||||||
Yingkou Port Liability Co. Ltd., Class A | 578,400 | 426,760 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 397,292 | 1,303,629 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,303,122 | 1,034,497 | ||||||
|
| |||||||
79,922,940 | ||||||||
|
| |||||||
Information Technology — 7.2% | ||||||||
Aisino Co. Ltd., Class A | 205,657 | 2,080,729 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 36,244 | 699,007 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A | 369,964 | 704,881 | ||||||
Beijing Xinwei Telecom Technology Group Co. Ltd., Class A | 50,476 | 187,705 |
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, 2015 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Beijing Zhongke Sanhuan High-Tech Co. Ltd., Class A | 264,968 | $ | 589,385 | |||||
BOE Technology Group Co. Ltd., Class A | 3,174,358 | 1,447,788 | ||||||
DHC Software Co. Ltd., Class A | 235,933 | 802,443 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 523,600 | 841,111 | ||||||
East Money Information Co. Ltd., Class A | 358,635 | 3,165,821 | ||||||
Glodon Software Co. Ltd., Class A | 202,111 | 604,356 | ||||||
GoerTek, Inc., Class A | 242,984 | 1,198,221 | ||||||
Guangzhou Haige Communication Group, Inc. Co., Class A | 485,140 | 1,314,741 | ||||||
Hangzhou Hikvision Digital Technology Co.Ltd., Class A | 387,671 | 2,026,970 | ||||||
Hundsun Technologies, Inc., Class A | 152,975 | 1,520,867 | ||||||
Iflytek Co. Ltd., Class A | 281,579 | 1,534,938 | ||||||
Leshi Internet Information & Technology Corp. Beijing, Class A | 296,827 | 2,240,884 | ||||||
Neusoft Corp., Class A | 260,721 | 880,073 | ||||||
People.cn Co. Ltd., Class A | 174,706 | 631,458 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 444,836 | 1,746,298 | ||||||
Shenzhen O-film Tech Co. Ltd., Class A | 188,668 | 755,047 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 289,027 | 596,115 | ||||||
Tsinghua Tongfang Co. Ltd., Class A | 562,444 | 1,489,214 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 54,390 | 114,379 | ||||||
Wangsu Science & Technology Co., Ltd., Class A | 152,509 | 1,471,841 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 215,551 | 949,535 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 181,723 | 1,094,982 | ||||||
ZTE Corp., Class A | 744,931 | 2,026,895 | ||||||
|
| |||||||
32,715,684 | ||||||||
|
| |||||||
Materials — 6.3% | ||||||||
Aluminum Corp. of China Ltd., | 1,322,552 | 1,027,267 | ||||||
Angang Steel Co. Ltd., Class A | 573,962 | 407,401 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 621,677 | 1,588,954 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 1,470,040 | 1,253,972 | ||||||
BBMG Corp., Class A | 335,383 | 499,082 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A | 358,100 | 406,357 | ||||||
China Minmetals Rare Earth Co. Ltd., Class A* | 185,825 | 587,184 | ||||||
China Molybdenum Co. Ltd., Class A | 797,005 | 631,466 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 669,693 | 1,446,904 | ||||||
Hainan Mining Co. Ltd., Class A | 49,600 | 110,560 | ||||||
Hebei Iron & Steel Co. Ltd., Class A* | 1,290,800 | 624,872 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd., Class A | 342,314 | 630,355 | ||||||
Inner Mongolia Yili Energy Co. Ltd., Class A | 327,826 | 485,798 | ||||||
Inner Mongolian Baotou Steel Union Co. Ltd., Class A* | 3,045,448 | 1,777,689 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Jiangsu Kangde Xin Composite Material Co. Ltd., Class A | 445,465 | $ | 2,451,189 | |||||
Jiangxi Copper Co. Ltd., Class A | 254,729 | 576,523 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 289,204 | 359,687 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A | 192,866 | 561,398 | ||||||
Luxin Venture Capital Group Co. Ltd., Class A | 88,607 | 540,942 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* | 1,287,200 | 601,100 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 199,106 | 703,532 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 212,422 | 607,412 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A* | 706,700 | 441,112 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 422,138 | 804,940 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A* | 659,503 | 659,060 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 1,187,820 | 702,600 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 349,701 | 931,913 | ||||||
Western Mining Co. Ltd., Class A | 561,420 | 614,349 | ||||||
Wuhan Iron & Steel Co. Ltd., Class A | 1,206,700 | 646,153 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 137,318 | 404,839 | ||||||
Xinxing Ductile Iron Pipes, Class A | 703,600 | 746,939 | ||||||
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 313,538 | 488,539 | ||||||
Yunnan Copper Co. Ltd., Class A* | 226,152 | 390,748 | ||||||
Yunnan Tin Co. Ltd., Class A* | 209,966 | 392,523 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 684,188 | 1,428,164 | ||||||
Zhongjin Gold Co. Ltd., Class A | 443,413 | 632,231 | ||||||
Zijin Mining Group Co. Ltd., Class A | 2,823,951 | 1,520,929 | ||||||
|
| |||||||
28,684,683 | ||||||||
|
| |||||||
Telecommunication Services — 0.9% | ||||||||
China United Network Communications Ltd., Class A | 2,626,841 | 2,543,291 | ||||||
Dr Peng Telcom & Media Group Co. Ltd., Class A | 331,771 | 1,180,045 | ||||||
|
| |||||||
3,723,336 | ||||||||
|
| |||||||
Utilities — 4.1% | ||||||||
Beijing Capital Co. Ltd., Class A | 295,620 | 485,007 | ||||||
Beijing Jingneng Power Co. Ltd., Class A | 548,202 | 495,808 | ||||||
Chengdu Xingrong Investment Co. Ltd., Class A | 540,200 | 619,717 | ||||||
China Yangtze Power Co. Ltd., Class A | 1,563,643 | 3,273,652 | ||||||
Chongqing Water Group Co. Ltd., Class A | 175,600 | 245,183 | ||||||
Datang International Power Generation Co. Ltd., Class A | 896,700 | 738,371 | ||||||
GD Power Development Co. Ltd., Class A | 3,061,000 | 1,924,936 | ||||||
Guangdong Electric Power Development Co. Ltd., Class A | 274,700 | 312,573 |
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, 2015 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Guangdong Golden Dragon Development, Inc., Class A | 186,200 | $ | 800,531 | |||||
Huadian Power International Corp. Ltd., Class A | 763,944 | 807,430 | ||||||
Huaneng Power International, Inc., Class A | 1,293,461 | 1,797,960 | ||||||
Hubei Energy Group Co. Ltd., Class A | 652,868 | 640,235 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd., Class A | 864,250 | 649,771 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,089,575 | 1,480,628 | ||||||
Shenergy Co. Ltd., Class A | 683,344 | 807,332 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 349,500 | 565,790 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 666,770 | 1,088,742 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 157,817 | $ | 927,845 | |||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 837,890 | 1,025,135 | ||||||
|
| |||||||
18,686,646 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 452,019,020 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.1% (Cost $382,406,183)† | $ | 452,019,020 | ||||||
Other assets and liabilities, net — 0.9% | 4,038,966 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 456,057,986 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $393,525,002. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $58,494,018. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $107,053,379 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $48,559,361. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 425,279,893 | $ | — | $ | 26,739,127 | $ | 452,019,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 425,279,893 | $ | — | $ | 26,739,127 | $ | 452,019,020 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
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, 2015 | $ | 82,552,492 | ||
Purchases | 21,204,223 | |||
Sales | (46,535,157 | ) | ||
Realized gain (loss) | 14,266,151 | |||
Change in unrealized gain (loss) | (30,420,654 | ) | ||
Transfers into Level 3 (a) | 58,525,347 | |||
Transfers out of Level 3 (a) | (72,853,275 | ) | ||
Balance at November 30, 2015 | 26,739,127 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2015 | (30,420,654 | ) |
(a) | During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $58,525,347 and between Level 3 and Level 1 was $72,853,275. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2015 (Unaudited)
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -41% to 16% with a weighted average range of approximately -5%. A significant change between last traded price, adjusted for proxy, 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
Asset Class | Fair Value at 11/30/2015 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 6,517,647 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Consumer Staples | 1,176,415 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Health Care | 2,683,233 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials | 12,905,223 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology | 2,960,801 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Utilities | 495,808 | Market Approach | Last traded price adjusted for proxy. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
Consumer Discretionary — 15.6% | ||||||||
Anhui Huamao Textile Co., Class A | 48,200 | $ | 70,285 | |||||
Anhui Jianghuai Automobile Co. Ltd., Class A | 39,200 | 90,856 | ||||||
Anhui Xinhua Media Co. Ltd., Class A | 10,900 | 53,954 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 31,400 | 107,333 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 27,990 | 94,806 | ||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 37,610 | 134,123 | ||||||
Beijing HualuBaina Film & TV Co. Ltd., Class A | 20,300 | 116,947 | ||||||
Beijing Wangfujing Department Store (Group) Co. Ltd., Class A | 15,400 | 57,723 | ||||||
Beijing WKW Automotive Parts Co. Ltd., Class A | 12,600 | 30,714 | ||||||
Besttone Holdings Co. Ltd., Class A | 9,200 | 30,073 | ||||||
Central China Land Media Co. Ltd., Class A | 5,800 | 18,959 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 33,800 | 57,822 | ||||||
Chengdu B-Ray Media Co. Ltd., Class A | 39,600 | 54,823 | ||||||
China Automotive Engineering Research Institute Co. Ltd., Class A | 12,100 | 16,989 | ||||||
China CYTS Tours Holding Co. Ltd., | 27,000 | 81,492 | ||||||
China Television Media Ltd., Class A | 7,500 | 31,206 | ||||||
Chongqing Department Store, Class A | 9,600 | 39,793 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A | 37,700 | 84,974 | ||||||
Dashang Group Co. Ltd., Class A | 15,800 | 105,164 | ||||||
DMG Entertainment and Media Co. Ltd., Class A | 13,200 | 75,202 | ||||||
Dongfeng Automobile Co. Ltd., Class A | 47,800 | 65,774 | ||||||
Dongguan Souyute Fashion Co. Ltd., Class A | 17,540 | 39,070 | ||||||
Eastern Gold Jade Co. Ltd., Class A* | 36,300 | 73,116 | ||||||
Elec-Tech International Co. Ltd., Class A | 56,000 | 83,595 | ||||||
Fangda Special Steel Technology Co. Ltd., Class A | 22,600 | 21,776 | ||||||
FAWER Automotive Parts Co. Ltd., Class A | 21,400 | 30,713 | ||||||
Fengfan Stock Ltd. Co., Class A | 20,900 | 144,347 | ||||||
Fujian Septwolves Industry Co. Ltd., Class A | 24,300 | 46,411 | ||||||
Goldleaf Jewelry Co. Ltd., Class A* | 23,400 | 70,117 | ||||||
Guangdong Advertising Group Co. Ltd., Class A | 43,900 | 156,759 | ||||||
Guangdong Chj Industry Co. Ltd., Class A | 21,300 | 49,236 | ||||||
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | 5,500 | 16,352 | ||||||
Guangdong Yihua Timber Industry Co. Ltd., Class A | 126,700 | 287,999 | ||||||
Guangzhou Pearl River Piano Group Co. Ltd., Class A | 8,500 | 19,225 | ||||||
Guirenniao Co. Ltd., Class A | 7,100 | 38,129 | ||||||
Haima Automobile Group Co. Ltd., | 69,100 | 65,611 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 28,053 | $ | 73,142 | |||||
Hangzhou Robam Appliances Co. Ltd., Class A | 12,865 | 78,801 | ||||||
Hefei Department Store Group Co. Ltd., Class A | 28,700 | 40,743 | ||||||
Hisense Kelon Electrical Holdings Co. Ltd., Class A* | 16,099 | 27,716 | ||||||
Hunan Friendship & Apollo Cmmericial Co. Ltd., Class A | 22,200 | 46,997 | ||||||
Jiangling Motors Corp. Ltd., Class A | 11,600 | 51,461 | ||||||
Jiangsu Hongtu High Technology Co. Ltd., Class A | 49,000 | 131,952 | ||||||
Jiangsu Sunshine Co. Ltd., Class A* | 78,200 | 65,610 | ||||||
Joyoung Co. Ltd., Class A | 16,500 | 54,064 | ||||||
Lifan Industry Group Co. Ltd., Class A | 18,000 | 51,218 | ||||||
Loncin Motor Co. Ltd., Class A | 21,500 | 74,497 | ||||||
Luolai Home Textile Co. Ltd., Class A | 12,955 | 33,979 | ||||||
Luthai Textile Co. Ltd., Class A | 25,300 | 52,890 | ||||||
Markor International Home Furnishings Co. Ltd., Class A | 19,000 | 44,984 | ||||||
Materials Industry Zhongda Group Co. Ltd., Class A | 29,300 | 95,959 | ||||||
Nanjing Central Emporium, Class A | 16,200 | 27,209 | ||||||
NavInfo Co. Ltd., Class A | 33,100 | 210,214 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 22,600 | 59,786 | ||||||
Ningbo Joyson Electronic Corp., Class A | 16,800 | 83,057 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 14,300 | 76,772 | ||||||
Ningxia Zhongyin Cashmere Co. Ltd., Class A* | 15,840 | 16,590 | ||||||
Northern United Publishing & Media Group Co. Ltd., Class A | 10,000 | 18,757 | ||||||
Rainbow Department Store Co. Ltd., Class A | 10,400 | 19,750 | ||||||
Rastar Group, Class A | 28,100 | 65,829 | ||||||
Shaanxi Broadcast & TV Network Intermediary Co. Ltd., Class A | 22,200 | 51,420 | ||||||
Shanghai Haixin Group Co., Class A | 41,000 | 91,263 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A | 9,588 | 74,459 | ||||||
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A | 56,650 | 54,848 | ||||||
Shanghai New World Co. Ltd., Class A | 23,642 | 58,992 | ||||||
Shanghai Xinhua Media Co. Ltd., Class A | 29,000 | 52,363 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 60,800 | 154,548 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A | 10,200 | 67,558 | ||||||
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A | 19,700 | 32,474 | ||||||
Shenzhen Grandland Decoration Group Co. Ltd., Class A | 15,500 | 63,454 | ||||||
Shenzhen Topway Video Communication Co. Ltd., Class A | 8,875 | 30,765 | ||||||
Sichuan Chengfei Integration Technology Corp., Class A | 10,300 | 65,030 |
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, 2015 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Sinomach Automobile Co. Ltd., Class A | 10,600 | $ | 29,452 | |||||
Songcheng Performance Development Co. Ltd., Class A | 34,526 | 153,489 | ||||||
Time Publishing and Media Co. Ltd., | 9,400 | 41,511 | ||||||
Visual China Group Co. Ltd., Class A* | 14,400 | 80,918 | ||||||
Wenfeng Great World Chain Development Corp., Class A | 31,950 | 37,648 | ||||||
Whirlpool China Co. Ltd., Class A | 13,200 | 26,332 | ||||||
Wuhan Department Store Group Co. Ltd., Class A | 11,161 | 31,445 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 10,105 | 33,519 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A | 22,900 | 55,964 | ||||||
Yotrio Group Co. Ltd., Class A | 59,140 | 110,283 | ||||||
Zhejiang Aokang Shoes Co. Ltd., Class A | 4,600 | 23,006 | ||||||
Zhejiang Material Industrial Zhongda Yuantong Group Co. Ltd., Class A | 8,600 | 28,166 | ||||||
Zhejiang Ming Jewelry Co. Ltd., Class A | 14,669 | 41,557 | ||||||
Zhejiang Orient Holdings Co., Class A | 18,200 | 60,236 | ||||||
|
| |||||||
5,614,145 | ||||||||
|
| |||||||
Consumer Staples — 4.4% | ||||||||
Angel Yeast Co. Ltd., Class A | 11,100 | 49,070 | ||||||
Anhui Golden Seed Winery Co. Ltd., Class A | 17,400 | 24,755 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 5,500 | 27,824 | ||||||
Beijing Sanyuan Foods Co. Ltd., Class A* | 17,600 | 21,766 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 10,400 | 28,330 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 17,930 | 44,823 | ||||||
Chacha Food Co. Ltd., Class A | 11,200 | 29,986 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 10,200 | 28,403 | ||||||
Chongqing Brewery Co., Class A | 10,400 | 24,315 | ||||||
Chuying Agro-pastoral Group Co. Ltd., Class A* | 23,900 | 60,194 | ||||||
COFCO Tunhe Co. Ltd., Class A | 61,700 | 145,214 | ||||||
Fujian Sunner Development Co. Ltd., Class A* | 23,900 | 78,125 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 32,600 | 65,968 | ||||||
Guangzhou Zhujiang Brewery Co. Ltd., Class A | 11,800 | 25,237 | ||||||
Hebei Chengde Lolo Co., Class A | 25,001 | 53,977 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 3,200 | 17,893 | ||||||
Jonjee High-Tech Industrial and Commercial Holding Co. Ltd., Class A | 48,000 | 124,403 | ||||||
Luoniushan Co. Ltd., Class A | 49,000 | 54,916 | ||||||
Qinghai Huzhu Barley Wine Co. Ltd., Class A | 7,400 | 25,203 | ||||||
Sanquan Food Co. Ltd., Class A | 18,700 | 30,971 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A | 19,650 | 48,695 | ||||||
Shanghai Feilo Acoustics Co. Ltd., Class A | 37,725 | 74,755 | ||||||
Shanghai Maling Aquarius Co. Ltd., | 31,400 | 60,950 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Sichuan Tuopai Shede Wine Co. Ltd., Class A | 15,000 | $ | 40,207 | |||||
V V Food & Beverage Co. Ltd., Class A | 44,800 | 43,306 | ||||||
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A | 25,300 | 42,847 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 8,100 | 49,374 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 42,000 | 127,223 | ||||||
Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd., Class A | 4,400 | 43,834 | ||||||
Zhangzidao Group Co. Ltd., Class A* | 17,000 | 36,094 | ||||||
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A | 21,260 | 33,126 | ||||||
|
| |||||||
1,561,784 | ||||||||
|
| |||||||
Energy — 1.8% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A* | 21,600 | 19,636 | ||||||
Anyuan Coal Industry Group Co. Ltd., Class A* | 16,400 | 14,525 | ||||||
Beijing Haohua Energy Resource Co. Ltd., Class A | 20,500 | 29,261 | ||||||
Changzheng Engineering Co. Ltd., Class A | 4,300 | 23,380 | ||||||
Datong Coal Industry Co. Ltd., Class A | 47,100 | 40,250 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 11,000 | 15,102 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 27,600 | 30,804 | ||||||
Henan Dayou Energy Co. Ltd., Class A | 15,000 | 15,130 | ||||||
Henan Shenhuo Coal & Power Co. Ltd., Class A* | 61,100 | 41,752 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 14,300 | 22,126 | ||||||
Inner Mongolia Pingzhuang Energy Co. Ltd., Class A | 23,300 | 19,767 | ||||||
Kaidi Ecological and Environmental Technology Co. Ltd., Class A | 43,600 | 94,471 | ||||||
Oriental Energy Co. Ltd., Class A | 14,900 | 60,093 | ||||||
PetroChina Jinhong Energy Investment Co. Ltd., Class A | 13,700 | 50,861 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 71,085 | 52,005 | ||||||
Shandong Molong Petroleum Machinery Co. Ltd., Class A* | 11,800 | 18,900 | ||||||
Shanxi Guoxin Energy Corp. Ltd., Class A | 11,600 | 27,717 | ||||||
Sinopec Oilfield Equipment Corp., Class A* | 8,200 | 26,613 | ||||||
Zhejiang Haiyue Co. Ltd., Class A | 17,600 | 48,025 | ||||||
|
| |||||||
650,418 | ||||||||
|
| |||||||
Financials — 9.3% | ||||||||
Anxin Trust Co. Ltd., Class A | 51,053 | 140,421 | ||||||
Beijing Capital Development Co. Ltd., Class A | 61,300 | 113,644 | ||||||
Beijing Centergate Technologies (Holding) Co. Ltd., Class A* | 29,900 | 52,267 |
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, 2015 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Beijing Homyear Capital Holdings Co. Ltd., Class A | 45,830 | $ | 99,374 | |||||
Bohai Leasing Co. Ltd., Class A | 76,500 | 106,576 | ||||||
China Enterprise Co. Ltd., Class A* | 70,060 | 85,281 | ||||||
China Sports Industry Group Co. Ltd., | 36,601 | 119,928 | ||||||
Cinda Real Estate Co. Ltd., Class A | 26,300 | 27,306 | ||||||
COFCO Property Group Co. Ltd., Class A | 54,200 | 120,899 | ||||||
Geo-Jade Petroleum Corp., Class A* | 56,640 | 78,236 | ||||||
Guangdong Highsun Group Co. Ltd., Class A | 37,970 | 52,780 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 59,100 | 68,444 | ||||||
HNA Investment Group Co. Ltd., Class A | 76,700 | 94,319 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 35,100 | 80,972 | ||||||
Huayuan Property Co. Ltd., Class A | 24,400 | 26,434 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 28,200 | 68,214 | ||||||
Ingenious Ene-Carbon New Materials Co. Ltd., Class A | 69,000 | 89,180 | ||||||
Jinke Properties Group Co. Ltd., Class A | 88,500 | 73,287 | ||||||
Macrolink Real Estate Co. Ltd., Class A* | 30,500 | 47,998 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A* | 95,900 | 73,892 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 29,025 | 82,454 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 21,300 | 36,935 | ||||||
Shanghai AJ Corp., Class A* | 96,280 | 220,985 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 19,000 | 39,187 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 15,300 | 53,133 | ||||||
Shanghai Shimao Co. Ltd., Class A | 31,700 | 57,634 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 43,200 | 175,979 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 11,300 | 66,734 | ||||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 32,364 | 88,664 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 50,500 | 87,255 | ||||||
Shunfa Hengye Corp., Class A | 32,920 | 52,883 | ||||||
Suning Universal Co. Ltd., Class A | 56,990 | 115,944 | ||||||
Sunshine City Group Co. Ltd., Class A | 69,450 | 81,403 | ||||||
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A | 33,700 | 50,592 | ||||||
Thaihot Group Co. Ltd., Class A | 24,200 | 96,622 | ||||||
Tianjin Jinbin Development Co. Ltd., Class A* | 72,600 | 59,555 | ||||||
Tibet Urban Development and Investment Co. Ltd., Class A | 16,000 | 51,604 | ||||||
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A* | 40,940 | 49,707 | ||||||
Zhonghong Holding Co. Ltd., Class A | 109,180 | 81,065 | ||||||
Zhongtian Urban Development Group Co. Ltd., Class A | 96,102 | 151,536 | ||||||
|
| |||||||
3,319,323 | ||||||||
|
|
Number | Value | |||||||
Health Care — 12.1% | ||||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A* | 13,900 | $ | 60,409 | |||||
Changchun High & New Technology Industries, Inc., Class A | 5,800 | 103,617 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 8,500 | 88,003 | ||||||
China National Medicines Corp. Ltd., | 15,800 | 81,087 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A* | 19,400 | 65,227 | ||||||
Da An Gene Co. Ltd. Sun Yat-Sen University, Class A | 26,920 | 173,187 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 23,800 | 46,308 | ||||||
Guilin Sanjin Pharmaceutical Co. Ltd., Class A | 7,079 | 23,052 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 30,700 | 128,070 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 26,850 | 56,339 | ||||||
Guizhou Yibai Pharmaceutical Co. Ltd., Class A | 34,000 | 100,820 | ||||||
Hainan Haiyao Co. Ltd., Class A | 30,200 | 177,741 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 16,250 | 77,806 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A | 68,800 | 121,123 | ||||||
Hengkang Medical Group Co. Ltd., Class A* | 55,762 | 130,688 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 60,650 | 126,506 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 12,600 | 47,307 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 54,000 | 157,269 | ||||||
Hunan Er-Kang Pharmaceutical Co. Ltd., Class A | 19,600 | 89,758 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A | 23,900 | 101,600 | ||||||
Inner Mongolia Jinyu Group Co. Ltd., Class A | 30,934 | 154,519 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 19,340 | 70,415 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A* | 15,690 | 97,203 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., | 10,806 | 58,047 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A | 13,800 | 39,783 | ||||||
Jinling Pharmaceutical Co. Ltd., Class A | 13,400 | 34,270 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 34,500 | 72,875 | ||||||
KPC Pharmaceuticals, Inc., Class A | 16,399 | 82,425 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 6,940 | 49,185 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 17,100 | 54,274 | ||||||
North China Pharmaceutical Co. Ltd., Class A* | 45,200 | 52,487 | ||||||
PKU HealthCare Corp. Ltd., Class A* | 20,500 | 48,376 |
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, 2015 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Renhe Pharmacy Co. Ltd., Class A | 52,425 | $ | 84,950 | |||||
Shanghai Dingli Technology Development Group Co. Ltd., Class A | 38,800 | 63,053 | ||||||
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A | 28,080 | 57,827 | ||||||
Shanghai Kehua Bio-Engineering Co. Ltd., Class A | 22,000 | 95,851 | ||||||
Shanghai Kingstar Winning Software Co. Ltd., Class A | 17,650 | 120,143 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A* | 31,400 | 86,903 | ||||||
Shinva Medical Instrument Co. Ltd., Class A | 16,229 | 93,393 | ||||||
Tianjin Lisheng Pharmaceutical Co. Ltd., Class A | 4,700 | 39,162 | ||||||
Tianjin Tianyao Pharmaceutical Co. Ltd., Class A | 30,900 | 32,370 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 11,962 | 35,825 | ||||||
Xiangxue Pharmaceutical Co. Ltd., Class A | 24,910 | 88,716 | ||||||
Yabao Pharmaceutical Group Co. Ltd., Class A | 31,080 | 59,893 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 12,000 | 102,623 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 35,760 | 69,524 | ||||||
Zhejiang Dian Diagnostics Co. Ltd., Class A | 8,600 | 99,865 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A | 26,900 | 58,077 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 25,300 | 90,420 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 36,330 | 57,456 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 20,100 | 42,019 | ||||||
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A* | 15,200 | 118,064 | ||||||
Zhuhai Hokai Medical Instruments Co. Ltd., Class A | 25,140 | 84,292 | ||||||
|
| |||||||
4,350,202 | ||||||||
|
| |||||||
Industrials — 23.4% | ||||||||
Anhui Heli Co. Ltd., Class A | 23,880 | 53,713 | ||||||
Anhui Wanjiang Logistics Group Co. Ltd., Class A* | 42,200 | 39,807 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 26,200 | 83,074 | ||||||
Baotou Beifang Chuangye Co. Ltd., | 37,900 | 110,143 | ||||||
Beibuwan Port Co. Ltd., Class A | 4,700 | 14,581 | ||||||
Beijing New Building Materials PLC, Class A | 31,600 | 59,665 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A | 19,650 | 95,095 | ||||||
Beijing Sifang Automation Co. Ltd., | 22,000 | 49,313 | ||||||
Beijing SPC Environmental Protection Tech Co. Ltd., Class A | 34,300 | 119,970 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Black Peony Group Co. Ltd., Class A | 13,500 | $ | 23,935 | |||||
Camel Group Co. Ltd., Class A | 22,800 | 78,895 | ||||||
CCS Supply Chain Management Co. Ltd., Class A* | 16,973 | 72,469 | ||||||
Changjiang & Jinggong Steel Building Group Co. Ltd., Class A | 48,600 | 43,801 | ||||||
Changyuan Group Ltd., Class A | 60,400 | 182,865 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A* | 12,300 | 43,079 | ||||||
Chengdu Xinzhu Road&Bridge Machinery Co. Ltd., Class A* | 22,200 | 48,932 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 50,200 | 139,560 | ||||||
China Meheco Co. Ltd., Class A | 27,900 | 65,925 | ||||||
China Railway Erju Co. Ltd., Class A | 41,000 | 79,561 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 49,000 | 69,179 | ||||||
China Shipping Development Co. Ltd., Class A | 82,000 | 118,294 | ||||||
China-Kinwa High Technology Co. Ltd., Class A* | 132,700 | 193,959 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 66,100 | 75,728 | ||||||
Citic Offshore Helicopter Co. Ltd., Class A | 25,401 | 60,099 | ||||||
Citychamp Dartong Co. Ltd., Class A | 56,700 | 75,019 | ||||||
CMST Development Co. Ltd., Class A | 51,500 | 87,459 | ||||||
CNHTC Jinan Truck Co. Ltd., Class A | 7,700 | 18,686 | ||||||
COSCO Shipping Co. Ltd., Class A | 40,100 | 74,400 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A* | 13,300 | 76,517 | ||||||
Dalian Huarui Heavy Industry Group Co. Ltd., Class A | 17,476 | 30,386 | ||||||
Dalian Port PDA Co. Ltd., Class A | 60,400 | 59,889 | ||||||
Dazhong Transportation Group Co. Ltd., Class A | 40,700 | 89,328 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 21,600 | 68,119 | ||||||
East China Engineering Science and Technology Co. Ltd., Class A | 10,300 | 32,034 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A* | 34,800 | 238,670 | ||||||
Far East Smarter Energy Co. Ltd., Class A* | 33,600 | 51,621 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 41,140 | 87,668 | ||||||
Gem-Year Industrial Co. Ltd., Class A | 26,700 | 48,584 | ||||||
Guangdong Guangzhou Daily Media Co. Ltd., Class A | 24,880 | 52,244 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 42,200 | 52,945 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 27,533 | 56,829 | ||||||
Guangzhou Guangri Stock Co. Ltd., Class A | 19,500 | 56,276 | ||||||
Guizhou Changzheng Tiacheng Holding Co. Ltd., Class A | 22,900 | 77,922 | ||||||
Guizhou Space Appliance Co. Ltd., Class A | 15,370 | 62,156 | ||||||
Hangzhou Hangyang Co. Ltd., Class A | 11,400 | 18,686 | ||||||
Harbin Boshi Automation Co. Ltd., Class A | 11,070 | 51,057 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 39,400 | 112,785 |
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, 2015 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Henan Senyuan Electric Co. Ltd., Class A | 19,200 | $ | 53,108 | |||||
Hongfa Technology Co. Ltd., Class A | 14,880 | 67,610 | ||||||
Huadian Heavy Industries Co. Ltd., Class A | 13,800 | 26,486 | ||||||
Hunan Corun New Energy Co. Ltd., | 39,198 | 128,071 | ||||||
Hunan Jiangnan Red Arrow Co. Ltd., Class A | 55,300 | 95,086 | ||||||
Jangho Group Co. Ltd., Class A | 25,900 | 56,966 | ||||||
Jiangsu Guotai International Group Guomao Co. Ltd., Class A | 19,700 | 52,564 | ||||||
Jiangsu Nonghua Intelligent Agricultural Technology Co. Ltd., Class A | 47,700 | 60,514 | ||||||
Jiangsu Sunrain Solar Energy Co. Ltd., Class A | 13,700 | 21,965 | ||||||
Jiangsu Yueda Investment Co. Ltd., | 36,500 | 77,610 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 18,800 | 45,505 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 32,400 | 120,536 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 41,700 | 95,742 | ||||||
Jianxin Mining Co. Ltd., Class A* | 43,300 | 68,594 | ||||||
Jihua Group Corp. Ltd., Class A | 86,220 | 164,406 | ||||||
Keda Clean Energy Co. Ltd., Class A | 31,900 | 106,411 | ||||||
Lanzhou LS Heavy Equipment Co. Ltd., Class A | 8,200 | 23,039 | ||||||
MeiDu Energy Corp., Class A | 65,871 | 59,469 | ||||||
Mesnac Co. Ltd., Class A | 35,100 | 95,177 | ||||||
Minmetals Development Co. Ltd., Class A | 25,500 | 119,805 | ||||||
Neway Valve Suzhou Co. Ltd., Class A | 10,500 | 33,882 | ||||||
North Navigation Control Technology Co. Ltd., Class A | 26,200 | 123,816 | ||||||
Orient Group, Inc., Class A | 80,184 | 102,348 | ||||||
Palm Landscape Architecture Co. Ltd., Class A | 17,200 | 65,755 | ||||||
Pubang Landscape Architecture Co. Ltd., Class A | 35,419 | 43,775 | ||||||
Rizhao Port Co. Ltd., Class A | 92,050 | 104,025 | ||||||
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 25,700 | 89,610 | ||||||
Shanghai Lansheng Corp., Class A | 11,500 | 62,349 | ||||||
Shanghai M&G Stationery, Inc., Class A | 3,400 | 20,365 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 17,300 | 77,124 | ||||||
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A | 32,746 | 66,519 | ||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., Class A* | 89,000 | 82,291 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 40,060 | 87,549 | ||||||
Shantui Construction Machinery Co. Ltd., Class A* | 59,300 | 58,891 | ||||||
Shanxi Coal International Energy Group Co. Ltd., Class A* | 54,400 | 37,512 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 6,800 | 59,275 | ||||||
Shenzhen Glory Medical Co. Ltd., Class A | 12,518 | 56,858 | ||||||
Shenzhen Hifuture Electric Co. Ltd., | 34,000 | 55,358 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Shenzhen Hongtao Decoration Co. Ltd., Class A | 30,050 | $ | 73,765 | |||||
Shenzhen Tagen Group Co. Ltd., Class A | 20,800 | 61,160 | ||||||
Shenzhen Yantian Port Holding Co. Ltd., Class A | 43,800 | 54,338 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 49,300 | 78,352 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 90,600 | 68,821 | ||||||
Sieyuan Electric Co. Ltd., Class A | 20,700 | 47,784 | ||||||
Sinochem International Corp., Class A | 55,900 | 97,455 | ||||||
Sinoma International Engineering Co. Ltd., Class A | 32,900 | 61,761 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 19,500 | 75,581 | ||||||
SUFA Technology Industry Co. Ltd. CNNC, Class A | 15,020 | 73,530 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 21,300 | 92,172 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A | 8,300 | 33,075 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A* | 24,600 | 72,944 | ||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 91,000 | 83,857 | ||||||
TangShan Port Group Co. Ltd., Class A | 63,500 | 79,412 | ||||||
Tianjin Benefo Tejing Electric Co. Ltd., Class A | 10,400 | 25,707 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 19,200 | 33,144 | ||||||
Tianjin TEDA Co. Ltd., Class A | 58,500 | 56,731 | ||||||
Tianma Bearing Group Co. Ltd., Class A | 31,300 | 38,490 | ||||||
Wolong Electric Group Co. Ltd., Class A | 29,865 | 66,013 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 69,948 | 91,241 | ||||||
Xi’an Shaangu Power Co. Ltd., Class A | 29,050 | 38,979 | ||||||
Xiandai Investment Co. Ltd., Class A | 39,600 | 49,436 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A | 25,300 | 77,149 | ||||||
Xinjiang Urban Construction Group Co. Ltd., Class A | 32,500 | 59,493 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 74,200 | 98,290 | ||||||
Zhejiang Dun’an Artificial Environment Co. Ltd., Class A* | 28,400 | 62,730 | ||||||
Zhejiang Sanhua Co. Ltd., Class A | 44,980 | 68,475 | ||||||
Zhejiang Wanma Co. Ltd., Class A | 25,262 | 112,463 | ||||||
Zhejiang Yankon Group Co. Ltd., Class A | 48,335 | 59,964 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 52,900 | 56,076 | ||||||
Zhongli Science and Technology Group Co. Ltd., Class A | 13,100 | 38,372 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 30,900 | 55,987 | ||||||
|
| |||||||
8,409,635 | ||||||||
|
| |||||||
Information Technology — 14.4% | ||||||||
Accelink Technologies Co. Ltd., Class A | 4,100 | 41,840 | ||||||
Addsino Co. Ltd., Class A* | 38,600 | 127,439 | ||||||
Beijing Jingyuntong Technology Co. Ltd., Class A | 42,300 | 52,873 | ||||||
Beijing Sevenstar Electronics Co. Ltd., Class A* | 7,600 | 29,468 |
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, 2015 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Beijing Teamsun Technology Co. Ltd., Class A | 34,500 | $ | 121,690 | |||||
Bright Oceans Inter-Telecom Corp., | 27,300 | 79,847 | ||||||
China Aviation Optical-Electrical Technology Co. Ltd., Class A | 16,210 | 102,191 | ||||||
China Greatwall Computer Shenzhen Co. Ltd., Class A* | 70,800 | 155,014 | ||||||
China National Software & Service Co. Ltd., Class A | 15,900 | 82,144 | ||||||
China Security & Fire Co. Ltd., Class A | 37,109 | 185,536 | ||||||
China TransInfo Technology Co. Ltd., Class A | 9,100 | 67,709 | ||||||
China Wafer Level CSP Co. Ltd., Class A | 3,400 | 23,159 | ||||||
Dalian Daxian Enterprises Holdings Co. Ltd., Class A* | 54,800 | 46,745 | ||||||
Datang Telecom Technology Co. Ltd., Class A* | 23,700 | 82,784 | ||||||
Dawning Information Industry Co. Ltd., Class A | 5,300 | 75,116 | ||||||
Eastern Communications Co. Ltd., Class A | 20,992 | 37,348 | ||||||
EGing Photovoltaic Technology Co. Ltd., Class A | 16,960 | 42,768 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 31,200 | 129,913 | ||||||
Focus Technology Co. Ltd., Class A | 2,800 | 46,086 | ||||||
Founder Technology Group Corp., Class A | 117,700 | 114,324 | ||||||
Fujian Newland Computer Co. Ltd., Class A* | 39,340 | 140,843 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 14,100 | 48,615 | ||||||
Greatwall Information Industry Co. Ltd., Class A | 69,700 | 247,117 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 3,600 | 18,016 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 30,700 | 48,934 | ||||||
Guangdong Goworld Co. Ltd., Class A | 16,100 | 30,148 | ||||||
Guomai Technologies, Inc., Class A | 23,200 | 49,077 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 41,680 | 58,001 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 10,900 | 43,486 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 46,400 | 93,172 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 11,600 | 146,239 | ||||||
Huagong Tech Co. Ltd., Class A | 33,400 | 83,964 | ||||||
Insigma Technology Co. Ltd., Class A* | 44,100 | 91,504 | ||||||
Invengo Information Technology Co. Ltd., Class A | 31,700 | 118,919 | ||||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 42,200 | 145,691 | ||||||
Julong Co. Ltd., Class A | 12,495 | 70,369 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A | 25,700 | 82,250 | ||||||
North Electro-Optic Co. Ltd., Class A* | 7,600 | 35,112 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 14,400 | 77,825 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Shanghai Aerospace Automobile Electromechanical Co., Class A* | 50,100 | $ | 96,000 | |||||
Shanghai Belling Co. Ltd., Class A | 28,900 | 93,434 | ||||||
Shanghai East-China Computer Co. Ltd., Class A | 5,300 | 43,411 | ||||||
Shengyi Technology Co. Ltd., Class A | 59,600 | 85,258 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 15,000 | 76,818 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 39,400 | 90,461 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | 27,700 | 202,221 | ||||||
Shenzhen Laibao Hi-tech Co. Ltd., Class A | 28,300 | 58,720 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A | 22,340 | 74,557 | ||||||
Taiji Computer Corp. Ltd., Class A | 13,800 | 108,415 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 46,900 | 87,466 | ||||||
Tongfang Guoxin Electronics Co. Ltd., Class A | 13,800 | 130,969 | ||||||
United Electronics Co. Ltd., Class A | 8,600 | 68,714 | ||||||
Vtron Technologies Ltd., Class A | 25,400 | 82,633 | ||||||
Wuhan Fingu Electronic Technology Co. Ltd., Class A | 9,600 | 23,625 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 14,600 | 69,815 | ||||||
Wuhu Token Science Co. Ltd., Class A | 37,100 | 83,333 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A* | 36,740 | 37,687 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 5,900 | 37,287 | ||||||
Xi’an LONGi Silicon Materials Co. Ltd., Class A | 57,000 | 121,998 | ||||||
YGSOFT, Inc., Class A | 25,807 | 106,172 | ||||||
Youzu Interactive Co. Ltd., Class A | 3,400 | 41,707 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 14,400 | 80,425 | ||||||
|
| |||||||
5,174,402 | ||||||||
|
| |||||||
Materials — 14.0% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A* | 28,604 | 62,112 | ||||||
Baoji Titanium Industry Co. Ltd., Class A | 9,400 | 29,396 | ||||||
Befar Group Co. Ltd., Class A | 38,600 | 45,544 | ||||||
Beijing Lier High-temperature Materials Co. Ltd., Class A | 28,800 | 34,922 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 22,408 | 64,458 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 21,200 | 116,588 | ||||||
CEFC Anhui International Holding Co. Ltd., Class A | 51,202 | 211,067 | ||||||
China Jushi Co. Ltd., Class A | 23,400 | 86,471 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 31,700 | 71,894 | ||||||
Chongqing Iron & Steel Co. Ltd., Class A* | 70,400 | 33,751 | ||||||
Cofco Biochemical Co. Ltd., Class A | 41,385 | 100,752 | ||||||
CSG Holding Co. Ltd., Class A | 70,400 | 109,036 | ||||||
ENN Energy Chemicals Co. Ltd., Class A | 12,800 | 26,101 |
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, 2015 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
FSPG Hi-Tech Co. Ltd., Class A* | 41,550 | $ | 81,298 | |||||
Gansu Qilianshan Cement Group Co. Ltd., Class A | 26,900 | 34,796 | ||||||
GEM Co. Ltd., Class A | 46,751 | 116,144 | ||||||
Guangdong Guanhao High-Tech Co. Ltd., Class A | 42,445 | 84,305 | ||||||
Guangdong Hec Technology Holding Co. Ltd., Class A | 66,205 | 96,562 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 20,200 | 36,631 | ||||||
Guangdong Weihua Corp., Class A* | 21,000 | 39,945 | ||||||
Hengyi Petrochemical Co. Ltd., Class A* | 22,400 | 36,402 | ||||||
Huaxin Cement Co. Ltd., Class A | 8,980 | 10,540 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A* | 26,200 | 63,172 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 14,600 | 29,066 | ||||||
Hubei Yihua Chemical Industry Co. Ltd., Class A | 53,900 | 61,499 | ||||||
Hunan Gold Corp. Ltd., Class A* | 38,000 | 47,616 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A | 52,400 | 58,345 | ||||||
Jiangsu Wuzhong Industrial Co., Class A | 31,000 | 127,595 | ||||||
Jiangsu Yabang Dyestuff Co. Ltd., Class A | 8,100 | 26,982 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A* | 40,600 | 41,900 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 99,253 | 111,392 | ||||||
Juli Sling Co. Ltd., Class A | 36,000 | 40,179 | ||||||
Kailuan Energy Chemical Co. Ltd., Class A | 26,400 | 22,191 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 82,400 | 104,150 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 31,359 | 89,962 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 54,800 | 56,981 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A* | 142,800 | 72,908 | ||||||
Nanjing Redsun Co. Ltd., Class A | 11,400 | 29,191 | ||||||
Nantong Jiangshan Agrochemical & Chemicals Co. Ltd., Class A | 4,000 | 14,601 | ||||||
Ningxia Orient Tantalum Industry Co. Ltd., Class A* | 11,100 | 25,313 | ||||||
ORG Packaging Co. Ltd., Class A | 35,254 | 150,141 | ||||||
Puyang Refractories Group Co. Ltd., Class A | 15,600 | 17,678 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 5,900 | 36,874 | ||||||
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A | 19,300 | 75,376 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 50,000 | 68,101 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 37,200 | 78,114 | ||||||
Shandong Humon Smelting Co. Ltd., Class A | 38,200 | 55,953 | ||||||
Shandong Jinjing Science & Technology Co. Ltd., Class A* | 43,100 | 34,148 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 99,000 | 115,626 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 58,000 | 49,655 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Shanghai 3F New Materials Co., Class A | 11,500 | $ | 28,140 | |||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A* | 10,500 | 19,630 | ||||||
Shantou Dongfeng Printing Co. Ltd., | 12,000 | 28,224 | ||||||
Shengda Mining Co. Ltd., Class A* | 10,700 | 30,102 | ||||||
Shenghe Resources, Class A | 25,000 | 57,088 | ||||||
Shenzhen Jinjia Color Printing Group Co. Ltd., Class A | 98,500 | 182,421 | ||||||
Sichuan EM Technology Co. Ltd., Class A | 15,300 | 20,148 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A | 68,400 | 77,617 | ||||||
Sichuan Tianqi Lithium Industries, Inc., Class A* | 8,500 | 206,007 | ||||||
Stanley Fertilizer Co. Ltd., Class A | 13,100 | 63,519 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 28,900 | 46,110 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 51,500 | 61,085 | ||||||
Tibet Mineral Development Co. Ltd., Class A* | 21,100 | 85,197 | ||||||
TongKun Group Co. Ltd., Class A | 17,300 | 39,020 | ||||||
Xinjiang Qingsong Building Materials and Chemicals Group Co. Ltd., Class A | 24,600 | 20,946 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 37,000 | 44,865 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 45,900 | 83,736 | ||||||
Yintai Resources Co. Ltd., Class A | 23,300 | 43,232 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A | 25,800 | 67,710 | ||||||
Zhejiang Hailiang Co. Ltd., Class A | 28,700 | 47,578 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 45,900 | 45,726 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 48,600 | 136,624 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 21,600 | 63,244 | ||||||
Zhejiang Satellite Petrochemical Co. Ltd., Class A* | 13,000 | 19,548 | ||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 29,100 | 52,408 | ||||||
Zhongfu Straits Pingtan Development Co. Ltd., Class A* | 31,800 | 100,732 | ||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 21,200 | 59,630 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 21,125 | 41,071 | ||||||
|
| |||||||
5,004,782 | ||||||||
|
| |||||||
Utilities — 2.7% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 57,630 | 80,197 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 8,000 | 17,322 | ||||||
CPI Yuanda Environmental-Protection Group Co. Ltd., Class A | 16,882 | 63,094 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 64,800 | 113,677 | ||||||
Harbin Hatou Investment Co. Ltd., Class A | 14,500 | 27,140 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A* | 83,900 | 74,441 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 30,600 | $ | 48,346 | |||||
Shaan Xi Provincial Natural Gas Co. Ltd., Class A | 15,100 | 29,028 | ||||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A | 118,450 | 177,002 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 45,900 | 111,958 | ||||||
Shenzhen Gas Corp. Ltd., Class A | 39,400 | 54,093 | ||||||
Top Energy Co. Ltd., Class A | 20,100 | 22,245 | ||||||
Xinjiang Tianfu Energy Co. Ltd., Class A | 24,059 | 36,514 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A | 21,100 | 52,518 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 31,360 | $ | 69,268 | |||||
|
| |||||||
976,843 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 35,061,534 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.7% (Cost $30,244,758)† | $ | 35,061,534 | ||||||
Other assets and liabilities, net — 2.3% | 807,051 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 35,868,585 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $31,084,007. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $3,977,527. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,112,112 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,134,585. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 30,759,380 | $ | — | $ | 4,302,154 | $ | 35,061,534 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 30,759,380 | $ | — | $ | 4,302,154 | $ | 35,061,534 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
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, 2015 | $ | 8,929,221 | ||
Purchases | 4,672,298 | |||
Sales | (5,964,729 | ) | ||
Realized gain (loss) | (507,164 | ) | ||
Change in unrealized gain (loss) | (2,712,600 | ) | ||
Transfers into Level 3 (a) | 7,382,314 | |||
Transfers out of Level 3 (a) | (7,497,186 | ) | ||
Balance at November 30, 2015 | 4,302,154 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2015 | (2,712,600 | ) |
(a) | During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $7,382,314 and between Level 3 and Level 1 was $7,497,186. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -60% to 44% with a weighted average range of approximately -11%. A significant change between last traded price, adjusted for proxy, 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
Asset Class | Fair Value at | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 752,856 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Consumer Staples | $ | 124,924 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Energy | $ | 27,140 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Financials | $ | 438,992 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Health Care | $ | 218,691 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Industrials | $ | 1,088,086 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Information Technology | $ | 889,435 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Materials | $ | 762,030 | Market Approach | Last traded price adjusted for proxy. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 52.0% | ||||||||
Consumer Discretionary — 4.1% | ||||||||
Alibaba Pictures Group Ltd.* | 69,790 | $ | 17,012 | |||||
Anta Sports Products Ltd. | 6,914 | 20,911 | ||||||
Belle International Holdings Ltd. | 32,073 | 28,046 | ||||||
Brilliance China Automotive Holdings Ltd. | 20,849 | 26,513 | ||||||
Byd Co. Ltd., Class H* | 4,428 | 23,929 | ||||||
China Travel International Investment Hong Kong Ltd. | 18,000 | 7,359 | ||||||
Ctrip.com International, Ltd., ADR* | 1,013 | 108,401 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 18,758 | 25,500 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A* | 3,600 | 8,098 | ||||||
Geely Automobile Holdings Ltd. | 36,514 | 19,167 | ||||||
GOME Electrical Appliances Holding Ltd. | 82,092 | 14,082 | ||||||
Great Wall Motor Co. Ltd., Class H | 21,431 | 26,286 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 15,303 | 14,645 | ||||||
Haier Electronics Group Co. Ltd. | 2,222 | 3,983 | ||||||
Haier Electronics Group Co. Ltd. | 6,470 | 11,599 | ||||||
Intime Retail Group Co. Ltd. | 7,500 | 7,264 | ||||||
JD.com, Inc., ADR* | 2,420 | 74,246 | ||||||
Minth Group Ltd. | 4,000 | 8,027 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 939 | 27,250 | ||||||
Qunar Cayman Islands Ltd., ADR* | 377 | 16,976 | ||||||
Shenzhou International Group Holdings Ltd. | 3,910 | 20,525 | ||||||
Skyworth Digital Holdings Ltd. | 12,000 | 7,909 | ||||||
TAL Education Group, ADR* | 296 | 13,036 | ||||||
Vipshop Holdings Ltd., ADR* | 2,808 | 46,416 | ||||||
|
| |||||||
577,180 | ||||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
China Agri-Industries Holdings Ltd.* | 16,334 | 5,709 | ||||||
China Huishan Dairy Holdings Co. Ltd. (a) | 43,444 | 16,137 | ||||||
China Mengniu Dairy Co. Ltd. | 18,984 | 30,214 | ||||||
China Modern Dairy Holdings Ltd. | 15,000 | 4,160 | ||||||
China Resources Beer Holdings Co. Ltd. | 8,411 | 16,359 | ||||||
Hengan International Group Co. Ltd. | 5,079 | 51,029 | ||||||
Imperial Pacific International Holdings Ltd.* | 380,000 | 12,204 | ||||||
Sun Art Retail Group Ltd. | 16,490 | 12,952 | ||||||
Tingyi Cayman Islands Holding Corp. | 13,560 | 19,623 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,923 | 8,619 | ||||||
Uni-President China Holdings Ltd. | 9,000 | 7,429 | ||||||
Want Want China Holdings Ltd. | 40,857 | 32,091 | ||||||
|
| |||||||
216,526 | ||||||||
|
| |||||||
Energy — 3.1% | ||||||||
China Coal Energy Co. Ltd., Class H | 18,456 | 7,427 | ||||||
China Oilfield Services Ltd., Class H | 12,522 | 12,452 | ||||||
China Petroleum & Chemical Corp., Class H | 176,402 | 108,069 | ||||||
China Shenhua Energy Co. Ltd., Class H | 23,498 | 36,671 | ||||||
CNOOC Ltd. | 123,479 | 136,642 | ||||||
Kunlun Energy Co. Ltd. | 22,325 | 19,551 |
Number | Value | |||||||
Energy (Continued) | ||||||||
PetroChina Co. Ltd., Class H | 145,880 | $ | 103,670 | |||||
Sinopec Oilfield Service Corp., Class H* | 14,000 | 3,990 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H (a) | 12,864 | 5,873 | ||||||
|
| |||||||
434,345 | ||||||||
|
| |||||||
Financials — 16.5% | ||||||||
Agile Property Holdings Ltd. | 10,000 | 5,353 | ||||||
Agricultural Bank of China Ltd., Class H | 159,398 | 61,058 | ||||||
Bank of China Ltd., Class H | 549,264 | 243,694 | ||||||
Bank of Communications Co. Ltd., Class H | 60,519 | 42,149 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 60,463 | 22,381 | ||||||
China CITIC Bank Corp. Ltd., Class H* | 56,593 | 35,693 | ||||||
China Construction Bank Corp., Class H | 581,794 | 399,946 | ||||||
China Everbright Bank Co. Ltd., Class H | 23,746 | 10,719 | ||||||
China Everbright Ltd. | 6,947 | 16,002 | ||||||
China Galaxy Securities Co. Ltd., Class H | 22,968 | 20,914 | ||||||
China Jinmao Holdings Group Ltd. | 25,824 | 7,827 | ||||||
China Life Insurance Co. Ltd., Class H | 51,449 | 177,503 | ||||||
China Merchants Bank Co. Ltd., Class H | 31,742 | 74,591 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 40,749 | 39,049 | ||||||
China Overseas Land & Investment Ltd. | 27,271 | 90,394 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 18,229 | 75,000 | ||||||
China Resources Land Ltd. | 19,168 | 51,545 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 11,182 | 33,675 | ||||||
China Vanke Co. Ltd., Class H | 9,092 | 22,655 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 17,377 | 10,242 | ||||||
CITIC Securities Co. Ltd., Class H | 14,965 | 34,317 | ||||||
Country Garden Holdings Co. Ltd. | 39,044 | 14,654 | ||||||
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A | 4,061 | 24,120 | ||||||
Evergrande Real Estate Group Ltd. | 30,097 | 23,718 | ||||||
Far East Horizon Ltd. | 12,291 | 10,669 | ||||||
GF Securities Co. Ltd., Class H* | 9,413 | 22,799 | ||||||
Goldin Properties Holdings Ltd.*(a) | 9,867 | 7,763 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 7,020 | 7,904 | ||||||
Haitong Securities Co. Ltd., Class H | 22,395 | 38,647 | ||||||
Huatai Securities Co. Ltd., Class H, 144A* | 7,131 | 17,254 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 510,087 | 308,548 | ||||||
KWG Property Holding Ltd. | 8,500 | 6,073 | ||||||
Longfor Properties Co. Ltd. | 10,072 | 13,796 | ||||||
New China Life Insurance Co. Ltd., Class H | 5,362 | 22,199 | ||||||
New World China Land Ltd. | 18,023 | 12,366 | ||||||
People’s Insurance Co. (Group) of China Ltd., Class H | 45,251 | 23,345 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 23,851 | 51,741 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 36,045 | 197,346 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Shenzhen Investment Ltd. | 20,000 | $ | 8,641 | |||||
Shimao Property Holdings Ltd. | 9,604 | 16,028 | ||||||
Shui On Land Ltd. | 24,974 | 6,893 | ||||||
Sino-Ocean Land Holdings Ltd. | 23,423 | 13,141 | ||||||
Soho China Ltd. | 14,380 | 5,861 | ||||||
Sunac China Holdings Ltd. | 12,926 | 8,619 | ||||||
Yuexiu Property Co. Ltd. | 47,159 | 7,907 | ||||||
|
| |||||||
2,344,739 | ||||||||
|
| |||||||
Health Care — 1.1% | ||||||||
China Medical System Holdings Ltd. | 7,739 | 10,680 | ||||||
China Traditional Chinese Medicine Co. Ltd.* | 12,000 | 8,389 | ||||||
CSPC Pharmaceutical Group Ltd. | 28,594 | 26,885 | ||||||
Luye Pharma Group Ltd.* | 9,185 | 7,996 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 14,055 | 9,970 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 2,788 | 9,025 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 4,766 | 10,462 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 15,224 | 7,671 | ||||||
Sino Biopharmaceutical Ltd. | 30,749 | 28,990 | ||||||
Sinopharm Group Co. Ltd., Class H | 8,247 | 34,622 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 4,000 | 6,150 | ||||||
|
| |||||||
160,840 | ||||||||
|
| |||||||
Industrials — 3.6% | ||||||||
Air China Ltd., Class H | 12,619 | 10,172 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 14,663 | 12,444 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 10,395 | 11,597 | ||||||
Beijing Enterprises Holdings Ltd. | 3,552 | 22,150 | ||||||
CAR, Inc.* | 5,745 | 10,774 | ||||||
China Communications Construction Co. Ltd., Class H | 30,612 | 35,376 | ||||||
China Conch Venture Holdings Ltd. | 9,359 | 19,627 | ||||||
China COSCO Holdings Co. Ltd., Class H*(a) | 13,775 | 8,240 | ||||||
China Eastern Airlines Corp. Ltd., Class H* | 12,000 | 6,345 | ||||||
China Everbright International Ltd. | 17,050 | 25,816 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 3,462 | 6,055 | ||||||
China Merchants Holdings International Co. Ltd. | 8,049 | 26,161 | ||||||
China Railway Construction Corp. Ltd., Class H | 13,638 | 18,117 | ||||||
China Railway Group Ltd., Class H | 27,636 | 22,954 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 20,023 | 7,541 | ||||||
China Southern Airlines Co. Ltd., Class H | 12,561 | 9,186 | ||||||
China State Construction International Holdings Ltd. | 12,487 | 18,843 | ||||||
CITIC Ltd. | 30,170 | 52,920 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
COSCO Pacific Ltd. | 9,418 | $ | 11,435 | |||||
CRRC Corp. Ltd., Class H | 30,222 | 38,667 | ||||||
Fosun International Ltd. | 14,882 | 26,565 | ||||||
Haitian International Holdings Ltd. | 4,414 | 6,854 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 8,523 | 11,036 | ||||||
Shanghai Electric Group Co. Ltd., Class H (a) | 15,076 | 9,142 | ||||||
Shanghai Industrial Holdings Ltd. | 3,601 | 9,405 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 8,585 | 6,643 | ||||||
Sinotrans Ltd., Class H | 12,605 | 7,316 | ||||||
Weichai Power Co. Ltd., Class H | 6,717 | 6,931 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 3,200 | 5,423 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 9,914 | 12,045 | ||||||
Zhuzhou CSR Times Electric Co. Ltd., Class H | 3,595 | 23,740 | ||||||
|
| |||||||
499,520 | ||||||||
|
| |||||||
Information Technology — 15.4% | ||||||||
58.com, Inc., ADR* | 520 | 31,309 | ||||||
AAC Technologies Holdings, Inc. | 5,094 | 35,708 | ||||||
Alibaba Group Holding Ltd., ADR* | 7,092 | 596,295 | ||||||
Autohome, Inc., ADR* | 244 | 7,393 | ||||||
Baidu, Inc., ADR* | 1,952 | 425,477 | ||||||
Bitauto Holdings Ltd., ADR* | 223 | 5,988 | ||||||
GCL-Poly Energy Holdings Ltd.*(a) | 74,967 | 14,213 | ||||||
Hanergy Thin Film Power Group Ltd.* | 56,247 | 25,073 | ||||||
Kingboard Chemical Holdings Ltd. | 4,500 | 6,477 | ||||||
Kingsoft Corp. Ltd. | 5,853 | 15,551 | ||||||
Lenovo Group Ltd. | 46,084 | �� | 48,738 | |||||
NetEase, Inc., ADR | 557 | 92,830 | ||||||
Qihoo 360 Technology Co. Ltd., ADR* | 659 | 44,746 | ||||||
Semiconductor Manufacturing International Corp.* | 183,148 | 19,133 | ||||||
SINA Corp.* | 370 | 18,711 | ||||||
SouFun Holdings Ltd., ADR | 1,758 | 11,779 | ||||||
Sunny Optical Technology Group Co. Ltd. | 5,000 | 11,376 | ||||||
Tencent Holdings Ltd. | 35,746 | 711,375 | ||||||
TravelSky Technology Ltd., Class H | 6,000 | 10,261 | ||||||
Xinyi Solar Holdings Ltd. | 18,000 | 7,290 | ||||||
Youku Tudou, Inc., ADR* | 843 | 22,651 | ||||||
YY, Inc., ADR* | 206 | 12,480 | ||||||
ZTE Corp., Class H | 5,224 | 11,737 | ||||||
|
| |||||||
2,186,591 | ||||||||
|
| |||||||
Materials — 0.7% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 27,269 | 8,687 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 8,536 | 23,284 | ||||||
BBMG Corp., Class H | 8,085 | 5,287 | ||||||
China Hongqiao Group Ltd. | 9,000 | 4,411 | ||||||
China National Building Material Co. Ltd., Class H | 19,907 | 10,681 | ||||||
China Resources Cement Holdings Ltd. | 13,551 | 4,422 | ||||||
China Zhongwang Holdings Ltd. | 11,200 | 5,605 | ||||||
Jiangxi Copper Co. Ltd., Class H | 9,114 | 10,897 | ||||||
Lee & Man Paper Manufacturing Ltd. | 10,000 | 5,752 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Nine Dragons Paper Holdings Ltd. | 11,292 | $ | 6,568 | |||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H* | 24,165 | 8,633 | ||||||
Zijin Mining Group Co. Ltd., Class H | 39,887 | 9,980 | ||||||
|
| |||||||
104,207 | ||||||||
|
| |||||||
Telecommunication Services — 4.2% | ||||||||
Alibaba Health Information Technology Ltd.* | 16,952 | 12,965 | ||||||
China Communications Services Corp. Ltd., Class H | 16,535 | 6,376 | ||||||
China Mobile Ltd. | 42,470 | 482,573 | ||||||
China Telecom Corp. Ltd., Class H | 95,950 | 47,026 | ||||||
China Unicom (Hong Kong) Ltd. | 41,393 | 51,251 | ||||||
|
| |||||||
600,191 | ||||||||
|
| |||||||
Utilities — 1.8% | ||||||||
Beijing Enterprises Water Group Ltd.* | 30,141 | 23,558 | ||||||
CGN Power Co. Ltd., Class H, 144A | 61,749 | 23,892 | ||||||
China Gas Holdings Ltd. | 12,037 | 17,108 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 21,939 | 18,251 | ||||||
China Power International Development Ltd. | 22,802 | 12,146 | ||||||
China Resources Gas Group Ltd. | 6,626 | 18,502 | ||||||
China Resources Power Holdings Co. Ltd. | 13,274 | 24,996 | ||||||
Datang International Power Generation Co. Ltd., Class H | 19,486 | 6,283 | ||||||
ENN Energy Holdings Ltd. | 5,942 | 30,119 | ||||||
Guangdong Investment Ltd. | 19,462 | 26,557 | ||||||
Huadian Fuxin Energy Corp. Ltd., Class H | 18,000 | 5,154 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Huadian Power International Corp. Ltd., Class H | 11,279 | $ | 7,128 | |||||
Huaneng Power International, Inc., Class H | 24,395 | 21,269 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 27,539 | 8,240 | ||||||
Towngas China Co. Ltd. | 7,000 | 4,225 | ||||||
|
| |||||||
247,428 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 7,371,567 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 47.5% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) | 138,886 | 4,988,785 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(b) | 38,683 | 1,740,735 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 6,729,520 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 52.1% | ||||||||
Daily Assets Fund, 0.20% (c)(d) | 7,385,020 | 7,385,020 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 151.6% | $ | 21,486,107 | ||||||
Other assets and liabilities, | (7,315,506 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 14,170,601 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $22,492,650. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $1,006,543. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $322,425 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,328,968. |
(a) | All or a portion of these securities were on loan amounting to $6,709,674. In addition, included in “Other Assets and Liabilities Net” are pending sales amounting to $635,661 that are also on loan (see Notes to Financial Statements). The value of securities loaned at November 30, 2015 amounted to $7,345,335, which is 51.8% of net assets. |
(b) | Affiliated fund advised by DBX Advisor LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 7,302,466 | $ | — | $ | 69,101 | $ | 7,371,567 | ||||||||
Exchange-Traded Funds | 6,729,520 | — | — | 6,729,520 | ||||||||||||
Securities Lending Collateral | 7,385,020 | — | — | 7,385,020 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 21,417,006 | $ | — | $ | 69,101 | $ | 21,486,107 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $48,973 and between Level 3 and Level 1 was $57,389. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 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 MSCI All China Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at fair value | $ | — | $ | 452,019,020 | $ | 35,061,534 | $ | 7,371,567 | ||||||||
Investment in affiliated securities at fair value (See Note 5) | 2,530,133 | — | — | 6,729,520 | ||||||||||||
Investment in Daily Assets Fund* | 1,334,736 | — | — | 7,385,020 | ||||||||||||
Cash | 920 | 22,100,085 | 28,924 | 14,581 | ||||||||||||
Foreign currency at value | — | 3,068,784 | † | 820,470 | † | 4,083 | ||||||||||
Unrealized appreciation on forward foreign currency contracts | 32,833 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 2,143,035 | ||||||||||||
Capital shares | — | 87,917 | — | — | ||||||||||||
Dividends | — | 55 | 22 | 1,590 | ||||||||||||
Interest | 4,916 | — | — | 39,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 3,903,538 | $ | 477,275,861 | $ | 35,910,950 | $ | 23,688,422 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,334,736 | $ | — | $ | — | $ | 7,385,020 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 31,546 | 178,915 | 16,086 | 2,130,137 | ||||||||||||
Capital shares | — | 20,664,965 | — | — | ||||||||||||
Investment advisory fees | 124 | 373,995 | 26,279 | 2,664 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,366,406 | 21,217,875 | 42,365 | 9,517,821 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 2,537,132 | $ | 456,057,986 | $ | 35,868,585 | $ | 14,170,601 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 2,497,306 | $ | 100,807,040 | $ | 35,642,581 | $ | 15,706,721 | ||||||||
Undistributed net investment income | 6,589 | 7,206,695 | 253,305 | 540,821 | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (21,015 | ) | 278,529,013 | (4,838,214 | ) | (1,174,582 | ) | |||||||||
Net unrealized appreciation on investments and foreign currency translations | 54,252 | 69,515,238 | 4,810,913 | (902,359 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 2,537,132 | $ | 456,057,986 | $ | 35,868,585 | $ | 14,170,601 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 100,001 | 12,800,001 | 800,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Value | $ | 25.37 | $ | 35.63 | $ | 44.84 | $ | 35.43 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | — | $ | 382,406,183 | $ | 30,244,758 | $ | 8,105,671 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 2,508,714 | $ | — | $ | — | $ | 6,897,697 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market value of securities loaned | $ | 1,331,770 | $ | — | $ | — | $ | 6,709,674 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Daily Assets Fund at cost* | $ | 1,334,736 | $ | — | $ | — | $ | 7,385,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | — | $ | 3,072,555 | $ | 824,240 | $ | 4,100 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $43,736 and $8,530 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF(1) | 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 MSCI All China Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | — | $ | 51,965 | $ | 5,299 | $ | — | ||||||||
Unaffiliated dividend income* | — | 9,929,821 | 206,794 | 126,657 | ||||||||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 6,755 | — | — | 402,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 6,755 | 9,981,786 | 212,093 | 529,205 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 2,519 | 2,770,844 | 194,855 | 44,627 | ||||||||||||
Interest Expense | — | 4,247 | 291 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 2,519 | 2,775,091 | 195,146 | 44,627 | ||||||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (2,353 | ) | — | — | (27,986 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 166 | 2,775,091 | 195,146 | 16,641 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 6,589 | 7,206,695 | 16,947 | 512,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | — | 262,539,069 | (6,941,014 | ) | (72,561 | ) | ||||||||||
Investments in affiliates | (65 | ) | — | — | (1,005,961 | ) | ||||||||||
Foreign currency transactions | (20,950 | ) | (4,176,755 | ) | (181,794 | ) | 868 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (21,015 | ) | 258,362,314 | (7,122,808 | ) | (1,077,654 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 21,419 | (522,875,534 | ) | (20,919,261 | ) | (3,668,969 | ) | |||||||||
Foreign currency translations | 32,833 | (54,674 | ) | (8,054 | ) | (552 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 54,252 | (522,930,208 | ) | (20,927,315 | ) | (3,669,521 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 33,237 | (264,567,894 | ) | (28,050,123 | ) | (4,747,175 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 39,826 | $ | (257,361,199 | ) | $ | (28,033,176 | ) | $ | (4,234,611 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | — | $ | 1,165,994 | $ | 26,496 | $ | 10,811 |
(1) | For the period October 20, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
For the Six Months Ended November 30, 2015
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||
Increase (Decrease) in Cash: | ||||
Cash Flows from Operating Activities | ||||
Net increase (decrease) in net assets resulting from operations | $ | (28,033,176 | ) | |
|
| |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities: | ||||
Purchases of long-term investments | (63,227,492 | ) | ||
Proceeds from sales and maturities of long-term investments | 78,835,788 | |||
(Increase) decrease in dividends receivable | 1,435 | |||
Increase (decrease) in investment advisory fees | (13,276 | ) | ||
(Increase) decrease in deferred foreign taxes | 28,872 | |||
Change in unrealized (appreciation) depreciation on investments | 20,888,449 | |||
Net realized (gain) loss from investments | 6,941,014 | |||
|
| |||
Cash provided (used) by operating activities | 15,421,614 | |||
|
| |||
Cash Flows from Financing Activities | ||||
Proceeds from shares sold | 49,987,986 | |||
Value of shares redeemed | (67,859,176 | ) | ||
Distributions paid | — | |||
|
| |||
Cash provided (used) by financing activities | (17,871,190 | ) | ||
|
| |||
Increase (decrease) in cash | (2,449,576 | ) | ||
Cash at beginning of period (including foreign currency) | 3,298,970 | |||
|
| |||
Cash at end of period (including foreign currency) | $ | 849,394 | ||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | |||||||||||
For the Period October 20, 2015(1) to November 30, 2015 (Unaudited) | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | ||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||
Net investment income (loss) | $ | 6,589 | $ | 7,206,695 | $ | 1,868,446 | ||||||
Net realized gain (loss) | (21,015 | ) | 258,362,314 | 29,264,178 | ||||||||
Net change in unrealized appreciation (depreciation) | 54,252 | (522,930,208 | ) | 609,959,020 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 39,826 | (257,361,199 | ) | 641,091,644 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from | ||||||||||||
Net investment income | — | — | (2,530,476 | ) | ||||||||
|
|
|
|
|
| |||||||
Total distributions | — | — | (2,530,476 | ) | ||||||||
|
|
|
|
|
| |||||||
Fund Shares Transactions | ||||||||||||
Proceeds from shares sold | 2,497,281 | 548,169,515 | 969,607,417 | |||||||||
Value of shares redeemed | — | (1,245,147,463 | ) | (350,563,989 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,497,281 | (696,977,948 | ) | 619,043,428 | ||||||||
|
|
|
|
|
| |||||||
Total Net increase (decrease) in Net Assets | 2,537,107 | (954,339,147 | ) | 1,257,604,596 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 25 | 1,410,397,133 | 152,792,537 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 2,537,132 | $ | 456,057,986 | $ | 1,410,397,133 | ||||||
|
|
|
|
|
| |||||||
Undistributed net investment income | $ | 6,589 | $ | 7,206,695 | $ | — | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding | ||||||||||||
Shares outstanding, beginning of period | 1 | 28,250,001 | 6,950,001 | |||||||||
Shares sold | 100,000 | 14,600,000 | 31,350,000 | |||||||||
Shares redeemed | — | (30,050,000 | ) | (10,050,000 | ) | |||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 100,001 | 12,800,001 | 28,250,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 16,947 | $ | (73,420 | ) | $ | 512,564 | $ | 68,609 | |||||||
Net realized gain (loss) | (7,122,808 | ) | 2,754,980 | (1,077,654 | ) | 1,928,813 | ||||||||||
Net change in unrealized appreciation (depreciation) | (20,927,315 | ) | 25,545,008 | (3,669,521 | ) | 2,689,959 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (28,033,176 | ) | 28,226,568 | (4,234,611 | ) | 4,687,381 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | (30,280 | ) | — | (70,374 | ) | ||||||||||
Net realized gains | — | (134,976 | ) | — | (9,598 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (165,256 | ) | — | (79,972 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 49,987,986 | 77,518,004 | — | 16,983,988 | ||||||||||||
Value of shares redeemed | (67,859,176 | ) | (31,516,705 | ) | — | (8,288,839 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (17,871,190 | ) | 46,001,299 | — | 8,695,149 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (45,904,366 | ) | 74,062,611 | (4,234,611 | ) | 13,302,558 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 81,772,951 | 7,710,340 | 18,405,212 | 5,102,654 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 35,868,585 | $ | 81,772,951 | $ | 14,170,601 | $ | 18,405,212 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 253,305 | $ | 236,358 | $ | 540,821 | $ | 28,257 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,250,001 | 300,001 | 400,001 | 200,001 | ||||||||||||
Shares sold | 850,000 | 1,650,000 | — | 450,000 | ||||||||||||
Shares redeemed | (1,300,000 | ) | (700,000 | ) | — | (250,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 800,001 | 1,250,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | For the Period October 20, 2015* to November 30, 2015 (Unaudited) | |||||||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||||||
|
| |||||||||||
Income from Investment Operations: | ||||||||||||
Net investment income** | 0.07 | |||||||||||
Net realized and unrealized gain | 0.30 | |||||||||||
|
| |||||||||||
Net increase in net asset value from investment operations | 0.37 | |||||||||||
|
| |||||||||||
Net Asset Value, end of period | $ | 25.37 | ||||||||||
|
| |||||||||||
Total Return*** | 1.48 | %††† | ||||||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 2,537 | ||||||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of fee waiver and expense reimbursements (a) | 0.06 | %† | ||||||||||
Expenses, prior to fee waiver and expense reimbursements (a) | 0.85 | %† | ||||||||||
Net investment income | 2.22 | %† | ||||||||||
Portfolio turnover rate†† | 1 | %†††† | ||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period November 6, 2013* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income (loss)** | 0.43 | 0.09 | (0.05 | ) | ||||||||
Net realized and unrealized gain (loss) | (14.73 | ) | 27.96 | (2.97 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net asset value from investment operations. | (14.30 | ) | 28.05 | (3.02 | ) | |||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | — | (0.10 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | — | (0.10 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 35.63 | $ | 49.93 | $ | 21.98 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | (28.64 | )% | 127.82 | % | (12.08 | )%††† | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 456,058 | $ | 1,410,397 | $ | 152,793 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of fee waiver and expense reimbursements | 0.80 | %† | 0.80 | % | 0.92 | %† | ||||||
Expenses, prior to fee waiver and expense reimbursements | 0.80 | %† | 0.80 | % | 0.96 | %† | ||||||
Net investment income (loss) | 2.08 | %† | 0.26 | % | (0.38 | )%† | ||||||
Portfolio turnover rate†† | 89 | %†††† | 58 | % | 42 | %†††† |
* | 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 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. |
†††† | Not annualized. |
(a) | The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period May 21, 2014* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income (loss)** | 0.02 | (0.12 | ) | 0.02 | ||||||||
Net realized and unrealized gain (loss) | (20.60 | ) | 40.05 | 0.68 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net asset value from investment operations | (20.58 | ) | 39.93 | 0.70 | ||||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | — | (0.04 | ) | — | ||||||||
Net realized and unrealized gain (loss) | — | (0.17 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | — | (0.21 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 44.84 | $ | 65.42 | $ | 25.70 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | (31.46 | )% | 155.99 | % | 2.80 | % | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 35,869 | $ | 81,773 | $ | 7,710 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses | 0.80 | %† | 0.80 | % | 0.80 | %† | ||||||
Net investment income (loss) | 0.07 | %† | (0.30 | )% | 2.57 | %† | ||||||
Portfolio turnover rate†† | 134 | %†††† | 131 | % | 0 | %†††† | ||||||
Deutsche X-trackers MSCI All China Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) | Year Ended May 31, 2015 | For the Period April 30, 2014* to May 31, 2014 | |||||||||
Net Asset Value, beginning of period | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** | 1.28 | 0.32 | 0.06 | |||||||||
Net realized and unrealized gain (loss) | (11.86 | ) | 20.58 | 0.45 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net asset value from investment operations. | (10.58 | ) | 20.90 | 0.51 | ||||||||
|
|
|
|
|
| |||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | — | (0.35 | ) | — | ||||||||
Net realized gains | — | (0.05 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | — | (0.40 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 35.43 | $ | 46.01 | $ | 25.51 | ||||||
|
|
|
|
|
| |||||||
Total Return*** | (23.00 | )%††† | 82.48 | %††† | 2.04 | %††† | ||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 14,171 | $ | 18,405 | $ | 5,103 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of fee waiver and expense reimbursements (a) | 0.22 | %† | 0.26 | % | 0.30 | %† | ||||||
Expenses, prior to fee waiver and expense reimbursements (a) | 0.60 | %† | 0.60 | % | 0.60 | %† | ||||||
Net investment income | 6.89 | %† | 0.94 | % | 2.73 | %† | ||||||
Portfolio turnover rate†† | 17 | %†††† | 20 | % | 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 are not annualized. |
† | Annualized. |
†† | Portfolio turnover rate 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. |
†††† | Not annualized. |
(a) | The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
See Notes to Financial Statements. | 34 |
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, 2015, the Trust consists of thirty-five investment 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:
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) |
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 MSCI All China Equity ETF (CN) |
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 Index for each Fund is:
Fund | Underlying Index | |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | CSI 300 USD Hedged 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 MSCI All China Equity ETF | MSCI China All Shares Index |
CSI 300 USD Hedged 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. The Underlying Index hedges the currency exposure of the securities in the CSI 300 Index by taking long positions in foreign currency forwards. 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 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 China All Shares Index. The MSCI All China Index captures large and mid-cap representation across all China securities listed in China and Hong Kong. The Underlying Index includes: A shares, B shares, H shares, Red chips and P chips share classes. With over 600 constituents, the Underlying index is comprehensive, aiming to cover the global large and mid-cap China equity opportunity set. The MSCI China All Shares Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI or CSI and DBX, as applicable. There is no charge to the Funds in connection with these licensing agreements.
35
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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.
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.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are 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; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s 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.
36
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. 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. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. 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.
The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2015, the Funds did not incur any interest or penalties.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares 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’ direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to 17 November 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
37
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 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 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. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
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, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign
currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain benefits of owning securities they have loaned and continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
38
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, all of which were classified as Exchanged Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
As of November 30, 2015, the Deutsche X-trackers MSCI All China Equity ETF had securities on loan, all of which were classified as Common Stock and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements As of November 30, 2015 | ||||||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 50,301 | $ | — | $ | — | $ | — | $ | 50,301 | ||||||||||
Exchange Traded Funds | 7,295,034 | — | — | — | 7,295,034 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 7,345,335 | $ | — | $ | — | $ | — | $ | 7,345,335 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 7,345,335 | $ | — | $ | — | $ | — | $ | 7,345,335 | ||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 7,385,020 |
Derivatives
Forward Currency Contracts The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward currency contracts designed to offset the Fund’s exposure to non-U.S. currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Fund invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the renminbi.
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 Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Fund’s 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 Fund had to the value of non U.S currencies during the period ended November 30, 2015.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2015 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 CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 32,833 | Unrealized depreciation on forward foreign currency contracts | $ | — | ||||||||
|
|
|
| |||||||||||
Total | $ | 32,833 | Total | $ | — | |||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2015 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 | ||||||||
Forward Foreign Currency Contracts | Total | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | (20,950 | ) | $ | (20,950 | ) |
39
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||||
Forward Foreign Currency Contracts | Total | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 32,833 | $ | 32,833 |
For the period ended November 30, 2015 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Contracts (Market Value) | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | (2,417,000 | ) |
As of November 30, 2015, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow the Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following table:
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 CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
State Street Bank & Trust Co. | $ | 32,833 | $ | — | $ | — | $ | 32,833 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
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| |||||||||||||||||
$ | 32,833 | $ | — | $ | — | $ | 32,833 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
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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 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.
Harvest Global Investments Ltd. serves 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 supervision of the Advisor.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets at an annual rate equal to:
Fund | Unitary Management Fee | |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 0.85% | |
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 MSCI All China Equity ETF | 0.60% |
Out of the unitary management fee, the Advisor is responsible for 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 except for interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses and other extraordinary expenses.
40
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The Advisor for the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF has contractually agreed to waive a portion of its management fees in 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 period from October 20, 2015 (commencement of operations) to November 30, 2015, the Advisor waived $2,353 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Advisor for the Deutsche X-trackers MSCI All China Equity ETF has contractually agreed to waive a portion of its management fees in 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, 2015, the Advisor waived $27,986 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Transactions with Affiliates
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each Fund’s investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the period ended November 30, 2015.
Value ($) at 5/31/15 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Value ($) at 11/30/15 | ||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | — | 2,529,724 | (20,945 | ) | (65 | ) | 2,530,133 | |||||||||||||
Deutsche X-trackers MSCI All China Equity ETF | ||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 8,759,229 | 305,534 | (1,620,095 | ) | (670,266 | ) | 4,988,785 | |||||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 3,073,688 | 333,787 | (728,664 | ) | (335,695 | ) | 1,740,735 | |||||||||||||
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| |||||||||||
11,832,917 | 639,321 | (2,348,759 | ) | (1,005,961 | ) | 6,729,520 | ||||||||||||||
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5. Investment Portfolio Transactions
For the six months ended November 30, 2015, 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 CSI 300 China A-Shares Hedged Equity ETF1 | $ | 2,529,724 | $ | 20,945 | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 639,066,421 | 1,321,668,493 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 63,243,577 | 78,830,204 | ||||||
Deutsche X-trackers MSCI All China Equity ETF | 3,011,937 | 2,515,816 |
For the six months ended November 30, 2015, there were no in-kind purchases and sales.
1 | For the period from October 20, 2015 (commencement of operations) to November 30, 2015. |
41
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
6. Fund Share Transactions
As of November 30, 2015 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 CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers 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 Harvest 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.
7. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks 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 $130 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 as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.
Under the Credit Facility, during the six months ended November 30, 2015, the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF had an average loan balanced of approximately $52,600,000, with a average interest rate of 1.453%, with a loan outstanding for 2 days. The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF had an average loan balance of approximately $3,600,000 with a average interest rate of 1.453%, with a loan outstanding for 2 days. The Funds had no outstanding loans at November 30, 2015.
9. Developments in the China Market
In response to the volatility that occurred in the China Stock Market, the Chinese Securities Regulatory Commission (CSRC) employed measures in an effort to stabilize the market and enhance liquidity. These measures included cutting interest rates, suspending new issuances and restricting certain sales for insiders and significant shareholders. The result of these measures are uncertain. Please refer to Note 7, which further discusses the risks and considerations around investing in China.
42
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
At a meeting held on July 23, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (the “Fund”).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized as the Fund grows, and if the Fund’s shareholders would benefit from those economies.
The Board reached a determination, with the assistance of K&L Gates LLP (“Independent Trustees’ Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operation. The Board also considered the role to be played by the Adviser, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Fund.
The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Fund’s compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
43
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
Reasonableness of Advisory Fee. The Board compared the Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also noted that the Fund’s portfolio would be managed on a day-to-day basis by the Adviser, and that the Adviser also would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Fund, and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that since the Fund was new, it was difficult to estimate the profitability of the Fund to the Adviser at this time. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Fund, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.
Economies of Scale. The Board noted that since the Fund was new, it was difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
44
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.
45
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.
46
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 Funds 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 Funds to achieve its investment objective. These Funds are non-diversified and can take larger positions in fewer issues, increasing potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark 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 345 Park Ave. New York, NY 10154 | 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-036923-2 (1/16) DBX 001743 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
DBX ETF Trust
Page | ||||
1 | ||||
Portfolio Summary | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 2 | |||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 13 | |||
19 | ||||
23 | ||||
27 | ||||
30 | ||||
41 | ||||
43 | ||||
45 | ||||
47 | ||||
52 | ||||
55 | ||||
58 | ||||
61 | ||||
66 | ||||
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts | 77 | |||
83 | ||||
84 |
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2015.
Global markets remained volatile on the back of the Chinese market crash, Greek debt crisis and uncertainty on the impending US Federal Reserve rate hike. The US economy is on stable ground, with the continued recovery of the housing industry, improved labor markets, and consumer spending boosting the economy. However, inflation continues to remain below target in the current environment of low energy prices and a strong US dollar. The US equity market, as measured by the Standard & Poor’s 500 Index1, remained almost flat for the reporting period.
Global real estate markets were spurred in the second half of 2015, primarily in Asian markets, by strong interest from cross-border Asian investors and global funds. The US real estate sector performed well, driven by economic growth and increased commercial real estate investment. Japan’s real estate market remained active owing to a rise in inbound tourists and increased activity by Asia-focused private equity real estate funds and Japan’s real estate investment trusts. The global financial crisis reinforced the belief that infrastructure is a strong asset class, with increased appetite for investment in developed markets. The US announced a USD 275bn spending plan via private investment, while Japan collaborated with the Asian Development Bank to propose an additional USD 16bn investment fund for sustainable infrastructure development.
The recovery of the Eurozone continued despite global macroeconomic headwinds. Economic growth was sustained due to a combination of low crude oil prices, a weak euro and ultra-loose monetary policy. Growth in Italy and Spain continues to be underpinned by robust domestic demand, renewed consumer confidence, and rising employment rates. Japan experienced deflationary pressure due to weak exports and slumping energy costs; however, the Bank of Japan held off expanding its JPY 80tn asset purchase program. Meanwhile, Australia witnessed a growth in Gross Domestic Product levels driven by the mining industry and a sharp increase in exports.
Budget constraints of governments are likely to create opportunities for private investment in infrastructure development across the globe. The real estate sector is expected to grow, with a favorable pro-cyclical investment strategy targeted at commercial real estate and logistics. While Japanese and European equities are likely to be supported by further monetary policy initiatives, US equities could face headwinds from a strong dollar. In this environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a positive contribution to the fund’s overall performance.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1 The Standard & Poor’s 500 (S&P 500) Index is an unmanaged, capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
The Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the “Underlying Index”). The Underlying Index is constructed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Brookfield Asset Management, Inc., Class A (Canada) | 7.3% | |||
Unibail-Rodamco SE REIT (France) | 6.2% | |||
Mitsui Fudosan Co. Ltd. (Japan) | 6.2% | |||
Scentre Group REIT (Australia) | 3.8% | |||
Land Securities Group PLC REIT (United Kingdom) | 3.7% | |||
Link REIT (The) (Hong Kong) | 3.4% | |||
Westfield Corp. REIT (Australia) | 3.3% | |||
British Land Co. PLC REIT (United Kingdom) | 3.1% | |||
Klepierre REIT (France) | 2.1% | |||
Hongkong Land Holdings Ltd. (Hong Kong) | 2.0% |
Sector Diversification* as of 11/30/05
Diversified | 37.8% | |||
Real Estate Operations/ Development | 26.8% | |||
Shopping Centers | 15.6% | |||
Office Property | 10.2% | |||
Real Estate Management/Services | 7.4% | |||
Apartments | 1.0% | |||
Hotels | 0.4% | |||
Storage | 0.4% | |||
Warehouse/Industry | 0.3% | |||
Property Trust | 0.1% | |||
|
| |||
100.0% |
Country Diversification* as of 11/30/15
Japan | 21.8% | |||
United Kingdom | 16.7% | |||
Australia | 12.3% | |||
France | 10.5% | |||
Canada | 10.4% | |||
Hong Kong | 8.6% | |||
Singapore | 6.2% | |||
Philippines | 2.5% | |||
Switzerland | 2.1% | |||
South Africa | 1.9% | |||
Sweden | 1.4% | |||
Netherlands | 1.4% | |||
Austria | 1.2% | |||
Belgium | 0.8% | |||
New Zealand | 0.8% | |||
Thailand | 0.4% | |||
Brazil | 0.4% | |||
Italy | 0.2% | |||
Poland | 0.2% | |||
Malaysia | 0.2% | |||
|
| |||
Total | 100.0% |
* As percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Mitsui Fudosan Co. Ltd. | 1.7% | |||
KDDI Corp. | 1.6% | |||
SMC Corp. | 1.6% | |||
Nippon Telegraph & Telephone Corp. | 1.6% | |||
Toyota Motor Corp. | 1.6% | |||
Mizuho Financial Group, Inc. | 1.5% | |||
Japan Tobacco, Inc. | 1.5% | |||
FANUC Corp. | 1.5% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.5% | |||
Mitsubishi Estate Co. Ltd. | 1.4% |
Sector Diversification* as of 11/30/15
Industrials | 20.3% | |||
Financials | 19.3% | |||
Consumer Discretionary | 18.6% | |||
Information Technology | 10.1% | |||
Health Care | 9.5% | |||
Consumer Staples | 8.3% | |||
Materials | 6.7% | |||
Telecommunication Services | 5.7% | |||
Utilities | 1.0% | |||
Energy | 0.5% | |||
|
| |||
Total | 100.0% |
* As percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
The Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Central Japan Railway Co. | 2.0% | |||
FANUC Corp. | 2.0% | |||
Nippon Telegraph & Telephone Corp. | 1.8% | |||
KDDI Corp. | 1.8% | |||
Japan Tobacco, Inc. | 1.8% | |||
Toyota Motor Corp. | 1.7% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.7% | |||
Takeda Pharmaceutical Co. Ltd. | 1.6% | |||
Mizuho Financial Group, Inc. | 1.6% | |||
Honda Motor Co. Ltd. | 1.5% |
Sector Diversification* as of 11/30/15
Industrials | 21.1% | |||
Consumer Discretionary | 18.5% | |||
Financials | 18.5% | |||
Information Technology | 10.5% | |||
Health Care | 9.3% | |||
Consumer Staples | 8.8% | |||
Materials | 6.1% | |||
Telecommunication Services | 5.9% | |||
Utilities | 0.9% | |||
Energy | 0.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
The Deutsche X-trackers MSCI Australia Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Australia US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. It is not possible to invest directly into an index.
Ten Largest Holdings as of 11/30/15
Description | % of Net Assets | |||
Commonwealth Bank of Australia | 11.9% | |||
Westpac Banking Corp. | 9.4% | |||
Australia & New Zealand Banking Group Ltd. | 6.8% | |||
National Australia Bank Ltd. | 6.8% | |||
BHP Billiton Ltd. | 5.1% | |||
CSL Ltd. | 4.1% | |||
Wesfarmers Ltd. | 3.8% | |||
Woolworths Ltd. | 2.6% | |||
Macquarie Group Ltd. | 2.2% | |||
Telstra Corp. Ltd. | 2.0% |
Sector Diversification* as of 11/30/15
Financials | 54.5% | |||
Materials | 12.4% | |||
Consumer Staples | 7.4% | |||
Health Care | 6.5% | |||
Industrials | 6.3% | |||
Energy | 5.2% | |||
Utilities | 2.6% | |||
Consumer Discretionary | 2.3% | |||
Telecommunication Services | 2.3% | |||
Information Technology | 0.5% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
The Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Nippon Kayaku Co. Ltd. (Japan) | 0.6% | |||
Smurfit Kappa Group PLC (Ireland) | 0.6% | |||
Berkeley Group Holdings PLC (United Kingdom) | 0.4% | |||
DCC PLC (Ireland) | 0.4% | |||
Genmab A/S (Denmark) | 0.4% | |||
Calsonic Kansei Corp. (Japan) | 0.3% | |||
Tsubakimoto Chain Co. (Japan) | 0.3% | |||
Rightmove PLC (United Kingdom) | 0.3% | |||
Wirecard AG (Germany) | 0.3% | |||
Marine Harvest ASA (Norway) | 0.3% |
Sector Diversification* as of 11/30/15
Industrials | 23.6% | |||
Financials | 22.6% | |||
Consumer Discretionary | 16.3% | |||
Information Technology | 9.7% | |||
Materials | 8.2% | |||
Health Care | 7.7% | |||
Consumer Staples | 6.3% | |||
Energy | 2.6% | |||
Utilities | 1.7% | |||
Telecommunication Services | 1.3% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
Japan | 30.3% | |||
United Kingdom | 19.3% | |||
Germany | 5.5% | |||
Australia | 5.1% | |||
Sweden | 4.5% | |||
Italy | 4.2% | |||
Switzerland | 4.1% | |||
France | 3.6% | |||
Spain | 2.5% | |||
Hong Kong | 2.4% | |||
Ireland | 2.2% | |||
Netherlands | 2.0% | |||
Denmark | 2.0% | |||
Singapore | 1.8% | |||
Belgium | 1.8% | |||
Finland | 1.5% | |||
Norway | 1.2% | |||
New Zealand | 1.1% | |||
Israel | 1.0% | |||
Austria | 0.9% | |||
Luxembourg | 0.6% | |||
Portugal | 0.4% | |||
Isle of Man | 0.3% | |||
Bermuda | 0.3% | |||
Jordan | 0.3% | |||
Jersey Island | 0.3% | |||
Malta | 0.2% | |||
Other | 0.6% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 30.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
The Deutsche X-trackers MSCI Italy Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Intesa Sanpaolo SpA | 13.1% | |||
Eni SpA | 12.4% | |||
Enel SpA | 9.0% | |||
UniCredit SpA | 8.0% | |||
Assicurazioni Generali SpA | 4.5% | |||
Fiat Chrysler Automobiles NV | 4.5% | |||
Luxottica Group SpA | 4.5% | |||
Atlantia SpA | 4.4% | |||
Snam SpA | 4.3% | |||
Telecom Italia SpA | 3.6% |
Sector Diversification* as of 11/30/15
Financials | 40.4% | |||
Utilities | 17.4% | |||
Energy | 16.0% | |||
Industrials | 12.6% | |||
Consumer Discretionary | 9.0% | |||
Telecommunication Services | 4.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
The Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Banco Santander SA (Spain) | 10.7% | |||
Telefonica SA (Spain) | 7.5% | |||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 7.2% | |||
Intesa Sanpaolo SpA (Italy) | 5.9% | |||
Eni SpA (Italy) | 5.6% | |||
Industria de Diseno Textil SA (Spain) | 5.3% | |||
Iberdrola SA (Spain) | 5.1% | |||
Enel SpA (Italy) | 4.2% | |||
UniCredit SpA (Italy) | 3.8% | |||
Assicurazioni Generali SpA (Italy) | 3.0% |
Sector Diversification* as of 11/30/15
Financials | 40.3% | |||
Utilities | 17.5% | |||
Telecommunication Services | 10.6% | |||
Industrials | 9.4% | |||
Energy | 9.2% | |||
Consumer Discretionary | 8.6% | |||
Information Technology | 2.4% | |||
Consumer Staples | 1.0% | |||
Health Care | 1.0% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
Spain | 55.7% | |||
Italy | 37.4% | |||
United Kingdom | 3.7% | |||
Portugal | 2.4% | |||
Luxembourg | 0.8% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 43.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
The Deutsche X-trackers MSCI Spain Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Spain 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Banco Santander SA | 15.4% | |||
Telefonica SA | 9.7% | |||
Banco Bilbao Vizcaya Argentaria SA | 9.1% | |||
Iberdrola SA | 5.4% | |||
Industria de Diseno Textil SA | 5.1% | |||
Amadeus IT Holding SA, Class A | 4.5% | |||
Repsol SA | 4.2% | |||
Ferrovial SA | 3.5% | |||
CaixaBank SA | 3.2% | |||
Red Electrica Corp. SA | 3.2% |
Sector Diversification* as of 11/30/15
Financials | 39.4% | |||
Utilities | 16.4% | |||
Industrials | 15.8% | |||
Telecommunication Services | 10.0% | |||
Consumer Discretionary | 5.1% | |||
Information Technology | 4.5% | |||
Energy | 4.2% | |||
Health Care | 2.7% | |||
Consumer Staples | 1.9% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.
9
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
The Deutsche X-trackers S&P Hedged Global Infrastructure ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P Global Infrastructure Index (USD)(Hedged)(Net TR) (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/15
Description | % of Net Assets | |||
Transurban Group (Australia) | 5.6% | |||
Atlantia SpA (Italy) | 4.4% | |||
Kinder Morgan, Inc. (United States) | 3.9% | |||
National Grid PLC (United Kingdom) | 3.6% | |||
Aena SA, 144A (Spain) | 3.4% | |||
Duke Energy Corp. (United States) | 3.1% | |||
NextEra Energy, Inc. (United States) | 3.0% | |||
Abertis Infraestructuras SA (Spain) | 3.0% | |||
Groupe Eurotunnel SE (France) | 2.9% | |||
Enbridge, Inc. (Canada) | 2.8% |
Sector Diversification* as of 11/30/15
Industrials | 41.7% | |||
Utilities | 41.0% | |||
Energy | 17.3% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/15
United States | 34.6% | |||
Spain | 9.2% | |||
Australia | 8.9% | |||
Italy | 7.3% | |||
Canada | 6.9% | |||
United Kingdom | 6.8% | |||
France | 6.3% | |||
Hong Kong | 4.4% | |||
Japan | 3.7% | |||
Mexico | 2.5% | |||
Germany | 2.3% | |||
Singapore | 2.2% | |||
New Zealand | 1.3% | |||
Switzerland | 1.1% | |||
Brazil | 0.8% | |||
China | 0.6% | |||
Chile | 0.6% | |||
Netherlands | 0.3% | |||
Bermuda | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 47.
10
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 in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2015 to November 30, 2015).
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 June 1, 2015 | Ending Account Value November 30, 2015 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 967.25 | 0.48 | % | $ | 2.36 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.60 | 0.48 | % | $ | 2.43 | ||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual(2) | $ | 1,000.00 | $ | 952.80 | 0.40 | % | $ | 1.71 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.00 | 0.40 | % | $ | 2.02 | ||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||
Actual(3) | $ | 1,000.00 | $ | 951.20 | 0.45 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||
Actual(3) | $ | 1,000.00 | $ | 982.40 | 0.45 | % | $ | 1.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
11
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2015 | Ending Account Value November 30, 2015 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
Actual(3) | $ | 1,000.00 | $ | 998.00 | 0.45 | % | $ | 1.28 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||
Actual(3) | $ | 1,000.00 | $ | 972.40 | 0.45 | % | $ | 1.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||
Actual(3) | $ | 1,000.00 | $ | 959.60 | 0.45 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||
Actual(3) | $ | 1,000.00 | $ | 953.20 | 0.45 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 905.67 | 0.45 | % | $ | 2.14 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from June 24, 2015 (commencement of operations) to November 30, 2015.
(3) For the period from August 19, 2015 (commencement of operations) to November 30, 2015.
12
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 12.3% | ||||||||
Astro Japan Property Group REIT | 301 | $ | 1,121 | |||||
BWP Trust REIT | 2,651 | 6,097 | ||||||
Charter Hall Retail REIT | 1,667 | 4,907 | ||||||
Dexus Property Group REIT | 5,334 | 29,626 | ||||||
Goodman Group REIT | 8,747 | 38,714 | ||||||
GPT Group REIT | 9,853 | 32,921 | ||||||
Investa Office Fund REIT | 3,343 | 9,332 | ||||||
Scentre Group REIT | 30,703 | 88,818 | ||||||
Westfield Corp. REIT | 10,962 | 76,106 | ||||||
|
| |||||||
287,642 | ||||||||
|
| |||||||
Austria — 1.2% | ||||||||
BUWOG AG* | 277 | 5,533 | ||||||
CA Immobilien Anlagen AG* | 442 | 8,058 | ||||||
Immofinanz AG* | 5,491 | 13,587 | ||||||
|
| |||||||
27,178 | ||||||||
|
| |||||||
Belgium — 0.8% | ||||||||
Befimmo SA REIT | 109 | 6,661 | ||||||
Cofinimmo SA/NV REIT | 112 | 11,697 | ||||||
|
| |||||||
18,358 | ||||||||
|
| |||||||
Brazil — 0.4% | ||||||||
BR Malls Participacoes SA | 2,583 | 8,559 | ||||||
|
| |||||||
Canada — 10.4% | ||||||||
Artis Real Estate Investment Trust REIT | 366 | 3,686 | ||||||
Boardwalk Real Estate Investment Trust REIT | 139 | 4,935 | ||||||
Brookfield Asset Management, Inc., Class A | 4,982 | 171,047 | ||||||
Canadian Apartment Properties REIT | 316 | 6,283 | ||||||
Canadian Real Estate Investment Trust REIT | 195 | 6,166 | ||||||
Crombie Real Estate Investment Trust REIT | 349 | 3,405 | ||||||
First Capital Realty, Inc. | 648 | 9,506 | ||||||
H&R Real Estate Investment Trust REIT | 737 | 11,843 | ||||||
RioCan Real Estate Investment Trust REIT | 846 | 16,186 | ||||||
Smart Real Estate Investment Trust REIT | 388 | 9,297 | ||||||
|
| |||||||
242,354 | ||||||||
|
| |||||||
France — 10.4% | ||||||||
Fonciere des Regions REIT | 244 | 21,642 | ||||||
Gecina SA REIT | 208 | 25,119 | ||||||
Klepierre REIT | 1,088 | 49,384 | ||||||
Mercialys SA REIT (a) | 104 | 2,238 | ||||||
Unibail-Rodamco SE REIT | 566 | 145,375 | ||||||
|
| |||||||
243,758 | ||||||||
|
| |||||||
Hong Kong — 8.5% | ||||||||
Champion REIT | 14,108 | 7,187 | ||||||
Hang Lung Properties Ltd. | 11,867 | 27,795 | ||||||
Hongkong Land Holdings Ltd. | 6,800 | 47,532 | ||||||
Hysan Development Co. Ltd. | 3,823 | 16,148 | ||||||
Link REIT (The) | 13,025 | 79,207 | ||||||
Prosperity REIT | 6,842 | 2,497 | ||||||
Wheelock & Co. Ltd. | 4,425 | 19,119 | ||||||
|
| |||||||
199,485 | ||||||||
|
|
Number | Value | |||||||
Italy — 0.2% | ||||||||
Beni Stabili SpA SIIQ REIT (a) | 5,308 | $ | 4,002 | |||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 1,689 | 1,763 | ||||||
|
| |||||||
5,765 | ||||||||
|
| |||||||
Japan — 21.8% | ||||||||
Activia Properties, Inc. REIT (a) | 3 | 12,331 | ||||||
AEON Mall Co. Ltd. | 700 | 12,027 | ||||||
Daibiru Corp. | 400 | 3,298 | ||||||
Daiwa Office Investment Corp. REIT (a) | 2 | 9,862 | ||||||
Frontier Real Estate Investment Corp. REIT | 3 | 12,149 | ||||||
Fukuoka REIT Corp. | 4 | 6,538 | ||||||
Global One Real Estate Investment Corp. REIT | 1 | 3,692 | ||||||
Hankyu REIT, Inc. | 3 | 3,119 | ||||||
Heiwa Real Estate Co. Ltd. | 200 | 2,456 | ||||||
Hoshino Resorts REIT, Inc. | 1 | 9,854 | ||||||
Hulic Co. Ltd. | 2,600 | 23,867 | ||||||
Hulic REIT, Inc. | 4 | 5,355 | ||||||
Japan Excellent, Inc. REIT | 8 | 8,864 | ||||||
Japan Prime Realty Investment Corp. REIT | 5 | 17,262 | ||||||
Japan Real Estate Investment Corp. REIT | 8 | 38,083 | ||||||
Japan Rental Housing Investments, Inc. REIT | 10 | 7,043 | ||||||
Japan Retail Fund Investment Corp. REIT | 14 | 26,783 | ||||||
Kenedix Office Investment Corp. REIT | 3 | 13,209 | ||||||
Kenedix Residential Investment Corp. REIT | 2 | 5,045 | ||||||
MCUBS MidCity Investment Corp. REIT | 2 | 6,149 | ||||||
Mitsui Fudosan Co. Ltd. | 5,721 | 144,257 | ||||||
Mori Hills REIT Investment Corp. | 8 | 10,262 | ||||||
MORI TRUST Sogo Reit, Inc. REIT | 6 | 10,065 | ||||||
Nippon Building Fund, Inc. REIT | 8 | 37,758 | ||||||
NTT Urban Development Corp. | 600 | 5,849 | ||||||
Orix JREIT, Inc. REIT (a) | 13 | 16,992 | ||||||
Premier Investment Corp. REIT | 7 | 6,892 | ||||||
Tokyu Fudosan Holdings Corp. | 2,800 | 18,856 | ||||||
TOKYU REIT, Inc. | 6 | 7,301 | ||||||
Top REIT, Inc. | 1 | 3,672 | ||||||
United Urban Investment Corp. REIT | 15 | 19,984 | ||||||
|
| |||||||
508,874 | ||||||||
|
| |||||||
Malaysia — 0.2% | ||||||||
KLCC Property Holdings Bhd | 2,500 | 4,104 | ||||||
|
| |||||||
Netherlands — 1.4% | ||||||||
Atrium European Real Estate Ltd.* | 948 | 3,861 | ||||||
Eurocommercial Properties NV | 264 | 11,186 | ||||||
Vastned Retail NV REIT | 104 | 4,673 | ||||||
Wereldhave NV REIT | 223 | 12,471 | ||||||
|
| |||||||
32,191 | ||||||||
|
| |||||||
New Zealand — 0.8% | ||||||||
Argosy Property Ltd. | 4,214 | 3,190 | ||||||
Goodman Property Trust REIT | 5,448 | 4,501 | ||||||
Kiwi Property Group Ltd. | 6,889 | 6,280 | ||||||
Precinct Properties New Zealand Ltd. | 5,282 | 4,311 | ||||||
|
| |||||||
18,282 | ||||||||
|
|
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Philippines — 2.5% | ||||||||
Ayala Land, Inc. | 33,100 | $ | 23,768 | |||||
Robinsons Land Corp. | 8,800 | 5,628 | ||||||
SM Prime Holdings, Inc. | 64,985 | 29,639 | ||||||
|
| |||||||
59,035 | ||||||||
|
| |||||||
Poland — 0.2% | ||||||||
Echo Investment SA* | 1,235 | 2,142 | ||||||
Globe Trade Centre SA* | 1,339 | 2,379 | ||||||
|
| |||||||
4,521 | ||||||||
|
| |||||||
Singapore — 6.2% | ||||||||
Ascendas Real Estate Investment Trust REIT | 11,200 | 18,977 | ||||||
Cambridge Industrial Trust REIT | 6,500 | 2,696 | ||||||
CapitaLand Commercial Trust REIT | 11,400 | 10,587 | ||||||
CapitaLand Ltd. | 14,200 | 30,402 | ||||||
CapitaLand Mall Trust REIT | 14,200 | 19,178 | ||||||
Frasers Commercial Trust REIT | 2,800 | 2,551 | ||||||
Global Logistic Properties Ltd. | 17,900 | 24,999 | ||||||
GuocoLand Ltd. | 1,700 | 2,230 | ||||||
Keppel REIT | 9,400 | 6,198 | ||||||
Mapletree Logistics Trust REIT | 8,100 | 5,771 | ||||||
Starhill Global REIT | 7,600 | 4,068 | ||||||
Suntec Real Estate Investment Trust REIT | 13,700 | 14,909 | ||||||
United Industrial Corp. Ltd. | 1,100 | 2,332 | ||||||
|
| |||||||
144,898 | ||||||||
|
| |||||||
South Africa — 1.9% | ||||||||
Fortress Income Fund Ltd. | 3,026 | 8,450 | ||||||
Fortress Income Fund Ltd., Class A | 3,026 | 3,553 | ||||||
Growthpoint Properties Ltd. REIT | 12,334 | 20,588 | ||||||
Hyprop Investments Ltd. REIT | 1,176 | 9,799 | ||||||
SA Corporate Real Estate Fund Nominees Pty Ltd. REIT | 8,110 | 2,637 | ||||||
|
| |||||||
45,027 | ||||||||
|
| |||||||
Sweden — 1.4% | ||||||||
Castellum AB | 961 | 13,520 | ||||||
Fabege AB | 805 | 12,829 | ||||||
Kungsleden AB | 862 | 6,177 | ||||||
|
| |||||||
32,526 | ||||||||
|
| |||||||
Switzerland — 2.0% | ||||||||
PSP Swiss Property AG* | 227 | 18,831 | ||||||
Swiss Prime Site AG* | 389 | 29,094 | ||||||
|
| |||||||
47,925 | ||||||||
|
| |||||||
Thailand — 0.4% | ||||||||
Central Pattana PCL | 7,400 | 9,549 | ||||||
|
| |||||||
Turkey — 0.1% | ||||||||
Is Gayrimenkul Yatirim Ortakligi AS REIT | 2,291 | 1,243 | ||||||
|
| |||||||
United Kingdom — 16.6% | ||||||||
Big Yellow Group PLC REIT | 816 | 9,795 | ||||||
British Land Co. PLC REIT | 5,868 | 73,707 | ||||||
Capital & Counties Properties PLC | 4,122 | 27,353 | ||||||
Derwent London PLC REIT | 640 | 36,339 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Grainger PLC | 2,267 | $ | 8,365 | |||||
Great Portland Estates PLC REIT | 1,909 | 25,201 | ||||||
Hammerson PLC REIT | 4,399 | 40,447 | ||||||
Intu Properties PLC REIT | 4,582 | 22,324 | ||||||
Land Securities Group PLC REIT | 4,620 | 85,655 | ||||||
Segro PLC REIT | 4,279 | 28,433 | ||||||
Shaftesbury PLC REIT | 1,542 | 21,668 | ||||||
Workspace Group PLC REIT | 646 | 9,287 | ||||||
|
| |||||||
388,574 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,329,848 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
South Africa — 0.0% | ||||||||
SA Corporate Real Estate Fund Nominees Pty Ltd.*, expires 12/31/15 | 1,054 | 7 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.6% | ||||||||
Daily Assets Fund, | 36,610 | 36,610 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.3% | ||||||||
(Cost $2,591,684)† | $ | 2,366,465 | ||||||
Other assets and liabilities, net — (1.3%) | (30,196 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,336,269 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,601,371. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $234,906. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $16,120 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $251,026. |
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $34,747, which is 1.5% of net assets.
(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust.
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CHF | 2,000 | USD | 2,031 | $ | 87 | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | CHF | 44,733 | USD | 45,419 | 1,940 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | CHF | 700 | USD | 711 | 30 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 3,000 | USD | 3,168 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 282,996 | USD | 312,722 | 13,732 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | EUR | 32,000 | USD | 35,357 | 1,547 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 8,000 | USD | 8,840 | 388 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | GBP | 4,000 | USD | 6,021 | (3 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 18,000 | USD | 27,791 | 681 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | GBP | 250,857 | USD | 387,354 | 9,541 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 3,100 | USD | 4,787 | 118 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 139,000 | USD | 17,936 | 9 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 124,000 | USD | 16,001 | 8 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 960,209 | USD | 123,907 | 64 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 18,700 | USD | 2,412 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | PLN | 16,000 | USD | 4,150 | 190 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | SEK | 7,000 | USD | 803 | 0 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 20,000 | USD | 2,340 | 47 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | SEK | 261,355 | USD | 30,799 | 834 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 7,800 | USD | 919 | 25 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 3,957 | PLN | 16,000 | 3 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 1,946 | CHF | 2,000 | (2 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 3,315 | EUR | 3,000 | (145 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 6,176 | GBP | 4,000 | (152 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 17,931 | HKD | 139,000 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 825 | SEK | 7,000 | (22 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 43,517 | CHF | 44,733 | (38 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 332,683 | EUR | 314,996 | 125 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 404,710 | GBP | 268,857 | 213 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 139,863 | HKD | 1,084,209 | (27 | ) | |||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 32,261 | SEK | 281,355 | (3 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 681 | CHF | 700 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,274 | EUR | 3,100 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 5,368 | EUR | 4,900 | (191 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,258 | GBP | 1,500 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 610 | GBP | 400 | (7 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,850 | GBP | 1,200 | (43 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,413 | HKD | 18,700 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 894 | SEK | 7,800 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | AUD | 371,160 | USD | 264,400 | (3,976 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | AUD | 10,000 | USD | 7,246 | 15 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 25,000 | USD | 17,805 | (272 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | AUD | 16,085 | USD | 11,458 | (173 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 8,300 | USD | 5,913 | (89 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | BRL | 38,810 | USD | 9,996 | (26 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | CAD | 306,969 | USD | 234,580 | 4,718 | ||||||||||||
RBC Capital Markets | 12/3/2015 | CAD | 9,000 | USD | 6,758 | 19 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | CAD | 31,000 | USD | 23,686 | 473 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | CAD | 6,100 | USD | 4,662 | 94 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 57,425,500 | USD | 475,978 | 9,422 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 148,000 | USD | 1,201 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 500,000 | USD | 4,131 | 69 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | JPY | 2,791,000 | USD | 23,131 | 455 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 392,435 | USD | 3,253 | 64 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 514,300 | USD | 4,230 | 52 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | MYR | 17,106 | USD | 3,978 | (33 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | NZD | 24,479 | USD | 16,525 | $ | 415 | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 100,000 | USD | 2,129 | 8 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 2,739,104 | USD | 58,428 | 334 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | PHP | 61,000 | USD | 1,293 | 0 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 2,000 | USD | 1,420 | 2 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 193,378 | USD | 137,926 | 847 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | SGD | 31,000 | USD | 22,106 | 131 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | SGD | 100 | USD | 71 | 0 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | THB | 323,037 | USD | 9,049 | 36 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | TRY | 3,402 | USD | 1,158 | (9 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | TRY | 100 | USD | 34 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 268,943 | AUD | 371,160 | (565 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 223,008 | CAD | 296,969 | (635 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 7,642 | CAD | 10,000 | (154 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 465,814 | JPY | 57,425,500 | 742 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 1,170 | TRY | 3,402 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 7,123 | AUD | 10,000 | 107 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 6,878 | CAD | 9,000 | (139 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,227 | JPY | 148,000 | (24 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,302 | PHP | 61,000 | (8 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 1,427 | SGD | 2,000 | (9 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 648 | ZAR | 9,000 | (26 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 29,771 | AUD | 41,085 | (63 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 23,279 | CAD | 31,000 | (66 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 26,695 | JPY | 3,291,000 | 43 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 4,024 | MYR | 17,106 | (14 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 16,130 | NZD | 24,479 | (21 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 60,245 | PHP | 2,839,104 | (30 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 155,220 | SGD | 218,697 | (193 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 4,052 | SGD | 5,681 | (25 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 9,013 | THB | 323,037 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 367 | ZAR | 5,100 | (15 | ) | |||||||||||
State Street Bank & Trust Co. | 12/3/2015 | USD | 44,930 | ZAR | 647,894 | (139 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,347 | AUD | 6,000 | (9 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 1,641 | AUD | 2,300 | 22 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 9,901 | BRL | 38,810 | 120 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,353 | CAD | 3,100 | (32 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,253 | CAD | 3,000 | (6 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,553 | JPY | 561,335 | 7 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,839 | JPY | 345,400 | (33 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 71 | SGD | 100 | 0 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 34 | TRY | 100 | 0 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | ZAR | 9,000 | USD | 624 | 2 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 602,994 | USD | 43,448 | 1,761 | ||||||||||||
State Street Bank & Trust Co. | 12/3/2015 | ZAR | 50,000 | USD | 3,611 | 154 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 2,000 | USD | 1,951 | 1 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | CHF | 44,733 | USD | 43,633 | 23 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | CHF | 700 | USD | 683 | 0 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | EUR | 314,996 | USD | 333,057 | (169 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 3,100 | USD | 3,278 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | GBP | 268,857 | USD | 404,778 | (218 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | GBP | 1,500 | USD | 2,258 | (1 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 1,084,209 | USD | 139,883 | 22 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 139,000 | USD | 17,933 | 3 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | PLN | 16,000 | USD | 3,954 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 1/5/2016 | SEK | 281,355 | USD | 32,306 | (2 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | SEK | 7,800 | USD | 896 | 0 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | TRY | 3,402 | USD | 1,159 | $ | 4 | |||||||||||
The Bank of New York Mellon | 1/5/2016 | TRY | 100 | USD | 34 | 0 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | USD | 3,172 | EUR | 3,000 | 2 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | USD | 6,022 | GBP | 4,000 | 3 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | USD | 804 | SEK | 7,000 | 0 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 10,572 | EUR | 10,000 | 7 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 18,069 | GBP | 12,000 | 7 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | USD | 2,413 | HKD | 18,700 | 0 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 41,085 | USD | 29,718 | 66 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | AUD | 371,160 | USD | 268,457 | 585 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | AUD | 6,000 | USD | 4,340 | 9 | ||||||||||||
Bank of Montreal | 1/6/2016 | BRL | 38,810 | USD | 9,801 | (112 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | CAD | 296,969 | USD | 222,998 | 628 | ||||||||||||
RBC Capital Markets | 1/6/2016 | CAD | 31,000 | USD | 23,279 | 66 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | CAD | 3,000 | USD | 2,253 | 6 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | JPY | 57,425,500 | USD | 466,411 | (751 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | JPY | 3,291,000 | USD | 26,730 | (43 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | JPY | 561,335 | USD | 4,559 | (8 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | MYR | 17,106 | USD | 4,028 | 26 | ||||||||||||
RBC Capital Markets | 1/6/2016 | PHP | 2,839,104 | USD | 60,079 | 1 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | SGD | 218,697 | USD | 155,035 | 194 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | SGD | 100 | USD | 71 | 0 | ||||||||||||
State Street Bank & Trust Co. | 1/6/2016 | THB | 323,037 | USD | 9,009 | 7 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | USD | 7,233 | AUD | 10,000 | (16 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | USD | 6,759 | CAD | 9,000 | (19 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | USD | 1,202 | JPY | 148,000 | 2 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | USD | 1,290 | PHP | 61,000 | 1 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | USD | 620 | ZAR | 9,000 | (2 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 1,418 | SGD | 2,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 7,959 | AUD | 11,000 | (20 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | USD | 8,509 | SGD | 12,000 | (13 | ) | |||||||||||
State Street Bank & Trust Co. | 1/6/2016 | ZAR | 647,894 | USD | 44,648 | 155 | ||||||||||||
State Street Bank & Trust Co. | 1/7/2016 | NZD | 24,479 | USD | 16,091 | 22 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 42,726 | ||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
JPY | Japanese Yen | |
MYR | Malaysian Ringgit | |
NZD | New Zealand Dollar | |
PHP | Phillippine Peso | |
PLN | Polish Zloty | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish New Lira | |
USD | U.S. Dollar | |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,329,848 | $ | — | $ | — | $ | 2,329,848 | ||||||||
Rights | 7 | — | — | 7 | ||||||||||||
Securities Lending Collateral | 36,610 | — | — | 36,610 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 51,536 | — | 51,536 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (8,810 | ) | — | (8,810 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,366,465 | $ | 42,726 | $ | — | $ | 2,409,191 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Consumer Discretionary — 18.6% | ||||||||
AISIN SEIKI Co. Ltd. | 1,100 | $ | 44,054 | |||||
AOKI Holdings, Inc. | 100 | 1,302 | ||||||
ASICS Corp. | 1,100 | 25,128 | ||||||
Bandai Namco Holdings, Inc. | 1,100 | 24,493 | ||||||
Benesse Holdings, Inc. | 900 | 22,811 | ||||||
Bridgestone Corp. | 3,300 | 117,417 | ||||||
Casio Computer Co. Ltd. | 1,100 | 24,261 | ||||||
CyberAgent, Inc. | 100 | 4,216 | ||||||
Daihatsu Motor Co. Ltd. | 1,100 | 14,280 | ||||||
DAIICHIKOSHO Co. Ltd. | 100 | 3,278 | ||||||
DENSO Corp. | 2,200 | 104,960 | ||||||
Dentsu, Inc. | 1,100 | 61,747 | ||||||
Don Quijote Holdings Co. Ltd. | 900 | 35,642 | ||||||
Eagle Industry Co. Ltd. | 100 | 2,013 | ||||||
EXEDY Corp. | 200 | 4,812 | ||||||
Fast Retailing Co. Ltd. | 100 | 40,439 | ||||||
Fuji Heavy Industries Ltd. | 3,300 | 136,396 | ||||||
Fuji Media Holdings, Inc. | 1,100 | 13,109 | ||||||
Geo Holdings Corp. | 100 | 1,588 | ||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 12,887 | ||||||
Haseko Corp. | 1,100 | 12,296 | ||||||
Heiwa Corp. | 100 | 1,875 | ||||||
Hikari Tsushin, Inc. | 100 | 7,197 | ||||||
HIS Co. Ltd. | 100 | 3,245 | ||||||
Honda Motor Co. Ltd. | 5,500 | 178,806 | ||||||
Iida Group Holdings Co. Ltd. | 400 | 7,779 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,200 | 18,297 | ||||||
Isuzu Motors Ltd. | 3,300 | 37,128 | ||||||
Izumi Co. Ltd. | 100 | 3,907 | ||||||
J. Front Retailing Co. Ltd. | 1,100 | 18,149 | ||||||
Koito Manufacturing Co. Ltd. | 900 | 36,556 | ||||||
K’S HOLDINGS Corp. (a) | 100 | 3,643 | ||||||
Mazda Motor Corp. | 2,300 | 47,784 | ||||||
Misawa Homes Co. Ltd. | 100 | 764 | ||||||
MITSUBA Corp. | 100 | 1,738 | ||||||
Mitsubishi Motors Corp. | 3,400 | 30,271 | ||||||
NGK Spark Plug Co. Ltd. | 1,100 | 29,980 | ||||||
NHK Spring Co. Ltd. | 1,100 | 11,304 | ||||||
Nifco, Inc. | 100 | 4,257 | ||||||
Nikon Corp. | 1,200 | 16,104 | ||||||
Nippon Television Holdings, Inc. | 1,100 | 20,275 | ||||||
Nissan Motor Co. Ltd. | 13,300 | 142,022 | ||||||
Nitori Holdings Co. Ltd. | 800 | 65,898 | ||||||
NOK Corp. | 100 | 2,697 | ||||||
Oriental Land Co. Ltd. | 1,100 | 62,524 | ||||||
Panasonic Corp. | 12,100 | 137,366 | ||||||
Pressance Corp. | 100 | 3,452 | ||||||
Rakuten, Inc. | 4,400 | 55,474 | ||||||
Resorttrust, Inc. | 100 | 2,669 | ||||||
Rinnai Corp. | 100 | 8,952 | ||||||
Ryohin Keikaku Co. Ltd. | 100 | 21,576 | ||||||
Sanrio Co. Ltd. | 100 | 2,388 | ||||||
Sega Sammy Holdings, Inc. | 1,100 | 11,884 | ||||||
Sekisui Chemical Co. Ltd. | 1,300 | 15,492 | ||||||
Sekisui House Ltd. | 3,300 | 55,800 | ||||||
Seria Co. Ltd. | 100 | 4,167 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Shimano, Inc. | 800 | $ | 118,733 | |||||
Stanley Electric Co. Ltd. | 200 | 4,427 | ||||||
Start Today Co. Ltd. | 800 | 27,782 | ||||||
Sumitomo Electric Industries Ltd. | 3,400 | 48,390 | ||||||
Sumitomo Forestry Co. Ltd. | 800 | 10,775 | ||||||
Sumitomo Rubber Industries Ltd. | 800 | 10,801 | ||||||
Suzuki Motor Corp. | 2,200 | 67,644 | ||||||
Toho Co. Ltd. | 100 | 2,660 | ||||||
TOKAI RIKA Co. Ltd. | 100 | 2,309 | ||||||
Toyo Tire & Rubber Co. Ltd. | 200 | 4,325 | ||||||
Toyoda Gosei Co. Ltd. | 200 | 4,755 | ||||||
Toyota Boshoku Corp. | 100 | 2,152 | ||||||
Toyota Industries Corp. | 1,100 | 58,351 | ||||||
Toyota Motor Corp. | 3,300 | 205,265 | ||||||
TS TECH Co. Ltd. | 200 | 5,613 | ||||||
Unipres Corp. | 100 | 2,383 | ||||||
United Arrows Ltd. | 100 | 4,411 | ||||||
USEN Corp.* | 100 | 290 | ||||||
USS Co. Ltd. | 1,100 | 17,488 | ||||||
VT HOLDINGS Co. Ltd. | 100 | 605 | ||||||
Yamaha Corp. | 300 | 7,555 | ||||||
Yamaha Motor Co. Ltd. | 1,200 | 29,293 | ||||||
Yokohama Rubber Co. Ltd. (The) | 800 | 13,758 | ||||||
|
| |||||||
2,428,314 | ||||||||
|
| |||||||
Consumer Staples — 8.3% | ||||||||
Aeon Co. Ltd. | 3,400 | 52,754 | ||||||
Ain Holdings, Inc. | 100 | 4,704 | ||||||
Ajinomoto Co., Inc. | 1,000 | 22,928 | ||||||
Asahi Group Holdings Ltd. | 2,200 | 68,985 | ||||||
Calbee, Inc. | 100 | 4,135 | ||||||
Ci:z Holdings Co. Ltd. | 1,000 | 19,910 | ||||||
FamilyMart Co. Ltd. | 900 | 40,138 | ||||||
ITO EN Ltd. | 100 | 2,286 | ||||||
Japan Tobacco, Inc. | 5,500 | 197,035 | ||||||
Kao Corp. | 2,300 | 117,915 | ||||||
Kewpie Corp. | 200 | 4,798 | ||||||
Kirin Holdings Co. Ltd. | 4,400 | 61,889 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 100 | 8,148 | ||||||
KOSE Corp. | 100 | 10,463 | ||||||
Lawson, Inc. | 100 | 7,595 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 5,134 | ||||||
MEIJI Holdings Co. Ltd. | 1,200 | 96,019 | ||||||
Nissin Foods Holdings Co. Ltd. | 100 | 5,077 | ||||||
Pigeon Corp. | 1,000 | 28,676 | ||||||
Seven & i Holdings Co. Ltd. | 3,400 | 152,461 | ||||||
Shiseido Co. Ltd. | 1,400 | 33,499 | ||||||
Sugi Holdings Co. Ltd. | 100 | 5,280 | ||||||
Sundrug Co. Ltd. | 100 | 6,442 | ||||||
Toyo Suisan Kaisha Ltd. | 800 | 28,595 | ||||||
TSURUHA HOLDINGS, Inc. | 100 | 8,936 | ||||||
Unicharm Corp. | 2,200 | 46,395 | ||||||
Valor Holdings Co. Ltd. | 100 | 2,347 | ||||||
Welcia Holdings Co. Ltd. | 100 | 5,516 | ||||||
Yakult Honsha Co. Ltd. | 800 | 39,513 | ||||||
|
| |||||||
1,087,573 | ||||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Energy — 0.5% | ||||||||
INPEX Corp. | 5,600 | $ | 55,613 | |||||
NIPPON GAS Co. Ltd. | 100 | 2,579 | ||||||
Showa Shell Sekiyu KK | 1,100 | 9,695 | ||||||
|
| |||||||
67,887 | ||||||||
|
| |||||||
Financials — 19.3% | ||||||||
Acom Co. Ltd.* | 2,100 | 10,423 | ||||||
AEON Financial Service Co. Ltd. | 100 | 2,304 | ||||||
AEON Mall Co. Ltd. | 100 | 1,718 | ||||||
Aozora Bank Ltd. | 10,000 | 35,256 | ||||||
Bank of Yokohama Ltd. (The) | 1,000 | 5,886 | ||||||
Chiba Bank Ltd. (The) | 9,000 | 62,072 | ||||||
Chugoku Bank Ltd. (The) | 1,100 | 15,254 | ||||||
Credit Saison Co. Ltd. | 1,000 | 18,879 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 5,600 | 96,897 | ||||||
Daikyo, Inc. | 1,000 | 1,641 | ||||||
Daito Trust Construction Co. Ltd. | 800 | 83,119 | ||||||
Daiwa House Industry Co. Ltd. | 3,300 | 91,923 | ||||||
Daiwa Securities Group, Inc. | 11,000 | 71,156 | ||||||
Fukuoka Financial Group, Inc. | 10,000 | 48,497 | ||||||
Hiroshima Bank Ltd. (The) | 1,000 | 5,686 | ||||||
Hitachi Capital Corp. | 100 | 2,799 | ||||||
Hokuhoku Financial Group, Inc. | 1,000 | 2,120 | ||||||
Hulic Co. Ltd. | 1,200 | 11,015 | ||||||
Iyo Bank Ltd. (The) | 1,200 | 11,961 | ||||||
Japan Exchange Group, Inc. | 2,400 | 37,628 | ||||||
Joyo Bank Ltd. (The) | 10,000 | 46,385 | ||||||
Leopalace21 Corp.* | 1,100 | 6,434 | ||||||
Matsui Securities Co. Ltd. | 100 | 922 | ||||||
Mitsubishi Estate Co. Ltd. | 9,000 | 189,322 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 29,600 | 189,960 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,200 | 11,563 | ||||||
Mitsui Fudosan Co. Ltd. | 9,000 | 226,937 | ||||||
Mizuho Financial Group, Inc. | 100,100 | 202,070 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,300 | 64,871 | ||||||
Nishi-Nippon City Bank Ltd. (The) | 1,000 | 2,648 | ||||||
Nomura Holdings, Inc. | 17,400 | 103,213 | ||||||
Nomura Real Estate Holdings, Inc. | 1,000 | 19,586 | ||||||
NTT Urban Development Corp. | 100 | 975 | ||||||
Okasan Securities Group, Inc. | 1,000 | 6,060 | ||||||
ORIX Corp. | 6,600 | 95,247 | ||||||
Relo Holdings, Inc. | 100 | 10,829 | ||||||
Resona Holdings, Inc. | 11,100 | 54,175 | ||||||
SBI Holdings, Inc. | 200 | 2,266 | ||||||
Seven Bank Ltd. | 3,300 | 14,449 | ||||||
Shinsei Bank Ltd. | 11,000 | 20,910 | ||||||
Shizuoka Bank Ltd. (The) | 8,000 | 78,180 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 2,000 | 61,657 | ||||||
Sony Financial Holdings, Inc. | 1,100 | 20,266 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,400 | 167,886 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 22,000 | 83,997 | ||||||
Sumitomo Real Estate Sales Co. Ltd. | 100 | 2,366 | ||||||
Suruga Bank Ltd. | 1,100 | 22,268 | ||||||
T&D Holdings, Inc. | 3,300 | 46,243 | ||||||
Takara Leben Co. Ltd. | 1,100 | 6,085 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,100 | 6,639 | ||||||
Tokio Marine Holdings, Inc. | 3,400 | 125,394 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Tokyu Fudosan Holdings Corp. | 2,300 | $ | 15,489 | |||||
|
| |||||||
2,521,526 | ||||||||
|
| |||||||
Health Care — 9.4% | ||||||||
Alfresa Holdings Corp. | 1,100 | 21,803 | ||||||
Astellas Pharma, Inc. | 11,100 | 156,311 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,100 | 38,424 | ||||||
Daiichi Sankyo Co. Ltd. | 3,300 | 68,010 | ||||||
Eisai Co. Ltd. | 1,100 | 71,460 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 1,000 | 42,648 | ||||||
Hoya Corp. | 2,200 | 89,179 | ||||||
Kaken Pharmaceutical Co. Ltd. | 100 | 7,051 | ||||||
KYORIN Holdings, Inc. | 200 | 3,776 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 17,620 | ||||||
M3, Inc. | 1,100 | 24,198 | ||||||
Medipal Holdings Corp. | 1,100 | 19,275 | ||||||
Miraca Holdings, Inc. | 100 | 4,444 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 19,221 | ||||||
Nihon Kohden Corp. | 100 | 2,082 | ||||||
Olympus Corp. | 1,100 | 43,875 | ||||||
Ono Pharmaceutical Co. Ltd. | 800 | 128,091 | ||||||
Otsuka Holdings Co. Ltd. | 2,200 | 72,881 | ||||||
Rohto Pharmaceutical Co. Ltd. | 600 | 11,566 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,200 | 19,028 | ||||||
Sawai Pharmaceutical Co. Ltd. | 100 | 5,735 | ||||||
Shionogi & Co. Ltd. | 1,200 | 52,894 | ||||||
Ship Healthcare Holdings, Inc. | 900 | 21,151 | ||||||
Sysmex Corp. | 1,000 | 62,470 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 100 | 6,775 | ||||||
Takeda Pharmaceutical Co. Ltd. | 3,400 | 165,249 | ||||||
Terumo Corp. | 1,200 | 38,310 | ||||||
Toho Holdings Co. Ltd. (a) | 800 | 19,854 | ||||||
Tsumura & Co. | 200 | 5,500 | ||||||
|
| |||||||
1,238,881 | ||||||||
|
| |||||||
Industrials — 20.2% | ||||||||
Aeon Delight Co. Ltd. | 100 | 3,099 | ||||||
Aica Kogyo Co. Ltd. | 1,000 | 20,057 | ||||||
ANA Holdings, Inc. | 22,000 | 61,925 | ||||||
Asahi Glass Co. Ltd. | 1,000 | 5,882 | ||||||
Central Japan Railway Co. | 1,000 | 178,595 | ||||||
COMSYS Holdings Corp. | 100 | 1,344 | ||||||
Daikin Industries Ltd. | 1,200 | 84,322 | ||||||
East Japan Railway Co. | 1,200 | 113,274 | ||||||
EBARA Corp. | 1,000 | 4,931 | ||||||
FANUC Corp. | 1,100 | 195,873 | ||||||
Fuji Electric Co. Ltd. | 1,000 | 4,606 | ||||||
Hankyu Hanshin Holdings, Inc. | 2,000 | 12,802 | ||||||
Hazama Ando Corp. | 1,100 | 6,175 | ||||||
Hino Motors Ltd. | 1,200 | 14,574 | ||||||
Hitachi Construction Machinery Co. Ltd. | 100 | 1,570 | ||||||
Hoshizaki Electric Co. Ltd. | 100 | 7,027 | ||||||
IHI Corp. | 8,000 | 20,926 | ||||||
ITOCHU Corp. | 7,800 | 95,171 | ||||||
JTEKT Corp. | 1,100 | 20,338 | ||||||
Kajima Corp. | 1,000 | 5,492 | ||||||
Kanamoto Co. Ltd. | 100 | 2,312 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Kanematsu Corp. | 1,000 | $ | 1,674 | |||||
Kawasaki Heavy Industries Ltd. | 10,000 | 39,724 | ||||||
Keihan Electric Railway Co. Ltd. | 1,000 | 6,669 | ||||||
Keio Corp. | 1,000 | 8,213 | ||||||
Keisei Electric Railway Co. Ltd. | 1,000 | 12,006 | ||||||
Kintetsu Group Holdings Co. Ltd. | 11,000 | 42,177 | ||||||
Kintetsu World Express, Inc. | 1,200 | 22,908 | ||||||
Komatsu Ltd. | 4,500 | 74,427 | ||||||
Kubota Corp. | 9,000 | 150,134 | ||||||
KYOWA EXEO Corp. | 100 | 1,009 | ||||||
Makita Corp. | 100 | 5,678 | ||||||
Marubeni Corp. | 7,800 | 43,214 | ||||||
Minebea Co. Ltd. | 1,000 | 10,975 | ||||||
MISUMI Group, Inc. | 1,200 | 16,289 | ||||||
Mitsubishi Corp. | 6,700 | 112,773 | ||||||
Mitsubishi Electric Corp. | 11,000 | 121,795 | ||||||
Mitsubishi Heavy Industries Ltd. | 12,000 | 61,423 | ||||||
Mitsui & Co. Ltd. | 7,800 | 95,678 | ||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 3,000 | 4,923 | ||||||
MonotaRO Co. Ltd. | 200 | 5,735 | ||||||
Nabtesco Corp. | 100 | 2,094 | ||||||
Nagoya Railroad Co. Ltd. | 1,000 | 4,029 | ||||||
Namura Shipbuilding Co. Ltd. | 100 | 920 | ||||||
Nankai Electric Railway Co. Ltd. | 1,000 | 5,191 | ||||||
NGK Insulators Ltd. | 1,000 | 23,192 | ||||||
Nidec Corp. | 1,100 | 85,051 | ||||||
Nihon M&A Center, Inc. | 100 | 4,468 | ||||||
Nippon Express Co. Ltd. | 9,000 | 40,650 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 1,000 | 3,436 | ||||||
Nippon Yusen KK | 9,000 | 23,396 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 5,443 | ||||||
NSK Ltd. | 2,200 | 27,683 | ||||||
Obayashi Corp. | 1,000 | 9,236 | ||||||
Odakyu Electric Railway Co. Ltd. | 8,000 | 81,365 | ||||||
OSG Corp. | 100 | 1,976 | ||||||
Park24 Co. Ltd. | 100 | 2,031 | ||||||
Pilot Corp. | 100 | 4,492 | ||||||
Sankyo Tateyama, Inc. | 100 | 1,401 | ||||||
Sanwa Holdings Corp. | 100 | 838 | ||||||
Secom Co. Ltd. | 1,100 | 75,392 | ||||||
Shimizu Corp. | 1,000 | 8,392 | ||||||
SMC Corp. | 800 | 211,990 | ||||||
Sohgo Security Services Co. Ltd. | 100 | 4,809 | ||||||
Sojitz Corp. | 6,600 | 14,476 | ||||||
Sotetsu Holdings, Inc. | 1,000 | 5,589 | ||||||
Sumitomo Corp. | 5,500 | 58,418 | ||||||
Sumitomo Heavy Industries Ltd. | 1,000 | 4,744 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 3,400 | 3,342 | ||||||
Taisei Corp. | 10,000 | 61,657 | ||||||
Temp Holdings Co. Ltd. | 400 | 6,460 | ||||||
THK Co. Ltd. | 100 | 1,994 | ||||||
Tobu Railway Co. Ltd. | 1,000 | 4,874 | ||||||
Tokyu Corp. | 1,000 | 7,774 | ||||||
TOTO Ltd. | 900 | 31,072 | ||||||
Toyota Tsusho Corp. | 1,100 | 25,807 | ||||||
West Japan Railway Co. | 1,100 | 69,476 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Yamato Holdings Co. Ltd. | 1,200 | $ | 22,947 | |||||
|
| |||||||
2,643,824 | ||||||||
|
| |||||||
Information Technology — 10.0% | ||||||||
Alps Electric Co. Ltd. | 800 | 25,150 | ||||||
Anritsu Corp. | 1,100 | 7,372 | ||||||
Brother Industries Ltd. | 1,100 | 13,163 | ||||||
Canon, Inc. | 5,500 | 166,028 | ||||||
COOKPAD, Inc. | 100 | 2,160 | ||||||
DeNA Co. Ltd. | 200 | 3,149 | ||||||
DISCO Corp. | 100 | 9,634 | ||||||
FUJIFILM Holdings Corp. | 2,200 | 89,108 | ||||||
Fujitsu Ltd. | 11,000 | 55,545 | ||||||
GMO Internet, Inc. | 900 | 13,847 | ||||||
Gree, Inc.* | 1,000 | 4,874 | ||||||
GungHo Online Entertainment, Inc. | 2,500 | 7,717 | ||||||
Hamamatsu Photonics KK | 1,100 | 27,567 | ||||||
Hirose Electric Co. Ltd. | 100 | 12,169 | ||||||
Hitachi High-Technologies Corp. | 100 | 2,758 | ||||||
Hitachi Ltd. | 22,000 | 129,855 | ||||||
Horiba Ltd. | 200 | 7,449 | ||||||
Itochu Techno-Solutions Corp. | 100 | 2,066 | ||||||
Kakaku.com, Inc. (a) | 200 | 3,815 | ||||||
Keyence Corp. | 100 | 54,200 | ||||||
Konica Minolta, Inc. | 2,300 | 24,177 | ||||||
Kyocera Corp. | 1,200 | 55,633 | ||||||
Mixi, Inc. | 100 | 4,094 | ||||||
Murata Manufacturing Co. Ltd. | 1,100 | 170,674 | ||||||
NEC Corp. | 9,000 | 30,122 | ||||||
Nexon Co. Ltd. | 800 | 12,692 | ||||||
Nomura Research Institute Ltd. | 620 | 23,445 | ||||||
NTT Data Corp. | 700 | 34,119 | ||||||
OBIC Co. Ltd. | 200 | 10,642 | ||||||
Oki Electric Industry Co. Ltd. | 10,000 | 12,998 | ||||||
Omron Corp. | 1,100 | 40,435 | ||||||
Oracle Corp. Japan | 100 | 4,874 | ||||||
OTSUKA Corp. | 100 | 5,012 | ||||||
Ricoh Co. Ltd. | 2,300 | 23,579 | ||||||
SCSK Corp. | 100 | 3,883 | ||||||
Seiko Epson Corp. | 1,200 | 18,902 | ||||||
TDK Corp. | 900 | 64,704 | ||||||
Tokyo Electron Ltd. | 900 | 59,937 | ||||||
Topcon Corp. | 100 | 1,759 | ||||||
Trend Micro, Inc. | 200 | 8,156 | ||||||
Wacom Co. Ltd. | 2,000 | 7,327 | ||||||
Yahoo Japan Corp. | 6,700 | 27,595 | ||||||
Yaskawa Electric Corp. | 1,200 | 15,841 | ||||||
Yokogawa Electric Corp. | 1,100 | 13,136 | ||||||
|
| |||||||
1,311,362 | ||||||||
|
| |||||||
Materials — 6.8% | ||||||||
Asahi Kasei Corp. | 10,000 | 68,408 | ||||||
Daicel Corp. | 1,200 | 17,566 | ||||||
Denka Co. Ltd. | 1,000 | 4,419 | ||||||
DIC Corp. | 10,000 | 28,838 | ||||||
Hitachi Chemical Co. Ltd. | 100 | 1,665 | ||||||
Hitachi Metals Ltd. | 500 | 6,483 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
JFE Holdings, Inc. | 2,300 | $ | 36,284 | |||||
JSR Corp. | 1,100 | 17,318 | ||||||
Kobe Steel Ltd. | 10,000 | 11,698 | ||||||
Kuraray Co. Ltd. | 1,200 | 15,275 | ||||||
Mitsubishi Chemical Holdings Corp. | 6,600 | 43,251 | ||||||
Mitsubishi Materials Corp. | 10,000 | 35,337 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 1,000 | 1,925 | ||||||
Nihon Parkerizing Co. Ltd. | 100 | 1,003 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,100 | 27,567 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 4,400 | 88,375 | ||||||
Nissan Chemical Industries Ltd. | 1,000 | 23,997 | ||||||
Nitto Denko Corp. | 1,000 | 67,392 | ||||||
Oji Holdings Corp. | 9,000 | 39,041 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,200 | 67,877 | ||||||
Sumitomo Chemical Co. Ltd. | 8,000 | 45,882 | ||||||
Sumitomo Metal Mining Co. Ltd. | 8,000 | 90,203 | ||||||
Taiheiyo Cement Corp. | 10,000 | 30,869 | ||||||
Taiyo Nippon Sanso Corp. | 1,100 | 10,517 | ||||||
Toray Industries, Inc. | 10,000 | 90,902 | ||||||
Tosoh Corp. | 1,000 | 5,605 | ||||||
Ube Industries Ltd. | 1,000 | 2,128 | ||||||
|
| |||||||
879,825 | ||||||||
|
| |||||||
Telecommunication Services — 5.6% | ||||||||
KDDI Corp. | 8,700 | 216,122 | ||||||
Nippon Telegraph & Telephone Corp. | 5,700 | 211,377 | ||||||
NTT DOCOMO, Inc. | 7,700 | 145,618 | ||||||
SoftBank Group Corp. | 3,100 | 164,620 | ||||||
|
| |||||||
737,737 | ||||||||
|
| |||||||
Utilities — 0.9% | ||||||||
Electric Power Development Co. Ltd. | 1,000 | 31,966 | ||||||
Osaka Gas Co. Ltd. | 11,000 | 40,846 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Tokyo Gas Co. Ltd. | 11,000 | $ | 52,551 | |||||
|
| |||||||
125,363 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 13,042,292 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
Daily Assets Fund, 0.20% (b)(c) | 28,242 | 28,242 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $13,049,444)† | $ | 13,070,534 | ||||||
Other assets and liabilities, net — 0.2% | 30,211 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 13,100,745 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $13,049,444. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $21,090. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $365,477 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $344,387. |
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $23,589, which is 0.2% of net assets.
(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 13,042,292 | $ | — | $ | — | $ | 13,042,292 | ||||||||
Securities Lending Collateral | 28,242 | — | — | 28,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 13,070,534 | $ | — | $ | — | $ | 13,070,534 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Consumer Discretionary — 18.3% | ||||||||
AISIN SEIKI Co. Ltd. | 299 | $ | 11,974 | |||||
ASICS Corp. | 299 | 6,830 | ||||||
Bandai Namco Holdings, Inc. | 299 | 6,658 | ||||||
Benesse Holdings, Inc. | 150 | 3,802 | ||||||
Bridgestone Corp. | 897 | 31,916 | ||||||
Casio Computer Co. Ltd. | 299 | 6,595 | ||||||
CyberAgent, Inc. | 150 | 6,324 | ||||||
Daihatsu Motor Co. Ltd. | 299 | 3,881 | ||||||
DENSO Corp. | 598 | 28,530 | ||||||
Dentsu, Inc. | 299 | 16,784 | ||||||
Don Quijote Holdings Co. Ltd. | 150 | 5,940 | ||||||
Fuji Heavy Industries Ltd. | 897 | 37,075 | ||||||
Fuji Media Holdings, Inc. | 299 | 3,563 | ||||||
Hakuhodo DY Holdings, Inc. | 449 | 4,822 | ||||||
Haseko Corp. | 399 | 4,460 | ||||||
HIS Co. Ltd. | 150 | 4,868 | ||||||
Honda Motor Co. Ltd. | 1,595 | 51,854 | ||||||
Iida Group Holdings Co. Ltd. | 150 | 2,917 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 549 | 8,371 | ||||||
Isuzu Motors Ltd. | 897 | 10,092 | ||||||
J. Front Retailing Co. Ltd. | 399 | 6,583 | ||||||
Koito Manufacturing Co. Ltd. | 150 | 6,093 | ||||||
Mazda Motor Corp. | 848 | 17,618 | ||||||
Mitsubishi Motors Corp. | 897 | 7,986 | ||||||
NGK Spark Plug Co. Ltd. | 299 | 8,149 | ||||||
NHK Spring Co. Ltd. | 299 | 3,073 | ||||||
Nikon Corp. | 449 | 6,026 | ||||||
Nippon Television Holdings, Inc. | 299 | 5,511 | ||||||
Nissan Motor Co. Ltd. | 3,738 | 39,916 | ||||||
Nitori Holdings Co. Ltd. | 150 | 12,356 | ||||||
NOK Corp. | 150 | 4,045 | ||||||
Oriental Land Co. Ltd. | 299 | 16,995 | ||||||
Panasonic Corp. | 3,140 | 35,647 | ||||||
Rakuten, Inc. | 1,346 | 16,970 | ||||||
Resorttrust, Inc. | 150 | 4,003 | ||||||
Sega Sammy Holdings, Inc. | 299 | 3,231 | ||||||
Sekisui House Ltd. | 897 | 15,168 | ||||||
Seria Co. Ltd. | 150 | 6,251 | ||||||
Shimano, Inc. | 150 | 22,262 | ||||||
Stanley Electric Co. Ltd. | 150 | 3,320 | ||||||
Start Today Co. Ltd. | 150 | 5,209 | ||||||
Sumitomo Electric Industries Ltd. | 1,047 | 14,901 | ||||||
Sumitomo Forestry Co. Ltd. | 150 | 2,020 | ||||||
Sumitomo Rubber Industries Ltd. | 299 | 4,037 | ||||||
Suzuki Motor Corp. | 598 | 18,387 | ||||||
Toho Co. Ltd. | 150 | 3,991 | ||||||
Toyo Tire & Rubber Co. Ltd. | 150 | 3,244 | ||||||
Toyoda Gosei Co. Ltd. | 150 | 3,567 | ||||||
Toyota Industries Corp. | 299 | 15,861 | ||||||
Toyota Motor Corp. | 947 | 58,905 | ||||||
United Arrows Ltd. | 150 | 6,617 | ||||||
USS Co. Ltd. | 299 | 4,753 | ||||||
Yamaha Corp. | 150 | 3,777 | ||||||
Yamaha Motor Co. Ltd. | 299 | 7,299 | ||||||
Yokohama Rubber Co. Ltd. (The) | 150 | 2,579 | ||||||
|
| |||||||
653,606 | ||||||||
|
|
Number | Value | |||||||
Consumer Staples — 8.8% | ||||||||
Aeon Co. Ltd. | 1,047 | $ | 16,245 | |||||
Asahi Group Holdings Ltd. | 598 | 18,751 | ||||||
Calbee, Inc. | 150 | 6,202 | ||||||
Ci:z Holdings Co. Ltd. | 150 | 2,987 | ||||||
FamilyMart Co. Ltd. | 150 | 6,690 | ||||||
ITO EN Ltd. | 150 | 3,429 | ||||||
Japan Tobacco, Inc. | 1,745 | 62,514 | ||||||
Kao Corp. | 748 | 38,348 | ||||||
Kewpie Corp. | 150 | 3,598 | ||||||
Kirin Holdings Co. Ltd. | 1,196 | 16,823 | ||||||
Lawson, Inc. | 150 | 11,393 | ||||||
MEIJI Holdings Co. Ltd. | 200 | 16,003 | ||||||
Nissin Foods Holdings Co. Ltd. | 150 | 7,616 | ||||||
Pigeon Corp. | 150 | 4,301 | ||||||
Seven & i Holdings Co. Ltd. | 1,047 | 46,949 | ||||||
Shiseido Co. Ltd. | 449 | 10,743 | ||||||
Toyo Suisan Kaisha Ltd. | 150 | 5,362 | ||||||
Unicharm Corp. | 598 | 12,611 | ||||||
Valor Holdings Co. Ltd. | 150 | 3,520 | ||||||
Welcia Holdings Co. Ltd. | 150 | 8,274 | ||||||
Yakult Honsha Co. Ltd. | 150 | 7,409 | ||||||
|
| |||||||
309,768 | ||||||||
|
| |||||||
Energy — 0.4% | ||||||||
INPEX Corp. | 1,196 | 11,877 | ||||||
Showa Shell Sekiyu KK | 299 | 2,635 | ||||||
|
| |||||||
14,512 | ||||||||
|
| |||||||
Financials — 18.3% | ||||||||
Acom Co. Ltd.* | 649 | 3,221 | ||||||
AEON Financial Service Co. Ltd. | 150 | 3,456 | ||||||
AEON Mall Co. Ltd. | 150 | 2,577 | ||||||
Aozora Bank Ltd. | 1,495 | 5,271 | ||||||
Bank of Yokohama Ltd. (The) | 1,495 | 8,799 | ||||||
Chiba Bank Ltd. (The) | 1,495 | 10,311 | ||||||
Chugoku Bank Ltd. (The) | 299 | 4,146 | ||||||
Credit Saison Co. Ltd. | 150 | 2,832 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 1,645 | 28,463 | ||||||
Daikyo, Inc. | 1,495 | 2,453 | ||||||
Daito Trust Construction Co. Ltd. | 150 | 15,585 | ||||||
Daiwa House Industry Co. Ltd. | 897 | 24,986 | ||||||
Daiwa Securities Group, Inc. | 2,990 | 19,342 | ||||||
Fukuoka Financial Group, Inc. | 1,495 | 7,250 | ||||||
Hiroshima Bank Ltd. (The) | 1,495 | 8,501 | ||||||
Hitachi Capital Corp. | 150 | 4,198 | ||||||
Hokuhoku Financial Group, Inc. | 1,495 | 3,170 | ||||||
Hulic Co. Ltd. | 598 | 5,490 | ||||||
Iyo Bank Ltd. (The) | 299 | 2,980 | ||||||
Japan Exchange Group, Inc. | 898 | 14,079 | ||||||
Joyo Bank Ltd. (The) | 1,495 | 6,935 | ||||||
Leopalace21 Corp.* | 499 | 2,919 | ||||||
Matsui Securities Co. Ltd. | 250 | 2,305 | ||||||
Mitsubishi Estate Co. Ltd. | 1,495 | 31,448 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 9,171 | 58,855 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 598 | 3,143 | ||||||
Mitsui Fudosan Co. Ltd. | 1,495 | 37,697 | ||||||
Mizuho Financial Group, Inc. | 27,961 | 56,444 | ||||||
MS&AD Insurance Group Holdings, Inc. | 598 | 16,866 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Nishi-Nippon City Bank Ltd. (The) | 1,495 | $ | 3,959 | |||||
Nomura Holdings, Inc. | 3,900 | 23,134 | ||||||
Nomura Real Estate Holdings, Inc. | 150 | 2,938 | ||||||
NTT Urban Development Corp. | 150 | 1,462 | ||||||
ORIX Corp. | 1,794 | 25,890 | ||||||
Resona Holdings, Inc. | 2,990 | 14,593 | ||||||
SBI Holdings, Inc. | 350 | 3,966 | ||||||
Seven Bank Ltd. | 897 | 3,927 | ||||||
Shinsei Bank Ltd. | 2,990 | 5,684 | ||||||
Shizuoka Bank Ltd. (The) | 1,495 | 14,610 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 449 | 13,842 | ||||||
Sony Financial Holdings, Inc. | 299 | 5,509 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,196 | 45,635 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,981 | 22,836 | ||||||
Sumitomo Real Estate Sales Co. Ltd. | 150 | 3,550 | ||||||
Suruga Bank Ltd. | 299 | 6,053 | ||||||
T&D Holdings, Inc. | 897 | 12,570 | ||||||
Takara Leben Co. Ltd. | 549 | 3,037 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 399 | 2,408 | ||||||
Tokio Marine Holdings, Inc. | 1,047 | 38,614 | ||||||
Tokyu Fudosan Holdings Corp. | 748 | 5,037 | ||||||
|
| |||||||
652,976 | ||||||||
|
| |||||||
Health Care — 9.2% | ||||||||
Alfresa Holdings Corp. | 299 | 5,926 | ||||||
Astellas Pharma, Inc. | 2,990 | 42,105 | ||||||
Chugai Pharmaceutical Co. Ltd. | 299 | 10,444 | ||||||
Daiichi Sankyo Co. Ltd. | 897 | 18,486 | ||||||
Eisai Co. Ltd. | 299 | 19,424 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 150 | 6,397 | ||||||
Hoya Corp. | 598 | 24,241 | ||||||
KYORIN Holdings, Inc. | 150 | 2,832 | ||||||
M3, Inc. | 299 | 6,578 | ||||||
Medipal Holdings Corp. | 299 | 5,239 | ||||||
Mitsubishi Tanabe Pharma Corp. | 299 | 5,225 | ||||||
Nihon Kohden Corp. | 150 | 3,123 | ||||||
Olympus Corp. | 299 | 11,926 | ||||||
Ono Pharmaceutical Co. Ltd. | 150 | 24,017 | ||||||
Otsuka Holdings Co. Ltd. | 598 | 19,810 | ||||||
Rohto Pharmaceutical Co. Ltd. | 150 | 2,892 | ||||||
Santen Pharmaceutical Co. Ltd. | 449 | 7,120 | ||||||
Shionogi & Co. Ltd. | 449 | 19,791 | ||||||
Ship Healthcare Holdings, Inc. | 150 | 3,525 | ||||||
Sysmex Corp. | 150 | 9,370 | ||||||
Takeda Pharmaceutical Co. Ltd. | 1,196 | 58,129 | ||||||
Terumo Corp. | 449 | 14,335 | ||||||
Toho Holdings Co. Ltd. (a) | 150 | 3,723 | ||||||
Tsumura & Co. | 150 | 4,125 | ||||||
|
| |||||||
328,783 | ||||||||
|
| |||||||
Industrials — 20.8% | ||||||||
Aeon Delight Co. Ltd. | 150 | 4,649 | ||||||
Aica Kogyo Co. Ltd. | 150 | 3,009 | ||||||
ANA Holdings, Inc. | 4,485 | 12,624 | ||||||
Asahi Glass Co. Ltd. | 1,495 | 8,793 | ||||||
Central Japan Railway Co. | 399 | 71,259 | ||||||
COMSYS Holdings Corp. | 250 | 3,361 | ||||||
Daikin Industries Ltd. | 449 | 31,550 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
East Japan Railway Co. | 449 | $ | 42,383 | |||||
FANUC Corp. | 399 | 71,049 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,495 | 9,570 | ||||||
Hazama Ando Corp. | 350 | 1,965 | ||||||
Hino Motors Ltd. | 399 | 4,846 | ||||||
Hitachi Construction Machinery Co. Ltd. | 250 | 3,924 | ||||||
Hoshizaki Electric Co. Ltd. | 150 | 10,540 | ||||||
IHI Corp. | 2,495 | 6,526 | ||||||
ITOCHU Corp. | 2,093 | 25,537 | ||||||
JTEKT Corp. | 299 | 5,528 | ||||||
Kajima Corp. | 1,495 | 8,210 | ||||||
Kawasaki Heavy Industries Ltd. | 1,495 | 5,939 | ||||||
Keihan Electric Railway Co. Ltd. | 1,495 | 9,971 | ||||||
Kintetsu Group Holdings Co. Ltd. | 2,990 | 11,465 | ||||||
Komatsu Ltd. | 1,346 | 22,262 | ||||||
Kubota Corp. | 1,495 | 24,939 | ||||||
Makita Corp. | 150 | 8,517 | ||||||
Marubeni Corp. | 2,243 | 12,427 | ||||||
MISUMI Group, Inc. | 299 | 4,059 | ||||||
Mitsubishi Corp. | 1,944 | 32,721 | ||||||
Mitsubishi Electric Corp. | 2,990 | 33,106 | ||||||
Mitsubishi Heavy Industries Ltd. | 4,485 | 22,957 | ||||||
Mitsui & Co. Ltd. | 2,093 | 25,674 | ||||||
Nabtesco Corp. | 250 | 5,234 | ||||||
Nagoya Railroad Co. Ltd. | 1,495 | 6,024 | ||||||
Nidec Corp. | 299 | 23,118 | ||||||
Nippon Express Co. Ltd. | 1,495 | 6,752 | ||||||
NSK Ltd. | 598 | 7,525 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,495 | 15,205 | ||||||
OSG Corp. | 150 | 2,963 | ||||||
Park24 Co. Ltd. | 150 | 3,046 | ||||||
Secom Co. Ltd. | 299 | 20,493 | ||||||
SMC Corp. | 50 | 13,249 | ||||||
Sohgo Security Services Co. Ltd. | 150 | 7,213 | ||||||
Sojitz Corp. | 1,794 | 3,935 | ||||||
Sumitomo Corp. | 1,495 | 15,879 | ||||||
Sumitomo Heavy Industries Ltd. | 1,495 | 7,092 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 2,497 | 2,454 | ||||||
Taisei Corp. | 1,495 | 9,218 | ||||||
THK Co. Ltd. | 250 | 4,984 | ||||||
Tobu Railway Co. Ltd. | 1,495 | 7,287 | ||||||
Tokyu Corp. | 1,495 | 11,622 | ||||||
Toyota Tsusho Corp. | 299 | 7,015 | ||||||
West Japan Railway Co. | 299 | 18,885 | ||||||
Yamato Holdings Co. Ltd. | 449 | 8,586 | ||||||
|
| |||||||
747,139 | ||||||||
|
| |||||||
Information Technology — 10.6% | ||||||||
Alps Electric Co. Ltd. | 250 | 7,859 | ||||||
Brother Industries Ltd. | 499 | 5,971 | ||||||
Canon, Inc. | 1,346 | 40,632 | ||||||
DeNA Co. Ltd. | 150 | 2,361 | ||||||
FUJIFILM Holdings Corp. | 598 | 24,221 | ||||||
Fujitsu Ltd. | 2,990 | 15,098 | ||||||
GMO Internet, Inc. | 299 | 4,600 | ||||||
GungHo Online Entertainment, Inc. | 598 | 1,846 | ||||||
Hamamatsu Photonics KK | 250 | 6,265 | ||||||
Hitachi High-Technologies Corp. | 150 | 4,137 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Hitachi Ltd. | 5,981 | $ | 35,303 | |||||
Horiba Ltd. | 150 | 5,587 | ||||||
Itochu Techno-Solutions Corp. | 150 | 3,099 | ||||||
Kakaku.com, Inc. (a) | 150 | 2,861 | ||||||
Konica Minolta, Inc. | 698 | 7,337 | ||||||
Kyocera Corp. | 449 | 20,816 | ||||||
Murata Manufacturing Co. Ltd. | 299 | 46,392 | ||||||
NEC Corp. | 4,000 | 13,387 | ||||||
Nexon Co. Ltd. | 150 | 2,380 | ||||||
Nomura Research Institute Ltd. | 165 | 6,240 | ||||||
NTT Data Corp. | 150 | 7,311 | ||||||
OBIC Co. Ltd. | 150 | 7,981 | ||||||
Oki Electric Industry Co. Ltd. | 3,095 | 4,023 | ||||||
Omron Corp. | 399 | 14,667 | ||||||
Oracle Corp. Japan | 150 | 7,311 | ||||||
Ricoh Co. Ltd. | 748 | 7,668 | ||||||
Seiko Epson Corp. | 499 | 7,860 | ||||||
TDK Corp. | 150 | 10,784 | ||||||
Tokyo Electron Ltd. | 299 | 19,912 | ||||||
Trend Micro, Inc. | 150 | 6,117 | ||||||
Wacom Co. Ltd. | 650 | 2,381 | ||||||
Yahoo Japan Corp. | 1,794 | 7,389 | ||||||
Yaskawa Electric Corp. | 499 | 6,587 | ||||||
Yokogawa Electric Corp. | 399 | 4,765 | ||||||
|
| |||||||
371,148 | ||||||||
|
| |||||||
Materials — 6.0% | ||||||||
Asahi Kasei Corp. | 1,495 | 10,227 | ||||||
Daicel Corp. | 449 | 6,573 | ||||||
DIC Corp. | 1,495 | 4,312 | ||||||
Hitachi Chemical Co. Ltd. | 150 | 2,498 | ||||||
Hitachi Metals Ltd. | 299 | 3,877 | ||||||
JFE Holdings, Inc. | 748 | 11,800 | ||||||
JSR Corp. | 299 | 4,707 | ||||||
Kobe Steel Ltd. | 3,990 | 4,667 | ||||||
Kuraray Co. Ltd. | 449 | 5,715 | ||||||
Mitsubishi Chemical Holdings Corp. | 1,645 | 10,780 | ||||||
Mitsubishi Materials Corp. | 1,495 | 5,283 | ||||||
Nihon Parkerizing Co. Ltd. | 250 | 2,506 | ||||||
Nippon Paint Holdings Co. Ltd. | 299 | 7,493 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 1,196 | 24,022 | ||||||
Nissan Chemical Industries Ltd. | 150 | 3,600 | ||||||
Nitto Denko Corp. | 250 | 16,848 | ||||||
Oji Holdings Corp. | 1,495 | 6,485 | ||||||
Shin-Etsu Chemical Co. Ltd. | 449 | 25,397 | ||||||
Sumitomo Chemical Co. Ltd. | 1,495 | 8,574 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,495 | 16,857 | ||||||
Taiheiyo Cement Corp. | 1,495 | 4,615 | ||||||
Taiyo Nippon Sanso Corp. | 399 | 3,815 | ||||||
Toray Industries, Inc. | 1,495 | 13,590 | ||||||
Tosoh Corp. | 1,495 | 8,380 | ||||||
Ube Industries Ltd. | 1,495 | 3,182 | ||||||
|
| |||||||
215,803 | ||||||||
|
| |||||||
Telecommunication Services — 5.9% | ||||||||
KDDI Corp. | 2,542 | 63,147 | ||||||
Nippon Telegraph & Telephone Corp. | 1,745 | 64,711 |
Number | Value | |||||||
Telecommunication Services (Continued) | ||||||||
NTT DOCOMO, Inc. | 1,944 | $ | 36,764 | |||||
SoftBank Group Corp. | 848 | 45,032 | ||||||
|
| |||||||
209,654 | ||||||||
|
| |||||||
Utilities — 0.8% | ||||||||
Electric Power Development Co. Ltd. | 150 | 4,795 | ||||||
Osaka Gas Co. Ltd. | 2,990 | 11,103 | ||||||
Tokyo Gas Co. Ltd. | 2,990 | 14,284 | ||||||
|
| |||||||
30,182 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,533,571 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
Daily Assets Fund, | 8,872 | 8,872 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% (Cost $3,577,204)† | $ | 3,542,443 | ||||||
Other assets and liabilities, net — 0.7% | 24,111 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,566,554 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,577,204. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $34,761. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $101,265 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $136,026. |
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $6,059, which is 0.2% of net assets.
(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 214,942,742 | USD | 1,781,576 | $ | 35,267 | |||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 47,365,000 | USD | 392,575 | 7,757 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 153,905,437 | USD | 1,275,678 | 25,268 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 1,621,000 | USD | 13,430 | 260 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 4,827,338 | USD | 40,011 | 791 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 1,781,576 | JPY | 219,632,742 | 2,837 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 1,681,683 | JPY | 207,315,361 | 2,657 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 35,092 | JPY | 4,326,127 | 56 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,919 | JPY | 598,500 | (56 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | JPY | 219,351,253 | USD | 1,781,576 | (2,870 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 12,639,000 | USD | 102,657 | (163 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 207,050,496 | USD | 1,681,683 | (2,695 | ) | |||||||||||
The Bank of New York Mellon | 1/6/2016 | JPY | 4,320,853 | USD | 35,092 | (59 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | USD | 15,092 | JPY | 1,856,000 | 7 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 69,057 | ||||||||||||||||
|
|
Currency Abbreviations
JPY | Japanese Yen | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 3,533,571 | $ | — | $ | — | $ | 3,533,571 | ||||||||
Securities Lending Collateral | 8,872 | — | — | 8,872 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 74,900 | — | 74,900 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (5,843 | ) | — | (5,843 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,542,443 | $ | 69,057 | $ | — | $ | 3,611,500 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Consumer Discretionary — 2.3% | ||||||||
Aristocrat Leisure Ltd. | 2,415 | $ | 16,574 | |||||
Crown Resorts Ltd. | 1,634 | 13,755 | ||||||
Flight Centre Travel Group Ltd. | 249 | 6,479 | ||||||
Harvey Norman Holdings Ltd. | 2,492 | 7,353 | ||||||
REA Group Ltd. | 237 | 8,604 | ||||||
Tabcorp Holdings Ltd. | 3,720 | 12,295 | ||||||
Tatts Group Ltd. | 6,551 | 19,709 | ||||||
|
| |||||||
84,769 | ||||||||
|
| |||||||
Consumer Staples — 7.4% | ||||||||
Coca-Cola Amatil Ltd. | 2,569 | 16,777 | ||||||
Treasury Wine Estates Ltd. | 3,309 | 18,116 | ||||||
Wesfarmers Ltd. | 5,039 | 138,808 | ||||||
Woolworths Ltd. | 5,679 | 97,214 | ||||||
|
| |||||||
270,915 | ||||||||
|
| |||||||
Energy — 5.3% | ||||||||
Caltex Australia Ltd. | 1,210 | 30,032 | ||||||
Oil Search Ltd. | 6,200 | 36,768 | ||||||
Origin Energy Ltd. | 7,820 | 31,670 | ||||||
Santos Ltd. (a) | 7,470 | 21,663 | ||||||
Woodside Petroleum Ltd. | 3,326 | 72,425 | ||||||
|
| |||||||
192,558 | ||||||||
|
| |||||||
Financials — 54.3% | ||||||||
AMP Ltd. | 13,264 | 55,733 | ||||||
ASX Ltd. | 869 | 26,012 | ||||||
Australia & New Zealand Banking Group Ltd. | 12,895 | 253,192 | ||||||
Bank of Queensland Ltd. | 1,663 | 16,429 | ||||||
Bendigo and Adelaide Bank Ltd. | 2,037 | 16,440 | ||||||
Challenger Ltd. | 2,555 | 15,595 | ||||||
Commonwealth Bank of Australia | 7,615 | 437,435 | ||||||
Dexus Property Group REIT | 4,354 | 24,183 | ||||||
Goodman Group REIT | 7,938 | 35,134 | ||||||
GPT Group REIT | 7,972 | 26,636 | ||||||
Insurance Australia Group Ltd. | 10,751 | 43,074 | ||||||
LendLease Group (b) | 2,472 | 22,794 | ||||||
Macquarie Group Ltd. | 1,347 | 79,306 | ||||||
Medibank Pvt Ltd. | 12,350 | 20,721 | ||||||
Mirvac Group REIT | 16,598 | 22,387 | ||||||
National Australia Bank Ltd. | 11,773 | 250,234 | ||||||
Platinum Asset Management Ltd. | 1,053 | 6,146 | ||||||
QBE Insurance Group Ltd. | 6,139 | 55,364 | ||||||
Scentre Group REIT | 23,875 | 69,066 | ||||||
Stockland REIT | 10,662 | 30,843 | ||||||
Suncorp Group Ltd. | 5,769 | 55,865 | ||||||
Vicinity Centres REIT | 15,088 | 29,570 | ||||||
Westfield Corp. REIT | 8,852 | 61,457 | ||||||
Westpac Banking Corp. | 14,898 | 346,393 | ||||||
|
| |||||||
2,000,009 | ||||||||
|
| |||||||
Health Care — 6.5% | ||||||||
Cochlear Ltd. | 257 | 17,540 | ||||||
CSL Ltd. | 2,084 | 150,881 | ||||||
Healthscope Ltd. | 7,781 | 15,137 | ||||||
Ramsay Health Care Ltd. | 635 | 30,792 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Sonic Healthcare Ltd. | 1,712 | $ | 25,171 | |||||
|
| |||||||
239,521 | ||||||||
|
| |||||||
Industrials — 6.2% | ||||||||
Asciano Ltd. | 2,839 | 17,554 | ||||||
Aurizon Holdings Ltd. | 9,515 | 38,329 | ||||||
Brambles Ltd. | 7,026 | 55,334 | ||||||
CIMIC Group Ltd. | 456 | 8,261 | ||||||
Qantas Airways Ltd.* | 2,313 | 6,089 | ||||||
Seek Ltd. | 1,468 | 14,736 | ||||||
Sydney Airport (b) | 4,898 | 23,379 | ||||||
Transurban Group (b) | 9,098 | 68,231 | ||||||
|
| |||||||
231,913 | ||||||||
|
| |||||||
Information Technology — 0.5% | ||||||||
Computershare Ltd. | 2,121 | 17,870 | ||||||
|
| |||||||
Materials — 12.3% | ||||||||
Alumina Ltd. | 11,326 | 9,215 | ||||||
Amcor Ltd. | 5,291 | 51,734 | ||||||
BHP Billiton Ltd. | 14,401 | 188,404 | ||||||
Boral Ltd. | 3,428 | 14,057 | ||||||
Fortescue Metals Group Ltd. | 6,982 | 9,897 | ||||||
Iluka Resources Ltd. | 1,878 | 7,810 | ||||||
Incitec Pivot Ltd. | 7,558 | 20,661 | ||||||
James Hardie Industries PLC CDI | 2,018 | 23,876 | ||||||
Newcrest Mining Ltd.* | 3,438 | 27,126 | ||||||
Orica Ltd. | 1,659 | 18,957 | ||||||
Rio Tinto Ltd. | 1,903 | 63,184 | ||||||
South32 Ltd.* | 23,874 | 20,546 | ||||||
|
| |||||||
455,467 | ||||||||
|
| |||||||
Telecommunication Services — 2.3% | ||||||||
Telstra Corp. Ltd. | 19,187 | 74,376 | ||||||
TPG Telecom Ltd. | 1,289 | 9,629 | ||||||
|
| |||||||
84,005 | ||||||||
|
| |||||||
Utilities — 2.6% | ||||||||
AGL Energy Ltd. | 3,025 | 36,207 | ||||||
APA Group (b) | 4,996 | 32,157 | ||||||
AusNet Services | 7,867 | 8,563 | ||||||
DUET Group (b) | 10,409 | 17,690 | ||||||
|
| |||||||
94,617 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,671,644 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Industrials — 0.0% | ||||||||
Transurban Group*, expires 12/31/15 | 498 | 216 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.4% | ||||||||
Daily Assets Fund, | 13,957 | 13,957 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $3,754,190)† | $ | 3,685,817 | ||||||
Other assets and liabilities, net — (0.1%) | (2,790 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,683,027 | ||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU) (Continued)
November 30, 2015 (Unaudited)
CDI: Chess Depositary Interest.
REIT: Real Estate Investment Trust.
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,754,190. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $68,373. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $105,069 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $173,442. |
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $13,271, which is 0.4% of net assets.
(b) Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | AUD | 1,732,505 | USD | 1,234,168 | $ | (18,568 | ) | ||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 41,000 | USD | 29,241 | (406 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 344,000 | USD | 245,046 | (3,692 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 3,096,420 | USD | 2,205,700 | (33,251 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 80,831 | USD | 57,581 | (866 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 86,200 | USD | 61,884 | (446 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 7,176 | AUD | 10,000 | 55 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 1,226,992 | AUD | 1,693,337 | (2,578 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 2,479,987 | AUD | 3,422,759 | (5,068 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 62,857 | AUD | 88,100 | 846 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 56,186 | AUD | 77,545 | (115 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 421 | AUD | 600 | 12 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | AUD | 1,696,403 | USD | 1,226,992 | 2,674 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 38,000 | USD | 27,435 | 9 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 3,428,982 | USD | 2,479,987 | 5,244 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | AUD | 77,682 | USD | 56,186 | 122 | ||||||||||||
RBC Capital Markets | 1/6/2016 | USD | 52,078 | AUD | 72,000 | (114 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized depreciation | $ | (56,142 | ) | |||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, 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.
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU) (Continued)
November 30, 2015 (Unaudited)
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 3,671,644 | $ | — | $ | — | $ | 3,671,644 | ||||||||
Rights | 216 | — | — | 216 | ||||||||||||
Securities Lending Collateral | 13,957 | — | — | 13,957 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 8,962 | — | 8,962 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (65,104 | ) | — | (65,104 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,685,817 | $ | (56,142 | ) | $ | — | $ | 3,629,675 | |||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Australia — 5.1% | ||||||||
Adelaide Brighton Ltd. | 988 | $ | 3,101 | |||||
ALS Ltd. | 1,082 | 2,903 | ||||||
Ansell Ltd. | 295 | 4,653 | ||||||
Australian Pharmaceutical Industries Ltd. | 1,773 | 2,629 | ||||||
AWE Ltd.* | 2,005 | 943 | ||||||
BlueScope Steel Ltd. | 1,795 | 5,413 | ||||||
BWP Trust REIT | 822 | 1,890 | ||||||
carsales.com Ltd. | 533 | 3,959 | ||||||
Charter Hall Group REIT | 337 | 1,089 | ||||||
Charter Hall Retail REIT | 732 | 2,155 | ||||||
Cromwell Property Group REIT | 1,556 | 1,148 | ||||||
CSR Ltd. | 1,540 | 3,397 | ||||||
Domino’s Pizza Enterprises Ltd. | 145 | 5,207 | ||||||
Downer EDI Ltd. | 1,511 | 3,945 | ||||||
DuluxGroup Ltd. | 820 | 3,712 | ||||||
Fairfax Media Ltd. | 6,001 | 3,863 | ||||||
GrainCorp Ltd., Class A (a) | 579 | 3,434 | ||||||
Investa Office Fund REIT | 557 | 1,555 | ||||||
InvoCare Ltd. | 372 | 3,172 | ||||||
IOOF Holdings Ltd. | 337 | 2,306 | ||||||
IRESS Ltd. (a) | 467 | 3,259 | ||||||
JB Hi-Fi Ltd. | 287 | 4,008 | ||||||
Karoon Gas Australia Ltd.* | 846 | 1,043 | ||||||
Liquefied Natural Gas Ltd.* | 1,532 | 1,296 | ||||||
M2 Group Ltd. | 343 | 2,758 | ||||||
Macquarie Atlas Roads Group (b) | 1,105 | 3,380 | ||||||
Magellan Financial Group Ltd. | 201 | 3,768 | ||||||
Orora Ltd. | 2,264 | 3,668 | ||||||
Pacific Brands Ltd.* | 4,008 | 1,942 | ||||||
Paladin Energy Ltd.* | 6,638 | 1,056 | ||||||
Perpetual Ltd. | 83 | 2,761 | ||||||
Primary Health Care Ltd. | 1,718 | 3,988 | ||||||
Qube Holdings Ltd. | 1,928 | 3,346 | ||||||
Recall Holdings Ltd. | 713 | 3,579 | ||||||
Shopping Centres Australasia Property Group REIT | 1,508 | 2,290 | ||||||
Sirtex Medical Ltd. | 134 | 3,907 | ||||||
Spark Infrastructure Group (b) | 2,626 | 3,608 | ||||||
Spotless Group Holdings Ltd. | 2,233 | 3,488 | ||||||
Star Entertainment Group Ltd. (The) | 1,309 | 4,563 | ||||||
Super Retail Group Ltd. | 488 | 3,674 | ||||||
Veda Group Ltd. | 2,084 | 4,160 | ||||||
Whitehaven Coal Ltd.* | 1,771 | 1,159 | ||||||
|
| |||||||
127,175 | ||||||||
|
| |||||||
Austria — 0.9% | ||||||||
ams AG | 118 | 4,496 | ||||||
BUWOG AG* | 101 | 2,017 | ||||||
CA Immobilien Anlagen AG* | 159 | 2,899 | ||||||
Immofinanz AG* | 1,623 | 4,016 | ||||||
Oesterreichische Post AG | 79 | 2,833 | ||||||
UNIQA Insurance Group AG | 263 | 2,335 | ||||||
Wienerberger AG | 253 | 4,441 | ||||||
|
| |||||||
23,037 | ||||||||
|
|
Number | Value | |||||||
Belgium — 1.8% | ||||||||
Ackermans & van Haaren NV | 16 | $ | 2,222 | |||||
Befimmo SA REIT | 51 | 3,116 | ||||||
Bekaert SA | 90 | 2,550 | ||||||
bpost SA | 140 | 3,402 | ||||||
Cofinimmo SA/NV REIT | 34 | 3,551 | ||||||
Compagnie d’Entreprises CFE SA | 17 | 1,994 | ||||||
D’ieteren SA | 71 | 2,436 | ||||||
Elia System Operator SA/NV | 98 | 4,393 | ||||||
Euronav NV | 230 | 2,939 | ||||||
Galapagos NV* | 69 | 3,442 | ||||||
KBC Ancora | 58 | 2,294 | ||||||
Melexis NV | 55 | 2,769 | ||||||
Ontex Group NV | 137 | 4,873 | ||||||
Tessenderlo Chemie NV* | 75 | 2,224 | ||||||
Warehouses De Pauw Comm. VA REIT | 34 | 2,721 | ||||||
|
| |||||||
44,926 | ||||||||
|
| |||||||
Bermuda — 0.3% | ||||||||
Gulf Keystone Petroleum Ltd.* | 4,006 | 1,297 | ||||||
Hiscox Ltd. | 392 | 6,016 | ||||||
|
| |||||||
7,313 | ||||||||
|
| |||||||
Canada — 0.0% | ||||||||
Entertainment One Ltd. | 197 | 638 | ||||||
|
| |||||||
China — 0.1% | ||||||||
FIH Mobile Ltd. | 7,326 | 3,326 | ||||||
|
| |||||||
Denmark — 1.9% | ||||||||
Bavarian Nordic A/S*(a) | 64 | 2,914 | ||||||
FlSmidth & Co. A/S (a) | 98 | 3,563 | ||||||
Genmab A/S*(a) | 70 | 9,021 | ||||||
GN Store Nord A/S (a) | 246 | 4,512 | ||||||
Jyske Bank A/S*(a) | 96 | 4,365 | ||||||
NKT Holding A/S (a) | 64 | 3,162 | ||||||
Rockwool International A/S, Class B (a) | 21 | 2,956 | ||||||
Royal Unibrew A/S | 105 | 4,333 | ||||||
SimCorp A/S (a) | 75 | 4,041 | ||||||
Spar Nord Bank A/S | 309 | 2,823 | ||||||
Sydbank A/S (a) | 115 | 3,774 | ||||||
Topdanmark A/S*(a) | 112 | 3,114 | ||||||
|
| |||||||
48,578 | ||||||||
|
| |||||||
Faroe Islands — 0.1% | ||||||||
Bakkafrost P/F | 130 | 3,538 | ||||||
|
| |||||||
Finland — 1.5% | ||||||||
Amer Sports OYJ | 133 | 3,874 | ||||||
Cargotec OYJ, Class B (a) | 81 | 2,978 | ||||||
Caverion Corp. (a) | 248 | 2,309 | ||||||
Citycon OYJ* | 810 | 2,068 | ||||||
Huhtamaki OYJ | 123 | 4,458 | ||||||
Kemira OYJ | 212 | 2,547 | ||||||
Kesko OYJ, Class B (a) | 103 | 3,420 | ||||||
Konecranes OYJ | 105 | 2,913 | ||||||
Metsa Board OYJ (a) | 344 | 2,475 | ||||||
Outokumpu OYJ* | 618 | 1,918 | ||||||
Outotec OYJ | 491 | 2,108 | ||||||
Tieto OYJ | 103 | 2,627 | ||||||
Valmet OYJ | 280 | 2,677 | ||||||
|
| |||||||
36,372 | ||||||||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
France — 3.6% | ||||||||
Alten SA | 59 | $ | 3,230 | |||||
Altran Technologies SA | 251 | 3,286 | ||||||
DBV Technologies SA* | 43 | 2,996 | ||||||
Eiffage SA | 61 | 3,838 | ||||||
Elior, 144A | 111 | 2,146 | ||||||
Elis SA | 155 | 2,434 | ||||||
Euler Hermes Group | 9 | 807 | ||||||
Faurecia | 96 | 3,604 | ||||||
Gaztransport Et Technigaz SA | 77 | 3,714 | ||||||
Havas SA | 211 | 1,779 | ||||||
Ipsen SA | 50 | 3,210 | ||||||
Korian SA | 72 | 2,473 | ||||||
Mercialys SA REIT (a) | 120 | 2,583 | ||||||
Metropole Television SA | 126 | 2,340 | ||||||
Neopost SA | 96 | 2,505 | ||||||
Nexans SA* | 73 | 2,792 | ||||||
Nexity SA | 60 | 2,561 | ||||||
Orpea | 38 | 2,992 | ||||||
Plastic Omnium SA | 121 | 3,538 | ||||||
Rubis SCA | 56 | 4,452 | ||||||
Saft Groupe SA | 99 | 3,026 | ||||||
SEB SA | 31 | 3,175 | ||||||
Societe Television Francaise 1 | 189 | 2,305 | ||||||
Sopra Steria Group | 30 | 3,423 | ||||||
Technicolor SA | 553 | 4,147 | ||||||
Teleperformance | 80 | 6,650 | ||||||
Ubisoft Entertainment SA* | 178 | 4,984 | ||||||
Vicat | 32 | 1,960 | ||||||
Virbac SA | 11 | 2,236 | ||||||
|
| |||||||
89,186 | ||||||||
|
| |||||||
Germany — 5.1% | ||||||||
Aareal Bank AG | 124 | 4,179 | ||||||
alstria office REIT-AG REIT* | 186 | 2,459 | ||||||
AURELIUS SE & Co. KGaA | 62 | 2,745 | ||||||
Aurubis AG | 43 | 2,679 | ||||||
Bechtle AG | 31 | 2,936 | ||||||
Bilfinger SE | 72 | 3,407 | ||||||
CTS Eventim AG & Co. KGaA | 49 | 1,734 | ||||||
Deutsche Euroshop AG | 63 | 2,673 | ||||||
DMG Mori AG | 75 | 3,070 | ||||||
Drillisch AG | 95 | 4,251 | ||||||
Duerr AG | 46 | 3,975 | ||||||
Freenet AG | 182 | 6,126 | ||||||
Gerresheimer AG | 57 | 4,450 | ||||||
Indus Holding AG | 72 | 3,422 | ||||||
KION Group AG* | 93 | 4,603 | ||||||
Krones AG | 19 | 2,313 | ||||||
KUKA AG | 39 | 3,441 | ||||||
LEG Immobilien AG* | 72 | 5,705 | ||||||
Leoni AG | 62 | 2,387 | ||||||
MorphoSys AG* | 47 | 2,782 | ||||||
MTU Aero Engines AG | 58 | 5,760 | ||||||
Nordex SE* | 124 | 4,166 | ||||||
Norma Group SE | 75 | 4,099 | ||||||
Rational AG | 4 | 1,676 | ||||||
Rheinmetall AG | 71 | 4,506 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Rhoen-Klinikum AG | 121 | $ | 3,498 | |||||
Salzgitter AG | 86 | 2,115 | ||||||
Software AG | 106 | 2,835 | ||||||
STADA Arzneimittel AG | 108 | 4,124 | ||||||
Stroeer SE | 45 | 2,674 | ||||||
Suedzucker AG (a) | 178 | 3,364 | ||||||
TAG Immobilien AG | 237 | 2,805 | ||||||
TLG Immobilien AG | 206 | 3,813 | ||||||
Wacker Chemie AG | 23 | 2,068 | ||||||
Wincor Nixdorf AG | 71 | 3,594 | ||||||
Wirecard AG (a) | 155 | 7,593 | ||||||
|
| |||||||
128,027 | ||||||||
|
| |||||||
Gibraltar — 0.1% | ||||||||
Bwin Party Digital Entertainment PLC | 1,407 | 2,191 | ||||||
|
| |||||||
Hong Kong — 2.4% | ||||||||
Brightoil Petroleum Holdings Ltd. | 7,937 | 2,344 | ||||||
Cafe de Coral Holdings Ltd. | 1,225 | 4,037 | ||||||
Champion REIT | 3,952 | 2,013 | ||||||
Dah Sing Financial Holdings Ltd. | 506 | 2,624 | ||||||
Esprit Holdings Ltd. | 5,188 | 5,754 | ||||||
Global Brands Group Holding Ltd.* | 14,445 | 2,795 | ||||||
Haier Healthwise Holdings Ltd.* | 10,650 | 584 | ||||||
Hopewell Holdings Ltd. | 1,196 | 4,234 | ||||||
Hybrid Kinetic Group Ltd.* | 40,107 | 2,095 | ||||||
Johnson Electric Holdings Ltd. | 1,027 | 3,722 | ||||||
Melco International Development Ltd. | 2,176 | 2,981 | ||||||
NewOcean Energy Holdings Ltd. | 3,762 | 1,596 | ||||||
Orient Overseas International Ltd. | 643 | 2,969 | ||||||
Pacific Textiles Holdings Ltd. | 1,975 | 3,067 | ||||||
Playmates Toys Ltd. | 5,110 | 1,160 | ||||||
Sincere Watch Hong Kong Ltd.* | 17,240 | 1,934 | ||||||
Suncorp Technologies Ltd.* | 59,173 | 1,122 | ||||||
Television Broadcasts Ltd. | 741 | 2,987 | ||||||
Town Health International Medical Group Ltd. | 8,362 | 1,747 | ||||||
Trinity Ltd. | 5,880 | 872 | ||||||
Value Partners Group Ltd. | 2,010 | 2,372 | ||||||
VTech Holdings Ltd. | 347 | 3,889 | ||||||
Xinyi Glass Holdings Ltd. | 6,975 | 3,742 | ||||||
|
| |||||||
60,640 | ||||||||
|
| |||||||
Ireland — 2.2% | ||||||||
C&C Group PLC | 752 | 2,916 | ||||||
DCC PLC | 104 | 9,351 | ||||||
Glanbia PLC | 220 | 4,037 | ||||||
Grafton Group PLC | 292 | 3,001 | ||||||
Greencore Group PLC | 759 | 3,860 | ||||||
Hibernia REIT PLC REIT | 2,254 | 3,313 | ||||||
Kingspan Group PLC | 152 | 3,984 | ||||||
Paddy Power PLC | 53 | 6,722 | ||||||
Smurfit Kappa Group PLC | 506 | 13,825 | ||||||
UDG Healthcare PLC | 355 | 2,893 | ||||||
|
| |||||||
53,902 | ||||||||
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Isle of Man — 0.3% | ||||||||
Paysafe Group PLC* | 758 | $ | 4,110 | |||||
Playtech PLC | 317 | 3,860 | ||||||
|
| |||||||
7,970 | ||||||||
|
| |||||||
Israel — 1.0% | ||||||||
Cellcom Israel Ltd.* | 304 | 2,167 | ||||||
Elbit Systems Ltd. | 69 | 6,101 | ||||||
Frutarom Industries Ltd. | 80 | 3,899 | ||||||
Gazit-Globe Ltd. | 340 | 3,438 | ||||||
Israel Discount Bank Ltd., Class A* | 3,122 | 5,756 | ||||||
Partner Communications Co. Ltd.* | 440 | 1,994 | ||||||
Tower Semiconductor Ltd.* | 152 | 2,407 | ||||||
|
| |||||||
25,762 | ||||||||
|
| |||||||
Italy — 4.2% | ||||||||
A2A SpA | 2,734 | 3,842 | ||||||
Anima Holding SpA, 144A | 442 | 4,063 | ||||||
Ansaldo STS SpA | 359 | 3,708 | ||||||
Autogrill SpA* | 303 | 2,689 | ||||||
Azimut Holding SpA | 205 | 5,235 | ||||||
Banca Carige SpA* | 1,589 | 2,572 | ||||||
Banca Generali SpA | 76 | 2,315 | ||||||
Banca Popolare dell’Emilia Romagna SC (a) | 717 | 5,511 | ||||||
Banca Popolare di Milano Scarl | 6,772 | 6,561 | ||||||
Banca Popolare di Sondrio Scarl | 851 | 3,875 | ||||||
Brembo SpA | 64 | 2,941 | ||||||
Buzzi Unicem SpA (a) | 135 | 2,426 | ||||||
Credito Valtellinese SC* | 3,189 | 3,811 | ||||||
Davide Campari-Milano SpA | 550 | 4,832 | ||||||
De’ Longhi (a) | 91 | 2,501 | ||||||
DiaSorin SpA | 35 | 1,799 | ||||||
Ei Towers SpA | 57 | 3,481 | ||||||
Hera SpA | 1,553 | 3,938 | ||||||
Interpump Group SpA (a) | 211 | 3,275 | ||||||
Italcementi SpA (a) | 349 | 3,783 | ||||||
Mediaset SpA | 1,090 | 4,793 | ||||||
Mediolanum SpA | 261 | 2,148 | ||||||
Moncler SpA | 195 | 2,971 | ||||||
Recordati SpA | 126 | 3,132 | ||||||
Salini Impregilo SpA | 642 | 2,785 | ||||||
Salvatore Ferragamo SpA (a) | 93 | 2,213 | ||||||
Societa Cattolica DI Assicurazioni Scrl | 381 | 2,971 | ||||||
Tod’s SpA (a) | 28 | 2,231 | ||||||
Unipol Gruppo Finanziario SpA | 729 | 3,634 | ||||||
Yoox Net-A-Porter Group SpA* | 111 | 3,804 | ||||||
|
| |||||||
103,840 | ||||||||
|
| |||||||
Japan — 30.1% | ||||||||
ADEKA Corp. | 300 | 4,435 | ||||||
Aderans Co. Ltd. (a) | 300 | 2,205 | ||||||
Advance Residence Investment Corp. REIT | 1 | 2,132 | ||||||
AEON REIT Investment Corp. REIT | 4 | 4,621 | ||||||
Aica Kogyo Co. Ltd. | 200 | 4,011 | ||||||
AIFUL Corp.* | 1,000 | 3,347 | ||||||
Anritsu Corp. | 700 | 4,691 | ||||||
Aoyama Trading Co. Ltd. | 100 | 3,712 | ||||||
Asahi Intecc Co. Ltd. | 100 | 4,346 | ||||||
AUTOBACS SEVEN Co. Ltd. | 200 | 3,623 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Awa Bank Ltd. (The) | 1,000 | $ | 5,881 | |||||
Azbil Corp. | 200 | 5,045 | ||||||
Broadleaf Co. Ltd. | 200 | 1,851 | ||||||
Calsonic Kansei Corp. | 1,000 | 8,700 | ||||||
Capcom Co. Ltd. | 200 | 4,405 | ||||||
Century Tokyo Leasing Corp. | 100 | 3,444 | ||||||
Coca-Cola East Japan Co. Ltd. | 200 | 2,947 | ||||||
Coca-Cola West Co. Ltd. | 200 | 4,047 | ||||||
COMSYS Holdings Corp. | 300 | 4,033 | ||||||
COOKPAD, Inc. (a) | 200 | 4,320 | ||||||
CyberAgent, Inc. | 100 | 4,216 | ||||||
Daido Steel Co. Ltd. | 1,000 | 4,224 | ||||||
Daifuku Co. Ltd. | 300 | 4,876 | ||||||
DAIICHIKOSHO Co. Ltd. | 100 | 3,278 | ||||||
Daishi Bank Ltd. (The) | 1,000 | 4,444 | ||||||
Daiwa House REIT Investment Corp. REIT | 1 | 3,964 | ||||||
Daiwa House Residential Investment Corp. REIT | 1 | 2,041 | ||||||
Daiwa Office Investment Corp. REIT | 1 | 4,931 | ||||||
DeNA Co. Ltd. | 200 | 3,149 | ||||||
Denka Co. Ltd. | 1,000 | 4,419 | ||||||
DIC Corp. | 2,000 | 5,768 | ||||||
DMG MORI Co. Ltd. | 300 | 4,082 | ||||||
EBARA Corp. | 1,000 | 4,931 | ||||||
EZAKI GLICO Co. Ltd. | 100 | 5,028 | ||||||
Frontier Real Estate Investment Corp. REIT | 1 | 4,050 | ||||||
Fujikura Ltd. | 1,000 | 5,662 | ||||||
Fukuoka REIT Corp. REIT | 2 | 3,269 | ||||||
Funai Electric Co. Ltd. | 200 | 1,579 | ||||||
Furukawa Electric Co. Ltd. | 3,000 | 6,507 | ||||||
GLORY Ltd. | 200 | 5,638 | ||||||
GLP J-Reit REIT | 1 | 976 | ||||||
GMO Internet, Inc. | 200 | 3,077 | ||||||
GS Yuasa Corp. | 1,000 | 3,786 | ||||||
H.I.S. Co. Ltd. | 100 | 3,245 | ||||||
H2O RETAILING Corp. | 200 | 4,179 | ||||||
Haseko Corp. | 500 | 5,589 | ||||||
Hazama Ando Corp. | 600 | 3,368 | ||||||
Heiwa Corp. | 200 | 3,750 | ||||||
Hitachi Capital Corp. | 100 | 2,799 | ||||||
Hokkaido Electric Power Co., Inc.* | 400 | 3,604 | ||||||
Hokkoku Bank Ltd. (The) | 1,000 | 3,314 | ||||||
Horiba Ltd. | 100 | 3,725 | ||||||
Hosiden Corp. | 300 | 1,696 | ||||||
House Foods Group, Inc. | 100 | 1,762 | ||||||
Hyakugo Bank Ltd. (The) | 1,000 | 4,898 | ||||||
Industrial & Infrastructure Fund Investment Corp. REIT | 1 | 4,468 | ||||||
Ines Corp. | 400 | 3,747 | ||||||
Invincible Investment Corp. REIT | 7 | 4,214 | ||||||
IT Holdings Corp. | 200 | 4,846 | ||||||
ITO EN Ltd. | 100 | 2,286 | ||||||
Iwatani Corp. | 1,000 | 5,540 | ||||||
Izumi Co. Ltd. | 100 | 3,907 | ||||||
JAFCO Co. Ltd. | 100 | 3,972 | ||||||
Japan Display, Inc.* | 600 | 1,828 | ||||||
Japan Excellent, Inc. REIT | 3 | 3,324 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Japan Hotel REIT Investment Corp. | 3 | $ | 2,186 | |||||
Japan Logistics Fund, Inc. REIT | 1 | 1,916 | ||||||
Japan Petroleum Exploration Co. Ltd. | 200 | 5,548 | ||||||
Japan Rental Housing Investments, Inc. REIT | 6 | 4,226 | ||||||
Japan Steel Works Ltd. (The) | 1,000 | 3,834 | ||||||
Juroku Bank Ltd. (The) | 1,000 | 4,005 | ||||||
JVC Kenwood Corp. | 800 | 2,281 | ||||||
Kagome Co. Ltd. | 200 | 3,379 | ||||||
Kaken Pharmaceutical Co. Ltd. | 50 | 3,526 | ||||||
Kawasaki Kisen Kaisha Ltd. (a) | 2,000 | 4,110 | ||||||
Keiyo Bank Ltd. (The) | 1,000 | 4,785 | ||||||
Kenedix Office Investment Corp. REIT | 1 | 4,403 | ||||||
Kewpie Corp. | 200 | 4,798 | ||||||
KINDEN Corp. | 300 | 4,080 | ||||||
Kiyo Bank Ltd. (The) | 300 | 4,523 | ||||||
K’S HOLDINGS Corp. | 100 | 3,643 | ||||||
Kumagai Gumi Co. Ltd. | 1,000 | 2,803 | ||||||
Laox Co. Ltd.* | 1,000 | 2,470 | ||||||
Leopalace21 Corp.* | 900 | 5,264 | ||||||
LINTEC Corp. | 100 | 2,162 | ||||||
Maeda Corp. | 1,000 | 6,036 | ||||||
Matsui Securities Co. Ltd. | 300 | 2,766 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 5,134 | ||||||
MEITEC Corp. | 100 | 3,335 | ||||||
MISUMI Group, Inc. | 400 | 5,430 | ||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 4,000 | 6,564 | ||||||
Mitsui High-Tec, Inc. | 500 | 2,949 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 2,000 | 3,851 | ||||||
Mitsumi Electric Co. Ltd. | 300 | 1,638 | ||||||
MonotaRO Co. Ltd. | 200 | 5,735 | ||||||
Mori Hills REIT Investment Corp. REIT | 2 | 2,565 | ||||||
Mori Trust Sogo Reit, Inc. REIT | 1 | 1,677 | ||||||
Musashino Bank Ltd. (The) | 100 | 3,729 | ||||||
NAGASE & Co. Ltd. | 300 | 3,814 | ||||||
Nankai Electric Railway Co. Ltd. | 1,000 | 5,191 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 200 | 5,045 | ||||||
Nichirei Corp. | 1,000 | 6,547 | ||||||
Nifco, Inc. | 100 | 4,257 | ||||||
Nihon Kohden Corp. | 300 | 6,246 | ||||||
Nihon M&A Center, Inc. | 100 | 4,468 | ||||||
Nikkon Holdings Co. Ltd. | 300 | 5,698 | ||||||
Nippon Accommodations Fund, Inc. REIT | 1 | 3,416 | ||||||
Nippon Kayaku Co. Ltd. | 1,300 | 14,035 | ||||||
Nippon Paper Industries Co. Ltd. | 300 | 4,830 | ||||||
Nippon Yakin Kogyo Co. Ltd.* | 1,100 | 1,448 | ||||||
Nipro Corp. | 400 | 4,390 | ||||||
Nishimatsu Construction Co. Ltd. | 1,000 | 3,940 | ||||||
Nishi-Nippon City Bank Ltd. (The) | 1,000 | 2,648 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 5,443 | ||||||
Nissan Chemical Industries Ltd. | 200 | 4,799 | ||||||
NISSAN SHATAI Co. Ltd. | 300 | 3,424 | ||||||
Nisshinbo Holdings, Inc. | 300 | 3,548 | ||||||
North Pacific Bank Ltd. | 800 | 2,976 | ||||||
NTN Corp. | 1,000 | 4,703 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 1,000 | 4,119 | ||||||
Okasan Securities Group, Inc. | 1,000 | 6,060 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Oki Electric Industry Co. Ltd. | 3,000 | $ | 3,899 | |||||
OncoTherapy Science, Inc.* | 600 | 1,657 | ||||||
Orix JREIT, Inc. REIT | 3 | 3,921 | ||||||
OSG Corp. | 200 | 3,951 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,100 | 4,370 | ||||||
Pigeon Corp. | 200 | 5,735 | ||||||
Pilot Corp. | 100 | 4,492 | ||||||
Premier Investment Corp. REIT | 5 | 4,923 | ||||||
Resorttrust, Inc. | 100 | 2,669 | ||||||
Rohto Pharmaceutical Co. Ltd. | 200 | 3,855 | ||||||
Sangetsu Co. Ltd. | 200 | 3,838 | ||||||
Sankyu, Inc. | 1,000 | 4,988 | ||||||
Sanwa Holdings Corp. | 500 | 4,192 | ||||||
SAPPORO HOLDINGS Ltd. | 1,000 | 4,403 | ||||||
Sawai Pharmaceutical Co. Ltd. | 100 | 5,735 | ||||||
SCREEN Holdings Co. Ltd. | 1,000 | 7,506 | ||||||
SCSK Corp. | 100 | 3,883 | ||||||
Seino Holdings Co. Ltd. | 400 | 4,055 | ||||||
Sekisui House SI Residential Investment Corp. REIT | 4 | 3,509 | ||||||
Senshu Ikeda Holdings, Inc. | 1,300 | 5,354 | ||||||
Shiga Bank Ltd. (The) (a) | 1,000 | 5,028 | ||||||
Shimachu Co. Ltd. | 200 | 4,658 | ||||||
Ship Healthcare Holdings, Inc. | 200 | 4,700 | ||||||
Showa Denko KK | 4,000 | 5,264 | ||||||
Skylark Co. Ltd. | 200 | 2,729 | ||||||
Sojitz Corp. | 2,400 | 5,264 | ||||||
SQUARE ENIX HOLDINGS Co. Ltd. | 200 | 4,547 | ||||||
Start Today Co. Ltd. | 200 | 6,946 | ||||||
Sugi Holdings Co. Ltd. | 100 | 5,280 | ||||||
Sumco Corp. | 400 | 4,244 | ||||||
Sumitomo Forestry Co. Ltd. | 500 | 6,734 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 2,700 | 2,654 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,000 | 3,851 | ||||||
Sundrug Co. Ltd. | 100 | 6,442 | ||||||
Taiyo Yuden Co. Ltd. | 300 | 4,896 | ||||||
Takara Holdings, Inc. | 500 | 3,826 | ||||||
Temp Holdings Co. Ltd. | 300 | 4,845 | ||||||
Toda Corp. | 1,000 | 5,670 | ||||||
Toho Holdings Co. Ltd. | 200 | 4,963 | ||||||
TOKAI RIKA Co. Ltd. | 200 | 4,619 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 500 | 3,018 | ||||||
TOKYO OHKA KOGYO Co. Ltd. | 100 | 3,002 | ||||||
TOKYU REIT, Inc. REIT | 4 | 4,868 | ||||||
Topcon Corp. | 200 | 3,517 | ||||||
Tosoh Corp. | 1,000 | 5,605 | ||||||
Toyo Corp./Chuo-Ku | 400 | 3,376 | ||||||
Toyo Tire & Rubber Co. Ltd. | 200 | 4,325 | ||||||
TOYOBO Co. Ltd. | 3,000 | 4,387 | ||||||
Toyota Boshoku Corp. | 100 | 2,152 | ||||||
TS TECH Co. Ltd. | 200 | 5,613 | ||||||
Tsubakimoto Chain Co. | 1,000 | 7,782 | ||||||
Tsumura & Co. | 200 | 5,500 | ||||||
Ube Industries Ltd. | 2,000 | 4,257 | ||||||
UNY Group Holdings Co. Ltd. | 600 | 3,651 | ||||||
USHIO, Inc. | 300 | 4,406 | ||||||
Valor Holdings Co. Ltd. | 200 | 4,694 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Wacoal Holdings Corp. | 100 | $ | 1,221 | |||||
Zenkoku Hosho Co. Ltd. | 100 | 3,278 | ||||||
ZEON Corp. | 200 | 1,604 | ||||||
|
| |||||||
752,499 | ||||||||
|
| |||||||
Jersey Island — 0.3% | ||||||||
Centamin PLC | 2,567 | 2,391 | ||||||
Phoenix Group Holdings | 299 | 4,121 | ||||||
|
| |||||||
6,512 | ||||||||
|
| |||||||
Jordan — 0.3% | ||||||||
Hikma Pharmaceuticals PLC | 203 | 6,619 | ||||||
|
| |||||||
Luxembourg — 0.6% | ||||||||
APERAM SA* | 85 | 2,891 | ||||||
Eurofins Scientific SE | 13 | 4,892 | ||||||
Grand City Properties SA | 162 | 3,338 | ||||||
Regus PLC | 895 | 4,688 | ||||||
|
| |||||||
15,809 | ||||||||
|
| |||||||
Malta — 0.2% | ||||||||
Unibet Group PLC SDR | 50 | 4,644 | ||||||
|
| |||||||
Netherlands — 2.0% | ||||||||
Aalberts Industries NV | 129 | 4,259 | ||||||
Arcadis NV | 143 | 3,452 | ||||||
ASM International NV | 76 | 3,039 | ||||||
Corbion NV | 155 | 3,697 | ||||||
Eurocommercial Properties NV | 74 | 3,136 | ||||||
Euronext NV, 144A | 94 | 4,676 | ||||||
Fugro NV* | 169 | 3,135 | ||||||
IMCD Group NV | 89 | 3,254 | ||||||
Koninklijke BAM Groep NV* | 548 | 2,854 | ||||||
PostNL NV* | 967 | 3,232 | ||||||
SBM Offshore NV* | 332 | 4,665 | ||||||
TKH Group NV | 71 | 2,646 | ||||||
TomTom NV* | 181 | 2,260 | ||||||
USG People NV | 152 | 2,337 | ||||||
Wereldhave NV REIT | 55 | 3,076 | ||||||
|
| |||||||
49,718 | ||||||||
|
| |||||||
New Zealand — 1.1% | ||||||||
Air New Zealand Ltd. | 2,460 | 4,404 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 1,026 | 5,680 | ||||||
Infratil Ltd. | 1,737 | 3,510 | ||||||
Kiwi Property Group Ltd. | 6,493 | 5,920 | ||||||
SKY Network Television Ltd. (a) | 1,022 | 3,061 | ||||||
SKYCITY Entertainment Group Ltd. | 1,820 | 5,032 | ||||||
|
| |||||||
27,607 | ||||||||
|
| |||||||
Norway — 1.2% | ||||||||
Aker Solutions ASA | 435 | 1,877 | ||||||
Det Norske Oljeselskap ASA* | 292 | 1,929 | ||||||
DNO ASA*(a) | 1,853 | 1,838 | ||||||
Marine Harvest ASA* | 559 | 7,558 | ||||||
Norwegian Air Shuttle ASA* | 77 | 2,586 | ||||||
Petroleum Geo-Services ASA | 506 | 2,376 | ||||||
Prosafe SE (a) | 711 | 1,963 | ||||||
Storebrand ASA* | 1,038 | 3,824 |
Number | Value | |||||||
Norway (Continued) | ||||||||
TGS Nopec Geophysical Co ASA | 259 | $ | 4,980 | |||||
|
| |||||||
28,931 | ||||||||
|
| |||||||
Portugal — 0.4% | ||||||||
CTT-Correios de Portugal SA | 482 | 4,460 | ||||||
NOS SGPS SA | 322 | 2,486 | ||||||
Sonae SGPS SA | 2,186 | 2,580 | ||||||
|
| |||||||
9,526 | ||||||||
|
| |||||||
Singapore — 1.8% | ||||||||
Ezra Holdings Ltd.* | 17,800 | 1,325 | ||||||
Keppel REIT | 10,000 | 6,593 | ||||||
KrisEnergy Ltd.* | 3,800 | 849 | ||||||
Mapletree Commercial Trust REIT | 5,700 | 5,233 | ||||||
Mapletree Greater China Commercial Trust REIT | 9,700 | 6,327 | ||||||
Mapletree Industrial Trust REIT | 4,800 | 5,155 | ||||||
Mapletree Logistics Trust REIT | 6,500 | 4,631 | ||||||
Midas Holdings Ltd. | 4,900 | 1,060 | ||||||
SATS Ltd. | 1,400 | 3,920 | ||||||
Singapore Post Ltd. | 2,900 | 3,660 | ||||||
Venture Corp. Ltd. | 1,100 | 6,566 | ||||||
|
| |||||||
45,319 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Petra Diamonds Ltd. | 1,663 | 1,607 | ||||||
|
| |||||||
Spain — 2.5% | ||||||||
Acciona SA | 46 | 3,829 | ||||||
Acerinox SA | 250 | 2,689 | ||||||
Almirall SA | 117 | 2,148 | ||||||
Applus Services SA | 272 | 2,523 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 131 | 1,588 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 111 | 3,888 | ||||||
Ebro Foods SA | 166 | 3,180 | ||||||
Fomento de Construcciones y Contratas SA* | 334 | 2,311 | ||||||
Gamesa Corp. Tecnologica SA | 358 | 6,267 | ||||||
Grupo Catalana Occidente SA | 39 | 1,220 | ||||||
Hispania Activos Inmobiliarios SA* | 230 | 3,341 | ||||||
Indra Sistemas SA* | 256 | 2,631 | ||||||
Inmobiliaria Colonial SA* | 4,129 | 2,888 | ||||||
Mediaset Espana Comunicacion SA | 253 | 2,906 | ||||||
Melia Hotels International SA | 146 | 1,857 | ||||||
Merlin Properties Socimi SA REIT | 281 | 3,500 | ||||||
NH Hotel Group SA* | 386 | 2,066 | ||||||
Prosegur Compania de Seguridad SA | 542 | 2,422 | ||||||
Sacyr SA | 933 | 2,373 | ||||||
Tecnicas Reunidas SA | 94 | 3,765 | ||||||
Viscofan SA | 83 | 5,072 | ||||||
|
| |||||||
62,464 | ||||||||
|
| |||||||
Sweden — 4.5% | ||||||||
AAK AB | 58 | 4,356 | ||||||
Axfood AB | 117 | 2,125 | ||||||
Betsson AB* | 196 | 3,317 | ||||||
BillerudKorsnas AB | 229 | 4,377 | ||||||
Castellum AB | 197 | 2,771 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Com Hem Holding AB | 331 | $ | 2,916 | |||||
Fabege AB | 134 | 2,136 | ||||||
Fastighets AB Balder, Class B* | 132 | 2,788 | ||||||
Fingerprint Cards AB, Class B* | 95 | 6,753 | ||||||
Hemfosa Fastigheter AB | 306 | 3,254 | ||||||
Hexpol AB | 348 | 3,707 | ||||||
Holmen AB, Class B | 91 | 2,878 | ||||||
Hufvudstaden AB, Class A | 147 | 2,034 | ||||||
Indutrade AB | 58 | 3,173 | ||||||
Intrum Justitia AB | 123 | 4,204 | ||||||
JM AB | 135 | 3,939 | ||||||
Kungsleden AB | 444 | 3,182 | ||||||
L E Lundbergforetagen AB, Class B | 37 | 1,977 | ||||||
Loomis AB, Class B | 117 | 3,914 | ||||||
Meda AB, Class A | 389 | 4,683 | ||||||
Modern Times Group MTG AB, Class B | 126 | 3,718 | ||||||
NCC AB, Class B | 117 | 3,613 | ||||||
NetEnt AB* | 59 | 3,511 | ||||||
Nibe Industrier AB, Class B | 140 | 4,714 | ||||||
Nobia AB | 197 | 2,419 | ||||||
Peab AB | 370 | 2,825 | ||||||
Ratos AB, Class B | 472 | 2,695 | ||||||
Saab AB, Class B | 131 | 4,060 | ||||||
SSAB AB, Class A*(a) | 497 | 1,719 | ||||||
Swedish Orphan Biovitrum AB* | 244 | 3,858 | ||||||
Trelleborg AB, Class B | 274 | 5,366 | ||||||
Wallenstam AB, Class B | 280 | 2,284 | ||||||
Wihlborgs Fastigheter AB | 165 | 3,254 | ||||||
|
| |||||||
112,520 | ||||||||
|
| |||||||
Switzerland — 4.1% | ||||||||
Allreal Holding AG* | 23 | 2,870 | ||||||
Basilea Pharmaceutica Ltd.*(a) | 26 | 2,573 | ||||||
Bucher Industries AG | 18 | 4,094 | ||||||
Burckhardt Compression Holding AG | 9 | 2,876 | ||||||
Cembra Money Bank AG* | 72 | 4,269 | ||||||
Clariant AG* | 372 | 6,859 | ||||||
dorma+kaba Holding AG | 5 | 3,212 | ||||||
Ferrexpo PLC | 2,915 | 1,131 | ||||||
Flughafen Zuerich AG | 7 | 5,014 | ||||||
Forbo Holding AG* | 2 | 2,212 | ||||||
GAM Holding AG* | 266 | 4,615 | ||||||
Georg Fischer AG | 8 | 5,214 | ||||||
Helvetia Holding AG | 4 | 2,129 | ||||||
Kuoni Reisen Holding AG* | 12 | 2,711 | ||||||
Leonteq AG* | 19 | 2,862 | ||||||
Logitech International SA | 285 | 4,280 | ||||||
Mobimo Holding AG* | 16 | 3,407 | ||||||
OC Oerlikon Corp. AG* | 370 | 3,560 | ||||||
Panalpina Welttransport Holding AG (a) | 29 | 3,256 | ||||||
PSP Swiss Property AG* | 53 | 4,397 | ||||||
SFS Group AG* | 42 | 2,790 | ||||||
Straumann Holding AG | 16 | 4,735 | ||||||
Sunrise Communications Group AG, 144A* | 65 | 3,854 | ||||||
Tecan Group AG | 24 | 3,550 | ||||||
Temenos Group AG* | 106 | 5,151 | ||||||
U-Blox AG*(a) | 14 | 2,898 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Valiant Holding AG | 39 | $ | 4,302 | |||||
Vontobel Holding AG | 64 | 2,877 | ||||||
|
| |||||||
101,698 | ||||||||
|
| |||||||
United Arab Emirates — 0.1% | ||||||||
Al Noor Hospitals Group PLC | 171 | 2,923 | ||||||
|
| |||||||
United Kingdom — 19.3% | ||||||||
AA PLC | 811 | 3,298 | ||||||
Abcam PLC | 295 | 2,550 | ||||||
Allied Minds PLC*(a) | 397 | 2,535 | ||||||
Amlin PLC | 646 | 6,417 | ||||||
Ashmore Group PLC | 762 | 2,898 | ||||||
ASOS PLC* | 84 | 4,238 | ||||||
AVEVA Group PLC | 109 | 3,600 | ||||||
Balfour Beatty PLC* | 1,087 | 4,201 | ||||||
BBA Aviation PLC (a) | 1,293 | 3,505 | ||||||
Beazley PLC | 582 | 3,450 | ||||||
Bellway PLC | 154 | 6,068 | ||||||
Berendsen PLC | 246 | 3,927 | ||||||
Berkeley Group Holdings PLC | 215 | 10,398 | ||||||
Betfair Group PLC | 90 | 4,965 | ||||||
BGEO Group PLC | 115 | 3,362 | ||||||
Big Yellow Group PLC REIT | 218 | 2,617 | ||||||
Bodycote PLC | 385 | 3,363 | ||||||
Booker Group PLC | 2,179 | 5,920 | ||||||
Bovis Homes Group PLC | 198 | 2,840 | ||||||
Brewin Dolphin Holdings PLC | 640 | 2,516 | ||||||
Britvic PLC | 426 | 4,603 | ||||||
BTG PLC* | 543 | 5,042 | ||||||
Cable & Wireless Communications PLC | 4,077 | 4,651 | ||||||
Cairn Energy PLC* | 1,183 | 2,557 | ||||||
Capital & Counties Properties PLC | 623 | 4,134 | ||||||
Card Factory PLC | 580 | 3,223 | ||||||
Carillion PLC | 686 | 3,257 | ||||||
Cineworld Group PLC | 189 | 1,553 | ||||||
Clinigen Group PLC | 198 | 2,001 | ||||||
Close Brothers Group PLC | 189 | 4,051 | ||||||
Countrywide PLC | 417 | 2,466 | ||||||
Crest Nicholson Holdings PLC | 362 | 2,925 | ||||||
Daily Mail & General Trust PLC, Class A | 384 | 4,135 | ||||||
Dairy Crest Group PLC | 337 | 3,096 | ||||||
Debenhams PLC | 2,441 | 3,073 | ||||||
Derwent London PLC REIT | 133 | 7,552 | ||||||
Dialog Semiconductor PLC* | 107 | 3,995 | ||||||
Dignity PLC | 59 | 2,205 | ||||||
Diploma PLC | 225 | 2,406 | ||||||
Domino’s Pizza Group PLC | 207 | 3,277 | ||||||
Drax Group PLC | 814 | 2,760 | ||||||
DS Smith PLC | 1,134 | 7,088 | ||||||
Dunelm Group PLC | 145 | 2,139 | ||||||
Electrocomponents PLC | 928 | 3,380 | ||||||
Elementis PLC | 887 | 3,395 | ||||||
Essentra PLC | 362 | 4,735 | ||||||
esure Group PLC | 623 | 2,375 | ||||||
Firstgroup PLC* | 2,144 | 3,400 | ||||||
Galliford Try PLC | 128 | 2,818 | ||||||
Genus PLC | 115 | 2,499 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Go-Ahead Group PLC | 82 | $ | 3,246 | |||||
Grainger PLC | 828 | 3,055 | ||||||
Great Portland Estates PLC REIT | 198 | 2,614 | ||||||
Greene King PLC | 290 | 3,713 | ||||||
Greggs PLC | 169 | 3,164 | ||||||
GW Pharmaceuticals PLC* | 400 | 2,881 | ||||||
Halfords Group PLC | 472 | 2,650 | ||||||
Halma PLC | 384 | 4,988 | ||||||
Hansteen Holdings PLC REIT | 1,269 | 2,242 | ||||||
Hays PLC | 1,911 | 4,240 | ||||||
HellermannTyton Group PLC | 430 | 3,070 | ||||||
Henderson Group PLC | 1,585 | 7,372 | ||||||
Home Retail Group PLC | 1,612 | 2,498 | ||||||
HomeServe PLC | 447 | 2,846 | ||||||
Howden Joinery Group PLC | 761 | 5,960 | ||||||
Hunting PLC | 329 | 1,645 | ||||||
IG Group Holdings PLC | 302 | 3,520 | ||||||
Imagination Technologies Group PLC* | 613 | 1,745 | ||||||
Inchcape PLC | 541 | 6,408 | ||||||
Indivior PLC | 1,073 | 3,159 | ||||||
Informa PLC | 637 | 5,982 | ||||||
Intermediate Capital Group PLC | 442 | 4,081 | ||||||
International Personal Finance PLC | 605 | 3,377 | ||||||
Interserve PLC | 318 | 2,543 | ||||||
J D Wetherspoon PLC | 178 | 1,917 | ||||||
John Wood Group PLC | 640 | 5,383 | ||||||
Jupiter Fund Management PLC | 575 | 4,075 | ||||||
Just Eat PLC* | 628 | 4,167 | ||||||
Keller Group PLC | 191 | 2,386 | ||||||
Kier Group PLC | 152 | 3,100 | ||||||
Ladbrokes PLC | 1,950 | 3,421 | ||||||
Laird PLC | 534 | 2,871 | ||||||
Lancashire Holdings Ltd. (a) | 242 | 2,475 | ||||||
LondonMetric Property PLC REIT | 876 | 2,157 | ||||||
Man Group PLC | 2,333 | 5,734 | ||||||
Marston’s PLC | 604 | 1,565 | ||||||
Michael Page International PLC | 431 | 3,301 | ||||||
Micro Focus International PLC | 149 | 2,879 | ||||||
Mitchells & Butlers PLC* | 395 | 1,967 | ||||||
Mitie Group PLC (a) | 607 | 2,917 | ||||||
Moneysupermarket.com Group PLC | 538 | 2,642 | ||||||
Morgan Advanced Materials PLC | 622 | 2,351 | ||||||
National Express Group PLC | 638 | 3,086 | ||||||
Northgate PLC | 414 | 2,488 | ||||||
Ocado Group PLC* | 745 | 4,152 | ||||||
Ophir Energy PLC* | 1,002 | 1,486 | ||||||
Pace PLC | 545 | 3,272 | ||||||
Paragon Group of Cos. PLC (The) | 588 | 3,394 | ||||||
Pennon Group PLC | 451 | 5,930 | ||||||
Pets at Home Group PLC | 652 | 2,633 | ||||||
Poundland Group PLC | 698 | 2,268 | ||||||
Premier Oil PLC* | 1,380 | 1,477 | ||||||
QinetiQ Group PLC | 962 | 3,809 | ||||||
Redrow PLC | 349 | 2,387 | ||||||
Renishaw PLC | 75 | 2,077 | ||||||
Rentokil Initial PLC | 2,189 | 5,262 | ||||||
Restaurant Group PLC (The) | 276 | 2,729 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Rightmove PLC | 128 | $ | 7,713 | |||||
Rotork PLC | 1,422 | 3,898 | ||||||
RPC Group PLC | 325 | 3,745 | ||||||
Safestore Holdings PLC REIT | 492 | 2,671 | ||||||
Savills PLC | 159 | 2,150 | ||||||
Senior PLC | 782 | 2,930 | ||||||
Serco Group PLC* | 2,003 | 3,333 | ||||||
Shaftesbury PLC REIT | 116 | 1,630 | ||||||
SIG PLC | 1,189 | 2,502 | ||||||
Spectris PLC | 168 | 4,501 | ||||||
Spirax-Sarco Engineering PLC | 72 | 3,383 | ||||||
Spire Healthcare Group PLC, 144A | 496 | 2,423 | ||||||
SSP Group PLC | 471 | 2,230 | ||||||
St. Modwen Properties PLC | 357 | 2,325 | ||||||
Stagecoach Group PLC | 570 | 3,054 | ||||||
SuperGroup PLC* | 101 | 2,495 | ||||||
SVG Capital PLC* | 429 | 3,152 | ||||||
Synthomer PLC | 486 | 2,354 | ||||||
TalkTalk Telecom Group PLC | 754 | 2,725 | ||||||
Ted Baker PLC | 43 | 2,123 | ||||||
Telecity Group PLC | 250 | 4,597 | ||||||
Telecom Plus PLC | 167 | 2,845 | ||||||
Thomas Cook Group PLC* | 2,264 | 4,088 | ||||||
Tullett Prebon PLC | 505 | 2,661 | ||||||
UBM PLC | 511 | 3,894 | ||||||
Ultra Electronics Holdings PLC | 109 | 3,262 | ||||||
UNITE Group PLC (The) | 237 | 2,406 | ||||||
Vectura Group PLC* | 892 | 2,303 | ||||||
Vesuvius PLC | 506 | 2,596 | ||||||
Victrex PLC | 129 | 3,759 | ||||||
Virgin Money Holdings (UK) PLC | 330 | 1,769 | ||||||
WH Smith PLC | 158 | 4,129 | ||||||
Workspace Group PLC REIT | 79 | 1,136 | ||||||
WS Atkins PLC | 148 | 3,522 | ||||||
|
| |||||||
480,520 | ||||||||
|
| |||||||
United States — 0.1% | ||||||||
Sims Metal Management Ltd. (a) | 519 | 2,534 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,477,871 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Germany — 0.3% | ||||||||
Jungheinrich AG | 48 | 3,725 | ||||||
Sartorius AG | 18 | 4,236 | ||||||
|
| |||||||
7,961 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 7,961 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
ALS Ltd.*, expires 12/31/15 | 257 | 67 | ||||||
Spark Infrastructure Group*, expires 12/31/15 | 386 | 5 | ||||||
|
| |||||||
72 | ||||||||
|
| |||||||
TOTAL RIGHTS | 72 | |||||||
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 5.1% | ||||||||
Daily Assets Fund, | 127,048 | $ | 127,048 | |||||
|
| |||||||
TOTAL INVESTMENTS — 104.7% (Cost $2,687,756)† | $ | 2,612,952 | ||||||
Other assets and liabilities, net — (4.7%) | (117,459 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,495,493 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,687,756. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $74,804. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $82,951 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $157,755. |
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $121,617, which is 4.9% of net assets.
(b) Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust.
SDR: Swedish Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | CHF | 54,200 | USD | 55,030 | $ | 2,349 | |||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 8,000 | USD | 8,123 | 347 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 47,000 | USD | 47,721 | 2,039 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | DKK | 166,000 | USD | 24,603 | 1,094 | ||||||||||||
RBC Capital Markets | 12/2/2015 | DKK | 166,000 | USD | 24,603 | 1,094 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 5,000 | USD | 741 | 33 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | DKK | 5,000 | USD | 709 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 264,000 | USD | 291,728 | 12,801 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 214,336 | USD | 236,849 | 10,393 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 4,000 | USD | 4,409 | 183 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 46,000 | USD | 50,829 | 2,228 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 2,400 | USD | 2,572 | 36 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | GBP | 178,000 | USD | 274,852 | 6,768 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 152,814 | USD | 235,963 | 5,811 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 3,000 | USD | 4,639 | 120 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 12,000 | USD | 18,530 | 456 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 700 | USD | 1,056 | 2 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | GBP | 6,600 | USD | 10,191 | 251 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | HKD | 218,000 | USD | 28,131 | 15 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 183,000 | USD | 23,614 | 12 | ||||||||||||
RBC Capital Markets | 12/2/2015 | HKD | 35,000 | USD | 4,516 | 2 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 33,100 | USD | 4,271 | 2 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 10,600 | USD | 1,368 | 1 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | HKD | 5,100 | USD | 658 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | ILS | 37,000 | USD | 9,580 | 24 | ||||||||||||
RBC Capital Markets | 12/2/2015 | ILS | 37,000 | USD | 9,580 | 23 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | ILS | 6,700 | USD | 1,735 | 4 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | ILS | 3,500 | USD | 902 | (2 | ) |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/2/2015 | JPY | 266,700 | USD | 2,166 | $ | (4 | ) | ||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | NOK | 131,000 | USD | 15,473 | 400 | ||||||||||||
RBC Capital Markets | 12/2/2015 | NOK | 131,000 | USD | 15,474 | 400 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | NOK | 22,300 | USD | 2,634 | 68 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | SEK | 427,000 | USD | 50,319 | 1,361 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 384,000 | USD | 45,252 | 1,224 | ||||||||||||
RBC Capital Markets | 12/2/2015 | SEK | 69,000 | USD | 8,131 | 220 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SEK | 1,500 | USD | 177 | 5 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | SGD | 4,200 | USD | 2,977 | 3 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 52,726 | CHF | 54,200 | (46 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 23,501 | DKK | 166,000 | 8 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 1,437 | EUR | 1,300 | (63 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 277,451 | EUR | 262,700 | 104 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 267,943 | GBP | 178,000 | 141 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 28,122 | HKD | 218,000 | (5 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 9,562 | ILS | 37,000 | (6 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 15,089 | NOK | 131,000 | (15 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 48,962 | SEK | 427,000 | (4 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 53,505 | CHF | 55,000 | (47 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 23,501 | DKK | 166,000 | 8 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 279,179 | EUR | 264,336 | 105 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 252,610 | GBP | 167,814 | 133 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 28,122 | HKD | 218,000 | (5 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 9,562 | ILS | 37,000 | (6 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 15,089 | NOK | 131,000 | (15 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 51,943 | SEK | 453,000 | (4 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 708 | DKK | 5,000 | 0 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,629 | EUR | 2,400 | (94 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,392 | GBP | 2,200 | (78 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,462 | GBP | 2,300 | 2 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,223 | GBP | 800 | (18 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 3,057 | GBP | 2,000 | (45 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 6,295 | HKD | 48,800 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,636 | ILS | 10,200 | (2 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,569 | NOK | 22,300 | (3 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 172 | SEK | 1,500 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | AUD | 86,800 | USD | 62,782 | 137 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | AUD | 86,800 | USD | 61,833 | (928 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 77,184 | USD | 54,981 | (829 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 14,000 | USD | 9,973 | (150 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 5,200 | USD | 3,704 | (56 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | AUD | 1,700 | USD | 1,194 | (35 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | HKD | 48,800 | USD | 6,296 | 1 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 47,590,900 | USD | 394,462 | 7,809 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | JPY | 300,000 | USD | 2,478 | 41 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 33,732,506 | USD | 279,599 | 5,538 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 8,060,000 | USD | 66,804 | 1,320 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 266,700 | USD | 2,204 | 37 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | NZD | 19,000 | USD | 12,827 | 323 | ||||||||||||
RBC Capital Markets | 12/3/2015 | NZD | 19,000 | USD | 12,826 | 322 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | SGD | 29,600 | USD | 21,111 | 129 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 31,000 | USD | 22,111 | 136 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | SGD | 1,100 | USD | 774 | (5 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | SGD | 3,100 | USD | 2,211 | 14 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 62,895 | AUD | 86,800 | (132 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 380,529 | JPY | 46,911,600 | 606 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 8,117 | JPY | 979,300 | (161 | ) |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 12,520 | NZD | 19,000 | $ | (16 | ) | ||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 21,009 | SGD | 29,600 | (26 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 66,068 | AUD | 91,184 | (135 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 339,009 | JPY | 41,792,506 | 536 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 12,519 | NZD | 19,000 | (15 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 22,002 | SGD | 31,000 | (27 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 4,999 | AUD | 6,900 | (10 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,163 | JPY | 266,700 | 3 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 2,981 | SGD | 4,200 | (4 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | CHF | 54,200 | USD | 52,869 | 30 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 55,000 | USD | 53,647 | 28 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | DKK | 166,000 | USD | 23,536 | (14 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | DKK | 166,000 | USD | 23,535 | (15 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 262,700 | USD | 277,758 | (146 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 9,000 | USD | 9,515 | (6 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 264,336 | USD | 279,485 | (150 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | GBP | 178,000 | USD | 267,986 | (147 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | GBP | 167,814 | USD | 252,647 | (142 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | GBP | 2,300 | USD | 3,463 | (2 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | HKD | 218,000 | USD | 28,125 | 4 | ||||||||||||
RBC Capital Markets | 1/5/2016 | HKD | 218,000 | USD | 28,126 | 4 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | ILS | 37,000 | USD | 9,567 | 4 | ||||||||||||
RBC Capital Markets | 1/5/2016 | ILS | 37,000 | USD | 9,567 | 4 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | ILS | 10,200 | USD | 2,637 | 1 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | NOK | 131,000 | USD | 15,082 | 15 | ||||||||||||
RBC Capital Markets | 1/5/2016 | NOK | 131,000 | USD | 15,081 | 15 | ||||||||||||
The Bank of New York Mellon | 1/5/2016 | NOK | 22,300 | USD | 2,567 | 3 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | SEK | 427,000 | USD | 49,028 | (4 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | SEK | 453,000 | USD | 52,009 | (9 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | SEK | 51,000 | USD | 5,856 | (1 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | SEK | 1,500 | USD | 172 | 0 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 91,184 | USD | 65,948 | 139 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | AUD | 6,900 | USD | 4,991 | 11 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | JPY | 46,911,600 | USD | 381,017 | (614 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 41,792,506 | USD | 339,443 | (544 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 2,955,000 | USD | 24,001 | (38 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/6/2016 | SGD | 29,600 | USD | 20,983 | 26 | ||||||||||||
RBC Capital Markets | 1/6/2016 | SGD | 31,000 | USD | 21,975 | 26 | ||||||||||||
Canadian Imperial Bank of Commerce | 1/7/2016 | NZD | 19,000 | USD | 12,490 | 17 | ||||||||||||
RBC Capital Markets | 1/7/2016 | NZD | 19,000 | USD | 12,489 | 17 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 62,742 | ||||||||||||||||
|
|
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 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,476,811 | $ | — | $ | 1,060 | $ | 2,477,871 | ||||||||
Preferred Stocks* | 7,961 | — | — | 7,961 | ||||||||||||
Rights | 72 | — | — | 72 | ||||||||||||
Securities Lending Collateral | 127,048 | — | — | 127,048 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 67,566 | — | 67,566 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (4,824 | ) | — | (4,824 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,611,892 | $ | 62,742 | $ | 1,060 | $ | 2,675,694 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Consumer Discretionary — 9.0% | ||||||||
Fiat Chrysler Automobiles NV* | 7,626 | $ | 108,934 | |||||
Luxottica Group SpA | 1,626 | 108,746 | ||||||
|
| |||||||
217,680 | ||||||||
|
| |||||||
Energy — 15.9% | ||||||||
Eni SpA | 18,502 | 301,434 | ||||||
Saipem SpA*(a) | 1,997 | 17,259 | ||||||
Tenaris SA | 5,259 | 69,066 | ||||||
|
| |||||||
387,759 | ||||||||
|
| |||||||
Financials — 40.3% | ||||||||
Assicurazioni Generali SpA | 5,746 | 109,276 | ||||||
Banca Monte dei Paschi di Siena SpA* | 33,384 | 52,414 | ||||||
Banco Popolare SC* | 4,213 | 60,759 | ||||||
EXOR SpA | 1,229 | 55,082 | ||||||
Intesa Sanpaolo SpA | 92,527 | 317,521 | ||||||
Intesa Sanpaolo SpA-RSP | 5,920 | 18,602 | ||||||
Mediobanca SpA | 6,489 | 62,183 | ||||||
UniCredit SpA | 32,981 | 193,569 | ||||||
Unione di Banche Italiane SpA | 9,994 | 68,001 | ||||||
UnipolSai SpA | 15,833 | 40,851 | ||||||
|
| |||||||
978,258 | ||||||||
|
| |||||||
Industrials — 12.5% | ||||||||
Atlantia SpA | 4,052 | 107,028 | ||||||
CNH Industrial NV | 10,460 | 76,973 | ||||||
Finmeccanica SpA* | 4,592 | 66,516 | ||||||
Prysmian SpA | 2,459 | 53,780 | ||||||
|
| |||||||
304,297 | ||||||||
|
| |||||||
Telecommunication Services — 4.6% | ||||||||
Telecom Italia SpA*(a) | 67,804 | 87,685 | ||||||
Telecom Italia SpA-RSP | 20,951 | 24,128 | ||||||
|
| |||||||
111,813 | ||||||||
|
| |||||||
Utilities — 17.2% | ||||||||
Enel Green Power SpA | 8,530 | 18,016 | ||||||
Enel SpA | 49,480 | 218,208 | ||||||
Snam SpA | 20,585 | 104,613 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 15,983 | 78,692 | ||||||
|
| |||||||
419,529 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,419,336 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Financials — 0.0% | ||||||||
Unione di Banche Italiane SpA*, expires 1/30/16 | 9,096 | 0 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 7.6% | ||||||||
Daily Assets Fund, | 184,771 | 184,771 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 107.1% (Cost $2,777,318)† | $ | 2,604,107 | ||||||
Other assets and liabilities, net — (7.1%) | (172,961 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,431,146 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,777,318. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $173,211. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $11,553 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $184,764. |
(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $174,200, which is 7.2% of net assets.
(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
RSP: Risparmio (Convertible Savings Shares).
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 1,120,193 | USD | 1,237,847 | $ | 54,311 | |||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 850,222 | USD | 939,525 | 41,226 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 17,000 | USD | 18,739 | 778 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 178,000 | USD | 196,688 | 8,622 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 15,600 | USD | 17,198 | 716 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 21,847 | USD | 24,142 | 1,059 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 2,400 | USD | 2,572 | 36 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 1,237,847 | EUR | 1,172,037 | 465 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,154,952 | EUR | 1,093,549 | 433 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 23,972 | EUR | 22,698 | 9 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 19,939 | EUR | 18,200 | (709 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 1,170,740 | USD | 1,237,847 | (652 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 1,092,349 | USD | 1,154,952 | (619 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 22,673 | USD | 23,972 | (13 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 7,404 | EUR | 7,000 | 1 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 105,663 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,419,336 | $ | — | $ | — | $ | 2,419,336 | ||||||||
Rights | 0 | — | — | — | ||||||||||||
Securities Lending Collateral | 184,771 | — | — | 184,771 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 107,656 | — | 107,656 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (1,993 | ) | — | (1,993 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,604,107 | $ | 105,663 | $ | — | $ | 2,709,770 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Italy — 37.2% | ||||||||
Assicurazioni Generali SpA | 3,806 | $ | 72,382 | |||||
Atlantia SpA | 1,346 | 35,553 | ||||||
Banca Monte dei Paschi di Siena SpA* | 8,600 | 13,502 | ||||||
Banco Popolare SC* | 1,138 | 16,412 | ||||||
Enel Green Power SpA | 5,703 | 12,045 | ||||||
Enel SpA | 22,983 | 101,356 | ||||||
Eni SpA | 8,290 | 135,060 | ||||||
EXOR SpA | 310 | 13,894 | ||||||
Finmeccanica SpA* | 1,272 | 18,425 | ||||||
Intesa Sanpaolo SpA | 41,336 | 141,851 | ||||||
Intesa Sanpaolo SpA-RSP | 2,841 | 8,927 | ||||||
Luxottica Group SpA | 552 | 36,918 | ||||||
Mediobanca SpA | 1,767 | 16,933 | ||||||
Prysmian SpA | 611 | 13,363 | ||||||
Saipem SpA*(a) | 807 | 6,975 | ||||||
Snam SpA | 6,845 | 34,786 | ||||||
Telecom Italia SpA*(a) | 37,394 | 48,358 | ||||||
Telecom Italia SpA-RSP | 19,638 | 22,616 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 4,913 | 24,189 | ||||||
UniCredit SpA | 15,557 | 91,306 | ||||||
Unione di Banche Italiane SpA | 2,939 | 19,997 | ||||||
UnipolSai SpA | 3,388 | 8,741 | ||||||
|
| |||||||
893,589 | ||||||||
|
| |||||||
Luxembourg — 0.8% | ||||||||
Tenaris SA | 1,484 | 19,489 | ||||||
|
| |||||||
Portugal — 2.4% | ||||||||
Banco Comercial Portugues SA, Class R*(a) | 134,675 | 7,200 | ||||||
EDP — Energias de Portugal SA | 7,547 | 25,157 | ||||||
Galp Energia SGPS SA | 1,212 | 12,895 | ||||||
Jeronimo Martins SGPS SA | 821 | 11,394 | ||||||
|
| |||||||
56,646 | ||||||||
|
| |||||||
Spain — 55.5% | ||||||||
Abertis Infraestructuras SA | 1,691 | 26,183 | ||||||
ACS Actividades de Construccion y Servicios SA | 608 | 19,830 | ||||||
Aena SA, 144A* | 213 | 24,158 | ||||||
Amadeus IT Holding SA, Class A | 1,431 | 57,400 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 20,771 | 172,404 | ||||||
Banco de Sabadell SA | 16,464 | 30,389 | ||||||
Banco Popular Espanol SA | 5,354 | 18,865 | ||||||
Banco Santander SA | 47,107 | 257,215 | ||||||
Bankia SA | 14,471 | 18,133 | ||||||
Bankinter SA | 2,118 | 15,331 | ||||||
CaixaBank SA | 8,548 | 31,312 | ||||||
Distribuidora Internacional de Alimentacion | 2,016 | 12,744 | ||||||
Enagas SA | 701 | 20,893 | ||||||
Endesa SA | 1,036 | 21,432 | ||||||
Ferrovial SA | 1,468 | 34,774 | ||||||
Gas Natural SDG SA | 1,142 | 24,705 | ||||||
Grifols SA | 487 | 23,113 | ||||||
Iberdrola SA | 17,553 | 122,976 | ||||||
Industria de Diseno Textil SA | 3,555 | 127,930 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Mapfre SA | 3,284 | $ | 9,011 | |||||
Red Electrica Corp. SA | 353 | 30,284 | ||||||
Repsol SA | 3,423 | 44,646 | ||||||
Telefonica SA | 14,687 | 181,167 | ||||||
Zardoya Otis SA | 552 | 6,678 | ||||||
|
| |||||||
1,331,573 | ||||||||
|
| |||||||
United Kingdom — 3.6% | ||||||||
CNH Industrial NV | 3,092 | 22,754 | ||||||
Fiat Chrysler Automobiles NV* | 2,932 | 41,882 | ||||||
International Consolidated Airlines Group | 2,649 | 22,578 | ||||||
|
| |||||||
87,214 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,388,511 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Unione di Banche Italiane SpA*, expires 01/30/16 | 2,833 | 0 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.7% | ||||||||
Daily Assets Fund, | 87,464 | 87,464 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.2% (Cost $2,686,998)† | $ | 2,475,975 | ||||||
Other assets and liabilities, net — (3.2%) | (76,486 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,399,489 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,686,998. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $211,023. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $15,081 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $226,104. |
(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $82,003, which is 3.4% of net assets.
(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
RSP: Risparmio (Convertible Savings Shares).
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 1,116,199 | USD | 1,233,434 | $ | 54,116 | |||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 17,000 | USD | 18,739 | 778 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 809,912 | USD | 894,981 | 39,272 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 200,000 | USD | 220,997 | 9,688 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 8,100 | USD | 8,874 | 316 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 30,382 | USD | 33,573 | 1,473 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 1,233,434 | EUR | 1,167,858 | 463 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,134,717 | EUR | 1,074,390 | 426 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 33,988 | EUR | 32,181 | 13 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,293 | EUR | 1,200 | (25 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 7,166 | EUR | 6,600 | (193 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 1,166,566 | USD | 1,233,434 | (649 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 1,073,211 | USD | 1,134,717 | (608 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 32,145 | USD | 33,988 | (18 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 15,859 | EUR | 15,000 | 9 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 7,404 | EUR | 7,000 | 1 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 105,062 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,388,511 | $ | — | $ | — | $ | 2,388,511 | ||||||||
Rights | 0 | — | — | — | ||||||||||||
Securities Lending Collateral | 87,464 | — | — | 87,464 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 106,555 | — | 106,555 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (1,493 | ) | — | (1,493 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,475,975 | $ | 105,062 | $ | — | $ | 2,581,037 | ||||||||
|
|
|
|
|
|
|
| |||||||||
There have been no transfers between fair value measurement levels during the period ended November 30, 2015. |
|
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
November 30, 2015 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Consumer Discretionary — 5.1% | ||||||||
Industria de Diseno Textil SA | 3,368 | $ | 121,201 | |||||
|
| |||||||
Consumer Staples — 1.9% | ||||||||
Distribuidora Internacional de Alimentacion SA* | 7,086 | 44,793 | ||||||
|
| |||||||
Energy — 4.2% | ||||||||
Repsol SA | 7,706 | 100,510 | ||||||
|
| |||||||
Financials — 39.4% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 26,189 | 217,374 | ||||||
Banco de Sabadell SA | 40,874 | 75,445 | ||||||
Banco Popular Espanol SA | 15,963 | 56,247 | ||||||
Banco Santander SA | 67,238 | 367,135 | ||||||
Bankia SA | 44,051 | 55,199 | ||||||
Bankinter SA | 6,963 | 50,401 | ||||||
CaixaBank SA | 20,954 | 76,755 | ||||||
Mapfre SA | 14,458 | 39,671 | ||||||
|
| |||||||
938,227 | ||||||||
|
| |||||||
Health Care — 2.7% | ||||||||
Grifols SA | 1,338 | 63,502 | ||||||
|
| |||||||
Industrials — 15.7% | ||||||||
Abertis Infraestructuras SA | 4,459 | 69,042 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,767 | 57,632 | ||||||
Aena SA, 144A* | 589 | 66,804 | ||||||
Ferrovial SA | 3,521 | 83,404 | ||||||
International Consolidated Airlines Group SA (United Kingdom)* | 7,343 | 62,586 | ||||||
Zardoya Otis SA | 2,971 | 35,941 | ||||||
|
| |||||||
375,409 | ||||||||
|
| |||||||
Information Technology — 4.5% | ||||||||
Amadeus IT Holding SA, Class A | 2,676 | 107,339 | ||||||
|
| |||||||
Telecommunication Services — 9.7% | ||||||||
Telefonica SA (a) | 18,833 | 232,308 | ||||||
|
| |||||||
Utilities — 16.4% | ||||||||
Enagas SA | 1,993 | 59,402 | ||||||
Endesa SA | 2,906 | 60,117 | ||||||
Gas Natural SDG SA | 3,069 | 66,391 | ||||||
Iberdrola SA | 18,374 | 128,728 | ||||||
Red Electrica Corp. SA | 882 | 75,668 | ||||||
|
| |||||||
390,306 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,373,595 | |||||||
|
| |||||||
RIGHTS — 0.3% | ||||||||
Telecommunication Services — 0.3% | ||||||||
Telefonica SA*(a), expires 12/31/15 | 19,644 | 7,119 | ||||||
|
|
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 10.5% | ||||||||
Daily Assets Fund, | 251,745 | $ | 251,745 | |||||
|
| |||||||
TOTAL INVESTMENTS —110.4% (Cost $2,848,057)† | $ | 2,632,459 | ||||||
Other assets and liabilities, | (249,053 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,383,406 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,848,057. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $215,598. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $20,049 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $235,647. |
(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $239,427, which is 10.0% of net assets.
(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 1,113,204 | USD | 1,230,124 | $ | 53,971 | |||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | EUR | 1,000 | USD | 1,096 | 39 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 788,739 | USD | 871,584 | 38,245 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 17,000 | USD | 18,739 | 778 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 207,000 | USD | 228,732 | 10,027 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 34,489 | USD | 38,111 | 1,672 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 19,100 | USD | 20,925 | 745 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/2/2015 | USD | 1,231,220 | EUR | 1,165,762 | 462 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,119,055 | EUR | 1,059,561 | 420 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 39,193 | EUR | 37,109 | 15 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 644 | EUR | 600 | (10 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 1,066 | EUR | 1,000 | (10 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 18,133 | EUR | 16,700 | (489 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 1/5/2016 | EUR | 1,164,472 | USD | 1,231,220 | (647 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 1,058,398 | USD | 1,119,055 | (600 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 37,068 | USD | 39,193 | (20 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 22,203 | EUR | 21,000 | 13 | ||||||||||||
RBC Capital Markets | 1/5/2016 | USD | 7,404 | EUR | 7,000 | 1 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 104,612 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 2,373,595 | $ | — | $ | — | $ | 2,373,595 | ||||||||
Rights | 7,119 | — | — | 7,119 | ||||||||||||
Securities Lending Collateral | 251,745 | — | — | 251,745 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 106,388 | — | 106,388 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (1,776 | ) | — | (1,776 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,632,459 | $ | 104,612 | $ | — | $ | 2,737,071 | ||||||||
|
|
|
|
|
|
|
| |||||||||
There have been no transfers between fair value measurement levels during the period ended November 30, 2015. |
|
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
November 30, 2015 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Australia — 8.8% | ||||||||
Macquarie Atlas Roads Group (a) | 5,482 | $ | 16,770 | |||||
Qube Holdings Ltd. | 10,991 | 19,077 | ||||||
Sydney Airport (a) | 15,010 | 71,645 | ||||||
Transurban Group (a) | 25,305 | 189,777 | ||||||
|
| |||||||
297,269 | ||||||||
|
| |||||||
Bermuda — 0.2% | ||||||||
Golar Lng Ltd. | 259 | 7,084 | ||||||
|
| |||||||
Brazil — 0.8% | ||||||||
CPFL Energia SA, ADR* | 675 | 5,494 | ||||||
Ultrapar Participacoes SA, ADR | 1,322 | 21,152 | ||||||
|
| |||||||
26,646 | ||||||||
|
| |||||||
Canada — 6.9% | ||||||||
AltaGas Ltd. | 414 | 9,703 | ||||||
Enbridge, Inc. | 2,656 | 94,331 | ||||||
Inter Pipeline Ltd. | 1,023 | 17,787 | ||||||
Pembina Pipeline Corp. | 1,045 | 23,984 | ||||||
TransCanada Corp. | 2,198 | 69,358 | ||||||
Veresen, Inc. | 889 | 6,977 | ||||||
Westshore Terminals Investment Corp. | 806 | 11,274 | ||||||
|
| |||||||
233,414 | ||||||||
|
| |||||||
Chile — 0.6% | ||||||||
Empresa Nacional de Electricidad SA, ADR | 240 | 8,583 | ||||||
Enersis SA, ADR | 839 | 10,286 | ||||||
|
| |||||||
18,869 | ||||||||
|
| |||||||
China — 0.6% | ||||||||
CGN Power Co. Ltd., Class H, 144A | 22,253 | 8,610 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 6,805 | 5,661 | ||||||
Huaneng Power International, Inc., | 189 | 6,721 | ||||||
|
| |||||||
20,992 | ||||||||
|
| |||||||
France — 6.3% | ||||||||
Aeroports de Paris | 452 | 51,195 | ||||||
Engie | 3,603 | 62,773 | ||||||
Groupe Eurotunnel SE | 7,603 | 97,158 | ||||||
|
| |||||||
211,126 | ||||||||
|
| |||||||
Germany — 2.3% | ||||||||
E.ON SE | 4,462 | 42,410 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 511 | 31,254 | ||||||
Hamburger Hafen Und Logistik AG | 324 | 4,738 | ||||||
|
| |||||||
78,402 | ||||||||
|
| |||||||
Hong Kong — 4.4% | ||||||||
Beijing Enterprises Water Group Ltd.* | 10,692 | 8,356 | ||||||
China Gas Holdings Ltd. | 4,685 | 6,659 | ||||||
China Merchants Holdings International Co. Ltd. | 24,315 | 79,028 | ||||||
China Resources Power Holdings Co. Ltd. | 3,890 | 7,325 | ||||||
COSCO Pacific Ltd. | 26,176 | 31,782 | ||||||
Guangdong Investment Ltd. | 6,166 | 8,414 | ||||||
Hopewell Highway Infrastructure Ltd. | 13,810 | 6,590 | ||||||
|
| |||||||
148,154 | ||||||||
|
|
Number | Value | |||||||
Italy — 7.2% | ||||||||
Ansaldo STS SpA | 1,629 | $ | 16,824 | |||||
Atlantia SpA | 5,589 | 147,626 | ||||||
Enel SpA | 15,725 | 69,348 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 944 | 10,173 | ||||||
|
| |||||||
243,971 | ||||||||
|
| |||||||
Japan — 3.7% | ||||||||
Japan Airport Terminal Co. Ltd. | 1,000 | 50,447 | ||||||
Kamigumi Co. Ltd. | 3,500 | 30,849 | ||||||
Mitsubishi Logistics Corp. | 2,250 | 31,456 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 2,500 | 13,302 | ||||||
|
| |||||||
126,054 | ||||||||
|
| |||||||
Mexico — 2.5% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 449 | 40,787 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 280 | 42,286 | ||||||
|
| |||||||
83,073 | ||||||||
|
| |||||||
Netherlands — 0.3% | ||||||||
Koninklijke Vopak NV | 203 | 8,809 | ||||||
|
| |||||||
New Zealand — 1.3% | ||||||||
Auckland International Airport Ltd. | 12,836 | 44,612 | ||||||
|
| |||||||
Singapore — 2.2% | ||||||||
Hutchison Port Holdings Trust, Class U | 74,700 | 40,338 | ||||||
SATS Ltd. | 8,800 | 24,643 | ||||||
SIA Engineering Co. Ltd. | 3,600 | 9,213 | ||||||
|
| |||||||
74,194 | ||||||||
|
| |||||||
Spain — 9.2% | ||||||||
Abertis Infraestructuras SA | 6,519 | 100,938 | ||||||
Aena SA, 144A* | 1,016 | 115,235 | ||||||
Iberdrola SA | 13,220 | 92,619 | ||||||
|
| |||||||
308,792 | ||||||||
|
| |||||||
Switzerland — 1.1% | ||||||||
Flughafen Zuerich AG | 53 | 37,966 | ||||||
|
| |||||||
United Kingdom — 6.8% | ||||||||
BBA Aviation PLC (b) | 7,782 | 21,097 | ||||||
Centrica PLC | 11,360 | 37,315 | ||||||
National Grid PLC | 8,742 | 121,893 | ||||||
SSE PLC | 2,202 | 47,557 | ||||||
|
| |||||||
227,862 | ||||||||
|
| |||||||
United States — 34.4% | ||||||||
American Electric Power Co., Inc. | 1,094 | 61,274 | ||||||
Cheniere Energy, Inc.* | 734 | 34,902 | ||||||
Consolidated Edison, Inc. | 653 | 40,584 | ||||||
Dominion Resources, Inc. | 1,326 | 89,333 | ||||||
Duke Energy Corp. | 1,535 | 104,012 | ||||||
Edison International | 727 | 43,155 | ||||||
Exelon Corp. | 1,922 | 52,490 | ||||||
Kinder Morgan, Inc. | 5,571 | 131,309 | ||||||
NextEra Energy, Inc. | 1,027 | 102,556 | ||||||
ONEOK, Inc. | 637 | 18,779 | ||||||
PG&E Corp. | 1,091 | 57,528 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
Number | Value | |||||||
United States (Continued) | ||||||||
PPL Corp. | 1,494 | $ | 50,856 | |||||
Public Service Enterprise Group, Inc. | 1,128 | 44,105 | ||||||
Sempra Energy | 526 | 52,195 | ||||||
Southern Co. (The) | 2,026 | 90,238 | ||||||
Spectra Energy Corp. | 2,081 | 54,522 | ||||||
Targa Resources Corp. | 148 | 5,816 | ||||||
Wesco Aircraft Holdings, Inc.* | 782 | 10,463 | ||||||
Williams Cos., Inc. (The) | 2,115 | 77,324 | ||||||
Xcel Energy, Inc. | 1,131 | 40,331 | ||||||
|
| |||||||
1,161,772 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,359,061 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Transurban Group*, expires 12/31/15 | 1,377 | $ | 597 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.8% | ||||||||
Daily Assets Fund, | 27,321 | 27,321 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.4% (Cost $3,837,073)† | $ | 3,386,979 | ||||||
Other assets and liabilities, net —(0.4%) | (13,017 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,373,962 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,838,186. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $451,207. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $47,621 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $498,828. |
(a) Stapled Security—A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(b) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $26,405, which is 0.8% of net assets.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
ADR: American Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/2/2015 | CHF | 5,000 | USD | 5,076 | $ | 217 | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | CHF | 14,000 | USD | 14,214 | 606 | ||||||||||||
RBC Capital Markets | 12/2/2015 | CHF | 28,924 | USD | 29,368 | 1,255 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 56,000 | USD | 61,878 | 2,711 | ||||||||||||
Bank of Montreal | 12/2/2015 | EUR | 6,000 | USD | 6,612 | 273 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | EUR | 269,225 | USD | 297,486 | 13,038 | ||||||||||||
RBC Capital Markets | 12/2/2015 | EUR | 449,595 | USD | 496,818 | 21,803 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 50,600 | USD | 55,914 | 2,453 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | EUR | 2,400 | USD | 2,572 | 36 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | GBP | 57,000 | USD | 88,011 | 2,164 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 98,459 | USD | 152,033 | 3,744 | ||||||||||||
RBC Capital Markets | 12/2/2015 | GBP | 4,000 | USD | 6,021 | (3 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | HKD | 498,384 | USD | 64,304 | 24 | ||||||||||||
Bank of Montreal | 12/2/2015 | HKD | 109,000 | USD | 14,065 | 6 | ||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | HKD | 741,000 | USD | 95,618 | 47 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | HKD | 15,000 | USD | 1,936 | 1 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 4,864 | CHF | 5,000 | (4 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 65,481 | EUR | 62,000 | 25 | ||||||||||||
Bank of Montreal | 12/2/2015 | USD | 72,225 | HKD | 559,884 | (14 | ) | |||||||||||
Bank of Montreal | 12/2/2015 | USD | 6,129 | HKD | 47,500 | (2 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 13,619 | CHF | 14,000 | (12 | ) | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 284,341 | EUR | 269,225 | 107 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 85,802 | GBP | 57,000 | $ | 45 | |||||||||||
JP Morgan & Chase Co. | 12/2/2015 | USD | 95,589 | HKD | 741,000 | (18 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 5,483 | CHF | 5,400 | (234 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 18,993 | CHF | 19,524 | (17 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 4,061 | CHF | 4,000 | (173 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 37,571 | EUR | 34,000 | (1,649 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 438,931 | EUR | 415,595 | 165 | ||||||||||||
RBC Capital Markets | 12/2/2015 | USD | 1,699 | GBP | 1,100 | (42 | ) | |||||||||||
RBC Capital Markets | 12/2/2015 | USD | 146,555 | GBP | 97,359 | 77 | ||||||||||||
State Street Bank & Trust Co. | 12/2/2015 | USD | 1,935 | HKD | 15,000 | 0 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 2,606 | EUR | 2,400 | (70 | ) | |||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 53,441 | EUR | 50,600 | 20 | ||||||||||||
The Bank of New York Mellon | 12/2/2015 | USD | 6,049 | GBP | 4,000 | (24 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 23,000 | USD | 16,383 | (248 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 15,000 | USD | 10,868 | 22 | ||||||||||||
Bank of Montreal | 12/3/2015 | AUD | 5,000 | USD | 3,588 | (27 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | AUD | 263,299 | USD | 187,556 | (2,830 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | AUD | 122,000 | USD | 86,905 | (1,310 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | AUD | 4,300 | USD | 3,063 | (46 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | CAD | 29,000 | USD | 22,163 | 447 | ||||||||||||
Bank of Montreal | 12/3/2015 | CAD | 168,119 | USD | 128,474 | 2,585 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | CAD | 120,000 | USD | 91,706 | 1,848 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | CAD | 31,200 | USD | 23,843 | 480 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 2,656,000 | USD | 22,014 | 435 | ||||||||||||
Bank of Montreal | 12/3/2015 | JPY | 102,000 | USD | 827 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | JPY | 5,424,000 | USD | 44,955 | 888 | ||||||||||||
RBC Capital Markets | 12/3/2015 | JPY | 11,061,795 | USD | 91,688 | 1,816 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 667,300 | USD | 5,431 | 10 | ||||||||||||
The Bank of New York Mellon | 12/3/2015 | JPY | 546,600 | USD | 4,496 | 55 | ||||||||||||
Bank of Montreal | 12/3/2015 | NZD | 10,159 | USD | 6,858 | 172 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | NZD | 21,000 | USD | 14,177 | 356 | ||||||||||||
RBC Capital Markets | 12/3/2015 | NZD | 43,451 | USD | 29,333 | 737 | ||||||||||||
Bank of Montreal | 12/3/2015 | SGD | 8,000 | USD | 5,706 | 36 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | SGD | 17,000 | USD | 12,126 | 75 | ||||||||||||
RBC Capital Markets | 12/3/2015 | SGD | 31,198 | USD | 22,252 | 136 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 211,064 | AUD | 291,299 | (432 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 148,024 | CAD | 197,119 | (420 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 21,545 | JPY | 2,656,000 | 34 | ||||||||||||
Bank of Montreal | 12/3/2015 | USD | 6,694 | NZD | 10,159 | (8 | ) | |||||||||||
Bank of Montreal | 12/3/2015 | USD | 5,678 | SGD | 8,000 | (7 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/3/2015 | USD | 10,685 | AUD | 15,000 | 161 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 88,401 | AUD | 122,000 | (186 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 90,113 | CAD | 120,000 | (255 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 43,997 | JPY | 5,424,000 | 70 | ||||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 13,837 | NZD | 21,000 | (17 | ) | |||||||||||
JP Morgan & Chase Co. | 12/3/2015 | USD | 12,066 | SGD | 17,000 | (15 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 3,116 | AUD | 4,300 | (6 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 10,013 | JPY | 1,208,000 | (198 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 61,574 | JPY | 7,590,795 | 97 | ||||||||||||
RBC Capital Markets | 12/3/2015 | USD | 18,757 | JPY | 2,263,000 | (372 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 23,557 | NZD | 35,751 | (29 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 5,198 | NZD | 7,700 | (131 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 5,492 | SGD | 7,700 | (34 | ) | |||||||||||
RBC Capital Markets | 12/3/2015 | USD | 16,677 | SGD | 23,498 | (21 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 996 | CAD | 1,300 | (23 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 22,453 | CAD | 29,900 | (64 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 5,389 | JPY | 655,700 | (62 | ) | |||||||||||
The Bank of New York Mellon | 12/3/2015 | USD | 5,451 | JPY | 660,200 | (87 | ) |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 1/5/2016 | CHF | 5,000 | USD | 4,877 | $ | 3 | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | CHF | 14,000 | USD | 13,654 | 6 | ||||||||||||
RBC Capital Markets | 1/5/2016 | CHF | 19,524 | USD | 19,044 | 10 | ||||||||||||
Bank of Montreal | 1/5/2016 | EUR | 62,000 | USD | 65,553 | (36 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | EUR | 269,225 | USD | 284,646 | (161 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | EUR | 415,595 | USD | 439,413 | (235 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2016 | EUR | 50,600 | USD | 53,501 | (28 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2016 | GBP | 57,000 | USD | 85,814 | (49 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | GBP | 97,359 | USD | 146,577 | (82 | ) | |||||||||||
Bank of Montreal | 1/5/2016 | HKD | 559,884 | USD | 72,234 | 10 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2016 | HKD | 741,000 | USD | 95,601 | 14 | ||||||||||||
State Street Bank & Trust Co. | 1/5/2016 | HKD | 15,000 | USD | 1,935 | 0 | ||||||||||||
Bank of Montreal | 1/5/2016 | USD | 11,631 | EUR | 11,000 | 5 | ||||||||||||
Bank of Montreal | 1/5/2016 | USD | 7,613 | HKD | 59,000 | (2 | ) | |||||||||||
RBC Capital Markets | 1/5/2016 | USD | 6,022 | GBP | 4,000 | 3 | ||||||||||||
Bank of Montreal | 1/6/2016 | AUD | 291,299 | USD | 210,688 | 453 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | AUD | 122,000 | USD | 88,240 | 190 | ||||||||||||
RBC Capital Markets | 1/6/2016 | AUD | 4,300 | USD | 3,110 | 7 | ||||||||||||
Bank of Montreal | 1/6/2016 | CAD | 197,119 | USD | 148,023 | 421 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | CAD | 120,000 | USD | 90,115 | 259 | ||||||||||||
The Bank of New York Mellon | 1/6/2016 | CAD | 29,900 | USD | 22,453 | 64 | ||||||||||||
Bank of Montreal | 1/6/2016 | JPY | 2,656,000 | USD | 21,573 | (34 | ) | |||||||||||
JP Morgan & Chase Co. | 1/6/2016 | JPY | 5,424,000 | USD | 44,051 | (74 | ) | |||||||||||
RBC Capital Markets | 1/6/2016 | JPY | 7,590,795 | USD | 61,653 | (99 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | SGD | 8,000 | USD | 5,671 | 7 | ||||||||||||
JP Morgan & Chase Co. | 1/6/2016 | SGD | 17,000 | USD | 12,052 | 15 | ||||||||||||
RBC Capital Markets | 1/6/2016 | SGD | 23,498 | USD | 16,657 | 20 | ||||||||||||
Bank of Montreal | 1/6/2016 | USD | 10,849 | AUD | 15,000 | (23 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 29,288 | CAD | 39,000 | (85 | ) | |||||||||||
Bank of Montreal | 1/6/2016 | USD | 828 | JPY | 102,000 | 1 | ||||||||||||
Bank of Montreal | 1/7/2016 | NZD | 10,159 | USD | 6,678 | 9 | ||||||||||||
JP Morgan & Chase Co. | 1/7/2016 | NZD | 21,000 | USD | 13,803 | 18 | ||||||||||||
RBC Capital Markets | 1/7/2016 | NZD | 35,751 | USD | 23,500 | 31 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 50,824 | ||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
JPY | Japanese Yen | |
NZD | New Zealand Dollar | |
SGD | Singapore Dollar | |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rate, 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.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks* | $ | 3,327,279 | $ | — | $ | 31,782 | $ | 3,359,061 | ||||||||
Rights* | 597 | — | — | 597 | ||||||||||||
Securities Lending Collateral | 27,321 | — | — | 27,321 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts | — | 60,823 | — | 60,823 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts | — | (9,999 | ) | — | (9,999 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,355,197 | $ | 50,824 | $ | 31,782 | $ | 3,437,803 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $37,743. 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.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 2,329,855 | $ | 13,042,292 | $ | 3,533,571 | ||||||
Investment in Daily Assets Fund* | 36,610 | 28,242 | 8,872 | |||||||||
Cash | 131 | 5,842 | 3,682 | |||||||||
Foreign currency at value | 3,692 | 15,018 | 6,348 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 51,536 | — | 74,900 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | — | — | |||||||||
Dividends | 5,535 | 38,457 | 16,125 | |||||||||
Interest | 8 | — | 1 | |||||||||
Foreign tax reclaim | 1,024 | 3,171 | 1,353 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 2,428,391 | $ | 13,133,022 | $ | 3,644,852 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 36,610 | $ | 28,242 | $ | 8,872 | ||||||
Unrealized depreciation on forward foreign currency contracts | 8,810 | — | 5,843 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 45,782 | — | 62,267 | |||||||||
Investment advisory fees | 920 | 4,035 | 1,316 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 92,122 | 32,277 | 78,298 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,336,269 | $ | 13,100,745 | $ | 3,566,554 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 2,504,145 | $ | 13,076,492 | $ | 3,594,268 | ||||||
Undistributed net investment income | 21,356 | 47,263 | 20,384 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (6,657 | ) | (43,036 | ) | (81,949 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (182,575 | ) | 20,026 | 33,851 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,336,269 | $ | 13,100,745 | $ | 3,566,554 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 100,001 | 550,001 | 150,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 23.36 | $ | 23.82 | $ | 23.78 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 2,555,074 | $ | 13,021,202 | $ | 3,568,332 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 34,747 | $ | 23,589 | $ | 6,059 | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 36,610 | $ | 28,242 | $ | 8,872 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 3,685 | $ | 15,044 | $ | 6,358 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 3,671,860 | $ | 2,485,904 | $ | 2,419,336 | ||||||
Investment in Daily Assets Fund* | 13,957 | 127,048 | 184,771 | |||||||||
Cash | 205 | — | 3,236 | |||||||||
Foreign currency at value | 4,687 | 3,041 | 2,378 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 8,962 | 67,566 | 107,656 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 109,514 | 70,845 | 11,045 | |||||||||
Dividends | 31,125 | 4,184 | 1,353 | |||||||||
Interest | 15 | 93 | 191 | |||||||||
Foreign tax reclaim | — | 244 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 3,840,325 | $ | 2,758,925 | $ | 2,729,966 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 13,957 | $ | 127,048 | $ | 184,771 | ||||||
Unrealized depreciation on forward foreign currency contracts | 65,104 | 4,824 | 1,993 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 76,876 | 129,928 | 111,180 | |||||||||
Investment advisory fees | 1,361 | 905 | 876 | |||||||||
Due to custodian | — | 727 | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 157,298 | 263,432 | 298,820 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 3,683,027 | $ | 2,495,493 | $ | 2,431,146 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 3,709,780 | $ | 2,504,619 | $ | 2,503,573 | ||||||
Undistributed net investment income | 57,851 | 10,158 | 8,337 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 39,254 | (7,130 | ) | (13,198 | ) | |||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (123,858 | ) | (12,154 | ) | (67,566 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 3,683,027 | $ | 2,495,493 | $ | 2,431,146 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 150,001 | 100,001 | 100,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 24.55 | $ | 24.95 | $ | 24.31 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 3,740,233 | $ | 2,560,708 | $ | 2,592,547 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 13,271 | $ | 121,617 | $ | 174,200 | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 13,957 | $ | 127,048 | $ | 184,771 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 4,649 | $ | 3,046 | $ | 2,390 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | Deutsche X-trackers MSCI Spain Hedged Equity ETF | Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at fair value | $ | 2,388,511 | $ | 2,380,714 | $ | 3,359,658 | ||||||
Investment in Daily Assets Fund* | 87,464 | 251,745 | 27,321 | |||||||||
Cash | 128 | 349 | 3,798 | |||||||||
Foreign currency at value | 7,295 | 1,827 | 4,326 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 106,555 | 106,388 | 60,823 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 34,430 | — | |||||||||
Dividends | 851 | — | 10,869 | |||||||||
Interest | 74 | 982 | 86 | |||||||||
Foreign tax reclaim | — | — | 981 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 2,590,878 | $ | 2,776,435 | $ | 3,467,862 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 87,464 | $ | 251,745 | $ | 27,321 | ||||||
Unrealized depreciation on forward foreign currency contracts | 1,493 | 1,776 | 9,999 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 101,559 | 138,637 | 55,327 | |||||||||
Investment advisory fees | 873 | 871 | 1,253 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 191,389 | 393,029 | 93,900 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,399,489 | $ | 2,383,406 | $ | 3,373,962 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 2,502,262 | $ | 2,501,349 | $ | 3,740,922 | ||||||
Undistributed net investment income | 13,043 | 16,166 | 49,146 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (9,823 | ) | (23,113 | ) | (16,749 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (105,993 | ) | (110,996 | ) | (399,357 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,399,489 | $ | 2,383,406 | $ | 3,373,962 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 100,001 | 100,001 | 150,001 | |||||||||
|
|
|
|
|
| |||||||
Net Assets Value | $ | 23.99 | $ | 23.83 | $ | 22.49 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 2,599,534 | $ | 2,596,312 | $ | 3,809,752 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 82,003 | $ | 239,427 | $ | 26,405 | ||||||
|
|
|
|
|
| |||||||
Investment in Daily Assets Fund at cost | $ | 87,464 | $ | 251,745 | $ | 27,321 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 7,323 | $ | 1,838 | $ | 4,345 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF(1) | Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF(2) | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 29,836 | $ | 59,691 | $ | 24,524 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 33 | 5 | 1 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 29,869 | 59,696 | 24,525 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 5,612 | 12,433 | 4,141 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 5,612 | 12,433 | 4,141 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 24,257 | 47,263 | 20,384 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (20,254 | ) | (42,860 | ) | (11,543 | ) | ||||||
Foreign currency transactions | 75,086 | (176 | ) | (70,406 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 54,832 | (43,036 | ) | (81,949 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (153,320 | ) | 21,090 | (34,761 | ) | |||||||
Foreign currency translations | (5,918 | ) | (1,064 | ) | 68,612 | |||||||
�� |
|
|
|
|
|
| ||||||
Net change in unrealized appreciation (depreciation) | (159,238 | ) | 20,026 | 33,851 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss on investments and foreign currency transactions. | (104,406 | ) | (23,010 | ) | (48,098 | ) | ||||||
|
|
|
|
|
| |||||||
Net decrease in Net Assets Resulting from Operations | $ | (80,149 | ) | $ | 24,253 | $ | (27,714 | ) | ||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 3,138 | $ | 6,957 | $ | 2,798 |
(1) | For the period June 24, 2015 (commencement of operations) through November 30, 2015. |
(2) | For the period August 19, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF(1) | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF(1) | Deutsche X-trackers MSCI Italy Hedged Equity ETF(1) | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 62,294 | $ | 13,020 | $ | 10,980 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 41 | 185 | 363 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 62,335 | 13,205 | 11,343 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 4,484 | 3,047 | 3,006 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 4,484 | 3,047 | 3,006 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 57,851 | 10,158 | 8,337 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (6,539 | ) | 5,175 | (8,316 | ) | |||||||
Foreign currency transactions | 45,793 | (12,305 | ) | (4,882 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 39,254 | (7,130 | ) | (13,198 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (68,373 | ) | (74,804 | ) | (173,211 | ) | ||||||
Foreign currency translations | (55,485 | ) | 62,650 | 105,645 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (123,858 | ) | (12,154 | ) | (67,566 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss on investments and foreign currency transactions | (84,604 | ) | (19,284 | ) | (80,764 | ) | ||||||
|
|
|
|
|
| |||||||
Net decrease in Net Assets Resulting from Operations | $ | (26,753 | ) | $ | (9,126 | ) | $ | (72,427 | ) | |||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 258 | $ | 954 | $ | 1,810 |
(1) | For the period August 19, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF(1) | Deutsche X-trackers MSCI Spain Hedged Equity ETF(1) | Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 15,879 | $ | 18,148 | $ | 65,283 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 141 | 982 | 434 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 16,020 | 19,130 | 65,717 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 2,977 | 2,964 | 7,852 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 2,977 | 2,964 | 7,852 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 13,043 | 16,166 | 57,865 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (5,078 | ) | (18,401 | ) | (45,995 | ) | ||||||
Foreign currency transactions | (4,745 | ) | (4,712 | ) | 71,450 | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (9,823 | ) | (23,113 | ) | 25,455 | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (211,023 | ) | (215,598 | ) | (437,771 | ) | ||||||
Foreign currency translations | 105,030 | 104,602 | 2,636 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (105,993 | ) | (110,996 | ) | (435,135 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss on investments and foreign currency transactions | (115,816 | ) | (134,109 | ) | (409,680 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | (102,773 | ) | $ | (117,943 | ) | $ | (351,815 | ) | |||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 1,566 | $ | 618 | $ | 3,981 |
(1) | For the period August 19, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers Dow Jones Hedged International Real Estate | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Period April 9, 2015(1) to May 31, 2015 | For the Period June 24, 2015(1) to November 30, 2015 (Unaudited) | For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 24,257 | $ | 12,612 | $ | 47,263 | $ | 20,384 | ||||||||
Net realized gain (loss) | 54,832 | (52,459 | ) | (43,036 | ) | (81,949 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (159,238 | ) | (23,337 | ) | 20,026 | 33,851 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (80,149 | ) | (63,184 | ) | 24,253 | (27,714 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (24,543 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (24,543 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,504,120 | 13,076,467 | 3,594,243 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | — | 2,504,120 | 13,076,467 | 3,594,243 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net increase (decrease) in Net Assets | (104,692 | ) | 2,440,936 | 13,100,720 | 3,566,529 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,440,961 | 25 | 25 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,336,269 | $ | 2,440,961 | $ | 13,100,745 | $ | 3,566,554 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 21,356 | $ | 21,642 | $ | 47,263 | $ | 20,384 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 1 | 1 | ||||||||||||
Shares sold | — | 100,000 | 550,000 | 150,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 550,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Australia Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) | For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) | For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) | ||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||
Net investment income | $ | 57,851 | $ | 10,158 | $ | 8,337 | ||||||
Net realized gain (loss) | 39,254 | (7,130 | ) | (13,198 | ) | |||||||
Net change in unrealized appreciation (depreciation) | (123,858 | ) | (12,154 | ) | (67,566 | ) | ||||||
|
|
|
|
|
| |||||||
Net decrease in net assets resulting from operations | (26,753 | ) | (9,126 | ) | (72,427 | ) | ||||||
|
|
|
|
|
| |||||||
Fund Shares Transactions | ||||||||||||
Proceeds from shares sold | 3,709,755 | 2,504,594 | 2,503,548 | |||||||||
Value of shares redeemed | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Net increase in net assets resulting from fund share transactions | 3,709,755 | 2,504,594 | 2,503,548 | |||||||||
|
|
|
|
|
| |||||||
Total Increase in Net Assets | 3,683,002 | 2,495,468 | 2,431,121 | |||||||||
Net Assets | ||||||||||||
Beginning of period | 25 | 25 | 25 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 3,683,027 | $ | 2,495,493 | $ | 2,431,146 | ||||||
|
|
|
|
|
| |||||||
Undistributed net investment income | $ | 57,851 | $ | 10,158 | $ | 8,337 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding | ||||||||||||
Shares outstanding, beginning of period | 1 | 1 | 1 | |||||||||
Shares sold | 150,000 | 100,000 | 100,000 | |||||||||
Shares redeemed | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 150,001 | 100,001 | 100,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | Deutsche X-trackers MSCI Spain Hedged Equity ETF | Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) | For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period April 9, 2015(1) to May 31, 2015 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income | $ | 13,043 | $ | 16,166 | $ | 57,865 | $ | 20,642 | ||||||||
Net realized loss | (9,823 | ) | (23,113 | ) | 25,455 | (42,646 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (105,993 | ) | (110,996 | ) | (435,135 | ) | 35,778 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (102,773 | ) | (117,943 | ) | (351,815 | ) | 13,774 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | — | (28,919 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | — | (28,919 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,502,237 | 2,501,324 | — | 3,740,897 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from fund share transactions | 2,502,237 | 2,501,324 | — | 3,740,897 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Increase in Net Assets | 2,399,464 | 2,383,381 | (380,734 | ) | 3,754,671 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 25 | 25 | 3,754,696 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,399,489 | $ | 2,383,406 | $ | 3,373,962 | $ | 3,754,696 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 13,043 | $ | 16,166 | $ | 49,146 | $ | 20,200 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1 | 1 | 150,001 | 1 | ||||||||||||
Shares sold | 100,000 | 100,000 | — | 150,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers Dow Jones Hedged International Real Estate | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period April 9, 2015* to May 31, 2015 | ||||||
Net Asset Value, beginning of period | $ | 24.41 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.24 | 0.13 | ||||||
Net realized and unrealized gain (loss) | (1.04 | ) | (0.72 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | (0.80 | ) | (0.59 | ) | ||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.25 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.25 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 23.36 | $ | 24.41 | ||||
|
|
|
| |||||
Total Return*** | (3.27 | )% | (2.36 | )% | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 2,336 | $ | 2,441 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.48 | %† | 0.48 | %† | ||||
Net investment income | 2.07 | %† | 3.53 | %† | ||||
Portfolio turnover rate†† | 10 | %††† | 2 | %††† | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | For the Period June 24, 2015* to November 30, 2015 | |||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||
|
| |||||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.15 | |||||||
Net realized and unrealized gain (loss) | (1.33 | ) | ||||||
|
| |||||||
Net increase (decrease) in net asset value from operations | (1.18 | ) | ||||||
|
| |||||||
Distributions paid to shareholders from: | ||||||||
Net investment income | — | |||||||
|
| |||||||
Net Asset Value, end of period | $ | 23.82 | ||||||
|
| |||||||
Total Return*** | (4.72 | )% | ||||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 13,101 | ||||||
Ratios to average net assets: | ||||||||
Expenses | 0.40 | %† | ||||||
Net investment income | 1.52 | %† | ||||||
Portfolio turnover rate†† | 10 | %††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.14 | |||
Net realized and unrealized gain (loss) | (1.36 | ) | ||
|
| |||
Net increase (decrease) in net asset value from operations | (1.22 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | — | |||
|
| |||
Net Asset Value, end of period | $ | 23.78 | ||
|
| |||
Total Return*** | (4.88 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 3,567 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 2.22 | %† | ||
Portfolio turnover rate†† | 8 | %††† | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.40 | |||
Net realized and unrealized gain (loss) | (0.85 | ) | ||
|
| |||
Net increase (decrease) in net asset value from operations | (0.45 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | — | |||
|
| |||
Net Asset Value, end of period | $ | 24.55 | ||
|
| |||
Total Return*** | (1.76 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 3,683 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 5.80 | %† | ||
Portfolio turnover rate†† | 7 | %††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.10 | |||
Net realized and unrealized gain (loss) | (0.15 | ) | ||
|
| |||
Net increase (decrease) in net asset value from operations | (0.05 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | — | |||
|
| |||
Net Asset Value, end of period | $ | 24.95 | ||
|
| |||
Total Return*** | (0.20 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 2,495 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 1.50 | %† | ||
Portfolio turnover rate†† | 7 | %††† | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.08 | |||
Net realized and unrealized gain (loss) | (0.77 | ) | ||
|
| |||
Net increase (decrease) in net asset value from operations | (0.69 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | — | |||
|
| |||
Net Asset Value, end of period | $ | 24.31 | ||
|
| |||
Total Return*** | (2.76 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 2,431 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 1.25 | %† | ||
Portfolio turnover rate†† | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.13 | |||
Net realized and unrealized gain (loss) | (1.14 | ) | ||
|
| |||
Net increase (decrease) in net asset value from operations | (1.01 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | — | |||
|
| |||
Net Asset Value, end of period | $ | 23.99 | ||
|
| |||
Total Return*** | (4.04 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 2,399 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 1.97 | %† | ||
Portfolio turnover rate†† | 4 | %††† | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income from Investment Operations: | ||||
Net investment income** | 0.16 | |||
Net realized and unrealized gain (loss) | (1.33 | ) | ||
|
| |||
Net increase (decrease) in net asset value from operations | (1.17 | ) | ||
|
| |||
Distributions paid to shareholders from: | ||||
Net investment income | — | |||
|
| |||
Net Asset Value, end of period | $ | 23.83 | ||
|
| |||
Total Return*** | (4.68 | )% | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ | 2,383 | ||
Ratios to average net assets: | ||||
Expenses | 0.45 | %† | ||
Net investment income | 2.45 | %† | ||
Portfolio turnover rate†† | 9 | %††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | For the Six Months Ended November 30, 2015 (Unaudited) | For the Period April 9, 2015* to May 31, 2015 | ||||||
Net Asset Value, beginning of period | $ | 25.03 | $ | 25.00 | ||||
|
|
|
| |||||
Income from Investment Operations: | ||||||||
Net investment income** | 0.39 | 0.18 | ||||||
Net realized and unrealized gain (loss) | (2.74 | ) | (0.15 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net asset value from operations | (2.35 | ) | 0.03 | |||||
|
|
|
| |||||
Distributions paid to shareholders from: | ||||||||
Net investment income | (0.19 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.19 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 22.49 | $ | 25.03 | ||||
|
|
|
| |||||
Total Return*** | (9.43 | )% | 0.12 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $ | 3,374 | $ | 3,755 | ||||
Ratios to average net assets: | ||||||||
Expenses | 0.45 | %† | 0.45 | %† | ||||
Net investment income | 3.32 | %† | 4.84 | %† | ||||
Portfolio turnover rate†† | 8 | %††† | 1 | %††† |
* | 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 does not include securities received or delivered from processing creations or redemptions. |
††† | Not annualized. |
See Notes to Financial Statements. | 65 |
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, 2015, the Trust consists of thirty-five investment 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:
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
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 Dow Jones Hedged International Real Estate ETF | Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged | |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | JPX-Nikkei 400 Net Total Return USD Hedged Index | |
Deutsche X-trackers MSCI Australia Hedged Equity ETF | MSCI Australia US Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | MSCI EAFE Small Cap US Dollar Hedged Index | |
Deutsche X-trackers MSCI Italy Hedged Equity ETF | MSCI Italy 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | MSCI Southern Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Spain Hedged Equity ETF | MSCI Spain 25/50 US Dollar Hedged Index | |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | S&P Global Infrastructure Index (USD) (Hedged) (Net TR) |
The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the “Underlying Index”) is designed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is comprised of global real estate securities that represent the ownership and operation of commercial or residential real estate investment trusts (“REITs”) and real estate operating companies (“REOCs”) that meet the following criteria: (i) the company must be both an equity owner and operator of commercial and/or residential real estate; (ii) the company must have a minimum total market capitalization of at least $200 million at the time of its inclusion; (iii) at least 75% of the company’s total revenue must be derived from the ownership and operation of real estate assets; and (iv) the liquidity of the company’s stock must be commensurate with that of other institutionally held real estate securities. The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged is rebalanced monthly on the last business day of each month.
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The JPX-Nikkei Index 400 is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Underlying Index is comprised of the equity securities of the 400 highest scoring issuers listed on the JASDAQ and TSE, as measured in return on equity, cumulative operating profit and current market value. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The JPX-Nikkei Index 400 is rebalanced annually.
The JPX-Nikkei 400 Net Total Return USD Hedged Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. The Fund may achieve its investment objective by investing a substantial portion of its assets in the Underlying Fund, though the Fund may also invest directly in the stocks included in its Underlying Index. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective, as well as numerous other risks. The JPX-Nikkei 400 Net Total Return USD Hedged Index is rebalanced monthly on the last trading day of the month, when the index will reflect the effect of rolling into new month.
The MSCI Australia US Dollar Hedged Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Australia US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI EAFE Small Cap US Dollar Hedged Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Italy 25/50 US Dollar Hedged Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Italy 25/50 US Dollar Hedged Index is rebalanced quarterly.
The MSCI Southern Europe US Dollar Hedged Index is designed to track the performance the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at
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Notes to financial statements (Unaudited) (Continued)
least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Southern Europe US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Spain 25/50 US Dollar Hedged Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Spain 25/50 US Dollar Hedged Index is rebalanced quarterly.
S&P Global Infrastructure Index (USD) (Hedged) (Net TR) (the “Underlying Index”) is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It consists of companies involved in utilities, energy and transportation infrastructure. The Underlying Index is comprised of a minimum market capitalization of approximate $585 million from issuers in the following countries: Australia, Brazil, Canada, Chile, China, France, Germany, Hong Kong, Italy, Japan, Mexico, the Netherlands, New Zealand, Singapore, Spain, Switzerland, the United Kingdom and the United States. The S&P Global Infrastructure Index (USD) (Hedged) (Net TR) is rebalanced monthly on the last business day of each month.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. 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.
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.
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Notes to financial statements (Unaudited) (Continued)
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are 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.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from net investment income, 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.
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Notes to financial statements (Unaudited) (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 period ended November 30, 2015, 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, 2015, 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 actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain the benefits of owning securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015, the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, each Fund had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Derivatives
Forward Currency Contracts Each Fund, except Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, 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 forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Deutsche X-trackers Dow Jones Hedged International Real Estate ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, and Deutsche X-trackers
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Notes to financial statements (Unaudited) (Continued)
S&P Hedged Global Infrastructure ETF invested 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, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, and Deutsche X-trackers MSCI Spain Hedged Equity ETF each invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S dollar against the Japanese Yen, the Australian Dollar, the Euro, Euro and Euro, respectively.
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, 2015 is included in a table following each Fund’s 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 period ended November 30, 2015.
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2015 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 Dow Jones Hedged International Real Estate ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 51,536 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 8,810 | ||||||||
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Total | $ | 51,536 | Total | $ | 8,810 | |||||||||
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Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 74,900 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 5,843 | ||||||||
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Total | $ | 74,900 | Total | $ | 5,843 | |||||||||
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Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 8,962 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 65,104 | ||||||||
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Total | $ | 8,962 | Total | $ | 65,104 | |||||||||
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Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 67,566 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 4,824 | ||||||||
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Total | $ | 67,566 | Total | $ | 4,824 | |||||||||
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Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 107,656 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,993 | ||||||||
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Total | $ | 107,656 | Total | $ | 1,993 | |||||||||
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Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 106,555 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,493 | ||||||||
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Total | $ | 106,555 | Total | $ | 1,493 | |||||||||
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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 Spain Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 106,388 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,776 | ||||||||
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Total | $ | 106,388 | Total | $ | 1,776 | |||||||||
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Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 60,823 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 9,999 | ||||||||
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Total | $ | 60,823 | Total | $ | 9,999 | |||||||||
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Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2015 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 | ||||||||
Forward Foreign Currency Contracts | Total | |||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | 75,199 | $ | 75,199 | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | (71,321 | ) | (71,321 | ) | ||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | 44,409 | 44,409 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | (12,571 | ) | (12,571 | ) | ||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | (4,985 | ) | (4,985 | ) | ||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | (4,832 | ) | (4,832 | ) | ||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | (4,663 | ) | (4,663 | ) | ||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 72,156 | 72,156 |
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||||
Forward Foreign Currency Contracts | Total | |||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | (5,899 | ) | $ | (5,899 | ) | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 69,057 | 69,057 | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | (56,142 | ) | (56,142 | ) | ||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 62,742 | 62,742 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 105,663 | 105,663 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 105,062 | 105,062 | ||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 104,612 | 104,612 | ||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 2,634 | 2,634 |
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Notes to financial statements (Unaudited) (Continued)
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Contracts (Market Value) | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | (2,269,759 | ) | |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | (3,112,420 | ) | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | (3,347,283 | ) | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | (2,360,722 | ) | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | (2,294,357 | ) | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | (2,279,854 | ) | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | (2,274,403 | ) | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | (2,087,919 | ) |
As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 Dow Jones Hedged International Real Estate ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | — | $ | — | $ | — | $ | — | $ | 112 | $ | — | $ | — | $ | 112 | |||||||||||||||||
Canadian Imperial Bank of Commerce | 15,707 | (6,096 | ) | — | 9,611 | 6,096 | (6,096 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 228 | (228 | ) | — | — | 571 | (228 | ) | — | 343 | ||||||||||||||||||||||
RBC Capital Markets | 155 | (4 | ) | — | 151 | 4 | (4 | ) | ||||||||||||||||||||||||
State Street Bank & Trust Co. | 34,509 | (1,578 | ) | — | 32,931 | 1,578 | (1,578 | ) | ||||||||||||||||||||||||
The Bank of New York Mellon | 937 | (449 | ) | — | 488 | 449 | (449 | ) | — | — | ||||||||||||||||||||||
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$ | 51,536 | $ | (8,355 | ) | $ | — | $ | 43,181 | $ | 8,810 | $ | (8,355 | ) | $ | — | $ | 455 | |||||||||||||||
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Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 38,104 | $ | (2,870 | ) | $ | — | $ | 35,234 | $ | 2,870 | $ | (2,870 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 35,949 | (2,858 | ) | — | 33,091 | 2,858 | (2,858 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 847 | (115 | ) | — | 732 | 115 | (115 | ) | — | — | ||||||||||||||||||||||
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$ | 74,900 | $ | (5,843 | ) | $ | — | $ | 69,057 | $ | 5,843 | $ | (5,843 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 2,729 | $ | (2,729 | ) | $ | — | $ | — | $ | 21,146 | $ | (2,729 | ) | $ | — | $ | 18,417 | ||||||||||||||
RBC Capital Markets | 5,253 | (5,253 | ) | — | — | 42,531 | (5,253 | ) | — | 37,278 | ||||||||||||||||||||||
The Bank of New York Mellon | 980 | (980 | ) | — | — | 1,427 | (980 | ) | — | 447 | ||||||||||||||||||||||
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$ | 8,962 | $ | (8,962 | ) | $ | — | $ | — | $ | 65,104 | $ | (8,962 | ) | $ | — | $ | 56,142 | |||||||||||||||
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73
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 EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 34,206 | $ | (2,327 | ) | $ | — | $ | 31,879 | $ | 2,327 | $ | (2,327 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 32,883 | (2,138 | ) | — | 30,745 | 2,138 | (2,138 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 477 | (359 | ) | — | 118 | 359 | (359 | ) | — | — | ||||||||||||||||||||||
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$ | 67,566 | $ | (4,824 | ) | $ | — | $ | 62,472 | $ | 4,824 | $ | (4,824 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 54,776 | $ | (652 | ) | $ | — | $ | 54,124 | $ | 652 | $ | (652 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 51,060 | (619 | ) | — | 50,441 | 619 | (619 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 1,820 | (722 | ) | — | 1,098 | 722 | (722 | ) | — | — | ||||||||||||||||||||||
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$ | 107,656 | $ | (1,993 | ) | $ | — | $ | 105,663 | $ | 1,993 | $ | (1,993 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 54,579 | $ | (649 | ) | $ | — | $ | 53,930 | $ | 649 | $ | (649 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 50,174 | (608 | ) | — | 49,566 | 608 | (608 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 1,802 | (236 | ) | — | 1,566 | 236 | (236 | ) | — | — | ||||||||||||||||||||||
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$ | 106,555 | $ | (1,493 | ) | $ | — | $ | 105,062 | $ | 1,493 | $ | (1,493 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce | $ | 54,472 | $ | (647 | ) | $ | — | $ | 53,825 | $ | 647 | $ | (647 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 49,484 | (600 | ) | — | 48,884 | 600 | (600 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 2,432 | (529 | ) | — | 1,903 | 529 | (529 | ) | — | — | ||||||||||||||||||||||
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$ | 106,388 | $ | (1,776 | ) | $ | — | $ | 104,612 | $ | 1,776 | $ | (1,776 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 7,896 | $ | (4,173 | ) | $ | — | $ | 3,723 | $ | 4,173 | $ | (4,173 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 161 | — | — | 161 | — | — | — | — | ||||||||||||||||||||||||
JP Morgan & Chase Co. | 19,746 | (2,097 | ) | — | 17,649 | 2,097 | (2,097 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 29,901 | (3,371 | ) | — | 26,530 | 3,371 | (3,371 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
The Bank of New York Mellon | 3,118 | (358 | ) | — | 2,760 | 358 | (358 | ) | — | — | ||||||||||||||||||||||
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$ | 60,823 | $ | (9,999 | ) | $ | — | $ | 50,824 | $ | 9,999 | $ | (9,999 | ) | $ | — | $ | — | |||||||||||||||
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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.
74
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
TDAM USA Inc. (“TDAM”) serves 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 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 based on each Fund’s daily average net assets at an annual rate equal to:
Fund | Unitary Management Fee | |||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 0.48 | % | ||
Deutsche X-trackers JPX-Nikkei 400 Equity ETF | 0.40 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers S&P Hedged Global Infrastructure 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 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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Federal Income Taxes
At May 31, 2015 for the 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 capitals gains, it is probable that capital gains so offset will not be distributed to shareholders.
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 year ended May 31, 2015, the Funds incurred and elected to defer net capital losses as follows:
Post-October Loss on Capital | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | 6,502 |
The tax character of current year distributions will be determined at the end of the fiscal year.
75
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
5. Investment Portfolio Transactions
For the six months ended November 30, 2015, 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 Dow Jones Hedged International Real Estate ETF | $ | 303,129 | $ | 236,038 | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (1) | 3,282,946 | 722,092 | ||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (2) | 2,755,326 | 246,629 | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF (2) | 2,805,513 | 234,029 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (2) | 2,716,257 | 159,719 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF (2) | 2,855,199 | 254,336 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (2) | 2,690,707 | 86,477 | ||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF (2) | 2,811,631 | 204,560 | ||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 395,169 | 287,555 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (1) | $ | 10,503,207 | $ | — | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (2) | 1,071,179 | — | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF (2) | 1,180,006 | — |
(1) | For the period from June 24, 2015 (commencement of operations) to November 30, 2015. |
(2) | For the period from August 19, 2015 (commencement of operations) to November 30, 2015. |
6. Fund Share Transactions
As of November 30, 2015, there were unlimited Fund shares 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, 2015, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:
Fund Name | Approximate Percent of Outstanding Shares Held | |||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 80 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 67 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | 67 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 57 | % |
76
DBX ETF Trust
Board considerations in approval of investment advisory and
sub-advisory contracts (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
At a meeting held on February 19, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (the “Funds”).
In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (“TDAM” or “Sub-Adviser”) with respect to its management of other funds of the Trust, as well as TDAM’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds’ portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds.
The Board evaluated these factors in consultation with Trust Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary
77
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also noted that the Funds’ portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Adviser at this time, and noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered TDAM’s operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of U.S. and non-U.S. equity securities. The Board gave special consideration to TDAM’s experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered TDAM’s operational capabilities and resources, and TDAM’s experience in managing index funds covering various asset classes. The Board noted that TDAM manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, TDAM closely monitors any such changes to devise strategies to realign its
78
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted TDAM’s processes to minimize the cost of trading.
The Board evaluated these factors in consultation with Trust Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.
Performance of TDAM; TDAM’s Financial Resources. The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAM’s performance in managing other equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAM’s capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds’ tracking error within acceptable ranges.
The Board also considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to TDAM. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.
Costs of Services and Profitability. The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased.
The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
79
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers MSCI Spain Hedged Equity ETF
At a meeting held on May 21, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche
X-trackers MSCI Spain Hedged Equity ETF (the “Funds”).
In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (“TDAM” or “Sub-Adviser”) with respect to its management of other funds of the Trust, as well as TDAM’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
The Board reached a determination, with the assistance of K&L Gates LLP (“Independent Trustees’ Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds’ portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.
The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser,
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DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also noted that the Funds’ portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that since each Fund was new, it was difficult to estimate the profitability of each Fund to the Adviser at this time, and noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered TDAM’s operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of non-U.S. equity securities. The Board gave special consideration to TDAM’s experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered TDAM’s operational capabilities and resources, and TDAM’s experience in managing index funds covering various asset classes.
81
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.
Performance of TDAM; TDAM’s Financial Resources. The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAM’s performance in managing other currency-hedged equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAM’s capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds’ tracking error within acceptable ranges.
The Board also considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to TDAM. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.
Costs of Services and Profitability. The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board further noted that specific information about TDAM’s profitability with respect to its services provided to the Funds was not available because TDAM does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also noted that the overall fees paid by each Fund remained reasonable.
The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
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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 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. These Funds are non-diversified and can take larger positions in fewer issues, increasing potential risk. Performance of the Funds may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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.
MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
“JPX-Nikkei 400 Currency Hedged Index” and “JPX-Nikkei Index 400” are servicemarks of Nikkei Inc. and the Tokyo Stock Exchange, Inc. (the “Index Vendor”) and has been licensed for use by Deutsche Bank AG. The corresponding funds are not sponsored, endorsed, issued, sold or promoted by the Index Vendor nor does the Index Vendor make any representation regarding the advisability of investing in the funds.
S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. These trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed to DBRE and DBIF. The Indexes are products of S&PDow Jones Indices LLC, and have been licensed for use by the funds. The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Standard & Poor’s Financial Services LLC, Dow Jones Trademark Holdings LLC, or their respective affiliates, or third party licensors, and none of such parties make any representation regarding the advisability of investing in the funds.
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 © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark 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 345 Park Ave. New York, NY 10154 | 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 |
R-040498-1 (1/16) DBX 001741 (1/17)
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 |
By (Signature and Title)* /s/ Alex Depetris | ||||
Alex Depetris | ||||
President and Chief Executive Officer |
Date 2/8/16 |
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 | ||||
Alex Depetris | ||||
President and Chief Executive Officer |
Date 2/8/16 |
By (Signature and Title)* /s/ Michael Gilligan | ||||
Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date 2/8/16 |
* | Print the name and title of each signing officer under his or her signature. |