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)
Freddi Klassen
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: November 30, 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
November 30, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
Page | ||||
1 | ||||
2 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 3 | |||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
15 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 39 | |||
48 | ||||
50 | ||||
63 | ||||
73 | ||||
82 | ||||
85 | ||||
91 | ||||
94 | ||||
97 | ||||
100 | ||||
104 | ||||
108 | ||||
114 | ||||
120 | ||||
134 | ||||
135 |
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for 11 of our currency-hedged equity ETFs for the period ended November 30, 2016.
The world economy overcame a series of political risks and setbacks to post resilient growth figures. Britain’s decision to exit the Eurozone (“Brexit”) and the surprise U.S. election result during the reporting period challenged the global economic outlook. Major central banks across the world responded to these political shocks by loosening monetary policies. Global markets recovered after each of these political events. Monetary policy by major central banks were relatively unchanged through the reporting period, with increased expectations of a Federal Reserve Board (FRB) rate hike in December. Fueled by robust investment spending, the US economy registered healthy growth and a low unemployment rate. The Fed’s hawkish stance contrasted with the looser monetary policies of the rest of the developed world, leading to a strengthening of the US dollar. As for emerging markets, a moderate recovery in commodity prices helped improve current account deficits. China too avoided a hard landing, aided by fiscal stimulus.
Eurozone economies showed signs of a revival, as loose monetary policies helped the continent overcome ‘Brexit’. In addition to introducing a negative interest rate, the European Central Bank (ECB) renewed its commitment to its asset purchasing program. The ECB’s support maintained downward pressure on European sovereign yields. The resultant easing in credit conditions stimulated business and consumer confidence. Consequently, manufacturing activity rose across Europe. Germany posted a low unemployment rate, as industrial growth and residential construction boosted demand. In France, both the manufacturing and services sector aided output. Structural reforms in Spain and Greece helped growth, and a weaker EUR supported the continent’s exports. However, improvement in the real economy struggled to translate into gains for European equities. A persistent weakness in the region’s banking sector and Italy’s economic challenges affected European equities. The UK mitigated the immediate effects of ‘Brexit’ by restarting its quantitative easing program even as the sterling weakened.
In Asia, Japan’s economy posted growth during the reporting period. While weak consumption figures hurt Japan, a progressive weakening of the Japanese Yen helped the country improve exports. Japan’s unorthodox policies, such as negative interest rates and asset purchases, got yet another addition — yield-curve targeting. Bank of Japan committed to keep the yield on its 10-year government bonds at zero to reinvigorate the economy. China’s economy, on the other hand, dispelled notions of a slump, with generous infrastructure spending and a booming property sector. The resource-rich Australian economy, however, came under strain, as investment in the mining industry slowed and job losses mounted. The Reserve Bank of Australia cut interest rates to a record low to stimulate demand in the broader economy.
The world economy remained on a moderate growth path, given the challenging macroeconomic backdrop and political uncertainties. While Japanese and the US equities were supported by expectations of a weaker currency and reflationary policies, respectively, European equities could face headwinds from political challenges. As the FRB is expected to lift rates at a cautious pace, the outlook for the USD is strong. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Deutsche X-trackers MSCI All World ex US Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the US dollar and selected non-US currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (9.2% of Net Assets)
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.2% | |||
Royal Dutch Shell PLC (Netherlands) | 1.2% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.0% | |||
HSBC Holdings PLC (United Kingdom) | 0.9% | |||
Toyota Motor Corp. (Japan) | 0.9% | |||
Roche Holding AG (Switzerland) | 0.9% | |||
Novartis AG (Switzerland) | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 0.8% | |||
Tencent Holdings Ltd. (China) | 0.8% | |||
BP PLC (United Kingdom) | 0.6% |
Sector Diversification* as of 11/30/16
Financials | 23.1% | |||
Industrials | 11.9% | |||
Consumer Discretionary | 11.4% | |||
Consumer Staples | 10.0% | |||
Information Technology | 9.3% | |||
Health Care | 8.0% | |||
Materials | 8.0% | |||
Energy | 7.0% | |||
Telecommunication Services | 4.5% | |||
Real Estate | 3.6% | |||
Utilities | 3.2% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/16
Japan | 17.0% | |||
United Kingdom | 10.9% | |||
Canada | 7.1% | |||
France | 6.7% | |||
Switzerland | 6.4% | |||
Germany | 6.2% | |||
China | 5.5% | |||
Australia | 5.4% | |||
Hong Kong | 3.6% | |||
South Korea | 3.5% | |||
Netherlands | 3.1% | |||
Taiwan | 3.0% | |||
Spain | 2.1% | |||
Other | 19.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan) while at the same time mitigating exposure to fluctuations between the value of the US dollar and selected non-US currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (23.2% of Net Assets)
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.3% | |||
Tencent Holdings Ltd. (China) | 3.3% | |||
Alibaba Group Holding Ltd. (China) | 2.5% | |||
Commonwealth Bank of Australia (Australia) | 2.3% | |||
Westpac Banking Corp. (Australia) | 1.8% | |||
AIA Group Ltd. (Hong Kong) | 1.7% | |||
China Mobile Ltd. (Hong Kong) | 1.5% | |||
China Construction Bank Corp. (China) | 1.4% | |||
Australia & New Zealand Banking Group Ltd. (Australia) | 1.4% |
Sector Diversification* as of 11/30/16
Financials | 28.1% | |||
Information Technology | 21.9% | |||
Industrials | 7.9% | |||
Consumer Discretionary | 7.8% | |||
Real Estate | 6.7% | |||
Materials | 6.6% | |||
Consumer Staples | 5.4% | |||
Telecommunication Services | 4.9% | |||
Energy | 4.0% | |||
Utilities | 3.5% | |||
Health Care | 3.2% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/16
China | 22.1% | |||
Australia | 20.2% | |||
Hong Kong | 13.9% | |||
South Korea | 13.8% | |||
Taiwan | 12.0% | |||
India | 4.9% | |||
Singapore | 3.6% | |||
Malaysia | 2.6% | |||
Indonesia | 2.5% | |||
Other | 4.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
The Deutsche X-trackers MSCI Brazil Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and Brazilian real. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (63.9% of Net Assets)
Description | % of Net Assets | |||
Petroleo Brasileiro SA | 11.5% | |||
Itau Unibanco Holding SA | 11.2% | |||
Banco Bradesco SA | 10.4% | |||
Vale SA | 8.3% | |||
Ambev SA | 7.9% | |||
Itausa — Investimentos Itau SA | 3.3% | |||
BRF SA | 3.1% | |||
Cielo SA | 3.0% | |||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 2.8% | |||
Ultrapar Participacoes SA | 2.4% |
Sector Diversification* as of 11/30/16
Financials | 34.7% | |||
Consumer Staples | 14.8% | |||
Energy | 14.4% | |||
Materials | 13.2% | |||
Utilities | 5.8% | |||
Consumer Discretionary | 4.5% | |||
Industrials | 4.2% | |||
Information Technology | 3.0% | |||
Telecommunication Services | 2.7% | |||
Health Care | 1.6% | |||
Real Estate | 1.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 48.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and selected emerging market currencies. The Index includes securities from the following 23 countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (22.8% of Net Assets)
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.5% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.9% | |||
Tencent Holdings Ltd. (China) | 3.7% | |||
Alibaba Group Holding Ltd. (China) | 2.5% | |||
China Mobile Ltd. (Hong Kong) | 1.7% | |||
Naspers Ltd. (South Africa) | 1.7% | |||
China Construction Bank Corp. (China) | 1.6% | |||
Baidu, Inc. (China) | 1.1% | |||
Industrial & Commercial Bank of China Ltd. (China) | 1.1% | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 1.0% |
Sector Diversification* as of 11/30/16
Information Technology | 24.4% | |||
Financials | 23.7% | |||
Consumer Discretionary | 10.5% | |||
Energy | 7.8% | |||
Materials | 7.7% | |||
Consumer Staples | 7.2% | |||
Telecommunication Services | 5.7% | |||
Industrials | 5.4% | |||
Utilities | 2.6% | |||
Health Care | 2.5% | |||
Real Estate | 2.5% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/16
China | 23.3% | |||
South Korea | 14.9% | |||
Taiwan | 12.8% | |||
Brazil | 7.6% | |||
India | 6.4% | |||
South Africa | 6.4% | |||
Russia | 4.5% | |||
Hong Kong | 4.2% | |||
Mexico | 4.0% | |||
Indonesia | 2.6% | |||
Malaysia | 2.6% | |||
Other | 10.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
The Deutsche X-trackers MSCI Europe Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the US dollar and selected non-US currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (18.8% of Net Assets)
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 2.8% | |||
Royal Dutch Shell PLC (Netherlands) | 2.8% | |||
HSBC Holdings PLC (United Kingdom) | 2.1% | |||
Roche Holding AG (Switzerland) | 2.1% | |||
Novartis AG (Switzerland) | 2.1% | |||
BP PLC (United Kingdom) | 1.5% | |||
TOTAL SA (France) | 1.5% | |||
British American Tobacco PLC (United Kingdom) | 1.4% | |||
Sanofi (France) | 1.3% | |||
GlaxoSmithKline PLC (United Kingdom) | 1.2% |
Sector Diversification* as of 11/30/16
Financials | 20.3% | |||
Consumer Staples | 14.0% | |||
Health Care | 12.9% | |||
Industrials | 12.9% | |||
Consumer Discretionary | 10.7% | |||
Materials | 8.4% | |||
Energy | 7.5% | |||
Information Technology | 4.2% | |||
Telecommunication Services | 4.2% | |||
Utilities | 3.5% | |||
Real Estate | 1.4% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/16
United Kingdom | 25.0% | |||
France | 15.6% | |||
Switzerland | 14.8% | |||
Germany | 14.4% | |||
Netherlands | 7.0% | |||
Spain | 4.8% | |||
Sweden | 4.5% | |||
Italy | 2.7% | |||
Denmark | 2.6% | |||
Other | 8.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 63.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Deutsche X-trackers MSCI Eurozone Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equities in countries in the EMU, or the “Eurozone,” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (19.8% of Net Assets)
Description | % of Net Assets | |||
TOTAL SA (France) | 2.6% | |||
Sanofi (France) | 2.3% | |||
Siemens AG (Germany) | 2.1% | |||
SAP SE (Germany) | 2.0% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.9% | |||
BASF SE (Germany) | 1.9% | |||
Bayer AG (Germany) | 1.9% | |||
Allianz SE (Germany) | 1.8% | |||
Banco Santander SA (Spain) | 1.7% | |||
Unilever NV (United Kingdom) | 1.6% |
Sector Diversification* as of 11/30/16
Financials | 19.3% | |||
Industrials | 15.8% | |||
Consumer Discretionary | 13.6% | |||
Consumer Staples | 10.0% | |||
Materials | 8.7% | |||
Health Care | 8.0% | |||
Information Technology | 7.6% | |||
Energy | 5.4% | |||
Utilities | 4.5% | |||
Telecommunication Services | 4.2% | |||
Real Estate | 2.9% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of 11/30/16
France | 29.9% | |||
Germany | 28.5% | |||
Spain | 9.8% | |||
Netherlands | 8.4% | |||
Italy | 8.0% | |||
Belgium | 4.3% | |||
Finland | 3.5% | |||
United Kingdom | 2.8% | |||
Ireland | 2.0% | |||
Other | 2.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 73.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
The Deutsche X-trackers MSCI Germany Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Germany’s equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (55.6% of Net Assets)
Description | % of Net Assets | |||
Siemens AG | 7.9% | |||
SAP SE | 7.5% | |||
BASF SE | 7.2% | |||
Bayer AG | 7.1% | |||
Allianz SE | 6.7% | |||
Daimler AG | 5.9% | |||
Deutsche Telekom AG | 4.7% | |||
Bayerische Motoren Werke AG | 2.9% | |||
Henkel AG & Co. KGaA | 2.9% | |||
Linde AG | 2.8% |
Sector Diversification* as of 11/30/16
Consumer Discretionary | 19.0% | |||
Materials | 15.1% | |||
Financials | 14.4% | |||
Industrials | 14.0% | |||
Health Care | 13.5% | |||
Information Technology | 10.0% | |||
Telecommunication Services | 5.1% | |||
Consumer Staples | 4.2% | |||
Real Estate | 2.4% | |||
Utilities | 2.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 82.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
The Deutsche X-trackers MSCI Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and Japanese yen. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (19.5% of Net Assets)
Description | % of Net Assets | |||
Toyota Motor Corp. | 5.2% | |||
Mitsubishi UFJ Financial Group, Inc. | 2.5% | |||
SoftBank Group Corp. | 1.9% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.7% | |||
KDDI Corp. | 1.6% | |||
Honda Motor Co. Ltd. | 1.6% | |||
Mizuho Financial Group, Inc. | 1.4% | |||
Japan Tobacco, Inc. | 1.3% | |||
Sony Corp. | 1.2% | |||
FANUC Corp. | 1.1% |
Sector Diversification* as of 11/30/16
Consumer Discretionary | 20.8% | |||
Industrials | 20.6% | |||
Financials | 13.7% | |||
Information Technology | 10.8% | |||
Consumer Staples | 7.6% | |||
Health Care | 7.4% | |||
Materials | 6.0% | |||
Telecommunication Services | 5.6% | |||
Real Estate | 4.7% | |||
Utilities | 2.0% | |||
Energy | 0.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 85.
9
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
The Deutsche X-trackers MSCI Mexico Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and Mexican peso. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (57.8% of Net Assets)
Description | % of Net Assets | |||
America Movil SAB de CV | 12.4% | |||
Fomento Economico Mexicano SAB de CV | 8.7% | |||
Grupo Financiero Banorte SAB de CV | 7.1% | |||
Cemex SAB de CV | 6.5% | |||
Grupo Mexico SAB de CV | 6.2% | |||
Grupo Televisa SAB | 4.6% | |||
Wal-Mart de Mexico SAB de CV | 4.5% | |||
Fibra Uno Administracion SA de CV | 2.7% | |||
Grupo Bimbo SAB de CV | 2.6% | |||
Alfa SAB de CV | 2.5% |
Sector Diversification* as of 11/30/16
Consumer Staples | 25.1% | |||
Materials | 17.7% | |||
Financials | 15.0% | |||
Telecommunication Services | 13.4% | |||
Industrials | 13.2% | |||
Consumer Discretionary | 8.2% | |||
Real Estate | 5.7% | |||
Utilities | 1.0% | |||
Health Care | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 91.
10
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
The Deutsche X-trackers MSCI South Korea Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the South Korean won. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (49.5% of Net Assets)
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 23.6% | |||
Hyundai Motor Co. | 4.1% | |||
SK Hynix, Inc. | 3.8% | |||
NAVER Corp. | 3.4% | |||
Shinhan Financial Group Co. Ltd. | 2.9% | |||
POSCO | 2.7% | |||
Hyundai Mobis Co. Ltd. | 2.6% | |||
KB Financial Group, Inc. | 2.6% | |||
Amorepacific Corp. | 1.9% | |||
KT&G Corp. | 1.9% |
Sector Diversification* as of 11/30/16
Information Technology | 35.5% | |||
Financials | 14.7% | |||
Consumer Discretionary | 13.7% | |||
Industrials | 11.1% | |||
Consumer Staples | 8.6% | |||
Materials | 8.1% | |||
Energy | 2.7% | |||
Health Care | 2.3% | |||
Utilities | 2.1% | |||
Telecommunication Services | 1.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 94.
11
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the United Kingdom equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and British pound sterling. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (44.6% of Net Assets)
Description | % of Net Assets | |||
Royal Dutch Shell PLC | 9.6% | |||
HSBC Holdings PLC | 7.3% | |||
BP PLC | 5.0% | |||
British American Tobacco PLC | 4.7% | |||
GlaxoSmithKline PLC | 4.2% | |||
AstraZeneca PLC | 3.0% | |||
Vodafone Group PLC | 3.0% | |||
Diageo PLC | 2.9% | |||
Reckitt Benckiser Group PLC | 2.5% | |||
Shire PLC | 2.4% |
Sector Diversification* as of 11/30/16
Financials | 21.5% | |||
Consumer Staples | 16.8% | |||
Energy | 14.8% | |||
Health Care | 10.6% | |||
Consumer Discretionary | 8.7% | |||
Materials | 8.3% | |||
Industrials | 7.9% | |||
Telecommunication Services | 4.9% | |||
Utilities | 4.2% | |||
Real Estate | 1.4% | |||
Information Technology | 0.9% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 97.
12
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 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 June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,048.80 | 0.40 | % | $ | 2.05 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,063.00 | 0.60 | % | $ | 3.10 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,204.40 | 0.60 | % | $ | 3.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,051.50 | 0.65 | % | $ | 3.34 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,034.60 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
13
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,014.40 | 0.45 | % | $ | 2.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,036.60 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,065.90 | 0.45 | % | $ | 2.33 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 982.20 | 0.50 | % | $ | 2.48 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.56 | 0.50 | % | $ | 2.54 | ||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,043.00 | 0.58 | % | $ | 2.97 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.16 | 0.58 | % | $ | 2.94 | ||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,103.90 | 0.45 | % | $ | 2.37 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
14
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.8% | ||||||||
Australia — 5.3% | ||||||||
AGL Energy Ltd. | 2,860 | $ | 44,309 | |||||
Alumina Ltd. (a) | 9,999 | 12,220 | ||||||
Amcor Ltd. | 5,050 | 53,625 | ||||||
AMP Ltd. | 10,142 | 35,200 | ||||||
APA Group (b) | 4,530 | 26,661 | ||||||
Aristocrat Leisure Ltd. | 2,231 | 24,712 | ||||||
ASX Ltd. | 878 | 31,549 | ||||||
Aurizon Holdings Ltd. | 8,495 | 31,240 | ||||||
AusNet Services | 7,564 | 8,295 | ||||||
Australia & New Zealand Banking Group Ltd. | 11,158 | 234,087 | ||||||
Bank of Queensland Ltd. | 1,526 | 12,666 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,459 | 12,983 | ||||||
BHP Billiton Ltd. | 12,495 | 225,229 | ||||||
BHP Billiton PLC | 8,047 | 132,249 | ||||||
Boral Ltd. | 3,251 | 12,076 | ||||||
Brambles Ltd. | 6,065 | 52,759 | ||||||
Caltex Australia Ltd. | 1,075 | 23,855 | ||||||
Challenger Ltd. | 2,454 | 19,299 | ||||||
CIMIC Group Ltd. | 366 | 8,330 | ||||||
Coca-Cola Amatil Ltd. | 2,688 | 19,036 | ||||||
Cochlear Ltd. | 279 | 24,455 | ||||||
Commonwealth Bank of Australia | 6,503 | 377,688 | ||||||
Computershare Ltd. | 2,247 | 19,248 | ||||||
Crown Resorts Ltd. | 1,481 | 12,839 | ||||||
CSL Ltd. | 1,762 | 127,512 | ||||||
Dexus Property Group REIT | 4,832 | 32,542 | ||||||
Domino’s Pizza Enterprises Ltd. | 265 | 13,264 | ||||||
DUET Group (b) | 10,414 | 18,303 | ||||||
Flight Centre Travel Group Ltd. | 242 | 5,969 | ||||||
Fortescue Metals Group Ltd. | 6,020 | 26,095 | ||||||
Goodman Group REIT | 8,881 | 43,809 | ||||||
GPT Group REIT | 8,759 | 31,305 | ||||||
Harvey Norman Holdings Ltd. | 3,759 | 13,185 | ||||||
Healthscope Ltd. | 4,927 | 8,186 | ||||||
Incitec Pivot Ltd. | 6,571 | 15,285 | ||||||
Insurance Australia Group Ltd. | 8,353 | 34,481 | ||||||
LendLease Group (b) | 2,468 | 24,804 | ||||||
Macquarie Group Ltd. | 1,207 | 74,781 | ||||||
Medibank Pvt Ltd. | 10,528 | 20,213 | ||||||
Mirvac Group REIT | 18,550 | 28,081 | ||||||
National Australia Bank Ltd. | 10,056 | 214,830 | ||||||
Newcrest Mining Ltd. | 2,988 | 43,115 | ||||||
Oil Search Ltd. | 4,275 | 20,362 | ||||||
Orica Ltd. | 1,659 | 20,802 | ||||||
Origin Energy Ltd. | 6,021 | 26,410 | ||||||
Qantas Airways Ltd. | 1,469 | 3,580 | ||||||
QBE Insurance Group Ltd. | 5,253 | 43,329 | ||||||
Ramsay Health Care Ltd. | 688 | 35,975 | ||||||
REA Group Ltd. | 169 | 6,442 | ||||||
Santos Ltd. | 5,307 | 15,401 | ||||||
Scentre Group REIT | 21,824 | 68,331 | ||||||
SEEK Ltd. | 1,574 | 17,214 | ||||||
Sonic Healthcare Ltd. | 1,544 | 24,856 | ||||||
South32 Ltd. | 20,522 | 41,069 | ||||||
Stockland REIT | 11,154 | 35,665 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Suncorp Group Ltd. | 4,671 | $ | 43,116 | |||||
Sydney Airport (b) | 4,057 | 18,814 | ||||||
Tabcorp Holdings Ltd. (a) | 4,567 | 15,817 | ||||||
Tatts Group Ltd. | 6,855 | 21,210 | ||||||
Telstra Corp. Ltd. | 15,738 | 58,690 | ||||||
TPG Telecom Ltd. (a) | 1,904 | 10,039 | ||||||
Transurban Group (b) | 7,948 | 61,861 | ||||||
Treasury Wine Estates Ltd. | 3,561 | 28,374 | ||||||
Vicinity Centres REIT | 13,139 | 28,331 | ||||||
Vocus Communications Ltd. | 1,505 | 4,634 | ||||||
Wesfarmers Ltd. | 4,396 | 135,627 | ||||||
Westfield Corp. REIT | 7,338 | 49,527 | ||||||
Westpac Banking Corp. | 12,685 | 292,913 | ||||||
Woodside Petroleum Ltd. | 2,682 | 58,663 | ||||||
Woolworths Ltd. | 4,777 | 80,746 | ||||||
|
| |||||||
3,498,168 | ||||||||
|
| |||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 188 | 9,700 | ||||||
Erste Group Bank AG* | 1,191 | 33,122 | ||||||
OMV AG | 544 | 17,582 | ||||||
Raiffeisen Bank International AG* | 547 | 9,963 | ||||||
voestalpine AG | 338 | 12,808 | ||||||
|
| |||||||
83,175 | ||||||||
|
| |||||||
Belgium — 0.8% | ||||||||
Ageas | 732 | 27,320 | ||||||
Anheuser-Busch InBev SA/NV | 2,964 | 307,982 | ||||||
Groupe Bruxelles Lambert SA | 456 | 37,431 | ||||||
KBC Group NV | 960 | 57,568 | ||||||
Proximus SADP | 393 | 11,111 | ||||||
Solvay SA | 270 | 30,834 | ||||||
Telenet Group Holding NV* | 227 | 11,986 | ||||||
UCB SA | 478 | 30,751 | ||||||
Umicore SA | 389 | 23,306 | ||||||
|
| |||||||
538,289 | ||||||||
|
| |||||||
Brazil — 1.0% | ||||||||
AES Tiete Energia SA | 812 | 3,529 | ||||||
Ambev SA | 17,423 | 88,350 | ||||||
Banco Bradesco SA | 3,056 | 26,331 | ||||||
Banco do Brasil SA | 3,175 | 26,755 | ||||||
Banco Santander Brasil SA | 1,706 | 14,205 | ||||||
BB Seguridade Participacoes SA | 2,833 | 23,697 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 6,651 | 32,665 | ||||||
BR Malls Participacoes SA* | 2,618 | 8,360 | ||||||
BRF SA | 2,577 | 39,355 | ||||||
CCR SA | 3,357 | 14,601 | ||||||
CETIP SA — Mercados Organizados | 1,180 | 15,477 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,432 | 12,685 | ||||||
Cia Siderurgica Nacional SA* | 2,403 | 8,832 | ||||||
Cielo SA | 3,570 | 31,372 | ||||||
Cosan SA Industria e Comercio | 491 | 5,732 | ||||||
Duratex SA | 1,452 | 2,941 | ||||||
Embraer SA | 1,679 | 8,226 | ||||||
Equatorial Energia SA | 788 | 12,230 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Brazil (Continued) | ||||||||
Fibria Celulose SA | 880 | $ | 8,069 | |||||
Hypermarcas SA | 1,432 | 10,996 | ||||||
JBS SA | 2,778 | 8,017 | ||||||
Klabin SA | 2,202 | 11,049 | ||||||
Kroton Educacional SA | 5,172 | 22,098 | ||||||
Localiza Rent a Car SA | 594 | 6,087 | ||||||
Lojas Americanas SA | 1,196 | 4,558 | ||||||
Lojas Renner SA | 2,497 | 16,597 | ||||||
M Dias Branco SA | 134 | 4,636 | ||||||
Natura Cosmeticos SA | 847 | 6,561 | ||||||
Odontoprev SA | 3,363 | 11,634 | ||||||
Petroleo Brasileiro SA* | 11,296 | 61,690 | ||||||
Porto Seguro SA | 267 | 2,259 | ||||||
Qualicorp SA | 1,552 | 8,421 | ||||||
Raia Drogasil SA | 974 | 18,573 | ||||||
Rumo Logistica Operadora Multimodal SA* | 2,727 | 5,128 | ||||||
Sul America SA | 401 | 2,225 | ||||||
TIM Participacoes SA | 2,736 | 6,714 | ||||||
TOTVS SA | 772 | 4,910 | ||||||
Ultrapar Participacoes SA | 2,127 | 43,458 | ||||||
Vale SA* | 4,879 | 40,480 | ||||||
WEG SA | 2,030 | 9,346 | ||||||
|
| |||||||
688,849 | ||||||||
|
| |||||||
Canada — 7.0% | ||||||||
Agnico Eagle Mines Ltd. | 884 | 36,326 | ||||||
Agrium, Inc. | 492 | 49,588 | ||||||
Alimentation Couche-Tard, Inc., Class B | 1,803 | 83,204 | ||||||
AltaGas Ltd. | 426 | 10,351 | ||||||
ARC Resources Ltd. (a) | 1,432 | 25,073 | ||||||
Bank of Montreal | 2,467 | 162,587 | ||||||
Bank of Nova Scotia | 4,681 | 258,356 | ||||||
Barrick Gold Corp. | 4,553 | 68,297 | ||||||
BCE, Inc. | 501 | 21,591 | ||||||
BlackBerry Ltd.* | 2,067 | 15,911 | ||||||
Bombardier, Inc., Class B* | 7,692 | 10,765 | ||||||
Brookfield Asset Management, Inc., Class A | 3,493 | 116,312 | ||||||
CAE, Inc. | 1,713 | 25,262 | ||||||
Cameco Corp. | 1,255 | 11,547 | ||||||
Canadian Imperial Bank of Commerce | 1,485 | 117,159 | ||||||
Canadian National Railway Co. | 3,005 | 200,907 | ||||||
Canadian Natural Resources Ltd. | 4,259 | 143,721 | ||||||
Canadian Pacific Railway Ltd. | 548 | 83,887 | ||||||
Canadian Tire Corp. Ltd., Class A | 260 | 27,082 | ||||||
Canadian Utilities Ltd., Class A | 843 | 22,197 | ||||||
CCL Industries, Inc., Class B | 121 | 21,055 | ||||||
Cenovus Energy, Inc. | 3,277 | 50,669 | ||||||
CGI Group, Inc., Class A* | 813 | 38,510 | ||||||
CI Financial Corp. | 993 | 19,641 | ||||||
Constellation Software, Inc. | 75 | 34,976 | ||||||
Crescent Point Energy Corp. | 2,058 | 26,198 | ||||||
Dollarama, Inc. | 528 | 39,271 | ||||||
Eldorado Gold Corp.* | 2,773 | 7,638 | ||||||
Element Fleet Management Corp. | 1,818 | 15,158 | ||||||
Empire Co. Ltd., Class A | 473 | 6,423 | ||||||
Enbridge, Inc. (a) | 3,611 | 151,881 |
Number | Value | |||||||
Canada (Continued) | ||||||||
Encana Corp. | 3,850 | $ | 48,351 | |||||
Fairfax Financial Holdings Ltd. | 94 | 44,668 | ||||||
Finning International, Inc. | 754 | 15,189 | ||||||
First Capital Realty, Inc. | 1,217 | 18,446 | ||||||
First Quantum Minerals Ltd. | 2,700 | 30,833 | ||||||
Fortis, Inc. | 1,807 | 53,862 | ||||||
Franco-Nevada Corp. | 711 | 41,301 | ||||||
George Weston Ltd. | 241 | 20,043 | ||||||
Gildan Activewear, Inc. | 781 | 21,233 | ||||||
Goldcorp, Inc. | 3,216 | 42,447 | ||||||
Great-West Lifeco, Inc. | 1,109 | 29,192 | ||||||
H&R Real Estate Investment Trust REIT | 752 | 12,210 | ||||||
Husky Energy, Inc.* | 1,276 | 14,980 | ||||||
Hydro One Ltd., 144A | 1,021 | 17,542 | ||||||
Imperial Oil Ltd. | 1,186 | 40,605 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 523 | 22,173 | ||||||
Intact Financial Corp. | 505 | 35,150 | ||||||
Inter Pipeline Ltd. | 1,297 | 26,369 | ||||||
Keyera Corp. | 498 | 14,314 | ||||||
Kinross Gold Corp.* | 5,130 | 16,956 | ||||||
Linamar Corp. | 69 | 2,658 | ||||||
Loblaw Cos. Ltd. | 912 | 47,382 | ||||||
Magna International, Inc. | 1,544 | 62,390 | ||||||
Manulife Financial Corp. (a) | 7,768 | 135,259 | ||||||
Methanex Corp. | 354 | 15,582 | ||||||
Metro, Inc. | 1,083 | 32,983 | ||||||
National Bank of Canada | 1,311 | 49,110 | ||||||
Onex Corp. | 395 | 27,723 | ||||||
Open Text Corp. | 370 | 23,575 | ||||||
Pembina Pipeline Corp. | 1,586 | 46,601 | ||||||
Peyto Exploration & Development Corp. | 607 | 14,939 | ||||||
Potash Corp. of Saskatchewan, Inc. | 3,248 | 59,239 | ||||||
Power Corp. of Canada | 1,432 | 31,981 | ||||||
Power Financial Corp. | 910 | 22,979 | ||||||
PrairieSky Royalty Ltd. | 838 | 20,456 | ||||||
Restaurant Brands International, Inc. | 927 | 44,145 | ||||||
Rogers Communications, Inc., Class B | 1,432 | 55,327 | ||||||
Royal Bank of Canada | 5,753 | 372,941 | ||||||
Saputo, Inc. | 1,278 | 43,221 | ||||||
Seven Generations Energy Ltd., Class A* | 937 | 21,582 | ||||||
Shaw Communications, Inc., Class B | 1,671 | 32,703 | ||||||
Silver Wheaton Corp. | 1,786 | 32,494 | ||||||
SNC-Lavalin Group, Inc. | 616 | 26,102 | ||||||
Sun Life Financial, Inc. | 2,568 | 98,606 | ||||||
Suncor Energy, Inc. | 6,539 | 208,247 | ||||||
Teck Resources Ltd., Class B | 2,257 | 57,143 | ||||||
TELUS Corp. | 868 | 27,113 | ||||||
Toronto-Dominion Bank | 7,209 | 341,157 | ||||||
Tourmaline Oil Corp.* | 749 | 20,207 | ||||||
TransCanada Corp. | 3,318 | 149,017 | ||||||
Turquoise Hill Resources Ltd.* | 4,355 | 14,557 | ||||||
Veresen, Inc. | 1,155 | 10,610 | ||||||
Vermilion Energy, Inc. | 476 | 19,309 | ||||||
West Fraser Timber Co. Ltd. | 216 | 7,701 | ||||||
Yamana Gold, Inc. | 3,669 | 10,953 | ||||||
|
| |||||||
4,653,399 | ||||||||
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Chile — 0.3% | ||||||||
Aguas Andinas SA, Class A | 5,612 | $ | 3,502 | |||||
Antofagasta PLC | 1,544 | 13,310 | ||||||
Banco de Chile | 129,795 | 14,656 | ||||||
Banco de Credito e Inversiones | 236 | 11,774 | ||||||
Banco Santander Chile | 338,279 | 18,265 | ||||||
Cencosud SA | 6,519 | 19,137 | ||||||
Cia Cervecerias Unidas SA | 1,086 | 10,882 | ||||||
Colbun SA | 24,969 | 4,765 | ||||||
Empresas CMPC SA | 5,466 | 11,208 | ||||||
Empresas COPEC SA | 2,477 | 23,936 | ||||||
Endesa Americas SA | 9,492 | 4,139 | ||||||
Enel Chile SA | 63,169 | 5,941 | ||||||
Enel Generacion Chile SA | 9,492 | 5,917 | ||||||
Enersis Americas SA | 115,197 | 18,735 | ||||||
Itau CorpBanca | 1,034,470 | 8,417 | ||||||
Latam Airlines Group SA* | 1,014 | 8,914 | ||||||
|
| |||||||
183,498 | ||||||||
|
| |||||||
China — 5.4% | ||||||||
3SBio, Inc., 144A* | 6,237 | 6,634 | ||||||
58.com, Inc., ADR*(a) | 390 | 12,507 | ||||||
AAC Technologies Holdings, Inc. | 3,366 | 30,464 | ||||||
Agricultural Bank of China Ltd., Class H | 97,866 | 41,006 | ||||||
Air China Ltd., Class H | 10,628 | 7,290 | ||||||
Alibaba Group Holding Ltd., ADR* | 4,384 | 412,184 | ||||||
Aluminum Corp. of China Ltd., Class H* | 23,178 | 10,339 | ||||||
Anhui Conch Cement Co. Ltd., Class H (a) | 6,664 | 19,288 | ||||||
ANTA Sports Products Ltd. | 5,402 | 15,844 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 10,163 | 7,036 | ||||||
Baidu, Inc., ADR* | 1,054 | 175,965 | ||||||
Bank of China Ltd., Class H | 310,427 | 141,276 | ||||||
Bank of Communications Co. Ltd., Class H | 42,639 | 32,763 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 13,689 | 13,501 | ||||||
Belle International Holdings Ltd. | 24,014 | 13,777 | ||||||
BYD Co. Ltd., Class H (a) | 2,397 | 14,432 | ||||||
CGN Power Co. Ltd., Class H, 144A | 32,385 | 9,728 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 30,668 | 11,071 | ||||||
China CITIC Bank Corp. Ltd., Class H | 36,051 | 23,518 | ||||||
China Communications Construction Co. Ltd., Class H | 18,814 | 22,558 | ||||||
China Communications Services Corp. Ltd., Class H | 25,368 | 14,946 | ||||||
China Conch Venture Holdings Ltd. | 4,486 | 8,270 | ||||||
China Construction Bank Corp., Class H | 321,583 | 239,638 | ||||||
China Everbright Bank Co. Ltd., Class H | 25,481 | 12,089 | ||||||
China Evergrande Group | 12,236 | 8,361 | ||||||
China Galaxy Securities Co. Ltd., Class H | 13,927 | 13,826 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 30,454 | 11,386 | ||||||
China Life Insurance Co. Ltd., Class H | 28,379 | 82,505 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 12,690 | 9,931 | ||||||
China Medical System Holdings Ltd. | 7,193 | 12,000 | ||||||
China Mengniu Dairy Co. Ltd. | 13,112 | 26,878 | ||||||
China Merchants Bank Co. Ltd., Class H | 17,888 | 44,187 |
Number | Value | |||||||
China (Continued) | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 26,735 | $ | 30,194 | |||||
China Pacific Insurance Group Co. Ltd., Class H | 10,791 | 41,945 | ||||||
China Petroleum & Chemical Corp., Class H | 96,950 | 67,746 | ||||||
China Railway Construction Corp. Ltd., Class H | 8,297 | 11,788 | ||||||
China Railway Group Ltd., Class H | 10,454 | 9,434 | ||||||
China Shenhua Energy Co. Ltd., Class H | 13,736 | 28,441 | ||||||
China Southern Airlines Co. Ltd., Class H | 6,443 | 3,696 | ||||||
China Telecom Corp. Ltd., Class H | 54,954 | 26,568 | ||||||
China Vanke Co. Ltd., Class H | 6,264 | 19,220 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 12,819 | 7,999 | ||||||
CITIC Securities Co. Ltd., Class H | 8,171 | 19,130 | ||||||
CNOOC Ltd. | 61,336 | 77,337 | ||||||
Country Garden Holdings Co. Ltd. | 29,183 | 16,329 | ||||||
CRRC Corp. Ltd., Class H | 13,964 | 13,790 | ||||||
CSPC Pharmaceutical Group Ltd. | 20,743 | 22,277 | ||||||
Ctrip.com International, Ltd., ADR*(a) | 1,488 | 67,302 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 10,746 | 10,931 | ||||||
ENN Energy Holdings Ltd. | 2,934 | 13,504 | ||||||
Fosun International Ltd. | 11,695 | 17,339 | ||||||
Geely Automobile Holdings Ltd. | 21,135 | 21,853 | ||||||
GF Securities Co. Ltd., Class H | 3,410 | 7,984 | ||||||
GOME Electrical Appliances Holding Ltd. (a) | 47,694 | 6,210 | ||||||
Great Wall Motor Co. Ltd., Class H | 10,669 | 10,041 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 16,526 | 21,647 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 7,877 | 10,013 | ||||||
Haitian International Holdings Ltd. | 2,276 | 4,548 | ||||||
Haitong Securities Co. Ltd., Class H | 12,042 | 23,226 | ||||||
Hengan International Group Co. Ltd. | 2,679 | 21,086 | ||||||
Huaneng Power International, Inc., Class H | 25,378 | 15,901 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 14,458 | 4,660 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 5,452 | 12,526 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 280,202 | 171,593 | ||||||
JD.com, Inc., ADR* | 2,736 | 73,516 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 7,184 | 9,577 | ||||||
Jiangxi Copper Co. Ltd., Class H | 9,616 | 14,703 | ||||||
Kingsoft Corp. Ltd. | 2,554 | 5,736 | ||||||
Lenovo Group Ltd. (a) | 28,885 | 17,912 | ||||||
Longfor Properties Co. Ltd. | 9,445 | 12,140 | ||||||
NetEase, Inc., ADR | 325 | 72,833 | ||||||
New China Life Insurance Co. Ltd., Class H | 2,779 | 14,063 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 572 | 28,697 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 25,368 | 10,695 | ||||||
PetroChina Co. Ltd., Class H | 73,907 | 50,215 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 18,317 | 30,700 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 20,074 | $ | 111,026 | |||||
Qunar Cayman Islands Ltd., ADR* | 160 | 4,805 | ||||||
Semiconductor Manufacturing International Corp.* | 98,391 | 13,319 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 15,634 | 10,804 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 11,260 | 5,429 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 2,635 | 8,289 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,947 | 9,872 | ||||||
Shenzhou International Group Holdings Ltd. | 2,854 | 17,551 | ||||||
Sino-Ocean Group Holding Ltd. | 10,059 | 4,293 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 13,434 | 11,604 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 21,331 | 11,220 | ||||||
Sinopharm Group Co. Ltd., Class H | 5,430 | 25,342 | ||||||
SOHO China Ltd. | 15,729 | 8,334 | ||||||
TAL Education Group, ADR* | 189 | 14,464 | ||||||
Tencent Holdings Ltd. | 22,231 | 555,166 | ||||||
Tingyi Cayman Islands Holding Corp. | 8,756 | 10,408 | ||||||
TravelSky Technology Ltd., Class H | 3,682 | 7,719 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,544 | 10,036 | ||||||
Vipshop Holdings Ltd., ADR* | 1,180 | 13,240 | ||||||
Want Want China Holdings Ltd. (a) | 23,021 | 14,691 | ||||||
Weichai Power Co. Ltd., Class H | 5,798 | 9,344 | ||||||
YY, Inc., ADR* | 108 | 4,673 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 10,190 | 10,891 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 2,489 | 13,510 | ||||||
Zijin Mining Group Co. Ltd., Class H | 19,463 | 6,524 | ||||||
ZTE Corp., Class H | 4,559 | 7,406 | ||||||
|
| |||||||
3,602,203 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Ecopetrol SA* | 25,833 | 11,091 | ||||||
Grupo Argos SA | 2,397 | 14,048 | ||||||
Grupo de Inversiones Suramericana SA | 2,278 | 26,302 | ||||||
|
| |||||||
51,441 | ||||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 1,217 | 19,754 | ||||||
Komercni banka AS | 407 | 13,460 | ||||||
O2 Czech Republic AS | 416 | 3,819 | ||||||
|
| |||||||
37,033 | ||||||||
|
| |||||||
Denmark — 1.2% | ||||||||
A.P. Moller — Maersk A/S, Class A | 18 | 22,858 | ||||||
A.P. Moller — Maersk A/S, Class B | 28 | 37,132 | ||||||
Carlsberg A/S, Class B | 500 | 42,519 | ||||||
Chr Hansen Holding A/S | 404 | 22,363 | ||||||
Coloplast A/S, Class B | 454 | 28,836 | ||||||
Danske Bank A/S | 2,681 | 78,326 | ||||||
DSV A/S | 870 | 39,148 | ||||||
Genmab A/S* | 238 | 41,224 |
Number | Value | |||||||
Denmark (Continued) | ||||||||
ISS A/S | 825 | $ | 28,204 | |||||
Novo Nordisk A/S, Class B | 7,454 | 252,701 | ||||||
Novozymes A/S, Class B | 916 | 31,028 | ||||||
Pandora A/S | 486 | 57,839 | ||||||
TDC A/S* | 3,133 | 15,941 | ||||||
Tryg A/S | 409 | 7,358 | ||||||
Vestas Wind Systems A/S | 936 | 61,757 | ||||||
William Demant Holding A/S* | 565 | 9,561 | ||||||
|
| |||||||
776,795 | ||||||||
|
| |||||||
Finland — 0.7% | ||||||||
Elisa OYJ | 583 | 18,302 | ||||||
Fortum OYJ | 2,261 | 32,830 | ||||||
Kone OYJ, Class B | 1,299 | 57,218 | ||||||
Metso OYJ (a) | 541 | 15,309 | ||||||
Neste OYJ | 640 | 26,284 | ||||||
Nokia OYJ | 22,342 | 96,137 | ||||||
Nokian Renkaat OYJ | 509 | 18,385 | ||||||
Orion OYJ, Class B | 426 | 18,114 | ||||||
Sampo OYJ, Class A | 1,818 | 80,367 | ||||||
Stora Enso OYJ, Class R | 2,225 | 21,471 | ||||||
UPM-Kymmene OYJ | 2,126 | 48,670 | ||||||
Wartsila OYJ Abp | 538 | 22,677 | ||||||
|
| |||||||
455,764 | ||||||||
|
| |||||||
France — 6.6% | ||||||||
Accor SA | 694 | 24,589 | ||||||
Aeroports de Paris | 168 | 16,525 | ||||||
Air Liquide SA | 1,438 | 146,432 | ||||||
Airbus Group SE | 2,288 | 146,151 | ||||||
Alstom SA* | 694 | 18,800 | ||||||
Arkema SA | 297 | 28,449 | ||||||
Atos SE | 342 | 35,352 | ||||||
AXA SA | 7,644 | 180,096 | ||||||
BNP Paribas SA | 4,158 | 241,408 | ||||||
Bollore SA | 2,518 | 8,262 | ||||||
Bouygues SA | 681 | 23,096 | ||||||
Bureau Veritas SA | 916 | 17,242 | ||||||
Capgemini SA | 625 | 49,349 | ||||||
Carrefour SA | 2,237 | 52,444 | ||||||
Casino Guichard Perrachon SA (a) | 185 | 8,417 | ||||||
Christian Dior SE (a) | 182 | 35,396 | ||||||
Cie de Saint-Gobain | 1,852 | 80,329 | ||||||
Cie Generale des Etablissements Michelin | 677 | 72,469 | ||||||
CNP Assurances | 706 | 12,399 | ||||||
Credit Agricole SA | 4,495 | 50,737 | ||||||
Danone SA | 2,326 | 146,335 | ||||||
Dassault Systemes | 486 | 37,097 | ||||||
Edenred | 784 | 16,531 | ||||||
Eiffage SA | 152 | 10,033 | ||||||
Electricite de France SA (a) | 1,087 | 11,515 | ||||||
Engie SA | 5,450 | 67,292 | ||||||
Essilor International SA | 740 | 78,507 | ||||||
Eurazeo SA | 183 | 9,930 | ||||||
Eutelsat Communications SA | 682 | 12,277 | ||||||
Fonciere Des Regions REIT | 112 | 8,799 | ||||||
Gecina SA REIT | 168 | 22,061 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Groupe Eurotunnel SE | 1,884 | $ | 16,573 | |||||
Hermes International | 92 | 37,969 | ||||||
ICADE REIT | 171 | 11,816 | ||||||
Iliad SA | 114 | 21,688 | ||||||
Imerys SA | 164 | 11,428 | ||||||
Ingenico Group SA | 217 | 16,909 | ||||||
JCDecaux SA | 341 | 8,891 | ||||||
Kering | 280 | 60,835 | ||||||
Klepierre REIT | 962 | 35,874 | ||||||
Lagardere SCA | 688 | 16,964 | ||||||
Legrand SA | 981 | 54,845 | ||||||
L’Oreal SA | 990 | 168,982 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 1,047 | 190,529 | ||||||
Natixis SA | 3,851 | 19,395 | ||||||
Orange SA (a) | 7,630 | 111,232 | ||||||
Pernod Ricard SA (a) | 853 | 89,501 | ||||||
Peugeot SA* | 1,860 | 27,441 | ||||||
Publicis Groupe SA | 748 | 48,541 | ||||||
Remy Cointreau SA | 110 | 9,237 | ||||||
Renault SA | 751 | 59,171 | ||||||
Rexel SA | 1,146 | 17,721 | ||||||
Safran SA | 1,110 | 76,198 | ||||||
Sanofi | 4,561 | 367,914 | ||||||
Schneider Electric SE | 2,118 | 141,016 | ||||||
SCOR SE | 563 | 17,880 | ||||||
SFR Group SA | 514 | 12,987 | ||||||
Societe BIC SA | 102 | 13,194 | ||||||
Societe Generale SA | 2,931 | 126,074 | ||||||
Sodexo SA | 350 | 38,282 | ||||||
Suez | 1,345 | 18,781 | ||||||
Technip SA | 398 | 27,570 | ||||||
Thales SA | 422 | 41,206 | ||||||
TOTAL SA | 8,529 | 406,369 | ||||||
Unibail-Rodamco SE REIT | 433 | 95,569 | ||||||
Valeo SA | 927 | 51,688 | ||||||
Veolia Environnement SA | 1,772 | 30,622 | ||||||
Vinci SA | 1,882 | 122,132 | ||||||
Vivendi SA | 4,001 | 76,286 | ||||||
Wendel SA | 168 | 19,444 | ||||||
Zodiac Aerospace | 821 | 18,203 | ||||||
|
| |||||||
4,405,276 | ||||||||
|
| |||||||
Germany — 5.7% | ||||||||
adidas AG | 775 | 114,172 | ||||||
Allianz SE | 1,783 | 283,079 | ||||||
Axel Springer SE | 225 | 9,651 | ||||||
BASF SE | 3,493 | 299,829 | ||||||
Bayer AG | 3,226 | 302,896 | ||||||
Bayerische Motoren Werke AG | 1,273 | 108,488 | ||||||
Beiersdorf AG | 400 | 32,677 | ||||||
Brenntag AG | 569 | 29,951 | ||||||
Commerzbank AG | 4,023 | 28,026 | ||||||
Continental AG | 415 | 73,629 | ||||||
Covestro AG, 144A | 303 | 19,470 | ||||||
Daimler AG | 3,766 | 250,500 | ||||||
Deutsche Bank AG*(c) | 5,342 | 84,133 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Lufthansa AG | 974 | $ | 12,620 | |||||
Deutsche Post AG | 3,963 | 123,863 | ||||||
Deutsche Telekom AG | 12,616 | 198,761 | ||||||
Deutsche Wohnen AG | 1,468 | 45,213 | ||||||
E.ON SE | 7,782 | 51,359 | ||||||
Evonik Industries AG | 451 | 12,576 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 170 | 9,874 | ||||||
Fresenius Medical Care AG & Co. KGaA | 801 | 62,482 | ||||||
Fresenius SE & Co. KGaA | 1,644 | 118,047 | ||||||
GEA Group AG | 738 | 27,509 | ||||||
Hannover Rueck SE | 251 | 26,642 | ||||||
HeidelbergCement AG | 688 | 61,696 | ||||||
Henkel AG & Co. KGaA | 423 | 43,070 | ||||||
HOCHTIEF AG | 94 | 13,370 | ||||||
HUGO BOSS AG | 255 | 14,621 | ||||||
Infineon Technologies AG | 4,652 | 77,802 | ||||||
K+S AG | 762 | 15,462 | ||||||
LANXESS AG | 421 | 25,964 | ||||||
Linde AG | 702 | 116,959 | ||||||
MAN SE | 56 | 5,523 | ||||||
Merck KGaA | 580 | 58,115 | ||||||
METRO AG | 682 | 20,380 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 624 | 113,652 | ||||||
OSRAM Licht AG | 396 | 20,160 | ||||||
ProSiebenSat.1 Media SE | 972 | 33,311 | ||||||
RWE AG* | 2,123 | 26,686 | ||||||
SAP SE | 3,745 | 313,085 | ||||||
Siemens AG | 2,927 | 330,692 | ||||||
Symrise AG | 511 | 30,930 | ||||||
Telefonica Deutschland Holding AG | 2,402 | 9,424 | ||||||
thyssenkrupp AG | 1,545 | 35,075 | ||||||
TUI AG | 2,336 | 30,806 | ||||||
United Internet AG | 511 | 19,554 | ||||||
Volkswagen AG | 134 | 18,349 | ||||||
Vonovia SE | 1,913 | 61,697 | ||||||
Zalando SE, 144A* | 408 | 15,206 | ||||||
|
| |||||||
3,837,036 | ||||||||
|
| |||||||
Hong Kong — 3.5% | ||||||||
AIA Group Ltd. | 46,947 | 286,288 | ||||||
Alibaba Health Information Technology Ltd.* | 14,617 | 8,179 | ||||||
Alibaba Pictures Group Ltd.* | 38,989 | 7,490 | ||||||
ASM Pacific Technology Ltd. | 1,278 | 12,778 | ||||||
Bank of East Asia Ltd. | 4,177 | 17,313 | ||||||
Beijing Enterprises Holdings Ltd. | 2,024 | 9,342 | ||||||
Beijing Enterprises Water Group Ltd.* | 19,010 | 13,749 | ||||||
BOC Hong Kong Holdings Ltd. | 15,351 | 57,592 | ||||||
Brilliance China Automotive Holdings Ltd. | 13,684 | 19,159 | ||||||
Cathay Pacific Airways Ltd. (a) | 4,611 | 6,242 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 2,646 | 22,105 | ||||||
Cheung Kong Property Holdings Ltd. | 10,214 | 69,924 | ||||||
China Everbright International Ltd. | 12,690 | 15,379 | ||||||
China Gas Holdings Ltd. | 7,033 | 9,303 | ||||||
China Jinmao Holdings Group Ltd. | 30,611 | 8,209 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China Merchants Port Holdings Co. Ltd. | 4,582 | $ | 11,507 | |||||
China Mobile Ltd. | 23,761 | 259,314 | ||||||
China Overseas Land & Investment Ltd. | 16,523 | 47,717 | ||||||
China Power International Development Ltd. | 11,083 | 4,101 | ||||||
China Resources Beer Holdings Co. Ltd.* | 6,370 | 13,485 | ||||||
China Resources Gas Group Ltd. | 5,012 | 14,862 | ||||||
China Resources Land Ltd. | 10,718 | 26,033 | ||||||
China Resources Power Holdings Co. Ltd. | 11,982 | 19,711 | ||||||
China State Construction International Holdings Ltd. | 6,425 | 10,387 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 5,892 | 13,491 | ||||||
China Unicom Hong Kong Ltd. | 25,387 | 30,832 | ||||||
CITIC Ltd. | 14,790 | 22,767 | ||||||
CK Hutchison Holdings Ltd. | 10,594 | 129,070 | ||||||
CLP Holdings Ltd. | 7,060 | 69,039 | ||||||
COSCO SHIPPING Ports Ltd. | 6,322 | 6,618 | ||||||
Far East Horizon Ltd. | 12,690 | 11,469 | ||||||
First Pacific Co. Ltd. | 6,713 | 4,717 | ||||||
Galaxy Entertainment Group Ltd. | 8,798 | 43,670 | ||||||
GCL-Poly Energy Holdings Ltd. | 60,102 | 8,059 | ||||||
Guangdong Investment Ltd. | 14,054 | 19,677 | ||||||
Haier Electronics Group Co. Ltd. | 4,139 | 6,905 | ||||||
Hanergy Thin Film Power Group Ltd.* | 36,104 | 0 | ||||||
Hang Lung Properties Ltd. | 10,340 | 23,302 | ||||||
Hang Seng Bank Ltd. | 2,908 | 55,112 | ||||||
Henderson Land Development Co. Ltd. | 5,653 | 31,229 | ||||||
Hong Kong & China Gas Co. Ltd. | 31,632 | 58,888 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 4,577 | 120,377 | ||||||
Hongkong Land Holdings Ltd. | 5,500 | 35,255 | ||||||
Hysan Development Co. Ltd. | 3,904 | 17,214 | ||||||
Jardine Matheson Holdings Ltd. | 1,000 | 54,200 | ||||||
Kerry Properties Ltd. | 2,545 | 7,284 | ||||||
Kunlun Energy Co. Ltd. | 12,550 | 9,174 | ||||||
Li & Fung Ltd. | 26,920 | 11,800 | ||||||
Link REIT | 9,261 | 63,758 | ||||||
Melco Crown Entertainment Ltd., ADR | 807 | 15,866 | ||||||
MTR Corp. Ltd. | 6,680 | 33,415 | ||||||
New World Development Co. Ltd. | 28,976 | 32,277 | ||||||
Nine Dragons Paper Holdings Ltd. | 8,873 | 7,790 | ||||||
Noble Group Ltd.* | 23,700 | 2,629 | ||||||
NWS Holdings Ltd. | 10,125 | 17,492 | ||||||
PCCW Ltd. | 13,502 | 7,851 | ||||||
Power Assets Holdings Ltd. | 5,067 | 48,341 | ||||||
Shimao Property Holdings Ltd. | 6,499 | 8,496 | ||||||
Sino Biopharmaceutical Ltd. | 26,059 | 17,873 | ||||||
Sino Land Co. Ltd. | 16,805 | 26,432 | ||||||
SJM Holdings Ltd. | 12,690 | 10,274 | ||||||
Sun Art Retail Group Ltd. | 18,186 | 15,428 | ||||||
Sun Hung Kai Properties Ltd. | 6,150 | 80,478 | ||||||
Swire Pacific Ltd., Class A | 3,099 | 30,864 | ||||||
Swire Properties Ltd. | 6,343 | 19,177 | ||||||
Techtronic Industries Co. Ltd. | 5,524 | 21,543 | ||||||
WH Group Ltd., 144A | 36,892 | 30,678 | ||||||
Wharf Holdings Ltd. | 6,563 | 48,652 | ||||||
Wheelock & Co. Ltd. | 2,327 | 13,830 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Yue Yuen Industrial Holdings Ltd. | 2,597 | $ | 9,358 | |||||
|
| |||||||
2,322,820 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 129 | 8,063 | ||||||
OTP Bank PLC | 1,261 | 33,989 | ||||||
Richter Gedeon Nyrt | 933 | 18,633 | ||||||
|
| |||||||
60,685 | ||||||||
|
| |||||||
India — 1.1% | ||||||||
Axis Bank Ltd., GDR | 3,990 | 138,453 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 1,041 | 48,646 | ||||||
ICICI Bank Ltd., ADR | 18,464 | 144,758 | ||||||
Infosys Ltd., ADR | 4,329 | 62,684 | ||||||
Larsen & Toubro Ltd., GDR | 5,903 | 117,765 | ||||||
Reliance Industries Ltd., GDR, 144A (a) | 3,978 | 113,970 | ||||||
Tata Motors Ltd., ADR | 2,137 | 70,670 | ||||||
Wipro Ltd., ADR | 6,450 | 61,855 | ||||||
|
| |||||||
758,801 | ||||||||
|
| |||||||
Indonesia — 0.6% | ||||||||
PT Adaro Energy Tbk | 36,548 | 4,126 | ||||||
PT Astra International Tbk | 78,286 | 43,613 | ||||||
PT Bank Central Asia Tbk | 50,871 | 53,677 | ||||||
PT Bank Danamon Indonesia Tbk | 15,527 | 3,724 | ||||||
PT Bank Mandiri Persero Tbk | 34,598 | 26,805 | ||||||
PT Bank Negara Indonesia Persero Tbk | 25,744 | 9,830 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 42,042 | 33,814 | ||||||
PT Bumi Serpong Damai Tbk | 40,575 | 5,090 | ||||||
PT Charoen Pokphand Indonesia Tbk | 28,630 | 6,654 | ||||||
PT Gudang Garam Tbk | 2,849 | 13,664 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 41,539 | 11,647 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 7,157 | 8,436 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 14,311 | 9,134 | ||||||
PT Indofood Sukses Makmur Tbk | 16,503 | 9,224 | ||||||
PT Jasa Marga Persero Tbk | 14,946 | 4,577 | ||||||
PT Kalbe Farma Tbk | 111,645 | 12,357 | ||||||
PT Lippo Karawaci Tbk | 124,778 | 7,043 | ||||||
PT Matahari Department Store Tbk | 11,720 | 12,453 | ||||||
PT Media Nusantara Citra Tbk | 24,309 | 3,112 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 46,870 | 9,165 | ||||||
PT Semen Indonesia Persero Tbk | 14,309 | 9,370 | ||||||
PT Summarecon Agung Tbk | 30,092 | 3,142 | ||||||
PT Surya Citra Media Tbk | 37,951 | 7,029 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 194,604 | 54,278 | ||||||
PT Tower Bersama Infrastructure Tbk | 15,748 | 6,449 | ||||||
PT Unilever Indonesia Tbk | 8,676 | 25,943 | ||||||
PT United Tractors Tbk | 6,960 | 10,785 | ||||||
PT XL Axiata Tbk* | 24,309 | 4,125 | ||||||
|
| |||||||
409,266 | ||||||||
|
| |||||||
Ireland — 0.5% | ||||||||
AerCap Holdings NV* | 663 | 28,410 | ||||||
Bank of Ireland* | 91,944 | 19,587 | ||||||
CRH PLC | 2,912 | 97,202 | ||||||
DCC PLC | 307 | 23,547 | ||||||
Experian PLC | 3,482 | 65,786 | ||||||
James Hardie Industries PLC CDI | 1,860 | 28,597 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Ireland (Continued) | ||||||||
Kerry Group PLC, Class A | 508 | $ | 35,981 | |||||
Paddy Power Betfair PLC | 297 | 31,005 | ||||||
|
| |||||||
330,115 | ||||||||
|
| |||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. | 320 | 13,973 | ||||||
Bank Hapoalim BM | 6,155 | 37,046 | ||||||
Bank Leumi Le-Israel BM* | 7,106 | 28,934 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 6,827 | 12,616 | ||||||
Check Point Software Technologies Ltd.* | 512 | 42,153 | ||||||
Israel Chemicals Ltd. | 3,408 | 13,076 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,085 | 15,210 | ||||||
Mobileye NV* | 712 | 26,508 | ||||||
Nice Ltd. | 284 | 18,769 | ||||||
Teva Pharmaceutical Industries Ltd., ADR | 3,562 | 134,287 | ||||||
|
| |||||||
342,572 | ||||||||
|
| |||||||
Italy — 1.2% | ||||||||
Assicurazioni Generali SpA | 4,262 | 53,844 | ||||||
Atlantia SpA | 1,772 | 39,364 | ||||||
Enel SpA | 29,787 | 120,407 | ||||||
Eni SpA | 9,490 | 132,162 | ||||||
EXOR SpA | 464 | 19,479 | ||||||
Ferrari NV | 521 | 28,548 | ||||||
Intesa Sanpaolo SpA | 52,923 | 117,565 | ||||||
Intesa Sanpaolo SpA-RSP | 4,118 | 8,541 | ||||||
Leonardo-Finmeccanica SpA* | 2,072 | 26,901 | ||||||
Luxottica Group SpA | 568 | 29,558 | ||||||
Mediobanca SpA | 3,662 | 25,266 | ||||||
Poste Italiane SpA, 144A | 1,328 | 8,255 | ||||||
Prysmian SpA | 801 | 19,161 | ||||||
Saipem SpA* | 31,948 | 14,360 | ||||||
Snam SpA | 9,699 | 37,561 | ||||||
Telecom Italia SpA* | 39,506 | 29,875 | ||||||
Telecom Italia SpA-RSP* | 24,529 | 15,312 | ||||||
Terna Rete Elettrica Nazionale SpA | 6,637 | 28,784 | ||||||
UniCredit SpA | 23,781 | 50,963 | ||||||
Unione di Banche Italiane SpA (a) | 369 | 824 | ||||||
UnipolSai SpA (a) | 4,210 | 8,032 | ||||||
|
| |||||||
814,762 | ||||||||
|
| |||||||
Japan — 16.7% | ||||||||
ABC-Mart, Inc. | 100 | 5,865 | ||||||
Acom Co. Ltd.* | 2,800 | 13,388 | ||||||
Aeon Co. Ltd. | 2,700 | 37,194 | ||||||
AEON Financial Service Co. Ltd. | 400 | 6,657 | ||||||
Air Water, Inc. | 1,000 | 17,088 | ||||||
Aisin Seiki Co. Ltd. | 800 | 34,194 | ||||||
Ajinomoto Co., Inc. | 2,200 | 42,546 | ||||||
Alfresa Holdings Corp. | 600 | 9,561 | ||||||
Alps Electric Co. Ltd. | 600 | 15,068 | ||||||
Amada Holdings Co. Ltd. | 1,100 | 12,240 | ||||||
ANA Holdings, Inc. | 3,000 | 8,320 | ||||||
Aozora Bank Ltd. | 4,000 | 13,741 | ||||||
Asahi Glass Co. Ltd. | 4,000 | 25,978 | ||||||
Asahi Group Holdings Ltd. | 1,700 | 55,307 | ||||||
Asahi Kasei Corp. | 5,000 | 44,469 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Asics Corp. | 600 | $ | 12,629 | |||||
Astellas Pharma, Inc. | 8,500 | 117,353 | ||||||
Bandai Namco Holdings, Inc. | 700 | 19,977 | ||||||
Bank of Kyoto Ltd. | 1,000 | 6,932 | ||||||
Benesse Holdings, Inc. | 200 | 5,306 | ||||||
Bridgestone Corp. | 2,600 | 99,246 | ||||||
Brother Industries Ltd. | 700 | 11,968 | ||||||
Calbee, Inc. | 300 | 9,348 | ||||||
Canon, Inc. | 3,600 | 102,614 | ||||||
Casio Computer Co. Ltd. | 700 | 9,147 | ||||||
Central Japan Railway Co. | 600 | 97,968 | ||||||
Chiba Bank Ltd. | 3,000 | 17,779 | ||||||
Chubu Electric Power Co., Inc. | 2,900 | 40,697 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,000 | 28,102 | ||||||
Chugoku Electric Power Co., Inc. | 1,200 | 13,657 | ||||||
Concordia Financial Group Ltd. | 4,600 | 21,129 | ||||||
Credit Saison Co. Ltd. | 500 | 8,964 | ||||||
CYBERDYNE, Inc.* | 400 | 5,227 | ||||||
Dai Nippon Printing Co. Ltd. | 2,000 | 18,915 | ||||||
Daicel Corp. | 1,000 | 11,014 | ||||||
Dai-ichi Life Holdings, Inc. | 4,300 | 68,914 | ||||||
Daiichi Sankyo Co. Ltd. | 2,600 | 54,134 | ||||||
Daikin Industries Ltd. | 900 | 84,293 | ||||||
Daito Trust Construction Co. Ltd. | 300 | 46,611 | ||||||
Daiwa House Industry Co. Ltd. | 2,200 | 62,536 | ||||||
Daiwa Securities Group, Inc. | 7,000 | 42,059 | ||||||
Denso Corp. | 1,900 | 82,706 | ||||||
Dentsu, Inc. | 900 | 41,143 | ||||||
Don Quijote Holdings Co. Ltd. | 500 | 19,121 | ||||||
East Japan Railway Co. | 1,300 | 110,972 | ||||||
Eisai Co. Ltd. | 1,000 | 57,768 | ||||||
Electric Power Development Co. Ltd. | 400 | 8,772 | ||||||
FANUC Corp. | 800 | 134,994 | ||||||
Fast Retailing Co. Ltd. | 200 | 69,175 | ||||||
Fuji Electric Co. Ltd. | 2,000 | 9,825 | ||||||
Fuji Heavy Industries Ltd. | 2,300 | 93,383 | ||||||
FUJIFILM Holdings Corp. | 1,600 | 59,424 | ||||||
Fujitsu Ltd. | 7,000 | 41,288 | ||||||
Fukuoka Financial Group, Inc. | 2,000 | 8,653 | ||||||
Hamamatsu Photonics KK | 500 | 13,264 | ||||||
Hankyu Hanshin Holdings, Inc. | 800 | 25,279 | ||||||
Hikari Tsushin, Inc. | 100 | 8,916 | ||||||
Hino Motors Ltd. | 1,000 | 10,148 | ||||||
Hirose Electric Co. Ltd. | 100 | 11,966 | ||||||
Hiroshima Bank Ltd. | 1,000 | 4,405 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 14,422 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 8,776 | ||||||
Hitachi Construction Machinery Co. Ltd. | 400 | 8,230 | ||||||
Hitachi High-Technologies Corp. | 200 | 7,884 | ||||||
Hitachi Ltd. | 18,200 | 96,930 | ||||||
Hitachi Metals Ltd. | 700 | 9,147 | ||||||
Honda Motor Co. Ltd. | 6,400 | 186,397 | ||||||
Hoshizaki Corp. | 200 | 16,940 | ||||||
Hoya Corp. | 1,600 | 62,920 | ||||||
Hulic Co. Ltd. | 1,300 | 12,204 | ||||||
Idemitsu Kosan Co. Ltd. | 300 | 6,786 | ||||||
IHI Corp.* | 5,000 | 13,854 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Iida Group Holdings Co. Ltd. | 500 | $ | 9,694 | |||||
Inpex Corp. | 3,500 | 33,193 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 15,431 | ||||||
Isuzu Motors Ltd. | 2,500 | 29,479 | ||||||
ITOCHU Corp. | 5,400 | 73,728 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 14,090 | ||||||
Japan Airlines Co. Ltd. | 300 | 8,876 | ||||||
Japan Airport Terminal Co. Ltd. | 200 | 7,438 | ||||||
Japan Exchange Group, Inc. | 1,900 | 28,133 | ||||||
Japan Post Holdings Co. Ltd. | 1,800 | 22,294 | ||||||
Japan Prime Realty Investment Corp. REIT | 4 | 16,258 | ||||||
Japan Real Estate Investment Corp. REIT | 5 | 27,053 | ||||||
Japan Retail Fund Investment Corp. REIT | 10 | 20,296 | ||||||
Japan Tobacco, Inc. | 4,300 | 148,313 | ||||||
JFE Holdings, Inc. | 2,400 | 35,033 | ||||||
JGC Corp. | 1,000 | 16,503 | ||||||
JSR Corp. | 600 | 8,633 | ||||||
JTEKT Corp. | 1,300 | 20,795 | ||||||
JX Holdings, Inc. | 9,100 | 34,712 | ||||||
Kajima Corp. | 4,000 | 28,041 | ||||||
Kakaku.com, Inc. | 400 | 6,276 | ||||||
Kaneka Corp. | 1,000 | 7,963 | ||||||
Kansai Electric Power Co., Inc.* | 3,000 | 29,579 | ||||||
Kansai Paint Co. Ltd. | 800 | 14,650 | ||||||
Kao Corp. | 2,000 | 92,076 | ||||||
Kawasaki Heavy Industries Ltd. | 6,000 | 18,933 | ||||||
KDDI Corp. | 7,100 | 186,119 | ||||||
Keihan Holdings Co. Ltd. | 3,000 | 19,090 | ||||||
Keio Corp. | 2,000 | 15,943 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 11,861 | ||||||
Keyence Corp. | 200 | 136,760 | ||||||
Kikkoman Corp. | 1,000 | 30,593 | ||||||
Kintetsu Group Holdings Co. Ltd. | 7,000 | 27,044 | ||||||
Kirin Holdings Co. Ltd. | 3,500 | 57,010 | ||||||
Kobe Steel Ltd.* | 1,100 | 10,375 | ||||||
Koito Manufacturing Co. Ltd. | 500 | 26,048 | ||||||
Komatsu Ltd. | 3,700 | 85,171 | ||||||
Konami Holdings Corp. | 400 | 13,531 | ||||||
Konica Minolta, Inc. | 1,600 | 15,272 | ||||||
Kose Corp. | 100 | 8,015 | ||||||
Kubota Corp. | 4,000 | 60,399 | ||||||
Kuraray Co. Ltd. | 1,500 | 21,214 | ||||||
Kurita Water Industries Ltd. | 400 | 8,314 | ||||||
Kyocera Corp. | 1,100 | 52,267 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 14,265 | ||||||
Kyushu Electric Power Co., Inc.* | 2,500 | 24,584 | ||||||
Lawson, Inc. | 300 | 20,768 | ||||||
LIXIL Group Corp. | 900 | 20,013 | ||||||
M3, Inc. | 800 | 20,649 | ||||||
Mabuchi Motor Co. Ltd. | 200 | 11,136 | ||||||
Makita Corp. | 400 | 27,097 | ||||||
Marubeni Corp. | 6,300 | 34,489 | ||||||
Marui Group Co. Ltd. | 900 | 12,398 | ||||||
Maruichi Steel Tube Ltd. | 200 | 6,442 | ||||||
Mazda Motor Corp. | 2,000 | 32,062 | ||||||
Mebuki Financial Group, Inc. | 4,070 | 14,799 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Medipal Holdings Corp. | 400 | $ | 5,724 | |||||
MEIJI Holdings Co. Ltd. | 500 | 39,858 | ||||||
Minebea Co. Ltd. | 1,100 | 10,903 | ||||||
Miraca Holdings, Inc. | 200 | 8,951 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,600 | 35,219 | ||||||
Mitsubishi Corp. | 5,700 | 123,138 | ||||||
Mitsubishi Electric Corp. | 7,600 | 104,728 | ||||||
Mitsubishi Estate Co. Ltd. | 5,000 | 100,760 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 9,094 | ||||||
Mitsubishi Heavy Industries Ltd. | 13,000 | 57,588 | ||||||
Mitsubishi Logistics Corp. | 1,000 | 13,522 | ||||||
Mitsubishi Materials Corp. | 300 | 8,876 | ||||||
Mitsubishi Motors Corp. | 2,400 | 11,097 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 20,682 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 49,500 | 289,805 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,500 | 11,516 | ||||||
Mitsui & Co. Ltd. | 6,700 | 90,276 | ||||||
Mitsui Chemicals, Inc. | 4,000 | 18,496 | ||||||
Mitsui Fudosan Co. Ltd. | 4,000 | 94,069 | ||||||
Mitsui OSK Lines Ltd. | 5,000 | 12,849 | ||||||
Mixi, Inc. | 300 | 10,450 | ||||||
Mizuho Financial Group, Inc. | 93,200 | 165,048 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,000 | 62,043 | ||||||
Murata Manufacturing Co. Ltd. | 700 | 94,380 | ||||||
Nabtesco Corp. | 400 | 10,167 | ||||||
Nagoya Railroad Co. Ltd. | 4,000 | 19,615 | ||||||
NEC Corp. | 10,000 | 26,048 | ||||||
Nexon Co. Ltd. | 700 | 9,784 | ||||||
NGK Insulators Ltd. | 1,000 | 19,108 | ||||||
NGK Spark Plug Co. Ltd. | 800 | 16,405 | ||||||
NH Foods Ltd. | 1,000 | 25,751 | ||||||
Nidec Corp. (a) | 900 | 80,556 | ||||||
Nikon Corp. | 1,100 | 16,153 | ||||||
Nintendo Co. Ltd. | 400 | 97,111 | ||||||
Nippon Building Fund, Inc. REIT | 6 | 33,408 | ||||||
Nippon Electric Glass Co. Ltd. | 2,000 | 10,664 | ||||||
Nippon Express Co. Ltd. | 3,000 | 15,498 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 22,088 | ||||||
Nippon Prologis REIT, Inc. REIT | 7 | 14,495 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 3,010 | 64,539 | ||||||
Nippon Telegraph & Telephone Corp. | 2,700 | 109,152 | ||||||
Nippon Yusen KK | 8,000 | 14,825 | ||||||
Nissan Motor Co. Ltd. | 9,500 | 87,730 | ||||||
Nisshin Seifun Group, Inc. | 1,350 | 18,916 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 15,629 | ||||||
Nitori Holdings Co. Ltd. | 300 | 31,310 | ||||||
Nitto Denko Corp. | 600 | 41,411 | ||||||
Nomura Holdings, Inc. | 15,600 | 83,724 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 17 | 25,335 | ||||||
Nomura Research Institute Ltd. | 320 | 10,853 | ||||||
NSK Ltd. | 2,300 | 25,050 | ||||||
NTT Data Corp. | 500 | 24,868 | ||||||
NTT DOCOMO, Inc. | 5,400 | 123,855 | ||||||
Obayashi Corp. | 2,000 | 19,020 | ||||||
Obic Co. Ltd. | 200 | 8,793 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,100 | 21,509 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Oji Holdings Corp. | 3,000 | $ | 12,298 | |||||
Olympus Corp. | 1,000 | 35,138 | ||||||
Omron Corp. | 700 | 25,821 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,700 | 37,647 | ||||||
Oracle Corp. Japan | 100 | 4,982 | ||||||
Oriental Land Co. Ltd. | 800 | 45,571 | ||||||
ORIX Corp. | 5,400 | 84,088 | ||||||
Osaka Gas Co. Ltd. | 8,000 | 30,250 | ||||||
Otsuka Corp. | 100 | 4,869 | ||||||
Otsuka Holdings Co. Ltd. | 1,500 | 60,928 | ||||||
Panasonic Corp. | 8,500 | 86,482 | ||||||
Park24 Co. Ltd. | 400 | 11,363 | ||||||
Pola Orbis Holdings, Inc. | 100 | 7,753 | ||||||
Rakuten, Inc. | 3,600 | 35,495 | ||||||
Recruit Holdings Co. Ltd. | 1,500 | 57,231 | ||||||
Resona Holdings, Inc. | 8,600 | 41,352 | ||||||
Ricoh Co. Ltd. | 2,200 | 17,711 | ||||||
Rinnai Corp. | 100 | 8,505 | ||||||
Rohm Co. Ltd. | 400 | 21,852 | ||||||
Ryohin Keikaku Co. Ltd. | 100 | 19,606 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,400 | 17,083 | ||||||
Secom Co. Ltd. | 800 | 58,172 | ||||||
Sega Sammy Holdings, Inc. | 700 | 10,463 | ||||||
Seibu Holdings, Inc. | 500 | 8,964 | ||||||
Seiko Epson Corp. | 900 | 18,039 | ||||||
Sekisui Chemical Co. Ltd. | 1,400 | 21,195 | ||||||
Sekisui House Ltd. | 2,100 | 34,325 | ||||||
Seven & i Holdings Co. Ltd. | 3,000 | 116,297 | ||||||
Seven Bank Ltd. | 1,600 | 4,559 | ||||||
Shimadzu Corp. | 1,000 | 15,235 | ||||||
Shimamura Co. Ltd. | 100 | 11,905 | ||||||
Shimano, Inc. | 300 | 49,272 | ||||||
Shimizu Corp. | 2,000 | 18,426 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,500 | 110,922 | ||||||
Shionogi & Co. Ltd. | 1,200 | 56,746 | ||||||
Shiseido Co. Ltd. | 1,600 | 40,684 | ||||||
Shizuoka Bank Ltd. | 2,000 | 16,171 | ||||||
Showa Shell Sekiyu KK | 800 | 7,140 | ||||||
SMC Corp. | 200 | 56,851 | ||||||
SoftBank Group Corp. | 3,700 | 217,074 | ||||||
Sohgo Security Services Co. Ltd. | 200 | 8,138 | ||||||
Sompo Holdings, Inc. | 1,400 | 45,620 | ||||||
Sony Corp. | 4,800 | 137,952 | ||||||
Stanley Electric Co. Ltd. | 700 | 19,304 | ||||||
Start Today Co. Ltd. | 600 | 9,215 | ||||||
Sumitomo Chemical Co. Ltd. | 6,000 | 27,429 | ||||||
Sumitomo Corp. | 4,700 | 56,077 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 700 | 11,436 | ||||||
Sumitomo Electric Industries Ltd. | 3,100 | 43,422 | ||||||
Sumitomo Heavy Industries Ltd. | 2,000 | 12,045 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,000 | 26,712 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,200 | 191,173 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,310 | 47,520 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,000 | 27,612 | ||||||
Sundrug Co. Ltd. | 200 | 13,915 | ||||||
Suntory Beverage & Food Ltd. | 500 | 21,393 | ||||||
Suruga Bank Ltd. | 600 | 13,515 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Suzuken Co. Ltd. | 400 | $ | 11,958 | |||||
Suzuki Motor Corp. | 1,400 | 45,033 | ||||||
Sysmex Corp. | 600 | 36,135 | ||||||
T&D Holdings, Inc. | 2,400 | 29,978 | ||||||
Taiheiyo Cement Corp. | 4,000 | 12,517 | ||||||
Taisei Corp. | 4,000 | 28,950 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 17,062 | ||||||
Taiyo Nippon Sanso Corp. | 500 | 5,472 | ||||||
Takashimaya Co. Ltd. | 1,000 | 8,295 | ||||||
Takeda Pharmaceutical Co. Ltd. | 2,800 | 114,663 | ||||||
TDK Corp. | 500 | 33,609 | ||||||
Teijin Ltd. | 600 | 11,108 | ||||||
Terumo Corp. | 1,500 | 52,773 | �� | |||||
THK Co. Ltd. | 300 | 6,453 | ||||||
Tobu Railway Co. Ltd. | 4,000 | 19,160 | ||||||
Tohoku Electric Power Co., Inc. | 1,900 | 22,138 | ||||||
Tokio Marine Holdings, Inc. | 2,700 | 115,618 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 6,600 | 24,518 | ||||||
Tokyo Electron Ltd. | 600 | 54,936 | ||||||
Tokyo Gas Co. Ltd. | 8,000 | 34,873 | ||||||
Tokyo Tatemono Co. Ltd. | 1,000 | 12,902 | ||||||
Tokyu Corp. | 4,000 | 29,859 | ||||||
Tokyu Fudosan Holdings Corp. | 2,200 | 12,596 | ||||||
TonenGeneral Sekiyu KK | 1,000 | 9,519 | ||||||
Toppan Printing Co. Ltd. | 3,000 | 27,193 | ||||||
Toray Industries, Inc. | 6,000 | 48,743 | ||||||
Toshiba Corp.* | 17,100 | 63,554 | ||||||
TOTO Ltd. | 500 | 19,164 | ||||||
Toyo Seikan Group Holdings Ltd. | 900 | 16,945 | ||||||
Toyo Suisan Kaisha Ltd. | 500 | 17,700 | ||||||
Toyota Industries Corp. | 700 | 32,796 | ||||||
Toyota Motor Corp. | 10,400 | 604,428 | ||||||
Toyota Tsusho Corp. | 700 | 17,493 | ||||||
Trend Micro, Inc. | 400 | 14,370 | ||||||
Tsuruha Holdings, Inc. | 200 | 20,419 | ||||||
Unicharm Corp. | 1,400 | 29,792 | ||||||
United Urban Investment Corp. REIT | 12 | 18,293 | ||||||
USS Co. Ltd. | 1,100 | 17,605 | ||||||
West Japan Railway Co. | 600 | 36,486 | ||||||
Yahoo Japan Corp. | 5,700 | 20,726 | ||||||
Yakult Honsha Co. Ltd. | 300 | 13,164 | ||||||
Yamada Denki Co. Ltd. | 2,500 | 13,352 | ||||||
Yamaha Corp. | 600 | 18,277 | ||||||
Yamaha Motor Co. Ltd. | 1,200 | 27,597 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 28,042 | ||||||
Yamazaki Baking Co. Ltd. | 1,000 | 19,833 | ||||||
Yaskawa Electric Corp. | 800 | 12,272 | ||||||
Yokogawa Electric Corp. | 800 | 11,083 | ||||||
|
| |||||||
11,097,862 | ||||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 388 | 27,672 | ||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 585 | 12,451 | ||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal* | 7,190 | 54,318 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Luxembourg (Continued) | ||||||||
Millicom International Cellular SA SDR | 266 | $ | 11,231 | |||||
RTL Group SA | 171 | 11,619 | ||||||
SES SA | 1,242 | 26,846 | ||||||
Tenaris SA | 1,715 | 27,392 | ||||||
|
| |||||||
131,406 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 4,003 | 8,887 | ||||||
Sands China Ltd. | 9,340 | 45,998 | ||||||
Wynn Macau Ltd. | 6,538 | 12,121 | ||||||
|
| |||||||
67,006 | ||||||||
|
| |||||||
Malaysia — 0.7% | ||||||||
Alliance Financial Group Bhd | 7,100 | 6,121 | ||||||
AMMB Holdings Bhd | 9,900 | 9,266 | ||||||
Astro Malaysia Holdings Bhd | 16,200 | 9,468 | ||||||
Berjaya Sports Toto Bhd | 13,625 | 9,549 | ||||||
Dialog Group Bhd | 19,710 | 7,061 | ||||||
DiGi.Com Bhd | 18,300 | 19,955 | ||||||
Genting Bhd | 8,300 | 14,794 | ||||||
Genting Malaysia Bhd | 19,300 | 20,182 | ||||||
Genting Plantations Bhd | 4,200 | 10,063 | ||||||
Hartalega Holdings Bhd | 5,200 | 5,705 | ||||||
Hong Leong Bank Bhd | 4,400 | 13,103 | ||||||
Hong Leong Financial Group Bhd | 1,700 | 5,710 | ||||||
IHH Healthcare Bhd | 15,600 | 23,054 | ||||||
IJM Corp. Bhd | 11,200 | 8,100 | ||||||
IOI Corp. Bhd | 16,800 | 16,364 | ||||||
Kuala Lumpur Kepong Bhd | 3,500 | 18,715 | ||||||
Lafarge Malaysia Bhd | 4,600 | 7,416 | ||||||
Malayan Banking Bhd | 14,000 | 24,357 | ||||||
Malaysia Airports Holdings Bhd | 500 | 711 | ||||||
Maxis Bhd | 11,900 | 15,908 | ||||||
MISC Bhd | 5,500 | 9,039 | ||||||
Petronas Chemicals Group Bhd | 11,300 | 17,282 | ||||||
Petronas Dagangan Bhd | 1,600 | 8,240 | ||||||
Petronas Gas Bhd | 4,800 | 22,549 | ||||||
Public Bank Bhd | 11,200 | 49,103 | ||||||
Sime Darby Bhd | 11,200 | 19,962 | ||||||
Telekom Malaysia Bhd | 8,400 | 11,605 | ||||||
Tenaga Nasional Bhd | 12,600 | 39,611 | ||||||
UMW Holdings Bhd | 4,500 | 5,179 | ||||||
Westports Holdings Bhd | 9,600 | 9,394 | ||||||
YTL Corp. Bhd | 12,600 | 4,063 | ||||||
YTL Power International Bhd | 16,465 | 5,198 | ||||||
|
| |||||||
446,827 | ||||||||
|
| |||||||
Malta — 0.0% | ||||||||
Brait SE* | 1,649 | 9,974 | ||||||
|
| |||||||
Mexico — 0.9% | ||||||||
Alfa SAB de CV, Class A | 13,884 | 18,340 | ||||||
America Movil SAB de CV, Series L | 130,789 | 79,582 | ||||||
Arca Continental SAB de CV | 1,432 | 7,555 | ||||||
Cemex SAB de CV, Series CPO* | 56,929 | 44,296 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 1,806 | 11,369 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 705 | 5,561 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Fibra Uno Administracion SA de CV REIT | 9,968 | $ | 15,391 | |||||
Fomento Economico Mexicano SAB de CV | 7,965 | 62,288 | ||||||
Fresnillo PLC | 940 | 14,114 | ||||||
Gentera SAB de CV | 4,279 | 6,732 | ||||||
Gruma SAB de CV, Class B | 813 | 9,720 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,393 | 11,862 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 749 | 10,818 | ||||||
Grupo Bimbo SAB de CV, Series A | 5,732 | 13,191 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,936 | 10,857 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 10,510 | 50,374 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 7,957 | 10,851 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 7,665 | 10,762 | ||||||
Grupo Lala SAB de CV | 3,105 | 4,672 | ||||||
Grupo Mexico SAB de CV, Series B | 14,295 | 39,114 | ||||||
Grupo Televisa SAB, Series CPO | 9,432 | 38,978 | ||||||
Industrias Penoles SAB de CV | 737 | 15,824 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 6,199 | 10,873 | ||||||
Mexichem SAB de CV | 6,561 | 15,644 | ||||||
OHL Mexico SAB de CV* | 2,932 | 2,519 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 903 | 7,957 | ||||||
Wal-Mart de Mexico SAB de CV | 21,460 | 39,372 | ||||||
|
| |||||||
568,616 | ||||||||
|
| |||||||
Netherlands — 3.0% | ||||||||
ABN AMRO Group NV, 144A | 1,319 | 28,518 | ||||||
Aegon NV | 7,027 | 35,733 | ||||||
Akzo Nobel NV | 904 | 56,298 | ||||||
Altice NV, Class A*(a) | 2,001 | 34,462 | ||||||
ASML Holding NV | 1,364 | 141,123 | ||||||
Boskalis Westminster | 342 | 10,675 | ||||||
Gemalto NV | 336 | 17,136 | ||||||
Heineken Holding NV | 495 | 34,777 | ||||||
Heineken NV | 985 | 73,828 | ||||||
ING Groep NV | 15,362 | 209,216 | ||||||
Koninklijke Ahold Delhaize NV | 5,287 | 104,280 | ||||||
Koninklijke DSM NV | 681 | 41,299 | ||||||
Koninklijke KPN NV | 12,644 | 36,437 | ||||||
Koninklijke Philips NV | 3,900 | 112,181 | ||||||
Koninklijke Vopak NV | 274 | 12,807 | ||||||
NN Group NV | 1,338 | 43,010 | ||||||
NXP Semiconductors NV* | 1,141 | 113,130 | ||||||
QIAGEN NV* | 886 | 24,462 | ||||||
Randstad Holding NV | 464 | 23,561 | ||||||
Royal Dutch Shell PLC, Class A | 16,229 | 411,395 | ||||||
Royal Dutch Shell PLC, Class B | 14,923 | 395,561 | ||||||
Wolters Kluwer NV | 1,318 | 47,522 | ||||||
|
| |||||||
2,007,411 | ||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 4,214 | $ | 18,369 | |||||
Contact Energy Ltd. | 5,337 | 17,764 | ||||||
Fletcher Building Ltd. | 3,308 | 24,083 | ||||||
Mercury NZ Ltd. | 7,333 | 15,632 | ||||||
Meridian Energy Ltd. | 8,806 | 16,028 | ||||||
Ryman Healthcare Ltd. | 1,694 | 10,497 | ||||||
Spark New Zealand Ltd. | 9,758 | 25,120 | ||||||
|
| |||||||
127,493 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
DNB ASA | 4,506 | 66,370 | ||||||
Gjensidige Forsikring ASA | 994 | 15,902 | ||||||
Marine Harvest ASA* | 1,799 | 32,351 | ||||||
Norsk Hydro ASA | 6,576 | 31,004 | ||||||
Orkla ASA | 4,241 | 37,809 | ||||||
Schibsted ASA, Class A | 295 | 6,369 | ||||||
Schibsted ASA, Class B | 263 | 5,338 | ||||||
Statoil ASA | 4,700 | 80,544 | ||||||
Telenor ASA | 2,920 | 43,146 | ||||||
Yara International ASA | 667 | 24,678 | ||||||
|
| |||||||
343,511 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 740 | 8,266 | ||||||
Credicorp Ltd. | 282 | 44,186 | ||||||
Southern Copper Corp. (a) | 372 | 12,213 | ||||||
|
| |||||||
64,665 | ||||||||
|
| |||||||
Philippines — 0.4% | ||||||||
Aboitiz Equity Ventures, Inc. | 14,860 | 21,888 | ||||||
Aboitiz Power Corp. | 16,900 | 14,579 | ||||||
Alliance Global Group, Inc. | 11,100 | 2,902 | ||||||
Ayala Corp. | 1,200 | 17,519 | ||||||
Ayala Land, Inc. | 28,400 | 18,789 | ||||||
Bank of the Philippine Islands | 7,380 | 13,356 | ||||||
BDO Unibank, Inc. | 7,970 | 17,950 | ||||||
DMCI Holdings, Inc. | 24,500 | 6,651 | ||||||
Energy Development Corp. | 54,500 | 5,578 | ||||||
Globe Telecom, Inc. | 285 | 8,367 | ||||||
GT Capital Holdings, Inc. | 485 | 11,303 | ||||||
International Container Terminal Services, Inc. | 6,130 | 8,900 | ||||||
JG Summit Holdings, Inc. | 8,990 | 12,338 | ||||||
Jollibee Foods Corp. | 3,100 | 13,452 | ||||||
Metro Pacific Investments Corp. | 65,600 | 8,179 | ||||||
Metropolitan Bank & Trust Co. | 4,560 | 6,877 | ||||||
PLDT, Inc. | 510 | 12,983 | ||||||
Security Bank Corp. | 1,110 | 4,051 | ||||||
SM Investments Corp. | 1,665 | 20,892 | ||||||
SM Prime Holdings, Inc. | 45,400 | 24,193 | ||||||
Universal Robina Corp. | 5,680 | 19,405 | ||||||
|
| |||||||
270,152 | ||||||||
|
| |||||||
Poland — 0.2% | ||||||||
Alior Bank SA* | 668 | 7,097 | ||||||
Bank Pekao SA | 859 | 24,158 | ||||||
Bank Zachodni WBK SA | 250 | 17,402 | ||||||
CCC SA | 325 | 15,388 |
Number | Value | |||||||
Poland (Continued) | ||||||||
Cyfrowy Polsat SA* | 2,503 | $ | 14,382 | |||||
LPP SA | 6 | 8,237 | ||||||
PGE Polska Grupa Energetyczna SA | 6,344 | 14,008 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,317 | 23,956 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 9,742 | 11,474 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,643 | 18,595 | ||||||
|
| |||||||
154,697 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 11,303 | 32,668 | ||||||
Galp Energia SGPS SA | 2,034 | 27,518 | ||||||
Jeronimo Martins SGPS SA | 1,335 | 21,096 | ||||||
|
| |||||||
81,282 | ||||||||
|
| |||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. | 1,133 | 9,584 | ||||||
Ezdan Holding Group QSC | 3,814 | 15,503 | ||||||
Industries Qatar QSC | 757 | 21,830 | ||||||
Masraf Al Rayan QSC | 1,432 | 13,293 | ||||||
Qatar Electricity & Water Co. QSC | 238 | 13,923 | ||||||
Qatar Insurance Co. SAQ | 688 | 16,250 | ||||||
Qatar National Bank SAQ | 986 | 40,321 | ||||||
|
| |||||||
130,704 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
New Europe Property Investments PLC | 1,092 | 12,487 | ||||||
|
| |||||||
Russia — 0.7% | ||||||||
Gazprom PJSC, ADR | 8,921 | 41,117 | ||||||
Gazprom PJSC | 30,000 | 69,129 | ||||||
LUKOIL PJSC | 600 | 29,621 | ||||||
LUKOIL PJSC, ADR | 1,053 | 51,597 | ||||||
Magnit PJSC, GDR | 1,245 | 50,149 | ||||||
MegaFon PJSC, GDR | 2,456 | 21,490 | ||||||
Mobile TeleSystems PJSC, ADR | 5,939 | 46,502 | ||||||
Novatek OJSC, GDR | 346 | 40,863 | ||||||
PhosAgro PJSC, GDR | 1,847 | 25,396 | ||||||
Rosneft PJSC, GDR | 5,011 | 26,358 | ||||||
Severstal PJSC, GDR | 873 | 13,156 | ||||||
Sistema PJSC FC, GDR | 2,457 | 20,295 | ||||||
Surgutneftegas OJSC, ADR | 6,346 | 28,842 | ||||||
VTB Bank PJSC, GDR | 13,006 | 27,274 | ||||||
|
| |||||||
491,789 | ||||||||
|
| |||||||
Singapore — 1.0% | ||||||||
Ascendas Real Estate Investment Trust REIT | 14,200 | 23,281 | ||||||
CapitaLand Commercial Trust REIT | 20,100 | 21,455 | ||||||
CapitaLand Ltd. | 15,000 | 32,232 | ||||||
CapitaLand Mall Trust REIT | 15,800 | 21,495 | ||||||
ComfortDelGro Corp. Ltd. | 13,500 | 23,735 | ||||||
DBS Group Holdings Ltd. | 7,000 | 85,708 | ||||||
Genting Singapore PLC | 26,200 | 17,730 | ||||||
Global Logistic Properties Ltd. | 11,200 | 16,096 | ||||||
Golden Agri-Resources Ltd. | 38,700 | 11,610 | ||||||
Hutchison Port Holdings Trust, Class U | 28,500 | 11,970 | ||||||
Jardine Cycle & Carriage Ltd. | 500 | 14,006 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Keppel Corp. Ltd. | 5,300 | $ | 20,152 | |||||
Oversea-Chinese Banking Corp. Ltd. | 12,500 | 79,185 | ||||||
Sembcorp Industries Ltd. | 2,200 | 4,144 | ||||||
Singapore Airlines Ltd. | 2,500 | 17,442 | ||||||
Singapore Exchange Ltd. | 4,000 | 20,372 | ||||||
Singapore Press Holdings Ltd. (a) | 8,100 | 21,192 | ||||||
Singapore Technologies Engineering Ltd. | 9,200 | 21,695 | ||||||
Singapore Telecommunications Ltd. | 32,300 | 85,181 | ||||||
United Overseas Bank Ltd. | 5,200 | 74,045 | ||||||
Wilmar International Ltd. | 9,400 | 23,084 | ||||||
|
| |||||||
645,810 | ||||||||
|
| |||||||
South Africa — 1.6% | ||||||||
Anglo American Platinum Ltd.* | 325 | 6,672 | ||||||
AngloGold Ashanti Ltd.* | 1,868 | 20,613 | ||||||
Aspen Pharmacare Holdings Ltd. | 1,340 | 27,598 | ||||||
Barclays Africa Group Ltd. | 1,682 | 18,796 | ||||||
Bid Corp. Ltd. | 1,484 | 25,993 | ||||||
Bidvest Group Ltd. | 1,897 | 21,941 | ||||||
Capitec Bank Holdings Ltd. | 183 | 8,453 | ||||||
Discovery Ltd. | 1,005 | 7,954 | ||||||
Exxaro Resources Ltd. | 1,025 | 7,034 | ||||||
FirstRand Ltd. | 13,157 | 47,198 | ||||||
Fortress Income Fund Ltd. | 3,989 | 8,654 | ||||||
Foschini Group Ltd. | 838 | 8,831 | ||||||
Gold Fields Ltd. | 4,136 | 13,104 | ||||||
Growthpoint Properties Ltd. REIT | 7,760 | 13,715 | ||||||
Hyprop Investments Ltd. REIT | 860 | 6,904 | ||||||
Impala Platinum Holdings Ltd.* | 3,098 | 9,727 | ||||||
Imperial Holdings Ltd. | 574 | 6,914 | ||||||
Investec Ltd. (a) | 607 | 3,879 | ||||||
Investec PLC | 2,304 | 14,990 | ||||||
Life Healthcare Group Holdings Ltd. | 2,787 | 6,145 | ||||||
Mediclinic International PLC | 1,960 | 17,399 | ||||||
Mondi Ltd. | 471 | 9,478 | ||||||
Mondi PLC | 1,366 | 27,910 | ||||||
Mr Price Group Ltd. | 816 | 8,408 | ||||||
MTN Group Ltd. | 6,117 | 49,188 | ||||||
Naspers Ltd., Class N | 1,696 | 247,561 | ||||||
Nedbank Group Ltd. | 854 | 13,953 | ||||||
PSG Group Ltd. | 296 | 4,090 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,829 | 5,016 | ||||||
Redefine Properties Ltd. REIT | 18,233 | 13,405 | ||||||
Remgro Ltd. | 1,932 | 28,698 | ||||||
Resilient REIT Ltd. REIT | 1,233 | 9,065 | ||||||
RMB Holdings Ltd. | 2,359 | 10,457 | ||||||
Sanlam Ltd. | 5,572 | 24,410 | ||||||
Sappi Ltd.* | 2,503 | 14,811 | ||||||
Sasol Ltd. | 2,322 | 62,572 | ||||||
Shoprite Holdings Ltd. | 1,916 | 25,443 | ||||||
Sibanye Gold Ltd. | 4,117 | 8,531 | ||||||
SPAR Group Ltd. (a) | 575 | 7,740 | ||||||
Standard Bank Group Ltd. | 5,188 | 55,648 | ||||||
Steinhoff International Holdings NV (a) | 12,180 | 56,308 | ||||||
Tiger Brands Ltd. (a) | 688 | 19,260 | ||||||
Truworths International Ltd. | 1,465 | 7,301 | ||||||
Vodacom Group Ltd. | 1,370 | 14,085 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Woolworths Holdings Ltd. | 3,564 | $ | 16,438 | |||||
|
| |||||||
1,042,290 | ||||||||
|
| |||||||
South Korea — 3.3% | ||||||||
Amorepacific Corp. | 127 | 35,632 | ||||||
AMOREPACIFIC Group | 119 | 13,131 | ||||||
BGF retail Co. Ltd. | 102 | 7,591 | ||||||
BNK Financial Group, Inc. | 1,015 | 7,779 | ||||||
Celltrion, Inc.* | 307 | 26,891 | ||||||
Cheil Worldwide, Inc. | 528 | 6,752 | ||||||
CJ CheilJedang Corp. | 49 | 16,095 | ||||||
CJ Corp. | 64 | 9,608 | ||||||
CJ E&M Corp. | 108 | 5,210 | ||||||
Coway Co. Ltd. | 293 | 21,178 | ||||||
Daelim Industrial Co. Ltd. | 113 | 7,385 | ||||||
DGB Financial Group, Inc. | 1,074 | 8,792 | ||||||
Dongbu Insurance Co. Ltd. | 277 | 17,297 | ||||||
E-MART, Inc. | 114 | 18,333 | ||||||
GS Engineering & Construction Corp.* | 282 | 5,705 | ||||||
GS Holdings Corp. | 148 | 6,887 | ||||||
GS Retail Co. Ltd. | 140 | 5,664 | ||||||
Hana Financial Group, Inc. | 1,126 | 30,966 | ||||||
Hankook Tire Co. Ltd. | 399 | 18,499 | ||||||
Hanmi Pharm. Co. Ltd. | 18 | 5,674 | ||||||
Hanmi Science Co. Ltd. | 45 | 2,887 | ||||||
Hanon Systems | 1,326 | 11,070 | ||||||
Hanssem Co. Ltd. | 53 | 9,362 | ||||||
Hanwha Chemical Corp. | 393 | 7,816 | ||||||
Hanwha Corp. | 314 | 9,481 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,688 | 9,616 | ||||||
Hotel Shilla Co. Ltd. | 156 | 6,726 | ||||||
Hyosung Corp. | 112 | 13,317 | ||||||
Hyundai Department Store Co. Ltd. | 109 | 10,070 | ||||||
Hyundai Development Co.-Engineering & Construction | 229 | 8,090 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 226 | 7,607 | ||||||
Hyundai Glovis Co. Ltd. | 91 | 12,377 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 168 | 20,406 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 465 | 14,478 | ||||||
Hyundai Mobis Co. Ltd. | 285 | 60,703 | ||||||
Hyundai Motor Co. | 548 | 62,345 | ||||||
Hyundai Steel Co. | 328 | 14,000 | ||||||
Hyundai Wia Corp. | 100 | 5,885 | ||||||
Kakao Corp. | 157 | 10,435 | ||||||
Kangwon Land, Inc. | 570 | 17,382 | ||||||
KB Financial Group, Inc. | 1,519 | 54,703 | ||||||
KCC Corp. | 31 | 9,878 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 123 | 6,071 | ||||||
Kia Motors Corp. | 974 | 31,160 | ||||||
Korea Aerospace Industries Ltd. | 277 | 15,709 | ||||||
Korea Electric Power Corp. | 833 | 33,133 | ||||||
Korea Gas Corp. | 93 | 3,409 | ||||||
Korea Investment Holdings Co. Ltd. | 170 | 5,824 | ||||||
Korea Zinc Co. Ltd. | 50 | 20,187 | ||||||
KT Corp. | 166 | 4,239 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
KT&G Corp. | 523 | $ | 46,974 | |||||
Kumho Petrochemical Co. Ltd. | 121 | 7,556 | ||||||
LG Chem Ltd. | 200 | 38,749 | ||||||
LG Corp. | 252 | 12,179 | ||||||
LG Display Co. Ltd. | 820 | 19,640 | ||||||
LG Electronics, Inc. | 396 | 15,209 | ||||||
LG Household & Health Care Ltd. | 44 | 29,621 | ||||||
LG Innotek Co. Ltd. | 89 | 6,174 | ||||||
LG Uplus Corp. | 1,476 | 14,456 | ||||||
Lotte Chemical Corp. | 77 | 21,176 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 2 | 2,681 | ||||||
Lotte Shopping Co. Ltd. | 57 | 10,580 | ||||||
Mirae Asset Securities Co. Ltd. | 214 | 3,734 | ||||||
NAVER Corp. | 108 | 73,721 | ||||||
NCSoft Corp. | 87 | 20,242 | ||||||
OCI Co. Ltd.* | 107 | 6,736 | ||||||
Orion Corp. | 16 | 9,307 | ||||||
Ottogi Corp. | 8 | 4,736 | ||||||
POSCO | 290 | 61,892 | ||||||
Posco Daewoo Corp. | 169 | 3,853 | ||||||
S-1 Corp. | 138 | 11,203 | ||||||
Samsung C&T Corp. | 290 | 31,752 | ||||||
Samsung Card Co. Ltd. | 276 | 9,869 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 228 | 9,030 | ||||||
Samsung Electronics Co. Ltd. | 380 | 567,538 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 153 | 38,347 | ||||||
Samsung Heavy Industries Co. Ltd.* | 454 | 3,223 | ||||||
Samsung Life Insurance Co. Ltd. | 350 | 34,130 | ||||||
Samsung SDI Co. Ltd. | 210 | 16,580 | ||||||
Samsung SDS Co. Ltd. | 151 | 17,437 | ||||||
Samsung Securities Co. Ltd. | 171 | 4,688 | ||||||
Shinhan Financial Group Co. Ltd. | 1,601 | 60,394 | ||||||
Shinsegae Inc. | 54 | 8,338 | ||||||
SK Holdings Co. Ltd. | 154 | 30,496 | ||||||
SK Hynix, Inc. | 2,110 | 77,430 | ||||||
SK Innovation Co. Ltd. | 223 | 29,090 | ||||||
SK Telecom Co. Ltd. | 60 | 11,599 | ||||||
S-Oil Corp. | 180 | 12,934 | ||||||
Yuhan Corp. | 55 | 9,268 | ||||||
|
| |||||||
2,165,997 | ||||||||
|
| |||||||
Spain — 2.0% | ||||||||
Abertis Infraestructuras SA | 2,238 | 29,898 | ||||||
ACS Actividades de Construccion y Servicios SA | 815 | 24,000 | ||||||
Aena SA, 144A | 285 | 37,787 | ||||||
Amadeus IT Group SA | 1,546 | 70,063 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 24,965 | 154,151 | ||||||
Banco de Sabadell SA | 19,280 | 24,051 | ||||||
Banco Popular Espanol SA | 12,739 | 11,166 | ||||||
Banco Santander SA | 56,092 | 256,404 | ||||||
Bankia SA | 21,148 | 18,850 | ||||||
Bankinter SA | 3,648 | 27,420 | ||||||
CaixaBank SA | 13,784 | 40,072 | ||||||
Distribuidora Internacional de Alimentacion SA | 2,062 | 9,410 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Enagas SA | 974 | $ | 24,001 | |||||
Endesa SA | 1,364 | 28,197 | ||||||
Ferrovial SA | 1,602 | 28,397 | ||||||
Gas Natural SDG SA | 1,472 | 25,196 | ||||||
Grifols SA | 1,134 | 22,235 | ||||||
Iberdrola SA | 22,096 | 132,993 | ||||||
Industria de Diseno Textil SA | 4,280 | 146,405 | ||||||
Mapfre SA | 4,861 | 14,580 | ||||||
Red Electrica Corp. SA | 1,951 | 34,739 | ||||||
Repsol SA | 4,074 | 54,405 | ||||||
Telefonica SA (a) | 17,532 | 145,900 | ||||||
Zardoya Otis SA | 453 | 3,538 | ||||||
|
| |||||||
1,363,858 | ||||||||
|
| |||||||
Sweden — 1.9% | ||||||||
Alfa Laval AB | 970 | 14,556 | ||||||
Assa Abloy AB, Class B | 3,701 | 69,985 | ||||||
Atlas Copco AB, Class A | 2,882 | 87,184 | ||||||
Atlas Copco AB, Class B | 1,381 | 37,120 | ||||||
Boliden AB | 1,071 | 27,661 | ||||||
Electrolux AB, Series B | 934 | 21,844 | ||||||
Getinge AB, Class B | 749 | 11,451 | ||||||
Hennes & Mauritz AB, Class B | 3,509 | 101,928 | ||||||
Hexagon AB, Class B | 920 | 32,589 | ||||||
Husqvarna AB, Class B | 1,533 | 11,344 | ||||||
ICA Gruppen AB (a) | 274 | 8,125 | ||||||
Industrivarden AB, Class C | 1,109 | 18,999 | ||||||
Investor AB, Class B | 2,016 | 68,090 | ||||||
Kinnevik AB, Class B | 1,110 | 27,200 | ||||||
Lundin Petroleum AB* | 650 | 12,249 | ||||||
Nordea Bank AB | 11,362 | 119,376 | ||||||
Sandvik AB | 3,982 | 47,148 | ||||||
Securitas AB, Class B | 1,150 | 16,896 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 5,379 | 53,599 | ||||||
Skanska AB, Class B | 1,261 | 28,986 | ||||||
SKF AB, Class B | 1,407 | 25,324 | ||||||
Svenska Cellulosa AB SCA, Class B | 2,330 | 62,148 | ||||||
Svenska Handelsbanken AB, Class A | 5,498 | 76,305 | ||||||
Swedbank AB, Class A | 3,287 | 75,877 | ||||||
Swedish Match AB | 837 | 26,119 | ||||||
Tele2 AB, Class B (a) | 1,109 | 8,471 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 11,545 | 59,448 | ||||||
Telia Co. AB | 7,092 | 26,652 | ||||||
Volvo AB, Class B | 5,781 | 61,804 | ||||||
|
| |||||||
1,238,478 | ||||||||
|
| |||||||
Switzerland — 6.3% | ||||||||
ABB Ltd.* | 7,219 | 147,121 | ||||||
Actelion Ltd.* | 398 | 76,727 | ||||||
Adecco Group AG | 602 | 37,096 | ||||||
Aryzta AG* | 369 | 15,722 | ||||||
Baloise Holding AG | 226 | 27,230 | ||||||
Barry Callebaut AG*(a) | 10 | 11,872 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 8 | 39,422 | ||||||
Cie Financiere Richemont SA | 1,964 | 128,364 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Coca-Cola HBC AG* | 916 | $ | 19,484 | |||||
Credit Suisse Group AG* | 7,880 | 104,788 | ||||||
Dufry AG* | 144 | 17,818 | ||||||
EMS-Chemie Holding AG | 35 | 17,953 | ||||||
Galenica AG | 15 | 15,860 | ||||||
Geberit AG | 157 | 62,154 | ||||||
Givaudan SA | 34 | 60,596 | ||||||
Glencore PLC* | 47,378 | 165,568 | ||||||
Julius Baer Group Ltd.* | 833 | 36,812 | ||||||
Kuehne + Nagel International AG | 164 | 21,421 | ||||||
LafargeHolcim Ltd.* | 1,840 | 97,456 | ||||||
Lonza Group AG* | 231 | 41,260 | ||||||
Nestle SA | 12,058 | 811,220 | ||||||
Novartis AG | 8,631 | 596,368 | ||||||
Pargesa Holding SA | 168 | 10,658 | ||||||
Partners Group Holding AG | 80 | 38,871 | ||||||
Roche Holding AG | 2,692 | 600,252 | ||||||
Schindler Holding AG | 23 | 4,036 | ||||||
Schindler Holding AG Participation Certificates | 204 | 36,237 | ||||||
SGS SA | 21 | 42,198 | ||||||
Sika AG | 8 | 38,816 | ||||||
Sonova Holding AG | 258 | 31,187 | ||||||
STMicroelectronics NV | 2,628 | 26,806 | ||||||
Swatch Group AG — Bearer | 122 | 35,867 | ||||||
Swatch Group AG — Registered | 161 | 9,264 | ||||||
Swiss Life Holding AG* | 140 | 38,501 | ||||||
Swiss Prime Site AG* | 312 | 25,532 | ||||||
Swiss Re AG | 1,280 | 117,840 | ||||||
Swisscom AG | 72 | 30,770 | ||||||
Syngenta AG | 354 | 135,409 | ||||||
UBS Group AG | 13,922 | 221,421 | ||||||
Wolseley PLC | 918 | 53,353 | ||||||
Zurich Insurance Group AG* | 569 | 149,148 | ||||||
|
| |||||||
4,198,478 | ||||||||
|
| |||||||
Taiwan — 2.9% | ||||||||
Acer, Inc.* | 14,102 | 5,973 | ||||||
Advanced Semiconductor Engineering, Inc. | 28,951 | 31,110 | ||||||
Advantech Co. Ltd. | 1,586 | 12,763 | ||||||
Asia Cement Corp. | 6,916 | 6,086 | ||||||
Asustek Computer, Inc. | 2,447 | 20,268 | ||||||
AU Optronics Corp. | 51,788 | 18,604 | ||||||
Casetek Holdings Ltd. | 1,135 | 3,102 | ||||||
Catcher Technology Co. Ltd. | 3,067 | 22,276 | ||||||
Cathay Financial Holding Co. Ltd. | 36,358 | 53,500 | ||||||
Chang Hwa Commercial Bank Ltd. | 21,237 | 11,360 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 7,425 | 13,977 | ||||||
Chicony Electronics Co. Ltd. | 1,805 | 4,253 | ||||||
China Development Financial Holding Corp. | 46,646 | 11,620 | ||||||
China Life Insurance Co. Ltd. | 17,597 | 18,771 | ||||||
China Steel Corp. | 45,386 | 35,599 | ||||||
Chunghwa Telecom Co. Ltd. | 15,303 | 51,613 | ||||||
Compal Electronics, Inc. | 17,468 | 9,947 | ||||||
CTBC Financial Holding Co. Ltd. | 69,497 | 38,158 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Delta Electronics, Inc. | 9,167 | $ | 46,018 | |||||
E.Sun Financial Holding Co. Ltd. | 32,397 | 18,804 | ||||||
Eclat Textile Co. Ltd. | 994 | 10,292 | ||||||
Far EasTone Telecommunications Co. Ltd. | 7,159 | 16,576 | ||||||
Feng TAY Enterprise Co. Ltd. | 2,454 | 9,201 | ||||||
First Financial Holding Co. Ltd. | 38,578 | 20,334 | ||||||
Formosa Chemicals & Fibre Corp. | 13,275 | 41,608 | ||||||
Formosa Petrochemical Corp. | 5,402 | 18,220 | ||||||
Formosa Plastics Corp. | 15,095 | 43,003 | ||||||
Foxconn Technology Co. Ltd. | 5,290 | 13,875 | ||||||
Fubon Financial Holding Co. Ltd. | 30,884 | 47,916 | ||||||
Giant Manufacturing Co. Ltd. | 1,528 | 9,109 | ||||||
Hiwin Technologies Corp. | 1,173 | 4,876 | ||||||
Hon Hai Precision Industry Co. Ltd. | 64,781 | 166,663 | ||||||
Hotai Motor Co. Ltd. | 894 | 10,280 | ||||||
HTC Corp.* | 3,525 | 9,323 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 30,933 | 15,722 | ||||||
Innolux Corp. | 35,776 | 12,347 | ||||||
Inotera Memories, Inc.* | 15,233 | 14,338 | ||||||
Inventec Corp. | 11,321 | 7,654 | ||||||
Largan Precision Co. Ltd. | 422 | 48,856 | ||||||
Lite-On Technology Corp. | 7,530 | 11,883 | ||||||
MediaTek, Inc. | 6,264 | 43,531 | ||||||
Mega Financial Holding Co. Ltd. | 41,664 | 29,739 | ||||||
Nan Ya Plastics Corp. | 24,199 | 50,944 | ||||||
Nanya Technology Corp. | 5,921 | 8,267 | ||||||
Nien Made Enterprise Co. Ltd. | 725 | 8,121 | ||||||
Novatek Microelectronics Corp. | 2,107 | 7,007 | ||||||
OBI Pharma, Inc.* | 507 | 4,470 | ||||||
Pegatron Corp. | 7,845 | 18,682 | ||||||
Phison Electronics Corp. | 618 | 4,721 | ||||||
Pou Chen Corp. | 9,262 | 11,580 | ||||||
Powertech Technology, Inc. | 3,208 | 8,243 | ||||||
President Chain Store Corp. | 2,932 | 22,032 | ||||||
Quanta Computer, Inc. | 9,676 | 18,033 | ||||||
Realtek Semiconductor Corp. | 1,315 | 4,085 | ||||||
Siliconware Precision Industries Co. Ltd. | 12,398 | 18,768 | ||||||
Synnex Technology International Corp. | 4,857 | 4,968 | ||||||
TaiMed Biologics, Inc.* | 514 | 2,879 | ||||||
Taiwan Cement Corp. | 16,003 | 18,502 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 37,552 | 16,553 | ||||||
Taiwan Mobile Co. Ltd. | 7,853 | 26,486 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 97,088 | 557,434 | ||||||
Teco Electric and Machinery Co. Ltd. | 6,092 | 5,094 | ||||||
Uni-President Enterprises Corp. | 21,869 | 37,394 | ||||||
United Microelectronics Corp. | 56,151 | 19,819 | ||||||
Vanguard International Semiconductor Corp. | 3,934 | 7,418 | ||||||
Wistron Corp. | 6,842 | 4,894 | ||||||
WPG Holdings Ltd. | 5,412 | 6,699 | ||||||
Yuanta Financial Holding Co. Ltd. | 45,951 | 16,652 | ||||||
Zhen Ding Technology Holding Ltd. | 1,748 | 3,515 | ||||||
|
| |||||||
1,952,408 | ||||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Thailand — 0.4% | ||||||||
Indorama Ventures PCL, NVDR | 20,500 | $ | 18,960 | |||||
IRPC PCL, NVDR | 256,363 | 34,776 | ||||||
Kasikornbank PCL, NVDR | 9,800 | 46,556 | ||||||
Krung Thai Bank PCL, NVDR | 15,700 | 7,744 | ||||||
PTT Exploration & Production PCL, NVDR | 8,900 | 20,579 | ||||||
PTT PCL, NVDR | 6,300 | 61,624 | ||||||
Siam Commercial Bank PCL, NVDR | 6,800 | 27,921 | ||||||
Thai Oil PCL, NVDR | 13,600 | 28,207 | ||||||
|
| |||||||
246,367 | ||||||||
|
| |||||||
Turkey — 0.3% | ||||||||
Akbank TAS | 9,794 | 21,523 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 508 | 2,666 | ||||||
Arcelik AS | 1,058 | 6,171 | ||||||
BIM Birlesik Magazalar AS | 858 | 12,037 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 16,091 | 13,535 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 4,503 | 6,173 | ||||||
Ford Otomotiv Sanayi AS | 698 | 5,863 | ||||||
Haci Omer Sabanci Holding AS | 4,557 | 11,619 | ||||||
KOC Holding AS | 4,289 | 15,542 | ||||||
TAV Havalimanlari Holding AS | 1,885 | 7,094 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,138 | 7,102 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 632 | 12,601 | ||||||
Turk Hava Yollari AO* | 6,234 | 8,728 | ||||||
Turkcell Iletisim Hizmetleri AS* | 3,593 | 9,443 | ||||||
Turkiye Garanti Bankasi AS | 10,228 | 21,702 | ||||||
Turkiye Halk Bankasi AS | 3,544 | 9,067 | ||||||
Turkiye Is Bankasi, Class C | 6,315 | 8,859 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 8,286 | 8,007 | ||||||
|
| |||||||
187,732 | ||||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 5,727 | 9,668 | ||||||
Aldar Properties PJSC | 20,842 | 14,073 | ||||||
DP World Ltd. | 830 | 12,890 | ||||||
Dubai Islamic Bank PJSC | 2,871 | 4,096 | ||||||
Emaar Malls PJSC | 16,914 | 11,973 | ||||||
Emaar Properties PJSC | 17,231 | 31,996 | ||||||
Emirates Telecommunications Group Co. PJSC | 4,031 | 20,469 | ||||||
First Gulf Bank PJSC | 4,027 | 12,719 | ||||||
National Bank of Abu Dhabi PJSC | 4,332 | 11,087 | ||||||
|
| |||||||
128,971 | ||||||||
|
| |||||||
United Kingdom — 10.6% | ||||||||
3i Group PLC | 3,931 | 33,888 | ||||||
Aberdeen Asset Management PLC | 3,821 | 12,813 | ||||||
Admiral Group PLC | 857 | 20,384 | ||||||
Anglo American PLC* | 5,613 | 83,223 | ||||||
Ashtead Group PLC | 1,817 | 35,625 | ||||||
Associated British Foods PLC | 1,415 | 45,147 | ||||||
AstraZeneca PLC | 4,753 | 246,770 | ||||||
Auto Trader Group PLC, 144A | 3,993 | 19,969 | ||||||
Aviva PLC | 15,079 | 84,335 | ||||||
Babcock International Group PLC | 943 | 11,268 | ||||||
BAE Systems PLC | 11,454 | 86,059 | ||||||
Barclays PLC | 64,277 | 173,675 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Barratt Developments PLC | 3,803 | $ | 22,326 | |||||
Berkeley Group Holdings PLC | 466 | 14,442 | ||||||
BP PLC | 72,402 | 416,214 | ||||||
British American Tobacco PLC | 7,160 | 393,597 | ||||||
British Land Co. PLC REIT | 3,992 | 29,544 | ||||||
BT Group PLC | 31,924 | 142,638 | ||||||
Bunzl PLC | 1,270 | 32,734 | ||||||
Burberry Group PLC | 1,714 | 30,646 | ||||||
Capita PLC | 2,381 | 15,625 | ||||||
Centrica PLC | 20,517 | 53,986 | ||||||
CNH Industrial NV | 4,044 | 34,460 | ||||||
Cobham PLC (a) | 5,597 | 11,506 | ||||||
Compass Group PLC | 5,978 | 102,547 | ||||||
Croda International PLC | 575 | 23,468 | ||||||
Diageo PLC | 9,693 | 243,165 | ||||||
Direct Line Insurance Group PLC | 5,038 | 21,886 | ||||||
Dixons Carphone PLC | 3,647 | 15,141 | ||||||
easyJet PLC | 738 | 9,142 | ||||||
Fiat Chrysler Automobiles NV | 3,828 | 29,576 | ||||||
G4S PLC | 5,712 | 17,446 | ||||||
GKN PLC | 6,378 | 24,731 | ||||||
GlaxoSmithKline PLC | 18,435 | 344,951 | ||||||
Hammerson PLC REIT | 2,729 | 18,592 | ||||||
Hargreaves Lansdown PLC | 1,050 | 15,463 | ||||||
HSBC Holdings PLC | 76,908 | 611,238 | ||||||
ICAP PLC | 2,282 | 13,902 | ||||||
IMI PLC | 1,085 | 13,168 | ||||||
Imperial Brands PLC | 3,711 | 159,402 | ||||||
Inmarsat PLC | 1,828 | 16,251 | ||||||
InterContinental Hotels Group PLC | 715 | 29,352 | ||||||
International Consolidated Airlines Group SA | 4,106 | 22,277 | ||||||
Intertek Group PLC | 638 | 26,255 | ||||||
Intu Properties PLC REIT | 3,309 | 11,141 | ||||||
ITV PLC | 16,162 | 33,973 | ||||||
J Sainsbury PLC | 6,468 | 18,694 | ||||||
Johnson Matthey PLC | 773 | 30,273 | ||||||
Kingfisher PLC | 9,622 | 42,510 | ||||||
Land Securities Group PLC REIT | 3,251 | 39,456 | ||||||
Legal & General Group PLC | 22,559 | 66,557 | ||||||
Lloyds Banking Group PLC | 243,448 | 176,274 | ||||||
London Stock Exchange Group PLC | 1,202 | 41,328 | ||||||
Marks & Spencer Group PLC | 6,637 | 27,296 | ||||||
Meggitt PLC | 3,023 | 17,868 | ||||||
Merlin Entertainments PLC, 144A | 2,242 | 12,225 | ||||||
National Grid PLC | 14,089 | 160,981 | ||||||
Next PLC | 604 | 37,061 | ||||||
Old Mutual PLC | 18,929 | 44,976 | ||||||
Pearson PLC | 3,421 | 34,050 | ||||||
Persimmon PLC | 1,135 | 24,142 | ||||||
Petrofac Ltd. | 1,162 | 11,551 | ||||||
Provident Financial PLC | 600 | 21,884 | ||||||
Prudential PLC | 9,842 | 190,688 | ||||||
Reckitt Benckiser Group PLC | 2,513 | 212,647 | ||||||
RELX NV | 4,268 | 68,937 | ||||||
RELX PLC | 4,082 | 70,227 | ||||||
Rio Tinto Ltd. | 1,690 | 72,071 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Rio Tinto PLC | 4,661 | $ | 174,373 | |||||
Rolls-Royce Holdings PLC* | 6,915 | 58,531 | ||||||
Rolls-Royce Holdings PLC* | 331,292 | 415 | ||||||
Royal Bank of Scotland Group PLC* | 12,450 | 30,267 | ||||||
Royal Mail PLC | 2,679 | 15,707 | ||||||
RSA Insurance Group PLC | 4,041 | 27,328 | ||||||
Sage Group PLC | 4,506 | 37,069 | ||||||
Schroders PLC | 525 | 18,163 | ||||||
Segro PLC REIT | 2,596 | 13,577 | ||||||
Severn Trent PLC | 1,106 | 30,264 | ||||||
Sky PLC | 4,104 | 40,104 | ||||||
Smith & Nephew PLC | 3,329 | 46,942 | ||||||
Smiths Group PLC | 1,544 | 27,259 | ||||||
SSE PLC | 3,900 | 71,976 | ||||||
St James’s Place PLC | 2,032 | 23,899 | ||||||
Standard Chartered PLC* | 12,584 | 100,942 | ||||||
Standard Life PLC | 7,727 | 33,413 | ||||||
Tate & Lyle PLC | 2,168 | 18,391 | ||||||
Taylor Wimpey PLC | 12,098 | 22,448 | ||||||
Tesco PLC* | 30,491 | 79,620 | ||||||
Travis Perkins PLC | 895 | 15,028 | ||||||
Unilever NV | 6,390 | 256,506 | ||||||
Unilever PLC | 5,073 | 202,862 | ||||||
United Utilities Group PLC | 2,964 | 32,747 | ||||||
Vodafone Group PLC | 100,090 | 242,827 | ||||||
Weir Group PLC | 858 | 19,409 | ||||||
Whitbread PLC | 681 | 29,516 | ||||||
William Hill PLC | 3,268 | 12,320 | ||||||
Wm Morrison Supermarkets PLC (a) | 8,474 | 23,061 | ||||||
Worldpay Group PLC, 144A | 4,842 | 16,309 | ||||||
WPP PLC | 4,589 | 98,127 | ||||||
|
| |||||||
7,095,037 | ||||||||
|
| |||||||
United States(d) — 0.5% | ||||||||
Carnival PLC | 689 | 34,863 | ||||||
Shire PLC | 3,435 | 200,282 | ||||||
Thomson Reuters Corp. | 1,369 | 59,099 | ||||||
Valeant Pharmaceuticals International, Inc.* | 1,191 | 18,832 | ||||||
Yum China Holdings, Inc.* | 1,570 | 44,148 | ||||||
|
| |||||||
357,224 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 64,518,602 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.3% | ||||||||
Brazil — 0.7% | ||||||||
Banco Bradesco SA | 10,403 | 91,509 | ||||||
Braskem SA, Class A | 735 | 5,976 | ||||||
Centrais Eletricas Brasileiras SA, Class B* | 805 | 6,743 | ||||||
Cia Brasileira de Distribuicao | 651 | 10,510 | ||||||
Cia Energetica de Minas Gerais | 2,873 | 6,711 | ||||||
Cia Energetica de Sao Paulo, Class B | 606 | 2,345 | ||||||
Cia Paranaense de Energia, Class B | 346 | 2,962 | ||||||
Gerdau SA | 3,401 | 13,626 | ||||||
Itau Unibanco Holding SA | 11,977 | 125,434 | ||||||
Itausa — Investimentos Itau SA | 14,090 | 35,870 |
Number | Value | |||||||
Brazil (Continued) | ||||||||
Lojas Americanas SA | 2,302 | $ | 11,149 | |||||
Petroleo Brasileiro SA* | 14,927 | 70,618 | ||||||
Suzano Papel e Celulose SA, Class A | 1,477 | 5,612 | ||||||
Telefonica Brasil SA | 1,292 | 17,252 | ||||||
Vale SA* | 7,333 | 55,398 | ||||||
|
| |||||||
461,715 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina SA, Class B | 2,394 | 8,932 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 454 | 12,904 | ||||||
|
| |||||||
21,836 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 2,034 | 17,200 | ||||||
Grupo Aval Acciones y Valores SA | 15,199 | 5,759 | ||||||
|
| |||||||
22,959 | ||||||||
|
| |||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 226 | 16,225 | ||||||
FUCHS PETROLUB SE | 285 | 11,294 | ||||||
Henkel AG & Co. KGaA | 708 | 82,016 | ||||||
Porsche Automobil Holding SE | 582 | 29,503 | ||||||
Schaeffler AG | 694 | 8,996 | ||||||
Volkswagen AG | 721 | 93,074 | ||||||
|
| |||||||
241,108 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp. | 46 | 7,653 | ||||||
Hyundai Motor Co. | 94 | 7,703 | ||||||
Hyundai Motor Co. — 2nd Preferred | 152 | 12,911 | ||||||
LG Chem Ltd. | 46 | 6,473 | ||||||
Samsung Electronics Co. Ltd. | 72 | 83,514 | ||||||
|
| |||||||
118,254 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 865,872 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Boral Ltd.*, expires 12/09/16 | 1,464 | 254 | ||||||
|
| |||||||
Canada — 0.0% | ||||||||
Yamana Gold, Inc.*, expires 12/21/16 | 229 | 56 | ||||||
|
| |||||||
Chile — 0.0% | ||||||||
Latam Airlines Group SA*, expires 12/21/16 | 114 | 2 | ||||||
|
| |||||||
Indonesia — 0.0% | ||||||||
PT Jasa Marga Persero Tbk*, expires 12/08/16 | 1,006 | 19 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 12/06/16 | 11,595 | 479 | ||||||
|
| |||||||
TOTAL RIGHTS | 810 | |||||||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 1.5% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, | 1,030,433 | $ | 1,030,433 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% | $ | 66,415,717 | ||||||
Other assets and liabilities, net — 0.4% | 222,313 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 66,638,030 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $70,960,557. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $4,544,840. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,247,609 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,792,449. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $810,257, which is 1.2% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Securities are domiciled in the United States and trade on a non-US securities exchange. |
(e) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
E-mini MSCI Emerging Markets Index Futures | USD | 1 | $ | 43,150 | 12/16/2016 | $ | 750 | |||||||||||||
E-mini MSCI EAFE Index | USD | 2 | 163,510 | 12/16/2016 | 180 | |||||||||||||||
SGX NIFTY 50 Futures | USD | 50 | 824,000 | 12/29/2016 | (1,905 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
$ | 1,030,660 | $ | (975 | ) | ||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | AUD | 2,470,607 | USD | 1,878,099 | $ | 53,929 | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 81,900 | USD | 62,644 | 2,174 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 103,800 | USD | 78,914 | 2,273 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 448,300 | USD | 340,820 | 9,818 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 1,794,600 | USD | 1,364,345 | 39,304 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 18,000 | USD | 13,674 | 383 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | BRL | 651,530 | USD | 203,629 | 11,279 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | BRL | 2,494,994 | USD | 780,661 | 44,071 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 179,300 | USD | 55,051 | 2,116 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 805,000 | USD | 250,451 | 12,793 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 407,000 | USD | 126,626 | 6,468 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CAD | 95,000 | USD | 70,898 | 172 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CAD | 84,200 | USD | 62,836 | 151 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 3,806,688 | USD | 2,840,664 | 6,658 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 106,500 | USD | 79,510 | 223 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 1,972,200 | USD | 1,471,714 | 3,449 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 154,000 | USD | 114,919 | 269 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 88,000 | USD | 65,668 | 154 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CHF | 22,300 | USD | 22,586 | 643 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 2,527,696 | USD | 2,559,978 | 72,763 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 20,000 | USD | 20,245 | 566 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 57,700 | USD | 59,036 | 2,260 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 98,800 | USD | 100,062 | 2,844 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 1,687,774 | USD | 1,709,329 | 48,585 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CLP | 95,944,000 | USD | 146,816 | 4,938 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 54,777,280 | USD | 84,143 | 3,141 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 9,169,000 | USD | 14,084 | 526 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 4,126,000 | USD | 6,338 | 237 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | COP | 124,064,000 | USD | 41,091 | 781 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | COP | 36,438,780 | USD | 12,102 | 263 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | COP | 4,457,000 | USD | 1,480 | 32 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CZK | 228,900 | USD | 9,294 | 320 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 393,000 | USD | 15,966 | 558 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 131,900 | USD | 5,359 | 187 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 68,000 | USD | 2,782 | 116 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 23,100 | USD | 938 | 33 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | DKK | 125,000 | USD | 18,444 | 633 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 30,600 | USD | 4,549 | 189 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 4,058,000 | USD | 598,720 | 20,508 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 184,000 | USD | 27,147 | 930 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 1,596,800 | USD | 235,593 | 8,070 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 147,118 | USD | 155,545 | (426 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 83,400 | USD | 91,545 | 3,126 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 4,949,359 | USD | 5,432,020 | 184,838 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 367,500 | USD | 403,339 | 13,725 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 446,000 | USD | 492,991 | 20,153 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 7,412,965 | USD | 8,135,877 | 276,843 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 442,000 | USD | 485,104 | 16,507 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 41,000 | USD | 45,047 | 1,580 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | GBP | 3,651,136 | USD | 4,460,191 | (108,955 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 167,700 | USD | 205,528 | (4,337 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 3,501,353 | USD | 4,277,043 | (104,661 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 38,000 | USD | 46,502 | (1,053 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 84,000 | USD | 102,609 | (2,511 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 51,300 | USD | 62,665 | (1,533 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HKD | 22,141,796 | USD | 2,855,462 | 760 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 6,008,500 | USD | 774,920 | $ | 255 | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 475,800 | USD | 61,367 | 23 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 1,020,000 | USD | 131,544 | 38 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 12,068,600 | USD | 1,556,427 | 444 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HUF | 9,318,500 | USD | 33,153 | 1,579 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HUF | 583,500 | USD | 2,076 | 99 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HUF | 4,138,100 | USD | 14,723 | 701 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HUF | 7,998,300 | USD | 28,456 | 1,355 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | IDR | 2,917,359,000 | USD | 222,394 | 7,291 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 3,369,860,500 | USD | 256,497 | 8,031 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 137,191,500 | USD | 10,442 | 327 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | ILS | 686,798 | USD | 178,965 | (317 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ILS | 34,700 | USD | 9,040 | (18 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ILS | 206,500 | USD | 53,864 | (41 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ILS | 491,000 | USD | 127,917 | (254 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | INR | 23,679,246 | USD | 353,037 | 7,269 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | INR | 1,292,500 | USD | 19,311 | 438 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | INR | 28,200,731 | USD | 421,347 | 9,555 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | INR | 1,518,000 | USD | 22,680 | 514 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | JPY | 700,391,722 | USD | 6,671,725 | 547,593 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | JPY | 8,427,000 | USD | 80,270 | 6,586 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 43,700,400 | USD | 423,667 | 41,556 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 390,182,173 | USD | 3,716,355 | 304,654 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 35,788,000 | USD | 340,869 | 27,943 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 24,861,600 | USD | 236,798 | 19,412 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 3,805,000 | USD | 36,310 | 3,039 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 65,850,100 | USD | 627,200 | 51,416 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | KRW | 1,553,631,000 | USD | 1,354,635 | 25,676 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 68,934,500 | USD | 60,047 | 1,082 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 1,222,960,011 | USD | 1,065,296 | 19,190 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | MXN | 5,615,493 | USD | 297,466 | 24,722 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | MXN | 184,300 | USD | 9,763 | 812 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 82,000 | USD | 4,344 | 361 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 7,033,800 | USD | 372,623 | 30,992 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 594,100 | USD | 31,473 | 2,618 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 215,000 | USD | 11,109 | 666 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | MYR | 1,419,000 | USD | 337,295 | 19,626 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MYR | 59,000 | USD | 14,054 | 846 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MYR | 609,423 | USD | 145,170 | 8,739 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NOK | 1,468,000 | USD | 177,915 | 5,481 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | NOK | 308,300 | USD | 37,364 | 1,150 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 60,500 | USD | 7,332 | 225 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 79,500 | USD | 9,685 | 347 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 77,000 | USD | 9,331 | 287 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 296,100 | USD | 35,884 | 1,103 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 755,700 | USD | 91,582 | 2,816 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NZD | 49,016 | USD | 35,020 | 312 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 1,500 | USD | 1,072 | 10 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 179,300 | USD | 128,103 | 1,145 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 22,900 | USD | 16,361 | 146 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | PHP | 5,613,000 | USD | 115,601 | 2,743 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PHP | 303,500 | USD | 6,244 | 141 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PHP | 8,807,500 | USD | 181,187 | 4,099 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | PLN | 700,192 | USD | 177,761 | 11,174 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 12,000 | USD | 3,046 | 191 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 13,000 | USD | 3,335 | 242 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 6,100 | USD | 1,455 | 4 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 4,900 | USD | 1,244 | $ | 78 | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | RUB | 6,778,000 | USD | 106,189 | 634 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | RUB | 8,389,516 | USD | 130,984 | 333 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | RUB | 1,330,000 | USD | 20,765 | 53 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SEK | 6,362,000 | USD | 706,198 | 16,137 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | SEK | 388,700 | USD | 43,146 | 985 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 4,372,600 | USD | 485,340 | 11,061 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 271,000 | USD | 30,080 | 686 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 149,000 | USD | 16,538 | 377 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 283,000 | USD | 31,668 | 972 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 506,407 | USD | 363,853 | 10,546 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 99,100 | USD | 71,220 | 2,080 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 200,200 | USD | 143,877 | 4,202 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 11,000 | USD | 7,947 | 273 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 18,200 | USD | 13,080 | 382 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | TRY | 287,346 | USD | 92,127 | 8,592 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TRY | 292,000 | USD | 93,644 | 8,756 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TRY | 23,000 | USD | 7,376 | 690 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TRY | 45,700 | USD | 14,656 | 1,370 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | TWD | 22,001,297 | USD | 696,266 | 5,870 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 42,409,150 | USD | 1,342,062 | 11,272 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 1,310,500 | USD | 41,472 | 348 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 244,000 | USD | 7,722 | 65 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,822,846 | AUD | 2,470,607 | 1,324 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 191,824 | BRL | 651,530 | 526 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 70,640 | CAD | 95,000 | 85 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 142,598 | CLP | 95,944,000 | (720 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 40,373 | COP | 124,064,000 | (64 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 8,947 | CZK | 228,900 | 28 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 161,462 | EUR | 147,118 | (5,492 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 4,557,903 | GBP | 3,651,136 | 11,244 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 2,854,836 | HKD | 22,141,796 | (134 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 31,475 | HUF | 9,318,500 | 100 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 214,986 | IDR | 2,917,359,000 | 117 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 178,926 | ILS | 686,798 | 356 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 345,264 | INR | 23,679,246 | 504 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 6,134,317 | JPY | 700,391,722 | (10,184 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,318,984 | KRW | 1,553,631,000 | 9,975 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 273,915 | MXN | 5,615,493 | (1,171 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 318,233 | MYR | 1,419,000 | (564 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 171,980 | NOK | 1,468,000 | 453 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 34,666 | NZD | 49,016 | 41 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 112,718 | PHP | 5,613,000 | 140 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 166,284 | PLN | 700,192 | 302 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 105,093 | RUB | 6,778,000 | 461 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 687,733 | SEK | 6,362,000 | 2,329 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 352,890 | SGD | 506,407 | 417 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 83,437 | TRY | 287,346 | 98 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 689,480 | TWD | 22,001,297 | 916 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 115,259 | ZAR | 1,624,732 | 31 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 736,312 | BRL | 2,494,994 | 279 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 62,650 | CAD | 84,200 | 35 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 21,892 | CHF | 22,300 | 51 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 17,789 | DKK | 125,000 | 22 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 88,304 | EUR | 83,400 | 114 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 774,631 | HKD | 6,008,500 | 35 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 73,754 | JPY | 8,426,999 | (70 | ) |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 8,979 | MXN | 184,300 | $ | (28 | ) | ||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 36,133 | NOK | 308,300 | �� | 80 | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 42,008 | SEK | 388,700 | 153 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 743,215 | ZAR | 10,458,740 | (1,072 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,518,293 | AUD | 2,055,100 | (912 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 181,189 | AUD | 237,000 | (6,200 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 108,716 | AUD | 143,000 | (3,132 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,823 | AUD | 11,500 | (332 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 64,642 | BRL | 210,894 | (2,380 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 281,820 | BRL | 956,780 | 647 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 69,574 | BRL | 223,626 | (3,554 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 11,930 | CAD | 16,000 | (18 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 31,686 | CAD | 42,400 | (121 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,279,530 | CAD | 5,753,988 | 4,203 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 235,224 | CAD | 315,000 | (712 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,977,654 | CHF | 4,051,171 | 8,637 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 120,520 | CHF | 119,000 | (3,426 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 220,113 | CHF | 214,000 | (9,540 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,009 | CHF | 7,800 | (334 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 88,583 | CLP | 59,882,280 | (32 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 12,590 | CLP | 8,190,000 | (479 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,758 | COP | 8,494,000 | 2 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 10,517 | COP | 32,401,780 | 11 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,933 | CZK | 47,000 | (90 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 22,308 | CZK | 569,000 | 1 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 45,976 | DKK | 308,000 | (2,090 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 751,629 | DKK | 5,271,400 | (522 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 42,787 | DKK | 290,000 | (1,466 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,115 | EUR | 1,000 | (55 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 13,679,417 | EUR | 12,894,082 | (9,444 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,997 | EUR | 4,500 | (226 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,546 | EUR | 3,200 | (154 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 100,000 | EUR | 90,041 | (4,540 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 739,646 | EUR | 666,000 | (33,570 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,970,143 | GBP | 3,177,453 | 6,222 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 432,851 | GBP | 352,000 | 7,653 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 366,462 | GBP | 300,000 | 8,967 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 14,389 | GBP | 11,700 | 252 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,503 | GBP | 1,200 | (1 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,273,839 | HKD | 9,880,600 | 50 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 10,988 | HKD | 85,200 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 31,029 | HKD | 240,600 | (9 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 258,449 | HKD | 2,004,000 | (77 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 174,619 | HKD | 1,354,000 | (50 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,398 | HUF | 1,221,000 | (261 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 38,953 | HUF | 11,498,900 | 10 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 24,527 | IDR | 321,058,000 | (855 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 11,506 | IDR | 151,164,000 | (360 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 224,802 | IDR | 3,034,830,000 | (1,038 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 12,245 | ILS | 47,000 | 24 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 443 | ILS | 1,700 | 1 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 161,256 | ILS | 614,500 | (848 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 18,104 | ILS | 69,000 | (92 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 35,676 | INR | 2,390,000 | (776 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 416,915 | INR | 28,621,231 | 1,016 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 555,160 | JPY | 57,341,000 | (53,778 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,367,443 | JPY | 497,595,871 | (16,531 | ) |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 37,648 | JPY | 3,876,200 | $ | (3,755 | ) | ||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 51,457 | JPY | 5,374,200 | (4,466 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 38,943 | KRW | 44,706,000 | (702 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 933,973 | KRW | 1,099,286,511 | 6,344 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 129,195 | KRW | 147,902,000 | (2,681 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 353,654 | MXN | 7,239,900 | (2,012 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 35,237 | MXN | 685,000 | (1,967 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 6,908 | MYR | 29,000 | (416 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 115,432 | MYR | 517,423 | 403 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 29,180 | MYR | 122,000 | (1,868 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 131,540 | NOK | 1,119,800 | (7 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 18,187 | NOK | 149,000 | (686 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,565 | NZD | 7,600 | (184 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,732 | NZD | 12,000 | (235 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 122,679 | NZD | 173,100 | (111 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 7,859 | NZD | 11,000 | (70 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 14,708 | PHP | 711,000 | (413 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 12,302 | PHP | 598,000 | (278 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 156,982 | PHP | 7,802,000 | (111 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 9,237 | PLN | 36,000 | (672 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 25,843 | RUB | 1,652,000 | (116 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 125,957 | RUB | 8,067,516 | (320 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 64,695 | SEK | 578,000 | (2,002 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 486,067 | SEK | 4,486,800 | 599 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,208 | SEK | 10,800 | (37 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 32,523 | SGD | 45,000 | (1,127 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 17,248 | SGD | 24,000 | (504 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 181,161 | SGD | 259,500 | (115 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 95,493 | TRY | 327,700 | (226 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 10,518 | TRY | 33,000 | (924 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 104,633 | TWD | 3,295,000 | (1,237 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,276,881 | TWD | 40,668,650 | (708 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 221,535 | ZAR | 3,107,300 | (1,043 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,678 | ZAR | 63,500 | (172 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 57,986 | ZAR | 786,000 | (2,212 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 66,086 | ZAR | 897,000 | (2,436 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | ZAR | 1,624,732 | USD | 119,711 | 4,421 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | ZAR | 10,458,740 | USD | 770,754 | 28,611 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 3,689,100 | USD | 271,794 | 10,018 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 394,000 | USD | 29,044 | 1,086 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 770,700 | USD | 56,882 | 2,194 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | AED | 476,800 | USD | 129,742 | (74 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | AED | 12,700 | USD | 3,456 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | AED | 8,000 | USD | 2,177 | (1 | ) | |||||||||||
JP Morgan & Chase Co. | 12/6/2016 | EGP | 343,000 | USD | 31,041 | 11,867 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | EGP | 93,000 | USD | 8,900 | 3,701 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | QAR | 380,100 | USD | 104,194 | (180 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 10,506,931 | USD | 299,774 | 5,306 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 293,000 | USD | 8,360 | 148 | ||||||||||||
JP Morgan & Chase Co. | 12/6/2016 | USD | 19,324 | EGP | 343,000 | (150 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 120,490 | AED | 442,500 | (13 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 8,707 | AED | 32,000 | 5 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 6,262 | AED | 23,000 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 5,138 | EGP | 93,000 | 61 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 5,076 | QAR | 18,488 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 99,358 | QAR | 361,612 | (60 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 17,682 | THB | 618,000 | (362 | ) |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 285,407 | THB | 10,181,931 | $ | (47 | ) | ||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | AED | 486,000 | USD | 132,284 | (18 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | AUD | 4,771,000 | USD | 3,517,434 | (2,368 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | BRL | 3,840,000 | USD | 1,119,207 | (3,779 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | CAD | 6,376,000 | USD | 4,744,754 | (3,852 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | CHF | 4,050,000 | USD | 3,982,693 | (12,188 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | CLP | 130,815,000 | USD | 193,619 | 638 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | COP | 229,373,000 | USD | 73,920 | (165 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | CZK | 972,000 | USD | 38,052 | (206 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | DKK | 5,501,000 | USD | 781,758 | (3,514 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | EUR | 12,988,000 | USD | 13,756,903 | (37,641 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | GBP | 6,705,000 | USD | 8,379,252 | (20,247 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | HKD | 39,630,000 | USD | 5,110,425 | (102 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | HUF | 18,142,000 | USD | 61,315 | (218 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | IDR | 5,699,849,000 | USD | 416,808 | (1,504 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | ILS | 542,000 | USD | 141,264 | (333 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | KRW | 2,712,340,000 | USD | 2,302,496 | (17,529 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | MXN | 11,593,000 | USD | 562,606 | 1,714 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | MYR | 2,031,000 | USD | 451,434 | (2,689 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | NOK | 2,943,000 | USD | 344,969 | (783 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | PHP | 13,653,000 | USD | 272,515 | (1,825 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | PLN | 653,000 | USD | 155,291 | (5 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | QAR | 470,000 | USD | 129,057 | 101 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 11,592,000 | USD | 1,258,400 | (1,610 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 922,000 | USD | 643,646 | 356 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | THB | 8,826,000 | USD | 247,192 | (115 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | TRY | 656,000 | USD | 191,162 | 1,848 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | TWD | 62,875,000 | USD | 1,964,844 | (10,221 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | ZAR | 14,474,000 | USD | 1,025,198 | 4,836 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | JPY | 1,289,623,000 | USD | 11,309,804 | 10,629 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | NZD | 183,000 | USD | 129,244 | (191 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/10/2017 | RUB | 6,424,000 | USD | 98,983 | (196 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 1,780,349 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EGP | Egyptian Pound |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli New Sheqel |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PHP | Phillippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 64,518,602 | $ | — | $ | 0 | $ | 64,518,602 | ||||||||
Preferred Stocks (g) | 865,872 | — | — | 865,872 | ||||||||||||
Rights (g) | 810 | — | — | 810 | ||||||||||||
Short-Term Investments | 1,030,433 | — | �� | — | 1,030,433 | |||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 930 | — | — | 930 | ||||||||||||
Forward Foreign Currency Exchange Contracts | — | 2,337,963 | — | 2,337,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 66,416,647 | $ | 2,337,963 | $ | 0 | $ | 68,754,610 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | $ | (1,905 | ) | $ | — | $ | — | $ | (1,905 | ) | ||||||
Forward Foreign Currency Exchange Contracts | — | (557,614 | ) | — | (557,614 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,905 | ) | $ | (557,614 | ) | $ | — | $ | (559,519 | ) | |||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.1% | ||||||||
Australia — 20.0% | ||||||||
AGL Energy Ltd. | 734 | $ | 11,372 | |||||
Alumina Ltd. (a) | 3,413 | 4,171 | ||||||
Amcor Ltd. | 1,372 | 14,569 | ||||||
AMP Ltd. | 2,870 | 9,961 | ||||||
APA Group (b) | 1,416 | 8,334 | ||||||
Aristocrat Leisure Ltd. | 521 | 5,771 | ||||||
ASX Ltd. | 211 | 7,582 | ||||||
Aurizon Holdings Ltd. | 2,663 | 9,793 | ||||||
AusNet Services | 3,161 | 3,466 | ||||||
Australia & New Zealand Banking Group Ltd. | 3,178 | 66,672 | ||||||
Bank of Queensland Ltd. | 432 | 3,586 | ||||||
Bendigo & Adelaide Bank Ltd. | 518 | 4,609 | ||||||
BHP Billiton Ltd. | 3,456 | 62,296 | ||||||
Boral Ltd. | 843 | 3,131 | ||||||
Brambles Ltd. | 1,808 | 15,728 | ||||||
Caltex Australia Ltd. | 219 | 4,860 | ||||||
Challenger Ltd. | 559 | 4,396 | ||||||
CIMIC Group Ltd. | 121 | 2,754 | ||||||
Coca-Cola Amatil Ltd. | 843 | 5,970 | ||||||
Cochlear Ltd. | 66 | 5,785 | ||||||
Commonwealth Bank of Australia | 1,882 | 109,305 | ||||||
Computershare Ltd. | 573 | 4,908 | ||||||
Crown Resorts Ltd. | 290 | 2,514 | ||||||
CSL Ltd. | 516 | 37,342 | ||||||
Dexus Property Group REIT | 986 | 6,640 | ||||||
Domino’s Pizza Enterprises Ltd. | 52 | 2,603 | ||||||
DUET Group (b) | 2,108 | 3,705 | ||||||
Flight Centre Travel Group Ltd. | 30 | 740 | ||||||
Fortescue Metals Group Ltd. | 1,744 | 7,560 | ||||||
Goodman Group REIT | 1,509 | 7,444 | ||||||
GPT Group REIT | 2,185 | 7,809 | ||||||
Harvey Norman Holdings Ltd. | 958 | 3,360 | ||||||
Healthscope Ltd. | 2,210 | 3,672 | ||||||
Incitec Pivot Ltd. | 1,934 | 4,499 | ||||||
Insurance Australia Group Ltd. | 2,905 | 11,992 | ||||||
LendLease Group (b) | 417 | 4,191 | ||||||
Macquarie Group Ltd. | 325 | 20,136 | ||||||
Medibank Pvt Ltd. | 4,011 | 7,701 | ||||||
Mirvac Group REIT | 3,678 | 5,568 | ||||||
National Australia Bank Ltd. | 2,896 | 61,868 | ||||||
Newcrest Mining Ltd. | 885 | 12,770 | ||||||
Oil Search Ltd. | 1,259 | 5,997 | ||||||
Orica Ltd. | 431 | 5,404 | ||||||
Origin Energy Ltd. | 1,776 | 7,790 | ||||||
Platinum Asset Management Ltd. | 139 | 562 | ||||||
Qantas Airways Ltd. | 698 | 1,701 | ||||||
QBE Insurance Group Ltd. | 1,658 | 13,676 | ||||||
Ramsay Health Care Ltd. | 171 | 8,942 | ||||||
REA Group Ltd. | 37 | 1,410 | ||||||
Santos Ltd. | 1,509 | 4,379 | ||||||
Scentre Group REIT | 5,499 | 17,217 | ||||||
SEEK Ltd. | 351 | 3,839 | ||||||
Sonic Healthcare Ltd. | 548 | 8,822 | ||||||
South32 Ltd. | 5,813 | 11,633 | ||||||
Stockland REIT | 2,317 | 7,409 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Suncorp Group Ltd. | 1,567 | $ | 14,464 | |||||
Sydney Airport (b) | 1,486 | 6,891 | ||||||
Tabcorp Holdings Ltd. (a) | 470 | 1,628 | ||||||
Tatts Group Ltd. | 1,416 | 4,381 | ||||||
Telstra Corp. Ltd. | 4,586 | 17,102 | ||||||
TPG Telecom Ltd. (a) | 324 | 1,708 | ||||||
Transurban Group (b) | 2,438 | 18,976 | ||||||
Treasury Wine Estates Ltd. | 988 | 7,872 | ||||||
Vicinity Centres REIT | 3,950 | 8,517 | ||||||
Vocus Communications Ltd. | 339 | 1,044 | ||||||
Wesfarmers Ltd. | 1,227 | 37,856 | ||||||
Westfield Corp. REIT | 2,161 | 14,586 | ||||||
Westpac Banking Corp. | 3,598 | 83,082 | ||||||
Woodside Petroleum Ltd. | 813 | 17,783 | ||||||
Woolworths Ltd. | 1,431 | 24,188 | ||||||
|
| |||||||
939,992 | ||||||||
|
| |||||||
China — 21.8% | ||||||||
3SBio, Inc., 144A* | 1,700 | 1,808 | ||||||
58.com, Inc., ADR*(a) | 46 | 1,475 | ||||||
AAC Technologies Holdings, Inc. | 985 | 8,915 | ||||||
Agricultural Bank of China Ltd., Class H | 25,380 | 10,634 | ||||||
Air China Ltd., Class H | 1,467 | 1,006 | ||||||
Alibaba Group Holding Ltd., ADR* | 1,233 | 115,927 | ||||||
Aluminum Corp. of China Ltd., Class H* | 6,222 | 2,775 | ||||||
Anhui Conch Cement Co. Ltd., Class H (a) | 1,689 | 4,889 | ||||||
ANTA Sports Products Ltd. | 935 | 2,742 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 3,428 | 2,373 | ||||||
Baidu, Inc., ADR* | 291 | 48,582 | ||||||
Bank of China Ltd., Class H | 85,629 | 38,970 | ||||||
Bank of Communications Co. Ltd., Class H | 9,494 | 7,295 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 3,515 | 3,467 | ||||||
Belle International Holdings Ltd. | 8,337 | 4,783 | ||||||
BYD Co. Ltd., Class H | 737 | 4,437 | ||||||
CGN Power Co. Ltd., Class H, 144A | 9,850 | 2,959 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 8,594 | 3,102 | ||||||
China CITIC Bank Corp. Ltd., Class H | 9,994 | 6,520 | ||||||
China Communications Construction Co. Ltd., Class H | 5,832 | 6,993 | ||||||
China Communications Services Corp. Ltd., Class H | 3,204 | 1,888 | ||||||
China Conch Venture Holdings Ltd. | 1,420 | 2,618 | ||||||
China Construction Bank Corp., Class H | 90,006 | 67,071 | ||||||
China Everbright Bank Co. Ltd., Class H | 5,450 | 2,586 | ||||||
China Evergrande Group | 7,111 | 4,859 | ||||||
China Galaxy Securities Co. Ltd., Class H | 3,477 | 3,452 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 9,058 | 3,387 | ||||||
China Life Insurance Co. Ltd., Class H | 7,440 | 21,630 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 5,412 | 4,235 | ||||||
China Medical System Holdings Ltd. | 2,248 | 3,750 | ||||||
China Mengniu Dairy Co. Ltd. | 3,800 | 7,790 | ||||||
China Merchants Bank Co. Ltd., Class H | 4,369 | 10,792 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 7,064 | 7,978 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China National Building Material Co. Ltd., Class H | 1,811 | $ | 915 | |||||
China Oilfield Services Ltd., Class H | 2,283 | 2,163 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 2,899 | 11,269 | ||||||
China Petroleum & Chemical Corp., Class H | 27,267 | 19,053 | ||||||
China Railway Construction Corp. Ltd., Class H | 2,892 | 4,109 | ||||||
China Railway Group Ltd., Class H | 3,185 | 2,874 | ||||||
China Shenhua Energy Co. Ltd., Class H | 3,984 | 8,249 | ||||||
China Southern Airlines Co. Ltd., Class H | 1,598 | 917 | ||||||
China Telecom Corp. Ltd., Class H | 16,419 | 7,938 | ||||||
China Vanke Co. Ltd., Class H | 1,932 | 5,928 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,152 | 719 | ||||||
CITIC Securities Co. Ltd., Class H | 1,904 | 4,458 | ||||||
CNOOC Ltd. | 19,713 | 24,856 | ||||||
Country Garden Holdings Co. Ltd. | 7,878 | 4,408 | ||||||
CRRC Corp. Ltd., Class H | 5,909 | 5,835 | ||||||
CSPC Pharmaceutical Group Ltd. | 5,035 | 5,407 | ||||||
Ctrip.com International, Ltd., ADR* | 394 | 17,821 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 3,989 | 4,058 | ||||||
ENN Energy Holdings Ltd. | 1,149 | 5,288 | ||||||
Fosun International Ltd. | 3,307 | 4,903 | ||||||
Geely Automobile Holdings Ltd. | 7,634 | 7,893 | ||||||
GF Securities Co. Ltd., Class H | 1,262 | 2,955 | ||||||
GOME Electrical Appliances Holding Ltd. (a) | 10,737 | 1,398 | ||||||
Great Wall Motor Co. Ltd., Class H | 3,605 | 3,393 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 3,989 | 5,225 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 1,655 | 2,104 | ||||||
Haitian International Holdings Ltd. | 797 | 1,593 | ||||||
Haitong Securities Co. Ltd., Class H | 2,948 | 5,686 | ||||||
Hengan International Group Co. Ltd. | 912 | 7,178 | ||||||
Huaneng Power International, Inc., Class H | 5,188 | 3,251 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 3,599 | 1,160 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 1,478 | 3,396 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 81,043 | 49,630 | ||||||
JD.com, Inc., ADR* | 717 | 19,266 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 2,916 | 3,887 | ||||||
Jiangxi Copper Co. Ltd., Class H | 1,722 | 2,633 | ||||||
Kingsoft Corp. Ltd. (a) | 871 | 1,956 | ||||||
Lenovo Group Ltd. (a) | 8,633 | 5,354 | ||||||
Longfor Properties Co. Ltd. | 2,280 | 2,931 | ||||||
NetEase, Inc., ADR | 78 | 17,480 | ||||||
New China Life Insurance Co. Ltd., Class H | 722 | 3,653 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 173 | 8,679 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 7,207 | 3,038 | ||||||
PetroChina Co. Ltd., Class H | 23,225 | 15,780 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 4,729 | 7,926 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 5,429 | 30,027 |
Number | Value | |||||||
China (Continued) | ||||||||
Qunar Cayman Islands Ltd., ADR* | 23 | $ | 691 | |||||
Semiconductor Manufacturing International Corp.* | 31,072 | 4,206 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 4,184 | 2,891 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 4,999 | 2,410 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 831 | 2,614 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 1,294 | 3,236 | ||||||
Shenzhou International Group Holdings Ltd. | 1,095 | 6,734 | ||||||
SINA Corp.* | 61 | 4,701 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 3,324 | 2,871 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 6,532 | 3,436 | ||||||
Sinopharm Group Co. Ltd., Class H | 1,653 | 7,715 | ||||||
Sinotrans Ltd., Class H | 2,332 | 1,166 | ||||||
SOHO China Ltd. | 1,298 | 688 | ||||||
Sunac China Holdings Ltd. | 2,224 | 1,689 | ||||||
Sunny Optical Technology Group Co. Ltd. | 1,000 | 5,034 | ||||||
TAL Education Group, ADR* | 35 | 2,679 | ||||||
Tencent Holdings Ltd. | 6,132 | 153,132 | ||||||
Tingyi Cayman Islands Holding Corp. | 2,687 | 3,194 | ||||||
TravelSky Technology Ltd., Class H | 1,192 | 2,499 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,114 | 4,395 | ||||||
Vipshop Holdings Ltd., ADR* | 325 | 3,646 | ||||||
Want Want China Holdings Ltd. | 8,272 | 5,279 | ||||||
Weichai Power Co. Ltd., Class H | 1,995 | 3,215 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 3,202 | 1,832 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 653 | 456 | ||||||
YY, Inc., ADR*(a) | 31 | 1,341 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 2,697 | 2,882 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 696 | 3,778 | ||||||
Zijin Mining Group Co. Ltd., Class H | 11,190 | 3,751 | ||||||
ZTE Corp., Class H | 1,127 | 1,831 | ||||||
|
| |||||||
1,024,320 | ||||||||
|
| |||||||
Hong Kong — 13.7% | ||||||||
AIA Group Ltd. | 13,174 | 80,337 | ||||||
Alibaba Health Information Technology Ltd.* | 6,428 | 3,597 | ||||||
Alibaba Pictures Group Ltd.* | 12,967 | 2,491 | ||||||
ASM Pacific Technology Ltd. | 420 | 4,199 | ||||||
Bank of East Asia Ltd. | 1,148 | 4,758 | ||||||
Beijing Enterprises Holdings Ltd. | 992 | 4,579 | ||||||
Beijing Enterprises Water Group Ltd.* | 7,105 | 5,139 | ||||||
BOC Hong Kong Holdings Ltd. | 3,985 | 14,950 | ||||||
Brilliance China Automotive Holdings Ltd. (a) | 3,941 | 5,518 | ||||||
Cathay Pacific Airways Ltd. (a) | 1,088 | 1,473 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 455 | 3,801 | ||||||
Cheung Kong Property Holdings Ltd. | 2,922 | 20,004 | ||||||
China Everbright International Ltd. | 3,534 | 4,283 | ||||||
China Everbright Ltd. | 1,132 | 2,285 | ||||||
China Gas Holdings Ltd. | 3,086 | 4,082 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China Jinmao Holdings Group Ltd. | 7,239 | $ | 1,941 | |||||
China Merchants Port Holdings Co. Ltd. | 1,911 | 4,799 | ||||||
China Mobile Ltd. | 6,360 | 69,409 | ||||||
China Overseas Land & Investment Ltd. | 4,557 | 13,160 | ||||||
China Power International Development Ltd. | 2,179 | 806 | ||||||
China Resources Beer Holdings Co. Ltd.* | 1,763 | 3,732 | ||||||
China Resources Gas Group Ltd. | 1,734 | 5,142 | ||||||
China Resources Land Ltd. | 2,392 | 5,810 | ||||||
China Resources Power Holdings Co. Ltd. | 3,394 | 5,583 | ||||||
China State Construction International Holdings Ltd. | 2,541 | 4,108 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 1,485 | 3,400 | ||||||
China Unicom Hong Kong Ltd. | 6,809 | 8,269 | ||||||
CITIC Ltd. | 3,995 | 6,150 | ||||||
CK Hutchison Holdings Ltd. | 3,123 | 38,049 | ||||||
CLP Holdings Ltd. | 1,542 | 15,079 | ||||||
COSCO SHIPPING Ports Ltd. | 1,596 | 1,671 | ||||||
Far East Horizon Ltd. | 2,992 | 2,704 | ||||||
First Pacific Co. Ltd. | 1,995 | 1,402 | ||||||
Fullshare Holdings Ltd. | 7,500 | 3,993 | ||||||
Galaxy Entertainment Group Ltd. | 2,520 | 12,508 | ||||||
GCL-Poly Energy Holdings Ltd. | 11,663 | 1,564 | ||||||
Guangdong Investment Ltd. | 3,234 | 4,528 | ||||||
Haier Electronics Group Co. Ltd. | 1,586 | 2,646 | ||||||
Hanergy Thin Film Power Group Ltd.* | 36,273 | 0 | ||||||
Hang Lung Group Ltd. | 1,000 | 3,674 | ||||||
Hang Lung Properties Ltd. | 2,786 | 6,279 | ||||||
Hang Seng Bank Ltd. | 919 | 17,417 | ||||||
Henderson Land Development Co. Ltd. | 1,444 | 7,977 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (b) | 3,000 | 2,646 | ||||||
HKT Trust & HKT Ltd. (b) | 3,000 | 3,914 | ||||||
Hong Kong & China Gas Co. Ltd. | 7,368 | 13,717 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,254 | 32,981 | ||||||
Hongkong Land Holdings Ltd. | 1,300 | 8,333 | ||||||
Hysan Development Co. Ltd. | 842 | 3,713 | ||||||
Jardine Matheson Holdings Ltd. | 300 | 16,260 | ||||||
Kerry Properties Ltd. | 848 | 2,427 | ||||||
Kunlun Energy Co. Ltd. | 4,817 | 3,521 | ||||||
Li & Fung Ltd. | 7,063 | 3,096 | ||||||
Link REIT | 2,701 | 18,595 | ||||||
Melco Crown Entertainment Ltd., ADR (a) | 111 | 2,182 | ||||||
MTR Corp. Ltd. | 1,587 | 7,939 | ||||||
New World Development Co. Ltd. | 6,296 | 7,013 | ||||||
Nine Dragons Paper Holdings Ltd. | 1,997 | 1,753 | ||||||
Noble Group Ltd.* | 52 | 6 | ||||||
NWS Holdings Ltd. | 1,208 | 2,087 | ||||||
PCCW Ltd. | 5,000 | 2,907 | ||||||
Power Assets Holdings Ltd. | 1,452 | 13,853 | ||||||
Shanghai Industrial Holdings Ltd. | 336 | 947 | ||||||
Shangri-La Asia Ltd. | 792 | 863 | ||||||
Shimao Property Holdings Ltd. | 1,407 | 1,839 | ||||||
Sino Biopharmaceutical Ltd. | 5,185 | 3,556 | ||||||
Sino Land Co. Ltd. | 3,678 | 5,785 | ||||||
SJM Holdings Ltd. | 3,040 | 2,461 | ||||||
Sun Art Retail Group Ltd. | 5,048 | 4,282 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Sun Hung Kai Properties Ltd. | 1,757 | $ | 22,992 | |||||
Swire Pacific Ltd., Class A | 598 | 5,956 | ||||||
Swire Properties Ltd. | 1,236 | 3,737 | ||||||
Techtronic Industries Co. Ltd. | 1,278 | 4,984 | ||||||
WH Group Ltd., 144A | 7,712 | 6,413 | ||||||
Wharf Holdings Ltd. | 1,607 | 11,913 | ||||||
Wheelock & Co. Ltd. | 1,088 | 6,466 | ||||||
Yue Yuen Industrial Holdings Ltd. | 412 | 1,485 | ||||||
|
| |||||||
643,918 | ||||||||
|
| |||||||
India — 4.9% | ||||||||
Axis Bank Ltd., GDR | 1,200 | 41,640 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 319 | 14,907 | ||||||
ICICI Bank Ltd., ADR | 6,076 | 47,636 | ||||||
Infosys Ltd., ADR | 1,393 | 20,171 | ||||||
Larsen & Toubro Ltd., GDR | 1,512 | 30,164 | ||||||
Reliance Industries Ltd., GDR, 144A (a) | 1,174 | 33,635 | ||||||
Tata Motors Ltd., ADR | 669 | 22,124 | ||||||
Wipro Ltd., ADR | 1,987 | 19,055 | ||||||
|
| |||||||
229,332 | ||||||||
|
| |||||||
Indonesia — 2.4% | ||||||||
PT Adaro Energy Tbk | 16,215 | 1,831 | ||||||
PT AKR Corporindo Tbk | 1,439 | 709 | ||||||
PT Astra International Tbk | 24,446 | 13,619 | ||||||
PT Bank Central Asia Tbk | 14,275 | 15,062 | ||||||
PT Bank Danamon Indonesia Tbk | 3,071 | 736 | ||||||
PT Bank Mandiri Persero Tbk | 9,178 | 7,111 | ||||||
PT Bank Negara Indonesia Persero Tbk | 4,321 | 1,650 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 11,238 | 9,039 | ||||||
PT Bumi Serpong Damai Tbk | 8,011 | 1,005 | ||||||
PT Charoen Pokphand Indonesia Tbk | 7,443 | 1,730 | ||||||
PT Gudang Garam Tbk | 628 | 3,012 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 11,075 | 3,105 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 2,877 | 3,391 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 3,891 | 2,483 | ||||||
PT Indofood Sukses Makmur Tbk | 4,467 | 2,497 | ||||||
PT Jasa Marga Persero Tbk | 4,658 | 1,426 | ||||||
PT Kalbe Farma Tbk | 30,802 | 3,409 | ||||||
PT Lippo Karawaci Tbk | 26,992 | 1,524 | ||||||
PT Matahari Department Store Tbk | 3,663 | 3,892 | ||||||
PT Media Nusantara Citra Tbk | 4,923 | 630 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 15,646 | 3,059 | ||||||
PT Semen Indonesia Persero Tbk | 5,379 | 3,523 | ||||||
PT Summarecon Agung Tbk | 6,234 | 651 | ||||||
PT Surya Citra Media Tbk | 10,114 | 1,873 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 60,522 | 16,881 | ||||||
PT Tower Bersama Infrastructure Tbk | 4,061 | 1,663 | ||||||
PT Unilever Indonesia Tbk | 1,711 | 5,116 | ||||||
PT United Tractors Tbk | 1,322 | 2,048 | ||||||
PT Waskita Karya Persero Tbk | 3,800 | 715 | ||||||
PT XL Axiata Tbk* | 7,701 | 1,307 | ||||||
|
| |||||||
114,697 | ||||||||
|
| |||||||
Ireland — 0.2% | ||||||||
James Hardie Industries PLC CDI (c) | 522 | 8,025 | ||||||
|
|
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Macau — 0.4% | ||||||||
MGM China Holdings Ltd. | 1,045 | $ | 2,320 | |||||
Sands China Ltd. | 2,615 | 12,879 | ||||||
Wynn Macau Ltd. | 1,695 | 3,142 | ||||||
|
| |||||||
18,341 | ||||||||
|
| |||||||
Malaysia — 2.5% | ||||||||
Alliance Financial Group Bhd | 1,976 | 1,703 | ||||||
AMMB Holdings Bhd | 3,000 | 2,808 | ||||||
Astro Malaysia Holdings Bhd | 2,700 | 1,578 | ||||||
Axiata Group Bhd | 1,600 | 1,501 | ||||||
Berjaya Sports Toto Bhd | 3,095 | 2,169 | ||||||
British American Tobacco Malaysia Bhd | 250 | 2,474 | ||||||
CIMB Group Holdings Bhd | 3,300 | 3,377 | ||||||
Dialog Group Bhd | 1,000 | 358 | ||||||
DiGi.Com Bhd | 5,202 | 5,673 | ||||||
Gamuda Bhd | 400 | 430 | ||||||
Genting Bhd | 1,800 | 3,208 | ||||||
Genting Malaysia Bhd | 3,253 | 3,402 | ||||||
Genting Plantations Bhd | 100 | 240 | ||||||
HAP Seng Consolidated Bhd | 300 | 533 | ||||||
Hartalega Holdings Bhd | 1,500 | 1,646 | ||||||
Hong Leong Bank Bhd | 1,351 | 4,023 | ||||||
Hong Leong Financial Group Bhd | 625 | 2,099 | ||||||
IHH Healthcare Bhd | 4,676 | 6,910 | ||||||
IJM Corp. Bhd | 1,900 | 1,374 | ||||||
IOI Corp. Bhd | 2,000 | 1,948 | ||||||
IOI Properties Group Bhd | 2,300 | 1,076 | ||||||
Kuala Lumpur Kepong Bhd | 800 | 4,278 | ||||||
Lafarge Malaysia Bhd | 1,200 | 1,935 | ||||||
Malayan Banking Bhd | 3,827 | 6,658 | ||||||
Malaysia Airports Holdings Bhd | 1,025 | 1,457 | ||||||
Maxis Bhd | 3,201 | 4,279 | ||||||
MISC Bhd | 1,725 | 2,835 | ||||||
Petronas Chemicals Group Bhd | 2,500 | 3,823 | ||||||
Petronas Dagangan Bhd | 300 | 1,545 | ||||||
Petronas Gas Bhd | 1,175 | 5,520 | ||||||
PPB Group Bhd | 400 | 1,401 | ||||||
Public Bank Bhd | 2,926 | 12,828 | ||||||
Sime Darby Bhd | 2,528 | 4,506 | ||||||
Telekom Malaysia Bhd | 2,251 | 3,110 | ||||||
Tenaga Nasional Bhd | 3,600 | 11,318 | ||||||
UMW Holdings Bhd | 1,776 | 2,044 | ||||||
Westports Holdings Bhd | 1,600 | 1,566 | ||||||
YTL Power International Bhd | 6,131 | 1,936 | ||||||
|
| |||||||
119,569 | ||||||||
|
| |||||||
New Zealand — 0.5% | ||||||||
Auckland International Airport Ltd. | 1,101 | 4,799 | ||||||
Contact Energy Ltd. | 859 | 2,859 | ||||||
Fletcher Building Ltd. | 990 | 7,208 | ||||||
Mercury NZ Ltd. | 762 | 1,624 | ||||||
Ryman Healthcare Ltd. | 408 | 2,528 | ||||||
Spark New Zealand Ltd. | 1,751 | 4,508 | ||||||
|
| |||||||
23,526 | ||||||||
|
| |||||||
Philippines — 1.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 3,597 | 5,298 | ||||||
Aboitiz Power Corp. | 3,950 | 3,407 |
Number | Value | |||||||
Philippines (Continued) | ||||||||
Alliance Global Group, Inc. | 600 | $ | 157 | |||||
Ayala Corp. | 245 | 3,577 | ||||||
Ayala Land, Inc. | 6,426 | 4,251 | ||||||
Bank of the Philippine Islands | 2,698 | 4,883 | ||||||
BDO Unibank, Inc. | 1,350 | 3,040 | ||||||
DMCI Holdings, Inc. | 6,600 | 1,792 | ||||||
Energy Development Corp. | 18,100 | 1,853 | ||||||
Globe Telecom, Inc. | 55 | 1,615 | ||||||
GT Capital Holdings, Inc. | 100 | 2,331 | ||||||
International Container Terminal Services, Inc. | 2,083 | 3,024 | ||||||
JG Summit Holdings, Inc. | 2,860 | 3,925 | ||||||
Jollibee Foods Corp. | 478 | 2,074 | ||||||
Metro Pacific Investments Corp. | 16,600 | 2,070 | ||||||
Metropolitan Bank & Trust Co. | 310 | 467 | ||||||
PLDT, Inc. | 155 | 3,946 | ||||||
Robinsons Land Corp. | 1,200 | 621 | ||||||
Security Bank Corp. | 400 | 1,460 | ||||||
SM Investments Corp. | 187 | 2,346 | ||||||
SM Prime Holdings, Inc. | 9,157 | 4,880 | ||||||
Universal Robina Corp. | 960 | 3,280 | ||||||
|
| |||||||
60,297 | ||||||||
|
| |||||||
Singapore — 3.5% | ||||||||
Ascendas Real Estate Investment Trust REIT | 2,650 | 4,345 | ||||||
CapitaLand Commercial Trust REIT | 2,850 | 3,042 | ||||||
CapitaLand Ltd. | 3,151 | 6,771 | ||||||
CapitaLand Mall Trust REIT | 2,901 | 3,947 | ||||||
City Developments Ltd. | 650 | 3,827 | ||||||
ComfortDelGro Corp. Ltd. | 1,800 | 3,164 | ||||||
DBS Group Holdings Ltd. | 1,900 | 23,264 | ||||||
Genting Singapore PLC | 5,003 | 3,386 | ||||||
Global Logistic Properties Ltd. | 3,801 | 5,463 | ||||||
Golden Agri-Resources Ltd. | 10,303 | 3,091 | ||||||
Hutchison Port Holdings Trust, Class U | 6,852 | 2,878 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 2,801 | ||||||
Keppel Corp. Ltd. | 2,000 | 7,604 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,050 | 19,321 | ||||||
Sembcorp Industries Ltd. | 950 | 1,789 | ||||||
Sembcorp Marine Ltd. | 50 | 49 | ||||||
Singapore Airlines Ltd. | 300 | 2,093 | ||||||
Singapore Exchange Ltd. | 850 | 4,329 | ||||||
Singapore Press Holdings Ltd. (a) | 1,050 | 2,747 | ||||||
Singapore Technologies Engineering Ltd. | 2,150 | 5,070 | ||||||
Singapore Telecommunications Ltd. | 8,803 | 23,215 | ||||||
StarHub Ltd. | 500 | 1,005 | ||||||
Suntec Real Estate Investment Trust REIT | 800 | 946 | ||||||
United Overseas Bank Ltd. | 1,500 | 21,359 | ||||||
UOL Group Ltd. | 850 | 3,499 | ||||||
Wilmar International Ltd. | 2,850 | 6,999 | ||||||
|
| |||||||
166,004 | ||||||||
|
| |||||||
South Korea — 13.0% | ||||||||
Amorepacific Corp. | 40 | 11,223 | ||||||
AMOREPACIFIC Group | 40 | 4,414 | ||||||
BGF retail Co. Ltd. | 32 | 2,381 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
BNK Financial Group, Inc. | 280 | $ | 2,146 | |||||
Celltrion, Inc.* | 91 | 7,971 | ||||||
Cheil Worldwide, Inc. | 150 | 1,918 | ||||||
CJ CheilJedang Corp. | 8 | 2,628 | ||||||
CJ Corp. | 20 | 3,002 | ||||||
CJ E&M Corp. | 25 | 1,206 | ||||||
CJ Korea Express Corp.* | 5 | 787 | ||||||
Coway Co. Ltd. | 69 | 4,987 | ||||||
Daelim Industrial Co. Ltd. | 19 | 1,242 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 20 | 89 | ||||||
DGB Financial Group, Inc. | 235 | 1,924 | ||||||
Dongbu Insurance Co. Ltd. | 74 | 4,621 | ||||||
Dongsuh Cos., Inc. | 50 | 1,138 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 33 | 728 | ||||||
E-MART, Inc. | 31 | 4,985 | ||||||
GS Engineering & Construction Corp.* | 79 | 1,598 | ||||||
GS Holdings Corp. | 25 | 1,163 | ||||||
GS Retail Co. Ltd. | 38 | 1,538 | ||||||
Hana Financial Group, Inc. | 294 | 8,085 | ||||||
Hankook Tire Co. Ltd. | 82 | 3,802 | ||||||
Hanmi Pharm. Co. Ltd. | 6 | 1,891 | ||||||
Hanmi Science Co. Ltd. | 15 | 962 | ||||||
Hanon Systems | 229 | 1,912 | ||||||
Hanssem Co. Ltd. | 13 | 2,296 | ||||||
Hanwha Chemical Corp. | 165 | 3,282 | ||||||
Hanwha Corp. | 41 | 1,238 | ||||||
Hanwha Life Insurance Co. Ltd. | 260 | 1,481 | ||||||
Hotel Shilla Co. Ltd. | 38 | 1,638 | ||||||
Hyosung Corp. | 32 | 3,805 | ||||||
Hyundai Department Store Co. Ltd. | 17 | 1,571 | ||||||
Hyundai Development Co.-Engineering & Construction | 41 | 1,448 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 42 | 1,414 | ||||||
Hyundai Glovis Co. Ltd. | 23 | 3,128 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 36 | 4,373 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 105 | 3,269 | ||||||
Hyundai Mobis Co. Ltd. | 77 | 16,401 | ||||||
Hyundai Motor Co. | 161 | 18,317 | ||||||
Hyundai Steel Co. | 96 | 4,098 | ||||||
Hyundai Wia Corp. | 18 | 1,059 | ||||||
Industrial Bank of Korea | 293 | 3,271 | ||||||
Kakao Corp. | 32 | 2,127 | ||||||
Kangwon Land, Inc. | 139 | 4,239 | ||||||
KB Financial Group, Inc. | 398 | 14,333 | ||||||
KCC Corp. | 3 | 956 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 34 | 1,678 | ||||||
Kia Motors Corp. | 316 | 10,109 | ||||||
Korea Aerospace Industries Ltd. | 75 | 4,253 | ||||||
Korea Electric Power Corp. | 334 | 13,285 | ||||||
Korea Investment Holdings Co. Ltd. | 44 | 1,507 | ||||||
Korea Zinc Co. Ltd. | 13 | 5,249 | ||||||
Korean Air Lines Co. Ltd.* | 22 | 588 | ||||||
KT Corp. | 80 | 2,043 | ||||||
KT&G Corp. | 145 | 13,023 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Kumho Petrochemical Co. Ltd. | 28 | $ | 1,748 | |||||
LG Chem Ltd. | 55 | 10,656 | ||||||
LG Corp. | 83 | 4,011 | ||||||
LG Display Co. Ltd. | 222 | 5,317 | ||||||
LG Electronics, Inc. | 116 | 4,455 | ||||||
LG Household & Health Care Ltd. | 12 | 8,078 | ||||||
LG Innotek Co. Ltd. | 12 | 833 | ||||||
LG Uplus Corp. | 353 | 3,457 | ||||||
Lotte Chemical Corp. | 22 | 6,050 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 1 | 1,340 | ||||||
Lotte Confectionery Co. Ltd. | 1 | 153 | ||||||
Lotte Shopping Co. Ltd. | 12 | 2,228 | ||||||
Mirae Asset Securities Co. Ltd. | 6 | 105 | ||||||
NAVER Corp. | 33 | 22,526 | ||||||
NCSoft Corp. | 24 | 5,584 | ||||||
OCI Co. Ltd.* | 17 | 1,070 | ||||||
Orion Corp. | 5 | 2,908 | ||||||
Ottogi Corp. | 2 | 1,184 | ||||||
Paradise Co. Ltd. | 97 | 1,112 | ||||||
POSCO | 76 | 16,220 | ||||||
Posco Daewoo Corp. | 31 | 707 | ||||||
S-1 Corp. | 32 | 2,598 | ||||||
Samsung Biologics Co. Ltd.* | 18 | 2,371 | ||||||
Samsung C&T Corp. | 95 | 10,402 | ||||||
Samsung Card Co. Ltd. | 60 | 2,145 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 57 | 2,258 | ||||||
Samsung Electronics Co. Ltd. | 108 | 161,300 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 43 | 10,777 | ||||||
Samsung Heavy Industries Co. Ltd.* | 3 | 21 | ||||||
Samsung Life Insurance Co. Ltd. | 96 | 9,361 | ||||||
Samsung SDI Co. Ltd. | 49 | 3,869 | ||||||
Samsung SDS Co. Ltd. | 35 | 4,042 | ||||||
Samsung Securities Co. Ltd. | 14 | 384 | ||||||
Shinhan Financial Group Co. Ltd. | 485 | 18,296 | ||||||
Shinsegae Inc. | 8 | 1,235 | ||||||
SK Holdings Co. Ltd. | 49 | 9,703 | ||||||
SK Hynix, Inc. | 673 | 24,697 | ||||||
SK Innovation Co. Ltd. | 61 | 7,957 | ||||||
SK Networks Co. Ltd. | 72 | 419 | ||||||
SK Telecom Co. Ltd. | 23 | 4,446 | ||||||
S-Oil Corp. | 36 | 2,587 | ||||||
Woori Bank | 395 | 4,055 | ||||||
Yuhan Corp. | 10 | 1,685 | ||||||
|
| |||||||
608,170 | ||||||||
|
| |||||||
Taiwan — 11.9% | ||||||||
Acer, Inc.* | 5,015 | 2,124 | ||||||
Advanced Semiconductor Engineering, Inc. | 7,133 | 7,665 | ||||||
Advantech Co. Ltd. | 465 | 3,742 | ||||||
Asia Cement Corp. | 2,581 | 2,271 | ||||||
Asia Pacific Telecom Co. Ltd.* | 4,563 | 1,420 | ||||||
Asustek Computer, Inc. | 891 | 7,380 | ||||||
AU Optronics Corp. | 12,655 | 4,546 | ||||||
Catcher Technology Co. Ltd. | 895 | 6,501 | ||||||
Cathay Financial Holding Co. Ltd. | 8,129 | 11,962 | ||||||
Chailease Holding Co. Ltd. | 219 | 374 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,387 | 1,812 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,625 | $ | 4,941 | |||||
Chicony Electronics Co. Ltd. | 676 | 1,593 | ||||||
China Airlines Ltd. | 2,446 | 734 | ||||||
China Development Financial Holding Corp. | 15,000 | 3,737 | ||||||
China Life Insurance Co. Ltd. | 2,098 | 2,238 | ||||||
China Steel Corp. | 15,684 | 12,302 | ||||||
Chunghwa Telecom Co. Ltd. | 4,757 | 16,044 | ||||||
Compal Electronics, Inc. | 6,712 | 3,822 | ||||||
CTBC Financial Holding Co. Ltd. | 18,757 | 10,299 | ||||||
Delta Electronics, Inc. | 2,419 | 12,143 | ||||||
E.Sun Financial Holding Co. Ltd. | 4,924 | 2,858 | ||||||
Eclat Textile Co. Ltd. | 277 | 2,868 | ||||||
Eva Airways Corp. | 1,794 | 881 | ||||||
Far Eastern New Century Corp. | 2,308 | 1,702 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,136 | 4,946 | ||||||
Feng TAY Enterprise Co. Ltd. | 569 | 2,133 | ||||||
First Financial Holding Co. Ltd. | 10,702 | 5,641 | ||||||
Formosa Chemicals & Fibre Corp. | 3,670 | 11,503 | ||||||
Formosa Petrochemical Corp. | 1,004 | 3,386 | ||||||
Formosa Plastics Corp. | 4,494 | 12,803 | ||||||
Formosa Taffeta Co. Ltd. | 1,184 | 1,107 | ||||||
Foxconn Technology Co. Ltd. | 1,494 | 3,919 | ||||||
Fubon Financial Holding Co. Ltd. | 7,391 | 11,467 | ||||||
Giant Manufacturing Co. Ltd. | 463 | 2,760 | ||||||
Highwealth Construction Corp. | 154 | 231 | ||||||
Hiwin Technologies Corp. | 11 | 46 | ||||||
Hon Hai Precision Industry Co. Ltd. | 16,473 | 42,380 | ||||||
Hotai Motor Co. Ltd. | 319 | 3,668 | ||||||
HTC Corp.* | 641 | 1,695 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,489 | 3,298 | ||||||
Innolux Corp. | 2,443 | 843 | ||||||
Inotera Memories, Inc.* | 2,629 | 2,474 | ||||||
Inventec Corp. | 3,804 | 2,572 | ||||||
Largan Precision Co. Ltd. | 131 | 15,166 | ||||||
Lite-On Technology Corp. | 2,425 | 3,827 | ||||||
MediaTek, Inc. | 1,777 | 12,349 | ||||||
Mega Financial Holding Co. Ltd. | 11,497 | 8,206 | ||||||
Merida Industry Co. Ltd. | 338 | 1,479 | ||||||
Nan Ya Plastics Corp. | 5,502 | 11,583 | ||||||
Nanya Technology Corp. | 500 | 698 | ||||||
Nien Made Enterprise Co. Ltd. | 320 | 3,584 | ||||||
Novatek Microelectronics Corp. | 644 | 2,142 | ||||||
OBI Pharma, Inc.* | 144 | 1,270 | ||||||
Pegatron Corp. | 2,694 | 6,415 | ||||||
Phison Electronics Corp. | 168 | 1,283 | ||||||
Pou Chen Corp. | 3,199 | 4,000 | ||||||
Powertech Technology, Inc. | 1,106 | 2,842 | ||||||
President Chain Store Corp. | 847 | 6,364 | ||||||
Quanta Computer, Inc. | 3,630 | 6,765 | ||||||
Realtek Semiconductor Corp. | 468 | 1,454 | ||||||
Ruentex Industries Ltd. | 537 | 986 | ||||||
Siliconware Precision Industries Co. Ltd. | 3,250 | 4,920 | ||||||
Simplo Technology Co. Ltd. | 392 | 1,159 | ||||||
SinoPac Financial Holdings Co. Ltd. | 11,242 | 3,210 | ||||||
Standard Foods Corp. | 791 | 1,876 | ||||||
Synnex Technology International Corp. | 1,582 | 1,618 | ||||||
TaiMed Biologics, Inc.* | 226 | 1,266 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Taishin Financial Holding Co. Ltd. | 9,068 | $ | 3,329 | |||||
Taiwan Business Bank | 767 | 194 | ||||||
Taiwan Cement Corp. | 4,075 | 4,711 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 7,671 | 3,381 | ||||||
Taiwan Fertilizer Co. Ltd. | 692 | 880 | ||||||
Taiwan Mobile Co. Ltd. | 2,351 | 7,929 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 27,171 | 156,003 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,831 | 1,531 | ||||||
Transcend Information, Inc. | 266 | 729 | ||||||
Uni-President Enterprises Corp. | 6,187 | 10,579 | ||||||
United Microelectronics Corp. | 19,375 | 6,839 | ||||||
Vanguard International Semiconductor Corp. | 1,070 | 2,018 | ||||||
Wistron Corp. | 4,626 | 3,309 | ||||||
WPG Holdings Ltd. | 2,379 | 2,945 | ||||||
Yuanta Financial Holding Co. Ltd. | 11,000 | 3,986 | ||||||
Yulon Motor Co. Ltd. | 1,013 | 879 | ||||||
Zhen Ding Technology Holding Ltd. | 498 | 1,002 | ||||||
|
| |||||||
557,537 | ||||||||
|
| |||||||
Thailand — 1.3% | ||||||||
Advanced Info Service PCL, NVDR | 1,100 | 4,455 | ||||||
Airports of Thailand PCL, NVDR | 400 | 4,507 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 4,200 | 2,743 | ||||||
CP ALL PCL, NVDR | 5,300 | 8,950 | ||||||
Indorama Ventures PCL, NVDR | 1,126 | 1,042 | ||||||
IRPC PCL, NVDR | 11,783 | 1,598 | ||||||
Kasikornbank PCL | 2,000 | 9,501 | ||||||
Krung Thai Bank PCL, NVDR | 4,304 | 2,123 | ||||||
PTT Exploration & Production PCL, NVDR | 1,100 | 2,544 | ||||||
PTT Global Chemical PCL | 2,000 | 3,503 | ||||||
PTT PCL, NVDR | 1,125 | 11,004 | ||||||
Siam Commercial Bank PCL, NVDR | 1,900 | 7,801 | ||||||
Thai Oil PCL, NVDR | 751 | 1,558 | ||||||
|
| |||||||
61,329 | ||||||||
|
| |||||||
United Kingdom — 0.4% | ||||||||
Rio Tinto Ltd. | 471 | 20,086 | ||||||
|
| |||||||
United States — 0.3% | ||||||||
Yum China Holdings, Inc.* | 437 | 12,288 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,607,431 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.7% | ||||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp. | 12 | 1,997 | ||||||
Hyundai Motor Co. | 15 | 1,229 | ||||||
Hyundai Motor Co. — 2nd Preferred | 34 | 2,888 | ||||||
LG Chem Ltd. | 9 | 1,266 | ||||||
Samsung Electronics Co. Ltd. | 21 | 24,358 | ||||||
|
| |||||||
31,738 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 31,738 | |||||||
|
|
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Boral Ltd*., expires 12/09/16 | 379 | $ | 66 | |||||
|
| |||||||
Indonesia — 0.0% | ||||||||
PT Jasa Marga Persero Tbk*, expires 12/08/16 | 313 | 6 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Taishin Financial Holding Co. Ltd.*, expires 12/20/16 | 78 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS | 72 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.8% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (d)(e) | 39,865 | $ | 39,865 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% | $ | 4,679,106 | ||||||
Other assets and liabilities, net — 0.4% | 18,248 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,697,354 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $4,919,811. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $240,705. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $413,750 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $654,455. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $37,301, which is 0.8% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||
SGX NIFTY 50 Futures | USD | 2 | $ | 32,960 | 12/29/2016 | $ | (90 | ) |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | AUD | 1,148,490 | USD | 873,056 | $ | 25,069 | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | AUD | 165,800 | USD | 126,037 | 3,619 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 52,100 | USD | 38,491 | 23 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HKD | 9,252,225 | USD | 1,193,190 | 317 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HKD | 2,315,500 | USD | 298,613 | 80 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 15,037 | USD | 1,939 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 594,700 | USD | 76,671 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 50,600 | USD | 6,526 | 2 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | IDR | 2,543,408,000 | USD | 193,887 | 6,356 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | INR | 26,396,698 | USD | 393,552 | 8,103 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | INR | 602,910 | USD | 9,000 | 196 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | KRW | 1,255,371,380 | USD | 1,094,578 | 20,747 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 7,860,000 | USD | 6,678 | (45 | ) |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | MYR | 1,185,000 | USD | 281,673 | $ | 16,390 | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NZD | 45,432 | USD | 32,459 | 290 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NZD | 6,000 | USD | 4,287 | 38 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 7,200 | USD | 5,144 | 46 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | PHP | 5,459,000 | USD | 112,429 | 2,668 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 18,400 | USD | 13,220 | 383 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 217,679 | USD | 156,403 | 4,533 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 3,100 | USD | 2,164 | 1 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | TWD | 22,008,143 | USD | 696,482 | 5,872 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 157,590 | USD | 5,000 | 55 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 386,160 | USD | 12,220 | 103 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 969,700 | AUD | 1,314,290 | 704 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,491,476 | HKD | 11,567,725 | (70 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 59,752 | IDR | 783,821,417 | (1,959 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 129,667 | IDR | 1,759,586,583 | 71 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 231,511 | INR | 15,877,699 | 338 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 156,829 | INR | 10,518,999 | (3,229 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 648,499 | KRW | 763,866,589 | 4,904 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 428,551 | KRW | 491,504,791 | (8,123 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 151,641 | MYR | 637,954 | (8,824 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 122,464 | MYR | 547,046 | 2 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 36,374 | NZD | 51,432 | 43 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 26,319 | PHP | 1,277,933 | (625 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 83,962 | PHP | 4,181,067 | 104 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 164,512 | SGD | 236,079 | 195 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | �� | USD | 547,744 | TWD | 17,478,508 | 728 | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 143,347 | TWD | 4,529,635 | (1,208 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,939 | HKD | 15,037 | (1 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 24,328 | AUD | 32,000 | (701 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 15,281 | AUD | 20,100 | (440 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 44,880 | HKD | 348,000 | (13 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 35,659 | HKD | 276,500 | (10 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,683 | HKD | 20,800 | (1 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,782 | INR | 602,910 | 21 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 6,847 | KRW | 7,860,000 | (123 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,103 | NZD | 7,200 | (5 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,228 | SGD | 3,100 | (65 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 17,072 | TWD | 543,750 | (9 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 2,846,827 | USD | 81,223 | 1,438 | ||||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 79,799 | THB | 2,846,827 | (13 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | AUD | 1,305,000 | USD | 962,385 | (378 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | HKD | 10,535,000 | USD | 1,358,381 | (170 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | IDR | 1,444,285,000 | USD | 105,422 | (574 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | KRW | 723,801,000 | USD | 614,302 | (4,808 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | MYR | 483,000 | USD | 107,131 | (866 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | PHP | 2,575,000 | USD | 51,397 | (344 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 235,000 | USD | 164,053 | 91 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | THB | 3,474,000 | USD | 97,229 | (113 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | TWD | 16,925,000 | USD | 528,906 | (2,751 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | NZD | 35,000 | USD | 24,778 | 23 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 68,082 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
AUD | Australian Dollar |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MYR | Malaysian Ringgit |
NZD | New Zealand Dollar |
PHP | Phillippine Peso |
SGD | Singapore Dollar |
THB | Thai Baht |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 4,607,431 | $ | — | $ | 0 | $ | 4,607,431 | ||||||||
Rights (f) | 72 | — | — | 72 | ||||||||||||
Preferred Stocks | 31,738 | — | — | 31,738 | ||||||||||||
Short-Term Investments | 39,865 | — | — | 39,865 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 103,553 | — | 103,553 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,679,106 | $ | 103,553 | $ | 0 | $ | 4,782,659 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (90 | ) | $ | — | $ | — | $ | (90 | ) | ||||||
Forward Foreign Currency Exchange Contracts | — | (35,471 | ) | — | (35,471 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (90 | ) | $ | (35,471 | ) | $ | — | $ | (35,561 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 59.0% | ||||||||
Consumer Discretionary — 3.6% | ||||||||
Kroton Educacional SA | 19,928 | $ | 85,143 | |||||
Lojas Americanas SA | 2,678 | 10,207 | ||||||
Lojas Renner SA | 9,269 | 61,610 | ||||||
|
| |||||||
156,960 | ||||||||
|
| |||||||
Consumer Staples — 13.9% | ||||||||
Ambev SA | 67,984 | 344,739 | ||||||
BRF SA | 8,786 | 134,178 | ||||||
JBS SA | 10,297 | 29,715 | ||||||
M Dias Branco SA | 489 | 16,917 | ||||||
Natura Cosmeticos SA | 2,487 | 19,266 | ||||||
Raia Drogasil SA | 3,334 | 63,574 | ||||||
|
| |||||||
608,389 | ||||||||
|
| |||||||
Energy — 8.3% | ||||||||
Cosan SA Industria e Comercio | 1,761 | 20,557 | ||||||
Petroleo Brasileiro SA* | 42,922 | 234,405 | ||||||
Ultrapar Participacoes SA | 5,214 | 106,529 | ||||||
|
| |||||||
361,491 | ||||||||
|
| |||||||
Financials — 12.2% | ||||||||
Banco Bradesco SA | 12,011 | 103,488 | ||||||
Banco do Brasil SA | 12,394 | 104,442 | ||||||
Banco Santander Brasil SA | 5,997 | 49,933 | ||||||
BB Seguridade Participacoes SA | 10,092 | 84,417 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 24,860 | 122,093 | ||||||
CETIP SA — Mercados Organizados | 3,223 | 42,274 | ||||||
Porto Seguro SA | 1,631 | 13,802 | ||||||
Sul America SA | 2,506 | 13,908 | ||||||
|
| |||||||
534,357 | ||||||||
|
| |||||||
Health Care — 1.6% | ||||||||
Hypermarcas SA | 5,013 | 38,494 | ||||||
Odontoprev SA | 3,830 | 13,250 | ||||||
Qualicorp SA | 3,216 | 17,449 | ||||||
|
| |||||||
69,193 | ||||||||
|
| |||||||
Industrials — 4.2% | ||||||||
CCR SA | 12,728 | 55,360 | ||||||
Embraer SA | 9,608 | 47,073 | ||||||
Localiza Rent a Car SA | 2,290 | 23,468 | ||||||
Rumo Logistica Operadora Multimodal SA* | 11,583 | 21,782 | ||||||
WEG SA | 8,146 | 37,502 | ||||||
|
| |||||||
185,185 | ||||||||
|
| |||||||
Information Technology — 2.9% | ||||||||
Cielo SA | 14,689 | 129,081 | ||||||
|
| |||||||
Materials — 6.2% | ||||||||
Cia Siderurgica Nacional SA* | 9,002 | 33,085 | ||||||
Duratex SA | 4,488 | 9,090 | ||||||
Fibria Celulose SA | 3,594 | 32,953 | ||||||
Klabin SA | 8,001 | 40,146 | ||||||
Vale SA* | 18,554 | 153,938 | ||||||
|
| |||||||
269,212 | ||||||||
|
|
Number | Value | |||||||
Real Estate — 1.1% | ||||||||
BR Malls Participacoes SA* | 8,316 | $ | 26,556 | |||||
Multiplan Empreendimentos Imobiliarios SA | 1,156 | 19,869 | ||||||
|
| |||||||
46,425 | ||||||||
|
| |||||||
Telecommunication Services — 0.7% | ||||||||
TIM Participacoes SA | 12,217 | 29,982 | ||||||
|
| |||||||
Utilities — 4.3% | ||||||||
AES Tiete Energia SA | 2,793 | 12,140 | ||||||
Centrais Eletricas Brasileiras SA* | 3,135 | 23,776 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 4,927 | 43,646 | ||||||
CPFL Energia SA | 2,935 | 21,400 | ||||||
EDP — Energias do Brasil SA | 4,375 | 18,343 | ||||||
Engie Brasil Energia SA | 2,353 | 24,942 | ||||||
Equatorial Energia SA | 2,864 | 44,450 | ||||||
|
| |||||||
188,697 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,578,972 | |||||||
|
| |||||||
PREFERRED STOCKS — 40.8% | ||||||||
Consumer Discretionary — 0.9% | ||||||||
Lojas Americanas SA | 8,270 | 40,053 | ||||||
|
| |||||||
Consumer Staples — 0.9% | ||||||||
Cia Brasileira de Distribuicao | 2,275 | 36,728 | ||||||
|
| |||||||
Energy — 6.1% | ||||||||
Petroleo Brasileiro SA* | 56,538 | 267,473 | ||||||
|
| |||||||
Financials — 22.5% | ||||||||
Banco Bradesco SA | 40,035 | 352,165 | ||||||
Itau Unibanco Holding SA | 46,578 | 487,809 | ||||||
Itausa — Investimentos Itau SA | 56,131 | 142,898 | ||||||
|
| |||||||
982,872 | ||||||||
|
| |||||||
Materials — 6.9% | ||||||||
Braskem SA, Class A | 2,238 | 18,198 | ||||||
Gerdau SA | 13,219 | 52,961 | ||||||
Suzano Papel e Celulose SA, Class A | 5,826 | 22,136 | ||||||
Vale SA* | 27,765 | 209,753 | ||||||
|
| |||||||
303,048 | ||||||||
|
| |||||||
Telecommunication Services — 2.0% | ||||||||
Telefonica Brasil SA | 6,455 | 86,193 | ||||||
|
| |||||||
Utilities — 1.5% | ||||||||
Centrais Eletricas Brasileiras SA, Class B* | 3,253 | 27,249 | ||||||
Cia Energetica de Minas Gerais | 10,875 | 25,402 | ||||||
Cia Paranaense de Energia, Class B | 1,480 | 12,669 | ||||||
|
| |||||||
65,320 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,781,687 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% | $ | 4,360,659 | ||||||
Other assets and liabilities, net — 0.2% | 7,238 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,367,897 | ||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $4,660,134. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $299,475. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $841,475 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,140,950. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | BRL | 9,301,086 | USD | 2,906,953 | $ | 161,016 | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | BRL | 7,257,257 | USD | 2,270,731 | 128,189 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 36,000 | USD | 11,166 | 538 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 1,480,000 | USD | 460,457 | 23,520 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 2,738,432 | BRL | 9,301,086 | 7,504 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,286,367 | BRL | 4,358,855 | 487 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 906,884 | BRL | 2,898,402 | (51,196 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 273,196 | BRL | 927,500 | 628 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 33,601 | BRL | 108,000 | (1,716 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 147,528 | BRL | 480,500 | (5,672 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | BRL | 9,388,645 | USD | 2,736,417 | (9,239 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | BRL | 4,358,855 | USD | 1,272,658 | (2,064 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | BRL | 927,500 | USD | 270,503 | (739 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 251,256 | ||||||||||||||||||||||
|
|
Currency Abbreviations
BRL | Brazilian Real |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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 (a) | $ | 2,578,972 | $ | — | $ | — | $ | 2,578,972 | ||||||||
Preferred Stocks (a) | 1,781,687 | — | — | 1,781,687 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 321,882 | — | 321,882 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,360,659 | $ | 321,882 | $ | — | $ | 4,682,541 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (70,626 | ) | $ | — | $ | (70,626 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (70,626 | ) | $ | — | $ | (70,626 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
Brazil — 4.5% | ||||||||
AES Tiete Energia SA | 5,270 | $ | 22,906 | |||||
Ambev SA | 120,826 | 612,695 | ||||||
Banco Bradesco SA | 26,177 | 225,543 | ||||||
Banco do Brasil SA | 26,311 | 221,719 | ||||||
Banco Santander Brasil SA | 14,136 | 117,701 | ||||||
BB Seguridade Participacoes SA | 21,426 | 179,223 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 52,354 | 257,122 | ||||||
BR Malls Participacoes SA* | 20,387 | 65,102 | ||||||
BRF SA | 21,109 | 322,372 | ||||||
CCR SA | 23,978 | 104,291 | ||||||
CETIP SA — Mercados Organizados | 4,608 | 60,440 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 10,670 | 94,521 | ||||||
Cia Siderurgica Nacional SA* | 18,975 | 69,739 | ||||||
Cielo SA | 27,830 | 244,558 | ||||||
Cosan SA Industria e Comercio | 4,833 | 56,418 | ||||||
CPFL Energia SA | 8,784 | 64,048 | ||||||
Duratex SA | 12,396 | 25,107 | ||||||
EDP — Energias do Brasil SA | 9,450 | 39,621 | ||||||
Embraer SA | 22,767 | 111,545 | ||||||
Engie Brasil Energia SA | 6,369 | 67,512 | ||||||
Equatorial Energia SA | 4,011 | 62,251 | ||||||
Fibria Celulose SA | 6,663 | 61,093 | ||||||
Hypermarcas SA | 8,936 | 68,618 | ||||||
JBS SA | 25,089 | 72,402 | ||||||
Klabin SA | 20,677 | 103,750 | ||||||
Kroton Educacional SA | 43,737 | 186,869 | ||||||
Localiza Rent a Car SA | 5,721 | 58,630 | ||||||
Lojas Americanas SA | 5,730 | 21,839 | ||||||
Lojas Renner SA | 19,748 | 131,262 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,771 | 47,627 | ||||||
Natura Cosmeticos SA | 7,209 | 55,847 | ||||||
Odontoprev SA | 27,928 | 96,615 | ||||||
Petroleo Brasileiro SA* | 88,633 | 484,041 | ||||||
Porto Seguro SA | 1,925 | 16,290 | ||||||
Qualicorp SA | 12,932 | 70,165 | ||||||
Raia Drogasil SA | 5,345 | 101,920 | ||||||
Rumo Logistica Operadora Multimodal SA* | 25,875 | 48,658 | ||||||
Sul America SA | 3,654 | 20,279 | ||||||
TIM Participacoes SA | 28,369 | 69,621 | ||||||
TOTVS SA | 7,840 | 49,863 | ||||||
Ultrapar Participacoes SA | 12,987 | 265,343 | ||||||
Vale SA* | 39,559 | 328,211 | ||||||
WEG SA | 12,393 | 57,054 | ||||||
|
| |||||||
5,440,431 | ||||||||
|
| |||||||
Chile — 1.4% | ||||||||
AES Gener SA | 177,578 | 62,271 | ||||||
Banco de Chile | 1,245,226 | 140,605 | ||||||
Banco de Credito e Inversiones | 3,481 | 173,670 | ||||||
Banco Santander Chile | 3,211,837 | 173,422 | ||||||
Cencosud SA | 51,165 | 150,196 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Cia Cervecerias Unidas SA | 7,002 | $ | 70,160 | |||||
Colbun SA | 331,599 | 63,284 | ||||||
Empresa Nacional de Telecomunicaciones SA* | 3,279 | 34,741 | ||||||
Empresas CMPC SA | 55,672 | 114,153 | ||||||
Empresas COPEC SA | 16,095 | 155,532 | ||||||
Endesa Americas SA | 143,571 | 62,600 | ||||||
Enel Chile SA | 557,694 | 52,453 | ||||||
Enel Generacion Chile SA | 143,571 | 89,491 | ||||||
Enersis Americas SA | 557,694 | 90,700 | ||||||
Itau CorpBanca | 8,866,108 | 72,136 | ||||||
Latam Airlines Group SA* | 7,945 | 69,845 | ||||||
SACI Falabella | 19,500 | 153,440 | ||||||
|
| |||||||
1,728,699 | ||||||||
|
| |||||||
China — 23.3% | ||||||||
3SBio, Inc., 144A* | 47,585 | 50,613 | ||||||
58.com, Inc., ADR*(a) | 835 | 26,778 | ||||||
AAC Technologies Holdings, Inc. | 30,598 | 276,926 | ||||||
Agricultural Bank of China Ltd., Class H | 625,360 | 262,028 | ||||||
Air China Ltd., Class H | 124,422 | 85,338 | ||||||
Alibaba Group Holding Ltd., ADR* | 32,921 | 3,095,232 | ||||||
Aluminum Corp. of China Ltd., Class H* | 152,853 | 68,184 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 64,434 | 186,494 | ||||||
ANTA Sports Products Ltd. | 31,809 | 93,297 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 53,987 | 37,376 | ||||||
Baidu, Inc., ADR* | 8,177 | 1,365,150 | ||||||
Bank of China Ltd., Class H | 2,575,007 | 1,171,891 | ||||||
Bank of Communications Co. Ltd., Class H | 343,474 | 263,921 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 55,897 | 55,130 | ||||||
Belle International Holdings Ltd. | 208,182 | 119,437 | ||||||
BYD Co. Ltd., Class H | 28,068 | 168,991 | ||||||
CGN Power Co. Ltd., Class H, 144A | 244,032 | 73,306 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 170,152 | 61,423 | ||||||
China CITIC Bank Corp. Ltd., Class H | 314,870 | 205,407 | ||||||
China Communications Construction Co. Ltd., Class H | 181,029 | 217,053 | ||||||
China Communications Services Corp. Ltd., Class H | 171,143 | 100,835 | ||||||
China Conch Venture Holdings Ltd. | 36,535 | 67,357 | ||||||
China Construction Bank Corp., Class H | 2,541,110 | 1,893,588 | ||||||
China Everbright Bank Co. Ltd., Class H | 112,350 | 53,303 | ||||||
China Evergrande Group | 215,497 | 147,249 | ||||||
China Galaxy Securities Co. Ltd., Class H | 69,559 | 69,052 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 196,150 | 73,337 | ||||||
China Life Insurance Co. Ltd., Class H | 184,763 | 537,150 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 156,038 | 122,111 | ||||||
China Medical System Holdings Ltd. | 62,121 | 103,635 | ||||||
China Mengniu Dairy Co. Ltd. | 115,364 | 236,484 | ||||||
China Merchants Bank Co. Ltd., Class H | 139,692 | 345,065 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 242,554 | 273,935 |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China National Building Material Co. Ltd., Class H | 112,087 | $ | 56,647 | |||||
China Oilfield Services Ltd., Class H | 65,438 | 62,009 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 78,235 | 304,104 | ||||||
China Petroleum & Chemical Corp., Class H | 794,913 | 555,460 | ||||||
China Railway Construction Corp. Ltd., Class H | 40,562 | 57,628 | ||||||
China Railway Group Ltd., Class H | 103,852 | 93,723 | ||||||
China Shenhua Energy Co. Ltd., Class H | 129,274 | 267,665 | ||||||
China Southern Airlines Co. Ltd., Class H | 70,250 | 40,303 | ||||||
China Telecom Corp. Ltd., Class H | 586,019 | 283,320 | ||||||
China Vanke Co. Ltd., Class H | 41,209 | 126,445 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 36,450 | 22,745 | ||||||
CITIC Securities Co. Ltd., Class H | 45,229 | 105,893 | ||||||
CNOOC Ltd. | 593,547 | 748,390 | ||||||
Country Garden Holdings Co. Ltd. | 253,103 | 141,619 | ||||||
CRRC Corp. Ltd., Class H | 134,219 | 132,549 | ||||||
CSPC Pharmaceutical Group Ltd. | 181,450 | 194,866 | ||||||
Ctrip.com International, Ltd., ADR*(a) | 8,414 | 380,565 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 154,694 | 157,357 | ||||||
ENN Energy Holdings Ltd. | 24,601 | 113,228 | ||||||
Fang Holdings Ltd., ADR*(a) | 17,013 | 49,848 | ||||||
Fosun International Ltd. | 112,603 | 166,948 | ||||||
Geely Automobile Holdings Ltd. | 173,549 | 179,445 | ||||||
GF Securities Co. Ltd., Class H | 29,269 | 68,526 | ||||||
GOME Electrical Appliances Holding Ltd. | 281,698 | 36,681 | ||||||
Great Wall Motor Co. Ltd., Class H | 126,216 | 118,788 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 81,299 | 106,491 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 63,390 | 80,581 | ||||||
Haitian International Holdings Ltd. | 16,199 | 32,371 | ||||||
Haitong Securities Co. Ltd., Class H | 71,255 | 137,430 | ||||||
Hengan International Group Co. Ltd. | 25,013 | 196,873 | ||||||
Huaneng Power International, Inc., Class H | 84,268 | 52,800 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 64,495 | 20,787 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 36,334 | 83,475 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,212,463 | 1,354,889 | ||||||
JD.com, Inc., ADR* | 20,428 | 548,900 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 36,729 | 48,963 | ||||||
Jiangxi Copper Co. Ltd., Class H | 45,666 | 69,825 | ||||||
Kingsoft Corp. Ltd. | 27,861 | 62,572 | ||||||
Lenovo Group Ltd. | 254,925 | 158,085 | ||||||
Longfor Properties Co. Ltd. | 91,614 | 117,758 | ||||||
NetEase, Inc., ADR | 2,412 | 540,529 | ||||||
New China Life Insurance Co. Ltd., Class H | 13,855 | 70,110 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 4,274 | 214,427 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 86,158 | 36,323 | ||||||
PetroChina Co. Ltd., Class H | 743,176 | 504,936 |
Number | Value | |||||||
China (Continued) | ||||||||
PICC Property & Casualty Co. Ltd., Class H | 160,423 | $ | 268,871 | |||||
Ping An Insurance Group Co. of China Ltd., Class H | 157,800 | 872,767 | ||||||
Qunar Cayman Islands Ltd., ADR* | 665 | 19,970 | ||||||
Semiconductor Manufacturing International Corp.* | 715,021 | 96,793 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 113,605 | 78,505 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 96,951 | 46,747 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 23,179 | 72,915 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 33,815 | 84,576 | ||||||
Shenzhou International Group Holdings Ltd. | 23,537 | 144,745 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 107,702 | 93,032 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 205,648 | 108,173 | ||||||
Sinopharm Group Co. Ltd., Class H | 46,539 | 217,200 | ||||||
Sinotrans Ltd., Class H | 48,142 | 24,082 | ||||||
SOHO China Ltd. | 27,906 | 14,787 | ||||||
Sunac China Holdings Ltd. | 31,450 | 23,882 | ||||||
TAL Education Group, ADR*(a) | 978 | 74,846 | ||||||
Tencent Holdings Ltd. | 178,162 | 4,449,169 | ||||||
Tingyi Cayman Islands Holding Corp. | 95,618 | 113,659 | ||||||
TravelSky Technology Ltd., Class H | 28,201 | 59,118 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 20,004 | 78,917 | ||||||
Vipshop Holdings Ltd., ADR* | 7,680 | 86,170 | ||||||
Want Want China Holdings Ltd. | 274,921 | 175,448 | ||||||
Weichai Power Co. Ltd., Class H | 25,409 | 40,948 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 46,699 | 32,632 | ||||||
YY, Inc., ADR* | 763 | 33,015 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 40,219 | 42,985 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 15,839 | 85,969 | ||||||
Zijin Mining Group Co. Ltd., Class H | 180,072 | 60,361 | ||||||
ZTE Corp., Class H | 20,061 | 32,588 | ||||||
|
| |||||||
28,342,823 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Ecopetrol SA* | 97,304 | 41,774 | ||||||
Grupo Argos SA | 1,887 | 11,060 | ||||||
|
| |||||||
52,834 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 5,882 | 95,476 | ||||||
O2 Czech Republic AS | 13,252 | 121,648 | ||||||
|
| |||||||
217,124 | ||||||||
|
| |||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE | 61,842 | 238,229 | ||||||
Talaat Moustafa Group | 65,876 | 31,970 | ||||||
|
| |||||||
270,199 | ||||||||
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Hong Kong — 4.2% | ||||||||
Alibaba Health Information Technology Ltd.* | 86,759 | $ | 48,544 | |||||
Alibaba Pictures Group Ltd.* | 352,497 | 67,714 | ||||||
Beijing Enterprises Holdings Ltd. | 25,372 | 117,104 | ||||||
Beijing Enterprises Water Group Ltd.* | 136,524 | 98,743 | ||||||
Brilliance China Automotive Holdings Ltd. | 97,493 | 136,501 | ||||||
China Everbright International Ltd. | 138,011 | 167,254 | ||||||
China Everbright Ltd. | 11,579 | 23,377 | ||||||
China Gas Holdings Ltd. | 101,872 | 134,752 | ||||||
China Merchants Port Holdings Co. Ltd. | 35,907 | 90,178 | ||||||
China Mobile Ltd. | 192,545 | 2,101,326 | ||||||
China Overseas Land & Investment Ltd. | 119,309 | 344,553 | ||||||
China Power International Development Ltd. | 48,596 | 17,981 | ||||||
China Resources Beer Holdings Co. Ltd.* | 54,239 | 114,820 | ||||||
China Resources Gas Group Ltd. | 40,200 | 119,203 | ||||||
China Resources Land Ltd. | 56,583 | 137,436 | ||||||
China Resources Power Holdings Co. Ltd. | 95,697 | 157,428 | ||||||
China State Construction International Holdings Ltd. | 94,083 | 152,105 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 35,589 | 81,488 | ||||||
China Unicom Hong Kong Ltd. | 157,576 | 191,371 | ||||||
CITIC Ltd. | 56,678 | 87,247 | ||||||
COSCO SHIPPING Ports Ltd. | 42,247 | 44,227 | ||||||
GCL-Poly Energy Holdings Ltd. | 317,202 | 42,531 | ||||||
Guangdong Investment Ltd. | 88,020 | 123,238 | ||||||
Haier Electronics Group Co. Ltd. | 39,025 | 65,105 | ||||||
Hanergy Thin Film Power Group Ltd.* | 792,724 | 0 | ||||||
Kunlun Energy Co. Ltd. | 150,118 | 109,736 | ||||||
Nine Dragons Paper Holdings Ltd. | 51,517 | 45,231 | ||||||
Shanghai Industrial Holdings Ltd. | 15,279 | 43,041 | ||||||
Shimao Property Holdings Ltd. | 39,255 | 51,318 | ||||||
Sino Biopharmaceutical Ltd. | 138,599 | 95,062 | ||||||
Sun Art Retail Group Ltd. | 80,937 | 68,661 | ||||||
|
| |||||||
5,077,275 | ||||||||
|
| |||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 2,264 | 141,513 | ||||||
OTP Bank PLC | 11,358 | 306,139 | ||||||
Richter Gedeon Nyrt | 6,675 | 133,308 | ||||||
|
| |||||||
580,960 | ||||||||
|
| |||||||
India — 6.4% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 25,546 | 103,716 | ||||||
Asian Paints Ltd. | 8,956 | 126,904 | ||||||
Aurobindo Pharma Ltd. | 8,121 | 87,891 | ||||||
Axis Bank Ltd., GDR | 7,583 | 263,130 | ||||||
Bajaj Auto Ltd. | 2,588 | 101,523 | ||||||
Bharat Petroleum Corp. Ltd. | 15,900 | 149,583 | ||||||
Bharti Airtel Ltd. | 31,000 | 147,009 | ||||||
Bharti Infratel Ltd. | 17,547 | 96,247 | ||||||
Coal India Ltd. | 21,427 | 96,603 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 3,279 | 153,228 | ||||||
HCL Technologies Ltd. | 17,700 | 207,852 |
Number | Value | |||||||
India (Continued) | ||||||||
Hindustan Unilever Ltd. | 20,400 | $ | 251,539 | |||||
Housing Development Finance Corp. Ltd. | 51,000 | 941,111 | ||||||
ICICI Bank Ltd., ADR | 9,539 | 74,786 | ||||||
Indiabulls Housing Finance Ltd. | 9,108 | 101,800 | ||||||
Infosys Ltd. | 22,300 | 317,825 | ||||||
Infosys Ltd., ADR | 34,580 | 500,718 | ||||||
ITC Ltd. | 106,000 | 360,049 | ||||||
Larsen & Toubro Ltd. | 9,776 | 197,487 | ||||||
Larsen & Toubro Ltd., GDR | 7,959 | 158,782 | ||||||
Lupin Ltd. | 7,000 | 153,895 | ||||||
Mahindra & Mahindra Ltd. | 11,700 | 202,569 | ||||||
Maruti Suzuki India Ltd. | 3,300 | 253,880 | ||||||
NTPC Ltd. | 50,856 | 121,217 | ||||||
Oil & Natural Gas Corp. Ltd. | 26,627 | 112,384 | ||||||
Reliance Industries Ltd., GDR, 144A | 18,030 | 516,559 | ||||||
State Bank of India | 48,000 | 181,168 | ||||||
Sun Pharmaceutical Industries Ltd. | 30,300 | 314,204 | ||||||
Tata Consultancy Services Ltd. | 16,000 | 532,029 | ||||||
Tata Motors Ltd., ADR | 9,348 | 309,138 | ||||||
UltraTech Cement Ltd. | 2,700 | 142,140 | ||||||
Vedanta Ltd. | 32,000 | 107,455 | ||||||
Wipro Ltd., ADR | 11,317 | 108,530 | ||||||
Yes Bank Ltd. | 9,800 | 168,063 | ||||||
Zee Entertainment Enterprises Ltd. | 17,771 | 118,298 | ||||||
|
| |||||||
7,779,312 | ||||||||
|
| |||||||
Indonesia — 2.7% | ||||||||
PT AKR Corporindo Tbk | 34,131 | 16,810 | ||||||
PT Astra International Tbk | 767,789 | 427,730 | ||||||
PT Bank Central Asia Tbk | 432,119 | 455,953 | ||||||
PT Bank Danamon Indonesia Tbk | 71,395 | 17,121 | ||||||
PT Bank Mandiri Persero Tbk | 258,803 | 200,511 | ||||||
PT Bank Negara Indonesia Persero Tbk | 162,216 | 61,942 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 315,586 | 253,819 | ||||||
PT Bumi Serpong Damai Tbk | 231,828 | 29,080 | ||||||
PT Charoen Pokphand Indonesia Tbk | 139,686 | 32,467 | ||||||
PT Global Mediacom Tbk | 193,843 | 8,439 | ||||||
PT Gudang Garam Tbk | 21,038 | 100,902 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 292,434 | 81,996 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 87,126 | 102,700 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 46,097 | 29,422 | ||||||
PT Indofood Sukses Makmur Tbk | 107,908 | 60,314 | ||||||
PT Jasa Marga Persero Tbk | 49,297 | 15,095 | ||||||
PT Kalbe Farma Tbk | 822,401 | 91,024 | ||||||
PT Lippo Karawaci Tbk | 761,007 | 42,957 | ||||||
PT Matahari Department Store Tbk | 111,260 | 118,218 | ||||||
PT Media Nusantara Citra Tbk | 115,721 | 14,815 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 265,894 | 51,992 | ||||||
PT Semen Indonesia Persero Tbk | 126,075 | 82,561 | ||||||
PT Summarecon Agung Tbk | 277,415 | 28,964 | ||||||
PT Surya Citra Media Tbk | 267,152 | 49,478 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 1,584,906 | 442,055 | ||||||
PT Tower Bersama Infrastructure Tbk | 98,478 | 40,329 | ||||||
PT Unilever Indonesia Tbk | 70,969 | 212,213 | ||||||
PT United Tractors Tbk | 70,918 | 109,889 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Waskita Karya Persero Tbk | 89,997 | $ | 16,934 | |||||
PT XL Axiata Tbk* | 165,056 | 28,012 | ||||||
|
| |||||||
3,223,742 | ||||||||
|
| |||||||
Malaysia — 2.6% | ||||||||
Alliance Financial Group Bhd | 37,776 | 32,566 | ||||||
AMMB Holdings Bhd | 70,256 | 65,757 | ||||||
Astro Malaysia Holdings Bhd | 65,148 | 38,074 | ||||||
Axiata Group Bhd | 13,228 | 12,410 | ||||||
Berjaya Sports Toto Bhd | 107,408 | 75,277 | ||||||
British American Tobacco Malaysia Bhd | 4,744 | 46,951 | ||||||
DiGi.Com Bhd | 112,952 | 123,170 | ||||||
Genting Bhd | 10,492 | 18,700 | ||||||
Genting Malaysia Bhd | 124,360 | 130,041 | ||||||
HAP Seng Consolidated Bhd | 8,308 | 14,771 | ||||||
Hartalega Holdings Bhd | 51,456 | 56,456 | ||||||
Hong Leong Bank Bhd | 40,788 | 121,469 | ||||||
IHH Healthcare Bhd | 116,428 | 172,061 | ||||||
IJM Corp. Bhd | 36,584 | 26,459 | ||||||
IOI Corp. Bhd | 97,904 | 95,361 | ||||||
IOI Properties Group Bhd | 62,554 | 29,274 | ||||||
Kuala Lumpur Kepong Bhd | 23,544 | 125,891 | ||||||
Lafarge Malaysia Bhd | 43,436 | 70,027 | ||||||
Malayan Banking Bhd | 151,732 | 263,985 | ||||||
Maxis Bhd | 76,368 | 102,086 | ||||||
Petronas Chemicals Group Bhd | 135,404 | 207,078 | ||||||
Petronas Dagangan Bhd | 11,132 | 57,330 | ||||||
Petronas Gas Bhd | 18,060 | 84,841 | ||||||
PPB Group Bhd | 9,212 | 32,261 | ||||||
Public Bank Bhd | 108,208 | 474,409 | ||||||
RHB Bank Bhd | 19,600 | 0 | ||||||
RHB Bank Bhd | 22,778 | 24,992 | ||||||
Sime Darby Bhd | 100,088 | 178,392 | ||||||
Telekom Malaysia Bhd | 51,920 | 71,730 | ||||||
Tenaga Nasional Bhd | 77,372 | 243,238 | ||||||
UMW Holdings Bhd | 53,564 | 61,648 | ||||||
Westports Holdings Bhd | 40,964 | 40,083 | ||||||
YTL Corp. Bhd | 200,269 | 64,574 | ||||||
YTL Power International Bhd | 143,042 | 45,161 | ||||||
|
| |||||||
3,206,523 | ||||||||
|
| |||||||
Malta — 0.1% | ||||||||
Brait SE* | 14,201 | 85,897 | ||||||
|
| |||||||
Mexico — 4.0% | ||||||||
Alfa SAB de CV, Class A | 105,567 | 139,449 | ||||||
America Movil SAB de CV, Series L | 1,009,436 | 614,217 | ||||||
Arca Continental SAB de CV | 28,312 | 149,375 | ||||||
Cemex SAB de CV, Series CPO* | 465,453 | 362,165 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 15,216 | 95,788 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 4,173 | 32,918 | ||||||
Fibra Uno Administracion SA de CV REIT | 103,936 | 160,480 | ||||||
Fomento Economico Mexicano SAB de CV | 74,045 | 579,052 | ||||||
Gentera SAB de CV | 34,719 | 54,620 | ||||||
Gruma SAB de CV, Class B | 4,819 | 57,617 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,697 | $ | 22,966 | |||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 3,409 | 49,236 | ||||||
Grupo Bimbo SAB de CV, Series A | 68,915 | 158,589 | ||||||
Grupo Carso SAB de CV, Series A1 | 23,801 | 88,016 | ||||||
Grupo Comercial Chedraui SA de CV | 9,368 | 16,996 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 93,591 | 448,578 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 130,588 | 178,086 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 78,738 | 110,553 | ||||||
Grupo Lala SAB de CV | 7,948 | 11,959 | ||||||
Grupo Mexico SAB de CV, Series B | 144,276 | 394,768 | ||||||
Grupo Televisa SAB, Series CPO | 83,690 | 345,848 | ||||||
Industrias Penoles SAB de CV | 5,466 | 117,359 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 48,708 | 85,433 | ||||||
Mexichem SAB de CV | 50,771 | 121,055 | ||||||
OHL Mexico SAB de CV* | 29,825 | 25,627 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 6,524 | 57,488 | ||||||
Wal-Mart de Mexico SAB de CV | 187,633 | 344,243 | ||||||
|
| |||||||
4,822,481 | ||||||||
|
| |||||||
Peru — 0.2% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 4,742 | 52,968 | ||||||
Credicorp Ltd. | 1,157 | 181,290 | ||||||
|
| |||||||
234,258 | ||||||||
|
| |||||||
Philippines — 1.7% | ||||||||
Aboitiz Equity Ventures, Inc. | 80,818 | 119,041 | ||||||
Aboitiz Power Corp. | 149,724 | 129,161 | ||||||
Ayala Corp. | 4,420 | 64,527 | ||||||
Ayala Land, Inc. | 332,480 | 219,960 | ||||||
Bank of the Philippine Islands | 77,608 | 140,453 | ||||||
BDO Unibank, Inc. | 76,791 | 172,946 | ||||||
DMCI Holdings, Inc. | 130,020 | 35,296 | ||||||
Energy Development Corp. | 637,776 | 65,278 | ||||||
Globe Telecom, Inc. | 2,249 | 66,027 | ||||||
GT Capital Holdings, Inc. | 2,166 | 50,480 | ||||||
International Container Terminal Services, Inc. | 36,712 | 53,300 | ||||||
JG Summit Holdings, Inc. | 70,472 | 96,717 | ||||||
Jollibee Foods Corp. | 27,668 | 120,063 | ||||||
Metro Pacific Investments Corp. | 398,544 | 49,688 | ||||||
Metropolitan Bank & Trust Co. | 68,365 | 103,104 | ||||||
PLDT, Inc. | 4,051 | 103,128 | ||||||
Robinsons Land Corp. | 23,356 | 12,094 | ||||||
Security Bank Corp. | 9,448 | 34,482 | ||||||
SM Investments Corp. | 11,328 | 142,141 | ||||||
SM Prime Holdings, Inc. | 201,732 | 107,498 | ||||||
Universal Robina Corp. | 50,296 | 171,834 | ||||||
|
| |||||||
2,057,218 | ||||||||
|
|
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Poland — 1.3% | ||||||||
Bank Pekao SA | 7,147 | $ | 200,998 | |||||
Bank Zachodni WBK SA | 4,755 | 330,980 | ||||||
CCC SA | 1,756 | 83,144 | ||||||
Cyfrowy Polsat SA* | 35,660 | 204,904 | ||||||
Eurocash SA | 5,779 | 53,515 | ||||||
Grupa Azoty SA | 2,485 | 36,362 | ||||||
LPP SA | 41 | 56,289 | ||||||
PGE Polska Grupa Energetyczna SA | 34,176 | 75,461 | ||||||
Polski Koncern Naftowy ORLEN SA | 10,064 | 183,062 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 86,490 | 101,864 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 15,499 | 94,258 | ||||||
Powszechny Zaklad Ubezpieczen SA | 27,405 | 192,811 | ||||||
|
| |||||||
1,613,648 | ||||||||
|
| |||||||
Qatar — 0.6% | ||||||||
Barwa Real Estate Co. | 2,908 | 24,599 | ||||||
Ezdan Holding Group QSC | 24,611 | 100,036 | ||||||
Industries Qatar QSC | 5,295 | 152,694 | ||||||
Masraf Al Rayan QSC | 7,522 | 69,826 | ||||||
Qatar Gas Transport Co. Ltd. | 3,380 | 21,444 | ||||||
Qatar National Bank SAQ | 9,326 | 381,380 | ||||||
|
| |||||||
749,979 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
New Europe Property Investments PLC | 2,271 | 25,968 | ||||||
|
| |||||||
Russia — 4.6% | ||||||||
Gazprom PJSC, ADR | 69,021 | 318,118 | ||||||
Gazprom PJSC | 235,000 | 541,510 | ||||||
Lukoil PJSC, ADR | 8,411 | 412,139 | ||||||
LUKOIL PJSC | 4,900 | 241,908 | ||||||
Magnit PJSC, GDR | 8,480 | 341,574 | ||||||
MMC Norilsk Nickel PJSC | 1,700 | 273,027 | ||||||
Mobile TeleSystems PJSC, ADR | 11,818 | 92,535 | ||||||
Novatek OJSC, GDR | 6,492 | 766,705 | ||||||
PhosAgro PJSC, GDR | 14,452 | 198,715 | ||||||
Rosneft PJSC, GDR | 33,523 | 176,331 | ||||||
Sberbank of Russia PJSC | 370,000 | 909,315 | ||||||
Severstal PJSC, GDR | 22,588 | 340,401 | ||||||
Sistema PJSC FC, GDR | 21,062 | 173,972 | ||||||
Surgutneftegas OJSC, ADR | 57,079 | 259,424 | ||||||
Tatneft PJSC | 44,700 | 268,788 | ||||||
VTB Bank PJSC, GDR | 105,878 | 222,026 | ||||||
|
| |||||||
5,536,488 | ||||||||
|
| |||||||
South Africa — 6.4% | ||||||||
Anglo American Platinum Ltd.* | 2,645 | 54,300 | ||||||
AngloGold Ashanti Ltd.* | 14,752 | 162,783 | ||||||
Aspen Pharmacare Holdings Ltd. | 10,116 | 208,342 | ||||||
Barclays Africa Group Ltd. | 12,440 | 139,012 | ||||||
Bid Corp. Ltd. | 8,867 | 155,307 | ||||||
Bidvest Group Ltd. | 10,641 | 123,074 | ||||||
Capitec Bank Holdings Ltd. | 1,834 | 84,719 | ||||||
Coronation Fund Managers Ltd. | 4,500 | 22,952 | ||||||
Discovery Ltd. | 9,494 | 75,143 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Exxaro Resources Ltd. | 6,081 | $ | 41,728 | |||||
FirstRand Ltd. | 105,446 | 378,265 | ||||||
Fortress Income Fund Ltd. | 32,530 | 70,571 | ||||||
Fortress Income Fund Ltd., Class A | 7,926 | 9,138 | ||||||
Foschini Group Ltd. | 6,170 | 65,020 | ||||||
Gold Fields Ltd. | 32,654 | 103,454 | ||||||
Growthpoint Properties Ltd. REIT | 66,389 | 117,333 | ||||||
Hyprop Investments Ltd. REIT | 6,894 | 55,343 | ||||||
Impala Platinum Holdings Ltd.* | 23,490 | 73,753 | ||||||
Imperial Holdings Ltd. | 4,116 | 49,579 | ||||||
Investec Ltd. (a) | 6,292 | 40,212 | ||||||
Liberty Holdings Ltd. | 2,292 | 18,036 | ||||||
Life Healthcare Group Holdings Ltd. | 24,750 | 54,572 | ||||||
MMI Holdings Ltd. | 27,251 | 42,549 | ||||||
Mondi Ltd. | 4,055 | 81,598 | ||||||
Mr Price Group Ltd. | 6,597 | 67,973 | ||||||
MTN Group Ltd. | 48,623 | 390,987 | ||||||
Naspers Ltd., Class N | 13,810 | 2,015,814 | ||||||
Nedbank Group Ltd. | 5,194 | 84,860 | ||||||
Netcare Ltd. | 16,772 | 37,219 | ||||||
Pioneer Foods Group Ltd. | 1,398 | 15,487 | ||||||
PSG Group Ltd. | 3,685 | 50,921 | ||||||
Rand Merchant Investment Holdings Ltd. | 15,744 | 43,181 | ||||||
Redefine Properties Ltd. REIT | 163,828 | 120,449 | ||||||
Remgro Ltd. | 15,121 | 224,610 | ||||||
Resilient REIT Ltd. REIT | 12,052 | 88,608 | ||||||
RMB Holdings Ltd. | 20,659 | 91,573 | ||||||
Sanlam Ltd. | 45,631 | 199,898 | ||||||
Sappi Ltd.* | 24,202 | 143,209 | ||||||
Sasol Ltd. | 17,700 | 476,966 | ||||||
Shoprite Holdings Ltd. | 12,035 | 159,817 | ||||||
Sibanye Gold Ltd. | 31,994 | 66,295 | ||||||
SPAR Group Ltd. (a) | 3,425 | 46,105 | ||||||
Standard Bank Group Ltd. | 39,959 | 428,614 | ||||||
Steinhoff International Holdings NV (a) | 94,955 | 438,975 | ||||||
Telkom SA SOC Ltd. | 3,719 | 18,390 | ||||||
Tiger Brands Ltd. (a) | 4,058 | 113,601 | ||||||
Truworths International Ltd. | 12,170 | 60,653 | ||||||
Vodacom Group Ltd. | 8,452 | 86,895 | ||||||
Woolworths Holdings Ltd. | 30,811 | 142,110 | ||||||
|
| |||||||
7,839,993 | ||||||||
|
| |||||||
South Korea — 14.1% | ||||||||
Amorepacific Corp. | 1,106 | 310,310 | ||||||
AMOREPACIFIC Group | 854 | 94,235 | ||||||
BGF retail Co. Ltd. | 1,114 | 82,903 | ||||||
BNK Financial Group, Inc. | 2,742 | 21,016 | ||||||
Celltrion, Inc.* | 2,812 | 246,310 | ||||||
Cheil Worldwide, Inc. | 2,549 | 32,597 | ||||||
CJ CheilJedang Corp. | 253 | 83,103 | ||||||
CJ Corp. | 458 | 68,756 | ||||||
CJ E&M Corp. | 820 | 39,560 | ||||||
CJ Korea Express Corp.* | 192 | 30,219 | ||||||
Coway Co. Ltd. | 2,650 | 191,544 | ||||||
Daelim Industrial Co. Ltd. | 428 | 27,971 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 2,300 | 10,172 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
DGB Financial Group, Inc. | 4,863 | $ | 39,809 | |||||
Dongbu Insurance Co. Ltd. | 1,982 | 123,764 | ||||||
Dongsuh Cos., Inc. | 1,233 | 28,055 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 2,607 | 57,534 | ||||||
E-MART, Inc. | 756 | 121,576 | ||||||
GS Engineering & Construction Corp.* | 1,491 | 30,163 | ||||||
GS Holdings Corp. | 628 | 29,223 | ||||||
GS Retail Co. Ltd. | 1,008 | 40,784 | ||||||
Hana Financial Group, Inc. | 6,778 | 186,402 | ||||||
Hankook Tire Co. Ltd. | 2,401 | 111,316 | ||||||
Hanmi Pharm. Co. Ltd. | 188 | 59,260 | ||||||
Hanmi Science Co. Ltd. | 539 | 34,579 | ||||||
Hanon Systems | 7,300 | 60,945 | ||||||
Hanssem Co. Ltd. | 466 | 82,314 | ||||||
Hanwha Chemical Corp. | 4,722 | 93,911 | ||||||
Hanwha Corp. | 1,346 | 40,643 | ||||||
Hanwha Life Insurance Co. Ltd. | 8,873 | 50,549 | ||||||
Hotel Shilla Co. Ltd. | 1,260 | 54,321 | ||||||
Hyosung Corp. | 717 | 85,251 | ||||||
Hyundai Department Store Co. Ltd. | 540 | 49,887 | ||||||
Hyundai Development Co.-Engineering & Construction | 1,428 | 50,448 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 2,724 | 91,689 | ||||||
Hyundai Glovis Co. Ltd. | 551 | 74,940 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 959 | 116,486 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 3,460 | 107,732 | ||||||
Hyundai Mobis Co. Ltd. | 2,503 | 533,123 | ||||||
Hyundai Motor Co. | 4,961 | 564,401 | ||||||
Hyundai Steel Co. | 1,721 | 73,460 | ||||||
Hyundai Wia Corp. | 750 | 44,138 | ||||||
Industrial Bank of Korea | 3,136 | 35,007 | ||||||
Kakao Corp. | 899 | 59,751 | ||||||
Kangwon Land, Inc. | 4,134 | 126,066 | ||||||
KB Financial Group, Inc. | 9,199 | 331,276 | ||||||
KCC Corp. | 111 | 35,368 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 888 | 43,828 | ||||||
Kia Motors Corp. | 10,249 | 327,884 | ||||||
Korea Aerospace Industries Ltd. | 1,984 | 112,518 | ||||||
Korea Electric Power Corp. | 5,421 | 215,625 | ||||||
Korea Investment Holdings Co. Ltd. | 912 | 31,244 | ||||||
Korea Zinc Co. Ltd. | 280 | 113,049 | ||||||
Korean Air Lines Co. Ltd.* | 1,115 | 29,805 | ||||||
KT&G Corp. | 4,098 | 368,068 | ||||||
Kumho Petrochemical Co. Ltd. | 985 | 61,507 | ||||||
LG Chem Ltd. | 1,515 | 293,527 | ||||||
LG Corp. | 3,572 | 172,634 | ||||||
LG Display Co. Ltd. | 6,021 | 144,209 | ||||||
LG Electronics, Inc. | 3,675 | 141,147 | ||||||
LG Household & Health Care Ltd. | 330 | 222,155 | ||||||
LG Innotek Co. Ltd. | 304 | 21,089 | ||||||
LG Uplus Corp. | 11,602 | 113,633 | ||||||
Lotte Chemical Corp. | 598 | 164,456 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 22 | 29,489 | ||||||
Lotte Confectionery Co. Ltd. | 139 | 21,224 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Lotte Shopping Co. Ltd. | 671 | $ | 124,552 | |||||
NAVER Corp. | 856 | 584,310 | ||||||
NCSoft Corp. | 641 | 149,140 | ||||||
Neo Holdings Co. Ltd.* | 26 | 0 | ||||||
OCI Co. Ltd.* | 822 | 51,751 | ||||||
Orion Corp. | 104 | 60,494 | ||||||
Ottogi Corp. | 47 | 27,821 | ||||||
POSCO | 2,269 | 484,253 | ||||||
Posco Daewoo Corp. | 2,709 | 61,755 | ||||||
S-1 Corp. | 626 | 50,817 | ||||||
Samsung C&T Corp. | 2,628 | 287,741 | ||||||
Samsung Card Co. Ltd. | 2,216 | 79,234 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,676 | 66,378 | ||||||
Samsung Electronics Co. Ltd. | 3,153 | 4,709,070 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,201 | 301,008 | ||||||
Samsung Life Insurance Co. Ltd. | 3,181 | 310,195 | ||||||
Samsung SDI Co. Ltd. | 2,039 | 160,985 | ||||||
Samsung SDS Co. Ltd. | 1,003 | 115,825 | ||||||
Shinhan Financial Group Co. Ltd. | 12,919 | 487,343 | ||||||
Shinsegae Inc. | 201 | 31,034 | ||||||
SK Holdings Co. Ltd. | 1,525 | 301,987 | ||||||
SK Hynix, Inc. | 18,188 | 667,435 | ||||||
SK Innovation Co. Ltd. | 1,632 | 212,891 | ||||||
SK Networks Co. Ltd. | 6,800 | 39,553 | ||||||
SK Telecom Co. Ltd. | 528 | 102,073 | ||||||
S-Oil Corp. | 1,371 | 98,511 | ||||||
Woori Bank | 7,771 | 79,767 | ||||||
Yuhan Corp. | 343 | 57,800 | ||||||
|
| |||||||
17,193,681 | ||||||||
|
| |||||||
Taiwan — 12.8% | ||||||||
Acer, Inc.* | 169,577 | 71,825 | ||||||
Advanced Semiconductor Engineering, Inc. | 253,364 | 272,259 | ||||||
Advantech Co. Ltd. | 17,449 | 140,422 | ||||||
Asia Cement Corp. | 51,460 | 45,288 | ||||||
Asia Pacific Telecom Co. Ltd.* | 11,288 | 3,513 | ||||||
Asustek Computer, Inc. | 26,987 | 223,530 | ||||||
AU Optronics Corp. | 425,550 | 152,874 | ||||||
Catcher Technology Co. Ltd. | 22,252 | 161,621 | ||||||
Cathay Financial Holding Co. Ltd. | 186,311 | 274,150 | ||||||
Chailease Holding Co. Ltd. | 38,278 | 65,332 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 64,961 | 122,287 | ||||||
Chicony Electronics Co. Ltd. | 23,936 | 56,399 | ||||||
China Airlines Ltd. | 120,044 | 36,006 | ||||||
China Life Insurance Co. Ltd. | 81,884 | 87,348 | ||||||
China Steel Corp. | 422,592 | 331,466 | ||||||
Chunghwa Telecom Co. Ltd. | 141,458 | 477,104 | ||||||
Compal Electronics, Inc. | 162,767 | 92,687 | ||||||
CTBC Financial Holding Co. Ltd. | 443,500 | 243,505 | ||||||
Delta Electronics, Inc. | 76,216 | 382,598 | ||||||
E.Sun Financial Holding Co. Ltd. | 244,459 | 141,891 | ||||||
Eclat Textile Co. Ltd. | 8,043 | 83,274 | ||||||
Eva Airways Corp. | 102,689 | 50,421 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 77,093 | 29,146 | ||||||
Far Eastern New Century Corp. | 44,570 | 32,862 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Far EasTone Telecommunications Co. Ltd. | 66,203 | $ | 153,289 | |||||
Feng TAY Enterprise Co. Ltd. | 20,038 | 75,128 | ||||||
First Financial Holding Co. Ltd. | 197,903 | 104,313 | ||||||
Formosa Chemicals & Fibre Corp. | 106,385 | 333,444 | ||||||
Formosa Petrochemical Corp. | 17,551 | 59,195 | ||||||
Formosa Plastics Corp. | 142,374 | 405,596 | ||||||
Formosa Taffeta Co. Ltd. | 23,367 | 21,847 | ||||||
Foxconn Technology Co. Ltd. | 45,703 | 119,875 | ||||||
Fubon Financial Holding Co. Ltd. | 204,612 | 317,449 | ||||||
Giant Manufacturing Co. Ltd. | 11,436 | 68,172 | ||||||
Highwealth Construction Corp. | 8,898 | 13,344 | ||||||
Hiwin Technologies Corp. | 3,081 | 12,808 | ||||||
Hon Hai Precision Industry Co. Ltd. | 485,253 | 1,248,415 | ||||||
Hotai Motor Co. Ltd. | 8,348 | 95,992 | ||||||
HTC Corp.* | 16,521 | 43,696 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 117,076 | 59,506 | ||||||
Innolux Corp. | 71,870 | 24,804 | ||||||
Inotera Memories, Inc.* | 115,714 | 108,914 | ||||||
Inventec Corp. | 96,046 | 64,939 | ||||||
Largan Precision Co. Ltd. | 2,857 | 330,761 | ||||||
Lite-On Technology Corp. | 74,179 | 117,065 | ||||||
MediaTek, Inc. | 48,906 | 339,870 | ||||||
Mega Financial Holding Co. Ltd. | 264,097 | 188,505 | ||||||
Merida Industry Co. Ltd. | 7,859 | 34,397 | ||||||
Nan Ya Plastics Corp. | 156,282 | 329,010 | ||||||
Nien Made Enterprise Co. Ltd. | 5,363 | 60,069 | ||||||
Novatek Microelectronics Corp. | 22,156 | 73,684 | ||||||
OBI Pharma, Inc.* | 3,691 | 32,541 | ||||||
Pegatron Corp. | 81,219 | 193,409 | ||||||
Phison Electronics Corp. | 6,549 | 50,032 | ||||||
Pou Chen Corp. | 90,493 | 113,141 | ||||||
Powertech Technology, Inc. | 30,541 | 78,477 | ||||||
President Chain Store Corp. | 20,121 | 151,193 | ||||||
Quanta Computer, Inc. | 101,757 | 189,639 | ||||||
Realtek Semiconductor Corp. | 20,871 | 64,827 | ||||||
Siliconware Precision Industries Co. Ltd. | 109,847 | 166,289 | ||||||
Simplo Technology Co. Ltd. | 12,799 | 37,827 | ||||||
SinoPac Financial Holdings Co. Ltd. | 214,245 | 61,169 | ||||||
Standard Foods Corp. | 11,674 | 27,690 | ||||||
Synnex Technology International Corp. | 57,956 | 59,278 | ||||||
TaiMed Biologics, Inc.* | 3,619 | 20,268 | ||||||
Taishin Financial Holding Co. Ltd. | 149,685 | 54,947 | ||||||
Taiwan Business Bank | 67,519 | 17,095 | ||||||
Taiwan Cement Corp. | 100,491 | 116,183 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 154,029 | 67,898 | ||||||
Taiwan Fertilizer Co. Ltd. | 17,518 | 22,287 | ||||||
Taiwan Mobile Co. Ltd. | 64,568 | 217,772 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 820,506 | 4,710,965 | ||||||
Teco Electric and Machinery Co. Ltd. | 34,784 | 29,084 | ||||||
Transcend Information, Inc. | 14,107 | 38,683 | ||||||
Uni-President Enterprises Corp. | 168,464 | 288,059 | ||||||
United Microelectronics Corp. | 474,488 | 167,477 | ||||||
Vanguard International Semiconductor Corp. | 45,448 | 85,697 | ||||||
Wistron Corp. | 82,933 | 59,325 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
WPG Holdings Ltd. | 66,907 | $ | 82,812 | |||||
Zhen Ding Technology Holding Ltd. | 17,633 | 35,462 | ||||||
|
| |||||||
15,621,421 | ||||||||
|
| |||||||
Thailand — 1.9% | ||||||||
Indorama Ventures PCL, NVDR | 349,636 | 323,379 | ||||||
IRPC PCL, NVDR | 1,397,721 | 189,604 | ||||||
Kasikornbank PCL, NVDR | 78,288 | 371,917 | ||||||
Krung Thai Bank PCL, NVDR | 800,552 | 394,897 | ||||||
PTT Exploration & Production PCL, NVDR | 27,736 | 64,132 | ||||||
PTT PCL, NVDR | 18,160 | 177,632 | ||||||
Siam Commercial Bank PCL, NVDR | 120,256 | 493,771 | ||||||
Thai Oil PCL, NVDR | 116,240 | 241,084 | ||||||
|
| |||||||
2,256,416 | ||||||||
|
| |||||||
Turkey — 1.2% | ||||||||
Akbank TAS | 78,339 | 172,151 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 6,434 | 33,765 | ||||||
Arcelik AS | 8,891 | 51,860 | ||||||
BIM Birlesik Magazalar AS | 9,510 | 133,417 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 53,608 | 45,093 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 74,024 | 101,480 | ||||||
Ford Otomotiv Sanayi AS | 6,375 | 53,550 | ||||||
Haci Omer Sabanci Holding AS | 36,820 | 93,880 | ||||||
KOC Holding AS | 28,920 | 104,798 | ||||||
Petkim Petrokimya Holding AS | 10,955 | 11,638 | ||||||
TAV Havalimanlari Holding AS | 6,570 | 24,726 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 6,408 | 39,988 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 3,547 | 70,719 | ||||||
Turk Hava Yollari AO* | 26,068 | 36,495 | ||||||
Turkcell Iletisim Hizmetleri AS* | 16,305 | 42,854 | ||||||
Turkiye Garanti Bankasi AS | 81,944 | 173,872 | ||||||
Turkiye Halk Bankasi AS | 16,805 | 42,994 | ||||||
Turkiye Is Bankasi, Class C | 58,600 | 82,211 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 26,262 | 25,378 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 30,005 | 36,418 | ||||||
Ulker Biskuvi Sanayi AS | 4,796 | 24,080 | ||||||
|
| |||||||
1,401,367 | ||||||||
|
| |||||||
United Arab Emirates — 0.9% | ||||||||
Abu Dhabi Commercial Bank PJSC | 73,542 | 124,145 | ||||||
Aldar Properties PJSC | 133,681 | 90,266 | ||||||
DP World Ltd. | 7,502 | 116,506 | ||||||
Dubai Islamic Bank PJSC | 57,388 | 81,876 | ||||||
Emaar Malls PJSC | 19,513 | 13,814 | ||||||
Emaar Properties PJSC | 132,794 | 246,584 | ||||||
Emirates Telecommunications Group Co. PJSC | 30,319 | 153,956 | ||||||
First Gulf Bank PJSC | 55,478 | 175,219 | ||||||
National Bank of Abu Dhabi PJSC | 41,573 | 106,400 | ||||||
|
| |||||||
1,108,766 | ||||||||
|
| |||||||
United States — 0.3% | ||||||||
Yum China Holdings, Inc.* | 12,800 | 359,936 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 116,827,439 | |||||||
|
|
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
PREFERRED STOCKS — 4.1% | ||||||||
Brazil — 3.1% | ||||||||
Banco Bradesco SA | 86,174 | $ | 758,024 | |||||
Braskem SA, Class A | 3,779 | 30,728 | ||||||
Centrais Eletricas Brasileiras SA, Class B* | 6,398 | 53,593 | ||||||
Cia Brasileira de Distribuicao | 5,372 | 86,726 | ||||||
Cia Energetica de Minas Gerais | 24,165 | 56,446 | ||||||
Gerdau SA | 28,458 | 114,016 | ||||||
Itau Unibanco Holding SA | 98,483 | 1,031,406 | ||||||
Itausa — Investimentos Itau SA | 126,212 | 321,310 | ||||||
Lojas Americanas SA | 14,716 | 71,273 | ||||||
Petroleo Brasileiro SA* | 117,799 | 557,290 | ||||||
Suzano Papel e Celulose SA, Class A | 12,690 | 48,215 | ||||||
Telefonica Brasil SA | 12,727 | 169,942 | ||||||
Vale SA* | 59,553 | 449,899 | ||||||
|
| |||||||
3,748,868 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 11,435 | 42,662 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 2,756 | 78,334 | ||||||
|
| |||||||
120,996 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 11,183 | 94,566 | ||||||
|
| |||||||
South Korea — 0.8% | ||||||||
Amorepacific Corp. | 287 | 47,749 | ||||||
Hyundai Motor Co. | 687 | 56,298 | ||||||
Hyundai Motor Co. — 2nd Preferred | 1,160 | 98,531 | ||||||
LG Chem Ltd. | 375 | 52,767 | ||||||
LG Household & Health Care Ltd. | 87 | 37,098 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Samsung Electronics Co. Ltd. | 611 | $ | 708,709 | |||||
|
| |||||||
1,001,152 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 4,965,582 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Chile — 0.0% | ||||||||
Latam Airlines Group SA*, | 1,001 | 15 | ||||||
|
| |||||||
Indonesia — 0.0% | ||||||||
PT Jasa Marga Persero Tbk*, | 3,637 | 67 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Taishin Financial Holding Co. Ltd.*, expires 12/20/16 | 6,226 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS | 82 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.9% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 1,126,424 | 1,126,424 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.1% | $ | 122,919,527 | ||||||
Other assets and liabilities, net — (1.1%) | (1,348,570 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 121,570,957 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $133,242,487. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $10,322,960. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $9,302,785 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $19,625,745. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $617,081, which is 0.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
E-mini MSCI Emerging Markets Index Futures | USD | 12 | $ | 517,800 | 12/16/2016 | $ | (20,460 | ) |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2016 | BRL | 3,952,100 | USD | 1,162,724 | $ | (4,044 | ) | ||||||||||
JP Morgan & Chase Co. | 12/5/2016 | BRL | 18,292,797 | USD | 5,717,214 | 316,677 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | BRL | 4,678,510 | USD | 1,463,864 | 82,639 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 10,747,055 | USD | 3,343,617 | 170,791 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 3,622,000 | USD | 1,126,874 | 57,561 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 81,000 | USD | 25,124 | 1,211 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | CLP | 140,993,100 | USD | 209,204 | 710 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CLP | 1,962,231,300 | USD | 3,002,649 | 100,998 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 646,295,500 | USD | 956,058 | 348 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 73,887,000 | USD | 113,498 | 4,237 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | COP | 1,924,615,100 | USD | 637,444 | 12,123 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | COP | 1,411,959,500 | USD | 458,280 | (476 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CZK | 1,200,500 | USD | 48,746 | 1,677 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CZK | 7,891,200 | USD | 320,450 | 11,058 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 378,600 | USD | 15,490 | 647 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 2,655,600 | USD | 104,113 | (6 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 668,000 | USD | 27,138 | 948 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 2,076 | USD | 2,279 | 78 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | HKD | 26,638,300 | USD | 3,434,320 | (109 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HKD | 196,548,863 | USD | 25,347,440 | 6,743 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 27,239,385 | USD | 3,513,082 | 1,156 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 37,987,200 | USD | 4,899,020 | 1,398 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | HUF | 20,569,500 | USD | 69,459 | (239 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HUF | 134,594,300 | USD | 478,861 | 22,800 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HUF | 45,294,200 | USD | 161,148 | 7,672 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HUF | 12,094,000 | USD | 43,028 | 2,049 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | IDR | 5,806,607,300 | USD | 426,643 | (1,490 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | IDR | 55,417,671,000 | USD | 4,224,552 | 138,496 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 4,907,740,500 | USD | 373,553 | 11,696 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 1,222,670,000 | USD | 90,568 | 418 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | INR | 54,743,900 | USD | 797,783 | (1,596 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | INR | 591,042,944 | USD | 8,811,935 | 181,434 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | INR | 80,100,601 | USD | 1,166,797 | (2,845 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | INR | 10,223,000 | USD | 152,742 | 3,464 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | KRW | 2,586,534,200 | USD | 2,193,837 | (18,656 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | KRW | 24,533,310,500 | USD | 21,390,976 | 405,452 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 392,324,600 | USD | 333,326 | (2,264 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 10,402,000 | USD | 9,081 | 183 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 2,045,490,400 | USD | 1,781,786 | 32,096 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | MXN | 12,747,600 | USD | 621,683 | 2,532 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | MXN | 105,681,962 | USD | 5,598,224 | 465,256 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 12,931,000 | USD | 685,034 | 56,976 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 746,000 | USD | 39,520 | 3,287 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | MYR | 1,719,500 | USD | 384,375 | (567 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | MYR | 21,609,192 | USD | 5,136,485 | 298,876 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MYR | 5,560,141 | USD | 1,240,411 | (4,328 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | PHP | 13,406,800 | USD | 268,722 | (842 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | PHP | 91,196,000 | USD | 1,878,200 | 44,571 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PHP | 49,367,216 | USD | 1,015,577 | 22,977 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | PLN | 773,600 | USD | 184,309 | 257 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | PLN | 7,138,500 | USD | 1,812,283 | $ | 113,921 | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 41,000 | USD | 10,436 | 682 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 155,000 | USD | 39,348 | 2,471 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 149,000 | USD | 37,825 | 2,376 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | QAR | 368,800 | USD | 101,269 | (6 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | RUB | 17,240,200 | USD | 276,023 | 7,539 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | RUB | 96,348,155 | USD | 1,509,464 | 9,019 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | RUB | 6,878,000 | USD | 107,151 | 38 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | RUB | 76,645,638 | USD | 1,196,653 | 3,039 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | TRY | 628,100 | USD | 182,906 | 310 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | TRY | 5,580,772 | USD | 1,789,277 | 166,880 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TRY | 69,000 | USD | 22,128 | 2,069 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TRY | 25,000 | USD | 8,017 | 749 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TRY | 188,000 | USD | 60,291 | 5,637 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | TWD | 62,023,600 | USD | 1,942,487 | (3,800 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | TWD | 476,825,884 | USD | 15,089,904 | 127,216 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 148,709,156 | USD | 4,705,986 | 39,526 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 1,276,000 | USD | 40,428 | 387 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 929,174 | BRL | 3,161,700 | 4,247 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 234,345 | BRL | 790,400 | (998 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 41,843 | CLP | 28,198,600 | (144 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 167,704 | CLP | 112,794,500 | (909 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 2,747,650 | HKD | 21,310,600 | (112 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 687,029 | HKD | 5,327,700 | (138 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 14,158 | HUF | 4,113,900 | (218 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 56,230 | HUF | 16,455,600 | (472 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 346,301 | IDR | 4,645,285,800 | (3,795 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 86,024 | IDR | 1,161,321,500 | (397 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 160,258 | INR | 10,948,800 | (382 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 639,578 | INR | 43,795,100 | (75 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 1,774,638 | KRW | 2,069,227,400 | (4,643 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 439,244 | KRW | 517,306,800 | 3,254 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 124,499 | MXN | 2,549,500 | (670 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 494,189 | MXN | 10,198,100 | 1,132 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 78,124 | MYR | 343,900 | (1,135 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 308,299 | MYR | 1,375,600 | (346 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 53,789 | PHP | 2,681,400 | 124 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 215,998 | PHP | 10,725,400 | (349 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 37,121 | PLN | 154,700 | (316 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 148,597 | PLN | 618,900 | (1,351 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 81,013 | QAR | 295,000 | (4 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 20,269 | QAR | 73,800 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 53,665 | RUB | 3,448,000 | 31 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 211,821 | RUB | 13,792,200 | 2,967 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 37,249 | TRY | 125,600 | (736 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 147,347 | TRY | 502,500 | (1,264 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 388,984 | TWD | 12,404,700 | 273 | ||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 1,561,865 | TWD | 49,618,900 | (4,836 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 839,337 | ZAR | 11,644,200 | (13,075 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 204,228 | ZAR | 2,911,100 | 2,341 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 5,385,779 | BRL | 18,292,797 | 14,758 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 2,916,385 | CLP | 1,962,231,300 | (14,733 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 626,309 | COP | 1,924,615,100 | (988 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 46,922 | CZK | 1,200,500 | 146 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 25,341,884 | HKD | 196,548,863 | (1,187 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 454,613 | HUF | 134,594,300 | 1,448 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 4,083,837 | IDR | 55,417,671,000 | 2,219 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 8,617,922 | INR | 591,042,944 | $ | 12,580 | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 20,828,008 | KRW | 24,533,310,500 | 157,516 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 5,154,999 | MXN | 105,681,962 | (22,031 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 4,846,197 | MYR | 21,609,192 | (8,588 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,831,355 | PHP | 91,196,000 | 2,274 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,695,281 | PLN | 7,138,500 | 3,081 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,493,886 | RUB | 96,348,155 | 6,559 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,620,494 | TRY | 5,580,772 | 1,902 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 14,942,836 | TWD | 476,825,884 | 19,852 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 8,354,082 | ZAR | 117,762,145 | 2,213 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,380,702 | BRL | 4,678,510 | 522 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 308,351 | CZK | 7,891,200 | 1,041 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 3,511,769 | HKD | 27,239,385 | 157 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 107,755 | RUB | 6,878,000 | (643 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,098,691 | BRL | 13,915,055 | 9,416 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 166,449 | BRL | 535,000 | (8,502 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 882,953 | CLP | 574,802,500 | (32,963 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 214,777 | CLP | 139,820,000 | (8,018 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,506 | CLP | 5,560,000 | (284 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 443,631 | COP | 1,335,772,000 | (9,629 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 16,301 | COP | 49,081,500 | (354 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,978 | COP | 27,106,000 | (172 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 150,407 | CZK | 3,702,200 | (5,254 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,203 | EUR | 2,076 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,201,911 | HKD | 24,835,800 | 125 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 505,981 | HKD | 3,923,400 | (144 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,190,089 | HKD | 9,228,000 | (340 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 194,405 | HUF | 57,388,200 | 50 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 362,459 | IDR | 4,761,989,500 | (11,348 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 104,157 | IDR | 1,368,421,000 | (3,261 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 477,133 | INR | 31,934,500 | (10,820 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 872,391 | INR | 58,389,101 | (19,784 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 220,786 | KRW | 253,462,000 | (3,977 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,911,807 | KRW | 2,194,755,000 | (34,438 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 649,482 | MXN | 13,296,000 | (3,696 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 20,082 | MXN | 381,000 | (1,576 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 423,297 | MYR | 1,777,000 | (25,483 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 121,010 | MYR | 508,000 | (7,285 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 780,167 | MYR | 3,275,141 | (46,967 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 112,857 | PHP | 5,486,000 | (2,553 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 682,781 | PHP | 33,934,216 | (484 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 204,629 | PHP | 9,947,000 | (4,630 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 66,816 | PLN | 263,200 | (4,197 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 19,510 | PLN | 81,800 | (48 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 54,301 | RUB | 3,478,000 | (138 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,115,357 | RUB | 71,438,638 | (2,832 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 27,056 | RUB | 1,729,000 | (130 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 82,175 | TRY | 282,000 | (195 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,204,448 | TWD | 102,061,656 | (1,776 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 33,608 | TWD | 1,062,000 | (282 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,482,959 | TWD | 46,861,500 | (12,456 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 243,458 | ZAR | 3,304,500 | (8,974 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 594,187 | ZAR | 8,065,000 | (21,902 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,289,527 | ZAR | 18,087,230 | (6,074 | ) | |||||||||||
Goldman Sachs & Co. | 12/5/2016 | ZAR | 14,555,300 | USD | 1,029,553 | (3,278 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | ZAR | 117,762,145 | USD | 8,676,769 | 320,474 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 19,364,000 | USD | 1,426,638 | 52,586 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 6,586,330 | USD | 485,246 | $ | 17,886 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 3,405,000 | USD | 251,004 | 9,389 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 101,400 | USD | 7,484 | 289 | ||||||||||||||||||
Goldman Sachs & Co. | 12/6/2016 | AED | 476,700 | USD | 129,778 | (11 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | AED | 4,662,321 | USD | 1,268,659 | (725 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/6/2016 | EGP | 10,352,000 | USD | 936,833 | 358,149 | ||||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | EGP | 6,279,000 | USD | 346,906 | (4,094 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | EGP | 292,000 | USD | 27,943 | 11,620 | ||||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | QAR | 3,442,180 | USD | 943,580 | (1,632 | ) | |||||||||||||||||
Goldman Sachs & Co. | 12/6/2016 | THB | 9,471,600 | USD | 264,977 | (475 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 97,442,813 | USD | 2,780,148 | 49,204 | ||||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 268,000 | USD | 7,647 | 136 | ||||||||||||||||||
Goldman Sachs & Co. | 12/6/2016 | USD | 103,839 | AED | 381,400 | 3 | ||||||||||||||||||
Goldman Sachs & Co. | 12/6/2016 | USD | 25,946 | AED | 95,300 | 1 | ||||||||||||||||||
Goldman Sachs & Co. | 12/6/2016 | USD | 53,316 | THB | 1,894,300 | (226 | ) | |||||||||||||||||
Goldman Sachs & Co. | 12/6/2016 | USD | 212,971 | THB | 7,577,300 | (609 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/6/2016 | USD | 583,211 | EGP | 10,352,000 | (4,527 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 57,959 | AED | 213,000 | 33 | ||||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 1,211,524 | AED | 4,449,321 | (132 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 628,804 | EGP | 6,571,000 | (261,480 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 945,784 | QAR | 3,442,180 | (571 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 68,503 | THB | 2,401,000 | (1,212 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 2,477,983 | THB | 88,402,313 | (409 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 197,078 | THB | 6,907,500 | (3,488 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | AED | 3,303,000 | USD | 899,045 | (125 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | BRL | 32,047,000 | USD | 9,346,419 | (25,542 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | CLP | 989,081,000 | USD | 1,459,898 | 780 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | COP | 1,593,442,000 | USD | 515,522 | 861 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | CZK | 5,644,000 | USD | 220,952 | (1,198 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | EGP | 2,890,000 | USD | 159,669 | (667 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | EUR | 391,000 | USD | 414,148 | (1,133 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | HKD | 102,202,500 | USD | 13,177,342 | (2,286 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | HKD | 102,202,500 | USD | 13,178,152 | (1,475 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | HUF | 104,718,000 | USD | 353,514 | (1,667 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | IDR | 41,003,178,000 | USD | 2,996,213 | (13,010 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | INR | 687,681,000 | USD | 9,992,459 | (17,479 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | KRW | 20,548,661,000 | USD | 17,426,673 | (149,810 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | MXN | 88,096,000 | USD | 4,275,280 | 13,026 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | MYR | 13,701,000 | USD | 3,039,601 | (23,883 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | PHP | 73,091,000 | USD | 1,458,902 | (9,771 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | PLN | 5,354,000 | USD | 1,276,481 | 3,195 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | QAR | 3,651,000 | USD | 1,001,591 | (154 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | THB | 98,632,000 | USD | 2,757,394 | (6,297 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | TRY | 4,325,000 | USD | 1,247,178 | (962 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | TWD | 240,246,500 | USD | 7,507,703 | (39,056 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | TWD | 240,246,500 | USD | 7,507,703 | (39,056 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | ZAR | 116,131,000 | USD | 8,185,301 | (1,492 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/10/2017 | RUB | 256,253,000 | USD | 3,943,142 | (13,091 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 2,983,414 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
EGP | Egyptian Pound |
EUR | Euro |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Phillippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 116,827,439 | $ | — | $ | 0 | $ | 116,827,439 | ||||||||
Preferred Stocks (d) | 4,965,582 | — | — | 4,965,582 | ||||||||||||
Rights (d) | 82 | — | 0 | 82 | ||||||||||||
Short-Term Investments | 1,126,424 | — | — | 1,126,424 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 4,041,211 | — | 4,041,211 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 122,919,527 | $ | 4,041,211 | $ | 0 | $ | 126,960,738 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (20,460 | ) | $ | — | $ | — | $ | (20,460 | ) | ||||||
Forward Foreign Currency Exchange Contracts | — | (1,057,797 | ) | — | (1,057,797 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (20,460 | ) | $ | (1,057,797 | ) | $ | — | $ | (1,078,257 | ) | |||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
During the period ended November 30, 2016, the amount of transfers between Level 3 and Level 1 was $28,956. Investments were transferred from Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Australia — 0.5% | ||||||||
BHP Billiton PLC | 674,596 | $ | 11,086,694 | |||||
|
| |||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 23,253 | 1,199,703 | ||||||
Erste Group Bank AG* | 96,095 | 2,672,446 | ||||||
OMV AG | 47,039 | 1,520,306 | ||||||
Raiffeisen Bank International AG*(a) | 37,431 | 681,750 | ||||||
voestalpine AG | 36,322 | 1,376,420 | ||||||
|
| |||||||
7,450,625 | ||||||||
|
| |||||||
Belgium — 1.9% | ||||||||
Ageas | 62,256 | 2,323,556 | ||||||
Anheuser-Busch InBev SA/NV | 243,369 | 25,287,905 | ||||||
Colruyt SA | 21,504 | 1,086,789 | ||||||
Groupe Bruxelles Lambert SA | 25,769 | 2,115,258 | ||||||
KBC Group NV | 80,123 | 4,804,680 | ||||||
Proximus SADP | 48,585 | 1,373,570 | ||||||
Solvay SA | 23,672 | 2,703,314 | ||||||
Telenet Group Holding NV* | 16,847 | 889,551 | ||||||
UCB SA | 40,382 | 2,597,890 | ||||||
Umicore SA | 30,407 | 1,821,784 | ||||||
|
| |||||||
45,004,297 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC (b) | 125,953 | 1,085,815 | ||||||
|
| |||||||
Denmark — 2.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 1,203 | 1,527,665 | ||||||
A.P. Moller — Maersk A/S, Class B | 2,089 | 2,770,316 | ||||||
Carlsberg A/S, Class B | 34,167 | 2,905,510 | ||||||
Chr Hansen Holding A/S | 31,586 | 1,748,391 | ||||||
Coloplast A/S, Class B | 37,945 | 2,410,090 | ||||||
Danske Bank A/S | 219,939 | 6,425,533 | ||||||
DONG Energy A/S, 144A* | 26,900 | 917,697 | ||||||
DSV A/S | 60,686 | 2,730,734 | ||||||
Genmab A/S* | 18,261 | 3,163,001 | ||||||
ISS A/S | 53,373 | 1,824,627 | ||||||
Novo Nordisk A/S, Class B | 610,673 | 20,702,696 | ||||||
Novozymes A/S, Class B | 73,664 | 2,495,217 | ||||||
Pandora A/S | 35,519 | 4,227,158 | ||||||
TDC A/S* | 259,353 | 1,319,605 | ||||||
Tryg A/S | 36,563 | 657,789 | ||||||
Vestas Wind Systems A/S | 70,762 | 4,668,850 | ||||||
William Demant Holding A/S* | 38,244 | 647,174 | ||||||
|
| |||||||
61,142,053 | ||||||||
|
| |||||||
Finland — 1.5% | ||||||||
Elisa OYJ | 45,430 | 1,426,172 | ||||||
Fortum OYJ | 141,873 | 2,059,987 | ||||||
Kone OYJ, Class B | 107,720 | 4,744,781 | ||||||
Metso OYJ (a) | 36,016 | 1,019,180 | ||||||
Neste OYJ | 40,948 | 1,681,701 | ||||||
Nokia OYJ | 1,863,880 | 8,020,257 | ||||||
Nokian Renkaat OYJ | 36,899 | 1,332,780 | ||||||
Orion OYJ, Class B | 32,795 | 1,394,482 | ||||||
Sampo OYJ, Class A | 142,785 | 6,312,001 | ||||||
Stora Enso OYJ, Class R | 175,958 | 1,697,983 |
Number | Value | |||||||
Finland (Continued) | ||||||||
UPM-Kymmene OYJ | 170,476 | $ | 3,902,665 | |||||
Wartsila OYJ Abp | 47,250 | 1,991,598 | ||||||
|
| |||||||
35,583,587 | ||||||||
|
| |||||||
France — 15.6% | ||||||||
Accor SA | 54,560 | 1,933,103 | ||||||
Aeroports de Paris | 9,483 | 932,792 | ||||||
Air Liquide SA | 124,182 | 12,645,498 | ||||||
Airbus Group SE | 185,096 | 11,823,404 | ||||||
Alstom SA* | 48,993 | 1,327,209 | ||||||
Arkema SA | 21,695 | 2,078,147 | ||||||
Atos SE | 28,442 | 2,939,968 | ||||||
AXA SA | 619,450 | 14,594,526 | ||||||
BNP Paribas SA | 338,403 | 19,647,193 | ||||||
Bollore SA | 278,484 | 913,788 | ||||||
Bouygues SA | 66,203 | 2,245,287 | ||||||
Bureau Veritas SA | 84,705 | 1,594,396 | ||||||
Capgemini SA | 52,245 | 4,125,203 | ||||||
Carrefour SA | 181,157 | 4,247,022 | ||||||
Casino Guichard Perrachon SA (a) | 17,858 | 812,527 | ||||||
Christian Dior SE (a) | 17,414 | 3,386,717 | ||||||
Cie de Saint-Gobain | 159,513 | 6,918,773 | ||||||
Cie Generale des Etablissements Michelin | 58,219 | 6,232,042 | ||||||
CNP Assurances | 54,827 | 962,856 | ||||||
Credit Agricole SA | 358,916 | 4,051,228 | ||||||
Danone SA | 188,543 | 11,861,745 | ||||||
Dassault Aviation SA | 729 | 796,196 | ||||||
Dassault Systemes | 41,082 | 3,135,805 | ||||||
Edenred | 67,194 | 1,416,833 | ||||||
Eiffage SA | 18,797 | 1,240,742 | ||||||
Electricite de France SA (a) | 83,595 | 885,538 | ||||||
Engie SA | 466,699 | 5,762,449 | ||||||
Essilor International SA | 66,178 | 7,020,887 | ||||||
Eurazeo SA | 12,790 | 694,040 | ||||||
Eutelsat Communications SA | 55,761 | 1,003,784 | ||||||
Fonciere Des Regions REIT | 10,916 | 857,634 | ||||||
Gecina SA REIT | 13,134 | 1,724,696 | ||||||
Groupe Eurotunnel SE | 149,320 | 1,313,531 | ||||||
Hermes International | 8,430 | 3,479,107 | ||||||
ICADE REIT | 11,836 | 817,894 | ||||||
Iliad SA | 8,442 | 1,606,032 | ||||||
Imerys SA | 11,437 | 796,989 | ||||||
Ingenico Group SA | 17,677 | 1,377,395 | ||||||
JCDecaux SA | 23,733 | 618,774 | ||||||
Kering | 24,201 | 5,258,132 | ||||||
Klepierre REIT | 70,284 | 2,620,947 | ||||||
Lagardere SCA | 37,696 | 929,486 | ||||||
Legrand SA | 85,301 | 4,768,929 | ||||||
L’Oreal SA | 80,458 | 13,733,279 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 89,194 | 16,231,185 | ||||||
Natixis SA | 300,595 | 1,513,918 | ||||||
Orange SA (a) | 637,217 | 9,289,498 | ||||||
Pernod Ricard SA (a) | 67,821 | 7,116,127 | ||||||
Peugeot SA* | 154,964 | 2,286,201 | ||||||
Publicis Groupe SA | 61,292 | 3,977,520 |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Remy Cointreau SA | 7,005 | $ | 588,223 | |||||
Renault SA | 61,395 | 4,837,265 | ||||||
Rexel SA | 96,547 | 1,492,926 | ||||||
Safran SA | 99,900 | 6,857,782 | ||||||
Sanofi | 370,540 | 29,889,669 | ||||||
Schneider Electric SE | 179,547 | 11,954,196 | ||||||
SCOR SE | 52,121 | 1,655,279 | ||||||
SEB SA | 7,300 | 980,266 | ||||||
SFR Group SA | 28,152 | 711,311 | ||||||
Societe BIC SA | 9,186 | 1,188,252 | ||||||
Societe Generale SA | 245,066 | 10,541,269 | ||||||
Sodexo SA | 29,585 | 3,235,903 | ||||||
Suez | 104,329 | 1,456,800 | ||||||
Technip SA | 35,167 | 2,436,081 | ||||||
Thales SA | 33,810 | 3,301,342 | ||||||
TOTAL SA | 719,550 | 34,283,351 | ||||||
Unibail-Rodamco SE REIT | 31,722 | 7,001,480 | ||||||
Valeo SA | 76,141 | 4,245,523 | ||||||
Veolia Environnement SA | 152,948 | 2,643,071 | ||||||
Vinci SA | 161,699 | 10,493,392 | ||||||
Vivendi SA | 328,756 | 6,268,291 | ||||||
Wendel SA | 9,022 | 1,044,166 | ||||||
Zodiac Aerospace | 64,834 | 1,437,503 | ||||||
|
| |||||||
366,090,313 | ||||||||
|
| |||||||
Germany — 13.6% | ||||||||
adidas AG | 60,142 | 8,860,066 | ||||||
Allianz SE | 145,966 | 23,174,363 | ||||||
Axel Springer SE | 13,785 | 591,268 | ||||||
BASF SE | 293,363 | 25,181,467 | ||||||
Bayer AG | 264,128 | 24,799,529 | ||||||
Bayerische Motoren Werke AG | 105,753 | 9,012,537 | ||||||
Beiersdorf AG | 32,196 | 2,630,195 | ||||||
Brenntag AG | 49,348 | 2,597,552 | ||||||
Commerzbank AG | 340,003 | 2,368,594 | ||||||
Continental AG | 35,136 | 6,233,788 | ||||||
Covestro AG, 144A | 22,638 | 1,454,688 | ||||||
Daimler AG | 307,536 | 20,456,116 | ||||||
Deutsche Bank AG*(c) | 440,540 | 6,938,226 | ||||||
Deutsche Boerse AG* | 61,645 | 4,981,751 | ||||||
Deutsche Lufthansa AG | 74,444 | 964,546 | ||||||
Deutsche Post AG | 309,883 | 9,685,383 | ||||||
Deutsche Telekom AG | 1,045,663 | 16,474,071 | ||||||
Deutsche Wohnen AG | 107,787 | 3,319,757 | ||||||
E.ON SE | 639,120 | 4,217,990 | ||||||
Evonik Industries AG | 52,095 | 1,452,651 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 13,286 | 771,648 | ||||||
Fresenius Medical Care AG & Co. KGaA | 68,690 | 5,358,159 | ||||||
Fresenius SE & Co. KGaA | 130,880 | 9,397,815 | ||||||
GEA Group AG | 58,409 | 2,177,190 | ||||||
Hannover Rueck SE | 19,260 | 2,044,332 | ||||||
HeidelbergCement AG | 47,531 | 4,262,289 | ||||||
Henkel AG & Co. KGaA | 33,192 | 3,379,601 | ||||||
HOCHTIEF AG | 6,641 | 944,562 | ||||||
HUGO BOSS AG | 21,362 | 1,224,852 | ||||||
Infineon Technologies AG | 361,704 | 6,049,293 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Innogy SE, 144A* | 44,361 | $ | 1,566,338 | |||||
K+S AG (a) | 61,134 | 1,240,459 | ||||||
LANXESS AG | 29,233 | 1,802,877 | ||||||
Linde AG | 59,324 | 9,883,875 | ||||||
MAN SE | 11,257 | 1,110,274 | ||||||
Merck KGaA | 41,280 | 4,136,181 | ||||||
METRO AG | 56,937 | 1,701,418 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 51,441 | 9,369,215 | ||||||
OSRAM Licht AG | 28,422 | 1,446,961 | ||||||
ProSiebenSat.1 Media SE | 74,421 | 2,550,426 | ||||||
RWE AG* | 156,310 | 1,964,788 | ||||||
SAP SE | 313,908 | 26,243,006 | ||||||
Siemens AG | 244,342 | 27,605,754 | ||||||
Symrise AG | 39,389 | 2,384,138 | ||||||
Telefonica Deutschland Holding AG | 237,518 | 931,917 | ||||||
thyssenkrupp AG | 117,495 | 2,667,369 | ||||||
TUI AG | 159,307 | 2,100,892 | ||||||
United Internet AG | 39,287 | 1,503,351 | ||||||
Volkswagen AG | 10,368 | 1,419,717 | ||||||
Vonovia SE | 148,841 | 4,800,305 | ||||||
Zalando SE, 144A* | 27,629 | 1,029,722 | ||||||
|
| |||||||
318,463,262 | ||||||||
|
| |||||||
Ireland — 1.2% | ||||||||
AerCap Holdings NV* | 52,178 | 2,235,827 | ||||||
Bank of Ireland* | 8,786,308 | 1,871,745 | ||||||
CRH PLC | 265,017 | 8,846,259 | ||||||
DCC PLC | 28,353 | 2,174,642 | ||||||
Experian PLC | 306,003 | 5,781,371 | ||||||
Kerry Group PLC, Class A | 50,589 | 3,583,207 | ||||||
Paddy Power Betfair PLC | 25,430 | 2,654,770 | ||||||
|
| |||||||
27,147,821 | ||||||||
|
| |||||||
Italy — 2.7% | ||||||||
Assicurazioni Generali SpA | 373,671 | 4,720,738 | ||||||
Atlantia SpA | 131,878 | 2,929,597 | ||||||
Enel SpA | 2,435,429 | 9,844,654 | ||||||
Eni SpA | 812,532 | 11,315,666 | ||||||
EXOR SpA | 34,983 | 1,468,609 | ||||||
Ferrari NV | 39,223 | 2,149,194 | ||||||
Intesa Sanpaolo SpA | 4,052,440 | 9,002,273 | ||||||
Intesa Sanpaolo SpA-RSP | 297,838 | 617,753 | ||||||
Leonardo-Finmeccanica SpA* | 129,263 | 1,678,242 | ||||||
Luxottica Group SpA | 54,094 | 2,814,977 | ||||||
Mediobanca SpA | 180,833 | 1,247,679 | ||||||
Poste Italiane SpA, 144A | 166,869 | 1,037,261 | ||||||
Prysmian SpA | 62,299 | 1,490,242 | ||||||
Saipem SpA* | 1,937,418 | 870,835 | ||||||
Snam SpA | 782,673 | 3,031,051 | ||||||
Telecom Italia SpA*(a) | 3,233,905 | 2,445,488 | ||||||
Telecom Italia SpA-RSP* | 1,925,278 | 1,201,858 | ||||||
Terna Rete Elettrica Nazionale SpA | 481,494 | 2,088,194 | ||||||
UniCredit SpA | 1,677,217 | 3,594,303 | ||||||
UnipolSai SpA (a) | 361,525 | 689,692 | ||||||
|
| |||||||
64,238,306 | ||||||||
|
|
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 29,926 | $ | 2,134,282 | |||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 45,979 | 978,570 | ||||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
ArcelorMittal* | 587,513 | 4,438,431 | ||||||
Eurofins Scientific SE | 3,600 | 1,575,594 | ||||||
Millicom International Cellular SA SDR | 21,114 | 891,464 | ||||||
RTL Group SA | 12,360 | 839,824 | ||||||
SES SA | 116,353 | 2,515,044 | ||||||
Tenaris SA | 150,826 | 2,408,983 | ||||||
|
| |||||||
12,669,340 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC (b) | 70,609 | 1,060,155 | ||||||
|
| |||||||
Netherlands — 6.9% | ||||||||
ABN AMRO Group NV, 144A | 90,071 | 1,947,419 | ||||||
Aegon NV | 585,376 | 2,976,730 | ||||||
Akzo Nobel NV | 79,089 | 4,925,407 | ||||||
Altice NV, Class A*(a) | 118,033 | 2,032,830 | ||||||
Altice NV, Class B* | 34,889 | 606,240 | ||||||
ASML Holding NV | 117,646 | 12,171,953 | ||||||
Boskalis Westminster | 29,083 | 907,755 | ||||||
Gemalto NV | 25,841 | 1,317,890 | ||||||
Heineken Holding NV | 32,199 | 2,262,219 | ||||||
Heineken NV | 73,591 | 5,515,835 | ||||||
ING Groep NV | 1,238,624 | 16,868,905 | ||||||
Koninklijke Ahold Delhaize NV | 409,246 | 8,071,888 | ||||||
Koninklijke DSM NV | 57,948 | 3,514,233 | ||||||
Koninklijke KPN NV | 1,091,136 | 3,144,361 | ||||||
Koninklijke Philips NV | 302,943 | 8,713,950 | ||||||
Koninklijke Vopak NV | 22,457 | 1,049,626 | ||||||
NN Group NV | 100,668 | 3,235,997 | ||||||
NXP Semiconductors NV* | 94,010 | 9,321,092 | ||||||
QIAGEN NV* | 71,003 | 1,960,328 | ||||||
Randstad Holding NV | 37,997 | 1,929,389 | ||||||
Royal Dutch Shell PLC, Class A | 1,381,693 | 35,025,087 | ||||||
Royal Dutch Shell PLC, Class B | 1,196,309 | 31,710,279 | ||||||
Wolters Kluwer NV | 96,426 | 3,476,744 | ||||||
|
| |||||||
162,686,157 | ||||||||
|
| |||||||
Norway — 1.1% | ||||||||
DNB ASA | 312,144 | 4,597,632 | ||||||
Gjensidige Forsikring ASA | 63,880 | 1,021,936 | ||||||
Marine Harvest ASA* | 122,194 | 2,197,388 | ||||||
Norsk Hydro ASA | 429,545 | 2,025,199 | ||||||
Orkla ASA | 260,358 | 2,321,103 | ||||||
Schibsted ASA, Class A | 24,147 | 521,303 | ||||||
Schibsted ASA, Class B | 28,459 | 577,624 | ||||||
Statoil ASA | 358,505 | 6,143,730 | ||||||
Telenor ASA | 239,783 | 3,543,078 | ||||||
Yara International ASA | 56,723 | 2,098,705 | ||||||
|
| |||||||
25,047,698 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 739,669 | 2,137,799 | ||||||
Galp Energia SGPS SA | 160,103 | 2,166,030 |
Number | Value | |||||||
Portugal (Continued) | ||||||||
Jeronimo Martins SGPS SA | 80,399 | $ | 1,270,494 | |||||
|
| |||||||
5,574,323 | ||||||||
|
| |||||||
South Africa — 0.2% | ||||||||
Investec PLC (b) | 209,663 | 1,364,122 | ||||||
Mediclinic International PLC (b) | 117,738 | 1,045,195 | ||||||
Mondi PLC (b) | 117,297 | 2,396,632 | ||||||
|
| |||||||
4,805,949 | ||||||||
|
| |||||||
Spain — 4.8% | ||||||||
Abertis Infraestructuras SA | 205,614 | 2,746,881 | ||||||
ACS Actividades de Construccion y Servicios SA | 60,926 | 1,794,144 | ||||||
Aena SA, 144A | 21,560 | 2,858,580 | ||||||
Amadeus IT Group SA | 140,160 | 6,351,935 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,101,188 | 12,974,173 | ||||||
Banco de Sabadell SA | 1,688,972 | 2,106,896 | ||||||
Banco Popular Espanol SA | 1,072,382 | 939,938 | ||||||
Banco Santander SA | 4,663,371 | 21,316,884 | ||||||
Bankia SA | 1,471,455 | 1,311,557 | ||||||
Bankinter SA | 215,324 | 1,618,473 | ||||||
CaixaBank SA | 1,052,673 | 3,060,297 | ||||||
Distribuidora Internacional de Alimentacion SA | 198,813 | 907,325 | ||||||
Enagas SA | 72,440 | 1,785,031 | ||||||
Endesa SA | 101,450 | 2,097,212 | ||||||
Ferrovial SA | 156,971 | 2,782,466 | ||||||
Gas Natural SDG SA | 111,867 | 1,914,780 | ||||||
Grifols SA | 95,274 | 1,868,058 | ||||||
Iberdrola SA | 1,727,242 | 10,396,074 | ||||||
Industria de Diseno Textil SA | 348,411 | 11,917,973 | ||||||
Mapfre SA | 344,264 | 1,032,577 | ||||||
Red Electrica Corp. SA | 138,257 | 2,461,732 | ||||||
Repsol SA | 351,096 | 4,688,573 | ||||||
Telefonica SA (a) | 1,487,378 | 12,377,870 | ||||||
Zardoya Otis SA | 60,106 | 469,494 | ||||||
|
| |||||||
111,778,923 | ||||||||
|
| |||||||
Sweden — 4.5% | ||||||||
Alfa Laval AB | 93,782 | 1,407,320 | ||||||
Assa Abloy AB, Class B | 320,134 | 6,053,625 | ||||||
Atlas Copco AB, Class A | 214,482 | 6,488,320 | ||||||
Atlas Copco AB, Class B | 124,636 | 3,350,096 | ||||||
Boliden AB | 87,360 | 2,256,273 | ||||||
Electrolux AB, Series B | 76,842 | 1,797,157 | ||||||
Getinge AB, Class B | 63,927 | 977,329 | ||||||
Hennes & Mauritz AB, Class B | 303,251 | 8,808,707 | ||||||
Hexagon AB, Class B | 82,572 | 2,924,955 | ||||||
Husqvarna AB, Class B | 132,993 | 984,167 | ||||||
ICA Gruppen AB (a) | 25,699 | 762,098 | ||||||
Industrivarden AB, Class C | 52,431 | 898,219 | ||||||
Investor AB, Class B | 145,482 | 4,913,653 | ||||||
Kinnevik AB, Class B | 74,839 | 1,833,891 | ||||||
L E Lundbergforetagen AB, Class B | 12,200 | 703,073 | ||||||
Lundin Petroleum AB* | 59,796 | 1,126,832 | ||||||
Nordea Bank AB | 970,167 | 10,193,128 | ||||||
Sandvik AB | 340,554 | 4,032,235 | ||||||
Securitas AB, Class B | 100,012 | 1,469,361 |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 485,173 | $ | 4,834,475 | |||||
Skanska AB, Class B | 108,613 | 2,496,634 | ||||||
SKF AB, Class B | 127,154 | 2,288,629 | ||||||
Svenska Cellulosa AB SCA, Class B | 194,273 | 5,181,849 | ||||||
Svenska Handelsbanken AB, Class A | 486,212 | 6,747,965 | ||||||
Swedbank AB, Class A | 289,251 | 6,677,098 | ||||||
Swedish Match AB | 60,287 | 1,881,272 | ||||||
Tele2 AB, Class B (a) | 115,592 | 882,970 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 980,366 | 5,048,096 | ||||||
Telia Co. AB | 829,818 | 3,118,521 | ||||||
Volvo AB, Class B | 492,449 | 5,264,721 | ||||||
|
| |||||||
105,402,669 | ||||||||
|
| |||||||
Switzerland — 14.8% | ||||||||
ABB Ltd.* | 601,280 | 12,253,882 | ||||||
Actelion Ltd.* | 30,977 | 5,971,764 | ||||||
Adecco Group AG | 51,977 | 3,202,871 | ||||||
Aryzta AG* | 27,858 | 1,186,986 | ||||||
Baloise Holding AG | 15,970 | 1,924,191 | ||||||
Barry Callebaut AG* | 706 | 838,145 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 33 | 1,918,589 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 323 | 1,591,649 | ||||||
Cie Financiere Richemont SA | 166,727 | 10,897,029 | ||||||
Coca-Cola HBC AG* | 57,819 | 1,229,837 | ||||||
Credit Suisse Group AG* | 634,138 | 8,432,719 | ||||||
Dufry AG* | 14,626 | 1,809,728 | ||||||
EMS-Chemie Holding AG | 2,615 | 1,341,322 | ||||||
Galenica AG | 1,246 | 1,317,449 | ||||||
Geberit AG | 11,857 | 4,694,052 | ||||||
Givaudan SA | 2,950 | 5,257,598 | ||||||
Glencore PLC* | 3,908,030 | 13,657,055 | ||||||
Julius Baer Group Ltd.* | 71,485 | 3,159,065 | ||||||
Kuehne + Nagel International AG | 17,248 | 2,252,911 | ||||||
LafargeHolcim Ltd.* | 145,386 | 7,700,439 | ||||||
Lonza Group AG* | 16,903 | 3,019,165 | ||||||
Nestle SA | 994,024 | 66,874,438 | ||||||
Novartis AG | 713,236 | 49,281,823 | ||||||
Pargesa Holding SA | 11,098 | 704,063 | ||||||
Partners Group Holding AG | 5,544 | 2,693,750 | ||||||
Roche Holding AG | 224,399 | 50,035,658 | ||||||
Schindler Holding AG | 6,428 | 1,127,919 | ||||||
Schindler Holding AG Participation Certificates | 13,004 | 2,309,946 | ||||||
SGS SA | 1,749 | 3,514,515 | ||||||
Sika AG | 691 | 3,352,713 | ||||||
Sonova Holding AG | 17,025 | 2,058,004 | ||||||
STMicroelectronics NV | 203,583 | 2,076,545 | ||||||
Swatch Group AG — Bearer (a) | 9,851 | 2,896,099 | ||||||
Swatch Group AG — Registered | 15,848 | 911,880 | ||||||
Swiss Life Holding AG* | 10,247 | 2,818,001 | ||||||
Swiss Prime Site AG* | 22,831 | 1,868,338 | ||||||
Swiss Re AG | 103,506 | 9,529,027 | ||||||
Swisscom AG | 8,273 | 3,535,574 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Syngenta AG | 29,570 | $ | 11,310,881 | |||||
UBS Group AG (a) | 1,168,291 | 18,580,963 | ||||||
Wolseley PLC | 80,612 | 4,685,044 | ||||||
Zurich Insurance Group AG* | 48,080 | 12,602,852 | ||||||
|
| |||||||
346,424,479 | ||||||||
|
| |||||||
United Kingdom — 25.0% | ||||||||
3i Group PLC | 310,693 | 2,678,421 | ||||||
Aberdeen Asset Management PLC | 294,660 | 988,062 | ||||||
Admiral Group PLC | 67,546 | 1,606,608 | ||||||
Anglo American PLC* | 447,875 | 6,640,540 | ||||||
Ashtead Group PLC | 160,123 | 3,139,431 | ||||||
Associated British Foods PLC | 113,788 | 3,630,487 | ||||||
AstraZeneca PLC | 403,919 | 20,970,958 | ||||||
Auto Trader Group PLC, 144A | 316,803 | 1,584,352 | ||||||
Aviva PLC | 1,296,190 | 7,249,439 | ||||||
Babcock International Group PLC | 80,744 | 964,810 | ||||||
BAE Systems PLC | 1,013,809 | 7,617,235 | ||||||
Barclays PLC | 5,402,690 | 14,597,937 | ||||||
Barratt Developments PLC | 320,580 | 1,882,013 | ||||||
Berkeley Group Holdings PLC | 41,683 | 1,291,853 | ||||||
BP PLC | 5,999,553 | 34,489,379 | ||||||
British American Tobacco PLC | 595,467 | 32,733,810 | ||||||
British Land Co. PLC REIT | 312,413 | 2,312,129 | ||||||
BT Group PLC | 2,695,246 | 12,042,495 | ||||||
Bunzl PLC | 107,169 | 2,762,260 | ||||||
Burberry Group PLC | 141,683 | 2,533,251 | ||||||
Capita PLC | 213,053 | 1,398,175 | ||||||
Centrica PLC | 1,746,266 | 4,594,919 | ||||||
CNH Industrial NV | 326,143 | 2,779,127 | ||||||
Cobham PLC | 545,492 | 1,121,384 | ||||||
Coca-Cola European Partners PLC | 69,325 | 2,303,412 | ||||||
Compass Group PLC | 524,748 | 9,001,533 | ||||||
Croda International PLC | 41,921 | 1,710,976 | ||||||
Diageo PLC | 804,227 | 20,175,358 | ||||||
Direct Line Insurance Group PLC | 439,176 | 1,907,860 | ||||||
Dixons Carphone PLC | 312,611 | 1,297,803 | ||||||
easyJet PLC | 50,747 | 628,599 | ||||||
Fiat Chrysler Automobiles NV | 288,194 | 2,226,675 | ||||||
G4S PLC | 495,580 | 1,513,595 | ||||||
GKN PLC | 547,530 | 2,123,038 | ||||||
GlaxoSmithKline PLC | 1,557,010 | 29,134,398 | ||||||
Hammerson PLC REIT | 252,926 | 1,723,136 | ||||||
Hargreaves Lansdown PLC | 83,324 | 1,227,085 | ||||||
HSBC Holdings PLC | 6,353,549 | 50,495,781 | ||||||
ICAP PLC | 177,098 | 1,078,901 | ||||||
IMI PLC | 86,865 | 1,054,253 | ||||||
Imperial Brands PLC | 306,213 | 13,153,025 | ||||||
Inmarsat PLC | 144,086 | 1,280,897 | ||||||
InterContinental Hotels Group PLC | 59,933 | 2,460,370 | ||||||
International Consolidated Airlines Group SA | 270,911 | 1,469,793 | ||||||
Intertek Group PLC | 51,547 | 2,121,268 | ||||||
Intu Properties PLC REIT | 300,651 | 1,012,289 | ||||||
ITV PLC | 1,157,145 | 2,432,346 | ||||||
J Sainsbury PLC (a) | 523,835 | 1,514,031 | ||||||
Johnson Matthey PLC | 61,815 | 2,420,842 |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Kingfisher PLC | 718,671 | $ | 3,175,090 | |||||
Land Securities Group PLC REIT | 252,543 | 3,065,034 | ||||||
Legal & General Group PLC | 1,901,151 | 5,609,041 | ||||||
Lloyds Banking Group PLC | 20,517,099 | 14,855,855 | ||||||
London Stock Exchange Group PLC | 100,700 | 3,462,378 | ||||||
Marks & Spencer Group PLC | 518,922 | 2,134,175 | ||||||
Meggitt PLC | 247,626 | 1,463,640 | ||||||
Merlin Entertainments PLC, 144A | 226,690 | 1,236,084 | ||||||
National Grid PLC | 1,202,435 | 13,739,019 | ||||||
Next PLC | 44,699 | 2,742,689 | ||||||
Old Mutual PLC | 1,574,528 | 3,741,137 | ||||||
Pearson PLC | 262,581 | 2,613,555 | ||||||
Persimmon PLC | 98,470 | 2,094,503 | ||||||
Petrofac Ltd. | 82,864 | 823,736 | ||||||
Provident Financial PLC | 47,158 | 1,719,975 | ||||||
Prudential PLC | 823,748 | 15,960,034 | ||||||
Reckitt Benckiser Group PLC | 201,966 | 17,090,150 | ||||||
RELX NV | 317,752 | 5,132,365 | ||||||
RELX PLC | 348,083 | 5,988,440 | ||||||
Rio Tinto PLC | 395,135 | 14,782,399 | ||||||
Rolls-Royce Holdings PLC* | 26,647,432 | 33,341 | ||||||
Rolls-Royce Holdings PLC* | 587,297 | 4,971,115 | ||||||
Royal Bank of Scotland Group PLC* | 1,126,415 | 2,738,416 | ||||||
Royal Mail PLC | 287,460 | 1,685,419 | ||||||
RSA Insurance Group PLC | 325,504 | 2,201,305 | ||||||
Sage Group PLC | 344,793 | 2,836,498 | ||||||
Schroders PLC | 43,315 | 1,498,517 | ||||||
Segro PLC REIT | 264,631 | 1,384,029 | ||||||
Severn Trent PLC | 75,273 | 2,059,758 | ||||||
Sky PLC | 329,433 | 3,219,188 | ||||||
Smith & Nephew PLC | 284,909 | 4,017,522 | ||||||
Smiths Group PLC | 126,210 | 2,228,174 | ||||||
SSE PLC | 321,840 | 5,939,642 | ||||||
St James’s Place PLC | 168,377 | 1,980,336 | ||||||
Standard Chartered PLC* | 1,048,640 | 8,411,635 | ||||||
Standard Life PLC | 630,965 | 2,728,395 | ||||||
Tate & Lyle PLC | 149,049 | 1,264,407 | ||||||
Taylor Wimpey PLC | 1,042,829 | 1,935,007 | ||||||
Tesco PLC* | 2,610,854 | 6,817,627 | ||||||
Travis Perkins PLC | 79,853 | 1,340,825 | ||||||
Unilever NV | 520,300 | 20,885,783 | ||||||
Unilever PLC | 409,938 | 16,392,801 | ||||||
United Utilities Group PLC | 217,796 | 2,406,239 | ||||||
Vodafone Group PLC | 8,498,632 | 20,618,405 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Weir Group PLC | 69,159 | $ | 1,564,499 | |||||
Whitbread PLC | 58,512 | 2,536,011 | ||||||
William Hill PLC | 277,654 | 1,046,722 | ||||||
Wm Morrison Supermarkets PLC (a) | 708,583 | 1,928,316 | ||||||
Worldpay Group PLC, 144A | 574,921 | 1,936,473 | ||||||
WPP PLC | 409,998 | 8,767,021 | ||||||
|
| |||||||
585,879,064 | ||||||||
|
| |||||||
United States(d) — 0.8% | ||||||||
Carnival PLC | 60,827 | 3,077,767 | ||||||
Shire PLC | 287,524 | 16,764,409 | ||||||
|
| |||||||
19,842,176 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,321,576,558 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.8% | ||||||||
Germany — 0.8% | ||||||||
Bayerische Motoren Werke AG | 17,506 | 1,256,830 | ||||||
FUCHS PETROLUB SE | 22,198 | 879,657 | ||||||
Henkel AG & Co. KGaA | 56,906 | 6,592,081 | ||||||
Porsche Automobil Holding SE | 48,909 | 2,479,325 | ||||||
Schaeffler AG | 53,020 | 687,243 | ||||||
Volkswagen AG | 59,276 | 7,651,921 | ||||||
|
| |||||||
19,547,057 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 19,547,057 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 12/06/16 | 1,032,076 | 42,660 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.0% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (e)(f) | 45,836,157 | 45,836,157 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.7% | $ | 2,387,002,432 | ||||||
Other assets and liabilities, | (38,515,907 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,348,486,525 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,862,855,499. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $475,853,067. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $37,070,189 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $512,923,256. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $43,430,958, which is 1.8% of net assets. |
(b) | Listed on London Stock Exchange. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Securities are domiciled in the United States and trade on a non-US securities exchange. |
(e) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/5/2016 | CHF | 58,443,640 | USD | 59,196,921 | $ | 1,689,263 | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | CHF | 38,637,200 | USD | 39,132,223 | 1,113,802 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CHF | 47,942,691 | USD | 48,557,674 | 1,382,791 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CHF | 60,126,900 | USD | 60,902,123 | 1,738,163 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | CHF | 1,569,000 | USD | 1,588,095 | 44,223 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | CHF | 55,799,014 | USD | 56,521,471 | 1,616,086 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CHF | 10,701,400 | USD | 10,838,507 | 308,491 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 13,822,100 | USD | 14,142,137 | 541,399 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 217,500 | USD | 217,220 | 3,203 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 61,239,594 | USD | 62,021,688 | 1,762,853 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 52,800 | USD | 52,311 | 357 | ||||||||||||
Bank of Montreal | 12/5/2016 | DKK | 56,009,500 | USD | 8,265,035 | 284,403 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | DKK | 52,335,900 | USD | 7,721,950 | 264,758 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | DKK | 29,260,387 | USD | 4,317,478 | 148,250 | ||||||||||||
RBC Capital Markets | 12/5/2016 | DKK | 2,708,200 | USD | 399,623 | 13,740 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | DKK | 60,412,856 | USD | 8,914,973 | 306,919 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | DKK | 1,385,000 | USD | 204,527 | 7,183 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | DKK | 43,051,300 | USD | 6,352,232 | 217,976 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 203,897,400 | USD | 30,083,169 | 1,030,416 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 18,844,000 | USD | 2,801,478 | 116,451 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 14,400 | USD | 2,068 | 17 | ||||||||||||
Bank of Montreal | 12/5/2016 | EUR | 168,961,513 | USD | 185,456,719 | 6,328,084 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | EUR | 114,780,270 | USD | 125,982,825 | 4,295,745 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 182,473,085 | USD | 200,265,123 | 6,811,868 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 172,234,079 | USD | 189,042,059 | 6,443,934 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | EUR | 149,727,356 | USD | 164,338,500 | 5,601,422 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | EUR | 3,194,000 | USD | 3,508,079 | 121,883 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | EUR | 32,426,000 | USD | 35,590,291 | 1,213,083 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 31,641,700 | USD | 34,731,828 | 1,186,115 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 183,963,208 | USD | 201,903,300 | 6,870,255 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 61,900 | USD | 68,361 | 2,736 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 45,031,400 | USD | 49,775,908 | 2,034,780 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 430,200 | USD | 456,821 | 734 | ||||||||||||
Bank of Montreal | 12/5/2016 | GBP | 79,840,808 | USD | 97,531,216 | (2,384,089 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | GBP | 123,807,100 | USD | 151,244,610 | (3,691,498 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | GBP | 86,282,650 | USD | 105,402,023 | (2,574,806 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | GBP | 91,789,021 | USD | 112,133,139 | (2,734,535 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | GBP | 88,980,081 | USD | 108,697,267 | (2,655,213 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | GBP | 6,617,000 | USD | 8,083,268 | (197,455 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | GBP | 2,935,000 | USD | 3,591,715 | (81,236 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 15,126,782 | USD | 18,476,003 | (454,129 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 57,464,483 | USD | 70,195,164 | (1,717,701 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 24,193,300 | USD | 29,650,583 | (625,676 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 3,400 | USD | 4,225 | (29 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | NOK | 25,290,200 | USD | 3,064,942 | 94,322 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | NOK | 31,424,800 | USD | 3,808,443 | 117,245 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NOK | 30,591,592 | USD | 3,707,553 | 114,225 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NOK | 1,490,000 | USD | 180,579 | 5,561 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | NOK | 32,374,700 | USD | 3,923,428 | 120,653 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | NOK | 447,000 | USD | 54,078 | 1,573 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | NOK | 4,341,000 | USD | 526,077 | $ | 16,178 | |||||||||||
The Bank of New York Mellon | 12/5/2016 | NOK | 27,343,000 | USD | 3,313,773 | 102,028 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 8,985,500 | USD | 1,094,625 | 39,176 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 49,999,300 | USD | 6,059,317 | 186,333 | ||||||||||||
Bank of Montreal | 12/5/2016 | SEK | 161,229,700 | USD | 17,897,258 | 409,285 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | SEK | 176,191,500 | USD | 19,557,385 | 446,563 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SEK | 174,734,391 | USD | 19,395,970 | 443,195 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SEK | 171,292,700 | USD | 19,014,733 | 435,265 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | SEK | 174,374,945 | USD | 19,356,362 | 442,575 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | SEK | 13,995,000 | USD | 1,553,505 | 35,520 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | SEK | 2,287,000 | USD | 253,808 | 5,746 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | SEK | 5,981,100 | USD | 663,910 | 15,163 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 74,100 | USD | 8,034 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 288,300 | USD | 31,358 | 87 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 41,463,600 | USD | 4,639,855 | 142,456 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 52,248,250 | USD | 5,799,336 | 132,167 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 55,996,473 | CHF | 57,030,140 | 120,322 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 1,397,048 | CHF | 1,413,500 | (6,186 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 7,727,479 | DKK | 54,184,500 | (6,886 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 261,179 | DKK | 1,825,000 | (1,140 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 4,834,142 | EUR | 4,540,000 | (20,951 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 174,443,251 | EUR | 164,421,513 | (127,807 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 96,807,839 | GBP | 77,477,808 | 150,333 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 2,952,287 | GBP | 2,363,000 | 4,845 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 2,863,950 | NOK | 24,380,200 | (220 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 106,713 | NOK | 910,000 | 177 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 17,017,804 | SEK | 157,072,700 | 19,274 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 453,375 | SEK | 4,157,000 | (2,481 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 521,646 | CHF | 528,500 | (1,610 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 37,417,597 | CHF | 38,108,700 | 80,788 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 7,366,059 | DKK | 51,653,900 | (6,044 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 97,271 | DKK | 682,000 | (95 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,779,440 | EUR | 1,677,000 | (1,527 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 119,996,010 | EUR | 113,103,270 | (86,842 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 153,584,916 | GBP | 122,917,100 | 237,418 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,105,073 | GBP | 890,000 | 8,701 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,651,034 | NOK | 31,080,300 | (301 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 40,299 | NOK | 344,500 | 166 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 169,587 | SEK | 1,561,500 | (217 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 18,918,607 | SEK | 174,630,000 | 22,845 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 47,071,492 | CHF | 47,942,691 | 103,391 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 4,172,518 | DKK | 29,260,387 | (3,290 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 184,032,563 | EUR | 173,467,524 | (126,772 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 10,000,000 | EUR | 9,005,561 | (452,537 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 107,805,858 | GBP | 86,282,650 | 170,972 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 3,593,508 | NOK | 30,591,592 | (180 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 18,929,309 | SEK | 174,734,391 | 23,465 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 59,033,482 | CHF | 60,126,900 | 130,478 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 386,178 | DKK | 2,708,200 | (295 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 182,719,690 | EUR | 172,234,079 | (121,565 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 114,683,864 | GBP | 91,789,021 | 183,810 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 175,024 | NOK | 1,490,000 | (7 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 18,556,484 | SEK | 171,292,700 | 22,983 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,397,079 | CHF | 1,413,500 | (6,216 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 43,618,023 | CHF | 44,422,514 | 93,059 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 9,435,606 | CHF | 9,315,000 | (269,787 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 521,625 | CHF | 528,500 | (1,589 | ) |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,716,709 | CHF | 1,688,500 | $ | (55,250 | ) | ||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 315,097 | DKK | 2,147,500 | (9,105 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 97,269 | DKK | 682,000 | (93 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 261,184 | DKK | 1,825,000 | (1,145 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,544,276 | DKK | 24,018,000 | (122,020 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 4,724,058 | DKK | 33,125,356 | (4,121 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,779,331 | EUR | 1,677,000 | (1,418 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 4,834,228 | EUR | 4,540,000 | (21,037 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 184,301,513 | EUR | 173,712,356 | (136,158 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 5,915,920 | EUR | 5,418,000 | (171,896 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,554,328 | GBP | 2,860,000 | 24,766 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 115,479,213 | GBP | 92,419,081 | 176,939 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,105,019 | GBP | 890,000 | 8,755 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 2,952,313 | GBP | 2,363,000 | 4,819 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 127,868 | NOK | 1,065,000 | (2,771 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 4,093,171 | NOK | 34,843,200 | (444 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 106,713 | NOK | 910,000 | 176 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 40,297 | NOK | 344,500 | 168 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 539,487 | SEK | 4,885,000 | (9,630 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 169,580 | SEK | 1,561,500 | (210 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 19,506,672 | SEK | 180,053,445 | 23,041 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 453,374 | SEK | 4,157,000 | (2,480 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 10,504,442 | CHF | 10,701,400 | 25,574 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 6,138,417 | DKK | 43,051,300 | (4,162 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 33,564,250 | EUR | 31,641,700 | (18,536 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 18,896,528 | GBP | 15,126,782 | 33,605 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 3,210,893 | NOK | 27,343,000 | 852 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 647,785 | SEK | 5,981,100 | 962 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,312,759 | CHF | 1,276,100 | (57,096 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,716,758 | CHF | 1,688,500 | (55,299 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 70,238,436 | CHF | 71,551,894 | 167,546 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 842,763 | CHF | 815,500 | (40,324 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 235,609 | DKK | 1,578,000 | (10,764 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 31,079,064 | DKK | 217,987,000 | (18,724 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 315,091 | DKK | 2,147,500 | (9,099 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 156,370 | DKK | 1,043,300 | (7,713 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,594,355 | EUR | 3,236,700 | (162,890 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 295,678 | EUR | 266,800 | (12,824 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,000,142 | EUR | 2,690,300 | (147,955 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,916,131 | EUR | 5,418,000 | (172,107 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 624,080 | EUR | 583,700 | (5,257 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 230,491,649 | EUR | 217,291,208 | (125,119 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,379,268 | GBP | 1,934,600 | 41,752 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 27,023 | GBP | 21,700 | 133 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,899,265 | GBP | 1,516,500 | (1,469 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 93,659,750 | GBP | 74,967,383 | 156,797 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,554,465 | GBP | 2,860,000 | 24,629 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 68,966 | GBP | 54,900 | (263 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 337,859 | GBP | 270,400 | 528 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 44,591 | GBP | 35,700 | 85 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 6,670,860 | NOK | 56,792,900 | 109 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 85,555 | NOK | 701,100 | (3,203 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 52,217 | NOK | 425,800 | (2,202 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 127,870 | NOK | 1,065,000 | (2,774 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 539,510 | SEK | 4,885,000 | (9,652 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 497,020 | SEK | 4,428,800 | (16,645 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,941,295 | SEK | 82,550,150 | 12,606 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 246,955 | SEK | 2,210,300 | $ | (7,213 | ) | ||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | CHF | 47,942,691 | USD | 47,185,134 | (105,071 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | CHF | 38,108,700 | USD | 37,508,194 | (81,858 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | CHF | 60,126,900 | USD | 59,179,437 | (129,153 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | CHF | 44,422,514 | USD | 43,712,191 | (105,746 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | CHF | 10,701,400 | USD | 10,530,283 | (25,474 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CHF | 57,030,140 | USD | 56,119,876 | (134,101 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CHF | 71,551,894 | USD | 70,409,847 | (168,248 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | DKK | 29,260,387 | USD | 4,179,680 | 2,733 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | DKK | 51,653,900 | USD | 7,379,102 | 5,461 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | DKK | 2,708,200 | USD | 386,884 | 286 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | DKK | 43,051,300 | USD | 6,149,395 | 3,783 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | DKK | 33,125,356 | USD | 4,731,585 | 2,911 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 54,184,500 | USD | 7,738,819 | 3,932 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 217,987,000 | USD | 31,133,661 | 15,819 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | EUR | 173,467,524 | USD | 184,355,907 | 116,200 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 113,103,270 | USD | 120,203,102 | 76,216 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 172,234,079 | USD | 183,045,729 | 116,062 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | EUR | 173,712,356 | USD | 184,604,120 | 104,377 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | EUR | 31,641,700 | USD | 33,625,635 | 19,012 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 164,421,513 | USD | 174,719,232 | 87,285 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 217,291,208 | USD | 230,900,157 | 115,352 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | GBP | 86,282,650 | USD | 107,916,299 | (171,842 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | GBP | 91,789,021 | USD | 114,805,944 | (180,146 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | GBP | 122,917,100 | USD | 153,739,669 | (241,239 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | GBP | 15,126,782 | USD | 18,916,495 | (33,152 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | GBP | 92,419,081 | USD | 115,572,834 | (202,547 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 77,477,808 | USD | 96,896,846 | (161,279 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 74,967,383 | USD | 93,757,208 | (156,053 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | NOK | 30,591,592 | USD | 3,594,141 | 154 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | NOK | 31,080,300 | USD | 3,651,345 | (56 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | NOK | 1,490,000 | USD | 175,047 | (3 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | NOK | 27,343,000 | USD | 3,211,308 | (1,025 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | NOK | 34,843,200 | USD | 4,092,171 | (1,307 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | NOK | 56,792,900 | USD | 6,671,879 | (312 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | NOK | 24,380,200 | USD | 2,864,121 | (134 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | SEK | 174,734,391 | USD | 18,969,114 | (23,894 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | SEK | 171,292,700 | USD | 18,595,969 | (22,939 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | SEK | 174,630,000 | USD | 18,958,275 | (23,386 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | SEK | 5,981,100 | USD | 649,160 | (964 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | SEK | 180,053,445 | USD | 19,542,138 | (29,032 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 82,550,150 | USD | 8,960,026 | (12,883 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 157,072,700 | USD | 17,048,732 | (24,513 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 1,496,829 | CHF | 1,520,000 | 2,484 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 3,931,567 | CHF | 3,994,000 | 8,076 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 2,895,024 | DKK | 20,263,000 | (2,463 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 10,985,072 | EUR | 10,335,000 | (8,277 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 1,244,025 | EUR | 1,173,000 | 1,817 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 697,294 | GBP | 558,000 | 1,725 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 23,062,659 | GBP | 18,437,000 | 33,770 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 37,763,943 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
NOK | Norwegian Krone |
SEK | Swedish Krona |
USD | U.S. Dollar |
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 2,321,576,558 | $ | — | $ | — | $ | 2,321,576,558 | ||||||||
Preferred Stocks | 19,547,057 | — | — | 19,547,057 | ||||||||||||
Rights | 42,660 | — | — | 42,660 | ||||||||||||
Short-Term Investments | 45,836,157 | — | — | 45,836,157 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 59,601,023 | — | 59,601,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,387,002,432 | $ | 59,601,023 | $ | — | $ | 2,446,603,455 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (21,837,080 | ) | $ | — | $ | (21,837,080 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (21,837,080 | ) | $ | — | $ | (21,837,080 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.5% | ||||||||
Austria — 1.0% | ||||||||
ANDRITZ AG | 749 | $ | 38,644 | |||||
Austria Technologie & Systemtechnik AG | 1,162 | 12,296 | ||||||
BUWOG AG* | 862 | 20,030 | ||||||
CA Immobilien Anlagen AG* | 924 | 16,844 | ||||||
Conwert Immobilien Invest SE* | 506 | 8,672 | ||||||
DO & CO AG | 149 | 8,985 | ||||||
Erste Group Bank AG* | 3,861 | 107,376 | ||||||
FACC AG* | 934 | 5,395 | ||||||
IMMOFINANZ AG* | 13,745 | 28,611 | ||||||
Lenzing AG | 58 | 7,407 | ||||||
Oesterreichische Post AG* | 162 | 5,247 | ||||||
OMV AG | 1,242 | 40,142 | ||||||
Raiffeisen Bank International AG* | 1,734 | 31,582 | ||||||
RHI AG | 177 | 4,274 | ||||||
S IMMO AG* | 53 | 559 | ||||||
S&T AG | 414 | 4,158 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 153 | 10,871 | ||||||
Semperit AG Holding | 293 | 7,763 | ||||||
UNIQA Insurance Group AG | 1,745 | 12,007 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 721 | 14,676 | ||||||
voestalpine AG | 1,235 | 46,800 | ||||||
Wienerberger AG | 1,369 | 24,238 | ||||||
Zumtobel Group AG | 341 | 5,942 | ||||||
|
| |||||||
462,519 | ||||||||
|
| |||||||
Belgium — 4.3% | ||||||||
Ablynx NV* | 1,521 | 15,870 | ||||||
Ackermans & van Haaren NV | 266 | 34,874 | ||||||
Aedifica SA REIT | 140 | 10,321 | ||||||
Ageas | 2,510 | 93,680 | ||||||
AGFA-Gevaert NV* | 1,994 | 9,130 | ||||||
Anheuser-Busch InBev SA/NV | 8,704 | 904,412 | ||||||
Barco NV | 116 | 8,891 | ||||||
Befimmo SA REIT | 206 | 11,438 | ||||||
Bekaert SA | 386 | 16,100 | ||||||
Biocartis NV, 144A* | 1,101 | 10,152 | ||||||
bpost SA | 941 | 21,143 | ||||||
Cie d’Entreprises CFE | 79 | 8,038 | ||||||
Cofinimmo SA REIT | 188 | 20,762 | ||||||
Colruyt SA | 599 | 30,273 | ||||||
D’ieteren SA/NV | 291 | 11,459 | ||||||
Econocom Group SA | 428 | 6,110 | ||||||
Elia System Operator SA/NV | 255 | 12,590 | ||||||
Euronav NV | 1,958 | 14,624 | ||||||
EVS Broadcast Equipment SA | 161 | 5,230 | ||||||
Exmar NV | 1,515 | 10,508 | ||||||
Fagron*(a) | 789 | 7,378 | ||||||
Galapagos NV* | 472 | 28,049 | ||||||
Greenyard NV | 393 | 6,165 | ||||||
Groupe Bruxelles Lambert SA | 832 | 68,295 | ||||||
Intervest Offices & Warehouses NV REIT | 97 | 2,452 | ||||||
Ion Beam Applications | 226 | 9,712 | ||||||
KBC Ancora* | 386 | 14,967 | ||||||
KBC Group NV | 3,059 | 183,437 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Kinepolis Group NV | 116 | $ | 5,145 | |||||
Melexis NV | 142 | 8,894 | ||||||
Nyrstar NV* | 1,840 | 12,805 | ||||||
Ontex Group NV | 997 | 27,056 | ||||||
Orange Belgium SA* | 349 | 7,250 | ||||||
Proximus SADP | 1,647 | 46,563 | ||||||
Sofina SA | 115 | 15,485 | ||||||
Solvay SA | 830 | 94,785 | ||||||
Telenet Group Holding NV* | 563 | 29,727 | ||||||
Tessenderlo Chemie NV* | 350 | 12,022 | ||||||
UCB SA | 1,503 | 96,692 | ||||||
Umicore SA | 1,018 | 60,992 | ||||||
Warehouses De Pauw CVA REIT | 121 | 10,388 | ||||||
|
| |||||||
2,003,864 | ||||||||
|
| |||||||
Finland — 3.4% | ||||||||
Amer Sports OYJ | 1,419 | 37,839 | ||||||
Cargotec OYJ, Class B | 391 | 15,818 | ||||||
Caverion Corp. | 1,356 | 9,356 | ||||||
Citycon OYJ | 3,566 | 8,209 | ||||||
Cramo OYJ | 324 | 8,121 | ||||||
Elisa OYJ | 1,600 | 50,228 | ||||||
Ferratum OYJ | 720 | 11,481 | ||||||
Finnair OYJ* | 553 | 2,462 | ||||||
Fortum OYJ | 4,985 | 72,382 | ||||||
F-Secure OYJ | 1,089 | 3,682 | ||||||
Huhtamaki OYJ | 1,045 | 39,318 | ||||||
Kemira OYJ | 1,006 | 12,208 | ||||||
Kesko OYJ, Class B | 649 | 31,957 | ||||||
Kone OYJ, Class B | 3,782 | 166,587 | ||||||
Konecranes OYJ | 578 | 19,934 | ||||||
Metsa Board OYJ | 2,527 | 16,404 | ||||||
Metso OYJ (a) | 1,483 | 41,966 | ||||||
Neste OYJ | 1,381 | 56,716 | ||||||
Nokia OYJ | 68,283 | 293,821 | ||||||
Nokian Renkaat OYJ | 1,375 | 49,665 | ||||||
Oriola-KD OYJ, Class B | 189 | 879 | ||||||
Orion OYJ, Class B | 1,053 | 44,775 | ||||||
Outokumpu OYJ* | 3,547 | 27,405 | ||||||
Outotec OYJ* | 2,689 | 14,307 | ||||||
PKC Group OYJ | 674 | 10,286 | ||||||
Ponsse OYJ | 73 | 1,725 | ||||||
Ramirent OYJ | 634 | 4,515 | ||||||
Sampo OYJ, Class A | 4,967 | 219,573 | ||||||
Sanoma OYJ | 796 | 6,445 | ||||||
Sponda OYJ | 1,972 | 8,473 | ||||||
Stockmann OYJ Abp, Class B* | 1,544 | 10,228 | ||||||
Stora Enso OYJ, Class R | 5,997 | 57,871 | ||||||
Technopolis OYJ | 288 | 925 | ||||||
Tieto OYJ | 521 | 13,219 | ||||||
UPM-Kymmene OYJ | 5,877 | 134,541 | ||||||
Uponor OYJ | 611 | 9,849 | ||||||
Valmet OYJ | 1,160 | 17,716 | ||||||
Wartsila OYJ Abp | 1,650 | 69,548 | ||||||
YIT OYJ | 1,268 | 10,146 | ||||||
|
| |||||||
1,610,580 | ||||||||
|
|
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
France — 29.7% | ||||||||
AB Science SA* | 929 | $ | 10,368 | |||||
Accor SA | 2,100 | 74,405 | ||||||
Adocia* | 100 | 5,437 | ||||||
Aeroports de Paris | 356 | 35,018 | ||||||
Air France-KLM* | 2,209 | 11,914 | ||||||
Air Liquide SA | 4,422 | 450,294 | ||||||
Airbus Group SE | 6,615 | 422,547 | ||||||
Albioma SA | 222 | 3,494 | ||||||
Alstom SA* | 1,895 | 51,335 | ||||||
Altamir | 701 | 8,789 | ||||||
Alten SA | 277 | 18,983 | ||||||
Altran Technologies SA* | 1,277 | 16,282 | ||||||
ANF Immobilier REIT | 199 | 4,239 | ||||||
Arkema SA | 698 | 66,861 | ||||||
Atos SE | 944 | 97,579 | ||||||
AXA SA | 22,010 | 518,566 | ||||||
Beneteau SA | 485 | 6,603 | ||||||
BNP Paribas SA | 12,263 | 711,972 | ||||||
Boiron SA | 71 | 6,058 | ||||||
Bollore SA | 12,217 | 40,088 | ||||||
Bonduelle SCA | 176 | 4,421 | ||||||
Bourbon Corp. | 481 | 5,603 | ||||||
Bouygues SA | 2,344 | 79,497 | ||||||
Bureau Veritas SA | 3,295 | 62,022 | ||||||
Capgemini SA | 1,889 | 149,153 | ||||||
Carrefour SA | 6,466 | 151,588 | ||||||
Casino Guichard Perrachon SA (a) | 751 | 34,170 | ||||||
Cellectis SA* | 597 | 10,358 | ||||||
CGG SA* | 570 | 8,228 | ||||||
Christian Dior SE (a) | 570 | 110,855 | ||||||
Cie de Saint-Gobain | 5,601 | 242,940 | ||||||
Cie Generale des Etablissements Michelin | 1,977 | 211,628 | ||||||
Cie Plastic Omnium SA | 631 | 19,217 | ||||||
CNP Assurances | 1,785 | 31,348 | ||||||
Coface SA | 1,508 | 8,862 | ||||||
Credit Agricole SA | 14,088 | 159,017 | ||||||
Danone SA | 6,668 | 419,502 | ||||||
Dassault Aviation SA | 24 | 26,212 | ||||||
Dassault Systemes | 1,420 | 108,389 | ||||||
DBV Technologies SA* | 194 | 14,103 | ||||||
Derichebourg SA | 1,510 | 4,780 | ||||||
Devoteam SA | 21 | 1,163 | ||||||
Edenred | 2,492 | 52,546 | ||||||
Eiffage SA | 698 | 46,073 | ||||||
Electricite de France SA (a) | 3,249 | 34,417 | ||||||
Elior Group, 144A | 962 | 19,958 | ||||||
Elis SA | 1,028 | 15,983 | ||||||
Engie SA | 16,823 | 207,718 | ||||||
Eramet* | 133 | 8,387 | ||||||
Essilor International SA | 2,384 | 252,921 | ||||||
Esso SA Francaise* | 212 | 7,828 | ||||||
Etablissements Maurel et Prom* | 2,582 | 11,274 | ||||||
Euler Hermes Group | 27 | 2,268 | ||||||
Eurazeo SA | 471 | 25,558 | ||||||
Europcar Groupe SA, 144A* | 1,349 | 12,133 | ||||||
Eutelsat Communications SA | 2,048 | 36,867 | ||||||
Faiveley Transport SA | 3 | 318 |
Number | Value | |||||||
France (Continued) | ||||||||
Faurecia | 786 | $ | 28,173 | |||||
FFP | 84 | 5,742 | ||||||
Fonciere Des Regions REIT | 381 | 29,934 | ||||||
Gaztransport Et Technigaz SA | 168 | 5,708 | ||||||
Gecina SA REIT | 444 | 58,304 | ||||||
Genfit* | 677 | 13,263 | ||||||
Groupe Eurotunnel SE | 6,298 | 55,402 | ||||||
Groupe Fnac SA* | 175 | 12,697 | ||||||
Guerbet | 111 | 6,881 | ||||||
Haulotte Group SA | 179 | 2,404 | ||||||
Havas SA | 1,086 | 8,765 | ||||||
Hermes International | 282 | 116,383 | ||||||
ICADE REIT | 398 | 27,503 | ||||||
ID Logistics Group* | 15 | 2,174 | ||||||
Iliad SA | 297 | 56,502 | ||||||
Imerys SA | 359 | 25,017 | ||||||
Ingenico Group SA | 665 | 51,817 | ||||||
Innate Pharma SA* | 667 | 10,038 | ||||||
Ipsen SA | 290 | 19,655 | ||||||
IPSOS | 367 | 10,661 | ||||||
Jacquet Metal Service | 273 | 5,252 | ||||||
JCDecaux SA | 1,039 | 27,089 | ||||||
Kering | 846 | 183,810 | ||||||
Klepierre REIT | 2,532 | 94,420 | ||||||
Korian SA | 662 | 17,288 | ||||||
Lagardere SCA | 1,136 | 28,011 | ||||||
Legrand SA | 3,010 | 168,280 | ||||||
LISI | 100 | 3,006 | ||||||
L’Oreal SA | 2,840 | 484,756 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 3,131 | 569,767 | ||||||
Maisons du Monde SA, 144A* | 185 | 4,814 | ||||||
Marie Brizard Wine & Spirits SA* | 504 | 8,312 | ||||||
Mercialys SA REIT | 590 | 11,512 | ||||||
Mersen SA | 204 | 4,000 | ||||||
Natixis SA | 12,662 | 63,771 | ||||||
Naturex* | 79 | 6,537 | ||||||
Neopost SA | 370 | 10,953 | ||||||
Nexans SA* | 295 | 15,401 | ||||||
Nexity SA* | 383 | 17,704 | ||||||
Orange SA (a) | 22,272 | 324,686 | ||||||
Orpea (a) | 483 | 37,318 | ||||||
Parrot SA* | 835 | 7,859 | ||||||
Pernod Ricard SA (a) | 2,386 | 250,351 | ||||||
Peugeot SA* | 5,430 | 80,109 | ||||||
Pierre & Vacances SA* | 79 | 3,275 | ||||||
Publicis Groupe SA | 2,132 | 138,355 | ||||||
Rallye SA | 276 | 4,824 | ||||||
Remy Cointreau SA | 258 | 21,665 | ||||||
Renault SA | 2,153 | 169,633 | ||||||
Rexel SA | 3,639 | 56,271 | ||||||
Rubis SCA | 415 | 33,903 | ||||||
Safran SA | 3,511 | 241,018 | ||||||
Sanofi | 13,144 | 1,060,263 | ||||||
Sartorius Stedim Biotech | 280 | 17,853 | ||||||
Schneider Electric SE | 6,323 | 420,984 | ||||||
SCOR SE | 1,849 | 58,721 |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
SEB SA | 202 | $ | 27,125 | |||||
SFR Group SA | 1,177 | 29,739 | ||||||
Societe BIC SA | 316 | 40,876 | ||||||
Societe Generale SA | 8,950 | 384,975 | ||||||
Sodexo SA | 986 | 107,845 | ||||||
SOITEC* | 5,463 | 5,790 | ||||||
Sopra Steria Group | 166 | 16,631 | ||||||
SPIE SA | 787 | 14,547 | ||||||
SRP Groupe SA, 144A* | 263 | 4,739 | ||||||
Ste Industrielle D’aviation Latecoere SA* | 1,865 | 6,800 | ||||||
Suez | 3,985 | 55,645 | ||||||
Tarkett SA | 228 | 7,834 | ||||||
Technicolor SA | 4,697 | 23,148 | ||||||
Technip SA | 1,244 | 86,174 | ||||||
Teleperformance | 631 | 61,620 | ||||||
Television Francaise 1 | 1,603 | 14,697 | ||||||
Thales SA | 1,131 | 110,435 | ||||||
TOTAL SA | 25,302 | 1,205,527 | ||||||
Trigano SA | 60 | 4,484 | ||||||
Ubisoft Entertainment SA* | 1,068 | 37,167 | ||||||
Unibail-Rodamco SE REIT | 1,133 | 250,069 | ||||||
Valeo SA | 2,681 | 149,489 | ||||||
Vallourec SA* | 4,867 | 27,437 | ||||||
Veolia Environnement SA | 5,554 | 95,978 | ||||||
Vicat SA | 218 | 12,620 | ||||||
Vinci SA | 5,683 | 368,796 | ||||||
Virbac SA* | 61 | 8,285 | ||||||
Vivendi SA | 11,879 | 226,493 | ||||||
Wendel SA | 436 | 50,461 | ||||||
Worldline SA, 144A* | 462 | 11,996 | ||||||
Zodiac Aerospace | 2,298 | 50,951 | ||||||
|
| |||||||
13,855,304 | ||||||||
|
| |||||||
Germany — 26.6% | ||||||||
Aareal Bank AG | 1,091 | 38,719 | ||||||
adidas AG | 2,135 | 314,526 | ||||||
ADLER Real Estate AG* | 423 | 6,084 | ||||||
ADO Properties SA, 144A | 388 | 13,159 | ||||||
ADVA Optical Networking SE* | 945 | 7,122 | ||||||
AIXTRON SE* | 2,027 | 8,314 | ||||||
Allianz SE | 5,150 | 817,642 | ||||||
alstria office REIT-AG REIT* | 1,840 | 22,504 | ||||||
Amadeus Fire AG | 29 | 2,248 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (a) | 224 | 12,915 | ||||||
Aurubis AG | 349 | 18,481 | ||||||
Axel Springer SE | 403 | 17,286 | ||||||
BASF SE | 10,291 | 883,351 | ||||||
Bayer AG | 9,393 | 881,928 | ||||||
Bayerische Motoren Werke AG | 3,932 | 335,095 | ||||||
BayWa AG | 118 | 3,727 | ||||||
Bechtle AG | 111 | 10,337 | ||||||
Beiersdorf AG | 1,137 | 92,885 | ||||||
Bertrandt AG | 56 | 5,879 | ||||||
Bilfinger SE* | 561 | 21,194 | ||||||
Brenntag AG | 1,812 | 95,379 | ||||||
CANCOM SE (a) | 259 | 11,686 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Capital Stage AG | 1,458 | $ | 9,797 | |||||
Carl Zeiss Meditec AG | 347 | 11,879 | ||||||
Cewe Stiftung & Co. KGaA | 53 | 4,688 | ||||||
comdirect bank AG | 1,153 | 11,711 | ||||||
Commerzbank AG | 14,846 | 103,423 | ||||||
CompuGroup Medical SE | 259 | 10,213 | ||||||
Continental AG | 1,275 | 226,209 | ||||||
Covestro AG, 144A | 717 | 46,073 | ||||||
CTS Eventim AG & Co. KGaA | 511 | 15,224 | ||||||
Daimler AG | 10,855 | 722,033 | ||||||
Deutsche Bank AG*(b) | 16,402 | 258,321 | ||||||
Deutsche Boerse AG* | 2,232 | 180,376 | ||||||
Deutsche EuroShop AG | 426 | 16,592 | ||||||
Deutsche Lufthansa AG | 2,597 | 33,648 | ||||||
Deutsche Pfandbriefbank AG, 144A | 2,254 | 23,387 | ||||||
Deutsche Post AG | 10,517 | 328,709 | ||||||
Deutsche Telekom AG | 36,691 | 578,054 | ||||||
Deutsche Wohnen AG | 4,109 | 126,554 | ||||||
Deutz AG | 1,087 | 5,938 | ||||||
DIC Asset AG | 1,106 | 9,971 | ||||||
Diebold Nixdorf AG* | 15 | 1,041 | ||||||
DMG Mori AG | 236 | 10,443 | ||||||
Drillisch AG | 498 | 19,183 | ||||||
Duerr AG | 308 | 24,590 | ||||||
E.ON SE | 23,903 | 157,752 | ||||||
ElringKlinger AG | 726 | 10,214 | ||||||
Evonik Industries AG | 1,823 | 50,834 | ||||||
Evotec AG* | 1,556 | 10,150 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 436 | 25,323 | ||||||
Freenet AG | 1,144 | 29,184 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,455 | 191,502 | ||||||
Fresenius SE & Co. KGaA | 4,700 | 337,483 | ||||||
GEA Group AG | 2,092 | 77,979 | ||||||
Gerresheimer AG | 327 | 23,861 | ||||||
Gerry Weber International AG | 551 | 6,360 | ||||||
GFT Technologies SE | 507 | 10,220 | ||||||
Grammer AG | 131 | 6,497 | ||||||
GRENKE AG | 158 | 23,000 | ||||||
H&R GmbH & Co. KGaA* | 201 | 3,310 | ||||||
Hamborner REIT AG REIT | 1,536 | 14,034 | ||||||
Hamburger Hafen Und Logistik AG | 115 | 2,011 | ||||||
Hannover Rueck SE | 614 | 65,172 | ||||||
HeidelbergCement AG | 1,634 | 146,527 | ||||||
Heidelberger Druckmaschinen AG*(a) | 2,870 | 7,261 | ||||||
Henkel AG & Co. KGaA | 918 | 93,471 | ||||||
HOCHTIEF AG | 195 | 27,735 | ||||||
HUGO BOSS AG | 756 | 43,347 | ||||||
Hypoport AG* | 74 | 5,380 | ||||||
Indus Holding AG | 57 | 3,121 | ||||||
Infineon Technologies AG | 12,437 | 208,002 | ||||||
Innogy SE, 144A* | 1,560 | 55,082 | ||||||
Isra Vision AG | 33 | 3,295 | ||||||
Jenoptik AG | 428 | 7,203 | ||||||
K+S AG (a) | 2,397 | 48,637 | ||||||
KION Group AG | 653 | 37,013 | ||||||
Kloeckner & Co. SE* | 1,343 | 14,183 |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Koenig & Bauer AG* | 157 | $ | 7,011 | |||||
Krones AG | 192 | 17,405 | ||||||
KUKA AG | 340 | 31,776 | ||||||
KWS Saat SE | 9 | 2,655 | ||||||
LANXESS AG | 993 | 61,241 | ||||||
LEG Immobilien AG* | 795 | 60,245 | ||||||
Leoni AG | 424 | 13,409 | ||||||
Linde AG | 2,121 | 353,376 | ||||||
MAN SE | 194 | 19,134 | ||||||
Manz AG* | 142 | 4,966 | ||||||
Merck KGaA | 1,412 | 141,480 | ||||||
METRO AG | 1,823 | 54,476 | ||||||
MLP AG | 1,220 | 5,427 | ||||||
MorphoSys AG*(a) | 439 | 19,542 | ||||||
MTU Aero Engines AG | 507 | 53,288 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,801 | 328,025 | ||||||
Nemetschek SE | 150 | 8,307 | ||||||
Nordex SE*(a) | 980 | 20,176 | ||||||
Norma Group SE | 554 | 21,924 | ||||||
OSRAM Licht AG | 1,005 | 51,164 | ||||||
PATRIZIA Immobilien AG* | 622 | 10,198 | ||||||
Pfeiffer Vacuum Technology AG | 107 | 9,469 | ||||||
ProSiebenSat.1 Media SE | 2,839 | 97,293 | ||||||
Rational AG | 33 | 14,529 | ||||||
Rheinmetall AG | 405 | 28,888 | ||||||
RHOEN-KLINIKUM AG | 134 | 3,540 | ||||||
RIB Software AG (a) | 423 | 6,274 | ||||||
RWE AG* | 5,788 | 72,754 | ||||||
SAF-Holland SA | 544 | 7,513 | ||||||
Salzgitter AG | 561 | 18,331 | ||||||
SAP SE | 11,050 | 923,790 | ||||||
Senvion SA* | 295 | 4,243 | ||||||
SGL Carbon SE* | 1,108 | 10,393 | ||||||
Siemens AG | 8,613 | 973,097 | ||||||
Siltronic AG* | 148 | 5,938 | ||||||
Sixt Leasing SE | 166 | 3,281 | ||||||
Sixt SE | 209 | 11,016 | ||||||
SLM Solutions Group AG* | 158 | 5,084 | ||||||
SMA Solar Technology AG (a) | 300 | 7,261 | ||||||
Software AG | 535 | 18,868 | ||||||
STADA Arzneimittel AG | 704 | 34,389 | ||||||
STRATEC Biomedical AG | 86 | 4,005 | ||||||
Stroeer SE & Co KGaA | 346 | 13,121 | ||||||
Suedzucker AG | 762 | 17,089 | ||||||
Symrise AG | 1,474 | 89,218 | ||||||
TAG Immobilien AG | 1,675 | 20,983 | ||||||
Takkt AG | 221 | 4,541 | ||||||
Telefonica Deutschland Holding AG | 12,220 | 47,946 | ||||||
thyssenkrupp AG | 4,249 | 96,461 | ||||||
TLG Immobilien AG | 687 | 12,378 | ||||||
Uniper SE* | 2,424 | 30,199 | ||||||
United Internet AG | 1,502 | 57,475 | ||||||
Volkswagen AG | 271 | 37,109 | ||||||
Vonovia SE | 5,552 | 179,059 | ||||||
Vossloh AG* | 191 | 11,037 | ||||||
VTG AG | 132 | 3,982 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Wacker Chemie AG | 200 | $ | 17,663 | |||||
Wacker Neuson SE | 346 | 4,982 | ||||||
WCM Beteiligungs & Grundbesitz-AG* | 1,869 | 5,089 | ||||||
Wirecard AG (a) | 1,322 | 58,980 | ||||||
XING AG | 27 | 5,022 | ||||||
Zalando SE, 144A* | 1,058 | 39,431 | ||||||
zooplus AG* | 59 | 7,566 | ||||||
|
| |||||||
12,448,173 | ||||||||
|
| |||||||
Ireland — 2.0% | ||||||||
AerCap Holdings NV* | 1,779 | 76,230 | ||||||
Bank of Ireland* | 351,008 | 74,775 | ||||||
C&C Group PLC | 3,734 | 13,768 | ||||||
CRH PLC | 9,307 | 310,667 | ||||||
Dalata Hotel Group PLC* | 1,814 | 8,467 | ||||||
Glanbia PLC | 2,180 | 36,933 | ||||||
Green REIT PLC REIT | 7,521 | 10,243 | ||||||
Hibernia REIT PLC REIT | 8,068 | 9,987 | ||||||
Irish Continental Group PLC | 1,829 | 8,103 | ||||||
Kerry Group PLC, Class A | 1,777 | 125,865 | ||||||
Kingspan Group PLC | 1,693 | 45,217 | ||||||
Origin Enterprises PLC | 1,518 | 9,689 | ||||||
Paddy Power Betfair PLC | 894 | 93,329 | ||||||
Permanent TSB Group Holdings PLC* | 3,914 | 10,661 | ||||||
Ryanair Holdings PLC* | 1,858 | 26,978 | ||||||
Smurfit Kappa Group PLC | 2,655 | 60,499 | ||||||
|
| |||||||
921,411 | ||||||||
|
| |||||||
Italy — 7.9% | ||||||||
A2A SpA | 19,842 | 23,658 | ||||||
ACEA SpA | 668 | 7,207 | ||||||
Amplifon SpA | 1,057 | 10,138 | ||||||
Anima Holding SpA, 144A | 4,739 | 23,305 | ||||||
Ansaldo STS SpA | 959 | 10,713 | ||||||
Ascopiave SpA | 552 | 1,486 | ||||||
Assicurazioni Generali SpA | 14,289 | 180,519 | ||||||
Astaldi SpA | 981 | 4,394 | ||||||
ASTM SpA | 462 | 4,492 | ||||||
Atlantia SpA | 5,202 | 115,560 | ||||||
Autogrill SpA | 1,748 | 14,395 | ||||||
Azimut Holding SpA (a) | 1,763 | 26,309 | ||||||
Banca Carige SpA*(a) | 43,254 | 11,763 | ||||||
Banca Generali SpA | 972 | 20,449 | ||||||
Banca IFIS SpA | 322 | 7,849 | ||||||
Banca Mediolanum SpA | 4,207 | 27,243 | ||||||
Banca Monte dei Paschi di Siena SpA* | 309 | 6,999 | ||||||
Banca Popolare di Milano Scarl | 83,367 | 27,011 | ||||||
Banca Popolare di Sondrio SCPA | 12,790 | 40,504 | ||||||
Banco Popolare SC | 14,833 | 30,498 | ||||||
Beni Stabili SpA SIIQ REIT* | 29,224 | 15,486 | ||||||
Biesse SpA | 223 | 4,172 | ||||||
BPER Banca (a) | 8,217 | 33,006 | ||||||
Brembo SpA | 346 | 19,839 | ||||||
Brunello Cucinelli SpA (a) | 351 | 6,677 | ||||||
Buzzi Unicem SpA | 1,119 | 23,779 | ||||||
Cairo Communication SpA | 2,110 | 7,608 | ||||||
Cementir Holding SpA | 1,910 | 7,340 |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Cerved Information Solutions SpA | 2,633 | $ | 21,278 | |||||
CIR-Compagnie Industriali Riunite SpA | 8,823 | 9,066 | ||||||
Credito Emiliano SpA | 4,960 | 27,861 | ||||||
Credito Valtellinese SC | 47,326 | 14,621 | ||||||
Danieli & C Officine Meccaniche SpA | 596 | 10,802 | ||||||
Danieli & C Officine Meccaniche Spa-RSP | 232 | 3,155 | ||||||
Datalogic SpA | 269 | 4,735 | ||||||
Davide Campari-Milano SpA | 3,812 | 36,765 | ||||||
De’ Longhi SpA | 893 | 19,856 | ||||||
DeA Capital SpA | 11,009 | 12,333 | ||||||
DiaSorin SpA | 286 | 15,429 | ||||||
Ei Towers SpA* | 420 | 19,105 | ||||||
El.En. SpA | 90 | 2,011 | ||||||
Enav SpA, 144A* | 6,399 | 21,635 | ||||||
Enel SpA | 86,732 | 350,594 | ||||||
Eni SpA | 30,250 | 421,274 | ||||||
ERG SpA | 1,482 | 14,411 | ||||||
Esprinet SpA | 810 | 5,537 | ||||||
EXOR SpA | 1,445 | 60,662 | ||||||
Falck Renewables SpA | 15,270 | 13,158 | ||||||
Ferrari NV | 1,461 | 80,054 | ||||||
Fila SpA | 242 | 3,329 | ||||||
Fincantieri SpA* | 15,203 | 6,705 | ||||||
FinecoBank Banca Fineco SpA | 8,235 | 42,592 | ||||||
Geox SpA | 8,250 | 16,290 | ||||||
Gruppo Editoriale L’Espresso SpA* | 13,466 | 9,940 | ||||||
Hera SpA | 12,216 | 25,312 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 11,626 | 7,775 | ||||||
Industria Macchine Automatiche SpA | 212 | 13,133 | ||||||
Infrastrutture Wireless Italiane SpA, 144A (a) | 3,393 | 14,391 | ||||||
Interpump Group SpA (a) | 950 | 15,294 | ||||||
Intesa Sanpaolo SpA | 153,872 | 341,818 | ||||||
Intesa Sanpaolo SpA-RSP | 10,694 | 22,181 | ||||||
Iren SpA | 4,991 | 7,458 | ||||||
Italgas SpA* | 6,219 | 22,252 | ||||||
Italmobiliare SpA | 128 | 5,698 | ||||||
Juventus Football Club SpA* | 20,112 | 6,047 | ||||||
La Doria SpA | 976 | 7,598 | ||||||
Leonardo-Finmeccanica SpA* | 4,896 | 63,565 | ||||||
Luxottica Group SpA | 2,064 | 107,408 | ||||||
Maire Tecnimont SpA | 2,859 | 7,212 | ||||||
MARR SpA | 593 | 10,288 | ||||||
Mediaset SpA | 12,168 | 29,481 | ||||||
Mediobanca SpA | 8,561 | 59,068 | ||||||
Moleskine SpA | 1,326 | 3,373 | ||||||
Moncler SpA | 1,715 | 27,883 | ||||||
OVS SpA, 144A | 2,029 | 10,636 | ||||||
Piaggio��& C SpA | 9,389 | 15,086 | ||||||
Poste Italiane SpA, 144A | 7,078 | 43,997 | ||||||
Prysmian SpA | 2,307 | 55,185 | ||||||
RAI Way SpA, 144A | 3,652 | 11,844 | ||||||
Recordati SpA | 1,274 | 34,688 | ||||||
Reply SpA | 66 | 7,625 | ||||||
Safilo Group SpA* | 1,006 | 8,076 | ||||||
Saipem SpA* | 80,529 | 36,196 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Salini Impregilo SpA | 5,614 | $ | 15,494 | |||||
Salvatore Ferragamo SpA | 726 | 15,628 | ||||||
Saras SpA | 3,897 | 6,910 | ||||||
Snam SpA | 30,173 | 116,851 | ||||||
Societa Cattolica di Assicurazioni SCRL | 2,803 | 15,790 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 1,011 | 8,224 | ||||||
Tamburi Investment Partners SpA | 1,911 | 7,198 | ||||||
Technogym SpA, 144A* | 1,340 | 5,766 | ||||||
Telecom Italia SpA* | 126,960 | 96,007 | ||||||
Telecom Italia SpA-RSP* | 66,774 | 41,684 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 19,757 | 85,684 | ||||||
Tod’s SpA | 295 | 16,883 | ||||||
UniCredit SpA | 67,453 | 144,553 | ||||||
Unione di Banche Italiane SpA (a) | 17,882 | 39,951 | ||||||
Unipol Gruppo Finanziario SpA | 8,011 | 24,758 | ||||||
UnipolSai SpA (a) | 17,840 | 34,034 | ||||||
Yoox Net-A-Porter Group SpA* | 941 | 25,452 | ||||||
|
| |||||||
3,677,032 | ||||||||
|
| |||||||
Luxembourg — 1.0% | ||||||||
APERAM SA | 451 | 20,195 | ||||||
ArcelorMittal* | 21,847 | 165,046 | ||||||
BRAAS Monier Building Group SA | 278 | 8,044 | ||||||
Eurofins Scientific SE | 119 | 52,082 | ||||||
Grand City Properties SA | 1,484 | 24,788 | ||||||
RTL Group SA | 306 | 20,792 | ||||||
SES SA | 4,172 | 90,180 | ||||||
Tenaris SA | 5,685 | 90,800 | ||||||
|
| |||||||
471,927 | ||||||||
|
| |||||||
Netherlands — 8.3% | ||||||||
Aalberts Industries NV | 990 | 30,166 | ||||||
ABN AMRO Group NV, 144A | 3,556 | 76,884 | ||||||
Accell Group | 84 | 1,786 | ||||||
Aegon NV | 21,779 | 110,750 | ||||||
Akzo Nobel NV | 2,748 | 171,137 | ||||||
Altice NV, Class A*(a) | 5,767 | 99,322 | ||||||
AMG Advanced Metallurgical Group NV | 165 | 2,634 | ||||||
Arcadis NV | 955 | 11,098 | ||||||
ASM International NV | 461 | 19,583 | ||||||
ASML Holding NV | 4,160 | 430,404 | ||||||
Basic-Fit NV, 144A* | 332 | 5,669 | ||||||
BE Semiconductor Industries NV | 323 | 10,717 | ||||||
BinckBank NV | 1,753 | 9,628 | ||||||
Boskalis Westminster | 1,211 | 37,798 | ||||||
Brunel International NV | 646 | 9,513 | ||||||
Corbion NV | 618 | 15,327 | ||||||
Delta Lloyd NV | 5,406 | 31,129 | ||||||
Eurocommercial Properties NV | 526 | 18,821 | ||||||
Euronext NV, 144A | 756 | 29,486 | ||||||
Flow Traders, 144A | 372 | 11,781 | ||||||
Fugro NV* | 1,108 | 18,214 | ||||||
Gemalto NV | 994 | 50,694 | ||||||
Heineken Holding NV | 956 | 67,166 | ||||||
Heineken NV | 2,612 | 195,776 | ||||||
IMCD Group NV | 552 | 22,331 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Netherlands (Continued) | ||||||||
ING Groep NV | 45,328 | $ | 617,325 | |||||
Intertrust NV, 144A | 557 | 9,708 | ||||||
InterXion Holding NV* | 913 | 31,188 | ||||||
Kendrion NV | 62 | 1,758 | ||||||
Koninklijke Ahold Delhaize NV | 14,437 | 284,753 | ||||||
Koninklijke BAM Groep NV | 2,572 | 11,122 | ||||||
Koninklijke DSM NV | 2,116 | 128,324 | ||||||
Koninklijke KPN NV | 40,551 | 116,857 | ||||||
Koninklijke Philips NV | 10,410 | 299,437 | ||||||
Koninklijke Vopak NV | 724 | 33,839 | ||||||
NN Group NV | 3,567 | 114,662 | ||||||
NSI NV REIT | 1,416 | 5,448 | ||||||
NXP Semiconductors NV* | 3,342 | 331,359 | ||||||
OCI NV*(a) | 1,397 | 20,321 | ||||||
Philips Lighting NV, 144A* | 501 | 11,469 | ||||||
PostNL NV* | 4,704 | 23,183 | ||||||
QIAGEN NV* | 2,505 | 69,161 | ||||||
Randstad Holding NV | 1,373 | 69,717 | ||||||
Refresco Group NV, 144A | 591 | 8,559 | ||||||
SBM Offshore NV (a) | 1,962 | 28,311 | ||||||
TKH Group NV | 318 | 11,779 | ||||||
TomTom NV* | 2,074 | 16,624 | ||||||
Vastned Retail NV REIT | 299 | 10,985 | ||||||
Wereldhave NV REIT | 562 | 23,474 | ||||||
Wessanen | 892 | 10,706 | ||||||
Wolters Kluwer NV | 3,513 | 126,665 | ||||||
|
| |||||||
3,904,548 | ||||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 1,138 | 4,414 | ||||||
Banco BPI SA* | 4,414 | 5,272 | ||||||
Banco Comercial Portugues SA, Class R* | 13,236 | 16,553 | ||||||
CTT-Correios de Portugal SA | 2,667 | 16,606 | ||||||
EDP — Energias de Portugal SA | 25,939 | 74,969 | ||||||
Galp Energia SGPS SA | 5,650 | 76,439 | ||||||
Jeronimo Martins SGPS SA | 2,581 | 40,786 | ||||||
Mota-Engil SGPS SA | 1,807 | 2,894 | ||||||
Navigator Co. SA | 2,235 | 6,950 | ||||||
NOS SGPS SA | 2,664 | 15,103 | ||||||
Sonae SGPS SA | 18,588 | 15,662 | ||||||
|
| |||||||
275,648 | ||||||||
|
| |||||||
Spain — 9.7% | ||||||||
Abengoa SA, Class B* | 18,401 | 3,686 | ||||||
Abertis Infraestructuras SA | 6,921 | 92,460 | ||||||
Acciona SA | 246 | 16,694 | ||||||
Acerinox SA | 2,010 | 25,244 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,084 | 61,369 | ||||||
Aena SA, 144A | 710 | 94,137 | ||||||
Almirall SA | 795 | 11,720 | ||||||
Amadeus IT Group SA | 4,884 | 221,339 | ||||||
Applus Services SA | 1,539 | 14,996 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 1,187 | 12,253 | ||||||
Axiare Patrimonio SOCIMI SA REIT | 984 | 13,631 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 76,776 | 474,068 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Banco de Sabadell SA | 69,924 | $ | 87,226 | |||||
Banco Popular Espanol SA | 66,068 | 57,908 | ||||||
Banco Santander SA | 170,493 | 779,346 | ||||||
Bankia SA | 65,736 | 58,593 | ||||||
Bankinter SA | 9,175 | 68,964 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 851 | 25,894 | ||||||
CaixaBank SA | 40,748 | 118,461 | ||||||
Cellnex Telecom SA, 144A | 2,158 | 30,236 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 163 | 3,662 | ||||||
CIE Automotive SA | 160 | 2,979 | ||||||
Codere SA* | 17,164 | 13,643 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 230 | 8,410 | ||||||
Distribuidora Internacional de Alimentacion SA | 7,457 | 34,032 | ||||||
Ebro Foods SA | 457 | 9,261 | ||||||
Enagas SA | 2,401 | 59,164 | ||||||
Ence Energia y Celulosa S.A | 4,983 | 11,645 | ||||||
Endesa SA | 3,067 | 63,402 | ||||||
Euskaltel SA, 144A* | 1,427 | 12,131 | ||||||
Faes Farma SA | 2,037 | 7,276 | ||||||
Ferrovial SA | 6,120 | 108,483 | ||||||
Fomento de Construcciones y Contratas SA*(a) | 1,459 | 12,061 | ||||||
Gamesa Corp. Tecnologica SA | 2,581 | 53,602 | ||||||
Gas Natural SDG SA | 3,523 | 60,302 | ||||||
Global Dominion Access SA, 144A* | 404 | 1,263 | ||||||
Grifols SA | 3,083 | 60,449 | ||||||
Grupo Catalana Occidente SA | 304 | 9,128 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 1,331 | 15,306 | ||||||
Iberdrola SA | 57,438 | 345,713 | ||||||
Indra Sistemas SA* | 1,573 | 16,255 | ||||||
Industria de Diseno Textil SA | 12,160 | 415,953 | ||||||
Inmobiliaria Colonial SA | 2,662 | 17,848 | ||||||
Lar Espana Real Estate Socimi SA REIT | 1,001 | 7,363 | ||||||
Liberbank SA* | 14,478 | 13,549 | ||||||
Mapfre SA | 10,875 | 32,618 | ||||||
Mediaset Espana Comunicacion SA | 2,053 | 21,071 | ||||||
Melia Hotels International SA | 593 | 6,703 | ||||||
Merlin Properties Socimi SA REIT | 3,598 | 36,265 | ||||||
NH Hotel Group SA* | 3,393 | 13,162 | ||||||
Obrascon Huarte Lain SA (a) | 2,810 | 7,663 | ||||||
Papeles y Cartones de Europa SA | 271 | 1,433 | ||||||
Pharma Mar SA* | 3,645 | 9,078 | ||||||
Promotora de Informaciones SA, Class A* | 675 | 3,853 | ||||||
Prosegur Cia de Seguridad SA | 2,906 | 18,048 | ||||||
Realia Business SA* | 5,836 | 5,412 | ||||||
Red Electrica Corp. SA | 4,458 | 79,377 | ||||||
Repsol SA | 12,478 | 166,633 | ||||||
Sacyr SA* | 6,218 | 12,983 | ||||||
Talgo SA, 144A* | 1,458 | 7,311 | ||||||
Tecnicas Reunidas SA | 265 | 9,759 | ||||||
Telefonica SA | 52,377 | 435,878 | ||||||
Telepizza Group SA, 144A* | 1,805 | 9,087 | ||||||
Tubacex SA | 1,908 | 5,389 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Viscofan SA | 489 | $ | 23,581 | |||||
Zardoya Otis SA | 2,597 | 20,285 | ||||||
|
| |||||||
4,556,694 | ||||||||
|
| |||||||
Switzerland — 0.2% | ||||||||
EDAG Engineering Group AG* | 388 | 5,675 | ||||||
STMicroelectronics NV | 7,147 | 72,899 | ||||||
|
| |||||||
78,574 | ||||||||
|
| |||||||
United Kingdom — 2.8% | ||||||||
CNH Industrial NV | 12,328 | 105,049 | ||||||
Coca-Cola European Partners PLC | 2,280 | 75,756 | ||||||
Dialog Semiconductor PLC* | 879 | 34,847 | ||||||
Fiat Chrysler Automobiles NV | 10,753 | 83,081 | ||||||
International Consolidated Airlines Group SA | 9,052 | 49,111 | ||||||
RELX NV | 11,350 | 183,326 | ||||||
Stallergenes Greer PLC* | 135 | 4,385 | ||||||
Unilever NV | 18,590 | 746,236 | ||||||
VTTI Energy Partners LP | 409 | 7,301 | ||||||
Zeal Network SE | 153 | 5,570 | ||||||
|
| |||||||
1,294,662 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 45,560,936 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.7% | ||||||||
Germany — 1.7% | ||||||||
Bayerische Motoren Werke AG | 329 | 23,620 | ||||||
Biotest AG | 493 | 6,795 | ||||||
Draegerwerk AG & Co. KGaA | 93 | 7,319 | ||||||
FUCHS PETROLUB SE | 697 | 27,621 | ||||||
Henkel AG & Co. KGaA | 2,182 | 252,766 | ||||||
Jungheinrich AG | 550 | 14,413 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Porsche Automobil Holding SE | 1,716 | $ | 86,989 | |||||
Sartorius AG | 387 | 28,752 | ||||||
Schaeffler AG | 2,184 | 28,309 | ||||||
STO SE & Co. KGaA | 16 | 1,504 | ||||||
Volkswagen AG | 2,189 | 282,577 | ||||||
|
| |||||||
760,665 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 760,665 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Germany — 0.0% | ||||||||
SGL Carbon SE*, expires 12/13/16 | 435 | 355 | ||||||
|
| |||||||
Italy — 0.0% | ||||||||
Banco Popolare Di Milano*, expires 12/27/16 | 50,136 | 0 | ||||||
Banco Popolare SC*, expires 12/27/16 | 9,435 | 0 | ||||||
|
| |||||||
0 | ||||||||
|
| |||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 12/06/16 | 36,418 | 1,505 | ||||||
|
| |||||||
TOTAL RIGHTS | 1,860 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.6% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 1,704,111 | 1,704,111 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.8% | $ | 48,027,572 | ||||||
Other assets and liabilities, net — (2.8%) | (1,334,583 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 46,692,989 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $54,401,237. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $6,373,665. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,210,517 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,584,182. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $1,360,640, which is 2.9% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
EURO STOXX Futures | EUR | 4 | $ | 129,344 | 12/16/2016 | $ | 42 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 130,000 | USD | 142,798 | $ | 4,975 | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 816,000 | USD | 895,564 | 30,462 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 5,869,091 | USD | 6,441,356 | 219,098 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 15,165,836 | USD | 16,645,840 | 567,412 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 8,753,670 | USD | 9,608,554 | 328,138 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 1,241,800 | USD | 1,372,636 | 56,112 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 11,252,909 | USD | 12,350,293 | 420,249 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 1,100 | USD | 1,215 | 49 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 700 | USD | 873 | (3 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 7,205,473 | EUR | 6,815,091 | 19,710 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 16,049,291 | EUR | 15,165,836 | 29,136 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 324,468 | EUR | 295,600 | (11,081 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 8,955,447 | EUR | 8,458,070 | 11,581 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 12,918,882 | EUR | 12,177,209 | (8,919 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 106,941 | EUR | 96,300 | (4,846 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 98,693 | EUR | 88,500 | (4,867 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 11,304 | EUR | 10,200 | (490 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 135,653 | EUR | 123,600 | (4,616 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 855 | GBP | 700 | 21 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 21,548,000 | USD | 22,844,435 | (41,677 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 21,548,000 | USD | 22,901,141 | 15,029 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 1,625,473 | ||||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
GBP | Pound Sterling |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 45,560,936 | $ | — | $ | — | $ | 45,560,936 | ||||||||
Rights (e) | 1,860 | — | 0 | 1,860 | ||||||||||||
Preferred Stocks | 760,665 | — | — | 760,665 | ||||||||||||
Short-Term Investments | 1,704,111 | — | — | 1,704,111 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 1,701,972 | — | 1,701,972 | ||||||||||||
Futures Contracts | 42 | — | — | 42 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 48,027,614 | $ | 1,701,972 | $ | 0 | $ | 49,729,586 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (76,499 | ) | $ | — | $ | (76,499 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (76,499 | ) | $ | — | $ | (76,499 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 91.6% | ||||||||
Consumer Discretionary — 15.0% | ||||||||
adidas AG | 12,378 | $ | 1,823,516 | |||||
Axel Springer SE | 2,837 | 121,685 | ||||||
Bayerische Motoren Werke AG | 21,766 | 1,854,953 | ||||||
Continental AG | 7,231 | 1,282,916 | ||||||
Daimler AG | 63,296 | 4,210,208 | ||||||
HUGO BOSS AG | 4,396 | 252,057 | ||||||
ProSiebenSat.1 Media SE | 15,316 | 524,883 | ||||||
RTL Group SA | 2,544 | 172,857 | ||||||
Volkswagen AG | 2,134 | 292,214 | ||||||
Zalando SE, 144A* | 5,686 | 211,915 | ||||||
|
| |||||||
10,747,204 | ||||||||
|
| |||||||
Consumer Staples — 2.2% | ||||||||
Beiersdorf AG | 6,626 | 541,299 | ||||||
Henkel AG & Co. KGaA | 6,831 | 695,531 | ||||||
METRO AG | 11,718 | 350,163 | ||||||
|
| |||||||
1,586,993 | ||||||||
|
| |||||||
Financials — 14.0% | ||||||||
Allianz SE | 30,042 | 4,769,633 | ||||||
Commerzbank AG | 69,977 | 487,487 | ||||||
Deutsche Bank AG*(a) | 90,670 | 1,427,995 | ||||||
Deutsche Boerse AG* | 12,691 | 1,025,605 | ||||||
Hannover Rueck SE | 3,964 | 420,755 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 10,587 | 1,928,265 | ||||||
|
| |||||||
10,059,740 | ||||||||
|
| |||||||
Health Care — 13.1% | ||||||||
Bayer AG | 54,362 | 5,104,162 | ||||||
Fresenius Medical Care AG & Co. KGaA | 14,120 | 1,101,430 | ||||||
Fresenius SE & Co. KGaA | 26,936 | 1,934,134 | ||||||
Merck KGaA | 8,496 | 851,284 | ||||||
QIAGEN NV* | 14,613 | 403,451 | ||||||
|
| |||||||
9,394,461 | ||||||||
|
| |||||||
Industrials — 13.6% | ||||||||
Brenntag AG | 10,156 | 534,586 | ||||||
Deutsche Lufthansa AG | 15,321 | 198,509 | ||||||
Deutsche Post AG | 63,779 | 1,993,410 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 2,734 | 158,790 | ||||||
GEA Group AG | 12,021 | 448,082 | ||||||
HOCHTIEF AG | 1,367 | 194,431 | ||||||
MAN SE | 2,317 | 228,525 | ||||||
OSRAM Licht AG | 5,850 | 297,823 | ||||||
Siemens AG | 50,290 | 5,681,763 | ||||||
|
| |||||||
9,735,919 | ||||||||
|
| |||||||
Information Technology — 9.7% | ||||||||
Infineon Technologies AG | 74,444 | 1,245,033 | ||||||
SAP SE | 64,607 | 5,401,206 | ||||||
United Internet AG | 8,085 | 309,380 | ||||||
|
| |||||||
6,955,619 | ||||||||
|
| |||||||
Materials — 14.5% | ||||||||
BASF SE | 60,379 | 5,182,766 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Covestro AG, 144A | 4,659 | $ | 299,381 | |||||
Evonik Industries AG | 10,722 | 298,979 | ||||||
HeidelbergCement AG | 9,783 | 877,280 | ||||||
K+S AG (b) | 12,582 | 255,299 | ||||||
LANXESS AG | 6,016 | 371,023 | ||||||
Linde AG | 12,210 | 2,034,288 | ||||||
Symrise AG | 8,107 | 490,701 | ||||||
thyssenkrupp AG | 24,182 | 548,979 | ||||||
|
| |||||||
10,358,696 | ||||||||
|
| |||||||
Real Estate — 2.3% | ||||||||
Deutsche Wohnen AG | 22,184 | 683,250 | ||||||
Vonovia SE | 30,634 | 987,984 | ||||||
|
| |||||||
1,671,234 | ||||||||
|
| |||||||
Telecommunication Services — 5.0% | ||||||||
Deutsche Telekom AG | 215,214 | 3,390,625 | ||||||
Telefonica Deutschland Holding AG | 48,883 | 191,795 | ||||||
|
| |||||||
3,582,420 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
E.ON SE | 131,541 | 868,129 | ||||||
Innogy SE, 144A* | 9,130 | 322,370 | ||||||
RWE AG* | 32,171 | 404,384 | ||||||
|
| |||||||
1,594,883 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 65,687,169 | |||||||
|
| |||||||
PREFERRED STOCKS — 5.6% | ||||||||
Consumer Discretionary — 3.5% | ||||||||
Bayerische Motoren Werke AG | 3,603 | 258,675 | ||||||
Porsche Automobil Holding SE | 10,066 | 510,272 | ||||||
Schaeffler AG | 10,912 | 141,441 | ||||||
Volkswagen AG | 12,200 | 1,574,894 | ||||||
|
| |||||||
2,485,282 | ||||||||
|
| |||||||
Consumer Staples — 1.9% | ||||||||
Henkel AG & Co. KGaA | 11,712 | 1,356,736 | ||||||
|
| |||||||
Materials — 0.2% | ||||||||
FUCHS PETROLUB SE | 4,568 | 181,020 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 4,023,038 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 234,990 | 234,990 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.5% | $ | 69,945,197 | ||||||
Other assets and liabilities, net — 2.5% | 1,757,206 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 71,702,403 | ||||||
|
|
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $84,518,230. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $14,573,033. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,523,611 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,096,644. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $225,979, which is 0.3% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
DAX Index Future | EUR | 6 | $ | 1,691,123 | 12/16/2016 | $ | 21,344 |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 1,584,000 | USD | 1,738,448 | $ | 59,132 | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 228,000 | USD | 250,446 | 8,726 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 15,739,010 | USD | 17,273,642 | 587,550 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 17,970,120 | USD | 19,723,788 | 672,331 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 13,971,475 | USD | 15,335,929 | 523,732 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 9,663,623 | USD | 10,607,372 | 362,249 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 2,073,300 | USD | 2,291,743 | 93,684 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 14,287,872 | USD | 15,681,225 | 533,592 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,724,458 | EUR | 1,551,000 | (80,127 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 120,000 | EUR | 107,932 | (5,573 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 125,000 | EUR | 112,570 | (5,657 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 16,683,390 | EUR | 15,779,508 | 45,637 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 1,724,399 | EUR | 1,551,000 | (80,069 | ) | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 2,307,640 | EUR | 2,078,000 | (104,598 | ) | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 2,274,979 | EUR | 2,144,200 | (1,754 | ) | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 12,907,427 | EUR | 12,196,920 | 23,433 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 25,024,959 | EUR | 23,635,098 | 32,361 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 11,152 | EUR | 10,000 | (550 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 14,626,901 | EUR | 13,787,172 | (10,098 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,448 | EUR | 5,000 | (147 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 17,689 | EUR | 16,000 | (726 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,307,785 | EUR | 2,078,000 | (104,743 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 284,806 | EUR | 259,500 | (9,691 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 228,208 | EUR | 205,500 | (10,342 | ) | |||||||||||||||||
Goldman Sachs & Co | 1/5/2017 | EUR | 22,277,000 | USD | 23,559,264 | (101,118 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 22,277,000 | USD | 23,617,296 | (43,087 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 22,277,000 | USD | 23,675,920 | 15,537 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 258,065 | EUR | 243,000 | 25 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 2,399,709 | ||||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 65,687,169 | $ | — | $ | — | $ | 65,687,169 | ||||||||
Preferred Stocks (e) | 4,023,038 | — | — | 4,023,038 | ||||||||||||
Short-Term Investments | 234,990 | — | — | 234,990 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 2,957,989 | — | 2,957,989 | ||||||||||||
Futures Contracts | 21,344 | — | — | 21,344 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 69,966,541 | $ | 2,957,989 | $ | — | $ | 72,924,530 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (558,280 | ) | $ | — | $ | (558,280 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (558,280 | ) | $ | — | $ | (558,280 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Consumer Discretionary — 20.4% | ||||||||
ABC-Mart, Inc. | 20,500 | $ | 1,202,351 | |||||
Aisin Seiki Co. Ltd. | 119,000 | 5,086,404 | ||||||
Asics Corp. | 94,700 | 1,993,249 | ||||||
Bandai Namco Holdings, Inc. | 124,100 | 3,541,685 | ||||||
Benesse Holdings, Inc. (a) | 41,400 | 1,098,282 | ||||||
Bridgestone Corp. | 404,100 | 15,425,066 | ||||||
Casio Computer Co. Ltd. | 142,000 | 1,855,601 | ||||||
Denso Corp. | 296,000 | 12,884,751 | ||||||
Dentsu, Inc. | 134,400 | 6,144,067 | ||||||
Don Quijote Holdings Co. Ltd. | 74,700 | 2,856,628 | ||||||
Fast Retailing Co. Ltd. | 33,019 | 11,420,496 | ||||||
Fuji Heavy Industries Ltd. | 382,305 | 15,522,108 | ||||||
Hakuhodo DY Holdings, Inc. | 120,400 | 1,397,589 | ||||||
Hikari Tsushin, Inc. | 13,300 | 1,185,787 | ||||||
Honda Motor Co. Ltd. | 1,012,800 | 29,497,396 | ||||||
Iida Group Holdings Co. Ltd. | 88,600 | 1,717,712 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 197,000 | 2,171,382 | ||||||
Isuzu Motors Ltd. | 369,000 | 4,351,042 | ||||||
J. Front Retailing Co. Ltd. | 149,900 | 2,112,135 | ||||||
Koito Manufacturing Co. Ltd. | 71,800 | 3,740,466 | ||||||
Marui Group Co. Ltd. | 118,200 | 1,628,278 | ||||||
Mazda Motor Corp. | 354,000 | 5,674,892 | ||||||
McDonald’s Holdings Co. Japan Ltd. (a) | 41,300 | 1,135,339 | ||||||
Mitsubishi Motors Corp. | 392,200 | 1,813,503 | ||||||
NGK Spark Plug Co. Ltd. | 103,700 | 2,126,482 | ||||||
Nikon Corp. | 211,600 | 3,107,277 | ||||||
Nissan Motor Co. Ltd. | 1,500,200 | 13,853,951 | ||||||
Nitori Holdings Co. Ltd. | 49,700 | 5,186,994 | ||||||
NOK Corp. | 63,800 | 1,268,695 | ||||||
Oriental Land Co. Ltd. | 135,600 | 7,724,358 | ||||||
Panasonic Corp. | 1,371,500 | 13,954,163 | ||||||
Rakuten, Inc. | 578,200 | 5,700,884 | ||||||
Rinnai Corp. | 21,100 | 1,794,528 | ||||||
Ryohin Keikaku Co. Ltd. | 14,900 | 2,921,262 | ||||||
Sankyo Co. Ltd. | 27,800 | 878,432 | ||||||
Sega Sammy Holdings, Inc. | 107,300 | 1,603,802 | ||||||
Sekisui Chemical Co. Ltd. | 253,700 | 3,840,815 | ||||||
Sekisui House Ltd. | 374,700 | 6,124,636 | ||||||
Sharp Corp.*(a) | 897,500 | 1,482,693 | ||||||
Shimamura Co. Ltd. | 13,800 | 1,642,900 | ||||||
Shimano, Inc. | 46,063 | 7,565,437 | ||||||
Sony Corp. | 784,400 | 22,543,658 | ||||||
Stanley Electric Co. Ltd. | 89,900 | 2,479,214 | ||||||
Start Today Co. Ltd. | 103,000 | 1,581,845 | ||||||
Sumitomo Electric Industries Ltd. | 468,600 | 6,563,800 | ||||||
Sumitomo Rubber Industries Ltd. | 100,000 | 1,651,152 | ||||||
Suzuki Motor Corp. | 213,500 | 6,867,532 | ||||||
Takashimaya Co. Ltd. | 188,000 | 1,559,477 | ||||||
Toho Co. Ltd. | 72,200 | 2,073,135 | ||||||
Toyoda Gosei Co. Ltd. | 40,400 | 872,235 | ||||||
Toyota Industries Corp. | 101,200 | 4,741,331 | ||||||
Toyota Motor Corp. | 1,659,000 | 96,417,910 | ||||||
USS Co. Ltd. | 136,200 | 2,179,819 | ||||||
Yamada Denki Co. Ltd. | 373,200 | 1,993,140 | ||||||
Yamaha Corp. | 104,100 | 3,171,090 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Yamaha Motor Co. Ltd. | 169,700 | $ | 3,902,633 | |||||
Yokohama Rubber Co. Ltd. | 71,000 | 1,282,785 | ||||||
|
| |||||||
376,114,274 | ||||||||
|
| |||||||
Consumer Staples — 7.5% | ||||||||
Aeon Co. Ltd. | 406,200 | 5,595,658 | ||||||
Ajinomoto Co., Inc. | 337,500 | 6,526,977 | ||||||
Asahi Group Holdings Ltd. | 240,400 | 7,821,064 | ||||||
Calbee, Inc. | 56,400 | 1,757,493 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 57,500 | 3,593,593 | ||||||
Japan Tobacco, Inc. | 683,400 | 23,571,491 | ||||||
Kao Corp. | 313,100 | 14,414,560 | ||||||
Kikkoman Corp. | 92,000 | 2,814,562 | ||||||
Kirin Holdings Co. Ltd. | 511,000 | 8,323,487 | ||||||
Kose Corp. | 18,800 | 1,506,892 | ||||||
Lawson, Inc. | 40,500 | 2,803,724 | ||||||
Lion Corp. | 148,700 | 2,417,569 | ||||||
MEIJI Holdings Co. Ltd. | 72,800 | 5,803,383 | ||||||
NH Foods Ltd. | 107,600 | 2,770,767 | ||||||
Nisshin Seifun Group, Inc. | 112,785 | 1,580,301 | ||||||
Nissin Foods Holdings Co. Ltd. | 36,500 | 1,901,490 | ||||||
Pola Orbis Holdings, Inc. | 14,200 | 1,100,948 | ||||||
Seven & i Holdings Co. Ltd. | 468,100 | 18,146,265 | ||||||
Shiseido Co. Ltd. | 236,100 | 6,003,364 | ||||||
Sundrug Co. Ltd. | 23,000 | 1,600,280 | ||||||
Suntory Beverage & Food Ltd. | 84,500 | 3,615,467 | ||||||
Toyo Suisan Kaisha Ltd. | 60,400 | 2,138,193 | ||||||
Tsuruha Holdings, Inc. | 22,700 | 2,317,521 | ||||||
Unicharm Corp. | 250,700 | 5,334,812 | ||||||
Yakult Honsha Co. Ltd. (a) | 60,100 | 2,637,140 | ||||||
Yamazaki Baking Co. Ltd. | 81,100 | 1,608,460 | ||||||
|
| |||||||
137,705,461 | ||||||||
|
| |||||||
Energy — 0.8% | ||||||||
Idemitsu Kosan Co. Ltd. | 60,400 | 1,366,332 | ||||||
Inpex Corp. | 590,500 | 5,600,214 | ||||||
JX Holdings, Inc. | 1,317,700 | 5,026,391 | ||||||
Showa Shell Sekiyu KK | 108,300 | 966,517 | ||||||
TonenGeneral Sekiyu KK | 182,000 | 1,732,424 | ||||||
|
| |||||||
14,691,878 | ||||||||
|
| |||||||
Financials — 13.4% | ||||||||
Acom Co. Ltd.* | 227,200 | 1,086,302 | ||||||
AEON Financial Service Co. Ltd. | 71,900 | 1,196,605 | ||||||
Aozora Bank Ltd. | 745,500 | 2,560,915 | ||||||
Bank of Kyoto Ltd. | 188,000 | 1,303,125 | ||||||
Chiba Bank Ltd. | 435,600 | 2,581,503 | ||||||
Chugoku Bank Ltd. | 98,400 | 1,329,718 | ||||||
Concordia Financial Group Ltd. | 727,100 | 3,339,811 | ||||||
Credit Saison Co. Ltd. | 89,200 | 1,599,136 | ||||||
Dai-ichi Life Holdings, Inc. | 669,800 | 10,734,481 | ||||||
Daiwa Securities Group, Inc. | 1,032,320 | 6,202,673 | ||||||
Fukuoka Financial Group, Inc. | 551,000 | 2,384,030 | �� | |||||
Hachijuni Bank Ltd. | 233,000 | 1,248,451 | ||||||
Hiroshima Bank Ltd. | 311,100 | 1,370,520 | ||||||
Japan Exchange Group, Inc. | 324,040 | 4,798,075 | ||||||
Japan Post Bank Co. Ltd. | 251,625 | 2,967,022 | ||||||
Japan Post Holdings Co. Ltd. | 268,942 | 3,331,068 |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Kyushu Financial Group, Inc. | 202,600 | $ | 1,333,489 | |||||
Mebuki Financial Group, Inc. | 560,230 | 2,037,111 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 7,921,900 | 46,379,866 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 268,800 | 1,238,212 | ||||||
Mizuho Financial Group, Inc. | 14,982,140 | 26,531,896 | ||||||
MS&AD Insurance Group Holdings, Inc. | 314,800 | 9,765,528 | ||||||
Nomura Holdings, Inc. | 2,256,000 | 12,107,723 | ||||||
ORIX Corp. | 822,560 | 12,808,799 | ||||||
Resona Holdings, Inc. | 1,371,600 | 6,595,141 | ||||||
SBI Holdings, Inc. | 132,528 | 1,658,844 | ||||||
Seven Bank Ltd. | 357,600 | 1,018,990 | ||||||
Shinsei Bank Ltd. | 1,037,000 | 1,658,765 | ||||||
Shizuoka Bank Ltd. | 331,000 | 2,676,238 | ||||||
Sompo Holdings, Inc. | 219,350 | 7,147,737 | ||||||
Sony Financial Holdings, Inc. | 101,400 | 1,462,436 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 834,600 | 30,683,341 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 206,090 | 7,475,840 | ||||||
Suruga Bank Ltd. | 101,100 | 2,277,302 | ||||||
T&D Holdings, Inc. | 359,900 | 4,495,407 | ||||||
Tokio Marine Holdings, Inc. | 423,600 | 18,139,211 | ||||||
Yamaguchi Financial Group, Inc. (a) | 123,500 | 1,284,603 | ||||||
|
| |||||||
246,809,914 | ||||||||
|
| |||||||
Health Care — 7.3% | ||||||||
Alfresa Holdings Corp. | 108,100 | 1,722,532 | ||||||
Astellas Pharma, Inc. | 1,338,100 | 18,474,096 | ||||||
Chugai Pharmaceutical Co. Ltd. | 139,100 | 3,908,977 | ||||||
CYBERDYNE, Inc.*(a) | 67,700 | 884,677 | ||||||
Daiichi Sankyo Co. Ltd. | 374,400 | 7,795,296 | ||||||
Eisai Co. Ltd. | 156,600 | 9,046,540 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 38,400 | 1,846,073 | ||||||
Hoya Corp. | 246,900 | 9,709,393 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 159,900 | 2,280,991 | ||||||
M3, Inc. | 120,600 | 3,112,904 | ||||||
Medipal Holdings Corp. | 100,100 | 1,432,312 | ||||||
Miraca Holdings, Inc. | 35,600 | 1,593,217 | ||||||
Mitsubishi Tanabe Pharma Corp. | 139,500 | 2,622,827 | ||||||
Olympus Corp. | 180,900 | 6,356,523 | ||||||
Ono Pharmaceutical Co. Ltd. | 256,300 | 5,675,766 | ||||||
Otsuka Holdings Co. Ltd. | 242,600 | 9,854,134 | ||||||
Santen Pharmaceutical Co. Ltd. | 231,600 | 2,826,044 | ||||||
Shionogi & Co. Ltd. | 185,400 | 8,767,222 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. (a) | 94,400 | 1,542,184 | ||||||
Suzuken Co. Ltd. | 55,350 | 1,654,622 | ||||||
Sysmex Corp. | 97,100 | 5,847,813 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 22,400 | 1,910,966 | ||||||
Takeda Pharmaceutical Co. Ltd. | 441,900 | 18,096,250 | ||||||
Terumo Corp. | 212,300 | 7,469,145 | ||||||
|
| |||||||
134,430,504 | ||||||||
|
| |||||||
Industrials — 20.2% | ||||||||
Amada Holdings Co. Ltd. | 198,400 | 2,207,624 | ||||||
ANA Holdings, Inc. | 735,000 | 2,038,508 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Asahi Glass Co. Ltd. | 663,000 | $ | 4,305,835 | |||||
Central Japan Railway Co. | 89,598 | 14,629,523 | ||||||
Dai Nippon Printing Co. Ltd. | 330,000 | 3,121,017 | ||||||
Daikin Industries Ltd. | 145,700 | 13,646,043 | ||||||
East Japan Railway Co. | 205,700 | 17,559,252 | ||||||
FANUC Corp. | 120,520 | 20,336,861 | ||||||
Fuji Electric Co. Ltd. | 348,000 | 1,709,506 | ||||||
Hankyu Hanshin Holdings, Inc. | 150,040 | 4,741,004 | ||||||
Hino Motors Ltd. | 160,100 | 1,624,720 | ||||||
Hitachi Construction Machinery Co. Ltd. | 69,700 | 1,434,149 | ||||||
Hoshizaki Corp. | 31,500 | 2,668,021 | ||||||
IHI Corp.* | 882,000 | 2,443,897 | ||||||
ITOCHU Corp. | 929,800 | 12,694,791 | ||||||
Japan Airlines Co. Ltd. | 75,478 | 2,233,233 | ||||||
Japan Airport Terminal Co. Ltd. (a) | 28,900 | 1,074,861 | ||||||
JGC Corp. | 128,700 | 2,123,907 | ||||||
JTEKT Corp. | 138,600 | 2,217,018 | ||||||
Kajima Corp. | 610,000 | 4,276,212 | ||||||
Kamigumi Co. Ltd. | 145,000 | 1,330,798 | ||||||
Kawasaki Heavy Industries Ltd. | 858,000 | 2,707,382 | ||||||
Keihan Holdings Co. Ltd. | 316,800 | 2,015,912 | ||||||
Keikyu Corp. | 292,000 | 3,136,821 | ||||||
Keio Corp. | 360,000 | 2,869,805 | ||||||
Keisei Electric Railway Co. Ltd. | 84,200 | 1,997,455 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,125,000 | 4,346,401 | ||||||
Komatsu Ltd. | 573,700 | 13,206,057 | ||||||
Kubota Corp. | 657,400 | 9,926,651 | ||||||
Kurita Water Industries Ltd. | 66,700 | 1,386,413 | ||||||
LIXIL Group Corp. | 163,100 | 3,626,820 | ||||||
Mabuchi Motor Co. Ltd. | 30,400 | 1,692,653 | ||||||
Makita Corp. | 71,600 | 4,850,312 | ||||||
Marubeni Corp. | 1,025,700 | 5,615,103 | ||||||
Minebea Co. Ltd. | 198,700 | 1,969,545 | ||||||
MISUMI Group, Inc. | 170,700 | 3,052,770 | ||||||
Mitsubishi Corp. | 938,400 | 20,272,327 | ||||||
Mitsubishi Electric Corp. | 1,200,500 | 16,542,881 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,991,100 | 8,820,327 | ||||||
Mitsubishi Logistics Corp. | 71,000 | 960,072 | ||||||
Mitsui & Co. Ltd. | 1,060,300 | 14,286,547 | ||||||
Mitsui OSK Lines Ltd. | 731,000 | 1,878,537 | ||||||
Nabtesco Corp. | 72,100 | 1,832,672 | ||||||
Nagoya Railroad Co. Ltd. | 619,600 | 3,038,290 | ||||||
NGK Insulators Ltd. | 161,200 | 3,080,138 | ||||||
Nidec Corp. | 148,200 | 13,264,875 | ||||||
Nippon Express Co. Ltd. | 578,000 | 2,985,866 | ||||||
Nippon Yusen KK | 955,000 | 1,769,678 | ||||||
NSK Ltd. | 264,700 | 2,882,883 | ||||||
Obayashi Corp. | 403,400 | 3,836,364 | ||||||
Odakyu Electric Railway Co. Ltd. | 177,400 | 3,468,763 | ||||||
Park24 Co. Ltd. | 67,100 | 1,906,167 | ||||||
Recruit Holdings Co. Ltd. | 228,300 | 8,710,541 | ||||||
Secom Co. Ltd. | 130,500 | 9,489,354 | ||||||
Seibu Holdings, Inc. | 100,000 | 1,792,754 | ||||||
Shimizu Corp. | 342,700 | 3,157,255 | ||||||
SMC Corp. | 35,600 | 10,119,418 | ||||||
Sohgo Security Services Co. Ltd. | 44,400 | 1,806,582 | ||||||
Sumitomo Corp. | 738,100 | 8,806,490 |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Sumitomo Heavy Industries Ltd. | 344,000 | $ | 2,071,728 | |||||
Taisei Corp. | 684,000 | 4,950,413 | ||||||
THK Co. Ltd. | 75,900 | 1,632,707 | ||||||
Tobu Railway Co. Ltd. | 643,000 | 3,079,970 | ||||||
Tokyu Corp. | 688,000 | 5,135,720 | ||||||
Toppan Printing Co. Ltd. | 326,000 | 2,954,958 | ||||||
Toshiba Corp.* | 2,501,000 | 9,295,269 | ||||||
TOTO Ltd. | 85,650 | 3,282,857 | ||||||
Toyota Tsusho Corp. | 132,000 | 3,298,702 | ||||||
West Japan Railway Co. | 102,300 | 6,220,892 | ||||||
Yamato Holdings Co. Ltd. | 217,200 | 4,350,455 | ||||||
|
| |||||||
371,799,332 | ||||||||
|
| |||||||
Information Technology — 10.6% | ||||||||
Alps Electric Co. Ltd. | 117,000 | 2,938,167 | ||||||
Brother Industries Ltd. | 146,500 | 2,504,733 | ||||||
Canon, Inc. | 662,900 | 18,895,301 | ||||||
DeNA Co. Ltd. | 65,600 | 1,998,304 | ||||||
FUJIFILM Holdings Corp. | 271,700 | 10,090,934 | ||||||
Fujitsu Ltd. | 1,158,000 | 6,830,282 | ||||||
Hamamatsu Photonics KK | 86,000 | 2,281,456 | ||||||
Hirose Electric Co. Ltd. | 19,910 | 2,382,482 | ||||||
Hitachi High-Technologies Corp. | 42,800 | 1,687,234 | ||||||
Hitachi Ltd. | 3,003,000 | 15,993,426 | ||||||
Kakaku.com, Inc. | 86,500 | 1,357,174 | ||||||
Keyence Corp. | 28,360 | 19,392,534 | ||||||
Konami Holdings Corp. | 62,600 | 2,117,582 | ||||||
Konica Minolta, Inc. | 270,100 | 2,578,115 | ||||||
Kyocera Corp. | 199,400 | 9,474,572 | ||||||
LINE Corp.* | 27,000 | 1,040,776 | ||||||
Mixi, Inc. | 28,000 | 975,307 | ||||||
Murata Manufacturing Co. Ltd. | 119,000 | 16,044,535 | ||||||
NEC Corp. | 1,618,000 | 4,214,536 | ||||||
Nexon Co. Ltd. | 101,500 | 1,418,631 | ||||||
Nintendo Co. Ltd. | 72,241 | 17,538,515 | ||||||
Nippon Electric Glass Co. Ltd. | 263,000 | 1,402,299 | ||||||
Nomura Research Institute Ltd. | 77,420 | 2,625,668 | ||||||
NTT Data Corp. | 78,300 | 3,894,297 | ||||||
Obic Co. Ltd. | 40,200 | 1,767,458 | ||||||
Omron Corp. | 119,600 | 4,411,625 | ||||||
Oracle Corp. Japan | 23,800 | 1,185,787 | ||||||
Otsuka Corp. | 32,500 | 1,582,317 | ||||||
Ricoh Co. Ltd. | 416,500 | 3,352,970 | ||||||
Rohm Co. Ltd. (a) | 60,600 | 3,310,607 | ||||||
Seiko Epson Corp. | 169,600 | 3,399,264 | ||||||
Shimadzu Corp. | 147,000 | 2,239,596 | ||||||
TDK Corp. | 76,900 | 5,169,014 | ||||||
Tokyo Electron Ltd. | 97,500 | 8,927,167 | ||||||
Trend Micro, Inc. | 71,600 | 2,572,230 | ||||||
Yahoo Japan Corp. | 884,500 | 3,216,223 | ||||||
Yaskawa Electric Corp. | 157,100 | 2,409,952 | ||||||
Yokogawa Electric Corp. | 141,800 | 1,964,538 | ||||||
|
| |||||||
195,185,608 | ||||||||
|
| |||||||
Materials — 5.9% | ||||||||
Air Water, Inc. | 89,500 | 1,529,413 | ||||||
Asahi Kasei Corp. | 783,300 | 6,966,547 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Daicel Corp. | 170,300 | $ | 1,875,600 | |||||
Hitachi Chemical Co. Ltd. | 68,100 | 1,494,087 | ||||||
Hitachi Metals Ltd. | 120,600 | 1,575,954 | ||||||
JFE Holdings, Inc. | 324,500 | 4,736,812 | ||||||
JSR Corp. | 110,100 | 1,584,062 | ||||||
Kaneka Corp. | 174,000 | 1,385,551 | ||||||
Kansai Paint Co. Ltd. (a) | 135,500 | 2,481,294 | ||||||
Kobe Steel Ltd.* | 184,500 | 1,740,094 | ||||||
Kuraray Co. Ltd. | 220,400 | 3,117,059 | ||||||
Maruichi Steel Tube Ltd. | 35,000 | 1,127,355 | ||||||
Mitsubishi Chemical Holdings Corp. | 842,200 | 5,296,647 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 104,900 | 1,589,936 | ||||||
Mitsubishi Materials Corp. | 71,700 | 2,121,450 | ||||||
Mitsui Chemicals, Inc. | 620,000 | 2,866,833 | ||||||
Nippon Paint Holdings Co. Ltd. (a) | 95,700 | 3,019,772 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 501,814 | 10,759,580 | ||||||
Nissan Chemical Industries Ltd. | 76,600 | 2,547,642 | ||||||
Nitto Denko Corp. | 102,600 | 7,081,243 | ||||||
Oji Holdings Corp. | 569,000 | 2,332,599 | ||||||
Shin-Etsu Chemical Co. Ltd. | 241,600 | 17,865,793 | ||||||
Sumitomo Chemical Co. Ltd. | 977,000 | 4,466,334 | ||||||
Sumitomo Metal Mining Co. Ltd. | 307,000 | 4,100,310 | ||||||
Taiheiyo Cement Corp. | 760,000 | 2,378,218 | ||||||
Taiyo Nippon Sanso Corp. | 80,400 | 879,864 | ||||||
Teijin Ltd. | 107,200 | 1,984,612 | ||||||
Toray Industries, Inc. | 912,000 | 7,408,879 | ||||||
Toyo Seikan Group Holdings Ltd. | 96,300 | 1,813,122 | ||||||
|
| |||||||
108,126,662 | ||||||||
|
| |||||||
Real Estate — 4.6% | ||||||||
Aeon Mall Co. Ltd. | 71,050 | 1,024,715 | ||||||
Daito Trust Construction Co. Ltd. | 43,700 | 6,789,629 | ||||||
Daiwa House Industry Co. Ltd. | 351,800 | 10,000,031 | ||||||
Daiwa House REIT Investment Corp. REIT | 836 | 2,080,409 | ||||||
Hulic Co. Ltd. | 179,000 | 1,680,399 | ||||||
Japan Prime Realty Investment Corp. REIT | 577 | 2,345,221 | ||||||
Japan Real Estate Investment Corp. REIT | 806 | 4,360,946 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,580 | 3,206,818 | ||||||
Mitsubishi Estate Co. Ltd. | 778,600 | 15,690,418 | ||||||
Mitsui Fudosan Co. Ltd. | 553,800 | 13,023,897 | ||||||
Nippon Building Fund, Inc. REIT | 855 | 4,760,587 | ||||||
Nippon Prologis REIT, Inc. REIT | 927 | 1,919,552 | ||||||
Nomura Real Estate Holdings, Inc. | 77,800 | 1,259,434 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 2,469 | 3,679,599 | ||||||
Sumitomo Realty & Development Co. Ltd. | 222,000 | 6,129,959 | ||||||
Tokyo Tatemono Co. Ltd. | 128,000 | 1,651,396 | ||||||
Tokyu Fudosan Holdings Corp. | 299,800 | 1,716,437 | ||||||
United Urban Investment Corp. REIT | 1,765 | 2,690,582 | ||||||
|
| |||||||
84,010,029 | ||||||||
|
|
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Telecommunication Services — 5.6% | ||||||||
KDDI Corp. | 1,139,552 | $ | 29,872,090 | |||||
Nippon Telegraph & Telephone Corp. | 429,800 | 17,375,333 | ||||||
NTT DOCOMO, Inc. | 860,700 | 19,741,067 | ||||||
SoftBank Group Corp. | 596,700 | 35,007,652 | ||||||
|
| |||||||
101,996,142 | ||||||||
|
| |||||||
Utilities — 1.9% | ||||||||
Chubu Electric Power Co., Inc. | 400,300 | 5,617,601 | ||||||
Chugoku Electric Power Co., Inc. | 169,500 | 1,929,015 | ||||||
Electric Power Development Co. Ltd. | 87,900 | 1,927,723 | ||||||
Hokuriku Electric Power Co. | 97,100 | 1,050,739 | ||||||
Kansai Electric Power Co., Inc.* | 437,400 | 4,312,637 | ||||||
Kyushu Electric Power Co., Inc.* | 257,800 | 2,535,073 | ||||||
Osaka Gas Co. Ltd. | 1,165,000 | 4,405,218 | ||||||
Toho Gas Co. Ltd. | 235,000 | 1,861,020 | ||||||
Tohoku Electric Power Co., Inc. | 270,200 | 3,148,259 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 898,500 | 3,337,813 | ||||||
Tokyo Gas Co. Ltd. | 1,216,000 | 5,300,636 | ||||||
|
| |||||||
35,425,734 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,806,295,538 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 9,933,297 | $ | 9,933,297 | |||||
|
| |||||||
TOTAL INVESTMENTS — 98.7% | $ | 1,816,228,835 | ||||||
Other assets and liabilities, | 23,554,885 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,839,783,720 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $1,859,036,773. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $42,807,938. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $47,881,862 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $90,689,800. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $9,305,533, which is 0.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
TOPIX Index Futures | JPY | 17 | $ | 2,190,289 | 12/08/2016 | $ | 223,956 |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/5/2016 | JPY | 1,756,418,000 | USD | 16,435,601 | $ | 1,077,716 | |||||||||||
Bank of Montreal | 12/5/2016 | JPY | 3,788,852,000 | USD | 34,719,743 | 1,590,525 | ||||||||||||
Bank of Montreal | 12/5/2016 | JPY | 18,618,921,639 | USD | 177,368,042 | 14,566,668 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 4,259,018,000 | USD | 40,566,519 | 3,326,232 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 34,699,490,364 | USD | 330,507,535 | 27,099,807 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 958,032,000 | USD | 9,176,112 | 799,208 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 464,910,000 | USD | 4,438,282 | 373,170 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | JPY | 29,702,077,925 | USD | 282,933,250 | 23,222,231 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | JPY | 5,326,215,300 | USD | 47,060,975 | 489,257 | ||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 4,003,606,000 | USD | 36,712,580 | 1,705,582 |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 1,756,418,000 | USD | 16,435,520 | $ | 1,077,635 | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 3,788,852,000 | USD | 34,720,071 | 1,590,853 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 10,242,442,291 | USD | 97,570,300 | 8,011,747 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 470,467,500 | USD | 4,185,159 | 71,453 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 5,326,215,300 | USD | 47,063,055 | 491,336 | ||||||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | JPY | 30,341,930,761 | USD | 289,058,737 | 23,752,930 | ||||||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | JPY | 958,032,000 | USD | 9,175,403 | 798,498 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | JPY | 111,693,000 | USD | 1,063,915 | 87,286 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 5,957,945,700 | USD | 57,761,136 | 5,665,652 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 16,606,461,365 | USD | 158,171,010 | 12,966,321 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 4,003,606,000 | USD | 36,711,409 | 1,704,410 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 5,326,215,300 | USD | 47,061,703 | 489,985 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 470,467,500 | USD | 4,185,072 | 71,367 | ||||||||||||||||||
Bank of Montreal | 12/5/2016 | USD | 212,100,270 | JPY | 24,164,191,639 | (811,792 | ) | |||||||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 7,000,000 | JPY | 790,776,000 | (85,560 | ) | |||||||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,372,234 | JPY | 377,928,000 | (67,682 | ) | |||||||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 328,691,699 | JPY | 37,447,680,864 | (1,254,157 | ) | |||||||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 16,544,490 | JPY | 1,765,065,500 | (1,110,992 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 291,923,540 | JPY | 33,263,227,725 | (1,074,300 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 16,542,862 | JPY | 1,765,065,500 | (1,109,364 | ) | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 224,582,231 | JPY | 25,588,001,091 | (844,153 | ) | |||||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 271,416,030 | JPY | 30,922,034,761 | (1,037,871 | ) | |||||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,372,021 | JPY | 377,928,000 | (67,469 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 980,172 | JPY | 111,693,000 | (3,543 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 278,778,844 | JPY | 31,767,044,465 | (1,012,033 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 60,681 | JPY | 6,607,000 | (2,911 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 125,081 | JPY | 13,535,000 | (6,733 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 107,524 | JPY | 11,488,300 | (7,072 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 14,817 | JPY | 1,549,800 | (1,266 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,100,276 | JPY | 422,164,400 | (408,926 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,362,571 | JPY | 142,306,900 | (118,258 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | JPY | 9,973,758,000 | USD | 87,710,690 | 324,502 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | JPY | 33,263,227,725 | �� | USD | 292,498,551 | 1,059,089 | |||||||||||||||||
RBC Capital Markets | 1/6/2017 | JPY | 25,588,001,091 | USD | 225,034,924 | 842,812 | ||||||||||||||||||
RBC Capital Markets | 1/6/2017 | JPY | 37,447,680,864 | USD | 329,335,456 | 1,233,444 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | JPY | 111,693,000 | USD | 982,150 | 3,539 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | JPY | 30,922,034,761 | USD | 271,906,604 | 979,764 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 24,164,191,639 | USD | 212,474,108 | 756,861 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 31,767,044,465 | USD | 279,325,481 | 994,994 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | USD | 16,952,125 | JPY | 1,932,627,000 | (19,199 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 128,181,593 | ||||||||||||||||||||||
|
|
Currency Abbreviations
JPY | Japanese Yen |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 1,806,295,538 | $ | — | $ | — | $ | 1,806,295,538 | ||||||||
Short-Term Investments | 9,933,297 | — | — | 9,933,297 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 137,224,874 | — | 137,224,874 | ||||||||||||
Futures Contracts | 223,956 | — | — | 223,956 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,816,452,791 | $ | 137,224,874 | $ | — | $ | 1,953,677,665 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (9,043,281 | ) | $ | — | $ | (9,043,281 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (9,043,281 | ) | $ | — | $ | (9,043,281 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 100.1% | ||||||||
Consumer Discretionary — 8.3% | ||||||||
Alsea SAB de CV | 16,690 | $ | 48,993 | |||||
Consorcio ARA SAB de CV | 36,870 | 12,382 | ||||||
Corpovael SA de CV | 11,648 | 8,491 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 5,731 | 45,208 | ||||||
Grupo Famsa SAB de CV, Class A* | 18,828 | 6,369 | ||||||
Grupo Televisa SAB, Series CPO | 46,203 | 190,933 | ||||||
Hoteles City Express SAB de CV* | 15,014 | 11,879 | ||||||
Rassini SAB de CV | 2,742 | 10,364 | ||||||
TV Azteca SAB de CV, Series CPO | 62,011 | 9,463 | ||||||
|
| |||||||
344,082 | ||||||||
|
| |||||||
Consumer Staples — 25.1% | ||||||||
Arca Continental SAB de CV | 12,437 | 65,618 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 9,960 | 62,700 | ||||||
Fomento Economico Mexicano SAB de CV | 46,428 | 363,080 | ||||||
Gruma SAB de CV, Class B | 6,319 | 75,551 | ||||||
Grupo Bimbo SAB de CV, Series A | 46,766 | 107,619 | ||||||
Grupo Comercial Chedraui SA de CV | 11,891 | 21,573 | ||||||
Grupo Herdez SAB de CV | 8,920 | 18,017 | ||||||
Grupo Lala SAB de CV | 19,945 | 30,010 | ||||||
Industrias Bachoco SAB de CV, Series B | 6,416 | 25,133 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 44,466 | 77,993 | ||||||
La Comer SAB de CV* | 19,548 | 15,106 | ||||||
Wal-Mart de Mexico SAB de CV | 101,298 | 185,847 | ||||||
|
| |||||||
1,048,247 | ||||||||
|
| |||||||
Financials — 15.0% | ||||||||
Banregio Grupo Financiero SAB de CV | 7,328 | 39,208 | ||||||
Bolsa Mexicana de Valores SAB de CV | 14,073 | 18,624 | ||||||
Credito Real SAB de CV, SOFOM, ER | 9,013 | 12,922 | ||||||
Gentera SAB de CV | 30,448 | 47,901 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 62,144 | 297,854 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 67,211 | 91,657 | ||||||
Grupo Financiero Interacciones SA de CV, Class O | 3,862 | 14,332 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 53,344 | 74,898 | ||||||
Qualitas Controladora SAB de CV | 9,702 | 14,674 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 6,152 | 14,794 | ||||||
|
| |||||||
626,864 | ||||||||
|
| |||||||
Health Care — 0.7% | ||||||||
Genomma Lab Internacional SAB de CV, Class B* | 26,968 | 28,821 | ||||||
|
| |||||||
Industrials — 13.2% | ||||||||
Alfa SAB de CV, Class A | 80,504 | 106,342 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 20,549 | 30,260 | ||||||
Elementia SAB de CV, 144A* | 13,542 | 14,150 | ||||||
Grupo Aeromexico SAB de CV* | 16,887 | 29,521 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 6,980 | 32,868 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 10,305 | $ | 87,750 | |||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 5,987 | 86,471 | ||||||
Grupo Carso SAB de CV, Series A1 | 16,960 | 62,718 | ||||||
Grupo Rotoplas SAB de CV | 7,478 | 9,940 | ||||||
OHL Mexico SAB de CV* | 26,126 | 22,449 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 7,829 | 68,987 | ||||||
|
| |||||||
551,456 | ||||||||
|
| |||||||
Materials — 17.7% | ||||||||
Cemex SAB de CV, Series CPO* | 347,614 | 270,475 | ||||||
Grupo Mexico SAB de CV, Series B | 94,324 | 258,089 | ||||||
Industrias CH SAB de CV, Series B* | 5,189 | 29,118 | ||||||
Industrias Penoles SAB de CV | 4,032 | 86,570 | ||||||
Mexichem SAB de CV | 31,063 | 74,064 | ||||||
Minera Frisco SAB de CV, Class A1* | 26,024 | 19,971 | ||||||
|
| |||||||
738,287 | ||||||||
|
| |||||||
Real Estate — 5.7% | ||||||||
Concentradora Fibra Danhos SA de CV REIT | 1,201 | 1,871 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT | 20,292 | 14,665 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 18,388 | 22,029 | ||||||
Fibra Uno Administracion SA de CV REIT | 73,161 | 112,963 | ||||||
Grupo GICSA SA de CV* | 22,062 | 11,365 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT* | 27,147 | 27,205 | ||||||
PLA Administradora Industrial S de RL de CV REIT* | 20,550 | 28,304 | ||||||
Prologis Property Mexico SA de CV REIT | 13,423 | 19,682 | ||||||
|
| |||||||
238,084 | ||||||||
|
| |||||||
Telecommunication Services — 13.4% | ||||||||
America Movil SAB de CV, Series L | 850,025 | 517,220 | ||||||
Axtel SAB de CV, Series CPO* | 46,039 | 9,107 | ||||||
Telesites SAB de CV* | 55,891 | 32,650 | ||||||
|
| |||||||
558,977 | ||||||||
|
| |||||||
Utilities — 1.0% | ||||||||
Infraestructura Energetica Nova SAB de CV | 9,398 | 41,386 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,176,204 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% | $ | 4,176,204 | ||||||
Other assets and liabilities, net — (0.1%) | (4,253 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,171,951 | ||||||
|
|
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $5,542,860. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,366,656. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $20,378 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,387,034. |
CPO: | Ordinary Participation Certificates |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | MXN | 36,858,305 | USD | 1,952,472 | $ | 162,266 | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | MXN | 11,315,400 | USD | 599,431 | 49,843 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | MXN | 959,000 | USD | 50,803 | 4,224 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 24,396,404 | USD | 1,292,426 | 107,494 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 12,282,300 | USD | 650,668 | 54,117 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 129,700 | USD | 6,369 | 69 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,797,890 | MXN | 36,858,305 | (7,684 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 582,093 | MXN | 11,947,400 | (1,808 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 17,270 | MXN | 327,000 | (1,387 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 7,281 | MXN | 150,400 | 24 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 140,159 | MXN | 2,712,700 | (8,404 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,658,157 | MXN | 33,945,304 | (9,435 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | MXN | 28,690,000 | USD | 1,395,568 | 7,491 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | MXN | 28,690,000 | USD | 1,392,320 | 4,242 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | MXN | 28,690,000 | USD | 1,396,025 | 7,947 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 368,999 | ||||||||||||||||||||||
|
|
Currency Abbreviations
MXN | Mexican Peso |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on 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 (a) | $ | 4,176,204 | $ | — | $ | — | $ | 4,176,204 | ||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 397,717 | — | 397,717 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,176,204 | $ | 397,717 | $ | — | $ | 4,573,921 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (28,718 | ) | $ | — | $ | (28,718 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (28,718 | ) | $ | — | $ | (28,718 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.5% | ||||||||
Consumer Discretionary — 12.7% | ||||||||
Cheil Worldwide, Inc. | 8,257 | $ | 105,592 | |||||
CJ E&M Corp. | 2,221 | 107,151 | ||||||
Coway Co. Ltd. | 5,400 | 390,317 | ||||||
Hankook Tire Co. Ltd. | 7,491 | 347,301 | ||||||
Hanon Systems | 19,871 | 165,896 | ||||||
Hanssem Co. Ltd. | 1,163 | 205,431 | ||||||
Hotel Shilla Co. Ltd. | 3,521 | 151,797 | ||||||
Hyundai Department Store Co. Ltd. | 1,645 | 151,970 | ||||||
Hyundai Mobis Co. Ltd. | 6,462 | 1,376,364 | ||||||
Hyundai Motor Co. | 14,190 | 1,614,362 | ||||||
Hyundai Wia Corp. | 1,845 | 108,581 | ||||||
Kangwon Land, Inc. | 11,754 | 358,436 | ||||||
Kia Motors Corp. | 25,248 | 807,729 | ||||||
LG Electronics, Inc. | 10,508 | 403,583 | ||||||
Lotte Shopping Co. Ltd. | 1,183 | 219,589 | ||||||
Shinsegae Inc. | 855 | 132,011 | ||||||
|
| |||||||
6,646,110 | ||||||||
|
| |||||||
Consumer Staples — 8.1% | ||||||||
Amorepacific Corp. | 3,075 | 862,752 | ||||||
AMOREPACIFIC Group | 2,816 | 310,734 | ||||||
BGF retail Co. Ltd. | 2,110 | 157,025 | ||||||
CJ CheilJedang Corp. | 819 | 269,018 | ||||||
Dongsuh Cos., Inc. | 4,304 | 97,931 | ||||||
E-MART, Inc. | 2,021 | 325,006 | ||||||
GS Retail Co. Ltd. | 3,144 | 127,207 | ||||||
KT&G Corp. | 11,125 | 999,209 | ||||||
LG Household & Health Care Ltd. | 906 | 609,916 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 68 | 91,148 | ||||||
Lotte Confectionery Co. Ltd. | 705 | 107,645 | ||||||
Orion Corp. | 379 | 220,452 | ||||||
Ottogi Corp. | 153 | 90,566 | ||||||
|
| |||||||
4,268,609 | ||||||||
|
| |||||||
Energy — 2.7% | ||||||||
GS Holdings Corp. | 5,391 | 250,862 | ||||||
SK Innovation Co. Ltd. | 6,244 | 814,516 | ||||||
S-Oil Corp. | 4,644 | 333,686 | ||||||
|
| |||||||
1,399,064 | ||||||||
|
| |||||||
Financials — 14.7% | ||||||||
BNK Financial Group, Inc. | 27,931 | 214,073 | ||||||
DGB Financial Group, Inc. | 18,902 | 154,734 | ||||||
Dongbu Insurance Co. Ltd. | 5,106 | 318,838 | ||||||
Hana Financial Group, Inc. | 28,632 | 787,408 | ||||||
Hanwha Life Insurance Co. Ltd. | 25,567 | 145,654 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 6,694 | 208,427 | ||||||
Industrial Bank of Korea | 26,219 | 292,680 | ||||||
KB Financial Group, Inc. | 37,799 | 1,361,223 | ||||||
Korea Investment Holdings Co. Ltd. | 4,314 | 147,792 | ||||||
Mirae Asset Daewoo Co. Ltd. | 20,359 | 121,034 | ||||||
Mirae Asset Securities Co. Ltd. | 8,083 | 141,049 | ||||||
NH Investment & Securities Co. Ltd. | 16,012 | 134,637 | ||||||
Samsung Card Co. Ltd. | 3,894 | 139,232 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,254 | 815,553 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Samsung Life Insurance Co. Ltd. | 7,464 | $ | 727,853 | |||||
Samsung Securities Co. Ltd. | 6,117 | 167,700 | ||||||
Shinhan Financial Group Co. Ltd. | 40,472 | 1,526,723 | ||||||
Woori Bank | 31,367 | 321,974 | ||||||
|
| |||||||
7,726,584 | ||||||||
|
| |||||||
Health Care — 2.3% | ||||||||
Celltrion, Inc.* | 7,339 | 642,841 | ||||||
Hanmi Pharm. Co. Ltd. | 535 | 168,639 | ||||||
Hanmi Science Co. Ltd. | 1,317 | 84,492 | ||||||
Samsung Biologics Co. Ltd.* | 1,300 | 171,250 | ||||||
Yuhan Corp. | 812 | 136,833 | ||||||
|
| |||||||
1,204,055 | ||||||||
|
| |||||||
Industrials — 11.1% | ||||||||
CJ Corp. | 1,522 | 228,486 | ||||||
CJ Korea Express Corp.* | 774 | 121,822 | ||||||
Daelim Industrial Co. Ltd. | 2,923 | 191,024 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 16,481 | 72,885 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 5,537 | 122,197 | ||||||
GS Engineering & Construction Corp.* | 5,629 | 113,875 | ||||||
Hanwha Corp. | 4,973 | 150,162 | ||||||
Hanwha Techwin Co. Ltd. | 3,000 | 122,792 | ||||||
Hyundai Development Co.-Engineering & Construction | 5,953 | 210,307 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 7,558 | 254,401 | ||||||
Hyundai Glovis Co. Ltd. | 1,918 | 260,863 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 4,125 | 501,048 | ||||||
KCC Corp. | 600 | 191,181 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 2,577 | 127,191 | ||||||
Korea Aerospace Industries Ltd. | 6,033 | 342,148 | ||||||
Korean Air Lines Co. Ltd.* | 4,479 | 119,729 | ||||||
LG Corp. | 9,309 | 449,902 | ||||||
Posco Daewoo Corp. | 5,531 | 126,086 | ||||||
S-1 Corp. | 2,044 | 165,926 | ||||||
Samsung C&T Corp. | 7,268 | 795,778 | ||||||
Samsung Heavy Industries Co. Ltd.* | 27,341 | 194,115 | ||||||
SK Holdings Co. Ltd. | 4,403 | 871,900 | ||||||
SK Networks Co. Ltd. | 16,394 | 95,359 | ||||||
|
| |||||||
5,829,177 | ||||||||
|
| |||||||
Information Technology — 34.7% | ||||||||
Kakao Corp. | 3,220 | 214,015 | ||||||
LG Display Co. Ltd. | 22,670 | 542,971 | ||||||
LG Innotek Co. Ltd. | 1,683 | 116,754 | ||||||
NAVER Corp. | 2,645 | 1,805,491 | ||||||
NCSoft Corp. | 1,751 | 407,401 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 5,762 | 228,203 | ||||||
Samsung Electronics Co. Ltd. | 8,077 | 12,063,164 | ||||||
Samsung SDI Co. Ltd. | 5,380 | 424,767 | ||||||
Samsung SDS Co. Ltd. | 3,436 | 396,784 | ||||||
SK Hynix, Inc. | 55,050 | 2,020,140 | ||||||
|
| |||||||
18,219,690 | ||||||||
|
|
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Materials — 7.9% | ||||||||
Hanwha Chemical Corp. | 11,163 | $ | 222,009 | |||||
Hyosung Corp. | 2,220 | 263,958 | ||||||
Hyundai Steel Co. | 8,076 | 344,718 | ||||||
Korea Zinc Co. Ltd. | 856 | 345,607 | ||||||
Kumho Petrochemical Co. Ltd. | 2,131 | 133,068 | ||||||
LG Chem Ltd. | 4,433 | 858,881 | ||||||
Lotte Chemical Corp. | 1,549 | 425,990 | ||||||
OCI Co. Ltd.* | 1,866 | 117,478 | ||||||
POSCO | 6,628 | 1,414,555 | ||||||
|
| |||||||
4,126,264 | ||||||||
|
| |||||||
Telecommunication Services — 1.2% | ||||||||
KT Corp. | 1,702 | 43,458 | ||||||
LG Uplus Corp. | 22,658 | 221,919 | ||||||
SK Telecom Co. Ltd. | 2,023 | 391,085 | ||||||
|
| |||||||
656,462 | ||||||||
|
| |||||||
Utilities — 2.1% | ||||||||
Korea Electric Power Corp. | 24,423 | 971,446 | ||||||
Korea Gas Corp. | 3,290 | 120,591 | ||||||
|
| |||||||
1,092,037 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 51,168,052 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 2.4% | ||||||||
Consumer Discretionary — 1.0% | ||||||||
Hyundai Motor Co. | 2,387 | $ | 195,607 | |||||
Hyundai Motor Co. — 2nd Preferred | 3,810 | 323,624 | ||||||
|
| |||||||
519,231 | ||||||||
|
| |||||||
Consumer Staples — 0.5% | ||||||||
Amorepacific Corp. | 966 | 160,718 | ||||||
LG Household & Health Care Ltd. | 247 | 105,324 | ||||||
|
| |||||||
266,042 | ||||||||
|
| |||||||
Information Technology — 0.7% | ||||||||
Samsung Electronics Co. Ltd. | 297 | 344,495 | ||||||
|
| |||||||
Materials — 0.2% | ||||||||
LG Chem Ltd. | 885 | 124,531 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,254,299 | |||||||
TOTAL INVESTMENTS — 99.9% | $ | 52,422,351 | ||||||
Other assets and liabilities, net — 0.1% | 52,764 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 52,475,115 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $66,408,796. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $13,986,445. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,825,917 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $22,812,362. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2016 | KRW | 13,874,300,500 | USD | 11,812,942 | $ | (54,982 | ) | ||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | KRW | 36,232,611,070 | USD | 31,591,779 | 598,802 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | KRW | 9,002,071,500 | USD | 7,860,012 | 159,739 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | KRW | 36,982,000 | USD | 32,306 | 672 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | KRW | 667,758,000 | USD | 581,418 | 10,225 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | KRW | 6,920,267,000 | USD | 6,037,047 | 117,527 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | KRW | 9,002,071,500 | USD | 7,865,368 | 165,095 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | KRW | 11,186,470,500 | USD | 9,523,237 | (45,547 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | KRW | 25,385,484,000 | USD | 22,132,070 | 417,606 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 3,157,000,000 | USD | 2,750,000 | 49,537 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 12,416,197,000 | USD | 10,815,503 | 194,824 | ||||||||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 11,780,644 | KRW | 13,874,300,500 | 87,279 | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 38,550,096 | KRW | 45,234,682,570 | 143,154 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 56,659 | KRW | 64,948,000 | (1,103 | ) | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 11,878,479 | KRW | 13,874,300,500 | (10,555 | ) | |||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 11,807,915 | KRW | 13,874,300,500 | 60,009 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 74,691 | KRW | 85,670,123 | (1,409 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 21,554,687 | KRW | 25,299,813,877 | 86,495 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 13,231,263 | KRW | 15,573,197,000 | 89,878 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | KRW | 15,386,000,000 | USD | 13,048,382 | (112,171 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | KRW | 15,386,000,000 | USD | 13,077,062 | (83,492 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | KRW | 30,772,000,000 | USD | 26,100,085 | (221,022 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 1,650,561 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
KRW | South Korean Won |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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 (a) | $ | 51,168,052 | $ | — | $ | — | $ | 51,168,052 | ||||||||
Preferred Stocks (a) | 1,254,299 | — | — | 1,254,299 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 2,180,842 | — | 2,180,842 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 52,422,351 | $ | 2,180,842 | $ | — | $ | 54,603,193 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (530,281 | ) | $ | — | $ | (530,281 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (530,281 | ) | $ | — | $ | (530,281 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Consumer Discretionary — 8.6% | ||||||||
Barratt Developments PLC | 2,777 | $ | 16,303 | |||||
Berkeley Group Holdings PLC | 361 | 11,188 | ||||||
Burberry Group PLC | 1,227 | 21,938 | ||||||
Carnival PLC | 527 | 26,665 | ||||||
Compass Group PLC | 4,545 | 77,965 | ||||||
Dixons Carphone PLC | 2,711 | 11,255 | ||||||
GKN PLC | 4,744 | 18,395 | ||||||
InterContinental Hotels Group PLC | 520 | 21,347 | ||||||
ITV PLC | 10,028 | 21,079 | ||||||
Kingfisher PLC | 6,226 | 27,506 | ||||||
Marks & Spencer Group PLC | 4,496 | 18,491 | ||||||
Merlin Entertainments PLC, 144A | 1,964 | 10,709 | ||||||
Next PLC | 387 | 23,746 | ||||||
Pearson PLC | 2,275 | 22,644 | ||||||
Persimmon PLC | 853 | 18,144 | ||||||
Sky PLC | 2,855 | 27,899 | ||||||
Taylor Wimpey PLC | 9,036 | 16,767 | ||||||
TUI AG | 1,380 | 18,199 | ||||||
Whitbread PLC | 508 | 22,018 | ||||||
William Hill PLC | 2,407 | 9,074 | ||||||
WPP PLC | 3,551 | 75,931 | ||||||
|
| |||||||
517,263 | ||||||||
|
| |||||||
Consumer Staples — 16.8% | ||||||||
Associated British Foods PLC | 985 | 31,427 | ||||||
British American Tobacco PLC | 5,158 | 283,544 | ||||||
Coca-Cola HBC AG* | 501 | 10,656 | ||||||
Diageo PLC | 6,966 | 174,754 | ||||||
Imperial Brands PLC | 2,652 | 113,914 | ||||||
J Sainsbury PLC | 4,540 | 13,122 | ||||||
Reckitt Benckiser Group PLC | 1,749 | 147,998 | ||||||
Tate & Lyle PLC | 1,292 | 10,960 | ||||||
Tesco PLC* | 22,616 | 59,056 | ||||||
Unilever PLC | 3,550 | 141,959 | ||||||
Wm Morrison Supermarkets PLC | 6,138 | 16,704 | ||||||
|
| |||||||
1,004,094 | ||||||||
|
| |||||||
Energy — 14.7% | ||||||||
BP PLC | 51,972 | 298,769 | ||||||
Petrofac Ltd. | 720 | 7,157 | ||||||
Royal Dutch Shell PLC, Class A | 11,968 | 303,382 | ||||||
Royal Dutch Shell PLC, Class B | 10,363 | 274,690 | ||||||
|
| |||||||
883,998 | ||||||||
|
| |||||||
Financials — 21.4% | ||||||||
3i Group PLC | 2,694 | 23,225 | ||||||
Aberdeen Asset Management PLC | 2,556 | 8,571 | ||||||
Admiral Group PLC | 586 | 13,938 | ||||||
Aviva PLC | 11,230 | 62,808 | ||||||
Barclays PLC | 46,805 | 126,466 | ||||||
Direct Line Insurance Group PLC | 3,806 | 16,534 | ||||||
Hargreaves Lansdown PLC | 724 | 10,662 | ||||||
HSBC Holdings PLC | 55,037 | 437,415 | ||||||
ICAP PLC | 1,536 | 9,358 | ||||||
Investec PLC | 1,760 | 11,451 | ||||||
Legal & General Group PLC | 16,471 | 48,595 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Lloyds Banking Group PLC | 177,745 | $ | 128,700 | |||||
London Stock Exchange Group PLC | 873 | 30,017 | ||||||
Old Mutual PLC | 13,640 | 32,409 | ||||||
Provident Financial PLC | 409 | 14,917 | ||||||
Prudential PLC | 7,136 | 138,259 | ||||||
Royal Bank of Scotland Group PLC* | 9,762 | 23,732 | ||||||
RSA Insurance Group PLC | 2,820 | 19,071 | ||||||
Schroders PLC | 376 | 13,008 | ||||||
St James’s Place PLC | 1,459 | 17,160 | ||||||
Standard Chartered PLC* | 9,084 | 72,867 | ||||||
Standard Life PLC | 5,467 | 23,640 | ||||||
|
| |||||||
1,282,803 | ||||||||
|
| |||||||
Health Care — 10.5% | ||||||||
AstraZeneca PLC | 3,498 | 181,612 | ||||||
GlaxoSmithKline PLC | 13,486 | 252,347 | ||||||
Hikma Pharmaceuticals PLC | 399 | 8,492 | ||||||
Mediclinic International PLC | 1,021 | 9,064 | ||||||
Shire PLC | 2,490 | 145,182 | ||||||
Smith & Nephew PLC | 2,469 | 34,815 | ||||||
|
| |||||||
631,512 | ||||||||
|
| |||||||
Industrials — 7.8% | ||||||||
Ashtead Group PLC | 1,387 | 27,194 | ||||||
Babcock International Group PLC | 701 | 8,376 | ||||||
BAE Systems PLC | 8,782 | 65,983 | ||||||
Bunzl PLC | 929 | 23,945 | ||||||
Capita PLC | 1,847 | 12,121 | ||||||
Cobham PLC (a) | 4,729 | 9,722 | ||||||
DCC PLC | 246 | 18,868 | ||||||
easyJet PLC | 440 | 5,450 | ||||||
Experian PLC | 2,650 | 50,067 | ||||||
G4S PLC | 4,295 | 13,118 | ||||||
IMI PLC | 754 | 9,151 | ||||||
Intertek Group PLC | 447 | 18,395 | ||||||
Meggitt PLC | 2,147 | 12,690 | ||||||
RELX PLC | 3,016 | 51,887 | ||||||
Rolls-Royce Holdings PLC* | 225,446 | 282 | ||||||
Rolls-Royce Holdings PLC* | 5,088 | 43,067 | ||||||
Royal Mail PLC | 2,492 | 14,611 | ||||||
Smiths Group PLC | 1,094 | 19,314 | ||||||
Travis Perkins PLC | 693 | 11,636 | ||||||
Weir Group PLC | 599 | 13,551 | ||||||
Wolseley PLC | 698 | 40,567 | ||||||
|
| |||||||
469,995 | ||||||||
|
| |||||||
Information Technology — 0.9% | ||||||||
Auto Trader Group PLC, 144A | 2,744 | 13,723 | ||||||
Sage Group PLC | 2,987 | 24,573 | ||||||
Worldpay Group PLC, 144A | 4,981 | 16,777 | ||||||
|
| |||||||
55,073 | ||||||||
|
| |||||||
Materials — 8.2% | ||||||||
Anglo American PLC* | 3,881 | 57,543 | ||||||
Antofagasta PLC | 1,051 | 9,061 | ||||||
BHP Billiton PLC | 5,848 | 96,109 | ||||||
Croda International PLC | 364 | 14,856 | ||||||
Fresnillo PLC | 616 | 9,249 |
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Glencore PLC* | 33,865 | $ | 118,345 | |||||
Johnson Matthey PLC | 536 | 20,991 | ||||||
Mondi PLC | 1,017 | 20,780 | ||||||
Randgold Resources Ltd. | 258 | 18,400 | ||||||
Rio Tinto PLC | 3,425 | 128,133 | ||||||
|
| |||||||
493,467 | ||||||||
|
| |||||||
Real Estate — 1.4% | ||||||||
British Land Co. PLC REIT | 2,709 | 20,049 | ||||||
Hammerson PLC REIT | 2,193 | 14,940 | ||||||
Intu Properties PLC REIT | 2,610 | 8,788 | ||||||
Land Securities Group PLC REIT | 2,189 | 26,567 | ||||||
Segro PLC REIT | 2,294 | 11,998 | ||||||
|
| |||||||
82,342 | ||||||||
|
| |||||||
Telecommunication Services — 4.9% | ||||||||
BT Group PLC | 23,349 | 104,325 | ||||||
Inmarsat PLC | 1,249 | 11,103 | ||||||
Vodafone Group PLC | 73,620 | 178,608 | ||||||
|
| |||||||
294,036 | ||||||||
|
|
Number | Value | |||||||
Utilities — 4.2% | ||||||||
Centrica PLC | 15,127 | $ | 39,803 | |||||
National Grid PLC | 10,415 | 119,002 | ||||||
Severn Trent PLC | 652 | 17,841 | ||||||
SSE PLC | 2,788 | 51,453 | ||||||
United Utilities Group PLC | 1,887 | 20,848 | ||||||
|
| |||||||
248,947 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,963,530 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 5,300 | 5,300 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% | $ | 5,968,830 | ||||||
Other assets and liabilities, net — 0.5% | 31,413 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,000,243 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $6,912,602. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $943,772. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $88,609 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,032,381. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $4,952, which is 0.1% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | GBP | 1,980,857 | USD | 2,419,795 | $ | (59,112 | ) | ||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 53,000 | USD | 64,735 | (1,591 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 25,000 | USD | 30,592 | (693 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 3,800 | USD | 4,641 | (114 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 30,000 | USD | 36,642 | (901 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 101,000 | USD | 123,376 | (3,019 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 326,500 | USD | 400,149 | (8,444 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 2,574,928 | USD | 3,145,377 | (76,969 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 2,472,807 | GBP | 1,980,857 | 6,100 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 139,544 | GBP | 111,800 | 367 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,720,466 | GBP | 2,977,628 | 5,831 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,633 | GBP | 1,300 | (6 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 28,901 | GBP | 23,500 | 507 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | GBP | 1,596,333 | USD | 1,994,941 | (4,820 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | GBP | 1,596,333 | USD | 1,994,618 | (5,143 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 1,596,334 | USD | 1,996,684 | (3,078 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized depreciation | $ | (151,085 | ) | |||||||||||||||
|
|
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
GBP | Pound Sterling |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 5,963,530 | $ | — | $ | — | $ | 5,963,530 | ||||||||
Short-Term Investments | 5,300 | — | — | 5,300 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 12,805 | — | 12,805 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,968,830 | $ | 12,805 | $ | — | $ | 5,981,635 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (163,890 | ) | $ | — | $ | (163,890 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (163,890 | ) | $ | — | $ | (163,890 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 65,301,151 | $ | 4,639,241 | $ | 4,360,659 | ||||||
Investment in affiliated securities at value (See Note 4) | 84,133 | — | — | |||||||||
Investment in Government & Agency Securities Portfolio* | 1,030,433 | 39,865 | — | |||||||||
Cash | 11,467 | 1,658 | 310 | |||||||||
Foreign currency at value | 82,312 | 4,276 | 4,844 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 2,337,963 | 103,553 | 321,882 | |||||||||
Deposit with broker for futures contracts | 15,000 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 1,780,003 | 141,210 | 28,653 | |||||||||
Dividends | 152,953 | 8,908 | 17,205 | |||||||||
Securities lending income | 2,253 | 43 | — | |||||||||
Foreign tax reclaim | 66,343 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 70,864,011 | $ | 4,938,754 | $ | 4,733,553 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 1,030,433 | $ | 39,865 | $ | — | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 557,614 | 35,471 | 70,626 | |||||||||
Unrealized depreciation on future contracts | 975 | 90 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 2,615,210 | 163,675 | 292,867 | |||||||||
Investment advisory fees | 21,749 | 2,299 | 2,163 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 4,225,981 | 241,400 | 365,656 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 66,638,030 | $ | 4,697,354 | $ | 4,367,897 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 70,805,114 | $ | 5,814,515 | $ | 9,932,224 | ||||||
Undistributed net investment income | 535,464 | 40,516 | 33,895 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (2,563,972 | ) | (1,035,311 | ) | (6,528,476 | ) | ||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (2,138,576 | ) | (122,366 | ) | 930,254 | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 66,638,030 | $ | 4,697,354 | $ | 4,367,897 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 2,850,001 | 200,001 | 400,800 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 23.38 | $ | 23.49 | $ | 10.90 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 69,141,559 | $ | 4,829,350 | $ | 3,681,223 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 149,964 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 810,257 | $ | 37,301 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 1,030,433 | $ | 39,865 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 82,957 | $ | 4,296 | $ | 4,797 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 121,793,103 | $ | 2,334,228,049 | $ | 46,065,140 | ||||||
Investment in affiliated securities at value (See Note 4) | — | 6,938,226 | 258,321 | |||||||||
Investment in Government & Agency Securities Portfolio* | 1,126,424 | 45,836,157 | 1,704,111 | |||||||||
Cash | 72,000 | 476,069 | 8,561 | |||||||||
Foreign currency at value | 481,450 | 646,801 | 33,553 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 4,041,211 | 59,601,023 | 1,701,972 | |||||||||
Deposit with broker for futures contracts | 76,332 | — | — | |||||||||
Unrealized appreciation on future contracts | — | — | 42 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 18,018,027 | 22,305,901 | 984,972 | |||||||||
Capital shares | 36,108 | 17 | — | |||||||||
Dividends | 75,528 | 4,267,541 | 10,170 | |||||||||
Securities lending income | 890 | 173,872 | 2,761 | |||||||||
Foreign tax reclaim | 5,481 | 6,563,981 | 83,952 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 145,726,554 | $ | 2,481,037,637 | $ | 50,853,555 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 1,126,424 | $ | 45,836,157 | $ | 1,704,111 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 1,057,797 | 21,837,080 | 76,499 | |||||||||
Unrealized depreciation on future contracts | 20,460 | — | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 10,238,263 | 46,111,143 | 2,362,860 | |||||||||
Capital shares | 11,640,200 | 17,891,027 | — | |||||||||
Investment advisory fees | 72,453 | 875,705 | 17,096 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 24,155,597 | 132,551,112 | 4,160,566 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 121,570,957 | $ | 2,348,486,525 | $ | 46,692,989 | ||||||
|
|
|
|
|
| |||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | ||||||||||||
Paid-in capital | $ | 147,894,345 | $ | 2,635,590,673 | $ | 54,023,415 | ||||||
Undistributed net investment income | 1,287,144 | 9,256,436 | 164,676 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (23,663,516 | ) | 88,652,258 | (3,360,265 | ) | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (3,947,016 | ) | (385,012,842 | ) | (4,134,837 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 121,570,957 | $ | 2,348,486,525 | $ | 46,692,989 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 6,250,800 | 91,350,001 | 1,850,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 19.45 | $ | 25.71 | $ | 25.24 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 128,688,466 | $ | 2,750,134,948 | $ | 51,616,520 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | — | $ | 13,439,300 | $ | 462,984 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 617,081 | $ | 43,430,958 | $ | 1,360,640 | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 1,126,424 | $ | 45,836,157 | $ | 1,704,111 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 492,656 | $ | 646,963 | $ | 33,546 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 68,282,212 | $ | 1,806,295,538 | $ | 4,176,204 | ||||||
Investment in affiliated securities at value (See Note 4) | 1,427,995 | — | — | |||||||||
Investment in Government & Agency Securities Portfolio* | 234,990 | 9,933,297 | — | |||||||||
Cash | 21,692 | 19,899,868 | — | |||||||||
Foreign currency at value | 16,740 | 2,961,011 | 5,230 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 2,957,989 | 137,224,874 | 397,717 | |||||||||
Deposit with broker for futures contracts | 42,558 | — | — | |||||||||
Unrealized appreciation on future contracts | 21,344 | 223,956 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 3,431,196 | 13,965,631 | 438,673 | |||||||||
Capital shares | — | 2,957 | — | |||||||||
Dividends | — | 6,312,237 | 670 | |||||||||
Securities lending income | 104 | 22,002 | 2 | |||||||||
Foreign tax reclaim | 814,495 | 2,829,315 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 77,251,315 | $ | 1,999,670,686 | $ | 5,018,496 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 234,990 | $ | 9,933,297 | $ | — | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 558,280 | 9,043,281 | 28,718 | |||||||||
Due to broker for futures contracts | — | 117,776 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 2,388,840 | 132,986,339 | 816,092 | |||||||||
Capital shares | 2,339,154 | 7,237,085 | — | |||||||||
Investment advisory fees | 27,648 | 569,188 | 1,735 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 5,548,912 | 159,886,966 | 846,545 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 71,702,403 | $ | 1,839,783,720 | $ | 4,171,951 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 96,105,643 | $ | 1,979,565,837 | $ | 4,904,930 | ||||||
Distributions in excess of net investment income | (656,377 | ) | — | — | ||||||||
Undistributed net investment income | — | 11,731,163 | 28,200 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (12,632,696 | ) | (262,325,276 | ) | 117,082 | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (11,114,167 | ) | 110,811,996 | (878,261 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 71,702,403 | $ | 1,839,783,720 | $ | 4,171,951 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 3,050,800 | 50,900,800 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 23.50 | $ | 36.14 | $ | 20.86 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 83,176,070 | $ | 1,822,945,102 | $ | 5,421,895 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 3,043,415 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 225,979 | $ | 9,305,533 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 234,990 | $ | 9,933,297 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 17,134 | $ | 2,992,912 | $ | 5,227 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 102 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at value | $ | 52,422,351 | $ | 5,963,530 | ||||
Investment in Government & Agency Securities Portfolio* | — | 5,300 | ||||||
Foreign currency at value | — | 4,882 | ||||||
Unrealized appreciation on forward foreign currency exchange contracts | 2,180,842 | 12,805 | ||||||
Receivables: | ||||||||
Investment securities sold | 11,749,358 | 150,030 | ||||||
Capital shares | 46,112 | — | ||||||
Dividends | — | 34,776 | ||||||
Securities lending income | — | 727 | ||||||
Foreign tax reclaim | — | 19 | ||||||
|
|
|
| |||||
Total Assets | $ | 66,398,663 | $ | 6,172,069 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Due to custodian | $ | 498,121 | $ | 413 | ||||
Payable upon return of securities loaned | — | 5,300 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 530,281 | 163,890 | ||||||
Payables: | ||||||||
Investment securities purchased | 935,841 | — | ||||||
Capital shares | 11,920,172 | — | ||||||
Investment advisory fees | 39,133 | 2,223 | ||||||
|
|
|
| |||||
Total Liabilities | 13,923,548 | 171,826 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 52,475,115 | $ | 6,000,243 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 64,418,146 | $ | 6,113,246 | ||||
Distributions in excess of net investment income | (75,800 | ) | — | |||||
Undistributed net investment income | — | 98,144 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (21,594,073 | ) | 708,073 | |||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 9,726,842 | (919,220 | ) | |||||
|
|
|
| |||||
Net Assets, at value | $ | 52,475,115 | $ | 6,000,243 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 2,200,001 | 250,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 23.85 | $ | 24.00 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 44,342,767 | $ | 6,731,381 | ||||
|
|
|
| |||||
Value of securities loaned | $ | — | $ | 4,952 | ||||
|
|
|
| |||||
Investment in Government & Agency Securities Portfolio at cost* | $ | — | $ | 5,300 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | — | $ | 4,867 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 103 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 859,428 | $ | 79,151 | $ | 46,453 | ||||||
Securities lending income, net of borrower rebates | 11,399 | 563 | — | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 870,827 | 79,714 | 46,453 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 136,006 | 14,004 | 12,558 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 136,006 | 14,004 | 12,558 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 734,821 | 65,710 | 33,895 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (617,936 | ) | (53,321 | ) | 820 | |||||||
Investments in affiliates | (1,182 | ) | — | — | ||||||||
In-kind redemptions | 429,019 | — | — | |||||||||
In-kind redemptions in affiliates | (621 | ) | — | — | ||||||||
Foreign currency transactions | 2,759,113 | (10,559 | ) | (574,831 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 2,568,393 | (63,880 | ) | (574,011 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 177,331 | 306,797 | 1,148,055 | |||||||||
Futures contracts | (975 | ) | (90 | ) | — | |||||||
Foreign currency translations | (312,358 | ) | (31,296 | ) | 120,600 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (136,002 | ) | 275,411 | 1,268,655 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 2,432,391 | 211,531 | 694,644 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 3,167,212 | $ | 277,241 | $ | 728,539 | ||||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 84,783 | $ | 7,698 | $ | 2,542 |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 2,039,996 | $ | 31,506,987 | $ | 593,718 | ||||||
Securities lending income, net of borrower rebates | 12,718 | 1,286,805 | 23,226 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 2,052,714 | 32,793,792 | 616,944 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 446,665 | 6,132,838 | 127,279 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 446,665 | 6,132,838 | 127,279 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 1,606,049 | 26,660,954 | 489,665 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (3,854,992 | ) | (37,709,462 | ) | (566,215 | ) | ||||||
Investments in affiliates | — | (641,108 | ) | (17,962 | ) | |||||||
In-kind redemptions | 256,144 | 961,335 | (557,214 | ) | ||||||||
In-kind redemptions in affiliates | — | (1,677,008 | ) | (95,139 | ) | |||||||
Futures contracts | 41,460 | — | — | |||||||||
Foreign currency transactions | (2,615,031 | ) | 252,844,027 | 3,178,847 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (6,172,419 | ) | 213,777,784 | 1,942,317 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 11,542,550 | (106,653,313 | ) | (2,368,340 | ) | |||||||
Futures contracts | (2,280 | ) | — | 42 | ||||||||
Foreign currency translations | (401,267 | ) | (48,674,958 | ) | (682,478 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 11,139,003 | (155,328,271 | ) | (3,050,776 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 4,966,584 | 58,449,513 | (1,108,459 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 6,572,633 | $ | 85,110,467 | $ | (618,794 | ) | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 301,042 | $ | 2,076,047 | $ | 86,713 |
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 376,064 | $ | 13,134,127 | $ | 39,693 | ||||||
Securities lending income, net of borrower rebates | 941 | 152,202 | 12 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 377,005 | 13,286,329 | 39,705 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 200,181 | 2,944,422 | 10,597 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 200,181 | 2,944,422 | 10,597 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 176,824 | 10,341,907 | 29,108 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (1,253,178 | ) | (28,614,623 | ) | (127,302 | ) | ||||||
Investments in affiliates | (145,174 | ) | — | — | ||||||||
In-kind redemptions | (4,479,515 | ) | 27,592,190 | 45,193 | ||||||||
In-kind redemptions in affiliates | (717,939 | ) | — | — | ||||||||
Futures contracts | 17,923 | (58,507 | ) | — | ||||||||
Foreign currency transactions | 5,002,800 | (12,016,706 | ) | 289,658 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (1,575,083 | ) | (13,097,646 | ) | 207,549 | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 4,471,012 | 38,043,164 | (354,513 | ) | ||||||||
Futures contracts | 14,660 | 233,227 | — | |||||||||
Foreign currency translations | (979,829 | ) | 90,718,318 | 65,454 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 3,505,843 | 128,994,709 | (289,059 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1,930,760 | 115,897,063 | (81,510 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 2,107,584 | $ | 126,238,970 | $ | (52,402 | ) | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 32,106 | $ | 1,430,919 | $ | 903 |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 57,318 | $ | 116,009 | ||||
Securities lending income, net of borrower rebates | — | 1,620 | ||||||
|
|
|
| |||||
Total Investment Income | 57,318 | 117,629 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 189,399 | 13,322 | ||||||
|
|
|
| |||||
Total Expenses | 189,399 | 13,322 | ||||||
|
|
|
| |||||
Net Investment income (loss) | (132,081 | ) | 104,307 | |||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | 5,101,806 | (117,878 | ) | |||||
Foreign currency transactions | (1,010,276 | ) | 1,020,617 | |||||
|
|
|
| |||||
Net realized gain (loss) | 4,091,530 | 902,739 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (1,406,636 | ) | (227,608 | ) | ||||
Foreign currency translations | (3,003,030 | ) | (214,776 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (4,409,666 | ) | (442,384 | ) | ||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (318,136 | ) | 460,355 | |||||
|
|
|
| |||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | (450,217 | ) | $ | 564,662 | |||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 16,390 | $ | 1,767 |
See Notes to Financial Statements. | 107 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 734,821 | $ | 1,707,404 | $ | 65,710 | $ | 200,089 | ||||||||
Net realized gain (loss) | 2,568,393 | (3,250,471 | ) | (63,880 | ) | (746,550 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (136,002 | ) | (4,498,720 | ) | 275,411 | (1,142,819 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 3,167,212 | (6,041,787 | ) | 277,241 | (1,689,280 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (967,291 | ) | (1,777,313 | ) | (34,216 | ) | (417,566 | ) | ||||||||
Net realized gains | — | (1,089,202 | ) | — | (344,439 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (967,291 | ) | (2,866,515 | ) | (34,216 | ) | (762,005 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 39,978,605 | — | — | ||||||||||||
Value of shares redeemed | (3,435,045 | ) | (10,227,798 | ) | — | (4,255,798 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (3,435,045 | ) | 29,750,807 | — | (4,255,798 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (1,235,124 | ) | 20,842,505 | 243,025 | (6,707,083 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 67,873,154 | 47,030,649 | 4,454,329 | 11,161,412 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 66,638,030 | $ | 67,873,154 | $ | 4,697,354 | $ | 4,454,329 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 535,464 | $ | 767,934 | $ | 40,516 | $ | 9,022 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 3,000,001 | 1,750,001 | 200,001 | 400,001 | ||||||||||||
Shares sold | — | 1,700,000 | — | — | ||||||||||||
Shares redeemed | (150,000 | ) | (450,000 | ) | — | (200,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,850,001 | 3,000,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 33,895 | $ | 91,264 | $ | 1,606,049 | $ | 3,536,953 | ||||||||
Net realized gain (loss) | (574,011 | ) | (1,607,287 | ) | (6,172,419 | ) | (14,067,074 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 1,268,655 | 667,873 | 11,139,003 | (22,070,859 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 728,539 | (848,150 | ) | 6,572,633 | (32,600,980 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | (1,037,444 | ) | (868,519 | ) | (6,061,629 | ) | |||||||||
Return of capital | — | (3,755 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (1,041,199 | ) | (868,519 | ) | (6,061,629 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 464,672 | 1,581,261 | — | 18,231,512 | ||||||||||||
Value of shares redeemed | — | (3,043,710 | ) | (14,485,632 | ) | (93,758,507 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 464,672 | (1,462,449 | ) | (14,485,632 | ) | (75,526,995 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,193,211 | (3,351,798 | ) | (8,781,518 | ) | (114,189,604 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,174,686 | 6,526,484 | 130,352,475 | 244,542,079 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,367,897 | $ | 3,174,686 | $ | 121,570,957 | $ | 130,352,475 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 33,895 | $ | — | $ | 1,287,144 | $ | 549,614 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 350,800 | 500,800 | 7,000,800 | 10,900,800 | ||||||||||||
Shares sold | 50,000 | 150,000 | — | 1,000,000 | ||||||||||||
Shares redeemed | — | (300,000 | ) | (750,000 | ) | (4,900,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,800 | 350,800 | 6,250,800 | 7,000,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 26,660,954 | $ | 100,832,456 | $ | 489,665 | $ | 1,791,987 | ||||||||
Net realized gain (loss) | 213,777,784 | (61,459,702 | ) | 1,942,317 | (2,889,946 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (155,328,271 | ) | (309,129,456 | ) | (3,050,776 | ) | (1,603,731 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 85,110,467 | (269,756,702 | ) | (618,794 | ) | (2,701,690 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (96,680,278 | ) | (120,694,283 | ) | (2,062,088 | ) | (1,359,253 | ) | ||||||||
Net realized gains | — | (21,395,440 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (96,680,278 | ) | (142,089,723 | ) | (2,062,088 | ) | (1,359,253 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 100,189,889 | 1,634,503,636 | — | 82,581,476 | ||||||||||||
Value of shares redeemed | (1,050,381,140 | ) | (580,661,063 | ) | (33,944,253 | ) | (17,179,131 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (950,191,251 | ) | 1,053,842,573 | (33,944,253 | ) | 65,402,345 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (961,761,062 | ) | 641,996,148 | (36,625,135 | ) | 61,341,402 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,310,247,587 | 2,668,251,439 | 83,318,124 | 21,976,722 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,348,486,525 | $ | 3,310,247,587 | $ | 46,692,989 | $ | 83,318,124 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 9,256,436 | $ | 79,275,760 | $ | 164,676 | $ | 1,737,099 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 129,050,001 | 90,550,001 | 3,250,001 | 750,001 | ||||||||||||
Shares sold | 4,000,000 | 62,500,000 | — | 3,200,000 | ||||||||||||
Shares redeemed | (41,700,000 | ) | (24,000,000 | ) | (1,400,000 | ) | (700,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 91,350,001 | 129,050,001 | 1,850,001 | 3,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 176,824 | $ | 2,115,523 | $ | 10,341,907 | $ | 17,699,139 | ||||||||
Net realized gain (loss) | (1,575,083 | ) | (9,632,430 | ) | (13,097,646 | ) | (153,656,780 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 3,505,843 | (12,977,312 | ) | 128,994,709 | (154,439,010 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,107,584 | (20,494,219 | ) | 126,238,970 | (290,396,651 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (3,345,701 | ) | (10,562,800 | ) | (12,701,782 | ) | (44,182,466 | ) | ||||||||
Net realized gains | — | — | — | (38,800,971 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (3,345,701 | ) | (10,562,800 | ) | (12,701,782 | ) | (82,983,437 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 20,164,894 | 984,065,083 | 927,313,581 | ||||||||||||
Value of shares redeemed | (37,046,402 | ) | (112,914,893 | ) | (283,980,426 | ) | (790,640,177 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (37,046,402 | ) | (92,749,999 | ) | 700,084,657 | 136,673,404 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (38,284,519 | ) | (123,807,018 | ) | 813,621,845 | (236,706,684 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 109,986,922 | 233,793,940 | 1,026,161,875 | 1,262,868,559 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 71,702,403 | $ | 109,986,922 | $ | 1,839,783,720 | $ | 1,026,161,875 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | (656,377 | ) | $ | — | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | 2,512,500 | $ | 11,731,163 | $ | 14,091,038 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 4,700,800 | 8,550,800 | 29,900,800 | 28,350,800 | ||||||||||||
Shares sold | — | 850,000 | 29,800,000 | 24,450,000 | ||||||||||||
Shares redeemed | (1,650,000 | ) | (4,700,000 | ) | (8,800,000 | ) | (22,900,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 3,050,800 | 4,700,800 | 50,900,800 | 29,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | Deutsche X-trackers MSCI South Korea Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 29,108 | $ | 109,214 | $ | (132,081 | ) | $ | 893,533 | |||||||
Net realized gain (loss) | 207,549 | 62,085 | 4,091,530 | (15,157,123 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | (289,059 | ) | (114,971 | ) | (4,409,666 | ) | 2,176,785 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (52,402 | ) | 56,328 | (450,217 | ) | (12,086,805 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (62,392 | ) | (558,149 | ) | (374,148 | ) | (154,180 | ) | ||||||||
Net realized gains | — | (264,905 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (62,392 | ) | (823,054 | ) | (374,148 | ) | (154,180 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,096,760 | 1,145,870 | 47,032,389 | 124,679,916 | ||||||||||||
Value of shares redeemed | (1,120,460 | ) | (1,116,660 | ) | (111,894,174 | ) | (131,675,567 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (23,700 | ) | 29,210 | (64,861,785 | ) | (6,995,651 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (138,494 | ) | (737,516 | ) | (65,686,150 | ) | (19,236,636 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 4,310,445 | 5,047,961 | 118,161,265 | 137,397,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,171,951 | $ | 4,310,445 | $ | 52,475,115 | $ | 118,161,265 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | (75,800 | ) | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 28,200 | $ | 61,484 | $ | — | $ | 430,429 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 200,001 | 200,001 | 5,150,001 | 5,650,001 | ||||||||||||
Shares sold | 50,000 | 50,000 | 1,850,000 | 5,550,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (50,000 | ) | (4,800,000 | ) | (6,050,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 200,001 | 2,200,001 | 5,150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 104,307 | $ | 188,379 | ||||
Net realized gain (loss) | 902,739 | (109,350 | ) | |||||
Net change in unrealized appreciation (depreciation) | (442,384 | ) | (464,588 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 564,662 | (385,559 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (127,763 | ) | (302,668 | ) | ||||
Net realized gains | — | (22,960 | ) | |||||
|
|
|
| |||||
Total distributions | (127,763 | ) | (325,628 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 1,087,925 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 1,087,925 | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 436,899 | 376,738 | ||||||
Net Assets | ||||||||
Beginning of period | 5,563,344 | 5,186,606 | ||||||
|
|
|
| |||||
End of period | $ | 6,000,243 | $ | 5,563,344 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 98,144 | $ | 121,600 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 250,001 | 200,001 | ||||||
Shares sold | — | 50,000 | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 250,001 | 250,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.62 | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.25 | 0.64 | 0.96 | 0.45 | ||||||||||||
Net realized and unrealized gain (loss) | 0.83 | (3.57 | ) | 2.16 | 0.16 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.08 | (2.93 | ) | 3.12 | 0.61 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.32 | ) | (0.86 | ) | (1.82 | ) | — | |||||||||
Net realized gains | — | (0.46 | ) | (0.04 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.32 | ) | (1.32 | ) | (1.86 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 23.38 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 4.88 | ** | (11.17 | ) | 13.01 | 2.44 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 67 | 68 | 47 | 5 | ||||||||||||
Ratio of expenses (%) | 0.40 | * | 0.40 | 0.40 | 0.40 | * | ||||||||||
Ratio of net investment income (loss) (%) | 2.16 | * | 2.76 | 3.70 | 5.18 | * | ||||||||||
Portfolio turnover rate (%)(d) | 8 | ** | 24 | 24 | 3 | ** | ||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.27 | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.33 | 0.63 | 0.68 | 0.40 | ||||||||||||
Net realized and unrealized gain (loss) | 1.06 | (4.19 | ) | 2.04 | 1.08 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.39 | (3.56 | ) | 2.72 | 1.48 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.17 | ) | (1.09 | ) | (1.29 | ) | (0.01 | ) | ||||||||
Net realized gains | — | (0.98 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.17 | ) | (2.07 | ) | (1.29 | ) | (0.01 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 23.49 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 6.30 | ** | (12.98 | ) | 10.78 | 5.94 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 5 | 4 | 11 | 7 | ||||||||||||
Ratio of expenses (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | * | ||||||||||
Ratio of net investment income (loss) (%) | 2.82 | * | 2.64 | 2.51 | 2.33 | * | ||||||||||
Portfolio turnover rate (%)(d) | 7 | ** | 34 | 19 | 20 | ** |
(a) | For the period January 23, 2014 (commencement of operations)through May 31, 2014. |
(b) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Brazil Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | Period Ended 5/31/2012(a) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.08 | 0.24 | 0.42 | 0.47 | 0.54 | 0.64 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.77 | (1.91 | ) | (1.44 | ) | (2.30 | ) | (0.15 | ) | (4.18 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.85 | (1.67 | ) | (1.02 | ) | (1.83 | ) | 0.39 | (3.54 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (2.30 | ) | (0.41 | ) | (2.95 | ) | (0.54 | ) | (0.29 | ) | |||||||||||||
Net realized gains | — | — | — | — | (1.31 | ) | (0.43 | ) | ||||||||||||||||
Return of capital | — | (0.01 | ) | — | (0.04 | ) | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (2.31 | ) | (0.41 | ) | (2.99 | ) | (1.85 | ) | (0.72 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 10.90 | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 20.44 | ** | (15.83 | ) | (6.96 | ) | (9.83 | )(c) | 1.43 | (c) | (14.28 | )** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period ($ millions) | 4 | 3 | 7 | 6 | 8 | 4 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.60 | * | 0.60 | 0.60 | 0.63 | 0.92 | 1.13 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.68 | 1.13 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.62 | * | 2.56 | 2.97 | 2.93 | 2.66 | 2.89 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 18 | ** | 59 | 141 | 89 | 25 | 34 | ** | ||||||||||||||||
Deutsche X-trackers MSCI Emerging Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | Period Ended 5/31/2012(a) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.23 | 0.43 | 0.36 | 0.38 | 0.38 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.72 | (3.60 | ) | 0.77 | (0.17 | ) | 1.01 | (3.34 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.95 | (3.17 | ) | 1.13 | 0.21 | 1.39 | (3.13 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.40 | ) | (0.06 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.25 | ) | (0.59 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.12 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.65 | ) | (0.65 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 19.45 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 5.15 | ** | (14.32 | ) | 5.35 | 1.17 | (c) | 6.54 | (c) | (12.52 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period ($ millions) | 122 | 130 | 245 | 29 | 9 | 4 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | * | 0.65 | 0.65 | 0.66 | 0.94 | 1.19 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | * | 0.65 | 0.65 | 0.65 | 0.72 | 1.19 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 2.34 | * | 2.20 | 1.64 | 1.81 | 1.72 | 0.97 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 10 | ** | 32 | 58 | 16 | 15 | 19 | ** |
(a) | For the period June 9, 2011 (commencement of operations) through May 31, 2012. |
(b) | Based on average shares outstanding during the period. |
(c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 115 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Europe Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 25.65 | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.25 | 0.79 | 1.33 | 1.27 | ||||||||||||
Net realized and unrealized gain (loss) | 0.60 | (3.19 | ) | 1.54 | 1.72 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.85 | (2.40 | ) | 2.87 | 2.99 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.79 | ) | (1.28 | ) | (1.15 | ) | (0.24 | ) | ||||||||
Net realized gains | — | (0.14 | ) | (0.00 | )(d) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.79 | ) | (1.42 | ) | (1.15 | ) | (0.24 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 25.71 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 3.46 | ** | (8.46 | ) | 10.88 | 12.05 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 2,348 | 3,310 | 2,668 | 164 | ||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 1.96 | * | 3.08 | 4.74 | 7.30 | * | ||||||||||
Portfolio turnover rate (%)(e) | 9 | ** | 18 | 13 | 4 | ** | ||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Period Ended 5/31/2015(b) | |||||||||||||
Net Asset Value, beginning of period | $ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.22 | 0.78 | 0.81 | |||||||||||||
Net realized and unrealized gain (loss) | 0.12 | (f) | (3.15 | ) | 3.49 | |||||||||||
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.34 | (2.37 | ) | 4.30 | ||||||||||||
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.74 | ) | (1.29 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (0.74 | ) | (1.29 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 25.24 | $ | 25.64 | $ | 29.30 | ||||||||||
|
|
|
|
|
| |||||||||||
Total Return (%) | 1.44 | ** | (8.45 | ) | 17.20 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 47 | 83 | 22 | |||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | * | |||||||||||
Ratio of net investment income (loss) (%) | 1.73 | * | 3.11 | 6.04 | * | |||||||||||
Portfolio turnover rate (%)(e) | 8 | ** | 22 | 8 | ** |
(a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(b) | For the period December 10, 2014 (commencement of operations) through May 31, 2015. |
(c) | Based on average shares outstanding during the period. |
(d) | Amount represents less than $0.005. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 116 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Germany Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | Period Ended 5/31/2012(a) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.05 | 0.33 | 1.38 | 1.03 | 0.44 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.76 | (2.93 | ) | 1.93 | 3.11 | 2.08 | (3.30 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.81 | (2.60 | ) | 3.31 | 4.14 | 2.52 | (3.03 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.44 | ) | (0.12 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.43 | ) | (0.28 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.87 | ) | (0.40 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.50 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 3.66 | ** | (9.99 | ) | 13.92 | 18.70 | (c) | 11.86 | (c) | (12.14 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period ($ millions) | 72 | 110 | 234 | 45 | 5 | 4 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.47 | 0.82 | 1.04 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.47 | 0.58 | 1.04 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 0.40 | * | 1.37 | 5.14 | 4.15 | 1.93 | 1.20 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 8 | ** | 16 | 20 | 12 | 108 | 17 | ** | ||||||||||||||||
Deutsche X-trackers MSCI Japan Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | Period Ended 5/31/2012(a) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.26 | 0.48 | 0.52 | 0.55 | 0.39 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.95 | (8.44 | ) | 12.49 | 1.51 | 12.31 | (3.31 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.21 | (7.96 | ) | 13.01 | 2.06 | 12.70 | (3.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.39 | ) | (1.39 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||||
Net realized gains | — | (0.87 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.39 | ) | (2.26 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 36.14 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 6.59 | ** | (18.65 | ) | 39.00 | 6.21 | (c) | 59.04 | (c) | (12.16 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period ($ millions) | 1,840 | 1,026 | 1,263 | 441 | 109 | 4 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.48 | 0.66 | 1.03 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.48 | 0.52 | 1.03 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.58 | * | 1.29 | 1.32 | 1.56 | 1.27 | 1.15 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 13 | ** | 15 | 14 | 13 | 12 | 16 | ** |
(a) | For the period June 9, 2011 (commencement of operations) through May 31, 2012. |
(b) | Based on average shares outstanding during the period. |
(c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 117 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 21.55 | $ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.15 | 0.53 | 0.26 | 0.07 | ||||||||||||
Net realized and unrealized gain (loss) | (0.53 | ) | (0.11 | ) | 0.94 | (0.78 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (0.38 | ) | 0.42 | 1.20 | (0.71 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.31 | ) | (2.79 | ) | (0.18 | ) | — | |||||||||
Net realized gains | — | (1.32 | ) | (0.07 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.31 | ) | (4.11 | ) | (0.25 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 20.86 | $ | 21.55 | $ | 25.24 | $ | 24.29 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (1.78 | )** | 2.09 | 4.99 | (2.84 | )** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 4 | 4 | 5 | 5 | ||||||||||||
Ratio of expenses (%) | 0.50 | * | 0.51 | 0.50 | 0.50 | * | ||||||||||
Ratio of net investment income (loss) (%) | 1.37 | * | 2.40 | 1.04 | 0.79 | * | ||||||||||
Portfolio turnover rate (%)(c) | 9 | ** | 34 | 22 | 7 | ** | ||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.94 | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | (0.05 | ) | 0.16 | (0.11 | ) | (0.02 | ) | |||||||||
Net realized and unrealized gain (loss) | 1.03 | (d) | (1.51 | ) | (0.65 | ) | 0.10 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.98 | (1.35 | ) | (0.76 | ) | 0.08 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.07 | ) | (0.03 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.07 | ) | (0.03 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 23.85 | $ | 22.94 | $ | 24.32 | $ | 25.08 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 4.30 | ** | (5.55 | ) | (3.07 | ) | 0.32 | ** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 52 | 118 | 137 | 5 | ||||||||||||
Ratio of expenses (%) | 0.58 | * | 0.58 | 0.58 | 0.58 | * | ||||||||||
Ratio of net investment income (loss) (%) | (0.40 | )* | 0.72 | (0.47 | ) | (0.26 | )* | |||||||||
Portfolio turnover rate (%)(c) | 78 | ** | 124 | 287 | 8 | ** |
(a) | For the period January 23, 2014 (commencement of operations) through May 31, 2014. |
(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. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 118 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI United Kingdom Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.25 | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.42 | 0.89 | 0.92 | 1.32 | ||||||||||||
Net realized and unrealized gain (loss) | 1.84 | (2.95 | ) | 0.08 | 0.63 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.26 | (2.06 | ) | 1.00 | 1.95 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.51 | ) | (1.51 | ) | (1.58 | ) | (0.42 | ) | ||||||||
Net realized gains | — | (0.11 | ) | (0.02 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.51 | ) | (1.62 | ) | (1.60 | ) | (0.42 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 24.00 | $ | 22.25 | $ | 25.93 | $ | 26.53 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 10.39 | ** | (8.25 | ) | 4.27 | 7.90 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 6 | 6 | 5 | 5 | ||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 3.52 | * | 4.04 | 3.57 | 7.70 | * | ||||||||||
Portfolio turnover rate (%)(c) | 12 | ** | 24 | 19 | 11 | ** |
(a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(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. | 119 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | MSCI Asia Pacific ex Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Deutsche X-trackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index | |
Deutsche X-trackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | MSCI United Kingdom US Dollar Hedged Index |
MSCI, Inc. (“MSCI”) is the creator of each MSCI Hedged Underlying Index. Each MSCI Hedged Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, exchange traded funds, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. Real Estate Investment Trusts (“REITs”) in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.
The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain
120
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the Fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In 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
121
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex- dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2016, the Funds did not incur any interest or penalties.
At May 31, 2016 for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, as provided by regulations, to offset future capital gains for an unlimited period. To the extent
122
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | $ | 2,079,570 | $ | 1,684,928 | $ | 3,764,498 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 502,271 | — | 502,271 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 33,309 | 85,724 | 119,033 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 1,851,136 | 2,925,397 | 4,776,533 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 11,799,790 | 18,520,568 | 30,320,358 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
During the fiscal year ended May 31, 2016, the Fund incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 2,527,578 | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 843,723 | |||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 1,080,778 | |||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 10,732,107 | |||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 1,299,467 | |||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 2,270,439 | |||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 1,805,548 | |||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 156,399,824 |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 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.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government &
123
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
As of November 30, 2016, the funds listed below had no securities on loan.
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Derivatives
Forward Foreign Currency Exchange Contracts Each Fund may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF, Deutsche X-trackers MSCI United Kingdom ETF and Deutsche X-trackers MSCI Mexico Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
124
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2016.
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2016, Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investment in each Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2016 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 975 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 2,337,963 | Unrealized depreciation on forward foreign currency exchange contracts | 557,614 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 2,337,963 | Total | $ | 558,589 | |||||||||
|
|
|
|
125
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 90 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 103,553 | Unrealized depreciation on forward foreign currency exchange contracts | 35,471 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 103,553 | Total | $ | 35,561 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 321,882 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 70,626 | ||||||||
|
|
|
| |||||||||||
Total | $ | 321,882 | Total | $ | 70,626 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 20,460 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 4,041,211 | Unrealized depreciation on forward foreign currency exchange contracts | 1,057,797 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 4,041,211 | Total | $ | 1,078,257 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 59,601,023 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 21,837,080 | ||||||||
|
|
|
| |||||||||||
Total | $ | 59,601,023 | Total | $ | 21,837,080 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 42 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 1,701,972 | Unrealized depreciation on forward foreign currency exchange contracts | 76,499 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 1,702,014 | Total | $ | 76,499 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 21,344 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 2,957,989 | Unrealized depreciation on forward foreign currency exchange contracts | 558,280 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 2,979,333 | Total | $ | 558,280 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 223,956 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 137,224,874 | Unrealized depreciation on forward foreign currency exchange contracts | 9,043,281 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 137,448,830 | Total | $ | 9,043,281 | |||||||||
|
|
|
|
126
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 397,717 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 28,718 | ||||||||
|
|
|
| |||||||||||
Total | $ | 397,717 | Total | $ | 28,718 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 2,180,842 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 530,281 | ||||||||
|
|
|
| |||||||||||
Total | $ | 2,180,842 | Total | $ | 530,281 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 12,805 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 163,890 | ||||||||
|
|
|
| |||||||||||
Total | $ | 12,805 | Total | $ | 163,890 | |||||||||
|
|
|
|
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||||
Futures - Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 2,811,031 | $ | 2,811,031 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | — | (12,708 | ) | (12,708 | ) | |||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | (538,419 | ) | (538,419 | ) | |||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 41,460 | (2,645,506 | ) | (2,604,046 | ) | |||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 253,614,610 | 253,614,610 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | 3,183,965 | 3,183,965 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 17,923 | 5,001,175 | 5,019,098 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | (58,507 | ) | (11,270,283 | ) | (11,328,790 | ) | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 290,945 | 290,945 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | 24,526 | 24,526 | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | 1,013,960 | 1,013,960 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures - Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | (975 | ) | $ | (300,743 | ) | $ | (301,718 | ) | |||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | (90 | ) | (31,253 | ) | (31,343 | ) | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | 120,498 | 120,498 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | (2,280 | ) | (389,204 | ) | (391,484 | ) | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | (48,451,655 | ) | (48,451,655 | ) | |||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 42 | (680,889 | ) | (680,847 | ) | |||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 14,660 | (938,469 | ) | (923,809 | ) | |||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 233,227 | 91,925,276 | 92,158,503 | |||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 66,884 | 66,884 |
127
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures - Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | $ | — | $ | (2,999,727 | ) | $ | (2,999,727 | ) | ||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | (214,632 | ) | (214,632 | ) |
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 1,030,660 | $ | (65,825,460 | ) | |||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 32,960 | (4,353,780 | ) | |||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | (4,005,834 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 481,320 | (127,454,329 | ) | |||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | (2,652,005,905 | ) | |||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 129,344 | (56,594,162 | ) | |||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 903,926 | (86,973,636 | ) | |||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 2,201,182 | (1,323,529,614 | ) | |||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | (4,064,477 | ) | |||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | (66,961,528 | ) | |||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | (5,665,817 | ) |
As of November 30, 2016, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 739 | $ | (739 | ) | $ | — | $ | — | $ | 26,744 | $ | (739 | ) | $ | — | $ | 26,005 | ||||||||||||||
JP Morgan & Chase Co. | 813,159 | (207,786 | ) | — | 605,373 | 207,786 | (207,786 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 100,135 | (3,969 | ) | — | 96,166 | 3,969 | (3,969 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 1,423,930 | (319,115 | ) | — | 1,104,815 | 319,115 | (319,115 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,337,963 | $ | (531,609 | ) | $ | — | $ | 1,806,354 | $ | 557,614 | $ | (531,609 | ) | $ | — | $ | 26,005 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||||||||||||||||||
The Bank of New York Mellon | $ | — | $ | — | $ | — | $ | — | $ | 8,917 | $ | — | $ | — | $ | 8,917 | ||||||||||||||||
The Bank of Nova Scotia | 1,999 | (1,999 | ) | — | — | 2,516 | (1,999 | ) | — | 517 | ||||||||||||||||||||||
JP Morgan & Chase Co. | 101,554 | (24,038 | ) | — | 77,516 | 24,038 | (24,038 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 103,553 | $ | (26,037 | ) | $ | — | $ | 77,516 | $ | 35,471 | $ | (26,037 | ) | $ | — | $ | 9,434 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 168,520 | $ | — | $ | — | $ | 168,520 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
The Bank of New York Mellon | 128,676 | (53,260 | ) | — | 75,416 | 53,260 | (53,260 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 24,686 | (8,127 | ) | — | 16,559 | 8,127 | (8,127 | ) | — | — | ||||||||||||||||||||||
Goldman Sachs & Co. | — | — | — | — | 9,239 | — | — | 9,239 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 321,882 | $ | (61,387 | ) | $ | — | $ | 260,495 | $ | 70,626 | $ | (61,387 | ) | $ | — | $ | 9,239 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 3,316,171 | $ | (86,211 | ) | $ | — | $ | 3,229,960 | $ | 86,211 | $ | (86,211 | ) | $ | — | $ | — | ||||||||||||||
The Bank of New York Mellon | 110,417 | (74,828 | ) | — | 35,589 | 74,828 | (74,828 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 588,902 | (588,902 | ) | — | — | 649,228 | (588,902 | ) | — | 60,326 | ||||||||||||||||||||||
Goldman Sachs & Co. | 25,721 | (25,721 | ) | — | — | 245,244 | (25,721 | ) | — | 219,523 | ||||||||||||||||||||||
RBC Capital Markets | — | — | — | — | 2,286 | — | — | 2,286 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 4,041,211 | $ | (775,662 | ) | $ | — | $ | 3,265,549 | $ | 1,057,797 | $ | (775,662 | ) | $ | — | $ | 282,135 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 9,100,308 | $ | (2,549,760 | ) | $ | — | $ | 6,550,548 | $ | 2,549,760 | $ | (2,549,760 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 6,588,031 | (3,788,134 | ) | — | 2,799,897 | 3,788,134 | (3,788,134 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 9,317,244 | (3,458,392 | ) | — | 5,858,852 | 3,458,392 | (3,458,392 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 9,171,959 | (3,535,182 | ) | — | 5,636,777 | 3,535,182 | (3,535,182 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 9,864,767 | (3,749,274 | ) | — | 6,115,493 | 3,749,274 | (3,749,274 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 2,020,849 | (876,074 | ) | — | 1,144,775 | 876,074 | (876,074 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 13,537,865 | (3,880,264 | ) | — | 9,657,601 | 3,880,264 | (3,880,264 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 59,601,023 | $ | (21,837,080 | ) | $ | — | $ | 37,763,943 | $ | 21,837,080 | $ | (21,837,080 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 274,245 | $ | — | $ | — | $ | 274,245 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
RBC Capital Markets | 596,548 | (41,677 | ) | — | 554,871 | 41,677 | (41,677 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 339,719 | (11,081 | ) | — | 328,638 | 11,081 | (11,081 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 491,460 | (23,741 | ) | — | 467,719 | 23,741 | (23,741 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 1,701,972 | $ | (76,499 | ) | $ | — | $ | 1,625,473 | $ | 76,499 | $ | (76,499 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co | $ | — | $ | — | $ | — | $ | — | $ | 101,118 | $ | — | $ | — | $ | 101,118 | ||||||||||||||||
JP Morgan & Chase Co. | 701,045 | (91,357 | ) | — | 609,688 | 91,357 | (91,357 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 695,789 | (229,508 | ) | — | 466,281 | 229,508 | (229,508 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 918,342 | — | — | 918,342 | — | — | — | — | ||||||||||||||||||||||||
The Bank of Nova Scotia | 642,813 | (136,297 | ) | — | 506,516 | 136,297 | (136,297 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,957,989 | $ | (457,162 | ) | $ | — | $ | 2,500,827 | $ | 558,280 | $ | (457,162 | ) | $ | — | $ | 101,118 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
129
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal | $ | 17,234,909 | $ | (811,792 | ) | $ | — | $ | 16,423,117 | $ | 811,792 | $ | (811,792 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 31,598,417 | (2,518,391 | ) | — | 29,080,026 | 2,518,391 | (2,518,391 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 25,095,079 | (2,202,863 | ) | — | 22,892,216 | 2,202,863 | (2,202,863 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 15,024,862 | (844,153 | ) | — | 14,180,709 | 844,153 | (844,153 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 24,551,428 | (1,105,340 | ) | — | 23,446,088 | 1,105,340 | (1,105,340 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 1,070,589 | (3,543 | ) | — | 1,067,046 | 3,543 | (3,543 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 22,649,590 | (1,557,199 | ) | — | 21,092,391 | 1,557,199 | (1,557,199 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 137,224,874 | $ | (9,043,281 | ) | $ | — | $ | 128,181,593 | $ | 9,043,281 | $ | (9,043,281 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||||||||||||||||||
RBC Capital Markets | $ | 7,491 | $ | — | $ | — | $ | 7,491 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
The Bank of New York Mellon | 58,309 | (3,195 | ) | — | 55,114 | 3,195 | (3,195 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 169,651 | (17,839 | ) | — | 151,812 | 17,839 | (17,839 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 162,266 | (7,684 | ) | — | 154,582 | 7,684 | (7,684 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 397,717 | $ | (28,718 | ) | $ | — | $ | 368,999 | $ | 28,718 | $ | (28,718 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 87,279 | $ | (87,279 | ) | $ | — | $ | — | $ | 167,153 | $ | (87,279 | ) | $ | — | $ | 79,874 | ||||||||||||||
JP Morgan & Chase Co. | 901,695 | — | — | 901,695 | — | — | — | — | ||||||||||||||||||||||||
RBC Capital Markets | 353,528 | (140,697 | ) | — | 212,831 | 140,697 | (140,697 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 504,101 | (1,409 | ) | — | 502,692 | 1,409 | (1,409 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 334,239 | (221,022 | ) | — | 113,217 | 221,022 | (221,022 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,180,842 | $ | (450,407 | ) | $ | — | $ | 1,730,435 | $ | 530,281 | $ | (450,407 | ) | $ | — | $ | 79,874 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 6,100 | $ | (6,100 | ) | $ | — | $ | — | $ | 63,932 | $ | (6,100 | ) | $ | — | $ | 57,832 | ||||||||||||||
The Bank of New York Mellon | 367 | (367 | ) | — | — | 8,442 | (367 | ) | — | 8,075 | ||||||||||||||||||||||
The Bank of Nova Scotia | 6,338 | (6,338 | ) | — | — | 91,516 | (6,338 | ) | — | 85,178 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 12,805 | $ | (12,805 | ) | $ | — | $ | — | $ | 163,890 | $ | (12,805 | ) | $ | — | $ | 151,085 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to each Fund and was responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time.
130
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
Effective Dates | ||
November 17, 2016 | Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||
December 9, 2016 | Deutsche X-trackers MSCI Europe Hedged Equity ETF | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 0.60 | % | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 0.60 | % | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 0.50 | % | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 0.58 | % | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses 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; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
131
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG securities for the six months ended November 30, 2016.
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/ (Loss) ($) | Income ($) | Value ($) at 11/30/16 | |||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG (Common Stock) | 99,464 | 1,777 | (4,777 | ) | (1,803 | ) | — | 84,133 | ||||||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG (Common Stock) | 10,421,441 | 1,136,404 | 3,231,870 | (2,318,116 | ) | — | 6,938,226 | |||||||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG (Common Stock) | 490,996 | 23,395 | (179,548 | ) | (113,101 | ) | — | 258,321 | ||||||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG (Common Stock) | 2,496,049 | 91,304 | (800,642 | ) | (863,113 | ) | — | 1,427,995 |
5. Investment Portfolio Transactions
For the period ended November 30, 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 MSCI All World ex US Hedged Equity ETF | $ | 6,986,615 | $ | 5,728,426 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 344,166 | 390,088 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 810,806 | 751,293 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 13,900,651 | 23,398,110 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 375,455,823 | 229,739,192 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 5,098,540 | 4,435,146 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 6,711,127 | 7,046,581 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 259,933,544 | 179,791,137 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 735,158 | 383,516 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 51,565,276 | 119,859,799 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 1,528,325 | 699,679 |
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 3,104,951 | ||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | — | 5,409,230 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 99,132,485 | 1,046,661,475 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | 33,827,043 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | — | 36,708,086 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 970,380,965 | 288,536,791 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 1,123,927 | 1,156,899 |
6. Fund Share Transactions
As of November 30, 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
132
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Brazil Hedged Equity ETF and Deutsche X-trackers South Korea Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2016.
Pro-rata Share | ||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 9,450,000 | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 525,000 | |||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 19,950,000 |
133
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 most recent 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 Trust 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.
134
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.
135
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
In June 2016, the United Kingdom approved a referendum to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, fund accountant, 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-049077-1 (1/17) DBX 002438 (1/18)
November 30, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
24 | ||||
25 | ||||
26 | ||||
27 | ||||
28 | ||||
35 | ||||
36 |
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for Deutsche X-trackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2016.
Global growth showed signs of a recovery over the reporting period even as political risks challenged economic prospects across the developed world. Britain’s decision to exit the Eurozone (“Brexit”) and the surprise US election result and other European referendums created uncertainties across markets. But global markets recovered, as major central banks loosened monetary policy. However, the US Federal Reserve Board (FRB) adopted a tighter monetary policy, as the country registered healthy growth and a low unemployment rate. The European Central Bank (ECB), on the other hand, expanded its asset purchase program to over EUR 2.2 trillion and extended its time frame for asset purchases. The increasing divergence in monetary policies between the US and other economies strengthened the USD during the reporting period.
Eurozone economies showed signs of a revival, as loose monetary policies helped the continent overcome ‘Brexit’. In addition to introducing a negative interest rate, the ECB renewed its commitment to its asset purchasing program. The ECB’s support kept a lid on European sovereign yields. The resultant easing in credit conditions stimulated business and consumer confidence. Consequently, manufacturing activity rose across Europe. Germany posted a low unemployment rate, as industrial growth and residential construction boosted demand. In France, both the manufacturing and services industries aided output. Structural reforms in Spain and Greece helped growth, and a weaker EUR supported the continent’s exports. However, improvement in the real economy struggled to translate into gains for European equities. A persistent weakness in the region’s banking industry and Italy’s economic challenges affected European equities. The UK mitigated the immediate effects of ‘Brexit’ by restarting its quantitative easing program even as the GBP weakened.
In Asia, Japan’s economy posted growth during the reporting period. While weak consumption figures hurt Japan, a progressive weakening of the JPY helped the country improve exports. Japan’s unorthodox policies, such as negative interest rates and asset purchases, got yet another addition — yield-curve targeting. Bank of Japan (BOJ) committed to keep the yield on its 10-year government bonds at zero to reinvigorate the economy. The resource-rich Australian economy, however, came under strain, as investment in the mining industry slowed and job losses mounted. The Reserve Bank of Australia (RBA) cut interest rates to a record low to stimulate demand in the broader economy.
The world economy remained on a moderate growth path given challenging macroeconomic backdrop and political uncertainties. While Japanese and the US equities were supported by expectations of a weaker currency and reflationary policies respectively, European equities could face headwinds from political challenges. As the FRB is expected to lift rates at a cautious pace, the outlook for USD is strong. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening USD, our currency-hedged strategy has made a positive contribution to the funds’ overall performance.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
Chairman, President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
The Deutsche X-trackers MSCI EAFE Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. As of November 30, 2016, the Index included securities from the following 21 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (12.3% of Net Assets)
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.8% | |||
Royal Dutch Shell PLC (Netherlands) | 1.8% | |||
HSBC Holdings PLC (United Kingdom) | 1.3% | |||
Roche Holding AG (Switzerland) | 1.3% | |||
Toyota Motor Corp. (Japan) | 1.3% | |||
Novartis AG (Switzerland) | 1.3% | |||
BP PLC (United Kingdom) | 0.9% | |||
TOTAL SA (France) | 0.9% | |||
British American Tobacco PLC (United Kingdom) | 0.9% | |||
Commonwealth Bank of Australia (Australia) | 0.8% |
Country Diversification* as of 11/30/16
Japan | 24.6% | |||
United Kingdom | 15.7% | |||
France | 9.7% | |||
Switzerland | 9.2% | |||
Germany | 9.0% | |||
Australia | 7.6% | |||
Netherlands | 4.3% | |||
Hong Kong | 3.4% | |||
Spain | 3.0% | |||
Sweden | 2.8% | |||
Other | 10.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Financials | 21.0% | |||
Industrials | 14.2% | |||
Consumer Discretionary | 12.5% | |||
Consumer Staples | 11.3% | |||
Health Care | 10.6% | |||
Materials | 7.9% | |||
Information Technology | 5.5% | |||
Energy | 5.2% | |||
Telecommunication Services | 4.5% | |||
Real Estate | 3.9% | |||
Utilities | 3.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 4.
2
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 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 June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.90 | 0.35 | % | $ | 1.80 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
3
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.6% | ||||||||
Australia — 7.5% | ||||||||
AGL Energy Ltd. | 422,264 | $ | 6,541,991 | |||||
Alumina Ltd. (a) | 1,531,982 | 1,872,285 | ||||||
Amcor Ltd. | 724,815 | 7,696,734 | ||||||
AMP Ltd. | 1,851,082 | 6,424,568 | ||||||
APA Group (b) | 697,382 | 4,104,398 | ||||||
Aristocrat Leisure Ltd. | 338,926 | 3,754,193 | ||||||
ASX Ltd. | 121,160 | 4,353,632 | ||||||
Aurizon Holdings Ltd. | 1,284,072 | 4,722,143 | ||||||
AusNet Services | 1,115,709 | 1,223,483 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,832,043 | 38,435,036 | ||||||
Bank of Queensland Ltd. | 238,443 | 1,979,116 | ||||||
Bendigo & Adelaide Bank Ltd. | 288,955 | 2,571,211 | ||||||
BHP Billiton Ltd. | 2,010,017 | 36,231,633 | ||||||
BHP Billiton PLC | 1,321,827 | 21,723,656 | ||||||
Boral Ltd. | 675,006 | 2,507,241 | ||||||
Brambles Ltd. | 992,641 | 8,634,912 | ||||||
Caltex Australia Ltd. | 163,226 | 3,622,048 | ||||||
Challenger Ltd. | 349,045 | 2,745,057 | ||||||
CIMIC Group Ltd. | 58,571 | 1,333,017 | ||||||
Coca-Cola Amatil Ltd. | 358,416 | 2,538,203 | ||||||
Cochlear Ltd. | 35,862 | 3,143,443 | ||||||
Commonwealth Bank of Australia | 1,073,411 | 62,342,637 | ||||||
Computershare Ltd. | 290,627 | 2,489,513 | ||||||
Crown Resorts Ltd. | 227,930 | 1,976,014 | ||||||
CSL Ltd. | 285,549 | 20,664,605 | ||||||
Dexus Property Group REIT | 605,784 | 4,079,745 | ||||||
Domino’s Pizza Enterprises Ltd. | 38,569 | 1,930,458 | ||||||
DUET Group (b) | 1,522,706 | 2,676,168 | ||||||
Flight Centre Travel Group Ltd. (a) | 32,514 | 801,931 | ||||||
Fortescue Metals Group Ltd. | 974,375 | 4,223,618 | ||||||
Goodman Group REIT | 1,119,710 | 5,523,348 | ||||||
GPT Group REIT | 1,125,239 | 4,021,708 | ||||||
Harvey Norman Holdings Ltd. | 348,142 | 1,221,154 | ||||||
Healthscope Ltd. | 1,085,897 | 1,804,229 | ||||||
Incitec Pivot Ltd. | 1,055,905 | 2,456,155 | ||||||
Insurance Australia Group Ltd. | 1,521,667 | 6,281,333 | ||||||
LendLease Group (b) | 346,217 | 3,479,581 | ||||||
Macquarie Group Ltd. | 191,698 | 11,876,814 | ||||||
Medibank Pvt Ltd. | 1,723,576 | 3,309,209 | ||||||
Mirvac Group REIT | 2,318,823 | 3,510,281 | ||||||
National Australia Bank Ltd. | 1,662,796 | 35,522,850 | ||||||
Newcrest Mining Ltd. | 479,716 | 6,921,961 | ||||||
Oil Search Ltd. | 857,671 | 4,085,083 | ||||||
Orica Ltd. | 234,647 | 2,942,206 | ||||||
Origin Energy Ltd. | 1,097,349 | 4,813,396 | ||||||
Qantas Airways Ltd. | 301,794 | 735,436 | ||||||
QBE Insurance Group Ltd. | 858,201 | 7,078,848 | ||||||
Ramsay Health Care Ltd. | 88,529 | 4,629,142 | ||||||
REA Group Ltd. | 32,973 | 1,256,889 | ||||||
Santos Ltd. | 999,912 | 2,901,848 | ||||||
Scentre Group REIT | 3,332,178 | 10,433,126 | ||||||
SEEK Ltd. | 206,788 | 2,261,522 | ||||||
Sonic Healthcare Ltd. | 247,229 | 3,979,938 | ||||||
South32 Ltd. | 3,331,844 | 6,667,674 | ||||||
Stockland REIT | 1,505,178 | 4,812,782 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Suncorp Group Ltd. | 805,211 | $ | 7,432,589 | |||||
Sydney Airport (b) | 689,939 | 3,199,563 | ||||||
Tabcorp Holdings Ltd. (a) | 520,533 | 1,802,775 | ||||||
Tatts Group Ltd. | 916,563 | 2,835,938 | ||||||
Telstra Corp. Ltd. | 2,677,973 | 9,986,607 | ||||||
TPG Telecom Ltd. (a) | 212,404 | 1,119,905 | ||||||
Transurban Group (b) | 1,278,435 | 9,950,380 | ||||||
Treasury Wine Estates Ltd. | 461,957 | 3,680,810 | ||||||
Vicinity Centres REIT | 2,105,872 | 4,540,830 | ||||||
Vocus Communications Ltd. | 328,504 | 1,011,573 | ||||||
Wesfarmers Ltd. | 704,782 | 21,744,210 | ||||||
Westfield Corp. REIT | 1,235,531 | 8,339,120 | ||||||
Westpac Banking Corp. | 2,094,178 | 48,357,281 | ||||||
Woodside Petroleum Ltd. | 474,515 | 10,378,997 | ||||||
Woolworths Ltd. | 800,303 | 13,527,596 | ||||||
|
| |||||||
557,777,376 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 44,496 | 2,295,704 | ||||||
Erste Group Bank AG* | 188,291 | 5,236,459 | ||||||
OMV AG | 90,002 | 2,908,875 | ||||||
Raiffeisen Bank International AG*(a) | 73,343 | 1,335,834 | ||||||
voestalpine AG | 71,169 | 2,696,944 | ||||||
|
| |||||||
14,473,816 | ||||||||
|
| |||||||
Belgium — 1.2% | ||||||||
Ageas | 121,985 | 4,552,798 | ||||||
Anheuser-Busch InBev SA/NV | 489,858 | 50,900,001 | ||||||
Colruyt SA | 42,134 | 2,129,407 | ||||||
Groupe Bruxelles Lambert SA | 50,492 | 4,144,654 | ||||||
KBC Group NV | 156,994 | 9,414,349 | ||||||
Proximus SADP | 95,197 | 2,691,361 | ||||||
Solvay SA | 46,383 | 5,296,883 | ||||||
Telenet Group Holding NV* | 33,009 | 1,742,932 | ||||||
UCB SA | 79,124 | 5,090,275 | ||||||
Umicore SA | 59,580 | 3,569,635 | ||||||
|
| |||||||
89,532,295 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 246,796 | 2,127,578 | ||||||
|
| |||||||
China — 0.0% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,133,900 | 648,689 | ||||||
|
| |||||||
Denmark — 1.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 2,318 | 2,943,581 | ||||||
A.P. Moller — Maersk A/S, Class B | 4,092 | 5,426,584 | ||||||
Carlsberg A/S, Class B | 66,947 | 5,693,072 | ||||||
Chr Hansen Holding A/S | 61,889 | 3,425,764 | ||||||
Coloplast A/S, Class B | 74,350 | 4,722,366 | ||||||
Danske Bank A/S | 430,955 | 12,590,380 | ||||||
DONG Energy A/S, 144A* | 52,600 | 1,794,455 | ||||||
DSV A/S | 118,910 | 5,350,683 | ||||||
Genmab A/S* | 35,781 | 6,197,653 | ||||||
ISS A/S | 104,579 | 3,575,172 | ||||||
Novo Nordisk A/S, Class B | 1,196,573 | 40,565,552 | ||||||
Novozymes A/S, Class B | 144,338 | 4,889,155 | ||||||
Pandora A/S | 69,596 | 8,282,701 | ||||||
TDC A/S* | 508,185 | 2,585,679 |
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
Tryg A/S | 68,256 | $ | 1,227,963 | |||||
Vestas Wind Systems A/S | 138,652 | 9,148,206 | ||||||
William Demant Holding A/S* | 72,375 | 1,224,747 | ||||||
|
| |||||||
119,643,713 | ||||||||
|
| |||||||
Finland — 0.9% | ||||||||
Elisa OYJ | 86,914 | 2,728,469 | ||||||
Fortum OYJ | 277,989 | 4,036,384 | ||||||
Kone OYJ, Class B | 211,070 | 9,297,075 | ||||||
Metso OYJ (a) | 70,570 | 1,996,989 | ||||||
Neste OYJ | 80,234 | 3,295,144 | ||||||
Nokia OYJ | 3,652,152 | 15,715,173 | ||||||
Nokian Renkaat OYJ | 72,300 | 2,611,453 | ||||||
Orion OYJ, Class B | 62,700 | 2,666,077 | ||||||
Sampo OYJ, Class A | 279,777 | 12,367,915 | ||||||
Stora Enso OYJ, Class R | 344,778 | 3,327,084 | ||||||
UPM-Kymmene OYJ | 334,035 | 7,646,981 | ||||||
Wartsila OYJ Abp | 92,581 | 3,902,310 | ||||||
|
| |||||||
69,591,054 | ||||||||
|
| |||||||
France — 9.6% | ||||||||
Accor SA | 106,906 | 3,787,763 | ||||||
Aeroports de Paris | 18,580 | 1,827,615 | ||||||
Air Liquide SA | 243,324 | 24,777,771 | ||||||
Airbus Group SE | 362,682 | 23,167,090 | ||||||
Alstom SA* | 95,997 | 2,600,536 | ||||||
Arkema SA | 42,509 | 4,071,904 | ||||||
Atos SE | 55,728 | 5,760,444 | ||||||
AXA SA | 1,213,770 | 28,596,978 | ||||||
BNP Paribas SA | 663,077 | 38,497,301 | ||||||
Bollore SA | 545,672 | 1,790,511 | ||||||
Bouygues SA | 129,720 | 4,399,479 | ||||||
Bureau Veritas SA | 165,973 | 3,124,098 | ||||||
Capgemini SA | 102,370 | 8,083,013 | ||||||
Carrefour SA | 354,963 | 8,321,708 | ||||||
Casino Guichard Perrachon SA (a) | 35,038 | 1,594,206 | ||||||
Christian Dior SE (a) | 34,119 | 6,635,546 | ||||||
Cie de Saint-Gobain | 312,554 | 13,556,826 | ||||||
Cie Generale des Etablissements Michelin | 114,075 | 12,211,138 | ||||||
CNP Assurances | 107,429 | 1,886,637 | ||||||
Credit Agricole SA | 703,271 | 7,938,101 | ||||||
Danone SA | 369,437 | 23,242,271 | ||||||
Dassault Aviation SA | 1,400 | 1,529,045 | ||||||
Dassault Systemes SE | 80,497 | 6,144,366 | ||||||
Edenred | 131,661 | 2,776,166 | ||||||
Eiffage SA | 36,830 | 2,431,054 | ||||||
Electricite de France SA (a) | 163,797 | 1,735,134 | ||||||
Engie SA | 914,464 | 11,291,115 | ||||||
Essilor International SA | 129,669 | 13,756,708 | ||||||
Eurazeo SA | 23,661 | 1,283,948 | ||||||
Eutelsat Communications SA | 109,260 | 1,966,849 | ||||||
Fonciere Des Regions REIT | 21,387 | 1,680,305 | ||||||
Gecina SA REIT | 25,734 | 3,379,270 | ||||||
Groupe Eurotunnel SE | 292,582 | 2,573,771 | ||||||
Hermes International | 16,517 | 6,816,656 | ||||||
ICADE REIT | 23,191 | 1,602,549 |
Number | Value | |||||||
France (Continued) | ||||||||
Iliad SA | 16,540 | $ | 3,146,620 | |||||
Imerys SA | 22,409 | 1,561,574 | ||||||
Ingenico Group SA | 34,636 | 2,698,842 | ||||||
JCDecaux SA | 46,504 | 1,212,466 | ||||||
Kering | 47,418 | 10,302,471 | ||||||
Klepierre REIT | 137,716 | 5,135,541 | ||||||
Lagardere SCA | 73,862 | 1,821,245 | ||||||
Legrand SA | 167,141 | 9,344,364 | ||||||
L’Oreal SA | 157,650 | 26,909,089 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 174,769 | 31,803,798 | ||||||
Natixis SA | 588,995 | 2,966,418 | ||||||
Orange SA (a) | 1,248,585 | 18,202,163 | ||||||
Pernod Ricard SA (a) | 132,890 | 13,943,499 | ||||||
Peugeot SA* | 303,640 | 4,479,634 | ||||||
Publicis Groupe SA | 120,096 | 7,793,582 | ||||||
Remy Cointreau SA | 12,921 | 1,085,001 | ||||||
Renault SA | 120,299 | 9,478,265 | ||||||
Rexel SA | 189,176 | 2,925,268 | ||||||
Safran SA | 195,746 | 13,437,271 | ||||||
Sanofi | 726,047 | 58,566,699 | ||||||
Schneider Electric SE | 351,810 | 23,423,425 | ||||||
SCOR SE | 102,127 | 3,243,390 | ||||||
SEB SA | 14,100 | 1,893,390 | ||||||
SFR Group SA | 64,797 | 1,637,214 | ||||||
Societe BIC SA | 17,999 | 2,328,254 | ||||||
Societe Generale SA | 480,190 | 20,654,893 | ||||||
Sodexo SA | 57,599 | 6,299,976 | ||||||
Suez | 204,426 | 2,854,507 | ||||||
Technip SA | 68,907 | 4,773,310 | ||||||
Thales SA | 66,247 | 6,468,619 | ||||||
TOTAL SA | 1,409,911 | 67,175,976 | ||||||
Unibail-Rodamco SE REIT | 62,156 | 13,718,681 | ||||||
Valeo SA | 149,193 | 8,318,807 | ||||||
Veolia Environnement SA | 299,691 | 5,178,915 | ||||||
Vinci SA | 316,838 | 20,561,075 | ||||||
Vivendi SA | 710,913 | 13,554,762 | ||||||
Wendel SA | 17,679 | 2,046,089 | ||||||
Zodiac Aerospace | 127,037 | 2,816,671 | ||||||
|
| |||||||
718,599,636 | ||||||||
|
| |||||||
Germany — 8.4% | ||||||||
adidas AG | 117,843 | 17,360,526 | ||||||
Allianz SE | 286,010 | 45,408,517 | ||||||
Axel Springer SE | 27,010 | 1,158,516 | ||||||
BASF SE | 574,824 | 49,341,299 | ||||||
Bayer AG | 517,540 | 48,592,910 | ||||||
Bayerische Motoren Werke AG | 207,215 | 17,659,384 | ||||||
Beiersdorf AG | 63,085 | 5,153,617 | ||||||
Brenntag AG | 96,692 | 5,089,619 | ||||||
Commerzbank AG | 666,213 | 4,641,101 | ||||||
Continental AG | 68,844 | 12,214,223 | ||||||
Covestro AG, 144A | 43,327 | 2,784,136 | ||||||
Daimler AG | 602,596 | 40,082,377 | ||||||
Deutsche Bank AG*(c) | 863,209 | 13,594,995 | ||||||
Deutsche Boerse AG* | 120,787 | 9,761,225 | ||||||
Deutsche Lufthansa AG (a) | 145,868 | 1,889,962 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Post AG | 607,195 | $ | 18,977,860 | |||||
Deutsche Telekom AG | 2,048,907 | 32,279,845 | ||||||
Deutsche Wohnen AG | 211,201 | 6,504,829 | ||||||
E.ON SE | 1,252,313 | 8,264,870 | ||||||
Evonik Industries AG | 102,075 | 2,846,325 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 26,032 | �� | 1,511,932 | |||||
Fresenius Medical Care AG & Co. KGaA | 133,824 | 10,438,933 | ||||||
Fresenius SE & Co. KGaA | 256,449 | 18,414,274 | ||||||
GEA Group AG (a) | 114,448 | 4,266,039 | ||||||
Hannover Rueck SE | 37,737 | 4,005,554 | ||||||
HeidelbergCement AG | 93,133 | 8,351,598 | ||||||
Henkel AG & Co. KGaA | 65,036 | 6,621,950 | ||||||
HOCHTIEF AG | 13,013 | 1,850,863 | ||||||
HUGO BOSS AG | 41,856 | 2,399,934 | ||||||
Infineon Technologies AG | 708,734 | 11,853,171 | ||||||
Innogy SE, 144A* | 86,922 | 3,069,120 | ||||||
K+S AG (a) | 119,786 | 2,430,557 | ||||||
LANXESS AG | 57,279 | 3,532,548 | ||||||
Linde AG | 116,239 | 19,366,391 | ||||||
MAN SE | 22,056 | 2,175,375 | ||||||
Merck KGaA | 80,885 | 8,104,531 | ||||||
METRO AG | 111,563 | 3,333,777 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 100,794 | 18,358,133 | ||||||
OSRAM Licht AG | 54,394 | 2,769,192 | ||||||
ProSiebenSat.1 Media SE | 145,821 | 4,997,321 | ||||||
RWE AG* | 306,277 | 3,849,846 | ||||||
SAP SE | 615,081 | 51,421,353 | ||||||
Siemens AG | 478,770 | 54,091,425 | ||||||
Symrise AG | 77,180 | 4,671,552 | ||||||
Telefonica Deutschland Holding AG | 465,401 | 1,826,030 | ||||||
thyssenkrupp AG | 230,222 | 5,226,495 | ||||||
TUI AG | 312,150 | 4,116,538 | ||||||
United Internet AG | 75,182 | 2,876,905 | ||||||
Volkswagen AG | 20,314 | 2,781,648 | ||||||
Vonovia SE | 291,643 | 9,405,845 | ||||||
Zalando SE, 144A* | 54,136 | 2,017,628 | ||||||
|
| |||||||
623,742,594 | ||||||||
|
| |||||||
Hong Kong — 3.4% | ||||||||
AIA Group Ltd. | 7,541,113 | 45,986,546 | ||||||
ASM Pacific Technology Ltd. | 152,458 | 1,524,285 | ||||||
Bank of East Asia Ltd. (a) | 755,652 | 3,132,110 | ||||||
BOC Hong Kong Holdings Ltd. | 2,315,669 | 8,687,677 | ||||||
Cathay Pacific Airways Ltd. | 689,121 | 932,865 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 414,693 | 3,464,463 | ||||||
Cheung Kong Property Holdings Ltd. | 1,684,581 | 11,532,425 | ||||||
CK Hutchison Holdings Ltd. | 1,690,612 | 20,597,284 | ||||||
CLP Holdings Ltd. | 1,027,332 | 10,046,172 | ||||||
First Pacific Co. Ltd. | 1,245,933 | 875,438 | ||||||
Galaxy Entertainment Group Ltd. | 1,468,561 | 7,289,319 | ||||||
Hang Lung Group Ltd. | 552,700 | 2,030,806 | ||||||
Hang Lung Properties Ltd. | 1,406,269 | 3,169,159 | ||||||
Hang Seng Bank Ltd. | 478,581 | 9,069,994 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Henderson Land Development Co. Ltd. | 682,785 | $ | 3,771,977 | |||||
HK Electric Investments & HK Electric Investments Ltd., 144A (b) | 1,658,928 | 1,462,911 | ||||||
HKT Trust & HKT Ltd. (b) | 1,658,164 | 2,163,427 | ||||||
Hong Kong & China Gas Co. Ltd. | 4,774,852 | 8,889,172 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 723,742 | 19,034,793 | ||||||
Hongkong Land Holdings Ltd. | 736,200 | 4,719,042 | ||||||
Hysan Development Co. Ltd. | 392,548 | 1,730,825 | ||||||
Jardine Matheson Holdings Ltd. | 155,700 | 8,438,940 | ||||||
Kerry Properties Ltd. | 380,592 | 1,089,298 | ||||||
Li & Fung Ltd. | 3,684,797 | 1,615,201 | ||||||
Link REIT | 1,402,866 | 9,658,099 | ||||||
Melco Crown Entertainment Ltd., ADR (a) | 118,992 | 2,339,383 | ||||||
MTR Corp. Ltd. | 922,929 | 4,616,727 | ||||||
New World Development Co. Ltd. | 3,525,358 | 3,926,912 | ||||||
NWS Holdings Ltd. (a) | 958,910 | 1,656,597 | ||||||
PCCW Ltd. | 2,651,874 | 1,541,926 | ||||||
Power Assets Holdings Ltd. | 867,993 | 8,280,988 | ||||||
Shangri-La Asia Ltd. | 733,005 | 798,542 | ||||||
Sino Land Co. Ltd. | 1,927,571 | 3,031,827 | ||||||
SJM Holdings Ltd. | 1,158,094 | 937,643 | ||||||
Sun Hung Kai Properties Ltd. | 905,060 | 11,843,433 | ||||||
Swire Pacific Ltd., Class A | 339,729 | 3,383,493 | ||||||
Swire Properties Ltd. | 732,127 | 2,213,418 | ||||||
Techtronic Industries Co. Ltd. | 860,563 | 3,356,157 | ||||||
WH Group Ltd., 144A | 5,042,194 | 4,192,890 | ||||||
Wharf Holdings Ltd. | 853,310 | 6,325,704 | ||||||
Wheelock & Co. Ltd. | 508,244 | 3,020,699 | ||||||
Yue Yuen Industrial Holdings Ltd. | 464,237 | 1,672,845 | ||||||
|
| |||||||
254,051,412 | ||||||||
|
| |||||||
Ireland — 0.8% | ||||||||
AerCap Holdings NV* | 99,367 | 4,257,876 | ||||||
Bank of Ireland* | 17,216,204 | 3,667,564 | ||||||
CRH PLC | 519,283 | 17,333,649 | ||||||
DCC PLC | 55,554 | 4,260,926 | ||||||
Experian PLC | 599,591 | 11,328,184 | ||||||
James Hardie Industries PLC CDI | 278,881 | 4,287,657 | ||||||
Kerry Group PLC, Class A | 99,124 | 7,020,929 | ||||||
Paddy Power Betfair PLC | 49,828 | 5,201,804 | ||||||
|
| |||||||
57,358,589 | ||||||||
|
| |||||||
Israel — 0.7% | ||||||||
Azrieli Group Ltd. | 26,564 | 1,159,961 | ||||||
Bank Hapoalim BM | 666,761 | 4,013,131 | ||||||
Bank Leumi Le-Israel BM* | 905,481 | 3,686,870 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 1,310,683 | 2,422,059 | ||||||
Check Point Software Technologies Ltd.*(a) | 80,411 | 6,620,238 | ||||||
Elbit Systems Ltd. | 14,700 | 1,487,918 | ||||||
Frutarom Industries Ltd. | 23,900 | 1,285,047 | ||||||
Israel Chemicals Ltd. | 319,468 | 1,225,740 | ||||||
Mizrahi Tefahot Bank Ltd. | 87,101 | 1,221,046 | ||||||
Mobileye NV* | 109,681 | 4,083,424 | ||||||
Nice Ltd. | 37,670 | 2,489,506 |
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Israel (Continued) | ||||||||
Taro Pharmaceutical Industries | 8,860 | $ | 905,137 | |||||
Teva Pharmaceutical Industries Ltd., ADR | 571,310 | 21,538,387 | ||||||
|
| |||||||
52,138,464 | ||||||||
|
| |||||||
Italy — 1.7% | ||||||||
Assicurazioni Generali SpA | 732,182 | 9,249,954 | ||||||
Atlantia SpA | 258,405 | 5,740,325 | ||||||
Enel SpA | 4,772,066 | 19,289,964 | ||||||
Eni SpA | 1,592,103 | 22,172,303 | ||||||
EXOR SpA | 67,872 | 2,849,311 | ||||||
Ferrari NV | 76,853 | 4,211,101 | ||||||
Intesa Sanpaolo SpA | 7,940,495 | 17,639,373 | ||||||
Intesa Sanpaolo SpA-RSP (a) | 550,601 | 1,142,016 | ||||||
Leonardo-Finmeccanica SpA* | 253,282 | 3,288,400 | ||||||
Luxottica Group SpA | 105,992 | 5,515,678 | ||||||
Mediobanca SpA | 345,991 | 2,387,207 | ||||||
Poste Italiane SpA, 144A | 326,968 | 2,032,439 | ||||||
Prysmian SpA | 119,203 | 2,851,432 | ||||||
Saipem SpA* | 3,796,244 | 1,706,344 | ||||||
Snam SpA | 1,533,597 | 5,939,147 | ||||||
Telecom Italia SpA*(a) | 6,336,628 | 4,791,776 | ||||||
Telecom Italia SpA-RSP* | 3,772,457 | 2,354,962 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 943,455 | 4,091,675 | ||||||
UniCredit SpA | 3,286,397 | 7,042,802 | ||||||
UnipolSai SpA (a) | 708,384 | 1,351,405 | ||||||
|
| |||||||
125,647,614 | ||||||||
|
| |||||||
Japan — 24.4% | ||||||||
ABC-Mart, Inc. | 20,700 | 1,214,082 | ||||||
Acom Co. Ltd.* | 249,700 | 1,193,881 | ||||||
Aeon Co. Ltd. | 409,200 | 5,636,984 | ||||||
AEON Financial Service Co. Ltd. | 66,300 | 1,103,406 | ||||||
Aeon Mall Co. Ltd. | 67,500 | 973,515 | ||||||
Air Water, Inc. | 89,200 | 1,524,287 | ||||||
Aisin Seiki Co. Ltd. | 119,800 | 5,120,598 | ||||||
Ajinomoto Co., Inc. | 336,500 | 6,507,637 | ||||||
Alfresa Holdings Corp. | 114,200 | 1,819,733 | ||||||
Alps Electric Co. Ltd. | 117,800 | 2,958,257 | ||||||
Amada Holdings Co. Ltd. | 212,900 | 2,368,967 | ||||||
ANA Holdings, Inc. | 726,000 | 2,013,547 | ||||||
Aozora Bank Ltd. | 740,000 | 2,542,022 | ||||||
Asahi Glass Co. Ltd. | 631,000 | 4,098,011 | ||||||
Asahi Group Holdings Ltd. | 242,100 | 7,876,371 | ||||||
Asahi Kasei Corp. | 789,800 | 7,024,356 | ||||||
Asics Corp. | 100,100 | 2,106,908 | ||||||
Astellas Pharma, Inc. | 1,347,900 | 18,609,397 | ||||||
Bandai Namco Holdings, Inc. | 125,000 | 3,567,370 | ||||||
Bank of Kyoto Ltd. | 190,000 | 1,316,988 | ||||||
Benesse Holdings, Inc. (a) | 41,800 | 1,108,894 | ||||||
Bridgestone Corp. | 407,100 | 15,539,580 | ||||||
Brother Industries Ltd. | 147,600 | 2,523,540 | ||||||
Calbee, Inc. | 50,400 | 1,570,526 | ||||||
Canon, Inc. | 667,700 | 19,032,120 | ||||||
Casio Computer Co. Ltd. (a) | 143,100 | 1,869,975 | ||||||
Central Japan Railway Co. | 90,204 | 14,728,471 | ||||||
Chiba Bank Ltd. | 448,000 | 2,654,989 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Chubu Electric Power Co., Inc. | 403,200 | $ | 5,658,298 | |||||
Chugai Pharmaceutical Co. Ltd. | 140,100 | 3,937,079 | ||||||
Chugoku Bank Ltd. | 103,000 | 1,391,880 | ||||||
Chugoku Electric Power Co., Inc. | 172,900 | 1,967,709 | ||||||
Concordia Financial Group Ltd. | 732,500 | 3,364,615 | ||||||
Credit Saison Co. Ltd. | 89,200 | 1,599,136 | ||||||
CYBERDYNE, Inc.*(a) | 68,700 | 897,745 | ||||||
Dai Nippon Printing Co. Ltd. | 340,000 | 3,215,594 | ||||||
Daicel Corp. | 171,300 | 1,886,613 | ||||||
Dai-ichi Life Holdings, Inc. | 674,704 | 10,813,074 | ||||||
Daiichi Sankyo Co. Ltd. | 377,100 | 7,851,512 | ||||||
Daikin Industries Ltd. | 146,700 | 13,739,701 | ||||||
Daito Trust Construction Co. Ltd. | 44,100 | 6,851,777 | ||||||
Daiwa House Industry Co. Ltd. | 354,400 | 10,073,937 | ||||||
Daiwa House REIT Investment Corp. REIT | 855 | 2,127,691 | ||||||
Daiwa Securities Group, Inc. | 1,040,064 | 6,249,202 | ||||||
DeNA Co. Ltd. | 66,000 | 2,010,489 | ||||||
Denso Corp. | 297,900 | 12,967,458 | ||||||
Dentsu, Inc. | 135,300 | 6,185,210 | ||||||
Don Quijote Holdings Co. Ltd. | 74,200 | 2,837,507 | ||||||
East Japan Railway Co. | 207,100 | 17,678,761 | ||||||
Eisai Co. Ltd. | 157,700 | 9,110,085 | ||||||
Electric Power Development Co. Ltd. | 91,600 | 2,008,867 | ||||||
FamilyMart UNY Holdings Co. Ltd. (a) | 52,000 | 3,249,858 | ||||||
FANUC Corp. | 121,296 | 20,467,805 | ||||||
Fast Retailing Co. Ltd. | 33,300 | 11,517,687 | ||||||
Fuji Electric Co. Ltd. | 352,000 | 1,729,155 | ||||||
Fuji Heavy Industries Ltd. | 385,020 | 15,632,340 | ||||||
FUJIFILM Holdings Corp. | 273,700 | 10,165,214 | ||||||
Fujitsu Ltd. | 1,165,600 | 6,875,109 | ||||||
Fukuoka Financial Group, Inc. | 486,000 | 2,102,793 | ||||||
Hachijuni Bank Ltd. | 249,000 | 1,334,181 | ||||||
Hakuhodo DY Holdings, Inc. | 133,700 | 1,551,974 | ||||||
Hamamatsu Photonics KK | 89,100 | 2,363,695 | ||||||
Hankyu Hanshin Holdings, Inc. | 151,140 | 4,775,762 | ||||||
Hikari Tsushin, Inc. | 13,500 | 1,203,619 | ||||||
Hino Motors Ltd. | 157,800 | 1,601,379 | ||||||
Hirose Electric Co. Ltd. | 20,420 | 2,443,510 | ||||||
Hiroshima Bank Ltd. | 314,000 | 1,383,296 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 38,900 | 1,870,111 | ||||||
Hitachi Chemical Co. Ltd. | 65,200 | 1,430,462 | ||||||
Hitachi Construction Machinery Co. Ltd. | 67,300 | 1,384,766 | ||||||
Hitachi High-Technologies Corp. | 43,300 | 1,706,945 | ||||||
Hitachi Ltd. | 3,024,000 | 16,105,268 | ||||||
Hitachi Metals Ltd. | 130,900 | 1,710,550 | ||||||
Hokuriku Electric Power Co. | 101,700 | 1,100,517 | ||||||
Honda Motor Co. Ltd. | 1,020,300 | 29,715,831 | ||||||
Hoshizaki Corp. | 32,500 | 2,752,721 | ||||||
Hoya Corp. | 248,700 | 9,780,178 | ||||||
Hulic Co. Ltd. | 189,600 | 1,779,908 | ||||||
Idemitsu Kosan Co. Ltd. | 57,500 | 1,300,730 | ||||||
IHI Corp.* | 919,000 | 2,546,418 | ||||||
Iida Group Holdings Co. Ltd. | 92,100 | 1,785,567 | ||||||
Inpex Corp. | 594,804 | 5,641,033 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 210,200 | 2,316,876 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Isuzu Motors Ltd. | 371,600 | $ | 4,381,700 | |||||
ITOCHU Corp. | 936,600 | 12,787,633 | ||||||
J. Front Retailing Co. Ltd. | 151,000 | 2,127,634 | ||||||
Japan Airlines Co. Ltd. | 74,900 | 2,216,131 | ||||||
Japan Airport Terminal Co. Ltd. (a) | 29,200 | 1,086,019 | ||||||
Japan Exchange Group, Inc. | 326,400 | 4,833,020 | ||||||
Japan Post Bank Co. Ltd. | 253,458 | 2,988,635 | ||||||
Japan Post Holdings Co. Ltd. | 281,598 | 3,487,823 | ||||||
Japan Prime Realty Investment Corp. REIT | 521 | 2,117,609 | ||||||
Japan Real Estate Investment Corp. REIT | 819 | 4,431,284 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,597 | 3,241,322 | ||||||
Japan Tobacco, Inc. | 688,400 | 23,743,948 | ||||||
JFE Holdings, Inc. | 326,800 | 4,770,386 | ||||||
JGC Corp. | 126,300 | 2,084,301 | ||||||
JSR Corp. | 116,800 | 1,680,458 | ||||||
JTEKT Corp. | 139,600 | 2,233,014 | ||||||
JX Holdings, Inc. | 1,327,500 | 5,063,773 | ||||||
Kajima Corp. | 564,000 | 3,953,743 | ||||||
Kakaku.com, Inc. | 85,600 | 1,343,053 | ||||||
Kamigumi Co. Ltd. | 146,000 | 1,339,976 | ||||||
Kaneka Corp. | 176,000 | 1,401,477 | ||||||
Kansai Electric Power Co., Inc.* | 440,600 | 4,344,188 | ||||||
Kansai Paint Co. Ltd. (a) | 133,200 | 2,439,177 | ||||||
Kao Corp. | 315,400 | 14,520,448 | ||||||
Kawasaki Heavy Industries Ltd. | 888,000 | 2,802,045 | ||||||
KDDI Corp. | 1,147,930 | 30,091,710 | ||||||
Keihan Holdings Co. Ltd. | 327,000 | 2,080,818 | ||||||
Keikyu Corp. | 300,500 | 3,228,133 | ||||||
Keio Corp. | 370,800 | 2,955,899 | ||||||
Keisei Electric Railway Co. Ltd. | 86,300 | 2,047,272 | ||||||
Keyence Corp. | 28,610 | 19,563,483 | ||||||
Kikkoman Corp. | 92,000 | 2,814,562 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,133,400 | 4,378,854 | ||||||
Kirin Holdings Co. Ltd. | 514,800 | 8,385,384 | ||||||
Kobe Steel Ltd.* | 196,000 | 1,848,556 | ||||||
Koito Manufacturing Co. Ltd. | 70,400 | 3,667,532 | ||||||
Komatsu Ltd. | 577,800 | 13,300,435 | ||||||
Konami Holdings Corp. | 59,100 | 1,999,187 | ||||||
Konica Minolta, Inc. | 283,100 | 2,702,200 | ||||||
Kose Corp. | 19,000 | 1,522,923 | ||||||
Kubota Corp. | 662,200 | 9,999,130 | ||||||
Kuraray Co. Ltd. | 222,000 | 3,139,688 | ||||||
Kurita Water Industries Ltd. | 63,300 | 1,315,741 | ||||||
Kyocera Corp. | 200,800 | 9,541,093 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 162,300 | 2,315,227 | ||||||
Kyushu Electric Power Co., Inc.* | 260,300 | 2,559,656 | ||||||
Kyushu Financial Group, Inc. | 217,500 | 1,431,559 | ||||||
Lawson, Inc. | 41,800 | 2,893,720 | ||||||
LINE Corp.* | 27,100 | 1,044,631 | ||||||
Lion Corp. | 149,800 | 2,435,453 | ||||||
LIXIL Group Corp. | 166,500 | 3,702,426 | ||||||
M3, Inc. | 121,510 | 3,136,393 | ||||||
Mabuchi Motor Co. Ltd. | 30,700 | 1,709,357 | ||||||
Makita Corp. | 70,000 | 4,741,926 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Marubeni Corp. | 1,033,200 | $ | 5,656,162 | |||||
Marui Group Co. Ltd. | 127,400 | 1,755,014 | ||||||
Maruichi Steel Tube Ltd. | 35,400 | 1,140,239 | ||||||
Mazda Motor Corp. | 356,600 | 5,716,572 | ||||||
McDonald’s Holdings Co. Japan Ltd. (a) | 41,800 | 1,149,084 | ||||||
Mebuki Financial Group, Inc. | 590,250 | 2,146,270 | ||||||
Medipal Holdings Corp. | 103,600 | 1,482,393 | ||||||
MEIJI Holdings Co. Ltd. | 71,600 | 5,707,723 | ||||||
Minebea Co. Ltd. | 212,300 | 2,104,350 | ||||||
Miraca Holdings, Inc. | 36,000 | 1,611,118 | ||||||
MISUMI Group, Inc. | 171,900 | 3,074,231 | ||||||
Mitsubishi Chemical Holdings Corp. | 848,400 | 5,335,639 | ||||||
Mitsubishi Corp. | 945,300 | 20,421,389 | ||||||
Mitsubishi Electric Corp. | 1,209,400 | 16,665,523 | ||||||
Mitsubishi Estate Co. Ltd. | 783,000 | 15,779,087 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 109,300 | 1,656,625 | ||||||
Mitsubishi Heavy Industries Ltd. | 2,005,200 | 8,882,788 | ||||||
Mitsubishi Logistics Corp. | 71,000 | 960,072 | ||||||
Mitsubishi Materials Corp. | 69,900 | 2,068,192 | ||||||
Mitsubishi Motors Corp. | 419,700 | 1,940,661 | ||||||
Mitsubishi Tanabe Pharma Corp. | 137,200 | 2,579,583 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 7,980,700 | 46,724,119 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 280,300 | 1,291,186 | ||||||
Mitsui & Co. Ltd. | 1,068,100 | 14,391,645 | ||||||
Mitsui Chemicals, Inc. | 581,000 | 2,686,500 | ||||||
Mitsui Fudosan Co. Ltd. | 564,000 | 13,263,773 | ||||||
Mitsui OSK Lines Ltd. | 717,000 | 1,842,559 | ||||||
Mixi, Inc. | 29,100 | 1,013,623 | ||||||
Mizuho Financial Group, Inc. | 15,093,400 | 26,728,927 | ||||||
MS&AD Insurance Group Holdings, Inc. | 317,000 | 9,833,775 | ||||||
Murata Manufacturing Co. Ltd. | 119,800 | 16,152,397 | ||||||
Nabtesco Corp. | 70,400 | 1,789,460 | ||||||
Nagoya Railroad Co. Ltd. | 577,700 | 2,832,828 | ||||||
NEC Corp. | 1,624,000 | 4,230,165 | ||||||
Nexon Co. Ltd. | 105,400 | 1,473,140 | ||||||
NGK Insulators Ltd. | 164,000 | 3,133,639 | ||||||
NGK Spark Plug Co. Ltd. | 111,900 | 2,294,632 | ||||||
NH Foods Ltd. | 111,000 | 2,858,319 | ||||||
Nidec Corp. | 149,200 | 13,354,381 | ||||||
Nikon Corp. | 213,200 | 3,130,772 | ||||||
Nintendo Co. Ltd. | 70,900 | 17,212,950 | ||||||
Nippon Building Fund, Inc. REIT | 883 | 4,916,490 | ||||||
Nippon Electric Glass Co. Ltd. | 266,000 | 1,418,295 | ||||||
Nippon Express Co. Ltd. | 522,000 | 2,696,578 | ||||||
Nippon Paint Holdings Co. Ltd. (a) | 101,800 | 3,212,255 | ||||||
Nippon Prologis REIT, Inc. REIT | 979 | 2,027,229 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 505,500 | 10,838,613 | ||||||
Nippon Telegraph & Telephone Corp. | 432,900 | 17,500,656 | ||||||
Nippon Yusen KK | 975,000 | 1,806,739 | ||||||
Nissan Chemical Industries Ltd. | 77,100 | 2,564,272 | ||||||
Nissan Motor Co. Ltd. | 1,510,400 | 13,948,146 | ||||||
Nisshin Seifun Group, Inc. | 120,400 | 1,687,000 | ||||||
Nissin Foods Holdings Co. Ltd. | 37,700 | 1,964,005 | ||||||
Nitori Holdings Co. Ltd. | 50,300 | 5,249,613 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nitto Denko Corp. | 103,300 | $ | 7,129,556 | |||||
NOK Corp. | 59,000 | 1,173,244 | ||||||
Nomura Holdings, Inc. | 2,272,700 | 12,197,350 | ||||||
Nomura Real Estate Holdings, Inc. | 74,200 | 1,201,157 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 2,487 | 3,706,425 | ||||||
Nomura Research Institute Ltd. | 73,610 | 2,496,454 | ||||||
NSK Ltd. | 276,000 | 3,005,953 | ||||||
NTT Data Corp. | 78,900 | 3,924,138 | ||||||
NTT DOCOMO, Inc. | 867,092 | 19,887,675 | ||||||
Obayashi Corp. | 406,300 | 3,863,943 | ||||||
Obic Co. Ltd. | 40,100 | 1,763,061 | ||||||
Odakyu Electric Railway Co. Ltd. | 184,450 | 3,606,614 | ||||||
Oji Holdings Corp. | 509,600 | 2,089,091 | ||||||
Olympus Corp. | 182,200 | 6,402,203 | ||||||
Omron Corp. | 120,500 | 4,444,823 | ||||||
Ono Pharmaceutical Co. Ltd. | 258,100 | 5,715,627 | ||||||
Oracle Corp. Japan | 24,000 | 1,195,752 | ||||||
Oriental Land Co. Ltd. | 136,500 | 7,775,626 | ||||||
ORIX Corp. | 828,600 | 12,902,853 | ||||||
Osaka Gas Co. Ltd. | 1,173,000 | 4,435,469 | ||||||
Otsuka Corp. | 32,800 | 1,596,923 | ||||||
Otsuka Holdings Co. Ltd. | 244,300 | 9,923,186 | ||||||
Panasonic Corp. | 1,381,700 | 14,057,942 | ||||||
Park24 Co. Ltd. | 63,900 | 1,815,262 | ||||||
Pola Orbis Holdings, Inc. | 14,400 | 1,116,455 | ||||||
Rakuten, Inc. | 582,400 | 5,742,294 | ||||||
Recruit Holdings Co. Ltd. | 229,900 | 8,771,588 | ||||||
Resona Holdings, Inc. | 1,381,800 | 6,644,187 | ||||||
Ricoh Co. Ltd. | 419,500 | 3,377,121 | ||||||
Rinnai Corp. | 21,000 | 1,786,023 | ||||||
Rohm Co. Ltd. | 55,800 | 3,048,381 | ||||||
Ryohin Keikaku Co. Ltd. | 15,300 | 2,999,685 | ||||||
Sankyo Co. Ltd. | 28,100 | 887,911 | ||||||
Santen Pharmaceutical Co. Ltd. | 233,300 | 2,846,788 | ||||||
SBI Holdings, Inc. | 130,200 | 1,629,705 | ||||||
Secom Co. Ltd. | 131,400 | 9,554,797 | ||||||
Sega Sammy Holdings, Inc. | 113,100 | 1,690,494 | ||||||
Seibu Holdings, Inc. | 103,500 | 1,855,500 | ||||||
Seiko Epson Corp. | 174,100 | 3,489,457 | ||||||
Sekisui Chemical Co. Ltd. | 255,500 | 3,868,065 | ||||||
Sekisui House Ltd. | 377,500 | 6,170,403 | ||||||
Seven & i Holdings Co. Ltd. | 471,500 | 18,278,069 | ||||||
Seven Bank Ltd. | 372,800 | 1,062,303 | ||||||
Sharp Corp.*(a) | 899,200 | 1,485,502 | ||||||
Shimadzu Corp. | 148,000 | 2,254,832 | ||||||
Shimamura Co. Ltd. | 13,900 | 1,654,805 | ||||||
Shimano, Inc. | 46,500 | 7,637,210 | ||||||
Shimizu Corp. | 353,000 | 3,252,148 | ||||||
Shin-Etsu Chemical Co. Ltd. | 243,300 | 17,991,504 | ||||||
Shinsei Bank Ltd. | 1,084,000 | 1,733,945 | ||||||
Shionogi & Co. Ltd. | 186,700 | 8,828,696 | ||||||
Shiseido Co. Ltd. | 237,800 | 6,046,591 | ||||||
Shizuoka Bank Ltd. | 340,000 | 2,749,006 | ||||||
Showa Shell Sekiyu KK | 114,400 | 1,020,955 | ||||||
SMC Corp. | 36,000 | 10,233,119 | ||||||
SoftBank Group Corp. | 601,100 | 35,265,794 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Sohgo Security Services Co. Ltd. | 45,700 | $ | 1,859,477 | |||||
Sompo Holdings, Inc. | 220,900 | 7,198,245 | ||||||
Sony Corp. | 790,200 | 22,710,350 | ||||||
Sony Financial Holdings, Inc. | 105,300 | 1,518,684 | ||||||
Stanley Electric Co. Ltd. | 94,200 | 2,597,797 | ||||||
Start Today Co. Ltd. | 106,800 | 1,640,205 | ||||||
Sumitomo Chemical Co. Ltd. | 984,000 | 4,498,335 | ||||||
Sumitomo Corp. | 743,500 | 8,870,919 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 96,000 | 1,568,323 | ||||||
Sumitomo Electric Industries Ltd. | 472,000 | 6,611,424 | ||||||
Sumitomo Heavy Industries Ltd. | 347,000 | 2,089,795 | ||||||
Sumitomo Metal Mining Co. Ltd. | 317,000 | 4,233,871 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 840,700 | 30,907,602 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 207,600 | 7,530,615 | ||||||
Sumitomo Realty & Development Co. Ltd. | 224,100 | 6,187,945 | ||||||
Sumitomo Rubber Industries Ltd. | 103,400 | 1,707,291 | ||||||
Sundrug Co. Ltd. | 23,200 | 1,614,195 | ||||||
Suntory Beverage & Food Ltd. | 87,000 | 3,722,433 | ||||||
Suruga Bank Ltd. | 108,900 | 2,452,999 | ||||||
Suzuken Co. Ltd. | 48,710 | 1,456,127 | ||||||
Suzuki Motor Corp. | 215,100 | 6,918,998 | ||||||
Sysmex Corp. | 97,800 | 5,889,970 | ||||||
T&D Holdings, Inc. | 362,500 | 4,527,883 | ||||||
Taiheiyo Cement Corp. | 755,000 | 2,362,572 | ||||||
Taisei Corp. | 659,000 | 4,769,477 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 23,134 | 1,973,584 | ||||||
Taiyo Nippon Sanso Corp. | 77,500 | 848,127 | ||||||
Takashimaya Co. Ltd. | 190,000 | 1,576,067 | ||||||
Takeda Pharmaceutical Co. Ltd. | 445,100 | 18,227,293 | ||||||
TDK Corp. | 77,000 | 5,175,735 | ||||||
Teijin Ltd. | 117,000 | 2,166,042 | ||||||
Terumo Corp. | 213,900 | 7,525,436 | ||||||
THK Co. Ltd. | 75,300 | 1,619,801 | ||||||
Tobu Railway Co. Ltd. | 600,000 | 2,874,000 | ||||||
Toho Co. Ltd. | 70,900 | 2,035,807 | ||||||
Toho Gas Co. Ltd. | 234,300 | 1,855,477 | ||||||
Tohoku Electric Power Co., Inc. | 283,200 | 3,299,730 | ||||||
Tokio Marine Holdings, Inc. | 426,600 | 18,267,675 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 905,100 | 3,362,331 | ||||||
Tokyo Electron Ltd. | 98,200 | 8,991,259 | ||||||
Tokyo Gas Co. Ltd. | 1,241,400 | 5,411,356 | ||||||
Tokyo Tatemono Co. Ltd. | 125,600 | 1,620,433 | ||||||
Tokyu Corp. | 664,600 | 4,961,045 | ||||||
Tokyu Fudosan Holdings Corp. | 311,500 | 1,783,423 | ||||||
TonenGeneral Sekiyu KK | 184,000 | 1,751,462 | ||||||
Toppan Printing Co. Ltd. | 336,000 | 3,045,601 | ||||||
Toray Industries, Inc. | 918,200 | 7,459,246 | ||||||
Toshiba Corp.* | 2,519,000 | 9,362,168 | ||||||
TOTO Ltd. | 88,600 | 3,395,927 | ||||||
Toyo Seikan Group Holdings Ltd. | 102,200 | 1,924,206 | ||||||
Toyo Suisan Kaisha Ltd. | 57,600 | 2,039,072 | ||||||
Toyoda Gosei Co. Ltd. | 40,800 | 880,871 | ||||||
Toyota Industries Corp. | 101,900 | 4,774,127 | ||||||
Toyota Motor Corp. | 1,671,200 | 97,126,951 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Toyota Tsusho Corp. | 132,900 | $ | 3,321,193 | |||||
Trend Micro, Inc. | 70,200 | 2,521,935 | ||||||
Tsuruha Holdings, Inc. | 23,400 | 2,388,987 | ||||||
Unicharm Corp. | 252,500 | 5,373,115 | ||||||
United Urban Investment Corp. REIT | 1,862 | 2,838,449 | ||||||
USS Co. Ltd. | 133,900 | 2,143,009 | ||||||
West Japan Railway Co. | 103,000 | 6,263,459 | ||||||
Yahoo Japan Corp. | 891,100 | 3,240,222 | ||||||
Yakult Honsha Co. Ltd. (a) | 55,200 | 2,422,132 | ||||||
Yamada Denki Co. Ltd. | 382,900 | 2,044,945 | ||||||
Yamaguchi Financial Group, Inc. (a) | 124,400 | 1,293,964 | ||||||
Yamaha Corp. | 104,900 | 3,195,459 | ||||||
Yamaha Motor Co. Ltd. | 174,200 | 4,006,120 | ||||||
Yamato Holdings Co. Ltd. | 218,800 | 4,382,503 | ||||||
Yamazaki Baking Co. Ltd. | 82,700 | 1,640,193 | ||||||
Yaskawa Electric Corp. | 158,500 | 2,431,428 | ||||||
Yokogawa Electric Corp. | 142,800 | 1,978,393 | ||||||
Yokohama Rubber Co. Ltd. | 68,900 | 1,244,843 | ||||||
|
| |||||||
1,819,020,544 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 58,637 | 4,181,911 | ||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 90,092 | 1,917,427 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal* | 1,151,193 | 8,696,813 | ||||||
Eurofins Scientific SE | 6,900 | 3,019,888 | ||||||
Millicom International Cellular SA SDR | 41,371 | 1,746,744 | ||||||
RTL Group SA | 24,218 | 1,645,540 | ||||||
SES SA FDR | 227,985 | 4,928,040 | ||||||
Tenaris SA | 295,532 | 4,720,218 | ||||||
|
| |||||||
24,757,243 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 594,271 | 1,319,325 | ||||||
Sands China Ltd. | 1,514,985 | 7,461,152 | ||||||
Wynn Macau Ltd. | 975,174 | 1,807,904 | ||||||
|
| |||||||
10,588,381 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 138,354 | 2,077,309 | ||||||
|
| |||||||
Netherlands — 4.3% | ||||||||
ABN AMRO Group NV, 144A | 176,487 | 3,815,814 | ||||||
Aegon NV | 1,147,006 | 5,832,708 | ||||||
Akzo Nobel NV | 154,968 | 9,650,906 | ||||||
Altice NV, Class A*(a) | 231,277 | 3,983,181 | ||||||
Altice NV, Class B* | 64,465 | 1,120,159 | ||||||
ASML Holding NV | 230,519 | 23,850,079 | ||||||
Boskalis Westminster | 56,985 | 1,778,649 | ||||||
Gemalto NV | 50,633 | 2,582,281 | ||||||
Heineken Holding NV | 63,091 | 4,432,612 | ||||||
Heineken NV | 144,195 | 10,807,786 | ||||||
ING Groep NV | 2,427,003 | 33,053,521 | ||||||
Koninklijke Ahold Delhaize NV | 801,889 | 15,816,301 | ||||||
Koninklijke DSM NV | 113,543 | 6,885,770 | ||||||
Koninklijke KPN NV | 2,138,010 | 6,161,170 | ||||||
Koninklijke Philips NV | 593,597 | 17,074,415 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Koninklijke Vopak NV | 44,002 | $ | 2,056,626 | |||||
NN Group NV | 197,251 | 6,340,681 | ||||||
NXP Semiconductors NV* | 184,002 | 18,243,798 | ||||||
QIAGEN NV* | 139,125 | 3,841,114 | ||||||
Randstad Holding NV | 74,451 | 3,780,428 | ||||||
Royal Dutch Shell PLC, Class A | 2,707,338 | 68,629,391 | ||||||
Royal Dutch Shell PLC, Class B | 2,344,090 | 62,134,238 | ||||||
Wolters Kluwer NV | 188,940 | 6,812,437 | ||||||
|
| |||||||
318,684,065 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 596,183 | 2,598,745 | ||||||
Contact Energy Ltd. | 447,807 | 1,490,544 | ||||||
Fletcher Building Ltd. | 433,397 | 3,155,260 | ||||||
Mercury NZ Ltd. | 409,683 | 873,314 | ||||||
Meridian Energy Ltd. | 802,019 | 1,459,735 | ||||||
Ryman Healthcare Ltd. | 234,691 | 1,454,322 | ||||||
Spark New Zealand Ltd. | 1,118,169 | 2,878,511 | ||||||
|
| |||||||
13,910,431 | ||||||||
|
| |||||||
Norway — 0.7% | ||||||||
DNB ASA | 611,624 | 9,008,733 | ||||||
Gjensidige Forsikring ASA | 125,168 | 2,002,406 | ||||||
Marine Harvest ASA* | 239,430 | 4,305,617 | ||||||
Norsk Hydro ASA | 841,665 | 3,968,243 | ||||||
Orkla ASA | 510,153 | 4,548,036 | ||||||
Schibsted ASA, Class A | 44,747 | 966,031 | ||||||
Schibsted ASA, Class B | 55,764 | 1,131,825 | ||||||
Statoil ASA | 702,466 | 12,038,220 | ||||||
Telenor ASA | 469,839 | 6,942,428 | ||||||
Yara International ASA | 109,268 | 4,042,827 | ||||||
|
| |||||||
48,954,366 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 1,449,332 | 4,188,874 | ||||||
Galp Energia SGPS SA | 313,711 | 4,244,190 | ||||||
Jeronimo Martins SGPS SA | 153,835 | 2,430,956 | ||||||
|
| |||||||
10,864,020 | ||||||||
|
| |||||||
Singapore — 1.3% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,498,200 | 2,456,323 | ||||||
CapitaLand Commercial Trust REIT | 1,295,500 | 1,382,855 | ||||||
CapitaLand Ltd. | 1,605,000 | 3,448,844 | ||||||
CapitaLand Mall Trust REIT | 1,552,000 | 2,111,417 | ||||||
City Developments Ltd. | 249,200 | 1,467,365 | ||||||
ComfortDelGro Corp. Ltd. | 1,349,400 | 2,372,406 | ||||||
DBS Group Holdings Ltd. | 1,109,000 | 13,578,644 | ||||||
Genting Singapore PLC | 3,784,400 | 2,561,041 | ||||||
Global Logistic Properties Ltd. | 1,667,400 | 2,396,375 | ||||||
Golden Agri-Resources Ltd. | 4,198,200 | 1,259,445 | ||||||
Hutchison Port Holdings Trust, Class U | 3,271,009 | 1,373,824 | ||||||
Jardine Cycle & Carriage Ltd. | 59,300 | 1,661,070 | ||||||
Keppel Corp. Ltd. | 910,100 | 3,460,456 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,968,400 | 12,469,440 | ||||||
SATS Ltd. | 422,000 | 1,416,137 | ||||||
Sembcorp Industries Ltd. | 582,200 | 1,096,690 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Singapore Airlines Ltd. | 331,700 | $ | 2,314,159 | |||||
Singapore Exchange Ltd. | 503,000 | 2,561,761 | ||||||
Singapore Press Holdings Ltd. (a) | 1,001,700 | 2,620,696 | ||||||
Singapore Technologies Engineering Ltd. | 953,700 | 2,248,932 | ||||||
Singapore Telecommunications Ltd. | 4,989,000 | 13,156,884 | ||||||
StarHub Ltd. | 379,300 | 762,119 | ||||||
Suntec Real Estate Investment Trust REIT | 1,506,200 | 1,781,148 | ||||||
United Overseas Bank Ltd. | 810,800 | 11,545,281 | ||||||
UOL Group Ltd. | 302,600 | 1,245,572 | ||||||
Wilmar International Ltd. | 1,202,200 | 2,952,345 | ||||||
|
| |||||||
95,701,229 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 410,819 | 2,672,896 | ||||||
Mediclinic International PLC | 230,699 | 2,047,983 | ||||||
Mondi PLC | 229,835 | 4,696,027 | ||||||
|
| |||||||
9,416,906 | ||||||||
|
| |||||||
Spain — 2.9% | ||||||||
Abertis Infraestructuras SA (a) | 402,885 | 5,382,304 | ||||||
ACS Actividades de Construccion y Servicios SA | 118,158 | 3,479,508 | ||||||
Aena SA, 144A | 42,244 | 5,601,014 | ||||||
Amadeus IT Group SA | 274,634 | 12,446,186 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 4,117,142 | 25,422,053 | ||||||
Banco de Sabadell SA | 3,309,430 | 4,128,326 | ||||||
Banco Popular Espanol SA | 2,101,262 | 1,841,747 | ||||||
Banco Santander SA | 9,137,575 | 41,769,060 | ||||||
Bankia SA | 2,883,220 | 2,569,911 | ||||||
Bankinter SA | 421,912 | 3,171,282 | ||||||
CaixaBank SA | 2,062,644 | 5,996,452 | ||||||
Distribuidora Internacional de Alimentacion SA | 389,560 | 1,777,840 | ||||||
Enagas SA | 141,939 | 3,497,591 | ||||||
Endesa SA | 198,784 | 4,109,336 | ||||||
Ferrovial SA | 307,573 | 5,452,035 | ||||||
Gas Natural SDG SA | 219,196 | 3,751,884 | ||||||
Grifols SA | 186,683 | 3,660,334 | ||||||
Iberdrola SA | 3,384,418 | 20,370,428 | ||||||
Industria de Diseno Textil SA | 682,687 | 23,352,435 | ||||||
Mapfre SA | 674,561 | 2,023,261 | ||||||
Red Electrica Corp. SA | 270,905 | 4,823,592 | ||||||
Repsol SA | 687,948 | 9,186,931 | �� | |||||
Telefonica SA (a) | 2,914,421 | 24,253,636 | ||||||
Zardoya Otis SA | 110,902 | 866,266 | ||||||
|
| |||||||
218,933,412 | ||||||||
|
| |||||||
Sweden — 2.8% | ||||||||
Alfa Laval AB | 183,759 | 2,757,541 | ||||||
Assa Abloy AB, Class B | 627,282 | 11,861,689 | ||||||
Atlas Copco AB, Class A | 420,263 | 12,713,425 | ||||||
Atlas Copco AB, Class B | 244,216 | 6,564,291 | ||||||
Boliden AB | 171,175 | 4,420,988 | ||||||
Electrolux AB, Series B | 150,566 | 3,521,391 | ||||||
Getinge AB, Class B | 125,259 | 1,914,984 | ||||||
Hennes & Mauritz AB, Class B | 594,199 | 17,260,042 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Hexagon AB, Class B | 161,793 | $ | 5,731,207 | |||||
Husqvarna AB, Class B | 260,591 | 1,928,410 | ||||||
ICA Gruppen AB (a) | 50,354 | 1,493,236 | ||||||
Industrivarden AB, Class C | 102,735 | 1,760,000 | ||||||
Investor AB, Class B | 285,061 | 9,627,933 | ||||||
Kinnevik AB, Class B | 143,854 | 3,525,069 | ||||||
L E Lundbergforetagen AB, Class B | 23,700 | 1,365,805 | ||||||
Lundin Petroleum AB* | 117,165 | 2,207,928 | ||||||
Nordea Bank AB | 1,900,978 | 19,972,760 | ||||||
Sandvik AB | 667,292 | 7,900,885 | ||||||
Securitas AB, Class B | 191,342 | 2,811,168 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 950,665 | 9,472,840 | ||||||
Skanska AB, Class B | 212,819 | 4,891,966 | ||||||
SKF AB, Class B | 249,148 | 4,484,383 | ||||||
Svenska Cellulosa AB SCA, Class B | 380,664 | 10,153,461 | ||||||
Svenska Handelsbanken AB, Class A | 952,700 | 13,222,188 | ||||||
Swedbank AB, Class A | 566,767 | 13,083,304 | ||||||
Swedish Match AB | 118,128 | 3,686,217 | ||||||
Tele2 AB, Class B (a) | 221,157 | 1,689,347 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,920,962 | 9,891,409 | ||||||
Telia Co. AB | 1,625,974 | 6,110,537 | ||||||
Volvo AB, Class B | 964,920 | 10,315,860 | ||||||
|
| |||||||
206,340,264 | ||||||||
|
| |||||||
Switzerland — 9.1% | ||||||||
ABB Ltd.* | 1,196,706 | 24,388,461 | ||||||
Actelion Ltd.* | 62,777 | 12,102,185 | ||||||
Adecco Group AG | 101,302 | 6,242,323 | ||||||
Aryzta AG* | 54,586 | 2,325,824 | ||||||
Baloise Holding AG | 31,292 | 3,770,306 | ||||||
Barry Callebaut AG*(a) | 1,374 | 1,631,177 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 65 | 3,779,040 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 631 | 3,109,383 | ||||||
Cie Financiere Richemont SA | 326,690 | 21,351,973 | ||||||
Coca-Cola HBC AG CDI* | 113,291 | 2,409,753 | ||||||
Credit Suisse Group AG* | 1,242,552 | 16,523,363 | ||||||
Dufry AG* | 28,657 | 3,545,835 | ||||||
EMS-Chemie Holding AG | 4,986 | 2,557,489 | ||||||
Galenica AG | 2,440 | 2,579,915 | ||||||
Geberit AG | 23,086 | 9,139,486 | ||||||
Givaudan SA | 5,778 | 10,297,763 | ||||||
Glencore PLC* | 7,657,532 | 26,760,115 | ||||||
Julius Baer Group Ltd.* | 140,069 | 6,189,928 | ||||||
Kuehne + Nagel International AG | 33,795 | 4,414,258 | ||||||
LafargeHolcim Ltd.* | 284,872 | 15,088,381 | ||||||
Lonza Group AG* | 33,119 | 5,915,620 | ||||||
Nestle SA | 1,947,726 | 131,036,155 | ||||||
Novartis AG | 1,397,539 | 96,564,488 | ||||||
Pargesa Holding SA | 21,745 | 1,379,515 | ||||||
Partners Group Holding AG | 10,861 | 5,277,205 | ||||||
Roche Holding AG | 439,695 | 98,041,562 | ||||||
Schindler Holding AG | 12,594 | 2,209,865 | ||||||
Schindler Holding AG Participation Certificates | 27,013 | 4,798,414 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
SGS SA | 3,426 | $ | 6,884,349 | |||||
Sika AG | 1,346 | 6,530,754 | ||||||
Sonova Holding AG | 33,358 | 4,032,358 | ||||||
STMicroelectronics NV | 398,907 | 4,068,849 | ||||||
Swatch Group AG — Bearer (a) | 19,301 | 5,674,308 | ||||||
Swatch Group AG — Registered | 31,053 | 1,786,762 | ||||||
Swiss Life Holding AG* | 20,077 | 5,521,323 | ||||||
Swiss Prime Site AG* | 44,734 | 3,660,735 | ||||||
Swiss Re AG | 203,860 | 18,767,873 | ||||||
Swisscom AG | 16,209 | 6,927,127 | ||||||
Syngenta AG | 57,939 | 22,162,366 | ||||||
UBS Group AG | 2,289,189 | 36,408,170 | ||||||
Wolseley PLC | 157,954 | 9,180,040 | ||||||
Zurich Insurance Group AG* | 94,208 | 24,694,042 | ||||||
|
| |||||||
679,728,838 | ||||||||
|
| |||||||
United Kingdom — 15.6% | ||||||||
3i Group PLC | 608,782 | 5,248,186 | ||||||
Aberdeen Asset Management PLC | 577,366 | 1,936,040 | ||||||
Admiral Group PLC | 132,350 | 3,147,997 | ||||||
Anglo American PLC* | 877,581 | 13,011,692 | ||||||
Ashtead Group PLC | 313,749 | 6,151,479 | ||||||
Associated British Foods PLC | 222,959 | 7,113,665 | ||||||
AstraZeneca PLC | 791,452 | 41,091,176 | ||||||
Auto Trader Group PLC, 144A | 620,754 | 3,104,430 | ||||||
Aviva PLC | 2,539,800 | 14,204,805 | ||||||
Babcock International Group PLC | 158,212 | 1,890,475 | ||||||
BAE Systems PLC | 1,986,492 | 14,925,471 | ||||||
Barclays PLC | 10,586,223 | 28,603,717 | ||||||
Barratt Developments PLC | 628,155 | 3,687,678 | ||||||
Berkeley Group Holdings PLC | 81,673 | 2,531,237 | ||||||
BP PLC | 11,755,738 | 67,579,718 | ||||||
British American Tobacco PLC | 1,166,778 | 64,139,724 | ||||||
British Land Co. PLC REIT | 612,152 | 4,530,459 | ||||||
BT Group PLC | 5,281,161 | 23,596,494 | ||||||
Bunzl PLC | 209,990 | 5,412,452 | ||||||
Burberry Group PLC | 277,618 | 4,963,729 | ||||||
Capita PLC | 417,463 | 2,739,629 | ||||||
Centrica PLC | 3,421,694 | 9,003,444 | ||||||
CNH Industrial NV | 639,054 | 5,445,502 | ||||||
Cobham PLC | 1,068,856 | 2,197,278 | ||||||
Coca-Cola European Partners PLC | 135,836 | 4,513,326 | ||||||
Compass Group PLC | 1,028,208 | 17,637,891 | ||||||
Croda International PLC | 82,140 | 3,352,485 | ||||||
Diageo PLC | 1,575,829 | 39,532,264 | ||||||
Direct Line Insurance Group PLC | 860,535 | 3,738,320 | ||||||
Dixons Carphone PLC | 612,539 | 2,542,953 | ||||||
easyJet PLC | 94,133 | 1,166,018 | ||||||
Fiat Chrysler Automobiles NV | 564,696 | 4,363,013 | ||||||
G4S PLC | 971,056 | 2,965,789 | ||||||
GKN PLC | 1,072,849 | 4,159,953 | ||||||
GlaxoSmithKline PLC | 3,050,859 | 57,086,942 | ||||||
Hammerson PLC REIT | 495,591 | 3,376,366 | ||||||
Hargreaves Lansdown PLC | 163,267 | 2,404,380 | ||||||
HSBC Holdings PLC | 12,449,370 | 98,943,231 | ||||||
ICAP PLC | 347,011 | 2,114,030 | ||||||
IMI PLC | 170,206 | 2,065,736 | ||||||
Imperial Brands PLC | 600,003 | 25,772,435 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Inmarsat PLC | 282,326 | $ | 2,509,823 | |||||
InterContinental Hotels Group PLC | 117,434 | 4,820,902 | ||||||
International Consolidated Airlines Group SA | 530,832 | 2,879,960 | ||||||
Intertek Group PLC | 101,002 | 4,156,445 | ||||||
Intu Properties PLC REIT | 589,105 | 1,983,511 | ||||||
ITV PLC | 2,267,350 | 4,766,022 | ||||||
J Sainsbury PLC (a) | 1,026,420 | 2,966,643 | ||||||
Johnson Matthey PLC | 121,121 | 4,743,425 | ||||||
Kingfisher PLC | 1,408,188 | 6,221,378 | ||||||
Land Securities Group PLC REIT | 494,839 | 6,005,703 | ||||||
Legal & General Group PLC | 3,725,182 | 10,990,552 | ||||||
Lloyds Banking Group PLC | 40,201,942 | 29,109,097 | ||||||
London Stock Exchange Group PLC | 197,313 | 6,784,231 | ||||||
Marks & Spencer Group PLC | 1,016,793 | 4,181,773 | ||||||
Meggitt PLC | 485,206 | 2,867,902 | ||||||
Merlin Entertainments PLC, 144A | 444,184 | 2,422,024 | ||||||
National Grid PLC | 2,356,092 | 26,920,701 | ||||||
Next PLC | 87,583 | 5,374,010 | ||||||
Old Mutual PLC | 3,085,185 | 7,330,514 | ||||||
Pearson PLC | 514,510 | 5,121,088 | ||||||
Persimmon PLC | 192,944 | 4,104,010 | ||||||
Petrofac Ltd. | 162,365 | 1,614,041 | ||||||
Provident Financial PLC | 92,403 | 3,370,178 | ||||||
Prudential PLC | 1,614,080 | 31,272,636 | ||||||
Reckitt Benckiser Group PLC | 395,737 | 33,486,848 | ||||||
RELX NV | 622,614 | 10,056,530 | ||||||
RELX PLC | 682,046 | 11,733,960 | ||||||
Rio Tinto Ltd. | 265,478 | 11,321,421 | ||||||
Rio Tinto PLC | 774,241 | 28,965,136 | ||||||
Rolls-Royce Holdings PLC* | 52,461,252 | 65,640 | ||||||
Rolls-Royce Holdings PLC* | 1,150,770 | 9,740,574 | ||||||
Royal Bank of Scotland Group PLC* | 2,207,136 | 5,365,746 | ||||||
Royal Mail PLC | 563,259 | 3,302,468 | ||||||
RSA Insurance Group PLC | 637,802 | 4,313,301 | ||||||
Sage Group PLC | 675,599 | 5,557,929 | ||||||
Schroders PLC | 84,872 | 2,936,215 | ||||||
Segro PLC REIT | 506,316 | 2,648,050 | ||||||
Severn Trent PLC | 147,490 | 4,035,892 | ||||||
Sky PLC | 645,501 | 6,307,775 | ||||||
Smith & Nephew PLC | 558,259 | 7,872,051 | ||||||
Smiths Group PLC | 247,300 | 4,365,956 | ||||||
SSE PLC | 630,624 | 11,638,332 | ||||||
St James’s Place PLC | 329,922 | 3,880,318 | ||||||
Standard Chartered PLC* | 2,054,742 | 16,482,053 | ||||||
Standard Life PLC | 1,236,334 | 5,346,109 | ||||||
Tate & Lyle PLC | 292,051 | 2,477,517 | ||||||
Taylor Wimpey PLC | 2,043,356 | 3,791,521 | ||||||
Tesco PLC* | 5,115,799 | 13,358,698 | ||||||
Travis Perkins PLC | 156,466 | 2,627,246 | ||||||
Unilever NV | 1,019,494 | 40,924,332 | ||||||
Unilever PLC | 803,245 | 32,120,554 | ||||||
United Utilities Group PLC | 426,755 | 4,714,846 | ||||||
Vodafone Group PLC | 16,652,522 | 40,400,436 | ||||||
Weir Group PLC | 135,511 | 3,065,499 | ||||||
Whitbread PLC | 114,650 | 4,969,128 | ||||||
William Hill PLC | 544,043 | 2,050,976 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Wm Morrison Supermarkets PLC | 1,388,422 | $ | 3,778,409 | |||||
Worldpay Group PLC, 144A | 1,126,519 | 3,794,389 | ||||||
WPP PLC | 803,364 | 17,178,398 | ||||||
|
| |||||||
1,159,182,431 | ||||||||
|
| |||||||
United States — 0.5% | ||||||||
Carnival PLC | 119,185 | 6,030,606 | ||||||
Shire PLC | 563,384 | 32,848,735 | ||||||
|
| |||||||
38,879,341 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 7,348,470,948 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 34,302 | 2,462,685 | ||||||
FUCHS PETROLUB SE | 43,496 | 1,723,650 | ||||||
Henkel AG & Co. KGaA | 111,502 | 12,916,567 | ||||||
Porsche Automobil Holding SE | 95,832 | 4,857,975 | ||||||
Schaeffler AG | 103,890 | 1,346,618 | ||||||
Volkswagen AG | 116,147 | 14,993,381 | ||||||
|
| |||||||
38,300,876 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 38,300,876 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Boral Ltd.*, expires 12/09/16 | 195,873 | $ | 33,991 | |||||
|
| |||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 12/06/16 | 1,993,622 | 82,405 | ||||||
|
| |||||||
TOTAL RIGHTS | 116,396 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.6% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (d)(e) | 116,574,890 | 116,574,890 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% | $ | 7,503,463,110 | ||||||
Other assets and liabilities, | (48,960,904 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 7,454,502,206 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $8,776,337,698. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,272,874,588. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $170,625,236 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,443,499,824. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $93,140,858, which is 1.2% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
FDR: | Fiduciary Depository Receipt |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||
E-mini MSCI EAFE Index | USD | 120 | $ | 9,810,600 | 12/16/2016 | $ | (413,640 | ) |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/5/2016 | AUD | 173,668,900 | USD | 132,037,686 | $ | 3,809,441 | |||||||||||
Bank of Montreal | 12/5/2016 | AUD | 2,757,000 | USD | 2,094,606 | 58,978 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | AUD | 74,114,300 | USD | 56,347,991 | 1,625,777 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | AUD | 95,918,579 | USD | 72,915,098 | 2,093,718 | ||||||||||||
RBC Capital Markets | 12/5/2016 | AUD | 8,356,500 | USD | 6,173,398 | 3,385 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | AUD | 171,842,579 | USD | 130,657,584 | 3,777,801 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 215,870,900 | USD | 164,115,852 | 4,727,805 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 22,331,500 | USD | 17,081,141 | 592,702 | ||||||||||||
Bank of Montreal | 12/5/2016 | CHF | 3,116,000 | USD | 3,153,687 | 87,590 | ||||||||||||
Bank of Montreal | 12/5/2016 | CHF | 170,742,800 | USD | 172,943,506 | 4,935,173 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | CHF | 71,013,500 | USD | 71,923,330 | 2,047,120 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CHF | 113,566,913 | USD | 115,023,688 | 3,275,563 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CHF | 78,982,900 | USD | 80,001,236 | 2,283,257 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | CHF | 153,595,482 | USD | 155,584,159 | 4,448,528 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CHF | 1,337,000 | USD | 1,312,393 | (3,195 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 23,631,600 | USD | 24,178,765 | 925,629 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 67,642,400 | USD | 68,506,264 | 1,947,166 | ||||||||||||
Bank of Montreal | 12/5/2016 | DKK | 297,139,600 | USD | 43,847,371 | 1,508,805 | ||||||||||||
Bank of Montreal | 12/5/2016 | DKK | 2,754,000 | USD | 406,663 | 14,254 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | DKK | 106,382,300 | USD | 15,696,277 | 538,169 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | DKK | 248,808,596 | USD | 36,712,627 | 1,260,607 | ||||||||||||
RBC Capital Markets | 12/5/2016 | DKK | 99,010,600 | USD | 14,610,057 | 502,322 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | DKK | 110,150,596 | USD | 16,254,645 | 559,604 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | DKK | 34,531,400 | USD | 5,095,118 | 174,839 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 26,932,300 | USD | 4,003,940 | 166,434 | ||||||||||||
Bank of Montreal | 12/5/2016 | EUR | 62,394,748 | USD | 68,486,160 | 2,336,859 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | EUR | 719,146,397 | USD | 789,335,085 | 26,914,638 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 347,215,926 | USD | 381,071,215 | 12,961,852 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 6,340,000 | USD | 6,963,374 | 241,870 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 215,723,000 | USD | 236,774,976 | 8,071,020 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 67,057,000 | USD | 73,600,959 | 2,508,858 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | EUR | 463,929,401 | USD | 509,201,952 | 17,355,976 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 5,747,200 | USD | 6,096,400 | 3,367 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 66,480,900 | USD | 73,485,328 | 3,003,993 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 121,900 | USD | 134,623 | 5,387 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 174,932,512 | USD | 191,991,930 | 6,532,997 | ||||||||||||
Bank of Montreal | 12/5/2016 | GBP | 36,006,827 | USD | 43,984,896 | (1,075,183 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | GBP | 165,012,400 | USD | 201,581,623 | (4,920,097 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | GBP | 158,692,071 | USD | 193,856,647 | (4,735,614 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | GBP | 112,465,192 | USD | 137,391,977 | (3,350,510 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | GBP | 13,964,000 | USD | 17,058,297 | (416,693 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | GBP | 361,482,631 | USD | 441,583,929 | (10,786,834 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | GBP | 5,827,000 | USD | 7,130,809 | (161,283 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 1,238,000 | USD | 1,512,106 | (37,167 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 236,263,000 | USD | 288,604,705 | (7,062,263 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 35,874,800 | USD | 43,967,079 | (927,777 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | HKD | 36,645,000 | USD | 4,726,043 | 1,468 | ||||||||||||
Bank of Montreal | 12/5/2016 | HKD | 933,028,400 | USD | 120,331,077 | 37,378 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | HKD | 420,840,398 | USD | 54,276,424 | 18,217 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HKD | 315,204,270 | USD | 40,649,542 | 10,813 | ||||||||||||
RBC Capital Markets | 12/5/2016 | HKD | 20,416,000 | USD | 2,631,903 | (296 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | HKD | 24,692,440 | USD | 3,184,895 | 1,342 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | HKD | 1,365,060 | USD | 175,983 | (12 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 214,326,800 | USD | 27,641,874 | 9,099 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 57,189,500 | USD | 7,376,054 | 2,713 | ||||||||||||
Bank of Montreal | 12/5/2016 | ILS | 707,000 | USD | 184,367 | (189 | ) |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/5/2016 | ILS | 153,356,100 | USD | 39,959,815 | $ | (72,217 | ) | ||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | ILS | 13,568,900 | USD | 3,539,116 | (2,906 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | ILS | 2,843,302 | USD | 741,693 | (521 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | ILS | 19,278,900 | USD | 5,023,214 | (9,344 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | ILS | 11,352,322 | USD | 2,960,768 | (2,639 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ILS | 77,808,900 | USD | 20,292,592 | (18,621 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ILS | 10,025,800 | USD | 2,611,953 | (5,179 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | JPY | 12,143,300,500 | USD | 115,679,816 | 9,500,412 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 7,629,161,500 | USD | 72,666,640 | 5,958,266 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 590,768,000 | USD | 5,639,790 | 474,193 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | JPY | 5,649,810,000 | USD | 53,813,608 | 4,412,421 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | JPY | 31,146,415,327 | USD | 296,691,583 | 24,351,470 | ||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 37,403,076,700 | USD | 356,304,613 | 29,257,084 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | JPY | 44,184,853,500 | USD | 420,936,229 | 34,589,747 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | JPY | 34,082,853,200 | USD | 324,651,164 | 26,635,229 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 18,737,391,667 | USD | 178,467,411 | 14,630,151 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 10,359,716,100 | USD | 100,435,453 | 9,851,473 | ||||||||||||
Bank of Montreal | 12/5/2016 | NOK | 25,256,600 | USD | 3,060,870 | 94,197 | ||||||||||||
Bank of Montreal | 12/5/2016 | NOK | 882,000 | USD | 106,701 | 3,100 | ||||||||||||
Bank of Montreal | 12/5/2016 | NOK | 8,728,000 | USD | 1,057,754 | 32,552 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | NOK | 31,654,700 | USD | 3,836,306 | 118,103 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NOK | 67,730,819 | USD | 8,208,648 | 252,897 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NOK | 121,008,800 | USD | 14,665,511 | 451,659 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | NOK | 97,268,319 | USD | 11,787,760 | 362,496 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | NOK | 44,420,300 | USD | 5,383,417 | 165,751 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 12,985,400 | USD | 1,581,897 | 56,615 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 3,988,600 | USD | 483,371 | 14,864 | ||||||||||||
Bank of Montreal | 12/5/2016 | NZD | 30,000 | USD | 21,425 | 182 | ||||||||||||
Bank of Montreal | 12/5/2016 | NZD | 12,897,800 | USD | 9,215,414 | 82,782 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | NZD | 1,211,100 | USD | 865,331 | 7,779 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NZD | 218,480 | USD | 156,093 | 1,393 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NZD | 1,743,500 | USD | 1,245,696 | 11,164 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | NZD | 2,842,080 | USD | 2,030,652 | 18,241 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 186,100 | USD | 133,389 | 1,616 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 1,472,900 | USD | 1,052,328 | 9,402 | ||||||||||||
Bank of Montreal | 12/5/2016 | SEK | 28,505,000 | USD | 3,164,190 | 72,361 | ||||||||||||
Bank of Montreal | 12/5/2016 | SEK | 4,553,000 | USD | 504,941 | 11,094 | ||||||||||||
Bank of Montreal | 12/5/2016 | SEK | 177,781,700 | USD | 19,734,608 | 451,303 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | SEK | 305,781,400 | USD | 33,941,958 | 775,012 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SEK | 344,122,158 | USD | 38,198,450 | 872,829 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SEK | 241,666,300 | USD | 26,826,713 | 614,089 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | SEK | 527,481,858 | USD | 58,552,735 | 1,338,784 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | SEK | 5,585,300 | USD | 604,918 | (898 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 214,099,500 | USD | 23,764,145 | 541,587 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 60,803,300 | USD | 6,804,004 | 208,901 | ||||||||||||
Bank of Montreal | 12/5/2016 | SGD | 24,462,800 | USD | 17,577,677 | 510,627 | ||||||||||||
Bank of Montreal | 12/5/2016 | SGD | 97,000 | USD | 69,690 | 2,015 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | SGD | 21,847,900 | USD | 15,698,488 | 455,785 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 33,668,416 | USD | 24,190,730 | 701,165 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SGD | 14,619,900 | USD | 10,505,353 | 305,434 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | SGD | 36,037,468 | USD | 25,899,107 | 756,717 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 3,318,900 | USD | 2,397,824 | 82,315 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 14,278,134 | AUD | 18,780,000 | (411,941 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 116,471,707 | AUD | 157,645,900 | (74,027 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 18,047,656 | CHF | 17,818,000 | (515,014 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 153,212,573 | CHF | 156,040,800 | 329,215 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 36,025,430 | DKK | 252,607,600 | (32,101 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of Montreal | 12/5/2016 | USD | 6,977,753 | DKK | 47,286,000 | $ | (240,107 | ) | ||||||||||
Bank of Montreal | 12/5/2016 | USD | 66,197,802 | EUR | 62,394,748 | (48,500 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 44,990,214 | GBP | 36,006,827 | 69,865 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 113,006,885 | HKD | 876,512,600 | 332 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 12,000,000 | HKD | 93,040,800 | (4,414 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 15,477 | HKD | 120,000 | (5 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 28,360,023 | ILS | 108,718,100 | 19,719 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 10,000,000 | ILS | 38,106,000 | (52,821 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 1,886,258 | ILS | 7,239,000 | 3,409 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 106,587,357 | JPY | 12,143,300,500 | (407,952 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 4,095,791 | NOK | 34,866,600 | (315 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 8,461,478 | NZD | 11,938,800 | (7,892 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 706,636 | NZD | 989,000 | (6,348 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 22,843,108 | SEK | 210,839,700 | 25,872 | ||||||||||||
Bank of Montreal | 12/5/2016 | USD | 2,397,792 | SGD | 3,337,000 | (69,655 | ) | |||||||||||
Bank of Montreal | 12/5/2016 | USD | 14,817,614 | SGD | 21,222,800 | (11,026 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,695,823 | AUD | 4,790,500 | (158,762 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 2,938,581 | AUD | 3,784,500 | (144,299 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 46,302,678 | AUD | 62,671,800 | (29,022 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 982,891 | AUD | 1,314,500 | (12,331 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,171,141 | AUD | 1,553,000 | (24,485 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,127,189 | CHF | 1,142,000 | (3,478 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,452,240 | CHF | 3,372,500 | (133,751 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 4,415,990 | CHF | 4,295,500 | (189,283 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,394,798 | CHF | 1,377,000 | (39,850 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 59,723,409 | CHF | 60,826,500 | 128,947 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 206,380 | DKK | 1,447,000 | (201 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 639,779 | DKK | 4,317,500 | (24,591 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 827,111 | DKK | 5,566,500 | (33,957 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 13,312,565 | DKK | 93,353,300 | (10,923 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 247,698 | DKK | 1,698,000 | (5,755 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 15,118,521 | EUR | 13,674,000 | (621,700 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,787,012 | EUR | 3,569,000 | (3,251 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 4,701,734 | EUR | 4,331,000 | (110,119 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 728,678,197 | EUR | 686,821,897 | (527,350 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 11,854,308 | EUR | 10,750,500 | (456,905 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 2,356,040 | GBP | 1,897,500 | 18,551 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 184,837,161 | GBP | 147,928,900 | 285,729 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 7,083,255 | GBP | 5,723,500 | 79,314 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 8,949,897 | GBP | 7,211,000 | 74,176 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 2,837,588 | GBP | 2,251,500 | (19,990 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,297,490 | HKD | 10,058,500 | (665 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 427,299 | HKD | 3,314,000 | (31 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 517,177 | HKD | 4,011,500 | 19 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 50,381,161 | HKD | 390,771,398 | 303 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,636,044 | HKD | 12,685,000 | (589 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 85,070 | ILS | 326,500 | 160 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 90,818 | ILS | 346,000 | (498 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 114,630 | ILS | 437,000 | (556 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,216,000 | ILS | 12,341,400 | 5,596 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 30,726 | ILS | 118,000 | 77 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,852,595 | JPY | 411,018,000 | (258,709 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 3,257,400 | JPY | 365,058,500 | (65,378 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 9,664,869 | JPY | 1,014,903,000 | (790,692 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 94,770,762 | JPY | 10,797,185,500 | (361,608 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 12,275,030 | JPY | 1,281,574,500 | (1,069,113 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 259,471 | NOK | 2,138,500 | (8,280 | ) |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 102,260 | NOK | 861,000 | $ | (1,126 | ) | ||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 85,745 | NOK | 733,000 | 354 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 326,785 | NOK | 2,689,500 | (10,873 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 2,964,110 | NOK | 25,232,700 | (244 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 27,765 | NZD | 39,000 | (150 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 642,544 | NZD | 906,600 | (601 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 94,489 | NZD | 129,000 | (3,147 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 24,036 | NZD | 34,000 | 39 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 75,783 | NZD | 102,500 | (3,205 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 433,254 | SEK | 3,935,500 | (6,385 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,364,753 | SEK | 12,304,000 | (30,185 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 29,949,684 | SEK | 276,453,400 | 36,165 | ||||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 362,035 | SEK | 3,333,500 | (463 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 1,082,116 | SEK | 9,755,000 | (24,028 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 603,580 | SGD | 838,500 | (18,581 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 13,853,920 | SGD | 19,842,900 | (10,052 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 481,022 | SGD | 667,000 | (15,674 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 162,824 | SGD | 232,000 | (964 | ) | |||||||||||
Canadian Imperial Bank of Commerce | 12/5/2016 | USD | 189,332 | SGD | 267,500 | (2,705 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,171,052 | AUD | 1,553,000 | (24,396 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 69,711,911 | AUD | 94,365,579 | (37,187 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 1,394,916 | CHF | 1,377,000 | (39,969 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 110,151,234 | CHF | 112,189,913 | 241,944 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 247,679 | DKK | 1,698,000 | (5,736 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 35,237,859 | DKK | 247,110,596 | (27,782 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 349,437,266 | EUR | 329,376,585 | (240,712 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 4,701,383 | EUR | 4,331,000 | (109,768 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 15,000,000 | EUR | 13,508,341 | (678,805 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 2,837,361 | GBP | 2,251,500 | (19,762 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 195,464,672 | GBP | 156,440,571 | 309,992 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 517,151 | HKD | 4,011,500 | 45 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 40,119,481 | HKD | 311,192,770 | 2,052 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 85,070 | ILS | 326,500 | 159 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 655,824 | ILS | 2,516,802 | 1,161 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 3,852,216 | JPY | 411,018,000 | (258,330 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 269,738,886 | JPY | 30,735,397,327 | (992,659 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 7,855,009 | NOK | 66,869,819 | (393 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 102,258 | NOK | 861,000 | (1,124 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 27,763 | NZD | 39,000 | (148 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 127,193 | NZD | 179,480 | (108 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 433,238 | SEK | 3,935,500 | (6,370 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 36,853,068 | SEK | 340,186,658 | 45,684 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 23,316,358 | SGD | 33,400,916 | (13,420 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 189,315 | SGD | 267,500 | (2,687 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 6,353,505 | AUD | 8,356,500 | (183,493 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 77,546,582 | CHF | 78,982,900 | 171,397 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 14,118,504 | DKK | 99,010,600 | (10,769 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 306,721,626 | EUR | 289,120,000 | (204,064 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 140,517,272 | GBP | 112,465,192 | 225,215 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 2,633,251 | HKD | 20,416,000 | (1,053 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 5,029,293 | ILS | 19,278,900 | 3,265 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 328,281,462 | JPY | 37,403,076,700 | (1,233,934 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 14,214,401 | NOK | 121,008,800 | (549 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 1,235,611 | NZD | 1,743,500 | (1,080 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 26,180,199 | SEK | 241,666,300 | 32,425 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 10,206,947 | SGD | 14,619,900 | (7,029 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 119,654,660 | AUD | 161,953,079 | (76,778 | ) |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,695,569 | AUD | 4,790,500 | $ | (158,508 | ) | ||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 2,938,252 | AUD | 3,784,500 | (143,970 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 982,825 | AUD | 1,314,500 | (12,266 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 4,415,732 | CHF | 4,295,500 | (189,025 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,452,010 | CHF | 3,372,500 | (133,521 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 142,163,420 | CHF | 144,785,482 | 303,305 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,127,144 | CHF | 1,142,000 | (3,434 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 206,376 | DKK | 1,447,000 | (197 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 14,092,813 | DKK | 98,819,596 | (12,294 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 827,054 | DKK | 5,566,500 | (33,900 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 639,718 | DKK | 4,317,500 | (24,530 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 11,853,673 | EUR | 10,750,500 | (456,271 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 15,117,386 | EUR | 13,674,000 | (620,565 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,786,780 | EUR | 3,569,000 | (3,019 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 462,509,682 | EUR | 435,935,901 | (341,692 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 8,949,183 | GBP | 7,211,000 | 74,890 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 457,875,048 | GBP | 366,441,631 | 701,564 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 2,355,925 | GBP | 1,897,500 | 18,667 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 7,082,717 | GBP | 5,723,500 | 79,852 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 427,276 | HKD | 3,314,000 | (8 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,635,962 | HKD | 12,685,000 | (508 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,297,440 | HKD | 10,058,500 | (615 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 90,829 | ILS | 346,000 | (509 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 30,728 | ILS | 118,000 | 75 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 114,662 | ILS | 437,000 | (588 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 2,724,247 | ILS | 10,451,322 | 3,963 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 9,664,202 | JPY | 1,014,903,000 | (790,025 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 364,468,059 | JPY | 41,523,317,500 | (1,393,694 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 12,274,081 | JPY | 1,281,574,500 | (1,068,164 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 3,257,194 | JPY | 365,058,500 | (65,171 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 259,453 | NOK | 2,138,500 | (8,262 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 85,741 | NOK | 733,000 | 358 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 326,768 | NOK | 2,689,500 | (10,856 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 10,773,229 | NOK | 91,707,319 | (1,167 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 24,036 | NZD | 34,000 | 39 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 94,485 | NZD | 129,000 | (3,143 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,826,159 | NZD | 2,576,580 | (1,743 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 75,778 | NZD | 102,500 | (3,200 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,364,641 | SEK | 12,304,000 | (30,073 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 362,021 | SEK | 3,333,500 | (449 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 54,395,472 | SEK | 502,089,358 | 64,250 | ||||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 1,082,029 | SEK | 9,755,000 | (23,941 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 481,005 | SGD | 667,000 | (15,657 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 162,833 | SGD | 232,000 | (973 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 603,554 | SGD | 838,500 | (18,554 | ) | |||||||||||
State Street Bank & Trust Co. | 12/5/2016 | USD | 23,949,097 | SGD | 34,299,968 | (18,914 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,354,130 | CHF | 1,337,000 | (38,542 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 4,923,618 | DKK | 34,531,400 | (3,338 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 6,308,472 | EUR | 5,747,200 | (215,438 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,546,522 | GBP | 1,238,000 | 2,750 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 27,632,127 | HKD | 214,326,800 | 647 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 299,097,020 | JPY | 34,082,853,200 | (1,081,085 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 5,216,283 | NOK | 44,420,300 | 1,384 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 619,976 | SEK | 5,585,300 | (14,160 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 175,087,774 | AUD | 236,986,200 | (109,269 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 933,069 | AUD | 1,216,200 | (35,089 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 87,549,622 | CHF | 89,186,800 | 208,840 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,030,021 | CHF | 996,700 | $ | (49,283 | ) | ||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,121,827 | CHF | 1,090,500 | (48,792 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,830,310 | DKK | 12,837,700 | (1,103 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,837,516 | DKK | 12,454,300 | (62,939 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 200,809 | DKK | 1,339,800 | (9,905 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 44,007 | DKK | 300,500 | (1,190 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 43,422 | EUR | 40,000 | (1,015 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,546,910 | EUR | 3,180,600 | (174,920 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 368,818 | EUR | 338,500 | (9,949 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 214,645 | EUR | 200,000 | (2,610 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 250,880,010 | EUR | 236,511,912 | (136,186 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 107,502 | EUR | 100,000 | (1,485 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 701,281 | EUR | 631,500 | (31,781 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 590,470 | EUR | 532,800 | (25,609 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 334,667,577 | GBP | 267,875,500 | 560,270 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 55,416 | GBP | 44,500 | 272 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,343,488 | GBP | 1,092,400 | 23,576 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,184,007 | GBP | 947,600 | 1,849 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 133,159 | GBP | 106,000 | (507 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,594,722 | GBP | 2,071,800 | (2,006 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,814,887 | HKD | 29,591,700 | 318 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 218,432 | HKD | 1,693,700 | (66 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,273,610 | HKD | 25,383,700 | (934 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 67,097 | HKD | 520,400 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 23,049,492 | ILS | 87,834,700 | (121,147 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 233,972,385 | JPY | 26,661,317,067 | (849,375 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 26,036 | JPY | 2,725,400 | (2,205 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 18,941,930 | JPY | 1,950,261,100 | (1,889,106 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,436,837 | JPY | 463,383,300 | (385,075 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 181,769 | JPY | 19,420,900 | (11,955 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,796,436 | NOK | 15,294,100 | 29 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 200,650 | NOK | 1,679,900 | (3,327 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,175,833 | NZD | 1,659,000 | (1,134 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 29,588,160 | SEK | 273,171,500 | 41,714 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 194,295 | SEK | 1,731,300 | (6,507 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,603,915 | SGD | 2,231,800 | (46,847 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 758,777 | SGD | 1,087,100 | (336 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | AUD | 94,365,579 | USD | 69,652,744 | 34,598 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | AUD | 161,953,079 | USD | 119,540,159 | 59,379 | ||||||||||||
RBC Capital Markets | 1/5/2017 | AUD | 28,106,000 | USD | 20,746,950 | 11,766 | ||||||||||||
RBC Capital Markets | 1/5/2017 | AUD | 62,671,800 | USD | 46,262,317 | 26,237 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | AUD | 157,645,900 | USD | 116,381,297 | 78,136 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | AUD | 236,986,200 | USD | 174,953,877 | 117,460 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | CHF | 112,189,913 | USD | 110,417,166 | (245,876 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | CHF | 78,982,900 | USD | 77,738,310 | (169,657 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | CHF | 60,826,500 | USD | 59,868,013 | (130,656 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | CHF | 144,785,482 | USD | 142,470,339 | (344,656 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | CHF | 89,186,800 | USD | 87,763,280 | (209,715 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | CHF | 156,040,800 | USD | 153,550,216 | (366,916 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | DKK | 247,110,596 | USD | 35,298,342 | 23,080 | ||||||||||||
RBC Capital Markets | 1/5/2017 | DKK | 93,353,300 | USD | 13,336,138 | 9,870 | ||||||||||||
RBC Capital Markets | 1/5/2017 | DKK | 99,010,600 | USD | 14,144,321 | 10,468 | ||||||||||||
The Bank of New York Mellon | 1/5/2017 | DKK | 98,819,596 | USD | 14,115,270 | 8,683 | ||||||||||||
The Bank of New York Mellon | 1/5/2017 | DKK | 34,531,400 | USD | 4,932,423 | 3,034 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 12,837,700 | USD | 1,833,525 | 932 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 252,607,600 | USD | 36,078,296 | 18,332 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | EUR | 329,376,585 | USD | 350,051,223 | 220,637 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 289,120,000 | USD | 307,268,930 | $ | 194,827 | |||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 686,821,897 | USD | 729,935,768 | 462,824 | ||||||||||||
The Bank of New York Mellon | 1/5/2017 | EUR | 435,935,901 | USD | 463,269,082 | 261,938 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 62,394,748 | USD | 66,302,531 | 33,123 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 236,511,912 | USD | 251,324,653 | 125,555 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | GBP | 156,440,571 | USD | 195,664,916 | (311,569 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | GBP | 112,465,192 | USD | 140,666,851 | (220,726 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | GBP | 147,928,900 | USD | 185,023,403 | (290,327 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | GBP | 1,238,000 | USD | 1,548,156 | (2,713 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | GBP | 366,441,631 | �� | USD | 458,246,253 | (803,098 | ) | ||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 267,875,500 | USD | 335,015,815 | (557,613 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 36,006,827 | USD | 45,031,578 | (74,952 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | HKD | 311,192,770 | USD | 40,125,688 | (4,492 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | HKD | 44,038,000 | USD | 5,677,862 | (1,103 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | HKD | 390,771,398 | USD | 50,382,538 | (9,785 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | HKD | 214,326,800 | USD | 27,636,692 | (2,039 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | HKD | 876,512,600 | USD | 113,010,908 | (20,667 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | HKD | 29,591,700 | USD | 3,815,330 | (698 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | ILS | 117,616,000 | USD | 30,697,997 | (29,052 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | ILS | 19,278,900 | USD | 5,031,689 | (4,903 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | ILS | 108,718,100 | USD | 28,371,852 | (30,631 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | NOK | 66,869,819 | USD | 7,856,392 | 336 | ||||||||||||
RBC Capital Markets | 1/5/2017 | NOK | 121,008,800 | USD | 14,216,238 | (219 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | NOK | 25,232,700 | USD | 2,964,363 | (46 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | NOK | 4,594,000 | USD | 539,708 | (8 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | NOK | 44,420,300 | USD | 5,216,957 | (1,666 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | NOK | 91,707,319 | USD | 10,770,596 | (3,439 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | NOK | 34,866,600 | USD | 4,096,035 | (192 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | NOK | 15,294,100 | USD | 1,796,710 | (84 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | NZD | 2,576,580 | USD | 1,824,046 | 1,583 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | NZD | 179,480 | USD | 127,060 | 110 | ||||||||||||
RBC Capital Markets | 1/5/2017 | NZD | 906,600 | USD | 641,805 | 550 | ||||||||||||
RBC Capital Markets | 1/5/2017 | NZD | 1,743,500 | USD | 1,234,267 | 1,057 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | NZD | 11,938,800 | USD | 8,452,312 | 7,775 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | NZD | 1,659,000 | USD | 1,174,522 | 1,080 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | SEK | 340,186,658 | USD | 36,930,563 | (46,519 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | SEK | 241,666,300 | USD | 26,235,906 | (32,363 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | SEK | 276,453,400 | USD | 30,012,481 | (37,022 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | SEK | 502,089,358 | USD | 54,494,373 | (80,958 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 273,171,500 | USD | 29,650,142 | (42,631 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 210,839,700 | USD | 22,884,624 | (32,903 | ) | |||||||||||
JP Morgan & Chase Co. | 1/5/2017 | SGD | 33,400,916 | USD | 23,314,567 | 10,378 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | SGD | 34,299,968 | USD | 23,942,126 | 10,658 | ||||||||||||
RBC Capital Markets | 1/5/2017 | SGD | 14,619,900 | USD | 10,205,850 | 5,383 | ||||||||||||
RBC Capital Markets | 1/5/2017 | SGD | 5,194,000 | USD | 3,625,824 | 1,913 | ||||||||||||
RBC Capital Markets | 1/5/2017 | SGD | 19,842,900 | USD | 13,851,918 | 7,306 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 21,222,800 | USD | 14,812,116 | 4,733 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 1,087,100 | USD | 758,724 | 242 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | USD | 2,963,841 | ILS | 11,352,322 | 1,941 | ||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | USD | 742,323 | ILS | 2,843,302 | 486 | ||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 6,168,501 | AUD | 8,356,500 | (3,498 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | USD | 5,661,906 | AUD | 7,668,000 | (4,843 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | USD | 2,961,644 | CHF | 3,008,000 | 5,418 | ||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 7,989,156 | CHF | 8,116,000 | 16,388 | ||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 5,669,885 | DKK | 39,679,000 | (5,672 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | USD | 2,464,758 | EUR | 2,324,000 | 3,561 | ||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 26,496,511 | EUR | 24,929,000 | (19,441 | ) |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 45,458,557 | GBP | 36,341,000 | $ | 66,599 | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 1,380,541 | GBP | 1,105,000 | 3,717 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 2,632,255 | HKD | 20,416,000 | 511 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 3,541,410 | ILS | 13,568,900 | 3,451 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | USD | 760,145 | SEK | 7,014,000 | 2,252 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | USD | 1,315,621 | CHF | 1,337,000 | 3,183 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | USD | 6,107,549 | EUR | 5,747,200 | (3,453 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | USD | 176,020 | HKD | 1,365,060 | 13 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | USD | 606,202 | SEK | 5,585,300 | 901 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 20,305,566 | ILS | 77,808,900 | 21,923 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | JPY | 30,735,397,327 | USD | 270,270,199 | 978,604 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | JPY | 10,561,602,000 | USD | 92,880,276 | 343,628 | ||||||||||||||||||
RBC Capital Markets | 1/6/2017 | JPY | 37,403,076,700 | USD | 328,943,183 | 1,231,975 | ||||||||||||||||||
RBC Capital Markets | 1/6/2017 | JPY | 10,797,185,500 | USD | 94,956,375 | 355,635 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | JPY | 41,523,317,500 | USD | 365,126,821 | 1,315,666 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | JPY | 34,082,853,200 | USD | 299,700,616 | 1,079,915 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 12,143,300,500 | USD | 106,775,223 | 380,348 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 26,661,317,067 | USD | 234,431,164 | 835,075 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | USD | 16,943,108 | JPY | 1,931,599,000 | (19,189 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 243,018,957 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli New Sheqel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 7,348,470,948 | $ | — | $ | — | $ | 7,348,470,948 | ||||||||
Preferred Stocks | 38,300,876 | — | — | 38,300,876 | ||||||||||||
Rights (f) | 116,396 | — | — | 116,396 | ||||||||||||
Short-Term Investments | 116,574,890 | — | — | 116,574,890 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 303,032,737 | — | 303,032,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 7,503,463,110 | $ | 303,032,737 | $ | — | $ | 7,806,495,847 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (413,640 | ) | $ | — | $ | — | $ | (413,640 | ) | ||||||
Forward Foreign Currency Exchange Contracts | — | (60,013,780 | ) | — | (60,013,780 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (413,640) | $ | (60,013,780) | $ | — | $ | (60,427,420) | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 22 |
This Page is Intentionally Left Blank
23
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investments in non-affiliated securities at value | $ | 7,373,293,225 | ||
Investment in affiliated securities at value (See Note 4) | 13,594,995 | |||
Investment in Government & Agency Securities Portfolio* | 116,574,890 | |||
Cash | 347,173 | |||
Foreign currency at value | 8,217,061 | |||
Unrealized appreciation on forward foreign currency exchange contracts | 303,032,737 | |||
Deposit with broker for futures contracts | 914,318 | |||
Receivables: | ||||
Investment securities sold | 35,045,973 | |||
Dividends | 21,893,123 | |||
Securities lending income | 385,245 | |||
Foreign tax reclaim | 19,388,596 | |||
|
| |||
Total Assets | $ | 7,892,687,336 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 116,574,890 | ||
Unrealized depreciation on forward foreign currency exchange contracts | 60,013,780 | |||
Unrealized depreciation on future contracts | 413,640 | |||
Payables: | ||||
Investment securities purchased | 232,186,711 | |||
Capital shares | 26,862,993 | |||
Investment advisory fees | 2,133,116 | |||
|
| |||
Total Liabilities | 438,185,130 | |||
|
| |||
Net Assets, at value | $ | 7,454,502,206 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 8,917,664,243 | ||
Undistributed net investment income | 37,210,908 | |||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (559,236,027 | ) | ||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (941,136,918 | ) | ||
|
| |||
Net Assets, at value | $ | 7,454,502,206 | ||
|
| |||
Number of Common Shares outstanding | 276,550,800 | |||
|
| |||
Net Asset Value | $ | 26.96 | ||
|
| |||
Investments in non-affiliated securities at cost | $ | 8,539,847,925 | ||
|
| |||
Investments in affiliated securities at cost | $ | 28,568,260 | ||
|
| |||
Value of securities loaned | $ | 93,140,858 | ||
|
| |||
Investment in Government & Agency Securities Portfolio at cost* | $ | 116,574,890 | ||
|
| |||
Foreign currency at cost | $ | 8,276,497 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 112,242,983 | ||
Securities lending income, net of borrower rebates | 2,463,438 | |||
|
| |||
Total Investment Income | 114,706,421 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 16,649,202 | |||
|
| |||
Total expenses | 16,649,202 | |||
|
| |||
Net Investment income (loss) | 98,057,219 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (112,005,681 | ) | ||
Investments in affiliates | (1,028,317 | ) | ||
In-kind redemptions | (173,255,577 | ) | ||
In-kind redemptions in affiliates | (7,787,443 | ) | ||
Futures contracts | 150,600 | |||
Foreign currency transactions | 522,894,197 | |||
|
| |||
Net realized gain (loss) | 228,967,779 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 136,547,511 | |||
Futures contracts | (255,840 | ) | ||
Foreign currency translations | (103,702,508 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 32,589,163 | |||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 261,556,942 | |||
|
| |||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 359,614,161 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 7,963,175 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 98,057,219 | $ | 363,173,573 | ||||
Net realized gain (loss) | 228,967,779 | (513,957,100 | ) | |||||
Net change in unrealized appreciation (depreciation) | 32,589,163 | (1,452,731,779 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 359,614,161 | (1,603,515,306 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (300,979,772 | ) | (382,099,530 | ) | ||||
Net realized gains | — | (58,292,903 | ) | |||||
|
|
|
| |||||
Total distributions | (300,979,772 | ) | (440,392,433 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 3,817,716,917 | ||||||
Value of shares redeemed | (4,588,180,022 | ) | (2,057,792,137 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (4,588,180,022 | ) | 1,759,924,780 | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (4,529,545,633 | ) | (283,982,959 | ) | ||||
Net Assets | ||||||||
Beginning of period | 11,984,047,839 | 12,268,030,798 | ||||||
|
|
|
| |||||
End of period | $ | 7,454,502,206 | $ | 11,984,047,839 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 37,210,908 | $ | 240,133,461 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 452,550,800 | 398,950,800 | ||||||
Shares sold | — | 132,200,000 | ||||||
Shares redeemed | (176,000,000 | ) | (78,600,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 276,550,800 | 452,550,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | Period ended 5/31/2012(a) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.27 | 0.76 | 1.41 | 1.18 | 0.79 | 0.70 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.89 | (4.03 | ) | 2.90 | 1.95 | 6.26 | (3.48 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.16 | (3.27 | ) | 4.31 | 3.13 | 7.05 | (2.78 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.68 | ) | (0.88 | ) | (1.37 | ) | (0.41 | ) | (1.68 | ) | (0.10 | ) | ||||||||||||
Net realized gains | — | (0.12 | ) | (0.00 | )(c) | — | (2.40 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.68 | ) | (1.00 | ) | (1.37 | ) | (0.41 | ) | (4.08 | ) | (0.10 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 26.96 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | 22.12 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 4.59 | ** | (10.90 | ) | 16.22 | 12.74 | (d) | 35.60 | (d) | (11.14 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period ($ millions) | 7,455 | 11,984 | 12,268 | 563 | 75 | 31 | ||||||||||||||||||
Ratio of expenses before fee | 0.35 | * | 0.35 | 0.35 | 0.36 | 0.64 | 0.57 | * | ||||||||||||||||
Ratio of expenses after fee | 0.35 | * | 0.35 | 0.35 | 0.35 | 0.48 | 0.57 | * | ||||||||||||||||
Ratio of net investment income | 2.06 | * | 2.82 | 4.81 | 4.48 | 3.35 | 3.04 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 8 | ** | 15 | 12 | 10 | 14 | 14 | ** |
(a) | For the period June 9, 2011 (commencement of operations) through May 31, 2012. |
(b) | Based on average shares outstanding during the period. |
(c) | Amount represents less than $0.005. |
(d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees.
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
MSCI, Inc. (“MSCI”) is the creator of the Underlying Index. The Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. Real Estate Investment Trusts (“REITs”) in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The Net Asset Value (“NAV”), of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
28
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment
29
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Fund recognizes interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statement of Operations. For the period ended November 30, 2016, the Fund did not incur any interest or penalties.
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the year ended May 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
$ | 362,575,595 |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2016, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Fund invested the cash collateral in Government & Agency Securities Portfolio.
30
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the Fund had securities on loan, 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. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Derivatives
Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2016.
Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2016, the Fund utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time the Fund enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange- traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
31
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 413,640 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 303,032,737 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 60,013,780 | ||||||||
|
|
|
| |||||||||||
Total | $ | 303,032,737 | Total | $ | 60,427,420 | |||||||||
|
|
|
|
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||||
Futures — Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
$ | 150,600 | $ | 529,210,172 | $ | 529,360,772 | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures — Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
$ | (255,840 | ) | $ | (101,300,575 | ) | $ | (101,556,415 | ) |
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
$ | 9,986,571 | $ | (9,228,510,818 | ) |
As of November 30, 2016, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and
32
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Bank of Montreal | $ | 23,998,983 | $ | (3,029,707 | ) | $ | — | $ | 20,969,276 | $ | 3,029,707 | $ | (3,029,707 | ) | $ | — | $ | — | ||||||||||||||
Canadian Imperial Bank of Commerce | 43,974,910 | (10,157,508 | ) | — | 33,817,402 | 10,157,508 | (10,157,508 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 48,068,762 | (7,852,188 | ) | — | 40,216,574 | 7,852,188 | (7,852,188 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 47,104,152 | (5,932,390 | ) | — | 41,171,762 | 5,932,390 | (5,932,390 | ) | — | — | ||||||||||||||||||||||
State Street Bank & Trust Co. | 64,456,199 | (17,033,645 | ) | — | 47,422,554 | 17,033,645 | (17,033,645 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 29,666,399 | (2,635,845 | ) | — | 27,030,554 | 2,635,845 | (2,635,845 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 45,763,332 | (13,372,497 | ) | — | 32,390,835 | 13,372,497 | (13,372,497 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 303,032,737 | $ | (60,013,780 | ) | $ | — | $ | 243,018,957 | $ | 60,013,780 | $ | (60,013,780 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
Prior to December 9, 2016, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to the Fund and was responsible for day-to-day management of the Fund, subject to the replication strategy for the Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time. Effective December 9, 2016, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Fund.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. Deutsche Bank AG is owned by the Fund in proportion with Deutsche
33
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Bank AG’s representation in the DBEF index. A summary of the Funds’ transactions with Deutsche Bank AG securities during the period ended November 30, 2016 is as follows:
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Income($) | Value ($) at 11/30/16 | |||||||||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG | 24,253,079 | 1,131,568 | (7,874,232 | ) | (8,815,760 | ) | — | 13,594,995 |
5. Investment Portfolio Transactions
For the period ended November 30, 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 | |||||||
$ | 953,175,513 | $ | 718,160,633 |
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
$ | — | $ | 4,563,894,738 |
6. Fund Share Transactions
As of November 30, 2016, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
34
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about the Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
35
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.
36
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 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 60 Wall Street New York, NY 10005 | Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, 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-049078-1 (1/17) DBX 002437 (1/18)
November 30, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
DBX ETF Trust
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our eight ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2016.
Global markets continued to grow at a steady pace, as volatility settled after the run up to the US elections and Britain’s decision to exit the Eurozone (“Brexit”). Monetary policy moves by major central banks were relatively unchanged through the reporting period, with increased expectations of a Federal Reserve Board (FRB) rate hike in December. The Eurozone remained resilient following the Brexit referendum, as the European Central Bank (ECB) continued to fight weak inflation by pledging to continue bond purchases until March 2017. The Bank of Japan (BoJ) staved off deflationary pressures by adding yield curve control to its monetary policy framework, which essentially seeks to steepen the yield curve. This divergence in monetary policies resulted in the strengthening of the USD against other major currencies.
Overall, global equities gained on the back of healthy growth in the US, a steady recovery in Europe and continued reassurances from the FRB that the rate hike would be gradual. Emerging Markets (EMs) outperformed Developed Markets (DMs), as commodity prices recovered moderately. China showed signs of a rebound, with optimistic manufacturing and service sector data, which was fueled by stronger government spending and bank lending.
Fixed income markets remained relatively calm for most of the reporting period, as the markets continued to assess economic data and its likely implications on monetary policy. However, the surprise US election results caused a sell-off in bond markets, as Trump’s pro-expenditure policies are expected to lead to higher inflation and debt. The 10-year US Treasury yields increased on the back of strong economic data and an uptick in inflation expectations. High-yield bond markets fared well during the reporting period supported by tightening credit spreads and continued strength in commodity prices. As the search for income in a low-interest-rate environment continued, EM bonds rallied over the reporting period driven by tailwinds created by stronger EM fundamentals.
Municipal bonds performed poorly, with record-breaking issuance until October and higher municipal yields taking a toll. Yields rose as uncertainty over government spending, tax policy and inflation with the new administration loomed. Capital flowed out from the tax-exempt sector, as US Treasury yields sky rocketed following the election results in November.
As the US economy continues to stabilize and expand, the FRB is likely to continue gradually increasing interest rates. Other major central banks, such as the ECB and BoJ pursuing loose monetary policies are likely to control liquidity through other avenues as they start to approach the limits of the effectiveness of their existing measures. As political and monetary scenarios become clearer, global growth is expected to improve, offering various opportunities for fixed income investments.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated emerging markets bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the emerging markets bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/16
Description | % of Market Value | |||
AA | 4.8% | |||
A | 19.2% | |||
BBB | 42.6% | |||
BB | 21.8% | |||
B | 9.8% | |||
CCC | 1.8% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/16
Russia | 6.2% | |||
Mexico | 5.8% | |||
Peru | 5.6% | |||
Philippines | 5.6% | |||
Colombia | 5.5% | |||
Turkey | 5.5% | |||
Brazil | 5.4% | |||
South Africa | 5.4% | |||
Ukraine | 5.4% | |||
Poland | 5.1% | |||
Hungary | 4.9% | |||
Uruguay | 4.7% | |||
Qatar | 4.6% | |||
Indonesia | 4.4% | |||
Panama | 3.8% | |||
Croatia | 3.7% | |||
Ecuador | 3.6% | |||
Kazakhstan | 3.2% | |||
Romania | 3.2% | |||
Lithuania | 2.0% | |||
Other | 6.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/16: 0.0 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/16
Description | % of Market Value | |||
BBB | 9.6% | |||
BB | 50.0% | |||
B | 33.6% | |||
CCC | 6.8% | |||
CC | 0.0% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/16
United States | 90.0% | |||
Canada | 4.6% | |||
United Kingdom | 3.3% | |||
Luxembourg | 2.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Communications | 21.7% | |||
Consumer, Cyclical | 15.2% | |||
Consumer, Non-cyclical | 14.2% | |||
Energy | 12.4% | |||
Industrial | 10.4% | |||
Financial | 10.2% | |||
Basic Materials | 6.2% | |||
Technology | 5.3% | |||
Utilities | 4.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/16: 0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
The Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/16
Description | % of Market Value | |||
AAA | 2.4% | |||
AA | 17.1% | |||
A | 40.5% | |||
BBB | 40.0% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/16
United States | 82.3% | |||
United Kingdom | 6.4% | |||
Netherlands | 3.0% | |||
France | 2.5% | |||
Switzerland | 2.3% | |||
Canada | 1.8% | |||
Luxembourg | 1.1% | |||
Australia | 0.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Financial | 33.2% | |||
Consumer, Non-cyclical | 20.2% | |||
Communications | 14.6% | |||
Energy | 10.3% | |||
Technology | 7.1% | |||
Industrial | 5.9% | |||
Consumer, Cyclical | 5.3% | |||
Basic Materials | 2.2% | |||
Utilities | 1.2% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/16: 0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/16
Description | % of Market Value | |||
AAA | 17.8% | |||
AA | 52.0% | |||
A | 27.5% | |||
BBB | 2.7% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Sector Diversification* as of 11/30/16
Transportation | 31.6% | |||
Water | 25.8% | |||
Power | 16.8% | |||
General | 12.6% | |||
Airport | 8.0% | |||
Development | 1.8% | |||
Education | 1.8% | |||
Utilities | 1.6% | |||
|
| |||
100.0% |
Modified duration as of 11/30/16: 6.2 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
The Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex US High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex USA Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16
(31.5% of Net Assets)
Description | % of Net Assets | |||
HSBC Holdings PLC (United Kingdom) | 5.0% | |||
TOTAL SA (France) | 3.7% | |||
British American Tobacco PLC (United Kingdom) | 3.5% | |||
Royal Bank of Canada (Canada) | 3.3% | |||
Sanofi (France) | 3.2% | |||
GlaxoSmithKline PLC (United Kingdom) | 3.1% | |||
BASF SE (Germany) | 2.7% | |||
Allianz SE (Germany) | 2.5% | |||
Bank of Nova Scotia (Canada) | 2.3% | |||
AstraZeneca PLC (United Kingdom) | 2.2% |
Country Diversification* as of 11/30/16
United Kingdom | 25.1% | |||
Canada | 12.1% | |||
France | 9.3% | |||
Germany | 9.0% | |||
China | 6.1% | |||
Taiwan | 5.9% | |||
Australia | 4.8% | |||
Hong Kong | 3.3% | |||
Switzerland | 3.0% | |||
Singapore | 2.6% | |||
South Africa | 2.4% | |||
Russia | 2.3% | |||
Finland | 2.1% | |||
Other | 12.0% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Financials | 39.3% | |||
Health Care | 9.1% | |||
Consumer Discretionary | 9.0% | |||
Energy | 8.2% | |||
Materials | 7.6% | |||
Consumer Staples | 7.6% | |||
Utilities | 5.3% | |||
Telecommunication Services | 5.3% | |||
Information Technology | 4.1% | |||
Industrials | 3.1% | |||
Real Estate | 1.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
The Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (42.2% of Net Assets)
Description | % of Net Assets | |||
TOTAL SA (France) | 5.1% | |||
British American Tobacco PLC (United Kingdom) | 5.0% | |||
Sanofi (France) | 4.9% | |||
GlaxoSmithKline PLC (United Kingdom) | 4.9% | |||
BASF SE (Germany) | 4.7% | |||
Allianz SE (Germany) | 4.4% | |||
AstraZeneca PLC (United Kingdom) | 3.9% | |||
Daimler AG (Germany) | 3.8% | |||
Rio Tinto PLC (United Kingdom) | 2.8% | |||
AXA SA (France) | 2.7% |
Country Diversification* as of 11/30/16
United Kingdom | 33.0% | |||
Germany | 17.6% | |||
France | 14.6% | |||
Australia | 7.3% | |||
Hong Kong | 5.3% | |||
Switzerland | 5.2% | |||
Finland | 3.6% | |||
Singapore | 3.4% | |||
Japan | 2.1% | |||
Other | 7.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification * as of 11/30/16
Financials | 23.6% | |||
Health Care | 14.1% | |||
Consumer Discretionary | 11.9% | |||
Materials | 10.7% | |||
Consumer Staples | 10.1% | |||
Utilities | 9.2% | |||
Energy | 6.9% | |||
Industrials | 5.1% | |||
Telecommunication Services | 4.6% | |||
Real Estate | 2.0% | |||
Information Technology | 1.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
The Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (37.8% of Net Assets)
Description | % of Net Assets | |||
Industrial & Commercial Bank of China Ltd. (China) | 5.1% | |||
China Construction Bank Corp. (China) | 5.1% | |||
Bank of China Ltd. (China) | 5.1% | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 4.9% | |||
Gazprom PJSC (Russia) | 4.5% | |||
Ambev SA (Brazil) | 3.7% | |||
LUKOIL PJSC (Russia) | 3.6% | |||
Standard Bank Group Ltd. (South Africa) | 2.1% | |||
Chunghwa Telecom Co. Ltd. (Taiwan) | 1.9% | |||
FirstRand Ltd. (South Africa) | 1.8% |
Country Diversification* as of 11/30/16
Taiwan | 28.3% | |||
China | 22.4% | |||
South Africa | 11.3% | |||
Russia | 10.4% | |||
Brazil | 7.1% | |||
Thailand | 3.3% | |||
Malaysia | 3.2% | |||
United Arab Emirates | 3.1% | |||
Hong Kong | 3.0% | |||
Other | 7.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Financials | 41.1% | |||
Information Technology | 13.1% | |||
Energy | 12.0% | |||
Telecommunication Services | 8.1% | |||
Consumer Staples | 7.7% | |||
Consumer Discretionary | 6.3% | |||
Real Estate | 4.1% | |||
Materials | 3.9% | |||
Industrials | 2.2% | |||
Utilities | 1.2% | |||
Health Care | 0.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
The Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”), or the “Eurozone”, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (46.7% of Net Assets)
Description | % of Net Assets | |||
AXA SA (France) | 5.0% | |||
UPM-Kymmene OYJ (Finland) | 5.0% | |||
Allianz SE (Germany) | 4.9% | |||
Sampo OYJ (Finland) | 4.9% | |||
Bayerische Motoren Werke AG (Germany) | 4.9% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 4.9% | |||
Daimler AG (Germany) | 4.7% | |||
Snam SpA (Italy) | 4.4% | |||
Atlantia SpA (Italy) | 4.2% | |||
ProSiebenSat.1 Media SE (Germany) | 3.8% |
Country Diversification* as of 11/30/16
Germany | 26.0% | |||
Finland | 21.2% | |||
France | 15.9% | |||
Italy | 12.8% | |||
Spain | 12.2% | |||
Luxembourg | 3.8% | |||
Belgium | 3.5% | |||
Portugal | 3.2% | |||
Netherlands | 1.4% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Financials | 28.3% | |||
Consumer Discretionary | 23.4% | |||
Utilities | 21.6% | |||
Industrials | 12.6% | |||
Materials | 7.6% | |||
Energy | 4.4% | |||
Telecommunication Services | 2.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.
9
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 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 June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Emerging Markets Bond — Int Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.40 | 0.49 | % | $ | 2.51 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.61 | 0.49 | % | $ | 2.48 | ||||||||
Deutsche X-trackers High Yield Corp Bond — Int Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,067.30 | 0.43 | % | $ | 2.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.91 | 0.43 | % | $ | 2.18 | ||||||||
Deutsche X-trackers Investment Grade Bond — Int Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,029.00 | 0.25 | % | $ | 1.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.82 | 0.25 | % | $ | 1.27 | ||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 951.90 | 0.30 | % | $ | 1.47 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.56 | 0.30 | % | $ | 1.52 |
10
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,068.50 | 0.45 | % | $ | 2.33 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,047.30 | 0.45 | % | $ | 2.31 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,054.60 | 0.65 | % | $ | 3.35 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 995.80 | 0.45 | % | $ | 2.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
11
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
November 30, 2016 (Unaudited)
Principal | Value | |||||||
SOVEREIGN BONDS — 95.9% | ||||||||
Brazil — 5.2% | ||||||||
Brazilian Government International Bond | $ | 110,000 | $ | 113,300 | ||||
10.125%, 5/15/27 | 30,000 | 41,025 | ||||||
5.00%, 1/27/45 | 200,000 | 159,600 | ||||||
|
| |||||||
313,925 | ||||||||
|
| |||||||
Colombia — 5.3% | ||||||||
Colombia Government International Bond | 200,000 | 187,000 | ||||||
8.125%, 5/21/24 | 25,000 | 30,969 | ||||||
6.125%, 1/18/41 | 100,000 | 105,500 | ||||||
|
| |||||||
323,469 | ||||||||
|
| |||||||
Croatia — 3.6% | ||||||||
Croatia Government International Bond, 144A | 100,000 | 108,648 | ||||||
6.625%, 7/14/20 | 100,000 | 108,786 | ||||||
|
| |||||||
217,434 | ||||||||
|
| |||||||
Ecuador — 3.4% | ||||||||
Ecuador Government International Bond, 144A | 200,000 | 210,000 | ||||||
|
| |||||||
Egypt — 1.7% | ||||||||
Egypt Government International Bond, 144A | 100,000 | 100,379 | ||||||
|
| |||||||
El Salvador — 0.4% | ||||||||
El Salvador Government International Bond, 144A | 30,000 | 26,021 | ||||||
|
| |||||||
Hungary — 4.7% | ||||||||
Hungary Government International Bond | 50,000 | 56,285 | ||||||
5.75%, 11/22/23 | 70,000 | 78,244 | ||||||
5.375%, 3/25/24 | 106,000 | 116,666 | ||||||
7.625%, 3/29/41 | 26,000 | 36,653 | ||||||
|
| |||||||
287,848 | ||||||||
|
| |||||||
Indonesia — 4.3% | ||||||||
Indonesia Government International Bond, 144A | 100,000 | 140,251 | ||||||
6.625%, 2/17/37 | 100,000 | 120,249 | ||||||
|
| |||||||
260,500 | ||||||||
|
| |||||||
Kazakhstan — 3.0% | ||||||||
Kazakhstan Government International Bond, 144A | 200,000 | 184,442 | ||||||
|
| |||||||
Lebanon — 0.8% | ||||||||
Lebanon Government International Bond GMTN, 6.375%, 3/09/20 | 50,000 | 49,737 | ||||||
|
|
Principal | Value | |||||||
Lithuania — 1.9% | ||||||||
Lithuania Government International Bond, 144A | $ | 100,000 | $ | 114,650 | ||||
|
| |||||||
Mexico — 5.5% | ||||||||
Mexico Government International Bond | 100,000 | 100,000 | ||||||
4.00%, 10/02/23 | 30,000 | 30,000 | ||||||
Series A MTN, 6.75%, 9/27/34 | 10,000 | 11,775 | ||||||
MTN, 4.75%, 3/08/44 | 160,000 | 142,400 | ||||||
5.55%, 1/21/45 | 35,000 | 34,956 | ||||||
5.75%, 10/12/10 | 20,000 | 18,050 | ||||||
|
| |||||||
337,181 | ||||||||
|
| |||||||
Panama — 3.7% | ||||||||
Panama Government International Bond | 100,000 | 107,750 | ||||||
6.70%, 1/26/36 | 95,000 | 117,087 | ||||||
|
| |||||||
224,837 | ||||||||
|
| |||||||
Peru — 5.3% | ||||||||
Peruvian Government International Bond | 100,000 | 129,375 | ||||||
8.75%, 11/21/33 | 75,000 | 110,625 | ||||||
5.625%, 11/18/50 | 75,000 | 85,687 | ||||||
|
| |||||||
325,687 | ||||||||
|
| |||||||
Philippines — 5.4% | ||||||||
Philippine Government International Bond | 125,000 | 194,079 | ||||||
9.50%, 2/02/30 | 85,000 | 134,527 | ||||||
|
| |||||||
328,606 | ||||||||
|
| |||||||
Poland — 4.9% | ||||||||
Poland Government International Bond | 50,000 | 55,694 | ||||||
5.125%, 4/21/21 | 70,000 | 76,809 | ||||||
5.00%, 3/23/22 | 50,000 | 54,778 | ||||||
3.00%, 3/17/23 | 40,000 | 39,417 | ||||||
4.00%, 1/22/24 | 70,000 | 72,384 | ||||||
|
| |||||||
299,082 | ||||||||
|
| |||||||
Qatar — 4.4% | ||||||||
Qatar Government International Bond, 144A | 90,000 | 140,912 | ||||||
6.40%, 1/20/40 | 100,000 | 126,787 | ||||||
|
| |||||||
267,699 | ||||||||
|
| |||||||
Romania — 3.0% | ||||||||
Romanian Government International Bond, 144A | 10,000 | 10,344 | ||||||
4.875%, 1/22/24 | 86,000 | 91,686 | ||||||
6.125%, 1/22/44 | 70,000 | 83,552 | ||||||
|
| |||||||
185,582 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
Principal | Value | |||||||
Russia — 5.9% | ||||||||
Russian Foreign Bond — Eurobond, 144A | $ | 200,000 | $ | 210,755 | ||||
12.75%, 6/24/28 | 90,000 | 151,827 | ||||||
|
| |||||||
362,582 | ||||||||
|
| |||||||
South Africa — 5.1% | ||||||||
South Africa Government International Bond | 100,000 | 106,369 | ||||||
4.665%, 1/17/24 | 205,000 | 206,988 | ||||||
|
| |||||||
313,357 | ||||||||
|
| |||||||
Sri Lanka — 1.7% | ||||||||
Sri Lanka Government International Bond, 144A | 100,000 | 104,130 | ||||||
|
| |||||||
Turkey — 5.3% | ||||||||
Turkey Government International Bond | 70,000 | 75,333 | ||||||
7.375%, 2/05/25 | 55,000 | 60,595 | ||||||
11.875%, 1/15/30 | 20,000 | 30,224 | ||||||
8.00%, 2/14/34 | 80,000 | 91,810 | ||||||
7.25%, 3/05/38 | 60,000 | 64,119 | ||||||
|
| |||||||
322,081 | ||||||||
|
| |||||||
Ukraine — 5.2% | ||||||||
Ukraine Government International Bond, 144A | 120,000 | 114,484 | ||||||
7.75%, 9/01/21 | 100,000 | 94,065 | ||||||
7.75%, 9/01/24 | 120,000 | 109,106 | ||||||
|
| |||||||
317,655 | ||||||||
|
|
Principal | Value | |||||||
Uruguay — 4.6% | ||||||||
Uruguay Government International Bond | $ | 15,000 | $ | 15,660 | ||||
7.625%, 3/21/36 | 90,000 | 113,778 | ||||||
5.10%, 6/18/50 | 165,000 | 148,088 | ||||||
|
| |||||||
277,526 | ||||||||
|
| |||||||
Venezuela — 1.6% | ||||||||
Venezuela Government International Bond | 200,000 | 98,000 | ||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 5,852,410 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.6% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 161,340 | 161,340 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.5% | $ | 6,013,750 | ||||||
Other assets and liabilities, net — 1.5% | 89,208 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,102,958 | ||||||
|
|
† | The cost for federal income tax purposes was $6,182,481. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $168,731. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $111,229 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $279,960. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $155,001, which is 2.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
2-Year U.S. Treasury Note | USD | 2 | $ | 433,625 | 3/31/2017 | $ | (13 | ) | ||||||||||||
5-Year U.S. Treasury Note | USD | 13 | 1,531,969 | 3/31/2017 | 102 | |||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 4 | 537,750 | 3/22/2017 | 35 | |||||||||||||||
10-Year U.S. Treasury Note | USD | 13 | 1,618,703 | 3/22/2017 | 203 | |||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 1 | 161,406 | 3/22/2017 | 94 | |||||||||||||||
U.S. Treasury Long Bond | USD | 9 | 1,361,531 | 3/22/2017 | 0 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 5,644,984 | $ | 421 | |||||||||||||||||
|
|
|
|
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
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 November 30, 2016 in valuing the Fund’s investments. For information on 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 | ||||||||||||
Sovereign Bonds (d) | $ | — | $ | 5,852,410 | $ | — | $ | 5,852,410 | ||||||||
Short-Term Investments | 161,340 | — | — | 161,340 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 434 | — | — | 434 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 161,774 | $ | 5,852,410 | $ | — | $ | 6,014,184 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (13 | ) | $ | — | $ | — | $ | (13 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (13 | ) | $ | — | $ | — | $ | (13 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
November 30, 2016 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 96.7% | ||||||||
Basic Materials — 6.0% | ||||||||
Chemicals — 2.6% | ||||||||
Hexion, Inc. | $ | 129,000 | $ | 125,453 | ||||
Huntsman International LLC | 106,000 | 109,445 | ||||||
|
| |||||||
234,898 | ||||||||
|
| |||||||
Mining — 3.4% | ||||||||
Anglo American Capital PLC, 144A | 120,000 | 136,740 | ||||||
Freeport-McMoRan, Inc. | 115,000 | 113,562 | ||||||
Teck Resources Ltd. | 70,000 | 66,763 | ||||||
|
| |||||||
317,065 | ||||||||
|
| |||||||
Communications — 20.9% | ||||||||
Advertising — 0.6% | ||||||||
Lamar Media Corp. | 50,000 | 51,625 | ||||||
|
| |||||||
Internet — 0.9% | ||||||||
Netflix, Inc. | 80,000 | 85,809 | ||||||
|
| |||||||
Media — 9.2% | ||||||||
Cablevision Systems Corp. | 133,000 | 140,149 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 80,000 | 81,500 | ||||||
5.75%, 2/15/26, 144A | 40,000 | 41,200 | ||||||
Clear Channel Worldwide Holdings, Inc. | 60,000 | 59,100 | ||||||
CSC Holdings LLC | 111,000 | 116,966 | ||||||
DISH DBS Corp. | 155,000 | 153,450 | ||||||
Nexstar Broadcasting, Inc. | 164,000 | 169,330 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 21,000 | 21,499 | ||||||
Sirius XM Radio, Inc. | 35,000 | 36,487 | ||||||
5.375%, 7/15/26, 144A | 30,000 | 29,850 | ||||||
|
| |||||||
849,531 | ||||||||
|
| |||||||
Telecommunications — 10.2% | ||||||||
CenturyLink, Inc. | 65,000 | 65,244 | ||||||
CommScope Technologies Finance LLC, 144A | 26,000 | 27,235 | ||||||
Frontier Communications Corp. | 73,000 | 63,692 | ||||||
11.00%, 9/15/25 | 60,000 | 60,375 | ||||||
Hughes Satellite Systems Corp., 144A | 45,000 | 42,694 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Intelsat Jackson Holdings SA, 144A | $ | 100,000 | $ | 101,250 | ||||
Level 3 Communications, Inc. | 151,000 | 154,775 | ||||||
Sprint Communications, Inc. | 71,000 | 73,840 | ||||||
Sprint Corp. | 100,000 | 101,875 | ||||||
T-Mobile USA, Inc. | 244,000 | 255,285 | ||||||
|
| |||||||
946,265 | ||||||||
|
| |||||||
Consumer, Cyclical — 14.7% | ||||||||
Airlines — 1.1% | ||||||||
American Airlines Group, Inc., 144A | 95,000 | 97,494 | ||||||
|
| |||||||
Auto Manufacturers — 2.4% | ||||||||
General Motors Co. | 133,000 | 139,165 | ||||||
General Motors Financial Co., Inc. | 88,000 | 85,689 | ||||||
|
| |||||||
224,854 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.6% | ||||||||
ZF North America Capital, Inc., | 150,000 | 150,844 | ||||||
|
| |||||||
Entertainment — 2.0% | ||||||||
GLP Capital LP / GLP Financing II, Inc. | 90,000 | 94,950 | ||||||
Regal Entertainment Group | 88,000 | 92,620 | ||||||
|
| |||||||
187,570 | ||||||||
|
| |||||||
Home Builders — 1.0% | ||||||||
PulteGroup, Inc. | 100,000 | 94,500 | ||||||
|
| |||||||
Lodging — 2.8% | ||||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 151,000 | 155,915 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 99,000 | 97,886 | ||||||
|
| |||||||
253,801 | ||||||||
|
| |||||||
Retail — 3.8% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A | 21,000 | 21,945 | ||||||
Dollar Tree, Inc. | 98,000 | 105,105 | ||||||
L Brands, Inc. | 111,000 | 117,799 | ||||||
Rite Aid Corp., 144A | 99,000 | 106,192 | ||||||
|
| |||||||
351,041 | ||||||||
|
|
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
Principal | Value | |||||||
Consumer, Non-cyclical — 13.7% | ||||||||
Commercial Services — 1.9% | ||||||||
ADT Corp. | $ | 41,000 | $ | 38,847 | ||||
Hertz Corp. | 23,000 | 23,280 | ||||||
RR Donnelley & Sons Co. | 45,000 | 40,838 | ||||||
United Rentals North America, Inc. | 71,000 | 71,799 | ||||||
|
| |||||||
174,764 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Edgewell Personal Care Co. | 18,000 | 18,665 | ||||||
|
| |||||||
Food — 0.5% | ||||||||
Post Holdings, Inc., 144A | 45,000 | 42,694 | ||||||
|
| |||||||
Healthcare-Products — 1.2% | ||||||||
Hologic, Inc., 144A | 20,000 | 20,825 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A | 105,000 | 89,775 | ||||||
|
| |||||||
110,600 | ||||||||
|
| |||||||
Healthcare-Services — 7.2% | ||||||||
Centene Corp. | 100,000 | 103,250 | ||||||
CHS/Community Health Systems, Inc. | 87,000 | 58,453 | ||||||
DaVita Inc. | 40,000 | 39,100 | ||||||
Fresenius Medical Care US Finance II, Inc., 144A | 155,000 | 172,050 | ||||||
HCA, Inc. | 133,000 | 148,295 | ||||||
HealthSouth Corp. | 45,000 | 45,337 | ||||||
Tenet Healthcare Corp. | 80,000 | 73,600 | ||||||
6.75%, 6/15/23 | 35,000 | 30,013 | ||||||
|
| |||||||
670,098 | ||||||||
|
| |||||||
Pharmaceuticals — 2.7% | ||||||||
Endo Finance LLC, 144A | 83,000 | 75,219 | ||||||
Valeant Pharmaceuticals International, 144A | 204,000 | 174,420 | ||||||
|
| |||||||
249,639 | ||||||||
|
| |||||||
Energy — 12.0% | ||||||||
Oil & Gas — 9.0% | ||||||||
Antero Resources Corp. | 102,000 | 105,187 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
California Resources Corp. | $ | 3,000 | $ | 1,950 | ||||
8.00%, 12/15/22, 144A | 68,000 | 54,740 | ||||||
Cenovus Energy, Inc. | 65,000 | 69,191 | ||||||
Chesapeake Energy Corp., 144A | 67,000 | 69,512 | ||||||
Concho Resources, Inc. | 106,000 | 109,514 | ||||||
Denbury Resources, Inc. | 93,000 | 76,493 | ||||||
EP Energy LLC / Everest Acquisition Finance, Inc. | 88,000 | 74,166 | ||||||
Marathon Oil Corp. | 30,000 | 31,276 | ||||||
Range Resources Corp., 144A | 89,000 | 85,663 | ||||||
Whiting Petroleum Corp. | 91,000 | 90,090 | ||||||
WPX Energy, Inc. | 55,000 | 60,913 | ||||||
|
| |||||||
828,695 | ||||||||
|
| |||||||
Pipelines — 3.0% | ||||||||
Energy Transfer Equity LP | 21,000 | 21,630 | ||||||
Sabine Pass Liquefaction LLC | 100,000 | 106,000 | ||||||
5.625%, 3/01/25 | 26,000 | 27,202 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 45,000 | 45,675 | ||||||
Williams Cos., Inc. | 80,000 | 78,400 | ||||||
|
| |||||||
278,907 | ||||||||
|
| |||||||
Financial — 9.9% | ||||||||
Banks — 1.7% | ||||||||
Royal Bank of Scotland Group PLC | 155,000 | 160,807 | ||||||
|
| |||||||
Diversified Financial Services — 4.7% | ||||||||
Ally Financial, Inc. | 85,000 | 85,213 | ||||||
4.125%, 2/13/22 | 40,000 | 39,200 | ||||||
CIT Group, Inc. | 40,000 | 40,800 | ||||||
5.00%, 8/15/22 | 39,000 | 40,706 | ||||||
Discover Financial Services | 50,000 | 48,637 | ||||||
International Lease Finance Corp. | 35,000 | 36,400 | ||||||
Navient Corp. | 94,000 | 87,420 | ||||||
Springleaf Finance Corp. | 50,000 | 50,563 | ||||||
|
| |||||||
428,939 | ||||||||
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
Principal | Value | |||||||
Real Estate — 0.5% | ||||||||
Howard Hughes Corp., 144A | $ | 40,000 | $ | 42,376 | ||||
|
| |||||||
Real Estate Investment Trusts — 3.0% | ||||||||
DuPont Fabros Technology LP | 60,000 | 62,662 | ||||||
Equinix, Inc. | 82,000 | 84,563 | ||||||
Iron Mountain, Inc. | 88,000 | 89,742 | ||||||
VEREIT Operating Partnership LP | 40,000 | 41,150 | ||||||
|
| |||||||
278,117 | ||||||||
|
| |||||||
Industrial — 10.1% | ||||||||
Aerospace/Defense — 1.2% | ||||||||
Arconic, Inc. | 93,000 | 95,325 | ||||||
TransDigm, Inc. | 20,000 | 20,700 | ||||||
|
| |||||||
116,025 | ||||||||
|
| |||||||
Building Materials — 0.7% | ||||||||
Masco Corp. | 40,000 | 45,400 | ||||||
Standard Industries Inc/NJ, 144A | 18,000 | 18,405 | ||||||
|
| |||||||
63,805 | ||||||||
|
| |||||||
Engineering & Construction — 1.9% | ||||||||
AECOM | 75,000 | 78,937 | ||||||
SBA Communications Corp., 144A | 100,000 | 96,625 | ||||||
|
| |||||||
175,562 | ||||||||
|
| |||||||
Environmental Control — 0.4% | ||||||||
Covanta Holding Corp. | 40,000 | 39,100 | ||||||
|
| |||||||
Machinery-Diversified — 0.6% | ||||||||
CNH Industrial Capital LLC | 55,000 | 55,756 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.2% | ||||||||
Bombardier, Inc., 144A | 100,000 | 101,375 | ||||||
Gates Global LLC / Gates Global Co., 144A | 105,000 | 100,800 | ||||||
|
| |||||||
202,175 | ||||||||
|
| |||||||
Packaging & Containers — 2.4% | ||||||||
Berry Plastics Corp. | 62,000 | 62,853 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 18,000 | 18,315 |
Principal | Value | |||||||
Packaging & Containers (Continued) | ||||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC | $ | 133,000 | $ | 136,990 | ||||
|
| |||||||
218,158 | ||||||||
|
| |||||||
Transportation — 0.7% | ||||||||
XPO Logistics, Inc., 144A | 60,000 | 62,325 | ||||||
|
| |||||||
Technology — 5.1% | ||||||||
Computers — 0.9% | ||||||||
NCR Corp. | 84,000 | 88,620 | ||||||
|
| |||||||
Semiconductors — 0.6% | ||||||||
Micron Technology, Inc. | 55,000 | 54,312 | ||||||
|
| |||||||
Software — 3.6% | ||||||||
BMC Software Finance, Inc., 144A | 110,000 | 99,550 | ||||||
First Data Corp., 144A | 82,000 | 85,262 | ||||||
Open Text Corp., 144A | 142,000 | 145,195 | ||||||
|
| |||||||
330,007 | ||||||||
|
| |||||||
Utilities — 4.3% | ||||||||
Electric — 3.2% | ||||||||
AES Corp. | 119,000 | 131,198 | ||||||
Calpine Corp. | 60,000 | 57,525 | ||||||
FirstEnergy Corp. | 102,000 | 105,883 | ||||||
|
| |||||||
294,606 | ||||||||
|
| |||||||
Gas — 1.1% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 100,000 | 99,969 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 8,930,018 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 4.6% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 421,288 | 421,288 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.3% | $ | 9,351,306 | ||||||
Other assets and liabilities, net — (1.3%) | (118,169 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,233,137 | ||||||
|
|
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
† | The cost for federal income tax purposes was $9,527,581. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $176,275. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $187,831 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $364,106. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $409,286, which is 4.4% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
2-Year U.S. Treasury Note | USD | 6 | $ | 1,300,875 | 3/31/2017 | $ | (37 | ) | ||||||||||||
5-Year U.S. Treasury Note | USD | 36 | 4,242,375 | 3/31/2017 | 281 | |||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 1 | 134,438 | 3/22/2017 | 9 | |||||||||||||||
10-Year U.S. Treasury Note | USD | 24 | 2,988,375 | 3/22/2017 | 375 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 8,666,063 | $ | 628 | |||||||||||||||||
|
|
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open future contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (d) | $ | — | $ | 8,930,018 | $ | — | $ | 8,930,018 | ||||||||
Short-Term Investments | 421,288 | — | — | 421,288 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 665 | — | — | 665 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 421,953 | $ | 8,930,018 | $ | — | $ | 9,351,971 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (37 | ) | $ | — | $ | — | $ | (37 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (37 | ) | $ | — | $ | — | $ | (37 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
November 30, 2016 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 95.4% | ||||||||
Basic Materials — 2.1% | ||||||||
Chemicals — 1.4% | ||||||||
Dow Chemical Co. | $ | 50,000 | $ | 65,329 | ||||
|
| |||||||
Mining — 0.7% | ||||||||
BHP Billiton Finance USA Ltd. | 25,000 | 27,891 | ||||||
Rio Tinto Finance USA PLC | 7,000 | 7,277 | ||||||
|
| |||||||
35,168 | ||||||||
|
| |||||||
Communications — 13.9% | ||||||||
Internet — 0.5% | ||||||||
Amazon.com, Inc. | 20,000 | 21,829 | ||||||
|
| |||||||
Media — 4.6% | ||||||||
Comcast Corp. | 95,000 | 97,136 | ||||||
Time Warner Cable LLC | 45,000 | 45,071 | ||||||
Time Warner, Inc. | 40,000 | 39,640 | ||||||
Walt Disney Co., MTN | 40,000 | 39,645 | ||||||
|
| |||||||
221,492 | ||||||||
|
| |||||||
Telecommunications — 8.8% | ||||||||
AT&T, Inc. | 18,000 | 17,842 | ||||||
3.40%, 5/15/25 | 18,000 | 17,324 | ||||||
5.35%, 9/01/40 | 3,000 | 3,038 | ||||||
4.80%, 6/15/44 | 45,000 | 42,330 | ||||||
4.55%, 3/09/49, 144A | 25,000 | 22,418 | ||||||
Cisco Systems, Inc. | 40,000 | 48,686 | ||||||
Motorola Solutions, Inc. | 40,000 | 40,126 | ||||||
Verizon Communications, Inc. | 100,000 | 107,139 | ||||||
4.40%, 11/01/34 | 75,000 | 73,274 | ||||||
Vodafone Group PLC | 55,000 | 53,649 | ||||||
|
| |||||||
425,826 | ||||||||
|
| |||||||
Consumer, Cyclical — 5.1% | ||||||||
Auto Manufacturers — 1.5% | ||||||||
Ford Motor Co. | 50,000 | 46,932 | ||||||
Toyota Motor Credit Corp., MTN | 25,000 | 24,964 | ||||||
|
| |||||||
71,896 | ||||||||
|
| |||||||
Retail — 3.6% | ||||||||
CVS Health Corp. | 45,000 | 46,253 | ||||||
Target Corp. | 45,000 | 44,323 |
Principal | Value | |||||||
Retail (Continued) | ||||||||
Walgreens Boots Alliance, Inc. | $ | 30,000 | $ | 29,886 | ||||
Wal-Mart Stores, Inc. | 39,000 | 51,495 | ||||||
|
| |||||||
171,957 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 19.3% | ||||||||
Agriculture — 1.4% | ||||||||
Altria Group, Inc. | 65,000 | 68,764 | ||||||
|
| |||||||
Beverages — 2.7% | ||||||||
Anheuser-Busch InBev Finance, Inc. | 40,000 | 40,177 | ||||||
3.65%, 2/01/26 | 27,000 | 27,263 | ||||||
4.625%, 2/01/44 | 40,000 | 41,421 | ||||||
PepsiCo, Inc. | 10,000 | 10,015 | ||||||
4.45%, 4/14/46 | 10,000 | 10,528 | ||||||
|
| |||||||
129,404 | ||||||||
|
| |||||||
Biotechnology — 1.5% | ||||||||
Amgen, Inc., 144A | 46,000 | 45,062 | ||||||
Gilead Sciences, Inc. | 25,000 | 25,752 | ||||||
|
| |||||||
70,814 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 1.4% | ||||||||
Procter & Gamble Co. | 50,000 | 65,756 | ||||||
|
| |||||||
Food — 2.8% | ||||||||
JM Smucker Co. | 50,000 | 52,036 | ||||||
Kellogg Co. | 40,000 | 42,356 | ||||||
Kraft Heinz Foods Co. | 35,000 | 43,136 | ||||||
|
| |||||||
137,528 | ||||||||
|
| |||||||
Healthcare-Products — 1.5% | ||||||||
Medtronic, Inc. | 50,000 | 51,991 | ||||||
Zimmer Biomet Holdings, Inc. | 20,000 | 18,939 | ||||||
|
| |||||||
70,930 | ||||||||
|
| |||||||
Healthcare-Services — 2.3% | ||||||||
Laboratory Corp. of America Holdings | 65,000 | 64,927 | ||||||
UnitedHealth Group, Inc. | 40,000 | 44,080 | ||||||
|
| |||||||
109,007 | ||||||||
|
| |||||||
Pharmaceuticals — 5.7% | ||||||||
AbbVie, Inc. | 75,000 | 73,865 | ||||||
Actavis Funding SCS | 50,000 | 50,750 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
AstraZeneca PLC | $ | 20,000 | $ | 25,835 | ||||
GlaxoSmithKline Capital PLC | 40,000 | 40,289 | ||||||
GlaxoSmithKline Capital, Inc. | 60,000 | 60,014 | ||||||
Johnson & Johnson | 20,000 | 26,504 | ||||||
|
| |||||||
277,257 | ||||||||
|
| |||||||
Energy — 9.8% | ||||||||
Oil & Gas — 5.9% | ||||||||
Apache Corp. | 40,000 | 40,342 | ||||||
BP Capital Markets PLC | 40,000 | 41,409 | ||||||
Phillips 66 | 60,000 | 64,733 | ||||||
Shell International Finance BV | 65,000 | 65,554 | ||||||
Total Capital International SA | 70,000 | 72,745 | ||||||
|
| |||||||
284,783 | ||||||||
|
| |||||||
Oil & Gas Services — 1.1% | ||||||||
Schlumberger Investment SA | 50,000 | 51,960 | ||||||
|
| |||||||
Pipelines — 2.8% | ||||||||
Enbridge, Inc. | 35,000 | 35,175 | ||||||
Enterprise Products Operating LLC | 45,000 | 44,833 | ||||||
Williams Partners LP / ACMP Finance Corp. | 55,000 | 55,504 | ||||||
|
| |||||||
135,512 | ||||||||
|
| |||||||
Financial — 31.7% | ||||||||
Banks — 25.4% | ||||||||
Bank of America Corp., MTN | 140,000 | 140,245 | ||||||
Bank of Nova Scotia | 25,000 | 25,478 | ||||||
BNP Paribas / BNP Paribas US Medium-Term Note Program LLC, MTN | 40,000 | 40,591 | ||||||
Capital One Financial Corp. | 36,000 | 35,069 | ||||||
Citigroup, Inc. | 40,000 | 39,938 | ||||||
5.30%, 5/06/44 | 40,000 | 42,662 | ||||||
Cooperatieve Rabobank UA | 70,000 | 75,465 | ||||||
Credit Suisse AG/New York NY, MTN | 100,000 | 106,727 | ||||||
Goldman Sachs Group, Inc. | 50,000 | 49,873 | ||||||
5.95%, 1/15/27 | 35,000 | 39,750 | ||||||
MTN, 4.80%, 7/08/44 | 40,000 | 41,903 |
Principal | Value | |||||||
Banks (Continued) | ||||||||
HSBC Holdings PLC | $ | 75,000 | $ | 81,029 | ||||
4.00%, 3/30/22 | 40,000 | 41,426 | ||||||
JPMorgan Chase & Co. | 50,000 | 50,680 | ||||||
3.125%, 1/23/25 | 37,000 | 36,331 | ||||||
5.60%, 7/15/41 | 45,000 | 53,164 | ||||||
Morgan Stanley | 45,000 | 45,649 | ||||||
GMTN, 4.35%, 9/08/26 | 40,000 | 40,984 | ||||||
4.30%, 1/27/45 | 40,000 | 39,775 | ||||||
PNC Financial Services Group, Inc. | 30,000 | 31,015 | ||||||
Royal Bank of Canada, MTN | 22,000 | 21,972 | ||||||
US Bancorp, MTN | 12,000 | 12,914 | ||||||
Wells Fargo & Co. | 40,000 | 41,476 | ||||||
3.00%, 10/23/26 | 50,000 | 47,904 | ||||||
5.606%, 1/15/44 | 35,000 | 39,862 | ||||||
|
| |||||||
1,221,882 | ||||||||
|
| |||||||
Diversified Financial Services — 1.5% | ||||||||
Synchrony Financial | 40,000 | �� | 40,708 | |||||
Visa, Inc. | 30,000 | 30,073 | ||||||
|
| |||||||
70,781 | ||||||||
|
| |||||||
Insurance — 2.7% | ||||||||
American International Group, Inc. | 50,000 | 48,744 | ||||||
Berkshire Hathaway, Inc. | 30,000 | 29,800 | ||||||
Chubb INA Holdings, Inc. | 50,000 | 50,484 | ||||||
|
| |||||||
129,028 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 2.1% | ||||||||
American Tower Corp. | 40,000 | 43,073 | ||||||
HCP, Inc. | 55,000 | 60,291 | ||||||
|
| |||||||
103,364 | ||||||||
|
| |||||||
Industrial — 5.6% | ||||||||
Aerospace/Defense — 1.8% | ||||||||
Lockheed Martin Corp. | 20,000 | 21,686 | ||||||
United Technologies Corp. | 65,000 | 66,762 | ||||||
|
| |||||||
88,448 | ||||||||
|
| |||||||
Machinery-Construction & Mining — 0.4% | ||||||||
Caterpillar, Inc. | 20,000 | 19,373 | ||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
Principal | Value | |||||||
Miscellaneous Manufacturing — 2.5% | ||||||||
General Electric Co. | $ | 40,000 | $ | 40,164 | ||||
MTN, 5.875%, 1/14/38 | 65,000 | 81,545 | ||||||
|
| |||||||
121,709 | ||||||||
|
| |||||||
Transportation — 0.9% | ||||||||
United Parcel Service, Inc. | 40,000 | 41,557 | ||||||
|
| |||||||
Technology — 6.7% | ||||||||
Computers — 2.6% | ||||||||
Apple, Inc. | 17,000 | 17,007 | ||||||
3.20%, 5/13/25 | 17,000 | 17,203 | ||||||
4.375%, 5/13/45 | 18,000 | 18,450 | ||||||
HP, Inc. | 70,000 | 73,570 | ||||||
|
| |||||||
126,230 | ||||||||
|
| |||||||
Semiconductors — 0.9% | ||||||||
Intel Corp. | 40,000 | 42,180 | ||||||
|
|
Principal | Value | |||||||
Software — 3.2% | ||||||||
Microsoft Corp. | $ | 85,000 | $ | 81,553 | ||||
Oracle Corp. | 73,000 | 75,241 | ||||||
|
| |||||||
156,794 | ||||||||
|
| |||||||
Utilities — 1.2% | ||||||||
Electric — 1.2% | ||||||||
Pacific Gas & Electric Co. | 45,000 | 56,141 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 4,592,699 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 95.4% | $ | 4,592,699 | ||||||
Other assets and liabilities, net — 4.6% | 222,615 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,815,314 | ||||||
|
|
† | The cost for federal income tax purposes was $4,707,932. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $115,233. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,348 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $125,581. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
2-Year U.S. Treasury Note | USD | 2 | $ | 433,625 | 3/31/2017 | $ | (12 | ) | ||||||||||||
5-Year U.S. Treasury Note | USD | 10 | 1,178,437 | 3/31/2017 | 78 | |||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 3 | 403,313 | 3/22/2017 | 26 | |||||||||||||||
10-Year U.S. Treasury Note | USD | 10 | 1,245,156 | 3/22/2017 | 156 | |||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 2 | 322,813 | 3/22/2017 | 188 | |||||||||||||||
U.S. Treasury Long Bond | USD | 8 | 1,210,250 | 3/22/2017 | 0 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 4,793,594 | $ | 436 | |||||||||||||||||
|
|
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 4,592,699 | $ | — | $ | 4,592,699 | ||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 448 | — | — | 448 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 448 | $ | 4,592,699 | $ | — | $ | 4,593,147 | ||||||||
|
|
|
|
|
| �� |
|
| ||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | $ | (12 | ) | $ | — | $ | — | $ | (12 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (12 | ) | $ | — | $ | — | $ | (12 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
November 30, 2016 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 96.6% | ||||||||
Arizona — 3.5% | ||||||||
Arizona Department of Transportation State Highway Fund, Fuel Sales Tax Revenue, Prerefund Sub-Series A | $ | 570,000 | $ | 661,588 | ||||
Arizona Department of Transportation State Highway Fund, Fuel Sales Tax Revenue, Sub-Series A | 1,430,000 | 1,627,283 | ||||||
|
| |||||||
2,288,871 | ||||||||
|
| |||||||
California — 17.9% | ||||||||
Bay Area Toll Authority, | 2,350,000 | 2,526,250 | ||||||
City of San Francisco CA Public Utilities Commission, Water Revenue | 1,500,000 | 1,668,315 | ||||||
City of San Francisco Public Utilities Commission, Water Revenue, | 100,000 | 111,221 | ||||||
Los Angeles Department of Water & Power, Series A, | 500,000 | 557,930 | ||||||
Los Angeles Department of Water, Water Revenue, Series A, | 3,000,000 | 3,359,970 | ||||||
M-S-R Energy Authority, Natural Gas Revenue, Series B, | 100,000 | 119,482 | ||||||
Series A, 6.50%, 11/01/39 | 500,000 | 645,460 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, | 600,000 | 640,866 | ||||||
San Francisco City & County Airport Commission—San Francisco International, Port, Airport and Marina Revenue, Series C, | 1,350,000 | 1,474,997 | ||||||
Southern California Public Power Authority, Natural Gas Revenue, Project No. 1, Series A, | 300,000 | 335,829 | ||||||
|
| |||||||
11,440,320 | ||||||||
|
| |||||||
Colorado — 0.3% | ||||||||
City & County of Denver Airport System, Private Airport & Marina Revenue, Series B, | 100,000 | 111,996 | ||||||
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A, | 50,000 | 57,416 | ||||||
|
| |||||||
169,412 | ||||||||
|
| |||||||
Connecticut — 0.2% | ||||||||
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, Series A, | 145,000 | 162,703 | ||||||
|
|
Principal | Value | |||||||
District of Columbia — 2.4% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, Sub Lien, Series C, | $ | 630,000 | $ | 697,435 | ||||
District of Columbia, Income Tax Revenue, Series C, | 750,000 | 839,122 | ||||||
|
| |||||||
1,536,557 | ||||||||
|
| |||||||
Florida — 4.5% | ||||||||
County of Miami-Dade Aviation, Private Airport & Marina Revenue, Series A, AMT, | 50,000 | 54,672 | ||||||
5.00%, 10/01/36 | 700,000 | 743,267 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 1,200,000 | 1,281,084 | ||||||
County of Miami-Dade Transit System, Sales Tax Revenue, | 50,000 | 54,469 | ||||||
County of Miami-Dade Water & Sewer System, Water Revenue, INS: AGM, | 500,000 | 546,730 | ||||||
Orlando-Orange Country Expressway Authority | 200,000 | 220,222 | ||||||
|
| |||||||
2,900,444 | ||||||||
|
| |||||||
Georgia — 2.1% | ||||||||
City of Atlanta GA Water & Wastewater Revenue | 1,100,000 | 1,210,968 | ||||||
County of DeKalb Water & Sewerage, Water Revenue, Series A, | 110,000 | 123,429 | ||||||
|
| |||||||
1,334,397 | ||||||||
|
| |||||||
Illinois — 4.4% | ||||||||
City of Springfield IL Electric Revenue | 1,600,000 | 1,604,384 | ||||||
Northern Illinois Municipal Power Agency, Electric, Power and Light Revenue, Series A, | 1,125,000 | 1,203,581 | ||||||
|
| |||||||
2,807,965 | ||||||||
|
| |||||||
Indiana — 4.9% | ||||||||
Indiana Finance Authority, Sewer Revenue, Series A, | 700,000 | 770,840 | ||||||
Indiana Municipal Power Agency | 2,200,000 | 2,390,102 | ||||||
|
| |||||||
3,160,942 | ||||||||
|
| |||||||
Louisiana — 2.0% | ||||||||
New Orleans Aviation Board, Series A, | 1,200,000 | 1,266,048 | ||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2016 (Unaudited)
Principal | Value | |||||||
Massachusetts — 4.1% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, Series A, | $ | 1,100,000 | $ | 1,224,927 | ||||
Massachusetts School Building Authority, Sales Tax Revenue, | 200,000 | 228,856 | ||||||
Series B, 5.00%, 8/15/28 | 505,000 | 574,786 | ||||||
Series B, 5.00%, 8/15/29 | 520,000 | 590,075 | ||||||
|
| |||||||
2,618,644 | ||||||||
|
| |||||||
New Jersey — 5.0% | ||||||||
New Jersey State Turnpike Authority, Highway Tolls Revenue, | 700,000 | 763,966 | ||||||
Series E, 5.00%, 1/01/45 | 2,225,000 | 2,402,889 | ||||||
|
| |||||||
3,166,855 | ||||||||
|
| |||||||
New York — 21.3% | ||||||||
Long Island Power Authority, | 700,000 | 766,738 | ||||||
Metropolitan Transportation Authority, New York Transit Revenue, | 100,000 | 110,058 | ||||||
Sub-Series A-1, 5.00%, 11/15/45 | 1,300,000 | 1,410,942 | ||||||
Metropolitan Transportation Authority, Transit Revenue, Sub-Series D-1, | 1,000,000 | 1,125,060 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Revenue, | 390,000 | 436,437 | ||||||
Sub-Series A-1, 5.00%, 11/01/38 | 1,160,000 | 1,307,830 | ||||||
Series F-1, 5.00%, 5/01/39 | 350,000 | 389,393 | ||||||
Sub-Series B-1, 5.00%, 8/01/39 | 600,000 | 679,446 | ||||||
New York City Water & Sewer System, Water Revenue, | 150,000 | 166,838 | ||||||
Series BB, 5.00%, 6/15/44 | 240,000 | 266,952 | ||||||
Series CC, 5.00%, 6/15/45 | 225,000 | 249,480 | ||||||
Series FF, 5.00%, 6/15/45 | 300,000 | 331,872 | ||||||
Series BB, 5.00%, 6/15/47 | 1,950,000 | 2,175,420 | ||||||
New York Liberty Development Corp., Class 1, | 530,000 | 590,266 | ||||||
Port Authority of New York & New Jersey | 1,100,000 | 1,222,243 | ||||||
Utility Debt Securitization Authority, New York Restructuring, Series TE, | 2,100,000 | 2,369,052 | ||||||
|
| |||||||
13,598,027 | ||||||||
|
| |||||||
Pennsylvania — 2.8% | ||||||||
Pennsylvania Turnpike Commission, Highway Tolls Revenue, | 520,000 | 565,328 | ||||||
Series A-1, 5.00%, 12/01/46 | 1,100,000 | 1,186,251 | ||||||
|
| |||||||
1,751,579 | ||||||||
|
|
Principal | Value | |||||||
South Carolina — 3.4% | ||||||||
South Carolina Public Service Authority, | $ | 1,000,000 | $ | 1,088,620 | ||||
Series E, 5.00%, 12/01/48 | 1,000,000 | 1,091,800 | ||||||
|
| |||||||
2,180,420 | ||||||||
|
| |||||||
Texas — 14.3% | ||||||||
Central Texas Regional Mobility Authority, Series A, | 1,000,000 | 1,069,030 | ||||||
City of Houston Combined Utility System, Water Revenue, Series B, | 1,000,000 | 1,129,680 | ||||||
City of Houston TX Combined Utility System Revenue, Series B, | 1,000,000 | 1,132,380 | ||||||
Dallas Area Rapid Transit, Series A, | 1,600,000 | 1,781,360 | ||||||
Dallas/Fort Worth International Airport, Private Airport & Marina Revenue, | 300,000 | 317,661 | ||||||
Series C, 5.00%, 11/01/45 | 350,000 | 372,158 | ||||||
Midland County Fresh Water Supply District No. 1, Midland Projects, Water Revenue, Series A, | 1,000,000 | 1,099,420 | ||||||
Texas Transportation Commission, Highway Tolls Revenue, Series A, | 900,000 | 977,022 | ||||||
Texas Water Development Board, Series A, | 1,100,000 | 1,224,014 | ||||||
|
| |||||||
9,102,725 | ||||||||
|
| |||||||
Virginia — 0.9% | ||||||||
Virginia Small Business Financing Authority, Highway Tolls Revenue, Elizabeth River Crossings, AMT, | 500,000 | 562,370 | ||||||
|
| |||||||
Washington — 2.6% | ||||||||
Central Puget Sound Regional Transit Authority, Series S1, | 1,100,000 | 1,219,229 | ||||||
Port of Seattle, Private Airport & Marina Revenue, Series A, | 400,000 | 447,456 | ||||||
|
| |||||||
1,666,685 | ||||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 61,714,964 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 96.6% | $ | 61,714,964 | ||||||
Other assets and liabilities, net — 3.4% | 2,156,576 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 63,871,540 | ||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2016 (Unaudited)
† | The cost for federal income tax purposes was $64,369,015. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $2,654,051. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $376,381 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,030,432. |
AGM: | Assured Guaranty Municipal Corp |
AMT: | Alternative Minimum Tax |
INS: | Insured |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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 | ||||||||||||
Municipal Bonds (a) | $ | — | $ | 61,714,964 | $ | — | $ | 61,714,964 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 61,714,964 | $ | — | $ | 61,714,964 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 4.8% | ||||||||
Amcor Ltd. | 1,436 | $ | 15,249 | |||||
ASX Ltd. | 241 | 8,660 | ||||||
Aurizon Holdings Ltd. | 2,546 | 9,363 | ||||||
Bendigo & Adelaide Bank Ltd. | 574 | 5,108 | ||||||
Crown Resorts Ltd. | 453 | 3,927 | ||||||
Flight Centre Travel Group Ltd. | 69 | 1,702 | ||||||
Harvey Norman Holdings Ltd. | 688 | 2,413 | ||||||
Insurance Australia Group Ltd. | 3,018 | 12,458 | ||||||
LendLease Group (a) | 685 | 6,884 | ||||||
Medibank Pvt Ltd. | 3,418 | 6,562 | ||||||
Sonic Healthcare Ltd. | 490 | 7,888 | ||||||
Tabcorp Holdings Ltd. | 1,031 | 3,571 | ||||||
Tatts Group Ltd. | 1,815 | 5,616 | ||||||
Telstra Corp. Ltd. | 5,299 | 19,761 | ||||||
Wesfarmers Ltd. | 1,396 | 43,070 | ||||||
Woodside Petroleum Ltd. | 941 | 20,582 | ||||||
|
| |||||||
172,814 | ||||||||
|
| |||||||
Brazil — 1.5% | ||||||||
Ambev SA | 6,049 | 30,674 | ||||||
BB Seguridade Participacoes SA | 747 | 6,248 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 1,924 | 9,449 | ||||||
CCR SA | 1,077 | 4,684 | ||||||
CETIP SA — Mercados Organizados | 155 | 2,033 | ||||||
Engie Brasil Energia SA | 121 | 1,283 | ||||||
Transmissora Alianca de Energia Eletrica SA | 86 | 472 | ||||||
|
| |||||||
54,843 | ||||||||
|
| |||||||
Canada — 12.0% | ||||||||
Bank of Montreal | 800 | 52,724 | ||||||
Bank of Nova Scotia | 1,492 | 82,347 | ||||||
BCE, Inc. | 182 | 7,843 | ||||||
Canadian Imperial Bank of Commerce | 490 | 38,659 | ||||||
CI Financial Corp. | 305 | 6,033 | ||||||
Emera, Inc. | 62 | 2,082 | ||||||
Great-West Lifeco, Inc. | 370 | 9,740 | ||||||
IGM Financial, Inc. | 120 | 3,475 | ||||||
Keyera Corp. | 228 | 6,553 | ||||||
Peyto Exploration & Development Corp. | 204 | 5,021 | ||||||
Power Corp. of Canada | 463 | 10,340 | ||||||
Power Financial Corp. | 310 | 7,828 | ||||||
Rogers Communications, Inc., Class B | 449 | 17,348 | ||||||
Royal Bank of Canada | 1,842 | 119,408 | ||||||
Shaw Communications, Inc., Class B | 515 | 10,079 | ||||||
TELUS Corp. | 242 | 7,559 | ||||||
TransCanada Corp. | 1,060 | 47,606 | ||||||
|
| |||||||
434,645 | ||||||||
|
| |||||||
Chile — 0.2% | ||||||||
Banco de Chile | 31,696 | 3,579 | ||||||
Banco Santander Chile | 84,163 | 4,544 | ||||||
|
| |||||||
8,123 | ||||||||
|
|
Number | Value | |||||||
China — 6.1% | ||||||||
Agricultural Bank of China Ltd., Class H | 30,477 | $ | 12,770 | |||||
Bank of China Ltd., Class H | 98,513 | 44,834 | ||||||
Belle International Holdings Ltd. | 7,832 | 4,493 | ||||||
China Construction Bank Corp., Class H | 104,373 | 77,777 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 3,264 | 12,687 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 1,100 | 1,659 | ||||||
Country Garden Holdings Co. Ltd. | 6,841 | 3,828 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 91,506 | 56,037 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 1,501 | 2,001 | ||||||
Longfor Properties Co. Ltd. | 1,785 | 2,294 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 1,529 | 1,321 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,855 | 1,983 | ||||||
|
| |||||||
221,684 | ||||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
Komercni banka as | 95 | 3,142 | ||||||
Moneta Money Bank AS, 144A* | 513 | 1,674 | ||||||
|
| |||||||
4,816 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 142 | 2,555 | ||||||
|
| |||||||
Finland — 2.1% | ||||||||
Elisa OYJ | 177 | 5,557 | ||||||
Fortum OYJ | 551 | 8,000 | ||||||
Metso OYJ | 141 | 3,990 | ||||||
Nokian Renkaat OYJ | 143 | 5,165 | ||||||
Orion OYJ, Class B | 128 | 5,443 | ||||||
Sampo OYJ, Class A | 555 | 24,534 | ||||||
Stora Enso OYJ, Class R | 686 | 6,620 | ||||||
UPM-Kymmene OYJ | 663 | 15,178 | ||||||
|
| |||||||
74,487 | ||||||||
|
| |||||||
France — 9.2% | ||||||||
AXA SA | 2,403 | 56,616 | ||||||
Bouygues SA | 255 | 8,648 | ||||||
CNP Assurances | 210 | 3,688 | ||||||
Edenred | 260 | 5,482 | ||||||
Eutelsat Communications SA | 215 | 3,870 | ||||||
Sanofi | 1,438 | 115,997 | ||||||
SCOR SE | 200 | 6,352 | ||||||
TOTAL SA | 2,791 | 132,979 | ||||||
|
| |||||||
333,632 | ||||||||
|
| |||||||
Germany — 8.9% | ||||||||
Allianz SE | 567 | 90,020 | ||||||
Axel Springer SE | 54 | 2,316 | ||||||
BASF SE | 1,139 | 97,769 | ||||||
Daimler AG | 1,195 | 79,487 | ||||||
Evonik Industries AG | 203 | 5,660 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 200 | 36,427 | ||||||
ProSiebenSat.1 Media SE | 289 | 9,904 | ||||||
|
| |||||||
321,583 | ||||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Hong Kong — 3.2% | ||||||||
BOC Hong Kong Holdings Ltd. | 4,593 | $ | 17,232 | |||||
China Everbright Ltd. | 1,149 | 2,320 | ||||||
China Resources Power Holdings Co. Ltd. | 2,445 | 4,022 | ||||||
CLP Holdings Ltd. | 2,035 | 19,900 | ||||||
Hang Lung Properties Ltd. | 2,776 | 6,256 | ||||||
Hang Seng Bank Ltd. | 948 | 17,966 | ||||||
HKT Trust & HKT Ltd. (a) | 3,258 | 4,251 | ||||||
New World Development Co. Ltd. | 7,113 | 7,923 | ||||||
NWS Holdings Ltd. | 1,900 | 3,282 | ||||||
Power Assets Holdings Ltd. | 1,719 | 16,400 | ||||||
Shimao Property Holdings Ltd. | 1,465 | 1,915 | ||||||
Sino Land Co. Ltd. | 3,807 | 5,988 | ||||||
Swire Pacific Ltd., Class A | 671 | 6,683 | ||||||
Yue Yuen Industrial Holdings Ltd. | 919 | 3,312 | ||||||
|
| |||||||
117,450 | ||||||||
|
| |||||||
Indonesia — 0.1% | ||||||||
PT Gudang Garam Tbk | 600 | 2,878 | ||||||
|
| |||||||
Italy — 0.6% | ||||||||
Snam SpA | 3,028 | 11,726 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,857 | 8,054 | ||||||
UnipolSai SpA (b) | 1,455 | 2,776 | ||||||
|
| |||||||
22,556 | ||||||||
|
| |||||||
Japan — 1.9% | ||||||||
Canon, Inc. | 1,300 | 37,055 | ||||||
Nissan Motor Co. Ltd. | 3,000 | 27,704 | ||||||
Sony Financial Holdings, Inc. | 200 | 2,885 | ||||||
|
| |||||||
67,644 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
SES SA FDR | 450 | 9,727 | ||||||
|
| |||||||
Macau — 0.4% | ||||||||
Sands China Ltd. | 3,001 | 14,780 | ||||||
|
| |||||||
Malaysia — 0.6% | ||||||||
Alliance Financial Group Bhd | 1,300 | 1,121 | ||||||
Astro Malaysia Holdings Bhd | 2,200 | 1,286 | ||||||
British American Tobacco Malaysia Bhd | 200 | 1,980 | ||||||
DiGi.Com Bhd | 4,500 | 4,907 | ||||||
Malayan Banking Bhd | 4,200 | 7,307 | ||||||
Maxis Bhd | 2,400 | 3,208 | ||||||
MISC Bhd | 1,200 | 1,972 | ||||||
|
| |||||||
21,781 | ||||||||
|
| |||||||
Mexico — 0.1% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,899 | 3,331 | ||||||
|
| |||||||
Netherlands — 0.1% | ||||||||
Boskalis Westminster | 114 | 3,558 | ||||||
|
| |||||||
New Zealand — 0.4% | ||||||||
Contact Energy Ltd. | 890 | 2,963 | ||||||
Fletcher Building Ltd. | 860 | 6,261 | ||||||
Spark New Zealand Ltd. | 2,266 | 5,833 | ||||||
|
| |||||||
15,057 | ||||||||
|
|
Number | Value | |||||||
Norway — 0.6% | ||||||||
Gjensidige Forsikring ASA | 250 | $ | 3,999 | |||||
Orkla ASA | 1,012 | 9,022 | ||||||
Yara International ASA | 221 | 8,177 | ||||||
|
| |||||||
21,198 | ||||||||
|
| |||||||
Philippines — 0.0% | ||||||||
Globe Telecom, Inc. | 35 | 1,027 | ||||||
|
| |||||||
Poland — 0.3% | ||||||||
Bank Handlowy w Warszawie SA | 40 | 640 | ||||||
Bank Pekao SA | 194 | 5,456 | ||||||
Bank Zachodni WBK SA | 44 | 3,063 | ||||||
|
| |||||||
9,159 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 2,877 | 8,315 | ||||||
|
| |||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. | 146 | 1,235 | ||||||
Masraf Al Rayan QSC | 443 | 4,112 | ||||||
Qatar Electricity & Water Co. QSC | 33 | 1,931 | ||||||
Qatar Islamic Bank SAQ | 71 | 1,938 | ||||||
|
| |||||||
9,216 | ||||||||
|
| |||||||
Russia — 2.2% | ||||||||
Gazprom PJSC | 14,689 | 33,848 | ||||||
LUKOIL PJSC | 527 | 26,017 | ||||||
MMC Norilsk Nickel PJSC | 69 | 11,082 | ||||||
Moscow Exchange MICEX-RTS PJSC | 1,695 | 3,106 | ||||||
PhosAgro PJSC, GDR | 124 | 1,705 | ||||||
Rostelecom PJSC | 1,086 | 1,423 | ||||||
Severstal PJSC | 259 | 3,853 | ||||||
|
| |||||||
81,034 | ||||||||
|
| |||||||
Singapore — 2.6% | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 3,900 | $ | 24,706 | |||||
Singapore Airlines Ltd. | 700 | 4,884 | ||||||
Singapore Exchange Ltd. | 1,000 | 5,093 | ||||||
Singapore Press Holdings Ltd. | 2,000 | 5,232 | ||||||
Singapore Technologies Engineering Ltd. | 1,900 | 4,480 | ||||||
Singapore Telecommunications Ltd. | 9,900 | 26,108 | ||||||
StarHub Ltd. | 700 | 1,407 | ||||||
United Overseas Bank Ltd. | 1,600 | 22,783 | ||||||
|
| |||||||
94,693 | ||||||||
|
| |||||||
South Africa — 2.4% | ||||||||
Barclays Africa Group Ltd. | 529 | 5,911 | ||||||
Bidvest Group Ltd. | 394 | 4,557 | ||||||
Coronation Fund Managers Ltd. | 278 | 1,418 | ||||||
FirstRand Ltd. | 4,169 | 14,955 | ||||||
Foschini Group Ltd. | 271 | 2,856 | ||||||
Imperial Holdings Ltd. | 191 | 2,301 | ||||||
Investec Ltd. (b) | 310 | 1,981 | ||||||
Investec PLC | 813 | 5,290 | ||||||
Liberty Holdings Ltd. | 138 | 1,086 | ||||||
Life Healthcare Group Holdings Ltd. | 1,156 | 2,549 | ||||||
MMI Holdings Ltd. | 1,237 | 1,931 | ||||||
Mr Price Group Ltd. | 302 | 3,112 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
South Africa (Continued) | ||||||||
Nedbank Group Ltd. | 248 | $ | 4,052 | |||||
RMB Holdings Ltd. | 870 | 3,856 | ||||||
Sibanye Gold Ltd. | 912 | 1,890 | ||||||
Standard Bank Group Ltd. | 1,603 | 17,194 | ||||||
Truworths International Ltd. | 577 | 2,876 | ||||||
Vodacom Group Ltd. | 452 | 4,647 | ||||||
Woolworths Holdings Ltd. | 1,222 | 5,636 | ||||||
|
| |||||||
88,098 | ||||||||
|
| |||||||
South Korea — 0.1% | ||||||||
SK Telecom Co. Ltd. | 26 | 5,026 | ||||||
|
| |||||||
Spain — 0.9% | ||||||||
Enagas SA | 282 | 6,949 | ||||||
Endesa SA | 395 | 8,166 | ||||||
Gas Natural SDG SA | 437 | 7,480 | ||||||
Red Electrica Corp. SA | 538 | 9,579 | ||||||
|
| |||||||
32,174 | ||||||||
|
| |||||||
Sweden — 1.5% | ||||||||
Hennes & Mauritz AB, Class B | 1,178 | 34,218 | ||||||
Skanska AB, Class B | 424 | 9,746 | ||||||
Telia Co. AB | 3,227 | 12,128 | ||||||
|
| |||||||
56,092 | ||||||||
|
| |||||||
Switzerland — 2.9% | ||||||||
Swiss Prime Site AG | 88 | 7,201 | ||||||
Swiss Re AG | 403 | 37,101 | ||||||
Swisscom AG | 32 | 13,676 | ||||||
Zurich Insurance Group AG | 187 | 49,017 | ||||||
|
| |||||||
106,995 | ||||||||
|
| |||||||
Taiwan — 5.8% | ||||||||
Advanced Semiconductor Engineering, Inc. | 7,851 | 8,437 | ||||||
Catcher Technology Co. Ltd. | 811 | 5,890 | ||||||
Cathay Financial Holding Co. Ltd. | 10,109 | 14,875 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,386 | 4,492 | ||||||
Chicony Electronics Co. Ltd. | 651 | 1,534 | ||||||
Chunghwa Telecom Co. Ltd. | 4,675 | 15,768 | ||||||
Compal Electronics, Inc. | 5,173 | 2,946 | ||||||
CTBC Financial Holding Co. Ltd. | 21,668 | 11,897 | ||||||
Delta Electronics, Inc. | 2,410 | 12,098 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,080 | 4,816 | ||||||
Feng TAY Enterprise Co. Ltd. | 409 | 1,533 | ||||||
First Financial Holding Co. Ltd. | 11,684 | 6,159 | ||||||
Formosa Plastics Corp. | 5,102 | 14,535 | ||||||
Formosa Taffeta Co. Ltd. | 865 | 809 | ||||||
Fubon Financial Holding Co. Ltd. | 8,236 | 12,778 | ||||||
Highwealth Construction Corp. | 997 | 1,495 | ||||||
Hon Hai Precision Industry Co. Ltd. | 19,188 | 49,365 | ||||||
Inventec Corp. | 3,094 | 2,092 | ||||||
MediaTek, Inc. | 1,850 | 12,856 | ||||||
Merida Industry Co. Ltd. | 295 | 1,291 | ||||||
Nanya Technology Corp. | 848 | 1,184 | ||||||
Novatek Microelectronics Corp. | 714 | 2,375 | ||||||
Phison Electronics Corp. | 183 | 1,398 | ||||||
Realtek Semiconductor Corp. | 562 | 1,746 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Siliconware Precision Industries Co. Ltd. | 2,696 | $ | 4,081 | |||||
Taiwan Mobile Co. Ltd. | 2,120 | 7,150 | ||||||
Transcend Information, Inc. | 237 | 650 | ||||||
Vanguard International Semiconductor Corp. | 1,115 | 2,102 | ||||||
Yuanta Financial Holding Co. Ltd. | 11,773 | 4,266 | ||||||
Zhen Ding Technology Holding Ltd. | 494 | 993 | ||||||
|
| |||||||
211,611 | ||||||||
|
| |||||||
Thailand — 0.7% | ||||||||
Advanced Info Service PCL, NVDR | 1,300 | 5,265 | ||||||
Delta Electronics Thailand PCL, NVDR | 600 | 1,274 | ||||||
Glow Energy PCL, NVDR | 600 | 1,329 | ||||||
Krung Thai Bank PCL, NVDR | 4,300 | 2,121 | ||||||
PTT Global Chemical PCL, NVDR | 2,600 | 4,554 | ||||||
Siam Commercial Bank PCL, NVDR | 2,400 | 9,854 | ||||||
|
| |||||||
24,397 | ||||||||
|
| |||||||
Turkey — 0.2% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,727 | 2,368 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 152 | 948 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 158 | 3,150 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 874 | 845 | ||||||
|
| |||||||
7,311 | ||||||||
|
| |||||||
United Arab Emirates — 0.5% | ||||||||
Abu Dhabi Commercial Bank PJSC | 2,423 | 4,090 | ||||||
Dubai Islamic Bank PJSC | 1,168 | 1,666 | ||||||
Emirates Telecommunications Group Co. PJSC | 1,692 | 8,592 | ||||||
First Gulf Bank PJSC | 1,143 | 3,610 | ||||||
|
| |||||||
17,958 | ||||||||
|
| |||||||
United Kingdom — 24.9% | ||||||||
Aberdeen Asset Management PLC | 1,143 | 3,833 | ||||||
Admiral Group PLC | 261 | 6,208 | ||||||
AstraZeneca PLC | 1,568 | 81,409 | ||||||
BAE Systems PLC | 3,934 | 29,558 | ||||||
Berkeley Group Holdings PLC | 162 | 5,021 | ||||||
British American Tobacco PLC | 2,311 | 127,040 | ||||||
Direct Line Insurance Group PLC | 1,698 | 7,376 | ||||||
G4S PLC | 1,918 | 5,858 | ||||||
GlaxoSmithKline PLC | 6,045 | 113,113 | ||||||
HSBC Holdings PLC | 22,786 | 181,095 | ||||||
ICAP PLC | 686 | 4,179 | ||||||
IMI PLC | 335 | 4,066 | ||||||
Imperial Brands PLC | 1,187 | 50,986 | ||||||
Inmarsat PLC | 569 | 5,058 | ||||||
ITV PLC | 4,483 | 9,423 | ||||||
Legal & General Group PLC | 7,378 | 21,768 | ||||||
Marks & Spencer Group PLC | 2,010 | 8,267 | ||||||
National Grid PLC | 4,665 | 53,302 | ||||||
Old Mutual PLC | 6,113 | 14,525 | ||||||
Pearson PLC | 1,018 | 10,132 | ||||||
Persimmon PLC | 382 | 8,125 | ||||||
Petrofac Ltd. | 319 | 3,171 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Provident Financial PLC | 183 | $ | 6,674 | |||||
Rio Tinto Ltd. | 526 | 22,431 | ||||||
Rio Tinto PLC | 1,533 | 57,351 | ||||||
Severn Trent PLC | 290 | 7,936 | ||||||
Sky PLC | 1,275 | 12,459 | ||||||
SSE PLC | 1,247 | 23,014 | ||||||
Standard Life PLC | 2,446 | 10,577 | ||||||
Tate & Lyle PLC | 575 | 4,878 | ||||||
William Hill PLC | 1,074 | 4,049 | ||||||
|
| |||||||
902,882 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,585,130 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG | 68 | 4,882 | ||||||
|
| |||||||
Russia — 0.1% | ||||||||
Surgutneftegas OJSC | 8,589 | 4,178 | ||||||
|
|
Number | Value | |||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. | 29 | $ | 2,377 | |||||
Hyundai Motor Co. — 2nd Preferred | 47 | 3,992 | ||||||
|
| |||||||
6,369 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 15,429 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 8,563 | 8,563 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% | $ | 3,609,122 | ||||||
Other assets and liabilities, net — 0.6% | 21,374 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,630,496 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,731,011. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $121,889. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $116,412 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $238,301. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $8,131, which is 0.2% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
FDR: | Fiduciary Depositary Receipt |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 12/5/2016 | AUD | 38,000 | USD | 28,892 | $ | 834 | |||||||||||
The Bank of New York Mellon | 12/5/2016 | AUD | 1,100 | USD | 836 | 24 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 7,500 | USD | 5,737 | 199 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 191,897 | USD | 145,890 | 4,203 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 63,900 | USD | 48,580 | 1,399 | ||||||||||||
RBC Capital Markets | 12/5/2016 | BRL | 3,000 | USD | 936 | 51 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | BRL | 181,379 | USD | 56,752 | 3,204 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 12,211 | USD | 3,749 | 144 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CAD | 130,000 | USD | 97,018 | 235 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CAD | 46,000 | USD | 34,329 | 83 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 105,360 | USD | 78,623 | 184 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 19,100 | USD | 14,260 | $ | 40 | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 230,029 | USD | 171,654 | 402 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 7,500 | USD | 5,597 | 13 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CHF | 13,000 | USD | 13,168 | 376 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CHF | 3,300 | USD | 3,342 | 95 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 2,600 | USD | 2,660 | 102 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 800 | USD | 810 | 23 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 16,900 | USD | 17,116 | 486 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 58,000 | USD | 58,741 | 1,670 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CLP | 7,364,000 | USD | 11,285 | 395 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 122,000 | USD | 187 | 7 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 122,000 | USD | 187 | 7 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CZK | 145,600 | USD | 5,913 | 204 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 44,900 | USD | 1,760 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 7,000 | USD | 1,033 | 35 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 60,000 | USD | 65,855 | 2,245 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 121,500 | USD | 133,366 | 4,555 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 35,000 | USD | 38,413 | 1,307 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 309,529 | USD | 339,715 | 11,560 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 166,236 | USD | 182,448 | 6,208 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 3,000 | USD | 3,293 | 112 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 21,300 | USD | 23,544 | 962 | ||||||||||||
RBC Capital Markets | 12/5/2016 | GBP | 175,000 | USD | 213,787 | (5,214 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 2,600 | USD | 3,176 | (78 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 158,606 | USD | 193,743 | (4,741 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 23,700 | USD | 29,046 | (613 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 421,761 | USD | 515,198 | (12,607 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | HKD | 857,000 | USD | 110,536 | 44 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 1,602,200 | USD | 206,637 | 68 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 95,200 | USD | 12,278 | 5 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 339,900 | USD | 43,835 | 13 | ||||||||||||
RBC Capital Markets | 12/5/2016 | HUF | 110,000 | USD | 391 | 19 | ||||||||||||
RBC Capital Markets | 12/5/2016 | IDR | 57,515,000 | USD | 4,382 | 141 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 7,257,500 | USD | 552 | 17 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 7,257,500 | USD | 552 | 17 | ||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 1,148,000 | USD | 10,936 | 898 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | JPY | 726,100 | USD | 6,916 | 567 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 2,276,000 | USD | 21,678 | 1,777 | ||||||||||||
RBC Capital Markets | 12/5/2016 | KRW | 5,238,000 | USD | 4,569 | 89 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 23,368,000 | USD | 20,355 | 367 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 67,900 | USD | 3,597 | 299 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 16,000 | USD | 848 | 71 | ||||||||||||
RBC Capital Markets | 12/5/2016 | MYR | 103,000 | USD | 24,511 | 1,453 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MYR | 26,500 | USD | 6,313 | 380 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NOK | 55,000 | USD | 6,666 | 205 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 223,700 | USD | 27,110 | 834 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 67,500 | USD | 8,180 | 252 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 17,200 | USD | 2,095 | 75 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | NZD | 7,700 | USD | 5,502 | 49 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 600 | USD | 429 | 4 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 900 | USD | 655 | 18 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 9,400 | USD | 6,716 | 60 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | PLN | 68,900 | USD | 17,492 | 1,100 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 4,900 | USD | 1,169 | 3 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | RUB | 32,590 | USD | 508 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | RUB | 3,903,970 | USD | 60,952 | 155 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 12/5/2016 | SEK | 86,000 | USD | 9,547 | $ | 219 | |||||||||||
The Bank of New York Mellon | 12/5/2016 | SEK | 591,700 | USD | 65,679 | 1,500 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 19,100 | USD | 2,137 | 66 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 6,700 | USD | 744 | 17 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 7,400 | USD | 821 | 19 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 28,850 | USD | 20,729 | 601 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SGD | 38,000 | USD | 27,305 | 794 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 3,200 | USD | 2,300 | 67 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 44,400 | USD | 31,909 | 932 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | TRY | 27,500 | USD | 8,817 | 822 | ||||||||||||
RBC Capital Markets | 12/5/2016 | TWD | 1,166,000 | USD | 36,908 | 319 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 6,039,840 | USD | 191,134 | 1,605 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 189,108 | USD | 6,000 | 66 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 16,363 | PLN | 68,900 | 30 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 20,104 | SGD | 28,850 | 24 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 7,985 | TRY | 27,500 | 9 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 28,059 | AUD | 38,000 | (2 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 885 | BRL | 3,000 | 1 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 96,683 | CAD | 130,000 | 100 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 12,753 | CHF | 13,000 | 39 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 10,932 | CLP | 7,364,000 | (43 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 63,495 | EUR | 60,000 | 115 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 218,646 | GBP | 175,000 | 355 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 110,484 | HKD | 857,000 | 7 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 373 | HUF | 110,000 | 0 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 4,233 | IDR | 57,515,000 | 8 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 10,076 | JPY | 1,147,999 | (38 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 4,452 | KRW | 5,238,000 | 28 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 23,043 | MYR | 103,000 | 16 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 6,461 | NOK | 55,000 | (1 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 9,317 | SEK | 86,000 | 11 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 26,533 | SGD | 38,000 | (21 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 36,517 | TWD | 1,166,000 | 71 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 27,362 | ZAR | 384,000 | (113 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 812 | AUD | 1,100 | 0 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 53,528 | BRL | 181,379 | 20 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 34,227 | CAD | 46,000 | 19 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 3,240 | CHF | 3,300 | 8 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 5,689 | CZK | 145,600 | 19 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 128,645 | EUR | 121,500 | 166 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 3,245 | GBP | 2,600 | 9 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 206,560 | HKD | 1,602,200 | 9 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 6,355 | JPY | 726,100 | (6 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 5,444 | NZD | 7,700 | 8 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 511 | RUB | 32,590 | (3 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 63,947 | SEK | 591,700 | 232 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 9,657 | ZAR | 135,900 | (14 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,509 | AUD | 3,300 | (72 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 192,084 | AUD | 259,997 | (115 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,597 | BRL | 12,211 | 8 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 266,552 | CAD | 358,389 | 262 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,691 | CAD | 3,600 | (10 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 76,879 | CHF | 78,300 | 167 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 361 | CLP | 244,000 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,824 | CZK | 44,900 | (64 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 998 | DKK | 7,000 | (1 | ) |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 565,215 | EUR | 532,766 | $ | (390 | ) | ||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,554 | EUR | 2,300 | (116 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,321 | GBP | 1,900 | 57 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 7,625 | GBP | 6,200 | 134 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 744,644 | GBP | 595,967 | 1,167 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 271 | HKD | 2,100 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 43,215 | HKD | 335,200 | 2 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 619 | HKD | 4,800 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 11,994 | HKD | 93,000 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,075 | IDR | 14,515,000 | (5 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,212 | JPY | 232,200 | (181 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 17,939 | JPY | 2,043,800 | (68 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,116 | KRW | 9,552,000 | 55 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 12,035 | KRW | 13,816,000 | (217 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,098 | MXN | 83,900 | (23 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,561 | MYR | 11,480 | 9 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,578 | MYR | 15,020 | (215 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 36,227 | NOK | 308,400 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 7,725 | NZD | 10,900 | (7 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 721 | PLN | 2,800 | (55 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 533 | PLN | 2,100 | (33 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 60,952 | RUB | 3,903,970 | (155 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,597 | SEK | 33,200 | 4 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,653 | SGD | 2,300 | (48 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 31,625 | SGD | 45,300 | (20 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 27,002 | TWD | 853,250 | (227 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 168,782 | TWD | 5,375,698 | (94 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,672 | ZAR | 22,700 | (62 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 58,294 | ZAR | 817,650 | (275 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | ZAR | 384,000 | USD | 28,293 | 1,045 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | ZAR | 135,900 | USD | 10,015 | 372 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 341,000 | USD | 25,123 | 926 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 460,550 | USD | 33,931 | 1,251 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 38,800 | USD | 2,864 | 110 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | AED | 69,200 | USD | 18,830 | (11 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | QAR | 23,750 | USD | 6,510 | (11 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 59,000 | USD | 1,683 | 30 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 547,000 | USD | 15,607 | 276 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 18,843 | AED | 69,200 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 6,526 | QAR | 23,750 | (4 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 16,987 | THB | 606,000 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | AED | 74,000 | USD | 20,139 | (6 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | AUD | 267,000 | USD | 196,997 | 18 | ||||||||||||
The Bank of New York Mellon | 1/5/2017 | BRL | 198,000 | USD | 57,810 | (94 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | CAD | 592,000 | USD | 440,435 | (464 | ) | |||||||||||
The Bank of New York Mellon | 1/5/2017 | CHF | 109,000 | USD | 107,270 | (247 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | CLP | 5,534,000 | USD | 8,215 | 51 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CZK | 123,000 | USD | 4,842 | 1 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 18,000 | USD | 2,571 | 2 | ||||||||||||
Goldman Sachs & Co. | 1/5/2017 | EUR | 2,000 | USD | 2,124 | 0 | ||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 762,000 | USD | 807,846 | (1,474 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | GBP | 718,000 | USD | 898,044 | (1,410 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | HKD | 2,761,000 | USD | 355,986 | (62 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | IDR | 37,994,000 | USD | 2,772 | (17 | ) | |||||||||||
RBC Capital Markets | 1/5/2017 | KRW | 13,299,000 | USD | 11,303 | (72 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | MXN | 69,000 | USD | 3,357 | 19 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 1/5/2017 | MYR | 98,000 | USD | 21,778 | $ | (135 | ) | ||||||||||||||||
RBC Capital Markets | 1/5/2017 | NOK | 183,000 | USD | 21,499 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | PLN | 38,000 | USD | 9,060 | 23 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | QAR | 33,000 | USD | 9,041 | (13 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | SEK | 518,000 | USD | 56,229 | (76 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | SGD | 135,000 | USD | 94,240 | 49 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | THB | 916,000 | USD | 25,655 | (12 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | TRY | 25,000 | USD | 7,234 | 20 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | TWD | 6,765,000 | USD | 211,803 | (703 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | USD | 2,506 | GBP | 2,000 | 0 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | USD | 387 | HKD | 3,000 | 0 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | USD | 188 | TWD | 6,000 | 0 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | ZAR | 5,000 | USD | 352 | 0 | ||||||||||||||||||
RBC Capital Markets | 1/5/2017 | ZAR | 1,186,000 | USD | 83,945 | 336 | ||||||||||||||||||
Goldman Sachs & Co. | 1/6/2017 | JPY | 31,000 | USD | 271 | 0 | ||||||||||||||||||
The Bank of New York Mellon | 1/6/2017 | JPY | 7,793,000 | USD | 68,343 | 64 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | NZD | 21,000 | USD | 14,867 | 14 | ||||||||||||||||||
Goldman Sachs & Co. | 1/10/2017 | RUB | 22,000 | USD | 339 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 1/10/2017 | RUB | 5,376,000 | USD | 82,835 | (164 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 34,215 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 3,585,130 | $ | — | $ | — | $ | 3,585,130 | ||||||||
Preferred Stocks (e) | 15,429 | — | — | 15,429 | ||||||||||||
Short-Term Investments | 8,563 | — | — | 8,563 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 65,147 | — | 65,147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,609,122 | $ | 65,147 | $ | — | $ | 3,674,269 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (30,932 | ) | $ | — | $ | (30,932 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (30,932 | ) | $ | — | $ | (30,932 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Australia — 7.3% | ||||||||
ASX Ltd. | 550 | $ | 19,763 | |||||
Aurizon Holdings Ltd. | 5,813 | 21,377 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,309 | 11,648 | ||||||
Crown Resorts Ltd. | 1,032 | 8,947 | ||||||
Flight Centre Travel Group Ltd. | 158 | 3,897 | ||||||
Harvey Norman Holdings Ltd. | 1,578 | 5,535 | ||||||
Insurance Australia Group Ltd. | 6,891 | 28,446 | ||||||
LendLease Group (a) | 1,568 | 15,759 | ||||||
Medibank Pvt Ltd. | 7,804 | 14,983 | ||||||
Tabcorp Holdings Ltd. | 2,358 | 8,166 | ||||||
Tatts Group Ltd. | 4,149 | 12,837 | ||||||
Telstra Corp. Ltd. | 12,116 | 45,183 | ||||||
Wesfarmers Ltd. | 3,191 | 98,450 | ||||||
Woodside Petroleum Ltd. | 2,149 | 47,005 | ||||||
|
| |||||||
341,996 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 323 | 5,811 | ||||||
|
| |||||||
Finland — 3.6% | ||||||||
Elisa OYJ | 404 | 12,683 | ||||||
Fortum OYJ | 1,259 | 18,280 | ||||||
Metso OYJ (b) | 321 | 9,084 | ||||||
Nokian Renkaat OYJ | 328 | 11,847 | ||||||
Orion OYJ, Class B | 292 | 12,416 | ||||||
Sampo OYJ, Class A | 1,267 | 56,009 | ||||||
Stora Enso OYJ, Class R | 1,563 | 15,083 | ||||||
UPM-Kymmene OYJ | 1,513 | 34,637 | ||||||
|
| |||||||
170,039 | ||||||||
|
| |||||||
France — 14.4% | ||||||||
AXA SA | 5,492 | 129,394 | ||||||
Bouygues SA | 586 | 19,874 | ||||||
CNP Assurances | 484 | 8,500 | ||||||
Edenred | 595 | 12,546 | ||||||
Eutelsat Communications SA | 493 | 8,875 | ||||||
Sanofi | 2,876 | 231,993 | ||||||
SCOR SE | 460 | 14,609 | ||||||
Suez | 921 | 12,860 | ||||||
TOTAL SA | 5,071 | 241,611 | ||||||
|
| |||||||
680,262 | ||||||||
|
| |||||||
Germany — 17.3% | ||||||||
Allianz SE | 1,295 | 205,601 | ||||||
Axel Springer SE | 123 | 5,276 | ||||||
BASF SE | 2,603 | 223,434 | ||||||
Bayerische Motoren Werke AG | 939 | 80,024 | ||||||
Daimler AG | 2,729 | 181,522 | ||||||
Evonik Industries AG | 463 | 12,911 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 457 | 83,236 | ||||||
ProSiebenSat.1 Media SE | 662 | 22,687 | ||||||
|
| |||||||
814,691 | ||||||||
|
| |||||||
Hong Kong — 5.3% | ||||||||
BOC Hong Kong Holdings Ltd. | 10,484 | 39,333 | ||||||
CLP Holdings Ltd. | 4,651 | 45,482 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Hang Lung Properties Ltd. | 6,368 | $ | 14,351 | |||||
Hang Seng Bank Ltd. | 2,165 | 41,031 | ||||||
HKT Trust & HKT Ltd. (a) | 7,493 | 9,776 | ||||||
New World Development Co. Ltd. | 15,959 | 17,777 | ||||||
NWS Holdings Ltd. | 4,340 | 7,498 | ||||||
Power Assets Holdings Ltd. | 3,928 | 37,475 | ||||||
Sino Land Co. Ltd. | 8,728 | 13,728 | ||||||
Swire Pacific Ltd., Class A | 1,536 | 15,297 | ||||||
Yue Yuen Industrial Holdings Ltd. | 2,104 | 7,581 | ||||||
|
| |||||||
249,329 | ||||||||
|
| |||||||
Italy — 1.6% | ||||||||
Atlantia SpA | 1,168 | 25,946 | ||||||
Snam SpA | 6,939 | 26,873 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,267 | 18,505 | ||||||
UnipolSai SpA (b) | 3,212 | 6,128 | ||||||
|
| |||||||
77,452 | ||||||||
|
| |||||||
Japan — 2.1% | ||||||||
Aozora Bank Ltd. | 3,730 | 12,813 | ||||||
Canon, Inc. | 3,049 | 86,909 | ||||||
|
| |||||||
99,722 | ||||||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
SES SA FDR | 1,031 | 22,286 | ||||||
|
| |||||||
Macau — 0.7% | ||||||||
Sands China Ltd. | 6,860 | 33,785 | ||||||
|
| |||||||
Netherlands — 0.2% | ||||||||
Boskalis Westminster | 260 | 8,115 | ||||||
|
| |||||||
New Zealand — 0.8% | ||||||||
Contact Energy Ltd. | 2,030 | 6,757 | ||||||
Fletcher Building Ltd. | 1,965 | 14,306 | ||||||
Mercury NZ Ltd. | 1,990 | 4,242 | ||||||
Spark New Zealand Ltd. | 5,187 | 13,353 | ||||||
|
| |||||||
38,658 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
Gjensidige Forsikring ASA | 570 | 9,119 | ||||||
Yara International ASA | 504 | 18,647 | ||||||
|
| |||||||
27,766 | ||||||||
|
| |||||||
Portugal — 0.4% | ||||||||
EDP — Energias de Portugal SA | 6,575 | 19,003 | ||||||
|
| |||||||
Singapore — 3.4% | ||||||||
Singapore Airlines Ltd. | 1,500 | 10,465 | ||||||
Singapore Exchange Ltd. | 2,250 | 11,459 | ||||||
Singapore Press Holdings Ltd. (b) | 4,580 | 11,983 | ||||||
Singapore Technologies Engineering Ltd. | 4,390 | 10,352 | ||||||
Singapore Telecommunications Ltd. | 22,570 | 59,521 | ||||||
StarHub Ltd. | 1,700 | 3,416 | ||||||
United Overseas Bank Ltd. | 3,690 | 52,543 | ||||||
|
| |||||||
159,739 | ||||||||
|
| |||||||
Spain — 1.7% | ||||||||
Distribuidora Internacional de Alimentacion SA | 1,766 | 8,060 | ||||||
Enagas SA | 645 | 15,894 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Endesa SA | 902 | $ | 18,646 | |||||
Gas Natural SDG SA | 995 | 17,031 | ||||||
Red Electrica Corp. SA | 1,229 | 21,883 | ||||||
|
| |||||||
81,514 | ||||||||
|
| |||||||
Sweden — 1.1% | ||||||||
Skanska AB, Class B | 966 | 22,205 | ||||||
Telia Co. AB | 7,372 | 27,704 | ||||||
|
| |||||||
49,909 | ||||||||
|
| |||||||
Switzerland — 5.2% | ||||||||
Swiss Prime Site AG | 203 | 16,612 | ||||||
Swiss Re AG | 919 | 84,606 | ||||||
Swisscom AG | 74 | 31,625 | ||||||
Zurich Insurance Group AG | 427 | 111,926 | ||||||
|
| |||||||
244,769 | ||||||||
|
| |||||||
United Kingdom — 32.8% | ||||||||
Aberdeen Asset Management PLC | 2,613 | 8,762 | ||||||
Admiral Group PLC | 598 | 14,224 | ||||||
AstraZeneca PLC | 3,582 | 185,973 | ||||||
BAE Systems PLC | 8,986 | 67,516 | ||||||
Berkeley Group Holdings PLC | 370 | 11,467 | ||||||
British American Tobacco PLC | 4,309 | 236,873 | ||||||
Direct Line Insurance Group PLC | 3,885 | 16,877 | ||||||
G4S PLC | 4,390 | 13,408 | ||||||
GlaxoSmithKline PLC | 12,336 | 230,828 | ||||||
ICAP PLC | 1,569 | 9,559 | ||||||
IMI PLC | 768 | 9,321 | ||||||
Imperial Brands PLC | 2,715 | 116,620 | ||||||
Inmarsat PLC | 1,276 | 11,343 | ||||||
ITV PLC | 10,254 | 21,554 | ||||||
Legal & General Group PLC | 16,856 | 49,731 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Marks & Spencer Group PLC | 4,600 | $ | 18,918 | |||||
National Grid PLC | 10,657 | 121,767 | ||||||
Old Mutual PLC | 13,960 | 33,170 | ||||||
Pearson PLC | 2,328 | 23,171 | ||||||
Persimmon PLC | 874 | 18,590 | ||||||
Petrofac Ltd. | 734 | 7,297 | ||||||
Rio Tinto Ltd. | 1,201 | 51,217 | ||||||
Rio Tinto PLC | 3,504 | 131,088 | ||||||
Severn Trent PLC | 666 | 18,224 | ||||||
Sky PLC | 2,920 | 28,534 | ||||||
SSE PLC | 2,851 | 52,616 | ||||||
Standard Life PLC | 5,592 | 24,181 | ||||||
Tate & Lyle PLC | 1,318 | 11,181 | ||||||
|
| |||||||
1,544,010 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,668,856 | |||||||
|
| |||||||
PREFERRED STOCK — 0.2% | ||||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG | 155 | 11,128 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.4% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 20,227 | 20,227 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% | $ | 4,700,211 | ||||||
Other assets and liabilities, net — 0.3% | 12,652 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,712,863 | ||||||
|
|
† | The cost for federal income tax purposes was $5,033,149. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $332,938. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $81,974 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $414,912. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $19,198, which is 0.4% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
FDR: | Fiduciary Depositary Receipt |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 12/5/2016 | AUD | 483,500 | USD | 367,608 | $ | 10,617 | |||||||||||
The Bank of New York Mellon | 12/5/2016 | AUD | 11,800 | USD | 8,972 | 259 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 222,235 | USD | 168,954 | 4,867 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 27,300 | USD | 20,882 | 725 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CHF | 128,100 | USD | 129,752 | 3,703 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CHF | 7,000 | USD | 7,090 | 202 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 12/5/2016 | CHF | 18,600 | USD | 18,838 | $ | 536 | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 48,000 | USD | 48,613 | 1,382 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 8,600 | USD | 8,799 | 337 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 1,700 | USD | 1,722 | 49 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 700 | USD | 709 | 20 | ||||||||||||
RBC Capital Markets | 12/5/2016 | DKK | 19,500 | USD | 2,877 | 99 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 29,000 | USD | 4,279 | 147 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 75,000 | USD | 82,319 | 2,806 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 827,377 | USD | 908,119 | 30,955 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 288,871 | USD | 317,082 | 10,829 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 9,004 | USD | 10,000 | 454 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 12,000 | USD | 13,170 | 448 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 2,000 | USD | 2,195 | 75 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 58,900 | USD | 65,106 | 2,661 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 315,215 | USD | 345,955 | 11,772 | ||||||||||||
RBC Capital Markets | 12/5/2016 | GBP | 7,000 | USD | 8,568 | (192 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | GBP | 946,695 | USD | 1,156,521 | (28,203 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 27,500 | USD | 33,589 | (826 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 320,411 | USD | 391,395 | (9,578 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 4,500 | USD | 5,497 | (134 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 48,900 | USD | 59,930 | (1,265 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | HKD | 1,305,000 | USD | 168,319 | 67 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 200,000 | USD | 25,794 | 8 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 382,000 | USD | 49,265 | 14 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 90,000 | USD | 11,608 | 4 | ||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 2,182,000 | USD | 20,786 | 1,707 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | JPY | 1,736,300 | USD | 16,539 | 1,357 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 4,373,749 | USD | 41,659 | 3,415 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 129,200 | USD | 1,231 | 101 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NOK | 298,700 | USD | 36,201 | 1,115 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 225,000 | USD | 27,267 | 838 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 6,900 | USD | 836 | 26 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 16,300 | USD | 1,986 | 71 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NZD | 23,000 | USD | 16,433 | 147 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | NZD | 18,800 | USD | 13,433 | 121 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 5,000 | USD | 3,572 | 32 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SEK | 576,000 | USD | 63,940 | 1,464 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | SEK | 5,900 | USD | 655 | 15 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 287,000 | USD | 31,856 | 726 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 12,500 | USD | 1,387 | 32 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 21,100 | USD | 2,361 | 72 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 32,700 | USD | 23,495 | 681 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SGD | 110,000 | USD | 79,042 | 2,298 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 37,000 | USD | 26,591 | 777 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 7,900 | USD | 5,708 | 196 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 22,787 | SGD | 32,700 | 27 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 350,368 | AUD | 474,500 | (22 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 6,843 | AUD | 9,000 | (198 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 132,529 | CHF | 135,100 | 408 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 2,781 | DKK | 19,500 | (2 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 954,943 | EUR | 902,377 | 1,734 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 1,167,813 | GBP | 934,695 | 1,894 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 23,211 | GBP | 19,000 | 566 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 168,240 | HKD | 1,305,000 | 11 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 19,151 | JPY | 2,181,999 | (72 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 35,089 | NOK | 298,700 | (3 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 16,301 | NZD | 23,000 | (15 | ) |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 13,765 | SEK | 124,000 | $ | (315 | ) | ||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 48,971 | SEK | 452,000 | 56 | ||||||||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 76,805 | SGD | 110,000 | (61 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 8,709 | AUD | 11,800 | 4 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 18,259 | CHF | 18,600 | 43 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 305,858 | EUR | 288,871 | 395 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 34,324 | GBP | 27,500 | 90 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 25,784 | HKD | 200,000 | 1 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 15,196 | JPY | 1,736,300 | (14 | ) | |||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 13,292 | NZD | 18,800 | 20 | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 638 | SEK | 5,900 | 2 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 184,059 | AUD | 249,135 | (111 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 304 | AUD | 400 | (9 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 57,929 | CHF | 59,000 | 126 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,135 | DKK | 29,000 | (3 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,554 | EUR | 2,300 | (116 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 415,472 | EUR | 391,620 | (287 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,569 | EUR | 3,200 | (176 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 11,482 | GBP | 9,400 | 281 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,042 | GBP | 4,100 | 88 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 450,199 | GBP | 360,311 | 706 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 56,533 | HKD | 438,500 | 2 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,373 | HKD | 18,400 | (1 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,947 | HKD | 15,100 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 39,331 | JPY | 4,481,149 | (149 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 208 | JPY | 21,800 | (17 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 497 | NOK | 4,100 | (15 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 28,674 | NOK | 244,100 | (1 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,544 | NZD | 5,000 | (3 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 34,731 | SEK | 320,600 | 43 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,672 | SGD | 3,700 | (91 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 27,785 | SGD | 39,800 | (18 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,006 | SGD | 1,400 | (29 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | AUD | 546,000 | USD | 402,653 | (158 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | CHF | 250,000 | USD | 245,851 | (747 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 41,000 | USD | 5,857 | 4 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | EUR | 1,784,000 | USD | 1,892,396 | (2,389 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | GBP | 1,228,000 | USD | 1,534,386 | (3,956 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | HKD | 2,203,000 | USD | 284,041 | (49 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | NOK | 243,000 | USD | 28,549 | 1 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 464,000 | USD | 50,371 | (64 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 228,000 | USD | 159,051 | (27 | ) | |||||||||||||||||
RBC Capital Markets | 1/6/2017 | JPY | 11,366,000 | USD | 99,960 | 375 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | NZD | 56,000 | USD | 39,645 | 36 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 55,824 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 4,668,856 | $ | — | $ | — | $ | 4,668,856 | ||||||||
Preferred Stocks | 11,128 | — | — | 11,128 | ||||||||||||
Short-Term Investments | 20,227 | — | — | 20,227 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 105,140 | — | 105,140 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,700,211 | $ | 105,140 | $ | — | $ | 4,805,351 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (49,316 | ) | $ | — | $ | (49,316 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (49,316 | ) | $ | — | $ | (49,316 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.4% | ||||||||
Brazil — 7.0% | ||||||||
Ambev SA | 15,872 | $ | 80,485 | |||||
BB Seguridade Participacoes SA | 2,202 | 18,419 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 5,356 | 26,304 | ||||||
CCR SA | 3,099 | 13,479 | ||||||
CETIP SA — Mercados Organizados | 499 | 6,545 | ||||||
Engie Brasil Energia SA | 443 | 4,696 | ||||||
Transmissora Alianca de Energia Eletrica SA | 338 | 1,854 | ||||||
|
| |||||||
151,782 | ||||||||
|
| |||||||
Chile — 0.4% | ||||||||
Banco de Chile | 74,246 | 8,384 | ||||||
|
| |||||||
China — 22.2% | ||||||||
Agricultural Bank of China Ltd., Class H | 78,122 | 32,733 | ||||||
Bank of China Ltd., Class H | 243,090 | 110,631 | ||||||
Belle International Holdings Ltd. | 20,827 | 11,949 | ||||||
China Construction Bank Corp., Class H | 149,113 | 111,116 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 8,663 | 33,674 | ||||||
China Vanke Co. Ltd., Class H | 4,076 | 12,507 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 2,700 | 4,073 | ||||||
Country Garden Holdings Co. Ltd. | 16,855 | 9,431 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 1,580 | 4,807 | ||||||
Hengan International Group Co. Ltd. | 2,422 | 19,063 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 182,727 | 111,900 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 3,603 | 4,803 | ||||||
Longfor Properties Co. Ltd. | 4,632 | 5,954 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 4,412 | 3,811 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 5,106 | 5,457 | ||||||
|
| |||||||
481,909 | ||||||||
|
| |||||||
Czech Republic — 0.6% | ||||||||
Komercni banka as | 254 | 8,400 | ||||||
Moneta Money Bank AS, 144A* | 1,368 | 4,465 | ||||||
|
| |||||||
12,865 | ||||||||
|
| |||||||
Hong Kong — 2.9% | ||||||||
China Everbright Ltd. | 3,234 | 6,529 | ||||||
China Overseas Land & Investment Ltd. | 12,340 | 35,637 | ||||||
China Resources Power Holdings Co. Ltd. | 6,422 | 10,565 | ||||||
Shimao Property Holdings Ltd. | 3,643 | 4,762 | ||||||
Sun Art Retail Group Ltd. | 7,421 | 6,295 | ||||||
|
| |||||||
63,788 | ||||||||
|
| |||||||
Hungary — 0.4% | ||||||||
MOL Hungarian Oil & Gas PLC | 137 | 8,563 | ||||||
|
| |||||||
Indonesia — 1.2% | ||||||||
PT Gudang Garam Tbk | 1,600 | 7,674 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 4,652 | 5,483 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Surya Citra Media Tbk | 19,800 | $ | 3,667 | |||||
PT United Tractors Tbk | 6,112 | 9,471 | ||||||
|
| |||||||
26,295 | ||||||||
|
| |||||||
Malaysia — 3.2% | ||||||||
Alliance Financial Group Bhd | 3,200 | 2,759 | ||||||
Axiata Group Bhd | 9,698 | 9,099 | ||||||
British American Tobacco Malaysia Bhd | 600 | 5,938 | ||||||
DiGi.Com Bhd | 11,300 | 12,322 | ||||||
Malayan Banking Bhd | 11,300 | 19,660 | ||||||
Maxis Bhd | 6,700 | 8,956 | ||||||
MISC Bhd | 3,400 | 5,588 | ||||||
Telekom Malaysia Bhd | 3,400 | 4,697 | ||||||
|
| |||||||
69,019 | ||||||||
|
| |||||||
Mexico — 0.4% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 5,720 | 10,033 | ||||||
|
| |||||||
Poland — 1.4% | ||||||||
Bank Handlowy w Warszawie SA | 84 | 1,345 | ||||||
Bank Pekao SA | 458 | 12,880 | ||||||
Bank Zachodni WBK SA | 95 | 6,613 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 7,549 | 8,891 | ||||||
|
| |||||||
29,729 | ||||||||
|
| |||||||
Qatar — 1.1% | ||||||||
Barwa Real Estate Co. | 378 | 3,197 | ||||||
Masraf Al Rayan QSC | 1,194 | 11,084 | ||||||
Qatar Electricity & Water Co. QSC | 86 | 5,031 | ||||||
Qatar Islamic Bank SAQ | 193 | 5,269 | ||||||
|
| |||||||
24,581 | ||||||||
|
| |||||||
Russia — 9.5% | ||||||||
Gazprom PJSC, ADR | 8,600 | 39,637 | ||||||
Gazprom PJSC | 25,194 | 58,054 | ||||||
LUKOIL PJSC | 679 | 33,522 | ||||||
LUKOIL PJSC, ADR | 899 | 44,051 | ||||||
MegaFon PJSC, GDR | 377 | 3,299 | ||||||
Rosneft PJSC, GDR | 5,299 | 27,873 | ||||||
|
| |||||||
206,436 | ||||||||
|
| |||||||
South Africa — 11.2% | ||||||||
Barclays Africa Group Ltd. | 1,408 | 15,734 | ||||||
Bidvest Group Ltd. | 1,054 | 12,191 | ||||||
Coronation Fund Managers Ltd. | 704 | 3,591 | ||||||
FirstRand Ltd. | 10,992 | 39,431 | ||||||
Foschini Group Ltd. | 715 | 7,535 | ||||||
Imperial Holdings Ltd. | 515 | 6,203 | ||||||
Liberty Holdings Ltd. | 332 | 2,613 | ||||||
Life Healthcare Group Holdings Ltd. | 2,901 | 6,397 | ||||||
MMI Holdings Ltd. | 3,602 | 5,624 | ||||||
Mr Price Group Ltd. | 805 | 8,294 | ||||||
Nedbank Group Ltd. | 660 | 10,783 | ||||||
RMB Holdings Ltd. | 2,331 | 10,332 | ||||||
Sanlam Ltd. | 4,629 | 20,279 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
South Africa (Continued) | ||||||||
Sibanye Gold Ltd. | 2,495 | $ | 5,170 | |||||
SPAR Group Ltd. (a) | 655 | 8,817 | ||||||
Standard Bank Group Ltd. | 4,219 | 45,254 | ||||||
Truworths International Ltd. | 1,520 | 7,575 | ||||||
Tsogo Sun Holdings Ltd. | 840 | 1,683 | ||||||
Vodacom Group Ltd. | 1,071 | 11,011 | ||||||
Woolworths Holdings Ltd. | 3,233 | 14,912 | ||||||
|
| |||||||
243,429 | ||||||||
|
| |||||||
South Korea — 0.6% | ||||||||
SK Telecom Co. Ltd. | 66 | 12,759 | ||||||
|
| |||||||
Taiwan — 28.0% | ||||||||
Advanced Semiconductor Engineering, Inc. | 20,202 | 21,709 | ||||||
Catcher Technology Co. Ltd. | 2,177 | 15,812 | ||||||
Cathay Financial Holding Co. Ltd. | 26,665 | 39,237 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 6,500 | 12,236 | ||||||
Chicony Electronics Co. Ltd. | 1,804 | 4,251 | ||||||
Chunghwa Telecom Co. Ltd. | 12,164 | 41,026 | ||||||
Compal Electronics, Inc. | 12,912 | 7,353 | ||||||
CTBC Financial Holding Co. Ltd. | 56,523 | 31,034 | ||||||
Delta Electronics, Inc. | 6,346 | 31,856 | ||||||
Far EasTone Telecommunications Co. Ltd. | 5,142 | 11,906 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,241 | 4,653 | ||||||
First Financial Holding Co. Ltd. | 28,937 | 15,252 | ||||||
Formosa Plastics Corp. | 13,599 | 38,741 | ||||||
Formosa Taffeta Co. Ltd. | 2,429 | 2,271 | ||||||
Foxconn Technology Co. Ltd. | 3,088 | 8,100 | ||||||
Fubon Financial Holding Co. Ltd. | 21,798 | 33,819 | ||||||
Highwealth Construction Corp. | 2,676 | 4,013 | ||||||
Hon Hai Precision Industry Co. Ltd. | 41,454 | 106,649 | ||||||
Hotai Motor Co. Ltd. | 788 | 9,061 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 21,782 | 11,071 | ||||||
Inventec Corp. | 7,991 | 5,403 | ||||||
MediaTek, Inc. | 4,884 | 33,941 | ||||||
Merida Industry Co. Ltd. | 832 | 3,641 | ||||||
Micro-Star International Co. Ltd. | 2,281 | 6,083 | ||||||
Nanya Technology Corp. | 2,218 | 3,097 | ||||||
Novatek Microelectronics Corp. | 1,967 | 6,542 | ||||||
Phison Electronics Corp. | 494 | 3,774 | ||||||
Pou Chen Corp. | 7,313 | 9,143 | ||||||
Realtek Semiconductor Corp. | 1,484 | 4,609 | ||||||
Ruentex Industries Ltd. | 2,013 | 3,695 | ||||||
Siliconware Precision Industries Co. Ltd. | 6,831 | 10,341 | ||||||
Taiwan Mobile Co. Ltd. | 5,404 | 18,226 | ||||||
Transcend Information, Inc. | 678 | 1,859 | ||||||
Uni-President Enterprises Corp. | 16,172 | 27,653 | ||||||
Vanguard International Semiconductor Corp. | 2,890 | 5,449 | ||||||
Yuanta Financial Holding Co. Ltd. | 32,789 | 11,882 | ||||||
Zhen Ding Technology Holding Ltd. | 1,257 | 2,528 | ||||||
|
| |||||||
607,916 | ||||||||
|
| |||||||
Thailand — 3.3% | ||||||||
Advanced Info Service PCL, NVDR | 3,328 | 13,478 | ||||||
Bangkok Bank PCL | 700 | 3,061 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,547 | 3,284 |
Number | Value | |||||||
Thailand (Continued) | ||||||||
Glow Energy PCL, NVDR | 1,472 | $ | 3,259 | |||||
Krung Thai Bank PCL, NVDR | 9,700 | 4,785 | ||||||
PTT Global Chemical PCL, NVDR | 6,992 | 12,248 | ||||||
Siam Cement PCL | 1,000 | 13,341 | ||||||
Siam Cement PCL, NVDR | 255 | 3,402 | ||||||
Siam Commercial Bank PCL, NVDR | 3,600 | 14,782 | ||||||
|
| |||||||
71,640 | ||||||||
|
| |||||||
Turkey — 0.9% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 4,414 | 6,051 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 301 | 1,878 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 489 | 9,750 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 2,169 | 2,096 | ||||||
|
| |||||||
19,775 | ||||||||
|
| |||||||
United Arab Emirates — 3.1% | ||||||||
Abu Dhabi Commercial Bank PJSC | 6,716 | 11,337 | ||||||
Aldar Properties PJSC | 10,199 | 6,887 | ||||||
Dubai Islamic Bank PJSC | 3,986 | 5,687 | ||||||
Emaar Malls PJSC | 6,927 | 4,904 | ||||||
Emirates Telecommunications Group Co. PJSC | 5,591 | 28,390 | ||||||
First Gulf Bank PJSC | 3,087 | 9,750 | ||||||
|
| |||||||
66,955 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,115,858 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Russia — 0.8% | ||||||||
Surgutneftegas OJSC | 35,922 | 17,476 | ||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Hyundai Motor Co. | 70 | 5,736 | ||||||
Hyundai Motor Co. — 2nd Preferred | 124 | 10,533 | ||||||
|
| |||||||
16,269 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 33,745 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 21,079 | 21,079 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 2,170,682 | ||||||
Other assets and liabilities, net (a) — 0.1% | 2,591 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,173,273 | ||||||
|
|
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,228,798. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $58,116. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $73,921 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $132,037. |
(a) | All or a portion of these securities were on loan amounting to $6,220. In addition, “Other Assets and Liabilities, Net” include pending sales amounting to $13,737 that are also on loan. The value of all securities loaned at November 30, 2016 amounted to $19,957, which is 0.9% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/2/2016 | TRY | 78,000 | USD | 25,032 | $ | 2,330 | |||||||||||
The Bank of Nova Scotia | 12/2/2016 | USD | 201,842 | RUB | 12,928,000 | (236 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2016 | USD | 22,744 | TRY | 78,000 | (41 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 556,000 | USD | 172,939 | 8,793 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CLP | 12,185,000 | USD | 18,575 | 556 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CZK | 225,000 | USD | 9,128 | 306 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 4,507,000 | USD | 581,267 | 188 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 154,000 | USD | 19,861 | 6 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HUF | 4,445,000 | USD | 15,815 | 753 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | IDR | 383,503,000 | USD | 29,053 | 777 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | KRW | 36,877,000 | USD | 32,151 | 607 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MXN | 288,000 | USD | 15,259 | 1,271 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MYR | 347,000 | USD | 82,423 | 4,741 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | PLN | 216,000 | USD | 54,837 | 3,447 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | QAR | 45,000 | USD | 12,344 | (13 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | TWD | 17,311,000 | USD | 547,773 | 4,558 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 163,770 | BRL | 556,000 | 376 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 18,025 | CLP | 12,185,000 | (7 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 8,821 | CZK | 225,000 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 600,911 | HKD | 4,661,000 | 23 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 15,058 | HUF | 4,445,000 | 4 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 28,408 | IDR | 383,503,000 | (131 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 31,331 | KRW | 36,877,000 | 213 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 14,068 | MXN | 288,000 | (80 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 77,412 | MYR | 347,000 | 270 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 51,518 | PLN | 216,000 | (128 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 12,366 | QAR | 45,000 | (9 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 552,057 | TWD | 17,583,000 | (306 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 296,587 | ZAR | 4,160,000 | (1,397 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 152,000 | USD | 11,200 | 414 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 4,008,000 | USD | 295,331 | 10,927 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | AED | 232,000 | USD | 63,151 | (14 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 1,642,000 | USD | 46,901 | 882 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 63,172 | AED | 232,000 | (7 | ) | |||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 46,026 | THB | 1,642,000 | (8 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | AED | 223,000 | USD | 60,689 | (18 | ) |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | BRL | 493,000 | USD | 143,782 | $ | (393 | ) | ||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CLP | 7,127,000 | USD | 10,512 | (2 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CZK | 262,000 | USD | 10,314 | 1 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | HKD | 3,810,000 | USD | 491,261 | (62 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | HUF | 3,210,000 | USD | 10,884 | (4 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | IDR | 338,505,000 | USD | 24,708 | (134 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | KRW | 43,519,000 | USD | 36,912 | (313 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | MXN | 269,000 | USD | 13,089 | 75 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | MYR | 333,000 | USD | 73,918 | (539 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | PLN | 123,000 | USD | 29,325 | 73 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | QAR | 95,000 | USD | 26,027 | (38 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | THB | 1,608,000 | USD | 45,036 | (21 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | TRY | 71,000 | USD | 20,690 | 200 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | TWD | 17,356,000 | USD | 542,375 | (2,822 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | ZAR | 3,168,000 | USD | 224,390 | 1,059 | ||||||||||||||||||
The Bank of Nova Scotia | 1/10/2017 | RUB | 13,107,000 | USD | 201,957 | (399 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 35,728 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
CZK | Czech Koruna |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 2,115,858 | $ | — | $ | — | $ | 2,115,858 | ||||||||
Preferred Stocks (d) | 33,745 | — | — | 33,745 | ||||||||||||
Short-Term Investments | 21,079 | — | — | 21,079 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 42,850 | — | 42,850 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,170,682 | $ | 42,850 | $ | — | $ | 2,213,532 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (7,122 | ) | $ | — | $ | (7,122 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (7,122 | ) | $ | — | $ | (7,122 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Belgium — 3.5% | ||||||||
Ageas | 2,159 | $ | 80,580 | |||||
|
| |||||||
Finland — 21.1% | ||||||||
Elisa OYJ | 1,575 | 49,444 | ||||||
Fortum OYJ | 4,918 | 71,409 | ||||||
Metso OYJ (a) | 1,248 | 35,316 | ||||||
Nokian Renkaat OYJ | 1,279 | 46,197 | ||||||
Sampo OYJ, Class A | 2,592 | 114,583 | ||||||
Stora Enso OYJ, Class R | 6,100 | 58,865 | ||||||
UPM-Kymmene OYJ | 5,096 | 116,661 | ||||||
|
| |||||||
492,475 | ||||||||
|
| |||||||
France — 15.8% | ||||||||
AXA SA | 4,972 | 117,143 | ||||||
Bouygues SA | 2,293 | 77,767 | ||||||
CNP Assurances | 1,897 | 33,315 | ||||||
Edenred | 2,328 | 49,087 | ||||||
Eutelsat Communications SA | 1,932 | 34,779 | ||||||
SCOR SE | 1,804 | 57,292 | ||||||
|
| |||||||
369,383 | ||||||||
|
| |||||||
Germany — 25.2% | ||||||||
Allianz SE | 722 | 114,629 | ||||||
Axel Springer SE | 478 | 20,502 | ||||||
Bayerische Motoren Werke AG | 1,178 | 100,392 | ||||||
Daimler AG | 1,667 | 110,882 | ||||||
HUGO BOSS AG | 700 | 40,137 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 628 | 114,381 | ||||||
ProSiebenSat.1 Media SE | 2,580 | 88,417 | ||||||
|
| |||||||
589,340 | ||||||||
|
| |||||||
Italy — 12.7% | ||||||||
Atlantia SpA | 4,463 | 99,143 | ||||||
Snam SpA | 26,229 | 101,577 | ||||||
Terna Rete Elettrica Nazionale SpA | 16,691 | 72,387 |
Number | Value | |||||||
Italy (Continued) | ||||||||
UnipolSai SpA (a) | 12,526 | $ | 23,896 | |||||
|
| |||||||
297,003 | ||||||||
|
| |||||||
Luxembourg — 3.7% | ||||||||
SES SA | 4,032 | 87,154 | ||||||
|
| |||||||
Netherlands — 1.3% | ||||||||
Boskalis Westminster | 1,008 | 31,462 | ||||||
|
| |||||||
Portugal — 3.2% | ||||||||
EDP — Energias de Portugal SA | 25,644 | 74,117 | ||||||
|
| |||||||
Spain — 12.2% | ||||||||
Enagas SA | 2,512 | 61,900 | ||||||
Endesa SA | 3,400 | 70,286 | ||||||
Gas Natural SDG SA | 3,878 | 66,378 | ||||||
Red Electrica Corp. SA | 4,794 | 85,359 | ||||||
|
| |||||||
283,923 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,305,437 | |||||||
|
| |||||||
PREFERRED STOCK — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG | 195 | 14,000 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.7% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 40,759 | 40,759 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.0% | $ | 2,360,196 | ||||||
Other assets and liabilities, net — (1.0%) | (23,974 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,336,222 | ||||||
|
|
† | The cost for federal income tax purposes was $2,592,726. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $232,530. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $34,215 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $266,745. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $39,174, which is 1.7% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 2,176,000 | USD | 2,388,269 | $ | 81,330 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 7,000 | USD | 7,746 | 324 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,315,959 | EUR | 2,183,000 | (1,599 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 2,197,000 | USD | 2,330,812 | (2,620 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 77,435 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 2,305,437 | $ | — | $ | — | $ | 2,305,437 | ||||||||
Preferred Stocks | 14,000 | — | — | 14,000 | ||||||||||||
Short-Term Investments | 40,759 | — | — | 40,759 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 81,654 | — | 81,654 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,360,196 | $ | 81,654 | $ | — | $ | 2,441,850 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (4,219 | ) | $ | — | $ | (4,219 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (4,219 | ) | $ | — | $ | (4,219 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 46 |
This Page is Intentionally Left Blank
47
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 5,852,410 | $ | 8,930,018 | $ | 4,592,699 | ||||||
Investment in Government & Agency Securities Portfolio* | 161,340 | 421,288 | — | |||||||||
Cash | 81,480 | 147,990 | 78,008 | |||||||||
Deposit with broker for futures contracts | 223,136 | 204,266 | 162,405 | |||||||||
Unrealized appreciation on future contracts | 421 | 628 | 436 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 175,382 | 136,574 | |||||||||
Interest | 88,035 | 124,245 | 50,748 | |||||||||
Securities lending income | 44 | 168 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 6,406,866 | $ | 10,003,985 | $ | 5,020,870 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 161,340 | $ | 421,288 | $ | — | ||||||
Payables: | ||||||||||||
Investment securities purchased | 140,309 | 346,943 | 204,572 | |||||||||
Investment advisory fees | 2,259 | 2,617 | 984 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 303,908 | 770,848 | 205,556 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 6,102,958 | $ | 9,233,137 | $ | 4,815,314 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 6,236,855 | $ | 9,927,222 | $ | 5,036,435 | ||||||
Distributions in excess of net investment income | (2,403 | ) | — | — | ||||||||
Undistributed net investment income | — | 12,916 | 4,629 | |||||||||
Accumulated net realized gain (loss) on investments and futures | (31,507 | ) | (600,736 | ) | (130,730 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and futures | (99,987 | ) | (106,265 | ) | (95,020 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 6,102,958 | $ | 9,233,137 | $ | 4,815,314 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 250,001 | 400,001 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 24.41 | $ | 23.08 | $ | 24.08 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 5,952,818 | $ | 9,036,911 | $ | 4,688,155 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 155,001 | $ | 409,286 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 161,340 | $ | 421,288 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | — | $ | — | $ | — | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 61,714,964 | $ | 3,600,559 | $ | 4,679,984 | ||||||
Investment in Government & Agency Securities Portfolio* | — | 8,563 | 20,227 | |||||||||
Cash | 1,351,714 | 233 | 565 | |||||||||
Foreign currency at value | — | 2,985 | 7,641 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | 65,147 | 105,140 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 478,036 | 677,298 | |||||||||
Due from Advisor | 5,796 | — | — | |||||||||
Dividends | — | 8,259 | 15,611 | |||||||||
Interest | 815,302 | — | — | |||||||||
Securities lending income | — | 35 | 79 | |||||||||
Foreign tax reclaim | — | 4,350 | 2,899 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 63,887,776 | $ | 4,168,167 | $ | 5,509,444 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | — | $ | 8,563 | $ | 20,227 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | 30,932 | 49,316 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | — | 496,842 | 725,303 | |||||||||
Investment advisory fees | 16,236 | 1,334 | 1,735 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 16,236 | 537,671 | 796,581 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 63,871,540 | $ | 3,630,496 | $ | 4,712,863 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 66,112,217 | $ | 3,667,980 | $ | 4,824,394 | ||||||
Undistributed net investment income | 115,838 | 108,146 | 30,795 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 297,536 | (66,110 | ) | 106,378 | ||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (2,654,051 | ) | (79,520 | ) | (248,704 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 63,871,540 | $ | 3,630,496 | $ | 4,712,863 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 2,500,001 | 150,001 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 25.55 | $ | 24.20 | $ | 23.56 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 64,369,015 | $ | 3,714,229 | $ | 4,984,492 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | — | $ | 8,131 | $ | 19,198 | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | — | $ | 8,563 | $ | 20,227 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | — | $ | 3,004 | $ | 7,677 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at value | $ | 2,149,603 | $ | 2,319,437 | ||||
Investment in Government & Agency Securities Portfolio* | 21,079 | 40,759 | ||||||
Cash | — | 243 | ||||||
Foreign currency at value | 2,129 | 3,243 | ||||||
Unrealized appreciation on forward foreign currency exchange contracts | 42,850 | 81,654 | ||||||
Receivables: | ||||||||
Investment securities sold | 530,671 | 367,232 | ||||||
Dividends | 1,231 | — | ||||||
Securities lending income | 8 | 185 | ||||||
Foreign tax reclaim | 277 | 3,431 | ||||||
|
|
|
| |||||
Total Assets | $ | 2,747,848 | $ | 2,816,184 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Due to custodian | $ | 542 | $ | — | ||||
Payable upon return of securities loaned | 21,079 | 40,759 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 7,122 | 4,219 | ||||||
Payables: | ||||||||
Investment securities purchased | 544,675 | 434,124 | ||||||
Investment advisory fees | 1,157 | 860 | ||||||
|
|
|
| |||||
Total Liabilities | 574,575 | 479,962 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 2,173,273 | $ | 2,336,222 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 2,507,967 | $ | 2,495,710 | ||||
Undistributed net investment income | 2,883 | 22,207 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (326,695 | ) | (35,770 | ) | ||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (10,882 | ) | (145,925 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 2,173,273 | $ | 2,336,222 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 100,001 | 100,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 21.73 | $ | 23.36 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 2,196,232 | $ | 2,542,662 | ||||
|
|
|
| |||||
Value of securities loaned | $ | 19,957 | $ | 39,174 | ||||
|
|
|
| |||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 21,079 | $ | 40,759 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 2,167 | $ | 3,232 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated interest income | $ | 143,383 | $ | 244,092 | $ | 75,770 | ||||||
Securities lending income, net of borrower rebates | 420 | 1,776 | 93 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 143,803 | 245,868 | 75,863 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 15,006 | 19,415 | 5,972 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 15,006 | 19,415 | 5,972 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 128,797 | 226,453 | 69,891 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | 12,959 | (99,201 | ) | 12,258 | ||||||||
Futures contracts | 179,196 | 144,779 | 144,856 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 192,155 | 45,578 | 157,114 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (72,893 | ) | 298,107 | (110,922 | ) | |||||||
Futures contracts | 22,297 | 20,108 | 19,990 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (50,596 | ) | 318,215 | (90,932 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and futures | 141,559 | 363,793 | 66,182 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 270,356 | $ | 590,246 | $ | 136,073 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated interest income | $ | 742,955 | $ | — | $ | — | ||||||
Unaffiliated dividend income* | — | 75,118 | 81,500 | |||||||||
Securities lending income, net of borrower rebates | — | 472 | 916 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 742,955 | 75,590 | 82,416 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 81,192 | 8,013 | 10,466 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 81,192 | 8,013 | 10,466 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 661,763 | 67,577 | 71,950 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | — | (77,648 | ) | (124,421 | ) | |||||||
In-kind redemptions | 391,584 | — | — | |||||||||
Foreign currency transactions | — | 228,700 | 396,713 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 391,584 | 151,052 | 272,292 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (4,636,463 | ) | 70,253 | (75,347 | ) | |||||||
Foreign currency translations | — | (55,669 | ) | (57,485 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (4,636,463 | ) | 14,584 | (132,832 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (4,244,879 | ) | 165,636 | 139,460 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | (3,583,116 | ) | $ | 233,213 | $ | 211,410 | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | — | $ | 6,920 | $ | 2,875 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 69,786 | $ | 38,803 | ||||
Securities lending income, net of borrower rebates | 142 | 471 | ||||||
|
|
|
| |||||
Total Investment Income | 69,928 | 39,274 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 7,211 | 5,177 | ||||||
|
|
|
| |||||
Total Expenses | 7,211 | 5,177 | ||||||
|
|
|
| |||||
Net Investment income (loss) | 62,717 | 34,097 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (74,062 | ) | (36,760 | ) | ||||
Foreign currency transactions | (55,573 | ) | 118,744 | |||||
|
|
|
| |||||
Net realized gain (loss) | (129,635 | ) | 81,984 | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 211,535 | (134,213 | ) | |||||
Foreign currency translations | (27,917 | ) | 6,110 | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 183,618 | (128,103 | ) | |||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 53,983 | (46,119 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 116,700 | $ | (12,022 | ) | |||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 11,792 | $ | 3,595 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 128,797 | $ | 266,282 | $ | 226,453 | $ | 441,462 | ||||||||
Net realized gain (loss) | 192,155 | (158,073 | ) | 45,578 | (546,706 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | (50,596 | ) | (40,219 | ) | 318,215 | (287,186 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 270,356 | 67,990 | 590,246 | (392,430 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (157,443 | ) | (315,321 | ) | (247,761 | ) | (544,700 | ) | ||||||||
Net realized gains | — | (19,900 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (157,443 | ) | (335,221 | ) | (247,761 | ) | (544,700 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | — | 1,110,857 | ||||||||||||
Value of shares redeemed | — | — | — | (2,339,158 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | — | — | (1,228,301 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 112,913 | (267,231 | ) | 342,485 | (2,165,431 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 5,990,045 | 6,257,276 | 8,890,652 | 11,056,083 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 6,102,958 | $ | 5,990,045 | $ | 9,233,137 | $ | 8,890,652 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | (2,403 | ) | $ | — | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | 26,243 | $ | 12,916 | $ | 34,224 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 250,001 | 250,001 | 400,001 | 450,001 | ||||||||||||
Shares sold | — | — | — | 50,000 | ||||||||||||
Shares redeemed | — | — | — | (100,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 250,001 | 250,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 69,891 | $ | 143,930 | $ | 661,763 | $ | 761,958 | ||||||||
Net realized gain (loss) | 157,114 | (283,184 | ) | 391,584 | (17,995 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | (90,932 | ) | 133,662 | (4,636,463 | ) | 1,612,257 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 136,073 | (5,592 | ) | (3,583,116 | ) | 2,356,220 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (78,317 | ) | (166,692 | ) | (626,399 | ) | (737,901 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (78,317 | ) | (166,692 | ) | (626,399 | ) | (737,901 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | 38,315,746 | 13,390,357 | ||||||||||||
Value of shares redeemed | — | (1,226,700 | ) | (6,914,650 | ) | — | ||||||||||
Payments by Affiliates (See Note 10) | — | — | 5,796 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | (1,226,700 | ) | 31,406,892 | 13,390,357 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 57,756 | (1,398,984 | ) | 27,197,377 | 15,008,676 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 4,757,558 | 6,156,542 | 36,674,163 | 21,665,487 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,815,314 | $ | 4,757,558 | $ | 63,871,540 | $ | 36,674,163 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 4,629 | $ | 13,055 | $ | 115,838 | $ | 80,474 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 200,001 | 250,001 | 1,350,001 | 850,001 | ||||||||||||
Shares sold | — | — | 1,400,000 | 500,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | (250,000 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 200,001 | 2,500,001 | 1,350,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 12, 2015(1) to May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 12, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 67,577 | $ | 257,559 | $ | 71,950 | $ | 167,918 | ||||||||
Net realized gain (loss) | 151,052 | (278,676 | ) | 272,292 | (134,798 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 14,584 | (94,104 | ) | (132,832 | ) | (115,872 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 233,213 | (115,221 | ) | 211,410 | (82,752 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (47,271 | ) | (168,419 | ) | (130,363 | ) | (75,062 | ) | ||||||||
Net realized gains | — | — | — | (34,764 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (47,271 | ) | (168,419 | ) | (130,363 | ) | (109,826 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 11,570,439 | — | 4,824,369 | ||||||||||||
Value of shares redeemed | — | (7,842,270 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 3,728,169 | — | 4,824,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 185,942 | 3,444,529 | 81,047 | 4,631,791 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,444,554 | 25 | 4,631,816 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,630,496 | $ | 3,444,554 | $ | 4,712,863 | $ | 4,631,816 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 108,146 | $ | 87,840 | $ | 30,795 | $ | 89,208 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 1 | 200,001 | 1 | ||||||||||||
Shares sold | — | 500,000 | — | 200,000 | ||||||||||||
Shares redeemed | — | (350,000 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 150,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 12, 2015(1) to May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 12, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 62,717 | $ | 38,707 | $ | 34,097 | $ | 77,796 | ||||||||
Net realized gain (loss) | (129,635 | ) | (144,811 | ) | 81,984 | (158,877 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 183,618 | (194,500 | ) | (128,103 | ) | (17,822 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 116,700 | (300,604 | ) | (12,022 | ) | (98,903 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (71,837 | ) | (26,794 | ) | (61,033 | ) | (27,770 | ) | ||||||||
Net realized gains | — | (52,159 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (71,837 | ) | (78,953 | ) | (61,033 | ) | (27,770 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,507,942 | — | 3,670,465 | ||||||||||||
Value of shares redeemed | — | — | — | (1,134,540 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,507,942 | — | 2,535,925 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 44,863 | 2,128,385 | (73,055 | ) | 2,409,252 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,128,410 | 25 | 2,409,277 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,173,273 | $ | 2,128,410 | $ | 2,336,222 | $ | 2,409,277 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 2,883 | $ | 12,003 | $ | 22,207 | $ | 49,143 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | — | 100,000 | — | 150,000 | ||||||||||||
Shares redeemed | — | — | — | (50,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||
Net Asset Value, beginning of period | $ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.52 | 1.07 | 0.27 | |||||||||
Net realized and unrealized gain (loss) | 0.56 | (0.80 | ) | (0.04 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.08 | 0.27 | 0.23 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.63 | ) | (1.26 | ) | (0.20 | ) | ||||||
Net realized gains | — | (0.08 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.63 | ) | (1.34 | ) | (0.20 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 24.41 | $ | 23.96 | $ | 25.03 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 4.54 | ** | 1.22 | 0.90 | ** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net assets, end of period ($ millions) | 6 | 6 | 6 | |||||||||
Ratio of expenses (%) | 0.49 | * | 0.50 | 0.50 | * | |||||||
Ratio of net investment income (loss) (%) | 4.20 | * | 4.45 | 4.35 | * | |||||||
Portfolio turnover rate (%)(c) | 8 | ** | 15 | 1 | ** | |||||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||
Net Asset Value, beginning of period | $ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.57 | 1.08 | 0.29 | |||||||||
Net realized and unrealized gain (loss) | 0.90 | (2.10 | ) | (0.51 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.47 | (1.02 | ) | (0.22 | ) | |||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.62 | ) | (1.32 | ) | (0.21 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.62 | ) | (1.32 | ) | (0.21 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.08 | $ | 22.23 | $ | 24.57 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 6.73 | ** | (4.06 | ) | (0.87 | )** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net assets, end of period ($ millions) | 9 | 9 | 11 | |||||||||
Ratio of expenses (%) | 0.43 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 5.01 | * | 4.81 | 4.75 | * | |||||||
Portfolio turnover rate (%)(c) | 9 | ** | 35 | 13 | ** |
(a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
(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. | 58 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||||||
Net Asset Value, beginning of period | $ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.35 | 0.71 | 0.17 | |||||||||||||
Net realized and unrealized gain (loss) | 0.33 | (0.73 | ) | (0.43 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.68 | (0.02 | ) | (0.26 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.39 | ) | (0.82 | ) | (0.11 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (0.39 | ) | (0.82 | ) | (0.11 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 24.08 | $ | 23.79 | $ | 24.63 | ||||||||||
|
|
|
|
|
| |||||||||||
Total Return (%) | 2.90 | ** | (0.04 | ) | (1.03 | )** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 5 | 5 | 6 | |||||||||||||
Ratio of expenses (%) | 0.25 | * | 0.25 | 0.25 | * | |||||||||||
Ratio of net investment income (loss) (%) | 2.93 | * | 3.00 | 2.72 | * | |||||||||||
Portfolio turnover rate (%)(d) | 16 | ** | 14 | 7 | ** | |||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Net Asset Value, beginning of period | $ | 27.17 | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.33 | 0.80 | 0.81 | 0.81 | ||||||||||||
Net realized and unrealized gain (loss) | (1.62 | ) | 1.67 | 0.40 | 0.00 | (e) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (1.29 | ) | 2.47 | 1.21 | 0.81 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.33 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.33 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 25.55 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (4.81 | )** | 9.89 | 4.88 | 3.46 | **(f) | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 64 | 37 | 22 | 16 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.30 | * | 0.30 | 0.30 | 0.32 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.30 | * | 0.30 | 0.30 | 0.30 | * | ||||||||||
Ratio of net investment income (loss) (%) | 2.45 | * | 3.07 | 3.16 | 3.48 | * | ||||||||||
Portfolio turnover rate (%)(d) | 0 | ** | 13 | 4 | 5 | ** |
(a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
(b) | For the period June 4, 2013 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | Less than 0.005. |
(f) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 22.96 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.45 | 0.70 | ||||||
Net realized and unrealized gain (loss) | 1.11 | (2.38 | ) | |||||
|
|
|
| |||||
Total from investment operations | 1.56 | (1.68 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.32 | ) | (0.36 | ) | ||||
|
|
|
| |||||
Total distributions | (0.32 | ) | (0.36 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.20 | $ | 22.96 | ||||
|
|
|
| |||||
Total Return (%) | 6.85 | ** | (6.67 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net assets, end of period ($ millions) | 4 | 3 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 3.80 | * | 3.83 | * | ||||
Portfolio turnover rate (%)(c) | 16 | ** | 33 | ** | ||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 23.16 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.36 | 0.88 | ||||||
Net realized and unrealized gain (loss) | 0.69 | (2.17 | ) | |||||
|
|
|
| |||||
Total from investment operations | 1.05 | (1.29 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.65 | ) | (0.38 | ) | ||||
Net realized gains | — | (0.17 | ) | |||||
|
|
|
| |||||
Total distributions | (0.65 | ) | (0.55 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 23.56 | $ | 23.16 | ||||
|
|
|
| |||||
Total Return (%) | 4.73 | ** | (5.08 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net assets, end of period ($ millions) | 5 | 5 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 3.09 | * | 4.86 | * | ||||
Portfolio turnover rate (%)(c) | 19 | ** | 33 | ** |
(a) | For the period August 12, 2015 (commencement of operations) through May 31, 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. | 60 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 21.28 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.63 | 0.39 | ||||||
Net realized and unrealized gain (loss) | 0.54 | (3.32 | ) | |||||
|
|
|
| |||||
Total from investment operations | 1.17 | (2.93 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.72 | ) | (0.27 | ) | ||||
Net realized gains | — | (0.52 | ) | |||||
|
|
|
| |||||
Total distributions | (0.72 | ) | (0.79 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 21.73 | $ | 21.28 | ||||
|
|
|
| |||||
Total Return (%) | 5.46 | ** | (11.67 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | * | ||||
Ratio of net investment income (loss) (%) | 5.65 | * | 2.20 | * | ||||
Portfolio turnover rate (%)(c) | 28 | ** | 39 | ** | ||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 24.09 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.34 | 0.75 | ||||||
Net realized and unrealized gain (loss) | (0.46 | ) | (1.38 | ) | ||||
|
|
|
| |||||
Total from investment operations | (0.12 | ) | (0.63 | ) | ||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.61 | ) | (0.28 | ) | ||||
|
|
|
| |||||
Total distributions | (0.61 | ) | (0.28 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 23.36 | $ | 24.09 | ||||
|
|
|
| |||||
Total Return (%) | (0.42 | )** | (2.52 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 2.96 | * | 3.95 | * | ||||
Portfolio turnover rate (%)(c) | 22 | ** | 46 | ** |
(a) | For the period August 12, 2015 (commencement of operations) through May 31, 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. | 61 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Effective January 6, 2017, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF transferred their primary listings to Bats BZX Exchange, Inc. and are no longer listed or traded on the NYSE Arca, Inc. Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF offer shares that are listed and traded of the Bats BZX Exchange, Inc. 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 Emerging Markets Bond — Interest Rate Hedged ETF | Solactive Emerging Markets Bond — Interest Rate Hedged Index | |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | |
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Solactive Investment Grade Bond — Interest Rate Hedged Index | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | MSCI ACWI ex US High Dividend Yield US Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | MSCI EAFE High Dividend Yield US Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | MSCI EM (Emerging Markets) High Dividend Yield US Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | MSCI EMU High Dividend Yield US Dollar Hedged Index |
The Solactive USD Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long
62
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
positions in U.S. dollar denominated emerging markets bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive USD High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive USD Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels nd many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). The Solactive Indexes are rebalanced monthly on the last business day of each month.
The MSCI ACWI ex US High Dividend Yield U.S. Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets (excluding the U.S. and Canada) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EMU High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”) in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
63
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of
64
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following each Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted over the lives of the respective security for financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2016, the Funds did not incur any interest or penalties.
65
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
At May 31, 2016, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedge ETF | $ | 102,688 | $ | 68,499 | $ | 171,187 | ||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 76,059 | 4,111 | 80,170 | |||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 94,048 | — | 94,048 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | 38,372 | 38,372 | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 781 | 1,184 | 1,965 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 177,215 | ||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 425,225 | |||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 207,451 | |||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 87,058 | |||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 27,497 | |||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 136,998 | |||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 34,684 |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund 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 year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds, except the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in
66
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the Funds listed below had securities on loan, which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
As of November 30, 2016, the Funds listed below had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
As of November 30, 2016, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF had no securities on loan.
Derivatives
Forward Foreign Currency Exchange Contracts Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Funds invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Funds had to the value of non U.S currencies during the period ended November 30, 2016.
67
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Futures Contracts Each Fund may enter into futures contracts. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2016 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts | $ | 421 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 421 | Total | $ | — | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts | $ | 628 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 628 | Total | $ | — | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts | $ | 436 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 436 | Total | $ | — | |||||||||||
|
|
|
|
68
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 65,147 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 30,932 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 65,147 | Total | $ | 30,932 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 105,140 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 49,316 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 105,140 | Total | $ | 49,316 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 42,850 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 7,122 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 42,850 | Total | $ | 7,122 | |||||||||||
|
|
|
| |||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 81,654 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 4,219 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 81,654 | Total | $ | 4,219 | |||||||||||
|
|
|
|
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||||
Futures - Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 179,196 | $ | — | $ | 179,196 | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 144,779 | — | 144,779 | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 144,856 | — | 144,856 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | 234,054 | 234,054 | |||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | 401,406 | 401,406 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (59,019 | ) | (59,019 | ) | |||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | 118,810 | 118,810 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures - Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 22,297 | $ | — | $ | 22,297 | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 20,108 | — | 20,108 | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 19,990 | — | 19,990 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | (55,743 | ) | (55,743 | ) | |||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | (57,717 | ) | (57,717 | ) | |||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (28,005 | ) | (28,005 | ) | |||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | 6,133 | 6,133 |
69
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the year ended November 30, 2016 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (5,709,879 | ) | $ | — | |||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | (8,253,638 | ) | — | |||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | (4,558,221 | ) | — | |||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | (3,489,110 | ) | |||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | (4,564,678 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (2,125,407 | ) | |||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | (2,280,160 | ) |
As of November 30, 2016, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
RBC Capital Markets | $ | 10,587 | $ | (9,845 | ) | $ | — | $ | 742 | $ | 9,845 | $ | (9,845 | ) | $ | — | $ | — | ||||||||||||||
The Bank of New York Mellon | 11,275 | (442 | ) | — | 10,833 | 442 | (442 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 40,699 | (20,645 | ) | — | 20,054 | 20,645 | (20,645 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 2,586 | — | — | 2,586 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 65,147 | $ | (30,932 | ) | $ | — | $ | 34,215 | $ | 30,932 | $ | (30,932 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
RBC Capital Markets | $ | 60,224 | $ | (29,879 | ) | $ | — | $ | 30,345 | $ | 29,879 | $ | (29,879 | ) | $ | — | $ | — | ||||||||||||||
The Bank of New York Mellon | 13,680 | (7,343 | ) | — | 6,337 | 7,343 | (7,343 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 30,528 | (12,094 | ) | — | 18,434 | 12,094 | (12,094 | ) | — | — | ||||||||||||||||||||||
JP Morgan & Chase Co. | 708 | — | — | 708 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 105,140 | $ | (49,316 | ) | $ | — | $ | 55,824 | $ | 49,316 | $ | (49,316 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 42,850 | $ | (7,122 | ) | $ | — | $ | 35,728 | $ | 7,122 | $ | (7,122 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 42,850 | $ | (7,122 | ) | $ | — | $ | 35,728 | $ | 7,122 | $ | (7,122 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 81,654 | $ | (4,219 | ) | $ | — | $ | 77,435 | $ | 4,219 | $ | (4,219 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 81,654 | $ | (4,219 | ) | $ | — | $ | 77,435 | $ | 4,219 | $ | (4,219 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF pursuant to a Sub-Advisory Agreement. Deutsche Investment Management Americas Inc. (“DIMA”) serves as investment sub-advisor to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF pursuant to a Sub-Advisory Agreement.
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
Effective Dates | ||
September 13, 2016 | Deutsche X-trackers Emerging Markets Bond—Interest Rate Hedged ETF | |
Deutsche X-trackers High Yield Corporate Bond—Interest Rate Hedged ETF | ||
Deutsche X-trackers Investment Grade Bond—Interest Rate Hedged ETF | ||
October 19, 2016 | Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||
November 17, 2016 | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Investment Grade Bond—Interest Rate Hedged ETF | 0.25 | % | ||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 0.30 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 0.45 | % |
For its investment advisory services to the Funds below, for the period from June 1, 2016 through October 24, 2016, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Emerging Markets Bond—Interest Rate Hedged ETF | 0.50 | % | ||
Deutsche X-trackers High Yield Corporate Bond—Interest Rate Hedged ETF | 0.45 | % |
71
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Effective October 25, 2016, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Emerging Markets Bond—Interest Rate Hedged ETF | 0.45 | % | ||
Deutsche X-trackers High Yield Corporate Bond—Interest Rate Hedged ETF | 0.35 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 Emerging Markets Bond — Interest Rate Hedged ETF | $ | 681,454 | $ | 492,616 | ||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 1,201,941 | 799,633 | ||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 886,546 | 750,760 | ||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 27,181,399 | — | ||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 763,539 | 579,355 | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 1,160,226 | 888,988 | ||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 605,890 | 718,430 | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 592,044 | 507,359 |
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | 10,611,847 | $ | 6,906,346 |
5. Fund Share Transactions
As of November 30, 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.
72
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
6. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2016.
Pro-rata Share | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 525,000 | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 1,050,000 | |||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 525,000 | |||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 525,000 | |||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 525,000 |
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2016, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | 62 | % | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 85 | % | ||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 36 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 47 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 30 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividends Yield Hedged Equity ETF | 97 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 75 | % |
8. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
9. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of a fund, reduce liquidity for
73
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
10. Payments by Affiliates
During the period ended November 30, 2016, the Advisor agreed to reimburse Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF $5,796 for the diluting effect of an accounting adjustment related to certain investments held by the Fund.
74
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 most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “Resources” “proxy voting” and at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 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 Trust 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 or Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.deutsche-etfs.com.
75
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.
76
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
EMIH, HYIH, IGIH and RVNU are not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave New York, New York 10154 | Investment sub-advisors TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049075-1 (1/17) DBX 002440 (1/18)
November 30, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Deutsche X-trackers MSCI All China Equity ETF (CN)
DBX ETF Trust
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2016.
China’s economy grew 6.7% during the reporting period, overcoming a challenging external environment. Even as political events such as Britain’s decision to exit the Eurozone and US elections affected the trade outlook, China achieved its growth through an expansionary fiscal policy. Furthermore, the People’s Bank of China (PBOC), which had aggressively cut interest rates in 2015, kept monetary policy stable throughout 2016 to help the country achieve its growth target of 6.5%.
China avoided a hard landing in 2016, as the PBOC’s relatively generous monetary stance provided stimulus to a number of sectors. China’s property sector which benefited from this policy fueled construction and employment across the country. In addition, loose monetary policy drove up demand and prices for houses across many Chinese cities. Loans from China’s government to railroad and road infrastructure projects kept investment spending high as well. Consequently, China’s economy found its feet and a number of headline indicators recovered. Investment in fixed assets exceeded expectations and a slight markup in factory gate prices broke a deflationary trend in the final months of 2016.
China’s exports fell during the reporting period, given a broad slowdown in global trade. But here too, China made a late comeback, posting better export figures in November 2016, as the Eurozone and US economies stabilized. China is also making incremental progress in addressing structural issues in its economy. The country’s effort to rely less on exports and more on consumption started paying off. Consumption accounted for nearly two-thirds of economic growth in the past nine months, driven by retail and consumer durables growth. Furthermore, unlike in 2015, when China devalued its currency and its equity markets suffered volatility, Chinese capital markets were relatively calm in 2016. Key equity indices in the region were on course to finish the year higher. However, China has some near-term challenges to address. Its reliance on debt-fueled growth is causing concerns about a bubble in the property sector and overcapacity in the industrial sector. After an extended period of monetary easing, the PBOC is selectively tightening money supply in an effort to mitigate financial risks. Some concerns about growth in the country have also led to an outflow of capital and a sharp decline in the value of the Renminbi (RMB). In fact, the RMB hit an eight-year low against the USD in late 2016.
Nonetheless, China’s ability to steer its economy, through its control over the banking sector, appears intact. The country also has the means to buy time to implement structural changes in its economy and reforms at its state-owned enterprises. Encouragingly, China also looks keen on opening up its capital markets. The opening of the Hong Kong-Shenzhen stock link to foreign investors marks an important chapter in China’s financial liberalization, and such a move could improve the depth and quality of Chinese markets.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
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 CSI 300 China A-Shares Hedged Equity ETF (ASHX)
The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Sector Diversification* as of 11/30/16
Financials | 35.2% | |||
Industrials | 16.0% | |||
Consumer Discretionary | 10.3% | |||
Information Technology | 7.9% | |||
Real Estate | 6.1% | |||
Consumer Staples | 5.9% | |||
Materials | 5.7% | |||
Health Care | 5.7% | |||
Utilities | 3.9% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.9% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages are based on the sector allocations of the Fund’s investment in Deutsche X-trackers Harvest CSI 300 China A-shares ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (21.0% of Net Assets)
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd. | 4.1% | |||
China Minsheng Banking Corp. Ltd. | 2.3% | |||
Industrial Bank Co. Ltd. | 2.3% | |||
China Vanke Co. Ltd | 2.2% | |||
China Merchant Bank Co. Ltd. | 2.0% | |||
China State Construction Engineering Corp Ltd. | 1.7% | |||
Bank of Communications Co. Ltd. | 1.7% | |||
Kweichow Moutai Co. Ltd. | 1.7% | |||
Shanghi Pudong Development Bank Co. Ltd. | 1.5% | |||
CITIC Securities Co. Ltd. | 1.5% |
Sector Diversification* as of 11/30/16
Financials | 35.2% | |||
Industrials | 16.0% | |||
Consumer Discretionary | 10.3% | |||
Information Technology | 7.9% | |||
Real Estate | 6.1% | |||
Consumer Staples | 5.9% | |||
Materials | 5.7% | |||
Health Care | 5.7% | |||
Utilities | 3.9% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.9% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (5.0% of Net Assets)
Description | % of Net Assets | |||
Beijing Sanju Environmental Protection and New Material Co. Ltd. | 0.7% | |||
Tianqi Lithium Industries, Inc. | 0.6% | |||
Jinyu Bio-Technology Co. Ltd. | 0.5% | |||
Jiangsu Zhongtian Technology Co. Ltd. | 0.5% | |||
Jiangsu Changjiang Electronics Technology Co. Ltd. | 0.5% | |||
Zhejiang Wanfeng Auto Wheel Co. Ltd. | 0.5% | |||
NavInfo Co. Ltd. | 0.5% | |||
Humanwell Healthcare Group Co. Ltd. | 0.4% | |||
Hengtong Optic-electric Co. Ltd. | 0.4% | |||
Shandong Nanshan Aluminum Co. Ltd. | 0.4% |
Sector Diversification* as of 11/30/16
Industrials | 22.6% | |||
Consumer Discretionary | 16.2% | |||
Information Technology | 15.8% | |||
Materials | 15.2% | |||
Health Care | 11.4% | |||
Real Estate | 7.7% | |||
Consumer Staples | 4.9% | |||
Energy | 3.1% | |||
Utilities | 2.9% | |||
Financials | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI All China Equity ETF (CN)
The Deutsche X-trackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index. The MSCI China All Shares Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe and is composed of A-shares, H-shares, B-shares, Red chips, and P chips share classes. The MSCI China All Shares Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, and P-chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai and Shenzhen. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. The Fund, using a passive approach or indexing approach, attempts to approximate the performance of the MSCI China All Shares Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Ten Largest Equity and ETF Holdings as of 11/30/16 (70.7% of Net Assets)
Description | % of Net Assets | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 36.4% | |||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 7.8% | |||
Tencent Holdings Ltd. | 7.1% | |||
Alibaba Group Holding Ltd. | 5.3% | |||
China Mobile Ltd. | 3.4% | |||
China Construction Bank Corp. | 3.1% | |||
Industrial & Commercial Bank of China Ltd. | 2.3% | |||
Baidu, Inc. | 2.3% | |||
Bank of China Ltd. | 1.9% | |||
CNOOC Ltd. | 1.1% |
Sector Diversification* as of 11/30/16
Financials | 26.5% | |||
Information Technology | 21.7% | |||
Industrials | 11.6% | |||
Consumer Discretionary | 9.9% | |||
Real Estate | 4.9% | |||
Energy | 4.7% | |||
Materials | 4.5% | |||
Telecommunication Services | 4.5% | |||
Health Care | 4.4% | |||
Consumer Staples | 4.0% | |||
Utilities | 3.3% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
5
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Deutsche X-trackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Deutsche X-trackers MSCI All China Equity ETF invests. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Deutsche X-trackers MSCI All China Equity ETF’s and Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 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 June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,113.50 | 0.05 | % | $ | 0.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.82 | 0.05 | % | $ | 0.25 | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,085.10 | 0.69 | % | $ | 3.61 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.61 | 0.69 | % | $ | 3.50 | ||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,053.90 | 0.69 | % | $ | 3.55 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.61 | 0.69 | % | $ | 3.50 | ||||||||
Deutsche X-trackers MSCI All China Equity ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,095.60 | 0.34 | % | $ | 1.79 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.36 | 0.34 | % | $ | 1.72 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
6
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
EXCHANGE-TRADED FUND — 100.0% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) | 94,038 | $ | 2,433,703 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 44.8% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 1,090,892 | 1,090,892 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 144.8% | $ | 3,524,595 | ||||||
Other assets and liabilities, net — (44.8%) | (1,090,560 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,434,035 | ||||||
|
|
† | The cost for federal income tax purposes was $3,694,106. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $169,511. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $0 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $169,511. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $1,055,412, which is 43.4% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2016 | CNH | 15,473,000 | USD | 2,275,625 | $ | 39,957 | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2016 | USD | 2,235,983 | CNH | 15,473,000 | (315 | ) | |||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | CNH | 16,946,000 | USD | 2,441,083 | 283 | ||||||||||||||||||
Goldman Sachs & Co. | 1/5/2017 | USD | 2,598 | CNH | 18,000 | (5 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 39,920 | ||||||||||||||||||||||
|
|
Currency Abbreviations
CNH | Chinese Offshore Yuan |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
November 30, 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 November 30, 2016 in valuing the Fund’s investments. For information on 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 | ||||||||||||
Exchange-Traded Fund | $ | 2,433,703 | $ | — | $ | — | $ | 2,433,703 | ||||||||
Short-Term Investments | 1,090,892 | — | — | 1,090,892 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 40,240 | — | 40,240 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,524,595 | $ | 40,240 | $ | — | $ | 3,564,835 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (320 | ) | $ | — | $ | (320 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (320 | ) | $ | — | $ | (320 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Consumer Discretionary — 10.2% | ||||||||
Alpha Group, Class A | 186,362 | $ | 725,792 | |||||
Beijing Enlight Media Co. Ltd., Class A | 313,400 | 516,942 | ||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 248,300 | 603,754 | ||||||
BYD Co. Ltd., Class A* | 194,601 | 1,556,549 | ||||||
China International Travel Service Corp. Ltd., Class A | 173,361 | 1,115,491 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 257,363 | 694,620 | ||||||
Chinese Universe Publishing and Media Co. Ltd., Class A | 195,658 | 643,481 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 801,788 | 1,900,905 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 975,000 | 1,433,450 | ||||||
FAW CAR Co. Ltd., Class A | 296,587 | 509,361 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 499,412 | 1,363,792 | ||||||
Great Wall Motor Co. Ltd., Class A | 428,513 | 671,507 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,715,278 | 7,059,584 | ||||||
Heilan Home Co. Ltd., Class A | 480,696 | 767,179 | ||||||
Hisense Electric Co. Ltd., Class A | 277,573 | 722,282 | ||||||
Huawen Media Investment Corp., Class A | 726,144 | 1,176,753 | ||||||
Huayi Brothers Media Corp., Class A | 710,342 | 1,361,432 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 452,767 | 1,104,198 | ||||||
Hunan TV & Broadcast Intermediary Co. Ltd., Class A | 405,092 | 912,971 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A* | 279,970 | 435,493 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 271,936 | 442,652 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 434,277 | 1,344,128 | ||||||
Midea Group Co. Ltd., Class A | 1,141,248 | 4,995,662 | ||||||
Pang Da Automobile Trade Co. Ltd., Class A* | 1,605,802 | 673,204 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,087,078 | 1,681,518 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,178,757 | 4,302,717 | ||||||
Shanghai Oriental Pearl Media Co. Ltd., Class A | 467,684 | 1,674,695 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 1,165,450 | 1,255,183 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A* | 1,315,911 | 888,384 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 207,282 | 683,209 | ||||||
Suning Commerce Group Co. Ltd., Class A | 1,322,055 | 2,230,373 | ||||||
TCL Corp., Class A | 2,249,080 | 1,208,295 | ||||||
Wanda Cinema Line Co. Ltd., Class A | 167,286 | 1,610,128 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 412,424 | 863,912 | ||||||
Wasu Media Holding Co. Ltd., Class A | 152,189 | 417,357 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 408,320 | 618,613 | ||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 249,601 | 482,070 | ||||||
|
| |||||||
50,647,636 | ||||||||
|
|
Number | Value | |||||||
Consumer Staples — 5.9% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 725,939 | $ | 789,178 | |||||
Beijing Yanjing Brewery Co. Ltd., Class A | 502,658 | 548,626 | ||||||
By-health Co. Ltd., Class A | 258,500 | 497,015 | ||||||
COFCO Tunhe Co. Ltd., Class A | 364,700 | 655,336 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 352,044 | 1,151,189 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2,156,249 | 6,165,699 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 214,280 | 2,183,875 | ||||||
Kweichow Moutai Co. Ltd., Class A | 178,694 | 8,242,647 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 250,328 | 1,240,892 | ||||||
MeiHua Holdings Group Co. Ltd., Class A | 664,557 | 665,767 | ||||||
New Hope Liuhe Co. Ltd., Class A | 742,534 | 915,635 | ||||||
Shanghai Bailian Group Co. Ltd., Class A* | 273,646 | 519,411 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A* | 64,400 | 204,817 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 305,519 | 597,576 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 99,016 | 442,018 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 676,988 | 3,516,376 | ||||||
Yonghui Superstores Co. Ltd., Class A | 1,365,564 | 906,112 | ||||||
|
| |||||||
29,242,169 | ||||||||
|
| |||||||
Energy — 2.3% | ||||||||
China Coal Energy Co. Ltd., Class A* | 653,574 | 588,626 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 761,300 | 618,514 | ||||||
China Oilfield Services Ltd., Class A | 211,876 | 402,164 | ||||||
China Petroleum & Chemical Corp., Class A | 3,743,815 | 2,771,031 | ||||||
China Shenhua Energy Co. Ltd., Class A | 704,910 | 1,725,233 | ||||||
Guanghui Energy Co. Ltd., Class A* | 1,115,934 | 711,434 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 794,083 | 843,743 | ||||||
PetroChina Co. Ltd., Class A | 1,729,121 | 1,904,748 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A* | 718,408 | 569,126 | ||||||
Sinopec Oilfield Service Corp., Class A* | 640,300 | 375,809 | ||||||
Wintime Energy Co. Ltd., Class A | 1,323,142 | 841,620 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 142,023 | 242,064 | ||||||
|
| |||||||
11,594,112 | ||||||||
|
| |||||||
Financials — 35.0% | ||||||||
Agricultural Bank of China Ltd., Class A | 13,597,770 | 6,310,007 | ||||||
Anxin Trust Co. Ltd., Class A | 315,300 | 1,066,589 | ||||||
Avic Capital Co. Ltd., Class A | 1,591,090 | 1,545,686 | ||||||
Bank of Beijing Co. Ltd., Class A | 4,331,598 | 6,337,030 | ||||||
Bank of China Ltd., Class A | 7,503,400 | 3,807,346 | ||||||
Bank of Communications Co. Ltd., Class A | 9,774,410 | 8,280,285 | ||||||
Bank of Nanjing Co. Ltd., Class A | 1,289,042 | 2,146,726 | ||||||
Bank of Ningbo Co. Ltd., Class A | 695,302 | 1,762,027 | ||||||
Bohai Financial Investment Holding Co. Ltd., Class A* | 675,800 | 743,747 | ||||||
Changjiang Securities Co. Ltd., Class A | 1,177,127 | 2,055,641 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
China CITIC Bank Corp. Ltd., Class A | 1,099,801 | $ | 1,068,417 | |||||
China Construction Bank Corp., Class A | 2,731,370 | 2,199,342 | ||||||
China Everbright Bank Co. Ltd., Class A | 5,669,858 | 3,352,375 | ||||||
China Life Insurance Co. Ltd., Class A | 593,906 | 2,214,247 | ||||||
China Merchants Bank Co. Ltd., Class A | 3,671,817 | 9,846,504 | ||||||
China Merchants Securities Co. Ltd., Class A | 1,033,927 | 2,851,841 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 8,415,852 | 11,557,897 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,117,943 | 4,882,334 | ||||||
CITIC Securities Co. Ltd., Class A | 2,804,445 | 7,196,187 | ||||||
Dongxing Securities Co. Ltd., Class A | 391,392 | 1,307,016 | ||||||
Everbright Securities Co. Ltd., Class A | 417,169 | 1,062,613 | ||||||
Founder Securities Co. Ltd., Class A | 1,465,331 | 1,806,932 | ||||||
GF Securities Co. Ltd., Class A | 1,056,677 | 2,986,387 | ||||||
Guosen Securities Co. Ltd., Class A | 876,502 | 2,240,228 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 542,558 | 1,561,617 | ||||||
Guoyuan Securities Co. Ltd., Class A | 418,601 | 1,390,011 | ||||||
Haitong Securities Co. Ltd., Class A | 2,883,325 | 6,985,938 | ||||||
Huatai Securities Co. Ltd., Class A | 1,160,873 | 3,327,856 | ||||||
Huaxia Bank Co. Ltd., Class A | 1,904,368 | 3,179,728 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 8,631,726 | 5,640,183 | ||||||
Industrial Bank Co. Ltd., Class A | 4,747,500 | 11,557,507 | ||||||
Industrial Securities Co. Ltd., Class A | 1,663,448 | 2,080,092 | ||||||
New China Life Insurance Co. Ltd., Class A | 298,237 | 1,994,024 | ||||||
Northeast Securities Co. Ltd., Class A | 503,224 | 1,009,736 | ||||||
Orient Securities Co. Ltd., Class A | 938,637 | 2,308,124 | ||||||
Pacific Securities Co. Ltd., Class A | 2,426,533 | 2,136,292 | ||||||
Ping An Bank Co. Ltd., Class A | 2,445,818 | 3,376,639 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 3,851,463 | 20,227,781 | ||||||
SDIC Essence Holdings Co. Ltd., Class A | 391,500 | 952,518 | ||||||
Sealand Securities Co. Ltd., Class A | 752,749 | 842,264 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 3,075,723 | 7,629,948 | ||||||
Shanxi Securities Co. Ltd., Class A | 402,300 | 821,768 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 2,142,731 | 2,143,536 | ||||||
Sinolink Securities Co. Ltd., Class A | 648,130 | 1,323,919 | ||||||
SooChow Securities Co. Ltd., Class A | 747,094 | 1,576,831 | ||||||
Southwest Securities Co. Ltd., Class A | 1,006,532 | 1,134,957 | ||||||
Western Securities Co. Ltd., Class A | 497,363 | 1,779,532 | ||||||
|
| |||||||
173,608,205 | ||||||||
|
| |||||||
Health Care — 5.7% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 140,832 | 680,605 | ||||||
Aurora Optoelectronics Co. Ltd., Class A* | 81,945 | 341,408 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 194,020 | 961,208 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 142,064 | 540,128 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 187,219 | 1,636,617 | ||||||
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A* | 990,448 | 697,297 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 200,173 | 727,781 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 150,056 | $ | 463,136 | |||||
Huadong Medicine Co. Ltd., Class A | 86,506 | 912,781 | ||||||
Hualan Biological Engineering, Inc., Class A | 164,643 | 847,326 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 501,042 | 3,394,169 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 257,235 | 1,383,344 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 115,662 | 346,782 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 1,059,393 | 2,646,415 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 310,566 | 840,909 | ||||||
Searainbow Holding Corp., Class A* | 257,698 | 2,156,238 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 393,884 | 1,355,197 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 409,411 | 1,200,286 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 351,774 | 1,087,756 | ||||||
Shenzhen Hepalink Pharmaceutical Co. Ltd., Class A | 134,141 | 359,912 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 112,719 | 490,479 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 308,031 | 770,367 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 231,452 | 1,381,873 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 341,789 | 1,131,984 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 159,443 | 1,701,440 | ||||||
|
| |||||||
28,055,438 | ||||||||
|
| |||||||
Industrials — 15.8% | ||||||||
Air China Ltd., Class A | 916,234 | 1,053,005 | ||||||
AVIC Aero-Engine Controls Co. Ltd., Class A | 161,716 | 612,507 | ||||||
AVIC Aircraft Co. Ltd., Class A | 394,678 | 1,268,922 | ||||||
Avic Aviation Engine Corp. PLC, Class A | 283,833 | 1,437,753 | ||||||
AVIC Helicopter Co. Ltd., Class A | 84,266 | 565,476 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 552,899 | 1,439,516 | ||||||
BlueFocus Communication Group Co. Ltd., Class A | 495,538 | 781,554 | ||||||
China Avionics Systems Co. Ltd., Class A | 189,048 | 530,736 | ||||||
China Baoan Group Co. Ltd., Class A | 760,530 | 1,125,832 | ||||||
China Communications Construction Co. Ltd., Class A | 543,096 | 1,258,541 | ||||||
China COSCO Holdings Co. Ltd., Class A* | 1,355,606 | 1,171,904 | ||||||
China CSSC Holdings Ltd., Class A | 245,710 | 846,810 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 1,393,165 | 1,333,269 | ||||||
China First Heavy Industries, Class A* | 932,218 | 827,453 | ||||||
China Gezhouba Group Co. Ltd., Class A | 990,012 | 1,372,512 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 262,161 | 579,093 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
China National Chemical Engineering Co. Ltd., Class A | 700,980 | $ | 672,869 | |||||
China Railway Construction Corp. Ltd., Class A | 1,228,370 | 2,233,917 | ||||||
China Railway Group Ltd., Class A | 1,988,487 | 2,817,124 | ||||||
China Shipbuilding Industry Co. Ltd., Class A* | 3,267,194 | 3,405,394 | ||||||
China Southern Airlines Co. Ltd., Class A | 1,246,699 | 1,394,953 | ||||||
China Spacesat Co. Ltd., Class A | 211,140 | 1,001,461 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 5,341,951 | 8,502,454 | ||||||
China XD Electric Co. Ltd., Class A | 732,090 | 639,232 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 463,000 | 435,732 | ||||||
Cosco Shipping Development Co. Ltd., Class A* | 1,140,600 | 733,754 | ||||||
CRRC Corp. Ltd., Class A | 3,262,220 | 5,649,723 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A | 86,393 | 345,952 | ||||||
Daqin Railway Co. Ltd., Class A | 2,116,060 | 2,242,276 | ||||||
Dongfang Electric Corp. Ltd., Class A | 426,229 | 631,574 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A | 446,800 | 778,964 | ||||||
Guangshen Railway Co. Ltd., Class A | 1,215,450 | 794,205 | ||||||
Hainan Airlines Co. Ltd., Class A* | 2,338,200 | 1,139,118 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 301,477 | 1,008,497 | ||||||
Jihua Group Corp. Ltd., Class A | 547,600 | 664,967 | ||||||
Juneyao Airlines Co. Ltd., Class A | 50,852 | 185,548 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 301,739 | 892,035 | ||||||
Metallurgical Corp. of China Ltd., Class A | 1,742,500 | 1,355,227 | ||||||
NARI Technology Co. Ltd., Class A | 518,100 | 1,157,924 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 1,362,900 | 1,040,292 | ||||||
Power Construction Corp. of China Ltd., Class A | 1,469,206 | 1,707,639 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,362,844 | 1,280,609 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 1,013,682 | 725,377 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 1,052,700 | 1,459,755 | ||||||
Shanghai International Airport Co. Ltd., Class A | 344,353 | 1,363,493 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 1,161,453 | 891,566 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 567,334 | 859,522 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 133,675 | 394,798 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 340,336 | 1,038,120 | ||||||
Siasun Robot & Automation Co. Ltd., Class A | 387,653 | 1,362,899 | ||||||
Spring Airlines Co. Ltd., Class A | 84,927 | 516,751 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 562,345 | 922,690 | ||||||
TBEA Co. Ltd., Class A | 924,356 | 1,290,844 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 585,084 | 436,440 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 182,406 | $ | 875,983 | |||||
Weichai Power Co. Ltd., Class A | 871,109 | 1,284,487 | ||||||
XCMG Construction Machinery Co. Ltd., Class A* | 1,487,272 | 788,529 | ||||||
Xiamen C & D, Inc., Class A | 609,281 | 1,040,218 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 557,669 | 1,518,849 | ||||||
Yingkou Port Liability Co. Ltd., Class A | 693,200 | 365,770 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 473,028 | 1,439,448 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,569,222 | 1,079,813 | ||||||
|
| |||||||
78,571,675 | ||||||||
|
| |||||||
Information Technology — 7.9% | ||||||||
Aisino Corp., Class A | 394,793 | 1,301,252 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 116,112 | 430,548 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A | 424,064 | 635,722 | ||||||
Beijing Xinwei Technology Group Co. Ltd., Class A | 414,445 | 1,041,295 | ||||||
BOE Technology Group Co. Ltd., Class A | 8,462,158 | 3,547,613 | ||||||
DHC Software Co. Ltd., Class A | 279,333 | 938,459 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 668,100 | 1,249,778 | ||||||
East Money Information Co. Ltd., Class A | 760,933 | 2,384,860 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 217,400 | 532,390 | ||||||
GoerTek, Inc., Class A | 326,384 | 1,335,752 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 288,500 | 626,013 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 533,940 | 930,115 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 652,146 | 2,356,904 | ||||||
Hundsun Technologies, Inc., Class A | 175,542 | 1,448,512 | ||||||
Iflytek Co. Ltd., Class A | 322,379 | 1,383,209 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 214,600 | 719,428 | ||||||
Jiangsu Protruly Vision Technology Group Co. Ltd., Class A* | 346,400 | 766,673 | ||||||
Leshi Internet Information & Technology Corp. Beijing, Class A | 352,751 | 1,938,820 | ||||||
Neusoft Corp., Class A | 354,107 | 990,541 | ||||||
Ourpalm Co. Ltd., Class A | 687,400 | 1,099,061 | ||||||
People.cn Co. Ltd., Class A | 197,125 | 540,018 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 721,972 | 1,317,155 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 270,300 | 475,547 | ||||||
Shenzhen Infogem Technologies Co. Ltd., Class A | 100,200 | 383,713 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | 178,400 | 779,375 | ||||||
Shenzhen O-film Tech Co. Ltd., Class A | 256,446 | 1,364,642 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 421,127 | 543,008 | ||||||
Tsinghua Tongfang Co. Ltd., Class A | 635,944 | 1,403,832 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Wangsu Science & Technology Co., Ltd., Class A | 169,052 | $ | 1,482,205 | |||||
Wonders Information Co. Ltd., Class A | 256,800 | 922,526 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 259,799 | 931,797 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 516,755 | 1,069,009 | ||||||
ZTE Corp., Class A | 839,398 | 2,043,465 | ||||||
|
| |||||||
38,913,237 | ||||||||
|
| |||||||
Materials — 5.7% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 1,960,152 | 1,320,483 | ||||||
Angang Steel Co. Ltd., Class A* | 646,662 | 487,049 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 711,861 | 1,866,765 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 1,750,536 | 1,619,601 | ||||||
BBMG Corp., Class A | 898,128 | 589,456 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A* | 420,800 | 443,466 | ||||||
China Molybdenum Co. Ltd., Class A | 1,375,788 | 809,474 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 775,318 | 1,455,949 | ||||||
Hesteel Co. Ltd., Class A | 1,520,378 | 707,725 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 3,461,848 | 1,491,356 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 901,870 | 679,264 | ||||||
Jiangxi Copper Co. Ltd., Class A | 295,634 | 816,719 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A* | 345,104 | 414,081 | ||||||
Kangde Xin Composite Material Group Co. Ltd., Class A | 917,493 | 2,384,787 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A | 559,102 | 632,863 | ||||||
Luxin Venture Capital Group Co. Ltd., Class A | 107,992 | 397,940 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 267,106 | 784,629 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 263,643 | 1,453,631 | ||||||
Shandong Iron and Steel Co. Ltd., Class A* | 598,500 | 226,685 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A* | 799,800 | 485,610 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 547,238 | 996,791 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 775,032 | 684,570 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A* | 2,369,220 | 1,075,455 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 384,109 | 1,158,868 | ||||||
Wuhan Iron & Steel Co. Ltd., Class A* | 1,424,400 | 704,231 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 779,100 | 583,418 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 811,088 | 1,111,561 | ||||||
Zhongjin Gold Corp. Ltd., Class A* | 613,171 | 1,147,025 | ||||||
Zijin Mining Group Co. Ltd., Class A | 3,374,951 | 1,736,899 | ||||||
|
| |||||||
28,266,351 | ||||||||
|
|
Number | Value | |||||||
Real Estate — 6.1% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 364,686 | $ | 684,307 | |||||
China Fortune Land Development Co. Ltd., Class A | 315,624 | 1,192,248 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 840,809 | 2,345,912 | ||||||
China Vanke Co. Ltd., Class A | 2,769,601 | 10,802,301 | ||||||
Financial Street Holdings Co. Ltd., Class A | 529,428 | 913,836 | ||||||
Gemdale Corp., Class A | 799,331 | 1,695,172 | ||||||
Greenland Holdings Corp. Ltd., Class A | 128,000 | 177,269 | ||||||
Oceanwide Holdings Co. Ltd., Class A | 557,898 | 841,194 | ||||||
Poly Real Estate Group Co. Ltd., Class A | 2,530,949 | 3,614,910 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 465,220 | 595,867 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 263,662 | 973,412 | ||||||
Shanghai SMI Holding Co. Ltd., Class A* | 524,847 | 1,420,350 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 275,300 | 737,859 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 1,222,346 | 830,518 | ||||||
Youngor Group Co. Ltd., Class A | 546,600 | 1,173,419 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 968,283 | 1,164,616 | ||||||
Zhongtian Urban Development Group Co. Ltd., Class A | 982,300 | 970,599 | ||||||
|
| |||||||
30,133,789 | ||||||||
|
| |||||||
Telecommunication Services — 0.9% | ||||||||
China United Network Communications Ltd., Class A | 3,005,115 | 2,893,293 | ||||||
Dr Peng Telcom & Media Group Co. Ltd., Class A | 404,339 | 1,395,845 | ||||||
|
| |||||||
4,289,138 | ||||||||
|
| |||||||
Utilities — 3.9% | ||||||||
Beijing Capital Co. Ltd., Class A | 855,712 | 534,403 | ||||||
Beijing Jingneng Power Co. Ltd., Class A | 498,702 | 322,980 | ||||||
CECEP Wind-Power Corp., Class A | 73,200 | 105,608 | ||||||
China National Nuclear Power Co. Ltd., Class A | 1,662,300 | 1,759,047 | ||||||
China Yangtze Power Co. Ltd., Class A | 2,347,825 | 4,527,711 | ||||||
Datang International Power Generation Co. Ltd., Class A | 1,088,365 | 637,216 | ||||||
GD Power Development Co. Ltd., Class A | 4,179,500 | 1,975,737 | ||||||
Guangdong Golden Dragon Development, Inc., Class A | 158,200 | 577,464 | ||||||
Guangzhou Development Group, Inc., Class A | 291,900 | 446,454 | ||||||
Huadian Power International Corp. Ltd., Class A | 872,459 | 665,942 | ||||||
Huaneng Power International, Inc., Class A | 1,492,840 | 1,653,100 | ||||||
Hubei Energy Group Co. Ltd., Class A | 690,968 | 493,449 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 1,036,950 | 491,687 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,217,936 | 1,228,958 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 281,400 | 488,282 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Shenergy Co. Ltd., Class A | 811,444 | $ | 717,905 | |||||
Shenzhen Energy Group Co. Ltd., Class A | 423,600 | 439,681 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 787,707 | 1,046,496 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 1,446,190 | 1,191,674 | ||||||
|
| |||||||
19,303,794 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 492,625,544 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% | $ | 492,625,544 | ||||||
Other assets and liabilities, net — 0.6% | 3,183,372 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 495,808,916 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $477,380,136. At November 30, 2016, net unrealized appreciation for all securities based on tax cost was $15,245,408. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $90,760,373 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $75,514,965. |
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 November 30, 2016 in valuing the Fund’s investments. For information on 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 (a) | $ | 475,327,461 | $ | — | $ | 17,298,083 | $ | 492,625,544 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 475,327,461 | $ | — | $ | 17,298,083 | $ | 492,625,544 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2016 | $ | 19,241,343 | ||
Purchases | 4,863,489 | |||
Sales | (1,465,964 | ) | ||
Realized gain (loss) | (159,243 | ) | ||
Change in unrealized gain (loss) | 2,239,934 | |||
Transfers into Level 3 (b) | 6,327,802 | |||
Transfer out of Level 3 (b) | (13,749,278 | ) | ||
Balance at November 30, 2016 | 17,298,083 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2016 | 2,242,852 |
(b) | During the period ended November 30, 2016, the amount of transfers between Level 1 and Level 3 was $6,327,802 and between Level 3 and Level 1 was $13,749, 278. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2016 (Unaudited)
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -1% to 14% with a weighted average range of approximately 4%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.
Asset Class | Fair Value at | Valuation | Unobservable Input | |||
Common Stock: Consumer Discretionary | $9,629,311 | Market Approach | Last traded price adjusted for proxy. | |||
Common Stock: Financials | 743,747 | Market Approach | Last traded price adjusted for proxy. | |||
Common Stock: Health Care | 1,701,440 | Market Approach | Last traded price adjusted for proxy. | |||
Common Stock: Industrials | 2,248,284 | Market Approach | Last traded price adjusted for proxy. | |||
Common Stock: Information Technology | 543,008 | Market Approach | Last traded price adjusted for proxy. | |||
Common Stock: Real Estate | 1,944,011 | Market Approach | Last traded price adjusted for proxy. | |||
Common Stock: Utilities | 488,282 | Market Approach | Last traded price adjusted for proxy. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Consumer Discretionary — 16.1% | ||||||||
Anhui Jianghuai Automobile Group Corp., Ltd., Class A | 45,700 | $ | 84,234 | |||||
Anhui Xinhua Media Co. Ltd., Class A | 19,300 | 49,803 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 28,800 | 111,176 | ||||||
Beijing HualuBaina Film & TV Co. Ltd., Class A | 16,700 | 55,478 | ||||||
Beiqi Foton Motor Co. Ltd., Class A | 222,200 | 102,148 | ||||||
Besttone Holdings Co. Ltd., Class A | 9,500 | 28,758 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 29,400 | 38,421 | ||||||
Chengdu B-Ray Media Co. Ltd., Class A | 35,800 | 44,664 | ||||||
China Automotive Engineering Research Institute Co. Ltd., Class A | 18,500 | 27,386 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 27,700 | 92,742 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 16,800 | 76,697 | ||||||
China Television Media Ltd., Class A | 6,200 | 22,183 | ||||||
Chongqing Department Store Co. Ltd., Class A | 11,600 | 41,001 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A | 32,300 | 46,741 | ||||||
Dashang Co. Ltd., Class A | 8,600 | 58,146 | ||||||
DongFeng Automobile Co. Ltd., Class A | 37,400 | 40,063 | ||||||
Eastern Gold Jade Co. Ltd., Class A* | 33,500 | 53,562 | ||||||
Elec-Tech International Co. Ltd., Class A* | 45,600 | 40,541 | ||||||
Fangda Special Steel Technology Co. Ltd., Class A | 25,000 | 24,828 | ||||||
FAWER Automotive Parts Co. Ltd., Class A | 24,300 | 31,370 | ||||||
Fujian Funeng Co. Ltd., Class A | 14,800 | 25,653 | ||||||
Fujian Septwolves Industry Co. Ltd., Class A | 23,200 | 36,591 | ||||||
Gansu Gangtai Holding Group Co. Ltd., Class A | 28,500 | 71,447 | ||||||
Global Top E-Commerce Co. Ltd., Class A | 20,200 | 61,539 | ||||||
Guangdong Advertising Group Co. Ltd., Class A | 44,680 | 89,682 | ||||||
Guangdong Chj Industry Co. Ltd., Class A | 21,700 | 34,821 | ||||||
Guangzhou Pearl River Piano Group Co. Ltd., Class A | 9,800 | 23,163 | ||||||
Guirenniao Co. Ltd., Class A | 5,900 | 24,146 | ||||||
Haima Automobile Group Co. Ltd., Class A | 53,900 | 41,765 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 20,153 | 53,810 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 17,397 | 97,078 | ||||||
Hefei Department Store Group Co. Ltd., Class A | 27,600 | 36,229 | ||||||
Hunan Friendship & Apollo Cmmericial Co. Ltd., Class A | 20,600 | 42,615 | ||||||
Jiangling Motors Corp. Ltd., Class A | 9,600 | 42,814 | ||||||
Jiangsu Hongtu High Technology Co. Ltd., Class A | 43,600 | 77,907 | ||||||
Jiangsu Sunshine Co. Ltd., Class A* | 71,500 | 47,340 | ||||||
Jinzhou Cihang Group Co. Ltd., Class A* | 21,100 | 50,391 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Jishi Media Co. Ltd., Class A | 104,700 | $ | 68,414 | |||||
Joyoung Co. Ltd., Class A | 14,300 | 41,118 | ||||||
KingClean Electric Co. Ltd., Class A | 2,000 | 12,924 | ||||||
Leo Group Co. Ltd., Class A | 38,600 | 96,536 | ||||||
Lifan Industry Group Co. Ltd., Class A | 29,400 | 40,801 | ||||||
Loncin Motor Co. Ltd., Class A | 20,200 | 63,338 | ||||||
Luolai Lifestyle Technology Co. Ltd., Class A | 13,055 | 26,724 | ||||||
Luthai Textile Co. Ltd., Class A | 22,100 | 40,990 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A* | 10,500 | 51,609 | ||||||
Nanjing Central Emporium, Class A | 27,100 | 32,948 | ||||||
Nanjing Xinjiekou Department Store Co. Ltd., Class A | 23,600 | 113,258 | ||||||
NavInfo Co. Ltd., Class A | 40,750 | 126,832 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 20,300 | 69,141 | ||||||
Ningbo Joyson Electronic Corp., Class A* | 16,300 | 81,484 | ||||||
Perfect World Co. Ltd./China, Class A | 8,900 | 42,458 | ||||||
Rastar Group, Class A* | 30,000 | 51,609 | ||||||
Shaanxi Broadcast & TV Network Intermediary Co. Ltd., Class A* | 19,100 | 39,954 | ||||||
Shanghai Haixin Group Co., Class A | 35,400 | 69,598 | ||||||
Shanghai Huayi Group Corp. Ltd., Class A | 3,400 | 8,518 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A | 9,088 | 40,083 | ||||||
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A* | 59,150 | 39,933 | ||||||
Shanghai New World Co. Ltd., Class A | 21,542 | 46,682 | ||||||
Shanghai Xinhua Media Co. Ltd., Class A | 24,700 | 32,601 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 47,800 | 76,910 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A | 17,300 | 35,113 | ||||||
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A | 20,100 | 26,645 | ||||||
Shenzhen Topway Video Communication Co. Ltd., Class A | 8,850 | 19,639 | ||||||
Shijiazhuang Changshan Textile Co. Ltd., Class A | 18,000 | 35,961 | ||||||
Sichuan Chengfei Integration Technology Corp., Class A | 8,400 | 44,651 | ||||||
Sinomach Automobile Co. Ltd., Class A | 13,650 | 24,962 | ||||||
Sou Yu Te Group Co. Ltd., Class A | 20,462 | 39,638 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 12,600 | 100,036 | ||||||
Time Publishing and Media Co. Ltd., Class A | 9,700 | 28,689 | ||||||
Visual China Group Co. Ltd., Class A* | 13,500 | 43,599 | ||||||
Wangfujing Group Co. Ltd., Class A | 17,730 | 45,049 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 24,000 | 83,858 | ||||||
Wenfeng Great World Chain Development Corp., Class A | 60,550 | 48,843 | ||||||
Wuhan Department Store Group Co. Ltd., Class A* | 13,861 | 42,420 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 10,405 | 53,128 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A* | 20,000 | $ | 38,338 | |||||
Yihua Lifestyle Technology Co. Ltd., Class A | 56,700 | 93,852 | ||||||
Yotrio Group Co. Ltd., Class A | 51,040 | 56,445 | ||||||
Zhejiang Aokang Shoes Co. Ltd., Class A | 7,500 | 24,395 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A | 9,600 | 50,974 | ||||||
Zhejiang Daily Media Group Co. Ltd., Class A | 28,500 | 67,033 | ||||||
Zhejiang Orient Holdings Co., Class A | 14,400 | 61,847 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 43,300 | 127,883 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 31,300 | 52,216 | ||||||
|
| |||||||
4,486,610 | ||||||||
|
| |||||||
Consumer Staples — 4.9% | ||||||||
Angel Yeast Co. Ltd., Class A | 19,700 | 49,525 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 5,600 | 37,806 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 2,900 | 13,881 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 3,600 | 12,100 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 18,700 | 56,067 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 14,430 | 34,858 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 28,900 | 58,741 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 10,000 | 30,170 | ||||||
Chongqing Brewery Co. Ltd., Class A | 11,300 | 28,325 | ||||||
Chuying Agro-pastora Group Co. Ltd., Class A | 75,200 | 57,400 | ||||||
Fujian Sunner Development Co. Ltd., Class A* | 21,300 | 70,267 | ||||||
Gansu Yasheng Industrial Group Co. Ltd., Class A | 74,700 | 65,657 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 29,600 | 63,672 | ||||||
Guangzhou Zhujiang Brewery Co. Ltd., Class A | 9,100 | 16,786 | ||||||
Hebei Chengde Lolo Co., Class A | 27,541 | 48,693 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 83,020 | 43,566 | ||||||
Jonjee High-Tech Industrial And Commercial Holding Co. Ltd., Class A | 26,200 | 66,092 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 4,100 | 30,584 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 19,800 | 71,702 | ||||||
Qinghai Huzhu Barley Wine Co. Ltd., Class A | 8,400 | 24,287 | ||||||
Sanquan Food Co. Ltd., Class A | 16,100 | 22,809 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A* | 16,850 | 41,337 | ||||||
Shanghai Feilo Acoustics Co. Ltd., Class A | 33,225 | 56,677 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A* | 30,800 | 52,139 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 12,200 | 40,264 | ||||||
V V Food & Beverage Co. Ltd., Class A | 39,800 | 42,692 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A | 22,600 | $ | 26,954 | |||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 6,600 | 37,230 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 29,900 | 86,665 | ||||||
Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd., Class A | 9,700 | 30,976 | ||||||
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A* | 22,760 | 34,120 | ||||||
|
| |||||||
1,352,042 | ||||||||
|
| |||||||
Energy — 3.1% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A* | 23,500 | 23,373 | ||||||
Anyuan Coal Industry Group Co. Ltd., Class A* | 28,700 | 21,575 | ||||||
Changzheng Engineering Co. Ltd., Class A | 5,900 | 25,084 | ||||||
Datong Coal Industry Co. Ltd., Class A* | 42,100 | 40,899 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 64,000 | 37,008 | ||||||
Geo-Jade Petroleum Corp., Class A | 53,540 | 67,724 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 31,000 | 40,736 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 30,700 | 39,055 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 49,500 | 57,462 | ||||||
Oriental Energy Co. Ltd., Class A | 40,200 | 76,304 | ||||||
PetroChina Jinhong Energy Investment Co. Ltd., Class A | 15,800 | 41,456 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A* | 55,285 | 42,518 | ||||||
Shanxi Guoxin Energy Corp. Ltd., Class A | 14,000 | 23,862 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A* | 57,500 | 77,721 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 75,000 | 111,350 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A* | 57,700 | 60,641 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 22,900 | 63,396 | ||||||
|
| |||||||
850,164 | ||||||||
|
| |||||||
Financials — 0.2% | ||||||||
Shaanxi International Trust Co. Ltd., Class A | 59,400 | 68,236 | ||||||
|
| |||||||
Health Care — 11.3% | ||||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 19,700 | 84,668 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A* | 12,100 | 71,018 | ||||||
Changchun High & New Technology Industries, Inc., Class A | 6,500 | 108,907 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 5,800 | 59,682 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
China National Medicines Corp. Ltd., Class A | 13,900 | $ | 62,834 | |||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 16,900 | 55,776 | ||||||
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A | 24,062 | 91,936 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 21,200 | 40,363 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 32,150 | 46,895 | ||||||
Guizhou Yibai Pharmaceutical Co. Ltd., Class A | 30,300 | 71,135 | ||||||
Hainan Haiyao Co. Ltd., Class A* | 38,300 | 76,075 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 43,050 | 52,961 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A* | 71,220 | 95,648 | ||||||
HeiLongJiang ZBD Pharmaceutical Co. Ltd., Class A | 7,700 | 24,188 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 42,800 | 124,179 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A | 21,700 | 62,427 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 20,948 | 54,601 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 16,290 | 79,196 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A | 8,406 | 39,288 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 30,200 | 35,407 | ||||||
Jinling Pharmaceutical Co. Ltd., Class A | 14,200 | 28,883 | ||||||
Jinyu Bio-Technology Co. Ltd., Class A | 28,934 | 148,112 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 37,200 | 57,273 | ||||||
KPC Pharmaceuticals, Inc., Class A | 25,998 | 52,391 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 6,140 | 52,290 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 14,500 | 44,648 | ||||||
North China Pharmaceutical Co. Ltd., Class A | 38,400 | 36,638 | ||||||
Realcan Pharmaceutical Co. Ltd., Class A | 10,500 | 50,197 | ||||||
Shanghai Dingli Technology Development Group Co. Ltd., Class A | 43,300 | 69,544 | ||||||
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A | 23,280 | 38,803 | ||||||
Shanghai Kehua Bio-Engineering Co. Ltd., Class A | 19,600 | 64,772 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A* | 75,450 | 74,170 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 21,200 | 53,418 | ||||||
Shinva Medical Instrument Co. Ltd., Class A | 13,469 | 48,074 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 20,000 | 22,870 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 72,900 | 65,023 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 10,762 | $ | 27,351 | |||||
Winning Health Technology Group Co. Ltd., Class A | 27,010 | 91,525 | ||||||
Xiangxue Pharmaceutical Co. Ltd., Class A | 21,610 | 45,361 | ||||||
Yabao Pharmaceutical Group Co. Ltd., Class A | 25,880 | 37,937 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 14,650 | 101,318 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 60,340 | 63,590 | ||||||
Zhejiang Dian Diagnostics Co. Ltd., Class A | 15,440 | 81,403 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A | 27,900 | 54,934 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 29,483 | 99,990 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 31,430 | 62,475 | ||||||
Zhejiang NHU Co. Ltd., Class A | 25,800 | 78,324 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 17,800 | 33,786 | ||||||
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A* | 14,800 | 64,165 | ||||||
Zhuhai Hokai Medical Instruments Co. Ltd., Class A | 22,640 | 66,439 | ||||||
|
| |||||||
3,152,888 | ||||||||
|
| |||||||
Industrials — 22.5% | ||||||||
Anhui Heli Co. Ltd., Class A | 20,280 | 35,474 | ||||||
Anhui Wanjiang Logistics Group Co. Ltd., Class A* | 74,400 | 61,521 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 30,685 | 80,734 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 21,800 | 47,619 | ||||||
Baotou Beifang Chuangye Co. Ltd., Class A* | 30,900 | 59,501 | ||||||
Beijing New Building Materials PLC, Class A | 39,900 | 63,103 | ||||||
Beijing Orient Landscape & Environment Co., Ltd., Class A | 51,350 | 106,896 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A | 56,755 | 74,580 | ||||||
Beijing Sifang Automation Co. Ltd., Class A | 19,600 | 28,674 | ||||||
Beijing SPC Environment Protection Tech Co. Ltd., Class A | 30,400 | 80,379 | ||||||
Black Peony Group Co. Ltd., Class A | 14,800 | 19,491 | ||||||
Camel Group Co. Ltd., Class A | 20,000 | 52,621 | ||||||
CCS Supply Chain Management Co. Ltd., Class A | 15,373 | 33,113 | ||||||
Changjiang & Jinggong Steel Building Group Co. Ltd., Class A | 57,100 | 37,723 | ||||||
Changyuan Group Ltd., Class A | 50,240 | 115,391 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A* | 11,200 | 25,648 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A | 39,600 | 92,339 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
China CAMC Engineering Co. Ltd., Class A | 21,868 | $ | 76,820 | |||||
China High-Speed Railway Technology Co. Ltd., Class A* | 39,700 | 57,736 | ||||||
China Meheco Co. Ltd., Class A | 24,200 | 65,420 | ||||||
China Railway Erju Co. Ltd., Class A | 34,200 | 73,073 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 43,000 | 48,487 | ||||||
Citic Offshore Helicopter Co. Ltd., Class A | 19,901 | 37,314 | ||||||
CMST Development Co. Ltd., Class A | 52,700 | 66,890 | ||||||
COSCO Shipping Co. Ltd., Class A | 40,000 | 38,916 | ||||||
COSCO Shipping Energy Transportation Co., Ltd., Class A | 65,100 | 69,547 | ||||||
Dalian Port PDA Co. Ltd., Class A | 150,420 | 63,061 | ||||||
Dazhong Transportation Group Co. Ltd., Class A | 58,650 | 59,011 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 19,100 | 52,628 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 49,500 | 72,203 | ||||||
Far East Smarter Energy Co. Ltd., Class A* | 32,100 | 40,697 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 27,640 | 41,476 | ||||||
Fujian Longking Co. Ltd., Class A | 41,100 | 77,537 | ||||||
Gem-Year Industrial Co. Ltd., Class A* | 22,500 | 33,665 | ||||||
Guangdong Guangzhou Daily Media Co. Ltd., Class A* | 22,180 | 24,689 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 37,800 | 42,896 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 21,633 | 46,002 | ||||||
Guangzhou Guangri Stock Co. Ltd., Class A | 21,400 | 45,322 | ||||||
Guizhou Changzheng Tiancheng Holding Co. Ltd., Class A* | 23,700 | 41,491 | ||||||
Guizhou Space Appliance Co. Ltd., Class A | 12,070 | 48,197 | ||||||
Guoxuan High-Tech Co. Ltd. | 12,600 | 59,381 | ||||||
Harbin Boshi Automation Co. Ltd., Class A | 9,670 | 23,946 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 32,700 | 77,810 | ||||||
Henan Senyuan Electric Co. Ltd., Class A | 22,200 | 73,557 | ||||||
Huadian Heavy Industries Co. Ltd., Class A | 16,100 | 21,296 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 48,447 | 74,799 | ||||||
Hunan Jiangnan Red Arrow Co. Ltd., Class A* | 25,947 | 49,738 | ||||||
Ingenious Ene-Carbon New Materials Co. Ltd., Class A* | 54,700 | 49,264 | ||||||
Jangho Group Co. Ltd., Class A | 22,400 | 38,826 | ||||||
Jiangsu Nonghua Intelligent Agriculture Technology Co. Ltd., Class A | 53,000 | 51,181 | ||||||
Jiangsu Yueda Investment Co. Ltd., Class A | 32,000 | 41,496 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 53,700 | 74,707 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 87,750 | 147,531 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 36,700 | 59,209 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 20,900 | 59,370 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Jinlong Machinery & Electronics Co. Ltd., Class A | 16,200 | $ | 40,539 | |||||
Keda Clean Energy Co. Ltd., Class A | 54,000 | 69,711 | ||||||
Lanzhou LS Heavy Equipment Co. Ltd., Class A | 14,300 | 28,346 | ||||||
Meidu Energy Corp., Class A | 67,771 | 52,434 | ||||||
Mesnac Co. Ltd., Class A | 30,800 | 50,937 | ||||||
Minmetals Development Co. Ltd., Class A* | 20,600 | 50,358 | ||||||
Neway Valve Suzhou Co. Ltd., Class A | 10,800 | 28,446 | ||||||
North Navigation Control Technology Co. Ltd., Class A | 35,600 | 74,829 | ||||||
Orient Group, Inc., Class A* | 67,884 | 72,326 | ||||||
Palm Eco-Town Development Co. Ltd., Class A* | 33,050 | 49,546 | ||||||
Pubang Landscape Architecture Co. Ltd., Class A | 40,319 | 37,012 | ||||||
Qingdao Hanhe Cable Co. Ltd., Class A | 62,100 | 40,398 | ||||||
Qingdao TGOOD Electric Co. Ltd., Class A* | 19,200 | 56,456 | ||||||
Rizhao Port Co. Ltd., Class A* | 86,550 | 52,926 | ||||||
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 22,900 | 68,593 | ||||||
Shanghai Lansheng Corp., Class A | 10,100 | 43,117 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 15,400 | 47,330 | ||||||
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A | 25,999 | 44,313 | ||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., Class A* | 79,900 | 60,641 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 33,460 | 52,337 | ||||||
Shantui Construction Machinery Co. Ltd., Class A* | 50,300 | 46,029 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 6,000 | 37,497 | ||||||
Shenzhen Glory Medical Co. Ltd., Class A* | 10,318 | 33,650 | ||||||
Shenzhen Grandland Group Co. Ltd., Class A | 29,200 | 42,480 | ||||||
Shenzhen Hifuture Electric Co. Ltd., Class A* | 37,400 | 81,749 | ||||||
Shenzhen Hongtao Decoration Co. Ltd., Class A | 40,660 | 54,312 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 29,620 | 43,034 | ||||||
Shenzhen Yan Tian Port Holding Co. Ltd., Class A | 37,600 | 42,397 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 39,600 | 40,416 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 84,900 | 63,331 | ||||||
Sieyuan Electric Co. Ltd., Class A | 26,480 | 45,975 | ||||||
Sinochem International Corp., Class A | 49,900 | 80,144 | ||||||
Sinoma International Engineering Co., Class A | 52,350 | 59,710 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 17,000 | 45,023 | ||||||
SPIC Yuanda Environmental-Protection Co. Ltd., Class A | 19,282 | 36,405 | ||||||
Sufa Technology Industry Co. Ltd. CNNC, Class A | 14,320 | 50,097 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Sungrow Power Supply Co. Ltd., Class A | 33,300 | $ | 55,601 | |||||
Suzhou Anjie Technology Co. Ltd., Class A | 7,500 | 42,535 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 15,800 | 42,256 | ||||||
Taihai Manoir Nuclear Equipment Co. Ltd., Class A | 8,400 | 68,561 | ||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 79,400 | 49,816 | ||||||
TangShan Port Group Co. Ltd., Class A | 77,980 | 48,474 | ||||||
Tianjin Benefo Tejing Electric Co. Ltd., Class A | 10,700 | 22,027 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 20,500 | 25,842 | ||||||
Tianjin Port Co. Ltd., Class A | 40,100 | 61,042 | ||||||
Tianjin Teda Co. Ltd., Class A | 50,400 | 44,153 | ||||||
Tianjin Tianhai Investment Co. Ltd., Class A* | 62,600 | 94,026 | ||||||
Tianma Bearing Group Co. Ltd., Class A | 27,800 | 49,150 | ||||||
Wolong Electric Group Co. Ltd., Class A | 30,065 | 42,854 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 55,548 | 71,067 | ||||||
Xi’An Shaangu Power Co. Ltd., Class A | 33,350 | 34,905 | ||||||
Xiandai Investment Co. Ltd., Class A | 35,800 | 43,473 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A | 24,400 | 46,596 | ||||||
Xinjiang Urban Construction Group Co. Ltd., Class A | 20,700 | 35,729 | ||||||
XJ Electric Co. Ltd., Class A | 28,900 | 70,105 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 57,400 | 51,530 | ||||||
Zhejiang Dun’An Artificial Environment Co. Ltd., Class A* | 25,800 | 40,505 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A* | 16,200 | 38,759 | ||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 33,880 | 50,986 | ||||||
Zhejiang Wanma Co. Ltd., Class A | 26,962 | 66,183 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 3,550 | 13,092 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 45,000 | 43,716 | ||||||
Zhongli Science & Technology Group Co. Ltd., Class A | 15,700 | 34,067 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 12,400 | 17,263 | ||||||
|
| |||||||
6,267,153 | ||||||||
|
| |||||||
Information Technology — 15.8% | ||||||||
Accelink Technologies Co. Ltd., Class A | 4,900 | 57,129 | ||||||
Addsino Co. Ltd., Class A | 33,900 | 77,494 | ||||||
AVIC Jonhon OptronicTechnology Co. Ltd., Class A | 14,910 | 81,066 | ||||||
Beijing Dahao Technology Corp. Ltd., Class A | 2,300 | 13,775 | ||||||
Beijing Jetsen Technology Co. Ltd., Class A | 36,992 | 59,894 | ||||||
Beijing Jingyuntong Technology Co. Ltd., Class A | 28,300 | 30,520 | ||||||
Beijing Lanxum Technology Co. Ltd., Class A* | 21,300 | 61,769 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A* | 15,500 | $ | 53,688 | |||||
Beijing Philisense Technology Co. Ltd., Class A | 26,800 | 52,458 | ||||||
Beijing Sevenstar Electronics Co. Ltd., Class A | 8,700 | 39,529 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A | 42,960 | 77,258 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 40,700 | 92,904 | ||||||
Bright Oceans Inter-Telecom Corp., Class A | 22,600 | 46,752 | ||||||
China Greatwall Computer Shenzhen Co. Ltd., Class A* | 31,900 | 60,273 | ||||||
China National Software & Service Co. Ltd., Class A | 14,600 | 65,978 | ||||||
China TransInfo Technology Co. Ltd., Class A | 21,800 | 51,180 | ||||||
China Wafer Level CSP Co. Ltd., Class A | 4,800 | 22,816 | ||||||
Dalian Zeus Entertainment Group Co. Ltd., Class A | 4,200 | 48,676 | ||||||
Datang Telecom Technology Co. Ltd., Class A* | 25,200 | 65,319 | ||||||
Dawning Information Industry Co. Ltd., Class A | 15,600 | 69,820 | ||||||
Eastern Communications Co. Ltd., Class A | 22,192 | 29,900 | ||||||
EGing Photovoltaic Technology Co. Ltd., Class A | 38,620 | 42,431 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 25,000 | 98,050 | ||||||
Focus Technology Co. Ltd., Class A | 2,200 | 21,843 | ||||||
Founder Technology Group Corp., Class A | 105,000 | 76,047 | ||||||
Fujian Newland Computer Co. Ltd., Class A | 31,340 | 84,088 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 15,200 | 43,428 | ||||||
Glodon Co. Ltd., Class A | 32,100 | 72,995 | ||||||
GreatWall Information Industry Co. Ltd., Class A | 31,200 | 108,655 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 6,700 | 33,028 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 30,000 | 44,063 | ||||||
Guomai Technologies, Inc., Class A* | 20,600 | 34,694 | ||||||
Hangzhou First Pv Material Co. Ltd., Class A | 4,100 | 29,635 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A | 19,500 | 91,617 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 36,280 | 35,035 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 19,100 | 40,479 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 41,700 | 121,349 | ||||||
Holitech Technology Co. Ltd., Class A | 27,200 | 65,981 | ||||||
Huagong Tech Co. Ltd., Class A | 29,900 | 72,228 | ||||||
Invengo Information Technology Co. Ltd., Class A | 24,800 | 45,424 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 49,200 | $ | 130,088 | |||||
Julong Co. Ltd., Class A | 12,795 | 49,738 | ||||||
MLS Co. Ltd., Class A | 3,200 | 16,536 | ||||||
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A* | 130,400 | 63,241 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A | 18,300 | 57,830 | ||||||
North Electro-Optic Co. Ltd., Class A | 7,900 | 26,221 | ||||||
Shanghai Aerospace Automobile Electromechanical Co., Class A | 41,800 | 66,482 | ||||||
Shanghai Belling Co. Ltd., Class A | 25,700 | 57,624 | ||||||
Shanghai East China Computer Co. Ltd., Class A | 9,780 | 37,777 | ||||||
Shengyi Technology Co. Ltd., Class A | 33,700 | 56,220 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 21,580 | 81,267 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 34,400 | 54,156 | ||||||
Shenzhen Laibao Hi-tech Co. Ltd., Class A* | 23,100 | 41,676 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A | 18,240 | 78,050 | ||||||
Sinodata Co. Ltd., Class A | 7,900 | 56,840 | ||||||
Skyworth Digital Co. Ltd., Class A | 18,700 | 43,821 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A | 69,500 | 96,051 | ||||||
Taiji Computer Corp. Ltd., Class A | 9,700 | 46,892 | ||||||
Talkweb Information System Co. Ltd., Class A | 20,700 | 38,932 | ||||||
Tatwah Smartech Co. Ltd., Class A* | 21,100 | 62,988 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 27,500 | 46,377 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 26,700 | 72,876 | ||||||
Unigroup Guoxin Co. Ltd., Class A | 17,600 | 91,010 | ||||||
United Electronics Co. Ltd., Class A | 12,000 | 41,790 | ||||||
Venustech Group, Inc., Class A | 25,000 | 82,654 | ||||||
Vtron Technologies Ltd., Class A | 28,100 | 65,564 | ||||||
Westone Information Industry, Inc., Class A | 12,200 | 59,012 | ||||||
Wuhan Fingu Electronic Technology Co. Ltd., Class A | 12,900 | 32,299 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 11,500 | 42,975 | ||||||
Wuhu Token Science Co. Ltd., Class A | 38,400 | 87,992 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A* | 46,840 | 35,076 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 6,400 | 37,656 | ||||||
Xi’an LONGi Silicon Materials Corp., Class A | 50,600 | 100,653 | ||||||
YGSOFT, Inc., Class A | 22,107 | 48,353 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 22,050 | 71,944 | ||||||
|
| |||||||
4,397,929 | ||||||||
|
| |||||||
Materials — 15.2% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A* | 24,504 | 46,830 | ||||||
Baoji Titanium Industry Co. Ltd., Class A | 10,100 | 27,523 | ||||||
Befar Group Co. Ltd., Class A | 39,300 | 37,269 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Beijing Lier High-temperature Materials Co. Ltd., Class A* | 28,400 | $ | 24,346 | |||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 23,908 | 77,696 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 28,184 | 197,362 | ||||||
China Jushi Co. Ltd., Class A | 46,640 | 76,459 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 56,400 | 75,092 | ||||||
Chongqing Iron & Steel Co. Ltd., Class A* | 82,300 | 34,759 | ||||||
Cofco Biochemical Co. Ltd., Class A* | 46,285 | 78,620 | ||||||
CSG Holding Co. Ltd., Class A | 44,200 | 88,561 | ||||||
Elion Clean Energy Co. Ltd., Class A | 49,100 | 47,912 | ||||||
FSPG Hi-Tech Co. Ltd., Class A | 37,350 | 44,869 | ||||||
Gansu Qilianshan Cement Group Co. Ltd., Class A | 29,500 | 32,624 | ||||||
GEM Co. Ltd., Class A | 97,502 | 100,076 | ||||||
Guangdong Guanhao High-Tech Co. Ltd., Class A | 35,645 | 45,088 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 82,905 | 86,769 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 17,100 | 23,954 | ||||||
Hengyi Petrochemical Co. Ltd., Class A* | 20,200 | 38,897 | ||||||
Hongda Xingye Co. Ltd., Class A | 46,078 | 49,959 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 68,250 | 96,494 | ||||||
Huaxin Cement Co. Ltd., Class A | 22,780 | 26,082 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A | 22,700 | 48,731 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 15,100 | 34,599 | ||||||
Hunan Gold Corp. Ltd., Class A* | 32,400 | 57,799 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A* | 28,800 | 41,842 | ||||||
Jiangsu Wuzhong Industrial Co., Class A | 25,400 | 68,554 | ||||||
Jiangsu Yabang Dyestuff Co. Ltd., Class A | 16,100 | 44,408 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A | 42,500 | 55,971 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 87,553 | 77,713 | ||||||
Juli Sling Co. Ltd., Class A | 31,400 | 30,413 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 85,300 | 91,621 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 27,459 | 62,600 | ||||||
Luxi Chemical Group Co. Ltd., Class A* | 48,900 | 37,820 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A* | 139,700 | 59,981 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A* | 98,800 | 40,992 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 26,300 | 56,650 | ||||||
Org Packaging Co. Ltd., Class A | 67,450 | 90,097 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 7,400 | 61,287 | ||||||
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A | 21,600 | 73,326 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 41,800 | 64,839 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 42,120 | 69,902 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Shandong Jinjing Science & Technology Co. Ltd., Class A* | 52,100 | $ | 35,173 | |||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 235,750 | 115,874 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 59,400 | 59,508 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A* | 10,700 | 21,222 | ||||||
Shantou Dongfeng Printing Co. Ltd., Class A | 15,600 | 28,032 | ||||||
Shenghe Resources Holding Co. Ltd., Class A* | 27,200 | 56,072 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 45,600 | 70,601 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A | 46,200 | 34,530 | ||||||
Stanley Agricultural Group Co. Ltd., Class A | 21,800 | 36,620 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A* | 27,500 | 48,024 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 43,300 | 50,640 | ||||||
Tianqi Lithium Industries, Inc., Class A | 28,420 | 155,095 | ||||||
Tibet Mineral Development Co., Class A* | 20,000 | 55,107 | ||||||
Tongkun Group Co. Ltd., Class A | 19,600 | 38,535 | ||||||
Western Mining Co. Ltd., Class A | 91,600 | 109,246 | ||||||
Xinjiang Qingsong Building Materials and Chemicals Group Co. Ltd., Class A* | 42,100 | 29,579 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A* | 29,000 | 29,598 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 50,900 | 90,212 | ||||||
Yintai Resources Co. Ltd., Class A | 26,100 | 57,653 | ||||||
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 82,400 | 101,371 | ||||||
Yunnan Copper Co. Ltd., Class A* | 40,900 | 78,342 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A | 22,700 | 46,500 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 46,900 | 34,646 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 43,300 | 69,732 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 21,500 | 54,135 | ||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 25,900 | 37,666 | ||||||
Zhongfu Straits Pingtan Development Co. Ltd., Class A* | 55,800 | 58,725 | ||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 19,500 | 43,779 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 33,415 | 55,020 | ||||||
|
| |||||||
4,227,623 | ||||||||
|
| |||||||
Real Estate — 7.7% | ||||||||
Beijing Centergate Technologies Holding Co. Ltd., Class A* | 25,500 | 32,366 | ||||||
Beijing Homyear Capital Holdings Co. Ltd., Class A | 47,330 | 80,190 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 44,700 | $ | 87,947 | |||||
China Sports Industry Group Co. Ltd., Class A | 32,301 | 94,278 | ||||||
Chongqing Dima Industry Co. Ltd., Class A | 67,500 | 69,184 | ||||||
Cinda Real Estate Co. Ltd., Class A | 36,100 | 34,078 | ||||||
Citychamp Dartong Co. Ltd., Class A | 48,600 | 52,623 | ||||||
COFCO Property Group Co. Ltd., Class A | 52,200 | 70,481 | ||||||
Deluxe Family Co. Ltd., Class A | 76,200 | 102,997 | ||||||
Future Land Holdings Co. Ltd., Class A | 42,700 | 71,420 | ||||||
Greattown Holdings Ltd., Class A* | 52,200 | 69,048 | ||||||
Guangdong Highsun Group Co. Ltd., Class A* | 52,670 | 38,528 | ||||||
Haining China Leather Market Co. Ltd., Class A | 26,300 | 44,902 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 43,600 | 44,688 | ||||||
HNA Investment Group Co. Ltd., Class A | 68,800 | 57,090 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 33,800 | 69,384 | ||||||
Huayuan Property Co. Ltd., Class A | 44,930 | 31,762 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 26,600 | 49,951 | ||||||
Jinke Properties Group Co. Ltd., Class A | 144,600 | 112,044 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A | 6,100 | 38,598 | ||||||
Macrolink Culturaltainment Development Co. Ltd., Class A | 27,200 | 35,192 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A | 98,300 | 56,558 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 25,825 | 65,296 | ||||||
Rongan Property Co. Ltd., Class A | 30,700 | 22,989 | ||||||
Shanghai AJ Group Co. Ltd., Class A* | 55,180 | 100,031 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 26,520 | 33,316 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 12,200 | 34,357 | ||||||
Shanghai Shimao Co. Ltd., Class A | 37,580 | 42,537 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 10,800 | 47,510 | ||||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 40,610 | 46,672 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 45,600 | 63,284 | ||||||
Shunfa Hengye Corp., Class A | 34,242 | 26,038 | ||||||
Sunshine City Group Co. Ltd., Class A | 77,750 | 70,586 | ||||||
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A | 33,600 | 44,298 | ||||||
Tianjin Jinbin Development Co. Ltd., Class A* | 62,700 | 42,057 | ||||||
Tibet Urban Development and Investment Co. Ltd., Class A | 17,800 | 45,521 | ||||||
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A | 34,940 | 34,196 | ||||||
Zhonghong Holding Co. Ltd., Class A | 170,380 | 69,705 | ||||||
|
| |||||||
2,131,702 | ||||||||
|
| |||||||
Utilities — 2.9% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 51,730 | 61,995 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Beijing Water Business Doctor Co. Ltd., Class A | 28,700 | $ | 75,013 | |||||
Chengdu Xingrong Environment Co. Ltd., Class A | 85,900 | 78,481 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 8,200 | 16,975 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 62,600 | 77,646 | ||||||
Guangxi Guiguan Electric Power Co. Ltd., Class A | 35,500 | 34,538 | ||||||
Harbin Hatou Investment Co. Ltd., Class A | 16,700 | 29,116 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A* | 68,300 | 63,389 | ||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 33,700 | 46,769 | ||||||
Kaidi Ecological and Environmental Technology Co. Ltd., Class A* | 35,400 | 55,525 | ||||||
Shaan Xi Provincial Natural Gas Co. Ltd., Class A | 20,700 | 30,732 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A | 94,550 | $ | 87,752 | |||||
Xinjiang Tianfu Energy Co. Ltd., Class A | 29,559 | 32,945 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A | 22,200 | 47,594 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 34,560 | 59,204 | ||||||
|
| |||||||
797,674 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 27,732,021 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% | $ | 27,732,021 | ||||||
Other assets and liabilities, net — 0.3% | 93,450 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 27,825,471 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $28,779,207. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,047,186. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,449,754 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,496,940. |
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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Common Stocks (a) | $ | 25,605,774 | $ | — | $ | 2,126,247 | $ | 27,732,021 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 25,605,774 | $ | — | $ | 2,126,247 | $ | 27,732,021 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2016 (Unaudited)
The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2016 | $ | 1,889,269 | ||
Purchases | 652,975 | |||
Sales | (476,403 | ) | ||
Realized gain (loss) | (16,769 | ) | ||
Change in unrealized gain (loss) | 75,155 | |||
Transfers into Level 3 (b) | 1,298,629 | |||
Transfer out of Level 3 (b) | (1,296,610 | ) | ||
Balance at November 30, 2016 | 2,126,247 | |||
Change in unrealized gain (loss) related to investments still held at November 30, 2016 | 117,194 |
(b) | During the period ended November 30, 2016, the amount of transfers between Level 1 and Level 3 was $1,298,629 and between Level 3 and Level 1 was $1,296,610. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -2% to 27% with a weighted average range of approximately 4%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.
Asset Class | Fair Value at 11/30/2016 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 667,888 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Financials | 68,236 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Health Care | 66,439 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials | 429,738 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology | 474,426 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Materials | 248,989 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Real Estate | 139,799 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Utilities | 30,732 | Market Approach | Last traded price adjusted for proxy. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 55.7% | ||||||||
Consumer Discretionary — 4.9% | ||||||||
Alibaba Pictures Group Ltd.* | 28,902 | $ | 5,552 | |||||
ANTA Sports Products Ltd. | 2,388 | 7,004 | ||||||
Belle International Holdings Ltd. | 14,994 | 8,602 | ||||||
Brilliance China Automotive Holdings Ltd. (a) | 7,507 | 10,510 | ||||||
BYD Co. Ltd., Class H | 1,951 | 11,746 | ||||||
China Travel International Investment Hong Kong Ltd. | 7,372 | 2,157 | ||||||
Ctrip.com International, Ltd., ADR* | 872 | 39,441 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 6,551 | 6,664 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 1,103 | 3,356 | ||||||
Geely Automobile Holdings Ltd. | 12,515 | 12,940 | ||||||
GOME Electrical Appliances Holding Ltd. (a) | 33,908 | 4,415 | ||||||
Great Wall Motor Co. Ltd., Class H | 7,412 | 6,976 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 5,062 | 6,630 | ||||||
Haier Electronics Group Co. Ltd. | 3,019 | 5,036 | ||||||
Intime Retail Group Co. Ltd. | 4,021 | 3,307 | ||||||
JD.com, Inc., ADR* | 1,617 | 43,449 | ||||||
Minth Group Ltd. | 1,647 | 5,393 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 317 | 15,904 | ||||||
Qunar Cayman Islands Ltd., ADR* | 95 | 2,853 | ||||||
Shenzhou International Group Holdings Ltd. | 1,334 | 8,204 | ||||||
Skyworth Digital Holdings Ltd. | 4,178 | 2,623 | ||||||
TAL Education Group, ADR* | 101 | 7,730 | ||||||
Vipshop Holdings Ltd., ADR* | 935 | 10,491 | ||||||
|
| |||||||
230,983 | ||||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
China Agri-Industries Holdings Ltd.* | 5,742 | 2,310 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 12,252 | 4,581 | ||||||
China Mengniu Dairy Co. Ltd. | 6,635 | 13,601 | ||||||
China Resources Beer Holdings Co. Ltd.* | 3,945 | 8,351 | ||||||
Hengan International Group Co. Ltd. | 1,814 | 14,277 | ||||||
Sun Art Retail Group Ltd. | 6,241 | 5,294 | ||||||
Tingyi Cayman Islands Holding Corp. | 5,207 | 6,189 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,163 | 4,588 | ||||||
Uni-President China Holdings Ltd. | 3,597 | 2,509 | ||||||
Want Want China Holdings Ltd. | 14,712 | 9,389 | ||||||
|
| |||||||
71,089 | ||||||||
|
| |||||||
Energy — 3.6% | ||||||||
China Coal Energy Co. Ltd., Class H* | 5,522 | 2,784 | ||||||
China Oilfield Services Ltd., Class H | 5,178 | 4,907 | ||||||
China Petroleum & Chemical Corp., Class H | 62,911 | 43,959 | ||||||
China Shenhua Energy Co. Ltd., Class H | 8,512 | 17,624 | ||||||
CNOOC Ltd. | 42,021 | 52,982 | ||||||
Kunlun Energy Co. Ltd. | 8,167 | 5,970 | ||||||
PetroChina Co. Ltd., Class H | 51,951 | 35,296 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 4,535 | 3,169 | ||||||
|
| |||||||
166,691 | ||||||||
|
|
Number | Value | |||||||
Financials — 13.6% | ||||||||
Agricultural Bank of China Ltd., Class H | 60,421 | $ | 25,316 | |||||
Bank of China Ltd., Class H | 190,797 | 86,830 | ||||||
Bank of Communications Co. Ltd., Class H | 12,388 | 9,519 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 18,639 | 6,728 | ||||||
China CITIC Bank Corp. Ltd., Class H | 19,810 | 12,923 | ||||||
China Construction Bank Corp., Class H | 192,733 | 143,618 | ||||||
China Everbright Bank Co. Ltd., Class H | 13,264 | 6,293 | ||||||
China Everbright Ltd. | 2,011 | 4,060 | ||||||
China Galaxy Securities Co. Ltd., Class H | 6,923 | 6,872 | ||||||
China Huarong Asset Management Co. Ltd., 144A* | 11,785 | 4,740 | ||||||
China International Capital Corp. Ltd., Class H, 144A* | 1,647 | 2,416 | ||||||
China Life Insurance Co. Ltd., Class H | 17,532 | 50,969 | ||||||
China Merchants Bank Co. Ltd., Class H | 9,645 | 23,825 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 1,468 | 1,658 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 6,497 | 25,254 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 3,862 | 8,843 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 4,122 | 2,572 | ||||||
CITIC Securities Co. Ltd., Class H | 2,959 | 6,928 | ||||||
Far East Horizon Ltd. | 4,072 | 3,680 | ||||||
GF Securities Co. Ltd., Class H | 3,445 | 8,066 | ||||||
Haitong Securities Co. Ltd., Class H | 3,428 | 6,612 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 3,145 | 7,225 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 176,782 | 108,257 | ||||||
New China Life Insurance Co. Ltd., Class H | 1,981 | 10,024 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 16,211 | 6,834 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 10,716 | 17,960 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 6,554 | 36,248 | ||||||
|
| |||||||
634,270 | ||||||||
|
| |||||||
Health Care — 1.4% | ||||||||
3SBio, Inc., 144A* | 2,693 | 2,864 | ||||||
Alibaba Health Information Technology Ltd.* | 8,456 | 4,731 | ||||||
China Medical System Holdings Ltd. | 3,125 | 5,213 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 4,690 | 2,346 | ||||||
CSPC Pharmaceutical Group Ltd. | 10,036 | 10,778 | ||||||
Luye Pharma Group Ltd. | 3,353 | 2,248 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 4,810 | 3,324 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 817 | 2,570 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 1,470 | 3,676 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 11,029 | 2,986 | ||||||
Sino Biopharmaceutical Ltd. | 10,426 | 7,151 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,775 | 12,951 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 1,512 | 2,881 | ||||||
|
| |||||||
63,719 | ||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials — 4.0% | ||||||||
Air China Ltd., Class H | 3,389 | $ | 2,324 | |||||
AviChina Industry & Technology Co. Ltd., Class H | 5,346 | 3,701 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 3,730 | 3,679 | ||||||
Beijing Enterprises Holdings Ltd. | 1,255 | 5,792 | ||||||
CAR, Inc.* | 2,337 | 2,419 | ||||||
China Communications Construction Co. Ltd., Class H | 10,336 | 12,393 | ||||||
China Conch Venture Holdings Ltd. | 3,422 | 6,309 | ||||||
China COSCO Holdings Co. Ltd., Class H* | 8,120 | 3,329 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 5,143 | 2,500 | ||||||
China Everbright International Ltd. | 6,212 | 7,528 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 1,845 | 2,788 | ||||||
China Merchants Port Holdings Co. Ltd. | 3,264 | 8,197 | ||||||
China Railway Construction Corp. Ltd., Class H | 5,409 | 7,685 | ||||||
China Railway Group Ltd., Class H | 12,815 | 11,565 | ||||||
China Shipping Container Lines Co. Ltd., Class H* | 13,964 | 3,294 | ||||||
China Southern Airlines Co. Ltd., Class H | 4,573 | 2,624 | ||||||
China State Construction International Holdings Ltd. | 4,419 | 7,144 | ||||||
CITIC Ltd. | 10,805 | 16,632 | ||||||
COSCO Shipping Energy Transportation Co., Ltd., Class H | 2,916 | 1,714 | ||||||
COSCO SHIPPING Ports Ltd. | 3,523 | 3,688 | ||||||
CRRC Corp. Ltd., Class H | 14,113 | 13,937 | ||||||
Fosun International Ltd. | 6,371 | 9,446 | ||||||
Haitian International Holdings Ltd. | 1,710 | 3,417 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 3,243 | 4,323 | ||||||
Metallurgical Corp. of China Ltd., Class H | 11,987 | 4,296 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 13,167 | 6,349 | ||||||
Shanghai Industrial Holdings Ltd. | 1,033 | 2,910 | ||||||
Shenzhen International Holdings Ltd. | 2,715 | 3,997 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 3,182 | 2,748 | ||||||
Sinotrans Ltd., Class H | 5,514 | 2,758 | ||||||
Weichai Power Co. Ltd., Class H | 2,009 | 3,238 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 953 | 1,504 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 3,449 | 3,686 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 1,354 | 7,349 | ||||||
|
| |||||||
185,263 | ||||||||
|
| |||||||
Information Technology — 17.5% | ||||||||
58.com, Inc., ADR*(a) | 175 | 5,612 | ||||||
AAC Technologies Holdings, Inc. | 1,751 | 15,847 | ||||||
Alibaba Group Holding Ltd., ADR* | 2,630 | 247,273 | ||||||
Autohome, Inc., ADR* | 107 | 2,951 | ||||||
Baidu, Inc., ADR* | 635 | 106,013 | ||||||
Bitauto Holdings Ltd., ADR*(a) | 58 | 1,308 | ||||||
Fang Holdings Ltd., ADR*(a) | 731 | 2,142 | ||||||
GCL-Poly Energy Holdings Ltd. (a) | 31,907 | 4,278 | ||||||
Hanergy Thin Film Power Group Ltd.* | 56,247 | — | ||||||
Kingboard Chemical Holdings Ltd. | 1,540 | 4,318 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Kingsoft Corp. Ltd. (a) | 1,875 | $ | 4,211 | |||||
Lenovo Group Ltd. | 17,830 | 11,057 | ||||||
NetEase, Inc., ADR | 184 | 41,234 | ||||||
Semiconductor Manufacturing International Corp.* | 66,859 | 9,051 | ||||||
SINA Corp.* | 129 | 9,941 | ||||||
Sunny Optical Technology Group Co. Ltd. | 1,670 | 8,407 | ||||||
Tencent Holdings Ltd. | 13,246 | 330,781 | ||||||
TravelSky Technology Ltd., Class H | 2,227 | 4,668 | ||||||
Xinyi Solar Holdings Ltd.*(a) | 6,704 | 2,290 | ||||||
YY, Inc., ADR* | 69 | 2,986 | ||||||
ZTE Corp., Class H | 1,430 | 2,323 | ||||||
|
| |||||||
816,691 | ||||||||
|
| |||||||
Materials — 1.2% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 13,787 | 6,150 | ||||||
Anhui Conch Cement Co. Ltd., Class H (a) | 3,096 | 8,961 | ||||||
BBMG Corp., Class H | 7,014 | 2,704 | ||||||
China Hongqiao Group Ltd. | 4,321 | 4,011 | ||||||
China National Building Material Co. Ltd., Class H | 6,253 | 3,160 | ||||||
China Resources Cement Holdings Ltd. | 4,945 | 2,123 | ||||||
China Zhongwang Holdings Ltd. (a) | 6,112 | 2,837 | ||||||
Jiangxi Copper Co. Ltd., Class H | 6,104 | 9,333 | ||||||
Lee & Man Paper Manufacturing Ltd. | 3,160 | 2,428 | ||||||
Nine Dragons Paper Holdings Ltd. | 3,813 | 3,347 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 9,501 | 4,997 | ||||||
Zijin Mining Group Co. Ltd., Class H | 17,905 | 6,002 | ||||||
|
| |||||||
56,053 | ||||||||
|
| |||||||
Real Estate — 2.1% | ||||||||
Agile Group Holdings Ltd. | 2,686 | 1,503 | ||||||
China Evergrande Group (a) | 9,623 | 6,575 | ||||||
China Jinmao Holdings Group Ltd. | 8,392 | 2,250 | ||||||
China Overseas Land & Investment Ltd. | 9,349 | 26,999 | ||||||
China Resources Land Ltd. | 6,615 | 16,067 | ||||||
China Vanke Co. Ltd., Class H | 567 | 1,740 | ||||||
Country Garden Holdings Co. Ltd. | 13,835 | 7,741 | ||||||
Fullshare Holdings Ltd. (a) | 11,457 | 6,100 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 1,818 | 2,311 | ||||||
KWG Property Holding Ltd. | 2,185 | 1,228 | ||||||
Longfor Properties Co. Ltd. | 3,688 | 4,740 | ||||||
Shenzhen Investment Ltd. | 6,959 | 3,033 | ||||||
Shimao Property Holdings Ltd. | 2,770 | 3,621 | ||||||
Shui On Land Ltd. | 8,044 | 1,908 | ||||||
Sino-Ocean Group Holding Ltd. | 7,682 | 3,278 | ||||||
SOHO China Ltd. | 5,263 | 2,789 | ||||||
Sunac China Holdings Ltd. | 4,086 | 3,103 | ||||||
Yuexiu Property Co. Ltd. | 16,255 | 2,410 | ||||||
|
| |||||||
97,396 | ||||||||
|
| |||||||
Telecommunication Services — 4.2% | ||||||||
China Communications Services Corp. Ltd., Class H | 4,969 | 2,928 | ||||||
China Mobile Ltd. | 14,555 | 158,842 | ||||||
China Telecom Corp. Ltd., Class H | 33,075 | 15,990 | ||||||
China Unicom Hong Kong Ltd. | 14,564 | 17,687 | ||||||
|
| |||||||
195,447 | ||||||||
|
|
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Utilities — 1.7% | ||||||||
Beijing Enterprises Water Group Ltd.* | 10,713 | $ | 7,748 | |||||
CGN Power Co. Ltd., Class H, 144A | 27,464 | 8,250 | ||||||
China Gas Holdings Ltd. | 4,332 | 5,730 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 7,712 | 6,035 | ||||||
China Power International Development Ltd. | 8,056 | 2,981 | ||||||
China Resources Gas Group Ltd. | 2,202 | 6,529 | ||||||
China Resources Power Holdings Co. Ltd. | 4,759 | 7,829 | ||||||
Datang International Power Generation Co. Ltd., Class H | 10,591 | 2,854 | ||||||
ENN Energy Holdings Ltd. | 1,850 | 8,515 | ||||||
Guangdong Investment Ltd. | 7,455 | 10,438 | ||||||
Huadian Power International Corp. Ltd., Class H | 6,756 | 2,865 | ||||||
Huaneng Power International, Inc., Class H | 10,138 | 6,352 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 9,510 | 3,065 | ||||||
Towngas China Co. Ltd.* | 3,454 | 1,790 | ||||||
|
| |||||||
80,981 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,598,583 | |||||||
|
|
Number | Value | |||||||
EXCHANGE-TRADED FUNDS — 44.2% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) | 65,556 | $ | 1,696,589 | |||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(b) | 10,437 | 361,955 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 2,058,544 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 44.2% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 2,061,571 | 2,061,571 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 144.1% | $ | 6,718,698 | ||||||
Other assets and liabilities, net — (44.1%) | (2,057,730 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,660,968 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $8,654,137. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,935,439. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $138,155 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,073,594. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $1,990,997, which is 42.7% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 2,598,583 | $ | — | $ | 0 | $ | 2,598,583 | ||||||||
Exchange-Traded Funds | 2,058,544 | — | — | 2,058,544 | ||||||||||||
Short-Term Investments | 2,061,571 | — | — | 2,061,571 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 6,718,698 | $ | — | $ | 0 | $ | 6,718,698 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 26 |
This Page is Intentionally Left Blank
27
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | — | $ | 492,625,544 | $ | 27,732,021 | $ | 2,598,583 | ||||||||
Investment in affiliated securities at value (See Note 4) | 2,433,703 | — | — | 2,058,544 | ||||||||||||
Investment in Government & Agency Securities Portfolio* | 1,090,892 | — | — | 2,061,571 | ||||||||||||
Cash | 1,604 | 1,152,421 | — | 26 | ||||||||||||
Foreign currency at value | — | 4,554,422 | † | 108,540 | † | 164 | ||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 40,240 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 1,359 | ||||||||||||
Dividends | — | 68 | 21 | 558 | ||||||||||||
Securities lending income | 73 | — | — | 3,009 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 3,566,512 | $ | 498,332,455 | $ | 27,840,582 | $ | 6,723,814 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | — | $ | — | $ | 144 | $ | — | ||||||||
Payable upon return of securities loaned | 1,090,892 | — | — | 2,061,571 | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 320 | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 41,155 | 1,775,981 | — | — | ||||||||||||
Investment advisory fees | 110 | 256,919 | 14,967 | 1,275 | ||||||||||||
Due to authorized participant | — | 490,639 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,132,477 | 2,523,539 | 15,111 | 2,062,846 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,434,035 | $ | 495,808,916 | $ | 27,825,471 | $ | 4,660,968 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 2,222,884 | $ | 484,640,333 | $ | 38,552,020 | $ | 7,952,975 | ||||||||
Distributions in excess of net investment income | — | — | (171,928 | ) | — | |||||||||||
Undistributed net investment income | 272,625 | 3,223,361 | — | 427,644 | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 55,916 | (74,353,758 | ) | (12,177,550 | ) | (1,999,219 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (117,390 | ) | 82,298,980 | 1,622,929 | (1,720,432 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,434,035 | $ | 495,808,916 | $ | 27,825,471 | $ | 4,660,968 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 100,001 | 19,250,001 | 800,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 24.34 | $ | 25.76 | $ | 34.78 | $ | 31.07 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | — | $ | 410,325,819 | $ | 26,105,985 | $ | 3,024,942 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 2,591,013 | $ | — | $ | — | $ | 3,352,610 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,055,412 | $ | — | $ | — | $ | 1,990,997 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 1,090,892 | $ | — | $ | — | $ | 2,061,571 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | — | $ | 4,555,165 | $ | 111,647 | $ | 163 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $21,241 and $6,680, respectively, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | — | $ | 7,649 | $ | 501 | $ | — | ||||||||
Unaffiliated dividend income* | — | 7,105,717 | 97,958 | 74,907 | ||||||||||||
Securities lending income, net of borrower rebates | 8,055 | — | — | 36,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 8,055 | 7,113,366 | 98,459 | 111,455 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 8,444 | 1,556,819 | 91,965 | 15,466 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 8,444 | 1,556,819 | 91,965 | 15,466 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (7,838 | ) | — | — | (6,702 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 606 | 1,556,819 | 91,965 | 8,764 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 7,449 | 5,556,547 | 6,494 | 102,691 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | — | (6,445,894 | ) | (178,473 | ) | (10,283 | ) | |||||||||
Investments in affiliates | (9,707 | ) | — | — | (10,664 | ) | ||||||||||
In-kind redemptions | — | — | — | (169,893 | ) | |||||||||||
In-kind redemptions in affiliates | — | — | — | (397,096 | ) | |||||||||||
Foreign currency transactions | 69,197 | (164,909 | ) | (16,057 | ) | 151 | ||||||||||
Payments by Affiliates (See note 9) | 9,674 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 69,164 | (6,610,803 | ) | (194,530 | ) | (587,785 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 162,572 | 34,279,335 | 1,353,617 | 903,511 | ||||||||||||
Foreign currency translations | 8,892 | (1,069 | ) | (2,741 | ) | 8 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 171,464 | 34,278,266 | 1,350,876 | 903,519 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 240,628 | 27,667,463 | 1,156,346 | 315,734 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 248,077 | $ | 33,224,010 | $ | 1,162,840 | $ | 418,425 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | — | $ | 818,398 | $ | 12,564 | $ | 6,690 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Period October 20, 2015(1) to May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 7,449 | $ | 36,161 | $ | 5,556,547 | $ | 6,777,935 | ||||||||
Net realized gain (loss) | 69,164 | 278,298 | (6,610,803 | ) | 219,304,333 | |||||||||||
Net change in net unrealized appreciation (depreciation) | 171,464 | (288,854 | ) | 34,278,266 | (544,424,732 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 248,077 | 25,605 | 33,224,010 | (318,342,464 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | (37,029 | ) | — | (3,938,040 | ) | ||||||||||
Net realized gains | — | — | — | (97,209,728 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (37,029 | ) | — | (101,147,768 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 3,505,824 | 184,341,739 | 758,999,152 | ||||||||||||
Value of shares redeemed | — | (1,308,467 | ) | (48,224,658 | ) | (1,423,452,453 | ) | |||||||||
Payments by Affiliates (See Note 9) | — | — | — | 14,225 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,197,357 | 136,117,081 | (664,439,076 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 248,077 | 2,185,933 | 169,341,091 | (1,083,929,308 | ) | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,185,958 | 25 | 326,467,825 | 1,410,397,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,434,035 | $ | 2,185,958 | $ | 495,808,916 | $ | 326,467,825 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | — | $ | (2,333,186 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 272,625 | $ | 265,176 | $ | 3,223,361 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 13,750,001 | 28,250,001 | ||||||||||||
Shares sold | — | 150,000 | 7,500,000 | 22,750,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | (2,000,000 | ) | (37,250,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 19,250,001 | 13,750,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) Commencement of Operations.
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 6,494 | $ | (40,064 | ) | $ | 102,691 | $ | 784,789 | |||||||
Net realized gain (loss) | (194,530 | ) | (11,329,272 | ) | (587,785 | ) | (1,010,000 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 1,350,876 | (25,466,175 | ) | 903,519 | (5,391,113 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,162,840 | (36,835,511 | ) | 418,425 | (5,616,324 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | — | (134,904 | ) | — | (1,736,120 | ) | ||||||||||
Net realized gains | — | (2,632,219 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (2,767,123 | ) | — | (1,736,120 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 5,210,995 | 60,339,888 | — | — | ||||||||||||
Value of shares redeemed | — | (81,058,569 | ) | (2,847,049 | ) | (3,963,691 | ) | |||||||||
Payments by Affiliates (See Note 9) | — | — | — | 515 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 5,210,995 | (20,718,681 | ) | (2,847,049 | ) | (3,963,176 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 6,373,835 | (60,321,315 | ) | (2,428,624 | ) | (11,315,620 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 21,451,636 | 81,772,951 | 7,089,592 | 18,405,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 27,825,471 | $ | 21,451,636 | $ | 4,660,968 | $ | 7,089,592 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | (171,928 | ) | $ | (178,422 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | — | $ | 427,644 | $ | 324,953 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 650,001 | 1,250,001 | 250,001 | 400,001 | ||||||||||||
Shares sold | 150,000 | 1,100,000 | — | — | ||||||||||||
Shares redeemed | — | (1,700,000 | ) | (100,000 | ) | (150,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 800,001 | 650,001 | 150,001 | 250,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Selected Per Share Data
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 21.86 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.07 | 0.40 | ||||||
Net realized and unrealized gain (loss) | 2.41 | (2.80 | ) | |||||
|
|
|
| |||||
Total from investment operations | 2.48 | (2.40 | ) | |||||
|
|
|
| �� | ||||
Less distributions from: | ||||||||
Net investment income | — | (0.74 | ) | |||||
|
|
|
| |||||
Total distributions | — | (0.74 | ) | |||||
|
|
|
| |||||
Net Asset value, end of period | $ | 24.34 | $ | 21.86 | ||||
|
|
|
| |||||
Total Return (%)(d) | 11.34 | **(g) | (10.01 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses before fee waiver (%)(e) | 0.75 | * | 1.25 | *** | ||||
Ratio of expenses after fee waiver (%)(e) | 0.05 | * | 0.45 | *** | ||||
Ratio of net investment income (loss) (%) | 0.66 | * | 2.92 | * | ||||
Portfolio turnover rate (%)(f) | 1 | ** | 4 | ** |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Net Asset Value, beginning of period | $ | 23.74 | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.30 | 0.43 | 0.09 | (0.05 | ) | |||||||||||
Net realized and unrealized gain (loss) | 1.72 | (18.19 | ) | 27.96 | (2.97 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.02 | (17.76 | ) | 28.05 | (3.02 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | — | (0.33 | ) | (0.10 | ) | — | ||||||||||
Net realized gains | — | (8.10 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (8.43 | ) | (0.10 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset value, end of period | $ | 25.76 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 8.51 | ** | (38.10 | ) | 127.82 | (12.08 | )**(d) | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 496 | 326 | 1,410 | 153 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.69 | * | 0.80 | 0.80 | 0.96 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.69 | * | 0.80 | 0.80 | 0.92 | * | ||||||||||
Ratio of net investment income (loss) (%) | 2.48 | * | 1.27 | 0.26 | (0.38 | )* | ||||||||||
Portfolio turnover rate (%)(f) | 16 | ** | 159 | 58 | 42 | ** |
(a) | For the period October 20, 2015 (commencement of operations) through May 31, 2016. |
(b) | For the period November 6, 2013 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
(f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(g) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.43%. |
* | Annualized. |
** | Not Annualized. |
*** | Annualized. Includes excise tax expense that is not annualized. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Financial Highlights (Continued)
Selected Per Share Data
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 33.00 | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.01 | (0.05 | ) | (0.12 | ) | 0.02 | ||||||||||
Net realized and unrealized gain (loss) | 1.77 | (28.91 | ) | 40.05 | 0.68 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 1.78 | (28.96 | ) | 39.93 | 0.70 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | — | (0.17 | ) | (0.04 | ) | — | ||||||||||
Net realized gains | — | (3.29 | ) | (0.17 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (3.46 | ) | (0.21 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset value, end of period | $ | 34.78 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 5.39 | ** | (45.37 | ) | 155.99 | 2.80 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 28 | 21 | 82 | 8 | ||||||||||||
Ratio of expenses (%) | 0.69 | * | 0.80 | 0.80 | 0.80 | * | ||||||||||
Ratio of net investment income (loss) (%) | 0.05 | * | (0.11 | ) | (0.30 | ) | 2.57 | * | ||||||||
Portfolio turnover rate (%)(e) | 13 | ** | 215 | 131 | 0 | ** | ||||||||||
Deutsche X-trackers MSCI All China Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Net Asset Value, beginning of period | $ | 28.36 | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.60 | 2.15 | 0.32 | 0.06 | ||||||||||||
Net realized and unrealized gain (loss) | 2.11 | (15.46 | ) | 20.58 | 0.45 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.71 | (13.31 | ) | 20.90 | 0.51 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | — | (4.34 | ) | (0.35 | ) | — | ||||||||||
Net realized gains | — | — | (0.05 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (4.34 | ) | (0.40 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset value, end of period | $ | 31.07 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) (d) | 9.56 | ** | (29.80 | ) | 82.48 | 2.04 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net assets, end of period ($ millions) | 5 | 7 | 18 | 5 | ||||||||||||
Ratio of expenses before fee waiver (%)(f) | 0.60 | * | 0.60 | 0.60 | 0.60 | * | ||||||||||
Ratio of expenses after fee waiver (%)(f) | 0.34 | * | 0.26 | 0.26 | 0.30 | * | ||||||||||
Ratio of net investment income (loss) (%) | 3.98 | * | 6.46 | 0.94 | 2.73 | * | ||||||||||
Portfolio turnover rate (%)(e) | 2 | ** | 36 | 20 | 2 | ** |
(a) | For the period May 21, 2014 (commencement of operations) through May 31, 2014. |
(b) | For the period April 30, 2014 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does no included these indirect fees and expenses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) | ||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) | ||
Deutsche X-trackers MSCI All China Equity ETF (CN) |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The Underlying Index for each Fund is:
Fund | Underlying Index | |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | CSI 300 USD Hedged Index | |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Deutsche X-trackers MSCI All China Equity ETF | MSCI China All Shares Index |
CSI 300 USD Hedged Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the Chinese A-Share market. The Underlying Index hedges the currency exposure of the securities in the CSI 300 Index by taking long positions in foreign currency forwards. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the Chinese A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the Chinese A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.
MSCI is the creator of the MSCI China All Shares Index. The MSCI China All Shares Indexes is constructed by applying the MSCI Global Investable Market Indexes (GIMI) Methodology on the integrated MSCI China equity universe comprising A-shares, B-shares, H-shares, Red-chips, and P-chips. The Emerging Markets investability requirements and Global Minimum Size Reference for the Standard size-segments are applied. The index constituents are weighted by the security free-float adjusted market capitalization calculated based on the Foreign Inclusion Factor (FIF) and subject to Foreign Ownership Limits (FOLs). For the China A-share constituents, an Inclusion Factor (IF) of 100% is applied to their security free-float adjusted market capitalization in deriving their
34
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
final weight in the index. The MSCI China All Shares Index is rebalanced simultaneously with the MSCI Global Investable Market Indexes, using the same price and data cut-off dates. The MSCI China All Shares Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s Shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in
35
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2016, the Funds did not incur any interest or penalties.
At May 31, 2016, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | $ | 4,159,340 | $ | — | $ | 4,159,340 | ||||||
Deutsche X-trackers MSCI All China Equity ETF | 65,695 | 4,085 | 69,780 |
36
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2016, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:
Late Year Oridinary Losses | Post-October Losses on Capital | |||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 2,333,186 | $ | 688,638 | ||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 178,422 | 5,150,458 | ||||||
Deutsche X-trackers MSCI All China Equity ETF | — | 1,126,640 |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to 17 November 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign
37
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, which were classified as Exchanged Traded Fund in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
As of November 30, 2016, the Deutsche X-trackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2016 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 60,149 | $ | — | $ | — | $ | — | $ | 60,149 | ||||||||||
Exchange Traded Funds | 2,001,422 | — | — | — | 2,001,422 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 2,061,571 | $ | — | $ | — | $ | — | $ | 2,061,571 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 2,061,571 |
Derivatives
Forward Foreign Currency Exchange Contracts The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.
38
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2016.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 40,240 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 320 | ||||||||
|
|
|
| |||||||||||
Total | $ | 40,240 | Total | $ | 320 | |||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||
Foreign Exchange Contracts | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 59,738 |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Foreign Exchange Contracts | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 8,892 |
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Exchange Contracts (Contract Value) | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | (2,226,720 | ) |
39
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of November 30, 2016, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow the Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following table:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 40,240 | $ | (320 | ) | $ | — | $ | 39,920 | $ | 320 | $ | (320 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 40,240 | $ | (320 | ) | $ | — | $ | 39,920 | $ | 320 | $ | (320 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the ETFs, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Harvest Global Investments Ltd. serves as investment sub-advisor (the “Sub-Advisor”) to the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and the Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
For its investment advisory services to the Deutsche X-trackers MSCI All China Equity ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to .60%.
For its investment advisory services to the Funds below, for the period from June 1, 2016 through July 31, 2016, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 0.85 | % | ||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.80 | % | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.80 | % |
Effective August 1, 2016, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 0.70 | % | ||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.65 | % | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.65 | % |
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees except for interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses and other extraordinary expenses.
40
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Advisor for the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF has contractually agreed to waive a portion of its management fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the underlying fund, if any (the “Expense Limit”). For the period from June 1, 2016 through November 30, 2016, the Advisor waived $7,838 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Advisor for the Deutsche X-trackers MSCI All China Equity ETF has contractually agreed to waive a portion of its management fee in an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in an affiliated fund, if any (the “Expense Limit”). For the period from June 1, 2016 through November 30, 2016, the Advisor waived $6,702 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Transactions with Affiliates
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each Fund’s investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the period ended November 30, 2016.
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/16 | ||||||||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 2,183,045 | 118,924 | (21,132 | ) | (9,707 | ) | — | — | 2,433,703 | |||||||||||||||||||
Deutsche X-trackers MSCI All China Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 2,608,494 | 47,296 | (1,062,524 | ) | (404,823 | ) | — | — | 1,696,589 | |||||||||||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 519,514 | 49,624 | (229,812 | ) | (2,937 | ) | — | — | 361,955 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,128,008 | 96,920 | (1,292,336 | ) | (407,760 | ) | — | — | 2,058,544 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Investment Portfolio Transactions
For the period ended November 30, 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 CSI 300 China A-Shares Hedged Equity ETF | $ | 118,925 | $ | 21,132 | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 210,909,735 | 70,002,245 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 8,505,373 | 3,313,099 | ||||||
Deutsche X-trackers MSCI All China Equity ETF | 235,049 | 107,940 |
41
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All China Equity ETF | $ | — | $ | 2,847,212 |
6. Fund Share Transactions
As of November 30, 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 Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2016.
Pro-rata Share | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 67,200,000 | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 4,200,000 |
42
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
9. Payments by Affiliates
During the year ended May 31, 2016, the Advisor agreed to reimburse Deutsche X-trackers CSI 300 China A-Shares ETF and Deutsche X-trackers MSCI All China Equity ETF $14,225 and $515, respectively, for the diluting effect of accounting adjustments related to certain investments held by the Funds. The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total returns.
In addition, during the period ended November 30, 2016, the Advisor agreed to reimburse Deutsche X-tracker CSI 300 China A-Shares Hedged Equity $9,674 for a loss on a trade executed incorrectly. The amount of the loss was 0.43% of the Fund’s average net assets.
43
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 most recent 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 Trust 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.
44
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.
45
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency vs. the U.S. dollar. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF aims to hedge the currency exposure by entering into forward transactions linked to the CNH/USD exchange rate. The equity shares included in the CSI 300 index may be valued using the CNY/USD exchange rate. The difference between the CNH/USD and CNH/USD exchange rates may lead to tracking errors in the fund. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049076-1 (1/17) DBX 002439 (1/18)
November 30, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
DBX ETF Trust
Page | ||||
1 | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 2 | |||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 13 | |||
17 | ||||
22 | ||||
27 | ||||
29 | ||||
40 | ||||
42 | ||||
44 | ||||
46 | ||||
52 | ||||
55 | ||||
58 | ||||
63 | ||||
68 | ||||
80 | ||||
81 |
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2016.
The world economy witnessed resilient growth figures, despite a series of political risks and uncertainties arising from Britain’s decision to exit the Eurozone (“Brexit”) and the surprise U.S. election result. China showed signs of recovery, driven by stronger government spending and bank lending. Major central banks’ monetary policies remained unchanged during the reporting period, with expectations of a rate hike by the Federal Reserve Board (FRB). The European Central Bank (ECB) expanded its asset purchase program to over EUR 2.2 trillion and also introduced negative interest rate policies. Bank of Japan (BoJ) is committed to keep the yield on its 10-year government bonds at zero to revive the economy.
Real estate performance across much of the Asia Pacific region continued to improve on the back of strong capital markets and strong occupancy fundamentals. Key cities in Japan, China, Hong Kong and Australia continued to see significant demand for office leasing. The US office leasing market grew during the reporting period, supported by a resurgent consumer and housing market. Supply is increasing at a measured and sustainable pace, allowing absorption to propel occupancies and rents. In Japan, leasing markets and real estate fundamentals were broadly healthy, with an increase in occupancy rates in all major cities. Rents in Japan recorded healthy growth in the commercial and residential property markets.
Eurozone economies displayed signs of a rebound, as loose monetary policies helped the region overcome Brexit. Europe needs EUR 2 trillion of investment in infrastructure by 2020, according to the European Commission, for sustainable growth in its economy. Private infrastructure investors have helped to bridge the funding gap when public expenditure has been below the historical average. Structural reforms in Spain helped growth and a weaker EUR supported exports. Italy’s weakening banking industry and economic challenges negatively affected the Eurozone equities market. The Japanese stock market rose consistently during the reporting period, and the weakening of the JPY led to an improvement in exports. In August, Shinzo Abe announced a JPY 6.2 trillion (USD 61 billion) plan on infrastructure spending to help double the number of tourists visiting the country by the time of the Tokyo Summer Olympics in 2020. The Reserve Bank of Australia (RBA) cut interest rates to a record low to stimulate demand in the broader economy, which has been under strain due to the slowdown in the mining industry and increased job losses. Meanwhile, U.S. borrowing expanded supported by record-low interest rates to fund infrastructure expenditure on roads, bridges, and schools.
The global real estate market is expected to grow on the back of strong capital markets and steady leasing markets. Infrastructure spending is likely to increase, mainly in the US, owing to rising demand in the steel and construction sector. Demand for private capital in the infrastructure spectrum is expected to grow due to significant gaps in government budgets.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
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 Dow Jones Hedged International Real Estate ETF (DBRE)
The Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the “Underlying Index”). The Underlying Index is constructed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (36.1% of Net Assets)
Description | % of Net Assets | |||
Mitsui Fudosan Co. Ltd. (Japan) | 6.3% | |||
Unibail-Rodamco SE (France) | 6.1% | |||
Scentre Group (Australia) | 4.6% | |||
Link (Hong Kong) | 4.3% | |||
Westfield Corp. (Australia) | 3.6% | |||
Land Securities Group PLC (United Kingdom) | 2.7% | |||
Nippon Building Fund, Inc. (Japan) | 2.2% | |||
Goodman Group (Australia) | 2.1% | |||
Klepierre (France) | 2.1% | |||
British Land Co. PLC (United Kingdom) | 2.1% |
Country Diversification* as of 11/30/16
Japan | 26.1% | |||
Australia | 15.4% | |||
United Kingdom | 12.6% | |||
France | 11.1% | |||
Hong Kong | 9.0% | |||
Singapore | 7.5% | |||
Canada | 4.0% | |||
Switzerland | 2.6% | |||
Other | 11.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Diversified | 37.1% | |||
Shopping Centers | 20.7% | |||
Real Estate Operations/ Development | 18.9% | |||
Office Property | 11.9% | |||
Real Estate Management/Services | 9.0% | |||
Apartments | 1.2% | |||
Hotels | 0.4% | |||
Storage | 0.3% | |||
Warehouse/Industry | 0.3% | |||
Property Trust | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (14.9% of Net Assets)
Description | % of Net Assets | |||
Sumitomo Mitsui Financial Group, Inc. | 1.8% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.8% | |||
Mizuho Financial Group, Inc. | 1.7% | |||
Toyota Motor Corp. | 1.7% | |||
Honda Motor Co. Ltd. | 1.7% | |||
SoftBank Group Corp. | 1.3% | |||
Nippon Telegraph & Telephone Corp. | 1.3% | |||
KDDI Corp. | 1.2% | |||
Tokio Marine Holdings, Inc. | 1.2% | |||
FANUC Corp. | 1.2% |
Sector Diversification* as of 11/30/16
Industrials | 22.2% | |||
Consumer Discretionary | 17.5% | |||
Financials | 14.7% | |||
Information Technology | 10.7% | |||
Consumer Staples | 8.8% | |||
Health Care | 8.2% | |||
Materials | 6.7% | |||
Telecommunication Services | 5.1% | |||
Real Estate | 4.3% | |||
Utilities | 1.4% | |||
Energy | 0.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
The Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (14.5% of Net Assets)
Description | % of Net Assets | |||
Mizuho Financial Group, Inc. | 1.8% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.7% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.7% | |||
Toyota Motor Corp. | 1.6% | |||
Honda Motor Co. Ltd. | 1.6% | |||
SoftBank Group Corp. | 1.3% | |||
KDDI Corp. | 1.2% | |||
Japan Tobacco, Inc. | 1.2% | |||
East Japan Railway Co. | 1.2% | |||
Nippon Telegraph & Telephone Corp. | 1.2% |
Sector Diversification* as of 11/30/16
Industrials | 22.9% | |||
Consumer Discretionary | 17.3% | |||
Financials | 14.8% | |||
Information Technology | 10.3% | |||
Consumer Staples | 8.4% | |||
Health Care | 8.1% | |||
Materials | 7.0% | |||
Telecommunication Services | 5.1% | |||
Real Estate | 4.0% | |||
Utilities | 1.7% | |||
Energy | 0.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
The Deutsche X-trackers MSCI Australia Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Australia US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. It is not possible to invest directly into an index.
Ten Largest Equity Holdings
as of 11/30/16 (53.3% of Net Assets)
Description | % of Net Assets | |||
Commonwealth Bank of Australia | 11.1% | |||
Westpac Banking Corp. | 8.6% | |||
Australia & New Zealand Banking Group Ltd. | 6.8% | |||
BHP Billiton Ltd. | 6.4% | |||
National Australia Bank Ltd. | 6.3% | |||
Wesfarmers Ltd. | 3.9% | |||
CSL Ltd. | 3.7% | |||
Woolworths Ltd. | 2.4% | |||
Macquarie Group Ltd. | 2.1% | |||
Rio Tinto Ltd. | 2.0% |
Sector Diversification* as of 11/30/16
Financials | 43.3% | |||
Materials | 15.8% | |||
Real Estate | 8.8% | |||
Consumer Staples | 7.5% | |||
Health Care | 6.2% | |||
Industrials | 5.6% | |||
Energy | 4.7% | |||
Consumer Discretionary | 2.8% | |||
Utilities | 2.6% | |||
Telecommunication Services | 2.2% | |||
Information Technology | 0.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
The Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (3.0% of Net Assets)
Description | % of Net Assets | |||
Informa PLC (United Kingdom) | 0.3% | |||
Teleperformance (France) | 0.3% | |||
Micro Focus International PLC (United Kingdom) | 0.3% | |||
Wirecard AG (Germany) | 0.3% | |||
Logitech International SA (Switzerland) | 0.3% | |||
Tosoh Corp. (Japan) | 0.3% | |||
Ito En Ltd. (Japan) | 0.3% | |||
Gamesa Corp. Tecnologica SA (Spain) | 0.3% | |||
Glory Ltd. (Japan) | 0.3% | |||
Temenos Group AG (Switzerland) | 0.3% |
Country Diversification* as of 11/30/16
Japan | 32.0% | |||
United Kingdom | 16.6% | |||
Australia | 6.4% | |||
Germany | 5.7% | |||
Switzerland | 4.8% | |||
Sweden | 4.7% | |||
France | 3.8% | |||
Italy | 3.5% | |||
Hong Kong | 2.5% | |||
Spain | 2.5% | |||
Netherlands | 2.2% | |||
Belgium | 2.1% | |||
Other | 13.2% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Industrials | 21.9% | |||
Consumer Discretionary | 15.2% | |||
Financials | 12.0% | |||
Real Estate | 11.1% | |||
Information Technology | 10.2% | |||
Materials | 9.3% | |||
Consumer Staples | 7.1% | |||
Health Care | 7.0% | |||
Energy | 3.1% | |||
Utilities | 1.8% | |||
Telecommunication Services | 1.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
The Deutsche X-trackers MSCI Italy Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (70.6% of Net Assets)
Description | % of Net Assets | |||
Eni SpA | 15.5% | |||
Enel SpA | 13.5% | |||
Intesa Sanpaolo SpA | 12.3% | |||
Assicurazioni Generali SpA | 4.6% | |||
UniCredit SpA | 4.4% | |||
CNH Industrial NV | 4.3% | |||
Luxottica Group SpA | 4.2% | |||
Atlantia SpA | 4.0% | |||
Snam SpA | 4.0% | |||
Tenaris SA | 3.8% |
Sector Diversification* as of 11/30/16
Financials | 29.8% | |||
Energy | 24.3% | |||
Utilities | 16.8% | |||
Industrials | 13.5% | |||
Consumer Discretionary | 11.1% | |||
Telecommunication Services | 4.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
The Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (57.9% of Net Assets)
Description | % of Net Assets | |||
Banco Santander SA (Spain) | 11.1% | |||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 6.8% | |||
Telefonica SA (Spain) | 6.5% | |||
Industria de Diseno Textil SA (Spain) | 6.2% | |||
Eni SpA (Italy) | 5.9% | |||
Iberdrola SA (Spain) | 5.4% | |||
Enel SpA (Italy) | 5.2% | |||
Intesa Sanpaolo SpA (Italy) | 5.0% | |||
Amadeus IT Group SA (Spain) | 3.3% | |||
Assicurazioni Generali SpA (Italy) | 2.5% |
Country Diversification* as of 11/30/16
Spain | 58.7% | |||
Italy | 33.7% | |||
United Kingdom | 3.4% | |||
Portugal | 2.9% | |||
Luxembourg | 1.3% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Financials | 35.0% | |||
Utilities | 17.2% | |||
Energy | 12.9% | |||
Industrials | 11.0% | |||
Consumer Discretionary | 10.1% | |||
Telecommunication Services | 8.4% | |||
Information Technology | 3.3% | |||
Consumer Staples | 1.1% | |||
Health Care | 1.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
The Deutsche X-trackers MSCI Spain Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Spain 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (67.7% of Net Assets)
Description | % of Net Assets | |||
Banco Santander SA | 17.0% | |||
Banco Bilbao Vizcaya Argentaria SA | 9.7% | |||
Telefonica SA | 9.1% | |||
Industria de Diseno Textil SA | 8.7% | |||
Repsol SA | 4.6% | |||
Iberdrola SA | 4.5% | |||
Amadeus IT Group SA | 4.5% | |||
CaixaBank SA | 3.3% | |||
Aena SA | 3.2% | |||
Ferrovial SA | 3.1% |
Sector Diversification* as of 11/30/16
Financials | 39.7% | |||
Industrials | 14.8% | |||
Utilities | 14.6% | |||
Telecommunication Services | 9.2% | |||
Consumer Discretionary | 8.8% | |||
Energy | 4.6% | |||
Information Technology | 4.5% | |||
Health Care | 2.3% | |||
Consumer Staples | 1.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 44.
9
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
The Deutsche X-trackers S&P Hedged Global Infrastructure ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P Global Infrastructure Index (USD)(Hedged)(Net TR) (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/16 (34.8% of Net Assets)
Description | % of Net Assets | |||
Transurban Group (Australia) | 5.1% | |||
Atlantia SpA (Italy) | 3.9% | |||
Kinder Morgan, Inc. (United States) | 3.8% | |||
Aena SA (Spain) | 3.7% | |||
Enbridge, Inc. (Canada) | 3.5% | |||
TransCanada Corp. (Canada) | 3.2% | |||
NextEra Energy, Inc. (United States) | 3.1% | |||
Abertis Infraestructuras SA (Spain) | 2.9% | |||
Duke Energy Corp. (United States) | 2.9% | |||
Dominion Resources, Inc. (United States) | 2.7% |
Country Diversification* as of 11/30/16
United States | 39.7% | |||
Canada | 9.4% | |||
Spain | 8.8% | |||
Australia | 8.4% | |||
Italy | 6.0% | |||
United Kingdom | 5.6% | |||
France | 4.2% | |||
Hong Kong | 3.8% | |||
Japan | 2.9% | |||
Mexico | 2.3% | |||
Other | 8.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/16
Industrials | 39.9% | |||
Utilities | 39.0% | |||
Energy | 21.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 46.
10
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 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 June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 958.50 | 0.48 | % | $ | 2.36 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.66 | 0.48 | % | $ | 2.43 | ||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,040.80 | 0.40 | % | $ | 2.05 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,060.60 | 0.45 | % | $ | 2.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,031.60 | 0.45 | % | $ | 2.29 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,027.20 | 0.45 | % | $ | 2.29 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
11
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2016 | Ending Account Value November 30, 2016 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 975.50 | 0.45 | % | $ | 2.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 974.40 | 0.45 | % | $ | 2.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 975.00 | 0.45 | % | $ | 2.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,005.70 | 0.45 | % | $ | 2.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
12
DBX ETF Trust
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 15.2% | ||||||||
Astro Japan Property Group REIT | 490 | $ | 2,388 | |||||
BWP Trust REIT | 4,328 | 9,301 | ||||||
Charter Hall Retail REIT | 2,947 | 9,249 | ||||||
Dexus Property Group REIT | 8,614 | 58,012 | ||||||
Gateway Lifestyle (a) | 2,485 | 4,202 | ||||||
Goodman Group REIT | 14,137 | 69,736 | ||||||
GPT Group REIT | 16,102 | 57,550 | ||||||
Investa Office Fund REIT | 5,497 | 17,901 | ||||||
Scentre Group REIT | 47,762 | 149,544 | ||||||
Westfield Corp. REIT | 17,151 | 115,759 | ||||||
|
| |||||||
493,642 | ||||||||
|
| |||||||
Austria — 1.3% | ||||||||
BUWOG AG* | 635 | 14,756 | ||||||
CA Immobilien Anlagen AG* | 655 | 11,940 | ||||||
IMMOFINANZ AG* | 7,888 | 16,419 | ||||||
|
| |||||||
43,115 | ||||||||
|
| |||||||
Belgium — 1.0% | ||||||||
Befimmo SA REIT | 204 | 11,327 | ||||||
Cofinimmo SA REIT | 181 | 19,989 | ||||||
|
| |||||||
31,316 | ||||||||
|
| |||||||
Brazil — 0.4% | ||||||||
BR Malls Participacoes SA* | 4,593 | 14,667 | ||||||
|
| |||||||
Canada — 3.9% | ||||||||
Artis Real Estate Investment Trust REIT | 634 | 5,569 | ||||||
Boardwalk Real Estate Investment Trust REIT | 196 | 6,508 | ||||||
Canadian Apartment Properties REIT | 593 | 13,482 | ||||||
Canadian Real Estate Investment Trust REIT | 321 | 10,827 | ||||||
Crombie Real Estate Investment Trust REIT | 374 | 3,839 | ||||||
Dream Office Real Estate Investment Trust REIT | 462 | 6,218 | ||||||
First Capital Realty, Inc. | 1,241 | 18,810 | ||||||
H&R Real Estate Investment Trust REIT | 1,245 | 20,214 | ||||||
RioCan Real Estate Investment Trust REIT | 1,429 | 28,489 | ||||||
Smart Real Estate Investment Trust REIT | 571 | 13,228 | ||||||
|
| |||||||
127,184 | ||||||||
|
| |||||||
France — 11.0% | ||||||||
Fonciere Des Regions REIT | 440 | 34,569 | ||||||
Gecina SA REIT | 361 | 47,405 | ||||||
Klepierre REIT | 1,859 | 69,324 | ||||||
Mercialys SA REIT | 479 | 9,346 | ||||||
Unibail-Rodamco SE REIT | 890 | 196,435 | ||||||
|
| |||||||
357,079 | ||||||||
|
| |||||||
Hong Kong — 8.9% | ||||||||
Champion REIT | 19,213 | 10,924 | ||||||
Hang Lung Properties Ltd. | 18,577 | 41,865 | ||||||
Hongkong Land Holdings Ltd. | 10,500 | 67,305 | ||||||
Hysan Development Co. Ltd. | 5,534 | 24,401 | ||||||
Link REIT | 20,134 | 138,613 | ||||||
Prosperity REIT | 10,208 | 4,185 | ||||||
|
| |||||||
287,293 | ||||||||
|
|
Number | Value | |||||||
Italy — 0.2% | ||||||||
Beni Stabili SpA SIIQ REIT* | 8,896 | $ | 4,714 | |||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 2,889 | 1,932 | ||||||
|
| |||||||
6,646 | ||||||||
|
| |||||||
Japan — 25.7% | ||||||||
Activia Properties, Inc. REIT | 5 | 21,983 | ||||||
Aeon Mall Co. Ltd. | 1,000 | 14,422 | ||||||
AEON REIT Investment Corp. REIT | 9 | 9,660 | ||||||
Daibiru Corp. | 500 | 4,453 | ||||||
Daiwa Office Investment Corp. REIT (b) | 3 | 15,183 | ||||||
Frontier Real Estate Investment Corp. REIT | 4 | 17,796 | ||||||
Fukuoka REIT Corp. REIT | 7 | 11,179 | ||||||
Global One Real Estate Investment Corp. REIT | 2 | 7,421 | ||||||
Hankyu Reit, Inc. REIT | 5 | 6,521 | ||||||
Heiwa Real Estate Co. Ltd. | 300 | 4,285 | ||||||
Hoshino Resorts REIT, Inc. | 2 | 10,542 | ||||||
Hulic Co. Ltd. | 4,300 | 40,367 | ||||||
Hulic Reit, Inc. REIT | 8 | 12,999 | ||||||
Ichigo Hotel REIT Investment Corp. REIT | 2 | 2,182 | ||||||
Japan Excellent, Inc. REIT | 12 | 14,957 | ||||||
Japan Prime Realty Investment Corp. REIT | 8 | 32,516 | ||||||
Japan Real Estate Investment Corp. REIT | 11 | 59,517 | ||||||
Japan Rental Housing Investments, Inc. REIT | 14 | 10,035 | ||||||
Japan Retail Fund Investment Corp. REIT | 23 | 46,682 | ||||||
Kenedix Office Investment Corp. REIT | 4 | 21,328 | ||||||
Kenedix Residential Investment Corp. REIT | 3 | 7,862 | ||||||
Kenedix Retail REIT Corp. REIT | 4 | 9,003 | ||||||
Leopalace21 Corp. | 2,400 | 13,027 | ||||||
MCUBS MidCity Investment Corp. REIT | 2 | 5,988 | ||||||
Mitsui Fudosan Co. Ltd. | 8,671 | 203,919 | ||||||
Mori Hills REIT Investment Corp. REIT | 12 | 15,859 | ||||||
Mori Trust Sogo Reit, Inc. REIT (b) | 8 | 12,041 | ||||||
Nippon Building Fund, Inc. REIT | 13 | 72,383 | ||||||
NTT Urban Development Corp. | 1,000 | 8,619 | ||||||
Orix JREIT, Inc. REIT | 22 | 33,287 | ||||||
Premier Investment Corp. REIT | 10 | 11,809 | ||||||
Tokyu Fudosan Holdings Corp. | 4,600 | 26,336 | ||||||
Tokyu REIT, Inc. REIT | 9 | 11,155 | ||||||
United Urban Investment Corp. REIT | 26 | 39,635 | ||||||
|
| |||||||
834,951 | ||||||||
|
| |||||||
Malaysia — 0.1% | ||||||||
KLCCP Stapled Group (a) | 2,800 | 4,777 | ||||||
|
| |||||||
Netherlands — 1.3% | ||||||||
Atrium European Real Estate Ltd. | 1,479 | 6,066 | ||||||
Eurocommercial Properties NV | 433 | 15,493 | ||||||
Vastned Retail NV REIT | 166 | 6,099 | ||||||
Wereldhave NV REIT | 362 | 15,120 | ||||||
|
| |||||||
42,778 | ||||||||
|
| |||||||
New Zealand — 1.0% | ||||||||
Argosy Property Ltd. | 7,075 | 5,261 | ||||||
Goodman Property Trust REIT | 9,067 | 7,834 | ||||||
Kiwi Property Group Ltd. | 11,552 | 11,944 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
New Zealand (Continued) | ||||||||
Precinct Properties New Zealand Ltd. | 8,772 | $ | 7,424 | |||||
|
| |||||||
32,463 | ||||||||
|
| |||||||
Philippines — 1.9% | ||||||||
Robinsons Land Corp. | 13,700 | 7,094 | ||||||
SM Prime Holdings, Inc. | 100,485 | 53,546 | ||||||
|
| |||||||
60,640 | ||||||||
|
| |||||||
Singapore — 7.4% | ||||||||
Ascendas Real Estate Investment Trust REIT | 21,000 | 34,430 | ||||||
Cambridge Industrial Trust REIT | 9,400 | 3,508 | ||||||
CapitaLand Commercial Trust REIT | 19,100 | 20,388 | ||||||
CapitaLand Ltd. | 23,200 | 49,852 | ||||||
CapitaLand Mall Trust REIT | 24,100 | 32,787 | ||||||
Frasers Commercial Trust REIT | 5,000 | 4,448 | ||||||
Global Logistic Properties Ltd. | 26,500 | 38,086 | ||||||
GuocoLand Ltd. | 2,337 | 3,049 | ||||||
Keppel REIT | 15,900 | 11,814 | ||||||
Mapletree Logistics Trust REIT | 13,600 | 9,631 | ||||||
Starhill Global REIT | 11,800 | 6,215 | ||||||
Suntec Real Estate Investment Trust REIT | 22,700 | 26,844 | ||||||
|
| |||||||
241,052 | ||||||||
|
| |||||||
South Africa — 1.8% | ||||||||
Growthpoint Properties Ltd. REIT | 20,498 | 36,228 | ||||||
Hyprop Investments Ltd. REIT | 1,918 | 15,397 | ||||||
SA Corporate Real Estate Fund Nominees Pty Ltd. REIT | 15,580 | 6,087 | ||||||
|
| |||||||
57,712 | ||||||||
|
| |||||||
Sweden — 1.9% | ||||||||
Castellum AB | 2,457 | 32,395 | ||||||
Fabege AB | 1,262 | 19,951 | ||||||
Kungsleden AB | 1,413 | 8,656 | ||||||
|
| |||||||
61,002 | ||||||||
|
|
Number | Value | |||||||
Switzerland — 2.6% | ||||||||
PSP Swiss Property AG | 361 | $ | 31,104 | |||||
Swiss Prime Site AG* | 641 | 52,455 | ||||||
|
| |||||||
83,559 | ||||||||
|
| |||||||
Thailand — 0.6% | ||||||||
Central Pattana PCL, NVDR | 11,400 | 18,052 | ||||||
|
| |||||||
Turkey — 0.1% | ||||||||
Is Gayrimenkul Yatirim Ortakligi AS REIT | 4,238 | 1,826 | ||||||
|
| |||||||
United Kingdom — 12.5% | ||||||||
Big Yellow Group PLC REIT | 1,325 | 11,016 | ||||||
British Land Co. PLC REIT | 9,175 | 67,903 | ||||||
Capital & Counties Properties PLC | 6,745 | 23,985 | ||||||
Derwent London PLC REIT | 992 | 29,913 | ||||||
Grainger PLC | 3,713 | 10,467 | ||||||
Great Portland Estates PLC REIT | 3,080 | 23,411 | ||||||
Hammerson PLC REIT | 7,028 | 47,880 | ||||||
Intu Properties PLC REIT | 8,076 | 27,192 | ||||||
Land Securities Group PLC REIT | 7,183 | 87,178 | ||||||
Segro PLC REIT | 7,416 | 38,786 | ||||||
Shaftesbury PLC REIT | 2,479 | 28,474 | ||||||
Workspace Group PLC REIT | 1,052 | 9,036 | ||||||
|
| |||||||
405,241 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,204,995 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.7% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 21,981 | 21,981 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% | $ | 3,226,976 | ||||||
Other assets and liabilities, net — 0.5% | 18,423 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,245,399 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,614,042. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $387,066. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $32,273 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $419,339. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $20,658, which is 0.6% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
NVDR: | Non Voting Depositary Receipt |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/2/2016 | CAD | 168,000 | USD | 125,368 | $ | 302 | |||||||||||
The Bank of Nova Scotia | 12/2/2016 | PHP | 3,133,000 | USD | 64,511 | 1,511 | ||||||||||||
The Bank of Nova Scotia | 12/2/2016 | TRY | 7,000 | USD | 2,247 | 209 | ||||||||||||
The Bank of Nova Scotia | 12/2/2016 | USD | 124,947 | CAD | 168,000 | 118 | ||||||||||||
The Bank of Nova Scotia | 12/2/2016 | USD | 63,038 | PHP | 3,133,000 | (38 | ) | |||||||||||
The Bank of Nova Scotia | 12/2/2016 | USD | 2,041 | TRY | 7,000 | (4 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 636,000 | USD | 483,538 | 13,948 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | BRL | 59,000 | USD | 18,351 | 933 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 81,000 | USD | 82,037 | 2,334 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 463,000 | USD | 508,166 | 17,305 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 317,000 | USD | 387,244 | (9,460 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 1,714,000 | USD | 221,054 | 71 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 89,877,000 | USD | 856,069 | 70,197 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | MYR | 22,000 | USD | 5,226 | 301 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 46,000 | USD | 32,866 | 294 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 550,000 | USD | 61,048 | 1,392 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 338,000 | USD | 242,846 | 7,032 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 469,872 | AUD | 636,000 | (282 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 17,379 | BRL | 59,000 | 40 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 79,530 | CHF | 81,000 | 173 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 491,200 | EUR | 463,000 | (339 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 396,083 | GBP | 317,000 | 621 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 220,974 | HKD | 1,714,000 | 9 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 788,858 | JPY | 89,877,000 | (2,986 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 4,908 | MYR | 22,000 | 17 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 32,601 | NZD | 46,000 | (30 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 59,583 | SEK | 550,000 | 74 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 235,963 | SGD | 338,000 | (150 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 56,109 | ZAR | 787,000 | (264 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | ZAR | 787,000 | USD | 57,990 | 2,146 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | THB | 654,000 | USD | 18,681 | 351 | ||||||||||||
The Bank of Nova Scotia | 12/6/2016 | USD | 18,332 | THB | 654,000 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | AUD | 3,000 | USD | 2,214 | 1 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | AUD | 640,000 | USD | 472,453 | 293 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | BRL | 50,000 | USD | 14,582 | (40 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | CAD | 1,000 | USD | 745 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CAD | 166,000 | USD | 123,505 | (126 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | CHF | 1,000 | USD | 986 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CHF | 83,000 | USD | 81,691 | (180 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | EUR | 3,000 | USD | 3,186 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 445,000 | USD | 472,944 | 310 | ||||||||||||
Goldman Sachs & Co. | 1/5/2017 | GBP | 2,000 | USD | 2,506 | 1 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 317,000 | USD | 396,501 | (611 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | HKD | 8,000 | USD | 1,031 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | HKD | 1,641,000 | USD | 211,590 | (27 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | MYR | 22,000 | USD | 4,883 | (36 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | PHP | 15,000 | USD | 299 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | PHP | 3,038,000 | USD | 60,639 | (406 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | SEK | 2,000 | USD | 217 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 544,000 | USD | 59,055 | (75 | ) | |||||||||||
Goldman Sachs & Co. | 1/5/2017 | SGD | 1,000 | USD | 697 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 332,000 | USD | 231,768 | 128 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | THB | 653,000 | USD | 18,289 | (8 | ) | |||||||||||
The Bank of Nova Scotia | 1/5/2017 | TRY | 6,000 | USD | 1,748 | 17 | ||||||||||||
Goldman Sachs & Co. | 1/5/2017 | ZAR | 4,000 | USD | 282 | 0 | ||||||||||||
The Bank of Nova Scotia | 1/5/2017 | ZAR | 788,000 | USD | 55,814 | 263 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/6/2017 | JPY | 446,000 | USD | 3,905 | $ | (3 | ) | ||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 92,594,000 | USD | 814,436 | 3,163 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | NZD | 45,000 | USD | 31,857 | 29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 108,513 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
MYR | Malaysian Ringgit |
NZD | New Zealand Dollar |
PHP | Phillippine Peso |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 3,204,995 | $ | — | $ | — | $ | 3,204,995 | ||||||||
Short-Term Investments | 21,981 | — | — | 21,981 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 123,583 | — | 123,583 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,226,976 | $ | 123,583 | $ | — | $ | 3,350,559 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (15,070 | ) | $ | — | $ | (15,070 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (15,070 | ) | $ | — | $ | (15,070 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended November 30, 2016.
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Consumer Discretionary — 17.3% | ||||||||
ABC-Mart, Inc. | 200 | $ | 11,778 | |||||
Aisin Seiki Co. Ltd. | 1,100 | 47,207 | ||||||
Asics Corp. | 1,400 | 29,586 | ||||||
Bandai Namco Holdings, Inc. | 1,400 | 40,116 | ||||||
Bridgestone Corp. | 4,200 | 160,967 | ||||||
Casio Computer Co. Ltd. | 1,000 | 13,120 | ||||||
CyberAgent, Inc. | 600 | 14,644 | ||||||
Daiichikosho Co. Ltd. | 300 | 11,756 | ||||||
Denso Corp. | 2,900 | 126,745 | ||||||
Dentsu, Inc. | 1,400 | 64,259 | ||||||
Don Quijote Holdings Co. Ltd. | 800 | 30,717 | ||||||
Eagle Industry Co. Ltd. | 100 | 1,338 | ||||||
Fast Retailing Co. Ltd. | 200 | 69,455 | ||||||
Fuji Heavy Industries Ltd. | 3,700 | 150,832 | ||||||
Geo Holdings Corp. | 200 | 2,173 | ||||||
Hakuhodo DY Holdings, Inc. | 1,500 | 17,482 | ||||||
Haseko Corp. | 1,400 | 14,547 | ||||||
Heiwa Corp. | 400 | 8,639 | ||||||
Hikari Tsushin, Inc. | 100 | 8,952 | ||||||
HIS Co. Ltd. | 100 | 2,764 | ||||||
Honda Motor Co. Ltd. | 9,600 | 280,725 | ||||||
Iida Group Holdings Co. Ltd. | 1,000 | 19,466 | ||||||
Isuzu Motors Ltd. | 3,500 | 41,437 | ||||||
Izumi Co. Ltd. | 200 | 8,794 | ||||||
J. Front Retailing Co. Ltd. | 1,400 | 19,806 | ||||||
Koito Manufacturing Co. Ltd. | 700 | 36,614 | ||||||
K’s Holdings Corp. | 600 | 11,121 | ||||||
Mazda Motor Corp. | 3,800 | 61,163 | ||||||
Mitsuba Corp. | 200 | 2,857 | ||||||
NGK Spark Plug Co. Ltd. | 1,100 | 22,648 | ||||||
NHK Spring Co. Ltd. | 1,600 | 15,053 | ||||||
Nifco, Inc. | 200 | 11,023 | ||||||
Nikon Corp. | 2,100 | 30,962 | ||||||
Nippon Television Holdings, Inc. | 1,100 | 18,786 | ||||||
Nissan Motor Co. Ltd. | 14,700 | 136,299 | ||||||
Nissin Kogyo Co. Ltd. | 300 | 4,423 | ||||||
Nitori Holdings Co. Ltd. | 500 | 52,394 | ||||||
NOK Corp. | 700 | 13,976 | ||||||
Oriental Land Co. Ltd. | 1,300 | 74,353 | ||||||
Panasonic Corp. | 13,600 | 138,930 | ||||||
Pressance Corp. | 200 | 2,505 | ||||||
Rakuten, Inc. | 6,400 | 63,357 | ||||||
Resorttrust, Inc. (a) | 500 | 9,720 | ||||||
Rinnai Corp. | 200 | 17,078 | ||||||
Ryohin Keikaku Co. Ltd. | 200 | 39,370 | ||||||
Sanrio Co. Ltd. | 400 | 7,070 | ||||||
Sekisui Chemical Co. Ltd. | 2,800 | 42,561 | ||||||
Sekisui House Ltd. | 4,200 | 68,928 | ||||||
Seria Co. Ltd. | 100 | 7,214 | ||||||
Shimamura Co. Ltd. | 100 | 11,953 | ||||||
Shimano, Inc. | 500 | 82,452 | ||||||
Stanley Electric Co. Ltd. | 900 | 24,920 | ||||||
Start Today Co. Ltd. | 1,100 | 16,962 | ||||||
Starts Corp., Inc. | 200 | 3,661 | ||||||
Sumitomo Electric Industries Ltd. | 4,700 | 66,100 | ||||||
Sumitomo Forestry Co. Ltd. | 1,100 | 15,108 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Sumitomo Rubber Industries Ltd. | 1,300 | $ | 21,552 | |||||
Suzuki Motor Corp. | 2,400 | 77,511 | ||||||
Takashimaya Co. Ltd. | 2,000 | 16,657 | ||||||
Toho Co. Ltd. | 800 | 23,064 | ||||||
Toyo Tire & Rubber Co. Ltd. | 700 | 8,582 | ||||||
Toyoda Gosei Co. Ltd. | 400 | 8,671 | ||||||
Toyota Industries Corp. | 1,100 | 51,744 | ||||||
Toyota Motor Corp. | 4,846 | 282,777 | ||||||
TS Tech Co. Ltd. | 300 | 7,938 | ||||||
United Arrows Ltd. | 100 | 2,528 | ||||||
Usen Corp. | 500 | 1,509 | ||||||
USS Co. Ltd. | 1,400 | 22,497 | ||||||
VT HOLDINGS Co. Ltd. | 500 | 2,449 | ||||||
Yamaha Corp. | 800 | 24,468 | ||||||
Yamaha Motor Co. Ltd. | 1,700 | 39,253 | ||||||
Yokohama Rubber Co. Ltd. | 800 | 14,512 | ||||||
|
| |||||||
2,912,578 | ||||||||
|
| |||||||
Consumer Staples — 8.7% | ||||||||
Aeon Co. Ltd. | 4,800 | 66,390 | ||||||
Ain Holdings, Inc. | 100 | 7,012 | ||||||
Ajinomoto Co., Inc. | 2,800 | 54,368 | ||||||
Asahi Group Holdings Ltd. | 2,500 | 81,662 | ||||||
Calbee, Inc. | 500 | 15,643 | ||||||
Ci:z Holdings Co. Ltd. | 200 | 5,195 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 18,368 | ||||||
Create SD Holdings Co. Ltd. | 200 | 4,260 | ||||||
Ezaki Glico Co. Ltd. | 300 | 14,086 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 400 | 25,100 | ||||||
Ito En Ltd. | 400 | 13,269 | ||||||
Japan Tobacco, Inc. | 5,600 | 193,932 | ||||||
Kao Corp. | 3,200 | 147,917 | ||||||
Kewpie Corp. | 700 | 16,605 | ||||||
Kikkoman Corp. | 1,000 | 30,717 | ||||||
Kirin Holdings Co. Ltd. | 5,600 | 91,584 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 300 | 13,191 | ||||||
Kose Corp. | 200 | 16,095 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 100 | 4,270 | ||||||
Lawson, Inc. | 400 | 27,803 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 200 | 9,584 | ||||||
MEIJI Holdings Co. Ltd. | 800 | 64,031 | ||||||
NH Foods Ltd. | 1,000 | 25,855 | ||||||
Nichirei Corp. | 700 | 14,222 | ||||||
Nippon Suisan Kaisha Ltd. | 1,700 | 7,669 | ||||||
Nissin Foods Holdings Co. Ltd. | 500 | 26,153 | ||||||
Pigeon Corp. | 700 | 17,711 | ||||||
Seven & i Holdings Co. Ltd. | 4,900 | 190,719 | ||||||
Shiseido Co. Ltd. | 2,400 | 61,272 | ||||||
Sugi Holdings Co. Ltd. | 300 | 14,059 | ||||||
Sundrug Co. Ltd. | 200 | 13,972 | ||||||
Toyo Suisan Kaisha Ltd. | 700 | 24,880 | ||||||
Tsuruha Holdings, Inc. | 300 | 30,752 | ||||||
Unicharm Corp. | 2,500 | 53,414 | ||||||
Valor Holdings Co. Ltd. | 400 | 9,591 | ||||||
Welcia Holdings Co. Ltd. | 200 | 12,515 | ||||||
Yakult Honsha Co. Ltd. | 700 | 30,839 | ||||||
Yaoko Co. Ltd. | 100 | 3,818 | ||||||
|
| |||||||
1,458,523 | ||||||||
|
|
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Energy — 0.4% | ||||||||
Inpex Corp. | 7,100 | $ | 67,607 | |||||
Nippon Gas Co. Ltd. | 100 | 2,888 | ||||||
|
| |||||||
70,495 | ||||||||
|
| |||||||
Financials — 14.5% | ||||||||
AEON Financial Service Co. Ltd. | 800 | 13,368 | ||||||
Aozora Bank Ltd. | 7,000 | 24,143 | ||||||
Chiba Bank Ltd. | 5,000 | 29,751 | ||||||
Chugoku Bank Ltd. | 1,100 | 14,925 | ||||||
Concordia Financial Group Ltd. | 7,100 | 32,744 | ||||||
Dai-ichi Life Holdings, Inc. | 7,100 | 114,247 | ||||||
Daiwa Securities Group, Inc. | 11,000 | 66,360 | ||||||
Fukuoka Financial Group, Inc. | 5,000 | 21,721 | ||||||
Fuyo General Lease Co. Ltd. | 100 | 4,739 | ||||||
Gunma Bank Ltd. | 2,600 | 13,257 | ||||||
Hachijuni Bank Ltd. | 3,000 | 16,139 | ||||||
Hiroshima Bank Ltd. | 3,000 | 13,270 | ||||||
Hitachi Capital Corp. | 300 | 7,377 | ||||||
Hokuhoku Financial Group, Inc. | 800 | 13,017 | ||||||
IBJ Leasing Co. Ltd. | 200 | 4,235 | ||||||
Jafco Co. Ltd. | 200 | 6,933 | ||||||
Japan Exchange Group, Inc. | 3,700 | 55,007 | ||||||
Kyushu Financial Group, Inc. | 2,600 | 17,182 | ||||||
Matsui Securities Co. Ltd. | 700 | 5,406 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 51,100 | 300,380 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,800 | 12,950 | ||||||
Mizuho Financial Group, Inc. | 159,200 | 283,066 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,500 | 109,013 | ||||||
Nihon M&A Center, Inc. | 400 | 10,953 | ||||||
Nomura Holdings, Inc. | 24,100 | 129,864 | ||||||
North Pacific Bank Ltd. | 1,900 | 7,470 | ||||||
Okasan Securities Group, Inc. | 1,000 | 5,766 | ||||||
Orient Corp.* | 2,500 | 4,432 | ||||||
ORIX Corp. | 8,400 | 131,332 | ||||||
Resona Holdings, Inc. | 14,100 | 68,072 | ||||||
SBI Holdings, Inc. | 1,300 | 16,338 | ||||||
Seven Bank Ltd. | 4,200 | 12,016 | ||||||
Shinsei Bank Ltd. | 11,000 | 17,667 | ||||||
Shizuoka Bank Ltd. | 3,000 | 24,354 | ||||||
Sompo Holdings, Inc. | 2,600 | 85,066 | ||||||
Sony Financial Holdings, Inc. | 1,400 | 20,273 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 8,400 | 310,065 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,500 | 91,053 | ||||||
Suruga Bank Ltd. | 1,200 | 27,139 | ||||||
T&D Holdings, Inc. | 4,200 | 52,673 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,400 | 7,261 | ||||||
Tokio Marine Holdings, Inc. | 4,800 | 206,373 | ||||||
Tokyo Century Corp. | 200 | 6,486 | ||||||
Tokyo TY Financial Group, Inc. | 200 | 6,626 | ||||||
Yamaguchi Financial Group, Inc. | 1,000 | 10,444 | ||||||
Zenkoku Hosho Co. Ltd. | 300 | 10,202 | ||||||
|
| |||||||
2,441,155 | ||||||||
|
| |||||||
Health Care — 8.1% | ||||||||
Alfresa Holdings Corp. | 1,400 | 22,399 | ||||||
Asahi Intecc Co. Ltd. | 300 | 11,703 | ||||||
Astellas Pharma, Inc. | 12,800 | 177,433 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,200 | 33,858 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Daiichi Sankyo Co. Ltd. | 3,700 | $ | 77,348 | |||||
Eisai Co. Ltd. | 1,500 | 87,002 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 400 | 19,308 | ||||||
Hoya Corp. | 2,500 | 98,710 | ||||||
Kaken Pharmaceutical Co. Ltd. | 200 | 10,672 | ||||||
KYORIN Holdings, Inc. | 200 | 4,216 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,300 | 18,619 | ||||||
M3, Inc. | 1,100 | 28,508 | ||||||
Medipal Holdings Corp. | 1,400 | 20,113 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,400 | 26,429 | ||||||
Nihon Kohden Corp. | 500 | 11,260 | ||||||
Olympus Corp. | 1,900 | 67,032 | ||||||
Ono Pharmaceutical Co. Ltd. | 2,800 | 62,256 | ||||||
Otsuka Holdings Co. Ltd. | 2,800 | 114,192 | ||||||
Santen Pharmaceutical Co. Ltd. | 2,300 | 28,178 | ||||||
Sawai Pharmaceutical Co. Ltd. | 200 | 10,760 | ||||||
Shionogi & Co. Ltd. | 1,700 | 80,714 | ||||||
Ship Healthcare Holdings, Inc. | 200 | 5,243 | ||||||
Sysmex Corp. | 900 | 54,421 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 300 | 25,697 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,700 | 193,247 | ||||||
Terumo Corp. | 1,800 | 63,583 | ||||||
Toho Holdings Co. Ltd. | 400 | 7,779 | ||||||
Tsumura & Co. | 400 | 10,865 | ||||||
|
| |||||||
1,371,545 | ||||||||
|
| |||||||
Industrials — 22.0% | ||||||||
Aeon Delight Co. Ltd. | 100 | 2,756 | ||||||
Aica Kogyo Co. Ltd. | 400 | 10,566 | ||||||
ANA Holdings, Inc. | 22,000 | 61,263 | ||||||
Asahi Glass Co. Ltd. | 6,000 | 39,124 | ||||||
Central Japan Railway Co. | 1,000 | 163,939 | ||||||
COMSYS Holdings Corp. | 500 | 8,579 | ||||||
Daifuku Co. Ltd. | 600 | 11,637 | ||||||
Daikin Industries Ltd. | 1,600 | 150,459 | ||||||
DMG Mori Co. Ltd. (a) | 700 | 8,121 | ||||||
East Japan Railway Co. | 2,300 | 197,128 | ||||||
Ebara Corp. | 600 | 15,660 | ||||||
FANUC Corp. | 1,200 | 203,309 | ||||||
Fuji Electric Co. Ltd. | 4,000 | 19,729 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,500 | 47,589 | ||||||
Hanwa Co. Ltd. | 1,000 | 6,521 | ||||||
Hazama Ando Corp. | 1,400 | 9,866 | ||||||
Hino Motors Ltd. | 1,500 | 15,284 | ||||||
Hitachi Construction Machinery Co. Ltd. | 600 | 12,395 | ||||||
Hoshizaki Corp. | 300 | 25,512 | ||||||
IHI Corp.* | 9,000 | 25,038 | ||||||
ITOCHU Corp. | 8,600 | 117,892 | ||||||
Iwatani Corp. | 1,000 | 5,432 | ||||||
Japan Airlines Co. Ltd. | 2,100 | 62,385 | ||||||
JGC Corp. | 1,200 | 19,883 | ||||||
JTEKT Corp. | 1,400 | 22,485 | ||||||
Kajima Corp. | 6,000 | 42,231 | ||||||
Kanamoto Co. Ltd. | 300 | 6,872 | ||||||
Kanematsu Corp. | 3,000 | 4,976 | ||||||
Kawasaki Heavy Industries Ltd. | 9,000 | 28,514 | ||||||
Keihan Holdings Co. Ltd. | 4,000 | 25,556 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Keio Corp. | 3,000 | $ | 24,012 | |||||
Keisei Electric Railway Co. Ltd. | 900 | 21,437 | ||||||
Kintetsu Group Holdings Co. Ltd. | 12,000 | 46,549 | ||||||
Komatsu Ltd. | 5,700 | 131,739 | ||||||
Kubota Corp. | 6,000 | 90,965 | ||||||
Kumagai Gumi Co. Ltd. | 2,000 | 5,160 | ||||||
Kyowa Exeo Corp. | 500 | 7,100 | ||||||
Kyudenko Corp. | 200 | 5,634 | ||||||
Makita Corp. | 800 | 54,412 | ||||||
Marubeni Corp. | 11,600 | 63,760 | ||||||
Minebea Co. Ltd. | 1,900 | 18,909 | ||||||
MISUMI Group, Inc. | 1,500 | 26,934 | ||||||
Mitsubishi Corp. | 8,800 | 190,875 | ||||||
Mitsubishi Electric Corp. | 12,700 | 175,712 | ||||||
Mitsubishi Heavy Industries Ltd. | 20,000 | 88,955 | ||||||
Mitsui & Co. Ltd. | 10,700 | 144,754 | ||||||
MonotaRO Co. Ltd. | 400 | 8,576 | ||||||
Nabtesco Corp. | 600 | 15,313 | ||||||
Nachi-Fujikoshi Corp. | 1,000 | 3,853 | ||||||
Nagoya Railroad Co. Ltd. | 6,000 | 29,541 | ||||||
Namura Shipbuilding Co. Ltd. | 400 | 2,506 | ||||||
Nankai Electric Railway Co. Ltd. | 3,000 | 13,770 | ||||||
NGK Insulators Ltd. | 1,600 | 30,695 | ||||||
Nidec Corp. | 1,500 | 134,802 | ||||||
Nippon Express Co. Ltd. | 5,000 | 25,934 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 100 | 3,879 | ||||||
Nippon Yusen KK | 10,000 | 18,605 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 2,000 | 8,917 | ||||||
NSK Ltd. | 2,800 | 30,618 | ||||||
Obayashi Corp. | 4,000 | 38,194 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,900 | 37,301 | ||||||
OSG Corp. | 600 | 11,906 | ||||||
Park24 Co. Ltd. | 600 | 17,114 | ||||||
Pilot Corp. | 200 | 8,311 | ||||||
Sankyo Tateyama, Inc. | 200 | 2,742 | ||||||
Sankyu, Inc. | 2,000 | 11,672 | ||||||
Sanwa Holdings Corp. | 900 | 8,925 | ||||||
Secom Co. Ltd. | 1,300 | 94,912 | ||||||
Shimizu Corp. | 4,000 | 37,000 | ||||||
SMC Corp. | 400 | 114,160 | ||||||
Sohgo Security Services Co. Ltd. | 500 | 20,426 | ||||||
Sojitz Corp. | 8,000 | 20,361 | ||||||
Sotetsu Holdings, Inc. | 3,000 | 14,770 | ||||||
Sumitomo Corp. | 7,400 | 88,648 | ||||||
Sumitomo Heavy Industries Ltd. | 4,000 | 24,187 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 4,500 | 5,016 | ||||||
Tadano Ltd. | 600 | 6,414 | ||||||
Taisei Corp. | 7,000 | 50,867 | ||||||
Takeuchi Manufacturing Co. Ltd. | 200 | 4,279 | ||||||
Temp Holdings Co. Ltd. | 1,000 | 15,464 | ||||||
THK Co. Ltd. | 700 | 15,119 | ||||||
Tobu Railway Co. Ltd. | 6,000 | 28,856 | ||||||
Tokyu Construction Co. Ltd. | 500 | 4,116 | ||||||
Tokyu Corp. | 6,000 | 44,969 | ||||||
TOTO Ltd. | 900 | 34,635 | ||||||
Toyota Tsusho Corp. | 1,400 | 35,127 | ||||||
Tsubakimoto Chain Co. | 1,000 | 7,899 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
West Japan Railway Co. | 1,100 | $ | 67,161 | |||||
Yamato Holdings Co. Ltd. | 2,100 | 42,232 | ||||||
|
| |||||||
3,707,400 | ||||||||
|
| |||||||
Information Technology — 10.6% | ||||||||
Alps Electric Co. Ltd. | 1,100 | 27,735 | ||||||
Brother Industries Ltd. | 1,400 | 24,033 | ||||||
Canon, Inc. | 6,400 | 183,162 | ||||||
COLOPL, Inc. | 300 | 2,546 | ||||||
COOKPAD, Inc. | 100 | 900 | ||||||
DeNA Co. Ltd. | 700 | 21,409 | ||||||
Dip Corp. | 200 | 4,218 | ||||||
Disco Corp. | 100 | 11,901 | ||||||
FUJIFILM Holdings Corp. | 2,500 | 93,225 | ||||||
Fujitsu Ltd. | 12,000 | 71,066 | ||||||
GMO internet, Inc. | 400 | 5,508 | ||||||
Gree, Inc. | 1,300 | 6,937 | ||||||
GungHo Online Entertainment, Inc. | 3,400 | 7,579 | ||||||
Gurunavi, Inc. | 200 | 4,258 | ||||||
Hamamatsu Photonics KK | 900 | 23,972 | ||||||
Hirose Electric Co. Ltd. | 200 | 24,029 | ||||||
Hitachi High-Technologies Corp. | 500 | 19,790 | ||||||
Hitachi Kokusai Electric, Inc. | 300 | 6,011 | ||||||
Hitachi Ltd. | 29,000 | 155,072 | ||||||
Horiba Ltd. | 200 | 8,934 | ||||||
Itochu Techno-Solutions Corp. | 300 | 8,109 | ||||||
Kakaku.com, Inc. | 700 | 11,027 | ||||||
Keyence Corp. | 260 | 178,505 | ||||||
Konica Minolta, Inc. | 2,900 | 27,792 | ||||||
Kyocera Corp. | 2,000 | 95,415 | ||||||
Mixi, Inc. | 400 | 13,989 | ||||||
Murata Manufacturing Co. Ltd. | 1,300 | 175,984 | ||||||
NEC Corp. | 16,000 | 41,845 | ||||||
Nexon Co. Ltd. | 1,100 | 15,436 | ||||||
Nomura Research Institute Ltd. | 920 | 31,327 | ||||||
NTT Data Corp. | 700 | 34,956 | ||||||
Obic Co. Ltd. | 400 | 17,658 | ||||||
Oki Electric Industry Co. Ltd. | 500 | 6,766 | ||||||
Omron Corp. | 1,400 | 51,850 | ||||||
Oracle Corp. Japan | 200 | 10,005 | ||||||
Otsuka Corp. | 300 | 14,665 | ||||||
Renesas Electronics Corp.* | 600 | 4,507 | ||||||
Ricoh Co. Ltd. | 3,700 | 29,907 | ||||||
SCREEN Holdings Co. Ltd. | 200 | 11,971 | ||||||
SCSK Corp. | 300 | 10,466 | ||||||
Seiko Epson Corp. | 1,800 | 36,223 | ||||||
Shimadzu Corp. | 2,000 | 30,594 | ||||||
TDK Corp. | 700 | 47,242 | ||||||
Tokyo Electron Ltd. | 800 | 73,544 | ||||||
Topcon Corp. | 400 | 5,964 | ||||||
Trend Micro, Inc. | 600 | 21,642 | ||||||
Yahoo Japan Corp. | 8,500 | 31,033 | ||||||
Yaskawa Electric Corp. | 1,500 | 23,103 | ||||||
Yokogawa Electric Corp. | 1,400 | 19,474 | ||||||
|
| |||||||
1,783,284 | ||||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Materials — 6.7% | ||||||||
Air Water, Inc. | 1,000 | $ | 17,157 | |||||
Asahi Kasei Corp. | 8,000 | 71,438 | ||||||
Daicel Corp. | 1,500 | 16,587 | ||||||
Daio Paper Corp. | 500 | 5,520 | ||||||
Denka Co. Ltd. | 3,000 | 13,296 | ||||||
DIC Corp. | 500 | 15,512 | ||||||
Dowa Holdings Co. Ltd. | 1,000 | 7,706 | ||||||
Hitachi Chemical Co. Ltd. | 700 | 15,420 | ||||||
Hitachi Metals Ltd. | 1,300 | 17,057 | ||||||
JFE Holdings, Inc. | 3,400 | 49,831 | ||||||
JSR Corp. | 1,400 | 20,224 | ||||||
Kansai Paint Co. Ltd. | 1,300 | 23,902 | ||||||
Kobe Steel Ltd.* | 2,200 | 20,833 | ||||||
Kuraray Co. Ltd. | 2,100 | 29,820 | ||||||
Mitsubishi Chemical Holdings Corp. | 8,400 | 53,041 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,200 | 18,261 | ||||||
Mitsubishi Materials Corp. | 800 | 23,766 | ||||||
Nihon Parkerizing Co. Ltd. | 600 | 6,972 | ||||||
Nippon Kayaku Co. Ltd. | 1,000 | 11,655 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,000 | 31,682 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 5,600 | 120,556 | ||||||
Nissan Chemical Industries Ltd. | 700 | 23,375 | ||||||
Nitto Denko Corp. | 900 | 62,367 | ||||||
NOF Corp. | 1,000 | 9,294 | ||||||
Oji Holdings Corp. | 5,000 | 20,580 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,200 | 163,342 | ||||||
Sumitomo Chemical Co. Ltd. | 9,000 | 41,309 | ||||||
Sumitomo Metal Mining Co. Ltd. | 3,000 | 40,230 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 2,000 | 7,091 | ||||||
Taiheiyo Cement Corp. | 8,000 | 25,135 | ||||||
Taiyo Nippon Sanso Corp. | 1,400 | 15,383 | ||||||
Toray Industries, Inc. | 9,000 | 73,409 | ||||||
Tosoh Corp. | 4,000 | 26,960 | ||||||
Ube Industries Ltd. | 6,000 | 12,532 | ||||||
Zeon Corp. | 1,000 | 9,013 | ||||||
|
| |||||||
1,120,256 | ||||||||
|
| |||||||
Real Estate — 4.3% | ||||||||
Aeon Mall Co. Ltd. | 800 | 11,584 | ||||||
Daikyo, Inc. | 1,000 | 2,124 | ||||||
Daito Trust Construction Co. Ltd. | 500 | 77,998 | ||||||
Daiwa House Industry Co. Ltd. | 4,000 | 114,160 | ||||||
Hulic Co. Ltd. | 2,500 | 23,564 | ||||||
Ichigo, Inc. | 1,100 | 4,219 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Leopalace21 Corp. | 1,400 | $ | 7,630 | |||||
Mitsubishi Estate Co. Ltd. | 9,000 | 182,101 | ||||||
Mitsui Fudosan Co. Ltd. | 6,000 | 141,674 | ||||||
Nomura Real Estate Holdings, Inc. | 800 | 13,003 | ||||||
NTT Urban Development Corp. | 700 | 6,057 | ||||||
Relo Group, Inc. | 100 | 13,779 | ||||||
Sumitomo Real Estate Sales Co. Ltd. | 100 | 2,447 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,000 | 83,172 | ||||||
Takara Leben Co. Ltd. | 500 | 2,962 | ||||||
Tokyo Tatemono Co. Ltd. | 1,400 | 18,135 | ||||||
Tokyu Fudosan Holdings Corp. | 2,900 | 16,670 | ||||||
|
| |||||||
721,279 | ||||||||
|
| |||||||
Telecommunication Services — 5.0% | ||||||||
KDDI Corp. | 7,900 | 207,926 | ||||||
Nippon Telegraph & Telephone Corp. | 5,300 | 215,125 | ||||||
NTT DOCOMO, Inc. | 8,800 | 202,652 | ||||||
SoftBank Group Corp. | 3,700 | 217,951 | ||||||
|
| |||||||
843,654 | ||||||||
|
| |||||||
Utilities — 1.4% | ||||||||
Chubu Electric Power Co., Inc. | 3,900 | 54,951 | ||||||
Electric Power Development Co. Ltd. | 1,000 | 22,019 | ||||||
Osaka Gas Co. Ltd. | 12,000 | 45,559 | ||||||
Toho Gas Co. Ltd. | 3,000 | 23,854 | ||||||
Tohoku Electric Power Co., Inc. | 3,000 | 35,096 | ||||||
Tokyo Gas Co. Ltd. | 13,000 | 56,897 | ||||||
|
| |||||||
238,376 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 16,668,545 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 10,410 | 10,410 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.1% | $ | 16,678,955 | ||||||
Other assets and liabilities, net — 0.9% | 158,184 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 16,837,139 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $17,041,686. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $362,731. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $512,758 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $875,489. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $9,775, which is 0.1% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||
JPX-Nikkei 400 Index Futures | USD | 14 | $ | 162,491 | 12/08/2016 | $ | 14,842 |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 16,668,545 | $ | — | $ | — | $ | 16,668,545 | ||||||||
Short-Term Investments | 10,410 | — | — | 10,410 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 14,842 | — | — | 14,842 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 16,693,797 | $ | — | $ | — | $ | 16,693,797 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
Consumer Discretionary — 16.6% | ||||||||
Aisin Seiki Co. Ltd. | 199 | $ | 8,506 | |||||
Asics Corp. | 199 | 4,189 | ||||||
Bandai Namco Holdings, Inc. | 299 | 8,533 | ||||||
Bridgestone Corp. | 797 | 30,423 | ||||||
Casio Computer Co. Ltd. | 299 | 3,907 | ||||||
CyberAgent, Inc. | 100 | 2,431 | ||||||
Daiichikosho Co. Ltd. | 100 | 3,903 | ||||||
Denso Corp. | 498 | 21,678 | ||||||
Dentsu, Inc. | 299 | 13,669 | ||||||
Don Quijote Holdings Co. Ltd. | 250 | 9,560 | ||||||
Eagle Industry Co. Ltd. | 100 | 1,333 | ||||||
Fuji Heavy Industries Ltd. | 697 | 28,299 | ||||||
Hakuhodo DY Holdings, Inc. | 549 | 6,373 | ||||||
Haseko Corp. | 399 | 4,129 | ||||||
HIS Co. Ltd. | 50 | 1,377 | ||||||
Honda Motor Co. Ltd. | 1,795 | 52,279 | ||||||
Iida Group Holdings Co. Ltd. | 250 | 4,847 | ||||||
Isuzu Motors Ltd. | 697 | 8,219 | ||||||
J. Front Retailing Co. Ltd. | 499 | 7,031 | ||||||
Koito Manufacturing Co. Ltd. | 150 | 7,814 | ||||||
K’s Holdings Corp. | 200 | 3,692 | ||||||
Mazda Motor Corp. | 748 | 11,991 | ||||||
Mitsuba Corp. | 100 | 1,423 | ||||||
NGK Spark Plug Co. Ltd. | 199 | 4,081 | ||||||
NHK Spring Co. Ltd. | 299 | 2,802 | ||||||
Nikon Corp. | 449 | 6,593 | ||||||
Nippon Television Holdings, Inc. | 299 | 5,086 | ||||||
Nissan Motor Co. Ltd. | 2,938 | 27,132 | ||||||
Nissin Kogyo Co. Ltd. | 200 | 2,937 | ||||||
Nitori Holdings Co. Ltd. | 150 | 15,655 | ||||||
NOK Corp. | 150 | 2,983 | ||||||
Oriental Land Co. Ltd. | 199 | 11,336 | ||||||
Panasonic Corp. | 2,640 | 26,860 | ||||||
Rakuten, Inc. | 1,246 | 12,285 | ||||||
Resorttrust, Inc. (a) | 150 | 2,904 | ||||||
Sanrio Co. Ltd. | 200 | 3,521 | ||||||
Sekisui Chemical Co. Ltd. | 600 | 9,083 | ||||||
Sekisui House Ltd. | 897 | 14,662 | ||||||
Seria Co. Ltd. | 50 | 3,592 | ||||||
Shimano, Inc. | 50 | 8,212 | ||||||
Stanley Electric Co. Ltd. | 150 | 4,137 | ||||||
Start Today Co. Ltd. | 350 | 5,375 | ||||||
Sumitomo Electric Industries Ltd. | 947 | 13,265 | ||||||
Sumitomo Forestry Co. Ltd. | 250 | 3,420 | ||||||
Sumitomo Rubber Industries Ltd. | 299 | 4,937 | ||||||
Suzuki Motor Corp. | 398 | 12,802 | ||||||
Toho Co. Ltd. | 150 | 4,307 | ||||||
Toyo Tire & Rubber Co. Ltd. | 150 | 1,832 | ||||||
Toyoda Gosei Co. Ltd. | 150 | 3,238 | ||||||
Toyota Industries Corp. | 199 | 9,323 | ||||||
Toyota Motor Corp. | 924 | 53,701 | ||||||
TPR Co. Ltd. | 100 | 2,797 | ||||||
United Arrows Ltd. | 50 | 1,259 | ||||||
USS Co. Ltd. | 499 | 7,986 | ||||||
Yamaha Corp. | 150 | 4,569 | ||||||
Yamaha Motor Co. Ltd. | 299 | 6,876 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Yokohama Rubber Co. Ltd. | 150 | $ | 2,710 | |||||
|
| |||||||
547,864 | ||||||||
|
| |||||||
Consumer Staples — 8.1% | ||||||||
Aeon Co. Ltd. | 1,047 | 14,423 | ||||||
Ajinomoto Co., Inc. | 500 | 9,669 | ||||||
Asahi Group Holdings Ltd. | 498 | 16,202 | ||||||
Calbee, Inc. | 150 | 4,674 | ||||||
Ci:z Holdings Co. Ltd. | 50 | 1,294 | ||||||
Create SD Holdings Co. Ltd. | 100 | 2,121 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 50 | 3,125 | ||||||
Ito En Ltd. | 150 | 4,956 | ||||||
Japan Tobacco, Inc. | 1,145 | 39,493 | ||||||
Kao Corp. | 648 | 29,833 | ||||||
Kewpie Corp. | 150 | 3,544 | ||||||
Kirin Holdings Co. Ltd. | 1,096 | 17,852 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 72 | 3,062 | ||||||
Lawson, Inc. | 150 | 10,384 | ||||||
MEIJI Holdings Co. Ltd. | 100 | 7,972 | ||||||
Nichirei Corp. | 200 | 4,047 | ||||||
Nippon Suisan Kaisha Ltd. | 1,000 | 4,493 | ||||||
Nissin Foods Holdings Co. Ltd. | 150 | 7,814 | ||||||
Pigeon Corp. | 150 | 3,780 | ||||||
Seven & i Holdings Co. Ltd. | 947 | 36,711 | ||||||
Shiseido Co. Ltd. | 449 | 11,417 | ||||||
Toyo Suisan Kaisha Ltd. | 150 | 5,310 | ||||||
Unicharm Corp. | 498 | 10,597 | ||||||
Valor Holdings Co. Ltd. | 150 | 3,582 | ||||||
Welcia Holdings Co. Ltd. | 50 | 3,116 | ||||||
Yakult Honsha Co. Ltd. | 150 | 6,582 | ||||||
|
| |||||||
266,053 | ||||||||
|
| |||||||
Energy — 0.4% | ||||||||
Inpex Corp. | 1,396 | 13,239 | ||||||
|
| |||||||
Financials — 14.3% | ||||||||
AEON Financial Service Co. Ltd. | 150 | 2,496 | ||||||
Aozora Bank Ltd. | 1,495 | 5,136 | ||||||
Chiba Bank Ltd. | 495 | 2,934 | ||||||
Chugoku Bank Ltd. | 199 | 2,689 | ||||||
Concordia Financial Group Ltd. | 1,495 | 6,867 | ||||||
Dai-ichi Life Holdings, Inc. | 1,345 | 21,555 | ||||||
Daiwa Securities Group, Inc. | 1,990 | 11,957 | ||||||
Financial Products Group Co. Ltd. | 200 | 1,596 | ||||||
Fukuoka Financial Group, Inc. | 495 | 2,142 | ||||||
Gunma Bank Ltd. | 400 | 2,031 | ||||||
Hachijuni Bank Ltd. | 300 | 1,607 | ||||||
Hiroshima Bank Ltd. | 495 | 2,181 | ||||||
Hitachi Capital Corp. | 50 | 1,225 | ||||||
Hokuhoku Financial Group, Inc. | 349 | 5,656 | ||||||
Jafco Co. Ltd. | 100 | 3,453 | ||||||
Japan Exchange Group, Inc. | 798 | 11,816 | ||||||
Kyushu Financial Group, Inc. | 500 | 3,291 | ||||||
Matsui Securities Co. Ltd. | 250 | 1,923 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 9,571 | 56,035 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 598 | 2,755 | ||||||
Mizuho Financial Group, Inc. | 32,761 | 58,016 | ||||||
MS&AD Insurance Group Holdings, Inc. | 598 | 18,551 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Nomura Holdings, Inc. | 4,700 | $ | 25,224 | |||||
North Pacific Bank Ltd. | 700 | 2,741 | ||||||
Okasan Securities Group, Inc. | 1,000 | 5,743 | ||||||
Orient Corp.* | 2,300 | 4,061 | ||||||
ORIX Corp. | 1,494 | 23,264 | ||||||
Resona Holdings, Inc. | 2,890 | 13,896 | ||||||
SBI Holdings, Inc. | 350 | 4,381 | ||||||
Seven Bank Ltd. | 897 | 2,556 | ||||||
Shinsei Bank Ltd. | 2,990 | 4,783 | ||||||
Shizuoka Bank Ltd. | 495 | 4,002 | ||||||
Sompo Holdings, Inc. | 549 | 17,890 | ||||||
Sony Financial Holdings, Inc. | 299 | 4,312 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,496 | 54,999 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 498 | 18,065 | ||||||
Suruga Bank Ltd. | 299 | 6,735 | ||||||
T&D Holdings, Inc. | 797 | 9,955 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 399 | 2,061 | ||||||
Tokio Marine Holdings, Inc. | 847 | 36,270 | ||||||
Tokyo TY Financial Group, Inc. | 100 | 3,300 | ||||||
|
| |||||||
470,150 | ||||||||
|
| |||||||
Health Care — 7.7% | ||||||||
Alfresa Holdings Corp. | 299 | 4,764 | ||||||
Astellas Pharma, Inc. | 2,490 | 34,377 | ||||||
Chugai Pharmaceutical Co. Ltd. | 199 | 5,592 | ||||||
Daiichi Sankyo Co. Ltd. | 797 | 16,594 | ||||||
Eisai Co. Ltd. | 299 | 17,273 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 50 | 2,404 | ||||||
Hoya Corp. | 498 | 19,584 | ||||||
KYORIN Holdings, Inc. | 50 | 1,050 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 500 | 7,133 | ||||||
M3, Inc. | 199 | 5,137 | ||||||
Medipal Holdings Corp. | 299 | 4,278 | ||||||
Mitsubishi Tanabe Pharma Corp. | 299 | 5,622 | ||||||
Nihon Kohden Corp. | 150 | 3,364 | ||||||
Olympus Corp. | 299 | 10,506 | ||||||
Ono Pharmaceutical Co. Ltd. | 550 | 12,180 | ||||||
Otsuka Holdings Co. Ltd. | 498 | 20,228 | ||||||
Santen Pharmaceutical Co. Ltd. | 449 | 5,479 | ||||||
Shionogi & Co. Ltd. | 349 | 16,504 | ||||||
Ship Healthcare Holdings, Inc. | 50 | 1,305 | ||||||
Sysmex Corp. | 150 | 9,034 | ||||||
Takeda Pharmaceutical Co. Ltd. | 896 | 36,692 | ||||||
Terumo Corp. | 349 | 12,279 | ||||||
Toho Holdings Co. Ltd. | 150 | 2,905 | ||||||
Tsumura & Co. | 50 | 1,353 | ||||||
|
| |||||||
255,637 | ||||||||
|
| |||||||
Industrials — 22.0% | ||||||||
Aeon Delight Co. Ltd. | 50 | 1,372 | ||||||
Aica Kogyo Co. Ltd. | 150 | 3,947 | ||||||
ANA Holdings, Inc. | 4,485 | 12,439 | ||||||
Asahi Glass Co. Ltd. | 1,495 | 9,709 | ||||||
Central Japan Railway Co. | 199 | 32,493 | ||||||
COMSYS Holdings Corp. | 250 | 4,272 | ||||||
Daifuku Co. Ltd. | 200 | 3,864 | ||||||
Daikin Industries Ltd. | 349 | 32,687 | ||||||
DMG Mori Co. Ltd. (a) | 200 | 2,311 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
East Japan Railway Co. | 449 | $ | 38,328 | |||||
Ebara Corp. | 100 | 2,600 | ||||||
FANUC Corp. | 199 | 33,580 | ||||||
Hankyu Hanshin Holdings, Inc. | 299 | 9,448 | ||||||
Hazama Ando Corp. | 350 | 2,457 | ||||||
Hino Motors Ltd. | 399 | 4,049 | ||||||
Hitachi Construction Machinery Co. Ltd. | 150 | 3,086 | ||||||
Hoshizaki Corp. | 50 | 4,235 | ||||||
IHI Corp.* | 1,495 | 4,142 | ||||||
ITOCHU Corp. | 1,793 | 24,480 | ||||||
Japan Airlines Co. Ltd. | 400 | 11,835 | ||||||
JGC Corp. | 300 | 4,951 | ||||||
JTEKT Corp. | 299 | 4,783 | ||||||
Kajima Corp. | 1,495 | 10,480 | ||||||
Kawasaki Heavy Industries Ltd. | 1,495 | 4,717 | ||||||
Keihan Holdings Co. Ltd. | 495 | 3,150 | ||||||
Keisei Electric Railway Co. Ltd. | 300 | 7,117 | ||||||
Kintetsu Group Holdings Co. Ltd. | 2,990 | 11,552 | ||||||
Komatsu Ltd. | 1,246 | 28,682 | ||||||
Kubota Corp. | 1,195 | 18,044 | ||||||
Makita Corp. | 150 | 10,161 | ||||||
Marubeni Corp. | 2,343 | 12,827 | ||||||
Minebea Co. Ltd. | 400 | 3,965 | ||||||
MISUMI Group, Inc. | 299 | 5,347 | ||||||
Mitsubishi Corp. | 1,644 | 35,515 | ||||||
Mitsubishi Electric Corp. | 2,490 | 34,312 | ||||||
Mitsubishi Heavy Industries Ltd. | 3,485 | 15,438 | ||||||
Mitsui & Co. Ltd. | 1,993 | 26,854 | ||||||
MonotaRO Co. Ltd. | 100 | 2,135 | ||||||
Nabtesco Corp. | 150 | 3,813 | ||||||
Nagoya Railroad Co. Ltd. | 1,495 | 7,331 | ||||||
Namura Shipbuilding Co. Ltd. | 200 | 1,248 | ||||||
NGK Insulators Ltd. | 400 | 7,643 | ||||||
Nidec Corp. | 299 | 26,762 | ||||||
Nippon Express Co. Ltd. | 1,495 | 7,723 | ||||||
Nippon Yusen KK | 3,000 | 5,559 | ||||||
NSK Ltd. | 498 | 5,424 | ||||||
Obayashi Corp. | 800 | 7,608 | ||||||
Odakyu Electric Railway Co. Ltd. | 547 | 10,696 | ||||||
OSG Corp. | 150 | 2,964 | ||||||
Park24 Co. Ltd. | 150 | 4,261 | ||||||
Sanwa Holdings Corp. | 500 | 4,939 | ||||||
Secom Co. Ltd. | 299 | 21,742 | ||||||
SMC Corp. | 50 | 14,213 | ||||||
Sohgo Security Services Co. Ltd. | 150 | 6,103 | ||||||
Sojitz Corp. | 1,794 | 4,548 | ||||||
Sumitomo Corp. | 1,495 | 17,837 | ||||||
Sumitomo Heavy Industries Ltd. | 495 | 2,981 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 3,197 | 3,549 | ||||||
Tadano Ltd. | 400 | 4,259 | ||||||
Taisei Corp. | 1,495 | 10,820 | ||||||
Takeuchi Manufacturing Co. Ltd. | 100 | 2,131 | ||||||
Temp Holdings Co. Ltd. | 300 | 4,620 | ||||||
THK Co. Ltd. | 250 | 5,378 | ||||||
Tobu Railway Co. Ltd. | 1,495 | 7,161 | ||||||
Tokyu Corp. | 1,495 | 11,160 | ||||||
TOTO Ltd. | 100 | 3,833 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Toyota Tsusho Corp. | 299 | $ | 7,472 | |||||
West Japan Railway Co. | 199 | 12,101 | ||||||
Yamato Holdings Co. Ltd. | 449 | 8,993 | ||||||
|
| |||||||
726,236 | ||||||||
|
| |||||||
Information Technology — 9.9% | ||||||||
Alps Electric Co. Ltd. | 250 | 6,278 | ||||||
Brother Industries Ltd. | 399 | 6,822 | ||||||
Canon, Inc. | 1,246 | 35,516 | ||||||
COLOPL, Inc. | 100 | 845 | ||||||
COOKPAD, Inc. | 100 | 897 | ||||||
DeNA Co. Ltd. | 150 | 4,569 | ||||||
Dip Corp. | 100 | 2,100 | ||||||
Elecom Co. Ltd. | 100 | 1,714 | ||||||
FUJIFILM Holdings Corp. | 598 | 22,210 | ||||||
Fujitsu Ltd. | 1,990 | 11,738 | ||||||
GMO internet, Inc. | 199 | 2,729 | ||||||
Gree, Inc. | 700 | 3,720 | ||||||
GungHo Online Entertainment, Inc. | 598 | 1,328 | ||||||
Gurunavi, Inc. | 100 | 2,121 | ||||||
Hamamatsu Photonics KK | 250 | 6,632 | ||||||
Hitachi High-Technologies Corp. | 150 | 5,913 | ||||||
Hitachi Kokusai Electric, Inc. | 100 | 1,995 | ||||||
Hitachi Ltd. | 5,981 | 31,854 | ||||||
Horiba Ltd. | 50 | 2,225 | ||||||
Itochu Techno-Solutions Corp. | 50 | 1,346 | ||||||
Kakaku.com, Inc. | 250 | 3,922 | ||||||
Konica Minolta, Inc. | 798 | 7,617 | ||||||
Kyocera Corp. | 349 | 16,583 | ||||||
Murata Manufacturing Co. Ltd. | 199 | 26,831 | ||||||
NEC Corp. | 4,000 | 10,419 | ||||||
Nexon Co. Ltd. | 450 | 6,289 | ||||||
Nomura Research Institute Ltd. | 165 | 5,596 | ||||||
NTT Data Corp. | 150 | 7,460 | ||||||
Obic Co. Ltd. | 50 | 2,198 | ||||||
Oki Electric Industry Co. Ltd. | 209 | 2,817 | ||||||
Omron Corp. | 299 | 11,029 | ||||||
Oracle Corp. Japan | 50 | 2,491 | ||||||
Renesas Electronics Corp.* | 500 | 3,741 | ||||||
Ricoh Co. Ltd. | 848 | 6,827 | ||||||
Seiko Epson Corp. | 399 | 7,997 | ||||||
TDK Corp. | 150 | 10,083 | ||||||
Tokyo Electron Ltd. | 199 | 18,221 | ||||||
Topcon Corp. | 100 | 1,485 | ||||||
Trend Micro, Inc. | 150 | 5,389 | ||||||
Yahoo Japan Corp. | 1,694 | 6,160 | ||||||
Yaskawa Electric Corp. | 399 | 6,121 | ||||||
Yokogawa Electric Corp. | 399 | 5,528 | ||||||
|
| |||||||
327,356 | ||||||||
|
| |||||||
Materials — 6.7% | ||||||||
Air Water, Inc. | 300 | 5,127 | ||||||
Asahi Kasei Corp. | 1,495 | 13,296 | ||||||
Daicel Corp. | 449 | 4,945 | ||||||
Daio Paper Corp. | 300 | 3,299 | ||||||
DIC Corp. | 149 | 4,604 | ||||||
Hitachi Chemical Co. Ltd. | 150 | 3,291 | ||||||
Hitachi Metals Ltd. | 299 | 3,907 |
Number | Value | |||||||
Materials (Continued) | ||||||||
JFE Holdings, Inc. | 648 | $ | 9,459 | |||||
JSR Corp. | 299 | 4,302 | ||||||
Kansai Paint Co. Ltd. (a) | 400 | 7,325 | ||||||
Kobe Steel Ltd.* | 399 | 3,763 | ||||||
Kuraray Co. Ltd. | 449 | 6,350 | ||||||
Mitsubishi Chemical Holdings Corp. | 1,645 | 10,346 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 400 | 6,063 | ||||||
Mitsubishi Materials Corp. | 149 | 4,409 | ||||||
Nihon Parkerizing Co. Ltd. | 250 | 2,893 | ||||||
Nippon Paint Holdings Co. Ltd. (a) | 199 | 6,279 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 1,096 | 23,500 | ||||||
Nissan Chemical Industries Ltd. | 150 | 4,989 | ||||||
Nitto Denko Corp. | 210 | 14,494 | ||||||
Oji Holdings Corp. | 495 | 2,029 | ||||||
Shin-Etsu Chemical Co. Ltd. | 449 | 33,203 | ||||||
Sumitomo Chemical Co. Ltd. | 1,495 | 6,834 | ||||||
Sumitomo Metal Mining Co. Ltd. | 495 | 6,611 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,000 | 3,531 | ||||||
Taiheiyo Cement Corp. | 1,495 | 4,678 | ||||||
Taiyo Nippon Sanso Corp. | 299 | 3,272 | ||||||
Toray Industries, Inc. | 1,495 | 12,145 | ||||||
Tosoh Corp. | 495 | 3,323 | ||||||
Ube Industries Ltd. | 1,495 | 3,110 | ||||||
|
| |||||||
221,377 | ||||||||
|
| |||||||
Real Estate — 3.9% | ||||||||
Aeon Mall Co. Ltd. | 150 | 2,163 | ||||||
Daikyo, Inc. | 1,495 | 3,162 | ||||||
Daito Trust Construction Co. Ltd. | 150 | 23,305 | ||||||
Daiwa House Industry Co. Ltd. | 797 | 22,655 | ||||||
Hulic Co. Ltd. | 598 | 5,614 | ||||||
Ichigo, Inc. | 1,000 | 3,820 | ||||||
Leopalace21 Corp. | 599 | 3,251 | ||||||
Mitsubishi Estate Co. Ltd. | 1,495 | 30,127 | ||||||
Mitsui Fudosan Co. Ltd. | 495 | 11,641 | ||||||
Nomura Real Estate Holdings, Inc. | 250 | 4,047 | ||||||
NTT Urban Development Corp. | 250 | 2,155 | ||||||
Sumitomo Real Estate Sales Co. Ltd. | 50 | 1,219 | ||||||
Takara Leben Co. Ltd. | 649 | 3,829 | ||||||
Tokyo Tatemono Co. Ltd. | 500 | 6,451 | ||||||
Tokyu Fudosan Holdings Corp. | 748 | 4,283 | ||||||
|
| |||||||
127,722 | ||||||||
|
| |||||||
Telecommunication Services — 4.9% | ||||||||
KDDI Corp. | 1,542 | 40,422 | ||||||
Nippon Telegraph & Telephone Corp. | 945 | 38,203 | ||||||
NTT DOCOMO, Inc. | 1,644 | 37,707 | ||||||
SoftBank Group Corp. | 748 | 43,884 | ||||||
|
| |||||||
160,216 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Chubu Electric Power Co., Inc. | 800 | 11,227 | ||||||
Electric Power Development Co. Ltd. | 250 | 5,483 | ||||||
Osaka Gas Co. Ltd. | 3,990 | 15,087 | ||||||
Tohoku Electric Power Co., Inc. | 800 | 9,321 | ||||||
Tokyo Gas Co. Ltd. | 2,990 | 13,034 | ||||||
|
| |||||||
54,152 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,170,002 | |||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 15,353 | $ | 15,353 | |||||
|
| |||||||
TOTAL INVESTMENTS — 96.6% | $ | 3,185,355 | ||||||
Other assets and liabilities, net — 3.4% | 113,000 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,298,355 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,191,800. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $6,445. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $182,480 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $188,925. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $14,388, which is 0.4% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
At November 30, 2016, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
JPX-Nikkei 400 Index Futures | USD | 6 | $ | 69,359 | 12/08/2016 | $ | 4,050 |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 328,612,000 | USD | 3,129,996 | $ | 256,656 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,884,257 | JPY | 328,612,000 | (10,917 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 369,693,000 | USD | 3,251,735 | 12,629 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 3,650,000 | USD | 31,967 | (13 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 258,355 | ||||||||||||||||||||||
|
|
Currency Abbreviations
JPY | Japanese Yen |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 3,170,002 | $ | — | $ | — | $ | 3,170,002 | ||||||||
Short-Term Investments | 15,353 | — | — | 15,353 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 269,285 | — | 269,285 | ||||||||||||
Futures Contracts | 4,050 | — | — | 4,050 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,189,405 | $ | 269,285 | $ | — | $ | 3,458,690 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (10,930 | ) | $ | — | $ | (10,930 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (10,930 | ) | $ | — | $ | (10,930 | ) | ||||||
|
|
|
|
|
|
|
|
(d) See Schedule of Investments for additional detailed categorizations.
(e) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts.
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
Consumer Discretionary — 2.7% | ||||||||
Aristocrat Leisure Ltd. | 2,217 | $ | 24,557 | |||||
Crown Resorts Ltd. | 1,474 | 12,779 | ||||||
Domino’s Pizza Enterprises Ltd. | 250 | 12,513 | ||||||
Flight Centre Travel Group Ltd. | 226 | 5,574 | ||||||
Harvey Norman Holdings Ltd. | 2,275 | 7,980 | ||||||
REA Group Ltd. | 213 | 8,119 | ||||||
Tabcorp Holdings Ltd. (a) | 3,365 | 11,654 | ||||||
Tatts Group Ltd. | 5,958 | 18,435 | ||||||
|
| |||||||
101,611 | ||||||||
|
| |||||||
Consumer Staples — 7.4% | ||||||||
Coca-Cola Amatil Ltd. | 2,330 | 16,500 | ||||||
Treasury Wine Estates Ltd. | 3,065 | 24,421 | ||||||
Wesfarmers Ltd. | 4,675 | 144,235 | ||||||
Woolworths Ltd. | 5,309 | 89,739 | ||||||
|
| |||||||
274,895 | ||||||||
|
| |||||||
Energy — 4.6% | ||||||||
Caltex Australia Ltd. | 1,069 | 23,721 | ||||||
Oil Search Ltd. | 5,690 | 27,101 | ||||||
Origin Energy Ltd. | 7,280 | 31,933 | ||||||
Santos Ltd. | 6,633 | 19,250 | ||||||
Woodside Petroleum Ltd. | 3,148 | 68,856 | ||||||
|
| |||||||
170,861 | ||||||||
|
| |||||||
Financials — 42.4% | ||||||||
AMP Ltd. | 12,280 | 42,620 | ||||||
ASX Ltd. | 804 | 28,890 | ||||||
Australia & New Zealand Banking Group Ltd. | 12,154 | 254,983 | ||||||
Bank of Queensland Ltd. | 1,542 | 12,799 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,878 | 16,711 | ||||||
Challenger Ltd. | 2,324 | 18,277 | ||||||
Commonwealth Bank of Australia | 7,121 | 413,580 | ||||||
Insurance Australia Group Ltd. | 10,094 | 41,667 | ||||||
Macquarie Group Ltd. | 1,272 | 78,808 | ||||||
Medibank Pvt Ltd. | 11,434 | 21,953 | ||||||
National Australia Bank Ltd. | 11,031 | 235,659 | ||||||
QBE Insurance Group Ltd. | 5,693 | 46,959 | ||||||
Suncorp Group Ltd. | 5,342 | 49,310 | ||||||
Westpac Banking Corp. | 13,893 | 320,807 | ||||||
|
| |||||||
1,583,023 | ||||||||
|
| |||||||
Health Care — 6.1% | ||||||||
Cochlear Ltd. | 238 | 20,862 | ||||||
CSL Ltd. | 1,894 | 137,065 | ||||||
Healthscope Ltd. | 7,059 | 11,728 | ||||||
Ramsay Health Care Ltd. | 587 | 30,694 | ||||||
Sonic Healthcare Ltd. | 1,640 | 26,401 | ||||||
|
| |||||||
226,750 | ||||||||
|
| |||||||
Industrials — 5.5% | ||||||||
Aurizon Holdings Ltd. | 8,518 | 31,325 | ||||||
Brambles Ltd. | 6,585 | 57,282 | ||||||
CIMIC Group Ltd. | 400 | 9,104 | ||||||
Qantas Airways Ltd. | 1,995 | 4,861 | ||||||
SEEK Ltd. | 1,372 | 15,005 | ||||||
Sydney Airport (b) | 4,577 | 21,226 | ||||||
Transurban Group (b) | 8,481 | 66,010 | ||||||
|
| |||||||
204,813 | ||||||||
|
|
Number | Value | |||||||
Information Technology — 0.4% | ||||||||
Computershare Ltd. | 1,890 | $ | 16,190 | |||||
|
| |||||||
Materials — 15.5% | ||||||||
Alumina Ltd. (a) | 10,024 | 12,251 | ||||||
Amcor Ltd. | 4,808 | 51,056 | ||||||
BHP Billiton Ltd. | 13,334 | 240,353 | ||||||
Boral Ltd. | 4,471 | 16,607 | ||||||
Fortescue Metals Group Ltd. | 6,464 | 28,019 | ||||||
Incitec Pivot Ltd. | 7,005 | 16,294 | ||||||
James Hardie Industries PLC CDI | 1,825 | 28,058 | ||||||
Newcrest Mining Ltd. | 3,182 | 45,914 | ||||||
Orica Ltd. | 1,557 | 19,523 | ||||||
Rio Tinto Ltd. | 1,761 | 75,099 | ||||||
South32 Ltd. | 22,103 | 44,232 | ||||||
|
| |||||||
577,406 | ||||||||
|
| |||||||
Real Estate — 8.6% | ||||||||
Dexus Property Group REIT | 3,963 | 26,690 | ||||||
Goodman Group REIT | 7,428 | 36,641 | ||||||
GPT Group REIT | 7,361 | 26,309 | ||||||
LendLease Group (b) | 2,297 | 23,086 | ||||||
Mirvac Group REIT | 15,383 | 23,287 | ||||||
Scentre Group REIT | 22,105 | 69,211 | ||||||
Stockland REIT | 9,985 | 31,927 | ||||||
Vicinity Centres REIT | 13,970 | 30,123 | ||||||
Westfield Corp. REIT | 8,196 | 55,318 | ||||||
|
| |||||||
322,592 | ||||||||
|
| |||||||
Telecommunication Services — 2.1% | ||||||||
Telstra Corp. Ltd. | 17,766 | 66,253 | ||||||
TPG Telecom Ltd. (a) | 1,392 | 7,339 | ||||||
Vocus Communications Ltd. | 2,179 | 6,710 | ||||||
|
| |||||||
80,302 | ||||||||
|
| |||||||
Utilities — 2.6% | ||||||||
AGL Energy Ltd. | 2,801 | 43,395 | ||||||
APA Group (b) | 4,562 | 26,849 | ||||||
AusNet Services | 7,228 | 7,926 | ||||||
DUET Group (b) | 9,898 | 17,396 | ||||||
|
| |||||||
95,566 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,654,009 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Materials — 0.0% | ||||||||
Boral Ltd.*, expires 12/09/16 | 1,355 | 235 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.8% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 31,607 | 31,607 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.7% | $ | 3,685,851 | ||||||
Other assets and liabilities, net — 1.3% | 46,856 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,732,707 | ||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,512,425. At November 30, 2016, net unrealized appreciation for all securities based on tax cost was $173,426. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $301,956 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $128,530. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $29,676, which is 0.8% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 4,759,000 | USD | 3,618,173 | $ | 104,370 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 7,646 | AUD | 10,000 | (262 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,508,527 | AUD | 4,749,000 | (2,108 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | AUD | 5,033,000 | USD | 3,715,399 | 2,307 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | USD | 14,760 | AUD | 20,000 | (5 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 104,302 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 3,654,009 | $ | — | $ | — | $ | 3,654,009 | ||||||||
Rights | 235 | — | — | 235 | ||||||||||||
Short-Term Investments | 31,607 | — | — | 31,607 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 106,677 | — | 106,677 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,685,851 | $ | 106,677 | $ | — | $ | 3,792,528 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (2,375 | ) | $ | — | $ | (2,375 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (2,375 | ) | $ | — | $ | (2,375 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.6% | ||||||||
Australia — 6.4% | ||||||||
Adelaide Brighton Ltd. | 887 | $ | 3,354 | |||||
ALS Ltd. | 859 | 3,876 | ||||||
Ansell Ltd. | 254 | 4,237 | ||||||
APN Outdoor Group Ltd. | 719 | 2,835 | ||||||
Australian Pharmaceutical Industries Ltd. | 1,267 | 1,782 | ||||||
AWE Ltd.* | 1,936 | 858 | ||||||
Bapcor Ltd. | 1,065 | 3,909 | ||||||
Blackmores Ltd. (a) | 24 | 2,105 | ||||||
BlueScope Steel Ltd. | 878 | 5,848 | ||||||
BT Investment Management Ltd. | 223 | 1,808 | ||||||
BWP Trust REIT | 822 | 1,766 | ||||||
carsales.com Ltd. | 516 | 4,012 | ||||||
Charter Hall Group REIT | 518 | 1,729 | ||||||
Charter Hall Retail REIT | 732 | 2,297 | ||||||
Cleanaway Waste Management Ltd. | 1,938 | 1,581 | ||||||
Cromwell Property Group REIT | 1,572 | 1,068 | ||||||
CSR Ltd. | 1,151 | 3,459 | ||||||
Downer EDI Ltd. | 1,079 | 4,518 | ||||||
DuluxGroup Ltd. | 820 | 3,548 | ||||||
Evolution Mining Ltd. | 1,784 | 2,536 | ||||||
Fairfax Media Ltd. | 4,953 | 2,944 | ||||||
GrainCorp Ltd., Class A | 387 | 2,475 | ||||||
Iluka Resources Ltd. | 517 | 2,336 | ||||||
Independence Group NL | 290 | 919 | ||||||
Investa Office Fund REIT | 606 | 1,973 | ||||||
InvoCare Ltd. | 358 | 3,413 | ||||||
IOOF Holdings Ltd. (a) | 337 | 2,178 | ||||||
IRESS Ltd. | 436 | 3,715 | ||||||
JB Hi-Fi Ltd. | 261 | 5,335 | ||||||
Karoon Gas Australia Ltd.* | 976 | 1,341 | ||||||
Link Administration Holdings Ltd. | 400 | 2,212 | ||||||
Liquefied Natural Gas Ltd.* | 1,841 | 836 | ||||||
Macquarie Atlas Roads Group (b) | 1,105 | 3,835 | ||||||
Magellan Financial Group Ltd. | 201 | 3,387 | ||||||
Mayne Pharma Group Ltd.* | 2,266 | 2,669 | ||||||
Metcash Ltd.* | 2,339 | 3,558 | ||||||
Mineral Resources Ltd. | 259 | 2,404 | ||||||
Northern Star Resources Ltd. | 938 | 2,487 | ||||||
Nufarm Ltd. | 227 | 1,432 | ||||||
Orocobre Ltd.*(a) | 587 | 1,951 | ||||||
Orora Ltd. | 2,200 | 4,500 | ||||||
OZ Minerals Ltd. | 575 | 3,342 | ||||||
Perpetual Ltd. | 83 | 2,916 | ||||||
Primary Health Care Ltd. | 1,076 | 2,916 | ||||||
Qube Holdings Ltd. | 1,411 | 2,459 | ||||||
Regis Resources Ltd. | 979 | 2,060 | ||||||
Saracen Mineral Holdings Ltd.* | 1,871 | 1,319 | ||||||
Shopping Centres Australasia Property Group REIT | 1,508 | 2,361 | ||||||
Sirtex Medical Ltd. | 109 | 2,223 | ||||||
Spark Infrastructure Group (b) | 2,444 | 4,061 | ||||||
Spotless Group Holdings Ltd. | 2,398 | 1,629 | ||||||
St Barbara Ltd.* | 1,212 | 1,978 | ||||||
Star Entertainment Group Ltd. | 1,309 | 5,104 | ||||||
Steadfast Group Ltd. | 927 | 1,417 | ||||||
Super Retail Group Ltd. | 424 | 3,009 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Syrah Resources Ltd.* | 531 | $ | 1,094 | |||||
Whitehaven Coal Ltd.* | 1,191 | 2,419 | ||||||
WorleyParsons Ltd.* | 252 | 1,610 | ||||||
|
| |||||||
154,943 | ||||||||
|
| |||||||
Austria — 0.9% | ||||||||
ams AG | 97 | 2,843 | ||||||
BUWOG AG* | 151 | 3,509 | ||||||
CA Immobilien Anlagen AG* | 142 | 2,588 | ||||||
DO & CO AG | 19 | 1,146 | ||||||
IMMOFINANZ AG* | 1,076 | 2,240 | ||||||
Oesterreichische Post AG* | 79 | 2,559 | ||||||
S IMMO AG* | 237 | 2,502 | ||||||
UNIQA Insurance Group AG | 257 | 1,768 | ||||||
Wienerberger AG | 210 | 3,718 | ||||||
|
| |||||||
22,873 | ||||||||
|
| |||||||
Belgium — 2.0% | ||||||||
Ackermans & van Haaren NV | 23 | 3,015 | ||||||
AGFA-Gevaert NV* | 558 | 2,555 | ||||||
Befimmo SA REIT | 49 | 2,721 | ||||||
Bekaert SA | 74 | 3,086 | ||||||
bpost SA | 140 | 3,146 | ||||||
Cie d’Entreprises CFE | 17 | 1,730 | ||||||
Cofinimmo SA REIT | 31 | 3,423 | ||||||
D’ieteren SA/NV | 64 | 2,520 | ||||||
Elia System Operator SA/NV | 73 | 3,604 | ||||||
Euronav NV | 230 | 1,718 | ||||||
Galapagos NV* | 59 | 3,506 | ||||||
Ion Beam Applications | 48 | 2,063 | ||||||
KBC Ancora* | 58 | 2,249 | ||||||
Melexis NV | 37 | 2,318 | ||||||
Ontex Group NV | 128 | 3,474 | ||||||
Sofina SA | 20 | 2,693 | ||||||
Tessenderlo Chemie NV* | 63 | 2,164 | ||||||
Warehouses De Pauw CVA REIT | 43 | 3,691 | ||||||
|
| |||||||
49,676 | ||||||||
|
| |||||||
Bermuda — 0.2% | ||||||||
Hiscox Ltd. | 293 | 3,838 | ||||||
|
| |||||||
Denmark — 1.7% | ||||||||
Ambu A/S, Class B | 43 | 1,663 | ||||||
Bavarian Nordic A/S* | 56 | 1,815 | ||||||
Dfds A/S | 57 | 2,346 | ||||||
FLSmidth & Co A/S | 73 | 2,993 | ||||||
GN Store Nord A/S | 235 | 4,586 | ||||||
Jyske Bank A/S | 87 | 3,797 | ||||||
NKT Holding A/S | 57 | 3,881 | ||||||
Rockwool International A/S, Class B (a) | 17 | 2,741 | ||||||
Royal Unibrew A/S | 98 | 3,862 | ||||||
SimCorp A/S | 73 | 3,470 | ||||||
Spar Nord Bank A/S | 274 | 2,869 | ||||||
Sydbank A/S (a) | 115 | 3,383 | ||||||
Topdanmark A/S* | 111 | 2,813 | ||||||
|
| |||||||
40,219 | ||||||||
|
| |||||||
Faroe Islands — 0.2% | ||||||||
Bakkafrost P/F | 107 | 4,512 | ||||||
|
|
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Finland — 1.5% | ||||||||
Amer Sports OYJ | 130 | $ | 3,466 | |||||
Atria OYJ | 132 | 1,539 | ||||||
Cargotec OYJ, Class B | 60 | 2,427 | ||||||
Caverion Corp. | 228 | 1,573 | ||||||
Citycon OYJ | 347 | 799 | ||||||
Huhtamaki OYJ | 118 | 4,440 | ||||||
Kemira OYJ | 177 | 2,148 | ||||||
Kesko OYJ, Class B | 78 | 3,841 | ||||||
Konecranes OYJ | 89 | 3,069 | ||||||
Metsa Board OYJ | 280 | 1,818 | ||||||
Outokumpu OYJ* | 387 | 2,990 | ||||||
Outotec OYJ* | 338 | 1,798 | ||||||
Sanoma OYJ | 110 | 891 | ||||||
Stockmann OYJ Abp, Class B* | 88 | 583 | ||||||
Tieto OYJ | 74 | 1,878 | ||||||
Valmet OYJ | 222 | 3,390 | ||||||
|
| |||||||
36,650 | ||||||||
|
| |||||||
France — 3.7% | ||||||||
ABC arbitrage | 460 | 3,681 | ||||||
Alten SA | 68 | 4,660 | ||||||
Altran Technologies SA* | 268 | 3,417 | ||||||
Axway Software SA | 34 | 1,041 | ||||||
Cie des Alpes | 64 | 1,201 | ||||||
Cie Plastic Omnium SA | 104 | 3,167 | ||||||
Coface SA | 82 | 482 | ||||||
DBV Technologies SA* | 31 | 2,254 | ||||||
Elior Group, 144A | 128 | 2,656 | ||||||
Elis SA | 150 | 2,332 | ||||||
Euler Hermes Group | 9 | 756 | ||||||
Faurecia | 103 | 3,692 | ||||||
Gaztransport Et Technigaz SA | 61 | 2,073 | ||||||
Groupe Fnac SA* | 11 | 798 | ||||||
Havas SA | 229 | 1,848 | ||||||
Ipsen SA | 50 | 3,389 | ||||||
Korian SA | 72 | 1,880 | ||||||
Mercialys SA REIT | 122 | 2,380 | ||||||
Metropole Television SA | 126 | 2,150 | ||||||
Neopost SA | 79 | 2,339 | ||||||
Nexans SA* | 60 | 3,132 | ||||||
Nexity SA* | 71 | 3,282 | ||||||
Orpea (a) | 48 | 3,709 | ||||||
Pierre & Vacances SA* | 16 | 663 | ||||||
Rubis SCA | 56 | 4,575 | ||||||
Sartorius Stedim Biotech | 33 | 2,104 | ||||||
Sopra Steria Group | 27 | 2,705 | ||||||
SPIE SA | 93 | 1,719 | ||||||
SRP Groupe SA, 144A* | 56 | 1,009 | ||||||
Technicolor SA | 553 | 2,725 | ||||||
Teleperformance | 75 | 7,324 | ||||||
Television Francaise 1 | 189 | 1,733 | ||||||
Ubisoft Entertainment SA* | 136 | 4,733 | ||||||
Vallourec SA* | 368 | 2,075 | ||||||
Vicat SA | 32 | 1,852 | ||||||
Virbac SA* | 9 | 1,222 | ||||||
|
| |||||||
90,758 | ||||||||
|
|
Number | Value | |||||||
Georgia — 0.1% | ||||||||
BGEO Group PLC | 79 | $ | 2,925 | |||||
|
| |||||||
Germany — 5.4% | ||||||||
Aareal Bank AG | 108 | 3,833 | ||||||
alstria office REIT-AG REIT* | 201 | 2,458 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (a) | 59 | 3,402 | ||||||
Aurubis AG | 43 | 2,277 | ||||||
Bechtle AG | 36 | 3,353 | ||||||
bet-at-home.com AG | 24 | 2,146 | ||||||
Bijou Brigitte AG | 21 | 1,192 | ||||||
Bilfinger SE* | 64 | 2,418 | ||||||
Biotest AG | 29 | 484 | ||||||
Carl Zeiss Meditec AG | 41 | 1,404 | ||||||
CTS Eventim AG & Co. KGaA | 61 | 1,817 | ||||||
Deutsche EuroShop AG | 63 | 2,454 | ||||||
Deutsche Pfandbriefbank AG, 144A | 133 | 1,380 | ||||||
DMG Mori AG | 74 | 3,274 | ||||||
Drillisch AG | 95 | 3,659 | ||||||
Duerr AG | 42 | 3,353 | ||||||
Freenet AG | 182 | 4,643 | ||||||
Gerresheimer AG | 55 | 4,013 | ||||||
Grammer AG | 15 | 744 | ||||||
GRENKE AG | 11 | 1,601 | ||||||
Indus Holding AG | 65 | 3,559 | ||||||
KION Group AG | 86 | 4,875 | ||||||
Koenig & Bauer AG* | 32 | 1,429 | ||||||
Krones AG | 20 | 1,813 | ||||||
KUKA AG | 38 | 3,551 | ||||||
LEG Immobilien AG* | 77 | 5,835 | ||||||
Leoni AG | 66 | 2,087 | ||||||
MorphoSys AG*(a) | 47 | 2,092 | ||||||
MTU Aero Engines AG | 58 | 6,096 | ||||||
Nordex SE*(a) | 122 | 2,512 | ||||||
Norma Group SE | 73 | 2,889 | ||||||
Rational AG | 4 | 1,761 | ||||||
Rheinmetall AG | 69 | 4,922 | ||||||
RHOEN-KLINIKUM AG | 102 | 2,695 | ||||||
Salzgitter AG | 61 | 1,993 | ||||||
Software AG | 89 | 3,139 | ||||||
STADA Arzneimittel AG | 97 | 4,738 | ||||||
Stroeer SE & Co KGaA | 49 | 1,858 | ||||||
Suedzucker AG | 123 | 2,759 | ||||||
TAG Immobilien AG | 237 | 2,969 | ||||||
TLG Immobilien AG | 221 | 3,982 | ||||||
Uniper SE* | 200 | 2,492 | ||||||
Wacker Chemie AG | 23 | 2,031 | ||||||
Wincor Nixdorf AG* | 35 | 2,428 | ||||||
Wirecard AG (a) | 152 | 6,781 | ||||||
|
| |||||||
131,191 | ||||||||
|
| |||||||
Hong Kong — 2.5% | ||||||||
Brightoil Petroleum Holdings Ltd.* | 6,070 | 1,831 | ||||||
Cafe de Coral Holdings Ltd. | 1,036 | 3,727 | ||||||
Champion REIT | 2,679 | 1,523 | ||||||
China Strategic Holdings Ltd.* | 74,081 | 1,738 | ||||||
Chow Sang Sang Holdings International Ltd. | 423 | 790 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Dah Sing Financial Holdings Ltd. | 359 | $ | 2,404 | |||||
Digital Domain Holdings Ltd.* | 25,202 | 1,982 | ||||||
Emperor Entertainment Hotel Ltd. | 3,008 | 752 | ||||||
Esprit Holdings Ltd.* | 3,491 | 2,858 | ||||||
Freeman FinTech Corp. Ltd.* | 13,520 | 863 | ||||||
Global Brands Group Holding Ltd.* | 16,064 | 2,506 | ||||||
Haitong International Securities Group Ltd. | 2,000 | 1,377 | ||||||
HKBN Ltd. | 2,214 | 2,509 | ||||||
Hopewell Holdings Ltd. | 1,149 | 4,192 | ||||||
Hybrid Kinetic Group Ltd.* | 43,263 | 987 | ||||||
Johnson Electric Holdings Ltd. | 961 | 2,781 | ||||||
Landing International Development Ltd.* | 54,777 | 1,349 | ||||||
Luk Fook Holdings International Ltd. | 455 | 1,317 | ||||||
Man Wah Holdings Ltd. | 2,954 | 2,060 | ||||||
Melco International Development Ltd. | 1,564 | 2,516 | ||||||
NewOcean Energy Holdings Ltd. | 4,401 | 1,203 | ||||||
Noble Group Ltd.* | 11,500 | 1,276 | ||||||
Orient Overseas International Ltd. | 331 | 1,321 | ||||||
Pacific Textiles Holdings Ltd. | 1,975 | 2,299 | ||||||
Regina Miracle International Holdings Ltd., 144A | 687 | 676 | ||||||
SUNeVision Holdings Ltd. | 2,398 | 1,132 | ||||||
Television Broadcasts Ltd. | 706 | 2,517 | ||||||
Town Health International Medical Group Ltd. | 8,362 | 1,348 | ||||||
Value Partners Group Ltd. | 1,749 | 1,581 | ||||||
VTech Holdings Ltd. | 304 | 3,923 | ||||||
Xinyi Glass Holdings Ltd.* | 4,105 | 3,059 | ||||||
|
| |||||||
60,397 | ||||||||
|
| |||||||
Ireland — 1.3% | ||||||||
C&C Group PLC | 741 | 2,732 | ||||||
COSMO Pharmaceuticals NV | 8 | 1,372 | ||||||
Glanbia PLC | 229 | 3,880 | ||||||
Grafton Group PLC | 341 | 2,261 | ||||||
Greencore Group PLC | 712 | 2,592 | ||||||
Hibernia REIT PLC REIT | 1,745 | 2,160 | ||||||
Irish Continental Group PLC | 368 | 1,630 | ||||||
Kingspan Group PLC | 180 | 4,808 | ||||||
Smurfit Kappa Group PLC | 271 | 6,175 | ||||||
UDG Healthcare PLC | 395 | 3,250 | ||||||
|
| |||||||
30,860 | ||||||||
|
| |||||||
Isle of Man — 0.2% | ||||||||
GVC Holdings PLC* | 354 | 2,888 | ||||||
Paysafe Group PLC* | 650 | 3,156 | ||||||
|
| |||||||
6,044 | ||||||||
|
| |||||||
Isle Of Man — 0.1% | ||||||||
Playtech PLC | 299 | 3,214 | ||||||
|
| |||||||
Israel — 1.1% | ||||||||
Caesarstone Ltd.* | 32 | 871 | ||||||
Cellcom Israel Ltd.* | 294 | 2,399 | ||||||
CyberArk Software Ltd.* | 29 | 1,479 | ||||||
El Al Israel Airlines | 1,933 | 1,574 | ||||||
Gazit-Globe Ltd. | 362 | 3,284 | ||||||
Israel Discount Bank Ltd., Class A* | 2,506 | 5,115 |
Number | Value | |||||||
Israel (Continued) | ||||||||
Ituran Location and Control Ltd. | 55 | $ | 1,372 | |||||
Orbotech Ltd.* | 83 | 2,629 | ||||||
Partner Communications Co. Ltd.* | 443 | 2,185 | ||||||
Paz Oil Co. Ltd. | 9 | 1,501 | ||||||
Tower Semiconductor Ltd.* | 152 | 2,749 | ||||||
Wix.com Ltd.* | 28 | 1,386 | ||||||
|
| |||||||
26,544 | ||||||||
|
| |||||||
Italy — 3.5% | ||||||||
A2A SpA | 2,734 | 3,260 | ||||||
Anima Holding SpA, 144A | 439 | 2,159 | ||||||
Ansaldo STS SpA | 443 | 4,949 | ||||||
Autogrill SpA | 277 | 2,281 | ||||||
Azimut Holding SpA (a) | 185 | 2,761 | ||||||
Banca Carige SpA*(a) | 2,595 | 706 | ||||||
Banca Generali SpA | 90 | 1,893 | ||||||
Banca Mediolanum SpA | 253 | 1,638 | ||||||
Banca Monte dei Paschi di Siena SpA* | 49 | 1,116 | ||||||
Banca Popolare dell’Emilia Romagna SC | 717 | 2,880 | ||||||
Banca Popolare di Milano Scarl | 6,308 | 2,044 | ||||||
Banca Popolare di Sondrio SCPA | 851 | 2,695 | ||||||
Banco Popolare SC | 963 | 1,980 | ||||||
Brembo SpA | 63 | 3,612 | ||||||
Buzzi Unicem SpA | 130 | 2,762 | ||||||
Cerved Information Solutions SpA | 236 | 1,907 | ||||||
Credito Valtellinese SC | 2,918 | 902 | ||||||
Davide Campari-Milano SpA | 472 | 4,552 | ||||||
De’ Longhi SpA | 96 | 2,135 | ||||||
DiaSorin SpA | 45 | 2,428 | ||||||
Ei Towers SpA* | 56 | 2,547 | ||||||
FinecoBank Banca Fineco SpA | 466 | 2,410 | ||||||
Hera SpA | 1,270 | 2,631 | ||||||
Interpump Group SpA | 196 | 3,155 | ||||||
Italgas SpA* | 500 | 1,789 | ||||||
Mediaset SpA | 1,090 | 2,641 | ||||||
Moncler SpA | 195 | 3,170 | ||||||
Recordati SpA | 148 | 4,030 | ||||||
Salini Impregilo SpA | 533 | 1,471 | ||||||
Salvatore Ferragamo SpA (a) | 84 | 1,808 | ||||||
Societa Cattolica di Assicurazioni SCRL | 341 | 1,921 | ||||||
Tod’s SpA | 30 | 1,717 | ||||||
Unione di Banche Italiane SpA | 1,012 | 2,261 | ||||||
Unipol Gruppo Finanziario SpA | 709 | 2,191 | ||||||
Yoox Net-A-Porter Group SpA* | 99 | 2,678 | ||||||
|
| |||||||
85,080 | ||||||||
|
| |||||||
Japan — 31.7% | ||||||||
Activia Properties, Inc. REIT | 1 | 4,397 | ||||||
Adastria Co. Ltd. | 100 | 2,823 | ||||||
ADEKA Corp. | 300 | 4,036 | ||||||
Advance Residence Investment Corp. REIT | 2 | 5,038 | ||||||
Advantest Corp. | 200 | 2,711 | ||||||
Adways, Inc. | 400 | 1,731 | ||||||
AEON REIT Investment Corp. REIT | 3 | 3,220 | ||||||
Aica Kogyo Co. Ltd. | 200 | 5,262 | ||||||
Aiful Corp.* | 800 | 2,468 | ||||||
Anritsu Corp. | 700 | 3,543 | ||||||
Aoyama Trading Co. Ltd. | 100 | 3,396 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Ardepro Co. Ltd. | 4,100 | $ | 4,014 | |||||
Asahi Intecc Co. Ltd. | 100 | 3,885 | ||||||
Autobacs Seven Co. Ltd. | 300 | 4,353 | ||||||
Awa Bank Ltd. | 1,000 | 5,891 | ||||||
Azbil Corp. | 200 | 5,419 | ||||||
Broadleaf Co. Ltd. | 300 | 3,574 | ||||||
Capcom Co. Ltd. | 200 | 4,367 | ||||||
Citizen Watch Co. Ltd. | 300 | 1,833 | ||||||
Coca-Cola East Japan Co. Ltd. | 200 | 4,225 | ||||||
Coca-Cola West Co. Ltd. | 200 | 5,664 | ||||||
COMSYS Holdings Corp. | 300 | 5,127 | ||||||
COOKPAD, Inc. | 200 | 1,794 | ||||||
CyberAgent, Inc. | 200 | 4,862 | ||||||
Daido Steel Co. Ltd. | 1,000 | 4,099 | ||||||
Daifuku Co. Ltd. | 300 | 5,795 | ||||||
Daiichikosho Co. Ltd. | 100 | 3,903 | ||||||
Daishi Bank Ltd. | 1,000 | 4,196 | ||||||
Daisyo Corp. | 100 | 1,350 | ||||||
Denka Co. Ltd. | 1,000 | 4,414 | ||||||
DIC Corp. | 200 | 6,180 | ||||||
DMG Mori Co. Ltd. | 300 | 3,467 | ||||||
Ebara Corp. | 200 | 5,199 | ||||||
Ezaki Glico Co. Ltd. | 100 | 4,676 | ||||||
Frontier Real Estate Investment Corp. REIT | 1 | 4,449 | ||||||
Fujikura Ltd. | 1,000 | 5,393 | ||||||
Fukuoka REIT Corp. REIT | 3 | 4,791 | ||||||
Funai Electric Co. Ltd. | 200 | 1,650 | ||||||
Funai Soken Holdings, Inc. | 200 | 3,108 | ||||||
Furukawa Electric Co. Ltd. | 200 | 6,180 | ||||||
Glory Ltd. | 200 | 6,529 | ||||||
GLP J-REIT REIT | 3 | 3,364 | ||||||
GMO internet, Inc. | 200 | 2,743 | ||||||
GS Yuasa Corp. | 1,000 | 4,030 | ||||||
Gunma Bank Ltd. | 400 | 2,031 | ||||||
H2O Retailing Corp. | 200 | 2,991 | ||||||
Haseko Corp. | 500 | 5,175 | ||||||
Hazama Ando Corp. | 600 | 4,211 | ||||||
Heiwa Corp. | 200 | 4,302 | ||||||
HIS Co. Ltd. | 100 | 2,753 | ||||||
Hitachi Capital Corp. | 100 | 2,449 | ||||||
Hokkaido Electric Power Co., Inc. | 500 | 3,627 | ||||||
Hokkoku Bank Ltd. | 1,000 | 3,470 | ||||||
Hokuhoku Financial Group, Inc. | 100 | 1,621 | ||||||
Horiba Ltd. | 100 | 4,449 | ||||||
Hosiden Corp. | 400 | 3,269 | ||||||
House Foods Group, Inc. | 200 | 4,010 | ||||||
Hulic Reit, Inc. REIT | 1 | 1,625 | ||||||
Hyakugo Bank Ltd. | 1,000 | 3,811 | ||||||
Ibiden Co. Ltd. | 100 | 1,358 | ||||||
IDOM, Inc. | 100 | 496 | ||||||
Industrial & Infrastructure Fund Investment Corp. REIT | 1 | 4,624 | ||||||
Ines Corp. | 400 | 4,140 | ||||||
Invincible Investment Corp. REIT | 7 | 3,488 | ||||||
Ito En Ltd. | 200 | 6,608 | ||||||
Itochu Techno-Solutions Corp. | 100 | 2,692 | ||||||
Itoham Yonekyu Holdings, Inc.* | 200 | 1,745 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Iwatani Corp. | 1,000 | $ | 5,411 | |||||
Iyo Bank Ltd. | 300 | 1,925 | ||||||
Izumi Co. Ltd. | 100 | 4,379 | ||||||
Jafco Co. Ltd. | 100 | 3,453 | ||||||
Japan Display, Inc.* | 1,000 | 2,316 | ||||||
Japan Excellent, Inc. REIT | 3 | 3,739 | ||||||
Japan Hotel REIT Investment Corp. REIT | 5 | 3,479 | ||||||
Japan Logistics Fund, Inc. REIT | 2 | 3,937 | ||||||
Japan Petroleum Exploration Co. Ltd. | 100 | 2,034 | ||||||
Japan Rental Housing Investments, Inc. REIT | 6 | 4,301 | ||||||
Japan Steel Works Ltd. | 200 | 3,554 | ||||||
Juroku Bank Ltd. | 1,000 | 3,208 | ||||||
JVC Kenwood Corp. | 900 | 2,502 | ||||||
Kagome Co. Ltd. | 200 | 4,697 | ||||||
Kaken Pharmaceutical Co. Ltd. | 50 | 2,657 | ||||||
Kawasaki Kisen Kaisha Ltd. | 2,000 | 4,388 | ||||||
Keiyo Bank Ltd. | 1,000 | 4,266 | ||||||
Keiyo Co. Ltd. | 500 | 2,369 | ||||||
Kenedix Office Investment Corp. REIT | 1 | 5,332 | ||||||
Kewpie Corp. | 200 | 4,725 | ||||||
Kinden Corp. | 300 | 3,784 | ||||||
Kiyo Bank Ltd. | 300 | 4,563 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 100 | 4,379 | ||||||
K’s Holdings Corp. | 300 | 5,538 | ||||||
Kumagai Gumi Co. Ltd. | 1,000 | 2,570 | ||||||
Kyowa Exeo Corp. | 100 | 1,414 | ||||||
Laox Co. Ltd.* | 200 | 1,316 | ||||||
Leopalace21 Corp. | 600 | 3,257 | ||||||
Lintec Corp. | 200 | 4,239 | ||||||
Matsui Securities Co. Ltd. | 400 | 3,077 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 4,773 | ||||||
Matsuya Foods Co. Ltd. | 100 | 3,042 | ||||||
Megmilk Snow Brand Co. Ltd. | 100 | 2,797 | ||||||
Meitec Corp. | 100 | 3,754 | ||||||
Mitsubishi Paper Mills Ltd.* | 500 | 3,278 | ||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 3,000 | 4,301 | ||||||
Mitsui High-Tec, Inc. | 600 | 3,566 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 1,000 | 2,325 | ||||||
Mitsumi Electric Co. Ltd.* | 400 | 2,329 | ||||||
Miura Co. Ltd. | 100 | 1,509 | ||||||
MonotaRO Co. Ltd. | 100 | 2,135 | ||||||
Mori Hills REIT Investment Corp. REIT | 3 | 3,965 | ||||||
Mori Trust Sogo Reit, Inc. REIT (a) | 2 | 3,010 | ||||||
Musashino Bank Ltd. | 100 | 2,679 | ||||||
Nagase & Co. Ltd. | 400 | 5,014 | ||||||
Nankai Electric Railway Co. Ltd. | 1,000 | 4,571 | ||||||
NHK Spring Co. Ltd. | 200 | 1,874 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 100 | 1,382 | ||||||
Nichirei Corp. | 100 | 2,024 | ||||||
Nifco, Inc. | 100 | 5,489 | ||||||
Nihon Kohden Corp. | 200 | 4,486 | ||||||
Nihon M&A Center, Inc. | 200 | 5,454 | ||||||
Nikkon Holdings Co. Ltd. | 300 | 6,272 | ||||||
Nippon Accommodations Fund, Inc. REIT | 1 | 4,126 | ||||||
Nippon Kayaku Co. Ltd. | 300 | 3,482 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 600 | 1,337 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nippon Paper Industries Co. Ltd. | 200 | $ | 3,458 | |||||
Nippon Shinyaku Co. Ltd. | 100 | 4,650 | ||||||
Nippon Suisan Kaisha Ltd. | 600 | 2,696 | ||||||
Nipro Corp. | 500 | 5,498 | ||||||
Nishimatsu Construction Co. Ltd. | 1,000 | 4,912 | ||||||
Nishi-Nippon Financial Holdings, Inc.* | 200 | 1,879 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 4,440 | ||||||
Nissan Shatai Co. Ltd. | 300 | 2,961 | ||||||
Nisshin Steel Co. Ltd. | 100 | 1,281 | ||||||
Nisshinbo Holdings, Inc. | 300 | 2,905 | ||||||
North Pacific Bank Ltd. | 900 | 3,524 | ||||||
NTN Corp. | 1,000 | 3,750 | ||||||
Ogaki Kyoritsu Bank Ltd. | 1,000 | 3,593 | ||||||
Okamoto Industries, Inc. | 100 | 934 | ||||||
Oki Electric Industry Co. Ltd. | 100 | 1,348 | ||||||
OncoTherapy Science, Inc.* | 600 | 1,379 | ||||||
Orix JREIT, Inc. REIT | 3 | 4,539 | ||||||
OSG Corp. | 200 | 3,953 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,000 | 4,904 | ||||||
Pigeon Corp. | 200 | 5,040 | ||||||
Pilot Corp. | 100 | 4,139 | ||||||
Premier Investment Corp. REIT | 4 | 4,724 | ||||||
Proto Corp. | 100 | 1,137 | ||||||
Qol Co. Ltd. | 200 | 2,559 | ||||||
Resorttrust, Inc. (a) | 200 | 3,872 | ||||||
Rohto Pharmaceutical Co. Ltd. | 200 | 2,825 | ||||||
Sangetsu Corp. | 200 | 3,491 | ||||||
San-In Godo Bank Ltd. | 200 | 1,526 | ||||||
Sankyu, Inc. | 1,000 | 5,813 | ||||||
Sanwa Holdings Corp. | 500 | 4,939 | ||||||
Sapporo Holdings Ltd. | 200 | 5,262 | ||||||
Sawai Pharmaceutical Co. Ltd. | 50 | 2,679 | ||||||
SCREEN Holdings Co. Ltd. | 60 | 3,577 | ||||||
SCSK Corp. | 100 | 3,475 | ||||||
Seino Holdings Co. Ltd. | 400 | 4,444 | ||||||
Sekisui House SI Residential Investment Corp. REIT | 4 | 4,259 | ||||||
Senshu Ikeda Holdings, Inc. | 1,300 | 5,613 | ||||||
Shiga Bank Ltd. | 1,000 | 5,210 | ||||||
Shikoku Electric Power Co., Inc. | 200 | 1,907 | ||||||
Shimachu Co. Ltd. | 200 | 5,159 | ||||||
Shinko Plantech Co. Ltd. | 500 | 3,527 | ||||||
Ship Healthcare Holdings, Inc. | 100 | 2,611 | ||||||
Showa Denko KK | 200 | 2,699 | ||||||
Skylark Co. Ltd. | 300 | 4,196 | ||||||
Sojitz Corp. | 2,400 | 6,084 | ||||||
Square Enix Holdings Co. Ltd. | 200 | 5,040 | ||||||
Sugi Holdings Co. Ltd. | 100 | 4,668 | ||||||
Sumco Corp. | 400 | 4,381 | ||||||
Sumitomo Forestry Co. Ltd. | 300 | 4,104 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 5,400 | 5,994 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,000 | 3,531 | ||||||
Taiyo Yuden Co. Ltd. | 300 | 3,265 | ||||||
Takara Holdings, Inc. | 500 | 4,550 | ||||||
Temp Holdings Co. Ltd. | 300 | 4,620 | ||||||
TIS, Inc. | 200 | 4,204 | ||||||
Toda Corp. | 1,000 | 5,603 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Toho Holdings Co. Ltd. | 100 | $ | 1,937 | |||||
Tokai Rika Co. Ltd. | 200 | 3,921 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 700 | 3,616 | ||||||
Tokuyama Corp.* | 1,000 | 3,925 | ||||||
Tokyo Century Corp. | 100 | 3,230 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 100 | 3,343 | ||||||
Tokyu REIT, Inc. REIT | 4 | 4,958 | ||||||
Tomy Co. Ltd. | 100 | 1,017 | ||||||
Topcon Corp. | 200 | 2,970 | ||||||
Tosoh Corp. | 1,000 | 6,713 | ||||||
Toyo Corp./Chuo-ku | 400 | 3,339 | ||||||
Toyo Kanetsu KK | 1,300 | 4,023 | ||||||
Toyo Tire & Rubber Co. Ltd. | 200 | 2,442 | ||||||
Toyobo Co. Ltd. | 3,000 | 4,510 | ||||||
Toyota Boshoku Corp. | 200 | 4,547 | ||||||
TS Tech Co. Ltd. | 200 | 5,271 | ||||||
Tsukui Corp. | 600 | 3,760 | ||||||
Tsumura & Co. | 200 | 5,411 | ||||||
Tsutsumi Jewelry Co. Ltd. | 100 | 1,586 | ||||||
Ube Industries Ltd. | 3,000 | 6,241 | ||||||
Ulvac, Inc. | 100 | 3,002 | ||||||
Usen Corp. | 500 | 1,503 | ||||||
Ushio, Inc. | 300 | 3,616 | ||||||
Valor Holdings Co. Ltd. | 200 | 4,776 | ||||||
Wacoal Holdings Corp. | 100 | 1,160 | ||||||
W-Scope Corp. | 100 | 1,659 | ||||||
Yamato Kogyo Co. Ltd. | 100 | 2,841 | ||||||
Yokohama Reito Co. Ltd. | 600 | 5,454 | ||||||
Zenkoku Hosho Co. Ltd. | 100 | 3,387 | ||||||
Zensho Holdings Co. Ltd. | 100 | 1,710 | ||||||
Zeon Corp. | 200 | 1,795 | ||||||
|
| |||||||
770,871 | ||||||||
|
| |||||||
Jersey Island — 0.3% | ||||||||
Centamin PLC | 1,590 | 2,584 | ||||||
Phoenix Group Holdings | 414 | 3,673 | ||||||
|
| |||||||
6,257 | ||||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
APERAM SA | 70 | 3,135 | ||||||
B&M European Value Retail SA | 827 | 2,577 | ||||||
Grand City Properties SA | 154 | 2,572 | ||||||
Regus PLC | 880 | 2,565 | ||||||
|
| |||||||
10,849 | ||||||||
|
| |||||||
Malta — 0.1% | ||||||||
Unibet Group PLC SDR | 393 | 3,375 | ||||||
|
| |||||||
Netherlands — 2.2% | ||||||||
Aalberts Industries NV | 126 | 3,839 | ||||||
Accell Group | 46 | 978 | ||||||
Arcadis NV | 128 | 1,487 | ||||||
ASM International NV | 70 | 2,973 | ||||||
Asr Nederland NV* | 65 | 1,360 | ||||||
BE Semiconductor Industries NV | 42 | 1,394 | ||||||
Corbion NV | 121 | 3,001 | ||||||
Delta Lloyd NV | 570 | 3,282 | ||||||
Eurocommercial Properties NV | 69 | 2,469 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Euronext NV, 144A | 90 | $ | 3,510 | |||||
Fugro NV* | 102 | 1,677 | ||||||
IMCD Group NV | 88 | 3,560 | ||||||
InterXion Holding NV* | 83 | 2,835 | ||||||
Koninklijke BAM Groep NV | 465 | 2,011 | ||||||
OCI NV* | 92 | 1,338 | ||||||
PostNL NV* | 801 | 3,948 | ||||||
SBM Offshore NV (a) | 260 | 3,752 | ||||||
TKH Group NV | 71 | 2,630 | ||||||
TomTom NV* | 193 | 1,547 | ||||||
Wereldhave NV REIT | 55 | 2,297 | ||||||
Wessanen | 257 | 3,085 | ||||||
|
| |||||||
52,973 | ||||||||
|
| |||||||
New Zealand — 1.5% | ||||||||
a2 Milk Co. Ltd.* | 1,800 | 3,136 | ||||||
Air New Zealand Ltd. | 2,095 | 3,205 | ||||||
Chorus Ltd. | 499 | 1,392 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 988 | 5,724 | ||||||
Infratil Ltd. | 2,185 | 4,317 | ||||||
Kiwi Property Group Ltd. | 4,951 | 5,119 | ||||||
SKY Network Television Ltd. | 1,165 | 3,952 | ||||||
SKYCITY Entertainment Group Ltd. | 1,820 | 5,091 | ||||||
Trade Me Group Ltd. | 485 | 1,635 | ||||||
Z Energy Ltd. | 425 | 2,122 | ||||||
|
| |||||||
35,693 | ||||||||
|
| |||||||
Norway — 1.3% | ||||||||
Aker ASA, Class A | 27 | 1,005 | ||||||
Aker BP ASA | 206 | 3,349 | ||||||
Aker Solutions ASA* | 380 | 1,709 | ||||||
DNO ASA* | 1,581 | 1,374 | ||||||
Entra ASA, 144A | 137 | 1,416 | ||||||
Europris ASA, 144A* | 363 | 1,548 | ||||||
Frontline Ltd. | 152 | 1,089 | ||||||
Kongsberg Automotive ASA* | 1,347 | 910 | ||||||
Leroy Seafood Group ASA | 36 | 1,996 | ||||||
Norwegian Air Shuttle ASA*(a) | 65 | 2,032 | ||||||
Opera Software ASA* | 184 | 1,275 | ||||||
Petroleum Geo-Services ASA*(a) | 544 | 1,591 | ||||||
Salmar ASA | 50 | 1,568 | ||||||
Storebrand ASA* | 856 | 4,474 | ||||||
TGS Nopec Geophysical Co ASA | 195 | 3,832 | ||||||
XXL ASA, 144A | 142 | 1,685 | ||||||
|
| |||||||
30,853 | ||||||||
|
| |||||||
Portugal — 0.3% | ||||||||
Banco Comercial Portugues SA, Class R* | 925 | 1,157 | ||||||
CTT-Correios de Portugal SA | 428 | 2,665 | ||||||
NOS SGPS SA | 322 | 1,825 | ||||||
Sonae SGPS SA | 2,020 | 1,702 | ||||||
|
| |||||||
7,349 | ||||||||
|
| |||||||
Russia — 0.1% | ||||||||
Evraz PLC* | 439 | 1,317 | ||||||
|
| |||||||
Singapore — 1.5% | ||||||||
Ascendas India Trust | 2,600 | 1,905 | ||||||
Chip Eng Seng Corp. Ltd. | 7,500 | 3,270 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
k1 Ventures Ltd. | 1,100 | $ | 695 | |||||
Keppel REIT | 4,600 | 3,418 | ||||||
Mapletree Commercial Trust REIT | 3,800 | 3,831 | ||||||
Mapletree Greater China Commercial Trust REIT | 5,600 | 3,770 | ||||||
Mapletree Industrial Trust REIT | 3,800 | 4,348 | ||||||
Mapletree Logistics Trust REIT | 4,600 | 3,257 | ||||||
Midas Holdings Ltd. | 11,500 | 1,805 | ||||||
Singapore Post Ltd. | 3,200 | 3,304 | ||||||
Venture Corp. Ltd. | 900 | 6,097 | ||||||
Ying Li International Real Estate Ltd.* | 4,800 | 509 | ||||||
|
| |||||||
36,209 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Petra Diamonds Ltd.* | 1,003 | 2,068 | ||||||
|
| |||||||
Spain — 2.4% | ||||||||
Acciona SA | 40 | 2,715 | ||||||
Acerinox SA | 245 | 3,077 | ||||||
Almirall SA | 117 | 1,725 | ||||||
Applus Services SA | 272 | 2,650 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 124 | 1,280 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 117 | 3,560 | ||||||
Cellnex Telecom SA, 144A | 200 | 2,802 | ||||||
Ebro Foods SA | 152 | 3,080 | ||||||
Fomento de Construcciones y Contratas SA*(a) | 280 | 2,315 | ||||||
Gamesa Corp. Tecnologica SA | 316 | 6,563 | ||||||
Grupo Catalana Occidente SA | 36 | 1,081 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 240 | 2,760 | ||||||
Indra Sistemas SA* | 219 | 2,263 | ||||||
Inmobiliaria Colonial SA | 376 | 2,521 | ||||||
Mediaset Espana Comunicacion SA | 203 | 2,084 | ||||||
Melia Hotels International SA | 146 | 1,650 | ||||||
Merlin Properties Socimi SA REIT | 281 | 2,832 | ||||||
NH Hotel Group SA* | 386 | 1,497 | ||||||
Papeles y Cartones de Europa SA | 150 | 793 | ||||||
Prosegur Cia de Seguridad SA | 342 | 2,124 | ||||||
Realia Business SA* | 1,363 | 1,264 | ||||||
Sacyr SA* | 831 | 1,735 | ||||||
Tecnicas Reunidas SA | 72 | 2,651 | ||||||
Tubacex SA | 228 | 644 | ||||||
Viscofan SA | 83 | 4,003 | ||||||
|
| |||||||
59,669 | ||||||||
|
| |||||||
Sweden — 4.7% | ||||||||
AAK AB | 57 | 3,492 | ||||||
Axfood AB | 118 | 1,720 | ||||||
Betsson AB* | 205 | 2,004 | ||||||
BillerudKorsnas AB | 229 | 3,804 | ||||||
BioGaia AB, Class B | 18 | 555 | ||||||
Bonava AB, Class B* | 134 | 1,749 | ||||||
Castellum AB | 258 | 3,402 | ||||||
Com Hem Holding AB | 329 | 2,938 | ||||||
Dometic Group AB, 144A* | 223 | 1,590 | ||||||
Dustin Group AB, 144A | 148 | 975 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Elekta AB, Class B | 477 | $ | 3,941 | |||||
Evolution Gaming Group AB, 144A | 55 | 1,574 | ||||||
Fabege AB | 178 | 2,814 | ||||||
Fastighets AB Balder, Class B* | 137 | 2,846 | ||||||
Fingerprint Cards AB, Class B* | 461 | 3,996 | ||||||
Hemfosa Fastigheter AB | 216 | 1,985 | ||||||
Hexpol AB | 336 | 2,816 | ||||||
Holmen AB, Class B | 91 | 3,076 | ||||||
Hufvudstaden AB, Class A | 151 | 2,299 | ||||||
Indutrade AB | 204 | 3,827 | ||||||
Intrum Justitia AB | 123 | 3,725 | ||||||
Investment AB Oresund | 166 | 2,763 | ||||||
JM AB | 108 | 2,936 | ||||||
Kungsleden AB | 335 | 2,052 | ||||||
Lifco AB, Class B | 53 | 1,261 | ||||||
Loomis AB, Class B | 117 | 3,095 | ||||||
Modern Times Group MTG AB, Class B | 100 | 2,642 | ||||||
NCC AB, Class B | 143 | 3,416 | ||||||
NetEnt AB* | 336 | 2,479 | ||||||
New Wave Group AB, Class B | 141 | 718 | ||||||
Nibe Industrier AB, Class B | 603 | 4,475 | ||||||
Nobia AB | 181 | 1,490 | ||||||
Peab AB | 364 | 2,810 | ||||||
Ratos AB, Class B | 412 | 1,702 | ||||||
RaySearch Laboratories AB | 28 | 565 | ||||||
Saab AB, Class B | 121 | 4,492 | ||||||
SkiStar AB | 65 | 1,149 | ||||||
SSAB AB, Class A* | 355 | 1,372 | ||||||
SSAB AB, Class B* | 700 | 2,273 | ||||||
Sweco AB, Class B | 87 | 1,698 | ||||||
Swedish Orphan Biovitrum AB* | 210 | 2,222 | ||||||
Thule Group AB, 144A | 111 | 1,550 | ||||||
Trelleborg AB, Class B | 274 | 5,006 | ||||||
Vitrolife AB | 17 | 684 | ||||||
Wallenstam AB, Class B | 294 | 2,139 | ||||||
Wihlborgs Fastigheter AB | 183 | 3,325 | ||||||
|
| |||||||
113,442 | ||||||||
|
| |||||||
Switzerland — 4.7% | ||||||||
Allreal Holding AG* | 24 | 3,496 | ||||||
Banque Cantonale Vaudoise | 4 | 2,488 | ||||||
Basilea Pharmaceutica AG* | 29 | 1,957 | ||||||
Bucher Industries AG | 17 | 3,909 | ||||||
Burckhardt Compression Holding AG | 8 | 1,930 | ||||||
Cembra Money Bank AG* | 72 | 5,322 | ||||||
Clariant AG* | 344 | 5,559 | ||||||
Daetwyler Holding AG | 10 | 1,266 | ||||||
dormakaba Holding AG* | 6 | 4,335 | ||||||
Emmi AG* | 3 | 1,738 | ||||||
Flughafen Zuerich AG | 35 | 6,025 | ||||||
Forbo Holding AG* | 2 | 2,579 | ||||||
GAM Holding AG* | 291 | 2,845 | ||||||
Gategroup Holding AG* | 50 | 2,562 | ||||||
Georg Fischer AG | 7 | 5,990 | ||||||
Helvetia Holding AG | 6 | 3,119 | ||||||
Leonteq AG* | 22 | 1,123 | ||||||
Logitech International SA | 273 | 6,726 | ||||||
Mobimo Holding AG* | 17 | 4,088 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
OC Oerlikon Corp. AG* | 370 | $ | 3,432 | |||||
Oriflame Holding AG* | 87 | 2,215 | ||||||
Panalpina Welttransport Holding AG (a) | 26 | 3,240 | ||||||
PSP Swiss Property AG | 53 | 4,567 | ||||||
SFS Group AG* | 42 | 3,239 | ||||||
Straumann Holding AG | 16 | 5,736 | ||||||
Sulzer AG | 17 | 1,739 | ||||||
Sunrise Communications Group AG, 144A* | 61 | 3,801 | ||||||
Tecan Group AG | 22 | 3,477 | ||||||
Temenos Group AG* | 91 | 6,301 | ||||||
u-blox AG* | 14 | 2,583 | ||||||
Valiant Holding AG | 36 | 3,447 | ||||||
VAT Group AG, 144A* | 18 | 1,407 | ||||||
Vontobel Holding AG | 56 | 2,831 | ||||||
|
| |||||||
115,072 | ||||||||
|
| |||||||
United Kingdom — 16.4% | ||||||||
AA PLC | 811 | 2,696 | ||||||
Abcam PLC | 309 | 3,203 | ||||||
Acacia Mining PLC | 239 | 1,187 | ||||||
Aggreko PLC | 303 | 3,099 | ||||||
Allied Minds PLC* | 341 | 1,602 | ||||||
Amec Foster Wheeler PLC | 511 | 2,788 | ||||||
Ashmore Group PLC | 608 | 2,085 | ||||||
ASOS PLC* | 76 | 4,799 | ||||||
Assura PLC REIT | 2,014 | 1,443 | ||||||
AVEVA Group PLC | 96 | 2,038 | ||||||
Balfour Beatty PLC | 1,064 | 3,564 | ||||||
BBA Aviation PLC | 1,293 | 4,244 | ||||||
Beazley PLC | 592 | 2,822 | ||||||
Bellway PLC | 149 | 4,553 | ||||||
Berendsen PLC | 213 | 2,360 | ||||||
Big Yellow Group PLC REIT | 220 | 1,829 | ||||||
Bodycote PLC | 362 | 2,595 | ||||||
boohoo.com PLC* | 1,720 | 2,690 | ||||||
Booker Group PLC | 2,108 | 4,547 | ||||||
Bovis Homes Group PLC | 198 | 2,014 | ||||||
Brewin Dolphin Holdings PLC | 640 | 2,301 | ||||||
Britvic PLC | 409 | 2,925 | ||||||
BTG PLC* | 506 | 3,701 | ||||||
Cairn Energy PLC* | 954 | 2,500 | ||||||
Capital & Counties Properties PLC | 623 | 2,215 | ||||||
Card Factory PLC | 683 | 2,174 | ||||||
Carillion PLC | 686 | 2,118 | ||||||
Cineworld Group PLC | 245 | 1,669 | ||||||
Clinigen Group PLC | 216 | 2,041 | ||||||
Close Brothers Group PLC | 212 | 3,615 | ||||||
Countrywide PLC | 406 | 870 | ||||||
Crest Nicholson Holdings PLC | 362 | 1,982 | ||||||
CYBG PLC* | 975 | 3,440 | ||||||
Daily Mail & General Trust PLC, Class A | 331 | 3,160 | ||||||
Dairy Crest Group PLC | 369 | 2,634 | ||||||
Debenhams PLC | 2,441 | 1,692 | ||||||
Derwent London PLC REIT | 132 | 3,980 | ||||||
Dialog Semiconductor PLC* | 108 | 4,282 | ||||||
Dignity PLC | 70 | 2,138 | ||||||
Diploma PLC | 225 | 2,645 | ||||||
Domino’s Pizza Group PLC | 774 | 3,390 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Drax Group PLC | 657 | $ | 2,331 | |||||
DS Smith PLC | 1,134 | 5,576 | ||||||
Dunelm Group PLC | 180 | 1,664 | ||||||
Electrocomponents PLC | 800 | 4,480 | ||||||
Elementis PLC | 834 | 2,631 | ||||||
Essentra PLC | 351 | 1,741 | ||||||
esure Group PLC | 623 | 1,544 | ||||||
Fevertree Drinks PLC | 176 | 2,356 | ||||||
Firstgroup PLC* | 2,163 | 2,755 | ||||||
Galliford Try PLC | 128 | 2,024 | ||||||
Genus PLC | 116 | 2,678 | ||||||
Go-Ahead Group PLC | 83 | 2,159 | ||||||
Gocompare.Com Group PLC* | 623 | 468 | ||||||
Grainger PLC | 828 | 2,334 | ||||||
Great Portland Estates PLC REIT | 313 | 2,379 | ||||||
Greene King PLC | 340 | 2,918 | ||||||
Greggs PLC | 178 | 2,009 | ||||||
Halfords Group PLC | 479 | 2,052 | ||||||
Halma PLC | 411 | 4,849 | ||||||
Hansteen Holdings PLC REIT | 1,723 | 2,290 | ||||||
Hays PLC | 1,911 | 3,321 | ||||||
Henderson Group PLC | 1,485 | 4,307 | ||||||
HomeServe PLC | 447 | 3,389 | ||||||
Howden Joinery Group PLC | 783 | 3,527 | ||||||
Hunting PLC | 242 | 1,635 | ||||||
IG Group Holdings PLC | 334 | 3,513 | ||||||
Imagination Technologies Group PLC* | 506 | 1,421 | ||||||
Inchcape PLC | 591 | 4,500 | ||||||
Indivior PLC | 978 | 3,948 | ||||||
Informa PLC | 959 | 7,793 | ||||||
Intermediate Capital Group PLC | 392 | 3,325 | ||||||
International Personal Finance PLC | 538 | 1,875 | ||||||
Interserve PLC | 318 | 1,191 | ||||||
J D Wetherspoon PLC | 178 | 1,826 | ||||||
John Laing Group PLC, 144A | 448 | 1,535 | ||||||
John Wood Group PLC | 478 | 4,922 | ||||||
Jupiter Fund Management PLC | 574 | 3,085 | ||||||
Just Eat PLC* | 610 | 4,469 | ||||||
KAZ Minerals PLC* | 304 | 1,379 | ||||||
Keller Group PLC | 191 | 1,857 | ||||||
Kier Group PLC | 152 | 2,651 | ||||||
Ladbrokes Coral Group PLC | 1,498 | 2,326 | ||||||
Laird PLC | 534 | 1,038 | ||||||
Lancashire Holdings Ltd. (a) | 275 | 2,219 | ||||||
LondonMetric Property PLC REIT | 969 | 1,734 | ||||||
Man Group PLC | 2,142 | 3,039 | ||||||
Marston’s PLC | 922 | 1,552 | ||||||
Melrose Industries PLC | 2,298 | 5,269 | ||||||
Metro Bank PLC* | 71 | 2,901 | ||||||
Micro Focus International PLC | 259 | 6,841 | ||||||
Mitchells & Butlers PLC | 384 | 1,092 | ||||||
Mitie Group PLC | 607 | 1,562 | ||||||
Moneysupermarket.com Group PLC | 645 | 2,139 | ||||||
Morgan Advanced Materials PLC | 622 | 2,196 | ||||||
National Express Group PLC | 774 | 3,446 | ||||||
Northgate PLC | 377 | 1,978 | ||||||
Ocado Group PLC* | 745 | 2,517 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Ophir Energy PLC* | 768 | $ | 764 | |||||
Pagegroup PLC | 431 | 1,999 | ||||||
Paragon Group of Cos. PLC | 594 | 2,716 | ||||||
Pennon Group PLC | 416 | 4,258 | ||||||
Pets at Home Group PLC | 676 | 1,797 | ||||||
Premier Oil PLC* | 1,231 | 916 | ||||||
PZ Cussons PLC | 347 | 1,341 | ||||||
QinetiQ Group PLC | 962 | 2,925 | ||||||
Redrow PLC | 370 | 1,892 | ||||||
Renishaw PLC | 75 | 2,327 | ||||||
Rentokil Initial PLC | 1,918 | 5,145 | ||||||
Restaurant Group PLC | 330 | 1,340 | ||||||
Rightmove PLC | 120 | 5,509 | ||||||
Rotork PLC | 1,389 | 4,075 | ||||||
RPC Group PLC | 361 | 4,865 | ||||||
Safestore Holdings PLC REIT | 567 | 2,426 | ||||||
Saga PLC | 1,300 | 3,102 | ||||||
Savills PLC | 220 | 1,844 | ||||||
Seadrill Ltd.*(a) | 542 | 1,506 | ||||||
Senior PLC | 782 | 1,809 | ||||||
Serco Group PLC* | 1,694 | 2,819 | ||||||
Shaftesbury PLC REIT | 323 | 3,710 | ||||||
SIG PLC (a) | 1,189 | 1,327 | ||||||
Spectris PLC | 168 | 4,294 | ||||||
Spirax-Sarco Engineering PLC | 80 | 4,275 | ||||||
Spire Healthcare Group PLC, 144A | 482 | 2,136 | ||||||
SSP Group PLC | 614 | 2,842 | ||||||
St. Modwen Properties PLC | 445 | 1,559 | ||||||
Stagecoach Group PLC | 641 | 1,636 | ||||||
Subsea 7 SA*(a) | 344 | 4,016 | ||||||
SuperGroup PLC | 112 | 2,153 | ||||||
SVG Capital PLC* | 275 | 2,429 | ||||||
Synthomer PLC | 486 | 2,255 | ||||||
TalkTalk Telecom Group PLC (a) | 754 | 1,507 | ||||||
Ted Baker PLC | 47 | 1,508 | ||||||
Telecom Plus PLC | 160 | 2,504 | ||||||
Thomas Cook Group PLC* | 2,271 | 2,407 | ||||||
Tritax Big Box REIT PLC REIT | 1,306 | 2,150 | ||||||
Tullett Prebon PLC | 505 | 2,810 | ||||||
Tullow Oil PLC*(a) | 1,189 | 4,430 | ||||||
UBM PLC | 461 | 4,116 | ||||||
Ultra Electronics Holdings PLC | 109 | 2,760 | ||||||
UNITE Group PLC | 277 | 1,937 | ||||||
Vectura Group PLC* | 1,033 | 1,848 | ||||||
Vesuvius PLC | 501 | 2,466 | ||||||
Victrex PLC | 129 | 2,768 | ||||||
Virgin Money Holdings UK PLC | 413 | 1,589 | ||||||
WH Smith PLC | 184 | 3,472 | ||||||
Workspace Group PLC REIT | 149 | 1,280 | ||||||
WS Atkins PLC | 148 | 2,598 | ||||||
|
| |||||||
400,343 | ||||||||
|
| |||||||
United States — 0.1% | ||||||||
Sims Metal Management Ltd. | 324 | 2,991 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,399,055 | |||||||
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Germany — 0.3% | ||||||||
Jungheinrich AG | 129 | $ | 3,381 | |||||
Sartorius AG | 65 | 4,829 | ||||||
|
| |||||||
8,210 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 8,210 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Banco Popolare Di Milano*, | 6,308 | 0 | ||||||
Banco Popolare SC*, expires 12/27/16 | 963 | 0 | ||||||
|
| |||||||
0 | ||||||||
|
| |||||||
TOTAL RIGHTS | 0 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 2.5% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 59,845 | $ | 59,845 | |||||
|
| |||||||
TOTAL INVESTMENTS — 101.4% | $ | 2,467,110 | ||||||
Other assets and liabilities, net — (1.4%) | (33,318 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,433,792 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,671,681. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $204,571. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $151,342 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $355,913. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $56,013, which is 2.3% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 203,000 | USD | 154,337 | $ | 4,452 | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 108,000 | USD | 109,383 | 3,112 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | DKK | 249,000 | USD | 36,738 | 1,259 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 533,000 | USD | 584,994 | 19,921 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 330,000 | USD | 403,125 | (9,848 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 488,000 | USD | 62,937 | 20 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | ILS | 109,000 | USD | 28,398 | (55 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 600,000 | USD | 5,770 | 524 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 83,228,000 | USD | 792,738 | 65,004 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NOK | 333,000 | USD | 40,358 | 1,243 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 38,000 | USD | 27,150 | 243 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SEK | 1,103,000 | USD | 122,429 | 2,791 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 64,000 | USD | 45,983 | 1,332 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 149,975 | AUD | 203,000 | (90 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 106,040 | CHF | 108,000 | 230 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 35,504 | DKK | 249,000 | (25 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 565,463 | EUR | 533,000 | (391 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 412,326 | GBP | 330,000 | 646 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 62,915 | HKD | 488,000 | $ | 3 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 28,432 | ILS | 109,000 | 22 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 735,766 | JPY | 83,828,000 | (2,785 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 39,117 | NOK | 333,000 | (2 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 26,931 | NZD | 38,000 | (25 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 119,491 | SEK | 1,103,000 | 147 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 44,679 | SGD | 64,000 | (28 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | AUD | 214,000 | USD | 157,976 | 98 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | CHF | 111,000 | USD | 109,249 | (240 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | DKK | 245,000 | USD | 34,999 | 25 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 542,000 | USD | 576,036 | 378 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | GBP | 337,000 | USD | 421,517 | (650 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | HKD | 504,000 | USD | 64,986 | (8 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | ILS | 115,000 | USD | 30,017 | (26 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | NOK | 344,000 | USD | 40,415 | 1 | ||||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SEK | 1,119,000 | USD | 121,476 | (155 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 63,000 | USD | 43,980 | 24 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | JPY | 88,618,000 | USD | 779,464 | 3,027 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | NZD | 39,000 | USD | 27,610 | 25 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 90,199 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli New Sheqel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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.
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 2,399,055 | $ | — | $ | — | $ | 2,399,055 | ||||||||
Preferred Stocks | 8,210 | — | — | 8,210 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Short-Term Investments | 59,845 | — | — | 59,845 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 104,527 | — | 104,527 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,467,110 | $ | 104,527 | $ | 0 | $ | 2,571,637 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (14,328 | ) | $ | — | $ | (14,328 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (14,328 | ) | $ | — | $ | (14,328 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Consumer Discretionary — 11.1% | ||||||||
Ferrari NV | 1,147 | $ | 62,849 | |||||
Fiat Chrysler Automobiles NV | 8,397 | 64,878 | ||||||
Luxottica Group SpA | 1,490 | 77,537 | ||||||
|
| |||||||
205,264 | ||||||||
|
| |||||||
Energy — 24.2% | ||||||||
Eni SpA | 20,645 | 287,511 | ||||||
Saipem SpA* | 39,434 | 17,725 | ||||||
Snam SpA | 18,950 | 73,388 | ||||||
Tenaris SA | 4,373 | 69,845 | ||||||
|
| |||||||
448,469 | ||||||||
|
| |||||||
Financials — 29.7% | ||||||||
Assicurazioni Generali SpA | 6,803 | 85,945 | ||||||
EXOR SpA | 1,073 | 45,045 | ||||||
Intesa Sanpaolo SpA | 102,523 | 227,749 | ||||||
Intesa Sanpaolo SpA-RSP | 7,702 | 15,975 | ||||||
Mediobanca SpA (a) | 5,783 | 39,901 | ||||||
Poste Italiane SpA, 144A | 4,598 | 28,581 | ||||||
UniCredit SpA (a) | 38,478 | 82,459 | ||||||
UnipolSai SpA (a) | 13,313 | 25,398 | ||||||
|
| |||||||
551,053 | ||||||||
|
| |||||||
Industrials — 13.5% | ||||||||
Atlantia SpA | 3,329 | 73,952 | ||||||
CNH Industrial NV | 9,282 | 79,094 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Leonardo-Finmeccanica SpA* | 3,915 | $ | 50,829 | |||||
Prysmian SpA | 1,926 | 46,071 | ||||||
|
| |||||||
249,946 | ||||||||
|
| |||||||
Telecommunication Services — 4.5% | ||||||||
Telecom Italia SpA* | 75,823 | 57,337 | ||||||
Telecom Italia SpA-RSP* | 40,240 | 25,120 | ||||||
|
| |||||||
82,457 | ||||||||
|
| |||||||
Utilities — 16.8% | ||||||||
Enel SpA | 61,728 | 249,521 | ||||||
Terna Rete Elettrica Nazionale SpA | 14,253 | 61,814 | ||||||
|
| |||||||
311,335 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,848,524 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 6.4% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 118,860 | 118,860 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 106.2% | $ | 1,967,384 | ||||||
Other assets and liabilities, net — (6.2%) | (114,755 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,852,629 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,497,824. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $530,440. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,310 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $561,750. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $114,715, which is 6.2% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 1,693,000 | USD | 1,858,152 | $ | 63,277 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 15,000 | USD | 16,598 | 696 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,812,028 | EUR | 1,708,000 | (1,251 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 1,682,000 | USD | 1,787,624 | 1,173 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 63,895 | ||||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 1,848,524 | $ | — | $ | — | $ | 1,848,524 | ||||||||
Short-Term Investments | 118,860 | — | — | 118,860 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 65,146 | — | 65,146 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,967,384 | $ | 65,146 | $ | — | $ | 2,032,530 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,251 | ) | $ | — | $ | (1,251 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,251 | ) | $ | — | $ | (1,251 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Italy — 33.4% | ||||||||
Assicurazioni Generali SpA | 3,759 | $ | 47,489 | |||||
Atlantia SpA | 1,326 | 29,456 | ||||||
Enel SpA | 24,497 | 99,023 | ||||||
Eni SpA | 8,173 | 113,821 | ||||||
EXOR SpA | 341 | 14,315 | ||||||
Ferrari NV | 395 | 21,644 | ||||||
Intesa Sanpaolo SpA | 40,765 | 90,557 | ||||||
Intesa Sanpaolo SpA-RSP | 2,869 | 5,951 | ||||||
Leonardo-Finmeccanica SpA* | 1,300 | 16,878 | ||||||
Luxottica Group SpA | 544 | 28,309 | ||||||
Mediobanca SpA (a) | 1,742 | 12,019 | ||||||
Poste Italiane SpA, 144A | 1,608 | 9,995 | ||||||
Prysmian SpA | 627 | 14,998 | ||||||
Saipem SpA* | 18,670 | 8,392 | ||||||
Snam SpA | 7,872 | 30,486 | ||||||
Telecom Italia SpA* | 32,531 | 24,600 | ||||||
Telecom Italia SpA-RSP* | 18,551 | 11,581 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,841 | 20,995 | ||||||
UniCredit SpA (a) | 16,871 | 36,155 | ||||||
UnipolSai SpA (a) | 3,482 | 6,643 | ||||||
|
| |||||||
643,307 | ||||||||
|
| |||||||
Luxembourg — 1.3% | ||||||||
Tenaris SA | 1,517 | 24,230 | ||||||
|
| |||||||
Portugal — 2.9% | ||||||||
EDP — Energias de Portugal SA | 7,442 | 21,509 | ||||||
Galp Energia SGPS SA | 1,611 | 21,795 | ||||||
Jeronimo Martins SGPS SA | 775 | 12,247 | ||||||
|
| |||||||
55,551 | ||||||||
|
| |||||||
Spain — 58.4% | ||||||||
Abertis Infraestructuras SA | 2,069 | 27,641 | ||||||
ACS Actividades de Construccion y Servicios SA | 596 | 17,551 | ||||||
Aena SA, 144A | 217 | 28,771 | ||||||
Amadeus IT Group SA | 1,410 | 63,900 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 21,137 | 130,514 | ||||||
Banco de Sabadell SA | 16,990 | 21,194 | ||||||
Banco Popular Espanol SA | 10,335 | 9,059 | ||||||
Banco Santander SA | 46,912 | 214,441 | ||||||
Bankia SA | 14,182 | 12,641 | ||||||
Bankinter SA | 2,166 | 16,281 |
Number | Value | |||||||
Spain (Continued) | ||||||||
CaixaBank SA | 10,590 | $ | 30,787 | |||||
Distribuidora Internacional de Alimentacion SA | 1,916 | 8,744 | ||||||
Enagas SA | 729 | 17,964 | ||||||
Endesa SA | 1,021 | 21,106 | ||||||
Ferrovial SA | 1,579 | 27,989 | ||||||
Ferrovial SA* | 32 | 567 | ||||||
Gas Natural SDG SA | 1,125 | 19,256 | ||||||
Grifols SA | 958 | 18,784 | ||||||
Iberdrola SA | 17,376 | 104,584 | ||||||
Industria de Diseno Textil SA | 3,505 | 119,894 | ||||||
Mapfre SA | 3,319 | 9,955 | ||||||
Red Electrica Corp. SA | 1,391 | 24,767 | ||||||
Repsol SA | 3,532 | 47,167 | ||||||
Telefonica SA (a) | 14,963 | 124,521 | ||||||
Zardoya Otis SA | 579 | 4,523 | ||||||
|
| |||||||
1,122,601 | ||||||||
|
| |||||||
United Kingdom — 3.4% | ||||||||
CNH Industrial NV | 3,281 | 27,958 | ||||||
Fiat Chrysler Automobiles NV | 2,899 | �� | 22,399 | |||||
International Consolidated Airlines Group SA | 2,726 | 14,789 | ||||||
|
| |||||||
65,146 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,910,835 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
CaixaBank SA*, expires 12/06/16 (Cost $429) | 10,080 | 417 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.1% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 58,892 | 58,892 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.5% | $ | 1,970,144 | ||||||
Other assets and liabilities, net — (2.5%) | (46,389 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,923,755 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,556,743. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $586,599. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,015 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $607,614. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $57,033, which is 3.0% 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. |
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. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 1,823,000 | USD | 2,000,834 | $ | 68,136 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 10,000 | USD | 11,065 | 464 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 1,944,642 | EUR | 1,833,000 | (1,343 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 1,791,000 | USD | 1,903,469 | 1,249 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 68,506 | ||||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 1,910,268 | $ | — | $ | 567 | $ | 1,910,835 | ||||||||
Rights | 417 | — | — | 417 | ||||||||||||
Short-Term Investments | 58,892 | — | — | 58,892 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 69,849 | — | 69,849 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,969,577 | $ | 69,849 | $ | 567 | $ | 2,039,993 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,343 | ) | $ | — | $ | (1,343 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,343 | ) | $ | — | $ | (1,343 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Consumer Discretionary — 8.7% | ||||||||
Industria de Diseno Textil SA | 5,084 | $ | 173,907 | |||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
Distribuidora Internacional de Alimentacion SA | 6,342 | 28,943 | ||||||
|
| |||||||
Energy — 4.6% | ||||||||
Repsol SA | 6,801 | 90,821 | ||||||
|
| |||||||
Financials — 39.3% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 31,191 | 192,594 | ||||||
Banco de Sabadell SA | 40,101 | 50,024 | ||||||
Banco Popular Espanol SA | 30,342 | 26,595 | ||||||
Banco Santander SA | 73,995 | 338,241 | ||||||
Bankia SA | 40,589 | 36,178 | ||||||
Bankinter SA | 5,588 | 42,002 | ||||||
CaixaBank SA | 22,927 | 66,653 | ||||||
Mapfre SA | 10,577 | 31,724 | ||||||
|
| |||||||
784,011 | ||||||||
|
| |||||||
Health Care — 2.3% | ||||||||
Grifols SA | 2,365 | 46,371 | ||||||
|
| |||||||
Industrials — 14.7% | ||||||||
Abertis Infraestructuras SA | 4,612 | 61,613 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,522 | 44,820 | ||||||
Aena SA, 144A | 478 | 63,377 | ||||||
Ferrovial SA | 3,513 | 62,271 | ||||||
Ferrovial SA* | 72 | 1,276 | ||||||
International Consolidated Airlines Group SA | 6,939 | 37,647 | ||||||
Zardoya Otis SA | 2,759 | 21,551 | ||||||
|
| |||||||
292,555 | ||||||||
|
|
Number | Value | |||||||
Information Technology — 4.5% | ||||||||
Amadeus IT Group SA | 1,977 | $ | 89,596 | |||||
|
| |||||||
Telecommunication Services — 9.1% | ||||||||
Telefonica SA (a) | 21,926 | 182,467 | ||||||
|
| |||||||
Utilities — 14.5% | ||||||||
Enagas SA | 1,815 | 44,725 | ||||||
Endesa SA | 2,436 | 50,358 | ||||||
Gas Natural SDG SA | 2,745 | 46,985 | ||||||
Iberdrola SA | 14,947 | 89,964 | ||||||
Red Electrica Corp. SA | 3,176 | 56,550 | ||||||
|
| |||||||
288,582 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,977,253 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Financials — 0.0% | ||||||||
CaixaBank SA*, expires 12/06/16 | 24,398 | 1,008 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (b)(c) | 5,757 | 5,757 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% | $ | 1,984,018 | ||||||
Other assets and liabilities, net — 0.5% | 10,083 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,994,101 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,533,486. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $549,468. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $14,970 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $564,438. |
(a) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $5,357, which is 0.3% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 1,913,000 | USD | 2,099,613 | $ | 71,500 | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 9,000 | USD | 9,959 | 417 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,039,062 | EUR | 1,922,000 | (1,408 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | EUR | 1,871,000 | USD | 1,988,492 | 1,305 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 71,814 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 November 30, 2016 in valuing the Fund’s investments. For information on 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) | $ | 1,975,977 | $ | — | $ | 1,276 | $ | 1,977,253 | ||||||||
Rights | 1,008 | — | — | 1,008 | ||||||||||||
Short-Term Investments | 5,757 | — | — | 5,757 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 73,222 | — | 73,222 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,982,742 | $ | 73,222 | $ | 1,276 | $ | 2,057,240 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,408 | ) | $ | — | $ | (1,408 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,408 | ) | $ | — | $ | (1,408 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF
November 30, 2016 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Australia — 8.4% | ||||||||
Macquarie Atlas Roads Group (a) | 5,838 | $ | 20,262 | |||||
Qube Holdings Ltd. | 16,015 | 27,910 | ||||||
Sydney Airport (a) | 14,246 | 66,065 | ||||||
Transurban Group (a) | 22,610 | 175,980 | ||||||
|
| |||||||
290,217 | ||||||||
|
| |||||||
Brazil — 1.2% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 697 | 6,134 | ||||||
CPFL Energia SA, ADR (b) | 637 | 9,141 | ||||||
Ultrapar Participacoes SA, ADR (b) | 1,277 | 25,910 | ||||||
|
| |||||||
41,185 | ||||||||
|
| |||||||
Canada — 9.3% | ||||||||
AltaGas Ltd. | 502 | 12,198 | ||||||
Enbridge, Inc. (b) | 2,863 | 120,419 | ||||||
Inter Pipeline Ltd. | 1,023 | 20,798 | ||||||
Pembina Pipeline Corp. | 1,192 | 35,024 | ||||||
TransCanada Corp. | 2,451 | 110,079 | ||||||
Veresen, Inc. | 1,003 | 9,214 | ||||||
Westshore Terminals Investment Corp. | 727 | 14,986 | ||||||
|
| |||||||
322,718 | ||||||||
|
| |||||||
Chile — 0.2% | ||||||||
Enersis Americas SA, ADR | 774 | 6,184 | ||||||
|
| |||||||
China — 1.1% | ||||||||
Beijing Capital International Airport Co. Ltd., Class H | 18,444 | 18,191 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 15,705 | 20,936 | ||||||
|
| |||||||
39,127 | ||||||||
|
| |||||||
France — 4.2% | ||||||||
Aeroports de Paris | 425 | 41,805 | ||||||
Engie SA | 3,222 | 39,783 | ||||||
Groupe Eurotunnel SE | 7,172 | 63,090 | ||||||
|
| |||||||
144,678 | ||||||||
|
| |||||||
Germany — 1.6% | ||||||||
E.ON SE | 3,997 | 26,379 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 482 | 27,994 | ||||||
|
| |||||||
54,373 | ||||||||
|
| |||||||
Hong Kong — 3.7% | ||||||||
Beijing Enterprises Water Group Ltd.* | 9,648 | 6,978 | ||||||
China Gas Holdings Ltd. | 4,464 | 5,905 | ||||||
China Merchants Port Holdings Co. Ltd. | 9,919 | 24,911 | ||||||
China Resources Power Holdings Co. Ltd. | 3,520 | 5,790 | ||||||
CLP Holdings Ltd. | 3,945 | 38,578 | ||||||
COSCO SHIPPING Ports Ltd. | 20,717 | 21,688 | ||||||
Guangdong Investment Ltd. | 5,688 | 7,964 | ||||||
Shenzhen International Holdings Ltd. | 11,782 | 17,347 | ||||||
|
| |||||||
129,161 | ||||||||
|
| |||||||
Italy — 5.9% | ||||||||
Atlantia SpA | 6,139 | 136,375 | ||||||
Enel SpA | 15,431 | 62,376 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Societa Iniziative Autostradali e Servizi SpA | 895 | $ | 7,280 | |||||
|
| |||||||
206,031 | ||||||||
|
| |||||||
Japan — 2.9% | ||||||||
Japan Airport Terminal Co. Ltd. (b) | 882 | 32,804 | ||||||
Kamigumi Co. Ltd. | 3,230 | 29,645 | ||||||
Mitsubishi Logistics Corp. | 2,100 | 28,396 | ||||||
Sumitomo Warehouse Co. Ltd. | 2,000 | 10,262 | ||||||
|
| |||||||
101,107 | ||||||||
|
| |||||||
Mexico — 2.3% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 482 | 41,033 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR (b) | 261 | 37,680 | ||||||
|
| |||||||
78,713 | ||||||||
|
| |||||||
Netherlands — 0.3% | ||||||||
Koninklijke Vopak NV | 204 | 9,535 | ||||||
|
| |||||||
New Zealand — 1.7% | ||||||||
Auckland International Airport Ltd. | 12,111 | 52,792 | ||||||
Z Energy Ltd. | 1,222 | 6,101 | ||||||
|
| |||||||
58,893 | ||||||||
|
| |||||||
Singapore — 1.6% | ||||||||
Hutchison Port Holdings Trust, Class U | 67,173 | 28,213 | ||||||
SATS Ltd. | 8,220 | 27,584 | ||||||
|
| |||||||
55,797 | ||||||||
|
| |||||||
Spain — 8.7% | ||||||||
Abertis Infraestructuras SA | 7,638 | 102,039 | ||||||
Aena SA, 144A | 960 | 127,284 | ||||||
Iberdrola SA | 11,944 | 71,889 | ||||||
|
| |||||||
301,212 | ||||||||
|
| |||||||
Switzerland — 1.2% | ||||||||
Flughafen Zuerich AG | 245 | 42,171 | ||||||
|
| |||||||
United Kingdom — 5.6% | ||||||||
BBA Aviation PLC | 11,872 | 38,963 | ||||||
Centrica PLC | 10,910 | 28,707 | ||||||
National Grid PLC | 7,832 | 89,488 | ||||||
SSE PLC | 1,994 | 36,800 | ||||||
|
| |||||||
193,958 | ||||||||
|
| |||||||
United States — 39.5% | ||||||||
American Electric Power Co., Inc. | 984 | 58,105 | ||||||
Cheniere Energy, Inc.* | 723 | 29,542 | ||||||
Consolidated Edison, Inc. | 608 | 42,420 | ||||||
Dominion Resources, Inc. | 1,254 | 91,906 | ||||||
Duke Energy Corp. | 1,379 | 101,729 | ||||||
Edison International | 653 | 44,907 | ||||||
Eversource Energy | 635 | 32,779 | ||||||
Exelon Corp. | 1,848 | 60,079 | ||||||
Kinder Morgan, Inc. | 5,892 | 130,802 | ||||||
Macquarie Infrastructure Corp. | 979 | 80,219 | ||||||
NextEra Energy, Inc. | 936 | 106,919 | ||||||
ONEOK, Inc. | 650 | 35,705 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
Number | Value | |||||||
United States (Continued) | ||||||||
PG&E Corp. | 999 | $ | 58,741 | |||||
PPL Corp. | 1,358 | 45,439 | ||||||
Public Service Enterprise Group, Inc. | 1,012 | 41,806 | ||||||
Sempra Energy | 500 | 49,900 | ||||||
Southern Co. | 1,961 | 91,814 | ||||||
Spectra Energy Corp. | 2,153 | 88,165 | ||||||
Targa Resources Corp. | 511 | 27,231 | ||||||
WEC Energy Group, Inc. | 631 | 35,342 | ||||||
Wesco Aircraft Holdings, Inc.* | 760 | 11,210 | ||||||
Williams Cos., Inc. | 2,096 | 64,347 | ||||||
Xcel Energy, Inc. | 1,016 | 39,634 | ||||||
|
| |||||||
1,368,741 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,443,801 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 5.9% | ||||||||
Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.30% (c)(d) | 205,671 | $ | 205,671 | |||||
|
| |||||||
TOTAL INVESTMENTS — 105.3% | $ | 3,649,472 | ||||||
Other assets and liabilities, net — (5.3%) | (183,842 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,465,630 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,936,709. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $287,237. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $158,858 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $446,095. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2016 amounted to $196,395, which is 5.7% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | AUD | 113,200 | USD | 86,052 | $ | 2,471 | |||||||||||
The Bank of New York Mellon | 12/5/2016 | AUD | 8,800 | USD | 6,691 | 193 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 266,936 | USD | 202,938 | 5,846 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 5,200 | USD | 3,977 | 138 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | AUD | 31,600 | USD | 24,024 | 692 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CAD | 120,000 | USD | 89,555 | 217 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CAD | 93,400 | USD | 69,702 | 168 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 275,119 | USD | 205,302 | 481 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 100 | USD | 75 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CAD | 4,100 | USD | 3,061 | 9 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | CHF | 12,700 | USD | 12,863 | 366 | ||||||||||||
RBC Capital Markets | 12/5/2016 | CHF | 19,524 | USD | 19,776 | 564 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | CHF | 1,700 | USD | 1,722 | 49 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 1,100 | USD | 1,125 | 43 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | CHF | 10,600 | USD | 10,735 | 305 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | EUR | 254,925 | USD | 279,781 | 9,517 | ||||||||||||
RBC Capital Markets | 12/5/2016 | EUR | 407,595 | USD | 447,372 | 15,250 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | EUR | 2,800 | USD | 3,073 | 105 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 5,500 | USD | 6,079 | 249 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 21,741 | USD | 23,862 | 812 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 13,700 | USD | 15,036 | 512 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | EUR | 1,400 | USD | 1,537 | $ | 52 | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | GBP | 26,100 | USD | 31,884 | (779 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | GBP | 91,359 | USD | 111,608 | (2,722 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | GBP | 2,000 | USD | 2,443 | (60 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 32,000 | USD | 39,089 | (957 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 18,600 | USD | 22,721 | (556 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | GBP | 1,400 | USD | 1,716 | (36 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | HKD | 622,972 | USD | 80,340 | 21 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | HKD | 7,400 | USD | 954 | 0 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 358,400 | USD | 46,221 | 13 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 416,084 | USD | 53,660 | 15 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | HKD | 4,000 | USD | 516 | 0 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | JPY | 4,131,300 | USD | 39,354 | 3,230 | ||||||||||||
RBC Capital Markets | 12/5/2016 | JPY | 6,171,411 | USD | 58,789 | 4,827 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | JPY | 147,900 | USD | 1,409 | 116 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 632,000 | USD | 6,020 | 493 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | JPY | 250,600 | USD | 2,430 | 238 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | NZD | 21,000 | USD | 15,003 | 134 | ||||||||||||
RBC Capital Markets | 12/5/2016 | NZD | 35,751 | USD | 25,543 | 229 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | NZD | 1,200 | USD | 857 | 8 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 27,159 | USD | 19,404 | 173 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 9,600 | USD | 6,859 | 61 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | NZD | 1,400 | USD | 1,003 | 12 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | SGD | 17,900 | USD | 12,861 | 373 | ||||||||||||
RBC Capital Markets | 12/5/2016 | SGD | 14,998 | USD | 10,777 | 313 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | SGD | 22,000 | USD | 15,811 | 462 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 32,688 | AUD | 43,000 | (939 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 51,794 | AUD | 70,200 | 38 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 89,230 | CAD | 120,000 | 108 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 12,468 | CHF | 12,700 | 29 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 269,527 | EUR | 254,925 | 737 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 32,582 | GBP | 26,100 | 80 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 72,844 | HKD | 564,972 | (3 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 7,480 | HKD | 58,000 | (2 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 36,184 | JPY | 4,131,300 | (60 | ) | |||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 14,852 | NZD | 21,000 | 18 | ||||||||||||
JP Morgan & Chase Co. | 12/5/2016 | USD | 12,474 | SGD | 17,900 | 15 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 19,152 | CHF | 19,524 | 59 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 431,339 | EUR | 407,595 | 783 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 114,145 | GBP | 91,359 | 185 | ||||||||||||
RBC Capital Markets | 12/5/2016 | USD | 54,165 | JPY | 6,171,411 | (203 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 25,338 | NZD | 35,751 | (23 | ) | |||||||||||
RBC Capital Markets | 12/5/2016 | USD | 10,472 | SGD | 14,998 | (8 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 6,495 | AUD | 8,800 | 3 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 69,496 | CAD | 93,400 | 39 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,669 | CHF | 1,700 | 4 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 2,965 | EUR | 2,800 | 4 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 2,496 | GBP | 2,000 | 7 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 954 | HKD | 7,400 | 0 | ||||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 1,294 | JPY | 147,900 | (1 | ) | |||||||||||
The Bank of New York Mellon | 12/5/2016 | USD | 848 | NZD | 1,200 | 1 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,398 | AUD | 7,100 | (155 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 219,152 | AUD | 296,636 | (132 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 166,093 | CAD | 223,319 | 163 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 40,819 | CAD | 54,700 | (96 | ) | |||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 965 | CAD | 1,300 | 3 | ||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 709 | CHF | 700 | (20 | ) |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 709 | CHF | 700 | $ | (20 | ) | ||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 10,113 | CHF | 10,300 | 22 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 44,920 | EUR | 42,341 | (31 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 64,973 | GBP | 52,000 | 102 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 2,412 | HKD | 18,700 | (1 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 97,954 | HKD | 759,784 | 4 | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,614 | JPY | 379,400 | (296 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 524 | JPY | 55,000 | (43 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 3,934 | JPY | 448,200 | (15 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 27,044 | NZD | 38,159 | (25 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 10,133 | SGD | 14,100 | (296 | ) | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2016 | USD | 5,515 | SGD | 7,900 | �� | (4 | ) | ||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | AUD | 392,000 | USD | 289,377 | 180 | ||||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | CAD | 438,000 | USD | 326,017 | (189 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | CHF | 43,000 | USD | 42,286 | (128 | ) | |||||||||||||||||
RBC Capital Markets | 1/5/2017 | EUR | 669,000 | USD | 709,250 | (1,294 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 1/5/2017 | GBP | 158,000 | USD | 197,453 | (477 | ) | |||||||||||||||||
The Bank of New York Mellon | 1/5/2017 | HKD | 1,310,000 | USD | 168,913 | (19 | ) | |||||||||||||||||
The Bank of Nova Scotia | 1/5/2017 | SGD | 39,000 | USD | 27,226 | 15 | ||||||||||||||||||
JP Morgan & Chase Co. | 1/6/2017 | JPY | 11,769,000 | USD | 103,291 | 175 | ||||||||||||||||||
The Bank of Nova Scotia | 1/6/2017 | NZD | 83,000 | USD | 58,759 | 53 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 41,994 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CAD | Canadian Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
NZD | New Zealand Dollar |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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.
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 3,443,801 | $ | — | $ | — | $ | 3,443,801 | ||||||||
Short-Term Investments | 205,671 | — | — | 205,671 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 51,584 | — | 51,584 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,649,472 | $ | 51,584 | $ | — | $ | 3,701,056 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (9,590 | ) | $ | — | $ | (9,590 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (9,590 | ) | $ | — | $ | (9,590 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
See Notes to Financial Statements. | 50 |
This Page is Intentionally Left Blank
51
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 3,204,995 | $ | 16,668,545 | $ | 3,170,002 | ||||||
Investment in Government & Agency Securities Portfolio* | 21,981 | 10,410 | 15,353 | |||||||||
Cash | 427 | 1,637 | 32,338 | |||||||||
Foreign currency at value | 4,881 | 53,362 | 14,187 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 123,583 | — | 269,285 | |||||||||
Deposit with broker for futures contracts | — | 15,051 | 7,468 | |||||||||
Unrealized appreciation on future contracts | — | 14,842 | 4,050 | |||||||||
Receivables: | ||||||||||||
Dividends | 8,958 | 82,908 | 14,973 | |||||||||
Securities lending income | 4 | 40 | 10 | |||||||||
Foreign tax reclaim | 3,777 | 6,337 | 1,320 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 3,368,606 | $ | 16,853,132 | $ | 3,528,986 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 21,981 | $ | 10,410 | $ | 15,353 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 15,070 | — | 10,930 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 84,896 | — | 203,180 | |||||||||
Investment advisory fees | 1,260 | 5,583 | 1,168 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 123,207 | 15,993 | 230,631 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 3,245,399 | $ | 16,837,139 | $ | 3,298,355 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 3,790,841 | $ | 16,178,317 | $ | 3,594,256 | ||||||
Undistributed net investment income | 26,732 | 132,655 | 26,549 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (344,421 | ) | 848,807 | (584,300 | ) | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (227,753 | ) | (322,640 | ) | 261,850 | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 3,245,399 | $ | 16,837,139 | $ | 3,298,355 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 150,001 | 700,001 | 150,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 21.64 | $ | 24.05 | $ | 21.99 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 3,540,574 | $ | 16,990,709 | $ | 3,166,458 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 20,658 | $ | 9,775 | $ | 14,388 | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 21,981 | $ | 10,410 | $ | 15,353 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 4,859 | $ | 56,661 | $ | 15,826 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 3,654,244 | $ | 2,407,265 | $ | 1,848,524 | ||||||
Investment in Government & Agency Securities Portfolio* | 31,607 | 59,845 | 118,860 | |||||||||
Cash | 77 | 677 | 1,389 | |||||||||
Foreign currency at value | 158 | 3,912 | 3,486 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 106,677 | 104,527 | 65,146 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 4,181 | 62,808 | 75,746 | |||||||||
Dividends | 27,725 | 4,686 | — | |||||||||
Securities lending income | 10 | 69 | 150 | |||||||||
Foreign tax reclaim | — | 281 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 3,824,679 | $ | 2,644,070 | $ | 2,113,301 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 31,607 | $ | 59,845 | $ | 118,860 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 2,375 | 14,328 | 1,251 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 56,638 | 135,218 | 139,894 | |||||||||
Investment advisory fees | 1,352 | 887 | 667 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 91,972 | 210,278 | 260,672 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 3,732,707 | $ | 2,433,792 | $ | 1,852,629 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 3,709,780 | $ | 2,504,618 | $ | 2,503,573 | ||||||
Undistributed net investment income | 5,473 | 9,121 | 21,231 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (317,146 | ) | 11,469 | (238,749 | ) | |||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 334,600 | (91,416 | ) | (433,426 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 3,732,707 | $ | 2,433,792 | $ | 1,852,629 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 150,001 | 100,001 | 100,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 24.88 | $ | 24.34 | $ | 18.53 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 3,423,202 | $ | 2,588,502 | $ | 2,345,929 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 29,676 | $ | 56,013 | $ | 114,715 | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 31,607 | $ | 59,845 | $ | 118,860 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 158 | $ | 3,919 | $ | 3,471 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | Deutsche X-trackers MSCI Spain Hedged Equity ETF | Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 1,911,252 | $ | 1,978,261 | $ | 3,443,801 | ||||||
Investment in Government & Agency Securities Portfolio* | 58,892 | 5,757 | 205,671 | |||||||||
Cash | 918 | — | 907 | |||||||||
Foreign currency at value | — | — | 2,566 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 69,849 | 73,222 | 51,584 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 6,275 | 78,207 | 367 | |||||||||
Dividends | — | — | 10,277 | |||||||||
Securities lending income | 532 | 643 | 210 | |||||||||
Foreign tax reclaim | 71 | 136 | 1,523 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 2,047,789 | $ | 2,136,226 | $ | 3,716,906 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | — | $ | 1,030 | $ | — | ||||||
Due to foreign custodian | 1,058 | 1,098 | — | |||||||||
Payable upon return of securities loaned | 58,892 | 5,757 | 205,671 | |||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 1,343 | 1,408 | 9,590 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 62,032 | 132,089 | 34,739 | |||||||||
Investment advisory fees | 709 | 743 | 1,276 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 124,034 | 142,125 | 251,276 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 1,923,755 | $ | 1,994,101 | $ | 3,465,630 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 2,502,254 | $ | 2,501,326 | $ | 3,740,922 | ||||||
Undistributed net investment income | 25,489 | 26,851 | 48,653 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (127,119 | ) | (91,481 | ) | (95,462 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (476,869 | ) | (442,595 | ) | (228,483 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 1,923,755 | $ | 1,994,101 | $ | 3,465,630 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 100,001 | 100,001 | 150,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 19.24 | $ | 19.94 | $ | 23.10 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 2,456,638 | $ | 2,492,657 | $ | 3,714,148 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 57,033 | $ | 5,357 | $ | 196,395 | ||||||
|
|
|
|
|
| |||||||
Investment in Government & Agency Securities Portfolio at cost* | $ | 58,892 | $ | 5,757 | $ | 205,671 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | �� | $ | — | $ | — | $ | 2,580 | |||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 52,604 | $ | 171,373 | $ | 28,900 | ||||||
Securities lending income, net of borrower rebates | 86 | 696 | 104 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 52,690 | 172,069 | 29,004 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 8,224 | 43,153 | 6,728 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 8,224 | 43,153 | 6,728 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 44,466 | 128,916 | 22,276 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (31,056 | ) | (223,545 | ) | (40,110 | ) | ||||||
In-kind redemptions | — | 1,116,997 | — | |||||||||
Futures contracts | — | 1,085 | — | |||||||||
Foreign currency transactions | 192,717 | 5,305 | (47,501 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 161,661 | 899,842 | (87,611 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (277,858 | ) | (223,008 | ) | 100,647 | |||||||
Futures contracts | — | 14,842 | 4,050 | |||||||||
Foreign currency translations | (71,553 | ) | (17,283 | ) | 148,295 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (349,411 | ) | (225,449 | ) | 252,992 | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (187,750 | ) | 674,393 | 165,381 | ||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (143,284 | ) | $ | 803,309 | $ | 187,657 | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 7,284 | $ | 26,771 | $ | 5,037 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 78,608 | $ | 25,581 | $ | 36,974 | ||||||
Securities lending income, net of borrower rebates | 89 | 705 | 480 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 78,697 | 26,286 | 37,454 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 8,227 | 5,325 | 4,060 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 8,227 | 5,325 | 4,060 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 70,470 | 20,961 | 33,394 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (17,282 | ) | 9,037 | (90,256 | ) | |||||||
Foreign currency transactions | (20,015 | ) | 119,929 | 95,326 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (37,297 | ) | 128,966 | 5,070 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 163,251 | (109,217 | ) | (91,110 | ) | |||||||
Foreign currency translations | (84,081 | ) | 21,465 | 4,717 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 79,170 | (87,752 | ) | (86,393 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 41,873 | 41,214 | (81,323 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 112,343 | $ | 62,175 | $ | (47,929 | ) | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 1,407 | $ | 2,276 | $ | 3,952 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | Deutsche X-trackers MSCI Spain Hedged Equity ETF | Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 40,326 | $ | 41,245 | $ | 74,608 | ||||||
Securities lending income, net of borrower rebates | 1,316 | 1,655 | 1,154 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 41,642 | 42,900 | 75,762 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 4,277 | 4,456 | 8,016 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 4,277 | 4,456 | 8,016 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 37,365 | 38,444 | 67,746 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (52,149 | ) | (49,512 | ) | (82,604 | ) | ||||||
Foreign currency transactions | 100,537 | 104,523 | 96,210 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 48,388 | 55,011 | 13,606 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (145,154 | ) | (154,884 | ) | (38,645 | ) | ||||||
Foreign currency translations | 7,154 | 8,629 | (21,682 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (138,000 | ) | (146,255 | ) | (60,327 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (89,612 | ) | (91,244 | ) | (46,721 | ) | ||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (52,247 | ) | $ | (52,800 | ) | $ | 21,025 | ||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 5,005 | $ | 5,758 | $ | 4,193 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Period June 24, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 44,466 | $ | 127,340 | $ | 128,916 | $ | 137,772 | ||||||||
Net realized gain (loss) | 161,661 | (45,473 | ) | 899,842 | 248,420 | |||||||||||
Net change in unrealized appreciation (depreciation) | (349,411 | ) | 144,995 | (225,449 | ) | (97,191 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (143,284 | ) | 226,862 | 803,309 | 289,001 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (165,733 | ) | (69,795 | ) | (86,709 | ) | (63,333 | ) | ||||||||
Net realized gains | — | (19,032 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (165,733 | ) | (88,827 | ) | (86,709 | ) | (63,333 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 8,065,673 | 8,337,935 | 21,675,862 | ||||||||||||
Value of shares redeemed | — | (7,090,253 | ) | (10,768,343 | ) | (3,350,608 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 975,420 | (2,430,408 | ) | 18,325,254 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (309,017 | ) | 1,113,455 | (1,713,808 | ) | 18,550,922 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,554,416 | 2,440,961 | 18,550,947 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,245,399 | $ | 3,554,416 | $ | 16,837,139 | $ | 18,550,947 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 26,732 | $ | 147,999 | $ | 132,655 | $ | 90,448 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 100,001 | 800,001 | 1 | ||||||||||||
Shares sold | — | 350,000 | 350,000 | 950,000 | ||||||||||||
Shares redeemed | — | (300,000 | ) | (450,000 | ) | (150,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 150,001 | 700,001 | 800,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | Deutsche X-trackers MSCI Australia Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 19, 2015(1) to May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 19, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 22,276 | $ | 44,051 | $ | 70,470 | $ | 138,150 | ||||||||
Net realized gain (loss) | (87,611 | ) | (497,290 | ) | (37,297 | ) | (251,443 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 252,992 | 8,858 | 79,170 | 255,430 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 187,657 | (444,381 | ) | 112,343 | 142,137 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (13,429 | ) | (25,760 | ) | (104,447 | ) | (79,799 | ) | ||||||||
Net realized gains | — | — | — | (47,307 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (13,429 | ) | (25,760 | ) | (104,447 | ) | (127,106 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 3,594,243 | — | 3,709,755 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 3,594,243 | — | 3,709,755 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 174,228 | 3,124,102 | 7,896 | 3,724,786 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,124,127 | 25 | 3,724,811 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,298,355 | $ | 3,124,127 | $ | 3,732,707 | $ | 3,724,811 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 26,549 | $ | 17,702 | $ | 5,473 | $ | 39,450 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 1 | 150,001 | 1 | ||||||||||||
Shares sold | — | 150,000 | — | 150,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 150,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 19, 2015(1) to May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 19, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 20,961 | $ | 39,712 | $ | 33,394 | $ | 45,842 | ||||||||
Net realized gain (loss) | 128,966 | (89,790 | ) | 5,070 | (232,086 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (87,752 | ) | (3,664 | ) | (86,393 | ) | (347,033 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 62,175 | (53,742 | ) | (47,929 | ) | (533,277 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (53,478 | ) | (25,781 | ) | (48,194 | ) | (21,544 | ) | ||||||||
Net realized gains | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (53,478 | ) | (25,781 | ) | (48,194 | ) | (21,544 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,504,593 | — | 2,503,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,504,593 | — | 2,503,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 8,697 | 2,425,070 | (96,123 | ) | 1,948,727 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,425,095 | 25 | 1,948,752 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,433,792 | $ | 2,425,095 | $ | 1,852,629 | $ | 1,948,752 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 9,121 | $ | 41,638 | $ | 21,231 | $ | 36,031 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | — | 100,000 | — | 100,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | Deutsche X-trackers MSCI Spain Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 19, 2015(1) to May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Period August 19, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 37,365 | $ | 52,991 | $ | 38,444 | $ | 52,621 | ||||||||
Net realized gain (loss) | 48,388 | (162,723 | ) | 55,011 | (133,493 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (138,000 | ) | (338,869 | ) | (146,255 | ) | (296,340 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (52,247 | ) | (448,601 | ) | (52,800 | ) | (377,212 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (48,695 | ) | (28,964 | ) | (41,888 | ) | (35,348 | ) | ||||||||
Net realized gains | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (48,695 | ) | (28,964 | ) | (41,888 | ) | (35,348 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,502,237 | — | 2,501,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,502,237 | — | 2,501,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (100,942 | ) | 2,024,672 | (94,688 | ) | 2,088,764 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,024,697 | 25 | 2,088,789 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,923,755 | $ | 2,024,697 | $ | 1,994,101 | $ | 2,088,789 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 25,489 | $ | 36,819 | $ | 26,851 | $ | 30,295 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | — | 100,000 | — | 100,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, 2016 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 67,746 | $ | 107,423 | ||||
Net realized gain (loss) | 13,606 | (68,996 | ) | |||||
Net change in unrealized appreciation (depreciation) | (60,327 | ) | (203,934 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 21,025 | (165,507 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (53,356 | ) | (84,640 | ) | ||||
Net realized gains | — | (6,588 | ) | |||||
|
|
|
| |||||
Total distributions | (53,356 | ) | (91,228 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | — | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | — | — | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (32,331 | ) | (256,735 | ) | ||||
Net Assets | ||||||||
Beginning of period | 3,497,961 | 3,754,696 | ||||||
|
|
|
| |||||
End of period | $ | 3,465,630 | $ | 3,497,961 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 48,653 | $ | 34,263 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 150,001 | 150,001 | ||||||
Shares sold | — | — | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 150,001 | 150,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||
Selected Per Share Data | ||||||||||||
Net Asset Value, beginning of period | $ | 23.70 | $ | 24.41 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) (c) | 0.30 | 0.65 | 0.13 | |||||||||
Net realized and unrealized gain (loss) | (1.26 | ) | (0.91 | )(d) | (0.72 | ) | ||||||
|
|
|
|
|
| |||||||
Total from investment operations | (0.96 | ) | (0.26 | ) | (0.59 | ) | ||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.10 | ) | (0.39 | ) | — | |||||||
Net realized gains | — | (0.06 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (1.10 | ) | (0.45 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 21.64 | $ | 23.70 | $ | 24.41 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | (4.15 | )** | (0.96 | ) | (2.36 | )** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 3 | 4 | 2 | |||||||||
Ratio of expenses (%) | 0.48 | * | 0.48 | 0.48 | * | |||||||
Ratio of net investment income (loss) (%) | 2.60 | * | 2.83 | 3.53 | * | |||||||
Portfolio turnover rate (%) (e) | 19 | ** | 27 | 2 | ** | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(b) | ||||||||||
Selected Per Share Data | ||||||||||||
Net Asset Value, beginning of period | $ | 23.19 | $ | 25.00 | ||||||||
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) (c) | 0.14 | 0.28 | ||||||||||
Net realized and unrealized gain (loss) | 0.80 | (1.97 | )(d) | |||||||||
|
|
|
| |||||||||
Total from investment operations | 0.94 | (1.69 | ) | |||||||||
|
|
|
| |||||||||
Less distributions from: | ||||||||||||
Net investment income | (0.08 | ) | (0.12 | ) | ||||||||
|
|
|
| |||||||||
Total distributions | (0.08 | ) | (0.12 | ) | ||||||||
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 24.05 | $ | 23.19 | ||||||||
|
|
|
| |||||||||
Total Return (%) | 4.08 | ** | (6.78 | )** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 17 | 19 | ||||||||||
Ratio of expenses (%) | 0.40 | * | 0.40 | * | ||||||||
Ratio of net investment income (loss) (%) | 1.19 | * | 1.31 | * | ||||||||
Portfolio turnover rate (%) (e) | 18 | ** | 8 | ** |
(a) | For the period April 9, 2015 (commencement of operations) through May 31, 2015. |
(b) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
(c) | Based on average shares outstanding during the period. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Selected Per Share Data | ||||||||
Net Asset Value, beginning of period | $ | 20.83 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.15 | 0.30 | ||||||
Net realized and unrealized gain (loss) | 1.10 | (4.30 | ) | |||||
|
|
|
| |||||
Total from investment operations | 1.25 | (4.00 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.09 | ) | (0.17 | ) | ||||
|
|
|
| |||||
Total distributions | (0.09 | ) | (0.17 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 21.99 | $ | 20.83 | ||||
|
|
|
| |||||
Total Return (%) | 6.06 | ** | (16.06 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 3 | 3 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 1.49 | * | 1.77 | * | ||||
Portfolio turnover rate (%) (c) | 14 | ** | 26 | ** | ||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Selected Per Share Data | ||||||||
Net Asset Value, beginning of period | $ | 24.83 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.47 | 0.94 | ||||||
Net realized and unrealized gain (loss) | 0.28 | (0.26 | )(d) | |||||
|
|
|
| |||||
Total from investment operations | 0.75 | 0.68 | ||||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.70 | ) | (0.53 | ) | ||||
Net realized gains | — | (0.32 | ) | |||||
|
|
|
| |||||
Total distributions | (0.70 | ) | (0.85 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.88 | $ | 24.83 | ||||
|
|
|
| |||||
Total Return (%) | 3.16 | ** | 2.98 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 4 | 4 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 3.85 | * | 5.00 | * | ||||
Portfolio turnover rate (%) (c) | 6 | ** | 22 | ** |
(a) | For the period August 19, 2015 (commencement of operations) through May 31, 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. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Selected Per Share Data | ||||||||
Net Asset Value, beginning of period | $ | 24.25 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.21 | 0.40 | ||||||
Net realized and unrealized gain (loss) | 0.41 | (0.89 | ) | |||||
|
|
|
| |||||
Total from investment operations | 0.62 | (0.49 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.53 | ) | (0.26 | ) | ||||
|
|
|
| |||||
Total distributions | (0.53 | ) | (0.26 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.34 | $ | 24.25 | ||||
|
|
|
| |||||
Total Return (%) | 2.72 | ** | (1.96 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 1.77 | * | 2.16 | * | ||||
Portfolio turnover rate (%) (c) | 10 | ** | 23 | ** | ||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Selected Per Share Data | ||||||||
Net Asset Value, beginning of period | $ | 19.49 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.33 | 0.46 | ||||||
Net realized and unrealized gain (loss) | (0.81 | ) | (5.75 | ) | ||||
|
|
|
| |||||
Total from investment operations | (0.48 | ) | (5.29 | ) | ||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.48 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Total distributions | (0.48 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 18.53 | $ | 19.49 | ||||
|
|
|
| |||||
Total Return (%) | (2.45 | )** | (21.29 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 3.70 | * | 2.76 | * | ||||
Portfolio turnover rate (%) (c) | 11 | ** | 29 | ** |
(a) | For the period August 19, 2015 (commencement of operations) through May 31, 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. | 65 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Selected Per Share Data | ||||||||
Net Asset Value, beginning of period | $ | 20.25 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.37 | 0.53 | ||||||
Net realized and unrealized gain (loss) | (0.89 | ) | (4.99 | ) | ||||
|
|
|
| |||||
Total from investment operations | (0.52 | ) | (4.46 | ) | ||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.49 | ) | (0.29 | ) | ||||
|
|
|
| |||||
Total distributions | (0.49 | ) | (0.29 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 19.24 | $ | 20.25 | ||||
|
|
|
| |||||
Total Return (%) | (2.56 | )** | (17.94 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 3.93 | * | 3.18 | * | ||||
Portfolio turnover rate (%) (c) | 8 | ** | 20 | ** | ||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Period Ended 5/31/2016(a) | ||||||
Selected Per Share Data | ||||||||
Net Asset Value, beginning of period | $ | 20.89 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) (b) | 0.38 | 0.53 | ||||||
Net realized and unrealized gain (loss) | (0.91 | ) | (4.29 | ) | ||||
|
|
|
| |||||
Total from investment operations | (0.53 | ) | (3.76 | ) | ||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.42 | ) | (0.35 | ) | ||||
|
|
|
| |||||
Total distributions | (0.42 | ) | (0.35 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 19.94 | $ | 20.89 | ||||
|
|
|
| |||||
Total Return (%) | (2.50 | )** | (15.10 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 3.88 | * | 3.14 | * | ||||
Portfolio turnover rate (%) (c) | 13 | ** | 23 | ** |
(a) | For the period August 19, 2015 (commencement of operations) through May 31, 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. | 66 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | For the Six Months Ended 11/30/2016 (Unaudited) | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||
Selected Per Share Data | ||||||||||||
Net Asset Value, beginning of period | $ | 23.32 | $ | 25.03 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.45 | 0.72 | 0.18 | |||||||||
Net realized and unrealized gain (loss) | (0.31 | ) | (1.83 | ) | (0.15 | ) | ||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.14 | (1.11 | ) | 0.03 | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.36 | ) | (0.56 | ) | — | |||||||
Net realized gains | — | (0.04 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.36 | ) | (0.60 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.10 | $ | 23.32 | $ | 25.03 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.57 | ** | (4.24 | ) | 0.12 | ** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 3 | 3 | 4 | |||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 3.80 | * | 3.17 | 4.84 | * | |||||||
Portfolio turnover rate (%)(c) | 10 | ** | 22 | 1 | ** |
(a) | For the period April 9, 2015 (commencement of operations) through May 31, 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. | 67 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Effective January 6, 2017, the Deutsche X-trackers Dow Jones Hedged International Real Estate ETF, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche Xtrackers MSCI Southern Europe Hedged Equity ETF, and Deutsche Xtrackers MSCI Spain Hedged Equity ETF, transferred their primary listings to Bats BZX Exchange, Inc. and will no longer be listed on the NYSE Arca, Inc. 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 Dow Jones Hedged International Real Estate ETF | Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged | |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | JPX-Nikkei 400 Net Total Return USD Hedged Index | |
Deutsche X-trackers MSCI Australia Hedged Equity ETF | MSCI Australia US Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | MSCI EAFE Small Cap US Dollar Hedged Index | |
Deutsche X-trackers MSCI Italy Hedged Equity ETF | MSCI Italy 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | MSCI Southern Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Spain Hedged Equity ETF | MSCI Spain 25/50 US Dollar Hedged Index | |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | S&P Global Infrastructure Index (USD) (Hedged) (Net TR) |
The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged is designed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged is rebalanced monthly on the last business day of each month.
68
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 is rebalanced annually.
The JPX-Nikkei 400 Net Total Return USD Hedged Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. The JPX-Nikkei 400 Net Total Return USD Hedged Index is rebalanced monthly on the last business day of the month.
The MSCI Australia US Dollar Hedged Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. The MSCI Australia US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI EAFE Small Cap US Dollar Hedged Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Italy 25/50 US Dollar Hedged Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Italy 25/50 US Dollar Hedged Index is rebalanced quarterly.
The MSCI Southern Europe US Dollar Hedged Index is designed to track the performance the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Southern Europe US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Spain 25/50 US Dollar Hedged Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Spain 25/50 US Dollar Hedged Index is rebalanced quarterly.
S&P Global Infrastructure Index (USD) (Hedged) (Net TR) (the “Underlying Index”) is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The S&P Global Infrastructure Index (USD) (Hedged) (Net TR) is rebalanced monthly on the last business day of each month.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
69
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
70
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Dow Jones Hedged International Real Estate ETF Fund to pay out dividends from net investment income quarterly and Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Spain Hedged Equity ETF, Deutsche X-trackers S&P Hedged Global Infrastructure ETF to pay out dividends from net investment income semiannually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2016, the Funds did not incur any interest or penalties.
At May 31, 2016, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 5,766 | $ | — | $ | 5,766 | ||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 34,973 | 42,844 | 77,817 | |||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 7,784 | 7,250 | 15,034 | |||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 10,136 | 5,248 | 15,384 | |||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 3,850 | 5,331 | 9,181 | |||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 10,084 | 5,348 | 15,432 | |||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 11,766 | — | 11,766 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | 288,090 | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 4,702 | |||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 303,023 |
71
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Post-October Losses on Capital | ||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | $ | 35,213 | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 12,834 | |||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 135,720 | |||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 63,330 | |||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 32,356 | |||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 17,670 |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, each Fund had securities on loan, 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
72
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Derivatives
Forward Foreign Currency Exchange Contracts Each Fund, except Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Deutsche X-trackers Dow Jones Hedged International Real Estate ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, and Deutsche X-trackers S&P Hedged Global Infrastructure ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, and Deutsche X-trackers MSCI Spain Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S dollar against the Japanese Yen, the Australian Dollar, the Euro, Euro and Euro, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following each Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2016.
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2016, Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF utilized futures in order to simulate investment in each Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
73
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
A summary of the open futures contracts as of November 30, 2016 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 123,583 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 15,070 | ||||||||
|
|
|
| |||||||||||
Total | $ | 123,583 | Total | $ | 15,070 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 14,842 | Unrealized depreciation on futures contracts | $ | — | ||||||||
|
|
|
| |||||||||||
Total | $ | 14,842 | Total | $ | — | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 4,050 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 269,285 | Unrealized depreciation on forward foreign currency exchange contracts | 10,930 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 273,335 | Total | $ | 10,930 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 106,677 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 2,375 | ||||||||
|
|
|
| |||||||||||
Total | $ | 106,677 | Total | $ | 2,375 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 104,527 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 14,328 | ||||||||
|
|
|
| |||||||||||
Total | $ | 104,527 | Total | $ | 14,328 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 65,146 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,251 | ||||||||
|
|
|
| |||||||||||
Total | $ | 65,146 | Total | $ | 1,251 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 69,849 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,343 | ||||||||
|
|
|
| |||||||||||
Total | $ | 69,849 | Total | $ | 1,343 | |||||||||
|
|
|
|
74
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 73,222 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,408 | ||||||||
|
|
|
| |||||||||||
Total | $ | 73,222 | Total | $ | 1,408 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 51,584 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 9,590 | ||||||||
|
|
|
| |||||||||||
Total | $ | 51,584 | Total | $ | 9,590 | |||||||||
|
|
|
|
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||||
Futures - Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | — | $ | 207,686 | $ | 207,686 | ||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 1,085 | — | 1,085 | |||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | — | (48,263 | ) | (48,263 | ) | |||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | — | (21,394 | ) | (21,394 | ) | |||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | — | 120,470 | 120,470 | |||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | — | 95,233 | 95,233 | |||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | — | 100,379 | 100,379 | |||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | — | 104,635 | 104,635 | |||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | — | 96,611 | 96,611 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures - Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | — | $ | (70,814 | ) | $ | (70,814 | ) | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 14,842 | — | 14,842 | |||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 4,050 | 152,739 | 156,789 | |||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | — | (83,683 | ) | (83,683 | ) | |||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | — | 21,905 | 21,905 | |||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | — | 4,634 | 4,634 | |||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | — | 7,154 | 7,154 | |||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | — | 8,626 | 8,626 | |||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | — | (21,588 | ) | (21,588 | ) |
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | $ | — | $ | (3,388,554 | ) | |||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 148,501 | — | ||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 69,359 | (2,560,313 | ) | |||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | — | (3,661,443 | ) |
75
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | $ | — | $ | (2,319,561 | ) | |||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | — | (1,805,666 | ) | |||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | — | (1,895,301 | ) | |||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | — | (1,969,529 | ) | |||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | — | (1,967,675 | ) |
As of November 30, 2016, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 123,581 | $ | (15,065 | ) | $ | — | $ | 108,516 | $ | 15,065 | $ | (15,065 | ) | $ | — | $ | — | ||||||||||||||
Goldman Sachs & Co. | 2 | (2 | ) | — | — | 5 | (2 | ) | — | 3 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 123,583 | $ | (15,067 | ) | $ | — | $ | 108,516 | $ | 15,070 | $ | (15,067 | ) | $ | — | $ | 3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 269,285 | $ | (10,930 | ) | $ | — | $ | 258,355 | $ | 10,930 | $ | (10,930 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 269,285 | $ | (10,930 | ) | $ | — | $ | 258,355 | $ | 10,930 | $ | (10,930 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 106,677 | $ | (2,375 | ) | $ | — | $ | 104,302 | $ | 2,375 | $ | (2,375 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 106,677 | $ | (2,375 | ) | $ | — | $ | 104,302 | $ | 2,375 | $ | (2,375 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 104,527 | $ | (14,328 | ) | $ | — | $ | 90,199 | $ | 14,328 | $ | (14,328 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 104,527 | $ | (14,328 | ) | $ | — | $ | 90,199 | $ | 14,328 | $ | (14,328 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 65,146 | $ | (1,251 | ) | $ | — | $ | 63,895 | $ | 1,251 | $ | (1,251 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 65,146 | $ | (1,251 | ) | $ | — | $ | 63,895 | $ | 1,251 | $ | (1,251 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 69,849 | $ | (1,343 | ) | $ | — | $ | 68,506 | $ | 1,343 | $ | (1,343 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 69,849 | $ | (1,343 | ) | $ | — | $ | 68,506 | $ | 1,343 | $ | (1,343 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 73,222 | $ | (1,408 | ) | $ | — | $ | 71,814 | $ | 1,408 | $ | (1,408 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 73,222 | $ | (1,408 | ) | $ | — | $ | 71,814 | $ | 1,408 | $ | (1,408 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 17,529 | $ | (2,260 | ) | $ | — | $ | 15,269 | $ | 2,260 | $ | (2,260 | ) | $ | — | $ | — | ||||||||||||||
The Bank of New York Mellon | 697 | (269 | ) | — | 428 | 269 | (269 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 11,148 | (2,683 | ) | — | 8,465 | 2,683 | (2,683 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 22,210 | (4,378 | ) | — | 17,832 | 4,378 | (4,378 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 51,584 | $ | (9,590 | ) | $ | — | $ | 41,994 | $ | 9,590 | $ | (9,590 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to each Fund and was responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time.
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
Effective Dates | ||
September 14, 2016 | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | |
October 19, 2016 | Deutsche X-trackers Dow Jones Hedged International Real Estate ETF Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF Deutsche X-trackers MSCI Australia Hedged Equity ETF Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF Deutsche X-trackers MSCI Italy Hedged Equity ETF Deutsche X-trackers MSCI Spain Hedged Equity ETF | |
November 17, 2016 | Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
77
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 0.48 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 0.40 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of, interest expense, taxes, brokerage expenses, and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 Dow Jones Hedged International Real Estate ETF | $ | 655,481 | $ | 659,756 | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 3,812,811 | 3,760,208 | ||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 456,647 | 422,703 | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | 217,506 | 379,164 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 370,281 | 241,271 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 280,127 | 198,330 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 232,516 | 143,801 | ||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 351,884 | 248,866 | ||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 455,039 | 371,120 |
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 8,244,337 | $ | 10,719,540 |
5. Fund Share Transactions
As of November 30, 2016, there were unlimited Fund shares authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the
78
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2016, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | 67 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | 67 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | 67 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 85 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | 68 | % | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | 47 | % |
79
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 most recent 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 Trust 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 or Bats BZX, as applicable, 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.
80
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.
81
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Any fund that concentrates in a segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Funds may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
DBX ETF Trust (Continued)
The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged and the S&P Global Infrastructure Index (USD) (Hedged) (Net TR) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by DBRE and DBIF. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DBRE and DBIF. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, or third party licensors, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged and the S&P Global Infrastructure Index (USD) (Hedged) (Net TR).
The “JPX-Nikkei Index 400” and “JPX-Nikkei 400 Total Return Index” (hereinafter collectively referred to as the “Index”) are copyrightable works calculated using such methodology independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. (hereinafter collectively called “JPX Group”) and Nikkei Inc. (hereinafter called “Nikkei”). JPX Group and Nikkei jointly own copyrights and any other intellectual property rights subsisting in “Index” itself and the methodology to calculate “Index”. JPN and JPNH are not in any way sponsored, endorsed or promoted by JPX Group and Nikkei. JPX Group and Nikkei do not make any warranty or representation. JPX Group and Nikkei have no obligation to publish “Index” continuously and shall not be liable for any errors, delays or suspensions of the publication of “Index”. The currency hedge used for JPNH is provided solely by the Licensee. JPX Group and/or Nikkei assume no responsibility for such hedging, including, but not limited to, the tracking errors due to such hedging.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049074-1 (1/17) DBX 002441 (1/18)
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/ Freddi Klassen |
Freddi Klassen |
President and Chief Executive Officer |
Date 1/31/2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Freddi Klassen |
Freddi Klassen |
President and Chief Executive Officer |
Date 1/31/2017 |
By (Signature and Title)* /s/ Michael Gilligan |
Michael Gilligan |
Treasurer, Chief Financial Officer and Controller |
Date 1/31/2017 |
* Print the name and title of each signing officer under his or her signature.