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: August 31
Date of reporting period: February 28, 2017
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.
February 28, 2017
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (DEMG)
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (DEUS)
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (DESC)
DBX ETF Trust
Page | ||||
1 | ||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | 2 | |||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | 7 | |||
17 | ||||
26 | ||||
35 | ||||
50 | ||||
51 | ||||
52 | ||||
54 | ||||
56 | ||||
Board Considerations in Approval of Investment Advisory Contracts | 64 | |||
66 | ||||
67 |
To our shareholders: (Unaudited)
We are pleased to provide this semi-annual report for our four comprehensive factor equity ETFs for the period ended February 28, 2017.
The global economy paced itself toward steady growth, as continued positive macroeconomic data supported the reflation themes of higher anticipated economic growth and inflation that we began to see following Donald Trump’s election. The US, Eurozone, and Japan painted an upbeat economic picture despite political uncertainty. Optimism about the US economy rose, as expectations of an expansionary fiscal policy strengthened following President Donald Trump’s election. However, investor worries mounted over the impending elections in Europe and the future path of the UK’s exit (“Brexit”) from the European Union (EU). Also encouragingly, emerging markets showed signs of a rebound, underpinned by stabilizing commodity prices.
US equity indices reached all time highs on the back of a positive earnings season and optimism over President Trump’s proposed policies on tax reforms and deregulation. Markets, in general, focused on potential stimulus to the economy while choosing to ignore the risks stemming from protectionist trade policies. The Federal Reserve Board (FRB) continued with its moderate tightening policy owing to a strengthening economy and improving employment levels and payroll data.
European equities advanced on strong manufacturing data and encouraging forward-looking indicators. The European Central Bank (ECB) continued to support the recovery in the Eurozone, extending stimulus until the end of 2017. On the other hand, markets remained cautious about the upcoming elections in the Netherlands, Germany, and France. In the UK, equities were cushioned by a weak GBP despite mixed data and developments concerning Brexit.
Japanese equity markets gained ground amid a backdrop of growing industrial output and strong external demand. The story in emerging market equities was no different, as they continued to benefit from the rebound in energy prices, prompting substantial inflows of capital, which boosted local business confidence. Meanwhile, China showed signs of a rally, with policymakers assuring the implementation of “supply-side” economics to transform the economy.
Divergent monetary policies will continue to be a theme in 2017, as central banks in developed markets are likely to scale back stimulus policies at different rates while the FRB has already started a tightening cycle while emerging markets continue their economic reforms. Despite the relatively calm nature of the markets recently, occasional spurs of volatility will continue to test market resiliency.
In such volatile markets, diversifying factors may be a better positioning than pursuing a single-factor approach. However, whether markets remain relatively calm, or we do in fact witness some episodic volatility, our view is that retaining a diversified factor approach is right. It takes advantage of the relatively uncorrelated nature of their excess returns, and mitigates the need to try and time a particular market cycle.
Our team appreciates your trust and looks forward to continue 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 FTSE Developed ex US Comprehensive Factor ETF (DEEF)
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-cap equity securities from developed markets (except the United States). The Underlying Index consists of issuers from the following 23 developed market countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into an index.
Ten Largest Equity Holdings
as of 2/28/17 (7.6% of Net Assets)
Description | % of Net Assets | |||
Dexus Property Group (Australia) | 0.9% | |||
Link REIT (Hong Kong) | 0.9% | |||
Daito Trust Construction Co. Ltd. (Japan) | 0.8% | |||
Mirvac Group (Australia) | 0.8% | |||
3i Group PLC (United Kingdom) | 0.8% | |||
Johnson Matthey PLC (United Kingdom) | 0.7% | |||
Skanska AB (Sweden) | 0.7% | |||
Goodman Group (Australia) | 0.7% | |||
Segro PLC (United Kingdom) | 0.7% | |||
Fletcher Building Ltd. (New Zealand) | 0.6% |
Country Diversification* as of 2/28/17
Japan | 19.8% | |||
United Kingdom | 13.9% | |||
Australia | 12.2% | |||
Canada | 8.1% | |||
France | 5.3% | |||
Sweden | 5.2% | |||
Hong Kong | 4.6% | |||
Switzerland | 4.5% | |||
Germany | 4.3% | |||
South Korea | 4.1% | |||
Singapore | 3.3% | |||
Finland | 2.3% | |||
New Zealand | 2.2% | |||
Other | 10.2% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 2/28/17
Industrials | 21.1% | |||
Real Estate | 13.5% | |||
Consumer Discretionary | 13.2% | |||
Materials | 12.1% | |||
Consumer Staples | 10.2% | |||
Financials | 9.4% | |||
Utilities | 5.7% | |||
Health Care | 4.8% | |||
Information Technology | 4.6% | |||
Telecommunication Services | 3.1% | |||
Energy | 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 7.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (DEMG)
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Emerging Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in emerging market countries selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Emerging Index, which is comprised of large- and mid-cap equity securities from emerging markets. It is not possible to invest directly into an index.
Ten Largest Equity Holdings
as of 2/28/17 (10.6% of Net Assets)
Description | % of Net Assets | |||
Bidvest Group Ltd. (South Africa) | 2.3% | |||
Lite-On Technology Corp. (Taiwan) | 1.2% | |||
SPAR Group Ltd. (South Africa) | 1.2% | |||
Itausa — Investimentos Itau SA (Brazil) | 1.0% | |||
Guangzhou Automobile Group Co. Ltd. (China) | 0.9% | |||
Equatorial Energia SA (Brazil) | 0.9% | |||
LUKOIL PJSC (Russia) | 0.8% | |||
Hyprop Investments Ltd. (South Africa) | 0.8% | |||
Inventec Corp. (Taiwan) | 0.8% | |||
United Microelectronics Corp. (Taiwan) | 0.7% |
Country Diversification* as of 2/28/17
Taiwan | 17.4% | |||
South Africa | 17.3% | |||
China | 13.1% | |||
Brazil | 10.9% | |||
Mexico | 6.3% | |||
Malaysia | 4.7% | |||
Russia | 4.7% | |||
Hong Kong | 4.6% | |||
Chile | 3.8% | |||
Thailand | 3.8% | |||
Indonesia | 2.3% | |||
Turkey | 2.1% | |||
Other | 9.0% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 2/28/17
Industrials | 15.4% | |||
Consumer Staples | 12.6% | |||
Financials | 12.2% | |||
Materials | 10.8% | |||
Information Technology | 10.5% | |||
Consumer Discretionary | 9.8% | |||
Utilities | 8.5% | |||
Real Estate | 7.4% | |||
Energy | 7.3% | |||
Telecommunication Services | 3.9% | |||
Health Care | 1.6% | |||
|
| |||
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 17.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (DEUS)
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style factors of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
Ten Largest Equity Holdings
as of 2/28/17 (6.0% of Net Assets)
Description | % of Net Assets | |||
Symantec Corp. | 0.9% | |||
Sysco Corp. | 0.9% | |||
Genuine Parts Co. | 0.6% | |||
Archer-Daniels-Midland Co. | 0.6% | |||
Huntington Ingalls Industries, Inc. | 0.5% | |||
Yum! Brands, Inc. | 0.5% | |||
HP, Inc. | 0.5% | |||
Edison International | 0.5% | |||
Darden Restaurants, Inc. | 0.5% | |||
Marsh & McLennan Cos., Inc. | 0.5% |
Sector Diversification* as of 2/28/17
Industrials | 18.0% | |||
Consumer Discretionary | 17.2% | |||
Financials | 15.6% | |||
Information Technology | 13.2% | |||
Utilities | 9.3% | |||
Health Care | 7.2% | |||
Materials | 7.0% | |||
Consumer Staples | 6.7% | |||
Real Estate | 4.2% | |||
Energy | 0.9% | |||
Telecommunication Services | 0.7% | |||
|
| |||
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 26.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (DESC)
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 2000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 2000 Index, which is comprised of small-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.
Ten Largest Equity Holdings
as of 2/28/17 (3.1% of Net Assets)
Description | % of Net Assets | |||
MYR Group, Inc. | 0.4% | |||
Bob Evans Farms, Inc. | 0.3% | |||
Koppers Holdings, Inc. | 0.3% | |||
Piper Jaffray Cos. | 0.3% | |||
Innophos Holdings, Inc. | 0.3% | |||
Viad Corp. | 0.3% | |||
Hub Group, Inc. | 0.3% | |||
Children’s Place, Inc. | 0.3% | |||
Federal Agricultural Mortgage Corp. | 0.3% | |||
Insperity, Inc. | 0.3% |
Sector Diversification* as of 2/28/17
Financials | 31.0% | |||
Industrials | 19.2% | |||
Consumer Discretionary | 15.3% | |||
Information Technology | 9.1% | |||
Real Estate | 7.4% | |||
Health Care | 5.0% | |||
Materials | 4.6% | |||
Consumer Staples | 3.0% | |||
Utilities | 2.7% | |||
Energy | 1.4% | |||
Telecommunication Services | 1.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange traded fund and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.
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. 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 (September 1, 2016 to February 28, 2017).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value September 1, 2016 | Ending Account Value February 28, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,020.20 | 0.35 | % | $ | 1.75 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.06 | 0.35 | % | $ | 1.76 | ||||||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,052.20 | 0.50 | % | $ | 2.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.32 | 0.50 | % | $ | 2.51 | ||||||||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,088.20 | 0.25 | % | $ | 1.29 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.55 | 0.25 | % | $ | 1.25 | ||||||||
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,137.70 | 0.30 | % | $ | 1.59 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.30 | % | $ | 1.51 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
6
DBX ETF Trust
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF
February 28, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Australia — 12.2% | ||||||||
Adelaide Brighton Ltd. | 2,151 | $ | 8,881 | |||||
AGL Energy Ltd. | 609 | 11,294 | ||||||
Alumina Ltd. (a) | 538 | 763 | ||||||
Amcor Ltd. | 1,086 | 11,731 | ||||||
AMP Ltd. | 291 | 1,092 | ||||||
Ansell Ltd. | 541 | 8,855 | ||||||
Aristocrat Leisure Ltd. | 251 | 3,203 | ||||||
ASX Ltd. | 289 | 11,383 | ||||||
Aurizon Holdings Ltd. | 1,042 | 4,102 | ||||||
AusNet Services | 4,494 | 5,597 | ||||||
Australia & New Zealand Banking Group Ltd. | 70 | 1,663 | ||||||
Bank of Queensland Ltd. | 149 | 1,357 | ||||||
Bendigo & Adelaide Bank Ltd. | 152 | 1,428 | ||||||
BHP Billiton Ltd. | 20 | 384 | ||||||
BlueScope Steel Ltd. | 79 | 742 | ||||||
Boral Ltd. | 3,791 | 17,080 | ||||||
Brambles Ltd. | 1,700 | 12,169 | ||||||
Caltex Australia Ltd. | 863 | 18,671 | ||||||
Challenger Ltd. | 501 | 4,407 | ||||||
CIMIC Group Ltd. | 172 | 4,991 | ||||||
Coca-Cola Amatil Ltd. | 12 | 95 | ||||||
Cochlear Ltd. | 100 | 10,037 | ||||||
Commonwealth Bank of Australia | 4 | 253 | ||||||
Computershare Ltd. | 469 | 4,872 | ||||||
Crown Resorts Ltd. | 721 | 7,018 | ||||||
CSL Ltd. | 92 | 8,337 | ||||||
CSR Ltd. | 3,168 | 10,181 | ||||||
Dexus Property Group REIT | 6,511 | 47,256 | ||||||
Domino’s Pizza Enterprises Ltd. (a) | 8 | 343 | ||||||
Downer EDI Ltd. | 1,558 | 8,421 | ||||||
DUET Group (b) | 2,394 | 5,062 | ||||||
DuluxGroup Ltd. | 1,167 | 5,509 | ||||||
Flight Centre Travel Group Ltd. | 96 | 2,129 | ||||||
Goodman Group REIT | 6,140 | 35,642 | ||||||
GPT Group REIT | 6,628 | 25,123 | ||||||
Harvey Norman Holdings Ltd. | 1,643 | 6,506 | ||||||
Healthscope Ltd. | 1,900 | 3,287 | ||||||
Iluka Resources Ltd. | 565 | 2,945 | ||||||
Incitec Pivot Ltd. | 994 | 2,805 | ||||||
Insurance Australia Group Ltd. | 684 | 3,155 | ||||||
IOOF Holdings Ltd. (a) | 454 | 3,019 | ||||||
LendLease Group (b) | 1,079 | 12,635 | ||||||
Macquarie Atlas Roads Group (b) | 772 | 2,908 | ||||||
Macquarie Group Ltd. | 43 | 2,865 | ||||||
Magellan Financial Group Ltd. | 119 | 2,089 | ||||||
Medibank Pvt Ltd. | 9,055 | 19,633 | ||||||
Metcash Ltd.* | 5,878 | 9,762 | ||||||
Mirvac Group REIT | 24,941 | 41,228 | ||||||
Newcrest Mining Ltd. | 76 | 1,294 | ||||||
Nufarm Ltd. | 235 | 1,599 | ||||||
Oil Search Ltd. | 319 | 1,712 | ||||||
Origin Energy Ltd.* | 224 | 1,130 | ||||||
Orora Ltd. | 5,189 | 11,849 | ||||||
OZ Minerals Ltd. | 299 | 2,138 | ||||||
Perpetual Ltd. | 160 | 6,367 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Platinum Asset Management Ltd. | 370 | $ | 1,479 | |||||
Qantas Airways Ltd. | 900 | 2,595 | ||||||
QBE Insurance Group Ltd. | 83 | 786 | ||||||
Ramsay Health Care Ltd. | 107 | 5,741 | ||||||
REA Group Ltd. | 92 | 3,999 | ||||||
Scentre Group REIT | 8,193 | 27,464 | ||||||
SEEK Ltd. | 680 | 8,203 | ||||||
Seven West Media Ltd. | 474 | 250 | ||||||
Shopping Centres Australasia Property Group REIT | 5,136 | 8,806 | ||||||
Sonic Healthcare Ltd. | 610 | 10,093 | ||||||
Star Entertainment Group Ltd. | 1,353 | 5,076 | ||||||
Stockland REIT | 5,850 | 21,229 | ||||||
Suncorp Group Ltd. | 115 | 1,173 | ||||||
Sydney Airport (b) | 454 | 2,115 | ||||||
Tabcorp Holdings Ltd. | 1,908 | 6,249 | ||||||
Tatts Group Ltd. | 1,873 | 5,847 | ||||||
Telstra Corp. Ltd. | 593 | 2,198 | ||||||
TPG Telecom Ltd. (a) | 274 | 1,314 | ||||||
Transurban Group (b) | 291 | 2,468 | ||||||
Vicinity Centres REIT | 6,161 | 13,690 | ||||||
Wesfarmers Ltd. | 271 | 8,901 | ||||||
Westfield Corp. REIT | 3,878 | 26,238 | ||||||
Westpac Banking Corp. | 31 | 803 | ||||||
Woodside Petroleum Ltd. | 153 | 3,687 | ||||||
Woolworths Ltd. | 332 | 6,575 | ||||||
WorleyParsons Ltd.* | 87 | 712 | ||||||
|
| |||||||
616,688 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 87 | 4,558 | ||||||
OMV AG | 47 | 1,801 | ||||||
Telekom Austria AG* | 308 | 1,987 | ||||||
voestalpine AG | 72 | 3,039 | ||||||
|
| |||||||
11,385 | ||||||||
|
| |||||||
Belgium — 1.2% | ||||||||
Ackermans & van Haaren NV | 15 | 2,080 | ||||||
Ageas | 16 | 609 | ||||||
bpost SA | 427 | 10,640 | ||||||
Colruyt SA | 203 | 9,549 | ||||||
Groupe Bruxelles Lambert SA | 120 | 10,202 | ||||||
Proximus SADP | 147 | 4,335 | ||||||
Sofina SA | 48 | 6,529 | ||||||
Solvay SA | 9 | 1,052 | ||||||
Telenet Group Holding NV* | 19 | 1,077 | ||||||
Umicore SA | 304 | 16,060 | ||||||
|
| |||||||
62,133 | ||||||||
|
| |||||||
Canada — 8.1% | ||||||||
Agrium, Inc. | 87 | 8,411 | ||||||
Alimentation Couche-Tard, Inc., Class B | 156 | 6,956 | ||||||
ARC Resources Ltd. | 89 | 1,330 | ||||||
Bank of Montreal | 187 | 14,231 | ||||||
Bank of Nova Scotia | 131 | 7,620 | ||||||
BCE, Inc. | 84 | 3,675 | ||||||
Brookfield Asset Management, Inc., Class A | 228 | 8,235 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Canada (Continued) | ||||||||
Cameco Corp. | 36 | $ | 400 | |||||
Canadian Imperial Bank of Commerce | 179 | 15,760 | ||||||
Canadian National Railway Co. | 103 | 7,183 | ||||||
Canadian Natural Resources Ltd. | 27 | 776 | ||||||
Canadian Pacific Railway Ltd. | 28 | 4,132 | ||||||
Canadian Tire Corp. Ltd., Class A | 223 | 25,643 | ||||||
Canadian Utilities Ltd., Class A | 324 | 8,743 | ||||||
Cenovus Energy, Inc. | 76 | 964 | ||||||
CGI Group, Inc., Class A* | 224 | 10,327 | ||||||
CI Financial Corp. | 446 | 9,119 | ||||||
Constellation Software, Inc. | 6 | 2,825 | ||||||
Enbridge, Inc. | 56 | 2,364 | ||||||
Fairfax Financial Holdings Ltd. | 16 | 7,224 | ||||||
Fortis, Inc. | 740 | 23,539 | ||||||
Franco-Nevada Corp. | 50 | 3,232 | ||||||
George Weston Ltd. | 132 | 11,093 | ||||||
Great-West Lifeco, Inc. | 104 | 2,846 | ||||||
IGM Financial, Inc. | 304 | 9,344 | ||||||
Imperial Oil Ltd. | 15 | 470 | ||||||
Intact Financial Corp. | 187 | 13,294 | ||||||
Inter Pipeline Ltd. | 382 | 8,033 | ||||||
Loblaw Cos. Ltd. | 119 | 6,223 | ||||||
Magna International, Inc. | 196 | 8,404 | ||||||
Manulife Financial Corp. | 259 | 4,640 | ||||||
Metro, Inc. | 966 | 28,248 | ||||||
National Bank of Canada | 235 | 10,057 | ||||||
Pembina Pipeline Corp. | 151 | 4,893 | ||||||
Power Corp. of Canada | 521 | 12,155 | ||||||
Power Financial Corp. | 160 | 4,162 | ||||||
Restaurant Brands International, Inc. | 256 | 14,006 | ||||||
RioCan Real Estate Investment Trust REIT | 645 | 12,993 | ||||||
Rogers Communications, Inc., Class B | 399 | 16,798 | ||||||
Royal Bank of Canada | 39 | 2,841 | ||||||
Saputo, Inc. | 427 | 14,705 | ||||||
Shaw Communications, Inc., Class B | 615 | 12,834 | ||||||
SNC-Lavalin Group, Inc. | 60 | 2,450 | ||||||
Sun Life Financial, Inc. | 299 | 10,881 | ||||||
Suncor Energy, Inc. | 60 | 1,873 | ||||||
TELUS Corp. | 156 | 5,091 | ||||||
Toronto-Dominion Bank | 115 | 5,944 | ||||||
Tourmaline Oil Corp.* | 59 | 1,310 | ||||||
TransCanada Corp. | 83 | 3,826 | ||||||
Waste Connections, Inc. | 76 | 6,642 | ||||||
|
| |||||||
408,745 | ||||||||
|
| |||||||
China — 0.2% | ||||||||
AAC Technologies Holdings, Inc. | 255 | 2,686 | ||||||
China Mengniu Dairy Co. Ltd. | 924 | 1,821 | ||||||
Minth Group Ltd. | 200 | 636 | ||||||
Uni-President China Holdings Ltd. | 781 | 533 | ||||||
Want Want China Holdings Ltd. | 1,541 | 993 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 2,300 | 1,521 | ||||||
|
| |||||||
8,190 | ||||||||
|
| |||||||
Denmark — 1.2% | ||||||||
Carlsberg A/S, Class B | 55 | 4,847 | ||||||
Chr Hansen Holding A/S | 92 | 5,508 |
Number | Value | |||||||
Denmark (Continued) | ||||||||
Coloplast A/S, Class B | 43 | $ | 3,041 | |||||
Danske Bank A/S | 35 | 1,172 | ||||||
DSV A/S | 228 | 11,258 | ||||||
ISS A/S | 493 | 19,269 | ||||||
Jyske Bank A/S | 12 | 620 | ||||||
Novo Nordisk A/S, Class B | 20 | 712 | ||||||
Novozymes A/S, Class B | 128 | 4,939 | ||||||
Pandora A/S | 15 | 1,715 | ||||||
TDC A/S* | 442 | 2,386 | ||||||
Tryg A/S | 106 | 1,978 | ||||||
Vestas Wind Systems A/S | 7 | 521 | ||||||
William Demant Holding A/S* | 132 | 2,712 | ||||||
|
| |||||||
60,678 | ||||||||
|
| |||||||
Finland — 2.2% | ||||||||
Elisa OYJ | 371 | 12,406 | ||||||
Fortum OYJ (a) | 768 | 11,825 | ||||||
Huhtamaki OYJ | 192 | 6,947 | ||||||
Kesko OYJ, Class B | 260 | 11,966 | ||||||
Kone OYJ, Class B (a) | 260 | 11,675 | ||||||
Metso OYJ | 315 | 9,335 | ||||||
Neste OYJ | 35 | 1,223 | ||||||
Nokian Renkaat OYJ | 151 | 5,958 | ||||||
Orion OYJ, Class B | 156 | 7,715 | ||||||
Sampo OYJ, Class A | 71 | 3,245 | ||||||
Stora Enso OYJ, Class R | 675 | 7,273 | ||||||
UPM-Kymmene OYJ | 788 | 18,781 | ||||||
Wartsila OYJ Abp (a) | 92 | 4,744 | ||||||
|
| |||||||
113,093 | ||||||||
|
| |||||||
France — 5.3% | ||||||||
Accor SA | 24 | 950 | ||||||
Aeroports de Paris | 28 | 3,184 | ||||||
Air Liquide SA | 27 | 2,923 | ||||||
Airbus SE | 32 | 2,357 | ||||||
Alstom SA* | 39 | 1,062 | ||||||
Amundi SA, 144A | 15 | 872 | ||||||
Arkema SA | 63 | 6,125 | ||||||
Atos SE | 72 | 8,531 | ||||||
BioMerieux | 19 | 2,929 | ||||||
Bollore SA | 156 | 606 | ||||||
Bouygues SA | 116 | 4,483 | ||||||
Bureau Veritas SA | 167 | 3,196 | ||||||
Capgemini SA | 15 | 1,286 | ||||||
Carrefour SA | 116 | 2,778 | ||||||
Casino Guichard Perrachon SA | 80 | 4,243 | ||||||
Christian Dior SE | 23 | 4,885 | ||||||
Cie de Saint-Gobain | 75 | 3,605 | ||||||
Cie Generale des Etablissements Michelin | 203 | 22,876 | ||||||
Cie Plastic Omnium SA | 35 | 1,186 | ||||||
CNP Assurances | 23 | 427 | ||||||
Danone SA | 39 | 2,593 | ||||||
Dassault Systemes | 47 | 3,807 | ||||||
Edenred | 263 | 5,969 | ||||||
Eiffage SA | 56 | 4,012 | ||||||
Engie SA | 100 | 1,226 | ||||||
Essilor International SA | 24 | 2,758 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Euler Hermes Group | 24 | $ | 2,123 | |||||
Eurazeo SA | 15 | 929 | ||||||
Faurecia | 8 | 353 | ||||||
Fonciere Des Regions REIT | 6 | 495 | ||||||
Gecina SA REIT | 156 | 19,908 | ||||||
Groupe Eurotunnel SE | 56 | 524 | ||||||
Hermes International | 3 | 1,313 | ||||||
Iliad SA | 4 | 831 | ||||||
Imerys SA | 12 | 972 | ||||||
Ingenico Group SA | 1 | 90 | ||||||
Ipsen SA | 36 | 3,208 | ||||||
JCDecaux SA | 47 | 1,506 | ||||||
Kering | 11 | 2,685 | ||||||
Lagardere SCA | 107 | 2,699 | ||||||
Legrand SA | 127 | 7,182 | ||||||
L’Oreal SA | 7 | 1,306 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 7 | 1,409 | ||||||
Orange SA | 267 | 4,047 | ||||||
Orpea | 24 | 2,090 | ||||||
Publicis Groupe SA | 156 | 10,548 | ||||||
Remy Cointreau SA | 16 | 1,426 | ||||||
Renault SA | 4 | 356 | ||||||
Rexel SA | 243 | 3,942 | ||||||
Safran SA | 23 | 1,641 | ||||||
Sanofi | 1 | 86 | ||||||
Sartorius Stedim Biotech | 20 | 1,279 | ||||||
Schneider Electric SE | 48 | 3,259 | ||||||
SCOR SE | 75 | 2,717 | ||||||
SEB SA | 35 | 4,625 | ||||||
Societe BIC SA | 43 | 5,334 | ||||||
Sodexo SA | 97 | 10,673 | ||||||
Suez | 287 | 4,317 | ||||||
Teleperformance | 119 | 13,214 | ||||||
Thales SA | 131 | 12,946 | ||||||
TOTAL SA | 1 | 50 | ||||||
Unibail-Rodamco SE REIT | 34 | 7,780 | ||||||
Valeo SA | 235 | 14,486 | ||||||
Veolia Environnement SA | 287 | 4,712 | ||||||
Vinci SA | 87 | 6,287 | ||||||
Vivendi SA | 176 | 3,115 | ||||||
|
| |||||||
265,332 | ||||||||
|
| |||||||
Germany — 4.1% | ||||||||
adidas AG | 39 | 6,564 | ||||||
Allianz SE | 7 | 1,221 | ||||||
Axel Springer SE | 19 | 997 | ||||||
BASF SE | 48 | 4,483 | ||||||
Bayer AG | 1 | 110 | ||||||
Brenntag AG | 80 | 4,601 | ||||||
Continental AG | 11 | 2,238 | ||||||
Covestro AG, 144A | 31 | 2,341 | ||||||
Deutsche Boerse AG | 9 | 767 | ||||||
Deutsche Lufthansa AG | 268 | 3,938 | ||||||
Deutsche Post AG | 342 | 11,765 | ||||||
Deutsche Telekom AG | 103 | 1,785 | ||||||
Deutsche Wohnen AG | 593 | 20,432 | ||||||
E.ON SE | 1,724 | 13,421 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Evonik Industries AG | 191 | $ | 6,152 | |||||
Fielmann AG | 39 | 2,898 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 39 | 2,450 | ||||||
Fresenius Medical Care AG & Co. KGaA | 31 | 2,587 | ||||||
Fresenius SE & Co. KGaA | 63 | 5,022 | ||||||
FUCHS PETROLUB SE | 44 | 1,873 | ||||||
GEA Group AG | 135 | 5,270 | ||||||
Hannover Rueck SE | 31 | 3,511 | ||||||
HeidelbergCement AG | 36 | 3,374 | ||||||
Hella KGaA Hueck & Co. | 48 | 1,903 | ||||||
Henkel AG & Co. KGaA | 15 | 1,622 | ||||||
HOCHTIEF AG | 56 | 8,569 | ||||||
HUGO BOSS AG | 12 | 829 | ||||||
Infineon Technologies AG | 131 | 2,339 | ||||||
KION Group AG | 95 | 5,558 | ||||||
LANXESS AG | 72 | 4,904 | ||||||
LEG Immobilien AG* | 15 | 1,240 | ||||||
Linde AG | 28 | 4,563 | ||||||
MAN SE | 20 | 2,059 | ||||||
Merck KGaA | 19 | 2,083 | ||||||
METRO AG | 75 | 2,332 | ||||||
MTU Aero Engines AG | 88 | 11,202 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 15 | 2,843 | ||||||
OSRAM Licht AG | 56 | 3,338 | ||||||
ProSiebenSat.1 Media SE | 84 | 3,379 | ||||||
Rational AG | 4 | 1,837 | ||||||
RWE AG* | 513 | 7,334 | ||||||
SAP SE | 8 | 748 | ||||||
Siemens AG | 23 | 3,001 | ||||||
Suedzucker AG | 52 | 1,332 | ||||||
Symrise AG | 88 | 5,490 | ||||||
Talanx AG | 8 | 287 | ||||||
thyssenkrupp AG | 197 | 4,939 | ||||||
TUI AG | 252 | 3,569 | ||||||
Uniper SE* | 168 | 2,392 | ||||||
United Internet AG | 56 | 2,314 | ||||||
Vonovia SE | 124 | 4,334 | ||||||
Wacker Chemie AG | 11 | 1,237 | ||||||
Wirecard AG (a) | 48 | 2,223 | ||||||
|
| |||||||
207,600 | ||||||||
|
| |||||||
Hong Kong — 4.6% | ||||||||
AIA Group Ltd. | 120 | 758 | ||||||
ASM Pacific Technology Ltd. | 68 | 846 | ||||||
Bank of East Asia Ltd. | 509 | 2,105 | ||||||
BOC Hong Kong Holdings Ltd. | 188 | 744 | ||||||
Cafe de Coral Holdings Ltd. | 1,066 | 3,543 | ||||||
Cathay Pacific Airways Ltd. | 769 | 1,129 | ||||||
Champion REIT | 9,874 | 5,673 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 187 | 1,541 | ||||||
Cheung Kong Property Holdings Ltd. | 243 | 1,653 | ||||||
China Travel International Investment Hong Kong Ltd. | 1,570 | 465 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 1,374 | 1,253 | ||||||
CK Hutchison Holdings Ltd. | 192 | 2,372 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
CLP Holdings Ltd. | 1,091 | $ | 11,096 | |||||
Dah Sing Financial Holdings Ltd. | 63 | 464 | ||||||
First Pacific Co. Ltd. | 4,507 | 3,309 | ||||||
Great Eagle Holdings Ltd. | 454 | 2,152 | ||||||
Hang Lung Group Ltd. | 383 | 1,591 | ||||||
Hang Lung Properties Ltd. | 506 | 1,278 | ||||||
Hang Seng Bank Ltd. | 39 | 800 | ||||||
Henderson Land Development Co. Ltd. | 680 | 3,951 | ||||||
Hong Kong & China Gas Co. Ltd. | 753 | 1,449 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 32 | 794 | ||||||
Hongkong Land Holdings Ltd. | 1,100 | 7,513 | ||||||
Hopewell Highway Infrastructure Ltd. | 4,213 | 2,220 | ||||||
Hopewell Holdings Ltd. | 2,728 | 9,963 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 4,388 | 1,374 | ||||||
Hysan Development Co. Ltd. | 1,158 | 5,400 | ||||||
Johnson Electric Holdings Ltd. | 303 | 869 | ||||||
Kerry Logistics Network Ltd. | 1,393 | 1,838 | ||||||
Kerry Properties Ltd. | 1,609 | 4,933 | ||||||
Kowloon Development Co. Ltd. | 240 | 247 | ||||||
Li & Fung Ltd. | 2,965 | 1,322 | ||||||
Lifestyle International Holdings Ltd. | 2,063 | 2,690 | ||||||
Link REIT | 6,380 | 44,013 | ||||||
MTR Corp. Ltd. | 471 | 2,491 | ||||||
New World Development Co. Ltd. | 8,568 | 11,214 | ||||||
NWS Holdings Ltd. | 4,785 | 8,716 | ||||||
PCCW Ltd. | 17,952 | 10,939 | ||||||
Power Assets Holdings Ltd. | 749 | 6,721 | ||||||
Sa Sa International Holdings Ltd. | 991 | 405 | ||||||
Shangri-La Asia Ltd. | 2,351 | 2,992 | ||||||
Sino Land Co. Ltd. | 5,922 | 10,314 | ||||||
SJM Holdings Ltd. | 369 | 303 | ||||||
Sun Art Retail Group Ltd. | 2,613 | 2,518 | ||||||
Sun Hung Kai Properties Ltd. | 252 | 3,685 | ||||||
Swire Pacific Ltd., Class A | 562 | 5,778 | ||||||
Swire Properties Ltd. | 748 | 2,250 | ||||||
Techtronic Industries Co. Ltd. | 625 | 2,238 | ||||||
Television Broadcasts Ltd. | 553 | 2,419 | ||||||
Texwinca Holdings Ltd. | 1,514 | 995 | ||||||
VTech Holdings Ltd. | 406 | 4,582 | ||||||
WH Group Ltd., 144A | 2,362 | 1,847 | ||||||
Wharf Holdings Ltd. | 566 | 4,488 | ||||||
Wheelock & Co. Ltd. | 801 | 5,206 | ||||||
Xinyi Glass Holdings Ltd.* | 588 | 533 | ||||||
Yue Yuen Industrial Holdings Ltd. | 2,804 | 10,439 | ||||||
|
| |||||||
232,421 | ||||||||
|
| |||||||
Ireland — 0.8% | ||||||||
DCC PLC | 100 | 8,543 | ||||||
Glanbia PLC | 108 | 2,121 | ||||||
James Hardie Industries PLC CDI | 638 | 9,565 | ||||||
Kerry Group PLC, Class A | 63 | 4,853 | ||||||
Paddy Power Betfair PLC | 63 | 6,919 | ||||||
Ryanair Holdings PLC* | 95 | 1,443 | ||||||
Smurfit Kappa Group PLC | 171 | 4,562 | ||||||
|
| |||||||
38,006 | ||||||||
|
|
Number | Value | |||||||
Israel — 1.4% | ||||||||
Airport City Ltd.* | 119 | $ | 1,450 | |||||
Alony Hetz Properties & Investments Ltd. | 423 | 3,823 | ||||||
Amot Investments Ltd. | 649 | 3,008 | ||||||
Azrieli Group Ltd. | 44 | 2,189 | ||||||
Bank Hapoalim BM | 35 | 216 | ||||||
Bank Leumi Le-Israel BM* | 219 | 960 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 5,610 | 10,017 | ||||||
Delek Automotive Systems Ltd. | 112 | 1,088 | ||||||
Delek Energy Systems Ltd.* | 3 | 1,776 | ||||||
Elbit Systems Ltd. | 148 | 17,502 | ||||||
First International Bank of Israel Ltd. | 16 | 251 | ||||||
Frutarom Industries Ltd. | 43 | 2,440 | ||||||
Israel Chemicals Ltd. | 68 | 289 | ||||||
Israel Discount Bank Ltd., Class A* | 597 | 1,322 | ||||||
Melisron Ltd. | 48 | 2,391 | ||||||
Mizrahi Tefahot Bank Ltd. | 404 | 6,748 | ||||||
Nice Ltd. | 147 | 10,212 | ||||||
Oil Refineries Ltd. | 936 | 376 | ||||||
Paz Oil Co. Ltd. | 16 | 2,588 | ||||||
Shikun & Binui Ltd. | 260 | 591 | ||||||
Teva Pharmaceutical Industries Ltd. | 42 | 1,479 | ||||||
|
| |||||||
70,716 | ||||||||
|
| |||||||
Italy — 0.7% | ||||||||
Atlantia SpA | 65 | 1,527 | ||||||
Davide Campari-Milano SpA | 151 | 1,532 | ||||||
Enel SpA | 891 | 3,836 | ||||||
Ferrari NV | 64 | 4,182 | ||||||
Luxottica Group SpA | 16 | 846 | ||||||
Parmalat SpA | 979 | 3,067 | ||||||
Poste Italiane SpA, 144A | 59 | 380 | ||||||
Prysmian SpA | 296 | 7,552 | ||||||
Recordati SpA | 123 | 3,917 | ||||||
Salvatore Ferragamo SpA | 12 | 344 | ||||||
Snam SpA | 892 | 3,564 | ||||||
Terna Rete Elettrica Nazionale SpA | 832 | 3,865 | ||||||
|
| |||||||
34,612 | ||||||||
|
| |||||||
Japan — 19.8% | ||||||||
Advantest Corp. | 100 | 1,764 | ||||||
Aeon Co. Ltd. | 100 | 1,497 | ||||||
Aisin Seiki Co. Ltd. | 400 | 19,949 | ||||||
Ajinomoto Co., Inc. | 100 | 2,032 | ||||||
Alfresa Holdings Corp. | 400 | 7,229 | ||||||
Amada Holdings Co. Ltd. | 100 | 1,135 | ||||||
Asahi Group Holdings Ltd. | 400 | 14,190 | ||||||
Astellas Pharma, Inc. | 400 | 5,406 | ||||||
Autobacs Seven Co. Ltd. | 100 | 1,590 | ||||||
Azbil Corp. | 300 | 9,680 | ||||||
Bandai Namco Holdings, Inc. | 100 | 2,891 | ||||||
Benesse Holdings, Inc. | 100 | 3,088 | ||||||
Calbee, Inc. | 300 | 10,216 | ||||||
Canon Marketing Japan, Inc. | 100 | 2,003 | ||||||
Canon, Inc. | 100 | 2,932 | ||||||
Chubu Electric Power Co., Inc. | 100 | 1,323 | ||||||
Chugai Pharmaceutical Co. Ltd. | 300 | 10,042 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Citizen Watch Co. Ltd. | 100 | $ | 653 | |||||
COMSYS Holdings Corp. | 800 | 14,243 | ||||||
Concordia Financial Group Ltd. | 1,200 | 6,412 | ||||||
Daicel Corp. | 100 | 1,218 | ||||||
Daiichi Sankyo Co. Ltd. | 400 | 9,154 | ||||||
Daito Trust Construction Co. Ltd. | 300 | 42,150 | ||||||
Denka Co. Ltd. | 3,000 | 15,686 | ||||||
DIC Corp. | 300 | 10,993 | ||||||
Disco Corp. | 11 | 1,661 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 369 | 22,624 | ||||||
Fuji Electric Co. Ltd. | 3,000 | 16,651 | ||||||
Furukawa Electric Co. Ltd. | 300 | 11,007 | ||||||
Glory Ltd. | 100 | 3,441 | ||||||
H2O Retailing Corp. | 100 | 1,700 | ||||||
Hakuhodo DY Holdings, Inc. | 700 | 8,640 | ||||||
Hamamatsu Photonics KK | 300 | 8,875 | ||||||
Hankyu Hanshin Holdings, Inc. | 100 | 3,361 | ||||||
Heiwa Corp. | 100 | 2,717 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 11,315 | ||||||
Hitachi Construction Machinery Co. Ltd. | 100 | 2,336 | ||||||
Hitachi Transport System Ltd. | 100 | 2,059 | ||||||
Honda Motor Co. Ltd. | 100 | 3,118 | ||||||
House Foods Group, Inc. | 100 | 2,138 | ||||||
Idemitsu Kosan Co. Ltd. | 100 | 3,235 | ||||||
Iida Group Holdings Co. Ltd. | 100 | 1,698 | ||||||
Inpex Corp. | 200 | 1,995 | ||||||
Isuzu Motors Ltd. | 100 | 1,344 | ||||||
Ito En Ltd. | 300 | 10,296 | ||||||
ITOCHU Corp. | 400 | 5,815 | ||||||
Itochu Techno-Solutions Corp. | 300 | 8,165 | ||||||
J. Front Retailing Co. Ltd. | 100 | 1,543 | ||||||
Japan Petroleum Exploration Co. Ltd. | 200 | 4,844 | ||||||
JSR Corp. | 400 | 6,861 | ||||||
JTEKT Corp. | 100 | 1,705 | ||||||
JX Holdings, Inc. | 1,500 | 7,174 | ||||||
Kagome Co. Ltd. | 300 | 7,736 | ||||||
Kandenko Co. Ltd. | 3,000 | 24,990 | ||||||
Kansai Paint Co. Ltd. | 300 | 5,851 | ||||||
Kao Corp. | 400 | 20,739 | ||||||
Kewpie Corp. | 100 | 2,671 | ||||||
Kinden Corp. | 100 | 1,352 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,000 | 3,727 | ||||||
Kirin Holdings Co. Ltd. | 400 | 6,914 | ||||||
Kissei Pharmaceutical Co. Ltd. | 300 | 7,642 | ||||||
Koito Manufacturing Co. Ltd. | 100 | 5,175 | ||||||
Komatsu Ltd. | 100 | 2,423 | ||||||
Komeri Co. Ltd. | 100 | 2,479 | ||||||
Konami Holdings Corp. | 300 | 12,709 | ||||||
Kuraray Co. Ltd. | 1,100 | 16,763 | ||||||
Kurita Water Industries Ltd. | 100 | 2,395 | ||||||
Kyocera Corp. | 300 | 16,565 | ||||||
Kyushu Financial Group, Inc. | 100 | 687 | ||||||
Lintec Corp. | 100 | 2,134 | ||||||
Lion Corp. | 6 | 104 | ||||||
M3, Inc. | 200 | 5,095 | ||||||
Makita Corp. | 300 | 20,861 | ||||||
Marubeni Corp. | 700 | 4,547 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Maruichi Steel Tube Ltd. | 100 | $ | 3,177 | |||||
Medipal Holdings Corp. | 100 | 1,656 | ||||||
MISUMI Group, Inc. | 400 | 7,018 | ||||||
Mitsubishi Chemical Holdings Corp. | 700 | 5,397 | ||||||
Mitsubishi Corp. | 100 | 2,265 | ||||||
Mitsubishi Materials Corp. | 100 | 3,334 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 300 | 9,371 | ||||||
Mitsubishi Tanabe Pharma Corp. | 100 | 2,065 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 100 | 555 | ||||||
Mitsui & Co. Ltd. | 100 | 1,536 | ||||||
Miura Co. Ltd. | 100 | 1,546 | ||||||
NGK Spark Plug Co. Ltd. | 500 | 11,364 | ||||||
NHK Spring Co. Ltd. | 300 | 3,443 | ||||||
Nikon Corp. | 100 | 1,535 | ||||||
Nippon Express Co. Ltd. | 1,000 | 5,184 | ||||||
Nippon Paint Holdings Co. Ltd. | 100 | 3,240 | ||||||
Nippon Shokubai Co. Ltd. | 200 | 13,281 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 100 | 2,470 | ||||||
Nissan Chemical Industries Ltd. | 300 | 9,706 | ||||||
Nisshin Seifun Group, Inc. | 400 | 6,038 | ||||||
Nomura Research Institute Ltd. | 110 | 3,815 | ||||||
NSK Ltd. | 300 | 4,295 | ||||||
Obayashi Corp. | 700 | 6,532 | ||||||
Oji Holdings Corp. | 1,000 | 4,809 | ||||||
Omron Corp. | 200 | 8,634 | ||||||
ORIX Corp. | 100 | 1,562 | ||||||
Osaka Gas Co. Ltd. | 4,000 | 15,487 | ||||||
OSG Corp. | 300 | 6,333 | ||||||
Otsuka Holdings Co. Ltd. | 300 | 13,704 | ||||||
Panasonic Corp. | 300 | 3,306 | ||||||
Park24 Co. Ltd. | 100 | 2,820 | ||||||
Pigeon Corp. | 100 | 2,954 | ||||||
Resona Holdings, Inc. | 100 | 560 | ||||||
Rohto Pharmaceutical Co. Ltd. | 100 | 1,913 | ||||||
Sanwa Holdings Corp. | 400 | 3,790 | ||||||
Secom Co. Ltd. | 300 | 21,947 | ||||||
Seibu Holdings, Inc. | 400 | 6,875 | ||||||
Seino Holdings Co. Ltd. | 100 | 1,157 | ||||||
Sekisui Chemical Co. Ltd. | 700 | 11,606 | ||||||
Shimachu Co. Ltd. | 100 | 2,548 | ||||||
Shin-Etsu Chemical Co. Ltd. | 300 | 25,481 | ||||||
Showa Denko KK* | 100 | 1,769 | ||||||
Showa Shell Sekiyu KK | 100 | 1,012 | ||||||
Skylark Co. Ltd. | 100 | 1,485 | ||||||
Sohgo Security Services Co. Ltd. | 300 | 11,396 | ||||||
Sojitz Corp. | 800 | 2,081 | ||||||
Sony Corp. | 100 | 3,109 | ||||||
Sotetsu Holdings, Inc. | 3,000 | 15,015 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,829 | ||||||
Sugi Holdings Co. Ltd. | 100 | 4,630 | ||||||
Sumitomo Corp. | 400 | 5,397 | ||||||
Sumitomo Electric Industries Ltd. | 100 | 1,635 | ||||||
Sumitomo Forestry Co. Ltd. | 100 | 1,461 | ||||||
Sumitomo Rubber Industries Ltd. | 300 | 4,971 | ||||||
Suruga Bank Ltd. | 300 | 6,676 | ||||||
Suzuki Motor Corp. | 300 | 11,782 | ||||||
T&D Holdings, Inc. | 100 | 1,540 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Teijin Ltd. | 400 | $ | 7,683 | |||||
Terumo Corp. | 100 | 3,481 | ||||||
Tobu Railway Co. Ltd. | 1,000 | 5,139 | ||||||
Toho Co. Ltd. | 100 | 2,842 | ||||||
Toho Gas Co. Ltd. | 3,000 | 21,665 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 100 | 1,818 | ||||||
Tokyo Electron Ltd. | 13 | 1,303 | ||||||
Tokyo Gas Co. Ltd. | 4,000 | 18,226 | ||||||
TOTO Ltd. | 100 | 3,866 | ||||||
Toyo Suisan Kaisha Ltd. | 300 | 11,047 | ||||||
Toyobo Co. Ltd. | 3,000 | 5,229 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 2,560 | ||||||
Toyota Industries Corp. | 300 | 14,694 | ||||||
Ube Industries Ltd. | 1,000 | 2,512 | ||||||
Unicharm Corp. | 100 | 2,257 | ||||||
Ushio, Inc. | 100 | 1,283 | ||||||
USS Co. Ltd. | 100 | 1,720 | ||||||
Yahoo Japan Corp. | 300 | 1,397 | ||||||
Yakult Honsha Co. Ltd. | 400 | 21,915 | ||||||
Yamada Denki Co. Ltd. | 400 | 2,049 | ||||||
Yamaha Corp. | 300 | 7,848 | ||||||
Yamato Holdings Co. Ltd. | 100 | 2,194 | ||||||
Yamato Kogyo Co. Ltd. | 100 | 2,851 | ||||||
Yaskawa Electric Corp. | 100 | 1,882 | ||||||
Yokogawa Electric Corp. | 100 | 1,563 | ||||||
Zensho Holdings Co. Ltd. | 100 | 1,702 | ||||||
|
| |||||||
999,176 | ||||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 24 | 2,243 | ||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 39 | 1,044 | ||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
Eurofins Scientific SE | 1 | 429 | ||||||
L’Occitane International SA | 677 | 1,334 | ||||||
RTL Group SA* | 36 | 2,778 | ||||||
SES SA | 64 | 1,310 | ||||||
Tenaris SA | 84 | 1,386 | ||||||
|
| |||||||
7,237 | ||||||||
|
| |||||||
Netherlands — 1.2% | ||||||||
Akzo Nobel NV | 136 | 9,149 | ||||||
ASML Holding NV | 23 | 2,797 | ||||||
Boskalis Westminster | 84 | 3,071 | ||||||
EXOR NV | 7 | 333 | ||||||
Gemalto NV | 35 | 2,113 | ||||||
GrandVision NV, 144A | 51 | 1,303 | ||||||
Heineken Holding NV | 36 | 2,742 | ||||||
Heineken NV | 12 | 993 | ||||||
Koninklijke Ahold Delhaize NV | 606 | 12,917 | ||||||
Koninklijke DSM NV | 56 | 3,689 | ||||||
Koninklijke KPN NV | 423 | 1,198 | ||||||
Koninklijke Philips NV | 155 | 4,700 | ||||||
Koninklijke Vopak NV | 60 | 2,545 | ||||||
NN Group NV | 56 | 1,745 | ||||||
QIAGEN NV* | 52 | 1,486 | ||||||
Randstad Holding NV | 39 | 2,276 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Wolters Kluwer NV | 216 | $ | 8,874 | |||||
|
| |||||||
61,931 | ||||||||
|
| |||||||
New Zealand — 2.2% | ||||||||
Air New Zealand Ltd. | 1,764 | 3,017 | ||||||
Auckland International Airport Ltd. | 493 | 2,617 | ||||||
Contact Energy Ltd. | 966 | 3,417 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 1,553 | 10,232 | ||||||
Fletcher Building Ltd. | 4,308 | 30,098 | ||||||
Kiwi Property Group Ltd. | 9,214 | 9,530 | ||||||
Mercury NZ Ltd. | 593 | 1,351 | ||||||
Meridian Energy Ltd. | 1,317 | 2,572 | ||||||
Ryman Healthcare Ltd. | 1,581 | 10,143 | ||||||
SKY Network Television Ltd. | 1,700 | 4,672 | ||||||
SKYCITY Entertainment Group Ltd. | 1,809 | 5,390 | ||||||
Spark New Zealand Ltd. | 9,095 | 23,615 | ||||||
Vector Ltd. | 629 | 1,488 | ||||||
Warehouse Group Ltd. | 752 | 1,403 | ||||||
|
| |||||||
109,545 | ||||||||
|
| |||||||
Norway — 0.8% | ||||||||
DNB ASA | 64 | 1,053 | ||||||
Gjensidige Forsikring ASA | 72 | 1,129 | ||||||
Marine Harvest ASA* | 83 | 1,456 | ||||||
Norsk Hydro ASA | 3,104 | 17,631 | ||||||
Orkla ASA | 736 | 6,495 | ||||||
Statoil ASA | 16 | 284 | ||||||
Telenor ASA | 200 | 3,271 | ||||||
Yara International ASA | 239 | 9,103 | ||||||
|
| |||||||
40,422 | ||||||||
|
| |||||||
Portugal — 0.3% | ||||||||
EDP — Energias de Portugal SA | 2,243 | 6,957 | ||||||
Galp Energia SGPS SA | 183 | 2,701 | ||||||
Jeronimo Martins SGPS SA | 279 | 4,501 | ||||||
|
| |||||||
14,159 | ||||||||
|
| |||||||
Russia — 0.0% | ||||||||
Polymetal International PLC | 72 | 857 | ||||||
|
| |||||||
Singapore — 3.3% | ||||||||
Ascendas Real Estate Investment Trust REIT | 3,000 | 5,363 | ||||||
CapitaLand Commercial Trust REIT | 6,300 | 7,027 | ||||||
CapitaLand Ltd. | 2,300 | 5,986 | ||||||
CapitaLand Mall Trust REIT | 8,000 | 11,269 | ||||||
City Developments Ltd. | 800 | 5,417 | ||||||
ComfortDelGro Corp. Ltd. | 6,300 | 11,127 | ||||||
DBS Group Holdings Ltd. | 100 | 1,339 | ||||||
Genting Singapore PLC | 2,300 | 1,628 | ||||||
Global Logistic Properties Ltd. | 2,600 | 4,945 | ||||||
Golden Agri-Resources Ltd. | 5,100 | 1,386 | ||||||
Hutchison Port Holdings Trust, Class U | 3,900 | 1,482 | ||||||
Jardine Cycle & Carriage Ltd. | 93 | 2,840 | ||||||
Keppel Corp. Ltd. | 800 | 3,896 | ||||||
M1 Ltd. | 1,500 | 2,231 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 100 | 676 | ||||||
SATS Ltd. | 3,100 | 11,083 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Sembcorp Industries Ltd. | 100 | $ | 229 | |||||
SIA Engineering Co. Ltd. | 700 | 1,847 | ||||||
Singapore Airlines Ltd. | 2,300 | 16,363 | ||||||
Singapore Exchange Ltd. | 1,600 | 8,580 | ||||||
Singapore Post Ltd. | 1,500 | 1,486 | ||||||
Singapore Press Holdings Ltd. (a) | 2,400 | 6,006 | ||||||
Singapore Technologies Engineering Ltd. | 2,400 | 6,315 | ||||||
Singapore Telecommunications Ltd. | 1,500 | 4,226 | ||||||
StarHub Ltd. | 3,000 | 6,178 | ||||||
Suntec Real Estate Investment Trust REIT | 7,200 | 8,906 | ||||||
UOL Group Ltd. | 700 | 3,298 | ||||||
Venture Corp. Ltd. | 1,900 | 14,604 | ||||||
Wilmar International Ltd. | 2,700 | 7,027 | ||||||
Yanlord Land Group Ltd. | 1,500 | 1,561 | ||||||
|
| |||||||
164,321 | ||||||||
|
| |||||||
South Africa — 0.3% | ||||||||
Mediclinic International PLC (a) | 28 | 258 | ||||||
Mondi PLC | 697 | 16,298 | ||||||
|
| |||||||
16,556 | ||||||||
|
| |||||||
South Korea — 4.0% | ||||||||
AMOREPACIFIC Group | 1 | 115 | ||||||
Cheil Worldwide, Inc. | 87 | 1,458 | ||||||
CJ CheilJedang Corp. | 7 | 2,256 | ||||||
CJ Corp. | 1 | 153 | ||||||
Coway Co. Ltd. | 44 | 3,483 | ||||||
Daelim Industrial Co. Ltd. | 11 | 813 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 192 | 1,041 | ||||||
Dongbu Insurance Co. Ltd. | 52 | 2,810 | ||||||
Doosan Corp. | 7 | 592 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 23 | 499 | ||||||
E-MART, Inc. | 11 | 2,023 | ||||||
GS Holdings Corp. | 53 | 2,601 | ||||||
Hana Financial Group, Inc. | 52 | 1,621 | ||||||
Hankook Tire Co. Ltd.* | 120 | 6,346 | ||||||
Hanon Systems | 139 | 1,126 | ||||||
Hanwha Chemical Corp. | 48 | 1,076 | ||||||
Hanwha Corp. | 76 | 2,447 | ||||||
Hite Jinro Co. Ltd. | 24 | 448 | ||||||
Hyosung Corp. | 16 | 1,861 | ||||||
Hyundai Department Store Co. Ltd. | 8 | 703 | ||||||
Hyundai Development Co.-Engineering & Construction | 4 | 155 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 71 | 3,001 | ||||||
Hyundai Glovis Co. Ltd. | 1 | 136 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 4 | 582 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 64 | 1,834 | ||||||
Hyundai Mobis Co. Ltd. | 88 | 19,845 | ||||||
Hyundai Motor Co. | 11 | 1,454 | ||||||
Hyundai Steel Co. | 48 | 2,653 | ||||||
Hyundai Wia Corp. | 3 | 178 | ||||||
Industrial Bank of Korea | 40 | 437 | ||||||
Kangwon Land, Inc.* | 76 | 2,376 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
KB Financial Group, Inc. | 72 | $ | 2,986 | |||||
KCC Corp. | 4 | 1,226 | ||||||
Kia Motors Corp. | 92 | 3,112 | ||||||
Korea Electric Power Corp. | 128 | 4,936 | ||||||
Korea Gas Corp.* | 1 | 43 | ||||||
Korea Zinc Co. Ltd. | 1 | 368 | ||||||
Korean Air Lines Co. Ltd.* | 39 | 997 | ||||||
KT Corp. | 44 | 1,185 | ||||||
KT&G Corp. | 120 | 10,878 | ||||||
Kumho Petrochemical Co. Ltd. | 15 | 1,017 | ||||||
LG Chem Ltd. | 7 | 1,752 | ||||||
LG Corp. | 91 | 5,054 | ||||||
LG Display Co. Ltd. | 223 | 5,404 | ||||||
LG Electronics, Inc. | 151 | 7,986 | ||||||
LG Household & Health Care Ltd. | 1 | 776 | ||||||
LG Uplus Corp. | 227 | 2,570 | ||||||
Lotte Chemical Corp. | 1 | 322 | ||||||
LOTTE Fine Chemical Co. Ltd. | 47 | 1,403 | ||||||
LS Corp. | 40 | 2,398 | ||||||
Mando Corp. | 27 | 6,340 | ||||||
NCSoft Corp. | 1 | 242 | ||||||
NongShim Co. Ltd. | 7 | 1,950 | ||||||
POSCO | 79 | 19,807 | ||||||
Posco Daewoo Corp. | 104 | 2,258 | ||||||
S-1 Corp. | 35 | 2,817 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 19 | 983 | ||||||
Samsung Electronics Co. Ltd. | 4 | 6,799 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 15 | 3,383 | ||||||
Samsung Life Insurance Co. Ltd. | 15 | 1,419 | ||||||
Samsung SDI Co. Ltd. | 28 | 3,194 | ||||||
Shinhan Financial Group Co. Ltd. | 63 | 2,602 | ||||||
Shinsegae Inc. | 4 | 706 | ||||||
SK Hynix, Inc. | 300 | 12,390 | ||||||
SK Innovation Co. Ltd. | 36 | 4,919 | ||||||
SK Networks Co. Ltd. | 180 | 1,180 | ||||||
SK Telecom Co. Ltd. | 11 | 2,252 | ||||||
S-Oil Corp. | 51 | 3,897 | ||||||
Woori Bank | 76 | 894 | ||||||
Yuhan Corp. | 12 | 2,377 | ||||||
|
| |||||||
200,945 | ||||||||
|
| |||||||
Spain — 1.4% | ||||||||
Abertis Infraestructuras SA | 748 | 11,000 | ||||||
Acciona SA | 11 | 826 | ||||||
Acerinox SA | 23 | 328 | ||||||
ACS Actividades de Construccion y Servicios SA | 105 | 3,305 | ||||||
Aena SA, 144A | 16 | 2,295 | ||||||
Amadeus IT Group SA | 164 | 7,651 | ||||||
Bankinter SA | 55 | 426 | ||||||
Corp. Financiera Alba SA | 35 | 1,618 | ||||||
Distribuidora Internacional de Alimentacion SA | 1,824 | 10,158 | ||||||
EDP Renovaveis SA | 60 | 396 | ||||||
Enagas SA | 291 | 7,172 | ||||||
Endesa SA | 168 | 3,587 | ||||||
Ferrovial SA | 82 | 1,560 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Gamesa Corp. Tecnologica SA | 15 | $ | 333 | |||||
Grifols SA | 76 | 1,667 | ||||||
Iberdrola SA | 520 | 3,467 | ||||||
Industria de Diseno Textil SA | 58 | 1,869 | ||||||
Mapfre SA | 116 | 360 | ||||||
Mediaset Espana Comunicacion SA | 136 | 1,601 | ||||||
Red Electrica Corp. SA | 402 | 7,281 | ||||||
Telefonica SA | 188 | 1,928 | ||||||
Zardoya Otis SA | 208 | 1,667 | ||||||
|
| |||||||
70,495 | ||||||||
|
| |||||||
Sweden — 5.2% | ||||||||
Alfa Laval AB | 689 | 12,501 | ||||||
Assa Abloy AB, Class B | 410 | 7,994 | ||||||
Atlas Copco AB, Class A | 188 | 6,170 | ||||||
Atlas Copco AB, Class B | 115 | 3,409 | ||||||
Boliden AB | 445 | 13,617 | ||||||
Electrolux AB, Series B | 287 | 7,629 | ||||||
Fastighets AB Balder, Class B* | 407 | 8,921 | ||||||
Getinge AB, Class B | 108 | 1,837 | ||||||
Hennes & Mauritz AB, Class B | 91 | 2,411 | ||||||
Hexagon AB, Class B | 111 | 4,494 | ||||||
Husqvarna AB, Class B | 975 | 8,374 | ||||||
ICA Gruppen AB (a) | 144 | 4,688 | ||||||
Industrivarden AB, Class A | 72 | 1,525 | ||||||
Industrivarden AB, Class C | 75 | 1,488 | ||||||
Investment AB Latour, Class B | 103 | 4,126 | ||||||
Investor AB, Class B | 284 | 11,289 | ||||||
Kinnevik AB, Class B | 4 | 108 | ||||||
L E Lundbergforetagen AB, Class B | 71 | 4,616 | ||||||
Melker Schorling AB | 56 | 3,414 | ||||||
Sandvik AB | 696 | 9,490 | ||||||
Securitas AB, Class B | 1,361 | 20,824 | ||||||
Skanska AB, Class B | 1,525 | 36,439 | ||||||
SKF AB, Class B | 506 | 9,658 | ||||||
Svenska Cellulosa AB SCA, Class B | 322 | 9,918 | ||||||
Svenska Handelsbanken AB, Class A | 19 | 265 | ||||||
Swedbank AB, Class A | 36 | 891 | ||||||
Swedish Match AB | 573 | 17,891 | ||||||
Tele2 AB, Class B | 1,334 | 11,961 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 964 | 6,288 | ||||||
Telia Co. AB | 963 | 3,879 | ||||||
Trelleborg AB, Class B | 566 | 11,658 | ||||||
Volvo AB, Class B | 1,027 | 13,444 | ||||||
|
| |||||||
261,217 | ||||||||
|
| |||||||
Switzerland — 4.5% | ||||||||
ABB Ltd.* | 347 | 7,872 | ||||||
Actelion Ltd.* | 55 | 14,845 | ||||||
Adecco Group AG | 68 | 4,903 | ||||||
Aryzta AG* | 5 | 162 | ||||||
Baloise Holding AG | 28 | 3,654 | ||||||
Barry Callebaut AG* | 4 | 5,188 | ||||||
Cie Financiere Richemont SA | 31 | 2,291 | ||||||
Clariant AG* | 232 | 4,348 | ||||||
Coca-Cola HBC AG* | 220 | 5,325 | ||||||
DKSH Holding AG | 135 | 10,946 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
EMS-Chemie Holding AG | 8 | $ | 4,565 | |||||
Flughafen Zuerich AG | 28 | 5,670 | ||||||
Galenica AG | 4 | 4,705 | ||||||
Geberit AG | 29 | 12,585 | ||||||
Givaudan SA | 7 | 12,750 | ||||||
Glencore PLC* | 100 | 401 | ||||||
Helvetia Holding AG | 1 | 563 | ||||||
Kuehne + Nagel International AG | 68 | 9,710 | ||||||
Lonza Group AG* | 43 | 7,943 | ||||||
Nestle SA | 23 | 1,705 | ||||||
Novartis AG* | 3 | 235 | ||||||
Pargesa Holding SA | 64 | 4,234 | ||||||
Partners Group Holding AG | 23 | 12,069 | ||||||
PSP Swiss Property AG | 35 | 3,271 | ||||||
Roche Holding AG | 1 | 244 | ||||||
Schindler Holding AG | 19 | 3,645 | ||||||
Schindler Holding AG Participation Certificates | 40 | 7,757 | ||||||
SGS SA | 4 | 8,528 | ||||||
Sika AG | 1 | 5,647 | ||||||
Sonova Holding AG | 64 | 8,429 | ||||||
STMicroelectronics NV | 171 | 2,617 | ||||||
Straumann Holding AG | 12 | 5,099 | ||||||
Sulzer AG | 20 | 2,085 | ||||||
Swatch Group AG — Bearer | 8 | 2,667 | ||||||
Swatch Group AG — Registered | 8 | 520 | ||||||
Swiss Life Holding AG* | 11 | 3,471 | ||||||
Swiss Prime Site AG* | 80 | 6,966 | ||||||
Swiss Re AG | 80 | 7,174 | ||||||
Swisscom AG | 12 | 5,299 | ||||||
Syngenta AG | 11 | 4,751 | ||||||
Wolseley PLC | 168 | 10,275 | ||||||
Zurich Insurance Group AG* | 7 | 1,938 | ||||||
|
| |||||||
227,052 | ||||||||
|
| |||||||
United Kingdom — 13.9% | ||||||||
3i Group PLC | 4,460 | 38,212 | ||||||
Aberdeen Asset Management PLC | 127 | 437 | ||||||
Admiral Group PLC | 493 | 11,215 | ||||||
Ashmore Group PLC | 963 | 4,266 | ||||||
Ashtead Group PLC | 119 | 2,452 | ||||||
Associated British Foods PLC | 60 | 1,955 | ||||||
AstraZeneca PLC | 16 | 925 | ||||||
Auto Trader Group PLC, 144A | 394 | 1,938 | ||||||
Aviva PLC | 99 | 614 | ||||||
Babcock International Group PLC | 410 | 4,837 | ||||||
BAE Systems PLC | 764 | 5,990 | ||||||
Barratt Developments PLC | 168 | 1,069 | ||||||
Bellway PLC | 75 | 2,432 | ||||||
Booker Group PLC | 4,496 | 11,139 | ||||||
BP PLC | 143 | 807 | ||||||
British American Tobacco PLC | 36 | 2,276 | ||||||
British Land Co. PLC REIT | 1,590 | 12,218 | ||||||
BT Group PLC | 219 | 891 | ||||||
Bunzl PLC | 339 | 9,513 | ||||||
Burberry Group PLC | 335 | 7,195 | ||||||
Capita PLC | 199 | 1,395 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Capital & Counties Properties PLC | 1 | $ | 4 | |||||
Centrica PLC | 5,954 | 16,811 | ||||||
CNH Industrial NV | 383 | 3,565 | ||||||
Cobham PLC | 152 | 227 | ||||||
Compass Group PLC | 693 | 12,918 | ||||||
Croda International PLC | 227 | 9,909 | ||||||
Daily Mail & General Trust PLC, Class A | 540 | 4,832 | ||||||
Derwent London PLC REIT | 188 | 6,597 | ||||||
Diageo PLC | 59 | 1,665 | ||||||
Direct Line Insurance Group PLC | 5,268 | 22,518 | ||||||
Dixons Carphone PLC | 1,039 | 3,918 | ||||||
DS Smith PLC | 652 | 3,616 | ||||||
easyJet PLC | 84 | 994 | ||||||
Experian PLC | 736 | 14,627 | ||||||
G4S PLC | 1,141 | 3,721 | ||||||
GKN PLC | 2,522 | 11,295 | ||||||
GlaxoSmithKline PLC | 96 | 1,969 | ||||||
Halma PLC | 533 | 6,450 | ||||||
Hammerson PLC REIT | 2,441 | 17,876 | ||||||
Hargreaves Lansdown PLC | 111 | 1,844 | ||||||
Henderson Group PLC | 859 | 2,389 | ||||||
Howden Joinery Group PLC | 688 | 3,663 | ||||||
IMI PLC | 330 | 5,096 | ||||||
Imperial Brands PLC | 64 | 3,021 | ||||||
Inchcape PLC | 1,039 | 9,703 | ||||||
Informa PLC | 812 | 6,790 | ||||||
Inmarsat PLC | 303 | 2,683 | ||||||
InterContinental Hotels Group PLC | 277 | 13,085 | ||||||
International Consolidated Airlines Group SA | 75 | 501 | ||||||
Intertek Group PLC | 72 | 3,160 | ||||||
Intu Properties PLC REIT | 2,061 | 7,358 | ||||||
ITV PLC | 1,673 | 4,216 | ||||||
J Sainsbury PLC | 1,916 | 6,380 | ||||||
John Wood Group PLC | 549 | 5,161 | ||||||
Johnson Matthey PLC | 959 | 36,565 | ||||||
Kingfisher PLC | 4,108 | 16,829 | ||||||
Land Securities Group PLC REIT | 1,142 | 15,149 | ||||||
London Stock Exchange Group PLC | 10 | 383 | ||||||
Marks & Spencer Group PLC | 807 | 3,362 | ||||||
Meggitt PLC | 704 | 4,122 | ||||||
Merlin Entertainments PLC, 144A | 545 | 3,337 | ||||||
Micro Focus International PLC | 88 | 2,392 | ||||||
National Grid PLC | 581 | 7,067 | ||||||
Next PLC | 72 | 3,429 | ||||||
Old Mutual PLC | 860 | 2,334 | ||||||
Pearson PLC | 247 | 2,072 | ||||||
Pennon Group PLC | 637 | 6,869 | ||||||
Persimmon PLC | 248 | 6,360 | ||||||
Petrofac Ltd. | 51 | 566 | ||||||
Provident Financial PLC | 167 | 6,068 | ||||||
Reckitt Benckiser Group PLC | 48 | 4,367 | ||||||
RELX NV | 1,043 | 18,542 | ||||||
RELX PLC | 948 | 17,754 | ||||||
Rentokil Initial PLC | 1,680 | 4,999 | ||||||
Rightmove PLC | 96 | 4,696 | ||||||
Rio Tinto Ltd. | 96 | 4,575 | ||||||
Rio Tinto PLC | 27 | 1,108 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Rolls-Royce Holdings PLC* | 415 | $ | 4,064 | |||||
Royal Mail PLC | 2,529 | 13,048 | ||||||
RSA Insurance Group PLC | 164 | 1,222 | ||||||
Sage Group PLC | 1,245 | 10,008 | ||||||
Schroders PLC | 35 | 1,338 | ||||||
Segro PLC REIT | 5,746 | 35,308 | ||||||
Severn Trent PLC | 363 | 10,561 | ||||||
Sky PLC | 191 | 2,371 | ||||||
Smith & Nephew PLC | 586 | 8,831 | ||||||
Smiths Group PLC | 332 | 6,176 | ||||||
SSE PLC | 656 | 12,580 | ||||||
St James’s Place PLC | 87 | 1,142 | ||||||
Standard Life PLC | 83 | 381 | ||||||
TalkTalk Telecom Group PLC | 168 | 368 | ||||||
Tate & Lyle PLC | 855 | 7,916 | ||||||
Taylor Wimpey PLC | 1,115 | 2,498 | ||||||
TechnipFMC PLC* | 104 | 3,365 | ||||||
Tesco PLC* | 657 | 1,540 | ||||||
Travis Perkins PLC | 119 | 2,254 | ||||||
Unilever NV | 92 | 4,362 | ||||||
Unilever PLC | 212 | 10,075 | ||||||
United Utilities Group PLC | 888 | 10,813 | ||||||
Vodafone Group PLC | 479 | 1,203 | ||||||
Weir Group PLC | 23 | 539 | ||||||
Whitbread PLC | 83 | 3,951 | ||||||
William Hill PLC | 1,298 | 4,263 | ||||||
Wm Morrison Supermarkets PLC | 7,022 | 21,199 | ||||||
WPP PLC | 312 | 7,365 | ||||||
|
| |||||||
702,024 | ||||||||
|
| |||||||
United States (c) — 0.3% | ||||||||
Carnival PLC | 121 | 6,624 | ||||||
Samsonite International SA | 701 | 2,131 | ||||||
Shire PLC | 28 | 1,691 | ||||||
Thomson Reuters Corp. | 80 | 3,392 | ||||||
|
| |||||||
13,838 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,022,661 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Germany — 0.2% | ||||||||
FUCHS PETROLUB SE | 80 | 3,716 | ||||||
Henkel AG & Co. KGaA | 23 | 2,881 | ||||||
Sartorius AG | 19 | 1,430 | ||||||
|
| |||||||
8,027 | ||||||||
|
| |||||||
South Korea — 0.1% | ||||||||
Amorepacific Corp. | 39 | 5,777 | ||||||
LG Electronics, Inc. | 11 | 261 | ||||||
|
| |||||||
6,038 | ||||||||
|
| |||||||
Spain — 0.0% | ||||||||
Grifols SA, Class B | 95 | 1,658 | ||||||
|
| |||||||
Sweden — 0.0% | ||||||||
Fastighets AB Balder | 27 | 982 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 16,705 | |||||||
|
|
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.8% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.48% (d)(e) | 38,243 | $ | 38,243 | |||||
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TOTAL INVESTMENTS — 100.6% (Cost $5,108,885)† | $ | 5,077,609 | ||||||
Other assets and liabilities, net — (0.6%) | (27,338 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,050,271 | ||||||
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* | Non-income producing security. |
† | The cost for federal income tax purposes was $5,138,654. At February 28, 2017, net unrealized depreciation for all securities based on tax cost was $61,045. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $233,071 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $294,116. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2017 amounted to $36,479, which is 0.7% 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) | Securities are domiciled in the United States and trade on a non-US securities exchange. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CDI: | Chess Depositary Interest |
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. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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) | $ | 5,022,661 | $ | — | $ | — | $ | 5,022,661 | ||||||||
Preferred Stocks (f) | 16,705 | — | — | 16,705 | ||||||||||||
Short-Term Investments | 38,243 | — | — | 38,243 | ||||||||||||
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|
| |||||||||
TOTAL | $ | 5,077,609 | $ | — | $ | — | $ | 5,077,609 | ||||||||
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|
|
|
|
|
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(f) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended February 28, 2017.
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF
February 28, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 88.0% | ||||||||
Brazil — 7.1% | ||||||||
AES Tiete Energia SA | 2,261 | $ | 11,679 | |||||
Banco Bradesco SA | 243 | 2,549 | ||||||
Banco do Brasil SA | 71 | 755 | ||||||
Banco Santander Brasil SA | 602 | 6,649 | ||||||
BB Seguridade Participacoes SA | 1,073 | 9,871 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 11,685 | 71,440 | ||||||
BR Malls Participacoes SA* | 504 | 2,417 | ||||||
BRF SA | 720 | 9,401 | ||||||
BTG Pactual Group | 431 | 2,606 | ||||||
CCR SA | 3,024 | 17,584 | ||||||
CETIP SA — Mercados Organizados | 4,924 | 74,153 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,243 | 23,706 | ||||||
Cia Energetica de Minas Gerais | 2,054 | 8,992 | ||||||
Cia Paranaense de Energia | 530 | 4,373 | ||||||
Cielo SA | 881 | 7,725 | ||||||
Cosan SA Industria e Comercio | 2,053 | 26,331 | ||||||
CPFL Energia SA | 2,701 | 22,174 | ||||||
EDP — Energias do Brasil SA | 8,345 | 36,830 | ||||||
Embraer SA | 378 | 2,179 | ||||||
Engie Brasil Energia SA | 1,837 | 21,836 | ||||||
Equatorial Energia SA | 5,655 | 108,192 | ||||||
Estacio Participacoes SA | 1,163 | 5,604 | ||||||
Hypermarcas SA | 422 | 3,675 | ||||||
Kroton Educacional SA | 980 | 4,306 | ||||||
Localiza Rent a Car SA | 1,226 | 15,184 | ||||||
Lojas Americanas SA | 666 | 2,869 | ||||||
Lojas Renner SA | 5,148 | 42,280 | ||||||
M Dias Branco SA | 603 | 26,787 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,115 | 23,042 | ||||||
Multiplan Empreendimentos Imobiliarios SA* | 13 | 275 | ||||||
Multiplus SA | 1,316 | 15,123 | ||||||
Natura Cosmeticos SA | 1,621 | 13,349 | ||||||
Odontoprev SA | 4,941 | 18,979 | ||||||
Porto Seguro SA | 1,097 | 10,191 | ||||||
Raia Drogasil SA | 2,431 | 46,416 | ||||||
Sao Martinho SA | 2,287 | 13,968 | ||||||
Smiles SA | 1,205 | 23,906 | ||||||
Sul America SA | 4,015 | 25,063 | ||||||
TIM Participacoes SA | 1,649 | 5,173 | ||||||
TOTVS SA | 1,037 | 8,447 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,115 | 7,889 | ||||||
Ultrapar Participacoes SA | 2,765 | 58,126 | ||||||
WEG SA | 1,415 | 7,723 | ||||||
|
| |||||||
849,817 | ||||||||
|
| |||||||
Chile — 3.3% | ||||||||
AES Gener SA | 9,226 | 3,463 | ||||||
Aguas Andinas SA, Class A | 47,735 | 25,727 | ||||||
Banco de Chile | 14,250 | 1,726 | ||||||
Banco de Credito e Inversiones | 342 | 18,456 | ||||||
Banco Santander Chile | 37,771 | 2,079 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Cencosud SA | 15,527 | $ | 45,824 | |||||
Cia Cervecerias Unidas SA | 1,783 | 21,120 | ||||||
Colbun SA | 19,120 | 3,799 | ||||||
Empresa Nacional de Telecomunicaciones SA* | 954 | 10,608 | ||||||
Empresas COPEC SA | 1,172 | 12,294 | ||||||
Enel Americas SA | 376,327 | 73,372 | ||||||
Enel Chile SA | 348,314 | 35,700 | ||||||
Enel Generacion Chile SA | 28,904 | 19,668 | ||||||
Itau CorpBanca | 439,766 | 3,558 | ||||||
Latam Airlines Group SA* | 7,958 | 80,573 | ||||||
SACI Falabella | 476 | 3,893 | ||||||
SONDA SA | 15,258 | 24,882 | ||||||
|
| |||||||
386,742 | ||||||||
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| |||||||
China — 12.0% | ||||||||
Agile Group Holdings Ltd. | 9,127 | 6,020 | ||||||
Agricultural Bank of China Ltd., Class H | 62,190 | 28,682 | ||||||
Air China Ltd., Class H | 16,877 | 13,023 | ||||||
Aluminum Corp. of China Ltd., Class H* | 27,328 | 13,624 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 1,720 | 5,994 | ||||||
Anhui Expressway Co. Ltd., Class H | 12,089 | 9,718 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 4,400 | 17,062 | ||||||
ANTA Sports Products Ltd. | 983 | 2,976 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 675 | 759 | ||||||
Bank of China Ltd., Class H | 19,480 | 9,862 | ||||||
Bank of Communications Co. Ltd., Class H | 3,510 | 2,799 | ||||||
BBMG Corp., Class H | 270 | 126 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 10,812 | 11,589 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., Class H | 16,401 | 4,986 | ||||||
Belle International Holdings Ltd. | 27,688 | 19,083 | ||||||
BOE Technology Group Co. Ltd., Class B | 16,100 | 5,559 | ||||||
China BlueChemical Ltd., Class H | 17,956 | 6,222 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 2,953 | 1,164 | ||||||
China CITIC Bank Corp. Ltd., Class H | 5,112 | 3,510 | ||||||
China Coal Energy Co. Ltd., Class H* | 3,177 | 1,682 | ||||||
China Communications Construction Co. Ltd., Class H | 12,799 | 16,521 | ||||||
China Communications Services Corp. Ltd., Class H | 40,507 | 27,083 | ||||||
China Conch Venture Holdings Ltd. | 8,381 | 16,606 | ||||||
China Construction Bank Corp., Class H | 1,088 | 896 | ||||||
China Dongxiang Group Co. Ltd. | 26,555 | 5,029 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 4,132 | 2,294 | ||||||
China Everbright Bank Co. Ltd., Class H | 38,264 | 19,372 | ||||||
China Evergrande Group (a) | 2,117 | 1,590 | ||||||
China Hongqiao Group Ltd. | 9,333 | 9,378 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A* | 9,965 | 3,941 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 4,203 | 1,538 | ||||||
China International Capital Corp. Ltd., Class H, 144A* | 1,568 | 2,347 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 1,838 | 1,577 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Machinery Engineering Corp., Class H | 2,602 | $ | 1,810 | |||||
China Medical System Holdings Ltd. | 8,919 | 14,523 | ||||||
China Merchants Bank Co. Ltd., Class H | 4,725 | 12,570 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 16,221 | 18,515 | ||||||
China Molybdenum Co. Ltd., Class H | 6,473 | 2,477 | ||||||
China National Accord Medicines Corp. Ltd., Class B | 1,400 | 8,172 | ||||||
China National Materials Co. Ltd., Class H | 5,358 | 1,843 | ||||||
China Oilfield Services Ltd., Class H | 2,332 | 2,325 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | �� | 5,004 | 18,340 | |||||
China Petroleum & Chemical Corp., Class H | 44,907 | 34,827 | ||||||
China Railway Construction Corp. Ltd., Class H | 3,528 | 4,990 | ||||||
China Railway Group Ltd., Class H | 8,363 | 7,315 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 2,773 | 2,115 | ||||||
China Reinsurance Group Corp., Class H | 38,869 | 9,264 | ||||||
China Shenhua Energy Co. Ltd., Class H | 32,532 | 68,061 | ||||||
China Southern Airlines Co. Ltd., Class H | 5,645 | 3,672 | ||||||
China Telecom Corp. Ltd., Class H | 1,559 | 733 | ||||||
China Vanke Co. Ltd., Class H | 18,013 | 45,250 | ||||||
China Zhongwang Holdings Ltd. | 44,935 | 21,361 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 9,900 | 13,978 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 5,013 | 3,520 | ||||||
CITIC Securities Co. Ltd., Class H | 3,465 | 7,410 | ||||||
CNOOC Ltd. | 3,295 | 3,897 | ||||||
Country Garden Holdings Co. Ltd. | 15,716 | 11,257 | ||||||
CSG Holding Co. Ltd., Class B | 9,000 | 6,887 | ||||||
CSPC Pharmaceutical Group Ltd. | 8,326 | 10,190 | ||||||
Dali Foods Group Co. Ltd., 144A | 6,931 | 3,938 | ||||||
Dalian Port PDA Co. Ltd., Class H | 8,552 | 1,620 | ||||||
Datang International Power Generation Co. Ltd., Class H | 6,697 | 1,958 | ||||||
Dazhong Transportation Group Co. Ltd., Class B | 9,000 | 6,534 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 4,843 | 5,746 | ||||||
ENN Energy Holdings Ltd. | 5,564 | 26,879 | ||||||
Fosun International Ltd. | 117 | 184 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 9,570 | 29,835 | ||||||
Geely Automobile Holdings Ltd. | 25,752 | 35,033 | ||||||
GF Securities Co. Ltd., Class H | 3,241 | 7,140 | ||||||
Golden Eagle Retail Group Ltd. | 5,529 | 8,220 | ||||||
Great Wall Motor Co. Ltd., Class H | 9,965 | 12,247 | ||||||
Guangdong Electric Power Development Co. Ltd., Class B | 14,400 | 6,808 | ||||||
Guangshen Railway Co. Ltd., Class H | 44,691 | 27,923 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 67,132 | 112,601 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 450 | 1,191 |
Number | Value | |||||||
China (Continued) | ||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 4,888 | $ | 6,750 | |||||
Haitian International Holdings Ltd. | 4,402 | 9,255 | ||||||
Haitong Securities Co. Ltd., Class H | 1,585 | 2,904 | ||||||
Hengan International Group Co. Ltd. | 1,657 | 14,153 | ||||||
Huadian Energy Co. Ltd., Class B* | 8,900 | 4,530 | ||||||
Huadian Power International Corp. Ltd., Class H | 26 | 11 | ||||||
Huaneng Power International, Inc., Class H | 7,237 | 4,932 | ||||||
Huishang Bank Corp. Ltd., Class H | 7,606 | 3,939 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 10,343 | 6,782 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 4,500 | 5,310 | ||||||
Jiangling Motors Corp. Ltd., Class B | 1,000 | 2,556 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 30,642 | 40,422 | ||||||
Jiangxi Copper Co. Ltd., Class H | 5,457 | 9,195 | ||||||
Jinzhou Port Co. Ltd., Class B | 2,700 | 1,428 | ||||||
KWG Property Holding Ltd. | 17,438 | 11,008 | ||||||
Lao Feng Xiang Co. Ltd., Class B | 3,600 | 12,996 | ||||||
Lenovo Group Ltd. | 3,312 | 1,988 | ||||||
Longfor Properties Co. Ltd. | 23,090 | 36,944 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H* | 2,621 | 1,003 | ||||||
Metallurgical Corp. of China Ltd., Class H | 18,480 | 7,261 | ||||||
New China Life Insurance Co. Ltd., Class H | 2,674 | 13,176 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 3,511 | 1,443 | ||||||
PetroChina Co. Ltd., Class H | 43,064 | 32,787 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 3,196 | 4,883 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 72 | 384 | ||||||
Red Star Macalline Group Corp. Ltd., Class H, 144A | 503 | 539 | ||||||
Shandong Chenming Paper Holdings Ltd., Class B | 8,000 | 10,151 | ||||||
Shandong Chenming Paper Holdings Ltd., Class H | 755 | 982 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 557 | 335 | ||||||
Shanghai Bailian Group Co. Ltd., Class B* | 4,500 | 7,052 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 900 | 1,422 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B* | 10,800 | 8,402 | ||||||
Shanghai Huayi Group Corp. Ltd., Class B | 2,700 | 2,670 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class B | 3,500 | 7,956 | ||||||
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B | 900 | 1,338 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 900 | 1,310 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 6,340 | 9,352 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B | 7,200 | 15,494 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,880 | $ | 9,997 | |||||
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B* | 3,600 | 1,843 | ||||||
Shenzhen Chiwan Wharf Holdings Ltd., Class B | 1,000 | 1,558 | ||||||
Shenzhen Expressway Co. Ltd., Class H | 47,552 | 43,923 | ||||||
Shenzhou International Group Holdings Ltd. | 2,368 | 14,155 | ||||||
Sichuan Expressway Co. Ltd., Class H | 7,912 | 3,343 | ||||||
Sino-Ocean Group Holding Ltd. | 4,411 | 2,193 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 30,432 | 27,639 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 16,815 | 10,181 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,233 | 10,327 | ||||||
Sinotrans Ltd., Class H | 2,737 | 1,241 | ||||||
Sinotruk Hong Kong Ltd. | 8,165 | 6,784 | ||||||
SOHO China Ltd. | 5,058 | 2,619 | ||||||
Sunac China Holdings Ltd. | 5,322 | 5,533 | ||||||
Sunny Optical Technology Group Co. Ltd. | 1,082 | 6,962 | ||||||
Tencent Holdings Ltd. | 63 | 1,680 | ||||||
TravelSky Technology Ltd., Class H | 1,856 | 4,050 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,918 | 13,420 | ||||||
Weichai Power Co. Ltd., Class H | 12,043 | 21,193 | ||||||
Weifu High-Technology Group Co. Ltd., Class B | 500 | 1,192 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 738 | 1,209 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class B | 2,700 | 6,922 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 3,592 | 2,888 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 6,293 | 7,077 | ||||||
Zhongsheng Group Holdings Ltd. | 7,796 | 11,309 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 215 | 1,158 | ||||||
Zijin Mining Group Co. Ltd., Class H | 28,643 | 10,812 | ||||||
ZTE Corp., Class H | 476 | 775 | ||||||
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1,430,797 | ||||||||
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Colombia — 0.8% | ||||||||
Almacenes Exito SA | 3,438 | 18,282 | ||||||
Cementos Argos SA | 3,294 | 13,188 | ||||||
Cemex Latam Holdings SA* | 2,072 | 7,629 | ||||||
Ecopetrol SA* | 774 | 350 | ||||||
Grupo Argos SA | 1,469 | 9,933 | ||||||
Grupo de Inversiones Suramericana SA | 1,379 | 17,261 | ||||||
Interconexion Electrica SA ESP | 8,354 | 32,017 | ||||||
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98,660 | ||||||||
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Czech Republic — 0.2% | ||||||||
CEZ AS | 683 | 12,100 | ||||||
Moneta Money Bank AS, 144A* | 3,771 | 12,650 | ||||||
O2 Czech Republic AS | 333 | 3,575 | ||||||
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28,325 | ||||||||
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Greece — 0.1% | ||||||||
FF Group* | 36 | 708 |
Number | Value | |||||||
Greece (Continued) | ||||||||
JUMBO SA | 270 | $ | 3,830 | |||||
Motor Oil Hellas Corinth Refineries SA | 323 | 5,011 | ||||||
OPAP SA | 18 | 162 | ||||||
Titan Cement Co. SA | 27 | 645 | ||||||
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10,356 | ||||||||
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Hong Kong — 4.3% | ||||||||
Beijing Enterprises Holdings Ltd. | 7,066 | 36,957 | ||||||
Beijing Enterprises Water Group Ltd.* | 2,648 | 1,893 | ||||||
Bosideng International Holdings Ltd. | 30,495 | 2,711 | ||||||
Brilliance China Automotive Holdings Ltd. | 351 | 552 | ||||||
China Agri-Industries Holdings Ltd.* | 8,813 | 4,348 | ||||||
China Everbright International Ltd. | 918 | 1,190 | ||||||
China Everbright Ltd. | 4,681 | 9,287 | ||||||
China Gas Holdings Ltd. | 3,376 | 5,010 | ||||||
China Jinmao Holdings Group Ltd. | 104,729 | 32,515 | ||||||
China Merchants Port Holdings Co. Ltd. | 3,708 | 10,342 | ||||||
China Mobile Ltd. | 359 | 3,959 | ||||||
China Overseas Land & Investment Ltd. | 6,427 | 19,788 | ||||||
China Power International Development Ltd. | 5,889 | 2,284 | ||||||
China Resources Beer Holdings Co. Ltd.* | 3,358 | 7,622 | ||||||
China Resources Cement Holdings Ltd. | 5,430 | 2,826 | ||||||
China Resources Gas Group Ltd. | 5,690 | 17,373 | ||||||
China Resources Land Ltd. | 6,698 | 18,293 | ||||||
China Resources Power Holdings Co. Ltd. | 8,084 | 14,642 | ||||||
China State Construction International Holdings Ltd. | 2,584 | 4,228 | ||||||
China Unicom Hong Kong Ltd. | 5,861 | 7,128 | ||||||
COSCO SHIPPING Ports Ltd. | 17,480 | 19,479 | ||||||
Far East Horizon Ltd. | 3,366 | 3,239 | ||||||
Guangdong Investment Ltd. | 17,914 | 24,416 | ||||||
Haier Electronics Group Co. Ltd. | 7,939 | 14,605 | ||||||
Kingboard Chemical Holdings Ltd. | 23,027 | 81,429 | ||||||
Kingboard Laminates Holdings Ltd. | 27,887 | 31,255 | ||||||
Kunlun Energy Co. Ltd. | 25,717 | 22,363 | ||||||
Lee & Man Paper Manufacturing Ltd. | 29,200 | 26,482 | ||||||
Nine Dragons Paper Holdings Ltd. | 3,709 | 4,707 | ||||||
Shanghai Industrial Holdings Ltd. | 7,508 | 20,940 | ||||||
Shenzhen International Holdings Ltd. | 15,465 | 22,154 | ||||||
Shenzhen Investment Ltd. | 35,403 | 15,188 | ||||||
Shimao Property Holdings Ltd. | 4,509 | 6,471 | ||||||
Sino Biopharmaceutical Ltd. | 5,718 | 4,935 | ||||||
Sinofert Holdings Ltd. | 9,198 | 1,469 | ||||||
Yuexiu Property Co. Ltd. | 23,935 | 3,885 | ||||||
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505,965 | ||||||||
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Hungary — 1.1% | ||||||||
Magyar Telekom Telecommunications PLC | 19,272 | 32,532 | ||||||
MOL Hungarian Oil & Gas PLC | 773 | 53,126 | ||||||
OTP Bank PLC | 63 | 1,834 | ||||||
Richter Gedeon Nyrt | 2,053 | 45,632 | ||||||
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133,124 | ||||||||
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Indonesia — 2.1% | ||||||||
PT Adaro Energy Tbk | 63,632 | 8,088 | ||||||
PT Astra International Tbk | 14,134 | 8,691 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Bank Central Asia Tbk | 7,211 | $ | 8,354 | |||||
PT Bank Danamon Indonesia Tbk | 5,438 | 2,018 | ||||||
PT Bank Mandiri Persero Tbk | 10,001 | 8,474 | ||||||
PT Bank Negara Indonesia Persero Tbk | 33,853 | 15,865 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 11,558 | 10,357 | ||||||
PT Bumi Serpong Damai Tbk | 77,529 | 10,639 | ||||||
PT Charoen Pokphand Indonesia Tbk | 6,761 | 1,572 | ||||||
PT Gudang Garam Tbk | 1,496 | 7,387 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 7,904 | 8,979 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 17,453 | 10,895 | ||||||
PT Indofood Sukses Makmur Tbk | 28,777 | 17,532 | ||||||
PT Jasa Marga Persero Tbk | 9,091 | 3,258 | ||||||
PT Kalbe Farma Tbk | 75,097 | 8,616 | ||||||
PT Media Nusantara Citra Tbk | 10,820 | 1,347 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 46,284 | 9,822 | ||||||
PT Semen Indonesia Persero Tbk | 43,559 | 31,438 | ||||||
PT Surya Citra Media Tbk | 36,825 | 8,146 | ||||||
PT Tambang Batubara Bukit Asam Persero Tbk | 12,818 | 10,741 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 85,586 | 24,708 | ||||||
PT Tower Bersama Infrastructure Tbk | 3,798 | 1,424 | ||||||
PT Unilever Indonesia Tbk | 1,720 | 5,439 | ||||||
PT United Tractors Tbk | 9,855 | 18,216 | ||||||
PT XL Axiata Tbk* | 26,833 | 6,016 | ||||||
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248,022 | ||||||||
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Malaysia — 4.4% | ||||||||
AirAsia Bhd | 32,300 | 19,642 | ||||||
Alliance Financial Group Bhd | 11,700 | 10,040 | ||||||
AMMB Holdings Bhd | 8,000 | 8,342 | ||||||
Astro Malaysia Holdings Bhd | 26,000 | 16,689 | ||||||
Axiata Group Bhd | 9,020 | 9,000 | ||||||
Berjaya Sports Toto Bhd | 37,800 | 24,859 | ||||||
British American Tobacco Malaysia Bhd | 1,000 | 10,923 | ||||||
CIMB Group Holdings Bhd | 3,600 | 4,030 | ||||||
DiGi.Com Bhd | 12,500 | 14,189 | ||||||
Felda Global Ventures Holdings Bhd | 5,300 | 2,244 | ||||||
Gamuda Bhd | 18,900 | 20,901 | ||||||
Genting Bhd | 8,000 | 16,667 | ||||||
Genting Malaysia Bhd | 11,600 | 13,716 | ||||||
HAP Seng Consolidated Bhd | 6,300 | 12,827 | ||||||
Hong Leong Bank Bhd | 1,800 | 5,505 | ||||||
Hong Leong Financial Group Bhd | 1,900 | 6,445 | ||||||
IJM Corp. Bhd | 25,100 | 18,938 | ||||||
IOI Corp. Bhd | 900 | 949 | ||||||
IOI Properties Group Bhd | 51,200 | 24,332 | ||||||
KLCCP Stapled Group (b) | 11,600 | 20,378 | ||||||
Kuala Lumpur Kepong Bhd | 100 | 544 | ||||||
Lafarge Malaysia Bhd | 4,400 | 6,541 | ||||||
Malaysia Airports Holdings Bhd | 3,500 | 5,108 | ||||||
Maxis Bhd | 6,300 | 8,953 | ||||||
MISC Bhd | 3,500 | 5,849 | ||||||
MMC Corp. Bhd | 28,800 | 16,281 | ||||||
Petronas Chemicals Group Bhd | 14,300 | 23,350 | ||||||
Petronas Dagangan Bhd | 3,600 | 19,865 | ||||||
Petronas Gas Bhd | 3,500 | 15,782 | ||||||
PPB Group Bhd | 3,600 | 13,411 |
Number | Value | |||||||
Malaysia (Continued) | ||||||||
Public Bank Bhd | 1,900 | $ | 8,541 | |||||
RHB Bank Bhd | 1,821 | 1,985 | ||||||
RHB Bank Bhd* | 400 | 0 | ||||||
SapuraKencana Petroleum Bhd* | 6,300 | 2,696 | ||||||
Sime Darby Bhd | 12,575 | 25,377 | ||||||
Telekom Malaysia Bhd | 7,100 | 9,850 | ||||||
Tenaga Nasional Bhd | 10,800 | 32,935 | ||||||
UEM Sunrise Bhd | 9,000 | 2,311 | ||||||
UMW Holdings Bhd | 900 | 1,123 | ||||||
Westports Holdings Bhd | 10,800 | 9,754 | ||||||
YTL Corp. Bhd | 62,100 | 21,679 | ||||||
YTL Power International Bhd | 75,600 | 25,370 | ||||||
|
| |||||||
517,921 | ||||||||
|
| |||||||
Malta — 0.1% | ||||||||
Brait SE* | 2,881 | 16,216 | ||||||
|
| |||||||
Mexico — 5.9% | ||||||||
Alfa SAB de CV, Class A | 7,805 | 10,029 | ||||||
Alpek SAB de CV | 9,408 | 10,032 | ||||||
Alsea SAB de CV | 9,920 | 28,109 | ||||||
America Movil SAB de CV, Series L | 19,506 | 12,439 | ||||||
Arca Continental SAB de CV | 377 | 2,122 | ||||||
Banregio Grupo Financiero SAB de CV | 1,801 | 9,369 | ||||||
Cemex SAB de CV, Series CPO* | 7,310 | 6,219 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 6,635 | 43,790 | ||||||
Concentradora Fibra Danhos SA de CV REIT | 3,529 | 5,504 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 20,191 | 24,652 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,549 | 10,871 | ||||||
Fibra Uno Administracion SA de CV REIT | 10,838 | 15,753 | ||||||
Fomento Economico Mexicano SAB de CV | 3,727 | 30,166 | ||||||
Gentera SAB de CV | 33,520 | 44,380 | ||||||
Gruma SAB de CV, Class B | 980 | 12,986 | ||||||
Grupo Aeromexico SAB de CV* | 12,458 | 27,847 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 4,285 | 20,698 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 4,888 | 42,497 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,809 | 44,630 | ||||||
Grupo Bimbo SAB de CV, Series A | 5,763 | 13,669 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,188 | 9,330 | ||||||
Grupo Comercial Chedraui SA de CV | 10,776 | 20,153 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 3,007 | 15,018 | ||||||
Grupo Financiero Interacciones SA de CV, Class O | 980 | 4,328 | ||||||
Grupo Lala SAB de CV (a) | 5,157 | 8,520 | ||||||
Grupo Mexico SAB de CV, Series B | 4,294 | 13,088 | ||||||
Grupo Televisa SAB, Series CPO | 3,537 | 18,102 | ||||||
Industrias Bachoco SAB de CV, Series B | 3,997 | 16,010 | ||||||
Industrias CH SAB de CV, Series B* | 3,295 | 21,137 | ||||||
Industrias Penoles SAB de CV | 323 | 7,711 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Mexico (Continued) | ||||||||
Infraestructura Energetica Nova SAB de CV | 513 | $ | 2,205 | |||||
Kimberly-Clark de Mexico SAB de CV, Class A | 11,739 | 22,242 | ||||||
Megacable Holdings SAB de CV, Series CPO | 7,652 | 27,680 | ||||||
Mexichem SAB de CV | 9,579 | 22,696 | ||||||
Nemak SAB de CV, 144A | 5,673 | 5,621 | ||||||
OHL Mexico SAB de CV | 2,818 | 2,964 | ||||||
Organizacion Soriana SAB de CV, Class B* | 3,133 | 6,535 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 3,564 | 33,514 | ||||||
Promotora y Operadora de Infraestructura SAB de CV, Class L* | 2,144 | 16,354 | ||||||
Telesites SAB de CV* | 3,798 | 2,185 | ||||||
Wal-Mart de Mexico SAB de CV | 2,197 | 4,280 | ||||||
|
| |||||||
695,435 | ||||||||
|
| |||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 225 | 2,767 | ||||||
Credicorp Ltd. | 198 | 32,571 | ||||||
|
| |||||||
35,338 | ||||||||
|
| |||||||
Philippines — 1.8% | ||||||||
Aboitiz Equity Ventures, Inc. | 12,590 | 18,416 | ||||||
Aboitiz Power Corp. | 13,400 | 11,475 | ||||||
Alliance Global Group, Inc. | 8,100 | 2,049 | ||||||
Ayala Corp. | 620 | 9,729 | ||||||
Ayala Land, Inc. | 6,200 | 4,358 | ||||||
Bank of the Philippine Islands | 3,050 | 5,709 | ||||||
BDO Unibank, Inc. | 1,790 | 4,117 | ||||||
DMCI Holdings, Inc. | 55,800 | 14,090 | ||||||
Energy Development Corp. | 92,600 | 10,880 | ||||||
Globe Telecom, Inc. | 45 | 1,638 | ||||||
GT Capital Holdings, Inc. | 400 | 9,631 | ||||||
International Container Terminal Services, Inc. | 1,260 | 1,907 | ||||||
JG Summit Holdings, Inc. | 5,040 | 7,799 | ||||||
Jollibee Foods Corp. | 6,300 | 25,318 | ||||||
Manila Electric Co. | 4,050 | 23,535 | ||||||
Megaworld Corp. | 72,900 | 5,284 | ||||||
Metropolitan Bank & Trust Co. | 2,880 | 4,646 | ||||||
Petron Corp. | 91,800 | 15,905 | ||||||
PLDT, Inc. | 95 | 2,762 | ||||||
Semirara Mining & Power Corp. | 3,330 | 9,437 | ||||||
SM Investments Corp. | 530 | 6,998 | ||||||
SM Prime Holdings, Inc. | 20,700 | 12,119 | ||||||
Universal Robina Corp. | 1,790 | 5,703 | ||||||
|
| |||||||
213,505 | ||||||||
|
| |||||||
Poland — 1.5% | ||||||||
Asseco Poland SA | 3,682 | 50,782 | ||||||
Bank Handlowy w Warszawie SA | 36 | 699 | ||||||
Bank Zachodni WBK SA | 19 | 1,643 | ||||||
Budimex SA | 189 | 11,369 | ||||||
CCC SA | 215 | 11,940 | ||||||
Ciech SA | 224 | 4,132 |
Number | Value | |||||||
Poland (Continued) | ||||||||
Cyfrowy Polsat SA* | 2,026 | $ | 11,556 | |||||
Enea SA* | 926 | 2,433 | ||||||
Eurocash SA | 2,988 | 24,432 | ||||||
Grupa Azoty SA | 216 | 3,689 | ||||||
Grupa Lotos SA* | 647 | 7,749 | ||||||
KGHM Polska Miedz SA | 63 | 2,001 | ||||||
mBank SA* | 1 | 98 | ||||||
Orange Polska SA | 3,682 | 4,289 | ||||||
PGE Polska Grupa Energetyczna SA | 864 | 2,526 | ||||||
Polski Koncern Naftowy ORLEN SA | 458 | 10,626 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 8,443 | 12,996 | ||||||
Synthos SA | 6,401 | 9,270 | ||||||
Tauron Polska Energia SA* | 13,972 | 10,323 | ||||||
|
| |||||||
182,553 | ||||||||
|
| |||||||
Qatar — 1.0% | ||||||||
Aamal Co.* | 1,730 | 7,317 | ||||||
Al Meera Consumer Goods Co. QSC | 63 | 3,149 | ||||||
Barwa Real Estate Co. | 890 | 9,740 | ||||||
Commercial Bank QSC | 73 | 621 | ||||||
Doha Bank QSC | 143 | 1,526 | ||||||
Industries Qatar QSC* | 71 | 2,330 | ||||||
Ooredoo QSC | 611 | 17,787 | ||||||
Qatar Electricity & Water Co. QSC* | 179 | 11,061 | ||||||
Qatar Gas Transport Co. Ltd. | 2,656 | 17,178 | ||||||
Qatar Insurance Co. SAQ | 1,285 | 25,621 | ||||||
Qatar International Islamic Bank QSC | 117 | 2,233 | ||||||
Qatar Islamic Bank SAQ | 35 | 980 | ||||||
Qatar Navigation QSC | 540 | 12,932 | ||||||
United Development Co. QSC | 809 | 4,843 | ||||||
|
| |||||||
117,318 | ||||||||
|
| |||||||
Romania — 0.3% | ||||||||
New Europe Property Investments PLC | 2,827 | 31,923 | ||||||
|
| |||||||
Russia — 3.9% | ||||||||
Acron PJSC | 216 | 12,490 | ||||||
Aeroflot PJSC* | 27,545 | 77,870 | ||||||
Alrosa PJSC | 6,941 | 10,935 | ||||||
Bashneft PJSC | 242 | 14,209 | ||||||
Federal Grid Co Unified Energy System PJSC | 1,291,117 | 4,728 | ||||||
Gazprom PJSC | 2,774 | 6,361 | ||||||
Inter RAO UES PJSC | 370,439 | 25,518 | ||||||
LSR Group PJSC, GDR | 261 | 937 | ||||||
LUKOIL PJSC | 1,900 | 100,338 | ||||||
Magnitogorsk Iron & Steel OJSC | 20,415 | 12,919 | ||||||
MegaFon PJSC, GDR | 144 | 1,663 | ||||||
MMC Norilsk Nickel PJSC | 19 | 3,027 | ||||||
Mobile TeleSystems PJSC | 10,956 | 51,653 | ||||||
Moscow Exchange MICEX-RTS PJSC | 801 | 1,693 | ||||||
Novatek PJSC | 323 | 4,168 | ||||||
Novolipetsk Steel PJSC | 5,637 | 10,867 | ||||||
PhosAgro PJSC, GDR | 314 | 4,333 | ||||||
Rosneft Oil Co. PJSC | 648 | 3,672 | ||||||
ROSSETI PJSC | 149,483 | 2,609 | ||||||
Rostelecom PJSC | 12,242 | 16,353 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Russia (Continued) | ||||||||
RusHydro PJSC | 1,097,860 | $ | 17,621 | |||||
Severstal PJSC | 945 | 13,379 | ||||||
Surgutneftegas OJSC | 9,714 | 4,886 | ||||||
Tatneft PJSC | 9,055 | 52,832 | ||||||
Unipro PJSC | 213,678 | 9,441 | ||||||
Uralkali PJSC* | 206 | 589 | ||||||
|
| |||||||
465,091 | ||||||||
|
| |||||||
South Africa — 15.9% | ||||||||
AECI Ltd. | 2,359 | 19,741 | ||||||
African Rainbow Minerals Ltd. | 369 | 2,863 | ||||||
Anglo American Platinum Ltd.* | 10 | 232 | ||||||
AngloGold Ashanti Ltd.* | 198 | 2,204 | ||||||
Aspen Pharmacare Holdings Ltd. | 314 | 6,803 | ||||||
Assore Ltd. (a) | 161 | 3,338 | ||||||
Attacq Ltd.* | 494 | 683 | ||||||
AVI Ltd. | 6,581 | 47,923 | ||||||
Barclays Africa Group Ltd. (a) | 188 | 2,184 | ||||||
Barloworld Ltd. | 1,828 | 16,192 | ||||||
Bid Corp. Ltd. | 1,937 | 38,943 | ||||||
Bidvest Group Ltd. (a) | 22,640 | 268,322 | ||||||
Capitec Bank Holdings Ltd. | 476 | 26,384 | ||||||
Clicks Group Ltd. | 8,291 | 81,452 | ||||||
Coronation Fund Managers Ltd. | 495 | 2,548 | ||||||
Discovery Ltd. | 1,694 | 15,930 | ||||||
Distell Group Ltd. | 395 | 4,321 | ||||||
EOH Holdings Ltd. | 377 | 4,058 | ||||||
Exxaro Resources Ltd. | 1,187 | 9,794 | ||||||
FirstRand Ltd. (a) | 359 | 1,365 | ||||||
Foschini Group Ltd. | 1,910 | 23,710 | ||||||
Gold Fields Ltd. | 738 | 2,271 | ||||||
Grindrod Ltd. | 801 | 835 | ||||||
Growthpoint Properties Ltd. REIT (a) | 34,636 | 70,119 | ||||||
Harmony Gold Mining Co. Ltd. | 494 | 1,205 | ||||||
Hyprop Investments Ltd. REIT | 10,433 | 100,063 | ||||||
Impala Platinum Holdings Ltd.* | 351 | 1,182 | ||||||
Imperial Holdings Ltd. (a) | 3,951 | 50,475 | ||||||
JSE Ltd. | 1,034 | 12,870 | ||||||
KAP Industrial Holdings Ltd. | 50,426 | 36,123 | ||||||
Liberty Holdings Ltd. (a) | 387 | 3,289 | ||||||
Life Healthcare Group Holdings Ltd. | 5,160 | 13,219 | ||||||
Massmart Holdings Ltd. | 6,877 | 78,775 | ||||||
MMI Holdings Ltd. | 1,639 | 3,082 | ||||||
Mondi Ltd. | 594 | 13,648 | ||||||
Mr Price Group Ltd. | 2,620 | 34,052 | ||||||
MTN Group Ltd. (a) | 468 | 4,286 | ||||||
Nampak Ltd.* | 287 | 365 | ||||||
Nedbank Group Ltd. (a) | 242 | 4,533 | ||||||
Netcare Ltd. | 5,151 | 12,523 | ||||||
Northam Platinum Ltd.* | 521 | 2,160 | ||||||
Omnia Holdings Ltd. | 2,980 | 39,433 | ||||||
Pick n Pay Stores Ltd. | 12,934 | 68,675 | ||||||
Pioneer Foods Group Ltd. | 828 | 10,365 | ||||||
PSG Group Ltd. | 170 | 3,268 | ||||||
Redefine Properties Ltd. REIT | 93,344 | 77,573 | ||||||
Remgro Ltd. | 2,675 | 45,667 | ||||||
Resilient REIT Ltd. REIT (a) | 5,529 | 50,725 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Reunert Ltd. | 8,084 | $ | 43,368 | |||||
RMB Holdings Ltd. | 6,922 | 33,557 | ||||||
Sanlam Ltd. | 1,783 | 9,238 | ||||||
Santam Ltd. | 1,486 | 27,551 | ||||||
Sappi Ltd. | 4,734 | 29,609 | ||||||
Sasol Ltd. (a) | 1,349 | 38,469 | ||||||
Shoprite Holdings Ltd. | 5,346 | 77,349 | ||||||
SPAR Group Ltd. | 10,145 | 138,447 | ||||||
Standard Bank Group Ltd. (a) | 449 | 4,916 | ||||||
Sun International Ltd./South Africa | 495 | 3,270 | ||||||
Super Group Ltd./South Africa* | 9,369 | 24,927 | ||||||
Telkom SA SOC Ltd. | 4,644 | 24,203 | ||||||
Tiger Brands Ltd. | 1,568 | 50,109 | ||||||
Tongaat Hulett Ltd. | 683 | 6,611 | ||||||
Truworths International Ltd. | 3,799 | 25,321 | ||||||
Tsogo Sun Holdings Ltd. | 10,955 | 23,175 | ||||||
Vodacom Group Ltd. | 657 | 7,445 | ||||||
Woolworths Holdings Ltd. (a) | 1,811 | 9,692 | ||||||
|
| |||||||
1,897,028 | ||||||||
|
| |||||||
Taiwan — 16.0% | ||||||||
Acer, Inc.* | 2,387 | 1,146 | ||||||
Advanced Semiconductor Engineering, Inc. | 18,544 | 23,026 | ||||||
Advantech Co. Ltd. | 2,206 | 18,776 | ||||||
Asia Cement Corp. | 13,420 | 13,279 | ||||||
Asustek Computer, Inc. | 575 | 5,193 | ||||||
AU Optronics Corp. | 61,093 | 24,259 | ||||||
Capital Securities Corp. | 24,070 | 7,913 | ||||||
Catcher Technology Co. Ltd. | 846 | 7,077 | ||||||
Cathay Real Estate Development Co. Ltd.* | 10,136 | 6,912 | ||||||
Chang Hwa Commercial Bank Ltd. | 14,484 | 8,651 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 19,038 | 40,464 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 7,444 | 9,316 | ||||||
Chicony Electronics Co. Ltd. | 14,629 | 34,473 | ||||||
China Airlines Ltd. | 32,072 | 10,543 | ||||||
China Motor Corp. | 31,983 | 29,981 | ||||||
China Steel Corp. | 41,019 | 34,446 | ||||||
Chunghwa Telecom Co. Ltd. | 5,673 | 18,834 | ||||||
Compal Electronics, Inc. | 65,314 | 40,923 | ||||||
CTBC Financial Holding Co. Ltd. | 42,854 | 25,595 | ||||||
Delta Electronics, Inc. | 5,436 | 30,256 | ||||||
E.Sun Financial Holding Co. Ltd. | 22,097 | 13,413 | ||||||
Eclat Textile Co. Ltd. | 170 | 1,710 | ||||||
Eternal Materials Co. Ltd. | 52,595 | 57,519 | ||||||
Eva Airways Corp. | 15,852 | 7,868 | ||||||
Far Eastern International Bank | 21,360 | 6,500 | ||||||
Far Eastern New Century Corp. | 12,925 | 11,569 | ||||||
Far EasTone Telecommunications Co. Ltd. | 12,431 | 29,941 | ||||||
Feng Hsin Steel Co. Ltd. | 30,594 | 51,681 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,720 | 7,278 | ||||||
First Financial Holding Co. Ltd. | 19,525 | 11,534 | ||||||
Formosa Chemicals & Fibre Corp. | 20,091 | 63,562 | ||||||
Formosa Petrochemical Corp. | 2,431 | 8,466 | ||||||
Formosa Plastics Corp. | 13,214 | 39,827 | ||||||
Formosa Taffeta Co. Ltd. | 8,749 | 8,885 | ||||||
Foxconn Technology Co. Ltd. | 12,539 | 37,425 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Fubon Financial Holding Co. Ltd. | 3,313 | $ | 5,365 | |||||
Giant Manufacturing Co. Ltd. | 891 | 5,510 | ||||||
Hon Hai Precision Industry Co. Ltd. | 11,729 | 34,167 | ||||||
Hotai Motor Co. Ltd. | 567 | 6,487 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 25,800 | 14,192 | ||||||
Innolux Corp. | 57,509 | 23,398 | ||||||
Inventec Corp. | 127,108 | 94,327 | ||||||
Largan Precision Co. Ltd. | 89 | 13,209 | ||||||
Lite-On Technology Corp. | 86,871 | 145,617 | ||||||
MediaTek, Inc. | 450 | 3,281 | ||||||
Mega Financial Holding Co. Ltd. | 16,959 | 13,193 | ||||||
Nan Ya Plastics Corp. | 14,799 | 35,934 | ||||||
Nan Ya Printed Circuit Board Corp. | 908 | 745 | ||||||
Novatek Microelectronics Corp. | 10,433 | 39,051 | ||||||
Pegatron Corp. | 14,071 | 36,960 | ||||||
Pou Chen Corp. | 30,711 | 41,683 | ||||||
President Chain Store Corp. | 5,959 | 43,737 | ||||||
Quanta Computer, Inc. | 8,857 | 18,363 | ||||||
Realtek Semiconductor Corp. | 3,078 | 11,471 | ||||||
Shin Kong Financial Holding Co. Ltd.* | 25,716 | 6,939 | ||||||
Siliconware Precision Industries Co. Ltd. | 32,072 | 50,524 | ||||||
SinoPac Financial Holdings Co. Ltd. | 43,070 | 13,107 | ||||||
Synnex Technology International Corp. | 5,618 | 6,171 | ||||||
Taishin Financial Holding Co. Ltd. | 21,674 | 8,571 | ||||||
Taiwan Business Bank | 30,489 | 8,346 | ||||||
Taiwan Cement Corp. | 29,767 | 36,478 | ||||||
Taiwan Fertilizer Co. Ltd. | 39,426 | 54,538 | ||||||
Taiwan Glass Industry Corp.* | 1,423 | 813 | ||||||
Taiwan Mobile Co. Ltd. | 6,058 | 21,295 | ||||||
Taiwan Secom Co. Ltd. | 7,120 | 20,857 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,999 | 12,297 | ||||||
Teco Electric and Machinery Co. Ltd. | 22,187 | 20,004 | ||||||
Ton Yi Industrial Corp. | 11,766 | 5,878 | ||||||
Transcend Information, Inc. | 7,849 | 22,047 | ||||||
Unimicron Technology Corp. | 25,537 | 11,928 | ||||||
Uni-President Enterprises Corp. | 21,693 | 38,552 | ||||||
United Microelectronics Corp. | 211,917 | 87,944 | ||||||
Vanguard International Semiconductor Corp. | 11,639 | 22,995 | ||||||
Walsin Lihwa Corp. | 120,321 | 55,611 | ||||||
Wan Hai Lines Ltd. | 4,554 | 2,794 | ||||||
Wistron Corp. | 49,580 | 41,554 | ||||||
Yuanta Financial Holding Co. Ltd. | 42,989 | 18,190 | ||||||
Yulon Motor Co. Ltd. | 3,042 | 2,832 | ||||||
Yulon Nissan Motor Co. Ltd. | 63 | 428 | ||||||
|
| |||||||
1,905,624 | ||||||||
|
| |||||||
Thailand — 3.5% | ||||||||
Advanced Info Service PCL, NVDR | 933 | 4,464 | ||||||
Airports of Thailand PCL, NVDR | 8,430 | 9,359 | ||||||
Bangkok Bank PCL | 900 | 4,577 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 9,052 | 5,213 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 85,513 | 17,271 | ||||||
Bangkok Life Assurance PCL, NVDR | 1,873 | 2,616 | ||||||
Banpu PCL, NVDR | 15,381 | 8,637 |
Number | Value | |||||||
Thailand (Continued) | ||||||||
BEC World PCL, NVDR | 3,512 | $ | 1,580 | |||||
Berli Jucker PCL | 1,000 | 1,318 | ||||||
Berli Jucker PCL | 3,500 | 4,612 | ||||||
BTS Group Holdings PCL, NVDR | 59,403 | 13,955 | ||||||
Central Pattana PCL, NVDR | 16,275 | 25,644 | ||||||
Charoen Pokphand Foods PCL, NVDR | 9,962 | 7,991 | ||||||
CP ALL PCL, NVDR | 8,959 | 15,400 | ||||||
Delta Electronics Thailand PCL, NVDR | 3,627 | 9,612 | ||||||
Electricity Generating PCL, NVDR | 3,560 | 21,112 | ||||||
Glow Energy PCL, NVDR | 6,257 | 13,982 | ||||||
Home Product Center PCL, NVDR | 74,749 | 21,093 | ||||||
Indorama Ventures PCL, NVDR | 9,000 | 9,153 | ||||||
Intouch Holdings PCL, NVDR | 9,825 | 14,918 | ||||||
IRPC PCL, NVDR | 173,095 | 24,596 | ||||||
Kasikornbank PCL | 100 | 546 | ||||||
Krung Thai Bank PCL, NVDR | 15,200 | 8,535 | ||||||
Land & Houses PCL, NVDR | 114,233 | 32,072 | ||||||
Minor International PCL, NVDR | 9,994 | 9,806 | ||||||
PTT Exploration & Production PCL, NVDR | 3,600 | 9,592 | ||||||
PTT Global Chemical PCL, NVDR | 7,241 | 14,781 | ||||||
PTT PCL, NVDR | 100 | 1,137 | ||||||
Ratchaburi Electricity Generating Holding PCL, NVDR | 13,500 | 20,111 | ||||||
Siam City Cement PCL, NVDR | 846 | 6,568 | ||||||
Siam Commercial Bank PCL, NVDR | 2,700 | 11,912 | ||||||
Thai Airways International PCL, NVDR* | 6,230 | 3,445 | ||||||
Thai Oil PCL, NVDR | 15,200 | 32,768 | ||||||
Thai Union Group PCL, NVDR | 45,921 | 26,706 | ||||||
TMB Bank PCL, NVDR | 41,371 | 2,892 | ||||||
Total Access Communication PCL, NVDR | 91 | 113 | ||||||
|
| |||||||
418,087 | ||||||||
|
| |||||||
Turkey — 1.9% | ||||||||
Akbank TAS | 1,981 | 4,746 | ||||||
Akcansa Cimento AS | 1,802 | 7,198 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 423 | 2,309 | ||||||
Arcelik AS | 3,250 | 18,707 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 2,161 | 9,025 | ||||||
Aygaz AS | 1,657 | 6,075 | ||||||
BIM Birlesik Magazalar AS | 1,142 | 16,496 | ||||||
Coca-Cola Icecek AS | 251 | 2,426 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 17,831 | 15,385 | ||||||
Enka Insaat ve Sanayi AS | 2,098 | 3,262 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 20,640 | 33,797 | ||||||
Ford Otomotiv Sanayi AS | 1,577 | 15,920 | ||||||
Haci Omer Sabanci Holding AS | 1,883 | 5,227 | ||||||
KOC Holding AS | 738 | 3,017 | ||||||
Migros Ticaret AS* | 548 | 2,976 | ||||||
Petkim Petrokimya Holding AS | 26,741 | 31,845 | ||||||
TAV Havalimanlari Holding AS | 161 | 673 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 683 | 5,117 | ||||||
Turk Telekomunikasyon AS | 2,414 | 3,833 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 459 | 9,812 | ||||||
Turkcell Iletisim Hizmetleri AS* | 2,242 | 7,342 | ||||||
Turkiye Garanti Bankasi AS | 1,349 | 3,206 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 7,697 | 3,140 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Turkey (Continued) | ||||||||
Turkiye Sise ve Cam Fabrikalari AS | 9,036 | $ | 9,764 | |||||
Turkiye Vakiflar Bankasi TAO, Class D | 2,369 | 3,461 | ||||||
Ulker Biskuvi Sanayi AS | 819 | 4,170 | ||||||
|
| |||||||
228,929 | ||||||||
|
| |||||||
United Arab Emirates — 0.5% | ||||||||
Abu Dhabi Commercial Bank PJSC | 1,496 | 2,888 | ||||||
Air Arabia PJSC | 44,153 | 14,788 | ||||||
Al Waha Capital PJSC | 6,158 | 3,706 | ||||||
Aldar Properties PJSC | 12,800 | 8,365 | ||||||
Dana Gas PJSC* | 14,510 | 1,817 | ||||||
DP World Ltd. | 116 | 2,456 | ||||||
Dubai Investments PJSC | 7,148 | 4,905 | ||||||
Dubai Islamic Bank PJSC | 1,595 | 2,714 | ||||||
DXB Entertainments PJSC* | 7,993 | 2,351 | ||||||
Emaar Malls PJSC | 3,493 | 2,492 | ||||||
Emaar Properties PJSC | 3,609 | 7,321 | ||||||
Emirates Telecommunications Group Co. PJSC | 1,504 | 7,208 | ||||||
Union National Bank PJSC | 1,055 | 1,258 | ||||||
|
| |||||||
62,269 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 10,479,045 | |||||||
|
| |||||||
PREFERRED STOCKS — 4.0% | ||||||||
Brazil — 2.9% | ||||||||
Banco Bradesco SA | 9 | 97 | ||||||
Braskem SA, Class A | 4,663 | 48,458 | ||||||
Cia Brasileira de Distribuicao | 2,557 | 47,219 | ||||||
Cia de Gas de Sao Paulo — COMGAS, Class A | 1,711 | 25,904 | ||||||
Cia de Transmissao de Energia Eletrica Paulista | 522 | 11,217 | ||||||
Cia Energetica de Minas Gerais | 6,032 | 20,727 | ||||||
Cia Paranaense de Energia, Class B | 1,178 | 12,761 | ||||||
Gerdau SA | 2,873 | 11,959 | ||||||
Itau Unibanco Holding SA | 2,044 | 26,301 | ||||||
Itausa — Investimentos Itau SA | 35,672 | 115,123 | ||||||
Lojas Americanas SA | 1,199 | 6,321 | ||||||
Telefonica Brasil SA | 782 | 11,540 | ||||||
|
| |||||||
337,627 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Embotelladora Andina SA, Class B | 4,816 | 18,435 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 612 | $ | 19,228 | |||||
|
| |||||||
37,663 | ||||||||
|
| |||||||
Colombia — 0.4% | ||||||||
Bancolombia SA | 2,504 | �� | 23,392 | |||||
Cementos Argos SA | 3,762 | 13,877 | ||||||
Grupo Aval Acciones y Valores SA | 23,729 | 9,216 | ||||||
Grupo de Inversiones Suramericana SA | 206 | 2,503 | ||||||
|
| |||||||
48,988 | ||||||||
|
| |||||||
Russia — 0.4% | ||||||||
Bashneft PJSC | 306 | 6,747 | ||||||
Surgutneftegas OJSC | 19,038 | 10,363 | ||||||
Tatneft PJSC, Series 3 | 1,594 | 5,783 | ||||||
Transneft PJSC | 9 | 28,485 | ||||||
|
| |||||||
51,378 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 475,656 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Itausa — Investimentos Itau SA*, expires 03/31/17 | 584 | 740 | ||||||
|
| |||||||
Malaysia — 0.0% | ||||||||
IOI Properties Group Bhd*, expires 03/17/17 | 12,800 | 2,104 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Advanced Semiconductor Engineering, Inc.*, expires 03/21/17 | 579 | 73 | ||||||
|
| |||||||
TOTAL RIGHTS | 2,917 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.8% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.48% (c)(d) | 456,397 | 456,397 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 95.8% | ||||||||
(Cost $10,920,953)† | $ | 11,414,015 | ||||||
Other assets and liabilities, net — 4.2% | 494,877 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 11,908,892 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $10,924,366. At February 28, 2017, net unrealized appreciation for all securities based on tax cost was $489,649. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $632,112 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $142,463. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2017 amounted to $409,716, which is 3.4% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At February 28, 2017, 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 | 53 | $ | 944,619 | 3/30/2017 | $ | (3,735 | ) |
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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) | $ | 10,476,715 | $ | — | $ | 2,330 | $ | 10,479,045 | ||||||||
Preferred Stocks (e) | 475,656 | — | — | 475,656 | ||||||||||||
Rights (e) | 2,917 | — | — | 2,917 | ||||||||||||
Short-Term Investments | 456,397 | — | — | 456,397 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 11,411,685 | $ | — | $ | 2,330 | $ | 11,414,015 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (3,735 | ) | $ | — | $ | — | $ | (3,735 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (3,735 | ) | $ | — | $ | — | $ | (3,735 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended February 28, 2017.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF
February 28, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Consumer Discretionary — 17.1% | ||||||||
Advance Auto Parts, Inc. | 374 | $ | 58,572 | |||||
Amazon.com, Inc.* | 2 | 1,690 | ||||||
AMC Networks, Inc., Class A* | 58 | 3,469 | ||||||
Aramark | 1,867 | 66,727 | ||||||
AutoNation, Inc.* | 67 | 3,075 | ||||||
AutoZone, Inc.* | 126 | 92,805 | ||||||
Bed Bath & Beyond, Inc. | 1,592 | 64,317 | ||||||
Best Buy Co., Inc. | 1,251 | 55,207 | ||||||
BorgWarner, Inc. | 396 | 16,707 | ||||||
Brinker International, Inc. (a) | 2,124 | 89,718 | ||||||
Brunswick Corp. | 675 | 40,426 | ||||||
Burlington Stores, Inc.* | 585 | 52,071 | ||||||
Cabela’s, Inc.*(a) | 196 | 9,181 | ||||||
Cable One, Inc. | 132 | 82,555 | ||||||
CarMax, Inc.* | 331 | 21,363 | ||||||
Carnival Corp. | 1,193 | 66,748 | ||||||
Carter’s, Inc. | 617 | 54,302 | ||||||
CBS Corp., Class B | 1,937 | 127,687 | ||||||
Charter Communications, Inc., Class A* | 9 | 2,908 | ||||||
Chipotle Mexican Grill, Inc.* | 26 | 10,887 | ||||||
Choice Hotels International, Inc. | 277 | 16,786 | ||||||
Cinemark Holdings, Inc. | 2,604 | 109,029 | ||||||
Coach, Inc. | 2,682 | 102,157 | ||||||
Comcast Corp., Class A | 822 | 30,759 | ||||||
CST Brands, Inc. | 364 | 17,519 | ||||||
D.R. Horton, Inc. | 741 | 23,712 | ||||||
Darden Restaurants, Inc. | 3,297 | 246,220 | ||||||
Delphi Automotive PLC | 329 | 25,047 | ||||||
Dick’s Sporting Goods, Inc. | 3,730 | 182,583 | ||||||
Dillard’s, Inc., Class A (a) | 397 | 21,644 | ||||||
Discovery Communications, Inc., | 1,089 | 31,320 | ||||||
Discovery Communications, Inc., Class C* | 1,686 | 47,326 | ||||||
DISH Network Corp., Class A* | 75 | 4,650 | ||||||
Dollar General Corp. | 1,894 | 138,300 | ||||||
Domino’s Pizza, Inc. | 640 | 121,478 | ||||||
Dunkin’ Brands Group, Inc. | 667 | 36,692 | ||||||
Extended Stay America, Inc. | 296 | 5,121 | ||||||
Foot Locker, Inc. | 2,684 | 203,098 | ||||||
Ford Motor Co. | 2,069 | 25,925 | ||||||
GameStop Corp., Class A (a) | 245 | 5,988 | ||||||
Gap, Inc. | 2,167 | 53,785 | ||||||
Garmin Ltd. | 1,396 | 72,048 | ||||||
General Motors Co. | 946 | 34,851 | ||||||
Gentex Corp. | 3,418 | 71,881 | ||||||
Genuine Parts Co. | 3,262 | 312,206 | ||||||
Goodyear Tire & Rubber Co. | 1,008 | 35,330 | ||||||
Graham Holdings Co., Class B | 25 | 13,456 | ||||||
H&R Block, Inc. | 481 | 9,889 | ||||||
Hanesbrands, Inc. | 445 | 8,904 | ||||||
Harley-Davidson, Inc. | 2,611 | 147,208 | ||||||
Harman International Industries, Inc. | 246 | 27,459 | ||||||
Hasbro, Inc. | 1,426 | 138,137 | ||||||
Hilton Grand Vacations, Inc.* | 97 | 2,904 | ||||||
Hilton Worldwide Holdings, Inc. | 314 | 17,961 | ||||||
Home Depot, Inc. | 163 | 23,620 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Hyatt Hotels Corp., Class A* | 401 | $ | 20,587 | |||||
International Game Technology PLC | 435 | 11,745 | ||||||
Interpublic Group of Companies, Inc. | 3,045 | 73,385 | ||||||
John Wiley & Sons, Inc., Class A | 1,698 | 88,636 | ||||||
Kohl’s Corp. | 2,607 | 111,110 | ||||||
L Brands, Inc. | 245 | 12,892 | ||||||
Las Vegas Sands Corp. | 272 | 14,402 | ||||||
Lear Corp. | 1,250 | 177,488 | ||||||
Leggett & Platt, Inc. | 2,907 | 142,966 | ||||||
Lennar Corp., Class A | 160 | 7,806 | ||||||
Liberty Expedia Holdings, Inc., Class A* | 922 | 39,904 | ||||||
Liberty Interactive Corp., Class A* | 273 | 5,154 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 381 | 14,985 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* | 1,220 | 47,495 | ||||||
Liberty Ventures, Series A* | 480 | 21,053 | ||||||
Live Nation Entertainment, Inc.* | 466 | 13,239 | ||||||
LKQ Corp.* | 2,541 | 80,245 | ||||||
Lowe’s Cos., Inc. | 781 | 58,083 | ||||||
Lululemon Athletica, Inc.* | 196 | 12,791 | ||||||
Macy’s, Inc. | 3,414 | 113,413 | ||||||
Madison Square Garden Co., Class A* | 30 | 5,381 | ||||||
Marriott International, Inc., Class A | 1,006 | 87,512 | ||||||
Mattel, Inc. | 3,222 | 82,902 | ||||||
McDonald’s Corp. | 363 | 46,337 | ||||||
MGM Resorts International* | 172 | 4,522 | ||||||
Michael Kors Holdings Ltd.* | 940 | 34,310 | ||||||
Michaels Cos., Inc.* | 923 | 18,543 | ||||||
Mohawk Industries, Inc.* | 162 | 36,670 | ||||||
Murphy USA, Inc.* | 244 | 15,543 | ||||||
Newell Brands, Inc. | 432 | 21,181 | ||||||
News Corp., Class A | 3,217 | 41,242 | ||||||
News Corp., Class B | 1,006 | 13,279 | ||||||
NIKE, Inc., Class B | 273 | 15,605 | ||||||
Nordstrom, Inc. (a) | 4,438 | 207,077 | ||||||
NVR, Inc.* | 34 | 65,789 | ||||||
Omnicom Group, Inc. | 2,543 | 216,409 | ||||||
O’Reilly Automotive, Inc.* | 302 | 82,056 | ||||||
Panera Bread Co., Class A*(a) | 366 | 84,473 | ||||||
Penske Automotive Group, Inc. | 380 | 19,114 | ||||||
Polaris Industries, Inc. (a) | 711 | 60,584 | ||||||
Pool Corp. | 923 | 105,877 | ||||||
Priceline Group, Inc.* | 25 | 43,103 | ||||||
PulteGroup, Inc. | 279 | 6,152 | ||||||
PVH Corp. | 1,152 | 105,523 | ||||||
Ralph Lauren Corp. | 618 | 49,026 | ||||||
Regal Entertainment Group, Class A (a) | 2,805 | 60,532 | ||||||
Ross Stores, Inc. | 3,046 | 208,895 | ||||||
Royal Caribbean Cruises Ltd. | 106 | 10,187 | ||||||
Sally Beauty Holdings, Inc.* | 984 | 21,520 | ||||||
Scripps Networks Interactive, Inc., Class A | 681 | 55,004 | ||||||
Service Corp. International | 1,379 | 42,377 | ||||||
ServiceMaster Global Holdings, Inc.* | 277 | 11,033 | ||||||
Signet Jewelers Ltd. | 94 | 5,977 | ||||||
Sirius XM Holdings, Inc. (a) | 6,392 | 32,535 | ||||||
Six Flags Entertainment Corp. | 808 | 48,973 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Staples, Inc. | 7,737 | $ | 69,556 | |||||
Starbucks Corp. | 440 | 25,023 | ||||||
Target Corp. | 3,026 | 177,838 | ||||||
TEGNA, Inc. | 464 | 11,892 | ||||||
Thor Industries, Inc. | 1,018 | 112,815 | ||||||
Tiffany & Co. (a) | 952 | 87,460 | ||||||
Time Warner, Inc. | 736 | 72,283 | ||||||
TJX Cos., Inc. | 1,897 | 148,820 | ||||||
Toll Brothers, Inc.* | 195 | 6,657 | ||||||
Tractor Supply Co. | 337 | 23,897 | ||||||
Tupperware Brands Corp. | 1,531 | 92,457 | ||||||
Twenty-First Century Fox, Inc., Class A | 719 | 21,512 | ||||||
Twenty-First Century Fox, Inc., Class B | 231 | 6,780 | ||||||
Ulta Beauty, Inc.* | 163 | 44,569 | ||||||
Under Armour, Inc., Class C* | 125 | 2,320 | ||||||
Urban Outfitters, Inc.* | 1,801 | 46,880 | ||||||
Vail Resorts, Inc. | 585 | 105,990 | ||||||
VF Corp. | 751 | 39,390 | ||||||
Viacom, Inc., Class B | 569 | 24,723 | ||||||
Vista Outdoor, Inc.* | 245 | 4,956 | ||||||
Visteon Corp.* | 1,456 | 134,928 | ||||||
Walt Disney Co. | 161 | 17,724 | ||||||
Wendy’s Co. | 3,256 | 45,389 | ||||||
Whirlpool Corp. | 745 | 133,050 | ||||||
Williams-Sonoma, Inc. (a) | 957 | 46,501 | ||||||
Wyndham Worldwide Corp. | 1,258 | 104,716 | ||||||
Yum China Holdings, Inc.* | 4,651 | 123,670 | ||||||
Yum! Brands, Inc. | 3,962 | 258,798 | ||||||
|
| |||||||
8,308,624 | ||||||||
|
| |||||||
Consumer Staples — 6.7% | ||||||||
Altria Group, Inc. | 532 | 39,857 | ||||||
Archer-Daniels-Midland Co. | 5,701 | 267,776 | ||||||
Brown-Forman Corp., Class A | 73 | 3,639 | ||||||
Brown-Forman Corp., Class B | 549 | 26,769 | ||||||
Bunge Ltd. | 788 | 64,498 | ||||||
Campbell Soup Co. | 1,082 | 64,217 | ||||||
Casey’s General Stores, Inc. | 265 | 30,364 | ||||||
Church & Dwight Co., Inc. | 2,544 | 126,793 | ||||||
Clorox Co. | 380 | 51,988 | ||||||
Coca-Cola Co. | 208 | 8,728 | ||||||
Colgate-Palmolive Co. | 770 | 56,195 | ||||||
Conagra Brands, Inc. | 1,328 | 54,727 | ||||||
Constellation Brands, Inc., Class A | 128 | 20,328 | ||||||
Costco Wholesale Corp. | 511 | 90,539 | ||||||
CVS Health Corp. | 125 | 10,073 | ||||||
Dr Pepper Snapple Group, Inc. | 600 | 56,064 | ||||||
Edgewell Personal Care Co.* | 280 | 20,675 | ||||||
Energizer Holdings, Inc. | 261 | 14,318 | ||||||
Estee Lauder Cos., Inc., Class A | 585 | 48,467 | ||||||
Flowers Foods, Inc. (a) | 178 | 3,428 | ||||||
General Mills, Inc. | 1,662 | 100,335 | ||||||
Hain Celestial Group, Inc.* | 304 | 10,756 | ||||||
Hershey Co. | 1,357 | 147,031 | ||||||
Hormel Foods Corp. | 1,057 | 37,259 | ||||||
Ingredion, Inc. | 1,468 | 177,467 | ||||||
JM Smucker Co. | 972 | 137,762 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Kellogg Co. | 517 | $ | 38,294 | |||||
Kimberly-Clark Corp. | 262 | 34,728 | ||||||
Kroger Co. | 515 | 16,377 | ||||||
Lamb Weston Holdings, Inc. | 3,175 | 124,428 | ||||||
McCormick & Co., Inc. | 1,123 | 110,526 | ||||||
Mead Johnson Nutrition Co. | 703 | 61,716 | ||||||
Molson Coors Brewing Co., Class B | 261 | 26,202 | ||||||
Mondelez International, Inc., Class A | 1,328 | 58,326 | ||||||
Nu Skin Enterprises, Inc., Class A | 69 | 3,418 | ||||||
PepsiCo, Inc. | 264 | 29,140 | ||||||
Philip Morris International, Inc. | 277 | 30,290 | ||||||
Pilgrim’s Pride Corp. (a) | 131 | 2,670 | ||||||
Pinnacle Foods, Inc. | 1,226 | 70,041 | ||||||
Post Holdings, Inc.* | 244 | 19,976 | ||||||
Procter & Gamble Co. | 177 | 16,119 | ||||||
Spectrum Brands Holdings, Inc. | 372 | 50,488 | ||||||
Sprouts Farmers Market, Inc.*(a) | 396 | 7,310 | ||||||
Sysco Corp. | 8,546 | 450,545 | ||||||
TreeHouse Foods, Inc.*(a) | 193 | 16,420 | ||||||
Tyson Foods, Inc., Class A | 3,584 | 224,215 | ||||||
US Foods Holding Corp.* | 413 | 11,378 | ||||||
Walgreens Boots Alliance, Inc. | 515 | 44,486 | ||||||
Wal-Mart Stores, Inc. | 363 | 25,748 | ||||||
WhiteWave Foods Co.* | 379 | 20,875 | ||||||
Whole Foods Market, Inc. | 2,294 | 70,357 | ||||||
|
| |||||||
3,234,126 | ||||||||
|
| |||||||
Energy — 0.9% | ||||||||
Antero Resources Corp.*(a) | 178 | 4,268 | ||||||
Apache Corp. | 169 | 8,888 | ||||||
Baker Hughes, Inc. | 178 | 10,730 | ||||||
Cabot Oil & Gas Corp. | 517 | 11,322 | ||||||
Chevron Corp. | 101 | 11,363 | ||||||
Concho Resources, Inc.* | 42 | 5,563 | ||||||
ConocoPhillips | 109 | 5,185 | ||||||
Devon Energy Corp. | 550 | 23,848 | ||||||
Diamondback Energy, Inc.* | 26 | 2,622 | ||||||
Dril-Quip, Inc.*(a) | 363 | 22,270 | ||||||
Enbridge, Inc. | 1,437 | 60,139 | ||||||
EOG Resources, Inc. | 58 | 5,625 | ||||||
EQT Corp. | 544 | 32,580 | ||||||
Exxon Mobil Corp. | 159 | 12,930 | ||||||
Halliburton Co. | 261 | 13,953 | ||||||
Helmerich & Payne, Inc. (a) | 346 | 23,656 | ||||||
Kinder Morgan, Inc. | 817 | 17,410 | ||||||
Murphy Oil Corp. | 232 | 6,563 | ||||||
National Oilwell Varco, Inc. | 584 | 23,605 | ||||||
Oceaneering International, Inc. | 177 | 5,013 | ||||||
ONEOK, Inc. (a) | 169 | 9,135 | ||||||
Patterson-UTI Energy, Inc. | 375 | 10,358 | ||||||
Phillips 66 | 378 | 29,556 | ||||||
Pioneer Natural Resources Co. | 42 | 7,811 | ||||||
Rowan Cos. PLC, Class A* | 212 | 3,841 | ||||||
Schlumberger Ltd. | 177 | 14,224 | ||||||
Tesoro Corp. | 42 | 3,578 | ||||||
Valero Energy Corp. | 481 | 32,684 | ||||||
Williams Cos., Inc. | 130 | 3,684 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Energy (Continued) | ||||||||
World Fuel Services Corp. | 449 | $ | 16,240 | |||||
|
| |||||||
438,644 | ||||||||
|
| |||||||
Financials — 15.6% | ||||||||
Affiliated Managers Group, Inc. | 332 | 55,753 | ||||||
Aflac, Inc. | 2,230 | 161,341 | ||||||
AGNC Investment Corp. REIT | 2,305 | 45,247 | ||||||
Alleghany Corp.* | 132 | 85,246 | ||||||
Allied World Assurance Co. Holdings AG | 837 | 44,210 | ||||||
Allstate Corp. | 2,100 | 172,536 | ||||||
Ally Financial, Inc. | 1,189 | 26,741 | ||||||
American Express Co. | 705 | 56,442 | ||||||
American Financial Group, Inc. | 639 | 60,104 | ||||||
American International Group, Inc. | 211 | 13,487 | ||||||
American National Insurance Co. | 107 | 12,851 | ||||||
Ameriprise Financial, Inc. | 445 | 58,518 | ||||||
AmTrust Financial Services, Inc. (a) | 307 | 7,061 | ||||||
Annaly Capital Management, Inc. REIT | 299 | 3,319 | ||||||
Aon PLC | 1,220 | 141,093 | ||||||
Arch Capital Group Ltd.* | 885 | 83,694 | ||||||
Arthur J Gallagher & Co. | 2,814 | 160,257 | ||||||
Artisan Partners Asset Management, Inc., Class A | 161 | 4,580 | ||||||
Aspen Insurance Holdings Ltd. | 1,355 | 75,948 | ||||||
Associated Banc-Corp. | 951 | 24,488 | ||||||
Assurant, Inc. | 332 | 32,868 | ||||||
Assured Guaranty Ltd. | 2,816 | 115,766 | ||||||
Axis Capital Holdings Ltd. | 2,132 | 147,748 | ||||||
Bank of America Corp. | 193 | 4,763 | ||||||
Bank of Hawaii Corp. | 329 | 27,787 | ||||||
Bank of New York Mellon Corp. | 601 | 28,331 | ||||||
BankUnited, Inc. | 280 | 11,096 | ||||||
BB&T Corp. | 919 | 44,314 | ||||||
Berkshire Hathaway, Inc., Class B* | 260 | 44,569 | ||||||
BlackRock, Inc. | 42 | 16,273 | ||||||
BOK Financial Corp. (a) | 165 | 13,606 | ||||||
Brown & Brown, Inc. | 2,369 | 102,104 | ||||||
Capital One Financial Corp. | 708 | 66,453 | ||||||
CBOE Holdings, Inc. | 932 | 72,743 | ||||||
Charles Schwab Corp. | 139 | 5,617 | ||||||
Chimera Investment Corp. REIT | 2,920 | 56,181 | ||||||
Chubb Ltd. | 345 | 47,669 | ||||||
Cincinnati Financial Corp. | 1,799 | 131,255 | ||||||
CIT Group, Inc. | 1,055 | 45,260 | ||||||
Citigroup, Inc. | 144 | 8,613 | ||||||
Citizens Financial Group, Inc. | 788 | 29,448 | ||||||
CME Group, Inc. | 263 | 31,944 | ||||||
CNA Financial Corp. | 197 | 8,447 | ||||||
Comerica, Inc. | 642 | 45,762 | ||||||
Commerce Bancshares, Inc. | 567 | 33,464 | ||||||
Credit Acceptance Corp.*(a) | 28 | 5,613 | ||||||
Cullen/Frost Bankers, Inc. | 365 | 33,752 | ||||||
Discover Financial Services | 2,238 | 159,211 | ||||||
Donnelley Financial Solutions, Inc.* | 719 | 16,616 | ||||||
E*Trade Financial Corp.* | 261 | 9,007 | ||||||
East West Bancorp, Inc. | 479 | 25,924 | ||||||
Eaton Vance Corp. | 3,694 | 172,251 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Endurance Specialty Holdings Ltd. | 702 | $ | 65,237 | |||||
Erie Indemnity Co., Class A | 109 | 12,929 | ||||||
Everest Re Group Ltd. | 906 | 213,037 | ||||||
FactSet Research Systems, Inc. | 500 | 88,950 | ||||||
Federated Investors, Inc., Class B | 1,413 | 38,391 | ||||||
Fifth Third Bancorp | 3,317 | 91,019 | ||||||
First American Financial Corp. | 2,328 | 90,955 | ||||||
First Horizon National Corp. | 754 | 15,035 | ||||||
First Republic Bank | 329 | 30,870 | ||||||
FNF Group | 2,634 | 100,961 | ||||||
Franklin Resources, Inc. | 2,815 | 121,158 | ||||||
Goldman Sachs Group, Inc. | 92 | 22,822 | ||||||
Hanover Insurance Group, Inc. | 685 | 61,664 | ||||||
Hartford Financial Services Group, Inc. | 1,289 | 63,019 | ||||||
Huntington Bancshares, Inc. | 2,429 | 34,346 | ||||||
Interactive Brokers Group, Inc., Class A | 144 | 5,286 | ||||||
Intercontinental Exchange, Inc. | 398 | 22,738 | ||||||
Invesco Ltd. | 2,102 | 67,663 | ||||||
JPMorgan Chase & Co. | 69 | 6,253 | ||||||
KeyCorp | 2,232 | 41,895 | ||||||
Lazard Ltd., Class A | 1,558 | 67,088 | ||||||
Leucadia National Corp. | 579 | 15,413 | ||||||
Lincoln National Corp. | 710 | 49,814 | ||||||
Loews Corp. | 1,345 | 63,188 | ||||||
LPL Financial Holdings, Inc. | 437 | 17,279 | ||||||
M&T Bank Corp. | 254 | 42,410 | ||||||
Markel Corp.* | 39 | 38,209 | ||||||
MarketAxess Holdings, Inc. | 347 | 67,745 | ||||||
Marsh & McLennan Cos., Inc. | 3,322 | 244,101 | ||||||
Mercury General Corp. (a) | 346 | 20,286 | ||||||
MetLife, Inc. | 546 | 28,632 | ||||||
MFA Financial, Inc. REIT | 7,597 | 60,928 | ||||||
Moody’s Corp. | 777 | 86,535 | ||||||
Morgan Stanley | 245 | 11,189 | ||||||
Morningstar, Inc. | 178 | 14,281 | ||||||
MSCI, Inc. | 704 | 66,591 | ||||||
Nasdaq, Inc. | 822 | 58,452 | ||||||
Navient Corp. | 1,121 | 17,275 | ||||||
Northern Trust Corp. | 464 | 40,530 | ||||||
Old Republic International Corp. | 2,210 | 45,769 | ||||||
PacWest Bancorp | 580 | 31,958 | ||||||
People’s United Financial, Inc. | 1,250 | 24,000 | ||||||
PNC Financial Services Group, Inc. | 398 | 50,638 | ||||||
Popular, Inc. | 1,425 | 62,786 | ||||||
Principal Financial Group, Inc. | 1,497 | 93,622 | ||||||
ProAssurance Corp. | 381 | 22,517 | ||||||
Progressive Corp. | 5,895 | 230,966 | ||||||
Prudential Financial, Inc. | 610 | 67,429 | ||||||
Raymond James Financial, Inc. | 295 | 23,175 | ||||||
Regions Financial Corp. | 3,686 | 56,285 | ||||||
Reinsurance Group of America, Inc. | 1,080 | 140,465 | ||||||
RenaissanceRe Holdings Ltd. | 886 | 130,809 | ||||||
S&P Global, Inc. | 835 | 108,107 | ||||||
SEI Investments Co. | 652 | 32,828 | ||||||
Signature Bank* | 93 | 14,648 | ||||||
SLM Corp.* | 1,832 | 21,966 | ||||||
Starwood Property Trust, Inc. REIT | 1,389 | 31,753 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
State Street Corp. | 164 | $ | 13,072 | |||||
SunTrust Banks, Inc. | 1,091 | 64,904 | ||||||
SVB Financial Group* | 73 | 13,935 | ||||||
Synchrony Financial | 2,405 | 87,157 | ||||||
Synovus Financial Corp. | 479 | 20,223 | ||||||
T. Rowe Price Group, Inc. | 2,484 | 176,886 | ||||||
TCF Financial Corp. | 1,253 | 21,802 | ||||||
TD Ameritrade Holding Corp. | 500 | 19,550 | ||||||
Thomson Reuters Corp. | 1,074 | 45,430 | ||||||
Torchmark Corp. | 2,041 | 158,239 | ||||||
Travelers Cos., Inc. | 885 | 108,182 | ||||||
Two Harbors Investment Corp. REIT | 2,270 | 21,111 | ||||||
Unum Group | 2,741 | 133,843 | ||||||
US Bancorp | 583 | 32,065 | ||||||
Validus Holdings Ltd. | 1,767 | 101,885 | ||||||
Voya Financial, Inc. | 480 | 19,790 | ||||||
W.R. Berkley Corp. | 1,393 | 98,931 | ||||||
Wells Fargo & Co. | 41 | 2,373 | ||||||
Western Alliance Bancorp* | 263 | 13,581 | ||||||
White Mountains Insurance Group Ltd. | 48 | 44,940 | ||||||
XL Group Ltd. | 1,690 | 68,428 | ||||||
Zions Bancorporation | 477 | 21,417 | ||||||
|
| |||||||
7,569,010 | ||||||||
|
| |||||||
Health Care — 7.1% | ||||||||
Abbott Laboratories | 1,287 | 58,018 | ||||||
AbbVie, Inc. | 204 | 12,615 | ||||||
Aetna, Inc. | 1,254 | 161,465 | ||||||
Agilent Technologies, Inc. | 986 | 50,582 | ||||||
Alere, Inc.* | 93 | 3,562 | ||||||
Align Technology, Inc.* | 314 | 32,267 | ||||||
AmerisourceBergen Corp. | 137 | 12,537 | ||||||
Amgen, Inc. | 101 | 17,830 | ||||||
Anthem, Inc. | 748 | 123,285 | ||||||
Baxter International, Inc. | 1,461 | 74,394 | ||||||
Becton Dickinson and Co. | 466 | 85,301 | ||||||
Biogen, Inc.* | 84 | 24,242 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 211 | 41,069 | ||||||
Bio-Techne Corp. | 583 | 61,985 | ||||||
Bioverativ, Inc.* | 38 | 1,979 | ||||||
Boston Scientific Corp.* | 584 | 14,337 | ||||||
Bristol-Myers Squibb Co. | 42 | 2,382 | ||||||
Bruker Corp. | 510 | 12,316 | ||||||
C.R. Bard, Inc. | 413 | 101,284 | ||||||
Cardinal Health, Inc. | 923 | 75,105 | ||||||
Celgene Corp.* | 62 | 7,658 | ||||||
Centene Corp.* | 396 | 27,918 | ||||||
Cerner Corp.* | 336 | 18,493 | ||||||
Charles River Laboratories International, Inc.* | 262 | 22,786 | ||||||
Cigna Corp. | 584 | 86,958 | ||||||
Cooper Cos., Inc. | 381 | 75,872 | ||||||
Danaher Corp. | 435 | 37,214 | ||||||
DaVita, Inc.* | 668 | 46,366 | ||||||
DENTSPLY SIRONA, Inc. | 651 | 41,352 | ||||||
Edwards Lifesciences Corp.* | 396 | 37,240 | ||||||
Eli Lilly & Co. | 202 | 16,728 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Envision Healthcare Corp.* | 125 | $ | 8,750 | |||||
Express Scripts Holding Co.* | 811 | 57,297 | ||||||
Gilead Sciences, Inc. | 105 | 7,400 | ||||||
HCA Holdings, Inc.* | 1,077 | 93,957 | ||||||
Henry Schein, Inc.* | 893 | 153,203 | ||||||
Hill-Rom Holdings, Inc. | 1,024 | 68,045 | ||||||
Hologic, Inc.* | 735 | 29,826 | ||||||
Humana, Inc. | 582 | 122,948 | ||||||
IDEXX Laboratories, Inc.* | 582 | 84,355 | ||||||
Intuitive Surgical, Inc.* | 72 | 53,064 | ||||||
Johnson & Johnson | 140 | 17,109 | ||||||
Laboratory Corp. of America Holdings* | 96 | 13,657 | ||||||
LifePoint Health, Inc.* | 194 | 12,426 | ||||||
McKesson Corp. | 125 | 18,766 | ||||||
MEDNAX, Inc.* | 314 | 22,354 | ||||||
Medtronic PLC | 313 | 25,325 | ||||||
Merck & Co., Inc. | 404 | 26,611 | ||||||
Mettler-Toledo International, Inc.* | 206 | 98,101 | ||||||
Patheon N.V.* | 346 | 10,899 | ||||||
Patterson Cos., Inc. (a) | 1,227 | 55,767 | ||||||
PerkinElmer, Inc. | 304 | 16,495 | ||||||
Pfizer, Inc. | 329 | 11,225 | ||||||
Premier, Inc., Class A* | 125 | 3,929 | ||||||
QIAGEN NV* | 643 | 18,300 | ||||||
Quest Diagnostics, Inc. | 1,731 | 168,669 | ||||||
Quintiles IMS Holdings, Inc.* | 197 | 15,246 | ||||||
ResMed, Inc. | 785 | 56,544 | ||||||
Stryker Corp. | 650 | 83,564 | ||||||
Teleflex, Inc. | 430 | 82,207 | ||||||
Thermo Fisher Scientific, Inc. | 252 | 39,735 | ||||||
United Therapeutics Corp.* | 104 | 15,363 | ||||||
UnitedHealth Group, Inc. | 231 | 38,203 | ||||||
Universal Health Services, Inc., Class B | 670 | 84,152 | ||||||
Varex Imaging Corp.*(a) | 449 | 15,634 | ||||||
Varian Medical Systems, Inc.* | 1,127 | 94,544 | ||||||
VCA, Inc.* | 1,109 | 100,808 | ||||||
Veeva Systems, Inc., Class A* | 42 | 1,835 | ||||||
VWR Corp.* | 715 | 20,092 | ||||||
Waters Corp.* | 398 | 61,686 | ||||||
WellCare Health Plans, Inc.* | 545 | 76,954 | ||||||
West Pharmaceutical Services, Inc. | 1,050 | 86,594 | ||||||
Zoetis, Inc. | 346 | 18,445 | ||||||
|
| |||||||
3,475,224 | ||||||||
|
| |||||||
Industrials — 18.0% | ||||||||
3M Co. | 266 | 49,569 | ||||||
Acuity Brands, Inc. | 92 | 19,440 | ||||||
AECOM* | 846 | 30,752 | ||||||
AGCO Corp. | 1,119 | 68,169 | ||||||
Air Lease Corp. | 581 | 22,618 | ||||||
Alaska Air Group, Inc. | 1,221 | 119,438 | ||||||
Allegion PLC | 108 | 7,840 | ||||||
Allison Transmission Holdings, Inc. | 1,381 | 49,688 | ||||||
AMERCO | 28 | 10,816 | ||||||
American Airlines Group, Inc. (a) | 314 | 14,557 | ||||||
AMETEK, Inc. | 466 | 25,150 | ||||||
AO Smith Corp. | 1,431 | 72,065 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Arconic, Inc. | 941 | $ | 27,091 | |||||
Armstrong World Industries, Inc.*(a) | 142 | 6,532 | ||||||
B/E Aerospace, Inc. | 781 | 49,672 | ||||||
Boeing Co. | 445 | 80,202 | ||||||
BWX Technologies, Inc. | 2,365 | 109,831 | ||||||
C.H. Robinson Worldwide, Inc. | 2,570 | 206,551 | ||||||
Carlisle Cos., Inc. | 1,081 | 111,667 | ||||||
Caterpillar, Inc. | 568 | 54,903 | ||||||
Cintas Corp. | 1,081 | 127,569 | ||||||
Clean Harbors, Inc.* | 600 | 34,776 | ||||||
Colfax Corp.* | 330 | 12,556 | ||||||
Copa Holdings SA, Class A | 59 | 6,283 | ||||||
Copart, Inc.*(a) | 2,398 | 141,818 | ||||||
Covanta Holding Corp. (a) | 482 | 7,808 | ||||||
Crane Co. | 747 | 54,001 | ||||||
CSX Corp. | 2,497 | 121,254 | ||||||
Cummins, Inc. | 1,561 | 231,793 | ||||||
Deere & Co. | 651 | 71,278 | ||||||
Delta Air Lines, Inc. | 1,361 | 67,955 | ||||||
Donaldson Co., Inc. | 2,201 | 94,533 | ||||||
Dover Corp. | 956 | 76,576 | ||||||
Dun & Bradstreet Corp. | 261 | 27,546 | ||||||
Eaton Corp. PLC | 1,559 | 112,217 | ||||||
Emerson Electric Co. | 819 | 49,222 | ||||||
Equifax, Inc. | 986 | 129,274 | ||||||
Expeditors International of Washington, Inc. | 2,535 | 142,923 | ||||||
Fastenal Co. | 1,550 | 77,546 | ||||||
FedEx Corp. | 365 | 70,438 | ||||||
Flowserve Corp. (a) | 651 | 30,239 | ||||||
Fluor Corp. | 1,962 | 108,675 | ||||||
Fortive Corp. | 1,126 | 64,914 | ||||||
Fortune Brands Home & Security, Inc. | 363 | 20,992 | ||||||
General Dynamics Corp. | 551 | 104,585 | ||||||
Genesee & Wyoming, Inc., Class A* | 482 | 35,735 | ||||||
Graco, Inc. | 908 | 82,410 | ||||||
HD Supply Holdings, Inc.* | 1,761 | 75,723 | ||||||
HEICO Corp. | 138 | 11,337 | ||||||
HEICO Corp., Class A | 311 | 22,065 | ||||||
Hertz Global Holdings, Inc.*(a) | 1,244 | 28,264 | ||||||
Hexcel Corp. | 720 | 39,586 | ||||||
Honeywell International, Inc. | 300 | 37,350 | ||||||
Hubbell, Inc. | 617 | 73,188 | ||||||
Huntington Ingalls Industries, Inc. | 1,188 | 259,578 | ||||||
IDEX Corp. | 685 | 63,150 | ||||||
Illinois Tool Works, Inc. | 701 | 92,539 | ||||||
Ingersoll-Rand PLC | 1,008 | 79,995 | ||||||
ITT, Inc. | 1,385 | 56,743 | ||||||
Jacobs Engineering Group, Inc. | 3,351 | 189,030 | ||||||
JB Hunt Transport Services, Inc. | 1,486 | 145,881 | ||||||
JetBlue Airways Corp.* | 1,895 | 37,824 | ||||||
Kansas City Southern | 648 | 57,432 | ||||||
KAR Auction Services, Inc. | 1,354 | 60,686 | ||||||
KBR, Inc. | 748 | 11,257 | ||||||
Kirby Corp.*(a) | 1,040 | 71,968 | ||||||
L3 Technologies, Inc. | 485 | 81,635 | ||||||
Landstar System, Inc. | 1,799 | 156,153 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Lennox International, Inc. | 483 | $ | 79,511 | |||||
Lincoln Electric Holdings, Inc. | 1,320 | 111,157 | ||||||
Lockheed Martin Corp. | 93 | 24,792 | ||||||
LSC Communications, Inc. | 618 | 17,564 | ||||||
Macquarie Infrastructure Corp. | 140 | 10,772 | ||||||
Manitowoc Foodservice, Inc.*(a) | 3,177 | 60,554 | ||||||
ManpowerGroup, Inc. | 371 | 36,002 | ||||||
Masco Corp. | 1,218 | 41,144 | ||||||
Middleby Corp.* | 133 | 18,448 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,384 | 139,217 | ||||||
Nielsen Holdings PLC | 735 | 32,605 | ||||||
Nordson Corp. | 512 | 61,460 | ||||||
Norfolk Southern Corp. | 585 | 70,803 | ||||||
Northrop Grumman Corp. | 408 | 100,813 | ||||||
Old Dominion Freight Line, Inc.* | 1,417 | 130,024 | ||||||
Orbital ATK, Inc. | 177 | 16,358 | ||||||
Oshkosh Corp. | 1,108 | 75,222 | ||||||
Owens Corning | 1,049 | 61,356 | ||||||
PACCAR, Inc. | 2,228 | 148,853 | ||||||
Parker-Hannifin Corp. | 913 | 141,369 | ||||||
Pentair PLC | 278 | 16,141 | ||||||
Quanta Services, Inc.* | 5,468 | 204,066 | ||||||
Raytheon Co. | 430 | 66,284 | ||||||
Regal Beloit Corp. | 211 | 15,709 | ||||||
Republic Services, Inc. | 1,188 | 73,597 | ||||||
Robert Half International, Inc. | 1,489 | 71,829 | ||||||
Rockwell Automation, Inc. | 756 | 114,232 | ||||||
Rockwell Collins, Inc. | 500 | 47,795 | ||||||
Rollins, Inc. | 1,426 | 52,135 | ||||||
Roper Technologies, Inc. | 109 | 22,803 | ||||||
RR Donnelley & Sons Co. (a) | 141 | 2,365 | ||||||
Ryder System, Inc. | 821 | 62,519 | ||||||
Snap-on, Inc. | 430 | 72,958 | ||||||
Southwest Airlines Co. | 3,534 | 204,265 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 2,198 | 135,419 | ||||||
Spirit Airlines, Inc.* | 402 | 20,988 | ||||||
Stanley Black & Decker, Inc. | 1,217 | 154,742 | ||||||
Textron, Inc. | 803 | 37,982 | ||||||
Timken Co. | 1,043 | 46,101 | ||||||
Toro Co. | 1,828 | 110,064 | ||||||
TransDigm Group, Inc. | 159 | 40,418 | ||||||
Trinity Industries, Inc. | 199 | 5,341 | ||||||
Union Pacific Corp. | 717 | 77,393 | ||||||
United Continental Holdings, Inc.* | 548 | 40,601 | ||||||
United Parcel Service, Inc., Class B | 547 | 57,851 | ||||||
United Rentals, Inc.* | 160 | 20,485 | ||||||
United Technologies Corp. | 514 | 57,851 | ||||||
USG Corp.*(a) | 160 | 5,397 | ||||||
Valmont Industries, Inc. | 347 | 54,566 | ||||||
Verisk Analytics, Inc.* | 41 | 3,400 | ||||||
W.W. Grainger, Inc. | 500 | 123,980 | ||||||
WABCO Holdings, Inc.* | 532 | 59,733 | ||||||
Wabtec Corp. | 1,149 | 92,058 | ||||||
Waste Management, Inc. | 1,059 | 77,646 | ||||||
Watsco, Inc. | 639 | 94,744 | ||||||
WESCO International, Inc.* | 675 | 46,912 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Xylem, Inc. | 1,532 | $ | 73,720 | |||||
|
| |||||||
8,734,965 | ||||||||
|
| |||||||
Information Technology — 13.1% | ||||||||
Accenture PLC, Class A | 512 | 62,720 | ||||||
Activision Blizzard, Inc. | 204 | 9,207 | ||||||
Adobe Systems, Inc.* | 264 | 31,242 | ||||||
Akamai Technologies, Inc.* | 532 | 33,303 | ||||||
Alliance Data Systems Corp. | 42 | 10,205 | ||||||
Alphabet, Inc., Class A* | 2 | 1,690 | ||||||
Alphabet, Inc., Class C* | 2 | 1,646 | ||||||
Amdocs Ltd. | 2,509 | 152,171 | ||||||
Amphenol Corp., Class A | 1,383 | 95,717 | ||||||
Analog Devices, Inc. | 1,567 | 128,384 | ||||||
ANSYS, Inc.* | 530 | 56,583 | ||||||
Apple, Inc. | 160 | 21,918 | ||||||
Applied Materials, Inc. | 5,056 | 183,128 | ||||||
Arista Networks, Inc.* | 58 | 6,901 | ||||||
ARRIS International PLC* | 211 | 5,444 | ||||||
Arrow Electronics, Inc.* | 1,118 | 80,720 | ||||||
Autodesk, Inc.* | 61 | 5,264 | ||||||
Automatic Data Processing, Inc. | 720 | 73,886 | ||||||
Avnet, Inc. | 344 | 15,852 | ||||||
Booz Allen Hamilton Holding Corp. | 619 | 22,142 | ||||||
Broadcom Ltd. | 117 | 24,679 | ||||||
Broadridge Financial Solutions, Inc. | 1,353 | 93,803 | ||||||
Brocade Communications Systems, Inc. | 812 | 9,996 | ||||||
CA, Inc. | 2,268 | 73,188 | ||||||
Cadence Design Systems, Inc.* | 4,613 | 142,542 | ||||||
CDK Global, Inc. | 707 | 46,966 | ||||||
CDW Corp. | 585 | 34,456 | ||||||
Cisco Systems, Inc. | 871 | 29,771 | ||||||
Citrix Systems, Inc.* | 653 | 51,554 | ||||||
Cognex Corp. | 583 | 44,780 | ||||||
Cognizant Technology Solutions Corp., Class A* | 701 | 41,548 | ||||||
CommerceHub, Inc., Series A* | 178 | 2,937 | ||||||
CommerceHub, Inc., Series C* | 198 | 3,237 | ||||||
Computer Sciences Corp. | 207 | 14,192 | ||||||
Conduent, Inc.* | 820 | 13,194 | ||||||
CoreLogic, Inc.* | 449 | 17,596 | ||||||
Corning, Inc. | 7,444 | 205,529 | ||||||
CoStar Group, Inc.* | 16 | 3,251 | ||||||
CSRA, Inc. | 110 | 3,280 | ||||||
Dell Technologies, Inc., Class V* | 803 | 50,982 | ||||||
Dolby Laboratories, Inc., Class A | 1,350 | 66,002 | ||||||
DST Systems, Inc. | 365 | 43,654 | ||||||
eBay, Inc.* | 3,761 | 127,498 | ||||||
EchoStar Corp., Class A* | 785 | 41,817 | ||||||
Electronic Arts, Inc.* | 480 | 41,520 | ||||||
Euronet Worldwide, Inc.* | 172 | 14,238 | ||||||
F5 Networks, Inc.* | 805 | 115,332 | ||||||
Fidelity National Information Services, Inc. | 110 | 9,050 | ||||||
Fiserv, Inc.* | 631 | 72,817 | ||||||
FleetCor Technologies, Inc.* | 129 | 21,930 | ||||||
FLIR Systems, Inc. | 2,041 | 74,925 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Fortinet, Inc.* | 227 | $ | 8,478 | |||||
Gartner, Inc.* | 504 | 52,018 | ||||||
Genpact Ltd.* | 1,058 | 25,646 | ||||||
Global Payments, Inc. | 58 | 4,622 | ||||||
Harris Corp. | 1,245 | 136,826 | ||||||
Hewlett Packard Enterprise Co. | 1,752 | 39,981 | ||||||
HP, Inc. | 14,702 | 255,374 | ||||||
IAC/InterActiveCorp* | 144 | 10,647 | ||||||
Intel Corp. | 935 | 33,847 | ||||||
International Business Machines Corp. | 246 | 44,236 | ||||||
Intuit, Inc. | 1,100 | 137,984 | ||||||
IPG Photonics Corp.* | 74 | 8,754 | ||||||
Jabil Circuit, Inc. | 433 | 11,046 | ||||||
Jack Henry & Associates, Inc. | 890 | 83,455 | ||||||
Juniper Networks, Inc. | 713 | 19,964 | ||||||
Keysight Technologies, Inc.* | 1,496 | 56,250 | ||||||
KLA-Tencor Corp. | 1,075 | 96,879 | ||||||
Lam Research Corp. | 1,314 | 155,762 | ||||||
Leidos Holdings, Inc. | 1,261 | 67,211 | ||||||
Linear Technology Corp. | 2,739 | 176,885 | ||||||
LogMeIn, Inc. | 110 | 10,093 | ||||||
Manhattan Associates, Inc.* | 38 | 1,906 | ||||||
Marvell Technology Group Ltd. | 207 | 3,229 | ||||||
Mastercard, Inc., Class A | 261 | 28,830 | ||||||
Maxim Integrated Products, Inc. | 1,461 | 64,722 | ||||||
Microchip Technology, Inc. | 1,393 | 101,020 | ||||||
Microsoft Corp. | 160 | 10,237 | ||||||
Motorola Solutions, Inc. | 2,159 | 170,496 | ||||||
National Instruments Corp. | 719 | 23,181 | ||||||
NCR Corp.* | 1,225 | 58,886 | ||||||
NetApp, Inc. | 2,502 | 104,659 | ||||||
NVIDIA Corp. | 296 | 30,038 | ||||||
ON Semiconductor Corp.* | 1,748 | 26,447 | ||||||
Oracle Corp. | 212 | 9,029 | ||||||
Paychex, Inc. | 1,143 | 70,203 | ||||||
PayPal Holdings, Inc.* | 313 | 13,146 | ||||||
PTC, Inc.* | 107 | 5,766 | ||||||
Qorvo, Inc.* | 109 | 7,205 | ||||||
QUALCOMM, Inc. | 1,018 | 57,497 | ||||||
Red Hat, Inc.* | 298 | 24,677 | ||||||
Sabre Corp. | 617 | 13,518 | ||||||
salesforce.com, Inc.* | 68 | 5,532 | ||||||
Skyworks Solutions, Inc. | 380 | 36,028 | ||||||
Symantec Corp. | 15,810 | 451,692 | ||||||
Synopsys, Inc.* | 3,222 | 230,180 | ||||||
Teradata Corp.* | 498 | 15,488 | ||||||
Teradyne, Inc. | 3,666 | 104,261 | ||||||
Texas Instruments, Inc. | 1,419 | 108,724 | ||||||
Total System Services, Inc. | 611 | 33,287 | ||||||
Trimble, Inc.* | 840 | 26,065 | ||||||
Ultimate Software Group, Inc.* | 59 | 11,410 | ||||||
Vantiv, Inc., Class A* | 788 | 51,519 | ||||||
VeriSign, Inc.*(a) | 277 | 22,844 | ||||||
Versum Materials, Inc.* | 2,870 | 86,990 | ||||||
Visa, Inc., Class A | 176 | 15,477 | ||||||
VMware, Inc., Class A*(a) | 467 | 41,979 | ||||||
Western Union Co. | 10,628 | 208,734 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
WEX, Inc.* | 246 | $ | 27,363 | |||||
Xerox Corp. | 4,147 | 30,854 | ||||||
Xilinx, Inc. | 974 | 57,291 | ||||||
Zebra Technologies Corp., Class A* | 110 | 9,978 | ||||||
|
| |||||||
6,370,733 | ||||||||
|
| |||||||
Materials — 7.0% | ||||||||
AdvanSix, Inc.* | 941 | 25,670 | ||||||
Air Products & Chemicals, Inc. | 668 | 93,834 | ||||||
Albemarle Corp. | 73 | 7,410 | ||||||
Alcoa Corp. | 3,277 | 113,351 | ||||||
AptarGroup, Inc. | 482 | 35,914 | ||||||
Ashland Global Holdings, Inc. | 364 | 43,920 | ||||||
Avery Dennison Corp. | 2,069 | 166,989 | ||||||
Axalta Coating Systems Ltd.* | 406 | 11,819 | ||||||
Ball Corp. | 160 | 11,765 | ||||||
Bemis Co., Inc. | 2,071 | 102,659 | ||||||
Berry Plastics Group, Inc.* | 948 | 47,713 | ||||||
Cabot Corp. | 1,457 | 84,477 | ||||||
Celanese Corp., Series A | 770 | 68,661 | ||||||
Compass Minerals International, Inc. (a) | 229 | 17,358 | ||||||
Crown Holdings, Inc.* | 854 | 45,766 | ||||||
Domtar Corp. | 1,219 | 46,432 | ||||||
Dow Chemical Co. | 1,634 | 101,733 | ||||||
E.I. du Pont de Nemours & Co. | 347 | 27,253 | ||||||
Eagle Materials, Inc. | 269 | 27,898 | ||||||
Eastman Chemical Co. | 1,434 | 115,078 | ||||||
Ecolab, Inc. | 386 | 47,852 | ||||||
FMC Corp. | 125 | 7,202 | ||||||
Graphic Packaging Holding Co. | 3,533 | 47,166 | ||||||
Huntsman Corp. | 609 | 13,763 | ||||||
International Flavors & Fragrances, Inc. | 448 | 56,314 | ||||||
International Paper Co. | 4,102 | 216,175 | ||||||
LyondellBasell Industries NV, Class A | 639 | 58,302 | ||||||
Martin Marietta Materials, Inc. | 207 | 44,702 | ||||||
Monsanto Co. | 481 | 54,752 | ||||||
Mosaic Co. | 2,748 | 85,710 | ||||||
NewMarket Corp. | 99 | 43,133 | ||||||
Newmont Mining Corp. | 468 | 16,024 | ||||||
Nucor Corp. | 2,703 | 169,127 | ||||||
Owens-Illinois, Inc.* | 507 | 10,039 | ||||||
Packaging Corp. of America | 1,457 | 134,671 | ||||||
PPG Industries, Inc. | 986 | 100,996 | ||||||
Praxair, Inc. | 1,040 | 123,458 | ||||||
Reliance Steel & Aluminum Co. | 2,606 | 220,598 | ||||||
RPM International, Inc. | 2,852 | 151,983 | ||||||
Scotts Miracle-Gro Co. | 580 | 52,565 | ||||||
Sealed Air Corp. | 1,193 | 55,451 | ||||||
Sherwin-Williams Co. | 230 | 70,964 | ||||||
Silgan Holdings, Inc. | 309 | 18,423 | ||||||
Sonoco Products Co. (a) | 3,025 | 161,293 | ||||||
Southern Copper Corp. (a) | 74 | 2,713 | ||||||
Steel Dynamics, Inc. | 1,891 | 69,211 | ||||||
Valspar Corp. | 504 | 56,055 | ||||||
Valvoline, Inc. (a) | 711 | 15,941 | ||||||
Vulcan Materials Co. | 144 | 17,368 | ||||||
W.R. Grace & Co. | 127 | 8,997 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Westlake Chemical Corp. | 228 | $ | 14,462 | |||||
WestRock Co. | 1,283 | 68,923 | ||||||
|
| |||||||
3,410,033 | ||||||||
|
| |||||||
Real Estate — 4.2% | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 178 | 21,237 | ||||||
American Campus Communities, Inc. REIT | 396 | 20,236 | ||||||
American Homes 4 Rent, Class A REIT | 139 | 3,304 | ||||||
American Tower Corp. REIT | 246 | 28,238 | ||||||
Apartment Investment & Management Co., Class A REIT | 230 | 10,702 | ||||||
Apple Hospitality REIT, Inc. REIT | 448 | 8,799 | ||||||
AvalonBay Communities, Inc. REIT | 160 | 29,405 | ||||||
Boston Properties, Inc. REIT | 171 | 23,774 | ||||||
Brandywine Realty Trust REIT | 246 | 4,098 | ||||||
Brixmor Property Group, Inc. REIT | 380 | 8,869 | ||||||
Camden Property Trust REIT | 542 | 45,880 | ||||||
Care Capital Properties, Inc. REIT | 177 | 4,653 | ||||||
CBRE Group, Inc., Class A* | 653 | 23,260 | ||||||
Colony NorthStar, Inc., Class A REIT | 1,252 | 18,379 | ||||||
Columbia Property Trust, Inc. REIT | 207 | 4,780 | ||||||
CoreCivic, Inc. REIT | 314 | 10,582 | ||||||
Corporate Office Properties Trust REIT | 2,435 | 83,009 | ||||||
Crown Castle International Corp. REIT | 871 | 81,465 | ||||||
CubeSmart REIT | 130 | 3,542 | ||||||
DCT Industrial Trust, Inc. REIT | 566 | 27,077 | ||||||
Digital Realty Trust, Inc. REIT | 396 | 42,768 | ||||||
Douglas Emmett, Inc. REIT | 340 | 13,716 | ||||||
Duke Realty Corp. REIT | 1,221 | 31,306 | ||||||
Empire State Realty Trust, Inc., Class A REIT | 430 | 9,378 | ||||||
EPR Properties REIT | 955 | 73,497 | ||||||
Equinix, Inc. REIT | 50 | 18,803 | ||||||
Equity Commonwealth REIT* | 276 | 8,628 | ||||||
Equity LifeStyle Properties, Inc. REIT | 410 | 32,644 | ||||||
Equity One, Inc. REIT | 295 | 9,340 | ||||||
Equity Residential REIT | 329 | 20,750 | ||||||
Essex Property Trust, Inc. REIT | 43 | 10,092 | ||||||
Extra Space Storage, Inc. REIT | 69 | 5,464 | ||||||
Federal Realty Investment Trust REIT | 117 | 16,465 | ||||||
Forest City Realty Trust, Inc., Class A REIT | 821 | 18,760 | ||||||
Gaming and Leisure Properties, Inc. REIT | 1,319 | 42,208 | ||||||
GGP, Inc. REIT | 1,163 | 28,912 | ||||||
Healthcare Trust of America, Inc., Class A REIT | 229 | 7,367 | ||||||
Highwoods Properties, Inc. REIT | 444 | 23,306 | ||||||
Hospitality Properties Trust REIT | 1,797 | 57,109 | ||||||
Host Hotels & Resorts, Inc. REIT | 4,745 | 85,363 | ||||||
Howard Hughes Corp.* | 37 | 4,306 | ||||||
Iron Mountain, Inc. REIT | 720 | 26,172 | ||||||
Jones Lang LaSalle, Inc. | 60 | 6,882 | ||||||
Kilroy Realty Corp. REIT | 551 | 42,510 | ||||||
Kimco Realty Corp. REIT | 2,703 | 65,548 | ||||||
Lamar Advertising Co., Class A REIT | 1,150 | 86,802 | ||||||
Liberty Property Trust REIT | 1,760 | 69,414 | ||||||
Life Storage, Inc. REIT | 63 | 5,584 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Macerich Co. REIT | 314 | $ | 21,157 | |||||
Mid-America Apartment Communities, Inc. REIT | 396 | 40,681 | ||||||
National Retail Properties, Inc. REIT | 669 | 30,266 | ||||||
Omega Healthcare Investors, Inc. REIT | 433 | 14,133 | ||||||
Outfront Media, Inc. REIT | 132 | 3,425 | ||||||
Park Hotels & Resorts, Inc. REIT | 194 | 4,955 | ||||||
Piedmont Office Realty Trust, Inc., Class A REIT | 889 | 20,394 | ||||||
Prologis, Inc. REIT | 822 | 41,963 | ||||||
Public Storage REIT | 94 | 21,381 | ||||||
Quality Care Properties, Inc. REIT* | 1,260 | 23,915 | ||||||
Rayonier, Inc. REIT | 551 | 15,781 | ||||||
Realty Income Corp. REIT | 467 | 28,618 | ||||||
Regency Centers Corp. REIT | 263 | 18,502 | ||||||
Retail Properties of America, Inc., Class A REIT | 1,360 | 20,958 | ||||||
SBA Communications Corp. REIT* | 173 | 20,028 | ||||||
Senior Housing Properties Trust REIT | 2,376 | 48,708 | ||||||
Simon Property Group, Inc. REIT | 158 | 29,135 | ||||||
SL Green Realty Corp. REIT | 92 | 10,367 | ||||||
Spirit Realty Capital, Inc. REIT | 759 | 8,341 | ||||||
STORE Capital Corp. REIT | 532 | 13,252 | ||||||
Sun Communities, Inc. REIT | 329 | 27,251 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 1,995 | 67,571 | ||||||
Taubman Centers, Inc. REIT | 246 | 17,161 | ||||||
UDR, Inc. REIT | 178 | 6,497 | ||||||
Uniti Group, Inc. REIT | 102 | 2,955 | ||||||
Ventas, Inc. REIT | 445 | 28,947 | ||||||
Vornado Realty Trust REIT | 263 | 28,896 | ||||||
Weingarten Realty Investors REIT | 771 | 27,347 | ||||||
Welltower, Inc. REIT | 279 | 19,636 | ||||||
Weyerhaeuser Co. REIT | 1,227 | 41,374 | ||||||
WP Carey, Inc. REIT | 278 | 17,539 | ||||||
|
| |||||||
2,045,517 | ||||||||
|
| |||||||
Telecommunication Services — 0.7% | ||||||||
AT&T, Inc. | 430 | 17,970 | ||||||
CenturyLink, Inc. | 5,542 | 134,449 | ||||||
Frontier Communications Corp. (a) | 942 | 2,760 | ||||||
Level 3 Communications, Inc.* | 986 | 56,448 | ||||||
Telephone & Data Systems, Inc. | 1,689 | 45,654 | ||||||
T-Mobile US, Inc.* | 206 | 12,881 | ||||||
United States Cellular Corp.* | 193 | 7,216 | ||||||
Verizon Communications, Inc. | 737 | 36,577 | ||||||
Zayo Group Holdings, Inc.* | 615 | 19,385 | ||||||
|
| |||||||
333,340 | ||||||||
|
| |||||||
Utilities — 9.2% | ||||||||
AES Corp. | 13,235 | 152,467 | ||||||
Alliant Energy Corp. | 2,972 | 117,335 | ||||||
Ameren Corp. | 3,534 | 193,274 | ||||||
American Electric Power Co., Inc. | 2,132 | 142,780 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
American Water Works Co., Inc. | 1,486 | $ | 115,908 | |||||
Aqua America, Inc. | 888 | 28,185 | ||||||
Atmos Energy Corp. | 1,081 | 84,631 | ||||||
Avangrid, Inc. | 329 | 14,384 | ||||||
Calpine Corp.* | 1,084 | 12,694 | ||||||
CenterPoint Energy, Inc. | 5,188 | 141,736 | ||||||
CMS Energy Corp. | 2,869 | 127,728 | ||||||
Consolidated Edison, Inc. | 2,339 | 180,197 | ||||||
Dominion Resources, Inc. | 685 | 53,183 | ||||||
DTE Energy Co. | 1,282 | 129,969 | ||||||
Duke Energy Corp. | 1,053 | 86,925 | ||||||
Edison International | 3,157 | 251,739 | ||||||
Entergy Corp. | 1,894 | 145,194 | ||||||
Eversource Energy | 1,397 | 81,948 | ||||||
Exelon Corp. | 6,309 | 231,603 | ||||||
FirstEnergy Corp. | 3,601 | 116,780 | ||||||
Great Plains Energy, Inc. | 1,989 | 57,800 | ||||||
Hawaiian Electric Industries, Inc. | 1,363 | 45,361 | ||||||
MDU Resources Group, Inc. | 974 | 26,405 | ||||||
National Fuel Gas Co. | 614 | 37,024 | ||||||
NextEra Energy, Inc. | 646 | 84,626 | ||||||
NiSource, Inc. | 8,633 | 206,415 | ||||||
NRG Energy, Inc. | 667 | 11,046 | ||||||
OGE Energy Corp. | 3,860 | 142,164 | ||||||
PG&E Corp. | 1,728 | 115,344 | ||||||
Pinnacle West Capital Corp. | 2,103 | 172,846 | ||||||
PPL Corp. | 1,632 | 60,188 | ||||||
Public Service Enterprise Group, Inc. | 4,810 | 221,164 | ||||||
SCANA Corp. | 1,593 | 110,475 | ||||||
Sempra Energy | 940 | 103,673 | ||||||
Southern Co. | 1,567 | 79,635 | ||||||
UGI Corp. | 4,191 | 202,132 | ||||||
Vectren Corp. | 1,902 | 107,178 | ||||||
WEC Energy Group, Inc. | 405 | 24,409 | ||||||
Westar Energy, Inc. | 2,057 | 111,037 | ||||||
Xcel Energy, Inc. | 3,627 | 158,536 | ||||||
|
| |||||||
4,486,118 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 48,406,334 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.2% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.48% (b)(c) | 1,088,259 | 1,088,259 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.8% (Cost $47,490,052)† | $ | 49,494,593 | ||||||
Other assets and liabilities, net — (1.8%) | (887,994 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 48,606,599 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $47,606,557. At February 28, 2017, net unrealized appreciation for all securities based on tax cost was $1,888,036. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,504,492 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $616,456. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2017 amounted to $1,053,542, which is 2.2% 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. |
REIT: | Real Estate Investment Trust |
At February 28, 2017, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||
E-Mini S&P MidCap 400 futures | USD | 1 | $ | 172,770 | 3/17/2017 | $ | 6,200 |
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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) | $ | 48,406,334 | $ | — | $ | — | $ | 48,406,334 | ||||||||
Short-Term Investments | 1,088,259 | — | — | 1,088,259 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 6,200 | — | — | 6,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 49,500,793 | $ | — | $ | — | $ | 49,500,793 | ||||||||
|
|
|
|
|
|
|
|
(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 February 28, 2017.
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF
February 28, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Consumer Discretionary — 15.3% | ||||||||
1-800-Flowers.com, Inc., Class A* | 407 | $ | 4,070 | |||||
Aaron’s, Inc. (a) | 186 | 5,074 | ||||||
Abercrombie & Fitch Co., Class A (a) | 54 | 646 | ||||||
Acushnet Holdings Corp.*(a) | 27 | 473 | ||||||
AMC Entertainment Holdings, Inc., Class A | 264 | 8,276 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 143 | 2,834 | ||||||
American Eagle Outfitters, Inc. | 306 | 4,850 | ||||||
American Outdoor Brands Corp.*(a) | 189 | 3,674 | ||||||
American Public Education, Inc.* | 171 | 4,130 | ||||||
America’s Car-Mart, Inc.* | 108 | 3,440 | ||||||
Arctic Cat, Inc.*(a) | 51 | 943 | ||||||
Asbury Automotive Group, Inc.* | 59 | 3,844 | ||||||
Ascent Capital Group, Inc., Class A* | 86 | 1,380 | ||||||
At Home Group, Inc.* | 22 | 331 | ||||||
AV Homes, Inc.*(a) | 83 | 1,369 | ||||||
Barnes & Noble Education, Inc.* | 254 | 2,438 | ||||||
Barnes & Noble, Inc. | 484 | 4,743 | ||||||
Bassett Furniture Industries, Inc. | 144 | 3,938 | ||||||
Beazer Homes USA, Inc.* | 183 | 2,233 | ||||||
Belmond Ltd., Class A* | 200 | 2,590 | ||||||
Big 5 Sporting Goods Corp. | 264 | 3,551 | ||||||
Big Lots, Inc. (a) | 176 | 9,036 | ||||||
Biglari Holdings, Inc.* | 7 | 3,006 | ||||||
BJ’s Restaurants, Inc.* | 105 | 3,817 | ||||||
Bloomin’ Brands, Inc. | 330 | 5,640 | ||||||
Bob Evans Farms, Inc. | 261 | 14,807 | ||||||
Bojangles’, Inc.*(a) | 38 | 800 | ||||||
Boyd Gaming Corp.* | 36 | 708 | ||||||
Bridgepoint Education, Inc.* | 68 | 634 | ||||||
Bright Horizons Family Solutions, Inc.* | 13 | 898 | ||||||
Buckle, Inc. (a) | 81 | 1,608 | ||||||
Buffalo Wild Wings, Inc.* | 12 | 1,860 | ||||||
Build-A-Bear Workshop, Inc.* | 194 | 1,756 | ||||||
Caesars Acquisition Co., Class A* | 44 | 645 | ||||||
Caleres, Inc. | 116 | 3,465 | ||||||
Callaway Golf Co. | 329 | 3,326 | ||||||
Camping World Holdings, Inc., Class A | 132 | 4,642 | ||||||
Capella Education Co. | 113 | 8,599 | ||||||
Career Education Corp.* | 126 | 1,050 | ||||||
Carriage Services, Inc. (a) | 87 | 2,242 | ||||||
Carrols Restaurant Group, Inc.* | 336 | 5,309 | ||||||
Cato Corp., Class A | 122 | 3,051 | ||||||
Cavco Industries, Inc.* | 44 | 5,247 | ||||||
Century Casinos, Inc.* | 150 | 1,026 | ||||||
Century Communities, Inc.* | 47 | 1,074 | ||||||
Cheesecake Factory, Inc. | 93 | 5,678 | ||||||
Chegg, Inc.*(a) | 113 | 893 | ||||||
Chico’s FAS, Inc. | 545 | 7,892 | ||||||
Children’s Place, Inc. (a) | 126 | 12,764 | ||||||
Churchill Downs, Inc. | 19 | 2,856 | ||||||
Chuy’s Holdings, Inc.* | 68 | 1,938 | ||||||
Citi Trends, Inc. | 170 | 2,834 | ||||||
ClubCorp Holdings, Inc. | 95 | 1,624 | ||||||
Collectors Universe, Inc. | 156 | 3,650 | ||||||
Columbia Sportswear Co. | 18 | 989 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Cooper Tire & Rubber Co. (a) | 77 | $ | 3,115 | |||||
Cooper-Standard Holdings, Inc.* | 48 | 5,376 | ||||||
Core-Mark Holding Co., Inc. | 135 | 4,390 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 21 | 3,381 | ||||||
Crocs, Inc.* | 150 | 997 | ||||||
CSS Industries, Inc. | 98 | 2,409 | ||||||
Culp, Inc. | 155 | 5,270 | ||||||
Daily Journal Corp.*(a) | 4 | 835 | ||||||
Dana, Inc. | 285 | 5,384 | ||||||
Dave & Buster’s Entertainment, Inc.* | 50 | 2,859 | ||||||
Deckers Outdoor Corp.* | 68 | 3,592 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 272 | 4,325 | ||||||
Del Taco Restaurants, Inc.* | 212 | 2,631 | ||||||
Delta Apparel, Inc.* | 41 | 718 | ||||||
Denny’s Corp.* | 814 | 10,224 | ||||||
Destination XL Group, Inc.* | 116 | 348 | ||||||
DeVry Education Group, Inc. | 107 | 3,440 | ||||||
DineEquity, Inc. | 31 | 1,854 | ||||||
Dorman Products, Inc.* | 59 | 4,611 | ||||||
DSW, Inc., Class A | 206 | 4,332 | ||||||
Duluth Holdings, Inc., Class B* | 15 | 316 | ||||||
El Pollo Loco Holdings, Inc.*(a) | 50 | 625 | ||||||
Eldorado Resorts, Inc.*(a) | 266 | 4,336 | ||||||
Entercom Communications Corp., Class A (a) | 174 | 2,723 | ||||||
Entravision Communications Corp., Class A | 113 | 605 | ||||||
Eros International PLC*(a) | 201 | 2,312 | ||||||
Escalade, Inc. | 128 | 1,664 | ||||||
Ethan Allen Interiors, Inc. | 216 | 6,210 | ||||||
Express, Inc.* | 189 | 2,124 | ||||||
Fiesta Restaurant Group, Inc.* | 75 | 1,489 | ||||||
Finish Line, Inc., Class A | 667 | 10,872 | ||||||
Five Below, Inc.* | 59 | 2,274 | ||||||
Flexsteel Industries, Inc. | 98 | 4,927 | ||||||
Fogo De Chao, Inc.*(a) | 18 | 252 | ||||||
Fossil Group, Inc.*(a) | 42 | 794 | ||||||
Fox Factory Holding Corp.* | 125 | 3,350 | ||||||
Francesca’s Holdings Corp.* | 164 | 2,783 | ||||||
Fred’s, Inc., Class A (a) | 96 | 1,702 | ||||||
FTD Cos, Inc.* | 69 | 1,667 | ||||||
Gaia, Inc.* | 141 | 1,206 | ||||||
Gannett Co., Inc. | 72 | 628 | ||||||
Genesco, Inc.* | 177 | 10,319 | ||||||
Gentherm, Inc.* | 25 | 906 | ||||||
G-III Apparel Group Ltd.*(a) | 22 | 566 | ||||||
GNC Holdings, Inc., Class A (a) | 35 | 290 | ||||||
Golden Entertainment, Inc. | 83 | 984 | ||||||
Grand Canyon Education, Inc.* | 74 | 4,542 | ||||||
Group 1 Automotive, Inc. | 36 | 2,797 | ||||||
Guess?, Inc. (a) | 137 | 1,740 | ||||||
Habit Restaurants, Inc., Class A*(a) | 19 | 256 | ||||||
Haverty Furniture Cos., Inc. | 263 | 6,102 | ||||||
Helen of Troy Ltd.* | 15 | 1,466 | ||||||
Hibbett Sports, Inc.*(a) | 293 | 8,643 | ||||||
Hooker Furniture Corp. | 110 | 3,630 | ||||||
Horizon Global Corp.* | 276 | 5,045 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Houghton Mifflin Harcourt Co.* | 56 | $ | 619 | |||||
HSN, Inc. | 50 | 1,885 | ||||||
Iconix Brand Group, Inc.* | 98 | 756 | ||||||
ILG, Inc. | 123 | 2,322 | ||||||
IMAX Corp.* | 33 | 1,068 | ||||||
Installed Building Products, Inc.* | 16 | 753 | ||||||
International Speedway Corp., Class A | 119 | 4,415 | ||||||
Intrawest Resorts Holdings, Inc.* | 170 | 4,005 | ||||||
iRobot Corp.*(a) | 86 | 4,909 | ||||||
Isle of Capri Casinos, Inc.* | 104 | 2,526 | ||||||
J Alexander’s Holdings, Inc.* | 102 | 949 | ||||||
Jack in the Box, Inc. | 33 | 3,092 | ||||||
JAKKS Pacific, Inc.* | 80 | 420 | ||||||
Jamba, Inc.*(a) | 44 | 427 | ||||||
Johnson Outdoors, Inc., Class A | 95 | 3,333 | ||||||
K12, Inc.* | 201 | 3,590 | ||||||
KB Home (a) | 240 | 4,260 | ||||||
Kirkland’s, Inc.* | 176 | 1,989 | ||||||
Kona Grill, Inc.* | 19 | 121 | ||||||
La Quinta Holdings, Inc.* | 119 | 1,649 | ||||||
La-Z-Boy, Inc. | 258 | 6,966 | ||||||
LCI Industries | 62 | 6,677 | ||||||
LGI Homes, Inc.*(a) | 39 | 1,131 | ||||||
Libbey, Inc. | 75 | 1,050 | ||||||
Liberty Media Corp.-Liberty Braves, Class A* | 13 | 286 | ||||||
Liberty Media Corp.-Liberty Braves, Class C* | 44 | 968 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A* | 86 | 2,589 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C* | 87 | 2,671 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A* | 22 | 296 | ||||||
Lifetime Brands, Inc. | 224 | 3,248 | ||||||
Lindblad Expeditions Holdings, Inc.* | 125 | 1,121 | ||||||
Lithia Motors, Inc., Class A (a) | 30 | 2,870 | ||||||
Loral Space & Communications, Inc.* | 12 | 491 | ||||||
Luby’s, Inc.* | 183 | 619 | ||||||
Lumber Liquidators Holdings, Inc.*(a) | 50 | 886 | ||||||
M/I Homes, Inc.* | 62 | 1,463 | ||||||
Malibu Boats, Inc., Class A* | 65 | 1,336 | ||||||
Marcus Corp. | 285 | 8,892 | ||||||
Marine Products Corp. | 225 | 2,389 | ||||||
MarineMax, Inc.* | 131 | 2,947 | ||||||
Marriott Vacations Worldwide Corp. | 48 | 4,509 | ||||||
MCBC Holdings, Inc. | 108 | 1,585 | ||||||
MDC Holdings, Inc. (a) | 81 | 2,364 | ||||||
Meredith Corp. (a) | 69 | 4,326 | ||||||
Meritage Homes Corp.* | 60 | 2,133 | ||||||
Metaldyne Performance Group, Inc. | 30 | 699 | ||||||
Modine Manufacturing Co.* | 314 | 3,564 | ||||||
Monarch Casino & Resort, Inc.* | 87 | 2,217 | ||||||
Monro Muffler Brake, Inc. | 24 | 1,380 | ||||||
Motorcar Parts of America, Inc.* | 22 | 624 | ||||||
Movado Group, Inc. | 96 | 2,328 | ||||||
MSG Networks, Inc., Class A* | 156 | 3,401 | ||||||
NACCO Industries, Inc., Class A | 129 | 8,321 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Nathan’s Famous, Inc.* | 33 | $ | 2,046 | |||||
National CineMedia, Inc. | 168 | 2,155 | ||||||
New Home Co, Inc.*(a) | 54 | 564 | ||||||
New Media Investment Group, Inc. | 144 | 2,222 | ||||||
New York Times Co., Class A | 110 | 1,584 | ||||||
Nexstar Media Group, Inc. | 27 | 1,862 | ||||||
Nutrisystem, Inc. | 158 | 7,347 | ||||||
Office Depot, Inc. | 108 | 450 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.*(a) | 38 | 1,191 | ||||||
Overstock.com, Inc.* | 56 | 1,033 | ||||||
Oxford Industries, Inc. | 74 | 4,160 | ||||||
Papa John’s International, Inc. (a) | 42 | 3,315 | ||||||
Party City Holdco, Inc.*(a) | 18 | 260 | ||||||
Penn National Gaming, Inc.* | 72 | 1,042 | ||||||
Perry Ellis International, Inc.* | 134 | 3,121 | ||||||
PetMed Express, Inc. (a) | 299 | 6,297 | ||||||
Pier 1 Imports, Inc. | 1,594 | 10,728 | ||||||
Pinnacle Entertainment, Inc.* | 318 | 5,520 | ||||||
Planet Fitness, Inc., Class A | 92 | 1,979 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 62 | 4,899 | ||||||
Potbelly Corp.* | 333 | 4,346 | ||||||
Radio One, Inc., Class D* | 89 | 245 | ||||||
Reading International, Inc., Class A* | 156 | 2,487 | ||||||
Red Lion Hotels Corp.* | 90 | 671 | ||||||
Red Robin Gourmet Burgers, Inc.* | 48 | 2,191 | ||||||
Red Rock Resorts, Inc., Class A | 162 | 3,559 | ||||||
Regis Corp.* | 263 | 3,238 | ||||||
Rent-A-Center, Inc. (a) | 207 | 1,795 | ||||||
Ruth’s Hospitality Group, Inc. | 362 | 6,100 | ||||||
Saga Communications, Inc., Class A | 41 | 2,046 | ||||||
Salem Media Group, Inc. | 125 | 894 | ||||||
Scientific Games Corp., Class A* | 60 | 1,239 | ||||||
SeaWorld Entertainment, Inc. | 95 | 1,831 | ||||||
Select Comfort Corp.*(a) | 140 | 3,289 | ||||||
Shoe Carnival, Inc. | 261 | 6,614 | ||||||
Shutterfly, Inc.*(a) | 63 | 2,859 | ||||||
Sinclair Broadcast Group, Inc., Class A | 57 | 2,274 | ||||||
Sonic Automotive, Inc., Class A | 63 | 1,367 | ||||||
Sonic Corp. | 80 | 2,022 | ||||||
Sotheby’s* | 80 | 3,610 | ||||||
Spartan Motors, Inc. | 885 | 5,885 | ||||||
Speedway Motorsports, Inc. | 41 | 874 | ||||||
Sportsman’s Warehouse Holdings, Inc.* | 30 | 146 | ||||||
Standard Motor Products, Inc. | 131 | 6,284 | ||||||
Stein Mart, Inc. | 209 | 752 | ||||||
Steven Madden Ltd.* | 153 | 5,715 | ||||||
Stoneridge, Inc.* | 237 | 4,003 | ||||||
Strattec Security Corp. (a) | 9 | 268 | ||||||
Strayer Education, Inc.* | 47 | 3,644 | ||||||
Sturm Ruger & Co., Inc. (a) | 44 | 2,193 | ||||||
Superior Industries International, Inc. | 508 | 11,379 | ||||||
Superior Uniform Group, Inc. | 60 | 1,099 | ||||||
Tailored Brands, Inc. (a) | 216 | 4,992 | ||||||
Taylor Morrison Home Corp., Class A* | 72 | 1,449 | ||||||
Tenneco, Inc.* | 69 | 4,437 | ||||||
Texas Roadhouse, Inc. | 92 | 3,892 | ||||||
Tile Shop Holdings, Inc.* | 90 | 1,584 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Tilly’s, Inc., Class A | 303 | $ | 3,342 | |||||
Time, Inc. | 47 | 825 | ||||||
TopBuild Corp.* | 126 | 5,289 | ||||||
Tower International, Inc. | 86 | 2,378 | ||||||
Townsquare Media, Inc., Class A* | 27 | 293 | ||||||
TRI Pointe Group, Inc.* | 153 | 1,827 | ||||||
Tuesday Morning Corp.* | 150 | 548 | ||||||
UCP, Inc., Class A* | 152 | 1,649 | ||||||
Unifi, Inc.* | 57 | 1,556 | ||||||
Unique Fabricating, Inc. | 19 | 218 | ||||||
Universal Electronics, Inc.* | 60 | 4,122 | ||||||
Vera Bradley, Inc.* | 77 | 805 | ||||||
Vitamin Shoppe, Inc.* | 98 | 2,087 | ||||||
West Marine, Inc.* | 303 | 2,785 | ||||||
Weyco Group, Inc. | 22 | 602 | ||||||
William Lyon Homes, Class A*(a) | 31 | 571 | ||||||
Wingstop, Inc. (a) | 59 | 1,552 | ||||||
Winmark Corp. (a) | 33 | 3,744 | ||||||
Winnebago Industries, Inc. | 219 | 7,227 | ||||||
Wolverine World Wide, Inc. | 215 | 5,412 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 122 | 2,560 | ||||||
ZAGG, Inc.* | 62 | 375 | ||||||
Zoe’s Kitchen, Inc.* | 45 | 806 | ||||||
Zumiez, Inc.* | 294 | 5,998 | ||||||
|
| |||||||
719,481 | ||||||||
|
| |||||||
Consumer Staples — 3.0% | ||||||||
AdvancePierre Foods Holdings, Inc. | 15 | 434 | ||||||
Alliance One International, Inc.* | 15 | 215 | ||||||
Amplify Snack Brands, Inc.*(a) | 44 | 441 | ||||||
Andersons, Inc. | 125 | 4,944 | ||||||
Avon Products, Inc.* | 59 | 260 | ||||||
B&G Foods, Inc. (a) | 22 | 935 | ||||||
Boston Beer Co, Inc., Class A*(a) | 9 | 1,428 | ||||||
Calavo Growers, Inc. (a) | 128 | 7,219 | ||||||
Cal-Maine Foods, Inc. (a) | 65 | 2,467 | ||||||
Central Garden & Pet Co.*(a) | 44 | 1,485 | ||||||
Central Garden & Pet Co., Class A* | 140 | 4,473 | ||||||
Coca-Cola Bottling Co. Consolidated | 9 | 1,549 | ||||||
Craft Brew Alliance, Inc.* | 92 | 1,352 | ||||||
Darling Ingredients, Inc.* | 312 | 4,059 | ||||||
Dean Foods Co. | 152 | 2,773 | ||||||
elf Beauty, Inc.*(a) | 9 | 249 | ||||||
Farmer Brothers Co.* | 42 | 1,372 | ||||||
Fresh Del Monte Produce, Inc. | 75 | 4,340 | ||||||
Freshpet, Inc.* | 30 | 303 | ||||||
HRG Group, Inc.* | 51 | 937 | ||||||
Ingles Markets, Inc., Class A | 99 | 4,638 | ||||||
Inter Parfums, Inc. | 80 | 2,768 | ||||||
Inventure Foods, Inc.*(a) | 25 | 140 | ||||||
J&J Snack Foods Corp. | 24 | 3,211 | ||||||
John B Sanfilippo & Son, Inc. | 138 | 8,473 | ||||||
Lancaster Colony Corp. | 18 | 2,372 | ||||||
Landec Corp.* | 221 | 2,785 | ||||||
Lifevantage Corp.* | 71 | 393 | ||||||
Lifeway Foods, Inc.* | 27 | 284 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Limoneira Co. | 65 | $ | 1,194 | |||||
Medifast, Inc. | 146 | 6,547 | ||||||
MGP Ingredients, Inc. (a) | 33 | 1,460 | ||||||
National Beverage Corp. (a) | 10 | 584 | ||||||
Nature’s Sunshine Products, Inc. | 96 | 1,094 | ||||||
Nutraceutical International Corp. | 119 | 4,010 | ||||||
Oil-Dri Corp. of America | 59 | 2,082 | ||||||
Omega Protein Corp. | 98 | 2,494 | ||||||
Orchids Paper Products Co. (a) | 19 | 542 | ||||||
Performance Food Group Co.* | 47 | 1,109 | ||||||
PriceSmart, Inc. | 16 | 1,414 | ||||||
Primo Water Corp.* | 123 | 1,764 | ||||||
Revlon, Inc., Class A* | 10 | 336 | ||||||
Sanderson Farms, Inc. (a) | 56 | 5,322 | ||||||
Seneca Foods Corp., Class A* | 53 | 1,990 | ||||||
Smart & Final Stores, Inc.*(a) | 54 | 753 | ||||||
Snyder’s-Lance, Inc. | 28 | 1,108 | ||||||
SpartanNash Co. | 320 | 11,168 | ||||||
SUPERVALU, Inc.* | 63 | 238 | ||||||
Tootsie Roll Industries, Inc. (a) | 75 | 2,936 | ||||||
Turning Point Brands, Inc.* | 28 | 369 | ||||||
United Natural Foods, Inc.* | 74 | 3,186 | ||||||
Universal Corp. | 78 | 5,281 | ||||||
USANA Health Sciences, Inc.* | 16 | 929 | ||||||
Vector Group Ltd. | 66 | 1,504 | ||||||
Village Super Market, Inc., Class A | 236 | 6,988 | ||||||
WD-40 Co. | 35 | 3,847 | ||||||
Weis Markets, Inc. | 96 | 5,760 | ||||||
|
| |||||||
142,308 | ||||||||
|
| |||||||
Energy — 1.4% | ||||||||
Adams Resources & Energy, Inc. | 6 | 243 | ||||||
Archrock, Inc. | 400 | 5,460 | ||||||
Ardmore Shipping Corp. (a) | 38 | 260 | ||||||
Atwood Oceanics, Inc.*(a) | 114 | 1,198 | ||||||
Bristow Group, Inc. | 21 | 330 | ||||||
Callon Petroleum Co.* | 13 | 164 | ||||||
DHT Holdings, Inc. (a) | 99 | 458 | ||||||
Era Group, Inc.* | 71 | 978 | ||||||
Evolution Petroleum Corp. | 553 | 4,839 | ||||||
Exterran Corp.* | 162 | 4,931 | ||||||
Forum Energy Technologies, Inc.* | 62 | 1,345 | ||||||
GasLog Ltd. (a) | 86 | 1,329 | ||||||
Geospace Technologies Corp.* | 21 | 347 | ||||||
Green Plains, Inc. (a) | 35 | 877 | ||||||
Helix Energy Solutions Group, Inc.* | 33 | 273 | ||||||
International Seaways, Inc* | 173 | 3,244 | ||||||
Mammoth Energy Services, Inc.*(a) | 51 | 1,096 | ||||||
Matrix Service Co.* | 156 | 2,527 | ||||||
McDermott International, Inc.* | 440 | 3,238 | ||||||
Natural Gas Services Group, Inc.* | 180 | 4,689 | ||||||
Newpark Resources, Inc.* | 300 | 2,310 | ||||||
Nordic American Tankers Ltd. (a) | 132 | 1,048 | ||||||
Oil States International, Inc.* | 90 | 3,312 | ||||||
Panhandle Oil and Gas, Inc., Class A (a) | 129 | 2,541 | ||||||
Parker Drilling Co.* | 301 | 572 | ||||||
PDC Energy, Inc.* | 9 | 608 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Energy (Continued) | ||||||||
PHI, Inc.* | 50 | $ | 724 | |||||
Pioneer Energy Services Corp.* | 89 | 467 | ||||||
Renewable Energy Group, Inc.* | 141 | 1,255 | ||||||
REX American Resources Corp.* | 57 | 4,744 | ||||||
RigNet, Inc.* | 13 | 229 | ||||||
Ring Energy, Inc.* | 27 | 334 | ||||||
Sanchez Energy Corp.*(a) | 39 | 448 | ||||||
Scorpio Tankers, Inc. | 176 | 678 | ||||||
SEACOR Holdings, Inc.* | 51 | 3,511 | ||||||
SemGroup Corp., Class A | 31 | 1,090 | ||||||
Ship Finance International Ltd. (a) | 146 | 2,154 | ||||||
Smart Sand, Inc.*(a) | 35 | 601 | ||||||
Teekay Corp. (a) | 56 | 550 | ||||||
TETRA Technologies, Inc.* | 93 | 418 | ||||||
Unit Corp.* | 25 | 679 | ||||||
US Silica Holdings, Inc. | 6 | 303 | ||||||
Western Refining, Inc. | 13 | 475 | ||||||
Westmoreland Coal Co.* | 72 | 1,040 | ||||||
|
| |||||||
67,917 | ||||||||
|
| |||||||
Financials — 30.9% | ||||||||
1st Source Corp. | 111 | 5,185 | ||||||
Access National Corp. (a) | 113 | 3,120 | ||||||
ACNB Corp. | 129 | 3,741 | ||||||
AG Mortgage Investment Trust, Inc. REIT | 387 | 6,912 | ||||||
Allegiance Bancshares, Inc.* | 92 | 3,395 | ||||||
Ambac Financial Group, Inc.* | 341 | 7,536 | ||||||
American Equity Investment Life Holding Co. | 155 | 4,171 | ||||||
American National Bankshares, Inc. | 107 | 3,911 | ||||||
Ameris Bancorp | 75 | 3,622 | ||||||
AMERISAFE, Inc. | 132 | 8,488 | ||||||
Ames National Corp. | 117 | 3,767 | ||||||
Anworth Mortgage Asset Corp. REIT | 1,072 | 5,832 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 279 | 5,131 | ||||||
Ares Commercial Real Estate Corp. REIT | 703 | 9,505 | ||||||
Argo Group International Holdings Ltd. | 119 | 7,967 | ||||||
Arlington Asset Investment Corp., Class A (a) | 162 | 2,388 | ||||||
ARMOUR Residential REIT, Inc. REIT (a) | 270 | 6,072 | ||||||
Arrow Financial Corp. | 164 | 5,724 | ||||||
Astoria Financial Corp. | 173 | 3,199 | ||||||
Atlantic Capital Bancshares, Inc.* | 75 | 1,350 | ||||||
Atlas Financial Holdings, Inc.* | 86 | 1,161 | ||||||
Baldwin & Lyons, Inc., Class B | 138 | 3,284 | ||||||
Banc of California, Inc. (a) | 159 | 3,093 | ||||||
BancFirst Corp. | 47 | 4,481 | ||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 403 | 11,336 | ||||||
Bancorp, Inc.*(a) | 45 | 233 | ||||||
BancorpSouth, Inc. | 95 | 2,945 | ||||||
Bank Mutual Corp. | 321 | 3,114 | ||||||
Bank of Marin Bancorp | 68 | 4,658 | ||||||
Bank of NT Butterfield & Son Ltd. | 24 | 782 | ||||||
Bank of the Ozarks, Inc. (a) | 7 | 383 | ||||||
BankFinancial Corp. | 131 | 1,948 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Bankwell Financial Group, Inc. | 48 | $ | 1,577 | |||||
Banner Corp. | 42 | 2,441 | ||||||
Bar Harbor Bankshares | 174 | 7,414 | ||||||
Bear State Financial, Inc. | 65 | 619 | ||||||
Beneficial Bancorp, Inc. | 213 | 3,472 | ||||||
Berkshire Hills Bancorp, Inc. | 159 | 5,621 | ||||||
BGC Partners, Inc., Class A | 375 | 4,230 | ||||||
Blue Capital Reinsurance Holdings Ltd. | 146 | 2,876 | ||||||
Blue Hills Bancorp, Inc. | 137 | 2,514 | ||||||
BNC Bancorp | 114 | 4,098 | ||||||
BofI Holding, Inc.*(a) | 156 | 4,920 | ||||||
Boston Private Financial Holdings, Inc. | 464 | 7,981 | ||||||
Bridge Bancorp, Inc. | 93 | 3,315 | ||||||
Brookline Bancorp, Inc. | 439 | 6,958 | ||||||
Bryn Mawr Bank Corp. | 141 | 5,788 | ||||||
BSB Bancorp, Inc.* | 84 | 2,339 | ||||||
C&F Financial Corp. | 51 | 2,422 | ||||||
California First National Bancorp | 28 | 441 | ||||||
Camden National Corp. | 122 | 5,180 | ||||||
Capital Bank Financial Corp., Class A | 62 | 2,530 | ||||||
Capital City Bank Group, Inc. | 101 | 2,063 | ||||||
Capitol Federal Financial, Inc. | 282 | 4,255 | ||||||
Capstar Financial Holdings, Inc.*(a) | 13 | 257 | ||||||
Capstead Mortgage Corp. REIT | 1,036 | 10,961 | ||||||
Cardinal Financial Corp. | 162 | 5,061 | ||||||
Carolina Financial Corp. (a) | 117 | 3,512 | ||||||
Cascade Bancorp* | 180 | 1,485 | ||||||
Cathay General Bancorp | 77 | 3,025 | ||||||
CenterState Banks, Inc. | 257 | 6,350 | ||||||
Central Pacific Financial Corp. | 269 | 8,495 | ||||||
Central Valley Community Bancorp | 180 | 3,697 | ||||||
Century Bancorp, Inc., Class A | 42 | 2,659 | ||||||
Charter Financial Corp. | 141 | 2,757 | ||||||
Chemical Financial Corp. | 50 | 2,663 | ||||||
Chemung Financial Corp. | 51 | 1,849 | ||||||
Citizens & Northern Corp. (a) | 167 | 3,919 | ||||||
Citizens, Inc.*(a) | 356 | 3,247 | ||||||
City Holding Co. | 125 | 8,187 | ||||||
Clifton Bancorp, Inc. | 158 | 2,539 | ||||||
CNB Financial Corp. | 258 | 6,200 | ||||||
CNO Financial Group, Inc. | 150 | 3,136 | ||||||
CoBiz Financial, Inc. | 233 | 3,973 | ||||||
Codorus Valley Bancorp, Inc. | 105 | 2,731 | ||||||
Cohen & Steers, Inc. | 72 | 2,708 | ||||||
Columbia Banking System, Inc. | 96 | 3,829 | ||||||
Community Bank System, Inc. | 78 | 4,634 | ||||||
Community Trust Bancorp, Inc. | 138 | 6,334 | ||||||
ConnectOne Bancorp, Inc. | 260 | 6,526 | ||||||
County Bancorp, Inc. | 41 | 1,105 | ||||||
Cowen Group, Inc., Class A*(a) | 90 | 1,287 | ||||||
Crawford & Co., Class B | 137 | 1,482 | ||||||
CU Bancorp* | 57 | 2,240 | ||||||
CVB Financial Corp. | 162 | 3,847 | ||||||
CYS Investments, Inc. REIT | 680 | 5,454 | ||||||
Diamond Hill Investment Group, Inc. | 22 | 4,411 | ||||||
Dime Community Bancshares, Inc. | 215 | 4,622 | ||||||
Donegal Group, Inc., Class A | 171 | 2,840 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Dynex Capital, Inc. REIT | 814 | $ | 5,584 | |||||
Eagle Bancorp, Inc.* | 50 | 3,112 | ||||||
EMC Insurance Group, Inc. | 120 | 3,336 | ||||||
Employers Holdings, Inc. | 251 | 9,438 | ||||||
Encore Capital Group, Inc.*(a) | 93 | 3,097 | ||||||
Enova International, Inc.* | 357 | 5,123 | ||||||
Enstar Group Ltd.* | 4 | 775 | ||||||
Enterprise Bancorp, Inc. | 129 | 4,275 | ||||||
Enterprise Financial Services Corp. | 170 | 7,471 | ||||||
Equity Bancshares, Inc., Class A* | 68 | 2,213 | ||||||
ESSA Bancorp, Inc. | 111 | 1,754 | ||||||
Essent Group Ltd.* | 131 | 4,560 | ||||||
EverBank Financial Corp. | 140 | 2,722 | ||||||
Evercore Partners, Inc., Class A | 68 | 5,409 | ||||||
EZCORP, Inc., Class A* | 126 | 1,109 | ||||||
Farmers Capital Bank Corp. | 93 | 3,613 | ||||||
Farmers National Banc Corp. | 320 | 4,416 | ||||||
FB Financial Corp.* | 27 | 857 | ||||||
FBL Financial Group, Inc., Class A (a) | 32 | 2,187 | ||||||
FCB Financial Holdings, Inc., Class A* | 59 | 2,867 | ||||||
Federal Agricultural Mortgage Corp., Class C | 221 | 12,725 | ||||||
Federated National Holding Co. | 25 | 500 | ||||||
Fidelity & Guaranty Life (a) | 33 | 878 | ||||||
Fidelity Southern Corp. | 119 | 2,805 | ||||||
Financial Engines, Inc. | 41 | 1,816 | ||||||
Financial Institutions, Inc. | 137 | 4,685 | ||||||
First BanCorp* | 607 | 3,873 | ||||||
First Bancorp, Inc. | 159 | 4,310 | ||||||
First Bancorp/Southern Pines NC | 213 | 6,401 | ||||||
First Busey Corp. | 180 | 5,566 | ||||||
First Business Financial Services, Inc. | 63 | 1,589 | ||||||
First Citizens BancShares, Inc., Class A | 6 | 2,138 | ||||||
First Commonwealth Financial Corp. | 535 | 7,453 | ||||||
First Community Bancshares, Inc. | 270 | 7,295 | ||||||
First Community Financial Partners, Inc.*(a) | 101 | 1,333 | ||||||
First Connecticut Bancorp, Inc. | 155 | 3,743 | ||||||
First Defiance Financial Corp. | 101 | 4,964 | ||||||
First Financial Bancorp | 248 | 6,882 | ||||||
First Financial Bankshares, Inc. (a) | 90 | 3,960 | ||||||
First Financial Corp. | 123 | 5,713 | ||||||
First Financial Northwest, Inc. | 122 | 2,483 | ||||||
First Foundation, Inc.* | 189 | 3,100 | ||||||
First Internet Bancorp | 28 | 861 | ||||||
First Interstate BancSystem, Inc., Class A | 156 | 6,841 | ||||||
First Merchants Corp. | 177 | 7,101 | ||||||
First Midwest Bancorp, Inc. | 215 | 5,252 | ||||||
First Northwest Bancorp* | 93 | 1,436 | ||||||
First of Long Island Corp. | 203 | 5,582 | ||||||
FirstCash, Inc. | 111 | 4,923 | ||||||
Flagstar Bancorp, Inc.* | 9 | 256 | ||||||
Flushing Financial Corp. | 237 | 6,622 | ||||||
FNB Corp. | 162 | 2,522 | ||||||
FNFV Group* | 535 | 6,661 | ||||||
Franklin Financial Network, Inc.* | 53 | 2,088 | ||||||
Fulton Financial Corp. | 210 | 4,016 |
Number | Value | |||||||
Financials (Continued) | ||||||||
GAIN Capital Holdings, Inc. | 111 | $ | 870 | |||||
GAMCO Investors, Inc., Class A | 51 | 1,519 | ||||||
Genworth Financial, Inc., Class A* | 448 | 1,832 | ||||||
German American Bancorp, Inc. | 141 | 6,690 | ||||||
Glacier Bancorp, Inc. | 116 | 4,283 | ||||||
Global Indemnity Ltd.* | 99 | 3,928 | ||||||
Great Ajax Corp. REIT | 180 | 2,365 | ||||||
Great Southern Bancorp, Inc. | 77 | 3,854 | ||||||
Great Western Bancorp, Inc. | 114 | 4,872 | ||||||
Green Bancorp, Inc.* | 107 | 1,824 | ||||||
Green Dot Corp., Class A* | 165 | 4,836 | ||||||
Greene County Bancorp, Inc. | 51 | 1,125 | ||||||
Greenhill & Co., Inc. | 180 | 5,319 | ||||||
Guaranty Bancorp | 153 | 3,787 | ||||||
Hallmark Financial Services, Inc.* | 179 | 1,973 | ||||||
Hancock Holding Co. | 105 | 4,982 | ||||||
Hanmi Financial Corp. | 206 | 6,880 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 128 | 2,533 | ||||||
HarborOne Bancorp, Inc.*(a) | 51 | 1,007 | ||||||
HCI Group, Inc. (a) | 98 | 4,831 | ||||||
Heartland Financial USA, Inc. | 143 | 7,086 | ||||||
Hennessy Advisors, Inc. | 27 | 721 | ||||||
Heritage Commerce Corp. | 185 | 2,627 | ||||||
Heritage Financial Corp. | 279 | 6,975 | ||||||
Heritage Insurance Holdings, Inc. | 117 | 1,727 | ||||||
Heritage Oaks Bancorp | 294 | 4,045 | ||||||
Hilltop Holdings, Inc. | 125 | 3,547 | ||||||
Hingham Institution for Savings | 16 | 3,001 | ||||||
Home Bancorp, Inc. | 107 | 3,852 | ||||||
Home BancShares, Inc. | 83 | 2,336 | ||||||
HomeStreet, Inc.* | 191 | 5,214 | ||||||
HomeTrust Bancshares, Inc.* | 134 | 3,216 | ||||||
Hope Bancorp, Inc. | 129 | 2,761 | ||||||
Horace Mann Educators Corp. | 174 | 7,291 | ||||||
Horizon Bancorp | 174 | 4,514 | ||||||
Houlihan Lokey, Inc. | 155 | 4,881 | ||||||
IBERIABANK Corp. | 44 | 3,729 | ||||||
Independence Holding Co. | 56 | 1,016 | ||||||
Independent Bank Corp. | 135 | 2,889 | ||||||
Independent Bank Corp./Rockland MA | 87 | 5,655 | ||||||
Independent Bank Group, Inc. | 63 | 3,988 | ||||||
Infinity Property & Casualty Corp. | 86 | 8,105 | ||||||
International Bancshares Corp. | 111 | 4,224 | ||||||
INTL. FCStone, Inc.* | 204 | 7,701 | ||||||
Invesco Mortgage Capital, Inc. REIT | 487 | 7,573 | ||||||
Investment Technology Group, Inc. | 380 | 7,608 | ||||||
Investors Bancorp, Inc. | 150 | 2,194 | ||||||
Investors Title Co. | 38 | 5,233 | ||||||
James River Group Holdings Ltd. | 101 | 4,345 | ||||||
Janus Capital Group, Inc. | 210 | 2,659 | ||||||
KCG Holdings, Inc., Class A* | 384 | 5,318 | ||||||
Kearny Financial Corp. | 225 | 3,454 | ||||||
Kemper Corp. | 87 | 3,693 | ||||||
Kinsale Capital Group, Inc. | 45 | 1,321 | ||||||
Ladder Capital Corp. REIT | 275 | 3,968 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Ladenburg Thalmann Financial Services, Inc.* | 183 | $ | 406 | |||||
Lakeland Bancorp, Inc. | 351 | 6,915 | ||||||
Lakeland Financial Corp. | 162 | 7,353 | ||||||
LCNB Corp. | 126 | 2,747 | ||||||
LegacyTexas Financial Group, Inc. | 140 | 5,963 | ||||||
LendingTree, Inc.*(a) | 6 | 710 | ||||||
Live Oak Bancshares, Inc. | 18 | 413 | ||||||
Macatawa Bank Corp. | 400 | 4,048 | ||||||
Maiden Holdings Ltd. | 649 | 10,027 | ||||||
MainSource Financial Group, Inc. | 210 | 7,192 | ||||||
Manning & Napier, Inc. | 174 | 1,087 | ||||||
Marlin Business Services Corp. | 105 | 2,499 | ||||||
MB Financial, Inc. | 59 | 2,656 | ||||||
MBIA, Inc.* | 209 | 2,157 | ||||||
MBT Financial Corp. | 251 | 2,661 | ||||||
Mercantile Bank Corp. | 168 | 5,618 | ||||||
Merchants Bancshares, Inc. | 99 | 5,094 | ||||||
Meridian Bancorp, Inc. | 234 | 4,458 | ||||||
Meta Financial Group, Inc. | 90 | 7,704 | ||||||
MGIC Investment Corp.* | 35 | 373 | ||||||
Middleburg Financial Corp. | 86 | 3,071 | ||||||
Midland States Bancorp, Inc. | 25 | 879 | ||||||
MidWestOne Financial Group, Inc. | 96 | 3,501 | ||||||
Moelis & Co., Class A | 162 | 5,962 | ||||||
MTGE Investment Corp. REIT | 285 | 4,717 | ||||||
MutualFirst Financial, Inc. | 83 | 2,627 | ||||||
National Bank Holdings Corp., Class A | 114 | 3,761 | ||||||
National Bankshares, Inc. | 78 | 2,956 | ||||||
National Commerce Corp.* | 95 | 3,558 | ||||||
National General Holdings Corp. | 87 | 2,118 | ||||||
National Western Life Group, Inc., Class A | 15 | 4,768 | ||||||
Nationstar Mortgage Holdings, Inc.*(a) | 68 | 1,235 | ||||||
Navigators Group, Inc. | 120 | 6,606 | ||||||
NBT Bancorp, Inc. | 177 | 7,147 | ||||||
Nelnet, Inc., Class A | 153 | 6,853 | ||||||
New Residential Investment Corp. REIT | 207 | 3,492 | ||||||
New York Mortgage Trust, Inc. REIT | 1,167 | 7,387 | ||||||
Nicolet Bankshares, Inc.* | 86 | 4,192 | ||||||
NMI Holdings, Inc., Class A* | 134 | 1,487 | ||||||
Northfield Bancorp, Inc. | 173 | 3,245 | ||||||
Northrim BanCorp, Inc. | 86 | 2,507 | ||||||
Northwest Bancshares, Inc. | 309 | 5,605 | ||||||
OceanFirst Financial Corp. | 146 | 4,262 | ||||||
OFG Bancorp | 494 | 6,373 | ||||||
Old Line Bancshares, Inc. | 98 | 2,749 | ||||||
Old National Bancorp | 257 | 4,716 | ||||||
Old Second Bancorp, Inc. | 143 | 1,566 | ||||||
OM Asset Management PLC | 98 | 1,461 | ||||||
OneBeacon Insurance Group Ltd., Class A | 407 | 6,642 | ||||||
Oppenheimer Holdings, Inc., Class A | �� | 105 | 1,743 | |||||
Opus Bank | 16 | 346 | ||||||
Orchid Island Capital, Inc. REIT (a) | 275 | 2,701 | ||||||
Oritani Financial Corp. | 246 | 4,231 | ||||||
Orrstown Financial Services, Inc. (a) | 72 | 1,573 | ||||||
Owens Realty Mortgage, Inc. REIT | 252 | 4,208 | ||||||
Pacific Continental Corp. | 240 | 6,036 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Pacific Mercantile Bancorp* | 96 | $ | 706 | |||||
Pacific Premier Bancorp, Inc.* | 192 | 7,680 | ||||||
Paragon Commercial Corp.* | 6 | 300 | ||||||
Park National Corp. (a) | 48 | 5,158 | ||||||
Park Sterling Corp. | 556 | 6,594 | ||||||
Peapack Gladstone Financial Corp. | 158 | 4,952 | ||||||
Penns Woods Bancorp, Inc. | 54 | 2,568 | ||||||
PennyMac Financial Services, Inc., Class A* | 170 | 3,035 | ||||||
PennyMac Mortgage Investment Trust REIT | 59 | 995 | ||||||
Peoples Bancorp, Inc. | 216 | 7,024 | ||||||
Peoples Financial Services Corp. (a) | 77 | 3,202 | ||||||
People’s Utah Bancorp | 167 | 4,442 | ||||||
PHH Corp.* | 93 | 1,174 | ||||||
Pinnacle Financial Partners, Inc. | 36 | 2,498 | ||||||
Piper Jaffray Cos. | 197 | 13,938 | ||||||
PJT Partners, Inc., Class A | 131 | 4,848 | ||||||
PRA Group, Inc.* | 98 | 3,998 | ||||||
Preferred Bank | 98 | 5,502 | ||||||
Premier Financial Bancorp, Inc. | 161 | 2,959 | ||||||
Primerica, Inc. | 77 | 6,218 | ||||||
PrivateBancorp, Inc. | 38 | 2,151 | ||||||
Prosperity Bancshares, Inc. | 36 | 2,683 | ||||||
Provident Bancorp, Inc.* | 60 | 1,170 | ||||||
Provident Financial Holdings, Inc. | 120 | 2,239 | ||||||
Provident Financial Services, Inc. | 213 | 5,655 | ||||||
Pzena Investment Management, Inc., Class A | 257 | 2,580 | ||||||
QCR Holdings, Inc. | 167 | 7,248 | ||||||
Radian Group, Inc. | 87 | 1,619 | ||||||
Redwood Trust, Inc. REIT | 66 | 1,080 | ||||||
Regional Management Corp.* | 306 | 6,423 | ||||||
Renasant Corp. | 117 | 4,802 | ||||||
Republic Bancorp, Inc., Class A | 104 | 3,596 | ||||||
Republic First Bancorp, Inc.*(a) | 231 | 1,848 | ||||||
Resource Capital Corp. REIT | 132 | 1,109 | ||||||
RLI Corp. | 51 | 2,981 | ||||||
S&T Bancorp, Inc. | 113 | 4,022 | ||||||
Safety Insurance Group, Inc. | 77 | 5,467 | ||||||
Sandy Spring Bancorp, Inc. | 188 | 8,095 | ||||||
Seacoast Banking Corp. of Florida* | 162 | 3,763 | ||||||
Selective Insurance Group, Inc. | 173 | 7,664 | ||||||
ServisFirst Bancshares, Inc. | 117 | 4,864 | ||||||
Shore Bancshares, Inc. | 216 | 3,752 | ||||||
SI Financial Group, Inc. | 119 | 1,749 | ||||||
Sierra Bancorp | 138 | 3,952 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 111 | 1,482 | ||||||
Simmons First National Corp., Class A | 60 | 3,450 | ||||||
South State Corp. | 54 | 4,833 | ||||||
Southern First Bancshares, Inc.* | 120 | 4,020 | ||||||
Southern Missouri Bancorp, Inc. | 93 | 3,257 | ||||||
Southern National Bancorp of Virginia, Inc. | 152 | 2,584 | ||||||
Southside Bancshares, Inc. | 209 | 7,363 | ||||||
Southwest Bancorp, Inc. | 164 | 4,371 | ||||||
State Auto Financial Corp. | 120 | 3,220 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
State Bank Financial Corp. | 137 | $ | 3,717 | |||||
State National Cos., Inc. | 428 | 5,979 | ||||||
Sterling Bancorp | 128 | 3,168 | ||||||
Stewart Information Services Corp. | 131 | 5,818 | ||||||
Stifel Financial Corp.* | 28 | 1,511 | ||||||
Stock Yards Bancorp, Inc. | 200 | 8,840 | ||||||
Stonegate Bank | 111 | 5,147 | ||||||
Suffolk Bancorp | 101 | 4,297 | ||||||
Summit Financial Group, Inc. (a) | 171 | 4,097 | ||||||
Sun Bancorp, Inc. | 57 | 1,473 | ||||||
Territorial Bancorp, Inc. | 84 | 2,706 | ||||||
Texas Capital Bancshares, Inc.* | 33 | 2,942 | ||||||
Third Point Reinsurance Ltd.* | 77 | 955 | ||||||
Tiptree, Inc. | 122 | 775 | ||||||
Tompkins Financial Corp. | 89 | 7,985 | ||||||
Towne Bank | 158 | 5,143 | ||||||
TriCo Bancshares | 141 | 5,123 | ||||||
TriState Capital Holdings, Inc.* | 231 | 5,440 | ||||||
Triumph Bancorp, Inc.* | 194 | 5,219 | ||||||
Trupanion, Inc.* | 96 | 1,493 | ||||||
TrustCo Bank Corp. | 846 | 7,064 | ||||||
Trustmark Corp. | 174 | 5,749 | ||||||
UMB Financial Corp. | 39 | 3,074 | ||||||
Umpqua Holdings Corp. | 126 | 2,370 | ||||||
Union Bankshares Corp. | 203 | 7,361 | ||||||
Union Bankshares, Inc. (a) | 83 | 3,436 | ||||||
United Bankshares, Inc. (a) | 47 | 2,103 | ||||||
United Community Banks, Inc. | 171 | 4,940 | ||||||
United Community Financial Corp. | 389 | 3,349 | ||||||
United Financial Bancorp, Inc. | 403 | 7,198 | ||||||
United Fire Group, Inc. | 162 | 6,840 | ||||||
United Insurance Holdings Corp. | 42 | 711 | ||||||
Universal Insurance Holdings, Inc. | 285 | 7,681 | ||||||
Univest Corp. of Pennsylvania | 210 | 5,849 | ||||||
Valley National Bancorp | 215 | 2,660 | ||||||
Value Line, Inc. | 15 | 269 | ||||||
Veritex Holdings, Inc.* | 99 | 2,836 | ||||||
Virtu Financial, Inc., Class A | 33 | 573 | ||||||
Virtus Investment Partners, Inc. (a) | 4 | 439 | ||||||
Waddell & Reed Financial, Inc., Class A (a) | 122 | 2,347 | ||||||
Walker & Dunlop, Inc.* | 25 | 1,016 | ||||||
Washington Federal, Inc. | 128 | 4,333 | ||||||
Washington Trust Bancorp, Inc. | 132 | 7,154 | ||||||
WashingtonFirst Bankshares, Inc. (a) | 81 | 2,225 | ||||||
Waterstone Financial, Inc. | 153 | 2,838 | ||||||
Webster Financial Corp. | 38 | 2,087 | ||||||
WesBanco, Inc. | 123 | 4,964 | ||||||
West Bancorporation, Inc. | 180 | 3,987 | ||||||
Westamerica Bancorporation (a) | 81 | 4,686 | ||||||
Western Asset Mortgage Capital Corp. REIT | 302 | 3,141 | ||||||
Western New England Bancorp, Inc. | 182 | 1,829 | ||||||
Westwood Holdings Group, Inc. | 122 | 6,937 | ||||||
Wintrust Financial Corp. | 41 | 3,022 | ||||||
WisdomTree Investments, Inc. | 28 | 255 | ||||||
World Acceptance Corp.*(a) | 123 | 6,450 | ||||||
WSFS Financial Corp. | 113 | 5,153 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Xenith Bankshares, Inc.* | 50 | $ | 1,332 | |||||
Yadkin Financial Corp. | 111 | 3,725 | ||||||
|
| |||||||
1,452,634 | ||||||||
|
| |||||||
Health Care — 5.0% | ||||||||
Abaxis, Inc. | 47 | 2,343 | ||||||
Accuray, Inc.*(a) | 87 | 448 | ||||||
Aceto Corp. | 30 | 460 | ||||||
Addus HomeCare Corp.* | 50 | 1,610 | ||||||
Air Methods Corp.* | 36 | 1,363 | ||||||
Albany Molecular Research, Inc.* | 22 | 329 | ||||||
Almost Family, Inc.* | 22 | 1,092 | ||||||
AMAG Pharmaceuticals, Inc.* | 36 | 808 | ||||||
Amedisys, Inc.* | 44 | 2,122 | ||||||
American Renal Associates Holdings, Inc.* | 47 | 1,062 | ||||||
AMN Healthcare Services, Inc.* | 90 | 3,703 | ||||||
Amphastar Pharmaceuticals, Inc.* | 135 | 2,088 | ||||||
Analogic Corp. | 44 | 3,623 | ||||||
AngioDynamics, Inc.* | 173 | 2,829 | ||||||
Anika Therapeutics, Inc.* | 53 | 2,480 | ||||||
Atrion Corp. | 10 | 4,880 | ||||||
Audentes Therapeutics, Inc.* | 30 | 465 | ||||||
BioSpecifics Technologies Corp.* | 30 | 1,586 | ||||||
BioTelemetry, Inc.* | 83 | 2,112 | ||||||
Cambrex Corp.* | 35 | 1,972 | ||||||
Cantel Medical Corp. | 24 | 1,971 | ||||||
Capital Senior Living Corp.* | 41 | 689 | ||||||
Cardiovascular Systems, Inc.* | 66 | 1,874 | ||||||
Catalent, Inc.* | 38 | 1,091 | ||||||
Chemed Corp. | 22 | 3,928 | ||||||
Civitas Solutions, Inc.* | 21 | 388 | ||||||
Computer Programs & Systems, Inc. | 13 | 350 | ||||||
CONMED Corp. | 63 | 2,622 | ||||||
Corcept Therapeutics, Inc.*(a) | 38 | 342 | ||||||
CorVel Corp.* | 45 | 1,818 | ||||||
Cross Country Healthcare, Inc.* | 66 | 1,021 | ||||||
CryoLife, Inc.* | 305 | 4,880 | ||||||
Cutera, Inc.* | 35 | 714 | ||||||
Cynosure, Inc., Class A* | 59 | 3,894 | ||||||
Emergent BioSolutions, Inc.* | 31 | 973 | ||||||
Enanta Pharmaceuticals, Inc.* | 19 | 548 | ||||||
Ensign Group, Inc. | 42 | 791 | ||||||
Enzo Biochem, Inc.* | 598 | 3,857 | ||||||
Exactech, Inc.* | 224 | 5,443 | ||||||
Five Prime Therapeutics, Inc.* | 9 | 413 | ||||||
Genomic Health, Inc.* | 24 | 725 | ||||||
Globus Medical, Inc., Class A* | 68 | 1,891 | ||||||
Haemonetics Corp.* | 80 | 2,986 | ||||||
Halyard Health, Inc.* | 21 | 820 | ||||||
HealthEquity, Inc.* | 44 | 1,923 | ||||||
HealthSouth Corp. | 56 | 2,370 | ||||||
HealthStream, Inc.* | 51 | 1,248 | ||||||
Heska Corp.* | 51 | 4,730 | ||||||
HMS Holdings Corp.* | 189 | 3,521 | ||||||
ICU Medical, Inc.* | 22 | 3,309 | ||||||
INC Research Holdings, Inc., Class A* | 35 | 1,528 | ||||||
Innoviva, Inc.*(a) | 54 | 624 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Inogen, Inc.* | 54 | $ | 3,705 | |||||
Insulet Corp.* | 16 | 697 | ||||||
Integra LifeSciences Holdings Corp.* | 24 | 1,026 | ||||||
Intellia Therapeutics, Inc.* | 25 | 357 | ||||||
Invacare Corp. | 36 | 436 | ||||||
IRIDEX Corp.* | 80 | 1,267 | ||||||
Ironwood Pharmaceuticals, Inc.*(a) | 21 | 355 | ||||||
Kindred Healthcare, Inc. | 75 | 675 | ||||||
Landauer, Inc. | 131 | 6,845 | ||||||
LeMaitre Vascular, Inc. | 173 | 3,830 | ||||||
Lexicon Pharmaceuticals, Inc.*(a) | 28 | 449 | ||||||
LHC Group, Inc.* | 53 | 2,545 | ||||||
Ligand Pharmaceuticals, Inc.*(a) | 6 | 628 | ||||||
Luminex Corp.* | 138 | 2,564 | ||||||
Magellan Health, Inc.* | 137 | 9,474 | ||||||
Masimo Corp.* | 57 | 5,151 | ||||||
Medidata Solutions, Inc.* | 6 | 336 | ||||||
Medpace Holdings, Inc.* | 10 | 289 | ||||||
Meridian Bioscience, Inc. | 104 | 1,336 | ||||||
Merit Medical Systems, Inc.* | 168 | 5,174 | ||||||
MiMedx Group, Inc.*(a) | 123 | 1,054 | ||||||
Molina Healthcare, Inc.* | 25 | 1,213 | ||||||
Myovant Sciences Ltd* | 35 | 382 | ||||||
National HealthCare Corp. | 59 | 4,403 | ||||||
National Research Corp., Class A | 51 | 951 | ||||||
Natus Medical, Inc.* | 41 | 1,518 | ||||||
Neogen Corp.* | 28 | 1,816 | ||||||
NuVasive, Inc.*(a) | 22 | 1,645 | ||||||
NxStage Medical, Inc.* | 101 | 2,885 | ||||||
Omnicell, Inc.* | 125 | 4,753 | ||||||
OraSure Technologies, Inc.* | 300 | 3,363 | ||||||
Orthofix International NV* | 74 | 2,643 | ||||||
Owens & Minor, Inc. | 152 | 5,484 | ||||||
PAREXEL International Corp.* | 24 | 1,553 | ||||||
PDL BioPharma, Inc. | 1,362 | 2,915 | ||||||
PharMerica Corp.* | 44 | 1,082 | ||||||
Phibro Animal Health Corp., Class A | 24 | 668 | ||||||
PRA Health Sciences, Inc.* | 10 | 590 | ||||||
Prestige Brands Holdings, Inc.* | 24 | 1,359 | ||||||
Providence Service Corp.* | 50 | 2,031 | ||||||
Quality Systems, Inc.* | 25 | 381 | ||||||
Quidel Corp.* | 77 | 1,617 | ||||||
Quorum Health Corp.* | 342 | 2,924 | ||||||
RadNet, Inc.* | 147 | 875 | ||||||
Repligen Corp.* | 44 | 1,386 | ||||||
RTI Surgical, Inc.* | 105 | 394 | ||||||
SciClone Pharmaceuticals, Inc.* | 215 | 2,128 | ||||||
Select Medical Holdings Corp.* | 117 | 1,685 | ||||||
Spectranetics Corp.* | 44 | 1,224 | ||||||
Surgery Partners, Inc.* | 25 | 562 | ||||||
Surgical Care Affiliates, Inc.* | 60 | 3,403 | ||||||
Surmodics, Inc.* | 189 | 4,678 | ||||||
Tabula Rasa HealthCare, Inc.* | 19 | 269 | ||||||
Tactile Systems Technology, Inc.* | 27 | 546 | ||||||
Tivity Health, Inc.* | 155 | 4,479 | ||||||
Triple-S Management Corp., Class B* | 240 | 4,481 | ||||||
Universal American Corp.*(a) | 56 | 557 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
US Physical Therapy, Inc. | 77 | $ | 5,825 | |||||
Utah Medical Products, Inc. | 44 | 2,724 | ||||||
Vanda Pharmaceuticals, Inc.* | 15 | 214 | ||||||
Vocera Communications, Inc.* | 80 | 1,655 | ||||||
Xencor, Inc.* | 9 | 224 | ||||||
Zeltiq Aesthetics, Inc.* | 21 | 1,163 | ||||||
|
| |||||||
233,498 | ||||||||
|
| |||||||
Industrials — 19.1% | ||||||||
AAON, Inc. | 132 | 4,442 | ||||||
AAR Corp. | 176 | 6,058 | ||||||
ABM Industries, Inc. | 275 | 11,217 | ||||||
ACCO Brands Corp.* | 532 | 7,129 | ||||||
Actuant Corp., Class A | 90 | 2,389 | ||||||
Advanced Disposal Services, Inc.* | 22 | 481 | ||||||
Advanced Drainage Systems, Inc. | 86 | 1,896 | ||||||
Advisory Board Co.* | 7 | 315 | ||||||
Aegion Corp.* | 273 | 6,213 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 128 | 2,482 | ||||||
Aerovironment, Inc.*(a) | 53 | 1,432 | ||||||
Air Transport Services Group, Inc.* | 491 | 8,357 | ||||||
Aircastle Ltd. | 110 | 2,643 | ||||||
Alamo Group, Inc. | 98 | 7,365 | ||||||
Albany International Corp., Class A | 95 | 4,308 | ||||||
Allegiant Travel Co. | 13 | 2,263 | ||||||
Allied Motion Technologies, Inc. | 21 | 507 | ||||||
Altra Industrial Motion Corp. | 204 | 7,925 | ||||||
American Railcar Industries, Inc. (a) | 18 | 802 | ||||||
American Woodmark Corp.* | 36 | 3,112 | ||||||
Apogee Enterprises, Inc. | 114 | 6,519 | ||||||
Applied Industrial Technologies, Inc. | 107 | 6,746 | ||||||
ARC Document Solutions, Inc.* | 248 | 997 | ||||||
ArcBest Corp. | 111 | 3,258 | ||||||
Argan, Inc. | 63 | 4,341 | ||||||
Armstrong Flooring, Inc.* | 225 | 4,808 | ||||||
Astec Industries, Inc. | 107 | 6,759 | ||||||
Astronics Corp.* | 60 | 2,011 | ||||||
Atkore International Group, Inc.* | 18 | 472 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 95 | 5,401 | ||||||
AZZ, Inc. | 66 | 3,871 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 149 | 2,458 | ||||||
Barnes Group, Inc. | 81 | 4,059 | ||||||
Barrett Business Services, Inc. | 62 | 3,970 | ||||||
Beacon Roofing Supply, Inc.* | 15 | 682 | ||||||
Blue Bird Corp.*(a) | 207 | 3,519 | ||||||
Brady Corp., Class A | 285 | 10,901 | ||||||
Briggs & Stratton Corp. | 381 | 8,153 | ||||||
Brink’s Co. | 146 | 7,804 | ||||||
Caesarstone Ltd.*(a) | 22 | 735 | ||||||
CAI International, Inc.* | 68 | 1,052 | ||||||
Casella Waste Systems, Inc., Class A* | 482 | 5,630 | ||||||
CBIZ, Inc.* | 403 | 5,360 | ||||||
CEB, Inc. | 33 | 2,559 | ||||||
CECO Environmental Corp. | 105 | 1,186 | ||||||
Celadon Group, Inc. | 113 | 910 | ||||||
Chart Industries, Inc.* | 77 | 2,740 | ||||||
CIRCOR International, Inc. | 50 | 3,105 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Columbus McKinnon Corp. | 80 | $ | 2,065 | |||||
Comfort Systems USA, Inc. | 200 | 7,630 | ||||||
Continental Building Products, Inc.* | 143 | 3,496 | ||||||
Costamare, Inc. | 108 | 660 | ||||||
Covenant Transportation Group, Inc., Class A* | 41 | 822 | ||||||
CRA International, Inc. | 212 | 7,602 | ||||||
CSW Industrials, Inc.* | 48 | 1,781 | ||||||
Cubic Corp. | 42 | 2,207 | ||||||
Curtiss-Wright Corp. | 22 | 2,152 | ||||||
Deluxe Corp. | 53 | 3,900 | ||||||
DigitalGlobe, Inc.* | 143 | 4,526 | ||||||
DMC Global, Inc. | 56 | 837 | ||||||
Douglas Dynamics, Inc. | 308 | 10,272 | ||||||
Ducommun, Inc.* | 62 | 1,910 | ||||||
DXP Enterprises, Inc.* | 31 | 1,085 | ||||||
Dycom Industries, Inc.* | 33 | 2,712 | ||||||
Echo Global Logistics, Inc.* | 31 | 677 | ||||||
EMCOR Group, Inc. | 72 | 4,427 | ||||||
Encore Wire Corp. | 68 | 3,230 | ||||||
EnerSys | 41 | 3,146 | ||||||
Ennis, Inc. | 345 | 5,641 | ||||||
EnPro Industries, Inc. | 72 | 4,700 | ||||||
ESCO Technologies, Inc. | 155 | 8,401 | ||||||
Essendant, Inc. | 53 | 844 | ||||||
Esterline Technologies Corp.* | 21 | 1,867 | ||||||
Exponent, Inc. | 84 | 4,826 | ||||||
Federal Signal Corp. | 210 | 3,125 | ||||||
Forward Air Corp. | 102 | 5,054 | ||||||
Franklin Covey Co.* | 194 | 3,482 | ||||||
Franklin Electric Co., Inc. | 131 | 5,489 | ||||||
FreightCar America, Inc. | 42 | 576 | ||||||
FTI Consulting, Inc.* | 101 | 4,064 | ||||||
G&K Services, Inc., Class A | 83 | 7,843 | ||||||
GATX Corp. (a) | 98 | 5,692 | ||||||
Gencor Industries, Inc.* | 137 | 1,952 | ||||||
Generac Holdings, Inc.* | 69 | 2,694 | ||||||
General Cable Corp. | 240 | 4,008 | ||||||
Gibraltar Industries, Inc.* | 143 | 5,927 | ||||||
Global Brass & Copper Holdings, Inc. | 264 | 8,884 | ||||||
GMS, Inc.* | 25 | 752 | ||||||
Gorman-Rupp Co. | 102 | 3,175 | ||||||
GP Strategies Corp.* | 93 | 2,292 | ||||||
Graham Corp. | 119 | 2,610 | ||||||
Granite Construction, Inc. | 68 | 3,605 | ||||||
Great Lakes Dredge & Dock Corp.* | 448 | 1,949 | ||||||
Greenbrier Cos., Inc. (a) | 105 | 4,415 | ||||||
Griffon Corp. | 122 | 3,068 | ||||||
H&E Equipment Services, Inc. | 99 | 2,598 | ||||||
Hardinge, Inc. | 159 | 1,665 | ||||||
Harsco Corp.* | 234 | 3,299 | ||||||
Hawaiian Holdings, Inc.* | 83 | 4,038 | ||||||
Healthcare Services Group, Inc. | 80 | 3,310 | ||||||
Heartland Express, Inc. | 165 | 3,422 | ||||||
Heidrick & Struggles International, Inc. | 80 | 1,956 | ||||||
Heritage-Crystal Clean, Inc.* | 161 | 2,399 | ||||||
Herman Miller, Inc. | 194 | 5,781 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Hill International, Inc.* | 311 | $ | 1,539 | |||||
Hillenbrand, Inc. | 113 | 4,108 | ||||||
HNI Corp. | 129 | 5,911 | ||||||
Hub Group, Inc., Class A* | 266 | 13,433 | ||||||
Hurco Cos., Inc. | 141 | 3,877 | ||||||
Huron Consulting Group, Inc.* | 28 | 1,217 | ||||||
Hyster-Yale Materials Handling, Inc. | 101 | 6,150 | ||||||
ICF International, Inc.* | 143 | 6,142 | ||||||
IES Holdings, Inc.* | 72 | 1,350 | ||||||
InnerWorkings, Inc.* | 368 | 3,573 | ||||||
Insperity, Inc. | 152 | 12,654 | ||||||
Insteel Industries, Inc. | 156 | 5,635 | ||||||
Interface, Inc. | 200 | 3,780 | ||||||
John Bean Technologies Corp. | 41 | 3,665 | ||||||
Joy Global, Inc. | 35 | 987 | ||||||
Kadant, Inc. | 173 | 10,709 | ||||||
Kaman Corp. (a) | 68 | 3,520 | ||||||
Kelly Services, Inc., Class A | 400 | 8,552 | ||||||
Kennametal, Inc. | 84 | 3,116 | ||||||
KEYW Holding Corp.* | 33 | 327 | ||||||
Kforce, Inc. | 128 | 3,296 | ||||||
Kimball International, Inc., Class B | 754 | 12,366 | ||||||
KLX, Inc.* | 28 | 1,410 | ||||||
Knight Transportation, Inc. | 149 | 4,872 | ||||||
Knoll, Inc. | 227 | 5,073 | ||||||
Korn/Ferry International | 21 | 649 | ||||||
Kratos Defense & Security Solutions, Inc.* | 503 | 4,150 | ||||||
Lawson Products, Inc.* | 31 | 857 | ||||||
Layne Christensen Co.* | 107 | 1,022 | ||||||
Lindsay Corp. (a) | 41 | 3,283 | ||||||
LSI Industries, Inc. | 120 | 1,186 | ||||||
Lydall, Inc.* | 155 | 7,858 | ||||||
Manitowoc Co, Inc.*(a) | 817 | 4,967 | ||||||
Marten Transport Ltd. | 300 | 7,365 | ||||||
Masonite International Corp.* | 41 | 3,202 | ||||||
MasTec, Inc.* | 90 | 3,533 | ||||||
Matson, Inc. | 48 | 1,629 | ||||||
Matthews International Corp., Class A | 59 | 3,885 | ||||||
McGrath RentCorp | 227 | 8,542 | ||||||
Mercury Systems, Inc.* | 15 | 560 | ||||||
Meritor, Inc.* | 237 | 3,875 | ||||||
Miller Industries, Inc. | 273 | 6,825 | ||||||
Mistras Group, Inc.* | 119 | 2,680 | ||||||
Mobile Mini, Inc. | 62 | 2,018 | ||||||
Moog, Inc., Class A* | 41 | 2,771 | ||||||
MRC Global, Inc.* | 590 | 11,924 | ||||||
MSA Safety, Inc. | 39 | 2,818 | ||||||
Mueller Industries, Inc. | 125 | 5,228 | ||||||
Mueller Water Products, Inc., Class A | 320 | 3,965 | ||||||
Multi-Color Corp. | 31 | 2,223 | ||||||
MYR Group, Inc.* | 439 | 16,467 | ||||||
National Presto Industries, Inc. (a) | 59 | 5,876 | ||||||
Navigant Consulting, Inc.* | 327 | 7,619 | ||||||
Navistar International Corp.* | 30 | 811 | ||||||
NCI Building Systems, Inc.* | 48 | 768 | ||||||
Neff Corp., Class A* | 38 | 593 | ||||||
NN, Inc. | 28 | 563 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
NOW, Inc.* | 96 | $ | 1,837 | |||||
Omega Flex, Inc. | 15 | 681 | ||||||
On Assignment, Inc.* | 12 | 566 | ||||||
Orion Group Holdings, Inc.* | 245 | 2,293 | ||||||
PAM Transportation Services, Inc.* | 9 | 164 | ||||||
Park-Ohio Holdings Corp. | 71 | 3,170 | ||||||
Patrick Industries, Inc.* | 7 | 559 | ||||||
PGT Innovations, Inc.* | 114 | 1,146 | ||||||
Ply Gem Holdings, Inc.* | 105 | 1,827 | ||||||
Powell Industries, Inc. | 170 | 5,549 | ||||||
Preformed Line Products Co. | 27 | 1,243 | ||||||
Primoris Services Corp. | 69 | 1,715 | ||||||
Proto Labs, Inc.*(a) | 13 | 710 | ||||||
Quad/Graphics, Inc. | 272 | 7,385 | ||||||
Quanex Building Products Corp. | 171 | 3,343 | ||||||
Radiant Logistics, Inc.* | 520 | 2,912 | ||||||
Raven Industries, Inc. | 225 | 6,649 | ||||||
RBC Bearings, Inc.* | 18 | 1,679 | ||||||
Resources Connection, Inc. | 312 | 5,273 | ||||||
Rexnord Corp.* | 96 | 2,128 | ||||||
Roadrunner Transportation Systems, Inc.* | 161 | 1,214 | ||||||
RPX Corp.* | 407 | 4,375 | ||||||
Rush Enterprises, Inc., Class A* | 168 | 5,793 | ||||||
Rush Enterprises, Inc., Class B* | 35 | 1,120 | ||||||
Saia, Inc.* | 231 | 11,169 | ||||||
Simpson Manufacturing Co., Inc. | 114 | 4,920 | ||||||
SiteOne Landscape Supply, Inc.* | 27 | 1,059 | ||||||
SkyWest, Inc. | 123 | 4,323 | ||||||
SP Plus Corp.* | 222 | 7,160 | ||||||
Sparton Corp.* | 134 | 3,107 | ||||||
SPX Corp.* | 210 | 5,540 | ||||||
SPX FLOW, Inc.* | 36 | 1,224 | ||||||
Standex International Corp. | 56 | 5,348 | ||||||
Steelcase, Inc., Class A | 192 | 3,072 | ||||||
Sun Hydraulics Corp. | 99 | 3,663 | ||||||
Supreme Industries, Inc., Class A | 294 | 5,748 | ||||||
Swift Transportation Co.*(a) | 296 | 6,429 | ||||||
TASER International, Inc.* | 105 | 2,695 | ||||||
Team, Inc.* | 25 | 859 | ||||||
Teledyne Technologies, Inc.* | 18 | 2,365 | ||||||
Tennant Co. | 99 | 6,955 | ||||||
Tetra Tech, Inc. | 113 | 4,548 | ||||||
Textainer Group Holdings Ltd. | 22 | 347 | ||||||
Thermon Group Holdings, Inc.* | 191 | 3,851 | ||||||
Titan International, Inc. | 120 | 1,589 | ||||||
Titan Machinery, Inc.* | 108 | 1,528 | ||||||
TPI Composites, Inc.*(a) | 54 | 942 | ||||||
TRC Cos, Inc.* | 71 | 728 | ||||||
Trex Co., Inc.* | 72 | 4,897 | ||||||
TriMas Corp.* | 71 | 1,566 | ||||||
TriNet Group, Inc.* | 144 | 3,866 | ||||||
Triton International Ltd/Bermuda | 93 | 2,298 | ||||||
Triumph Group, Inc. | 25 | 695 | ||||||
TrueBlue, Inc.* | 92 | 2,387 | ||||||
Tutor Perini Corp.* | 146 | 4,446 | ||||||
UniFirst Corp. | 45 | 5,990 | ||||||
Univar, Inc.* | 22 | 708 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Universal Forest Products, Inc. | 83 | $ | 7,952 | |||||
Universal Logistics Holdings, Inc. | 77 | 1,051 | ||||||
US Ecology, Inc. | 120 | 6,090 | ||||||
Vectrus, Inc.* | 33 | 799 | ||||||
Veritiv Corp.* | 108 | 6,010 | ||||||
Viad Corp. | 294 | 13,877 | ||||||
Vicor Corp.* | 119 | 1,934 | ||||||
VSE Corp. | 28 | 1,139 | ||||||
Wabash National Corp. | 587 | 12,415 | ||||||
WageWorks, Inc.* | 39 | 3,003 | ||||||
Watts Water Technologies, Inc., Class A | 53 | 3,389 | ||||||
Werner Enterprises, Inc. | 159 | 4,452 | ||||||
Wesco Aircraft Holdings, Inc.* | 150 | 1,815 | ||||||
West Corp. | 71 | 1,698 | ||||||
Willis Lease Finance Corp.* | 92 | 2,339 | ||||||
Woodward, Inc. | 38 | 2,677 | ||||||
|
| |||||||
898,849 | ||||||||
|
| |||||||
Information Technology — 9.1% | ||||||||
8x8, Inc.* | 231 | 3,488 | ||||||
A10 Networks, Inc.* | 28 | 265 | ||||||
ACI Worldwide, Inc.* | 27 | 528 | ||||||
Acxiom Corp.* | 117 | 3,337 | ||||||
ADTRAN, Inc. | 186 | 3,934 | ||||||
Advanced Energy Industries, Inc.* | 56 | 3,478 | ||||||
Agilysys, Inc.* | 62 | 564 | ||||||
Alpha & Omega Semiconductor Ltd.* | 248 | 4,776 | ||||||
Ambarella, Inc*(a) | 15 | 884 | ||||||
American Software, Inc., Class A | 216 | 2,233 | ||||||
Amkor Technology, Inc.* | 60 | 589 | ||||||
Anixter International, Inc.* | 19 | 1,583 | ||||||
Aspen Technology, Inc.* | 56 | 3,256 | ||||||
AVX Corp. | 89 | 1,381 | ||||||
Axcelis Technologies, Inc.* | 224 | 3,461 | ||||||
Badger Meter, Inc. | 105 | 3,843 | ||||||
Bankrate, Inc.* | 27 | 294 | ||||||
Barracuda Networks, Inc.* | 10 | 237 | ||||||
Bazaarvoice, Inc.* | 147 | 654 | ||||||
Bel Fuse, Inc., Class B | 276 | 7,204 | ||||||
Belden, Inc. | 27 | 1,908 | ||||||
Benchmark Electronics, Inc.* | 203 | 6,313 | ||||||
Black Box Corp. | 362 | 3,258 | ||||||
Blackbaud, Inc. | 9 | 644 | ||||||
Blackhawk Network Holdings, Inc.* | 36 | 1,312 | ||||||
Bottomline Technologies de, Inc.* | 30 | 748 | ||||||
Brightcove, Inc.* | 44 | 370 | ||||||
BroadSoft, Inc.* | 10 | 428 | ||||||
Brooks Automation, Inc. | 248 | 5,173 | ||||||
Cabot Microelectronics Corp. | 53 | 3,669 | ||||||
CACI International, Inc., Class A* | 12 | 1,505 | ||||||
Calix, Inc.* | 83 | 573 | ||||||
Callidus Software, Inc.* | 22 | 415 | ||||||
Carbonite, Inc.* | 105 | 2,042 | ||||||
Cardtronics PLC, Class A* | 122 | 5,378 | ||||||
Care.com, Inc.* | 30 | 306 | ||||||
Cass Information Systems, Inc. | 50 | 3,258 | ||||||
Cavium, Inc.* | 4 | 262 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
CEVA, Inc.* | 87 | $ | 2,906 | |||||
Cimpress NV*(a) | 16 | 1,283 | ||||||
Cirrus Logic, Inc.* | 44 | 2,380 | ||||||
Clearfield, Inc.* | 71 | 1,161 | ||||||
Coherent, Inc.* | 36 | 6,573 | ||||||
Cohu, Inc. | 123 | 2,048 | ||||||
CommVault Systems, Inc.* | 35 | 1,717 | ||||||
Control4 Corp.* | 95 | 1,418 | ||||||
Convergys Corp. | 150 | 3,282 | ||||||
Cornerstone OnDemand, Inc.* | 7 | 292 | ||||||
Cray, Inc.* | 22 | 459 | ||||||
CSG Systems International, Inc. | 101 | 3,980 | ||||||
CTS Corp. | 167 | 3,657 | ||||||
Daktronics, Inc. | 257 | 2,408 | ||||||
DHI Group, Inc.* | 122 | 604 | ||||||
Diebold Nixdorf, Inc. (a) | 10 | 302 | ||||||
Digi International, Inc.* | 143 | 1,759 | ||||||
Diodes, Inc.* | 18 | 430 | ||||||
DSP Group, Inc.* | 230 | 2,403 | ||||||
Eastman Kodak Co.* | 18 | 258 | ||||||
Ebix, Inc. (a) | 25 | 1,562 | ||||||
Electro Scientific Industries, Inc.* | 168 | 1,122 | ||||||
Electronics For Imaging, Inc.* | 12 | 553 | ||||||
Ellie Mae, Inc.* | 18 | 1,720 | ||||||
EMCORE Corp. | 185 | 1,656 | ||||||
Entegris, Inc.* | 125 | 2,650 | ||||||
EPAM Systems, Inc.* | 6 | 442 | ||||||
ePlus, Inc.* | 15 | 1,904 | ||||||
EVERTEC, Inc. | 146 | 2,460 | ||||||
Exa Corp.* | 75 | 1,175 | ||||||
Exar Corp.* | 212 | 2,218 | ||||||
ExlService Holdings, Inc.* | 77 | 3,439 | ||||||
Extreme Networks, Inc.* | 294 | 1,837 | ||||||
Fabrinet* | 125 | 5,194 | ||||||
Fair Isaac Corp. | 13 | 1,691 | ||||||
FARO Technologies, Inc.* | 86 | 2,967 | ||||||
Finisar Corp.* | 45 | 1,507 | ||||||
Five9, Inc.* | 31 | 493 | ||||||
FormFactor, Inc.* | 243 | 2,588 | ||||||
Forrester Research, Inc. | 98 | 3,577 | ||||||
Gigamon, Inc.* | 24 | 817 | ||||||
Global Sources Ltd.* | 84 | 735 | ||||||
GrubHub, Inc.* | 41 | 1,437 | ||||||
GTT Communications, Inc.* | 21 | 586 | ||||||
Guidance Software, Inc.* | 59 | 402 | ||||||
Hackett Group, Inc. | 111 | 2,238 | ||||||
Harmonic, Inc.* | 96 | 518 | ||||||
II-VI, Inc.* | 189 | 6,728 | ||||||
Information Services Group, Inc.* | 227 | 720 | ||||||
Inphi Corp.* | 60 | 2,816 | ||||||
Insight Enterprises, Inc.* | 275 | 11,649 | ||||||
Integrated Device Technology, Inc.* | 53 | 1,267 | ||||||
InterDigital, Inc. | 25 | 2,101 | ||||||
Itron, Inc.* | 57 | 3,688 | ||||||
Ixia* | 150 | 2,940 | ||||||
IXYS Corp. | 48 | 593 | ||||||
j2 Global, Inc. | 9 | 733 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Kimball Electronics, Inc.* | 505 | $ | 8,130 | |||||
Knowles Corp.*(a) | 59 | 1,117 | ||||||
KVH Industries, Inc.* | 62 | 623 | ||||||
Limelight Networks, Inc.* | 264 | 594 | ||||||
Lionbridge Technologies, Inc.* | 75 | 431 | ||||||
Liquidity Services, Inc.* | 126 | 1,027 | ||||||
Littelfuse, Inc. | 28 | 4,521 | ||||||
LivePerson, Inc.* | 123 | 867 | ||||||
LogMeIn, Inc. | 15 | 1,376 | ||||||
Lumentum Holdings, Inc.* | 18 | 826 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 12 | 553 | ||||||
ManTech International Corp., Class A | 206 | 7,544 | ||||||
MAXIMUS, Inc. | 36 | 2,148 | ||||||
MaxLinear, Inc., Class A* | 13 | 339 | ||||||
Mentor Graphics Corp. | 75 | 2,783 | ||||||
Mesa Laboratories, Inc. | 18 | 2,250 | ||||||
Methode Electronics, Inc. | 77 | 3,196 | ||||||
MicroStrategy, Inc., Class A* | 12 | 2,303 | ||||||
MKS Instruments, Inc. | 68 | 4,461 | ||||||
MoneyGram International, Inc.* | 216 | 2,756 | ||||||
Monolithic Power Systems, Inc. | 21 | 1,847 | ||||||
Monotype Imaging Holdings, Inc. | 65 | 1,310 | ||||||
MTS Systems Corp. | 63 | 3,462 | ||||||
Nanometrics, Inc.* | 176 | 4,789 | ||||||
NeoPhotonics Corp.*(a) | 28 | 284 | ||||||
NETGEAR, Inc.* | 71 | 3,891 | ||||||
NeuStar, Inc., Class A* | 150 | 4,973 | ||||||
NIC, Inc. | 114 | 2,405 | ||||||
Novanta, Inc.* | 236 | 5,735 | ||||||
Numerex Corp., Class A* | 44 | 220 | ||||||
NVE Corp. | 60 | 4,702 | ||||||
OSI Systems, Inc.*(a) | 12 | 905 | ||||||
Park Electrochemical Corp. | 111 | 2,122 | ||||||
Paycom Software, Inc.*(a) | 13 | 700 | ||||||
Paylocity Holding Corp.* | 9 | 317 | ||||||
PC Connection, Inc. | 28 | 749 | ||||||
PDF Solutions, Inc.* | 150 | 3,207 | ||||||
Pegasystems, Inc. | 24 | 1,032 | ||||||
Perficient, Inc.* | 114 | 2,071 | ||||||
Photronics, Inc.* | 225 | 2,408 | ||||||
Planet Payment, Inc.* | 421 | 1,722 | ||||||
Plantronics, Inc. | 74 | 3,963 | ||||||
Plexus Corp.* | 129 | 7,233 | ||||||
Power Integrations, Inc. | 57 | 3,602 | ||||||
Progress Software Corp. | 92 | 2,639 | ||||||
Proofpoint, Inc.*(a) | 3 | 236 | ||||||
Q2 Holdings, Inc.* | 9 | 324 | ||||||
QAD, Inc., Class A | 53 | 1,455 | ||||||
Qualys, Inc.* | 30 | 1,049 | ||||||
Quotient Technology, Inc.* | 22 | 262 | ||||||
Radisys Corp.* | 48 | 183 | ||||||
Rambus, Inc.* | 234 | 2,939 | ||||||
RealPage, Inc.* | 48 | 1,620 | ||||||
Reis, Inc. | 80 | 1,544 | ||||||
RetailMeNot, Inc.* | 56 | 501 | ||||||
RingCentral, Inc., Class A* | 22 | 587 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Rogers Corp.* | 53 | $ | 4,373 | |||||
Rudolph Technologies, Inc.* | 222 | 4,773 | ||||||
Sanmina Corp.* | 230 | 8,970 | ||||||
Sapiens International Corp. NV | 224 | 3,244 | ||||||
ScanSource, Inc.* | 209 | 8,412 | ||||||
Semtech Corp.* | 74 | 2,475 | ||||||
ShoreTel, Inc.* | 66 | 429 | ||||||
Shutterstock, Inc.*(a) | 19 | 829 | ||||||
Sigma Designs, Inc.* | 162 | 948 | ||||||
Silicom Ltd. | 54 | 2,052 | ||||||
Silicon Laboratories, Inc.* | 39 | 2,633 | ||||||
Silver Spring Networks, Inc.* | 96 | 1,177 | ||||||
Sonus Networks, Inc.* | 44 | 260 | ||||||
SPS Commerce, Inc.* | 15 | 830 | ||||||
Stamps.com, Inc.*(a) | 3 | 378 | ||||||
Super Micro Computer, Inc.*(a) | 107 | 2,782 | ||||||
Sykes Enterprises, Inc.* | 128 | 3,484 | ||||||
Synaptics, Inc.* | 12 | 638 | ||||||
Synchronoss Technologies, Inc.* | 16 | 433 | ||||||
SYNNEX Corp. | 21 | 2,455 | ||||||
Syntel, Inc. (a) | 31 | 548 | ||||||
Take-Two Interactive Software, Inc.* | 27 | 1,538 | ||||||
Tangoe, Inc.* | 63 | 361 | ||||||
Tech Data Corp.* | 15 | 1,305 | ||||||
TechTarget, Inc.* | 107 | 979 | ||||||
Telenav, Inc.* | 63 | 513 | ||||||
TeleTech Holdings, Inc. | 66 | 2,000 | ||||||
TiVo Corp. | 41 | 759 | ||||||
Trade Desk, Inc., Class A*(a) | 9 | 380 | ||||||
Travelport Worldwide Ltd. | 143 | 1,816 | ||||||
TTM Technologies, Inc.* | 315 | 5,090 | ||||||
Ubiquiti Networks, Inc.*(a) | 4 | 197 | ||||||
Ultratech, Inc.* | 81 | 2,337 | ||||||
Unisys Corp.*(a) | 42 | 584 | ||||||
Universal Display Corp.*(a) | 13 | 1,103 | ||||||
USA Technologies, Inc.* | 81 | 324 | ||||||
Varonis Systems, Inc.* | 13 | 356 | ||||||
VASCO Data Security International, Inc.* | 56 | 728 | ||||||
Veeco Instruments, Inc.* | 104 | 2,844 | ||||||
Verint Systems, Inc.* | 18 | 680 | ||||||
ViaSat, Inc.*(a) | 9 | 620 | ||||||
Viavi Solutions, Inc.* | 80 | 802 | ||||||
Vishay Intertechnology, Inc. (a) | 276 | 4,375 | ||||||
Vishay Precision Group, Inc.* | 176 | 2,834 | ||||||
Web.com Group, Inc.* | 45 | 866 | ||||||
WebMD Health Corp.* | �� | 25 | 1,298 | |||||
Xcerra Corp.* | 65 | 568 | ||||||
XO Group, Inc.* | 200 | 3,686 | ||||||
Xperi Corp. | 137 | 4,911 | ||||||
Zix Corp.* | 242 | 1,212 | ||||||
|
| |||||||
425,616 | ||||||||
|
| |||||||
Materials — 4.6% | ||||||||
A Schulman, Inc. | 98 | 3,307 | ||||||
AK Steel Holding Corp.* | 69 | 575 | ||||||
Allegheny Technologies, Inc. | 78 | 1,498 | ||||||
American Vanguard Corp. | 263 | 4,142 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Ampco-Pittsburgh Corp. | 200 | $ | 2,920 | |||||
Balchem Corp. | 30 | 2,615 | ||||||
Boise Cascade Co.* | 68 | 1,843 | ||||||
Calgon Carbon Corp. | 240 | 3,384 | ||||||
Carpenter Technology Corp. | 125 | 5,070 | ||||||
Century Aluminum Co.* | 95 | 1,338 | ||||||
Chase Corp. | 96 | 8,779 | ||||||
Chemtura Corp.* | 114 | 3,779 | ||||||
Clearwater Paper Corp.* | 125 | 6,950 | ||||||
Codexis, Inc.* | 86 | 353 | ||||||
Commercial Metals Co. | 212 | 4,480 | ||||||
Deltic Timber Corp. | 28 | 2,081 | ||||||
Ferro Corp.* | 153 | 2,142 | ||||||
Flotek Industries, Inc.*(a) | 48 | 649 | ||||||
Forterra, Inc.* | 41 | 813 | ||||||
FutureFuel Corp. | 107 | 1,416 | ||||||
GCP Applied Technologies, Inc.* | 141 | 3,715 | ||||||
Gold Resource Corp. | 138 | 715 | ||||||
Greif, Inc., Class A | 45 | 2,566 | ||||||
Greif, Inc., Class B | 7 | 488 | ||||||
Handy & Harman Ltd.* | 25 | 596 | ||||||
Hawkins, Inc. | 28 | 1,385 | ||||||
Haynes International, Inc. | 93 | 3,633 | ||||||
HB Fuller Co. | 95 | 4,694 | ||||||
Headwaters, Inc.* | 47 | 1,081 | ||||||
Hecla Mining Co. | 134 | 748 | ||||||
Ingevity Corp.* | 35 | 1,889 | ||||||
Innophos Holdings, Inc. | 263 | 13,936 | ||||||
Innospec, Inc. | 105 | 6,856 | ||||||
Kaiser Aluminum Corp. | 38 | 2,996 | ||||||
KapStone Paper and Packaging Corp. | 71 | 1,605 | ||||||
KMG Chemicals, Inc. | 146 | 5,367 | ||||||
Koppers Holdings, Inc.* | 333 | 14,602 | ||||||
Kraton Corp.* | 138 | 3,758 | ||||||
Kronos Worldwide, Inc. | 31 | 430 | ||||||
Louisiana-Pacific Corp.* | 44 | 1,037 | ||||||
Materion Corp. | 216 | 7,528 | ||||||
Minerals Technologies, Inc. | 65 | 5,021 | ||||||
Multi Packaging Solutions International Ltd.* | 39 | 695 | ||||||
Myers Industries, Inc. | 273 | 3,836 | ||||||
Neenah Paper, Inc. | 66 | 4,834 | ||||||
Olympic Steel, Inc. | 164 | 3,965 | ||||||
OMNOVA Solutions, Inc.* | 446 | 4,125 | ||||||
PH Glatfelter Co. | 314 | 6,939 | ||||||
PolyOne Corp. | 62 | 2,088 | ||||||
Quaker Chemical Corp. | 57 | 7,506 | ||||||
Rayonier Advanced Materials, Inc. (a) | 138 | 1,830 | ||||||
Real Industry, Inc.* | 31 | 158 | ||||||
Schnitzer Steel Industries, Inc., Class A | 92 | 2,190 | ||||||
Schweitzer-Mauduit International, Inc. | 63 | 2,585 | ||||||
Sensient Technologies Corp. | 31 | 2,478 | ||||||
Stepan Co. | 81 | 6,124 | ||||||
Stillwater Mining Co.* | 149 | 2,542 | ||||||
Summit Materials, Inc., Class A* | 21 | 502 | ||||||
SunCoke Energy, Inc.* | 240 | 2,340 | ||||||
Trecora Resources* | 59 | 711 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Tredegar Corp. | 329 | $ | 6,251 | |||||
Trinseo SA | 19 | 1,314 | ||||||
Tronox Ltd., Class A | 77 | 1,334 | ||||||
UFP Technologies, Inc.* | 87 | 2,088 | ||||||
United States Lime & Minerals, Inc. | 24 | 1,828 | ||||||
US Concrete, Inc.*(a) | 25 | 1,575 | ||||||
Worthington Industries, Inc. | 47 | 2,305 | ||||||
|
| |||||||
214,923 | ||||||||
|
| |||||||
Real Estate — 7.3% | ||||||||
Acadia Realty Trust REIT | 65 | 2,082 | ||||||
Agree Realty Corp. REIT | 158 | 7,842 | ||||||
Alexander & Baldwin, Inc. | 74 | 3,317 | ||||||
Alexander’s, Inc. REIT | 3 | 1,311 | ||||||
Altisource Portfolio Solutions SA*(a) | 15 | 360 | ||||||
American Assets Trust, Inc. REIT | 66 | 2,904 | ||||||
Armada Hoffler Properties, Inc. REIT | 572 | 7,979 | ||||||
Ashford Hospitality Prime, Inc. REIT | 63 | 822 | ||||||
Ashford Hospitality Trust, Inc. REIT | 1,021 | 6,708 | ||||||
Bluerock Residential Growth REIT, Inc. REIT | 173 | 2,159 | ||||||
CareTrust REIT, Inc. REIT | 261 | 4,119 | ||||||
CatchMark Timber Trust, Inc., Class A REIT | 150 | 1,620 | ||||||
CBL & Associates Properties, Inc. REIT | 335 | 3,360 | ||||||
Cedar Realty Trust, Inc. REIT | 431 | 2,530 | ||||||
Chatham Lodging Trust REIT | 215 | 4,306 | ||||||
Chesapeake Lodging Trust REIT | 155 | 3,745 | ||||||
City Office REIT, Inc. REIT | 111 | 1,446 | ||||||
Colony Starwood Homes REIT | 30 | 987 | ||||||
Community Healthcare Trust, Inc. REIT | 72 | 1,713 | ||||||
Consolidated-Tomoka Land Co. | 28 | 1,543 | ||||||
CorEnergy Infrastructure Trust, Inc. REIT (a) | 186 | 6,638 | ||||||
CoreSite Realty Corp. REIT | 50 | 4,503 | ||||||
Cousins Properties, Inc. REIT | 351 | 3,001 | ||||||
DiamondRock Hospitality Co. REIT | 375 | 4,076 | ||||||
DuPont Fabros Technology, Inc. REIT | 59 | 3,038 | ||||||
Easterly Government Properties, Inc. REIT | 140 | 2,894 | ||||||
EastGroup Properties, Inc. REIT | 57 | 4,237 | ||||||
Education Realty Trust, Inc. REIT | 42 | 1,770 | ||||||
Farmland Partners, Inc. REIT | 83 | 948 | ||||||
FelCor Lodging Trust, Inc. REIT | 345 | 2,501 | ||||||
First Industrial Realty Trust, Inc. REIT | 104 | 2,798 | ||||||
First Potomac Realty Trust REIT | 111 | 1,109 | ||||||
Four Corners Property Trust, Inc. REIT | 186 | 4,125 | ||||||
Franklin Street Properties Corp. REIT | 464 | 5,749 | ||||||
FRP Holdings, Inc.* | 39 | 1,466 | ||||||
GEO Group, Inc. REIT | 134 | 6,380 | ||||||
Getty Realty Corp. REIT | 281 | 7,416 | ||||||
Gladstone Commercial Corp. REIT | 264 | 5,494 | ||||||
Global Medical REIT, Inc. REIT (a) | 98 | 823 | ||||||
Global Net Lease, Inc. REIT | 234 | 1,919 | ||||||
Government Properties Income Trust REIT | 19 | 392 | ||||||
Gramercy Property Trust REIT | 27 | 755 | ||||||
Healthcare Realty Trust, Inc. REIT | 59 | 1,886 | ||||||
Hersha Hospitality Trust REIT | 183 | 3,570 | ||||||
HFF, Inc., Class A | 120 | 3,558 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Hudson Pacific Properties, Inc. REIT | 25 | $ | 914 | |||||
Independence Realty Trust, Inc. REIT | 529 | 4,861 | ||||||
InfraREIT, Inc. REIT | 113 | 1,881 | ||||||
Investors Real Estate Trust REIT | 490 | 3,185 | ||||||
iStar, Inc. REIT* | 98 | 1,180 | ||||||
Kennedy-Wilson Holdings, Inc. | 62 | 1,367 | ||||||
Kite Realty Group Trust REIT | 84 | 1,903 | ||||||
LaSalle Hotel Properties REIT | 108 | 3,121 | ||||||
Lexington Realty Trust REIT | 547 | 6,105 | ||||||
LTC Properties, Inc. REIT | 98 | 4,728 | ||||||
Mack-Cali Realty Corp. REIT | 51 | 1,487 | ||||||
Marcus & Millichap, Inc.* | 36 | 985 | ||||||
MedEquities Realty Trust, Inc. REIT | 134 | 1,462 | ||||||
Medical Properties Trust, Inc. REIT | 149 | 2,000 | ||||||
Monmouth Real Estate Investment Corp. REIT | 448 | 6,541 | ||||||
Monogram Residential Trust, Inc. REIT | 332 | 3,416 | ||||||
National Health Investors, Inc. REIT | 57 | 4,316 | ||||||
National Storage Affiliates Trust REIT | 186 | 4,505 | ||||||
New Senior Investment Group, Inc. REIT | 107 | 1,134 | ||||||
NexPoint Residential Trust, Inc. REIT | 149 | 3,554 | ||||||
One Liberty Properties, Inc. REIT | 161 | 3,956 | ||||||
Parkway, Inc. REIT* | 89 | 1,867 | ||||||
Pebblebrook Hotel Trust REIT | 113 | 3,249 | ||||||
Pennsylvania Real Estate Investment Trust REIT (a) | 41 | 676 | ||||||
Physicians Realty Trust REIT | 113 | 2,251 | ||||||
Potlatch Corp. REIT | 164 | 7,257 | ||||||
Preferred Apartment Communities, Inc., Class A REIT | 137 | 1,871 | ||||||
PS Business Parks, Inc. REIT | 28 | 3,254 | ||||||
QTS Realty Trust, Inc., Class A REIT | 45 | 2,367 | ||||||
RAIT Financial Trust REIT | 1,684 | 5,658 | ||||||
Ramco-Gershenson Properties Trust REIT | 270 | 4,228 | ||||||
RE/MAX Holdings, Inc., Class A | 149 | 8,567 | ||||||
Retail Opportunity Investments Corp. REIT | 126 | 2,772 | ||||||
Rexford Industrial Realty, Inc. REIT | 188 | 4,320 | ||||||
RLJ Lodging Trust REIT | 156 | 3,551 | ||||||
RMR Group, Inc., Class A | 89 | 4,664 | ||||||
Ryman Hospitality Properties, Inc. REIT | 45 | 2,901 | ||||||
Sabra Health Care REIT, Inc. REIT | 233 | 6,338 | ||||||
Saul Centers, Inc. REIT | 42 | 2,690 | ||||||
Select Income REIT | 171 | 4,446 | ||||||
Seritage Growth Properties, Class A REIT (a) | 31 | 1,441 | ||||||
Silver Bay Realty Trust Corp. REIT | 146 | 3,143 | ||||||
St Joe Co.* | 54 | 894 | ||||||
STAG Industrial, Inc. REIT | 120 | 3,100 | ||||||
Stratus Properties, Inc.* | 99 | 2,955 | ||||||
Summit Hotel Properties, Inc. REIT | 799 | 12,297 | ||||||
Sunstone Hotel Investors, Inc. REIT | 321 | 4,735 | ||||||
Tejon Ranch Co.* | 93 | 2,144 | ||||||
Terreno Realty Corp. REIT | 134 | 3,712 | ||||||
Tier REIT, Inc. REIT | 25 | 452 | ||||||
UMH Properties, Inc. REIT | 260 | 3,861 | ||||||
Universal Health Realty Income Trust REIT | 84 | 5,391 | ||||||
Urban Edge Properties REIT | 87 | 2,412 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Urstadt Biddle Properties, Inc., Class A REIT | 284 | $ | 6,328 | |||||
Washington Prime Group, Inc. REIT | 204 | 1,891 | ||||||
Washington Real Estate Investment Trust REIT | 128 | 4,187 | ||||||
Whitestone REIT | 269 | 3,809 | ||||||
Xenia Hotels & Resorts, Inc. REIT | 308 | 5,412 | ||||||
|
| |||||||
345,591 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% | ||||||||
ATN International, Inc. | 27 | 1,847 | ||||||
Boingo Wireless, Inc.* | 264 | 2,880 | ||||||
Cincinnati Bell, Inc.* | 327 | 6,311 | ||||||
Cogent Communications Holdings, Inc. | 44 | 1,824 | ||||||
Consolidated Communications Holdings, Inc. (a) | 246 | 5,547 | ||||||
FairPoint Communications, Inc.* | 77 | 1,220 | ||||||
General Communication, Inc., Class A* | 168 | 3,385 | ||||||
Hawaiian Telcom Holdco, Inc.* | 51 | 1,230 | ||||||
IDT Corp., Class B | 599 | 11,561 | ||||||
Iridium Communications, Inc.*(a) | 315 | 2,740 | ||||||
Lumos Networks Corp.* | 156 | 2,763 | ||||||
ORBCOMM, Inc.* | 243 | 2,083 | ||||||
Shenandoah Telecommunications Co. | 146 | 4,103 | ||||||
Spok Holdings, Inc. | 350 | 6,370 | ||||||
Vonage Holdings Corp.* | 276 | 1,662 | ||||||
Windstream Holdings, Inc. | 967 | 7,223 | ||||||
|
| |||||||
62,749 | ||||||||
|
| |||||||
Utilities — 2.7% | ||||||||
ALLETE, Inc. | 57 | 3,831 | ||||||
American States Water Co. | 63 | 2,817 | ||||||
AquaVenture Holdings, Ltd* | 12 | 198 | ||||||
Artesian Resources Corp., Class A | 86 | 2,834 | ||||||
Atlantic Power Corp.* | 979 | 2,301 | ||||||
Atlantica Yield plc | 30 | 653 | ||||||
Avista Corp. | 90 | 3,588 | ||||||
Black Hills Corp. | 50 | 3,244 | ||||||
California Water Service Group (a) | 185 | 6,799 | ||||||
Chesapeake Utilities Corp. | 62 | 4,275 | ||||||
Connecticut Water Service, Inc. | 99 | 5,648 | ||||||
Consolidated Water Co. Ltd. | 111 | 1,149 | ||||||
Delta Natural Gas Co., Inc. | 74 | 2,254 | ||||||
Dynegy, Inc.* | 19 | 153 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
El Paso Electric Co. | 96 | $ | 4,690 | |||||
Global Water Resources, Inc. (a) | 57 | 490 | ||||||
IDACORP, Inc. | 24 | 1,990 | ||||||
MGE Energy, Inc. | 89 | 5,691 | ||||||
Middlesex Water Co. | 177 | 6,664 | ||||||
New Jersey Resources Corp. | 28 | 1,103 | ||||||
Northwest Natural Gas Co. | 78 | 4,688 | ||||||
NorthWestern Corp. | 42 | 2,457 | ||||||
NRG Yield, Inc., Class A | 317 | 5,329 | ||||||
NRG Yield, Inc., Class C (a) | 114 | 1,984 | ||||||
ONE Gas, Inc. | 51 | 3,343 | ||||||
Ormat Technologies, Inc. | 51 | 2,812 | ||||||
Otter Tail Corp. | 140 | 5,264 | ||||||
Pattern Energy Group, Inc. | 12 | 249 | ||||||
PNM Resources, Inc. | 95 | 3,448 | ||||||
Portland General Electric Co. | 53 | 2,402 | ||||||
SJW Group | 119 | 5,775 | ||||||
South Jersey Industries, Inc. | 116 | 4,062 | ||||||
Southwest Gas Holdings, Inc. | 68 | 5,816 | ||||||
Spark Energy, Inc., Class A (a) | 44 | 1,188 | ||||||
Spire, Inc. | 30 | 1,977 | ||||||
Unitil Corp. | 186 | 8,296 | ||||||
WGL Holdings, Inc. | 16 | 1,336 | ||||||
York Water Co. | 122 | 4,392 | ||||||
|
| |||||||
125,190 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,688,756 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.1% | ||||||||
Vanguard Small-Cap ETF | 40 | 5,359 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.9% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.48% (b)(c) | 228,187 | 228,187 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.7% (Cost $4,402,555)† | $ | 4,922,302 | ||||||
Other assets and liabilities, net — (4.7%) | (219,822 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,702,480 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $4,402,859. At February 28, 2017, net unrealized appreciation for all securities based on tax cost was $519,443. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $572,540 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $53,097. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2017 amounted to $219,294, which is 4.7% 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. |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (Continued)
February 28, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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) | $ | 4,688,756 | $ | — | $ | — | $ | 4,688,756 | ||||||||
Exchange-Traded Funds | 5,359 | — | — | 5,359 | ||||||||||||
Short-Term Investments | 228,187 | — | — | 228,187 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,922,302 | $ | — | $ | — | $ | 4,922,302 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended February 28, 2017.
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of Assets and Liabilities
February 28, 2017 (Unaudited)
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 5,039,366 | $ | 10,957,618 | $ | 48,406,334 | $ | 4,694,115 | ||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 38,243 | 456,397 | 1,088,259 | 228,187 | ||||||||||||
Cash | 4,163 | 873,216 | 130,271 | 10,984 | ||||||||||||
Foreign currency at value | 418 | 38,352 | — | — | ||||||||||||
Deposit with broker for futures contracts | — | 37,920 | — | — | ||||||||||||
Unrealized appreciation on future contracts | — | — | 6,200 | — | ||||||||||||
Receivables: | ||||||||||||||||
Capital shares | — | — | — | 1,567,482 | ||||||||||||
Dividends | 14,230 | 10,002 | 72,380 | 2,621 | ||||||||||||
Securities lending income | 31 | 69 | 295 | 168 | ||||||||||||
Foreign tax reclaim | 369 | — | 198 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 5,096,820 | $ | 12,373,574 | $ | 49,703,937 | $ | 6,503,557 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | 38,243 | 456,397 | 1,088,259 | 228,187 | ||||||||||||
Due to broker for futures contracts | — | — | 920 | — | ||||||||||||
Unrealized depreciation on future contracts | — | 3,735 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 6,960 | — | — | 1,572,165 | ||||||||||||
Investment advisory fees | 1,346 | 4,550 | 8,159 | 725 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 46,549 | 464,682 | 1,097,338 | 1,801,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 5,050,271 | $ | 11,908,892 | $ | 48,606,599 | $ | 4,702,480 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 6,145,314 | $ | 11,438,417 | $ | 41,904,216 | $ | 4,068,781 | ||||||||
Undistributed net investment income | 12,147 | 6,394 | 29,483 | 7,054 | ||||||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (1,076,216 | ) | (26,263 | ) | 4,662,159 | 106,898 | ||||||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (30,974 | ) | 490,344 | 2,010,741 | 519,747 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 5,050,271 | $ | 11,908,892 | $ | 48,606,599 | $ | 4,702,480 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 200,001 | 450,001 | 1,700,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 25.25 | $ | 26.46 | $ | 28.59 | $ | 31.35 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 5,070,642 | $ | 10,464,556 | $ | 46,401,793 | $ | 4,174,368 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 36,479 | $ | 409,716 | $ | 1,053,542 | $ | 219,294 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 38,243 | $ | 456,397 | $ | 1,088,259 | $ | 228,187 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 386 | $ | 37,387 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
For the Six Months Ended February 28, 2017 (Unaudited)
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 67,616 | $ | 31,013 | $ | 572,903 | $ | 29,547 | ||||||||
Securities lending income, net of borrower rebates | 296 | 102 | 2,327 | 1,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 67,912 | 31,115 | 575,230 | 30,871 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 15,361 | 11,038 | 65,944 | 4,433 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 15,361 | 11,038 | 65,944 | 4,433 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 52,551 | 20,077 | 509,286 | 26,438 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (106,206 | ) | (31,695 | ) | (814,684 | ) | 107,220 | |||||||||
In-kind redemptions | (878,423 | ) | — | 5,648,093 | — | |||||||||||
Futures contracts | — | 30,666 | 12,350 | — | ||||||||||||
Foreign currency transactions | (2,929 | ) | (21,821 | ) | — | (18 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (987,558 | ) | (22,850 | ) | 4,845,759 | 107,202 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (112,867 | ) | 469,077 | 1,195,485 | 248,141 | |||||||||||
Futures contracts | — | (7,383 | ) | 6,200 | — | |||||||||||
Foreign currency translations | 492 | 1,014 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (112,375 | ) | 462,708 | 1,201,685 | 248,141 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (1,099,933 | ) | 439,858 | 6,047,444 | 355,343 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,047,382 | ) | $ | 459,935 | $ | 6,556,730 | $ | 381,781 | |||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 6,256 | $ | 2,773 | $ | 23 | $ | 2 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | |||||||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the Period November 24, 2015(1) to August 31, 2016 | For the Six Months Ended February 28, 2017 (Unaudited) | For the Period April 19, 2016(1) to August 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 52,551 | $ | 52,395 | $ | 20,077 | $ | 38,174 | ||||||||
Net realized gain (loss) | (987,558 | ) | (58,909 | ) | (22,850 | ) | 8,262 | |||||||||
Net change in net unrealized appreciation (depreciation) | (112,375 | ) | 81,401 | 462,708 | 27,636 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,047,382 | ) | 74,887 | 459,935 | 74,072 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (84,465 | ) | (38,272 | ) | (40,347 | ) | (5,652 | ) | ||||||||
Net realized gains | — | — | (17,533 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (84,465 | ) | (38,272 | ) | (57,880 | ) | (5,652 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 30,474,387 | 2,504,591 | 8,933,809 | 2,504,583 | ||||||||||||
Value of shares redeemed | (26,833,500 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 3,640,887 | 2,504,591 | 8,933,809 | 2,504,583 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 2,509,040 | 2,541,206 | 9,335,864 | 2,573,003 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,541,231 | 25 | 2,573,028 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,050,271 | $ | 2,541,231 | $ | 11,908,892 | $ | 2,573,028 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 12,147 | $ | 44,061 | $ | 6,394 | $ | 26,664 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | 1,200,000 | 100,000 | 350,000 | 100,000 | ||||||||||||
Shares redeemed | (1,100,000 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 100,001 | 450,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | |||||||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the Period November 24, 2015(1) to August 31, 2016 | For the Six Months Ended February 28, 2017 (Unaudited) | For the Period June 28, 2016(1) to August 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 509,286 | $ | 113,784 | $ | 26,438 | $ | 8,620 | ||||||||
Net realized gain (loss) | 4,845,759 | (183,600 | ) | 107,202 | 732 | |||||||||||
Net change in net unrealized appreciation (depreciation) | 1,201,685 | 809,056 | 248,141 | 271,606 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 6,556,730 | 739,240 | 381,781 | 280,958 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (554,593 | ) | (39,260 | ) | (28,197 | ) | — | |||||||||
Net realized gains | — | — | (843 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (554,593 | ) | (39,260 | ) | (29,040 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 94,462,166 | 20,705,428 | 1,567,482 | 2,501,274 | ||||||||||||
Value of shares redeemed | (73,263,137 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 21,199,029 | 20,705,428 | 1,567,482 | 2,501,274 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 27,201,166 | 21,405,408 | 1,920,223 | 2,782,232 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 21,405,433 | 25 | 2,782,257 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 48,606,599 | $ | 21,405,433 | $ | 4,702,480 | $ | 2,782,257 | ||||||||
|
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|
|
|
| |||||||||
Undistributed net investment income | $ | 29,483 | $ | 74,790 | $ | 7,054 | $ | 8,813 | ||||||||
|
|
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|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 800,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | 3,550,000 | 800,000 | 50,000 | 100,000 | ||||||||||||
Shares redeemed | (2,650,000 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,700,001 | 800,001 | 150,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF Selected Per Share Data | For the Six Months Ended 2/28/2017 (Unaudited) | Period Ended 8/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 25.41 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.15 | 0.52 | ||||||
Net realized and unrealized gain (loss) | 0.35 | (d) | 0.27 | |||||
|
|
|
| |||||
Total from investment operations | 0.50 | 0.79 | ||||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.66 | ) | (0.38 | ) | ||||
|
|
|
| |||||
Total distributions | (0.66 | ) | (0.38 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 25.25 | $ | 25.41 | ||||
|
|
|
| |||||
Total Return (%) | 2.02 | ** | 3.21 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 5 | 3 | ||||||
Ratio of expenses (%) | 0.35 | * | 0.36 | * | ||||
Ratio of net investment income (loss) (%) | 1.20 | * | 2.77 | * | ||||
Portfolio turnover rate (%)(e) | 22 | ** | 35 | ** | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF Selected Per Share Data | For the Six Months Ended 2/28/2017 (Unaudited) | Period Ended 8/31/2016(b) | ||||||
Net Asset Value, beginning of period | $ | 25.73 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.11 | 0.38 | ||||||
Net realized and unrealized gain (loss) | 1.20 | 0.41 | ||||||
|
|
|
| |||||
Total from investment operations | 1.31 | 0.79 | ||||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.40 | ) | (0.06 | ) | ||||
Net realized gains | (0.18 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.58 | ) | (0.06 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 26.46 | $ | 25.73 | ||||
|
|
|
| |||||
Total Return (%) | 5.22 | ** | 3.16 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 12 | 3 | ||||||
Ratio of expenses (%) | 0.50 | * | 0.50 | * | ||||
Ratio of net investment income (loss) (%) | 0.91 | * | 4.14 | * | ||||
Portfolio turnover rate (%)(e) | 16 | ** | 1 | ** |
(a) | For the period November 24, 2015 (commencement of operations) through August 31, 2016. |
(b) | For the period April 19, 2016 (commencement of operations) through August 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. | 54 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF Selected Per Share Data | For the Six Months Ended 2/28/2017 (Unaudited) | Period Ended 8/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 26.76 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.25 | 0.40 | ||||||
Net realized and unrealized gain (loss) | 2.08 | 1.60 | ||||||
|
|
|
| |||||
Total from investment operations | 2.33 | 2.00 | ||||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.50 | ) | (0.24 | ) | ||||
|
|
|
| |||||
Total distributions | (0.50 | ) | (0.24 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 28.59 | $ | 26.76 | ||||
|
|
|
| |||||
Total Return (%) | 8.82 | ** | 8.06 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 49 | 21 | ||||||
Ratio of expenses (%) | 0.25 | * | 0.25 | * | ||||
Ratio of net investment income (loss) (%) | 1.93 | * | 2.01 | * | ||||
Portfolio turnover rate (%)(d) | 36 | ** | 64 | ** | ||||
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF Selected Per Share Data | For the Six Months Ended 2/28/2017 (Unaudited) | Period Ended 8/31/2016(b) | ||||||
Net Asset Value, beginning of period | $ | 27.82 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.26 | 0.09 | ||||||
Net realized and unrealized gain (loss) | 3.56 | 2.73 | ||||||
|
|
|
| |||||
Total from investment operations | 3.82 | 2.82 | ||||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.28 | ) | — | |||||
Net realized gains | (0.01 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.29 | ) | — | |||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 31.35 | $ | 27.82 | ||||
|
|
|
| |||||
Total Return (%) | 13.77 | ** | 11.28 | ** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 5 | 3 | ||||||
Ratio of expenses (%) | 0.30 | * | 0.30 | * | ||||
Ratio of net investment income (loss) (%) | 1.79 | * | 1.79 | * | ||||
Portfolio turnover rate (%)(d) | 21 | ** | 2 | ** |
(a) | For the period November 24, 2015 (commencement of operations) through August 31, 2016. |
(b) | For the period June 28, 2016 (commencement of operations) through August 31, 2016. |
(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. | 55 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end, registered management investment company organized as a Delaware statutory trust.
As of February 28, 2017, the Trust consists of forty 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 FTSE Developed ex US Comprehensive Factor ETF |
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF |
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF |
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | FTSE Developed ex US Comprehensive Factor Index | |
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | FTSE Emerging Comprehensive Factor Index | |
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | Russell 1000 Comprehensive Factor Index | |
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | Russell 2000 Comprehensive Factor Index |
The FTSE Developed ex US Comprehensive Factor Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.
The FTSE Emerging Comprehensive Factor Index is designed to track the equity market performance of companies in emerging market countries selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Emerging Index, which is comprised of large- and mid-cap equity securities from emerging markets. The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.
The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.
56
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Russell 2000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 2000 Index, which is comprised of small-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 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.
Investments in open-end investment companies are valued at their net asset value each business day and are 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.
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
57
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; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV 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.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. 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 February 28, 2017, the Funds did not incur any interest or penalties.
58
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended August 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | $ | 58,889 | ||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 74,895 |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2017, 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 February 28, 2017, 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 February 28, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of February 28, 2017) on the cash collateral invested in Deutsche 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 February 28, 2017, 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 end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
59
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Derivatives
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 February 28, 2017, Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF and Deutsche X-trackers Russell 1000 Comprehensive Factor ETF 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 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 February 28, 2017 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 February 28, 2017 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 FTSE Emerging Comprehensive Factor ETF | ||||||||||||||||
Equity contracts | Unrealized appreciation on future contracts | $ | — | Unrealized depreciation on future contracts | $ | 3,735 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | — | Total | $ | 3,735 | |||||||||||
|
|
|
| |||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | ||||||||||||||||
Equity contracts | Unrealized appreciation on future contracts | $ | 6,200 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 6,200 | Total | $ | — | |||||||||||
|
|
|
|
60
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2017 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 | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | $ | 30,666 | ||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 12,350 |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures - Equity Contracts | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | $ | (7,383 | ) | |
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 6,200 |
For the period ended February 28, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | $ | 418,454 | ||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 164,120 |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | 0.35 | % | ||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | 0.50 | % | ||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 0.25 | % | ||
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | 0.30 | % |
Effective March 9, 2017 the Adviser has agreed, until March 9, 2018, to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of Deutsche X-trackers Russell 1000 Comprehensive Factor ETF from exceeding 0.19% of the Fund’s average daily net assets.
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage 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 the Independent Trustees the following types of fees: annual retainer fees and meeting fees to each
61
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Independent Trustee; retainer fees to the Independent Chairman of the Board and the Chairman of the Audit Committee; and meeting 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 February 28, 2017, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | $ | 3,392,247 | $ | 1,804,339 | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | 4,492,272 | 735,030 | ||||||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 17,530,277 | 17,816,350 | ||||||
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | 681,545 | 685,688 |
For the period ended February 28, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF | $ | 27,735,272 | $ | 25,715,744 | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | 4,401,940 | — | ||||||
Deutsche X-trackers Russell 1000 Comprehensive Factor ETF | 94,451,512 | 73,148,701 | ||||||
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | 1,566,821 | — |
5. Fund Share Transactions
As of February 28, 2017, 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.
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 February 28, 2017, 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 FTSE Developed ex US Comprehensive Factor ETF | 36 | % | ||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | 16 | % | ||
Deutsche X-trackers Russell 2000 Comprehensive Factor ETF | 17 | % |
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.
62
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 FTSE Emerging Comprehensive Factor ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Fund had no outstanding loans at February 28, 2017.
Pro-rata Share | ||||
Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF | $ | 525,000 |
63
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited)
Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF, Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF and Deutsche X-trackers Russell 1000 Comprehensive Factor ETF
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14, 2017, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF, Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF and Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and meetings by Independent Trustee Counsel.
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of Trust Counsel and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to
64
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that the Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
65
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” and “Proxy Voting” 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 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.
66
DBX ETF Trust
Privacy Policy Notice (Unaudited)
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
Carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. With respect to DEEF and DEMG, 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. Further, with respect to DEMG only, 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. Funds concentrating in a single industry (or groups of industries), country or in a limited geographic region to the extent the Underlying Indexes are so concentrated, generally are more volatile than more diversified funds. Small company stocks tend to be more volatile and less liquid than medium-sized or large company stocks. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. See the prospectus for details.
Shares of the Fund are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Fund is managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The Funds are not in any way sponsored, endorsed, sold or promoted by the London Stock Exchange Group companies, which include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”) and FTSE TX Global Debt Capital Markets Inc (“FTSE TMX”) (together “LSEG”). LSEG makes no claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of each Fund’s Index, (ii) the figure at which each Fund’s Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of each Fund’s Index for the purpose to which it is being put in connection with each Fund. LSEG has not provided nor will it provide any financial or investment advice or recommendation in relation to each Fund’s Index, to the advisor or to its clients. Each Fund’s Index is calculated by FTSE or its agent. LSEG shall not be (a) liable (whether in negligence or otherwise) to any person for any error in each Fund’s Index or (b) under any obligation to advise any person of any error therein.
All rights in each Fund’s Index vest in FTSE. FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell”, and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license.
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 Avenue New York, NY 10154 | Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-045855-2 (4/17) DBX002563 (4/18)
February 28, 2017
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF (IFIX)
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (IGVT)
Deutsche X-trackers USD High Yield Corporate Bond ETF (HYLB)
DBX ETF Trust
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our three ETFs tracking the fixed income markets for the period ended February 28, 2017.
Global markets witnessed resilient growth over the reporting period as volatility settled post-US elections despite a series of flashpoints ranging from immigration to trade policies. The US markets rose following robust economic data and optimism surrounding President Donald Trump’s policies despite concerns on the scale and timing of implementation. The Eurozone posted moderate growth following Britain’s decision to exit the Eurozone (“Brexit”), as inflation in the region surpassed the European Central Bank’s (ECB) target in February. Investors are slowly gaining clarity on the investment climate in the UK, as the Brexit process is expected to be triggered by the end of March 2017. The Bank of Japan (BOJ) continued with its Quantitative Easing (QE) program with yield curve control, continuing its attempt to stave off deflation. Meanwhile, the US dollar paused for breath in early 2017 after a strong rally in late 2016, driven by the reflation themes of higher expected growth and inflation following Trump’s election victory. Global equities, as measured by the MSCI ACWI Index1, expanded on the back of strong growth in the US and continued recovery in Europe over the reporting period. China showed signs of a rebound, with strong manufacturing and service sector data, fueled by stronger government spending and bank lending.
Fixed income markets retreated marginally owing to hawkish rhetoric of central banks worldwide. The Federal Reserve Board (FRB) raised the target for short-term interest rates by .25% in December 2016, underlining strength in the economy. Strong labor market data and rising inflation have increased the probability of a rate hike in March 2017. The US Treasury yield curve steepened relatively during the reporting period, reflecting investors’ expectations of a more expansionary fiscal policy. The spread of high-yield and investment grade corporate bonds narrowed over Treasury securities of similar maturities during the reporting period.
Growth in the Eurozone continued to be reasonable; the economy was tranquil despite global headwinds and political uncertainty surrounding elections in France, Germany and Netherlands this year. The ECB added a stipulation on its bond buying program and extended the QE purchases to nine months until the end of 2017. As yields on the German 10-year bund moved into positive territory, investor confidence increased, leading to a fall in bond spreads in most European economies. However, spreads widened for French bonds on the back of heightened political risks. The Bank of England (BOE) cut its policy rate from .50% to .25% and initiated an asset purchase program to aid the UK economy following the Brexit referendum.
As the US economy continues to stabilize and expand, the FRB is likely to step up the pace of rate hike. The ECB and BoJ, which are currently following loose monetary policies, are expected to manage liquidity through other avenues if the effectiveness of their existing measures wanes. As political, fiscal and monetary themes become clearer, global growth is expected to improve, offering various opportunities for fixed income investments.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 MSCI ACWI Index captures large- and midcap representation across 23 developed markets and 23 emerging markets. With 2,484 constituents, the index covers approximately 85% of the global investable equity opportunity set.
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 Barclays International Corporate Bond Hedged ETF (IFIX)
The Deutsche X-trackers Barclays International Corporate Bond Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Barclays Global Aggregate Corporate Ex USD Bond Index (USD Hedged) (the “Underlying Index”). The Underlying Index is designed to track the performance of investment grade corporate debt publicly issued in developed and emerging markets (excluding all securities denominated in U.S. dollars) in the industrial, utility and financial sectors 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.
Quality* as of 2/28/17
Description | % of Market Value | |||
AA | 17.7% | |||
A | 36.7% | |||
BBB | 45.6% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/17
Netherlands | 15.9% | |||
United States | 15.9% | |||
United Kingdom | 15.8% | |||
France | 14.6% | |||
Canada | 8.2% | |||
Japan | 4.0% | |||
Germany | 4.0% | |||
Australia | 3.9% | |||
Italy | 3.6% | |||
Spain | 3.4% | |||
Ireland | 3.0% | |||
Belgium | 2.2% | |||
Other | 5.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 2/28/17
Financial | 45.3% | |||
Consumer, Non-cyclical | 13.6% | |||
Communications | 10.0% | |||
Utilities | 8.3% | |||
Industrial | 7.4% | |||
Energy | 6.6% | |||
Consumer, Cyclical | 3.5% | |||
Basic Materials | 2.6% | |||
Technology | 2.3% | |||
Government | 0.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of 2/28/17: 5.7 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 6.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (IGVT)
The Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Barclays Global Aggregate Treasury Ex USD Issuer Diversified Bond Index (USD Hedged) (the “Underlying Index”). The Underlying Index is designed to track the performance of investment grade sovereign debt publicly issued in the developed and emerging markets and denominated in the issuer’s own domestic currency (excluding all securities denominated in U.S. dollars) while at the same time 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.
Quality* as of 2/28/17
Description | % of Market Value | |||
AAA | 24.8% | |||
AA | 25.8% | |||
A | 34.7% | |||
BBB | 14.7% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/17
Japan | 24.4% | |||
United Kingdom | 7.8% | |||
France | 6.5% | |||
Italy | 6.0% | |||
Germany | 5.0% | |||
Belgium | 4.9% | |||
Australia | 4.8% | |||
Canada | 4.6% | |||
Netherlands | 3.9% | |||
Spain | 3.8% | |||
Austria | 3.7% | |||
Mexico | 2.4% | |||
Finland | 2.2% | |||
Other | 20.0% | |||
|
| |||
Total | 100.0% |
Modified duration as of 2/28/17: 7.9 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 10.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers USD High Yield Corporate Bond ETF (HYLB)
The Deutsche X-trackers USD High Yield Corporate Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 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. It is not possible to invest directly into an index.
Quality* as of 2/28/17
Description | % of Market Value | |||
BBB | 8.5% | |||
BB | 53.6% | |||
B | 32.7% | |||
CCC | 5.0% | |||
CC | 0.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/17
United States | 83.5% | |||
Canada | 3.6% | |||
Luxembourg | 3.5% | |||
United Kingdom | 2.7% | |||
Other | 6.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 2/28/17
Communications | 24.6% | |||
Consumer, Non-cyclical | 16.4% | |||
Energy | 13.3% | |||
Consumer, Cyclical | 12.6% | |||
Financial | 9.2% | |||
Industrial | 8.1% | |||
Technology | 6.6% | |||
Basic Materials | 6.1% | |||
Utilities | 2.9% | |||
Diversified | 0.2% | |||
|
| |||
Total | 100.0% |
Modified duration as of 2/28/17: 4.5 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments 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.
4
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds
The examples in the table are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 28, 2017).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value September 1, 2016 | Ending Account Value February 28, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000 | |||||||||||||
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,008.00 | 0.30 | % | $ | 1.05 | (2) | |||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.30 | % | $ | 1.51 | (1) | |||||||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 983.30 | 0.25 | % | $ | 0.86 | (2) | |||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.55 | 0.25 | % | $ | 1.25 | (1) | |||||||
Deutsche X-trackers USD High Yield Corporate Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,037.10 | 0.25 | % | $ | 0.59 | (3) | |||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.55 | 0.25 | % | $ | 1.25 | (1) |
(1) Expenses (hypothetical expenses as if each Fund had been in existence from September 1, 2016) are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 127 (the number of days in the period October 25, 2016 (commencement of operations) to February 28, 2017), then divided by 365.
(3) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 84 (the number of days in the period December 7, 2016 (commencement of operations) to February 28, 2017), then divided by 365.
5
DBX ETF Trust
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF
February 28, 2017 (Unaudited)
Principal | Value | |||||||||||
SOVEREIGN BONDS — 0.3% | ||||||||||||
Japan — 0.3% | ||||||||||||
Japan Government Ten Year Bond Series 345, | JPY | $ | 2,000,000 | $ | 17,895 | |||||||
|
| |||||||||||
TOTAL SOVEREIGN BONDS | 17,895 | |||||||||||
|
| |||||||||||
CORPORATE BONDS — 96.7% | ||||||||||||
Australia — 3.8% | ||||||||||||
BHP Billiton Finance Ltd. Series MTN, | AUD | 50,000 | 38,529 | |||||||||
QPH Finance Co. Pty Ltd. Series MTN, | AUD | 50,000 | 41,245 | |||||||||
Wesfarmers Ltd. Series EMTN, | EUR | 100,000 | 111,451 | |||||||||
|
| |||||||||||
191,225 | ||||||||||||
|
| |||||||||||
Austria — 1.2% | ||||||||||||
OMV AG | EUR | 50,000 | 61,801 | |||||||||
|
| |||||||||||
Belgium — 2.2% | ||||||||||||
Anheuser-Busch InBev SA/NV Series EMTN, | EUR | 100,000 | 108,334 | |||||||||
|
| |||||||||||
Canada — 8.0% | ||||||||||||
Granite REIT Holdings LP Series 3, | CAD | 60,000 | 46,516 | |||||||||
Inter Pipeline Ltd. Series MTN, | CAD | 100,000 | 76,887 | |||||||||
Metro, Inc. Series MTN, | CAD | 150,000 | 118,658 | |||||||||
Royal Bank of Canada Series DPNT, | CAD | 50,000 | 38,621 | |||||||||
Suncor Energy, Inc. Series MTN, | CAD | 50,000 | 39,482 | |||||||||
Toronto-Dominion Bank Series DPNT, | CAD | 100,000 | 80,216 | |||||||||
|
| |||||||||||
400,380 | ||||||||||||
|
| |||||||||||
France — 14.1% | ||||||||||||
AXA SA Series EMTN, | EUR | 100,000 | 118,172 | |||||||||
Bouygues SA | EUR | 50,000 | 58,195 | |||||||||
BPCE SA Series EMTN, | EUR | 100,000 | 108,119 | |||||||||
Carrefour SA Series EMTN, | EUR | 100,000 | 110,300 | |||||||||
Orange SA Series EMTN, | EUR | 100,000 | 122,864 | |||||||||
Suez Series EMTN, | EUR | 50,000 | 71,749 | |||||||||
Total Capital International SA Series EMTN, | EUR | 100,000 | 117,631 | |||||||||
|
| |||||||||||
707,030 | ||||||||||||
|
|
Principal | Value | |||||||||||
Germany — 3.9% | ||||||||||||
Commerzbank AG Series EMTN, | EUR | $ | 150,000 | $ | 161,219 | |||||||
Daimler AG Series EMTN, | EUR | 30,000 | 32,443 | |||||||||
|
| |||||||||||
193,662 | ||||||||||||
|
| |||||||||||
Ireland — 2.9% | ||||||||||||
GE Capital UK Funding Unlimited Co. Series EMTN, | GBP | 100,000 | 145,905 | |||||||||
|
| |||||||||||
Italy — 3.4% | ||||||||||||
Enel SpA Series EMTN, | EUR | 50,000 | 56,291 | |||||||||
UniCredit SpA Series EMTN, | EUR | 100,000 | 115,761 | |||||||||
|
| |||||||||||
172,052 | ||||||||||||
|
| |||||||||||
Japan — 3.6% | ||||||||||||
Aozora Bank Ltd. Series 615, | JPY | 10,000,000 | 89,416 | |||||||||
Shinkin Central Bank Series 323, | JPY | 10,000,000 | 89,010 | |||||||||
|
| |||||||||||
178,426 | ||||||||||||
|
| |||||||||||
Luxembourg — 1.8% | ||||||||||||
Ciba Specialty Chemicals Finance Luxembourg SA | EUR | 50,000 | 56,477 | |||||||||
HeidelbergCement Finance Luxembourg SA | EUR | 25,000 | 32,490 | |||||||||
|
| |||||||||||
88,967 | ||||||||||||
|
| |||||||||||
Netherlands — 15.4% | ||||||||||||
BMW Finance NV Series EMTN, | EUR | 75,000 | 80,942 | |||||||||
Cooperatieve Rabobank UA Series EMTN, | EUR | 100,000 | 131,094 | |||||||||
2.50%, 5/26/26 | EUR | 100,000 | 110,820 | |||||||||
Gas Natural Fenosa Finance BV Series EMTN, | EUR | 100,000 | 123,887 | |||||||||
innogy Finance BV Series EMTN, | GBP | 100,000 | 150,727 | |||||||||
Linde Finance BV Series EMTN, | EUR | 25,000 | 27,699 | |||||||||
Shell International Finance BV Series EMTN, | CHF | 25,000 | 26,547 | |||||||||
Siemens Financieringsmaatschappij NV Series EMTN, | EUR | 50,000 | 65,102 | |||||||||
Volkswagen International Finance NV | EUR | 50,000 | 55,589 | |||||||||
|
| |||||||||||
772,407 | ||||||||||||
|
|
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||||||
Spain — 3.3% | ||||||||||||
Santander Issuances SAU Series EMTN, | EUR | $ | 100,000 | $ | 104,890 | |||||||
Telefonica Emisiones SAU Series EMTN, | EUR | 50,000 | 59,627 | |||||||||
|
| |||||||||||
164,517 | ||||||||||||
|
| |||||||||||
Sweden — 1.3% | ||||||||||||
Telia Co. AB Series EMTN, | EUR | 50,000 | 64,258 | |||||||||
|
| |||||||||||
Switzerland — 1.0% | ||||||||||||
Credit Suisse AG | CHF | 50,000 | 50,954 | |||||||||
|
| |||||||||||
United Kingdom — 15.4% | ||||||||||||
Barclays Bank PLC Series EMTN, | GBP | 50,000 | 80,551 | |||||||||
Credit Agricole SA Series EMTN, | EUR | 100,000 | 123,910 | |||||||||
Daily Mail & General Trust PLC | GBP | 50,000 | 76,015 | |||||||||
HSBC Bank PLC Series EMTN, | GBP | 50,000 | 78,049 | |||||||||
Lloyds Bank PLC | EUR | 100,000 | 109,766 | |||||||||
Series EMTN, 6.50%, 9/17/40 | GBP | 20,000 | 40,337 | |||||||||
Prudential PLC Series EMTN, | GBP | 50,000 | 75,279 | |||||||||
Society of Lloyd’s | GBP | 100,000 | 136,370 |
Principal | Value | |||||||||||
United Kingdom (Continued) | ||||||||||||
Vodafone Group PLC Series EMTN, | GBP | $ | 30,000 | $ | 49,056 | |||||||
|
| |||||||||||
769,333 | ||||||||||||
|
| |||||||||||
United States — 15.4% | ||||||||||||
Apple, Inc. Series EMTN, | EUR | 100,000 | 110,910 | |||||||||
AT&T, Inc. | EUR | 100,000 | 117,106 | |||||||||
Bank of America Corp. Series EMTN, | EUR | 50,000 | 56,758 | |||||||||
Bristol-Myers Squibb Co. | EUR | 100,000 | 105,916 | |||||||||
FedEx Corp. | EUR | 150,000 | 162,786 | |||||||||
Kraft Heinz Foods Co. | EUR | 100,000 | 108,092 | |||||||||
Prologis LP | EUR | 100,000 | 109,975 | |||||||||
|
| |||||||||||
771,543 | ||||||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS | 4,840,794 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 97.0% (Cost $4,939,946)† | $ | 4,858,689 | ||||||||||
Other assets and liabilities, net — 3.0% | 150,010 | |||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 5,008,699 | ||||||||||
|
|
† | The cost for federal income tax purposes was $4,939,946. At February 28, 2017, net unrealized depreciation for all securities based on tax cost was $81,257. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $34,154 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $115,411. |
DPNT: | Deposit Note |
EMTN: | Euro Medium Term Note |
MTN: | Medium Term Note |
REIT: | Real Estate Investment Trust |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
As of February 28, 2017, 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 | 3/3/2017 | AUD | 155,000 | USD | 117,583 | $ | (1,247 | ) | ||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | CAD | 528,500 | USD | 405,486 | 7,570 | ||||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | CHF | 77,600 | USD | 78,759 | 1,480 | ||||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | EUR | 3,165,000 | USD | 3,423,802 | 70,298 | ||||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | EUR | 5,000 | USD | 5,360 | 62 | ||||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | GBP | 672,000 | USD | 845,826 | 11,906 | ||||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | JPY | 20,000,000 | USD | 177,787 | (261 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 119,172 | AUD | 155,000 | (342 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 399,034 | CAD | 528,500 | (1,118 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 77,488 | CHF | 77,600 | (209 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 108,191 | EUR | 100,000 | (2,235 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 3,262,182 | EUR | 3,070,000 | (9,336 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 10,060 | GBP | 8,000 | (132 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 826,282 | GBP | 664,000 | (2,288 | ) | |||||||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 178,755 | JPY | 20,000,000 | (707 | ) | |||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | AUD | 155,000 | USD | 119,077 | 340 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | CAD | 528,500 | USD | 399,122 | 1,107 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | CAD | 7,500 | USD | 5,664 | 15 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | CHF | 77,600 | USD | 77,636 | 199 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | EUR | 3,070,000 | USD | 3,267,094 | 9,024 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | EUR | 59,000 | USD | 62,785 | 171 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | GBP | 664,000 | USD | 826,966 | 2,246 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | GBP | 18,000 | USD | 22,417 | 60 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | JPY | 20,000,000 | USD | 179,006 | 691 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | JPY | 2,020,000 | USD | 18,079 | 69 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | USD | 39,179 | AUD | 51,000 | (110 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 87,253 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CAD | Canadian Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | Pound Sterling |
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. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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 (a) | $ | — | $ | 17,895 | $ | — | $ | 17,895 | ||||||||
Corporate Bonds (a) | — | 4,840,794 | — | 4,840,794 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 105,238 | — | 105,238 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 4,963,927 | $ | — | $ | 4,963,927 | ||||||||
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|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (17,985 | ) | $ | — | $ | (17,985 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (17,985 | ) | $ | — | $ | (17,985 | ) | ||||||
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|
|
|
|
|
|
|
(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 February 28, 2017.
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF
February 28, 2017 (Unaudited)
Principal | Value | |||||||||||
SOVEREIGN BONDS — 98.5% | ||||||||||||
Australia — 4.7% | ||||||||||||
Australia Government Bond | AUD | $ | 125,000 | $ | 103,194 | |||||||
3.25%, 4/21/25 | AUD | 75,000 | 60,198 | |||||||||
4.50%, 4/21/33 | AUD | 75,000 | 67,264 | |||||||||
|
| |||||||||||
230,656 | ||||||||||||
|
| |||||||||||
Austria — 3.7% | ||||||||||||
Republic of Austria Government Bond | EUR | 75,000 | 91,683 | |||||||||
1.65%, 10/21/24, 144A | EUR | 20,000 | 23,720 | |||||||||
2.40%, 5/23/34, 144A | EUR | 50,000 | 64,811 | |||||||||
|
| |||||||||||
180,214 | ||||||||||||
|
| |||||||||||
Belgium — 4.9% | ||||||||||||
Kingdom of Belgium Government Bond | EUR | 75,000 | 87,138 | |||||||||
1.00%, 6/22/26, 144A | EUR | 75,000 | 82,846 | |||||||||
1.00%, 6/22/31, 144A | EUR | 25,000 | 26,337 | |||||||||
4.25%, 3/28/41, 144A | EUR | 25,000 | 41,771 | |||||||||
|
| |||||||||||
238,092 | ||||||||||||
|
| |||||||||||
Canada — 4.5% | ||||||||||||
Canadian Government Bond | CAD | 150,000 | 113,614 | |||||||||
8.00%, 6/01/27 | CAD | 50,000 | 59,692 | |||||||||
3.50%, 12/01/45 | CAD | 50,000 | 46,375 | |||||||||
|
| |||||||||||
219,681 | ||||||||||||
|
| |||||||||||
Czech Republic — 0.9% | ||||||||||||
Czech Republic Government Bond | CZK | 1,000,000 | 45,993 | |||||||||
|
| |||||||||||
Denmark — 1.9% | ||||||||||||
Denmark Government Bond | DKK | 400,000 | 63,299 | |||||||||
0.50%, 11/15/27 | DKK | 200,000 | 28,634 | |||||||||
|
| |||||||||||
91,933 | ||||||||||||
|
| |||||||||||
Finland — 2.2% | ||||||||||||
Finland Government Bond | EUR | 50,000 | 54,524 | |||||||||
0.75%, 4/15/31, 144A | EUR | 50,000 | 52,742 | |||||||||
|
| |||||||||||
107,266 | ||||||||||||
|
| |||||||||||
France — 6.5% | ||||||||||||
French Republic Government Bond OAT | EUR | 100,000 | 123,622 | |||||||||
2.25%, 5/25/24 | EUR | 125,000 | 149,999 | |||||||||
3.25%, 5/25/45 | EUR | 30,000 | 41,436 | |||||||||
|
| |||||||||||
315,057 | ||||||||||||
|
| |||||||||||
Germany — 4.9% | ||||||||||||
Bundesrepublik Deutschland | EUR | 75,000 | 86,376 | |||||||||
1.75%, 2/15/24 | EUR | 75,000 | 90,954 |
Principal | Value | |||||||||||
Germany (Continued) | ||||||||||||
0.25%, 2/15/27 | EUR | $ | 20,000 | $ | 21,287 | |||||||
3.25%, 7/04/42 | EUR | 25,000 | 40,541 | |||||||||
|
| |||||||||||
239,158 | ||||||||||||
|
| |||||||||||
Ireland — 1.8% | ||||||||||||
Ireland Government Bond | EUR | 60,000 | 87,155 | |||||||||
|
| |||||||||||
Israel — 0.9% | ||||||||||||
Israel Government Bond — Fixed | ILS | 125,000 | 41,651 | |||||||||
|
| |||||||||||
Italy — 5.9% | ||||||||||||
Italy Buoni Poliennali Del Tesoro | EUR | 100,000 | 112,269 | |||||||||
0.95%, 3/15/23 | EUR | 30,000 | 31,212 | |||||||||
7.25%, 11/01/26 | EUR | 50,000 | 76,645 | |||||||||
4.75%, 9/01/44, 144A | EUR | 50,000 | 68,046 | |||||||||
|
| |||||||||||
288,172 | ||||||||||||
|
| |||||||||||
Japan — 24.0% | ||||||||||||
Japan Government Five Year Bond | JPY | 25,000,000 | 224,524 | |||||||||
Japan Government Forty Year Bond | JPY | 5,000,000 | 52,262 | |||||||||
Japan Government Ten Year Bond | JPY | 25,000,000 | 234,102 | |||||||||
Japan Government Thirty Year Bond | JPY | 10,000,000 | 121,258 | |||||||||
2.00%, 9/20/41 | JPY | 4,000,000 | 45,902 | |||||||||
Japan Government Twenty Year Bond | JPY | 30,000,000 | 314,780 | |||||||||
1.70%, 9/20/32 | JPY | 12,000,000 | 128,242 | |||||||||
1.70%, 6/20/33 | JPY | 5,000,000 | 53,527 | |||||||||
|
| |||||||||||
1,174,597 | ||||||||||||
|
| |||||||||||
Malaysia — 1.2% | ||||||||||||
Malaysia Government Bond | MYR | 250,000 | 60,741 | |||||||||
|
| |||||||||||
Mexico — 2.4% | ||||||||||||
Mexican Bonos | MXN | 2,425,000 | 117,614 | |||||||||
|
| |||||||||||
Netherlands — 3.8% | ||||||||||||
Netherlands Government Bond | EUR | 75,000 | 116,389 | |||||||||
2.50%, 1/15/33, 144A | EUR | 25,000 | 33,519 | |||||||||
2.75%, 1/15/47, 144A | EUR | 25,000 | 37,680 | |||||||||
|
| |||||||||||
187,588 | ||||||||||||
|
| |||||||||||
New Zealand — 0.7% | ||||||||||||
New Zealand Government Bond | NZD | 50,000 | 35,052 | |||||||||
|
| |||||||||||
Norway — 0.8% | ||||||||||||
Norway Government Bond | NOK | 300,000 | 39,938 | |||||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||||||
Poland — 1.2% | ||||||||||||
Republic of Poland Government Bond | PLN | $ | 250,000 | $ | 60,012 | |||||||
|
| |||||||||||
Russia — 0.9% | ||||||||||||
Russian Federal Bond — OFZ | RUB | 2,500,000 | 41,905 | |||||||||
|
| |||||||||||
Singapore — 0.9% | ||||||||||||
Singapore Government Bond | SGD | 60,000 | 44,912 | |||||||||
|
| |||||||||||
Slovak Republic — 1.2% | ||||||||||||
Slovakia Government Bond | EUR | 50,000 | 60,543 | |||||||||
|
| |||||||||||
Slovenia — 0.6% | ||||||||||||
Slovenia Government Bond | EUR | 25,000 | 28,988 | |||||||||
|
| |||||||||||
South Africa — 1.7% | ||||||||||||
Republic of South Africa Government Bond | ZAR | 1,000,000 | 84,734 | |||||||||
|
| |||||||||||
Spain — 3.8% | ||||||||||||
Spain Government Bond | EUR | 60,000 | 65,034 | |||||||||
5.90%, 7/30/26, 144A | EUR | 50,000 | 73,265 | |||||||||
4.20%, 1/31/37, 144A | EUR | 35,000 | 47,164 | |||||||||
|
| |||||||||||
185,463 | ||||||||||||
|
|
Principal | Value | |||||||||||
Sweden — 1.3% | ||||||||||||
Sweden Government Bond | SEK | $ | 500,000 | $ | 65,280 | |||||||
|
| |||||||||||
Switzerland — 1.8% | ||||||||||||
Swiss Confederation Government Bond | CHF | 75,000 | 86,849 | |||||||||
|
| |||||||||||
Thailand — 1.7% | ||||||||||||
Thailand Government Bond | THB | 3,000,000 | 81,791 | |||||||||
|
| |||||||||||
United Kingdom — 7.7% | ||||||||||||
United Kingdom Gilt | GBP | 100,000 | 139,661 | |||||||||
1.50%, 7/22/26 | GBP | 25,000 | 32,218 | |||||||||
4.25%, 6/07/32 | GBP | 50,000 | 85,293 | |||||||||
4.25%, 12/07/46 | GBP | 60,000 | 117,094 | |||||||||
|
| |||||||||||
374,266 | ||||||||||||
|
| |||||||||||
TOTAL SOVEREIGN BONDS | 4,815,301 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 98.5% (Cost $5,053,037)† | $ | 4,815,301 | ||||||||||
Other assets and liabilities, net — 1.5% | 75,169 | |||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 4,890,470 | ||||||||||
|
|
† | The cost for federal income tax purposes was $5,053,037. At February 28, 2017, net unrealized depreciation for all securities based on tax cost was $237,736. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $16,904 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $254,641. |
OFZ: | Obligatsyi Federal’novo Zaima “Federal Loan Obligation” |
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. | 11 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
As of February 28, 2017, 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 | 3/3/2017 | AUD | 304,000 | USD | 230,614 | $ | (2,446 | ) | ||||||||||
The Bank of Nova Scotia | 3/3/2017 | CAD | 299,000 | USD | 229,404 | 4,283 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | CHF | 87,000 | USD | 88,299 | 1,659 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | CZK | 1,210,000 | USD | 48,459 | 1,010 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | DKK | 441,000 | USD | 64,148 | 1,289 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | EUR | 1,861,000 | USD | 2,013,174 | 41,335 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | GBP | 301,100 | USD | 378,986 | 5,334 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | ILS | 157,500 | USD | 41,836 | (1,425 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | JPY | 138,300,000 | USD | 1,229,399 | (1,803 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | MXN | 2,355,500 | USD | 113,002 | (4,181 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | MYR | 265,000 | USD | 59,618 | (57 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | NOK | 342,000 | USD | 41,575 | 779 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | NZD | 49,400 | USD | 36,186 | 607 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | PLN | 249,500 | USD | 62,328 | 963 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | RUB | 2,520,000 | USD | 41,634 | (1,526 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | SEK | 600,050 | USD | 68,722 | 2,235 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | SGD | 63,300 | USD | 44,939 | (231 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | THB | 2,894,000 | USD | 82,372 | (535 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 233,730 | AUD | 304,000 | (670 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 4,974 | CAD | 6,500 | (80 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 220,846 | CAD | 292,500 | (619 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 86,874 | CHF | 87,000 | (234 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 47,584 | CZK | 1,210,000 | (136 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 63,045 | DKK | 441,000 | (186 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 45,346 | EUR | 42,000 | (844 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 50,579 | EUR | 47,000 | (780 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 1,882,927 | EUR | 1,772,000 | (5,388 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 367,222 | GBP | 295,100 | (1,017 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 7,545 | GBP | 6,000 | (99 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 43,266 | ILS | 157,500 | (5 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 7,088 | JPY | 800,000 | 34 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 1,228,940 | JPY | 137,500,000 | (4,860 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 117,818 | MXN | 2,355,500 | (635 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 59,685 | MYR | 265,000 | (10 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 40,922 | NOK | 342,000 | (127 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 35,729 | NZD | 49,400 | (149 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 61,448 | PLN | 249,500 | (83 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 43,124 | RUB | 2,520,000 | 36 | ||||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 66,626 | SEK | 600,050 | (139 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 45,261 | SGD | 63,300 | (91 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 82,994 | THB | 2,894,000 | (87 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | USD | 87,615 | ZAR | 1,146,000 | (299 | ) | |||||||||||
The Bank of Nova Scotia | 3/3/2017 | ZAR | 1,146,000 | USD | 84,585 | (2,731 | ) | |||||||||||
The Bank of Nova Scotia | 4/5/2017 | AUD | 304,000 | USD | 233,545 | 668 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | CAD | 292,500 | USD | 220,896 | 612 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | CHF | 87,000 | USD | 87,041 | 224 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | CZK | 1,210,000 | USD | 47,659 | 106 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | DKK | 441,000 | USD | 63,144 | 177 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | DKK | 201,000 | USD | 28,781 | 82 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | EUR | 1,772,000 | USD | 1,885,762 | 5,209 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | EUR | 61,000 | USD | 64,913 | 176 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | GBP | 9,000 | USD | 11,209 | 30 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | GBP | 295,100 | USD | 367,526 | 998 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | ILS | 157,500 | USD | 43,294 | (5 | ) | |||||||||||
The Bank of Nova Scotia | 4/5/2017 | JPY | 137,500,000 | USD | 1,230,667 | 4,752 | ||||||||||||
The Bank of Nova Scotia | 4/5/2017 | MXN | 2,355,500 | USD | 117,231 | 642 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | MYR | 265,000 | USD | 59,524 | $ | (45 | ) | ||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | NOK | 342,000 | USD | 40,931 | 125 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | NZD | 49,400 | USD | 35,690 | 148 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | PLN | 249,500 | USD | 61,412 | 81 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | RUB | 2,520,000 | USD | 42,686 | (97 | ) | |||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | SEK | 600,050 | USD | 66,737 | 131 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | SGD | 63,300 | USD | 45,264 | 85 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | THB | 2,894,000 | USD | 82,946 | 69 | ||||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | USD | 44,751 | JPY | 5,000,000 | (172 | ) | |||||||||||||||||
The Bank of Nova Scotia | 4/5/2017 | ZAR | 1,146,000 | USD | 87,105 | 314 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 42,401 | ||||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CZK | Czech Koruna |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
ILS | Israeli New Sheqel |
JPY | Japanese Yen |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PLN | Polish Zloty |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
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. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (Continued)
February 28, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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 (a) | $ | — | $ | 4,815,301 | $ | — | $ | 4,815,301 | ||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 74,193 | — | 74,193 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 4,889,494 | $ | — | $ | 4,889,494 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (31,792 | ) | $ | — | $ | (31,792 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (31,792 | ) | $ | — | $ | (31,792 | ) | ||||||
|
|
|
|
|
|
|
|
(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 February 28, 2017.
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF
February 28, 2017 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 98.0% | ||||||||
Basic Materials — 6.0% | ||||||||
Chemicals — 2.1% | ||||||||
Ashland LLC | $ | 120,000 | $ | 124,950 | ||||
Blue Cube Spinco, Inc. | 320,000 | 383,200 | ||||||
CF Industries, Inc. | 250,000 | 233,437 | ||||||
Chemours Co. | 240,000 | 261,900 | ||||||
Hexion, Inc. | 240,000 | 224,400 | ||||||
Huntsman International LLC | 150,000 | 156,000 | ||||||
INEOS Group Holdings SA, 144A | 250,000 | 255,500 | ||||||
Momentive Performance Materials, Inc. | 150,000 | 147,750 | ||||||
NOVA Chemicals Corp., 144A | 240,000 | 248,100 | ||||||
Platform Specialty Products Corp. | 120,000 | 135,150 | ||||||
6.50%, 2/01/22, 144A (a) | 240,000 | 252,000 | ||||||
Tronox Finance LLC | 240,000 | 245,400 | ||||||
7.50%, 3/15/22, 144A (a) | 100,000 | 105,000 | ||||||
WR Grace & Co.-Conn, 144A | 120,000 | 126,600 | ||||||
|
| |||||||
2,899,387 | ||||||||
|
| |||||||
Iron/Steel — 1.5% | ||||||||
AK Steel Corp. | 240,000 | 245,532 | ||||||
7.625%, 10/01/21 | 120,000 | 125,100 | ||||||
Allegheny Technologies, Inc. | 120,000 | 121,129 | ||||||
7.875%, 8/15/23 | 120,000 | 124,500 | ||||||
ArcelorMittal | 250,000 | 276,250 | ||||||
7.00%, 2/25/22 (a) | 120,000 | 137,100 | ||||||
6.125%, 6/01/25 (a) | 120,000 | 135,450 | ||||||
Cliffs Natural Resources, Inc., 144A | 350,000 | 384,125 | ||||||
Steel Dynamics, Inc. | 250,000 | 259,063 | ||||||
United States Steel Corp. | 120,000 | 129,600 | ||||||
8.375%, 7/01/21, 144A | 120,000 | 135,300 | ||||||
|
| |||||||
2,073,149 | ||||||||
|
| |||||||
Mining — 2.4% | ||||||||
Alcoa Nederland Holding BV, 144A | 200,000 | 220,000 | ||||||
Anglo American Capital PLC | 200,000 | 227,500 | ||||||
4.875%, 5/14/25, 144A | 250,000 | 260,625 |
Principal | Value | |||||||
Mining (Continued) | ||||||||
First Quantum Minerals Ltd., 144A | $ | 450,000 | $ | 463,500 | ||||
FMG Resources (August 2006) Pty Ltd., 144A | 120,000 | 124,275 | ||||||
Freeport-McMoRan, Inc. | 450,000 | 450,000 | ||||||
3.10%, 3/15/20 (a) | 240,000 | 236,400 | ||||||
3.55%, 3/01/22 (a) | 200,000 | 186,750 | ||||||
3.875%, 3/15/23 | 240,000 | 222,000 | ||||||
4.55%, 11/14/24 (a) | 240,000 | 225,600 | ||||||
Kinross Gold Corp. | 120,000 | 127,500 | ||||||
Teck Resources Ltd. | 120,000 | 133,950 | ||||||
4.75%, 1/15/22 | 60,000 | 62,625 | ||||||
3.75%, 2/01/23 | 240,000 | 234,852 | ||||||
8.50%, 6/01/24, 144A | 120,000 | 140,400 | ||||||
|
| |||||||
3,315,977 | ||||||||
|
| |||||||
Communications — 24.1% | ||||||||
Advertising — 0.6% | ||||||||
Acosta, Inc., 144A | 150,000 | 132,750 | ||||||
Lamar Media Corp. | 240,000 | 249,000 | ||||||
5.75%, 2/01/26 | 120,000 | 129,450 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | 120,000 | 125,100 | ||||||
5.875%, 3/15/25 | 120,000 | 126,600 | ||||||
|
| |||||||
762,900 | ||||||||
|
| |||||||
Internet — 1.5% | ||||||||
Netflix, Inc. | 120,000 | 129,300 | ||||||
5.50%, 2/15/22 | 120,000 | 128,700 | ||||||
5.75%, 3/01/24 | 120,000 | 129,000 | ||||||
5.875%, 2/15/25 | 80,000 | 86,700 | ||||||
4.375%, 11/15/26, 144A | 240,000 | 238,200 | ||||||
Symantec Corp., 144A | 300,000 | 308,279 | ||||||
VeriSign, Inc. | 240,000 | 246,000 | ||||||
5.25%, 4/01/25 | 120,000 | 125,550 | ||||||
Zayo Group LLC / Zayo Capital, Inc. | 370,000 | 393,125 | ||||||
6.375%, 5/15/25 | 250,000 | 270,313 | ||||||
|
| |||||||
2,055,167 | ||||||||
|
| |||||||
Media — 11.6% | ||||||||
Altice Financing SA | 480,000 | 506,400 | ||||||
7.50%, 5/15/26, 144A | 300,000 | 322,875 | ||||||
Altice Luxembourg SA, 144A | 480,000 | 511,800 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Media (Continued) | ||||||||
Altice US Finance I Corp., 144A | $ | 50,000 | $ | 51,812 | ||||
AMC Networks, Inc. | 240,000 | 243,000 | ||||||
5.00%, 4/01/24 | 240,000 | 242,851 | ||||||
Cablevision Systems Corp. | 250,000 | 263,125 | ||||||
8.00%, 4/15/20 | 120,000 | 132,900 | ||||||
5.875%, 9/15/22 (a) | 60,000 | 61,650 | ||||||
CBS Radio, Inc., 144A | 120,000 | 128,400 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 120,000 | 123,323 | ||||||
5.25%, 9/30/22 | 120,000 | 125,100 | ||||||
5.125%, 2/15/23 | 120,000 | 125,250 | ||||||
5.125%, 5/01/23, 144A | 50,000 | 52,000 | ||||||
5.75%, 1/15/24 | 120,000 | 126,240 | ||||||
5.875%, 4/01/24, 144A | 120,000 | 129,000 | ||||||
5.375%, 5/01/25, 144A | 240,000 | 252,000 | ||||||
5.75%, 2/15/26, 144A | 240,000 | 257,400 | ||||||
5.50%, 5/01/26, 144A | 240,000 | 255,300 | ||||||
5.125%, 5/01/27, 144A | 150,000 | 156,000 | ||||||
5.875%, 5/01/27, 144A | 240,000 | 258,384 | ||||||
Cengage Learning, Inc., 144A | 100,000 | 90,500 | ||||||
Cequel Communications Holdings I LLC / Cequel Capital Corp. | 270,000 | 278,944 | ||||||
5.125%, 12/15/21, 144A | 240,000 | 245,477 | ||||||
Clear Channel Worldwide Holdings, Inc. | 200,000 | 202,250 | ||||||
Series B, 6.50%, 11/15/22 | 480,000 | 499,498 | ||||||
CSC Holdings LLC | 480,000 | 556,800 | ||||||
10.875%, 10/15/25, 144A | 730,000 | 881,475 | ||||||
5.50%, 4/15/27, 144A | 200,000 | 206,250 | ||||||
DISH DBS Corp. | 570,000 | 636,975 | ||||||
5.125%, 5/01/20 | 120,000 | 125,400 | ||||||
6.75%, 6/01/21 | 120,000 | 132,600 | ||||||
5.875%, 7/15/22 | 480,000 | 516,000 | ||||||
5.00%, 3/15/23 | 240,000 | 247,200 | ||||||
5.875%, 11/15/24 | 240,000 | 256,500 | ||||||
7.75%, 7/01/26 | 240,000 | 281,400 | ||||||
Gray Television, Inc., 144A | 240,000 | 237,600 | ||||||
iHeartCommunications, Inc. | 450,000 | 394,875 | ||||||
11.25%, 3/01/21 | 150,000 | 125,062 | ||||||
9.00%, 9/15/22 (a) | 250,000 | 202,188 | ||||||
10.625%, 3/15/23 | 100,000 | 83,500 | ||||||
Nielsen Finance LLC / Nielsen Finance Co. | 100,000 | 102,250 | ||||||
5.00%, 4/15/22, 144A | 240,000 | 247,800 | ||||||
Quebecor Media, Inc. | 120,000 | 128,400 |
Principal | Value | |||||||
Media (Continued) | ||||||||
SFR Group SA | $ | 800,000 | $ | 832,752 | ||||
7.375%, 5/01/26, 144A | 850,000 | 884,000 | ||||||
Sirius XM Radio, Inc. | 120,000 | 125,207 | ||||||
4.625%, 5/15/23, 144A | 240,000 | 246,300 | ||||||
6.00%, 7/15/24, 144A | 120,000 | 128,100 | ||||||
5.375%, 4/15/25, 144A | 240,000 | 245,400 | ||||||
TEGNA, Inc. | 120,000 | 124,500 | ||||||
6.375%, 10/15/23 | 120,000 | 128,250 | ||||||
Tribune Media Co. | 240,000 | 246,300 | ||||||
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 144A | 480,000 | 495,600 | ||||||
Univision Communications, Inc. | 120,000 | 126,450 | ||||||
5.125%, 5/15/23, 144A | 240,000 | 240,900 | ||||||
5.125%, 2/15/25, 144A | 240,000 | 237,600 | ||||||
Videotron Ltd., 144A | 120,000 | 128,400 | ||||||
Virgin Media Secured Finance PLC, 144A | 250,000 | 253,750 | ||||||
Ziggo Bond Finance BV, 144A | 360,000 | 362,250 | ||||||
Ziggo Secured Finance BV, 144A | 360,000 | 365,400 | ||||||
|
| |||||||
16,174,913 | ||||||||
|
| |||||||
Telecommunications — 10.4% | ||||||||
CenturyLink, Inc. | 120,000 | 127,276 | ||||||
Series S, 6.45%, 6/15/21 | 120,000 | 128,476 | ||||||
Series T, 5.80%, 3/15/22 | 480,000 | 496,200 | ||||||
Series Y, 7.50%, 4/01/24 (a) | 120,000 | 129,300 | ||||||
CommScope Technologies Finance LLC, 144A | 120,000 | 129,000 | ||||||
CommScope, Inc., 144A | 120,000 | 126,150 | ||||||
Frontier Communications Corp. | 570,000 | 606,337 | ||||||
8.875%, 9/15/20 | 120,000 | 127,650 | ||||||
9.25%, 7/01/21 | 120,000 | 126,900 | ||||||
8.75%, 4/15/22 | 120,000 | 120,600 | ||||||
10.50%, 9/15/22 | 120,000 | 125,362 | ||||||
7.125%, 1/15/23 | 240,000 | 218,400 | ||||||
7.625%, 4/15/24 | 240,000 | 216,600 | ||||||
6.875%, 1/15/25 | 120,000 | 101,700 | ||||||
11.00%, 9/15/25 | 360,000 | 363,600 | ||||||
Hughes Satellite Systems Corp. | 120,000 | 130,386 | ||||||
7.625%, 6/15/21 | 170,000 | 189,125 | ||||||
5.25%, 8/01/26, 144A | 250,000 | 254,687 | ||||||
Inmarsat Finance PLC, 144A | 250,000 | 251,250 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
Intelsat Jackson Holdings SA | $ | 240,000 | $ | 231,000 | ||||
7.25%, 10/15/20 (a) | 240,000 | 223,200 | ||||||
7.50%, 4/01/21 | 240,000 | 220,800 | ||||||
9.50%, 9/30/22, 144A (a) | 120,000 | 144,600 | ||||||
5.50%, 8/01/23 | 240,000 | 198,600 | ||||||
8.00%, 2/15/24, 144A | 120,000 | 130,500 | ||||||
Intelsat Luxembourg SA | 250,000 | 141,875 | ||||||
8.125%, 6/01/23 | 100,000 | 54,500 | ||||||
Level 3 Communications, Inc. | 200,000 | 207,750 | ||||||
Level 3 Financing, Inc. | 240,000 | 249,420 | ||||||
5.625%, 2/01/23 | 370,000 | 382,950 | ||||||
5.375%, 5/01/25 | 120,000 | 124,200 | ||||||
Nokia OYJ | 120,000 | 127,350 | ||||||
Sprint Communications, Inc. | 770,000 | 844,112 | ||||||
7.00%, 3/01/20, 144A | 120,000 | 131,400 | ||||||
7.00%, 8/15/20 | 120,000 | 129,750 | ||||||
6.00%, 11/15/22 | 240,000 | 248,974 | ||||||
Sprint Corp. | 120,000 | 131,100 | ||||||
7.875%, 9/15/23 | 850,000 | 947,750 | ||||||
7.125%, 6/15/24 | 480,000 | 519,451 | ||||||
7.625%, 2/15/25 (a) | 240,000 | 268,200 | ||||||
Telecom Italia SpA, 144A | 400,000 | 408,500 | ||||||
T-Mobile USA, Inc. | 450,000 | 462,937 | ||||||
6.25%, 4/01/21 | 120,000 | 124,159 | ||||||
6.633%, 4/28/21 | 120,000 | 125,124 | ||||||
6.125%, 1/15/22 | 120,000 | 127,200 | ||||||
6.731%, 4/28/22 | 370,000 | 385,725 | ||||||
6.00%, 3/01/23 | 120,000 | 127,200 | ||||||
6.625%, 4/01/23 | 120,000 | 127,800 | ||||||
6.836%, 4/28/23 | 120,000 | 128,292 | ||||||
6.50%, 1/15/24 | 120,000 | 129,240 | ||||||
6.00%, 4/15/24 | 220,000 | 235,400 | ||||||
6.375%, 3/01/25 | 370,000 | 398,668 | ||||||
6.50%, 1/15/26 | 240,000 | 264,300 | ||||||
VimpelCom Holdings BV | 250,000 | 259,675 | ||||||
5.95%, 2/13/23, 144A | 200,000 | 210,702 | ||||||
West Corp., 144A | 240,000 | 231,420 | ||||||
Wind Acquisition Finance SA | 250,000 | 255,313 | ||||||
7.375%, 4/23/21, 144A | 450,000 | 469,687 | ||||||
Windstream Services LLC | 200,000 | 206,376 | ||||||
6.375%, 8/01/23 | 120,000 | 109,800 | ||||||
|
| |||||||
14,413,999 | ||||||||
|
|
Principal | Value | |||||||
Consumer, Cyclical — 12.3% | ||||||||
Airlines — 0.3% | ||||||||
Air Canada, 144A | $ | 120,000 | $ | 135,300 | ||||
American Airlines Group, Inc. | 120,000 | 125,100 | ||||||
4.625%, 3/01/20, 144A | 200,000 | 204,000 | ||||||
|
| |||||||
464,400 | ||||||||
|
| |||||||
Apparel — 0.2% | ||||||||
Hanesbrands, Inc., 144A | 240,000 | 239,100 | ||||||
Levi Strauss & Co. | 120,000 | 125,100 | ||||||
|
| |||||||
364,200 | ||||||||
|
| |||||||
Auto Manufacturers — 0.7% | ||||||||
Fiat Chrysler Automobiles NV | 200,000 | 207,500 | ||||||
5.25%, 4/15/23 | 250,000 | 260,312 | ||||||
Jaguar Land Rover Automotive PLC, 144A | 250,000 | 256,813 | ||||||
Navistar International Corp. | ||||||||
8.25%, 11/01/21 | 240,000 | 243,600 | ||||||
|
| |||||||
968,225 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.5% | ||||||||
Adient Global Holdings Ltd., 144A | 250,000 | 248,750 | ||||||
Allison Transmission, Inc., 144A | 240,000 | 244,800 | ||||||
American Axle & Manufacturing, Inc. | 120,000 | 123,750 | ||||||
6.625%, 10/15/22 (a) | 240,000 | 249,600 | ||||||
Goodyear Tire & Rubber Co. | 120,000 | 125,700 | ||||||
5.125%, 11/15/23 | 240,000 | 250,500 | ||||||
Schaeffler Finance BV, 144A | 200,000 | 206,808 | ||||||
ZF North America Capital, Inc. | 360,000 | 375,300 | ||||||
4.75%, 4/29/25, 144A | 200,000 | 206,750 | ||||||
|
| |||||||
2,031,958 | ||||||||
|
| |||||||
Distribution/Wholesale — 0.3% | ||||||||
HD Supply, Inc. | 280,000 | 296,450 | ||||||
5.75%, 4/15/24, 144A | 120,000 | 127,200 | ||||||
|
| |||||||
423,650 | ||||||||
|
| |||||||
Entertainment — 1.5% | ||||||||
Cinemark USA, Inc. | 310,000 | 319,300 | ||||||
GLP Capital LP / GLP Financing II, Inc. | 120,000 | 124,050 | ||||||
4.375%, 4/15/21 | 120,000 | 125,250 | ||||||
5.375%, 4/15/26 | 240,000 | 251,700 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Entertainment (Continued) | ||||||||
International Game Technology PLC | $ | 480,000 | $ | 520,800 | ||||
6.50%, 2/15/25, 144A | 250,000 | 274,375 | ||||||
Regal Entertainment Group | 120,000 | 125,850 | ||||||
Scientific Games International, Inc. | 120,000 | 127,800 | ||||||
10.00%, 12/01/22 | 240,000 | 255,600 | ||||||
|
| |||||||
2,124,725 | ||||||||
|
| |||||||
Food Service — 0.2% | ||||||||
Aramark Services, Inc. | 250,000 | 262,525 | ||||||
|
| |||||||
Home Builders — 1.2% | ||||||||
Beazer Homes USA, Inc., 144A | 120,000 | 130,485 | ||||||
CalAtlantic Group, Inc. | 200,000 | 214,250 | ||||||
K Hovnanian Enterprises, Inc., 144A | 250,000 | 245,625 | ||||||
Lennar Corp. | 390,000 | 404,625 | ||||||
PulteGroup, Inc. | 250,000 | 256,500 | ||||||
5.00%, 1/15/27 | 240,000 | 240,660 | ||||||
Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 144A | 120,000 | 123,600 | ||||||
|
| |||||||
1,615,745 | ||||||||
|
| |||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc. | 240,000 | 236,400 | ||||||
|
| |||||||
Leisure Time — 0.3% | ||||||||
NCL Corp. Ltd., 144A | 250,000 | 258,125 | ||||||
Royal Caribbean Cruises Ltd. | 120,000 | 134,964 | ||||||
|
| |||||||
393,089 | ||||||||
|
| |||||||
Lodging — 2.3% | ||||||||
Boyd Gaming Corp. | 120,000 | 130,050 | ||||||
6.375%, 4/01/26 | 120,000 | 130,050 | ||||||
Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope | 120,000 | 126,000 | ||||||
11.00%, 10/01/21 (a) | 120,000 | 131,550 | ||||||
Diamond Resorts International, Inc., 144A | 240,000 | 254,400 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | 250,000 | 257,437 | ||||||
MGM Resorts International | 570,000 | 632,700 | ||||||
5.25%, 3/31/20 | 120,000 | 126,600 |
Principal | Value | |||||||
Lodging (Continued) | ||||||||
6.75%, 10/01/20 | $ | 120,000 | $ | 132,564 | ||||
6.625%, 12/15/21 | 120,000 | 134,250 | ||||||
6.00%, 3/15/23 | 360,000 | 393,300 | ||||||
Studio City Co. Ltd., 144A | 250,000 | 267,500 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 240,000 | 247,200 | ||||||
5.50%, 3/01/25, 144A (a) | 240,000 | 246,000 | ||||||
|
| |||||||
3,209,601 | ||||||||
|
| |||||||
Retail — 3.5% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | 120,000 | 123,750 | ||||||
6.00%, 4/01/22, 144A | 420,000 | 439,026 | ||||||
Claire’s Stores, Inc., 144A | 150,000 | 69,375 | ||||||
Dollar Tree, Inc. | 350,000 | 373,187 | ||||||
JC Penney Corp., Inc. | 120,000 | 128,400 | ||||||
5.65%, 6/01/20 (a) | 100,000 | 99,094 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 240,000 | 246,984 | ||||||
5.25%, 6/01/26, 144A | 240,000 | 248,700 | ||||||
L Brands, Inc. | 250,000 | 280,313 | ||||||
5.625%, 2/15/22 | 120,000 | 126,750 | ||||||
5.625%, 10/15/23 | 250,000 | 262,500 | ||||||
Men’s Wearhouse, Inc. | 100,000 | 95,000 | ||||||
Neiman Marcus Group Ltd. LLC, 144A | 240,000 | 151,800 | ||||||
Penske Automotive Group, Inc. | 120,000 | 125,100 | ||||||
PetSmart, Inc., 144A | 370,000 | 363,987 | ||||||
PVH Corp. | 250,000 | 254,375 | ||||||
QVC, Inc. | 330,000 | 333,872 | ||||||
Rite Aid Corp. | 250,000 | 258,438 | ||||||
6.75%, 6/15/21 | 250,000 | 260,811 | ||||||
Sally Holdings LLC / Sally Capital, Inc. | 120,000 | 124,200 | ||||||
5.625%, 12/01/25 | 120,000 | 122,700 | ||||||
Sears Holdings Corp. | 100,000 | 88,500 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | 240,000 | 243,600 | ||||||
|
| |||||||
4,820,462 | ||||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Storage/Warehousing — 0.1% | ||||||||
Algeco Scotsman Global Finance PLC, 144A | $ | 200,000 | $ | 195,500 | ||||
|
| |||||||
Consumer, Non-cyclical — 16.1% | ||||||||
Agriculture — 0.1% | ||||||||
Vector Group Ltd., 144A | 150,000 | 154,875 | ||||||
|
| |||||||
Beverages — 0.2% | ||||||||
Cott Beverages, Inc. | 250,000 | 257,188 | ||||||
|
| |||||||
Biotechnology — 0.1% | ||||||||
Concordia International Corp., 144A | 200,000 | 88,000 | ||||||
|
| |||||||
Commercial Services — 3.0% | ||||||||
ADT Corp. | 240,000 | 228,900 | ||||||
4.125%, 6/15/23 | 240,000 | 232,200 | ||||||
APX Group, Inc. | 192,000 | 198,480 | ||||||
7.875%, 12/01/22 | 120,000 | 130,500 | ||||||
Ashtead Capital, Inc., 144A | 250,000 | 262,726 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 120,000 | 120,450 | ||||||
Herc Rentals, Inc. | 120,000 | 130,200 | ||||||
7.75%, 6/01/24, 144A (a) | 120,000 | 132,600 | ||||||
Hertz Corp. | 150,000 | 150,375 | ||||||
7.375%, 1/15/21 | 120,000 | 120,600 | ||||||
5.50%, 10/15/24, 144A (a) | 240,000 | 217,800 | ||||||
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A | 120,000 | 129,450 | ||||||
Laureate Education, Inc., 144A | 240,000 | 251,700 | ||||||
Nielsen Co. Luxembourg SARL, 144A | 120,000 | 125,063 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 240,000 | 263,100 | ||||||
Service Corp. International | 250,000 | 265,788 | ||||||
ServiceMaster Co. LLC, 144A | 150,000 | 153,000 | ||||||
Syniverse Holdings, Inc. | 130,000 | 120,250 | ||||||
United Rentals North America, Inc. | 120,000 | 125,513 | ||||||
6.125%, 6/15/23 | 120,000 | 126,600 | ||||||
4.625%, 7/15/23 | 120,000 | 123,631 | ||||||
5.75%, 11/15/24 | 120,000 | 127,890 | ||||||
5.50%, 7/15/25 | 240,000 | 254,100 | ||||||
5.875%, 9/15/26 | 120,000 | 126,750 | ||||||
|
| |||||||
4,117,666 | ||||||||
|
|
Principal | Value | |||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Avon Products, Inc. | $ | 240,000 | $ | 225,600 | ||||
Edgewell Personal Care Co. | 250,000 | 261,392 | ||||||
|
| |||||||
486,992 | ||||||||
|
| |||||||
Food — 1.4% | ||||||||
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC | 370,000 | 393,125 | ||||||
5.75%, 3/15/25, 144A | 240,000 | 241,050 | ||||||
Lamb Weston Holdings, Inc., 144A | 250,000 | 255,000 | ||||||
Post Holdings, Inc. | 120,000 | 129,120 | ||||||
5.50%, 3/01/25, 144A | 150,000 | 153,000 | ||||||
8.00%, 7/15/25, 144A | 250,000 | 283,125 | ||||||
5.00%, 8/15/26, 144A | 360,000 | 348,973 | ||||||
TreeHouse Foods, Inc., 144A | 150,000 | 158,625 | ||||||
|
| |||||||
1,962,018 | ||||||||
|
| |||||||
Healthcare-Products — 0.9% | ||||||||
Alere, Inc., 144A | 120,000 | 122,400 | ||||||
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp., 144A | 150,000 | 133,500 | ||||||
Hologic, Inc., 144A | 150,000 | 156,937 | ||||||
Kinetic Concepts, Inc. / KCI USA, Inc., 144A | 120,000 | 129,600 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | 240,000 | 241,800 | ||||||
5.75%, 8/01/22, 144A (a) | 240,000 | 236,400 | ||||||
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A | 240,000 | 214,800 | ||||||
|
| |||||||
1,235,437 | ||||||||
|
| |||||||
Healthcare-Services — 7.3% | ||||||||
Acadia Healthcare Co., Inc. | 240,000 | 247,800 | ||||||
Centene Corp. | 250,000 | 263,750 | ||||||
4.75%, 5/15/22 | 250,000 | 260,313 | ||||||
4.75%, 1/15/25 | 125,000 | 128,906 | ||||||
CHS/Community Health Systems, Inc. | 280,000 | 275,100 | ||||||
7.125%, 7/15/20 (a) | 240,000 | 226,800 | ||||||
5.125%, 8/01/21 (a) | 240,000 | 237,000 | ||||||
6.875%, 2/01/22 | 240,000 | 211,800 | ||||||
DaVita, Inc. | 120,000 | 125,550 | ||||||
5.125%, 7/15/24 | 480,000 | 490,800 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
Envision Healthcare Corp. | $ | 120,000 | $ | 125,400 | ||||
6.25%, 12/01/24, 144A | 200,000 | 212,500 | ||||||
Fresenius Medical Care US Finance II, Inc. | 250,000 | 268,438 | ||||||
5.875%, 1/31/22, 144A | 35,000 | 38,369 | ||||||
Fresenius Medical Care US Finance, Inc., 144A | 120,000 | 131,250 | ||||||
HCA, Inc. | 250,000 | 273,125 | ||||||
6.50%, 2/15/20 | 960,000 | 1,056,278 | ||||||
7.50%, 2/15/22 | 120,000 | 138,750 | ||||||
5.875%, 3/15/22 | 120,000 | 132,750 | ||||||
4.75%, 5/01/23 | 240,000 | 252,300 | ||||||
5.875%, 5/01/23 | 120,000 | 130,800 | ||||||
5.00%, 3/15/24 | 240,000 | 253,500 | ||||||
5.375%, 2/01/25 | 480,000 | 503,400 | ||||||
5.25%, 4/15/25 | 240,000 | 256,500 | ||||||
5.875%, 2/15/26 | 240,000 | 258,000 | ||||||
5.25%, 6/15/26 | 120,000 | 127,050 | ||||||
4.50%, 2/15/27 | 100,000 | 100,000 | ||||||
HealthSouth Corp. | 240,000 | 246,000 | ||||||
Kindred Healthcare, Inc. | 240,000 | 243,600 | ||||||
6.375%, 4/15/22 | 120,000 | 111,300 | ||||||
LifePoint Health, Inc. | 240,000 | 247,200 | ||||||
5.375%, 5/01/24, 144A | 240,000 | 242,400 | ||||||
MPH Acquisition Holdings LLC, 144A | 200,000 | 216,000 | ||||||
Tenet Healthcare Corp. | 120,000 | 127,650 | ||||||
5.00%, 3/01/19 | 240,000 | 241,363 | ||||||
5.50%, 3/01/19 | 240,000 | 243,600 | ||||||
4.75%, 6/01/20 | 240,000 | 246,000 | ||||||
8.00%, 8/01/20 | 240,000 | 246,000 | ||||||
6.00%, 10/01/20 | 240,000 | 255,000 | ||||||
4.375%, 10/01/21 | 240,000 | 243,000 | ||||||
8.125%, 4/01/22 | 240,000 | 252,600 | ||||||
6.75%, 6/15/23 (a) | 240,000 | 238,500 | ||||||
|
| |||||||
10,126,442 | ||||||||
|
| |||||||
Household Products/Wares — 0.4% | ||||||||
Spectrum Brands, Inc. | 370,000 | 393,125 | ||||||
5.75%, 7/15/25 | 120,000 | 128,100 | ||||||
|
| |||||||
521,225 | ||||||||
|
| |||||||
Pharmaceuticals — 2.4% | ||||||||
Endo Finance LLC, 144A | 250,000 | 233,125 | ||||||
Endo Finance LLC / Endo Finco, Inc., 144A | 150,000 | 133,500 | ||||||
Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 144A | 250,000 | 231,250 |
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
Grifols Worldwide Operations Ltd. | $ | 300,000 | $ | 312,750 | ||||
Nature’s Bounty Co., 144A | 240,000 | 254,100 | ||||||
Valeant Pharmaceuticals International | 150,000 | 140,250 | ||||||
6.375%, 10/15/20, 144A (a) | 240,000 | 219,600 | ||||||
7.25%, 7/15/22, 144A | 240,000 | 217,200 | ||||||
Valeant Pharmaceuticals International, Inc. | 240,000 | 237,600 | ||||||
5.375%, 3/15/20, 144A (a) | 240,000 | 216,000 | ||||||
7.50%, 7/15/21, 144A | 240,000 | 221,400 | ||||||
5.625%, 12/01/21, 144A | 240,000 | 203,400 | ||||||
5.50%, 3/01/23, 144A | 240,000 | 194,700 | ||||||
5.875%, 5/15/23, 144A | 240,000 | 196,500 | ||||||
6.125%, 4/15/25, 144A | 440,000 | 352,000 | ||||||
|
| |||||||
3,363,375 | ||||||||
|
| |||||||
Diversified — 0.2% | ||||||||
Holding Companies-Diversified — 0.2% | ||||||||
HRG Group, Inc. | 120,000 | 126,900 | ||||||
Noble Group Ltd., 144A | 200,000 | 196,250 | ||||||
|
| |||||||
323,150 | ||||||||
|
| |||||||
Energy — 13.0% | ||||||||
Coal — 0.6% | ||||||||
CONSOL Energy, Inc. | 240,000 | 235,200 | ||||||
8.00%, 4/01/23 (a) | 120,000 | 125,700 | ||||||
Murray Energy Corp., 144A | 250,000 | 197,500 | ||||||
Peabody Securities Finance Corp., 144A | 200,000 | 204,500 | ||||||
|
| |||||||
762,900 | ||||||||
|
| |||||||
Energy-Alternate Sources — 0.1% | ||||||||
TerraForm Power Operating LLC, Step-down Coupon, 9.375% to 12/7/2016, 6.375% to 02/01/2023, 144A | 150,000 | 156,000 | ||||||
|
| |||||||
Oil & Gas — 8.7% | ||||||||
Antero Resources Corp. | 120,000 | 123,150 | ||||||
5.625%, 6/01/23 | 420,000 | 427,350 | ||||||
California Resources Corp., 144A | 320,000 | 274,800 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp. | 120,000 | 139,500 | ||||||
6.50%, 4/15/21 | 150,000 | 130,917 | ||||||
Carrizo Oil & Gas, Inc. | 170,000 | 175,950 | ||||||
6.25%, 4/15/23 | 120,000 | 122,100 | ||||||
Cenovus Energy, Inc. | 240,000 | 239,253 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Chesapeake Energy Corp. | $ | 150,000 | $ | 150,000 | ||||
8.00%, 12/15/22, 144A (a) | 610,000 | 647,362 | ||||||
Citgo Holding, Inc., 144A | 120,000 | 130,800 | ||||||
Concho Resources, Inc. | 250,000 | 260,000 | ||||||
5.50%, 4/01/23 | 120,000 | 124,800 | ||||||
Continental Resources, Inc. | 480,000 | 490,800 | ||||||
4.50%, 4/15/23 | 240,000 | 236,400 | ||||||
Denbury Resources, Inc. | 120,000 | 99,600 | ||||||
4.625%, 7/15/23 | 120,000 | 94,200 | ||||||
Ensco PLC | 240,000 | 213,600 | ||||||
EP Energy LLC / Everest Acquisition Finance, Inc. | 260,000 | 255,450 | ||||||
6.375%, 6/15/23 (a) | 150,000 | 125,625 | ||||||
Gulfport Energy Corp., 144A | 300,000 | 300,000 | ||||||
Halcon Resources Corp., 144A | 150,000 | 148,875 | ||||||
Jupiter Resources, Inc., 144A | 120,000 | 103,800 | ||||||
Laredo Petroleum, Inc. | 120,000 | 121,500 | ||||||
MEG Energy Corp. | 240,000 | 214,200 | ||||||
7.00%, 3/31/24, 144A | 240,000 | 217,200 | ||||||
Murphy Oil Corp. | 240,000 | 236,400 | ||||||
6.875%, 8/15/24 | 120,000 | 128,760 | ||||||
Nabors Industries, Inc. | 240,000 | 251,278 | ||||||
4.625%, 9/15/21 | 240,000 | 245,400 | ||||||
Newfield Exploration Co. | 270,000 | 289,575 | ||||||
5.375%, 1/01/26 | 120,000 | 125,700 | ||||||
Noble Holding International Ltd. | 200,000 | 195,000 | ||||||
Oasis Petroleum, Inc. | 120,000 | 122,663 | ||||||
Pacific Drilling SA, 144A | 100,000 | 46,750 | ||||||
Parsley Energy LLC / Parsley Finance Corp., 144A | 150,000 | 151,875 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 24,000 | 24,570 | ||||||
7.00%, 11/15/23 | 240,000 | 242,400 | ||||||
PDC Energy, Inc. | 100,000 | 106,250 | ||||||
QEP Resources, Inc. | 240,000 | 237,600 |
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Range Resources Corp. | $ | 240,000 | $ | 235,200 | ||||
5.00%, 3/15/23, 144A | 240,000 | 233,100 | ||||||
RSP Permian, Inc. | 200,000 | 212,500 | ||||||
Sanchez Energy Corp. | 240,000 | 231,600 | ||||||
SM Energy Co. | 200,000 | 202,500 | ||||||
6.75%, 9/15/26 (a) | 120,000 | 122,700 | ||||||
Southwestern Energy Co. | 120,000 | 119,100 | ||||||
4.10%, 3/15/22 (a) | 240,000 | 214,800 | ||||||
6.70%, 1/23/25 | 120,000 | 115,500 | ||||||
Sunoco LP / Sunoco Finance Corp. | 240,000 | 242,100 | ||||||
6.25%, 4/15/21 | 240,000 | 244,200 | ||||||
Tesoro Corp. | 50,000 | 52,188 | ||||||
5.125%, 12/15/26, 144A | 150,000 | 159,187 | ||||||
Transocean, Inc. | 250,000 | 257,500 | ||||||
6.50%, 11/15/20 (a) | 240,000 | 246,000 | ||||||
8.125%, 12/15/21 | 120,000 | 126,672 | ||||||
9.00%, 7/15/23, 144A (a) | 120,000 | 129,900 | ||||||
Tullow Oil PLC, 144A | 250,000 | 234,375 | ||||||
Whiting Petroleum Corp. | 240,000 | 243,300 | ||||||
5.75%, 3/15/21 (a) | 240,000 | 240,000 | ||||||
WPX Energy, Inc. | 120,000 | 123,150 | ||||||
8.25%, 8/01/23 | 120,000 | 135,000 | ||||||
|
| |||||||
12,092,025 | ||||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
CGG SA | 250,000 | 120,625 | ||||||
SESI LLC | 250,000 | 258,125 | ||||||
Weatherford International Ltd. | 450,000 | 489,375 | ||||||
|
| |||||||
868,125 | ||||||||
|
| |||||||
Pipelines — 3.0% | ||||||||
Cheniere Corpus Christi Holdings LLC | 150,000 | 168,750 | ||||||
5.875%, 3/31/25, 144A | 500,000 | 530,625 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | 290,000 | 301,237 | ||||||
6.25%, 4/01/23 | 240,000 | 250,200 | ||||||
DCP Midstream Operating LP | 100,000 | 97,000 | ||||||
Energy Transfer Equity LP | 120,000 | 135,450 | ||||||
5.875%, 1/15/24 | 130,000 | 140,400 | ||||||
5.50%, 6/01/27 | 250,000 | 265,938 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
EnLink Midstream Partners LP | $ | 75,000 | $ | 75,410 | ||||
4.15%, 6/01/25 | 250,000 | 250,270 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | 120,000 | 125,700 | ||||||
NGPL PipeCo LLC, 144A | 120,000 | 125,400 | ||||||
ONEOK, Inc. | 120,000 | 142,800 | ||||||
Rockies Express Pipeline LLC | 120,000 | 126,600 | ||||||
5.625%, 4/15/20, 144A | 120,000 | 127,200 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 240,000 | 245,400 | ||||||
4.25%, 11/15/23 | 240,000 | 239,400 | ||||||
5.375%, 2/01/27, 144A | 240,000 | 251,400 | ||||||
Tesoro Logistics LP / Tesoro Logistics Finance Corp. | 120,000 | 123,840 | ||||||
6.25%, 10/15/22 | 120,000 | 129,000 | ||||||
6.375%, 5/01/24 | 120,000 | 131,050 | ||||||
Williams Cos., Inc. | 120,000 | 118,200 | ||||||
4.55%, 6/24/24 (a) | 120,000 | 122,400 | ||||||
|
| |||||||
4,223,670 | ||||||||
|
| |||||||
Financial — 9.0% | ||||||||
Banks — 1.3% | ||||||||
Intesa Sanpaolo SpA | 250,000 | 235,171 | ||||||
5.71%, 1/15/26, 144A | 250,000 | 241,814 | ||||||
Royal Bank of Scotland Group PLC | 480,000 | 511,313 | ||||||
6.10%, 6/10/23 | 250,000 | 265,947 | ||||||
6.00%, 12/19/23 | 240,000 | 255,437 | ||||||
5.125%, 5/28/24 | 240,000 | 243,301 | ||||||
|
| |||||||
1,752,983 | ||||||||
|
| |||||||
Diversified Financial Services — 4.7% | ||||||||
Aircastle Ltd. | 120,000 | 131,100 | ||||||
5.00%, 4/01/23 | 240,000 | 253,500 | ||||||
Ally Financial, Inc. | 450,000 | 459,000 | ||||||
8.00%, 12/31/18 | 120,000 | 132,074 | ||||||
3.50%, 1/27/19 | 240,000 | 244,800 | ||||||
3.75%, 11/18/19 | 240,000 | 245,700 | ||||||
8.00%, 3/15/20 | 120,000 | 137,537 | ||||||
4.125%, 3/30/20 | 100,000 | 103,625 | ||||||
7.50%, 9/15/20 | 120,000 | 137,700 | ||||||
4.125%, 2/13/22 | 240,000 | 246,000 | ||||||
CIT Group, Inc. | 400,000 | 422,500 | ||||||
3.875%, 2/19/19 | 360,000 | 369,227 | ||||||
5.375%, 5/15/20 | 120,000 | 128,700 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
5.00%, 8/15/22 | $ | 120,000 | $ | 127,500 | ||||
5.00%, 8/01/23 | 120,000 | 127,200 | ||||||
Jefferies Finance LLC / JFIN Co-Issuer Corp., 144A | 250,000 | 255,625 | ||||||
Nationstar Mortgage LLC / Nationstar Capital Corp. | 120,000 | 121,950 | ||||||
6.50%, 7/01/21 | 240,000 | 246,600 | ||||||
Navient Corp. | 505,000 | 540,981 | ||||||
Series MTN, 5.50%, 1/15/19 | 120,000 | 124,200 | ||||||
Series MTN, 4.875%, 6/17/19 | 120,000 | 122,700 | ||||||
Series MTN, 8.00%, 3/25/20 | 120,000 | 130,484 | ||||||
6.625%, 7/26/21 | 120,000 | 125,400 | ||||||
Series MTN, 7.25%, 1/25/22 | 120,000 | 125,550 | ||||||
5.50%, 1/25/23 | 240,000 | 230,700 | ||||||
7.25%, 9/25/23 | 240,000 | 247,200 | ||||||
OneMain Financial Holdings LLC | 120,000 | 126,076 | ||||||
7.25%, 12/15/21, 144A | 120,000 | 126,000 | ||||||
Quicken Loans, Inc., 144A | 200,000 | 198,000 | ||||||
Springleaf Finance Corp. | 240,000 | 242,100 | ||||||
8.25%, 12/15/20 | 240,000 | 264,300 | ||||||
|
| |||||||
6,494,029 | ||||||||
|
| |||||||
Insurance — 0.6% | ||||||||
Genworth Holdings, Inc. | 250,000 | 251,250 | ||||||
7.625%, 9/24/21 | 240,000 | 231,600 | ||||||
HUB International Ltd., 144A | 120,000 | 127,200 | ||||||
MGIC Investment Corp. | 200,000 | 212,000 | ||||||
|
| |||||||
822,050 | ||||||||
|
| |||||||
Real Estate — 0.2% | ||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A | 250,000 | 261,250 | ||||||
|
| |||||||
Real Estate Investment Trusts — 1.8% | ||||||||
Equinix, Inc. | 320,000 | 339,600 | ||||||
5.375%, 4/01/23 | 120,000 | 125,100 | ||||||
5.875%, 1/15/26 | 120,000 | 128,474 | ||||||
ESH Hospitality, Inc., 144A | 240,000 | 242,700 | ||||||
FelCor Lodging LP | 240,000 | 252,571 | ||||||
Iron Mountain, Inc. | 120,000 | 126,335 | ||||||
5.75%, 8/15/24 | 240,000 | 247,498 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 144A | 120,000 | 127,200 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
MPT Operating Partnership LP / MPT Finance Corp. | $ | 120,000 | $ | 128,700 | ||||
5.25%, 8/01/26 | 240,000 | 243,000 | ||||||
SBA Communications Corp. | 240,000 | 246,000 | ||||||
4.875%, 9/01/24, 144A | 240,000 | 239,376 | ||||||
Uniti Group, Inc. / CSL Capital LLC | 120,000 | 130,650 | ||||||
|
| |||||||
2,577,204 | ||||||||
|
| |||||||
Venture Capital — 0.4% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 120,000 | 125,401 | ||||||
5.875%, 2/01/22 | 480,000 | 492,567 | ||||||
|
| |||||||
617,968 | ||||||||
|
| |||||||
Industrial — 7.9% | ||||||||
Aerospace/Defense — 1.1% | ||||||||
Arconic, Inc. | 120,000 | 127,831 | ||||||
5.72%, 2/23/19 | 240,000 | 255,481 | ||||||
6.15%, 8/15/20 | 120,000 | 131,850 | ||||||
5.40%, 4/15/21 | 120,000 | 128,982 | ||||||
KLX, Inc., 144A | 240,000 | 253,548 | ||||||
TransDigm, Inc. | 120,000 | 123,538 | ||||||
6.50%, 7/15/24 | 120,000 | 123,600 | ||||||
6.50%, 5/15/25 | 120,000 | 123,150 | ||||||
6.375%, 6/15/26, 144A | 250,000 | 253,125 | ||||||
|
| |||||||
1,521,105 | ||||||||
|
| |||||||
Building Materials — 0.5% | ||||||||
Builders FirstSource, Inc., 144A | 240,000 | 247,800 | ||||||
Standard Industries, Inc. | 120,000 | 125,100 | ||||||
5.375%, 11/15/24, 144A | 240,000 | 247,896 | ||||||
6.00%, 10/15/25, 144A | 120,000 | 128,100 | ||||||
|
| |||||||
748,896 | ||||||||
|
| |||||||
Engineering & Construction — 0.4% | ||||||||
AECOM | 120,000 | 127,050 | ||||||
5.875%, 10/15/24 | 370,000 | 406,075 | ||||||
|
| |||||||
533,125 | ||||||||
|
| |||||||
Environmental Control — 0.3% | ||||||||
Clean Harbors, Inc. | 120,000 | 122,640 | ||||||
5.125%, 6/01/21 | 240,000 | 245,700 | ||||||
Covanta Holding Corp. | 100,000 | 101,750 | ||||||
|
| |||||||
470,090 | ||||||||
|
|
Principal | Value | |||||||
Machinery-Diversified — 0.9% | ||||||||
CNH Industrial Capital LLC | $ | 325,000 | $ | 333,125 | ||||
4.375%, 11/06/20 (a) | 240,000 | 250,200 | ||||||
3.875%, 10/15/21 | 240,000 | 240,900 | ||||||
Welbilt, Inc. | 200,000 | 232,250 | ||||||
Zebra Technologies Corp. | 120,000 | 130,152 | ||||||
|
| |||||||
1,186,627 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.3% | ||||||||
Novelis Corp. | 120,000 | 127,500 | ||||||
5.875%, 9/30/26, 144A | 290,000 | 299,063 | ||||||
|
| |||||||
426,563 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 1.1% | ||||||||
Bombardier, Inc. | 250,000 | 257,812 | ||||||
7.75%, 3/15/20, 144A | 240,000 | 260,100 | ||||||
6.00%, 10/15/22, 144A | 240,000 | 241,200 | ||||||
6.125%, 1/15/23, 144A | 240,000 | 240,600 | ||||||
7.50%, 3/15/25, 144A | 240,000 | 250,200 | ||||||
Gates Global LLC / Gates Global Co., 144A | 240,000 | 243,000 | ||||||
|
| |||||||
1,492,912 | ||||||||
|
| |||||||
Packaging & Containers — 2.3% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | 230,000 | 234,887 | ||||||
7.25%, 5/15/24, 144A | 250,000 | 273,437 | ||||||
6.00%, 2/15/25, 144A | 200,000 | 206,000 | ||||||
Ball Corp. | 370,000 | 394,050 | ||||||
Berry Plastics Corp. | 490,000 | 506,538 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 100,000 | 102,875 | ||||||
Owens-Brockway Glass Container, Inc., 144A | 120,000 | 129,075 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 240,000 | 247,500 | ||||||
6.875%, 2/15/21 | 155,553 | 159,831 | ||||||
5.125%, 7/15/23, 144A | 370,000 | 383,875 | ||||||
7.00%, 7/15/24, 144A | 200,000 | 215,500 | ||||||
Sealed Air Corp. | 250,000 | 263,750 | ||||||
5.50%, 9/15/25, 144A | 120,000 | 128,400 | ||||||
|
| |||||||
3,245,718 | ||||||||
|
| |||||||
Shipbuilding — 0.3% | ||||||||
Huntington Ingalls Industries, Inc., 144A | 370,000 | 388,038 | ||||||
|
|
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Principal | Value | |||||||
Transportation — 0.4% | ||||||||
Florida East Coast Holdings Corp., 144A | $ | 120,000 | $ | 123,600 | ||||
Navios Maritime Holdings, Inc. / Navios Maritime Finance II US, Inc., 144A | 100,000 | 76,000 | ||||||
XPO Logistics, Inc., 144A | 370,000 | 389,888 | ||||||
|
| |||||||
589,488 | ||||||||
|
| |||||||
Trucking & Leasing — 0.3% | ||||||||
Park Aerospace Holdings Ltd., 144A | 400,000 | 417,500 | ||||||
|
| |||||||
Technology — 6.5% | ||||||||
Computers — 1.8% | ||||||||
Dell, Inc. | 240,000 | 249,600 | ||||||
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. | 240,000 | 254,032 | ||||||
7.125%, 6/15/24, 144A (a) | 370,000 | 409,035 | ||||||
EMC Corp. | 450,000 | 448,334 | ||||||
2.65%, 6/01/20 | 119,000 | 116,126 | ||||||
NCR Corp. | 240,000 | 246,900 | ||||||
6.375%, 12/15/23 | 120,000 | 128,550 | ||||||
Riverbed Technology, Inc., 144A | 250,000 | 268,125 | ||||||
Western Digital Corp. | 340,000 | 398,650 | ||||||
|
| |||||||
2,519,352 | ||||||||
|
| |||||||
Office/Business Equipment — 0.2% | ||||||||
CDW LLC / CDW Finance Corp. | 240,000 | 253,200 | ||||||
|
| |||||||
Semiconductors — 1.5% | ||||||||
Amkor Technology, Inc. | 250,000 | 260,000 | ||||||
Micron Technology, Inc. | 395,000 | 400,431 | ||||||
5.25%, 1/15/24, 144A | 240,000 | 244,200 | ||||||
NXP BV / NXP Funding LLC | 530,000 | 551,518 | ||||||
3.875%, 9/01/22, 144A | 250,000 | 256,563 | ||||||
Sensata Technologies BV | 120,000 | 123,000 | ||||||
5.00%, 10/01/25, 144A | 240,000 | 244,800 | ||||||
|
| |||||||
2,080,512 | ||||||||
|
| |||||||
Software — 3.0% | ||||||||
BMC Software Finance, Inc., 144A | 240,000 | 244,800 | ||||||
First Data Corp. | 730,000 | 786,575 | ||||||
5.00%, 1/15/24, 144A | 360,000 | 368,993 | ||||||
5.75%, 1/15/24, 144A | 240,000 | 249,600 |
Principal | Value | |||||||
Software (Continued) | ||||||||
Infor US, Inc. | $ | 250,000 | $ | 260,312 | ||||
6.50%, 5/15/22 | 220,000 | 229,900 | ||||||
MSCI, Inc. | 120,000 | 128,400 | ||||||
4.75%, 8/01/26, 144A | 240,000 | 241,920 | ||||||
Nuance Communications, Inc., 144A | 200,000 | 204,021 | ||||||
Open Text Corp. | 120,000 | 126,450 | ||||||
5.875%, 6/01/26, 144A | 250,000 | 263,125 | ||||||
Quintiles IMS, Inc., 144A | 250,000 | 254,375 | ||||||
Solera LLC / Solera Finance, Inc., 144A | 240,000 | 274,800 | ||||||
SS&C Technologies Holdings, Inc. | 250,000 | 265,625 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 144A | 250,000 | 271,250 | ||||||
|
| |||||||
4,170,146 | ||||||||
|
| |||||||
Utilities — 2.9% | ||||||||
Electric — 2.7% | ||||||||
AES Corp. | 173,000 | 200,247 | ||||||
7.375%, 7/01/21 | 120,000 | 135,900 | ||||||
5.50%, 3/15/24 | 240,000 | 246,000 | ||||||
5.50%, 4/15/25 | 250,000 | 254,375 | ||||||
Calpine Corp. | 240,000 | 243,600 | ||||||
5.50%, 2/01/24 | 290,000 | 288,550 | ||||||
5.75%, 1/15/25 (a) | 240,000 | 238,800 | ||||||
DPL, Inc. | 120,000 | 128,400 | ||||||
Dynegy, Inc. | 240,000 | 237,000 | ||||||
7.625%, 11/01/24 (a) | 290,000 | 276,950 | ||||||
8.00%, 1/15/25, 144A | 240,000 | 229,200 | ||||||
GenOn Energy, Inc. | 150,000 | 114,375 | ||||||
NRG Energy, Inc. | 200,000 | 204,500 | ||||||
6.625%, 3/15/23 | 250,000 | 254,375 | ||||||
6.625%, 1/15/27, 144A | 240,000 | 237,000 | ||||||
Talen Energy Supply LLC | 240,000 | 234,600 | ||||||
4.60%, 12/15/21 | 250,000 | 207,125 | ||||||
|
| |||||||
3,730,997 | ||||||||
|
| |||||||
Gas — 0.2% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 240,000 | 249,000 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 136,093,813 | |||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers USD High Yield Corporate Bond ETF (Continued)
February 28, 2017 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 8.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.48% (b)(c) | 11,893,791 | $ | 11,893,791 | |||||
|
| |||||||
TOTAL INVESTMENTS — 106.6% (Cost $145,341,574)† | $ | 147,987,604 | ||||||
Other assets and liabilities, net — (6.6%) | (9,064,069 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 138,923,535 | ||||||
|
|
† | The cost for federal income tax purposes was $145,341,574. At February 28, 2017, net unrealized appreciation for all securities based on tax cost was $2,646,030. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,009,108 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $363,078. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2017 amounted to $11,451,132, which is 8.2% 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. |
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. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 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) | $ | — | $ | 136,093,813 | $ | — | $ | 136,093,813 | ||||||||
Short-Term Investments | 11,893,791 | — | — | 11,893,791 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 11,893,791 | $ | 136,093,813 | $ | — | $ | 147,987,604 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended February 28, 2017.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Statements of Assets and Liabilities
February 28, 2017 (Unaudited)
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | Deutsche X-trackers USD High Yield Corporate Bond ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 4,858,689 | $ | 4,815,301 | $ | 136,093,813 | ||||||
Investment in Deutsche Government & Agency Securities Portfolio* | — | — | 11,893,791 | |||||||||
Cash | 2,113 | 442 | 1,267,456 | |||||||||
Foreign currency at value | 9,402 | 6,928 | — | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 105,238 | 74,193 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 94,321 | 47,123 | 2,346,120 | |||||||||
Interest | 68,236 | 53,138 | 2,185,722 | |||||||||
Securities lending income | — | — | 6,311 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 5,137,999 | $ | 4,997,125 | $ | 153,793,213 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | — | $ | — | $ | 11,893,791 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 17,985 | 31,792 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 110,172 | 73,932 | 2,949,450 | |||||||||
Investment advisory fees | 1,143 | 931 | 26,437 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 129,300 | 106,655 | 14,869,678 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 5,008,699 | $ | 4,890,470 | $ | 138,923,535 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 5,009,594 | $ | 5,001,289 | $ | 135,586,255 | ||||||
Distributions in excess of net investment income | (11,879 | ) | (16,366 | ) | — | |||||||
Undistributed net investment income | — | — | 525,938 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 5,741 | 100,990 | 165,312 | |||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 5,243 | (195,443 | ) | 2,646,030 | ||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 5,008,699 | $ | 4,890,470 | $ | 138,923,535 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 100,001 | 100,001 | 2,700,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 50.09 | $ | 48.90 | $ | 51.45 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 4,939,946 | $ | 5,053,037 | $ | 133,447,783 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | — | $ | — | $ | 11,451,132 | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | 11,893,791 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 9,514 | $ | 6,907 | $ | — | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
For the Six Months Ended February 28, 2017 (Unaudited)
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF(1) | Deutsche X-trackers Barclays International Treasury Bond Hedged ETF(1) | Deutsche X-trackers USD High Yield Corporate Bond ETF(2) | ||||||||||
Investment Income | ||||||||||||
Unaffiliated interest income* | $ | 23,949 | $ | 14,169 | $ | 1,663,963 | ||||||
Securities lending income, net of borrower rebates | — | — | 8,465 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 23,949 | 14,169 | 1,672,428 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 5,170 | 4,253 | 75,130 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 5,170 | 4,253 | 75,130 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 18,779 | 9,916 | 1,597,298 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (12,272 | ) | (4,736 | ) | 121,188 | |||||||
In-kind redemptions | — | — | 44,124 | |||||||||
Foreign currency transactions | 18,013 | 104,219 | — | |||||||||
Payments by Affiliates (See note 9) | — | 1,507 | — | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 5,741 | 100,990 | 165,312 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (81,257 | ) | (237,736 | ) | 2,646,030 | |||||||
Foreign currency translations | 86,500 | 42,293 | — | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 5,243 | (195,443 | ) | 2,646,030 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 10,984 | (94,453 | ) | 2,811,342 | ||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 29,763 | $ | (84,537 | ) | $ | 4,408,640 | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 41 | $ | 39 | $ | — |
(1) | For the period October 25, 2016 (commencement of operations) through February 28, 2017. |
(2) | For the period December 7, 2016 (commencement of operations) through February 28, 2017. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | Deutsche X-trackers USD High Yield Corporate Bond ETF | ||||||||||
For the Period October 25, 2016(1) to February 28, 2017 | For the Period October 25, 2016(1) to February 28, 2017 | For the Period December 7, 2016(1) to February 28, 2017 | ||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||
Net investment income (loss) | $ | 18,779 | $ | 9,916 | $ | 1,597,298 | ||||||
Net realized gain (loss) | 5,741 | 100,990 | 165,312 | |||||||||
Net change in net unrealized appreciation (depreciation) | 5,243 | (195,443 | ) | 2,646,030 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 29,763 | (84,537 | ) | 4,408,640 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from | ||||||||||||
Net investment income | (30,658 | ) | (26,282 | ) | (1,071,360 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (30,658 | ) | (26,282 | ) | (1,071,360 | ) | ||||||
|
|
|
|
|
| |||||||
Fund Shares Transactions | ||||||||||||
Proceeds from shares sold | 5,009,544 | 5,001,239 | 145,690,791 | |||||||||
Value of shares redeemed | — | — | (10,104,586 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from fund share transactions | 5,009,544 | 5,001,239 | 135,586,205 | |||||||||
|
|
|
|
|
| |||||||
Total net increase (decrease) in Net Assets | 5,008,649 | 4,890,420 | 138,923,485 | |||||||||
Net Assets | ||||||||||||
Beginning of period | 50 | 50 | 50 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 5,008,699 | $ | 4,890,470 | $ | 138,923,535 | ||||||
|
|
|
|
|
| |||||||
Distributions in excess of net investment income | $ | (11,879 | ) | $ | (16,366 | ) | $ | — | ||||
|
|
|
|
|
| |||||||
Undistributed net investment income | $ | — | $ | — | $ | 525,938 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding | ||||||||||||
Shares outstanding, beginning of period | 1 | 1 | 1 | |||||||||
Shares sold | 100,000 | 100,000 | 2,900,000 | |||||||||
Shares redeemed | — | — | (200,000 | ) | ||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 100,001 | 100,001 | 2,700,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF Selected Per Share Data | Period Ended 2/28/2017(a) | |||
Net Asset Value, beginning of period | $ | 50.00 | ||
|
| |||
Income (loss) from investment operations: | ||||
Net investment income (loss)(b) | 0.19 | |||
Net realized and unrealized gain (loss) | 0.21 | |||
|
| |||
Total from investment operations | 0.40 | |||
|
| |||
Less distributions from: | ||||
Net investment income | (0.31 | ) | ||
|
| |||
Total distributions | (0.31 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 50.09 | ||
|
| |||
Total Return (%) | 0.80 | ** | ||
Ratios to Average Net Assets and Supplemental Data | ||||
Net Assets, end of period ($ millions) | 5 | |||
Ratio of expenses (%) | 0.30 | * | ||
Ratio of net investment income (loss) (%) | 1.09 | * | ||
Portfolio turnover rate (%)(c) | 11 | ** | ||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF Selected Per Share Data | Period Ended 2/28/2017(a) | |||
Net Asset Value, beginning of period | $ | 50.00 | ||
|
| |||
Income (loss) from investment operations: | ||||
Net investment income (loss)(b) | 0.10 | |||
Net realized and unrealized gain (loss) | (0.94 | ) | ||
|
| |||
Total from investment operations | (0.84 | ) | ||
|
| |||
Less distributions from: | ||||
Net investment income | (0.26 | ) | ||
|
| |||
Total distributions | (0.26 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 48.90 | ||
|
| |||
Total Return (%) | (1.67 | )** | ||
Ratios to Average Net Assets and Supplemental Data | ||||
Net Assets, end of period ($ millions) | 5 | |||
Ratio of expenses (%) | 0.25 | * | ||
Ratio of net investment income (loss) (%) | 0.58 | * | ||
Portfolio turnover rate (%)(c) | 3 | ** |
(a) | For the period October 25, 2016 (commencement of operations) through February 28, 2017. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers USD High Yield Corporate Bond ETF Selected Per Share Data | Period Ended 2/28/2017(a) | |||
Net Asset Value, beginning of period | $ | 50.00 | ||
|
| |||
Income (loss) from investment operations: | ||||
Net investment income (loss)(b) | 0.61 | |||
Net realized and unrealized gain (loss) | 1.24 | |||
|
| |||
Total from investment operations | 1.85 | |||
|
| |||
Less distributions from: | ||||
Net investment income | (0.40 | ) | ||
|
| |||
Total distributions | (0.40 | ) | ||
|
| |||
Net Asset Value, end of period | $ | 51.45 | ||
|
| |||
Total Return (%) | 3.71 | ** | ||
Ratios to Average Net Assets and Supplemental Data | ||||
Net Assets, end of period ($ millions) | 139 | |||
Ratio of expenses (%) | 0.25 | * | ||
Ratio of net investment income (loss) (%) | 5.32 | * | ||
Portfolio turnover rate (%)(c) | 15 | ** |
(a) | For the period December 7, 2016 (commencement of operations) through February 28, 2017. |
(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. | 30 |
DBX ETF Trust
Notes to Financial Statements (Unaudited)
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end, registered management investment company organized as a Delaware statutory trust.
As of February 28, 2017, the Trust consists of forty 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 Barclays International Corporate Bond Hedged ETF |
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF |
Deutsche X-trackers USD High Yield Corporate Bond 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 Barclays International Corporate Bond Hedged ETF and Deutsche X-trackers Barclays International Treasury Bond Hedged ETF offer shares that are listed and traded on the Bats BZX Exchange, Inc. (“Bats BZX”). Deutsche X-trackers USD High Yield Corporate Bond ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | Barclays Global Aggregate Corporate Ex USD Bond Index (USD Hedged) | |
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | Barclays Global Aggregate Treasury Ex USD Issuer Diversified Bond Index (USD Hedged) | |
Deutsche X-trackers USD High Yield Corporate Bond ETF | Solactive USD High Yield Corporates Total Market Index |
The Barclays Global Aggregate Corporate Ex USD Bond US Dollar Hedged Index is designed to track the performance of investment grade corporate debt publicly issued in developed and emerging markets (excluding all securities denominated in U.S. dollars) in the industrial, utility and financial sectors 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 Barclays Global Aggregate Treasury Ex USD Issuer Diversified Bond US Dollar Hedged Index is designed to track the performance of investment grade sovereign debt publicly issued in the developed and emerging markets and denominated in the issuer’s own domestic currency (excluding all securities denominated in U.S. dollars) while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. Each Barclays Hedged Underlying Index is rebalanced monthly on the last trading day of the month, when the index will reflect 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 last calendar day of the preceding month. This means that no changes in the weights are made during the month to account for changes in the Underlying Index due to price movement of constituent securities. With respect to the bond components of the Underlying Index, the Underlying Index is rebalanced on the last calendar day of the month. No changes are made to constituent holdings other than on month end rebalancing dates.
The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is rebalanced on the last business day of each month.
31
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 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.
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.
Investments in open-end investment companies are valued at their net asset value each business day 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; length of time of a halt in
32
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 NAV 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. 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 each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2017, 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.
33
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund managed by Deutsche Investment Management Americas Inc. During the period ended February 28, 2017, Deutsche X-trackers USD High Yield Corporate Bond ETF invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of February 28, 2017) on the cash collateral invested in Deutsche 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 February 28, 2017, Deutsche X-trackers USD High Yield Corporate Bond ETF 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.
During the period ended February 28, 2017, Deutsche X-trackers Barclays International Corporate Bond Hedged ETF and Deutsche X-trackers Barclays International Treasury Bond Hedged ETF had no securities on loan.
Derivatives
Forward Foreign Currency Exchange Contracts Deutsche X-trackers Barclays International Corporate Bond Hedged ETF and Deutsche X-trackers Barclays International Treasury Bond Hedged 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 February 28, 2017, Deutsche X-trackers Barclays International Corporate Bond Hedged ETF and Deutsche X-trackers Barclays International Treasury Bond Hedged ETF 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 February 28, 2017 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 February 28, 2017.
34
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of February 28, 2017 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 Barclays International Corporate Bond Hedged ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 105,238 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 17,985 | ||||||||
|
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Total | $ | 105,238 | Total | $ | 17,985 | |||||||||
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Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 74,193 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 31,792 | ||||||||
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Total | $ | 74,193 | Total | $ | 31,792 | |||||||||
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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2017 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 Barclays International Corporate Bond Hedged ETF | $ | 20,435 | ||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | 102,375 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Foreign Exchange Contracts | ||||
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | $ | 87,253 | ||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | 42,401 |
For the period ended February 28, 2017 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Exchange Contracts (Contract Value) | ||||
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | $ | (4,854,119 | ) | |
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | (4,698,245 | ) |
As of February 28, 2017, 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
35
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 105,238 | $ | (17,985 | ) | $ | — | $ | 87,253 | $ | 17,985 | $ | (17,985 | ) | $ | — | $ | — | ||||||||||||||
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$ | 105,238 | $ | (17,985 | ) | $ | — | $ | 87,253 | $ | 17,985 | $ | (17,985 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 74,193 | $ | (31,792 | ) | $ | — | $ | 42,401 | $ | 31,792 | $ | (31,792 | ) | $ | — | $ | — | ||||||||||||||
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$ | 74,193 | $ | (31,792 | ) | $ | — | $ | 42,401 | $ | 31,792 | $ | (31,792 | ) | $ | — | $ | — | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
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 Barclays International Corporate Bond Hedged ETF | 0.30 | % | ||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | 0.25 | % | ||
Deutsche X-trackers USD High Yield Corporate Bond ETF | 0.25 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage 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 the Independent Trustees the following types of fees: annual retainer fees and meeting fees to each Independent Trustee; retainer fees to the Independent Chairman of the Board and the Chairman of the Audit Committee; and meeting fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
36
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended February 28, 2017, 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 Barclays International Corporate Bond Hedged ETF (1) | $ | 5,479,795 | $ | 504,564 | ||||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF (1) | 5,250,315 | 161,951 | ||||||
Deutsche X-trackers USD High Yield Corporate Bond ETF (2) | 16,314,301 | 15,156,546 |
For the period ended February 28, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers USD High Yield Corporate Bond ETF (2) | $ | 140,969,551 | $ | 8,772,746 |
(1) | For the period October 25, 2016 (commencement of operations) to February 28, 2017. |
(2) | For the period December 7, 2016 (commencement of operations) to February 28, 2017. |
5. Fund Share Transactions
As of February 28, 2017, 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.
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 February 28, 2017, 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 Barclays International Corporate Bond Hedged ETF | 95 | % | ||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | 95 | % |
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Barclays International Corporate Bond Hedged ETF, Deutsche X-trackers Barclays International Treasury Bond Hedged ETF, Deutsche X-trackers USD High Yield Corporate Bond 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 amount listed below or 33 percent of its net assets as permitted by the Act. The Funds’ had no outstanding loans at February 28, 2017.
Pro-rata Share | ||||
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF | $ | 1,050,000 | ||
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF | 1,050,000 | |||
Deutsche X-trackers USD High Yield Corporate Bond ETF | 18,900,000 |
37
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
8. 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 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.
9. Payments by Affiliates
During the period ended February 28, 2017, the Advisor agreed to reimburse the Deutsche X-trackers Barclays International Treasury Bond Hedged ETF $1,507 for a loss incurred on trades executed incorrectly. The amount of the loss was 0.03% of the Fund’s average net assets.
38
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited)
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF, Deutsche X-trackers Barclays International Treasury Bond Hedged ETF and Deutsche X-trackers USD High Yield Corporate Bond ETF
At a meeting held on September 21, 2016, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Deutsche X-trackers Barclays International Corporate Bond Hedged ETF, Deutsche X-trackers Barclays International Treasury Bond Hedged ETF and Deutsche X-trackers USD High Yield Corporate Bond ETF (the “Funds”). The Independent Trustees were advised throughout the review and meetings by Independent Trustee Counsel.
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fees; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.
The Board reached a determination, with the assistance of Trust Counsel and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Funds and their shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on its evaluation of the following multiple factors in consultation with Independent Trustees’ Counsel.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also noted that in addition to managing the Funds’ portfolios directly, the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and
39
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its peer group. The Board noted that the proposed fee for each Fund is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs (subject to certain exceptions). The Board also noted that the Funds’ portfolios would be managed on a day-to-day basis by the Adviser, and that the Adviser also would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that because the Funds were new, it was difficult to estimate the profitability of the Funds to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board noted that because the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable, and it was unanimously approved.
40
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 will be available on our Web site — www.deutsche-etfs.com (click on “Resources” and “Proxy Voting” 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 can be found at www.deutsche-etfs.com.
41
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.
42
DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
Carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. 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. Funds investing in a single industry, or group of industries, country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. A 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. 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 or Bats BZX Exchange, Inc., as applicable. 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.
Deutsche X-trackers USD High Yield Corporate Bond ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trademark or the Index Price at any time or in any other respect.
Barclays Bank PLC and its affiliates (“Barclays”) are not the issuer or producer of Deutsche X-trackers Barclays International Treasury Bond Hedged ETF or Deutsche X-trackers Barclays International Corporate Bond Hedged ETF (the “Funds”) and Barclays has no responsibilities, obligations or duties to investors in the 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 Avenue New York, NY 10154 | Administrator, custodian, fund accounting agent, 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-050032-1 (4/17) DBX002564 (4/18)
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 | 5/01/2017 |
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 | 5/01/2017 |
By (Signature and Title)* | /s/ Michael Gilligan | |||
Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date | 5/01/2017 |
* Print the name and title of each signing officer under his or her signature.