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: August 31
Date of reporting period: February 29, 2016
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.
February 29, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (DEEF)
(Effective March 16, 2016, Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF was renamed Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF)
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (DEUS)
(Effective March 16, 2016, Deutsche X-trackers Russell 1000 Enhanced Beta ETF was renamed Deutsche X-trackers Russell 1000 Comprehensive Factor ETF)
DBX ETF Trust
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Board Consideration in Approval of Investment Advisory Contract | 35 | |||
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38 |
To our shareholders:
We are pleased to provide this semi-annual report for our two comprehensive factor equity ETFs for the period ended February 29, 2016.
The divergence theme in the global economy has continued, with the US performing relatively better than other developed economies, which are looking towards further central bank interest rate easing. While China is fighting a slowdown and has devalued its currency, most emerging economies have been hit by the fall in commodity prices. Across the globe, trade volumes have been declining and inflation has remained weak as a result of a protracted slowdown in global growth.
In the US, the Federal Reserve felt the overall economy had made good progress and raised interest rates in December 2015 for the first time since 2006. Since January 2016, financial conditions have tightened further, with falling equity prices and widening credit spreads. While labor markets still appear to be healthy, inflation remains weak due to USD appreciation and declining energy prices.
Elsewhere, in the Eurozone, economic growth generally continues to be reasonable, barring a few peripheral economies, such as Greece, that have started contracting again. Growth in the region continues to be impacted by unfavorable external factors, such as the devaluation of the RMB by China, emerging market capital outflows, rising US high-yield spreads and weakening US growth momentum. The European Central Bank (ECB) mismanaged market expectations in December, causing stock markets to tumble. To assuage fears, further stimulus measures were hinted at, but these are yet to be implemented. Additional geopolitical friction, including concerns about the UK exiting the European Union (EU) and the refugee crisis, persist within the Eurozone, contributing to the falling EUR.
Slowing growth in the UK, coupled with the prospect of fiscal tightening, a monetary policy pushback and weak inflation, has weighed on the markets. The biggest surprise so far this year has been the negative interest rate introduced by the Bank of Japan in January. While markets welcomed this move, the element of surprise again hit central bank credibility, as in the case of the ECB. Japan continues to fight deflation and stagnant growth with a series of monetary, fiscal and structural measures popularly called “Abenomics”.
In such volatile markets, diversifying factors may be a better positioning than pursuing a single-factor approach. The five factors tracked by our comprehensive factor ETFs — Value, Momentum, Quality, Low Volatility and Size — have been identified on the basis of academic and empirical research. While multi-factor products are unlikely to shield investors entirely from market turbulence, exposure to multiple factors providing positive diversification is a prudent strategy in navigating such uncertain times.
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 FTSE Developed ex US Enhanced Beta ETF (DEEF)
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style factors of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-cap equity securities from developed markets (except the United States). The Underlying Index consists of issuers from the following 23 developed market countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 02/29/16
Description | % of Net Assets | |||
Investor AB, Class B (Sweden) | 0.9% | |||
Koninklijke Ahold NV (Netherlands) | 0.9% | |||
British Land Co. PLC REIT (United Kingdom) | 0.8% | |||
Land Securities Group PLC REIT (United Kingdom) | 0.7% | |||
Fairfax Financial Holdings Ltd. (Canada) | 0.7% | |||
Link REIT (The) REIT (Hong Kong) | 0.7% | |||
Goodman Group REIT (Australia) | 0.7% | |||
Metro, Inc. (Canada) | 0.6% | |||
Segro PLC REIT (United Kingdom) | 0.6% | |||
Derwent London PLC REIT (United Kingdom) | 0.6% |
Sector Diversification* as of 2/29/16
Financials | 20.4% | |||
Industrials | 19.7% | |||
Consumer Discretionary | 15.7% | |||
Consumer Staples | 11.8% | |||
Materials | 10.7% | |||
Utilities | 6.0% | |||
Health Care | 5.8% | |||
Information Technology | 4.5% | |||
Telecommunication Services | 3.3% | |||
Energy | 2.1% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 2/29/16
Japan | 31.4% | |||
United Kingdom | 15.9% | |||
Australia | 9.5% | |||
Canada | 5.7% | |||
France | 4.9% | |||
Sweden | 4.1% | |||
Switzerland | 3.5% | |||
Germany | 3.4% | |||
Hong Kong | 3.3% | |||
Singapore | 2.1% | |||
South Korea | 2.1% | |||
Netherlands | 2.0% | |||
Other | 12.1% | |||
|
| |||
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 5.
2
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (DEUS)
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style factors of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 02/29/16
Description | % of Net Assets | |||
Kroger (The) Co. | 0.9% | |||
Tyson Foods, Inc. | 0.9% | |||
Amdocs Ltd. | 0.7% | |||
Progressive (The) Corp. | 0.7% | |||
AmerisourceBergen Corp. | 0.6% | |||
Darden Restaurants, Inc. | 0.6% | |||
Lear Corp. | 0.6% | |||
NiSource, Inc. | 0.6% | |||
Northrop Grumman Corp. | 0.6% | |||
PartnerRe Ltd. | 0.6% |
Sector Diversification* as of 2/29/16
Financials | 17.3% | |||
Consumer Discretionary | 16.7% | |||
Industrials | 15.7% | |||
Information Technology | 12.5% | |||
Health Care | 10.4% | |||
Utilities | 9.9% | |||
Consumer Staples | 9.1% | |||
Materials | 5.6% | |||
Energy | 2.3% | |||
Telecommunication Services | 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 16.
3
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 period and held for the entire period (November 24, 2015 to February 29, 2016).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value September 1, 2015 | Ending Account Value February 29, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF | ||||||||||||||||
Actual(2) | $ | 1,000.00 | $ | 934.00 | 0.36 | % | $ | 0.93 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.07 | 0.36 | % | $ | 1.81 | ||||||||
Deutsche X-trackers Russell 1000 Enhanced Beta ETF | ||||||||||||||||
Actual(2) | $ | 1,000.00 | $ | 960.80 | 0.26 | % | $ | 0.68 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.57 | 0.26 | % | $ | 1.31 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from November 24, 2015 (commencement of operations) to February 29, 2016.
4
DBX ETF Trust
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF
February 29, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Australia — 9.5% | ||||||||
Adelaide Brighton Ltd. | 1,098 | $ | 3,882 | |||||
AGL Energy Ltd. | 325 | 4,257 | ||||||
Amcor Ltd. | 1,282 | 12,829 | ||||||
AMP Ltd. | 162 | 616 | ||||||
Ansell Ltd. | 188 | 2,310 | ||||||
APA Group (a) | 822 | 5,120 | ||||||
Aristocrat Leisure Ltd. | 66 | 471 | ||||||
Asciano Ltd. | 686 | 4,346 | ||||||
ASX Ltd. | 146 | 4,383 | ||||||
Aurizon Holdings Ltd. | 2,053 | 5,968 | ||||||
AusNet Services | 1,158 | 1,212 | ||||||
Australia & New Zealand Banking Group Ltd. | 4 | 64 | ||||||
Bank of Queensland Ltd. | 64 | 482 | ||||||
Bendigo and Adelaide Bank Ltd. | 43 | 263 | ||||||
BHP Billiton Ltd. | 68 | 756 | ||||||
BHP Billiton PLC | 51 | 517 | ||||||
Boral Ltd. | 1,341 | 5,594 | ||||||
Brambles Ltd. | 634 | 5,656 | ||||||
Caltex Australia Ltd. | 389 | 10,152 | ||||||
Challenger Ltd. | 141 | 757 | ||||||
CIMIC Group Ltd. | 42 | 947 | ||||||
Coca-Cola Amatil Ltd. | 378 | 2,298 | ||||||
Cochlear Ltd. | 54 | 3,953 | ||||||
Commonwealth Bank of Australia | 1 | 50 | ||||||
Computershare Ltd. | 182 | 1,183 | ||||||
Crown Resorts Ltd. | 22 | 183 | ||||||
CSL Ltd. | 71 | 5,209 | ||||||
CSR Ltd. | 1,012 | 2,140 | ||||||
Dexus Property Group REIT | 1,649 | 8,869 | ||||||
Downer EDI Ltd. | 154 | 366 | ||||||
DuluxGroup Ltd. | 566 | 2,640 | ||||||
Fairfax Media Ltd. | 596 | 328 | ||||||
Flight Centre Travel Group Ltd. (b) | 11 | 325 | ||||||
Goodman Group REIT | 3,330 | 15,436 | ||||||
GPT Group REIT | 2,479 | 8,711 | ||||||
Harvey Norman Holdings Ltd. | 495 | 1,690 | ||||||
Healthscope Ltd. | 40 | 71 | ||||||
Incitec Pivot Ltd. | 1,076 | 2,236 | ||||||
Insurance Australia Group Ltd. | 480 | 1,772 | ||||||
IOOF Holdings Ltd. | 139 | 829 | ||||||
LendLease Group (a) | 310 | 2,885 | ||||||
Macquarie Atlas Roads Group (a) | 71 | 239 | ||||||
Macquarie Group Ltd. | 4 | 184 | ||||||
Medibank Pvt Ltd. | 2,703 | 4,865 | ||||||
Mirvac Group REIT | 5,340 | 6,980 | ||||||
Newcrest Mining Ltd.* | 15 | 187 | ||||||
Nufarm Ltd. | 305 | 1,490 | ||||||
Oil Search Ltd. | 53 | 253 | ||||||
Orica Ltd. | 212 | 2,158 | ||||||
Orora Ltd. | 4,506 | 7,338 | ||||||
OZ Minerals Ltd. | 37 | 133 | ||||||
Perpetual Ltd. | 26 | 770 | ||||||
Platinum Asset Management Ltd. (b) | 325 | 1,379 | ||||||
Qantas Airways Ltd.* | 487 | 1,343 | ||||||
QBE Insurance Group Ltd. | 80 | 604 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Ramsay Health Care Ltd. | 62 | $ | 2,933 | |||||
REA Group Ltd. | 22 | 816 | ||||||
Recall Holdings Ltd. | 105 | 516 | ||||||
Scentre Group REIT | 4,490 | 14,015 | ||||||
Seek Ltd. | 35 | 388 | ||||||
Shopping Centres Australasia Property Group REIT | 2,408 | 3,904 | ||||||
Sonic Healthcare Ltd. | 258 | 3,387 | ||||||
Star Entertainment Group Ltd. (The) | 1,050 | 3,915 | ||||||
Stockland REIT | 2,484 | 7,398 | ||||||
Suncorp Group Ltd. | 50 | 400 | ||||||
Sydney Airport (a) | 360 | 1,658 | ||||||
Tabcorp Holdings Ltd. | 1,408 | 4,324 | ||||||
Tatts Group Ltd. | 1,024 | 2,845 | ||||||
Telstra Corp. Ltd. | 176 | 660 | ||||||
TPG Telecom Ltd. | 88 | 660 | ||||||
Transurban Group (a) | 25 | 203 | ||||||
Treasury Wine Estates Ltd. | 227 | 1,565 | ||||||
Vicinity Centres REIT | 1,538 | 3,416 | ||||||
Wesfarmers Ltd. | 125 | 3,490 | ||||||
Westpac Banking Corp. | 14 | 288 | ||||||
Woodside Petroleum Ltd. | 165 | 2,988 | ||||||
Woolworths Ltd. | 105 | 1,717 | ||||||
|
| |||||||
221,165 | ||||||||
|
| |||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 16 | 767 | ||||||
OMV AG | 31 | 815 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1 | 23 | ||||||
Voestalpine AG | 23 | 667 | ||||||
|
| |||||||
2,272 | ||||||||
|
| |||||||
Belgium — 1.5% | ||||||||
Ageas | 28 | 1,035 | ||||||
bpost SA | 226 | 5,617 | ||||||
Colruyt SA | 116 | 6,234 | ||||||
Delhaize Group | 72 | 7,312 | ||||||
Groupe Bruxelles Lambert SA | 26 | 1,989 | ||||||
Proximus SA | 182 | 5,750 | ||||||
Solvay SA | 14 | 1,300 | ||||||
Telenet Group Holding NV* | 11 | 578 | ||||||
UCB SA | 6 | 446 | ||||||
Umicore SA | 89 | 4,034 | ||||||
|
| |||||||
34,295 | ||||||||
|
| |||||||
Canada — 5.7% | ||||||||
Agrium, Inc. | 55 | 4,731 | ||||||
Alimentation Couche-Tard, Inc., Class B | 128 | 5,785 | ||||||
ARC Resources Ltd. | 35 | 464 | ||||||
Bank of Nova Scotia | 3 | 121 | ||||||
BCE, Inc. | 62 | 2,675 | ||||||
BlackBerry Ltd.* | 37 | 288 | ||||||
Brookfield Asset Management, Inc., Class A | 110 | 3,372 | ||||||
Cameco Corp. | 13 | 157 | ||||||
Canadian Imperial Bank of Commerce | 4 | 266 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Canada (Continued) | ||||||||
Canadian National Railway Co. | 38 | $ | 2,205 | |||||
Canadian Natural Resources Ltd. | 29 | 605 | ||||||
Canadian Pacific Railway Ltd. | 12 | 1,461 | ||||||
Canadian Tire Corp. Ltd., Class A | 47 | 4,564 | ||||||
Canadian Utilities Ltd., Class A | 101 | 2,427 | ||||||
Cenovus Energy, Inc. | 31 | 354 | ||||||
CGI Group, Inc., Class A* | 238 | 9,946 | ||||||
CI Financial Corp. | 164 | 3,628 | ||||||
Enbridge, Inc. | 11 | 388 | ||||||
Fairfax Financial Holdings Ltd. | 31 | 16,369 | ||||||
Finning International, Inc. | 20 | 277 | ||||||
Fortis, Inc. | 90 | 2,492 | ||||||
Franco-Nevada Corp. | 17 | 1,013 | ||||||
George Weston Ltd. | 3 | 244 | ||||||
Great-West Lifeco, Inc. | 19 | 491 | ||||||
Husky Energy, Inc. | 42 | 457 | ||||||
IGM Financial, Inc. | 22 | 583 | ||||||
Imperial Oil Ltd. | 26 | 829 | ||||||
Intact Financial Corp. | 142 | 8,832 | ||||||
Inter Pipeline Ltd. | 6 | 110 | ||||||
Loblaw Cos. Ltd. | 3 | 152 | ||||||
Magna International, Inc. | 248 | 9,612 | ||||||
Manulife Financial Corp. | 59 | 789 | ||||||
Metro, Inc. | 465 | 14,843 | ||||||
National Bank of Canada | 29 | 789 | ||||||
Pembina Pipeline Corp. | 21 | 523 | ||||||
Potash Corp. of Saskatchewan, Inc. | 105 | 1,777 | ||||||
Power Corp. of Canada | 39 | 847 | ||||||
Power Financial Corp. | 11 | 256 | ||||||
RioCan Real Estate Investment Trust REIT | 270 | 5,111 | ||||||
Rogers Communications, Inc., Class B | 113 | 4,178 | ||||||
Royal Bank of Canada | 9 | 459 | ||||||
Saputo, Inc. | 175 | 5,090 | ||||||
Shaw Communications, Inc., Class B | 225 | 3,892 | ||||||
SNC-Lavalin Group, Inc. | 91 | 2,853 | ||||||
Sun Life Financial, Inc. | 34 | 1,013 | ||||||
Suncor Energy, Inc. | 49 | 1,197 | ||||||
TELUS Corp. | 90 | 2,618 | ||||||
Toronto-Dominion Bank (The) | 14 | 542 | ||||||
Tourmaline Oil Corp.* | 12 | 221 | ||||||
TransCanada Corp. | 17 | 623 | ||||||
|
| |||||||
132,519 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC (b) | 199 | 1,370 | ||||||
|
| |||||||
China — 0.1% | ||||||||
AAC Technologies Holdings, Inc. | 36 | 250 | ||||||
China Mengniu Dairy Co. Ltd. | 533 | 766 | ||||||
Want Want China Holdings Ltd. | 518 | 343 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 3,300 | 2,123 | ||||||
|
| |||||||
3,482 | ||||||||
|
| |||||||
Denmark — 1.5% | ||||||||
A.P. Moeller—Maersk A/S, Class A | 1 | 1,283 | ||||||
Carlsberg A/S, Class B | 44 | 3,804 | ||||||
Chr Hansen Holding A/S | 58 | 3,581 | ||||||
Coloplast A/S, Class B | 16 | 1,212 |
Number | Value | |||||||
Denmark (Continued) | ||||||||
Danske Bank A/S | 15 | $ | 410 | |||||
DSV A/S | 263 | 10,773 | ||||||
H Lundbeck A/S* | 7 | 262 | ||||||
ISS A/S | 82 | 2,855 | ||||||
Jyske Bank A/S* | 13 | 567 | ||||||
Novo Nordisk A/S, Class B | 19 | 985 | ||||||
Novozymes A/S, Class B | 60 | 2,578 | ||||||
TDC A/S | 931 | 3,960 | ||||||
Tryg A/S | 108 | 1,973 | ||||||
William Demant Holding A/S* | 20 | 1,739 | ||||||
|
| |||||||
35,982 | ||||||||
|
| |||||||
Finland — 1.5% | ||||||||
Elisa OYJ | 91 | 3,252 | ||||||
Fortum OYJ | 314 | 4,173 | ||||||
Kesko OYJ, Class B | 113 | 4,425 | ||||||
Kone OYJ, Class B* | 109 | 4,850 | ||||||
Metso OYJ | 15 | 332 | ||||||
Neste OYJ | 15 | 471 | ||||||
Nokian Renkaat OYJ | 48 | 1,581 | ||||||
Orion OYJ, Class B | 120 | 4,068 | ||||||
Sampo OYJ, Class A | 73 | 3,290 | ||||||
Stora Enso OYJ, Class R | 114 | 944 | ||||||
UPM-Kymmene OYJ | 345 | 5,866 | ||||||
Wartsila OYJ Abp | 57 | 2,300 | ||||||
|
| |||||||
35,552 | ||||||||
|
| |||||||
France — 4.9% | ||||||||
Accor SA | 12 | 510 | ||||||
Aeroports de Paris | 10 | 1,175 | ||||||
Air Liquide SA | 23 | 2,404 | ||||||
Airbus Group SE | 22 | 1,429 | ||||||
Arkema SA | 10 | 613 | ||||||
Atos SE | 52 | 3,800 | ||||||
AXA SA | 12 | 265 | ||||||
BioMerieux | 10 | 1,274 | ||||||
Bollore SA | 82 | 317 | ||||||
Bouygues SA | 114 | 4,467 | ||||||
Bureau Veritas SA | 48 | 958 | ||||||
Cap Gemini SA | 48 | 4,000 | ||||||
Carrefour SA | 24 | 636 | ||||||
Casino Guichard-Perrachon SA | 2 | 90 | ||||||
Christian Dior SE | 10 | 1,764 | ||||||
Cie de Saint-Gobain | 22 | 855 | ||||||
Cie Generale des Etablissements Michelin | 72 | 6,525 | ||||||
Danone SA | 47 | 3,280 | ||||||
Dassault Systemes SA | 8 | 608 | ||||||
Edenred | 69 | 1,213 | ||||||
Eiffage SA | 11 | 781 | ||||||
Electricite de France | 6 | 63 | ||||||
Engie | 45 | 698 | ||||||
Essilor International SA | 7 | 834 | ||||||
Euler Hermes Group | 12 | 995 | ||||||
Eutelsat Communications SA | 75 | 2,277 | ||||||
Faurecia | 7 | 239 | ||||||
Gecina SA REIT | 2 | 248 | ||||||
Groupe Eurotunnel SE | 108 | 1,086 |
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Hermes International | 3 | $ | 1,025 | |||||
ICADE REIT | 2 | 139 | ||||||
Iliad SA | 6 | 1,474 | ||||||
Imerys SA | 17 | 1,031 | ||||||
Ingenico Group | 4 | 405 | ||||||
Ipsen SA | 32 | 1,844 | ||||||
JCDecaux SA | 20 | 787 | ||||||
Kering | 2 | 349 | ||||||
Klepierre REIT | 52 | 2,170 | ||||||
Lagardere SCA | 60 | 1,734 | ||||||
Legrand SA | 74 | 3,692 | ||||||
L’Oreal SA | 5 | 848 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 8 | 1,337 | ||||||
Orange SA | 157 | 2,732 | ||||||
Pernod Ricard SA | 8 | 853 | ||||||
Publicis Groupe SA | 39 | 2,422 | ||||||
Remy Cointreau SA | 2 | 138 | ||||||
Renault SA | 7 | 640 | ||||||
Rexel SA | 130 | 1,598 | ||||||
Safran SA | 20 | 1,245 | ||||||
Sanofi | 2 | 159 | ||||||
Schneider Electric SE | 12 | 714 | ||||||
SCOR SE | 88 | 3,084 | ||||||
SEB SA | 12 | 1,114 | ||||||
Societe BIC SA | 26 | 3,610 | ||||||
Societe Television Francaise 1 | 35 | 404 | ||||||
Sodexo SA | 13 | 1,323 | ||||||
Suez Environnement Co. | 315 | 5,457 | ||||||
Technip SA | 4 | 199 | ||||||
Thales SA | 81 | 6,461 | ||||||
Total SA | 14 | 629 | ||||||
Unibail-Rodamco SE REIT | 20 | 4,993 | ||||||
Valeo SA | 27 | 3,749 | ||||||
Veolia Environnement SA | 153 | 3,473 | ||||||
Vinci SA | 36 | 2,496 | ||||||
Vivendi SA | 257 | 5,342 | ||||||
Zodiac Aerospace | 44 | 736 | ||||||
|
| |||||||
113,810 | ||||||||
|
| |||||||
Germany — 3.2% | ||||||||
adidas AG | 37 | 3,958 | ||||||
Allianz SE | 3 | 447 | ||||||
Axel Springer SE | 60 | 3,043 | ||||||
BASF SE | 13 | 850 | ||||||
Bayer AG | 1 | 105 | ||||||
Bayerische Motoren Werke AG | 2 | 163 | ||||||
Beiersdorf AG | 16 | 1,390 | ||||||
Brenntag AG | 58 | 2,820 | ||||||
Continental AG | 5 | 1,003 | ||||||
Daimler AG | 5 | 343 | ||||||
Deutsche Boerse AG | 9 | 745 | ||||||
Deutsche Lufthansa AG* | 52 | 779 | ||||||
Deutsche Post AG | 150 | 3,575 | ||||||
Deutsche Telekom AG | 83 | 1,395 | ||||||
Deutsche Wohnen AG | 352 | 9,323 | ||||||
E.ON SE | 122 | 1,112 | ||||||
Evonik Industries AG | 43 | 1,300 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Fielmann AG | 13 | $ | 899 | |||||
Fraport AG Frankfurt Airport Services Worldwide | 12 | 695 | ||||||
Fresenius Medical Care AG & Co. KGaA | 10 | 845 | ||||||
Fresenius SE & Co. KGaA | 31 | 2,051 | ||||||
FUCHS PETROLUB SE | 32 | 1,168 | ||||||
GEA Group AG | 75 | 3,315 | ||||||
Hannover Rueck SE | 27 | 2,781 | ||||||
HeidelbergCement AG | 18 | 1,324 | ||||||
Hella KGaA Hueck & Co. | 24 | 937 | ||||||
Henkel AG & Co. KGaA | 4 | 354 | ||||||
HOCHTIEF AG | 13 | 1,415 | ||||||
Hugo Boss AG | 23 | 1,313 | ||||||
Infineon Technologies AG | 195 | 2,387 | ||||||
K+S AG (b) | 34 | 716 | ||||||
Kabel Deutschland Holding AG | 1 | 124 | ||||||
LANXESS AG | 10 | 417 | ||||||
Linde AG | 9 | 1,257 | ||||||
MAN SE | 2 | 205 | ||||||
Merck KGaA | 24 | 2,045 | ||||||
Metro AG | 28 | 690 | ||||||
MTU Aero Engines AG | 38 | 3,473 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 9 | 1,775 | ||||||
OSRAM Licht AG | 58 | 2,720 | ||||||
ProSiebenSat.1 Media SE | 44 | 2,260 | ||||||
RWE AG | 9 | 103 | ||||||
SAP SE | 4 | 304 | ||||||
Siemens AG | 8 | 743 | ||||||
Suedzucker AG (b) | 39 | 588 | ||||||
Symrise AG | 6 | 386 | ||||||
ThyssenKrupp AG | 32 | 543 | ||||||
TUI AG | 31 | 463 | ||||||
Vonovia SE | 42 | 1,311 | ||||||
Wacker Chemie AG | 1 | 80 | ||||||
Wirecard AG (b) | 47 | 1,867 | ||||||
Zalando SE, 144A* | 8 | 250 | ||||||
|
| |||||||
74,155 | ||||||||
|
| |||||||
Hong Kong — 3.3% | ||||||||
AIA Group Ltd. | 96 | 490 | ||||||
ASM Pacific Technology Ltd. | 26 | 208 | ||||||
Bank of East Asia Ltd. (The) | 71 | 226 | ||||||
BOC Hong Kong (Holdings) Ltd. | 94 | 244 | ||||||
Cafe de Coral Holdings Ltd. | 227 | 616 | ||||||
Cathay Pacific Airways Ltd. | 466 | 743 | ||||||
Champion REIT | 2,011 | 978 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 173 | 1,765 | ||||||
Cheung Kong Property Holdings Ltd. | 442 | 2,262 | ||||||
China Travel International Investment Hong Kong Ltd. | 1,279 | 444 | ||||||
CK Hutchison Holdings Ltd. | 264 | 3,190 | ||||||
CLP Holdings Ltd. | 392 | 3,418 | ||||||
First Pacific Co. Ltd. | 207 | 143 | ||||||
Great Eagle Holdings Ltd. | 14 | 41 | ||||||
Hang Lung Properties Ltd. | 628 | 1,102 | ||||||
Hang Seng Bank Ltd. | 13 | 220 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Henderson Land Development Co. Ltd. | 175 | $ | 945 | |||||
Hong Kong and China Gas Co. Ltd. | 641 | 1,128 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 16 | 347 | ||||||
Hongkong Land Holdings Ltd. | 200 | 1,174 | ||||||
Hopewell Highway Infrastructure Ltd. | 738 | 346 | ||||||
Hopewell Holdings Ltd. | 225 | 692 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 985 | 332 | ||||||
Hysan Development Co. Ltd. | 538 | 2,131 | ||||||
Johnson Electric Holdings Ltd. | 208 | 621 | ||||||
Kerry Logistics Network Ltd. | 240 | 354 | ||||||
Kerry Properties Ltd. | 481 | 1,129 | ||||||
Kowloon Development Co. Ltd. | 3 | 2 | ||||||
Li & Fung Ltd. | 11,888 | 6,711 | ||||||
Lifestyle International Holdings Ltd. | 129 | 157 | ||||||
Link REIT (The) REIT | 2,832 | 15,970 | ||||||
MTR Corp. Ltd. | 256 | 1,184 | ||||||
New World China Land Ltd. | 229 | 218 | ||||||
New World Development Co. Ltd. | 423 | 355 | ||||||
NWS Holdings Ltd. | 440 | 625 | ||||||
Orient Overseas International Ltd. | 29 | 105 | ||||||
PCCW Ltd. | 1,755 | 1,115 | ||||||
Power Assets Holdings Ltd. | 687 | 6,511 | ||||||
Shun Tak Holdings Ltd. | 1,137 | 355 | ||||||
Sino Land Co. Ltd. | 1,600 | 2,222 | ||||||
Sun Art Retail Group Ltd. | 235 | 142 | ||||||
Sun Hung Kai Properties Ltd. | 111 | 1,240 | ||||||
Swire Pacific Ltd., Class A | 207 | 2,018 | ||||||
Swire Properties Ltd. | 101 | 260 | ||||||
Techtronic Industries Co. Ltd. | 348 | 1,329 | ||||||
Television Broadcasts Ltd. | 120 | 472 | ||||||
Texwinca Holdings Ltd. | 1,302 | 1,239 | ||||||
VTech Holdings Ltd. | 227 | 2,546 | ||||||
Wharf Holdings Ltd. (The) | 225 | 1,130 | ||||||
Wheelock & Co. Ltd. | 182 | 719 | ||||||
Yue Yuen Industrial (Holdings) Ltd. | 1,452 | 5,163 | ||||||
|
| |||||||
77,077 | ||||||||
|
| |||||||
Ireland — 1.0% | ||||||||
CRH PLC | 49 | 1,259 | ||||||
DCC PLC | 32 | 2,515 | ||||||
Experian PLC | 310 | 5,111 | ||||||
Glanbia PLC | 53 | 1,057 | ||||||
James Hardie Industries PLC CDI | 444 | 5,680 | ||||||
Kerry Group PLC, Class A | 34 | 2,972 | ||||||
Ryanair Holdings PLC | 22 | 341 | ||||||
Shire PLC | 16 | 845 | ||||||
Smurfit Kappa Group PLC | 121 | 2,799 | ||||||
|
| |||||||
22,579 | ||||||||
|
| |||||||
Israel — 1.4% | ||||||||
Azrieli Group | 40 | 1,454 | ||||||
Bank Hapoalim BM | 230 | 1,127 | ||||||
Bank Leumi Le-Israel BM* | 237 | 793 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 3,600 | 8,082 | ||||||
Clal Insurance Enterprises Holdings Ltd.* | 9 | 101 |
Number | Value | |||||||
Israel (Continued) | ||||||||
Delek Automotive Systems Ltd. | 84 | $ | 782 | |||||
Elbit Systems Ltd. | 15 | 1,246 | ||||||
First International Bank of Israel Ltd. | 1 | 11 | ||||||
Frutarom Industries Ltd. | 54 | 2,793 | ||||||
Gazit-Globe Ltd. | 18 | 141 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 1 | 3 | ||||||
Israel Chemicals Ltd. | 111 | 430 | ||||||
Israel Discount Bank Ltd., Class A* | 1,084 | 1,745 | ||||||
Melisron Ltd. | 37 | 1,207 | ||||||
Migdal Insurance & Financial Holding Ltd. | 1 | 1 | ||||||
Mizrahi Tefahot Bank Ltd. | 152 | 1,681 | ||||||
NICE Systems Ltd. | 22 | 1,331 | ||||||
Oil Refineries Ltd.* | 3,385 | 1,288 | ||||||
Osem Investments Ltd.* | 61 | 1,260 | ||||||
Paz Oil Co. Ltd. | 15 | 2,279 | ||||||
Shikun & Binui Ltd. | 347 | 505 | ||||||
Strauss Group Ltd. | 42 | 571 | ||||||
Teva Pharmaceutical Industries Ltd. | 62 | 3,502 | ||||||
|
| |||||||
32,333 | ||||||||
|
| |||||||
Italy — 0.7% | ||||||||
Assicurazioni Generali SpA | 19 | 264 | ||||||
Atlantia SpA | 42 | 1,041 | ||||||
Davide Campari-Milano SpA | 66 | 520 | ||||||
Enel Green Power SpA | 143 | 278 | ||||||
Enel SpA | 378 | 1,521 | ||||||
Eni SpA | 27 | 380 | ||||||
EXOR SpA | 10 | 332 | ||||||
Ferrari NV* | 4 | 155 | ||||||
Finmeccanica SpA* | 15 | 155 | ||||||
Luxottica Group SpA | 10 | 573 | ||||||
Mediaset SpA | 64 | 228 | ||||||
Mediobanca SpA | 7 | 48 | ||||||
Parmalat SpA | 458 | 1,192 | ||||||
Prysmian SpA | 114 | 2,329 | ||||||
Salvatore Ferragamo SpA | 6 | 135 | ||||||
Snam SpA | 479 | 2,591 | ||||||
Telecom Italia SpA*(b) | 1,217 | 1,189 | ||||||
Telecom Italia SpA-RSP | 775 | 601 | ||||||
Terna Rete Elettrica Nazionale SpA | 750 | 3,915 | ||||||
|
| |||||||
17,447 | ||||||||
|
| |||||||
Japan — 31.4% | ||||||||
Aeon Co. Ltd. | 600 | 7,867 | ||||||
AEON Financial Service Co. Ltd. | 100 | 2,234 | ||||||
AEON Mall Co. Ltd. | 100 | 1,418 | ||||||
AIR WATER, Inc. | 1,000 | 14,148 | ||||||
AISIN SEIKI Co. Ltd. | 100 | 4,004 | ||||||
Alfresa Holdings Corp. | 300 | 5,433 | ||||||
Alps Electric Co. Ltd. | 100 | 1,644 | ||||||
Amada Holdings Co. Ltd. | 200 | 1,855 | ||||||
Asahi Group Holdings Ltd. | 100 | 2,938 | ||||||
ASICS Corp. | 100 | 1,821 | ||||||
Astellas Pharma, Inc. | 200 | 2,878 | ||||||
AUTOBACS SEVEN Co. Ltd. | 200 | 3,393 | ||||||
Azbil Corp. | 100 | 2,482 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Bandai Namco Holdings, Inc. | 200 | $ | 3,985 | |||||
Benesse Holdings, Inc. | 100 | 3,039 | ||||||
Bic Camera, Inc. | 400 | 3,289 | ||||||
Bridgestone Corp. | 100 | 3,502 | ||||||
Brother Industries Ltd. | 100 | 1,093 | ||||||
Calbee, Inc. | 100 | 4,049 | ||||||
Canon Marketing Japan, Inc. | 100 | 1,683 | ||||||
Canon, Inc. | 200 | 5,604 | ||||||
Casio Computer Co. Ltd. | 100 | 1,842 | ||||||
Chubu Electric Power Co., Inc. | 400 | 5,273 | ||||||
Chugai Pharmaceutical Co. Ltd. | 100 | 2,968 | ||||||
Chugoku Bank Ltd. (The) | 100 | 1,054 | ||||||
Chugoku Electric Power Co., (The), Inc. | 200 | 2,672 | ||||||
Citizen Holdings Co. Ltd. | 200 | 1,099 | ||||||
Coca-Cola East Japan Co. Ltd. | 100 | 1,728 | ||||||
Coca-Cola West Co. Ltd. | 200 | 4,474 | ||||||
COMSYS Holdings Corp. | 200 | 2,986 | ||||||
Cosmo Energy Holdings Co. Ltd.* | 200 | 2,144 | ||||||
Daicel Corp. | 300 | 3,830 | ||||||
Daihatsu Motor Co. Ltd. | 100 | 1,389 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 100 | 1,212 | ||||||
Daiichi Sankyo Co. Ltd. | 300 | 6,262 | ||||||
Daito Trust Construction Co. Ltd. | 100 | 13,537 | ||||||
Daiwa House Industry Co. Ltd. | 200 | 5,475 | ||||||
Denka Co. Ltd. | 1,000 | 3,544 | ||||||
DIC Corp. | 1,000 | 2,153 | ||||||
Electric Power Development Co. Ltd. | 100 | 3,088 | ||||||
FamilyMart Co. Ltd. | 100 | 4,802 | ||||||
FP Corp. | 100 | 3,823 | ||||||
Fuji Electric Co. Ltd. | 1,000 | 3,429 | ||||||
GLORY Ltd. | 100 | 3,371 | ||||||
H2O RETAILING Corp. | 100 | 1,723 | ||||||
Hakuhodo DY Holdings, Inc. | 300 | 3,391 | ||||||
Hamamatsu Photonics KK | 100 | 2,455 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,000 | 6,405 | ||||||
Haseko Corp. | 100 | 866 | ||||||
Heiwa Corp. | 100 | 2,063 | ||||||
Hino Motors Ltd. | 100 | 1,010 | ||||||
Hitachi Chemical Co. Ltd. | 100 | 1,629 | ||||||
Hitachi Construction Machinery Co. Ltd. | 100 | 1,390 | ||||||
Hitachi Ltd. | 1,000 | 4,234 | ||||||
Hitachi Transport System Ltd. | 200 | 2,901 | ||||||
Hokuhoku Financial Group, Inc. | 1,000 | 1,488 | ||||||
Hokuriku Electric Power Co. | 100 | 1,490 | ||||||
House Foods Group, Inc. | 200 | 3,810 | ||||||
Hoya Corp. | 300 | 10,844 | ||||||
IBIDEN Co. Ltd. | 100 | 1,215 | ||||||
Idemitsu Kosan Co. Ltd. | 100 | 1,517 | ||||||
Iida Group Holdings Co. Ltd. | 100 | 1,831 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 200 | 2,325 | ||||||
Isuzu Motors Ltd. | 100 | 1,001 | ||||||
ITO EN Ltd. | 100 | 2,839 | ||||||
ITOCHU Corp. | 300 | 3,536 | ||||||
Itochu Techno-Solutions Corp. | 100 | 2,001 | ||||||
Iyo Bank Ltd. (The) | 100 | 692 | ||||||
J. Front Retailing Co. Ltd. | 200 | 2,332 | ||||||
Japan Airlines Co. Ltd. | 300 | 10,738 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Japan Tobacco, Inc. | 100 | $ | 3,978 | |||||
JSR Corp. | 200 | 2,805 | ||||||
JTEKT Corp. | 100 | 1,367 | ||||||
JX Holdings, Inc. | 700 | 2,723 | ||||||
Kandenko Co. Ltd. | 1,000 | 7,371 | ||||||
Kansai Electric Power Co., (The), Inc.* | 100 | 1,099 | ||||||
Kansai Paint Co. Ltd. | 100 | 1,372 | ||||||
Kao Corp. | 200 | 10,098 | ||||||
Kawasaki Kisen Kaisha Ltd. | 1,000 | 1,674 | ||||||
KDDI Corp. | 200 | 5,099 | ||||||
Keiyo Bank Ltd. (The) | 1,000 | 3,792 | ||||||
Kewpie Corp. | 200 | 4,478 | ||||||
KINDEN Corp. | 400 | 4,990 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,000 | 4,288 | ||||||
Kirin Holdings Co. Ltd. | 200 | 2,635 | ||||||
Kissei Pharmaceutical Co. Ltd. | 100 | 2,332 | ||||||
Kobe Steel Ltd. | 1,000 | 771 | ||||||
Koito Manufacturing Co. Ltd. | 100 | 4,408 | ||||||
Komatsu Ltd. | 200 | 3,045 | ||||||
Komeri Co. Ltd. | 100 | 1,892 | ||||||
Konami Holdings Corp. | 100 | 2,427 | ||||||
Konica Minolta, Inc. | 200 | 1,678 | ||||||
Kuraray Co. Ltd. | 500 | 5,466 | ||||||
Kurita Water Industries Ltd. | 200 | 4,359 | ||||||
Kyocera Corp. | 100 | 4,405 | ||||||
KYORIN Holdings, Inc. | 100 | 1,898 | ||||||
Kyushu Financial Group, Inc.* | 100 | 582 | ||||||
LINTEC Corp. | 100 | 1,852 | ||||||
LIXIL Group Corp. | 200 | 4,107 | ||||||
M3, Inc. | 100 | 2,382 | ||||||
Makita Corp. | 100 | 5,874 | ||||||
Marubeni Corp. | 400 | 2,004 | ||||||
Marui Group Co. Ltd. | 100 | 1,371 | ||||||
Maruichi Steel Tube Ltd. | 100 | 2,720 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 4,456 | ||||||
Medipal Holdings Corp. | 400 | 6,138 | ||||||
MISUMI Group, Inc. | 200 | 2,670 | ||||||
Mitsubishi Chemical Holdings Corp. | 500 | 2,521 | ||||||
Mitsubishi Corp. | 100 | 1,601 | ||||||
Mitsubishi Materials Corp. | 1,000 | 2,817 | ||||||
Mitsubishi Motors Corp. | 100 | 712 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 100 | 2,648 | ||||||
Mitsubishi Tanabe Pharma Corp. | 100 | 1,796 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 200 | 862 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 100 | 431 | ||||||
Mitsui & Co. Ltd. | 200 | 2,306 | ||||||
Mitsui OSK Lines Ltd. | 1,000 | 1,869 | ||||||
Mizuho Financial Group, Inc. | 200 | 294 | ||||||
Nabtesco Corp. | 100 | 1,913 | ||||||
NAGASE & Co. Ltd. | 200 | 2,036 | ||||||
NHK Spring Co. Ltd. | 200 | 1,827 | ||||||
Nikon Corp. | 100 | 1,521 | ||||||
Nippon Express Co. Ltd. | 2,000 | 8,859 | ||||||
Nippon Paint Holdings Co. Ltd. | 200 | 4,006 | ||||||
Nippon Paper Industries Co. Ltd. | 100 | 1,690 | ||||||
Nippon Shokubai Co. Ltd. | 100 | 4,997 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 100 | 1,728 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nippon Television Holdings, Inc. | 100 | $ | 1,711 | |||||
Nippon Yusen KK | 1,000 | 1,843 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 7,309 | ||||||
Nissan Chemical Industries Ltd. | 200 | 4,513 | ||||||
Nissan Motor Co. Ltd. | 100 | 908 | ||||||
NISSAN SHATAI Co. Ltd. | 100 | 999 | ||||||
Nisshin Seifun Group, Inc. | 400 | 6,538 | ||||||
Nisshinbo Holdings, Inc. | 100 | 939 | ||||||
NOK Corp. | 100 | 1,613 | ||||||
Nomura Real Estate Holdings, Inc. | 100 | 1,790 | ||||||
Nomura Research Institute Ltd. | 100 | 3,415 | ||||||
NS Solutions Corp. | 100 | 1,856 | ||||||
NSK Ltd. | 100 | 913 | ||||||
NTT DOCOMO, Inc. | 100 | 2,340 | ||||||
Obayashi Corp. | 600 | 5,470 | ||||||
Oji Holdings Corp. | 1,000 | 3,783 | ||||||
Omron Corp. | 100 | 2,643 | ||||||
ORIX Corp. | 100 | 1,309 | ||||||
Osaka Gas Co. Ltd. | 2,000 | 7,623 | ||||||
OSG Corp. | 100 | 1,689 | ||||||
Otsuka Holdings Co. Ltd. | 200 | 7,064 | ||||||
Panasonic Corp. | 100 | 845 | ||||||
Park24 Co. Ltd. | 200 | 5,234 | ||||||
Pigeon Corp. | 100 | 2,335 | ||||||
Rakuten, Inc. | 100 | 951 | ||||||
Recruit Holdings Co. Ltd. | 100 | 2,968 | ||||||
Resona Holdings, Inc. | 200 | 700 | ||||||
Ricoh Co. Ltd. | 100 | 988 | ||||||
Rohto Pharmaceutical Co. Ltd. | 100 | 1,820 | ||||||
Sanrio Co. Ltd. | 100 | 1,957 | ||||||
Santen Pharmaceutical Co. Ltd. | 100 | 1,535 | ||||||
Sanwa Holdings Corp. | 300 | 1,916 | ||||||
Secom Co. Ltd. | 100 | 7,122 | ||||||
Seibu Holdings, Inc. | 100 | 1,968 | ||||||
Seino Holdings Co. Ltd. | 400 | 4,089 | ||||||
Sekisui Chemical Co. Ltd. | 500 | 5,542 | ||||||
Sekisui House Ltd. | 400 | 6,517 | ||||||
Seven & i Holdings Co. Ltd. | 100 | 3,982 | ||||||
Seven Bank Ltd. | 200 | 854 | ||||||
Shikoku Electric Power Co., Inc. | 100 | 1,435 | ||||||
Shimachu Co. Ltd. | 200 | 4,244 | ||||||
Shin-Etsu Chemical Co. Ltd. | 100 | 5,020 | ||||||
Shiseido Co. Ltd. | 200 | 4,357 | ||||||
Showa Denko KK | 2,000 | 1,985 | ||||||
Showa Shell Sekiyu KK | 400 | 3,133 | ||||||
Skylark Co. Ltd. | 100 | 1,281 | ||||||
Sohgo Security Services Co. Ltd. | 100 | 5,183 | ||||||
Sojitz Corp. | 700 | 1,346 | ||||||
Sony Corp. | 100 | 2,115 | ||||||
Sony Financial Holdings, Inc. | 100 | 1,395 | ||||||
Sotetsu Holdings, Inc. | 1,000 | 6,210 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,220 | ||||||
Sugi Holdings Co. Ltd. | 100 | 4,704 | ||||||
Sumitomo Corp. | 100 | 984 | ||||||
Sumitomo Electric Industries Ltd. | 200 | 2,399 | ||||||
Sumitomo Forestry Co. Ltd. | 200 | 2,234 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,000 | 3,650 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Sumitomo Real Estate Sales Co. Ltd. | 100 | $ | 1,831 | |||||
Sumitomo Rubber Industries Ltd. | 200 | 2,860 | ||||||
Suruga Bank Ltd. | 100 | 1,602 | ||||||
Suzuken Co. Ltd. | 200 | 6,512 | ||||||
Suzuki Motor Corp. | 100 | 2,503 | ||||||
T&D Holdings, Inc. | 200 | 1,973 | ||||||
Taiheiyo Cement Corp. | 1,000 | 2,126 | ||||||
Taiyo Nippon Sanso Corp. | 100 | 909 | ||||||
Taiyo Yuden Co. Ltd. | 200 | 2,050 | ||||||
Takeda Pharmaceutical Co. Ltd. | 100 | 4,758 | ||||||
Teijin Ltd. | 1,000 | 3,225 | ||||||
Temp Holdings Co. Ltd. | 100 | 1,275 | ||||||
Terumo Corp. | 100 | 3,420 | ||||||
Tobu Railway Co. Ltd. | 1,000 | 5,209 | ||||||
Toho Co. Ltd. | 100 | 2,448 | ||||||
Toho Gas Co. Ltd. | 1,000 | 6,972 | ||||||
TOKAI RIKA Co. Ltd. | 100 | 1,971 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 100 | 486 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 100 | 1,597 | ||||||
Tokyo Gas Co. Ltd. | 2,000 | 9,233 | ||||||
Tokyo Tatemono Co. Ltd. | 100 | 1,154 | ||||||
Tokyu Fudosan Holdings Corp. | 100 | 633 | ||||||
TonenGeneral Sekiyu KK | 1,000 | 7,601 | ||||||
TOPPAN FORMS Co. Ltd. | 200 | 2,342 | ||||||
Toshiba Corp.* | 1,000 | 1,549 | ||||||
TOTO Ltd. | 100 | 2,875 | ||||||
Toyo Seikan Group Holdings Ltd. | 200 | 3,400 | ||||||
Toyo Suisan Kaisha Ltd. | 200 | 7,167 | ||||||
Toyo Tire & Rubber Co. Ltd. | 100 | 1,518 | ||||||
TOYOBO Co. Ltd. | 1,000 | 1,453 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 1,913 | ||||||
Toyota Boshoku Corp. | 100 | 1,579 | ||||||
Toyota Industries Corp. | 100 | 4,208 | ||||||
TV Asahi Holdings Corp. | 100 | 1,786 | ||||||
Ube Industries Ltd. | 2,000 | 3,384 | ||||||
Unicharm Corp. | 100 | 2,176 | ||||||
UNY Group Holdings Co. Ltd. | 400 | 2,590 | ||||||
USHIO, Inc. | 200 | 2,750 | ||||||
USS Co. Ltd. | 200 | 3,149 | ||||||
West Japan Railway Co. | 100 | 5,854 | ||||||
Yahoo Japan Corp. | 100 | 394 | ||||||
Yakult Honsha Co. Ltd. | 100 | 4,775 | ||||||
Yamada Denki Co. Ltd. | 300 | 1,472 | ||||||
Yamaha Corp. | 200 | 5,581 | ||||||
Yamaha Motor Co. Ltd. | 100 | 1,490 | ||||||
Yamato Holdings Co. Ltd. | 400 | 8,113 | ||||||
Yamato Kogyo Co. Ltd. | 100 | 2,064 | ||||||
Yaskawa Electric Corp. | 100 | 1,200 | ||||||
Yokogawa Electric Corp. | 200 | 1,931 | ||||||
Yokohama Rubber Co. Ltd. (The) | 300 | 4,787 | ||||||
|
| |||||||
732,614 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 37 | 3,344 | ||||||
|
| |||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 62 | 1,625 | ||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Luxembourg — 0.1% | ||||||||
RTL Group SA | 12 | $ | 1,006 | |||||
SES SA FDR | 29 | 763 | ||||||
Tenaris SA | 4 | 44 | ||||||
|
| |||||||
1,813 | ||||||||
|
| |||||||
Netherlands — 2.0% | ||||||||
Aegon NV | 44 | 221 | ||||||
Akzo Nobel NV | 30 | 1,768 | ||||||
ASML Holding NV | 10 | 920 | ||||||
Gemalto NV | 13 | 827 | ||||||
GrandVision NV, 144A | 15 | 428 | ||||||
Heineken Holding NV | 27 | 1,962 | ||||||
Heineken NV | 11 | 886 | ||||||
Koninklijke Ahold NV | 969 | 21,289 | ||||||
Koninklijke Boskalis Westminster NV | 78 | 2,845 | ||||||
Koninklijke DSM NV | 37 | 1,831 | ||||||
Koninklijke KPN NV | 124 | 459 | ||||||
Koninklijke Philips NV | 55 | 1,401 | ||||||
Koninklijke Vopak NV | 27 | 1,232 | ||||||
NN Group NV | 8 | 247 | ||||||
QIAGEN NV* | 29 | 621 | ||||||
Randstad Holding NV | 74 | 3,833 | ||||||
Royal Dutch Shell PLC, Class A | 14 | 321 | ||||||
Wolters Kluwer NV | 134 | 5,066 | ||||||
|
| |||||||
46,157 | ||||||||
|
| |||||||
New Zealand — 1.3% | ||||||||
Air New Zealand Ltd. | 1,489 | 2,680 | ||||||
Auckland International Airport Ltd. | 278 | 1,118 | ||||||
Contact Energy Ltd. | 971 | 2,868 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 963 | 5,588 | ||||||
Fletcher Building Ltd. | 582 | 2,744 | ||||||
Kiwi Property Group Ltd. | 2,602 | 2,342 | ||||||
Mighty River Power Ltd. | 745 | 1,297 | ||||||
Ryman Healthcare Ltd. | 499 | 2,639 | ||||||
SKY Network Television Ltd. | 429 | 1,219 | ||||||
SKYCITY Entertainment Group Ltd. | 636 | 1,874 | ||||||
Spark New Zealand Ltd. | 2,572 | 5,834 | ||||||
Vector Ltd. | 322 | 690 | ||||||
Warehouse Group Ltd. (The) | 141 | 249 | ||||||
|
| |||||||
31,142 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
DNB ASA | 26 | 300 | ||||||
Gjensidige Forsikring ASA | 50 | 785 | ||||||
Marine Harvest ASA* | 163 | 2,330 | ||||||
Norsk Hydro ASA | 156 | 620 | ||||||
Orkla ASA | 370 | 3,049 | ||||||
Schibsted ASA, Class A | 12 | 330 | ||||||
Schibsted ASA, Class B* | 8 | 210 | ||||||
Statoil ASA (b) | 4 | 58 | ||||||
Telenor ASA | 61 | 912 | ||||||
Yara International ASA | 56 | 2,175 | ||||||
|
| |||||||
10,769 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 1,213 | 3,766 | ||||||
Jeronimo Martins SGPS SA | 133 | 1,882 | ||||||
|
| |||||||
5,648 | ||||||||
|
|
Number | Value | |||||||
Singapore — 2.1% | ||||||||
Ascendas Real Estate Investment Trust REIT | 2,000 | $ | 3,441 | |||||
CapitaLand Commercial Trust REIT | 2,000 | 2,033 | ||||||
CapitaLand Ltd. | 700 | 1,483 | ||||||
CapitaLand Mall Trust REIT | 3,400 | 5,294 | ||||||
City Developments Ltd. | 300 | 1,517 | ||||||
ComfortDelGro Corp. Ltd. | 3,600 | 7,704 | ||||||
DBS Group Holdings Ltd. | 100 | 966 | ||||||
Genting Singapore PLC | 300 | 161 | ||||||
Global Logistic Properties Ltd. | 200 | 250 | ||||||
Golden Agri-Resources Ltd. | 1,600 | 421 | ||||||
Keppel Corp. Ltd. | 200 | 737 | ||||||
M1 Ltd. | 200 | 360 | ||||||
SIA Engineering Co. Ltd. | 100 | 245 | ||||||
Singapore Airlines Ltd. | 400 | 3,308 | ||||||
Singapore Exchange Ltd. | 800 | 4,129 | ||||||
Singapore Post Ltd. | 300 | 308 | ||||||
Singapore Press Holdings Ltd. (b) | 500 | 1,322 | ||||||
Singapore Technologies Engineering Ltd. | 700 | 1,488 | ||||||
Singapore Telecommunications Ltd. | 600 | 1,591 | ||||||
SMRT Corp. Ltd. | 200 | 230 | ||||||
StarHub Ltd. | 500 | 1,212 | ||||||
Suntec Real Estate Investment Trust REIT | 1,200 | 1,425 | ||||||
UOL Group Ltd. | 600 | 2,415 | ||||||
Venture Corp. Ltd. | 800 | 4,641 | ||||||
Wilmar International Ltd. | 1,100 | 2,432 | ||||||
Wing Tai Holdings Ltd. | 700 | 776 | ||||||
|
| |||||||
49,889 | ||||||||
|
| |||||||
South Africa — 0.3% | ||||||||
Investec PLC | 46 | 304 | ||||||
Mondi PLC | 360 | 6,482 | ||||||
|
| |||||||
6,786 | ||||||||
|
| |||||||
South Korea — 1.8% | ||||||||
Amorepacific Corp. | 2 | 594 | ||||||
AMOREPACIFIC Group | 3 | 343 | ||||||
BNK Financial Group, Inc. | 20 | 139 | ||||||
CJ CheilJedang Corp. | 2 | 585 | ||||||
CJ Corp. | 6 | 1,155 | ||||||
Coway Co. Ltd. | 14 | 1,104 | ||||||
Dongbu Insurance Co. Ltd. | 11 | 600 | ||||||
Dongsuh Cos., Inc. | 12 | 286 | ||||||
Doosan Corp. | 3 | 183 | ||||||
E-MART, Inc. | 4 | 569 | ||||||
Hankook Tire Co. Ltd. | 28 | 1,209 | ||||||
Hanssem Co. Ltd. | 1 | 206 | ||||||
Hanwha Corp. | 67 | 1,837 | ||||||
Hanwha Life Insurance Co. Ltd. | 52 | 257 | ||||||
Hite Jinro Co. Ltd.* | 7 | 167 | ||||||
Hyosung Corp. | 7 | 708 | ||||||
Hyundai Department Store Co. Ltd. | 4 | 438 | ||||||
Hyundai Development Co.-Engineering & Construction | 4 | 127 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 33 | 2,748 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 14 | 348 | ||||||
Hyundai Mobis Co. Ltd. | 6 | 1,208 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Motor Co. | 2 | $ | 239 | |||||
Hyundai Steel Co. | 7 | 315 | ||||||
Kangwon Land, Inc. | 29 | 967 | ||||||
KB Financial Group, Inc. | 15 | 360 | ||||||
KEPCO Plant Service & Engineering Co. | 4 | 230 | ||||||
Kia Motors Corp. | 84 | 3,131 | ||||||
Korea Electric Power Corp. | 52 | 2,468 | ||||||
Korea Zinc Co. Ltd.* | 1 | 361 | ||||||
KT Corp. | 13 | 304 | ||||||
KT&G Corp. | 51 | 4,392 | ||||||
LG Chem Ltd. | 1 | 243 | ||||||
LG Corp. | 10 | 581 | ||||||
LG Electronics, Inc. | 4 | 210 | ||||||
LG Household & Health Care Ltd. | 1 | 702 | ||||||
LG Uplus Corp. | 59 | 508 | ||||||
Lotte Shopping Co. Ltd. | 1 | 202 | ||||||
Mando Corp. | 3 | 364 | ||||||
NCSoft Corp. | 2 | 388 | ||||||
Nongshim Co. Ltd. | 3 | 985 | ||||||
POSCO | 2 | 321 | ||||||
S-1 Corp. | 10 | 742 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 7 | 307 | ||||||
Samsung Electronics Co. Ltd. | 1 | 953 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 5 | 1,225 | ||||||
Samsung Life Insurance Co. Ltd. | 5 | 453 | ||||||
Samsung SDS Co. Ltd. | 2 | 300 | ||||||
Shinsegae Co. Ltd. | 1 | 172 | ||||||
SK Hynix, Inc. | 104 | 2,523 | ||||||
SK Innovation Co. Ltd. | 6 | 704 | ||||||
SK Telecom Co. Ltd. | 5 | 944 | ||||||
S-Oil Corp. | 10 | 639 | ||||||
Woori Bank | 38 | 268 | ||||||
Yuhan Corp. | 3 | 627 | ||||||
|
| |||||||
41,939 | ||||||||
|
| |||||||
Spain — 1.4% | ||||||||
Abertis Infraestructuras SA | 69 | 1,038 | ||||||
Acciona SA | 8 | 612 | ||||||
Acerinox SA | 9 | 99 | ||||||
ACS Actividades de Construccion y Servicios SA | 32 | 833 | ||||||
Aena SA, 144A* | 6 | 683 | ||||||
Amadeus IT Holding SA, Class A | 135 | 5,452 | ||||||
Corp. Financiera Alba SA | 9 | 318 | ||||||
Distribuidora Internacional de Alimentacion SA* | 129 | 651 | ||||||
EDP Renovaveis SA | 23 | 165 | ||||||
Enagas SA | 133 | 3,752 | ||||||
Endesa SA | 318 | 5,763 | ||||||
Ferrovial SA | 90 | 1,744 | ||||||
Gas Natural SDG SA | 22 | 385 | ||||||
Grifols SA | 81 | 1,778 | ||||||
Iberdrola SA | 405 | 2,624 | ||||||
Industria de Diseno Textil SA | 8 | 249 | ||||||
Mapfre SA | 52 | 102 | ||||||
Mediaset Espana Comunicacion SA | 26 | 281 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Red Electrica Corp. SA | 43 | $ | 3,418 | |||||
Repsol SA | 37 | 383 | ||||||
Telefonica SA | 72 | 723 | ||||||
Zardoya Otis SA | 100 | 1,070 | ||||||
|
| |||||||
32,123 | ||||||||
|
| |||||||
Sweden — 4.0% | ||||||||
Alfa Laval AB | 71 | 1,116 | ||||||
Assa Abloy AB, Class B | 181 | 3,479 | ||||||
Atlas Copco AB, Class A | 31 | 699 | ||||||
Atlas Copco AB, Class B | 58 | 1,221 | ||||||
Boliden AB | 216 | 3,254 | ||||||
Electrolux AB, Series B | 118 | 2,771 | ||||||
Getinge AB, Class B | 33 | 733 | ||||||
Hennes & Mauritz AB, Class B | 34 | 1,105 | ||||||
Hexagon AB, Class B | 16 | 545 | ||||||
Husqvarna AB, Class B | 129 | 818 | ||||||
Industrivarden AB, Class A | 197 | 3,379 | ||||||
Industrivarden AB, Class C | 114 | 1,756 | ||||||
Investment AB Kinnevik, Class B | 230 | 5,720 | ||||||
Investor AB, Class B | 658 | 21,842 | ||||||
Meda AB, Class A | 12 | 213 | ||||||
Melker Schorling AB | 8 | 451 | ||||||
Nordea Bank AB | 27 | 269 | ||||||
Sandvik AB | 243 | 2,215 | ||||||
Securitas AB, Class B | 403 | 6,039 | ||||||
Skanska AB, Class B | 568 | 12,102 | ||||||
SKF AB, Class B | 175 | 2,889 | ||||||
Svenska Cellulosa AB SCA, Class B | 194 | 5,798 | ||||||
Swedbank AB, Class A | 43 | 871 | ||||||
Swedish Match AB | 142 | 4,575 | ||||||
Tele2 AB, Class B | 369 | 3,055 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 182 | 1,677 | ||||||
TeliaSonera AB | 525 | 2,414 | ||||||
Trelleborg AB, Class B | 122 | 2,030 | ||||||
Volvo AB, Class B | 155 | 1,559 | ||||||
|
| |||||||
94,595 | ||||||||
|
| |||||||
Switzerland — 3.4% | ||||||||
ABB Ltd.* | 73 | 1,312 | ||||||
Actelion Ltd.* | 18 | 2,519 | ||||||
Adecco SA* | 88 | 5,147 | ||||||
Aryzta AG* | 7 | 336 | ||||||
Baloise Holding AG | 11 | 1,392 | ||||||
Barry Callebaut AG* | 2 | 2,112 | ||||||
Cie Financiere Richemont SA | 9 | 576 | ||||||
Clariant AG* | 49 | 823 | ||||||
Coca-Cola HBC AG CDI*(b) | 128 | 2,453 | ||||||
DKSH Holding AG* | 18 | 1,146 | ||||||
EMS-Chemie Holding AG | 3 | 1,401 | ||||||
Galenica AG | 4 | 6,040 | ||||||
GAM Holding AG* | 96 | 1,383 | ||||||
Geberit AG | 12 | 4,353 | ||||||
Givaudan SA* | 2 | 3,765 | ||||||
Helvetia Holding AG | 1 | 531 | ||||||
Julius Baer Group Ltd.* | 4 | 161 | ||||||
Kuehne + Nagel International AG | 24 | 3,132 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
LafargeHolcim Ltd.* | 6 | $ | 238 | |||||
Lonza Group AG* | 11 | 1,679 | ||||||
Nestle SA | 31 | 2,182 | ||||||
Novartis AG | 1 | 72 | ||||||
Pargesa Holding SA | 1 | 59 | ||||||
Partners Group Holding AG | 16 | 5,827 | ||||||
PSP Swiss Property AG* | 13 | 1,113 | ||||||
Roche Holding AG | 1 | 258 | ||||||
Schindler Holding AG | 11 | 1,875 | ||||||
Schindler Holding AG Participation Certificates | 21 | 3,532 | ||||||
Sika AG | 1 | 3,818 | ||||||
Sonova Holding AG | 7 | 844 | ||||||
STMicroelectronics NV | 48 | 276 | ||||||
Swatch Group AG (The) — Bearer | 3 | 1,047 | ||||||
Swatch Group AG (The) — Registered | 3 | 210 | ||||||
Swiss Life Holding AG* | 2 | 490 | ||||||
Swiss Prime Site AG* | 28 | 2,346 | ||||||
Swiss Re AG | 26 | 2,319 | ||||||
Swisscom AG | 4 | 1,965 | ||||||
Syngenta AG | 7 | 2,823 | ||||||
UBS Group AG | 10 | 154 | ||||||
Wolseley PLC | 158 | 8,160 | ||||||
Zurich Insurance Group AG* | 3 | 640 | ||||||
|
| |||||||
80,509 | ||||||||
|
| |||||||
United Kingdom — 15.9% | ||||||||
3i Group PLC | 2,227 | 13,597 | ||||||
Aberdeen Asset Management PLC (b) | 156 | 525 | ||||||
Admiral Group PLC | 258 | 6,227 | ||||||
Aggreko PLC | 44 | 542 | ||||||
ARM Holdings PLC | 65 | 902 | ||||||
Ashmore Group PLC | 184 | 593 | ||||||
Ashtead Group PLC | 23 | 296 | ||||||
Associated British Foods PLC | 50 | 2,373 | ||||||
AstraZeneca PLC | 5 | 286 | ||||||
Aviva PLC | 49 | 299 | ||||||
BAE Systems PLC | 664 | 4,747 | ||||||
Barratt Developments PLC | 372 | 3,059 | ||||||
Berkeley Group Holdings PLC | 310 | 14,036 | ||||||
BP PLC | 106 | 519 | ||||||
British American Tobacco PLC | 18 | 985 | ||||||
British Land Co. PLC REIT | 2,000 | 18,368 | ||||||
BT Group PLC | 408 | 2,766 | ||||||
Bunzl PLC | 216 | 5,819 | ||||||
Burberry Group PLC (b) | 105 | 1,932 | ||||||
Capita PLC | 173 | 2,416 | ||||||
Capital & Counties Properties PLC | 2,051 | 9,232 | ||||||
Centrica PLC | 484 | 1,403 | ||||||
CNH Industrial NV | 120 | 800 | ||||||
Cobham PLC | 76 | 274 | ||||||
Compass Group PLC | 320 | 5,646 | ||||||
Croda International PLC | 151 | 6,254 | ||||||
Daily Mail & General Trust PLC, Class A | 166 | 1,514 | ||||||
Derwent London PLC REIT | 338 | 14,287 | ||||||
Diageo PLC | 28 | 725 | ||||||
Direct Line Insurance Group PLC | 1,503 | 8,140 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Dixons Carphone PLC | 37 | $ | 225 | |||||
DS Smith PLC | 1,575 | 8,540 | ||||||
easyJet PLC (b) | 66 | 1,385 | ||||||
Fiat Chrysler Automobiles NV | 38 | 262 | ||||||
G4S PLC (b) | 598 | 1,734 | ||||||
GKN PLC | 394 | 1,510 | ||||||
GlaxoSmithKline PLC | 21 | 410 | ||||||
Hammerson PLC REIT | 1,262 | 9,664 | ||||||
Hargreaves Lansdown PLC | 54 | 932 | ||||||
Howden Joinery Group PLC | 727 | 4,990 | ||||||
ICAP PLC | 31 | 188 | ||||||
IMI PLC | 166 | 1,968 | ||||||
Imperial Brands PLC | 58 | 3,009 | ||||||
Inchcape PLC | 490 | 5,046 | ||||||
Informa PLC | 66 | 632 | ||||||
Inmarsat PLC | 252 | 3,440 | ||||||
InterContinental Hotels Group PLC | 75 | 2,848 | ||||||
International Consolidated Airlines Group SA | 229 | 1,752 | ||||||
Intertek Group PLC | 68 | 2,769 | ||||||
Intu Properties PLC REIT | 835 | 3,493 | ||||||
ITV PLC | 912 | 3,160 | ||||||
J Sainsbury PLC | 564 | 2,000 | ||||||
John Wood Group PLC | 148 | 1,287 | ||||||
Johnson Matthey PLC | 9 | 321 | ||||||
Kingfisher PLC | 1,971 | 9,182 | ||||||
Land Securities Group PLC REIT | 1,237 | 17,394 | ||||||
Legal & General Group PLC | 280 | 886 | ||||||
London Stock Exchange Group PLC | 10 | 373 | ||||||
Marks & Spencer Group PLC | 893 | 5,292 | ||||||
Meggitt PLC | 382 | 2,225 | ||||||
Melrose Industries PLC | 135 | 619 | ||||||
Merlin Entertainments PLC, 144A | 324 | 2,072 | ||||||
National Grid PLC | 264 | 3,545 | ||||||
Next PLC | 52 | 4,902 | ||||||
Old Mutual PLC | 375 | 890 | ||||||
Pearson PLC | 77 | 922 | ||||||
Pennon Group PLC | 217 | 2,465 | ||||||
Persimmon PLC* | 316 | 9,618 | ||||||
Petrofac Ltd. (b) | 20 | 252 | ||||||
Provident Financial PLC | 166 | 7,516 | ||||||
Prudential PLC | 24 | 421 | ||||||
Reckitt Benckiser Group PLC | 46 | 4,205 | ||||||
RELX NV | 320 | 5,275 | ||||||
RELX PLC | 240 | 4,154 | ||||||
Rentokil Initial PLC | 1,181 | 2,730 | ||||||
Rightmove PLC | 71 | 3,893 | ||||||
Rio Tinto Ltd. | 67 | 1,928 | ||||||
Rio Tinto PLC | 13 | 345 | ||||||
Rolls-Royce Holdings PLC* | 49 | 464 | ||||||
Royal Mail PLC | 477 | 3,023 | ||||||
RSA Insurance Group PLC | 107 | 649 | ||||||
Sage Group PLC (The) | 818 | 6,800 | ||||||
Schroders PLC | 26 | 948 | ||||||
Segro PLC REIT | 2,508 | 14,522 | ||||||
Severn Trent PLC | 133 | 3,959 | ||||||
Sky PLC | 68 | 988 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Smith & Nephew PLC | 58 | $ | 948 | |||||
Smiths Group PLC | 152 | 2,123 | ||||||
Sports Direct International PLC* | 96 | 541 | ||||||
SSE PLC | 348 | 6,717 | ||||||
St James’s Place PLC | 84 | 1,004 | ||||||
Standard Life PLC | 39 | 181 | ||||||
Subsea 7 SA*(b) | 50 | 317 | ||||||
TalkTalk Telecom Group PLC | 212 | 703 | ||||||
Taylor Wimpey PLC | 1,644 | 4,266 | ||||||
Tesco PLC* | 248 | 623 | ||||||
Travis Perkins PLC | 209 | 5,219 | ||||||
Unilever NV | 143 | 6,160 | ||||||
Unilever PLC | 161 | 6,937 | ||||||
United Utilities Group PLC | 326 | 4,205 | ||||||
Vodafone Group PLC | 943 | 2,887 | ||||||
Whitbread PLC | 62 | 3,388 | ||||||
William Hill PLC | 693 | 3,963 | ||||||
Wm Morrison Supermarkets PLC (b) | 1,874 | 5,197 | ||||||
WPP PLC | 156 | 3,311 | ||||||
|
| |||||||
371,274 | ||||||||
|
| |||||||
United States (c) — 0.2% | ||||||||
Carnival PLC | 24 | 1,197 | ||||||
Samsonite International SA | 22 | 64 | ||||||
Sims Metal Management Ltd. | 101 | 485 | ||||||
Thomson Reuters Corp. | 61 | 2,232 | ||||||
Valeant Pharmaceuticals International, | 2 | 139 | ||||||
|
| |||||||
4,117 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,318,382 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.2% | ||||||||
FUCHS PETROLUB SE | 64 | $ | 2,630 | |||||
Henkel AG & Co. KGaA | 15 | 1,513 | ||||||
Porsche Automobil Holding SE | 25 | 1,146 | ||||||
|
| |||||||
5,289 | ||||||||
|
| |||||||
South Korea — 0.3% | ||||||||
Amorepacific Corp. | 36 | 6,535 | ||||||
CJ CheilJedang Corp. | 1 | 173 | ||||||
Hyundai Motor Co. | 2 | 164 | ||||||
LG Household & Health Care Ltd. | 1 | 379 | ||||||
|
| |||||||
7,251 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 12,540 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Enel Green Power SpA*, expires 03/31/16 | 143 | 0 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
Daily Assets Fund “Capital Shares”, | 22,636 | 22,636 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.8% | $ | 2,353,558 | ||||||
Other assets and liabilities, net — (0.8%) | (18,848 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,334,710 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,493,590. At February 29, 2016, net unrealized depreciation for all securities based on tax cost was $140,032. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $58,225 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $198,257. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2016 amounted to $17,365, which is 0.7% of net assets. |
(c) | Securities are domiciled in the United States and trade on a non-US securities 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) | |
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. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2016 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.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 2,318,382 | $ | — | $ | — | $ | 2,318,382 | ||||||||
Preferred Stocks (f) | 12,540 | — | — | 12,540 | ||||||||||||
Rights | 0 | — | — | 0 | ||||||||||||
Short-Term Investments | 22,636 | — | — | 22,636 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,353,558 | $ | — | $ | — | $ | 2,353,558 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended February 29, 2016.
(f) See Schedule of investments for additional detailed categorizations.
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF
February 29, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Consumer Discretionary — 16.7% | ||||||||
Advance Auto Parts, Inc. | 20 | $ | 2,969 | |||||
AMC Networks, Inc., Class A* | 12 | 786 | ||||||
Aramark | 134 | 4,210 | ||||||
AutoNation, Inc.* | 62 | 3,191 | ||||||
AutoZone, Inc.* | 14 | 10,844 | ||||||
Bed Bath & Beyond, Inc.* | 72 | 3,452 | ||||||
Best Buy Co., Inc. | 14 | 453 | ||||||
BorgWarner, Inc. | 47 | 1,536 | ||||||
Brinker International, Inc. | 48 | 2,390 | ||||||
Brunswick Corp. | 19 | 808 | ||||||
Cabela’s, Inc.*(a) | 3 | 144 | ||||||
Cable One, Inc. | 3 | 1,286 | ||||||
Cablevision Systems Corp., Class A | 59 | 1,919 | ||||||
CarMax, Inc.* | 6 | 278 | ||||||
Carnival Corp. | 71 | 3,405 | ||||||
Carter’s, Inc. | 56 | 5,691 | ||||||
CBS Corp., Class B | 132 | 6,386 | ||||||
Charter Communications, Inc., Class A*(a) | 10 | 1,796 | ||||||
Chipotle Mexican Grill, Inc.* | 3 | 1,527 | ||||||
Choice Hotels International, Inc. | 15 | 777 | ||||||
Cinemark Holdings, Inc. | 79 | 2,615 | ||||||
Coach, Inc. | 59 | 2,297 | ||||||
Comcast Corp., Class A | 33 | 1,905 | ||||||
CST Brands, Inc. | 4 | 130 | ||||||
D.R. Horton, Inc. | 111 | 2,966 | ||||||
Darden Restaurants, Inc. | 243 | 15,523 | ||||||
Delphi Automotive PLC | 168 | 11,202 | ||||||
Dick’s Sporting Goods, Inc. | 48 | 2,039 | ||||||
Dillard’s, Inc., Class A | 5 | 418 | ||||||
Discovery Communications, Inc., Class A* | 39 | 975 | ||||||
Discovery Communications, Inc., Class C* | 47 | 1,159 | ||||||
DISH Network Corp., Class A* | 17 | 801 | ||||||
Dollar General Corp. | 105 | 7,796 | ||||||
Dollar Tree, Inc.* | 63 | 5,056 | ||||||
Domino’s Pizza, Inc. | 16 | 2,129 | ||||||
DSW, Inc., Class A | 11 | 288 | ||||||
Dunkin’ Brands Group, Inc. (a) | 36 | 1,677 | ||||||
Expedia, Inc. | 11 | 1,145 | ||||||
Extended Stay America, Inc. | 9 | 133 | ||||||
Foot Locker, Inc. | 192 | 12,000 | ||||||
Ford Motor Co. | 171 | 2,139 | ||||||
GameStop Corp., Class A | 127 | 3,914 | ||||||
Gannett Co., Inc. | 275 | 4,197 | ||||||
Gap, (The) Inc. | 31 | 857 | ||||||
Garmin Ltd. | 29 | 1,175 | ||||||
General Motors Co. | 114 | 3,356 | ||||||
Gentex Corp. | 89 | 1,296 | ||||||
Genuine Parts Co. | 75 | 6,761 | ||||||
GNC Holdings, Inc., Class A | 6 | 171 | ||||||
Goodyear Tire & Rubber (The) Co. | 51 | 1,536 | ||||||
Graham Holdings Co., Class B | 9 | 4,393 | ||||||
H&R Block, Inc. | 233 | 7,661 | ||||||
Hanesbrands, Inc. | 64 | 1,823 | ||||||
Harley-Davidson, Inc. | 41 | 1,770 | ||||||
Harman International Industries, Inc. | 3 | 230 | ||||||
Hasbro, Inc. | 99 | 7,511 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Hilton Worldwide Holdings, Inc. | 31 | $ | 644 | |||||
Home Depot, (The) Inc. | 17 | 2,110 | ||||||
Hyatt Hotels Corp., Class A*(a) | 18 | 831 | ||||||
International Game Technology PLC | 9 | 133 | ||||||
Interpublic Group of Companies, (The) Inc. | 208 | 4,449 | ||||||
Jarden Corp.* | 41 | 2,168 | ||||||
John Wiley & Sons, Inc., Class A | 41 | 1,785 | ||||||
Johnson Controls, Inc. | 63 | 2,297 | ||||||
Kohl’s Corp. | 72 | 3,360 | ||||||
L Brands, Inc. | 49 | 4,155 | ||||||
Las Vegas Sands Corp. | 17 | 821 | ||||||
Lear Corp. | 130 | 13,176 | ||||||
Leggett & Platt, Inc. | 81 | 3,617 | ||||||
Lennar Corp., Class A | 9 | 377 | ||||||
Liberty Interactive Corp., Class A* | 181 | 4,594 | ||||||
Liberty Media Corp., Class A* | 111 | 3,954 | ||||||
Liberty Media Corp., Class C* | 70 | 2,443 | ||||||
Liberty Ventures, Series A* | 9 | 330 | ||||||
Live Nation Entertainment, Inc.* | 17 | 374 | ||||||
LKQ Corp.* | 106 | 2,926 | ||||||
Lowe’s Cos., Inc. | 69 | 4,660 | ||||||
lululemon athletica, Inc.* | 8 | 502 | ||||||
Macy’s, Inc. | 30 | 1,296 | ||||||
Madison Square Garden (The) Co., | 5 | 775 | ||||||
Marriott International, Inc., Class A (a) | 43 | 2,930 | ||||||
Mattel, Inc. | 141 | 4,585 | ||||||
McDonald’s Corp. | 39 | 4,570 | ||||||
MGM Resorts International* | 9 | 170 | ||||||
Michael Kors Holdings Ltd.* | 5 | 283 | ||||||
Mohawk Industries, Inc.* | 22 | 3,954 | ||||||
MSG Networks, Inc., Class A* | 118 | 1,938 | ||||||
Murphy USA, Inc.* | 35 | 2,229 | ||||||
Newell Rubbermaid, Inc. (a) | 76 | 2,889 | ||||||
News Corp., Class A | 214 | 2,315 | ||||||
News Corp., Class B | 83 | 947 | ||||||
NIKE, Inc., Class B | 62 | 3,819 | ||||||
Nordstrom, Inc. (a) | 38 | 1,950 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 8 | 393 | ||||||
NVR, Inc.* | 5 | 8,185 | ||||||
Omnicom Group, Inc. | 97 | 7,548 | ||||||
O’Reilly Automotive, Inc.* | 31 | 8,070 | ||||||
Panera Bread Co., Class A* | 21 | 4,351 | ||||||
Penske Automotive Group, Inc. | 18 | 679 | ||||||
Polaris Industries, Inc. (a) | 11 | 967 | ||||||
Priceline Group, (The) Inc.* | 2 | 2,530 | ||||||
PVH Corp. | 8 | 633 | ||||||
Ralph Lauren Corp. | 11 | 998 | ||||||
Regal Entertainment Group, Class A (a) | 70 | 1,378 | ||||||
Ross Stores, Inc. | 150 | 8,247 | ||||||
Royal Caribbean Cruises Ltd. | 15 | 1,116 | ||||||
Sally Beauty Holdings, Inc.* | 51 | 1,611 | ||||||
Scripps Networks Interactive, Inc., Class A | 33 | 1,955 | ||||||
Service Corp. International | 99 | 2,328 | ||||||
ServiceMaster Global Holdings, Inc.* | 16 | 607 | ||||||
Signet Jewelers Ltd. | 8 | 867 | ||||||
Sirius XM Holdings, Inc.*(a) | 384 | 1,428 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Six Flags Entertainment Corp. | 39 | $ | 1,984 | |||||
Skechers U.S.A., Inc., Class A* | 13 | 428 | ||||||
Staples, Inc. | 130 | 1,229 | ||||||
Starbucks Corp. | 61 | 3,551 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 52 | 3,594 | ||||||
Starz, Class A* | 57 | 1,436 | ||||||
Target Corp. | 59 | 4,629 | ||||||
TEGNA, Inc. | 84 | 2,070 | ||||||
Tempur Sealy International, Inc.* | 2 | 115 | ||||||
Thomson Reuters Corp. | 63 | 2,306 | ||||||
Thor Industries, Inc. | 45 | 2,492 | ||||||
Tiffany & Co. | 10 | 650 | ||||||
Time Warner Cable, Inc. | 26 | 4,962 | ||||||
Time Warner, Inc. | 23 | 1,523 | ||||||
TJX Cos., (The) Inc. | 115 | 8,522 | ||||||
Toll Brothers, Inc.* | 42 | 1,153 | ||||||
TopBuild Corp.* | 39 | 1,052 | ||||||
Tractor Supply Co. | 68 | 5,751 | ||||||
Tribune Media Co., Class A | 5 | 180 | ||||||
TripAdvisor, Inc.* | 3 | 188 | ||||||
Tupperware Brands Corp. | 52 | 2,598 | ||||||
Twenty-First Century Fox, Inc., Class A | 49 | 1,324 | ||||||
Twenty-First Century Fox, Inc., Class B | 22 | 598 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 14 | 2,313 | ||||||
Under Armour, Inc., Class A* | 16 | 1,339 | ||||||
Urban Outfitters, Inc.* | 16 | 424 | ||||||
VF Corp. | 49 | 3,190 | ||||||
Viacom, Inc., Class B | 22 | 811 | ||||||
Vista Outdoor, Inc.* | 20 | 986 | ||||||
Visteon Corp. | 16 | 1,119 | ||||||
Walt Disney (The) Co. | 13 | 1,242 | ||||||
Wendy’s (The) Co. | 165 | 1,546 | ||||||
Whirlpool Corp. | 3 | 466 | ||||||
Williams-Sonoma, Inc. | 58 | 3,022 | ||||||
Wyndham Worldwide Corp. | 48 | 3,496 | ||||||
Yum! Brands, Inc. | 83 | 6,015 | ||||||
|
| |||||||
401,443 | ||||||||
|
| |||||||
Consumer Staples — 9.1% | ||||||||
Altria Group, Inc. | 41 | 2,524 | ||||||
Archer-Daniels-Midland Co. | 82 | 2,867 | ||||||
Blue Buffalo Pet Products, Inc.*(a) | 22 | 403 | ||||||
Brown-Forman Corp., Class A | 8 | 853 | ||||||
Brown-Forman Corp., Class B | 35 | 3,446 | ||||||
Bunge Ltd. | 64 | 3,182 | ||||||
Campbell Soup Co. | 88 | 5,434 | ||||||
Church & Dwight Co., Inc. | 81 | 7,352 | ||||||
Clorox (The) Co. | 83 | 10,493 | ||||||
Coca-Cola (The) Co. | 14 | 604 | ||||||
Coca-Cola Enterprises, Inc. | 240 | 11,642 | ||||||
Colgate-Palmolive Co. | 58 | 3,807 | ||||||
ConAgra Foods, Inc. | 86 | 3,617 | ||||||
Constellation Brands, Inc., Class A | 11 | 1,556 | ||||||
Costco Wholesale Corp. | 68 | 10,202 | ||||||
Coty, Inc., Class A (a) | 31 | 883 | ||||||
CVS Health Corp. | 44 | 4,275 | ||||||
Dr Pepper Snapple Group, Inc. | 102 | 9,336 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Energizer Holdings, Inc. | 14 | $ | 545 | |||||
Estee Lauder (The) Cos., Inc., Class A | 82 | 7,489 | ||||||
Flowers Foods, Inc. | 211 | 3,614 | ||||||
General Mills, Inc. | 108 | 6,356 | ||||||
Hain Celestial Group, (The) Inc.* | 8 | 296 | ||||||
Herbalife Ltd.* | 6 | 328 | ||||||
Hershey (The) Co. | 24 | 2,181 | ||||||
Hormel Foods Corp. | 154 | 6,547 | ||||||
Ingredion, Inc. | 79 | 7,996 | ||||||
JM Smucker (The) Co. | 4 | 510 | ||||||
Kellogg Co. | 47 | 3,479 | ||||||
Kimberly-Clark Corp. | 67 | 8,730 | ||||||
Kraft Heinz (The) Co. | 7 | 539 | ||||||
Kroger (The) Co. | 548 | 21,871 | ||||||
McCormick & Co., Inc. | 94 | 8,766 | ||||||
Mead Johnson Nutrition Co. | 30 | 2,213 | ||||||
Molson Coors Brewing Co., Class B | 63 | 5,372 | ||||||
Mondelez International, Inc., Class A | 74 | 2,999 | ||||||
Monster Beverage Corp.* | 6 | 753 | ||||||
PepsiCo, Inc. | 22 | 2,152 | ||||||
Philip Morris International, Inc. | 25 | 2,276 | ||||||
Pinnacle Foods, Inc. | 128 | 5,528 | ||||||
Procter & Gamble (The) Co. | 6 | 482 | ||||||
Reynolds American, Inc. | 32 | 1,614 | ||||||
Rite Aid Corp.* | 18 | 143 | ||||||
Spectrum Brands Holdings, Inc. | 2 | 192 | ||||||
Sprouts Farmers Market, Inc.*(a) | 12 | 342 | ||||||
Sysco Corp. | 207 | 9,135 | ||||||
Tyson Foods, Inc., Class A | 317 | 20,526 | ||||||
Walgreens Boots Alliance, Inc. | 6 | 474 | ||||||
Wal-Mart Stores, Inc. | 6 | 398 | ||||||
WhiteWave Foods (The) Co.* | 22 | 852 | ||||||
Whole Foods Market, Inc. | 27 | 845 | ||||||
|
| |||||||
218,019 | ||||||||
|
| |||||||
Energy — 2.3% | ||||||||
Anadarko Petroleum Corp. | 9 | 342 | ||||||
Apache Corp. | 18 | 689 | ||||||
Baker Hughes, Inc. | 50 | 2,143 | ||||||
Cabot Oil & Gas Corp. | 10 | 201 | ||||||
California Resources Corp. | 5 | 3 | ||||||
Cameron International Corp.* | 72 | 4,720 | ||||||
Chevron Corp. | 14 | 1,168 | ||||||
Cimarex Energy Co. | 16 | 1,344 | ||||||
Columbia Pipeline Group, Inc. | 47 | 853 | ||||||
Concho Resources, Inc.* | 10 | 902 | ||||||
ConocoPhillips | 47 | 1,590 | ||||||
CVR Energy, Inc. | 8 | 189 | ||||||
Devon Energy Corp. | 30 | 590 | ||||||
Diamondback Energy, Inc.* | 4 | 285 | ||||||
Dril-Quip, Inc.* | 9 | 488 | ||||||
Energen Corp. (a) | 11 | 291 | ||||||
EOG Resources, Inc. | 38 | 2,460 | ||||||
EQT Corp. | 9 | 502 | ||||||
Exxon Mobil Corp. | 11 | 882 | ||||||
FMC Technologies, Inc.* | 35 | 859 | ||||||
Frank’s International NV | 10 | 139 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Energy (Continued) | ||||||||
Halliburton Co. | 53 | $ | 1,711 | |||||
Helmerich & Payne, Inc. (a) | 15 | 795 | ||||||
Hess Corp. | 30 | 1,308 | ||||||
HollyFrontier Corp. | 125 | 4,228 | ||||||
Marathon Oil Corp. | 45 | 369 | ||||||
Marathon Petroleum Corp. | 31 | 1,062 | ||||||
Murphy Oil Corp. (a) | 21 | 361 | ||||||
National Oilwell Varco, Inc. | 19 | 556 | ||||||
Newfield Exploration Co.* | 23 | 626 | ||||||
Noble Corp. PLC (a) | 23 | 192 | ||||||
Noble Energy, Inc. | 29 | 856 | ||||||
Occidental Petroleum Corp. | 61 | 4,198 | ||||||
Oceaneering International, Inc. | 47 | 1,298 | ||||||
ONEOK, Inc. | 15 | 360 | ||||||
Patterson-UTI Energy, Inc. | 12 | 186 | ||||||
PBF Energy, Inc., Class A | 6 | 181 | ||||||
Phillips 66 | 55 | 4,366 | ||||||
Pioneer Natural Resources Co. | 9 | 1,085 | ||||||
QEP Resources, Inc. | 27 | 264 | ||||||
Schlumberger Ltd. | 23 | 1,650 | ||||||
Spectra Energy Corp. | 39 | 1,139 | ||||||
Tesoro Corp. | 3 | 242 | ||||||
Valero Energy Corp. | 89 | 5,347 | ||||||
World Fuel Services Corp. | 43 | 2,013 | ||||||
|
| |||||||
55,033 | ||||||||
|
| |||||||
Financials — 17.3% | ||||||||
Affiliated Managers Group, Inc.* | 14 | 1,942 | ||||||
Aflac, Inc. | 84 | 5,000 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 6 | 475 | ||||||
Alleghany Corp.* | 8 | 3,712 | ||||||
Allied World Assurance Co. Holdings AG | 150 | 4,859 | ||||||
Allstate (The) Corp. | 66 | 4,188 | ||||||
Ally Financial, Inc.* | 59 | 1,037 | ||||||
American Campus Communities, Inc. REIT | 10 | 438 | ||||||
American Capital Agency Corp. REIT | 19 | 343 | ||||||
American Express Co. | 15 | 834 | ||||||
American Financial Group, Inc. | 39 | 2,616 | ||||||
American International Group, Inc. | 17 | 853 | ||||||
American National Insurance Co. | 3 | 305 | ||||||
American Tower Corp. REIT | 15 | 1,383 | ||||||
Ameriprise Financial, Inc. | 10 | 840 | ||||||
AmTrust Financial Services, Inc. | 52 | 1,271 | ||||||
Annaly Capital Management, Inc. REIT | 32 | 324 | ||||||
Aon PLC | 43 | 4,097 | ||||||
Apartment Investment & Management Co., Class A REIT | 7 | 256 | ||||||
Apple Hospitality REIT, Inc. REIT | 42 | 798 | ||||||
Arch Capital Group Ltd.* | 148 | 10,055 | ||||||
Arthur J Gallagher & Co. | 53 | 2,112 | ||||||
Artisan Partners Asset Management, Inc., Class A | 10 | 284 | ||||||
Aspen Insurance Holdings Ltd. | 119 | 5,318 | ||||||
Associated Banc-Corp. | 33 | 568 | ||||||
Assurant, Inc. | 50 | 3,555 | ||||||
Assured Guaranty Ltd. | 31 | 769 | ||||||
AvalonBay Communities, Inc. REIT | 12 | 2,060 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Axis Capital Holdings Ltd. | 178 | $ | 9,560 | |||||
Bank of Hawaii Corp. (a) | 13 | 826 | ||||||
Bank of New York Mellon (The) Corp. | 20 | 708 | ||||||
BankUnited, Inc. | 17 | 546 | ||||||
BB&T Corp. | 41 | 1,319 | ||||||
Berkshire Hathaway, Inc., Class B* | 7 | 939 | ||||||
BlackRock, Inc. | 1 | 312 | ||||||
BOK Financial Corp. | 5 | 244 | ||||||
Boston Properties, Inc. REIT | 7 | 799 | ||||||
Brixmor Property Group, Inc. REIT | 15 | 351 | ||||||
Brown & Brown, Inc. | 70 | 2,262 | ||||||
Camden Property Trust REIT | 40 | 2,990 | ||||||
Capital One Financial Corp. | 24 | 1,578 | ||||||
Care Capital Properties, Inc. REIT | 58 | 1,538 | ||||||
CBL & Associates Properties, Inc. REIT | 35 | 404 | ||||||
CBOE Holdings, Inc. | 71 | 4,438 | ||||||
CBRE Group, Inc., Class A* | 64 | 1,626 | ||||||
Charles Schwab (The) Corp. | 11 | 276 | ||||||
Chimera Investment Corp. REIT | 254 | 3,310 | ||||||
Chubb Ltd. | 72 | 8,318 | ||||||
Cincinnati Financial Corp. | 84 | 5,304 | ||||||
CIT Group, Inc. | 46 | 1,371 | ||||||
Citigroup, Inc. | 3 | 117 | ||||||
Citizens Financial Group, Inc. | 38 | 731 | ||||||
CME Group, Inc. | 8 | 732 | ||||||
CNA Financial Corp. | 7 | 203 | ||||||
Columbia Property Trust, Inc. REIT | 26 | 527 | ||||||
Comerica, Inc. | 18 | 608 | ||||||
Commerce Bancshares, Inc. | 24 | 1,020 | ||||||
Communications Sales & Leasing, Inc. REIT | 29 | 547 | ||||||
Corrections Corp. of America REIT | 40 | 1,157 | ||||||
Credit Acceptance Corp.*(a) | 6 | 1,182 | ||||||
Crown Castle International Corp. REIT | 13 | 1,125 | ||||||
Cullen/Frost Bankers, Inc. (a) | 10 | 479 | ||||||
DDR Corp. REIT | 22 | 368 | ||||||
Digital Realty Trust, Inc. REIT | 18 | 1,423 | ||||||
Discover Financial Services | 48 | 2,228 | ||||||
Douglas Emmett, Inc. REIT | 14 | 376 | ||||||
Duke Realty Corp. REIT | 51 | 1,055 | ||||||
E*Trade Financial Corp.* | 8 | 188 | ||||||
East West Bancorp, Inc. | 22 | 659 | ||||||
Eaton Vance Corp. | 101 | 2,920 | ||||||
Empire State Realty Trust, Inc., Class A REIT | 18 | 282 | ||||||
Endurance Specialty Holdings Ltd. | 57 | 3,549 | ||||||
Equity Commonwealth REIT* | 6 | 160 | ||||||
Equity Lifestyle Properties, Inc. REIT | 37 | 2,596 | ||||||
Equity Residential REIT | 19 | 1,415 | ||||||
Erie Indemnity Co., Class A | 10 | 940 | ||||||
Essex Property Trust, Inc. REIT | 3 | 628 | ||||||
Everest Re Group Ltd. | 64 | 11,912 | ||||||
Extra Space Storage, Inc. REIT | 31 | 2,547 | ||||||
FactSet Research Systems, Inc. | 38 | 5,719 | ||||||
Federal Realty Investment Trust REIT | 12 | 1,777 | ||||||
Federated Investors, Inc., Class B | 66 | 1,727 | ||||||
Fifth Third Bancorp | 94 | 1,434 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
First Horizon National Corp. | 73 | $ | 877 | |||||
First Republic Bank | 20 | 1,231 | ||||||
FNF Group | 183 | 6,035 | ||||||
Four Corners Property Trust, Inc. REIT | 19 | 312 | ||||||
Franklin Resources, Inc. | 41 | 1,470 | ||||||
Gaming and Leisure Properties, Inc. REIT | 90 | 2,357 | ||||||
General Growth Properties, Inc. REIT | 20 | 550 | ||||||
Goldman Sachs Group, (The) Inc. | 2 | 299 | ||||||
Hanover Insurance Group, (The) Inc. | 50 | 4,148 | ||||||
Hartford Financial Services Group, (The) Inc. | 22 | 927 | ||||||
HCP, Inc. REIT | 43 | 1,272 | ||||||
Healthcare Trust of America, Inc., Class A REIT | 13 | 362 | ||||||
Hospitality Properties Trust REIT | 45 | 1,093 | ||||||
Host Hotels & Resorts, Inc. REIT | 61 | 934 | ||||||
Huntington Bancshares, Inc. | 139 | 1,216 | ||||||
Interactive Brokers Group, Inc., Class A (a) | 17 | 581 | ||||||
Intercontinental Exchange, Inc. | 5 | 1,192 | ||||||
Invesco Ltd. | 61 | 1,631 | ||||||
Iron Mountain, Inc. REIT | 33 | 970 | ||||||
Jones Lang LaSalle, Inc. | 34 | 3,470 | ||||||
JPMorgan Chase & Co. | 3 | 169 | ||||||
KeyCorp | 91 | 960 | ||||||
Kilroy Realty Corp. REIT | 4 | 217 | ||||||
Kimco Realty Corp. REIT | 95 | 2,541 | ||||||
Lamar Advertising Co., Class A REIT | 62 | 3,542 | ||||||
Lazard Ltd., Class A | 73 | 2,568 | ||||||
Legg Mason, Inc. | 20 | 571 | ||||||
Leucadia National Corp. | 10 | 145 | ||||||
Liberty Property Trust REIT | 25 | 722 | ||||||
Lincoln National Corp. | 20 | 731 | ||||||
Loews Corp. | 41 | 1,490 | ||||||
LPL Financial Holdings, Inc. (a) | 47 | 951 | ||||||
M&T Bank Corp. | 9 | 923 | ||||||
Macerich (The) Co. REIT | 151 | 11,941 | ||||||
Markel Corp.* | 2 | 1,713 | ||||||
Marsh & McLennan Cos., Inc. | 146 | 8,329 | ||||||
Mercury General Corp. | 24 | 1,262 | ||||||
MetLife, Inc. | 16 | 633 | ||||||
MFA Financial, Inc. REIT | 198 | 1,348 | ||||||
Mid-America Apartment Communities, Inc. REIT | 16 | 1,439 | ||||||
Moody’s Corp. | 55 | 4,884 | ||||||
Morningstar, Inc. | 22 | 1,747 | ||||||
MSCI, Inc. | 97 | 6,840 | ||||||
Nasdaq, Inc. | 46 | 2,911 | ||||||
National Retail Properties, Inc. REIT | 34 | 1,495 | ||||||
New York Community Bancorp, Inc. | 76 | 1,150 | ||||||
Northern Trust Corp. | 15 | 891 | ||||||
Old Republic International Corp. | 114 | 2,029 | ||||||
OMEGA Healthcare Investors, Inc. REIT | 43 | 1,379 | ||||||
OneMain Holdings, Inc.* | 7 | 158 | ||||||
Outfront Media, Inc. REIT | 134 | 2,740 | ||||||
PacWest Bancorp | 10 | 322 | ||||||
Paramount Group, Inc. REIT | 6 | 91 | ||||||
PartnerRe Ltd. | 104 | 14,588 |
Number | Value | |||||||
Financials (Continued) | ||||||||
People’s United Financial, Inc. (a) | 58 | $ | 847 | |||||
Piedmont Office Realty Trust, Inc., Class A REIT | 16 | 294 | ||||||
PNC Financial Services Group, (The) Inc. | 17 | 1,382 | ||||||
Post Properties, Inc. REIT | 67 | 3,734 | ||||||
Principal Financial Group, Inc. | 29 | 1,096 | ||||||
ProAssurance Corp. | 54 | 2,663 | ||||||
Progressive (The) Corp. | 486 | 15,513 | ||||||
Prologis, Inc. REIT | 20 | 769 | ||||||
Prudential Financial, Inc. | 12 | 793 | ||||||
Public Storage REIT | 20 | 4,990 | ||||||
Raymond James Financial, Inc. | 29 | 1,271 | ||||||
Rayonier, Inc. REIT | 31 | 677 | ||||||
Realogy Holdings Corp.* | 20 | 639 | ||||||
Realty Income Corp. REIT | 26 | 1,522 | ||||||
Regency Centers Corp. REIT | 29 | 2,047 | ||||||
Regions Financial Corp. | 113 | 850 | ||||||
Reinsurance Group of America, Inc. | 37 | 3,334 | ||||||
RenaissanceRe Holdings Ltd. | 112 | 12,678 | ||||||
Retail Properties of America, Inc., Class A REIT | 19 | 279 | ||||||
Santander Consumer USA Holdings, Inc.* | 18 | 185 | ||||||
SEI Investments Co. | 119 | 4,542 | ||||||
Senior Housing Properties Trust REIT | 18 | 281 | ||||||
Signature Bank* | 6 | 777 | ||||||
Simon Property Group, Inc. REIT | 9 | 1,708 | ||||||
SL Green Realty Corp. REIT | 8 | 705 | ||||||
StanCorp Financial Group, Inc. | 5 | 575 | ||||||
Starwood Property Trust, Inc. REIT | 34 | 596 | ||||||
State Street Corp. | 5 | 274 | ||||||
SunTrust Banks, Inc. | 12 | 398 | ||||||
SVB Financial Group* | 3 | 267 | ||||||
Synchrony Financial* | 177 | 4,770 | ||||||
Synovus Financial Corp. | 12 | 319 | ||||||
T. Rowe Price Group, Inc. | 86 | 5,943 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 23 | 738 | ||||||
Taubman Centers, Inc. REIT | 150 | 10,623 | ||||||
TCF Financial Corp. | 33 | 374 | ||||||
TD Ameritrade Holding Corp. | 18 | 514 | ||||||
Torchmark Corp. | 84 | 4,302 | ||||||
Travelers Cos., (The) Inc. | 70 | 7,526 | ||||||
UDR, Inc. REIT | 32 | 1,099 | ||||||
Unum Group | 54 | 1,541 | ||||||
US Bancorp | 18 | 693 | ||||||
Validus Holdings Ltd. | 154 | 6,916 | ||||||
Ventas, Inc. REIT | 13 | 724 | ||||||
Vornado Realty Trust REIT | 23 | 1,986 | ||||||
Voya Financial, Inc. | 59 | 1,732 | ||||||
W.R. Berkley Corp. | 90 | 4,635 | ||||||
Waddell & Reed Financial, Inc., Class A | 44 | 1,030 | ||||||
Weingarten Realty Investors REIT | 77 | 2,713 | ||||||
Wells Fargo & Co. | 3 | 141 | ||||||
Welltower, Inc. REIT | 7 | 446 | ||||||
Weyerhaeuser Co. REIT | 354 | 9,197 | ||||||
White Mountains Insurance Group Ltd. | 4 | 3,067 | ||||||
WP Carey, Inc. REIT | 18 | 1,020 | ||||||
WP Glimcher, Inc. REIT | 41 | 354 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
XL Group PLC | 31 | $ | 1,066 | |||||
Zions Bancorporation | 18 | 384 | ||||||
|
| |||||||
415,528 | ||||||||
|
| |||||||
Health Care — 10.3% | ||||||||
Abbott Laboratories | 63 | 2,441 | ||||||
AbbVie, Inc. | 8 | 437 | ||||||
Aetna, Inc. | 107 | 11,623 | ||||||
Agilent Technologies, Inc. | 56 | 2,092 | ||||||
Alere, Inc.* | 7 | 373 | ||||||
Alexion Pharmaceuticals, Inc.* | 3 | 422 | ||||||
Align Technology, Inc.* | 13 | 858 | ||||||
AmerisourceBergen Corp. | 171 | 14,812 | ||||||
Amgen, Inc. | 5 | 711 | ||||||
Anthem, Inc. | 42 | 5,489 | ||||||
Baxalta, Inc. | 220 | 8,474 | ||||||
Baxter International, Inc. | 314 | 12,406 | ||||||
Becton Dickinson and Co. | 2 | 295 | ||||||
Biogen, Inc.* | 2 | 519 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 25 | 3,366 | ||||||
Bio-Techne Corp. | 19 | 1,631 | ||||||
Boston Scientific Corp.* | 95 | 1,613 | ||||||
Bristol-Myers Squibb Co. | 16 | 991 | ||||||
Bruker Corp.* | 23 | 598 | ||||||
C.R. Bard, Inc. | 24 | 4,617 | ||||||
Cardinal Health, Inc. | 153 | 12,500 | ||||||
Celgene Corp.* | 6 | 605 | ||||||
Centene Corp.* | 35 | 1,994 | ||||||
Cerner Corp.* | 36 | 1,838 | ||||||
Charles River Laboratories International, | 30 | 2,203 | ||||||
Cigna Corp. | 63 | 8,795 | ||||||
Cooper (The) Cos., Inc. | 7 | 1,001 | ||||||
DaVita Healthcare Partners, Inc.* | 47 | 3,101 | ||||||
DENTSPLY SIRONA, Inc.* | 119 | 7,254 | ||||||
Edwards Lifesciences Corp.* | 54 | 4,698 | ||||||
Eli Lilly & Co. | 23 | 1,656 | ||||||
Envision Healthcare Holdings, Inc.* | 11 | 242 | ||||||
Express Scripts Holding Co.* | 51 | 3,589 | ||||||
Gilead Sciences, Inc. | 12 | 1,047 | ||||||
HCA Holdings, Inc.* | 15 | 1,038 | ||||||
Health Net, Inc.* | 88 | 5,475 | ||||||
Henry Schein, Inc.* | 73 | 12,078 | ||||||
Hologic, Inc.* | 58 | 2,009 | ||||||
Humana, Inc. | 62 | 10,972 | ||||||
IDEXX Laboratories, Inc.* | 32 | 2,341 | ||||||
Inovalon Holdings, Inc., Class A* | 10 | 172 | ||||||
Intuitive Surgical, Inc.* | 3 | 1,689 | ||||||
Johnson & Johnson | 8 | 842 | ||||||
Laboratory Corp. of America Holdings* | 44 | 4,833 | ||||||
LifePoint Health, Inc.* | 35 | 2,183 | ||||||
McKesson Corp. | 46 | 7,159 | ||||||
MEDNAX, Inc.* | 98 | 6,570 | ||||||
Merck & Co., Inc. | 20 | 1,004 | ||||||
Mettler-Toledo International, Inc.* | 17 | 5,354 | ||||||
Mylan N.V.* | 10 | 451 | ||||||
Patterson Cos., Inc. | 94 | 4,083 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
PerkinElmer, Inc. | 45 | $ | 2,127 | |||||
Perrigo Co. PLC | 3 | 379 | ||||||
Pfizer, Inc. | 30 | 890 | ||||||
Premier, Inc., Class A* | 4 | 130 | ||||||
QIAGEN NV* | 37 | 781 | ||||||
Quest Diagnostics, Inc. | 71 | 4,724 | ||||||
Quintiles Transnational Holdings, Inc.* | 55 | 3,449 | ||||||
ResMed, Inc. | 76 | 4,325 | ||||||
Sirona Dental Systems, Inc.* | 43 | 4,735 | ||||||
St Jude Medical, Inc. | 59 | 3,168 | ||||||
Stryker Corp. | 24 | 2,397 | ||||||
Teleflex, Inc. | 26 | 3,713 | ||||||
Thermo Fisher Scientific, Inc. | 6 | 775 | ||||||
United Therapeutics Corp.* | 15 | 1,829 | ||||||
UnitedHealth Group, Inc. | 31 | 3,692 | ||||||
Universal Health Services, Inc., Class B | 32 | 3,532 | ||||||
Varian Medical Systems, Inc.* | 49 | 3,833 | ||||||
VCA, Inc.* | 47 | 2,398 | ||||||
VWR Corp.* | 11 | 268 | ||||||
Waters Corp.* | 32 | 3,850 | ||||||
Zimmer Biomet Holdings, Inc. | 27 | 2,614 | ||||||
Zoetis, Inc. | 48 | 1,971 | ||||||
|
| |||||||
248,124 | ||||||||
|
| |||||||
Industrials — 15.7% | ||||||||
3M Co. | 20 | 3,137 | ||||||
Acuity Brands, Inc. | 14 | 2,932 | ||||||
ADT (The) Corp. (a) | 122 | 4,925 | ||||||
AECOM* | 20 | 549 | ||||||
AGCO Corp. | 79 | 3,910 | ||||||
Air Lease Corp. (a) | 48 | 1,442 | ||||||
Alaska Air Group, Inc. | 143 | 10,568 | ||||||
Allegion PLC | 39 | 2,457 | ||||||
Allison Transmission Holdings, Inc. | 52 | 1,231 | ||||||
AMERCO | 4 | 1,371 | ||||||
American Airlines Group, Inc. | 5 | 205 | ||||||
AMETEK, Inc. | 88 | 4,084 | ||||||
AO Smith Corp. | 41 | 2,886 | ||||||
Armstrong World Industries, Inc.* | 13 | 527 | ||||||
B/E Aerospace, Inc. | 17 | 742 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 34 | 664 | ||||||
Boeing (The) Co. | 48 | 5,673 | ||||||
BWX Technologies, Inc. | 27 | 861 | ||||||
C.H. Robinson Worldwide, Inc. | 46 | 3,212 | ||||||
Carlisle Cos., Inc. | 22 | 1,984 | ||||||
Caterpillar, Inc. | 27 | 1,828 | ||||||
Chicago Bridge & Iron Co. NV | 21 | 704 | ||||||
Cintas Corp. | 71 | 5,963 | ||||||
Clean Harbors, Inc.* | 11 | 469 | ||||||
Copart, Inc.* | 81 | 3,058 | ||||||
Covanta Holding Corp. | 23 | 320 | ||||||
Crane Co. | 38 | 1,864 | ||||||
CSX Corp. | 94 | 2,269 | ||||||
Cummins, Inc. | 20 | 1,951 | ||||||
Danaher Corp. | 41 | 3,660 | ||||||
Deere & Co. (a) | 28 | 2,245 | ||||||
Delta Air Lines, Inc. | 42 | 2,026 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Donaldson Co., Inc. | 45 | $ | 1,271 | |||||
Dover Corp. | 80 | 4,862 | ||||||
Dun & Bradstreet (The) Corp. | 28 | 2,682 | ||||||
Eaton Corp. PLC | 34 | 1,928 | ||||||
Emerson Electric Co. | 72 | 3,516 | ||||||
Equifax, Inc. | 72 | 7,551 | ||||||
Expeditors International of Washington, Inc. | 177 | 8,103 | ||||||
Fastenal Co. | 59 | 2,672 | ||||||
FedEx Corp. | 27 | 3,696 | ||||||
Flowserve Corp. | 39 | 1,639 | ||||||
Fluor Corp. | 38 | 1,750 | ||||||
Fortune Brands Home & Security, Inc. | 35 | 1,758 | ||||||
GATX Corp. | 16 | 688 | ||||||
General Dynamics Corp. | 54 | 7,359 | ||||||
General Electric Co. | 13 | 379 | ||||||
Genesee & Wyoming, Inc., Class A* | 12 | 681 | ||||||
Graco, Inc. | 29 | 2,271 | ||||||
HD Supply Holdings, Inc.* | 48 | 1,334 | ||||||
Hertz Global Holdings, Inc.* | 12 | 102 | ||||||
Hexcel Corp. | 89 | 3,678 | ||||||
Honeywell International, Inc. | 35 | 3,547 | ||||||
Hubbell, Inc. | 36 | 3,577 | ||||||
Huntington Ingalls Industries, Inc. | 69 | 9,043 | ||||||
IDEX Corp. | 54 | 4,059 | ||||||
IHS, Inc., Class A* | 23 | 2,392 | ||||||
Illinois Tool Works, Inc. | 63 | 5,938 | ||||||
Ingersoll-Rand PLC | 30 | 1,667 | ||||||
ITT Corp. | 45 | 1,587 | ||||||
Jacobs Engineering Group, Inc.* | 167 | 6,455 | ||||||
JB Hunt Transport Services, Inc. | 40 | 3,052 | ||||||
JetBlue Airways Corp.* | 115 | 2,530 | ||||||
Kansas City Southern | 10 | 817 | ||||||
KAR Auction Services, Inc. | 63 | 2,231 | ||||||
KBR, Inc. | 52 | 719 | ||||||
Kennametal, Inc. | 9 | 181 | ||||||
Kirby Corp.* | 26 | 1,472 | ||||||
L-3 Communications Holdings, Inc. | 62 | 7,273 | ||||||
Landstar System, Inc. | 45 | 2,664 | ||||||
Lennox International, Inc. | 29 | 3,747 | ||||||
Lincoln Electric Holdings, Inc. | 45 | 2,456 | ||||||
Lockheed Martin Corp. | 29 | 6,258 | ||||||
Macquarie Infrastructure Corp. | 21 | 1,282 | ||||||
ManpowerGroup, Inc. | 125 | 9,680 | ||||||
Masco Corp. | 82 | 2,312 | ||||||
Middleby (The) Corp.* | 12 | 1,111 | ||||||
MSC Industrial Direct Co., Inc., Class A | 15 | 1,044 | ||||||
Nielsen Holdings PLC | 70 | 3,524 | ||||||
Nordson Corp. | 22 | 1,577 | ||||||
Norfolk Southern Corp. | 31 | 2,268 | ||||||
Northrop Grumman Corp. | 70 | 13,455 | ||||||
Old Dominion Freight Line, Inc.* | 27 | 1,743 | ||||||
Orbital ATK, Inc. | 15 | 1,256 | ||||||
Owens Corning | 45 | 1,931 | ||||||
PACCAR, Inc. | 36 | 1,854 | ||||||
Parker-Hannifin Corp. | 34 | 3,441 | ||||||
Pentair PLC | 55 | 2,624 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Pitney Bowes, Inc. | 64 | $ | 1,160 | |||||
Quanta Services, Inc.* | 111 | 2,252 | ||||||
R.R. Donnelley & Sons Co. | 110 | 1,670 | ||||||
Raytheon Co. | 64 | 7,926 | ||||||
Regal Beloit Corp. | 17 | 928 | ||||||
Republic Services, Inc. | 90 | 4,113 | ||||||
Robert Half International, Inc. | 64 | 2,521 | ||||||
Rockwell Automation, Inc. | 48 | 4,996 | ||||||
Rockwell Collins, Inc. | 69 | 6,042 | ||||||
Rollins, Inc. | 87 | 2,395 | ||||||
Roper Technologies, Inc. | 23 | 3,862 | ||||||
Ryder System, Inc. | 13 | 737 | ||||||
Snap-on, Inc. | 35 | 5,064 | ||||||
Southwest Airlines Co. | 190 | 7,971 | ||||||
Spirit AeroSystems Holdings, Inc., | 59 | 2,714 | ||||||
SPX Flow, Inc.* | 58 | 1,086 | ||||||
Stanley Black & Decker, Inc. | 72 | 6,769 | ||||||
Stericycle, Inc.* | 14 | 1,595 | ||||||
Textron, Inc. | 69 | 2,356 | ||||||
Timken (The) Co. | 25 | 746 | ||||||
Toro (The) Co. | 62 | 4,941 | ||||||
TransDigm Group, Inc.* | 7 | 1,495 | ||||||
Trinity Industries, Inc. | 26 | 412 | ||||||
Triumph Group, Inc. | 5 | 152 | ||||||
Tyco International PLC | 39 | 1,372 | ||||||
Union Pacific Corp. | 16 | 1,262 | ||||||
United Continental Holdings, Inc.* | 11 | 630 | ||||||
United Parcel Service, Inc., Class B | 32 | 3,090 | ||||||
United Technologies Corp. | 21 | 2,029 | ||||||
Valmont Industries, Inc. | 15 | 1,696 | ||||||
Verisk Analytics, Inc.* | 73 | 5,317 | ||||||
W.W. Grainger, Inc. (a) | 18 | 3,904 | ||||||
WABCO Holdings, Inc.* | 25 | 2,358 | ||||||
Wabtec Corp. | 34 | 2,400 | ||||||
Waste Connections, Inc. | 82 | 5,057 | ||||||
Waste Management, Inc. | 152 | 8,489 | ||||||
Watsco, Inc. | 27 | 3,444 | ||||||
Xylem, Inc. | 90 | 3,367 | ||||||
|
| |||||||
376,722 | ||||||||
|
| |||||||
Information Technology — 12.5% | ||||||||
Accenture PLC, Class A | 51 | 5,113 | ||||||
Activision Blizzard, Inc. | 51 | 1,615 | ||||||
Adobe Systems, Inc.* | 22 | 1,873 | ||||||
Akamai Technologies, Inc.* | 12 | 648 | ||||||
Alliance Data Systems Corp.* | 4 | 841 | ||||||
Alphabet, Inc., Class A* | 1 | 717 | ||||||
Alphabet, Inc., Class C* | 1 | 698 | ||||||
Amdocs Ltd. | 278 | 15,779 | ||||||
Amphenol Corp., Class A | 62 | 3,290 | ||||||
Analog Devices, Inc. | 107 | 5,670 | ||||||
ANSYS, Inc.* | 47 | 3,902 | ||||||
Apple, Inc. | 24 | 2,321 | ||||||
Applied Materials, Inc. | 44 | 830 | ||||||
ARRIS International PLC* | 139 | 3,321 | ||||||
Arrow Electronics, Inc.* | 86 | 4,916 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Atmel Corp. | 51 | $ | 412 | |||||
Autodesk, Inc.* | 16 | 828 | ||||||
Automatic Data Processing, Inc. | 58 | 4,912 | ||||||
Avnet, Inc. | 215 | 8,847 | ||||||
Black Knight Financial Services, Inc., | 5 | 147 | ||||||
Booz Allen Hamilton Holding Corp. | 60 | 1,656 | ||||||
Broadcom Ltd. | 17 | 2,277 | ||||||
Broadridge Financial Solutions, Inc. | 151 | 8,476 | ||||||
Brocade Communications Systems, Inc. | 113 | 1,122 | ||||||
CA, Inc. | 148 | 4,335 | ||||||
Cadence Design Systems, Inc.* | 89 | 1,918 | ||||||
CDK Global, Inc. | 38 | 1,706 | ||||||
CDW Corp./de | 111 | 4,393 | ||||||
Cisco Systems, Inc. | 38 | 995 | ||||||
Citrix Systems, Inc.* | 37 | 2,614 | ||||||
Cognex Corp. (a) | 18 | 666 | ||||||
Cognizant Technology Solutions Corp., Class A* | 33 | 1,880 | ||||||
CommScope Holding Co., Inc.* | 7 | 176 | ||||||
Computer Sciences Corp. | 171 | 4,926 | ||||||
CoreLogic, Inc.* | 10 | 346 | ||||||
Corning, Inc. | 339 | 6,204 | ||||||
CoStar Group, Inc.* | 2 | 354 | ||||||
CSRA, Inc. | 205 | 5,320 | ||||||
Dolby Laboratories, Inc., Class A | 18 | 711 | ||||||
DST Systems, Inc. | 89 | 9,308 | ||||||
eBay, Inc.* | 287 | 6,831 | ||||||
EchoStar Corp., Class A* | 7 | 313 | ||||||
Electronic Arts, Inc.* | 39 | 2,505 | ||||||
EMC Corp. | 149 | 3,893 | ||||||
F5 Networks, Inc.* | 6 | 577 | ||||||
Fidelity National Information Services, Inc. | 56 | 3,262 | ||||||
Fiserv, Inc.* | 77 | 7,363 | ||||||
FleetCor Technologies, Inc.* | 3 | 383 | ||||||
FLIR Systems, Inc. | 56 | 1,734 | ||||||
Fortinet, Inc.* | 12 | 341 | ||||||
Gartner, Inc.* | 48 | 3,955 | ||||||
Genpact Ltd.* | 123 | 3,251 | ||||||
Global Payments, Inc. | 35 | 2,133 | ||||||
Hewlett Packard Enterprise Co. | 795 | 10,550 | ||||||
HP, Inc. | 35 | 374 | ||||||
IAC/InterActiveCorp | 37 | 1,644 | ||||||
Ingram Micro, Inc., Class A | 16 | 573 | ||||||
Intel Corp. | 60 | 1,775 | ||||||
International Business Machines Corp. | 12 | 1,572 | ||||||
Intuit, Inc. | 41 | 3,962 | ||||||
Jabil Circuit, Inc. | 211 | 4,399 | ||||||
Jack Henry & Associates, Inc. | 96 | 7,895 | ||||||
Juniper Networks, Inc. | 49 | 1,210 | ||||||
Keysight Technologies, Inc.* | 51 | 1,331 | ||||||
KLA-Tencor Corp. | 45 | 3,048 | ||||||
Lam Research Corp. (a) | 21 | 1,539 | ||||||
Leidos Holdings, Inc. | 32 | 1,383 | ||||||
Lexmark International, Inc., Class A | 26 | 807 | ||||||
Linear Technology Corp. | 149 | 6,499 | ||||||
Lumentum Holdings, Inc.* | 15 | 360 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Marvell Technology Group Ltd. | 49 | $ | 468 | |||||
MasterCard, Inc., Class A | 18 | 1,565 | ||||||
Maxim Integrated Products, Inc. | 138 | 4,673 | ||||||
Microchip Technology, Inc. (a) | 67 | 2,981 | ||||||
Microsoft Corp. | 15 | 763 | ||||||
Motorola Solutions, Inc. | 25 | 1,837 | ||||||
National Instruments Corp. | 56 | 1,616 | ||||||
NCR Corp.* | 8 | 187 | ||||||
NetApp, Inc. | 58 | 1,441 | ||||||
Nuance Communications, Inc.* | 15 | 293 | ||||||
NVIDIA Corp. | 80 | 2,509 | ||||||
ON Semiconductor Corp.* | 66 | 554 | ||||||
Oracle Corp. | 6 | 221 | ||||||
Palo Alto Networks, Inc.* | 1 | 145 | ||||||
Paychex, Inc. | 130 | 6,681 | ||||||
PayPal Holdings, Inc.* | 45 | 1,716 | ||||||
PTC, Inc.* | 6 | 185 | ||||||
QUALCOMM, Inc. | 15 | 762 | ||||||
Red Hat, Inc.* | 31 | 2,026 | ||||||
salesforce.com, Inc.* | 3 | 203 | ||||||
SanDisk Corp. | 15 | 1,084 | ||||||
Skyworks Solutions, Inc. | 20 | 1,329 | ||||||
Solera Holdings, Inc. | 3 | 167 | ||||||
SS&C Technologies Holdings, Inc. | 15 | 874 | ||||||
Symantec Corp. | 98 | 1,892 | ||||||
Synopsys, Inc.* | 154 | 6,891 | ||||||
Teradata Corp.* | 27 | 674 | ||||||
Teradyne, Inc. | 132 | 2,519 | ||||||
Texas Instruments, Inc. | 100 | 5,302 | ||||||
Total System Services, Inc. | 102 | 4,445 | ||||||
Trimble Navigation Ltd.* | 24 | 558 | ||||||
Ultimate Software Group, (The) Inc.* | 9 | 1,546 | ||||||
Vantiv, Inc., Class A* | 35 | 1,821 | ||||||
VeriSign, Inc.*(a) | 79 | 6,675 | ||||||
Visa, Inc., Class A | 15 | 1,086 | ||||||
VMware, Inc., Class A* | 3 | 151 | ||||||
Western Digital Corp. | 5 | 218 | ||||||
Western Union (The) Co. | 643 | 11,741 | ||||||
WEX, Inc.* | 8 | 522 | ||||||
Xerox Corp. | 203 | 1,951 | ||||||
Xilinx, Inc. | 121 | 5,714 | ||||||
Yahoo!, Inc.* | 7 | 223 | ||||||
|
| |||||||
299,734 | ||||||||
|
| |||||||
Materials — 5.6% | ||||||||
Air Products & Chemicals, Inc. | 32 | 4,239 | ||||||
Airgas, Inc. | 29 | 4,104 | ||||||
Albemarle Corp. | 14 | 787 | ||||||
AptarGroup, Inc. | 94 | 6,929 | ||||||
Ashland, Inc. | 13 | 1,239 | ||||||
Avery Dennison Corp. | 165 | 10,745 | ||||||
Axalta Coating Systems Ltd.* | 13 | 337 | ||||||
Bemis Co., Inc. | 85 | 4,171 | ||||||
Cabot Corp. | 21 | 935 | ||||||
Celanese Corp., Class A, Series A | 62 | 3,741 | ||||||
CF Industries Holdings, Inc. | 71 | 2,589 | ||||||
Chemours (The) Co. | 381 | 1,955 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Compass Minerals International, Inc. | 43 | $ | 2,917 | |||||
Crown Holdings, Inc.* | 70 | 3,279 | ||||||
Domtar Corp. | 87 | 3,062 | ||||||
Dow Chemical (The) Co. | 107 | 5,201 | ||||||
E.I. du Pont de Nemours & Co. | 56 | 3,409 | ||||||
Eagle Materials, Inc. | 8 | 483 | ||||||
Eastman Chemical Co. | 26 | 1,668 | ||||||
Ecolab, Inc. | 35 | 3,589 | ||||||
FMC Corp. | 23 | 866 | ||||||
Graphic Packaging Holding Co. | 177 | 2,182 | ||||||
International Flavors & Fragrances, Inc. | 70 | 7,230 | ||||||
International Paper Co. | 70 | 2,499 | ||||||
Lyondellbasell Industries NV, Class A | 55 | 4,412 | ||||||
Monsanto Co. | 22 | 1,980 | ||||||
Mosaic (The) Co. | 50 | 1,333 | ||||||
NewMarket Corp. | 8 | 2,921 | ||||||
Newmont Mining Corp. | 41 | 1,059 | ||||||
Nucor Corp. | 116 | 4,563 | ||||||
Owens-Illinois, Inc.* | 45 | 673 | ||||||
Packaging Corp. of America | 59 | 2,862 | ||||||
PPG Industries, Inc. | 36 | 3,475 | ||||||
Praxair, Inc. | 38 | 3,868 | ||||||
Reliance Steel & Aluminum Co. | 67 | 4,080 | ||||||
RPM International, Inc. | 45 | 1,838 | ||||||
Scotts Miracle-Gro (The) Co., Class A | 17 | 1,173 | ||||||
Sealed Air Corp. | 34 | 1,555 | ||||||
Sherwin-Williams (The) Co. | 20 | 5,410 | ||||||
Silgan Holdings, Inc. | 55 | 2,818 | ||||||
Sonoco Products Co. | 113 | 4,938 | ||||||
Southern Copper Corp. | 10 | 239 | ||||||
Steel Dynamics, Inc. | 52 | 946 | ||||||
Valspar (The) Corp. | 59 | 4,616 | ||||||
Vulcan Materials Co. | 12 | 1,182 | ||||||
Westlake Chemical Corp. | 17 | 733 | ||||||
|
| |||||||
134,830 | ||||||||
|
| |||||||
Telecommunication Services — 0.5% | ||||||||
AT&T, Inc. | 44 | 1,626 | ||||||
CenturyLink, Inc. | 142 | 4,344 | ||||||
Frontier Communications Corp. (a) | 144 | 779 | ||||||
SBA Communications Corp., Class A* | 11 | 1,044 | ||||||
Telephone & Data Systems, Inc. | 59 | 1,576 | ||||||
T-Mobile US, Inc.* | 8 | 297 | ||||||
United States Cellular Corp.* | 7 | 290 | ||||||
Verizon Communications, Inc. | 54 | 2,739 | ||||||
|
| |||||||
12,695 | ||||||||
|
| |||||||
Utilities — 9.9% | ||||||||
AES Corp. | 178 | 1,744 | ||||||
AGL Resources, Inc. | 143 | 9,245 | ||||||
Alliant Energy Corp. | 81 | 5,504 | ||||||
Ameren Corp. | 158 | 7,418 | ||||||
American Electric Power Co., Inc. | 137 | 8,460 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
American Water Works Co., Inc. | 109 | $ | 7,065 | |||||
Aqua America, Inc. | 135 | 4,127 | ||||||
Atmos Energy Corp. | 116 | 8,052 | ||||||
Calpine Corp.* | 77 | 967 | ||||||
CenterPoint Energy, Inc. | 175 | 3,260 | ||||||
CMS Energy Corp. | 230 | 9,099 | ||||||
Consolidated Edison, Inc. | 140 | 9,801 | ||||||
Dominion Resources, Inc. | 31 | 2,167 | ||||||
DTE Energy Co. | 107 | 9,001 | ||||||
Duke Energy Corp. | 36 | 2,674 | ||||||
Edison International | 146 | 9,951 | ||||||
Entergy Corp. | 60 | 4,333 | ||||||
Eversource Energy | 104 | 5,647 | ||||||
Exelon Corp. | 96 | 3,023 | ||||||
FirstEnergy Corp. | 104 | 3,481 | ||||||
Great Plains Energy, Inc. | 194 | 5,692 | ||||||
Hawaiian Electric Industries, Inc. | 74 | 2,173 | ||||||
ITC Holdings Corp. | 38 | 1,544 | ||||||
MDU Resources Group, Inc. | 87 | 1,584 | ||||||
National Fuel Gas Co. | 5 | 228 | ||||||
NextEra Energy, Inc. | 41 | 4,626 | ||||||
NiSource, Inc. | 618 | 13,275 | ||||||
OGE Energy Corp. | 36 | 896 | ||||||
Pepco Holdings, Inc. | 172 | 4,503 | ||||||
PG&E Corp. | 153 | 8,680 | ||||||
Pinnacle West Capital Corp. | 99 | 6,814 | ||||||
PPL Corp. | 298 | 10,427 | ||||||
Public Service Enterprise Group, Inc. | 230 | 9,812 | ||||||
Questar Corp. | 83 | 2,056 | ||||||
SCANA Corp. | 89 | 5,787 | ||||||
Sempra Energy | 37 | 3,571 | ||||||
Southern (The) Co. | 119 | 5,733 | ||||||
TECO Energy, Inc. | 135 | 3,708 | ||||||
UGI Corp. | 108 | 3,992 | ||||||
Vectren Corp. | 103 | 4,689 | ||||||
WEC Energy Group, Inc. | 89 | 5,015 | ||||||
Westar Energy, Inc. | 155 | 6,736 | ||||||
Xcel Energy, Inc. | 253 | 10,004 | ||||||
|
| |||||||
236,564 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,398,692 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.0% | ||||||||
Daily Assets Fund “Capital Shares”, 0.42% (b)(c) | 48,566 | 48,566 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.9% | $ | 2,447,258 | ||||||
Other assets and liabilities, net — (1.9%) | (45,579 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,401,679 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,540,185. At February 29, 2016, net unrealized depreciation for all securities based on tax cost was $92,927. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $58,149 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $151,076. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Continued)
February 29, 2016 (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 February 29, 2016 amounted to $46,929, which is 2.0% 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 |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 29, 2016 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.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (d) | $ | 2,398,692 | $ | — | $ | — | $ | 2,398,692 | ||||||||
Short-Term Investments | 48,566 | — | — | 48,566 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,447,258 | $ | — | $ | — | $ | 2,447,258 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended February 29, 2016.
(d) See Schedule of investments for additional detailed categorizations.
See Notes to Financial Statements. | 24 |
This Page is Intentionally Left Blank
25
DBX ETF Trust
Statements of assets and liabilities
February 29, 2016 (Unaudited)
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF | Deutsche X-trackers Russell 1000 Enhanced Beta ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at value | $ | 2,330,922 | $ | 2,398,692 | ||||
Investment in Daily Assets Fund* | 22,636 | 48,566 | ||||||
Cash | — | 959 | ||||||
Foreign currency at value | 93 | — | ||||||
Receivables: | ||||||||
Dividends | 4,896 | 4,491 | ||||||
Interest | 9 | 44 | ||||||
Foreign tax reclaim | 114 | — | ||||||
|
|
|
| |||||
Total Assets | $ | 2,358,670 | $ | 2,452,752 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Due to custodian | $ | 301 | $ | — | ||||
Payable upon return of securities loaned | 22,636 | 48,566 | ||||||
Payables: | ||||||||
Investment securities purchased | 125 | 1,774 | ||||||
Investment advisory fees | 644 | 464 | ||||||
Accrued expenses and other liabilities | 254 | 269 | ||||||
|
|
|
| |||||
Total Liabilities | 23,960 | 51,073 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 2,334,710 | $ | 2,401,679 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 2,504,616 | $ | 2,500,496 | ||||
Undistributed net investment income | 12,076 | 13,892 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (41,978 | ) | (19,782 | ) | ||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (140,004 | ) | (92,927 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 2,334,710 | $ | 2,401,679 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 100,001 | 100,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 23.35 | $ | 24.02 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 2,470,954 | $ | 2,491,619 | ||||
|
|
|
| |||||
Value of securities loaned | $ | 17,365 | $ | 46,929 | ||||
|
|
|
| |||||
Investment in Daily Assets Fund at cost | $ | 22,636 | $ | 48,566 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 90 | $ | — | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
For the Period Ended February 29, 2016 (Unaudited)
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF(1) | Deutsche X-trackers Russell 1000 Enhanced Beta ETF(1) | |||||||
Investment Income | ||||||||
Dividend income* | $ | 14,542 | $ | 15,635 | ||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates | 24 | 129 | ||||||
|
|
|
| |||||
Total Investment Income | 14,566 | 15,764 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 2,236 | 1,603 | ||||||
Excise tax expense | 254 | 269 | ||||||
|
|
|
| |||||
Total Expenses | 2,490 | 1,872 | ||||||
|
|
|
| |||||
Net Investment Income | 12,076 | 13,892 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (41,398 | ) | (19,782 | ) | ||||
Foreign currency transactions | (580 | ) | — | |||||
|
|
|
| |||||
Net realized gain (loss) | (41,978 | ) | (19,782 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (140,032 | ) | (92,927 | ) | ||||
Foreign currency translations | 28 | — | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (140,004 | ) | (92,927 | ) | ||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (181,982 | ) | (112,709 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | (169,906 | ) | $ | (98,817 | ) | ||
|
|
|
| |||||
* Foreign tax withheld | $ | 1,147 | $ | — |
(1) | For the period November 24, 2015 (commencement of operations) through February 29, 2016. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF | Deutsche X-trackers Russell 1000 Enhanced Beta ETF | |||||||
For the Period November 24, 2015(1) to February 29, 2016 | For the Period November 24, 2015(1) to February 29, 2016 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 12,076 | $ | 13,892 | ||||
Net realized gain (loss) | (41,978 | ) | (19,782 | ) | ||||
Net change in unrealized appreciation (depreciation) | (140,004 | ) | (92,927 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (169,906 | ) | (98,817 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 2,504,591 | 2,500,471 | ||||||
Value of shares redeemed | — | — | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,504,591 | 2,500,471 | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 2,334,685 | 2,401,654 | ||||||
Net Assets | ||||||||
Beginning of period | 25 | 25 | ||||||
|
|
|
| |||||
End of period | $ | 2,334,710 | $ | 2,401,679 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 12,076 | $ | 13,892 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 1 | 1 | ||||||
Shares sold | 100,000 | 100,000 | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 100,001 | 100,001 | ||||||
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF Selected Per Share Data | Period Ended 2/29/16 (a) | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income (loss) from Investment Operations: | ||||
Net investment income (b) | 0.12 | |||
Net realized and unrealized gain (loss) | (1.77 | ) | ||
|
| |||
Total from investment operations | (1.65 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 23.35 | ||
|
| |||
Total Return (%)** | (6.60 | ) | ||
Ratio to Average Net Assets and Supplemental Data | ||||
Net assets, end of period ($ millions) | $ | 2 | ||
Ratio of expenses (%) | 0.36 | * | ||
Ratio of net investment income (loss) (%) | 1.92 | * | ||
Portfolio turnover rate (%) (c) | 13 | ** | ||
Deutsche X-trackers Russell 1000 Enhanced Beta ETF Selected Per Share Data | Period Ended 2/29/16 (a) | |||
Net Asset Value, beginning of period | $ | 25.00 | ||
|
| |||
Income (loss) from Investment Operations: | ||||
Net investment income (b) | 0.14 | |||
Net realized and unrealized gain (loss) | (1.12 | ) | ||
|
| |||
Total from investment operations | (0.98 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 24.02 | ||
|
| |||
Total Return (%)** | (3.92 | ) | ||
Ratio to Average Net Assets and Supplemental Data | ||||
Net assets, end of period ($ millions) | $ | 2 | ||
Ratio of expenses (%) | 0.26 | * | ||
Ratio of net investment income (loss) (%) | 2.20 | * | ||
Portfolio turnover rate (%) (c) | 22 | ** |
(a) | For the period November 24, 2015 (commencement of operations) through February 29, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not annualized. |
See Notes to Financial Statements. | 29 |
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 February 29, 2016, the Trust consisted 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 FTSE Developed ex US Enhanced Beta ETF |
Deutsche X-trackers Russell 1000 Enhanced Beta 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. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF | FTSE Developed ex US Comprehensive Factor Index | |
Deutsche X-trackers Russell 1000 Enhanced Beta ETF | Russell 1000 Comprehensive Factor Index |
The FTSE Developed ex US Comprehensive Factor Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The index provider, FTSE International Limited, selects companies for the Underlying Index using a proprietary rules-based multi-factor selection and weighting process designed to increase the Underlying Index’s exposure, relative to the starting universe, to companies demonstrating the said factors. Companies are weighted based on their relative exposure to all five factors. Companies that do not display meaningful multi-factor characteristics are not eligible for inclusion 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 Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.
The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The index provider, Frank Russell Company, selects companies for the Underlying Index using a proprietary rules-based multi-factor selection and weighting process designed to increase the Underlying Index’s exposure, relative to the starting universe, to companies demonstrating the said factors. Companies are weighted based on their relative exposure to all five factors. Companies that do not display meaningful multi-factor characteristics are not eligible for inclusion 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 of the Underlying
30
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Index. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each index provider 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.
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.
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.
31
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 29, 2016, 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.
32
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 February 29, 2016 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 (0.09% annualized effective rate as of February 29, 2016) 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.
As of February 29, 2016, 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.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets at an annual rate equal to:
Fund | Unitary | |||
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF | 0.35 | % | ||
Deutsche X-trackers Russell 1000 Enhanced Beta ETF | 0.25 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of 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).
33
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended February 29, 2016, 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 FTSE Developed ex US Enhanced Beta ETF (1) | $ | 2,830,359 | $ | 317,946 | ||||
Deutsche X-trackers Russell 1000 Enhanced Beta ETF (1) | $ | 3,046,650 | $ | 535,032 |
(1) | For the period November 24, 2015 (commencement of operations) to February 29, 2016. |
There were no in-kind purchases or redemptions for the period ended February 29, 2016.
5. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2016, 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 | |||
Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF | 96 | % | ||
Deutsche X-trackers Russell 1000 Enhanced Beta ETF | 80 | % |
6. Fund Share Transactions
As of February 29, 2016, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
34
DBX ETF Trust
Board consideration in approval of investment advisory contract (Unaudited)
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF and Deutsche X-trackers Russell 1000 Comprehensive Factor ETF1
At a meeting held on November 4, 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 FTSE Developed ex US Enhanced Beta ETF and Deutsche X-trackers Russell 1000 Enhanced Beta ETF (the “Funds”).
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 Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Advisor”) 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 Advisor 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.
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 Advisor 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 Advisor, including those individuals responsible for portfolio management. The Board considered that the Advisor 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 Advisor pays for the compensation of officers of the Trust who are also officers or employees of the Advisor, except as may otherwise be determined by the Board. The Board also considered that the Advisor 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 noted that in addition to managing the Funds’ portfolios directly, the Advisor 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 Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, 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 Advisor, including the training, qualifications and experience of investment personnel in managing the
1 | On March 16, 2016, Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF and Deutsche X-trackers Russell 1000 Enhanced Beta ETF were redesignated as Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF and Deutsche X-trackers Russell 1000 Comprehensive Factor ETF, respectively, pursuant to a unanimous written consent executed by the Board of Trustees of DBX ETF Trust. The discussion herein reflects the approval of the Investment Advisory Agreement for each Fund from the meeting held on November 4, 2015. |
35
DBX ETF Trust
Board consideration in approval of investment advisory contract (Unaudited) (Continued)
Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian. The Board further considered the compliance program of the Advisor which supports the Funds’ compliance program.
Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Advisor 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 Advisor pays all of the Funds’ costs. The Board also noted that each Fund’s portfolio would be managed on a day-to-day basis by the Advisor, and that the Advisor 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 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 Advisor 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 Advisor at this time. The Board considered whether the Advisor 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 Advisor 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.
36
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.
37
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.
38
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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Because the Fund seeks to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected exposure to such investment factors will detract from performance in some market environments, as more fully explained in the fund’s prospectus. 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 Management is the brand name for the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset 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.
The Funds are not in any way sponsored, endorsed, sold or promoted by the London Stock Exchange Group companies, which include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”) and FTSE TX Global Debt Capital Markets Inc (“FTSE TMX”) (together “LSEG”). LSEG makes no claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of each Fund’s Index, (ii) the figure at which each Fund’s Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of each Fund’s Index for the purpose to which it is being put in connection with each Fund. LSEG has not provided nor will it provide any financial or investment advice or recommendation in relation to each Fund’s Index, to the advisor or to its clients. Each Fund’s Index is calculated by FTSE or its agent. LSEG shall not be (a) liable (whether in negligence or otherwise) to any person for any error in each Fund’s Index or (b) under any obligation to advise any person of any error therein.
All rights in each Fund’s Index vest in FTSE. FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell”, and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence.
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 | Administrator, custodian, fund accountant, lending agent & 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-045855-1 (4/16) DBX 001876 (4/17)
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 | 5/4/16 |
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 | 5/4/16 |
By (Signature and Title)* | /s/ Michael Gilligan | |||
Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date | 5/4/16 |
* | Print the name and title of each signing officer under his or her signature. |