UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices) (Zip code)
Freddi Klassen
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: May 31, 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.
May 31, 2017
Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
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Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 56 | |||
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Board Considerations in Approval of Investment Advisory Contract | 158 | |||
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for 11 of our currency-hedged equity ETFs for the fiscal year ended May 31, 2017.
Over the last 12 months, global economies experienced synchronized momentum in growth, despite some discordant notes. The renewed risk appetite was driven by a series of factors, including positive global macro data, receding support for populist political parties in Europe, the so-far limited economic impact from Britain’s decision to exit from the European Union and an improved corporate earnings profile. In the U.S., the U.S. Federal Reserve Board (FRB) continued its rate-hike trajectory. Elsewhere, emerging markets as macroeconomic pressures dissipated, supported by reflation trades. Meanwhile, global central banks continued to engineer a gradual path toward normalization as inflation inched higher.
The economic rebound in the Eurozone was robust, evidenced by improving employment and growth data. However, the European Central Bank (ECB) re-affirmed the need for continuing monetary policy accommodation to restore inflation. In Germany, strong domestic demand and global trade boosted business sentiment. Spain continued to grow, backed by strong exports and low crude oil prices. However, Greece’s upcoming bailout payment and Italy’s political instability remain significant risk factors. Britain had its share of challenges, with a weak British pound sterling and soft economic data lowering the growth outlook amid the invoking of Article 501 and the call for snap elections2 in June 2017.
Fueled by increasing domestic consumption and robust exports, economic sentiment in Japan reached new highs as its economy recovered moderately. The Bank of Japan continued its extraordinary easing policies, as consumer inflation rose at a slower pace than expected. China’s economy gathered steam, supported by structural reforms, which resulted in better-than-expected growth. However, lingering concerns persisted over policy tightening in an effort to contain the debt bubble. The Reserve Bank of Australia continued to keep cash rates at record lows on the back of a slowdown in growth. In addition, the Australian economy faced headwinds from an overheated housing market and soft labor data.
The global economy is now on firmer footing despite political uncertainty. Although global monetary policy is still accommodative, it is shifting gears, with the U.S. already ahead in reducing the degree of policy accommodation and the ECB on track to announce a tapering of its quantitative easing3 program later this year. The FRB is expected to lift rates at a cautious pace. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Article 50 of the Lisbon Treaty governs the withdrawal of a member state from the European Union.
2 A snap election is an election called earlier than expected. Generally it refers to an election in a parliamentary system called when not required (either by law or convention), usually to capitalize on a unique electoral opportunity or to decide a pressing issue.
3 Quantitative easing is an unconventional monetary-policy tool, in which a central bank conducts broad-based asset purchases.
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
This Page is Intentionally Left Blank
2
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
The Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2017, DBAW shares returned 18.30%, compared to the DBAW Index return of 18.90%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Information Technology, and Industrials. From a geographical perspective, Japan, China, and France were the main positive contributors, while the Philippines, Egypt and Israel contributed negatively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
The Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the DBAP Index). The DBAP Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2017, DBAP shares returned 20.34%, compared to the DBAP Index return of 21.48%.
All the sectors contributed positively to performance during the period with the greatest contribution coming from Financials and Information Technology. From a geographical perspective, China, South Korea, India, and Hong Kong were the main positive contributors, while the Philippines and Cayman Islands contributed negatively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
The Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the DBBR Index). The DBBR Index is designed to provide exposure to Brazil’s equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the Brazilian real. For the 12-month period ended May 31, 2017, DBBR shares returned 16.28%, compared to the DBBR Index return of 17.12%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Materials, and Energy. The Information Technology sector was the only negative contributor to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the Brazilian real. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
The Deutsche X-trackers MSCI Emerging Markets Hedged ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select emerging market currencies. For the 12-month period ended May 31, 2017, DBEM shares returned 17.19%, compared to the DBEM Index return of 19.20%.
Emerging markets made a comeback, supported by reflation trades and an improved global outlook. All sectors contributed positively to performance during the period, with the greatest contribution coming from Financials and Information Technology. From a geographical perspective, China, Taiwan, and South Korea were the main positive contributors, while Egypt, Cayman Islands, Zambia and the Philippines contributed negatively to
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI Europe Hedged Equity ETF
The Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU Index is designed to provide exposure to equity securities in 15 developed European stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2017, DBEU shares returned 21.77%, compared to the DBEU Index return of 22.18%.
Eurozone equity markets rose on the back of positive economic indicators. The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials, and Materials, while Telecommunication Services contributed negatively. From a geographical perspective, the U.K, France, Germany and Switzerland were the main positive contributors. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
The Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the EMU, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2017, DBEZ shares returned 22.56%, compared with the DBEZ Index return of 22.61%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials, and Consumer Discretionary. From a geographical perspective, France, Germany, and Spain were the main positive contributors, while the U.K. contributed negatively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Germany Hedged Equity ETF
The Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2017, DBGR shares returned 22.93%, compared to the DBGR Index return of 23.50%.
All sectors contributed positively to performance with the greatest contribution coming from Industrials, Health Care, Information Technology, and Materials. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Japan Hedged Equity ETF
The Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to provide exposure to Japan’s equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the Japanese yen. For the 12-month period ended May 31, 2017, DBJP shares returned 14.08%, compared to the DBJP Index return of 14.83%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Industrials, and Consumer Discretionary. Health Care was the
4
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
only sector that contributed negatively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese yen. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
The Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the DBMX Index). The DBMX Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the Mexican peso. For the 12-month period ended May 31, 2017, DBMX shares returned 2.19%, compared to the DBMX Index return of 2.45%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Materials and Telecommunication Services. The Consumer Discretionary sector was the significant negative contributor to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the Mexican peso. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
The Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the DBKO Index). The DBKO Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won. For the 12-month period ended May 31, 2017, DBKO shares returned 27.01%, compared to the DBKO Index return of 29.11%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology. The Health Care and Utilities sectors were the significant negative contributors to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the South Korean won. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
The Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the DBUK Index). The DBUK Index is designed to provide exposure to the U.K. equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the British pound sterling. For the 12-month period ended May 31, 2017, DBUK shares returned 24.79%, compared to the DBUK Index return of 25.71%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Materials, and Energy. The Utilities, Real Estate, and Telecommunication Services sectors were the only negative contributors to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the British pound sterling. The currency hedging strategy contributed positively to performance.
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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.deutsche-etfs.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-27 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
5
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA US Dollar Hedged Index | MSCI ACWI ex USA Index | |||||
One Year | 18.30% | 19.36% | 18.90% | 18.24% | ||||
Since Inception1 | 6.02% | 6.12% | 6.52% | 2.35% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA US Dollar Hedged Index | MSCI ACWI ex USA Index | |||||
One Year | 18.30% | 19.36% | 18.90% | 18.24% | ||||
Since Inception1 | 21.65% | 22.06% | 23.61% | 8.12% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.40%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
6
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 1/23/14.
Sector Diversification* as of 5/31/17
Financials | 22.9% | |||
Industrials | 11.7% | |||
Consumer Discretionary | 11.5% | |||
Consumer Staples | 10.3% | |||
Information Technology | 10.2% | |||
Health Care | 8.3% | |||
Materials | 7.5% | |||
Energy | 6.4% | |||
Telecommunication Services | 4.7% | |||
Real Estate | 3.3% | |||
Utilities | 3.2% | |||
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| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (9.1% of Net Assets)
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.3% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.0% | |||
Tencent Holdings Ltd. (China) | 1.0% | |||
Roche Holding AG (Switzerland) | 1.0% | |||
Novartis AG (Switzerland) | 0.9% | |||
HSBC Holdings PLC (United Kingdom) | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 0.9% | |||
Toyota Motor Corp. (Japan) | 0.7% | |||
Alibaba Group Holding Ltd. (China) | 0.7% | |||
British American Tobacco PLC (United Kingdom) | 0.7% |
Country Diversification* as of 5/31/17
Japan | 16.2% | |||
United Kingdom | 11.3% | |||
France | 7.3% | |||
Germany | 6.8% | |||
Switzerland | 6.6% | |||
Canada | 6.5% | |||
China | 5.6% | |||
Australia | 4.9% | |||
South Korea | 3.8% | |||
Hong Kong | 3.4% | |||
Netherlands | 3.1% | |||
Taiwan | 3.0% | |||
Spain | 2.5% | |||
Sweden | 2.0% | |||
Other | 17.0% | |||
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| |||
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 30.
7
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan) while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Asia Pacific ex-Japan US Dollar Hedged Index | MSCI Asia Pacific ex-Japan Index | |||||
One Year | 20.34% | 20.54% | 21.48% | 25.29% | ||||
Since Inception1 | 5.79% | 5.67% | 6.35% | 5.02% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Asia Pacific ex-Japan US Dollar Hedged Index | MSCI Asia Pacific ex-Japan Index | |||||
One Year | 20.34% | 20.54% | 21.48% | 25.29% | ||||
Since Inception1 | 22.91% | 22.42% | 25.35% | 19.70% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 10/1/13.
Sector Diversification* as of 5/31/17
Financials | 27.0% | |||
Information Technology | 24.7% | |||
Consumer Discretionary | 8.1% | |||
Industrials | 7.6% | |||
Real Estate | 7.0% | |||
Materials | 6.3% | |||
Consumer Staples | 4.9% | |||
Telecommunication Services | 4.6% | |||
Energy | 3.7% | |||
Utilities | 3.3% | |||
Health Care | 2.8% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (23.1% of Net Assets)
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. (South Korea) | 3.9% | |||
Tencent Holdings Ltd. (China) | 3.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.3% | |||
Alibaba Group Holding Ltd. (China) | 2.8% | |||
Commonwealth Bank of Australia (Australia) | 2.0% | |||
AIA Group Ltd. (Hong Kong) | 1.7% | |||
Westpac Banking Corp. (Australia) | 1.5% | |||
China Construction Bank Corp. (China) | 1.4% | |||
China Mobile Ltd. (Hong Kong) | 1.4% | |||
Australia & New Zealand Banking Group Ltd. (Australia) | 1.2% |
Country Diversification* as of 5/31/17
China | 23.8% | |||
Australia | 20.0% | |||
South Korea | 15.8% | |||
Hong Kong | 14.1% | |||
Taiwan | 12.4% | |||
Singapore | 3.8% | |||
Indonesia | 2.5% | |||
Malaysia | 2.5% | |||
Thailand | 2.2% | |||
Other | 2.9% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.
9
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
The Deutsche X-trackers MSCI Brazil Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Brazilian real. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Brazil US Dollar Hedged Index | MSCI Brazil Index | |||||
One Year | 16.28% | 15.06% | 17.12% | 42.21% | ||||
Five Year | -3.60% | -3.40% | -2.78% | -4.18% | ||||
Since Inception1 | -5.49% | -5.43% | -4.20% | -8.28% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Brazil US Dollar Hedged Index | MSCI Brazil Index | |||||
One Year | 16.28% | 15.06% | 17.12% | 42.21% | ||||
Five Year | -16.75% | -15.89% | -13.15% | -19.22% | ||||
Since Inception1 | -28.64% | -28.38% | -22.66% | -40.39% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/17
Financials | 34.5% | |||
Consumer Staples | 14.8% | |||
Materials | 13.6% | |||
Energy | 10.7% | |||
Utilities | 5.8% | |||
Industrials | 5.8% | |||
Consumer Discretionary | 5.4% | |||
Telecommunication Services | 3.1% | |||
Information Technology | 2.9% | |||
Health Care | 2.0% | |||
Real Estate | 1.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (57.1% of Net Assets)
Description | % of Net Assets | |||
Itau Unibanco Holding SA | 10.9% | |||
Banco Bradesco SA | 9.4% | |||
Vale SA | 8.1% | |||
Ambev SA | 7.5% | |||
Petroleo Brasileiro SA | 6.8% | |||
Mercadorias e Futuros | 3.7% | |||
Itausa — Investimentos Itau SA | 3.4% | |||
Cielo SA | 2.7% | |||
Ultrapar Participacoes SA | 2.6% | |||
Telefonica Brasil SA | 2.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 65.
11
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. The Index includes securities from the following 24 countries: Brazil, Chile, China, Columbia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EM US Dollar Hedged Index | MSCI EM Index | |||||
One Year | 17.19% | 17.04% | 19.20% | 27.41% | ||||
Five Year | 2.65% | 2.71% | 4.95% | 4.54% | ||||
Since Inception1 | -0.05% | -0.05% | 2.31% | 0.22% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EM US Dollar Hedged Index | MSCI EM Index | |||||
One Year | 17.19% | 17.04% | 19.20% | 27.41% | ||||
Five Year | 13.96% | 14.31% | 27.34% | 24.84% | ||||
Since Inception1 | -0.30% | -0.28% | 14.61% | 1.30% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/17
Information Technology | 25.6% | |||
Financials | 23.7% | |||
Consumer Discretionary | 10.9% | |||
Materials | 7.1% | |||
Consumer Staples | 7.0% | |||
Energy | 6.8% | |||
Industrials | 5.9% | |||
Telecommunication Services | 5.4% | |||
Utilities | 2.7% | |||
Real Estate | 2.6% | |||
Health Care | 2.3% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (22.6% of Net Assets)
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.1% | |||
Tencent Holdings Ltd. (China) | 4.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.5% | |||
Alibaba Group Holding Ltd. (China) | 2.9% | |||
Naspers Ltd. (South Africa) | 1.9% | |||
China Construction Bank Corp. (China) | 1.5% | |||
China Mobile Ltd. (Hong Kong) | 1.4% | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 1.1% | |||
Baidu, Inc. (China) | 1.1% | |||
Industrial & Commercial Bank of China Ltd. (China) | 1.0% |
Country Diversification* as of 5/31/17
China | 23.4% | |||
South Korea | 15.6% | |||
Taiwan | 12.2% | |||
India | 9.0% | |||
Brazil | 6.8% | |||
South Africa | 6.7% | |||
Hong Kong | 4.0% | |||
Mexico | 3.5% | |||
Russia | 3.4% | |||
Indonesia | 2.4% | |||
Malaysia | 2.4% | |||
Thailand | 2.1% | |||
Other | 8.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 68.
13
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
The Deutsche X-trackers MSCI Europe Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Europe US Dollar Hedged Index | MSCI Europe Index | |||||
One Year | 21.77% | 21.87% | 22.18% | 17.00% | ||||
Since Inception1 | 9.29% | 9.27% | 9.63% | 3.69% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Europe US Dollar Hedged Index | MSCI Europe Index | |||||
One Year | 21.77% | 21.87% | 22.18% | 17.00% | ||||
Since Inception1 | 38.48% | 38.44% | 40.11% | 14.23% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
14
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 10/1/13.
Sector Diversification* as of 5/31/17
Financials | 20.3% | |||
Consumer Staples | 14.3% | |||
Health Care | 13.4% | |||
Industrials | 13.3% | |||
Consumer Discretionary | 10.7% | |||
Materials | 7.4% | |||
Energy | 6.8% | |||
Information Technology | 4.6% | |||
Telecommunication Services | 4.1% | |||
Utilities | 3.7% | |||
Real Estate | 1.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (16.9% of Net Assets)
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 2.9% | |||
Roche Holding AG (Switzerland) | 2.1% | |||
Novartis AG (Switzerland) | 2.0% | |||
HSBC Holdings PLC (United Kingdom) | 1.9% | |||
British American Tobacco PLC (United Kingdom) | 1.5% | |||
TOTAL SA (France) | 1.4% | |||
Royal Dutch Shell PLC (Netherlands) | 1.3% | |||
BP PLC (United Kingdom) | 1.3% | |||
Sanofi (France) | 1.3% | |||
Bayer AG (Germany) | 1.2% |
Country Diversification* as of 5/31/17
United Kingdom | 24.6% | |||
France | 16.0% | |||
Germany | 14.7% | |||
Switzerland | 14.4% | |||
Netherlands | 6.7% | |||
Spain | 5.4% | |||
Sweden | 4.5% | |||
Italy | 3.1% | |||
Denmark | 2.8% | |||
Other | 7.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 83.
15
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equities in countries in the EMU, or the “Eurozone,” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EMU IMI US Dollar Hedged Index | MSCI EMU Index | |||||
One Year | 22.56% | 22.80% | 22.61% | 21.73% | ||||
Since Inception1 | 11.70% | 11.75% | 11.81% | 6.69% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EMU IMI US Dollar Hedged Index | MSCI EMU Index | |||||
One Year | 22.56% | 22.80% | 22.61% | 21.73% | ||||
Since Inception1 | 31.50% | 31.66% | 31.86% | 17.40% |
1 Total returns are calculated based on the commencement of operations, 12/10/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
16
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 12/10/14.
Sector Diversification* as of 5/31/17
Financials | 18.8% | |||
Industrials | 16.0% | |||
Consumer Discretionary | 13.5% | |||
Consumer Staples | 10.1% | |||
Materials | 8.3% | |||
Health Care | 8.3% | |||
Information Technology | 8.2% | |||
Utilities | 4.9% | |||
Energy | 4.9% | |||
Telecommunication Services | 4.3% | |||
Real Estate | 2.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (19.6% of Net Assets)
Description | % of Net Assets | |||
TOTAL SA (France) | 2.4% | |||
Sanofi (France) | 2.2% | |||
Bayer AG (Germany) | 2.1% | |||
Siemens AG (Germany) | 2.1% | |||
SAP SE (Germany) | 2.1% | |||
Banco Santander SA (Spain) | 1.8% | |||
Unilever NV (United Kingdom) | 1.8% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.7% | |||
Allianz SE (Germany) | 1.7% | |||
BASF SE (Germany) | 1.7% |
Country Diversification* as of 5/31/17
France | 29.8% | |||
Germany | 28.7% | |||
Spain | 10.6% | |||
Netherlands | 8.7% | |||
Italy | 7.1% | |||
Belgium | 4.1% | |||
Finland | 3.5% | |||
United Kingdom | 3.0% | |||
Other | 4.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 91.
17
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
The Deutsche X-trackers MSCI Germany Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Germany’s equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and euro. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Germany US Dollar Hedged Index | MSCI Germany Index | |||||
One Year | 22.93% | 22.96% | 23.50% | 22.66% | ||||
Five Year | 10.85% | 10.94% | 11.15% | 7.79% | ||||
Since Inception1 | 6.66% | 6.64% | 7.02% | 3.27% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Germany US Dollar Hedged Index | MSCI Germany Index | |||||
One Year | 22.93% | 22.96% | 23.50% | 22.66% | ||||
Five Year | 67.36% | 68.08% | 69.67% | 45.52% | ||||
Since Inception1 | 47.04% | 46.93% | 50.05% | 21.22% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Prior to 5/31/13, this fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Returns reflect performance for DBCN and its underlying hedged and unhedged indices through 5/31/13.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
18
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/17
Consumer Discretionary | 17.9% | |||
Financials | 14.8% | |||
Health Care | 14.4% | |||
Industrials | 14.0% | |||
Materials | 13.9% | |||
Information Technology | 10.4% | |||
Telecommunication Services | 5.2% | |||
Consumer Staples | 4.2% | |||
Utilities | 2.7% | |||
Real Estate | 2.5% | |||
|
| |||
Total | 100.0% |
Prior to 5/31/13, this fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Returns reflect performance for DBCN and its underlying hedged and unhedged indices through 5/31/13.
Ten Largest Equity Holdings as of 5/31/17 (53.9% of Net Assets)
Description | % of Net Assets | |||
Bayer AG | 8.0% | |||
Siemens AG | 7.9% | |||
SAP SE | 7.7% | |||
Allianz SE | 6.4% | |||
BASF SE | 6.3% | |||
Daimler AG | 5.1% | |||
Deutsche Telekom AG | 4.7% | |||
Deutsche Post AG | 2.6% | |||
Deutsche Bank AG | 2.6% | |||
adidas AG | 2.6% |
* 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 100.
19
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
The Deutsche X-trackers MSCI Japan Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Japan US Dollar Hedged Index | MSCI Japan Index | |||||
One Year | 14.08% | 15.18% | 14.83% | 15.02% | ||||
Five Year | 16.86% | 16.79% | 17.66% | 10.43% | ||||
Since Inception1 | 11.47% | 11.45% | 12.25% | 6.91% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Japan US Dollar Hedged Index | MSCI Japan Index | |||||
One Year | 14.08% | 15.18% | 14.83% | 15.02% | ||||
Five Year | 117.91% | 117.28% | 125.54% | 64.21% | ||||
Since Inception1 | 91.41% | 91.28% | 99.63% | 49.18% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
20
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/17
Industrials | 20.2% | |||
Consumer Discretionary | 20.1% | |||
Financials | 12.8% | |||
Information Technology | 11.9% | |||
Consumer Staples | 8.4% | |||
Health Care | 7.4% | |||
Materials | 6.2% | |||
Telecommunication Services | 5.9% | |||
Real Estate | 4.3% | |||
Utilities | 2.0% | |||
Energy | 0.8% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (18.6% of Net Assets)
Description | % of Net Assets | |||
Toyota Motor Corp. | 4.3% | |||
Mitsubishi UFJ Financial Group, Inc. | 2.3% | |||
SoftBank Group Corp. | 2.1% | |||
KDDI Corp. | 1.6% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.5% | |||
Honda Motor Co. Ltd. | 1.5% | |||
Sony Corp. | 1.4% | |||
Keyence Corp. | 1.3% | |||
Mizuho Financial Group, Inc. | 1.3% | |||
Japan Tobacco, Inc. | 1.3% |
* 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 103.
21
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
The Deutsche X-trackers MSCI Mexico Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Mexican peso. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Mexico IMI 25/50 US Dollar Hedged Index | MSCI Mexico IMI 25/50 Index | |||||
One Year | 2.19% | 1.88% | 2.45% | 5.00% | ||||
Since Inception1 | 1.87% | 1.85% | 2.21% | -4.95% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Mexico IMI 25/50 US Dollar Hedged Index | MSCI Mexico IMI 25/50 Index | |||||
One Year | 2.19% | 1.88% | 2.45% | 5.00% | ||||
Since Inception1 | 6.42% | 6.33% | 7.60% | -15.66% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.51%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
22
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 1/23/14.
Sector Diversification* as of 5/31/17
Consumer Staples | 27.2% | |||
Financials | 15.4% | |||
Telecommunication Services | 14.9% | |||
Materials | 14.9% | |||
Industrials | 12.5% | |||
Consumer Discretionary | 7.6% | |||
Real Estate | 5.8% | |||
Utilities | 1.0% | |||
Health Care | 0.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (59.4% of Net Assets)
Description | % of Net Assets | |||
America Movil SAB de CV | 14.1% | |||
Fomento Economico Mexicano SAB de CV | 9.5% | |||
Grupo Financiero Banorte SAB de CV | 7.4% | |||
Cemex SAB de CV | 6.2% | |||
Wal-Mart de Mexico SAB de CV | 6.0% | |||
Grupo Televisa SAB | 4.4% | |||
Grupo Mexico SAB de CV | 4.3% | |||
Fibra Uno Administracion SA de CV | 2.7% | |||
Grupo Aeroportuario del Sureste SAB de CV | 2.4% | |||
Alfa SAB de CV | 2.4% |
* 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 108.
23
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
The Deutsche X-trackers MSCI South Korea Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Korea 25/50 US Dollar Hedged Index | MSCI Korea 25/50 Index | |||||
One Year | 27.01% | 27.48% | 29.11% | 37.06% | ||||
Since Inception1 | 4.71% | 4.54% | 6.21% | 5.28% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Korea 25/50 US Dollar Hedged Index | MSCI Korea 25/50 Index | |||||
One Year | 27.01% | 27.48% | 29.11% | 37.06% | ||||
Since Inception1 | 16.70% | 16.06% | 22.42% | 18.84% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.58%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
24
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 1/23/14.
Sector Diversification* as of 5/31/17
Information Technology | 35.3% | |||
Financials | 14.4% | |||
Consumer Discretionary | 13.8% | |||
Industrials | 11.4% | |||
Consumer Staples | 8.6% | |||
Materials | 8.2% | |||
Health Care | 2.7% | |||
Energy | 2.6% | |||
Utilities | 1.7% | |||
Telecommunication Services | 1.3% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (45.3% of Net Assets)
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 21.5% | |||
SK Hynix, Inc. | 4.1% | |||
Hyundai Motor Co. | 3.1% | |||
NAVER Corp. | 3.0% | |||
KB Financial Group, Inc. | 2.7% | |||
Shinhan Financial Group Co. Ltd. | 2.6% | |||
POSCO | 2.6% | |||
Hyundai Mobis Co. Ltd. | 2.3% | |||
LG Chem Ltd. | 1.8% | |||
KT&G Corp. | 1.6% |
* 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 111.
25
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the United Kingdom equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and British pound sterling. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI United Kingdom US Dollar Hedged Index | MSCI United Kingdom Index | |||||
One Year | 24.79% | 24.70% | 25.71% | 11.44% | ||||
Since Inception1 | 7.15% | 7.08% | 7.85% | 1.41% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI United Kingdom US Dollar Hedged Index | MSCI United Kingdom Index | |||||
One Year | 24.79% | 24.70% | 25.71% | 11.44% | ||||
Since Inception1 | 28.82% | 28.54% | 31.94% | 5.27% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016 was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
26
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 10/1/13.
Sector Diversification* as of 5/31/17
Financials | 21.5% | |||
Consumer Staples | 18.2% | |||
Energy | 14.0% | |||
Health Care | 11.1% | |||
Consumer Discretionary | 8.7% | |||
Industrials | 8.0% | |||
Materials | 7.5% | |||
Telecommunication Services | 4.7% | |||
Utilities | 4.0% | |||
Real Estate | 1.4% | |||
Information Technology | 0.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (43.3% of Net Assets)
Description | % of Net Assets | |||
HSBC Holdings PLC | 7.0% | |||
British American Tobacco PLC | 5.4% | |||
Royal Dutch Shell PLC | 4.9% | |||
BP PLC | 4.8% | |||
GlaxoSmithKline PLC | 4.4% | |||
Royal Dutch Shell PLC | 4.2% | |||
AstraZeneca PLC | 3.5% | |||
Vodafone Group PLC | 3.2% | |||
Diageo PLC | 3.0% | |||
Unilever PLC | 2.9% |
* 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 114.
27
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 (December 1, 2016 to May 31, 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 December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,127.90 | 0.40 | % | $ | 2.12 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.94 | 0.40 | % | $ | 2.02 | ||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,132.20 | 0.60 | % | $ | 3.19 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 965.50 | 0.60 | % | $ | 2.94 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,114.50 | 0.65 | % | $ | 3.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.69 | 0.65 | % | $ | 3.28 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,176.90 | 0.45 | % | $ | 2.44 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
28
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,208.20 | 0.45 | % | $ | 2.48 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,186.00 | 0.45 | % | $ | 2.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,070.30 | 0.45 | % | $ | 2.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,040.50 | 0.50 | % | $ | 2.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.44 | 0.50 | % | $ | 2.52 | ||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,217.80 | 0.58 | % | $ | 3.21 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.04 | 0.58 | % | $ | 2.92 | ||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,130.50 | 0.45 | % | $ | 2.39 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
29
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
Australia — 4.8% | ||||||||
AGL Energy Ltd. | 3,587 | $ | 70,231 | |||||
Alumina Ltd. (a) | 13,971 | 19,932 | ||||||
Amcor Ltd. | 6,177 | 70,408 | ||||||
AMP Ltd. | 14,173 | 53,183 | ||||||
APA Group (b) | 6,332 | 45,074 | ||||||
Aristocrat Leisure Ltd. | 3,124 | 50,604 | ||||||
ASX Ltd. | 1,037 | 39,390 | ||||||
Aurizon Holdings Ltd. | 11,869 | 48,506 | ||||||
AusNet Services | 11,282 | 14,209 | ||||||
Australia & New Zealand Banking Group Ltd. | 15,586 | 324,390 | ||||||
Bank of Queensland Ltd. | 2,200 | 18,243 | ||||||
Bendigo & Adelaide Bank Ltd. | 2,042 | 17,100 | ||||||
BHP Billiton Ltd. | 17,131 | 304,229 | ||||||
BHP Billiton PLC | 11,242 | 169,905 | ||||||
BlueScope Steel Ltd. | 2,959 | 25,285 | ||||||
Boral Ltd. | 6,586 | 33,522 | ||||||
Brambles Ltd. | 8,478 | 65,327 | ||||||
Caltex Australia Ltd. | 1,512 | 37,143 | ||||||
Challenger Ltd. | 3,428 | 32,579 | ||||||
CIMIC Group Ltd. | 527 | 15,859 | ||||||
Coca-Cola Amatil Ltd. | 3,061 | 21,244 | ||||||
Cochlear Ltd. | 310 | 33,767 | ||||||
Commonwealth Bank of Australia | 9,087 | 537,806 | ||||||
Computershare Ltd. | 2,485 | 26,608 | ||||||
Crown Resorts Ltd. | 2,079 | 20,005 | ||||||
CSL Ltd. | 2,471 | 237,387 | ||||||
Dexus REIT | 5,170 | 39,914 | ||||||
Domino’s Pizza Enterprises Ltd. (a) | 380 | 16,227 | ||||||
Flight Centre Travel Group Ltd. (a) | 334 | 8,875 | ||||||
Fortescue Metals Group Ltd. | 8,416 | 30,330 | ||||||
Goodman Group REIT | 9,554 | 60,343 | ||||||
GPT Group REIT | 9,590 | 37,340 | ||||||
Harvey Norman Holdings Ltd. (a) | 2,975 | 8,334 | ||||||
Healthscope Ltd. | 6,890 | 10,342 | ||||||
Incitec Pivot Ltd. | 9,186 | 23,344 | ||||||
Insurance Australia Group Ltd. | 11,677 | 55,183 | ||||||
LendLease Group (b) | 2,960 | 35,917 | ||||||
Macquarie Group Ltd. | 1,617 | 107,716 | ||||||
Medibank Pvt Ltd. | 14,707 | 30,052 | ||||||
Mirvac Group REIT | 19,761 | 33,478 | ||||||
National Australia Bank Ltd. | 14,051 | 314,472 | ||||||
Newcrest Mining Ltd. | 4,180 | 65,660 | ||||||
Oil Search Ltd. | 5,985 | 31,619 | ||||||
Orica Ltd. | 2,326 | 34,014 | ||||||
Origin Energy Ltd.* | 8,417 | 48,158 | ||||||
Qantas Airways Ltd. | 2,063 | 7,680 | ||||||
QBE Insurance Group Ltd. | 7,347 | 70,424 | ||||||
Ramsay Health Care Ltd. | 761 | 38,977 | ||||||
REA Group Ltd. | 238 | 11,348 | ||||||
Santos Ltd.* | 7,421 | 18,528 | ||||||
Scentre Group REIT | 30,485 | 96,497 | ||||||
SEEK Ltd. | 2,203 | 27,648 | ||||||
Sonic Healthcare Ltd. | 2,165 | 37,258 | ||||||
South32 Ltd. | 28,666 | 56,233 | ||||||
Stockland REIT | 15,582 | 54,649 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Suncorp Group Ltd. | 6,535 | $ | 67,205 | |||||
Sydney Airport (b) | 5,675 | 31,373 | ||||||
Tabcorp Holdings Ltd. | 4,443 | 15,120 | ||||||
Tatts Group Ltd. | 7,800 | 24,342 | ||||||
Telstra Corp. Ltd. | 21,988 | 71,888 | ||||||
TPG Telecom Ltd. (a) | 2,880 | 12,605 | ||||||
Transurban Group (b) | 11,115 | 101,751 | ||||||
Treasury Wine Estates Ltd. | 3,930 | 38,021 | ||||||
Vicinity Centres REIT | 18,357 | 37,647 | ||||||
Wesfarmers Ltd. | 6,152 | 195,193 | ||||||
Westfield Corp. REIT | 10,252 | 64,599 | ||||||
Westpac Banking Corp. | 17,723 | 401,658 | ||||||
Woodside Petroleum Ltd. | 3,748 | 89,537 | ||||||
Woolworths Ltd. | 6,671 | 129,127 | ||||||
|
| |||||||
5,022,562 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 280 | 16,800 | ||||||
Erste Group Bank AG* | 1,674 | 60,740 | ||||||
OMV AG | 774 | 40,348 | ||||||
Raiffeisen Bank International AG* | 777 | 20,468 | ||||||
voestalpine AG | 476 | 21,552 | ||||||
|
| |||||||
159,908 | ||||||||
|
| |||||||
Belgium — 0.8% | ||||||||
Ageas (a) | 1,031 | 41,631 | ||||||
Anheuser-Busch InBev SA/NV | 4,034 | 470,608 | ||||||
Colruyt SA | 310 | 17,153 | ||||||
Groupe Bruxelles Lambert SA | 427 | 41,487 | ||||||
KBC Group NV | 1,351 | 101,652 | ||||||
Proximus SADP | 554 | 19,912 | ||||||
Solvay SA | 385 | 50,342 | ||||||
Telenet Group Holding NV* | 319 | 21,143 | ||||||
UCB SA | 685 | 48,340 | ||||||
Umicore SA | 550 | 36,428 | ||||||
|
| |||||||
848,696 | ||||||||
|
| |||||||
Brazil — 1.0% | ||||||||
Ambev SA | 24,337 | 140,715 | ||||||
Banco Bradesco SA | 4,700 | 39,288 | ||||||
Banco do Brasil SA | 4,624 | 40,496 | ||||||
Banco Santander Brasil SA | 2,703 | 21,250 | ||||||
BB Seguridade Participacoes SA | 3,968 | 35,683 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 10,852 | 61,773 | ||||||
BR Malls Participacoes SA | 4,211 | 15,590 | ||||||
BRF SA | 3,605 | 48,260 | ||||||
CCR SA | 6,414 | 32,863 | ||||||
Centrais Eletricas Brasileiras SA* | 405 | 1,721 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,007 | 17,986 | ||||||
Cia Siderurgica Nacional SA* | 3,365 | 7,134 | ||||||
Cielo SA | 5,988 | 42,209 | ||||||
Cosan SA Industria e Comercio | 698 | 7,772 | ||||||
CPFL Energia SA | 1,067 | 8,669 | ||||||
Duratex SA | 2,035 | 5,050 | ||||||
EDP — Energias do Brasil SA | 1,568 | 6,464 | ||||||
Embraer SA | 2,612 | 12,923 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Brazil (Continued) | ||||||||
Equatorial Energia SA | 1,110 | $ | 18,317 | |||||
Fibria Celulose SA | 1,233 | 14,136 | ||||||
Hypermarcas SA | 2,007 | 18,296 | ||||||
JBS SA | 3,890 | 9,701 | ||||||
Klabin SA | 3,084 | 15,916 | ||||||
Kroton Educacional SA | 7,227 | 32,384 | ||||||
Localiza Rent a Car SA | 885 | 11,891 | ||||||
Lojas Americanas SA | 1,679 | 6,434 | ||||||
Lojas Renner SA | 3,841 | 31,301 | ||||||
M Dias Branco SA | 598 | 9,998 | ||||||
Natura Cosmeticos SA | 1,192 | 11,998 | ||||||
Odontoprev SA | 1,437 | 5,360 | ||||||
Petroleo Brasileiro SA* | 16,526 | 69,557 | ||||||
Porto Seguro SA | 382 | 3,801 | ||||||
Qualicorp SA | 2,173 | 18,816 | ||||||
Raia Drogasil SA | 1,365 | 30,371 | ||||||
Rumo SA* | 3,816 | 10,000 | ||||||
Sul America SA | 649 | 3,580 | ||||||
TIM Participacoes SA | 3,825 | 11,726 | ||||||
Transmissora Alianca de Energia Eletrica SA | 954 | 6,692 | ||||||
Ultrapar Participacoes SA | 1,860 | 43,023 | ||||||
Vale SA | 6,985 | 58,648 | ||||||
WEG SA | 2,843 | 16,693 | ||||||
|
| |||||||
1,004,485 | ||||||||
|
| |||||||
Canada — 6.4% | ||||||||
Agnico Eagle Mines Ltd. | 1,256 | 60,706 | ||||||
Agrium, Inc. | 699 | 64,588 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,240 | 103,605 | ||||||
AltaGas Ltd. | 610 | 13,597 | ||||||
ARC Resources Ltd. | 2,007 | 25,064 | ||||||
Atco Ltd., Class I | 392 | 14,785 | ||||||
Bank of Montreal | 3,479 | 233,513 | ||||||
Bank of Nova Scotia | 6,277 | 354,172 | ||||||
Barrick Gold Corp. | 6,392 | 105,709 | ||||||
BCE, Inc. | 708 | 32,081 | ||||||
BlackBerry Ltd.* | 2,895 | 30,603 | ||||||
Bombardier, Inc., Class B* | 10,744 | 19,407 | ||||||
Brookfield Asset Management, Inc., Class A | 4,752 | 179,899 | ||||||
CAE, Inc. | 1,448 | 23,389 | ||||||
Cameco Corp. | 1,761 | 16,230 | ||||||
Canadian Imperial Bank of Commerce | 2,083 | 162,865 | ||||||
Canadian National Railway Co. | 3,966 | 307,480 | ||||||
Canadian Natural Resources Ltd. | 5,946 | 171,401 | ||||||
Canadian Pacific Railway Ltd. | 778 | 123,089 | ||||||
Canadian Tire Corp. Ltd., Class A | 375 | 42,684 | ||||||
Canadian Utilities Ltd., Class A | 687 | 20,790 | ||||||
CCL Industries, Inc., Class B | 167 | 39,459 | ||||||
Cenovus Energy, Inc. | 4,581 | 40,864 | ||||||
CGI Group, Inc., Class A* | 1,135 | 56,269 | ||||||
CI Financial Corp. | 1,392 | 27,668 | ||||||
Constellation Software, Inc. | 105 | 54,301 | ||||||
Crescent Point Energy Corp. | 2,886 | 25,039 | ||||||
Dollarama, Inc. | 735 | 68,083 | ||||||
Element Fleet Management Corp. | 2,547 | 16,140 |
Number | Value | |||||||
Canada (Continued) | ||||||||
Emera, Inc. | 271 | $ | 9,666 | |||||
Empire Co. Ltd., Class A | 665 | 10,087 | ||||||
Enbridge, Inc. | 8,843 | 340,405 | ||||||
Encana Corp. | 5,376 | 52,254 | ||||||
Fairfax Financial Holdings Ltd. | 135 | 59,232 | ||||||
Finning International, Inc. | 1,053 | 20,033 | ||||||
First Capital Realty, Inc. | 717 | 10,685 | ||||||
First Quantum Minerals Ltd. | 3,781 | 31,880 | ||||||
Fortis, Inc. | 2,119 | 69,757 | ||||||
Franco-Nevada Corp. | 853 | 63,695 | ||||||
George Weston Ltd. | 230 | 20,791 | ||||||
Gildan Activewear, Inc. | 1,103 | 31,934 | ||||||
Goldcorp, Inc. | 4,514 | 61,385 | ||||||
Great-West Lifeco, Inc. | 1,554 | 38,630 | ||||||
H&R Real Estate Investment Trust REIT | 730 | 12,386 | ||||||
Husky Energy, Inc.* | 1,782 | 20,513 | ||||||
Hydro One Ltd., 144A | 1,435 | 25,219 | ||||||
IGM Financial, Inc. | 522 | 15,217 | ||||||
Imperial Oil Ltd. | 1,669 | 47,221 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 554 | 20,510 | ||||||
Intact Financial Corp. | 609 | 41,828 | ||||||
Inter Pipeline Ltd. | 1,826 | 36,159 | ||||||
Jean Coutu Group PJC, Inc., Class A | 414 | 6,801 | ||||||
Keyera Corp. | 705 | 20,980 | ||||||
Kinross Gold Corp.* | 7,175 | 31,019 | ||||||
Linamar Corp. | 92 | 4,173 | ||||||
Loblaw Cos. Ltd. | 1,181 | 66,750 | ||||||
Magna International, Inc. | 2,165 | 96,915 | ||||||
Manulife Financial Corp. | 10,427 | 180,081 | ||||||
Methanex Corp. | 492 | 20,294 | ||||||
Metro, Inc. | 1,197 | 40,088 | ||||||
National Bank of Canada | 1,840 | 72,573 | ||||||
Onex Corp. | 404 | 29,366 | ||||||
Open Text Corp. | 1,042 | 34,010 | ||||||
Pembina Pipeline Corp. | 2,237 | 71,489 | ||||||
Peyto Exploration & Development Corp. (a) | 860 | 15,591 | ||||||
Potash Corp. of Saskatchewan, Inc. | 4,544 | 75,047 | ||||||
Power Corp. of Canada | 2,007 | 42,819 | ||||||
Power Financial Corp. | 1,278 | 30,501 | ||||||
PrairieSky Royalty Ltd. | 1,183 | 25,519 | ||||||
Restaurant Brands International, Inc. | 1,295 | 79,233 | ||||||
RioCan Real Estate Investment Trust REIT | 856 | 16,032 | ||||||
Rogers Communications, Inc., Class B | 2,007 | 93,601 | ||||||
Royal Bank of Canada | 7,867 | 543,763 | ||||||
Saputo, Inc. | 1,113 | 37,159 | ||||||
Seven Generations Energy Ltd., Class A* | 1,313 | 23,551 | ||||||
Shaw Communications, Inc., Class B | 2,358 | 50,377 | ||||||
Shopify, Inc., Class A* | 411 | 37,946 | ||||||
SNC-Lavalin Group, Inc. | 869 | 33,342 | ||||||
Sun Life Financial, Inc. | 3,177 | 104,305 | ||||||
Suncor Energy, Inc. | 9,139 | 286,040 | ||||||
Teck Resources Ltd., Class B | 3,162 | 56,295 | ||||||
TELUS Corp. | 1,016 | 34,552 | ||||||
Thomson Reuters Corp. | 1,921 | 83,788 | ||||||
Toronto-Dominion Bank | 9,964 | 475,021 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Canada (Continued) | ||||||||
Tourmaline Oil Corp.* | 1,048 | $ | 20,955 | |||||
TransCanada Corp. | 4,724 | 219,300 | ||||||
Turquoise Hill Resources Ltd.* | 6,088 | 15,864 | ||||||
Veresen, Inc. | 1,615 | 21,950 | ||||||
Vermilion Energy, Inc. | 679 | 21,247 | ||||||
West Fraser Timber Co. Ltd. | 308 | 13,409 | ||||||
Wheaton Precious Metals Corp. | 2,506 | 51,202 | ||||||
Yamana Gold, Inc. | 5,126 | 13,281 | ||||||
|
| |||||||
6,669,196 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Aguas Andinas SA, Class A | 7,847 | 4,351 | ||||||
Antofagasta PLC | 2,165 | 22,344 | ||||||
Banco de Chile | 181,280 | 23,097 | ||||||
Banco de Credito e Inversiones | 328 | 18,324 | ||||||
Banco Santander Chile | 472,464 | 29,135 | ||||||
Cencosud SA | 9,111 | 24,554 | ||||||
Cia Cervecerias Unidas SA | 1,523 | 19,989 | ||||||
Colbun SA | 34,885 | 7,846 | ||||||
Empresas CMPC SA | 5,061 | 11,999 | ||||||
Empresas COPEC SA | 3,466 | 39,482 | ||||||
Enel Americas SA | 198,016 | 37,417 | ||||||
Enel Chile SA | 88,233 | 9,731 | ||||||
Enel Generacion Chile SA | 13,257 | 10,199 | ||||||
Itau CorpBanca | 1,444,804 | 13,389 | ||||||
Latam Airlines Group SA | 1,588 | 17,599 | ||||||
SACI Falabella | 3,227 | 26,647 | ||||||
|
| |||||||
316,103 | ||||||||
|
| |||||||
China — 5.5% | ||||||||
3SBio, Inc., 144A* | 4,069 | 5,650 | ||||||
58.com, Inc., ADR* | 551 | 23,693 | ||||||
AAC Technologies Holdings, Inc. | 4,708 | 50,396 | ||||||
Agricultural Bank of China Ltd., Class H | 127,394 | 61,796 | ||||||
Air China Ltd., Class H | 14,849 | 14,120 | ||||||
Alibaba Group Holding Ltd., ADR* | 5,884 | 720,555 | ||||||
Aluminum Corp. of China Ltd., Class H* | 20,380 | 9,494 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 6,313 | 20,942 | ||||||
ANTA Sports Products Ltd. | 5,549 | 16,414 | ||||||
Autohome, Inc., ADR* | 270 | 11,443 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 14,200 | 8,729 | ||||||
Baidu, Inc., ADR* | 1,422 | 264,634 | ||||||
Bank of China Ltd., Class H | 421,612 | 211,007 | ||||||
Bank of Communications Co. Ltd., Class H | 43,628 | 33,816 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 11,158 | 16,295 | ||||||
Belle International Holdings Ltd. | 33,546 | 26,174 | ||||||
BYD Co. Ltd., Class H | 3,353 | 20,030 | ||||||
CGN Power Co. Ltd., Class H, 144A | 45,242 | 13,411 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 42,838 | 16,217 | ||||||
China CITIC Bank Corp. Ltd., Class H | 50,356 | 31,083 | ||||||
China Communications Construction Co. Ltd., Class H | 26,283 | 35,482 | ||||||
China Communications Services Corp. Ltd., Class H | 16,854 | 10,014 |
Number | Value | |||||||
China (Continued) | ||||||||
China Conch Venture Holdings Ltd. | 6,265 | $ | 12,108 | |||||
China Construction Bank Corp., Class H | 438,135 | 362,088 | ||||||
China Everbright Bank Co. Ltd., Class H | 15,976 | 7,565 | ||||||
China Evergrande Group (a) | 17,095 | 30,669 | ||||||
China Galaxy Securities Co. Ltd., Class H | 12,162 | 11,190 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 32,000 | 13,018 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 38,883 | 5 | ||||||
China Life Insurance Co. Ltd., Class H | 39,644 | 130,238 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 17,728 | 13,354 | ||||||
China Medical System Holdings Ltd. | 2,088 | 3,703 | ||||||
China Mengniu Dairy Co. Ltd. | 13,006 | 26,304 | ||||||
China Merchants Bank Co. Ltd., Class H | 20,335 | 61,063 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 30,046 | 30,807 | ||||||
China National Building Material Co. Ltd., Class H | 14,000 | 7,779 | ||||||
China Oilfield Services Ltd., Class H | 10,000 | 8,662 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 13,678 | 54,764 | ||||||
China Petroleum & Chemical Corp., Class H | 135,403 | 111,032 | ||||||
China Railway Construction Corp. Ltd., Class H | 11,602 | 15,931 | ||||||
China Railway Group Ltd., Class H | 14,606 | 12,108 | ||||||
China Shenhua Energy Co. Ltd., Class H | 19,188 | 46,735 | ||||||
China Southern Airlines Co. Ltd., Class H | 9,004 | 6,887 | ||||||
China Telecom Corp. Ltd., Class H | 76,759 | 38,121 | ||||||
China Vanke Co. Ltd., Class H | 6,156 | 16,353 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 4,400 | 5,816 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 17,908 | 12,249 | ||||||
CITIC Securities Co. Ltd., Class H | 11,415 | 23,936 | ||||||
CNOOC Ltd. | 85,668 | 97,843 | ||||||
Country Garden Holdings Co. Ltd. | 27,767 | 32,818 | ||||||
CRRC Corp. Ltd., Class H | 19,508 | 18,275 | ||||||
CSPC Pharmaceutical Group Ltd. | 18,357 | 27,468 | ||||||
Ctrip.com International Ltd., ADR* | 1,942 | 106,130 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 15,013 | 16,915 | ||||||
ENN Energy Holdings Ltd. | 4,107 | 21,609 | ||||||
Fosun International Ltd. | 16,342 | 25,417 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 2,800 | 10,546 | ||||||
Geely Automobile Holdings Ltd. | 24,529 | 40,606 | ||||||
GF Securities Co. Ltd., Class H | 4,775 | 9,902 | ||||||
GOME Electrical Appliances Holding Ltd. | 66,620 | 8,635 | ||||||
Great Wall Motor Co. Ltd., Class H | 14,910 | 15,938 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 17,781 | 29,846 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 7,818 | 12,641 | ||||||
Haitian International Holdings Ltd. | 3,181 | 7,389 | ||||||
Haitong Securities Co. Ltd., Class H | 16,827 | 28,201 | ||||||
Hengan International Group Co. Ltd. | 3,745 | 26,264 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
China (Continued) | ||||||||
Huaneng Power International, Inc., Class H | 27,480 | $ | 21,934 | |||||
Huaneng Renewables Corp. Ltd., Class H | 20,202 | 6,689 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 7,622 | 15,004 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 391,348 | 261,650 | ||||||
JD.com, Inc., ADR* | 3,412 | 136,582 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 10,040 | 14,585 | ||||||
Jiangxi Copper Co. Ltd., Class H | 6,085 | 9,152 | ||||||
Kingsoft Corp. Ltd. | 3,574 | 9,609 | ||||||
Lenovo Group Ltd. | 40,350 | 26,408 | ||||||
Longfor Properties Co. Ltd. | 13,203 | 26,872 | ||||||
Minth Group Ltd.* | 4,000 | 16,272 | ||||||
Momo, Inc., ADR* | 453 | 17,232 | ||||||
NetEase, Inc., ADR | 415 | 118,184 | ||||||
New China Life Insurance Co. Ltd., Class H | 3,891 | 20,996 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 696 | 49,882 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 35,432 | 15,278 | ||||||
PetroChina Co. Ltd., Class H | 103,219 | 68,746 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 22,934 | 38,260 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 27,040 | 173,325 | ||||||
Semiconductor Manufacturing International Corp.* | 13,745 | 14,481 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9,838 | 7,726 | ||||||
Shanghai Electric Group Co. Ltd., | 15,731 | 6,823 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 1,033 | 3,957 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 4,700 | 7,464 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 5,519 | 15,971 | ||||||
Shenzhou International Group Holdings Ltd. | 3,989 | 27,310 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 20,000 | 8,598 | ||||||
SINA Corp.* | 304 | 29,783 | ||||||
Sino-Ocean Group Holding Ltd. | 14,054 | 7,088 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 11,466 | 10,535 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 17,535 | 10,306 | ||||||
Sinopharm Group Co. Ltd., Class H | 6,533 | 29,846 | ||||||
SOHO China Ltd.* | 10,942 | 5,476 | ||||||
Sunac China Holdings Ltd. | 10,000 | 16,246 | ||||||
Sunny Optical Technology Group Co. Ltd. | 3,783 | 29,468 | ||||||
TAL Education Group, ADR | 281 | 32,728 | ||||||
Tencent Holdings Ltd. | 29,662 | 1,018,608 | ||||||
Tingyi Cayman Islands Holding Corp. | 12,241 | 14,955 | ||||||
TravelSky Technology Ltd., Class H | 5,144 | 15,183 |
Number | Value | |||||||
China (Continued) | ||||||||
Tsingtao Brewery Co. Ltd., Class H | 1,114 | $ | 5,075 | |||||
Vipshop Holdings Ltd., ADR* | 1,663 | 20,571 | ||||||
Want Want China Holdings Ltd. | 32,162 | 22,576 | ||||||
Weibo Corp., ADR* | 141 | 10,368 | ||||||
Weichai Power Co. Ltd., Class H | 8,106 | 13,148 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 11,900 | 10,923 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 10,000 | 7,443 | ||||||
YY, Inc., ADR* | 154 | 8,984 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 6,889 | 8,080 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3,486 | 18,408 | ||||||
Zijin Mining Group Co. Ltd., Class H | 27,193 | 8,933 | ||||||
ZTE Corp., Class H | 799 | 1,626 | ||||||
|
| |||||||
5,715,670 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,185 | 12,385 | ||||||
Ecopetrol SA | 36,086 | 16,518 | ||||||
Grupo Argos SA | 1,538 | 11,043 | ||||||
Grupo de Inversiones Suramericana SA | 1,241 | 16,425 | ||||||
Interconexion Electrica SA ESP | 2,003 | 9,684 | ||||||
|
| |||||||
66,055 | ||||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 861 | 16,370 | ||||||
Komercni banka AS | 568 | 22,631 | ||||||
Moneta Money Bank AS, 144A | 2,509 | 8,541 | ||||||
O2 Czech Republic AS | 590 | 7,100 | ||||||
|
| |||||||
54,642 | ||||||||
|
| |||||||
Denmark — 1.3% | ||||||||
A.P. Moller — Maersk A/S, Class A | 16 | 29,045 | ||||||
A.P. Moller — Maersk A/S, Class B | 48 | 91,412 | ||||||
Carlsberg A/S, Class B | 569 | 61,958 | ||||||
Chr Hansen Holding A/S | 565 | 39,567 | ||||||
Coloplast A/S, Class B | 638 | 54,632 | ||||||
Danske Bank A/S | 3,747 | 140,736 | ||||||
DONG Energy A/S, 144A | 245 | 10,697 | ||||||
DSV A/S | 1,215 | 73,967 | ||||||
Genmab A/S* | 330 | 70,421 | ||||||
H Lundbeck A/S | 357 | 19,048 | ||||||
ISS A/S | 1,160 | 48,089 | ||||||
Novo Nordisk A/S, Class B | 10,237 | 435,055 | ||||||
Novozymes A/S, Class B | 1,284 | 58,136 | ||||||
Pandora A/S | 693 | 65,674 | ||||||
TDC A/S | 4,383 | 26,166 | ||||||
Tryg A/S | 570 | 11,725 | ||||||
Vestas Wind Systems A/S | 1,312 | 116,608 | ||||||
William Demant Holding A/S* | 795 | 20,855 | ||||||
|
| |||||||
1,373,791 | ||||||||
|
| |||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE | 5,502 | 25,154 | ||||||
Egyptian Financial Group-Hermes Holding Co. | 2,542 | 3,601 | ||||||
Global Telecom Holding SAE* | 10,843 | 3,894 | ||||||
|
| |||||||
32,649 | ||||||||
|
|
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Finland — 0.8% | ||||||||
Elisa OYJ | 813 | $ | 31,664 | |||||
Fortum OYJ | 2,352 | 37,465 | ||||||
Kone OYJ, Class B | 1,828 | 90,579 | ||||||
Metso OYJ | 771 | 26,226 | ||||||
Neste OYJ | 893 | 35,502 | ||||||
Nokia OYJ | 31,210 | 197,913 | ||||||
Nokian Renkaat OYJ | 716 | 29,261 | ||||||
Orion OYJ, Class B | 610 | 39,470 | ||||||
Sampo OYJ, Class A | 2,544 | 129,259 | ||||||
Stora Enso OYJ, Class R | 3,112 | 39,364 | ||||||
UPM-Kymmene OYJ | 2,977 | 83,940 | ||||||
Wartsila OYJ Abp | 768 | 45,596 | ||||||
|
| |||||||
786,239 | ||||||||
|
| |||||||
France — 7.2% | ||||||||
Accor SA | 970 | 46,054 | ||||||
Aeroports de Paris (a) | 237 | 36,221 | ||||||
Air Liquide SA | 2,013 | 245,353 | ||||||
Airbus SE | 3,011 | 247,154 | ||||||
Alstom SA* | 970 | 33,975 | ||||||
Arkema SA | 369 | 38,558 | ||||||
Atos SE | 480 | 68,857 | ||||||
AXA SA | 10,077 | 268,738 | ||||||
BNP Paribas SA (a) | 5,832 | 411,560 | ||||||
Bollore SA (a) | 3,523 | 16,226 | ||||||
Bouygues SA | 957 | 40,992 | ||||||
Bureau Veritas SA | 1,284 | 29,432 | ||||||
Capgemini SE | 878 | 90,898 | ||||||
Carrefour SA* | 3,134 | 81,836 | ||||||
Casino Guichard Perrachon SA | 254 | 15,662 | ||||||
Christian Dior SE | 251 | 71,675 | ||||||
Cie de Saint-Gobain | 2,588 | 144,708 | ||||||
Cie Generale des Etablissements Michelin (a) | 953 | 119,902 | ||||||
CNP Assurances | 996 | 21,907 | ||||||
Credit Agricole SA | 6,283 | 96,272 | ||||||
Danone SA | 3,254 | 241,549 | ||||||
Dassault Aviation SA | 13 | 19,388 | ||||||
Dassault Systemes SE (a) | 693 | 63,945 | ||||||
Edenred (a) | 1,106 | 29,172 | ||||||
Eiffage SA | 221 | 20,097 | ||||||
Electricite de France SA (a) | 1,958 | 21,098 | ||||||
Engie SA (a) | 7,620 | 116,287 | ||||||
Essilor International SA | 1,039 | 138,134 | ||||||
Eurazeo SA | 264 | 18,885 | ||||||
Eutelsat Communications SA | 958 | 24,644 | ||||||
Fonciere Des Regions REIT | 158 | 14,725 | ||||||
Gecina SA REIT | 237 | 36,434 | ||||||
Groupe Eurotunnel SE | 2,643 | 31,130 | ||||||
Hermes International | 138 | 68,202 | ||||||
ICADE REIT | 240 | 19,350 | ||||||
Iliad SA | 160 | 41,501 | ||||||
Imerys SA | 233 | 20,212 | ||||||
Ingenico Group SA | 309 | 30,040 | ||||||
Ipsen SA | 200 | 25,219 | ||||||
JCDecaux SA (a) | 479 | 15,855 | ||||||
Kering | 395 | 130,633 |
Number | Value | |||||||
France (Continued) | ||||||||
Klepierre REIT | 1,353 | $ | 56,510 | |||||
Lagardere SCA | 964 | 30,300 | ||||||
Legrand SA* | 1,372 | 94,062 | ||||||
L’Oreal SA | 1,381 | 295,455 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,461 | 372,804 | ||||||
Natixis SA (a) | 5,377 | 35,517 | ||||||
Orange SA (a) | 10,659 | 187,271 | ||||||
Pernod Ricard SA | 1,130 | 153,469 | ||||||
Peugeot SA | 2,605 | 51,357 | ||||||
Publicis Groupe SA (a) | 1,047 | 80,155 | ||||||
Remy Cointreau SA | 156 | 17,083 | ||||||
Renault SA*(a) | 1,050 | 98,007 | ||||||
Rexel SA | 1,607 | 28,306 | ||||||
Safran SA | 1,555 | 137,649 | ||||||
Sanofi (a) | 6,040 | 598,239 | ||||||
Schneider Electric SE* | 2,969 | 228,664 | ||||||
SCOR SE | 793 | 31,219 | ||||||
SEB SA | 40 | 7,019 | ||||||
Societe BIC SA | 148 | 18,080 | ||||||
Societe Generale SA (a) | 4,226 | 221,557 | ||||||
Sodexo SA | 488 | 66,579 | ||||||
Suez (a) | 1,882 | 34,334 | ||||||
Thales SA | 606 | 66,932 | ||||||
TOTAL SA (a) | 11,922 | 633,070 | ||||||
Unibail-Rodamco SE REIT | 519 | 133,891 | ||||||
Valeo SA | 1,338 | 93,144 | ||||||
Veolia Environnement SA | 2,485 | 54,686 | ||||||
Vinci SA | 2,641 | 230,608 | ||||||
Vivendi SA | 5,596 | 121,357 | ||||||
Wendel SA (a) | 237 | 36,155 | ||||||
Zodiac Aerospace | 1,151 | 30,489 | ||||||
|
| |||||||
7,496,448 | ||||||||
|
| |||||||
Germany — 6.3% | ||||||||
adidas AG | 1,004 | 192,016 | ||||||
Allianz SE | 2,420 | 464,595 | ||||||
Axel Springer SE | 317 | 19,928 | ||||||
BASF SE | 4,781 | 450,285 | ||||||
Bayer AG | 4,305 | 571,137 | ||||||
Bayerische Motoren Werke AG | 1,779 | 166,451 | ||||||
Beiersdorf AG | 561 | 60,247 | ||||||
Brenntag AG | 799 | 46,224 | ||||||
Commerzbank AG* | 5,618 | 59,248 | ||||||
Continental AG | 576 | 128,117 | ||||||
Covestro AG, 144A | 474 | 35,452 | ||||||
Daimler AG | 5,012 | 363,771 | ||||||
Deutsche Bank AG (c) | 11,199 | 195,941 | ||||||
Deutsche Boerse AG | 946 | 98,278 | ||||||
Deutsche Lufthansa AG | 1,365 | 26,520 | ||||||
Deutsche Post AG | 5,133 | 187,488 | ||||||
Deutsche Telekom AG* | 17,631 | 351,059 | ||||||
Deutsche Wohnen AG | 2,056 | 80,640 | ||||||
E.ON SE | 11,961 | 104,643 | ||||||
Evonik Industries AG | 635 | 21,867 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 239 | 19,376 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,123 | 107,432 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Germany (Continued) | ||||||||
Fresenius SE & Co. KGaA | 2,307 | $ | 197,504 | |||||
GEA Group AG | 1,037 | 42,607 | ||||||
Hannover Rueck SE | 366 | 43,582 | ||||||
HeidelbergCement AG | 704 | 65,545 | ||||||
Henkel AG & Co. KGaA | 555 | 68,924 | ||||||
HOCHTIEF AG | 140 | 25,753 | ||||||
HUGO BOSS AG (a) | 370 | 27,860 | ||||||
Infineon Technologies AG | 6,500 | 143,773 | ||||||
Innogy SE, 144A | 253 | 10,382 | ||||||
K+S AG | 1,069 | 27,350 | ||||||
LANXESS AG | 487 | 36,342 | ||||||
Linde AG | 978 | 186,714 | ||||||
MAN SE | 79 | 8,352 | ||||||
Merck KGaA | 673 | 81,234 | ||||||
METRO AG | 958 | 32,070 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 877 | 173,146 | ||||||
OSRAM Licht AG | 436 | 33,389 | ||||||
ProSiebenSat.1 Media SE | 1,363 | 57,869 | ||||||
RWE AG* | 2,974 | 60,403 | ||||||
SAP SE | 5,116 | 548,502 | ||||||
Siemens AG | 3,974 | 567,179 | ||||||
Symrise AG | 718 | 51,596 | ||||||
Telefonica Deutschland Holding AG | 3,361 | 16,718 | ||||||
thyssenkrupp AG | 1,956 | 51,878 | ||||||
TUI AG | 3,265 | 50,397 | ||||||
United Internet AG | 718 | 39,498 | ||||||
Volkswagen AG | 203 | 31,800 | ||||||
Vonovia SE | 2,433 | 95,591 | ||||||
Zalando SE, 144A* | 569 | 27,172 | ||||||
|
| |||||||
6,553,845 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Alpha Bank AE* | 6,198 | 14,273 | ||||||
Eurobank Ergasias SA* | 7,592 | 7,676 | ||||||
FF Group* | 173 | 3,867 | ||||||
Hellenic Telecommunications Organization SA | 880 | 10,034 | ||||||
JUMBO SA | 496 | 8,976 | ||||||
National Bank of Greece SA* | 27,826 | 9,722 | ||||||
OPAP SA | 815 | 9,064 | ||||||
Piraeus Bank SA* | 31,923 | 7,136 | ||||||
Titan Cement Co. SA | 145 | 4,261 | ||||||
|
| |||||||
75,009 | ||||||||
|
| |||||||
Hong Kong — 3.3% | ||||||||
AIA Group Ltd. | 65,574 | 464,927 | ||||||
Alibaba Health Information Technology Ltd.* | 20,427 | 10,407 | ||||||
Alibaba Pictures Group Ltd.*(a) | 54,459 | 9,435 | ||||||
ASM Pacific Technology Ltd. | 1,267 | 18,178 | ||||||
Bank of East Asia Ltd. | 5,887 | 24,855 | ||||||
Beijing Enterprises Holdings Ltd. | 2,829 | 13,414 | ||||||
Beijing Enterprises Water Group Ltd.* | 26,556 | 21,265 | ||||||
BOC Hong Kong Holdings Ltd. | 19,452 | 87,742 | ||||||
Brilliance China Automotive Holdings Ltd. | 16,663 | 31,091 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Cheung Kong Infrastructure Holdings Ltd. | 3,704 | $ | 31,918 | |||||
Cheung Kong Property Holdings Ltd. | 14,274 | 107,157 | ||||||
China Everbright International Ltd. | 12,728 | 16,252 | ||||||
China Gas Holdings Ltd. | 9,832 | 14,989 | ||||||
China Jinmao Holdings Group Ltd. | 20,693 | 6,771 | ||||||
China Merchants Port Holdings Co. Ltd. | 6,407 | 18,993 | ||||||
China Mobile Ltd. | 32,076 | 355,849 | ||||||
China Overseas Land & Investment Ltd. | 20,633 | 61,958 | ||||||
China Power International Development Ltd. | 15,485 | 5,902 | ||||||
China Resources Beer Holdings Co. Ltd. | 8,904 | 22,464 | ||||||
China Resources Gas Group Ltd. | 6,998 | 21,463 | ||||||
China Resources Land Ltd. | 14,979 | 44,019 | ||||||
China Resources Power Holdings Co. Ltd. | 9,184 | 18,951 | ||||||
China State Construction International Holdings Ltd. | 8,982 | 15,584 | ||||||
China Taiping Insurance Holdings Co. | 8,236 | 21,931 | ||||||
China Unicom Hong Kong Ltd.* | 32,811 | 47,074 | ||||||
CITIC Ltd. | 20,669 | 32,784 | ||||||
CK Hutchison Holdings Ltd. | 14,804 | 193,016 | ||||||
CLP Holdings Ltd. | 9,199 | 100,577 | ||||||
COSCO SHIPPING Ports Ltd. | 8,837 | 10,320 | ||||||
Far East Horizon Ltd. | 17,728 | 16,425 | ||||||
First Pacific Co. Ltd. | 9,382 | 7,344 | ||||||
Fullshare Holdings Ltd.* | 35,000 | 14,283 | ||||||
Galaxy Entertainment Group Ltd. | 12,287 | 71,033 | ||||||
GCL-Poly Energy Holdings Ltd.* | 83,946 | 8,941 | ||||||
Guangdong Investment Ltd. | 14,329 | 20,668 | ||||||
Haier Electronics Group Co. Ltd. | 5,780 | 14,701 | ||||||
Hanergy Thin Film Power Group Ltd.* | 36,104 | 0 | ||||||
Hang Lung Group Ltd. | 4,690 | 19,440 | ||||||
Hang Lung Properties Ltd. | 14,446 | 37,354 | ||||||
Hang Seng Bank Ltd. | 3,666 | 77,389 | ||||||
Henderson Land Development Co. Ltd. | 5,769 | 37,275 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (b) | 13,500 | 12,370 | ||||||
HKT Trust & HKT Ltd. (b) | 20,042 | 26,234 | ||||||
Hong Kong & China Gas Co. Ltd. | 44,181 | 94,456 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 6,262 | 158,066 | ||||||
Hongkong Land Holdings Ltd. | 7,800 | 58,968 | ||||||
Hysan Development Co. Ltd. | 5,453 | 25,752 | ||||||
Jardine Matheson Holdings Ltd. | 1,000 | 63,890 | ||||||
Jardine Strategic Holdings Ltd. | 946 | 39,704 | ||||||
Kerry Properties Ltd. | 4,342 | 15,351 | ||||||
Kunlun Energy Co. Ltd.* | 17,538 | 15,709 | ||||||
Li & Fung Ltd. | 37,605 | 15,491 | ||||||
Link REIT | 11,434 | 90,239 | ||||||
Melco Crown Entertainment Ltd., ADR | 1,129 | 25,493 | ||||||
MTR Corp. Ltd. | 8,676 | 49,434 | ||||||
New World Development Co. Ltd. | 29,651 | 36,909 | ||||||
Nine Dragons Paper Holdings Ltd. | 7,093 | 8,410 | ||||||
NWS Holdings Ltd. | 10,785 | 20,871 | ||||||
PCCW Ltd. | 18,862 | 10,989 | ||||||
Power Assets Holdings Ltd. | 7,076 | 63,382 | ||||||
Shanghai Industrial Holdings Ltd. | 3,000 | 9,374 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Shimao Property Holdings Ltd. | 9,083 | $ | 15,502 | |||||
Sino Biopharmaceutical Ltd. | 23,129 | 20,628 | ||||||
Sino Land Co. Ltd. | 16,266 | 28,305 | ||||||
SJM Holdings Ltd. | 13,743 | 13,333 | ||||||
Sun Art Retail Group Ltd. | 12,800 | 11,827 | ||||||
Sun Hung Kai Properties Ltd. | 7,269 | 107,553 | ||||||
Swire Pacific Ltd., Class A | 3,006 | 29,587 | ||||||
Swire Properties Ltd. | 8,866 | 29,582 | ||||||
Techtronic Industries Co. Ltd. | 7,717 | 36,493 | ||||||
WH Group Ltd., 144A | 40,244 | 37,700 | ||||||
Wharf Holdings Ltd. | 7,846 | 66,755 | ||||||
Wheelock & Co. Ltd. | 4,029 | 30,143 | ||||||
Yue Yuen Industrial Holdings Ltd. | 3,632 | 14,472 | ||||||
|
| |||||||
3,437,111 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 198 | 16,102 | ||||||
OTP Bank PLC | 1,268 | 39,533 | ||||||
Richter Gedeon Nyrt | 737 | 18,839 | ||||||
|
| |||||||
74,474 | ||||||||
|
| |||||||
India — 0.1% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 360 | 13,910 | ||||||
ICICI Bank Ltd., ADR | 1,880 | 18,650 | ||||||
Infosys Ltd., ADR | 902 | 13,620 | ||||||
Tata Motors Ltd., ADR | 293 | 10,791 | ||||||
Wipro Ltd., ADR | 1,664 | 17,938 | ||||||
|
| |||||||
74,909 | ||||||||
|
| |||||||
Indonesia — 0.5% | ||||||||
PT Adaro Energy Tbk | 51,049 | 5,825 | ||||||
PT Astra International Tbk | 98,989 | 65,027 | ||||||
PT Bank Central Asia Tbk | 65,253 | 84,016 | ||||||
PT Bank Danamon Indonesia Tbk | 21,688 | 8,507 | ||||||
PT Bank Mandiri Persero Tbk | 33,862 | 32,032 | ||||||
PT Bank Negara Indonesia Persero Tbk | 35,963 | 17,684 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 58,721 | 63,813 | ||||||
PT Bumi Serpong Damai Tbk* | 56,676 | 7,701 | ||||||
PT Charoen Pokphand Indonesia Tbk | 39,990 | 9,517 | ||||||
PT Gudang Garam Tbk | 799 | 4,436 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 37,183 | 10,971 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 10,002 | 13,892 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 8,579 | 5,603 | ||||||
PT Indofood Sukses Makmur Tbk | 17,744 | 11,656 | ||||||
PT Jasa Marga Persero Tbk | 22,286 | 8,784 | ||||||
PT Kalbe Farma Tbk | 1,174 | 136 | ||||||
PT Lippo Karawaci Tbk | 174,277 | 8,897 | ||||||
PT Matahari Department Store Tbk | 16,375 | 18,563 | ||||||
PT Media Nusantara Citra Tbk* | 33,956 | 4,844 | ||||||
PT Pakuwon Jati Tbk | 112,000 | 5,129 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 45,294 | 8,161 | ||||||
PT Semen Indonesia Persero Tbk | 19,991 | 14,183 | ||||||
PT Summarecon Agung Tbk | 42,040 | 4,166 | ||||||
PT Surya Citra Media Tbk | 30,584 | 6,682 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 271,797 | 88,763 | ||||||
PT Tower Bersama Infrastructure Tbk | 21,998 | 9,537 | ||||||
PT Unilever Indonesia Tbk | 6,414 | 22,235 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT United Tractors Tbk | 9,728 | $ | 20,285 | |||||
PT Waskita Karya Persero Tbk | 24,600 | 4,395 | ||||||
PT XL Axiata Tbk* | 33,956 | 7,546 | ||||||
|
| |||||||
572,986 | ||||||||
|
| |||||||
Ireland — 0.4% | ||||||||
AerCap Holdings NV* | 939 | 41,335 | ||||||
Bank of Ireland* | 128,414 | 34,765 | ||||||
CRH PLC | 4,070 | 146,557 | ||||||
DCC PLC | 445 | 42,285 | ||||||
James Hardie Industries PLC CDI | 2,604 | 37,886 | ||||||
Kerry Group PLC, Class A | 715 | 63,124 | ||||||
Paddy Power Betfair PLC | 412 | 43,158 | ||||||
Ryanair Holdings PLC, ADR* | 150 | 16,011 | ||||||
|
| |||||||
425,121 | ||||||||
|
| |||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. | 458 | 24,617 | ||||||
Bank Hapoalim BM | 7,899 | 52,606 | ||||||
Bank Leumi Le-Israel BM* | 13,655 | 66,798 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 6,827 | 11,845 | ||||||
Check Point Software Technologies Ltd.* | 719 | 80,564 | ||||||
Israel Chemicals Ltd. | 3,408 | 14,438 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,085 | 19,327 | ||||||
Mobileye NV* | 935 | 57,877 | ||||||
Nice Ltd. | 365 | 28,401 | ||||||
Teva Pharmaceutical Industries Ltd., ADR (a) | 4,442 | 123,754 | ||||||
|
| |||||||
480,227 | ||||||||
|
| |||||||
Italy — 1.4% | ||||||||
Assicurazioni Generali SpA | 5,949 | 93,894 | ||||||
Atlantia SpA | 2,485 | 69,174 | ||||||
Enel SpA | 41,607 | 222,386 | ||||||
Eni SpA | 13,255 | 209,801 | ||||||
Ferrari NV | 728 | 62,971 | ||||||
Intesa Sanpaolo SpA | 67,661 | 193,667 | ||||||
Intesa Sanpaolo SpA-RSP | 2,774 | 7,529 | ||||||
Leonardo SpA | 2,160 | 38,047 | ||||||
Luxottica Group SpA | 798 | 48,363 | ||||||
Mediobanca SpA | 3,313 | 31,411 | ||||||
Poste Italiane SpA, 144A | 1,857 | 13,059 | ||||||
Prysmian SpA | 1,123 | 31,248 | ||||||
Recordati SpA | 540 | 21,723 | ||||||
Saipem SpA* | 4,462 | 18,095 | ||||||
Snam SpA | 13,556 | 62,161 | ||||||
Telecom Italia SpA* | 55,179 | 51,634 | ||||||
Telecom Italia SpA-RSP* | 34,265 | 26,424 | ||||||
Terna Rete Elettrica Nazionale SpA | 9,275 | 52,408 | ||||||
UniCredit SpA* | 9,662 | 168,995 | ||||||
UnipolSai SpA (a) | 5,893 | 13,346 | ||||||
|
| |||||||
1,436,336 | ||||||||
|
| |||||||
Japan — 15.8% | ||||||||
ABC-Mart, Inc. | 100 | 5,842 | ||||||
Acom Co. Ltd.* | 5,100 | 21,551 | ||||||
Aeon Co. Ltd. | 5,100 | 77,041 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
AEON Financial Service Co. Ltd. | 400 | $ | 8,217 | |||||
Aeon Mall Co. Ltd. | 500 | 9,359 | ||||||
Air Water, Inc. | 1,000 | 17,986 | ||||||
Aisin Seiki Co. Ltd. | 800 | 39,440 | ||||||
Ajinomoto Co., Inc. | 4,500 | 96,339 | ||||||
Alfresa Holdings Corp. | 600 | 11,572 | ||||||
Alps Electric Co. Ltd. | 600 | 16,849 | ||||||
Amada Holdings Co. Ltd. | 1,100 | 12,813 | ||||||
ANA Holdings, Inc. | 3,000 | 9,830 | ||||||
Aozora Bank Ltd. | 4,000 | 14,700 | ||||||
Asahi Glass Co. Ltd. | 4,000 | 32,650 | ||||||
Asahi Group Holdings Ltd. | 3,600 | 143,707 | ||||||
Asahi Kasei Corp. | 5,000 | 48,059 | ||||||
Asics Corp. | 600 | 10,055 | ||||||
Astellas Pharma, Inc. | 13,100 | 165,421 | ||||||
Bandai Namco Holdings, Inc. | 700 | 24,998 | ||||||
Bank of Kyoto Ltd. | 1,000 | 8,442 | ||||||
Benesse Holdings, Inc. | 200 | 7,341 | ||||||
Bridgestone Corp. | 4,300 | 180,619 | ||||||
Brother Industries Ltd. | 700 | 15,536 | ||||||
Calbee, Inc. | 300 | 11,621 | ||||||
Canon, Inc. | 5,900 | 201,372 | ||||||
Casio Computer Co. Ltd. | 700 | 10,871 | ||||||
Central Japan Railway Co. | 600 | 98,248 | ||||||
Chiba Bank Ltd. | 3,000 | 19,693 | ||||||
Chubu Electric Power Co., Inc. | 5,300 | 71,951 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,000 | 38,014 | ||||||
Chugoku Bank Ltd. | 300 | 4,215 | ||||||
Chugoku Electric Power Co., Inc. | 1,200 | 13,663 | ||||||
Coca-Cola Bottlers Japan, Inc. | 600 | 19,341 | ||||||
Concordia Financial Group Ltd. | 6,900 | 31,768 | ||||||
Credit Saison Co. Ltd. | 500 | 9,282 | ||||||
CYBERDYNE, Inc.* | 400 | 5,519 | ||||||
Dai Nippon Printing Co. Ltd. | 2,000 | 22,230 | ||||||
Daicel Corp. | 1,000 | 11,837 | ||||||
Dai-ichi Life Holdings, Inc. | 6,600 | 109,921 | ||||||
Daiichi Sankyo Co. Ltd. | 4,900 | 107,446 | ||||||
Daikin Industries Ltd. | 1,300 | 127,418 | ||||||
Daito Trust Construction Co. Ltd. | 300 | 47,323 | ||||||
Daiwa House Industry Co. Ltd. | 3,000 | 98,032 | ||||||
Daiwa House REIT Investment Corp. REIT | 6 | 15,451 | ||||||
Daiwa Securities Group, Inc. | 7,000 | 42,569 | ||||||
DeNA Co. Ltd. | 300 | 6,634 | ||||||
Denso Corp. | 3,600 | 153,459 | ||||||
Dentsu, Inc. | 900 | 45,833 | ||||||
Disco Corp. | 100 | 17,246 | ||||||
Don Quijote Holdings Co. Ltd. | 500 | 19,549 | ||||||
East Japan Railway Co. | 1,400 | 134,185 | ||||||
Eisai Co. Ltd. | 1,000 | 52,695 | ||||||
Electric Power Development Co. Ltd. | 400 | 10,622 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 200 | 11,233 | ||||||
FANUC Corp. | 1,000 | 196,569 | ||||||
Fast Retailing Co. Ltd. | 200 | 66,998 | ||||||
Fuji Electric Co. Ltd. | 2,000 | 10,709 | ||||||
FUJIFILM Holdings Corp. | 3,900 | 142,196 | ||||||
Fujitsu Ltd. | 7,000 | 51,057 | ||||||
Fukuoka Financial Group, Inc. | 2,000 | 8,993 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Hachijuni Bank Ltd. | 600 | $ | 3,451 | |||||
Hakuhodo DY Holdings, Inc. | 1,200 | 15,874 | ||||||
Hamamatsu Photonics KK | 500 | 15,914 | ||||||
Hankyu Hanshin Holdings, Inc. | 800 | 28,786 | ||||||
Hikari Tsushin, Inc. | 100 | 10,131 | ||||||
Hino Motors Ltd. | 1,000 | 12,144 | ||||||
Hirose Electric Co. Ltd. | 100 | 13,345 | ||||||
Hiroshima Bank Ltd. | 1,000 | 4,081 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 15,088 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 11,034 | ||||||
Hitachi Construction Machinery Co. Ltd. | 500 | 11,598 | ||||||
Hitachi High-Technologies Corp. | 200 | 7,946 | ||||||
Hitachi Ltd. | 36,200 | 218,573 | ||||||
Hitachi Metals Ltd. | 700 | 9,323 | ||||||
Honda Motor Co. Ltd. | 8,800 | 247,671 | ||||||
Hoshizaki Corp. | 200 | 17,607 | ||||||
Hoya Corp. | 2,000 | 98,492 | ||||||
Hulic Co. Ltd. | 1,300 | 12,278 | ||||||
Idemitsu Kosan Co. Ltd. | 300 | 8,397 | ||||||
IHI Corp.* | 6,000 | 22,537 | ||||||
Iida Group Holdings Co. Ltd. | 500 | 8,253 | ||||||
Inpex Corp. | 5,900 | 54,259 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 14,120 | ||||||
Isuzu Motors Ltd. | 4,800 | 58,640 | ||||||
ITOCHU Corp. | 7,700 | 109,364 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 14,131 | ||||||
Japan Airlines Co. Ltd. | 300 | 8,790 | ||||||
Japan Airport Terminal Co. Ltd. (a) | 200 | 7,837 | ||||||
Japan Exchange Group, Inc. | 4,200 | 67,883 | ||||||
Japan Post Bank Co. Ltd. | 1,100 | 13,647 | ||||||
Japan Post Holdings Co. Ltd. | 4,100 | 50,051 | ||||||
Japan Prime Realty Investment Corp. REIT | 4 | 15,296 | ||||||
Japan Real Estate Investment Corp. REIT | 5 | 26,275 | ||||||
Japan Retail Fund Investment Corp. REIT | 10 | 19,440 | ||||||
Japan Tobacco, Inc. | 6,600 | 247,969 | ||||||
JFE Holdings, Inc. | 4,700 | 78,362 | ||||||
JGC Corp. | 1,000 | 15,124 | ||||||
JSR Corp. | 600 | 10,066 | ||||||
JTEKT Corp. | 1,300 | 19,521 | ||||||
JXTG Holdings, Inc. | 16,250 | 70,781 | ||||||
Kajima Corp. | 4,000 | 30,736 | ||||||
Kakaku.com, Inc. | 400 | 5,696 | ||||||
Kaneka Corp. | 1,000 | 7,576 | ||||||
Kansai Electric Power Co., Inc. | 5,400 | 75,600 | ||||||
Kansai Paint Co. Ltd. | 800 | 17,300 | ||||||
Kao Corp. | 2,600 | 163,935 | ||||||
Kawasaki Heavy Industries Ltd. | 6,000 | 17,228 | ||||||
KDDI Corp. | 9,400 | 260,229 | ||||||
Keihan Holdings Co. Ltd. | 3,000 | 19,828 | ||||||
Keikyu Corp. | 1,000 | 11,901 | ||||||
Keio Corp. | 2,000 | 16,614 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 12,749 | ||||||
Keyence Corp. | 500 | 227,133 | ||||||
Kikkoman Corp. | 1,000 | 31,332 | ||||||
Kintetsu Group Holdings Co. Ltd. | 7,000 | 26,989 | ||||||
Kirin Holdings Co. Ltd. | 5,800 | 122,363 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
Kobe Steel Ltd.* | 1,100 | $ | 10,061 | |||||
Koito Manufacturing Co. Ltd. | 600 | 31,585 | ||||||
Komatsu Ltd. | 5,500 | 130,783 | ||||||
Konami Holdings Corp. | 400 | 19,648 | ||||||
Konica Minolta, Inc. | 3,900 | 30,672 | ||||||
Kose Corp. | 100 | 10,790 | ||||||
Kubota Corp. | 6,300 | 99,662 | ||||||
Kuraray Co. Ltd. | 1,500 | 26,966 | ||||||
Kurita Water Industries Ltd. | 400 | 10,586 | ||||||
Kyocera Corp. | 1,384 | 79,741 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 17,102 | ||||||
Kyushu Electric Power Co., Inc. | 3,700 | 45,837 | ||||||
Kyushu Financial Group, Inc. | 900 | 5,534 | ||||||
Kyushu Railway Co. | 800 | 27,124 | ||||||
Lawson, Inc. | 300 | 20,451 | ||||||
LINE Corp.* | 200 | 6,880 | ||||||
Lion Corp. | 1,032 | 21,842 | ||||||
LIXIL Group Corp. | 900 | 21,884 | ||||||
M3, Inc. | 800 | 23,007 | ||||||
Mabuchi Motor Co. Ltd. | 200 | 11,269 | ||||||
Makita Corp. | 800 | 30,122 | ||||||
Marubeni Corp. | 8,600 | 53,114 | ||||||
Marui Group Co. Ltd. | 900 | 13,092 | ||||||
Maruichi Steel Tube Ltd. | 200 | 5,860 | ||||||
Mazda Motor Corp. | 4,300 | 58,628 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 300 | 10,740 | ||||||
Mebuki Financial Group, Inc. | 6,370 | 24,905 | ||||||
Medipal Holdings Corp. | 400 | 7,361 | ||||||
MEIJI Holdings Co. Ltd. | 500 | 40,903 | ||||||
MINEBEA MITSUMI, Inc. | 1,100 | 17,948 | ||||||
Miraca Holdings, Inc. | 200 | 8,406 | ||||||
MISUMI Group, Inc. | 600 | 13,544 | ||||||
Mitsubishi Chemical Holdings Corp. | 7,900 | 59,812 | ||||||
Mitsubishi Corp. | 8,000 | 160,217 | ||||||
Mitsubishi Electric Corp. | 10,700 | 147,530 | ||||||
Mitsubishi Estate Co. Ltd. | 5,700 | 106,460 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 12,374 | ||||||
Mitsubishi Heavy Industries Ltd. | 13,000 | 51,260 | ||||||
Mitsubishi Materials Corp. | 300 | 8,465 | ||||||
Mitsubishi Motors Corp. | 4,700 | 30,470 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 24,463 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 70,200 | 437,934 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 4,800 | 24,488 | ||||||
Mitsui & Co. Ltd. | 9,000 | 121,530 | ||||||
Mitsui Chemicals, Inc. | 4,000 | 19,865 | ||||||
Mitsui Fudosan Co. Ltd. | 4,700 | 111,230 | ||||||
Mitsui OSK Lines Ltd. | 6,000 | 17,228 | ||||||
Mixi, Inc. | 300 | 18,826 | ||||||
Mizuho Financial Group, Inc. | 130,000 | 226,312 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,300 | 150,840 | ||||||
Murata Manufacturing Co. Ltd. | 1,000 | 138,600 | ||||||
Nabtesco Corp. | 400 | 11,738 | ||||||
Nagoya Railroad Co. Ltd. | 4,000 | 18,673 | ||||||
NEC Corp. | 10,000 | 25,914 | ||||||
Nexon Co. Ltd. | 700 | 13,216 | ||||||
NGK Insulators Ltd. | 1,000 | 20,081 | ||||||
NGK Spark Plug Co. Ltd. | 800 | 16,260 |
Number | Value | |||||||
Japan (Continued) | ||||||||
NH Foods Ltd. | 1,000 | $ | 31,377 | |||||
Nidec Corp. | 1,000 | 99,097 | ||||||
Nikon Corp. | 1,100 | 16,954 | ||||||
Nintendo Co. Ltd. | 589 | 178,960 | ||||||
Nippon Building Fund, Inc. REIT | 6 | 31,964 | ||||||
Nippon Electric Glass Co. Ltd. | 2,000 | 13,941 | ||||||
Nippon Express Co. Ltd. | 3,000 | 18,501 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 27,842 | ||||||
Nippon Prologis REIT, Inc. REIT | 7 | 15,214 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 5,310 | 112,984 | ||||||
Nippon Telegraph & Telephone Corp. | 5,000 | 239,639 | ||||||
Nippon Yusen KK* | 8,000 | 14,519 | ||||||
Nissan Chemical Industries Ltd. | 200 | 7,016 | ||||||
Nissan Motor Co. Ltd. | 14,100 | 135,144 | ||||||
Nisshin Seifun Group, Inc. | 1,350 | 22,295 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 18,935 | ||||||
Nitori Holdings Co. Ltd. | 300 | 43,856 | ||||||
Nitto Denko Corp. | 600 | 48,168 | ||||||
NOK Corp. | 200 | 4,377 | ||||||
Nomura Holdings, Inc. | 20,600 | 123,395 | ||||||
Nomura Real Estate Holdings, Inc. | 600 | 12,926 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 20 | 30,086 | ||||||
Nomura Research Institute Ltd. | 352 | 13,397 | ||||||
NSK Ltd. | 3,400 | 40,524 | ||||||
NTT Data Corp. | 500 | 26,953 | ||||||
NTT DOCOMO, Inc. | 7,700 | 188,902 | ||||||
Obayashi Corp. | 4,300 | 47,523 | ||||||
Obic Co. Ltd. | 200 | 11,612 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,100 | 22,050 | ||||||
Oji Holdings Corp. | 3,000 | 14,709 | ||||||
Olympus Corp. | 1,000 | 36,524 | ||||||
Omron Corp. | 700 | 29,264 | ||||||
Ono Pharmaceutical Co. Ltd. | 4,000 | 83,142 | ||||||
Oracle Corp. | 100 | 5,887 | ||||||
Oriental Land Co. Ltd. | 800 | 51,677 | ||||||
ORIX Corp. | 7,700 | 121,531 | ||||||
Osaka Gas Co. Ltd. | 8,000 | 31,588 | ||||||
Otsuka Corp. | 100 | 6,149 | ||||||
Otsuka Holdings Co. Ltd. | 1,683 | 75,906 | ||||||
Panasonic Corp. | 13,100 | 168,023 | ||||||
Park24 Co. Ltd. | 400 | 11,160 | ||||||
Pola Orbis Holdings, Inc. | 400 | 11,196 | ||||||
Rakuten, Inc. | 5,900 | 71,706 | ||||||
Recruit Holdings Co. Ltd. | 1,600 | 84,804 | ||||||
Resona Holdings, Inc. | 13,200 | 67,543 | ||||||
Ricoh Co. Ltd. | 4,500 | 37,950 | ||||||
Rinnai Corp. | 100 | 8,993 | ||||||
Rohm Co. Ltd. | 400 | 32,108 | ||||||
Ryohin Keikaku Co. Ltd. | 100 | 26,032 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,400 | 19,278 | ||||||
SBI Holdings, Inc. | 400 | 5,179 | ||||||
Secom Co. Ltd. | 800 | 58,496 | ||||||
Sega Sammy Holdings, Inc. | 700 | 8,880 | ||||||
Seibu Holdings, Inc. | 500 | 9,291 | ||||||
Seiko Epson Corp. | 900 | 18,878 | ||||||
Sekisui Chemical Co. Ltd. | 1,400 | 24,600 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
Sekisui House Ltd. | 4,400 | $ | 75,485 | |||||
Seven & i Holdings Co. Ltd. | 5,300 | 225,304 | ||||||
Seven Bank Ltd. | 3,900 | 14,262 | ||||||
Sharp Corp.*(a) | 6,000 | 21,941 | ||||||
Shimadzu Corp. | 1,000 | 19,341 | ||||||
Shimamura Co. Ltd. | 100 | 12,840 | ||||||
Shimano, Inc. | 300 | 46,591 | ||||||
Shimizu Corp. | 2,000 | 20,153 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,000 | 179,359 | ||||||
Shinsei Bank Ltd. | 5,000 | 8,081 | ||||||
Shionogi & Co. Ltd. | 1,200 | 64,134 | ||||||
Shiseido Co. Ltd. | 3,900 | 131,279 | ||||||
Shizuoka Bank Ltd. | 2,000 | 16,614 | ||||||
Showa Shell Sekiyu KK | 800 | 7,339 | ||||||
SMC Corp. | 300 | 94,835 | ||||||
SoftBank Group Corp. | 5,100 | 414,585 | ||||||
Sohgo Security Services Co. Ltd. | 200 | 9,354 | ||||||
Sompo Holdings, Inc. | 1,400 | 54,028 | ||||||
Sony Corp. | 7,100 | 258,613 | ||||||
Sony Financial Holdings, Inc. | 300 | 4,619 | ||||||
Stanley Electric Co. Ltd. | 800 | 24,090 | ||||||
Start Today Co. Ltd. | 600 | 14,974 | ||||||
Subaru Corp. | 4,200 | 142,023 | ||||||
Sumitomo Chemical Co. Ltd. | 6,000 | 31,314 | ||||||
Sumitomo Corp. | 7,000 | 89,278 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 700 | 10,682 | ||||||
Sumitomo Electric Industries Ltd. | 4,800 | 76,085 | ||||||
Sumitomo Heavy Industries Ltd. | 2,000 | 13,038 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,000 | 24,307 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 7,500 | 269,120 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,310 | 44,357 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,539 | 46,413 | ||||||
Sumitomo Rubber Industries Ltd. | 400 | 6,819 | ||||||
Sundrug Co. Ltd. | 400 | 15,567 | ||||||
Suntory Beverage & Food Ltd. | 500 | 24,289 | ||||||
Suruga Bank Ltd. | 600 | 13,008 | ||||||
Suzuken Co. Ltd. | 400 | 13,147 | ||||||
Suzuki Motor Corp. | 1,400 | 65,923 | ||||||
Sysmex Corp. | 600 | 35,648 | ||||||
T&D Holdings, Inc. | 4,700 | 66,500 | ||||||
Taiheiyo Cement Corp. | 4,000 | 12,858 | ||||||
Taisei Corp. | 4,000 | 34,167 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 15,621 | ||||||
Taiyo Nippon Sanso Corp. | 500 | 5,074 | ||||||
Takashimaya Co. Ltd. | 1,000 | 9,291 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,800 | 247,346 | ||||||
TDK Corp. | 500 | 30,203 | ||||||
Teijin Ltd. | 600 | 11,209 | ||||||
Terumo Corp. | 1,500 | 60,948 | ||||||
THK Co. Ltd. | 300 | 8,384 | ||||||
Tobu Railway Co. Ltd. | 4,000 | 21,345 | ||||||
Toho Co. Ltd. | 500 | 14,786 | ||||||
Toho Gas Co. Ltd. | 1,000 | 7,711 | ||||||
Tohoku Electric Power Co., Inc. | 4,200 | 62,346 | ||||||
Tokio Marine Holdings, Inc. | 4,700 | 199,458 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 8,900 | 36,484 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Tokyo Electron Ltd. | 600 | $ | 85,002 | |||||
Tokyo Gas Co. Ltd. | 8,000 | 41,535 | ||||||
Tokyo Tatemono Co. Ltd. | 1,000 | 13,725 | ||||||
Tokyu Corp. | 4,000 | 29,400 | ||||||
Tokyu Fudosan Holdings Corp. | 4,500 | 26,980 | ||||||
Toppan Printing Co. Ltd. | 3,000 | 33,047 | ||||||
Toray Industries, Inc. | 6,700 | 55,953 | ||||||
Toshiba Corp.* | 25,100 | 57,112 | ||||||
Tosoh Corp. | 3,000 | 25,490 | ||||||
TOTO Ltd. | 500 | 19,052 | ||||||
Toyo Seikan Group Holdings Ltd. | 900 | 14,384 | ||||||
Toyo Suisan Kaisha Ltd. | 500 | 19,481 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 2,404 | ||||||
Toyota Industries Corp. | 700 | 35,205 | ||||||
Toyota Motor Corp. | 14,300 | 765,938 | ||||||
Toyota Tsusho Corp. | 700 | 21,458 | ||||||
Trend Micro, Inc. | 400 | 20,081 | ||||||
Tsuruha Holdings, Inc. | 200 | 22,176 | ||||||
Unicharm Corp. | 1,400 | 37,873 | ||||||
United Urban Investment Corp. REIT | 12 | 17,661 | ||||||
USS Co. Ltd. | 1,100 | 22,139 | ||||||
West Japan Railway Co. | 600 | 41,651 | ||||||
Yahoo Japan Corp. | 8,000 | 35,973 | ||||||
Yakult Honsha Co. Ltd. | 300 | 21,210 | ||||||
Yamada Denki Co. Ltd. | 4,800 | 25,181 | ||||||
Yamaguchi Financial Group, Inc. | 1,000 | 11,458 | ||||||
Yamaha Corp. | 600 | 19,395 | ||||||
Yamaha Motor Co. Ltd. | 1,300 | 32,644 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 30,414 | ||||||
Yamazaki Baking Co. Ltd. | 1,000 | 20,722 | ||||||
Yaskawa Electric Corp. | 800 | 15,928 | ||||||
Yokogawa Electric Corp. | 800 | 13,876 | ||||||
Yokohama Rubber Co. Ltd. | 500 | 9,752 | ||||||
|
| |||||||
16,520,766 | ||||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 549 | 52,097 | ||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 816 | 17,747 | ||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal* | 3,348 | 72,606 | ||||||
Eurofins Scientific SE | 58 | 30,802 | ||||||
Millicom International Cellular SA SDR | 381 | 22,313 | ||||||
RTL Group SA | 240 | 18,678 | ||||||
SES SA | 1,748 | 43,239 | ||||||
Tenaris SA | 2,405 | 36,337 | ||||||
|
| |||||||
223,975 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 5,598 | 12,428 | ||||||
Sands China Ltd. | 13,055 | 60,228 | ||||||
Wynn Macau Ltd.* | 9,138 | 20,287 | ||||||
|
| |||||||
92,943 | ||||||||
|
| |||||||
Malaysia — 0.6% | ||||||||
AirAsia Bhd | 7,800 | 5,431 | ||||||
Alliance Financial Group Bhd | 11,700 | 11,837 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Malaysia (Continued) | ||||||||
AMMB Holdings Bhd | 11,700 | $ | 14,242 | |||||
Astro Malaysia Holdings Bhd | 5,700 | 3,383 | ||||||
Axiata Group Bhd | 13,900 | 16,498 | ||||||
British American Tobacco Malaysia Bhd | 700 | 7,294 | ||||||
CIMB Group Holdings Bhd | 16,401 | 24,525 | ||||||
Dialog Group Bhd | 28,910 | 12,969 | ||||||
DiGi.Com Bhd | 25,200 | 29,145 | ||||||
Gamuda Bhd | 8,800 | 10,980 | ||||||
Genting Bhd | 12,900 | 30,050 | ||||||
Genting Malaysia Bhd | 15,818 | 20,733 | ||||||
Genting Plantations Bhd | 1,000 | 2,556 | ||||||
HAP Seng Consolidated Bhd | 3,200 | 6,864 | ||||||
Hartalega Holdings Bhd | 3,400 | 4,822 | ||||||
Hong Leong Bank Bhd | 1,200 | 3,931 | ||||||
Hong Leong Financial Group Bhd | 700 | 2,741 | ||||||
IHH Healthcare Bhd | 13,900 | 18,804 | ||||||
IJM Corp. Bhd | 15,800 | 12,847 | ||||||
IOI Corp. Bhd | 14,400 | 15,308 | ||||||
IOI Properties Group Bhd | 8,600 | 4,260 | ||||||
Kuala Lumpur Kepong Bhd | 1,500 | 8,678 | ||||||
Malayan Banking Bhd | 20,900 | 46,097 | ||||||
Malaysia Airports Holdings Bhd | 500 | 1,016 | ||||||
Maxis Bhd | 16,500 | 23,709 | ||||||
MISC Bhd | 7,800 | 13,668 | ||||||
Petronas Chemicals Group Bhd | 15,900 | 27,231 | ||||||
Petronas Dagangan Bhd | 3,900 | 22,416 | ||||||
Petronas Gas Bhd | 4,400 | 19,080 | ||||||
PPB Group Bhd | 2,500 | 9,813 | ||||||
Public Bank Bhd | 14,200 | 66,554 | ||||||
Sapura Energy Bhd | 20,100 | 8,312 | ||||||
Sime Darby Bhd | 16,111 | 35,083 | ||||||
Telekom Malaysia Bhd | 13,000 | 19,682 | ||||||
Tenaga Nasional Bhd | 17,200 | 55,378 | ||||||
UMW Holdings Bhd* | 6,800 | 9,533 | ||||||
Westports Holdings Bhd | 14,200 | 13,470 | ||||||
YTL Corp. Bhd | 17,200 | 6,028 | ||||||
YTL Power International Bhd | 23,365 | 8,352 | ||||||
|
| |||||||
653,320 | ||||||||
|
| |||||||
Malta — 0.0% | ||||||||
Brait SE* | 2,316 | 14,364 | ||||||
|
| |||||||
Mexico — 0.8% | ||||||||
Alfa SAB de CV, Class A | 19,398 | 28,006 | ||||||
America Movil SAB de CV, Series L | 182,670 | 146,657 | ||||||
Arca Continental SAB de CV | 2,007 | 14,345 | ||||||
Cemex SAB de CV, Series CPO* | 82,696 | 68,389 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 1,368 | 11,005 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 989 | 7,516 | ||||||
Fibra Uno Administracion SA de CV REIT | 13,930 | 24,691 | ||||||
Fomento Economico Mexicano SAB de CV | 8,894 | 83,793 | ||||||
Fresnillo PLC | 1,316 | 26,723 | ||||||
Gentera SAB de CV* | 5,989 | 9,639 | ||||||
Gruma SAB de CV, Class B | 680 | 8,871 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,953 | 19,530 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,048 | $ | 20,653 | |||||
Grupo Bimbo SAB de CV, Series A | 8,017 | 18,501 | ||||||
Grupo Carso SAB de CV, Series A1 | 4,109 | 17,292 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 12,261 | 70,642 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 11,124 | 18,435 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 3,981 | 7,289 | ||||||
Grupo Lala SAB de CV | 4,343 | 7,360 | ||||||
Grupo Mexico SAB de CV, Series B | 19,973 | 54,094 | ||||||
Grupo Televisa SAB, Series CPO | 13,174 | 63,722 | ||||||
Industrias Penoles SAB de CV | 1,036 | 22,525 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,775 | 12,948 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 6,886 | 13,612 | ||||||
Mexichem SAB de CV | 9,401 | 24,645 | ||||||
OHL Mexico SAB de CV | 4,101 | 4,557 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,271 | 13,174 | ||||||
Wal-Mart de Mexico SAB de CV | 20,630 | 47,277 | ||||||
|
| |||||||
865,891 | ||||||||
|
| |||||||
Netherlands — 3.0% | ||||||||
ABN AMRO Group NV, 144A(a) | 1,848 | 47,654 | ||||||
Aegon NV | 10,045 | 50,011 | ||||||
Akzo Nobel NV | 1,272 | 106,468 | ||||||
Altice NV, Class A*(a) | 1,982 | 49,328 | ||||||
Altice NV, Class B* | 483 | 12,042 | ||||||
ASML Holding NV | 1,916 | 252,901 | ||||||
Boskalis Westminster | 480 | 16,546 | ||||||
EXOR NV | 531 | 29,616 | ||||||
Gemalto NV (a) | 474 | 28,125 | ||||||
Heineken Holding NV | 540 | 50,197 | ||||||
Heineken NV | 1,219 | 120,053 | ||||||
ING Groep NV | 20,531 | 343,417 | ||||||
Koninklijke Ahold Delhaize NV | 6,773 | 149,355 | ||||||
Koninklijke DSM NV | 971 | 72,275 | ||||||
Koninklijke KPN NV | 17,664 | 60,184 | ||||||
Koninklijke Philips NV | 5,024 | 177,552 | ||||||
Koninklijke Vopak NV | 389 | 17,615 | ||||||
NN Group NV | 1,875 | 67,401 | ||||||
NXP Semiconductors NV* | 1,601 | 175,950 | ||||||
QIAGEN NV* | 1,055 | 35,519 | ||||||
Randstad Holding NV | 648 | 37,489 | ||||||
Royal Dutch Shell PLC, Class A | 22,675 | 613,525 | ||||||
Royal Dutch Shell PLC, Class B | 19,993 | 552,162 | ||||||
Wolters Kluwer NV | 1,847 | 81,022 | ||||||
|
| |||||||
3,146,407 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd. | 5,901 | 29,224 | ||||||
Contact Energy Ltd. | 3,793 | 13,867 | ||||||
Fletcher Building Ltd. | 4,627 | 24,783 | ||||||
Mercury NZ Ltd. | 3,739 | 8,610 | ||||||
Meridian Energy Ltd. | 12,303 | 24,843 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
New Zealand (Continued) | ||||||||
Ryman Healthcare Ltd. | 2,369 | $ | 13,981 | |||||
Spark New Zealand Ltd. | 13,638 | 36,331 | ||||||
|
| |||||||
151,639 | ||||||||
|
| |||||||
Norway — 0.4% | ||||||||
DNB ASA | 5,214 | 88,306 | ||||||
Gjensidige Forsikring ASA | 1,393 | 22,454 | ||||||
Marine Harvest ASA* | 2,520 | 44,141 | ||||||
Norsk Hydro ASA | 7,145 | 38,501 | ||||||
Orkla ASA | 4,357 | 43,548 | ||||||
Schibsted ASA, Class A | 410 | 9,768 | ||||||
Schibsted ASA, Class B | 378 | 8,187 | ||||||
Statoil ASA | 6,571 | 114,244 | ||||||
Telenor ASA (a) | 4,078 | 67,329 | ||||||
Yara International ASA (a) | 943 | 35,056 | ||||||
|
| |||||||
471,534 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 1,039 | 12,925 | ||||||
Credicorp Ltd. | 287 | 48,078 | ||||||
Southern Copper Corp. | 533 | 18,634 | ||||||
|
| |||||||
79,637 | ||||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 13,480 | 20,596 | ||||||
Aboitiz Power Corp. | 20,500 | 16,165 | ||||||
Alliance Global Group, Inc. | 15,700 | 4,883 | ||||||
Ayala Corp. | 1,660 | 28,948 | ||||||
Ayala Land, Inc. | 39,900 | 31,583 | ||||||
Bank of the Philippine Islands | 2,050 | 4,341 | ||||||
BDO Unibank, Inc. | 11,190 | 27,539 | ||||||
DMCI Holdings, Inc. | 15,600 | 4,212 | ||||||
Energy Development Corp. | 77,500 | 9,498 | ||||||
Globe Telecom, Inc. | 400 | 16,956 | ||||||
GT Capital Holdings, Inc. | 390 | 9,363 | ||||||
International Container Terminal Services, Inc. | 4,550 | 9,141 | ||||||
JG Summit Holdings, Inc. | 12,670 | 20,275 | ||||||
Jollibee Foods Corp. | 4,480 | 18,415 | ||||||
Megaworld Corp. | 58,000 | 5,477 | ||||||
Metro Pacific Investments Corp. | 93,200 | 11,740 | ||||||
Metropolitan Bank & Trust Co. | 880 | 1,546 | ||||||
PLDT, Inc. | 740 | 25,690 | ||||||
Robinsons Land Corp. | 8,500 | 4,235 | ||||||
Security Bank Corp. | 580 | 2,538 | ||||||
SM Investments Corp. | 1,365 | 21,116 | ||||||
SM Prime Holdings, Inc. | 56,100 | 37,982 | ||||||
Universal Robina Corp. | 5,280 | 17,185 | ||||||
|
| |||||||
349,424 | ||||||||
|
| |||||||
Poland — 0.3% | ||||||||
Alior Bank SA* | 944 | 17,307 | ||||||
Bank Pekao SA | 835 | 30,975 | ||||||
Bank Zachodni WBK SA | 191 | 17,418 | ||||||
CCC SA | 147 | 8,298 | ||||||
Cyfrowy Polsat SA* | 1,022 | 7,341 | ||||||
Eurocash SA | 396 | 3,287 | ||||||
Grupa Azoty SA | 231 | 3,934 |
Number | Value | |||||||
Poland (Continued) | ||||||||
Grupa Lotos SA* | 478 | $ | 6,916 | |||||
KGHM Polska Miedz SA | 738 | 20,969 | ||||||
LPP SA | 6 | 10,114 | ||||||
mBank SA* | 76 | 8,621 | ||||||
Orange Polska SA | 3,391 | 4,157 | ||||||
PGE Polska Grupa Energetyczna SA | 4,457 | 13,083 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,846 | 52,675 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 13,615 | 23,240 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 4,633 | 45,470 | ||||||
Powszechny Zaklad Ubezpieczen SA | 3,701 | 44,103 | ||||||
Synthos SA | 2,735 | 3,603 | ||||||
Tauron Polska Energia SA* | 5,434 | 4,704 | ||||||
|
| |||||||
326,215 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 15,794 | 58,088 | ||||||
Galp Energia SGPS SA | 2,847 | 43,911 | ||||||
Jeronimo Martins SGPS SA | 1,864 | 37,105 | ||||||
|
| |||||||
139,104 | ||||||||
|
| |||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. | 1,593 | 14,831 | ||||||
Commercial Bank QSC* | 1,025 | 8,755 | ||||||
Doha Bank QSC | 785 | 6,705 | ||||||
Ezdan Holding Group QSC | 5,340 | 16,029 | ||||||
Industries Qatar QSC | 1,056 | 29,697 | ||||||
Masraf Al Rayan QSC | 2,007 | 24,418 | ||||||
Qatar Electricity & Water Co. QSC | 330 | 19,023 | ||||||
Qatar Gas Transport Co. Ltd. | 1,403 | 7,267 | ||||||
Qatar Insurance Co. SAQ | 1,111 | 20,595 | ||||||
Qatar Islamic Bank SAQ | 305 | 8,561 | ||||||
Qatar National Bank QPSC | 1,510 | 60,961 | ||||||
|
| |||||||
216,842 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
New Europe Property Investments PLC | 1,560 | 18,199 | ||||||
|
| |||||||
Russia �� 0.8% | ||||||||
Alrosa PJSC | 13,724 | 21,377 | ||||||
Gazprom PJSC, ADR | 12,464 | 51,894 | ||||||
Gazprom PJSC | 55,445 | 117,576 | ||||||
Inter RAO UES PJSC | 76,945 | 5,411 | ||||||
LUKOIL PJSC, ADR | 555 | 26,501 | ||||||
LUKOIL PJSC | 1,703 | 82,658 | ||||||
Magnit PJSC, GDR | 1,352 | 48,334 | ||||||
MMC Norilsk Nickel PJSC | 299 | 41,656 | ||||||
Mobile TeleSystems PJSC, ADR | 2,586 | 22,783 | ||||||
Moscow Exchange MICEX-RTS PJSC | 7,284 | 12,971 | ||||||
Novatek PJSC, GDR | 483 | 54,289 | ||||||
Novolipetsk Steel PJSC | 6,194 | 12,613 | ||||||
PhosAgro PJSC, GDR | 567 | 8,051 | ||||||
Rosneft Oil Co. PJSC, GDR | 5,992 | 31,338 | ||||||
Rostelecom PJSC | 4,820 | 6,076 | ||||||
RusHydro PJSC | 278,418 | 3,829 | ||||||
Sberbank of Russia PJSC | 57,442 | 157,915 | ||||||
Severstal PJSC | 1,119 | 14,570 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Russia (Continued) | ||||||||
Sistema PJSC FC, GDR | 628 | $ | 2,826 | |||||
Surgutneftegas OJSC, ADR | 3,735 | 19,422 | ||||||
Surgutneftegas OJSC | 38,028 | 20,301 | ||||||
Tatneft PJSC | 6,133 | 41,575 | ||||||
VTB Bank PJSC, GDR | 11,731 | 26,336 | ||||||
|
| |||||||
830,302 | ||||||||
|
| |||||||
Singapore — 0.9% | ||||||||
Ascendas Real Estate Investment Trust REIT | 13,400 | 25,373 | ||||||
CapitaLand Commercial Trust REIT | 12,300 | 14,757 | ||||||
CapitaLand Ltd. | 14,300 | 36,792 | ||||||
CapitaLand Mall Trust REIT | 13,691 | 19,691 | ||||||
ComfortDelGro Corp. Ltd. | 12,300 | 21,335 | ||||||
DBS Group Holdings Ltd. | 9,300 | 137,586 | ||||||
Genting Singapore PLC | 37,700 | 32,151 | ||||||
Global Logistic Properties Ltd. | 15,800 | 33,115 | ||||||
Golden Agri-Resources Ltd. | 54,800 | 14,456 | ||||||
Hutchison Port Holdings Trust, Class U | 40,000 | 16,200 | ||||||
Jardine Cycle & Carriage Ltd. | 400 | 12,668 | ||||||
Keppel Corp. Ltd. | 7,600 | 35,318 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 17,100 | 129,642 | ||||||
Sembcorp Industries Ltd. | 4,500 | 10,277 | ||||||
Singapore Airlines Ltd. | 4,800 | 34,726 | ||||||
Singapore Exchange Ltd. | 6,300 | 33,102 | ||||||
Singapore Press Holdings Ltd. (a) | 12,700 | 29,096 | ||||||
Singapore Technologies Engineering Ltd. | 8,230 | 22,127 | ||||||
Singapore Telecommunications Ltd. | 46,100 | 125,274 | ||||||
StarHub Ltd. | 3,100 | 6,049 | ||||||
Suntec Real Estate Investment Trust REIT | 13,400 | 17,771 | ||||||
United Overseas Bank Ltd. | 7,500 | 124,562 | ||||||
UOL Group Ltd. | 2,500 | 12,648 | ||||||
Wilmar International Ltd. | 10,900 | 27,887 | ||||||
|
| |||||||
972,603 | ||||||||
|
| |||||||
South Africa — 1.7% | ||||||||
Anglo American Platinum Ltd.* | 463 | 9,846 | ||||||
AngloGold Ashanti Ltd. | 2,612 | 29,575 | ||||||
Aspen Pharmacare Holdings Ltd. | 1,878 | 42,529 | ||||||
Barclays Africa Group Ltd. | 2,358 | 24,991 | ||||||
Bid Corp. Ltd. | 2,083 | 47,594 | ||||||
Bidvest Group Ltd. | 2,657 | 34,615 | ||||||
Capitec Bank Holdings Ltd. | 253 | 15,023 | ||||||
Coronation Fund Managers Ltd. | 1,175 | 6,319 | ||||||
Discovery Ltd. | 1,419 | 13,862 | ||||||
Exxaro Resources Ltd. | 1,439 | 11,201 | ||||||
FirstRand Ltd. | 18,379 | 69,102 | ||||||
Fortress Income Fund Ltd. REIT | 5,584 | 14,898 | ||||||
Fortress Income Fund Ltd., Class A REIT | 5,453 | 7,056 | ||||||
Foschini Group Ltd. | 1,184 | 12,504 | ||||||
Gold Fields Ltd. | 5,777 | 20,439 | ||||||
Growthpoint Properties Ltd. REIT | 10,840 | 20,738 | ||||||
Hyprop Investments Ltd. REIT | 1,206 | 10,918 | ||||||
Impala Platinum Holdings Ltd.* | 4,330 | 12,140 | ||||||
Imperial Holdings Ltd. | 805 | 10,189 | ||||||
Investec Ltd. | 860 | 6,764 | ||||||
Investec PLC | 3,446 | 26,995 | ||||||
Liberty Holdings Ltd. | 666 | 5,807 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Life Healthcare Group Holdings Ltd. (a) | 5,382 | $ | 11,462 | |||||
Massmart Holdings Ltd. | 213 | 1,887 | ||||||
Mediclinic International PLC | 1,718 | 17,896 | ||||||
MMI Holdings Ltd. | 4,882 | 8,160 | ||||||
Mondi Ltd. | 656 | 17,271 | ||||||
Mondi PLC | 1,919 | 50,044 | ||||||
Mr Price Group Ltd. (a) | 1,138 | 13,016 | ||||||
MTN Group Ltd. | 8,548 | 76,583 | ||||||
Naspers Ltd., Class N | 2,371 | 490,933 | ||||||
Nedbank Group Ltd. | 1,200 | 20,140 | ||||||
Netcare Ltd. | 5,290 | 10,874 | ||||||
Pick n Pay Stores Ltd. | 778 | 3,569 | ||||||
Pioneer Foods Group Ltd. | 661 | 7,157 | ||||||
PSG Group Ltd. | 412 | 7,526 | ||||||
Rand Merchant Investment Holdings Ltd. | 2,565 | 7,890 | ||||||
Redefine Properties Ltd. REIT | 25,472 | 20,490 | ||||||
Remgro Ltd. | 2,704 | 44,885 | ||||||
Resilient REIT Ltd. REIT | 1,730 | 15,865 | ||||||
RMB Holdings Ltd. | 3,302 | 15,487 | ||||||
Sanlam Ltd. | 7,788 | 40,754 | ||||||
Sappi Ltd. | 3,500 | 25,782 | ||||||
Sasol Ltd. | 3,250 | 97,165 | ||||||
Shoprite Holdings Ltd. | 2,684 | 42,772 | ||||||
Sibanye Gold Ltd. | 5,758 | 6,946 | ||||||
SPAR Group Ltd. | 806 | 10,504 | ||||||
Standard Bank Group Ltd. | 7,257 | 81,086 | ||||||
Steinhoff International Holdings NV | 17,016 | 90,821 | ||||||
Telkom SA SOC Ltd. (a) | 867 | 4,875 | ||||||
Tiger Brands Ltd. | 965 | 28,255 | ||||||
Truworths International Ltd. | 2,053 | 11,717 | ||||||
Vodacom Group Ltd. (a) | 1,923 | 24,231 | ||||||
Woolworths Holdings Ltd. | 4,980 | 25,593 | ||||||
|
| |||||||
1,784,741 | ||||||||
|
| |||||||
South Korea — 3.5% | ||||||||
Amorepacific Corp. | 173 | 53,000 | ||||||
AMOREPACIFIC Group | 165 | 22,180 | ||||||
BGF retail Co. Ltd. | 148 | 18,441 | ||||||
BNK Financial Group, Inc. | 1,429 | 12,764 | ||||||
Celltrion, Inc.* | 460 | 39,278 | ||||||
Cheil Worldwide, Inc. | 375 | 6,431 | ||||||
CJ CheilJedang Corp. | 57 | 19,423 | ||||||
CJ Corp. | 87 | 16,435 | ||||||
CJ E&M Corp. | 154 | 10,811 | ||||||
CJ Korea Express Corp.* | 41 | 7,049 | ||||||
Coway Co. Ltd. | 293 | 26,301 | ||||||
Daelim Industrial Co. Ltd. | 159 | 13,122 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 644 | 4,343 | ||||||
DGB Financial Group, Inc. | 891 | 9,152 | ||||||
Dongbu Insurance Co. Ltd. | 297 | 17,959 | ||||||
Dongsuh Cos., Inc. | 180 | 5,209 | ||||||
Doosan Bobcat, Inc. | 181 | 6,030 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 275 | 5,600 | ||||||
E-MART, Inc. | 135 | 29,301 | ||||||
GS Engineering & Construction Corp.* | 397 | 10,886 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
South Korea (Continued) | ||||||||
GS Holdings Corp. | 217 | $ | 14,129 | |||||
GS Retail Co. Ltd. | 209 | 10,472 | ||||||
Hana Financial Group, Inc. | 1,586 | 58,151 | ||||||
Hankook Tire Co. Ltd. | 400 | 21,758 | ||||||
Hanmi Pharm. Co. Ltd.* | 42 | 14,330 | ||||||
Hanmi Science Co. Ltd.* | 71 | 4,693 | ||||||
Hanon Systems | 1,476 | 13,645 | ||||||
Hanssem Co. Ltd. | 76 | 14,934 | ||||||
Hanwha Chemical Corp. | 554 | 14,746 | ||||||
Hanwha Corp. | 237 | 10,129 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,403 | 8,822 | ||||||
Hanwha Techwin Co. Ltd.* | 192 | 8,566 | ||||||
Hotel Shilla Co. Ltd. | 225 | 12,219 | ||||||
Hyosung Corp. | 118 | 17,706 | ||||||
Hyundai Department Store Co. Ltd. | 80 | 8,289 | ||||||
Hyundai Development Co.-Engineering & Construction | 321 | 14,737 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 318 | 13,832 | ||||||
Hyundai Glovis Co. Ltd. | 137 | 19,517 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 179 | 27,659 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 487 | 16,420 | ||||||
Hyundai Mobis Co. Ltd. | 370 | 90,715 | ||||||
Hyundai Motor Co. | 778 | 113,267 | ||||||
Hyundai Robotics Co. Ltd.* | 34 | 12,390 | ||||||
Hyundai Steel Co. | 466 | 24,640 | ||||||
Hyundai Wia Corp. | 146 | 8,998 | ||||||
Kakao Corp. | 226 | 19,944 | ||||||
Kangwon Land, Inc. | 800 | 25,902 | ||||||
KB Financial Group, Inc. | 2,125 | 101,733 | ||||||
KCC Corp. | 54 | 19,654 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 169 | 8,000 | ||||||
Kia Motors Corp. | 1,365 | 47,609 | ||||||
Korea Aerospace Industries Ltd. | 392 | 22,268 | ||||||
Korea Electric Power Corp. | 1,178 | 44,927 | ||||||
Korea Gas Corp.* | 139 | 6,307 | ||||||
Korea Investment Holdings Co. Ltd. | 239 | 13,064 | ||||||
Korea Zinc Co. Ltd. | 73 | 28,558 | ||||||
Korean Air Lines Co. Ltd.* | 233 | 7,388 | ||||||
KT Corp. | 166 | 4,826 | ||||||
KT&G Corp. | 626 | 62,063 | ||||||
Kumho Petrochemical Co. Ltd. | 167 | 11,664 | ||||||
LG Chem Ltd. | 292 | 78,764 | ||||||
LG Corp. | 367 | 26,551 | ||||||
LG Display Co. Ltd. | 1,150 | 33,485 | ||||||
LG Electronics, Inc. | 557 | 41,044 | ||||||
LG Household & Health Care Ltd. | 56 | 49,168 | ||||||
LG Innotek Co. Ltd. | 135 | 16,158 | ||||||
LG Uplus Corp. | 575 | 8,320 | ||||||
Lotte Chemical Corp. | 82 | 26,403 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 2 | 3,226 | ||||||
Lotte Confectionery Co. Ltd. | 29 | 5,698 | ||||||
Lotte Shopping Co. Ltd. | 80 | 20,472 | ||||||
Medy-Tox, Inc. | 22 | 10,257 | ||||||
Mirae Asset Daewoo Co. Ltd. | 888 | 7,535 | ||||||
NAVER Corp. | 146 | 110,191 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
NCSoft Corp. | 91 | $ | 30,764 | |||||
Netmarble Games Corp., 144A* | 88 | 11,947 | ||||||
NH Investment & Securities Co. Ltd. | 727 | 9,188 | ||||||
OCI Co. Ltd. | 153 | 12,162 | ||||||
Orion Corp. | 21 | 14,968 | ||||||
Ottogi Corp. | 8 | 6,081 | ||||||
Pan Ocean Co. Ltd.* | 1,105 | 5,428 | ||||||
POSCO | 405 | 102,010 | ||||||
Posco Daewoo Corp. | 238 | 5,134 | ||||||
S-1 Corp. | 207 | 19,321 | ||||||
Samsung Biologics Co. Ltd., 144A* | 85 | 16,702 | ||||||
Samsung C&T Corp. | 405 | 49,739 | ||||||
Samsung Card Co. Ltd. | 246 | 9,228 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 320 | 23,580 | ||||||
Samsung Electronics Co. Ltd. | 512 | 1,022,079 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 161 | 42,062 | ||||||
Samsung Heavy Industries Co. Ltd.* | 638 | 7,009 | ||||||
Samsung Life Insurance Co. Ltd. | 365 | 39,773 | ||||||
Samsung SDI Co. Ltd. | 302 | 44,642 | ||||||
Samsung SDS Co. Ltd. | 182 | 26,497 | ||||||
Samsung Securities Co. Ltd. | 240 | 8,607 | ||||||
Shinhan Financial Group Co. Ltd. | 2,245 | 99,156 | ||||||
Shinsegae Inc. | 39 | 8,482 | ||||||
SK Holdings Co. Ltd. | 165 | 40,307 | ||||||
SK Hynix, Inc. | 2,954 | 150,391 | ||||||
SK Innovation Co. Ltd. | 315 | 47,548 | ||||||
SK Networks Co. Ltd. | 705 | 4,660 | ||||||
SK Telecom Co. Ltd. | 83 | 18,793 | ||||||
S-Oil Corp. | 249 | 23,019 | ||||||
Woori Bank | 1,613 | 22,043 | ||||||
Yuhan Corp. | 41 | 9,155 | ||||||
|
| |||||||
3,700,133 | ||||||||
|
| |||||||
Spain — 2.4% | ||||||||
Abertis Infraestructuras SA | 3,135 | 57,351 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,272 | 50,819 | ||||||
Aena SA, 144A | 400 | 80,747 | ||||||
Amadeus IT Group SA | 2,167 | 126,219 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 34,927 | 284,535 | ||||||
Banco de Sabadell SA | 26,938 | 55,499 | ||||||
Banco Santander SA | 78,346 | 508,788 | ||||||
Bankia SA* | 29,542 | 33,983 | ||||||
Bankinter SA | 5,105 | 47,002 | ||||||
CaixaBank SA | 19,485 | 92,020 | ||||||
Distribuidora Internacional de Alimentacion SA | 2,890 | 17,788 | ||||||
Enagas SA | 1,365 | 40,581 | ||||||
Endesa SA | 1,916 | 47,814 | ||||||
Ferrovial SA | 2,246 | 50,600 | ||||||
Ferrovial SA* | 33 | 744 | ||||||
Gamesa Corp. Tecnologica SA | 1,232 | 27,942 | ||||||
Gas Natural SDG SA | 2,070 | 52,134 | ||||||
Grifols SA | 1,594 | 45,106 | ||||||
Iberdrola SA | 29,261 | 233,315 | ||||||
Industria de Diseno Textil SA | 5,990 | 244,898 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Spain (Continued) | ||||||||
Mapfre SA | 6,801 | $ | 24,188 | |||||
Red Electrica Corp. SA | 2,733 | 61,326 | ||||||
Repsol SA | 5,845 | 97,932 | ||||||
Telefonica SA | 24,492 | 272,766 | ||||||
|
| |||||||
2,554,097 | ||||||||
|
| |||||||
Sweden — 2.0% | ||||||||
Alfa Laval AB | 1,361 | 27,404 | ||||||
Assa Abloy AB, Class B | 5,181 | 116,360 | ||||||
Atlas Copco AB, Class A | 3,558 | 131,653 | ||||||
Atlas Copco AB, Class B | 1,933 | 63,852 | ||||||
Boliden AB | 1,508 | 41,277 | ||||||
Electrolux AB, Series B | 1,310 | 42,067 | ||||||
Getinge AB, Class B | 1,048 | 21,813 | ||||||
Hennes & Mauritz AB, Class B | 4,902 | 122,107 | ||||||
Hexagon AB, Class B | 1,288 | 56,417 | ||||||
Husqvarna AB, Class B | 2,154 | 22,342 | ||||||
ICA Gruppen AB (a) | 389 | 14,018 | ||||||
Industrivarden AB, Class C | 873 | 20,631 | ||||||
Investor AB, Class B | 2,415 | 111,644 | ||||||
Kinnevik AB, Class B | 1,555 | 44,657 | ||||||
L E Lundbergforetagen AB, Class B | 196 | 15,391 | ||||||
Lundin Petroleum AB* | 916 | 17,790 | ||||||
Nordea Bank AB | 15,876 | 203,852 | ||||||
Sandvik AB | 5,577 | 87,395 | ||||||
Securitas AB, Class B | 1,610 | 25,656 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 7,522 | 90,699 | ||||||
Skanska AB, Class B | 1,767 | 42,064 | ||||||
SKF AB, Class B | 1,972 | 40,341 | ||||||
Svenska Cellulosa AB SCA, Class B | 3,258 | 114,968 | ||||||
Svenska Handelsbanken AB, Class A | 7,691 | 108,311 | ||||||
Swedbank AB, Class A | 4,598 | 110,832 | ||||||
Swedish Match AB | 1,182 | 39,874 | ||||||
Tele2 AB, Class B | 1,554 | 15,993 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 16,131 | 117,669 | ||||||
Telia Co. AB | 9,914 | 45,376 | ||||||
Volvo AB, Class B | 8,082 | 132,137 | ||||||
|
| |||||||
2,044,590 | ||||||||
|
| |||||||
Switzerland — 6.5% | ||||||||
ABB Ltd. | 10,087 | 253,386 | ||||||
Actelion Ltd.* | 490 | 140,643 | ||||||
Adecco Group AG | 855 | 63,735 | ||||||
Baloise Holding AG | 318 | 48,658 | ||||||
Barry Callebaut AG* | 10 | 14,351 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 9 | 54,685 | ||||||
Cie Financiere Richemont SA | 2,746 | 229,081 | ||||||
Coca-Cola HBC AG* | 1,285 | 37,302 | ||||||
Credit Suisse Group AG* | 11,543 | 158,507 | ||||||
Dufry AG* | 161 | 26,480 | ||||||
EMS-Chemie Holding AG | 58 | 40,751 | ||||||
Geberit AG | 226 | 105,796 | ||||||
Givaudan SA | 57 | 116,937 | ||||||
Glencore PLC* | 66,177 | 243,092 | ||||||
Julius Baer Group Ltd.* | 1,178 | 60,995 | ||||||
Kuehne + Nagel International AG | 233 | 37,600 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
LafargeHolcim Ltd.* | 2,421 | $ | 145,352 | |||||
Lonza Group AG* | 407 | 84,295 | ||||||
Nestle SA | 16,241 | 1,385,905 | ||||||
Novartis AG | 11,800 | 966,125 | ||||||
Pargesa Holding SA | 237 | 18,426 | ||||||
Partners Group Holding AG | 90 | 55,149 | ||||||
Roche Holding AG | 3,666 | 1,006,064 | ||||||
Schindler Holding AG | 46 | 9,565 | ||||||
Schindler Holding AG Participation Certificates | 221 | 47,392 | ||||||
SGS SA | 39 | 92,814 | ||||||
Sika AG | 8 | 51,541 | ||||||
Sonova Holding AG | 373 | 61,772 | ||||||
STMicroelectronics NV | 3,672 | 60,575 | ||||||
Straumann Holding AG | 49 | 27,142 | ||||||
Swatch Group AG — Bearer (a) | 168 | 65,080 | ||||||
Swatch Group AG — Registered | 230 | 17,549 | ||||||
Swiss Life Holding AG* | 209 | 69,721 | ||||||
Swiss Prime Site AG* | 450 | 41,443 | ||||||
Swiss Re AG | 1,794 | 163,554 | ||||||
Swisscom AG | 115 | 55,140 | ||||||
Syngenta AG | 118 | 53,606 | ||||||
UBS Group AG* | 19,451 | 309,272 | ||||||
Vifor Pharma AG | 150 | 17,640 | ||||||
Wolseley PLC | 1,348 | 88,752 | ||||||
Zurich Insurance Group AG | 799 | 234,862 | ||||||
|
| |||||||
6,760,735 | ||||||||
|
| |||||||
Taiwan — 2.9% | ||||||||
Acer, Inc.* | 19,708 | 10,811 | ||||||
Advanced Semiconductor Engineering, Inc. | 37,473 | 47,964 | ||||||
Advantech Co. Ltd. | 2,226 | 18,057 | ||||||
Asia Cement Corp. | 18,046 | 16,709 | ||||||
Asustek Computer, Inc. | 3,421 | 32,414 | ||||||
AU Optronics Corp. | 49,772 | 19,443 | ||||||
Catcher Technology Co. Ltd. | 4,294 | 45,397 | ||||||
Cathay Financial Holding Co. Ltd. | 38,840 | 60,819 | ||||||
Chailease Holding Co. Ltd. | 5,000 | 13,498 | ||||||
Chang Hwa Commercial Bank Ltd. | 29,668 | 17,310 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 10,373 | 20,933 | ||||||
Chicony Electronics Co. Ltd. | 2,526 | 6,559 | ||||||
China Development Financial Holding Corp. | 65,150 | 17,804 | ||||||
China Life Insurance Co. Ltd. | 7,320 | 7,179 | ||||||
China Steel Corp. | 63,395 | 52,164 | ||||||
Chunghwa Telecom Co. Ltd. | 21,379 | 76,407 | ||||||
Compal Electronics, Inc. | 24,405 | 16,308 | ||||||
CTBC Financial Holding Co. Ltd. | 97,076 | 61,804 | ||||||
Delta Electronics, Inc. | 10,316 | 56,932 | ||||||
E.Sun Financial Holding Co. Ltd. | 47,734 | 29,517 | ||||||
Eclat Textile Co. Ltd. | 1,393 | 14,195 | ||||||
Eva Airways Corp. | 10,000 | 4,887 | ||||||
Far Eastern New Century Corp. | 17,165 | 13,924 | ||||||
Far EasTone Telecommunications Co. Ltd. | 10,004 | 25,443 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,428 | 13,334 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Taiwan (Continued) | ||||||||
First Financial Holding Co. Ltd. | 53,887 | $ | 34,487 | |||||
Formosa Chemicals & Fibre Corp. | 18,543 | 56,284 | ||||||
Formosa Petrochemical Corp. | 7,549 | 27,105 | ||||||
Formosa Plastics Corp. | 21,092 | 62,899 | ||||||
Foxconn Technology Co. Ltd. | 7,391 | 20,935 | ||||||
Fubon Financial Holding Co. Ltd. | 29,868 | 45,528 | ||||||
Giant Manufacturing Co. Ltd. | 2,145 | 12,587 | ||||||
Globalwafers Co. Ltd. | 1,000 | 8,095 | ||||||
Hiwin Technologies Corp. | 1,646 | 11,054 | ||||||
Hon Hai Precision Industry Co. Ltd. | 85,173 | 291,659 | ||||||
Hotai Motor Co. Ltd. | 1,262 | 16,552 | ||||||
HTC Corp.* | 4,936 | 11,930 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 43,210 | 24,781 | ||||||
Innolux Corp. | 49,973 | 22,595 | ||||||
Inventec Corp. | 15,815 | 11,751 | ||||||
Largan Precision Co. Ltd. | 606 | 95,698 | ||||||
Lite-On Technology Corp. | 10,521 | 17,664 | ||||||
MediaTek, Inc. | 8,756 | 66,953 | ||||||
Mega Financial Holding Co. Ltd. | 58,193 | 46,916 | ||||||
Nan Ya Plastics Corp. | 25,190 | 59,962 | ||||||
Nanya Technology Corp. | 2,970 | 5,026 | ||||||
Nien Made Enterprise Co. Ltd. | 1,024 | 10,639 | ||||||
Novatek Microelectronics Corp. | 2,948 | 11,712 | ||||||
OBI Pharma, Inc.* | 714 | 6,089 | ||||||
Pegatron Corp. | 10,966 | 33,832 | ||||||
Phison Electronics Corp. | 871 | 9,440 | ||||||
Pou Chen Corp. | 12,935 | 17,846 | ||||||
Powertech Technology, Inc. | 1,836 | 5,640 | ||||||
President Chain Store Corp. | 2,770 | 24,772 | ||||||
Quanta Computer, Inc. | 13,523 | 30,931 | ||||||
Realtek Semiconductor Corp. | 1,844 | 6,161 | ||||||
Ruentex Development Co. Ltd.* | 4,000 | 4,635 | ||||||
Shin Kong Financial Holding Co. Ltd.* | 42,000 | 10,822 | ||||||
Siliconware Precision Industries Co. Ltd. | 14,669 | 24,774 | ||||||
SinoPac Financial Holdings Co. Ltd. | 53,946 | 16,697 | ||||||
Standard Foods Corp. | 3,000 | 8,069 | ||||||
Synnex Technology International Corp. | 6,797 | 7,796 | ||||||
TaiMed Biologics, Inc.* | 666 | 4,207 | ||||||
Taishin Financial Holding Co. Ltd. | 45,363 | 20,284 | ||||||
Taiwan Business Bank | 19,000 | 5,319 | ||||||
Taiwan Cement Corp. | 22,360 | 25,572 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 52,452 | 27,116 | ||||||
Taiwan Fertilizer Co. Ltd. | 4,000 | 5,333 | ||||||
Taiwan High Speed Rail Corp. | 9,000 | 7,600 | ||||||
Taiwan Mobile Co. Ltd. | 10,974 | 40,862 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 130,397 | 880,036 | ||||||
Teco Electric and Machinery Co. Ltd. | 8,515 | 8,224 | ||||||
Transcend Information, Inc. | 1,000 | 3,424 | ||||||
Uni-President Enterprises Corp. | 27,902 | 55,750 | ||||||
United Microelectronics Corp. | 78,428 | 32,462 | ||||||
Vanguard International Semiconductor Corp. | 5,506 | 10,379 | ||||||
Wistron Corp. | 9,564 | 8,839 | ||||||
WPG Holdings Ltd. | 7,559 | 10,103 | ||||||
Yuanta Financial Holding Co. Ltd. | 64,182 | 27,846 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Yulon Motor Co. Ltd. | 4,000 | $ | 3,577 | |||||
Zhen Ding Technology Holding Ltd. | 2,446 | 6,018 | ||||||
|
| |||||||
3,063,079 | ||||||||
|
| |||||||
Thailand — 0.4% | ||||||||
Advanced Info Service PCL, NVDR | 4,000 | 20,317 | ||||||
Airports of Thailand PCL, NVDR | 22,000 | 27,452 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 400 | 218 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 17,300 | 3,683 | ||||||
Berli Jucker PCL, NVDR | 6,400 | 8,597 | ||||||
Central Pattana PCL, NVDR | 800 | 1,550 | ||||||
Charoen Pokphand Foods PCL, NVDR | 13,100 | 9,577 | ||||||
CP ALL PCL, NVDR | 25,300 | 46,425 | ||||||
Electricity Generating PCL, NVDR | 200 | 1,257 | ||||||
Home Product Center PCL, NVDR | 100 | 29 | ||||||
Indorama Ventures PCL, NVDR | 15,500 | 16,724 | ||||||
IRPC PCL, NVDR | 179,658 | 26,901 | ||||||
Kasikornbank PCL, NVDR | 12,500 | 68,812 | ||||||
KCE Electronics PCL, NVDR | 1,300 | 4,122 | ||||||
Krung Thai Bank PCL, NVDR | 22,600 | 12,674 | ||||||
Minor International PCL, NVDR | 4,400 | 4,844 | ||||||
PTT Exploration & Production PCL, NVDR | 7,500 | 19,818 | ||||||
PTT Global Chemical PCL, NVDR | 6,600 | 13,758 | ||||||
PTT PCL, NVDR | 5,800 | 66,923 | ||||||
Robinson PCL, NVDR | 700 | 1,223 | ||||||
Siam Cement PCL | 700 | 10,810 | ||||||
Siam Commercial Bank PCL, NVDR | 9,100 | 40,878 | ||||||
Thai Oil PCL, NVDR | 9,100 | 20,573 | ||||||
True Corp. PCL, NVDR* | 22,500 | 4,096 | ||||||
|
| |||||||
431,261 | ||||||||
|
| |||||||
Turkey — 0.3% | ||||||||
Akbank TAS | 11,128 | 30,060 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 715 | 4,199 | ||||||
Arcelik AS | 1,485 | 10,279 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,034 | 6,431 | ||||||
BIM Birlesik Magazalar AS | 1,203 | 21,398 | ||||||
Coca-Cola Icecek AS | 394 | 4,132 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT* | 22,479 | 19,434 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 6,301 | 11,413 | ||||||
Ford Otomotiv Sanayi AS | 974 | 11,165 | ||||||
Haci Omer Sabanci Holding AS | 6,378 | 19,344 | ||||||
KOC Holding AS | 4,345 | 19,755 | ||||||
Petkim Petrokimya Holding AS | 3,488 | 5,468 | ||||||
TAV Havalimanlari Holding AS | 2,644 | 12,958 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,598 | 13,272 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 885 | 23,832 | ||||||
Turk Hava Yollari AO* | 5,549 | 11,388 | ||||||
Turk Telekomunikasyon AS* | 2,713 | 4,960 | ||||||
Turkcell Iletisim Hizmetleri AS* | 5,027 | 17,327 | ||||||
Turkiye Garanti Bankasi AS | 11,999 | 32,651 | ||||||
Turkiye Halk Bankasi AS* | 4,955 | 17,837 | ||||||
Turkiye Is Bankasi, Class C | 8,826 | 17,537 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 7,987 | 10,663 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Turkey (Continued) | ||||||||
Ulker Biskuvi Sanayi AS | 795 | $ | 4,651 | |||||
|
| |||||||
330,154 | ||||||||
|
| |||||||
United Arab Emirates — 0.1% | ||||||||
Abu Dhabi Commercial Bank PJSC | 8,008 | 15,916 | ||||||
Aldar Properties PJSC | 5,035 | 3,029 | ||||||
DAMAC Properties Dubai Co. PJSC | 9,379 | 7,635 | ||||||
DP World Ltd. | 906 | 20,838 | ||||||
Dubai Islamic Bank PJSC | 1,856 | 2,936 | ||||||
DXB Entertainments PJSC* | 16,536 | 3,444 | ||||||
Emaar Malls PJSC | 8,089 | 5,506 | ||||||
Emaar Properties PJSC | 15,228 | 29,478 | ||||||
Emirates Telecommunications Group Co. PJSC | 8,994 | 42,117 | ||||||
First Abu Dhabi Bank PJSC | 3,834 | 11,012 | ||||||
|
| |||||||
141,911 | ||||||||
|
| |||||||
United Kingdom — 11.0% | ||||||||
3i Group PLC | 5,504 | 63,470 | ||||||
Aberdeen Asset Management PLC | 5,347 | 19,910 | ||||||
Admiral Group PLC | 1,203 | 31,573 | ||||||
Anglo American PLC* | 7,466 | 99,225 | ||||||
Ashtead Group PLC | 2,825 | 57,000 | ||||||
Associated British Foods PLC | 1,991 | 76,856 | ||||||
AstraZeneca PLC | 6,653 | 448,659 | ||||||
Auto Trader Group PLC, 144A | 5,588 | 29,958 | ||||||
Aviva PLC | 22,167 | 149,945 | ||||||
Babcock International Group PLC | 1,331 | 16,000 | ||||||
BAE Systems PLC | 16,581 | 142,175 | ||||||
Barclays PLC | 90,268 | 244,241 | ||||||
Barratt Developments PLC | 5,314 | 41,937 | ||||||
Berkeley Group Holdings PLC | 651 | 27,311 | ||||||
BP PLC | 101,121 | 608,058 | ||||||
British American Tobacco PLC | 9,922 | 706,952 | ||||||
British Land Co. PLC REIT | 5,588 | 45,647 | ||||||
BT Group PLC | 44,588 | 177,834 | ||||||
Bunzl PLC | 1,777 | 55,682 | ||||||
Burberry Group PLC | 2,405 | 56,242 | ||||||
Capita PLC | 3,332 | 25,007 | ||||||
Centrica PLC | 28,661 | 75,075 | ||||||
CNH Industrial NV | 5,662 | 62,809 | ||||||
Cobham PLC (a) | 10,798 | 18,643 | ||||||
Coca-Cola European Partners PLC | 820 | 33,806 | ||||||
Compass Group PLC | 8,356 | 179,796 | ||||||
ConvaTec Group PLC, 144A* | 6,100 | 25,150 | ||||||
Croda International PLC | 806 | 41,155 | ||||||
Diageo PLC | 13,118 | 393,305 | ||||||
Direct Line Insurance Group PLC | 7,047 | 31,652 | ||||||
Dixons Carphone PLC | 5,104 | 21,609 | ||||||
easyJet PLC | 1,038 | 18,911 | ||||||
Experian PLC | 4,871 | 101,546 | ||||||
Fiat Chrysler Automobiles NV* | 4,951 | 51,974 | ||||||
G4S PLC | 7,987 | 33,445 | ||||||
GKN PLC | 9,160 | 41,308 | ||||||
GlaxoSmithKline PLC | 25,755 | 565,287 | ||||||
Hammerson PLC REIT | 3,819 | 28,810 | ||||||
Hargreaves Lansdown PLC | 1,473 | 26,532 | ||||||
HSBC Holdings PLC | 103,501 | 900,948 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
IMI PLC | 1,523 | $ | 24,607 | |||||
Imperial Brands PLC | 5,192 | 242,766 | ||||||
Inmarsat PLC | 2,564 | 26,429 | ||||||
InterContinental Hotels Group PLC | 968 | 54,541 | ||||||
International Consolidated Airlines Group SA | 3,315 | 25,840 | ||||||
Intertek Group PLC | 892 | 49,408 | ||||||
Intu Properties PLC REIT | 4,628 | 16,219 | ||||||
ITV PLC | 19,280 | 48,614 | ||||||
J Sainsbury PLC | 9,037 | 32,719 | ||||||
Johnson Matthey PLC | 1,096 | 43,946 | ||||||
Kingfisher PLC | 11,919 | 49,926 | ||||||
Land Securities Group PLC REIT | 4,548 | 62,700 | ||||||
Legal & General Group PLC | 32,706 | 106,108 | ||||||
Lloyds Banking Group PLC | 345,919 | 314,618 | ||||||
London Stock Exchange Group PLC | 1,686 | 74,402 | ||||||
Marks & Spencer Group PLC | 9,275 | 45,710 | ||||||
Meggitt PLC | 4,227 | 27,340 | ||||||
Merlin Entertainments PLC, 144A | 3,139 | 21,395 | ||||||
National Grid PLC | 18,040 | 253,238 | ||||||
Next PLC | 741 | 41,627 | ||||||
Old Mutual PLC | 26,444 | 64,123 | ||||||
Pearson PLC | 4,787 | 43,575 | ||||||
Persimmon PLC | 1,596 | 50,484 | ||||||
Petrofac Ltd. | 1,622 | 7,941 | ||||||
Provident Financial PLC | 854 | 33,571 | ||||||
Prudential PLC | 13,450 | 300,841 | ||||||
Reckitt Benckiser Group PLC | 3,356 | 343,241 | ||||||
RELX NV | 5,262 | 109,178 | ||||||
RELX PLC | 5,701 | 122,154 | ||||||
Rio Tinto Ltd. | 2,265 | 105,710 | ||||||
Rio Tinto PLC | 6,509 | 260,191 | ||||||
Rolls-Royce Holdings PLC* | 9,668 | 108,062 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 627,285 | 808 | ||||||
Royal Bank of Scotland Group PLC* | 18,771 | 62,882 | ||||||
Royal Mail PLC | 3,745 | 21,299 | ||||||
RSA Insurance Group PLC | 5,660 | 45,615 | ||||||
Sage Group PLC | 6,309 | 58,568 | ||||||
Schroders PLC | 733 | 29,816 | ||||||
Segro PLC REIT | 4,359 | 28,250 | ||||||
Severn Trent PLC | 1,552 | 49,992 | ||||||
Sky PLC | 5,745 | 73,355 | ||||||
Smith & Nephew PLC | 4,654 | 81,192 | ||||||
Smiths Group PLC | 2,166 | 44,736 | ||||||
SSE PLC | 5,527 | 107,175 | ||||||
St James’s Place PLC | 2,846 | 43,013 | ||||||
Standard Chartered PLC* | 17,973 | 169,488 | ||||||
Standard Life PLC | 10,802 | 53,277 | ||||||
Tate & Lyle PLC | 2,491 | 23,686 | ||||||
Taylor Wimpey PLC | 16,906 | 44,240 | ||||||
Tesco PLC* | 45,006 | 106,523 | ||||||
Travis Perkins PLC | 1,263 | 26,590 | ||||||
Unilever NV | 8,488 | 483,427 | ||||||
Unilever PLC | 6,688 | 373,250 | ||||||
United Utilities Group PLC | 4,146 | 54,968 | ||||||
Vodafone Group PLC | 139,793 | 416,967 | ||||||
Weir Group PLC | 1,204 | 28,171 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Whitbread PLC | 957 | $ | 52,910 | |||||
Wm Morrison Supermarkets PLC | 12,286 | 38,973 | ||||||
Worldpay Group PLC, 144A | 6,772 | 27,101 | ||||||
WPP PLC | 6,415 | 144,148 | ||||||
|
| |||||||
11,577,087 | ||||||||
|
| |||||||
United States (d) — 0.4% | ||||||||
Carnival PLC | 966 | 61,859 | ||||||
Shire PLC | 4,805 | 276,829 | ||||||
Valeant Pharmaceuticals International, Inc.* | 1,674 | 20,323 | ||||||
Yum China Holdings, Inc.* | 2,199 | 84,464 | ||||||
|
| |||||||
443,475 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 100,650,734 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.3% | ||||||||
Brazil — 0.7% | ||||||||
Banco Bradesco SA | 15,986 | 135,952 | ||||||
Braskem SA, Class A | 1,034 | 10,586 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 2,166 | 11,553 | ||||||
Cia Brasileira de Distribuicao* | 923 | 19,675 | ||||||
Cia Energetica de Minas Gerais | 4,019 | 9,489 | ||||||
Cia Paranaense de Energia, Class B | 484 | 4,166 | ||||||
Gerdau SA | 5,338 | 15,737 | ||||||
Itau Unibanco Holding SA | 17,436 | 191,551 | ||||||
Itausa — Investimentos Itau SA | 19,966 | 55,222 | ||||||
Lojas Americanas SA | 3,222 | 14,537 | ||||||
Petroleo Brasileiro SA* | 20,855 | 83,524 | ||||||
Suzano Papel e Celulose SA, Class A | 2,075 | 9,843 | ||||||
Telefonica Brasil SA | 2,042 | 29,533 | ||||||
Vale SA | 10,649 | 84,871 | ||||||
|
| |||||||
676,239 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Embotelladora Andina SA, Class B | 3,345 | 13,674 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 638 | 22,975 | ||||||
|
| |||||||
36,649 | ||||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 2,847 | 31,492 | ||||||
Grupo Aval Acciones y Valores SA | 21,239 | 8,848 | ||||||
Grupo de Inversiones Suramericana SA | 15 | 195 | ||||||
|
| |||||||
40,535 | ||||||||
|
|
Number | Value | |||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 318 | $ | 26,128 | |||||
FUCHS PETROLUB SE | 400 | 22,317 | ||||||
Henkel AG & Co. KGaA | 953 | 133,766 | ||||||
Porsche Automobil Holding SE | 815 | 46,646 | ||||||
Schaeffler AG | 970 | 16,023 | ||||||
Volkswagen AG | 1,020 | 153,254 | ||||||
|
| |||||||
398,134 | ||||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas OJSC | 36,892 | 18,358 | ||||||
Transneft PJSC | 3 | 8,394 | ||||||
|
| |||||||
26,752 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp. | 69 | 13,127 | ||||||
Hyundai Motor Co. | 140 | 13,255 | ||||||
Hyundai Motor Co. — 2nd Preferred | 221 | 22,404 | ||||||
LG Chem Ltd. | 69 | 12,541 | ||||||
Samsung Electronics Co. Ltd. | 95 | 148,406 | ||||||
|
| |||||||
209,733 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,388,042 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
South Africa — 0.0% | ||||||||
Sibanye Gold Ltd.*, expires 06/09/17 | 7,403 | 2,540 | ||||||
|
| |||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG*, expires 06/07/17 | 11,543 | 5,363 | ||||||
|
| |||||||
TOTAL RIGHTS | 7,903 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (e)(f) | 2,702,711 | 2,702,711 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 104,749,390 | ||||||
Other assets and liabilities, net — 0.0% | 43,484 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 104,792,874 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $98,811,201. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $5,938,189. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,036,761 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,098,572. |
(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 May 31, 2017 amounted to $2,218,622, which is 2.1% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Securities are domiciled in the United States and trade on a non-U.S. securities exchange. |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
(e) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
E-mini MSCI EAFE Index | USD | 5 | $ | 471,475 | 6/16/2017 | $ | 35,647 | |||||||||||||
E-mini MSCI Emerging Markets Index Futures | USD | 6 | 301,140 | 6/16/2017 | 20,100 | |||||||||||||||
SGX NIFTY 50 Futures | USD | 102 | 1,965,948 | 6/29/2017 | 45,084 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 2,738,563 | $ | 100,831 | |||||||||||||||||
|
|
|
|
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | AUD | 264,800 | USD | 195,366 | $ | (1,378 | ) | ||||||||||
Goldman Sachs & Co. | 6/5/2017 | AUD | 353,100 | USD | 259,077 | (3,274 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | AUD | 5,345,800 | USD | 3,995,266 | 23,381 | ||||||||||||
RBC Capital Markets | 6/5/2017 | AUD | 1,163,500 | USD | 869,610 | 5,139 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | BRL | 283,200 | USD | 88,359 | 941 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | BRL | 5,308,700 | USD | 1,645,751 | 7,055 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | BRL | 212,400 | USD | 67,224 | 1,660 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | CAD | 7,322,100 | USD | 5,357,680 | (63,227 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CAD | 460,600 | USD | 335,580 | (5,424 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CAD | 345,500 | USD | 252,419 | (3,371 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | CAD | 1,092,800 | USD | 799,617 | (9,436 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CLP | 11,046,100 | USD | 16,245 | (146 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CLP | 8,284,600 | USD | 12,294 | 1 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | CLP | 183,781,300 | USD | 275,179 | 2,472 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | CLP | 17,810,000 | USD | 26,673 | 245 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | COP | 8,810,100 | USD | 2,981 | (37 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | COP | 264,958,400 | USD | 89,304 | (1,475 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | COP | 11,746,800 | USD | 3,929 | (96 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CZK | 1,004,800 | USD | 40,838 | (2,011 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CZK | 55,200 | USD | 2,257 | (97 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CZK | 41,400 | USD | 1,694 | (72 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CZK | 3,000 | USD | 122 | (6 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 4,691,400 | USD | 5,116,638 | (154,936 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 1,049,500 | USD | 1,142,284 | (37,005 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 787,100 | USD | 855,837 | (28,602 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 12,953,400 | USD | 14,127,439 | (427,875 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 235,000 | USD | 256,294 | (7,768 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 1,323,600 | USD | 1,443,449 | (43,837 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 1,796,900 | USD | 2,325,665 | 10,072 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 495,800 | USD | 641,572 | 2,654 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 371,900 | USD | 479,651 | $ | 398 | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 6,856,600 | USD | 8,878,218 | 42,392 | ||||||||||||
RBC Capital Markets | 6/5/2017 | GBP | 667,400 | USD | 864,194 | 4,143 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 2,130,000 | USD | 273,596 | 224 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 13,861,400 | USD | 1,783,379 | 4,359 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 2,840,000 | USD | 365,056 | 561 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | HKD | 36,306,200 | USD | 4,671,140 | 11,478 | ||||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 1,590,800 | USD | 204,658 | 490 | ||||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 72,000 | USD | 9,263 | 22 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | ILS | 26,900 | USD | 7,460 | (139 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ILS | 73,000 | USD | 20,156 | (466 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ILS | 582,300 | USD | 161,012 | (3,480 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ILS | 35,900 | USD | 9,951 | (190 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | INR | 231,600 | USD | 3,569 | (18 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | INR | 9,277,900 | USD | 143,799 | 94 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | INR | 173,700 | USD | 2,692 | 1 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | JPY | 91,041,300 | USD | 799,791 | (22,445 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | JPY | 68,281,000 | USD | 600,186 | (16,491 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | JPY | 223,201,300 | USD | 2,002,619 | (13,215 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 199,894,500 | USD | 1,794,957 | (10,382 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | JPY | 1,281,368,400 | USD | 11,509,228 | (63,401 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 155,985,500 | USD | 138,623 | (709 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 207,980,600 | USD | 182,540 | (3,236 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 99,800,000 | USD | 87,588 | (1,557 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 1,021,516,200 | USD | 898,811 | (13,644 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | KRW | 2,566,016,300 | USD | 2,254,748 | (37,310 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 108,313,700 | USD | 95,158 | (1,592 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MXN | 4,121,300 | USD | 215,953 | (4,884 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MXN | 793,500 | USD | 41,172 | (1,347 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MXN | 595,200 | USD | 31,494 | (399 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | MXN | 11,141,800 | USD | 583,843 | (13,181 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MYR | 128,300 | USD | 29,473 | (496 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MYR | 96,300 | USD | 22,121 | (374 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MYR | 2,378,300 | USD | 550,341 | (5,194 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 619,700 | USD | 12,419 | (28 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 12,709,500 | USD | 253,556 | (1,729 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 826,300 | USD | 16,473 | (124 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 2,370,000 | USD | 47,078 | (526 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PLN | 42,600 | USD | 10,955 | (496 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PLN | 56,800 | USD | 14,577 | (691 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | PLN | 1,081,000 | USD | 278,420 | (12,155 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 1,749,300 | USD | 30,474 | (331 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 38,517,100 | USD | 670,425 | (7,857 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 2,332,400 | USD | 39,606 | (1,467 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 4,050,000 | USD | 70,472 | (848 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SEK | 664,800 | USD | 74,920 | (1,592 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SEK | 886,400 | USD | 99,789 | (2,228 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 16,654,100 | USD | 1,883,735 | (33,003 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SGD | 63,800 | USD | 45,207 | (905 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SGD | 47,800 | USD | 33,967 | (581 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SGD | 1,189,200 | USD | 851,082 | (8,434 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | THB | 579,500 | USD | 16,683 | (330 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | THB | 17,037,100 | USD | 492,117 | (8,079 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | THB | 772,700 | USD | 22,193 | (493 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TRY | 52,300 | USD | 14,318 | (484 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TRY | 39,200 | USD | 10,889 | (205 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | TRY | 132,000 | USD | 36,783 | (576 | ) |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | TRY | 822,000 | USD | 229,059 | $ | (3,584 | ) | ||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 4,424,500 | USD | 145,975 | (1,144 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 81,692,300 | USD | 2,709,080 | (7,267 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 3,318,400 | USD | 110,191 | (149 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 459,996 | AUD | 617,900 | (901 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 3,979,455 | AUD | 5,345,800 | (7,569 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 817,034 | AUD | 1,097,500 | (1,600 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 49,330 | AUD | 66,000 | (292 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,746,731 | BRL | 5,664,300 | 1,732 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 43,584 | BRL | 140,000 | (369 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 6,018,085 | CAD | 8,128,200 | (383 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 6,220 | CAD | 8,500 | 73 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 802,812 | CAD | 1,084,300 | (52 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 329,096 | CLP | 220,922,000 | (1,276 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 17,099 | COP | 50,579,000 | 230 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 80,423 | COP | 234,936,300 | 70 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 47,133 | CZK | 1,104,400 | (36 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 7,340,951 | EUR | 6,528,000 | (5,650 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 54,619 | EUR | 50,000 | 1,564 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 14,511,818 | EUR | 12,903,400 | (12,687 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,752,646 | EUR | 1,558,600 | (1,298 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 3,439,764 | GBP | 2,664,600 | (6,001 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 8,852,185 | GBP | 6,856,600 | (16,359 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 352,227 | GBP | 272,000 | (1,712 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 510,442 | GBP | 395,400 | (906 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,416,790 | HKD | 18,831,400 | 96 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 4,659,151 | HKD | 36,306,200 | 511 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 213,386 | HKD | 1,662,800 | 23 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 202,899 | ILS | 718,100 | (46 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 71,779 | INR | 4,631,200 | (47 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 78,305 | INR | 5,052,000 | (55 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 20,313 | JPY | 2,260,000 | 98 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 3,438,552 | JPY | 380,263,600 | (4,216 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,807,610 | JPY | 199,894,500 | (2,270 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 11,219,138 | JPY | 1,240,668,400 | (14,090 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 283,831 | JPY | 31,600,000 | 1,563 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 81,481 | JPY | 9,100,000 | 706 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,327,923 | KRW | 1,485,282,300 | (1,216 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 2,294,712 | KRW | 2,566,016,300 | (2,654 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 96,873 | KRW | 108,313,700 | (123 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 294,516 | MXN | 5,510,000 | 733 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 554,059 | MXN | 10,360,800 | 1,116 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 40,925 | MXN | 781,000 | 924 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 8,308 | MYR | 36,000 | 101 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 599,953 | MYR | 2,566,900 | (364 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 331,837 | PHP | 16,525,500 | 97 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 26,709 | PLN | 99,400 | 10 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 11,589 | PLN | 45,000 | 507 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 278,386 | PLN | 1,036,000 | 93 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 821,824 | RUB | 46,648,800 | (344 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 178,840 | SEK | 1,551,200 | (311 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 1,864,680 | SEK | 16,176,100 | (2,956 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 54,073 | SEK | 478,000 | 940 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 80,674 | SGD | 111,600 | (13 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 841,550 | SGD | 1,164,200 | (103 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 17,893 | SGD | 25,000 | 176 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 453,848 | THB | 15,453,300 | (151 | ) |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 84,831 | THB | 2,936,000 | $ | 1,368 | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 25,842 | TRY | 91,500 | 54 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 269,436 | TRY | 954,000 | 566 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,941,340 | TWD | 88,490,200 | 1,044 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 31,338 | TWD | 945,000 | 84 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,672,281 | ZAR | 22,064,000 | 8,494 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 1,103,200 | USD | 80,454 | (3,584 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 827,400 | USD | 61,767 | (1,262 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 19,754,400 | USD | 1,467,578 | (37,259 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 252,000 | USD | 18,765 | (431 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 127,000 | USD | 9,434 | (240 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | AED | 15,500 | USD | 4,219 | (1 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | AED | 20,700 | USD | 5,634 | (1 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | AED | 531,000 | USD | 144,545 | (22 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | CHF | 5,134,000 | USD | 5,167,667 | (135,212 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | CHF | 235,400 | USD | 233,869 | (9,274 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | CHF | 15,000 | USD | 15,124 | (369 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | CHF | 313,800 | USD | 311,904 | (12,219 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 551,100 | USD | 554,691 | (14,537 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 27,000 | USD | 27,177 | (711 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 642,000 | USD | 94,214 | (2,778 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 7,305,500 | USD | 1,071,507 | (32,187 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 435,500 | USD | 63,708 | (2,086 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 326,600 | USD | 47,736 | (1,606 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | EGP | 482,900 | USD | 26,526 | (128 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | EGP | 15,300 | USD | 842 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | EGP | 20,400 | USD | 1,123 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | HUF | 734,100 | USD | 2,572 | (104 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | HUF | 978,800 | USD | 3,414 | (154 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | HUF | 18,860,500 | USD | 65,695 | (3,056 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | IDR | 280,814,900 | USD | 20,974 | (95 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | IDR | 374,419,900 | USD | 27,867 | (224 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | IDR | 6,633,162,800 | USD | 496,012 | (1,648 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | IDR | 200,000,000 | USD | 14,948 | (58 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NOK | 196,700 | USD | 22,618 | (664 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NOK | 1,028,200 | USD | 120,071 | (1,632 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NOK | 147,500 | USD | 17,150 | (309 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | NOK | 105,000 | USD | 12,262 | (167 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | NOK | 2,456,200 | USD | 286,832 | (3,896 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 37,000 | USD | 25,359 | (852 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 10,800 | USD | 7,440 | (211 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 160,200 | USD | 109,885 | (3,603 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 8,100 | USD | 5,550 | (188 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | QAR | 26,100 | USD | 7,165 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | QAR | 34,800 | USD | 9,552 | (5 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | QAR | 662,900 | USD | 181,960 | (82 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 112,769 | AED | 414,200 | (1 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 41,655 | AED | 153,000 | 0 | ||||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 5,890,660 | CHF | 5,698,200 | (5,022 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 597,615 | CHF | 578,100 | (498 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 1,316,736 | DKK | 8,709,600 | (914 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 22,519 | EGP | 407,600 | (22 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 6,159 | EGP | 111,000 | (32 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 6,249 | HUF | 1,712,900 | (5 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 3,473 | HUF | 997,000 | 161 | ||||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 65,168 | HUF | 17,863,500 | (51 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 49,210 | IDR | 655,234,800 | (51 | ) |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 513,309 | IDR | 6,833,162,800 | $ | (644 | ) | ||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 162,956 | NOK | 1,372,400 | (512 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | USD | 304,094 | NOK | 2,561,200 | (938 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 153,363 | NZD | 216,100 | (275 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 7,687 | QAR | 28,000 | 2 | ||||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 191,091 | QAR | 695,800 | (13 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | AED | 35,000 | USD | 9,529 | 1 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | AED | 414,200 | USD | 112,754 | (5 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | AUD | 617,900 | USD | 459,759 | 884 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | AUD | 5,345,800 | USD | 3,977,443 | 7,455 | ||||||||||||
RBC Capital Markets | 7/5/2017 | AUD | 1,097,500 | USD | 816,633 | 1,589 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | CAD | 8,128,200 | USD | 6,021,304 | 117 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CAD | 1,084,300 | USD | 803,243 | 19 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | CHF | 5,698,200 | USD | 5,902,026 | 4,914 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CHF | 578,100 | USD | 598,783 | 502 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | DKK | 344,000 | USD | 52,094 | 37 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | DKK | 8,709,600 | USD | 1,318,923 | 905 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EGP | 407,600 | USD | 22,371 | (24 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | EGP | 170,000 | USD | 9,392 | 52 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 6,528,000 | USD | 7,352,832 | 5,464 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 113,000 | USD | 127,295 | 112 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 12,903,400 | USD | 14,535,280 | 12,297 | ||||||||||||
RBC Capital Markets | 7/5/2017 | EUR | 1,558,600 | USD | 1,755,485 | 1,256 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | GBP | 2,664,600 | USD | 3,443,039 | 5,880 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | GBP | 322,000 | USD | 416,130 | 771 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 6,856,600 | USD | 8,860,717 | 16,153 | ||||||||||||
RBC Capital Markets | 7/5/2017 | GBP | 395,400 | USD | 510,936 | 896 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 18,831,400 | USD | 2,418,373 | (300 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 2,233,000 | USD | 286,799 | (4 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | HKD | 36,306,200 | USD | 4,662,442 | (666 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 1,662,800 | USD | 213,533 | (34 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | HUF | 1,712,900 | USD | 6,256 | 5 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HUF | 969,000 | USD | 3,540 | 4 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | HUF | 17,863,500 | USD | 65,238 | 49 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | IDR | 655,234,800 | USD | 49,026 | 28 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | IDR | 116,810,000 | USD | 8,711 | (24 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | IDR | 6,833,162,800 | USD | 511,579 | 602 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ILS | 718,100 | USD | 203,104 | 37 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ILS | 49,000 | USD | 13,862 | 6 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | INR | 4,631,200 | USD | 71,524 | 74 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | INR | 206,000 | USD | 3,182 | 4 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | JPY | 380,263,600 | USD | 3,443,222 | 4,106 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | JPY | 31,650,000 | USD | 286,637 | 394 | ||||||||||||
RBC Capital Markets | 7/5/2017 | JPY | 199,894,500 | USD | 1,810,106 | 2,253 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | JPY | 1,240,668,400 | USD | 11,234,580 | 13,936 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 208,402,000 | USD | 185,924 | (302 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 1,485,282,300 | USD | 1,327,983 | 752 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | KRW | 2,566,016,300 | USD | 2,295,123 | 2,162 | ||||||||||||
RBC Capital Markets | 7/5/2017 | KRW | 108,313,700 | USD | 96,899 | 111 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | MYR | 240,000 | USD | 55,749 | (227 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | MYR | 2,566,900 | USD | 599,253 | 562 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | NOK | 1,372,400 | USD | 163,032 | 511 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | NOK | 112,000 | USD | 13,305 | 42 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | NOK | 2,561,200 | USD | 304,224 | 925 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | NZD | 216,100 | USD | 153,275 | 279 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | PLN | 87,000 | USD | 23,377 | (2 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | PLN | 99,400 | USD | 26,706 | (6 | ) |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | PLN | 1,036,000 | USD | 278,311 | $ | (94 | ) | ||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | QAR | 695,800 | USD | 191,017 | 5 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | QAR | 115,000 | USD | 31,576 | 6 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | RUB | 3,373,000 | USD | 58,987 | (5 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | RUB | 46,648,800 | USD | 816,288 | 435 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SEK | 193,000 | USD | 22,292 | 39 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SEK | 1,551,200 | USD | 179,155 | 307 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SEK | 16,176,100 | USD | 1,867,910 | 2,863 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SGD | 111,600 | USD | 80,701 | 12 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SGD | 80,000 | USD | 57,854 | 12 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | SGD | 1,164,200 | USD | 841,842 | 98 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | THB | 15,453,300 | USD | 453,741 | 110 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TRY | 91,500 | USD | 25,627 | (37 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TRY | 121,000 | USD | 33,889 | (48 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | TRY | 954,000 | USD | 267,124 | (448 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 4,535,000 | USD | 150,614 | (328 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 88,490,200 | USD | 2,942,318 | (2,988 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 208,340 | AUD | 280,000 | (401 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 84,449 | CAD | 114,000 | 0 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 128,444 | CHF | 124,000 | (115 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 20,023 | THB | 682,000 | (3 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ZAR | 999,000 | USD | 75,321 | (360 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ZAR | 22,064,000 | USD | 1,663,336 | (8,169 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | BRL | 5,664,300 | USD | 1,733,633 | (2,554 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | CLP | 4,625,000 | USD | 6,882 | 27 | ||||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | CLP | 220,922,000 | USD | 328,460 | 988 | ||||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | MXN | 97,000 | USD | 5,160 | (10 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | MXN | 5,510,000 | USD | 292,995 | (685 | ) | |||||||||||||||||
The Bank of New York Mellon | 7/6/2017 | MXN | 10,360,800 | USD | 551,153 | (1,071 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | PHP | 16,525,500 | USD | 331,172 | (313 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | PHP | 922,000 | USD | 18,488 | (6 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | USD | 35,782 | BRL | 117,000 | 80 | ||||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | COP | 77,270,000 | USD | 26,354 | 15 | ||||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | COP | 234,936,300 | USD | 79,862 | (221 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | CZK | 1,104,400 | USD | 47,221 | 27 | ||||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | CZK | 215,000 | USD | 9,130 | (58 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (1,252,841 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EGP | Egyptian Pound |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli New Sheqel |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PHP | Phillippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (g) | $ | 100,585,365 | $ | — | $ | 65,369 | $ | 100,650,734 | ||||||||
Preferred Stocks (g) | 1,388,042 | — | — | 1,388,042 | ||||||||||||
Rights (g) | 7,903 | — | — | 7,903 | ||||||||||||
Short-Term Investments | 2,702,711 | — | — | 2,702,711 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 232,088 | — | 232,088 | ||||||||||||
Futures Contracts | 100,831 | — | — | 100,831 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 104,784,852 | $ | 232,088 | $ | 65,369 | $ | 105,082,309 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,484,929 | ) | $ | — | $ | (1,484,929 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,484,929 | ) | $ | — | $ | (1,484,929 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $56,794. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 90.5% | ||||||||
Australia — 18.2% | ||||||||
AGL Energy Ltd. | 528 | $ | 10,338 | |||||
Alumina Ltd. (a) | 1,704 | 2,431 | ||||||
Amcor Ltd. | 917 | 10,452 | ||||||
AMP Ltd. | �� | 2,324 | 8,721 | |||||
APA Group (b) | 882 | 6,278 | ||||||
Aristocrat Leisure Ltd. | 426 | 6,901 | ||||||
ASX Ltd. | 159 | 6,040 | ||||||
Aurizon Holdings Ltd. | 1,624 | 6,637 | ||||||
AusNet Services | 1,411 | 1,777 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,317 | 48,223 | ||||||
Bank of Queensland Ltd. | 335 | 2,778 | ||||||
Bendigo & Adelaide Bank Ltd. | 390 | 3,266 | ||||||
BHP Billiton Ltd. | 2,542 | 45,143 | ||||||
BlueScope Steel Ltd. | 450 | 3,845 | ||||||
Boral Ltd. | 921 | 4,688 | ||||||
Brambles Ltd. | 1,287 | 9,917 | ||||||
Caltex Australia Ltd. | 206 | 5,060 | ||||||
Challenger Ltd. | 421 | 4,001 | ||||||
CIMIC Group Ltd. | 76 | 2,287 | ||||||
Coca-Cola Amatil Ltd. | 453 | 3,144 | ||||||
Cochlear Ltd. | 45 | 4,902 | ||||||
Commonwealth Bank of Australia | 1,349 | 79,839 | ||||||
Computershare Ltd. | 368 | 3,940 | ||||||
Crown Resorts Ltd. | 288 | 2,771 | ||||||
CSL Ltd. | 358 | 34,393 | ||||||
Dexus REIT | 742 | 5,728 | ||||||
Domino’s Pizza Enterprises Ltd. (a) | 39 | 1,665 | ||||||
Flight Centre Travel Group Ltd. | 44 | 1,169 | ||||||
Fortescue Metals Group Ltd. | 1,250 | 4,505 | ||||||
Goodman Group REIT | 1,416 | 8,943 | ||||||
GPT Group REIT | 1,423 | 5,541 | ||||||
Harvey Norman Holdings Ltd. (a) | 440 | 1,233 | ||||||
Healthscope Ltd. | 1,374 | 2,062 | ||||||
Incitec Pivot Ltd. | 1,326 | 3,370 | ||||||
Insurance Australia Group Ltd. | 1,874 | 8,856 | ||||||
LendLease Group (b) | 438 | 5,315 | ||||||
Macquarie Group Ltd. | 254 | 16,920 | ||||||
Medibank Pvt Ltd. | 2,180 | 4,455 | ||||||
Mirvac Group REIT | 2,770 | 4,693 | ||||||
National Australia Bank Ltd. | 2,097 | 46,932 | ||||||
Newcrest Mining Ltd. | 607 | 9,535 | ||||||
Oil Search Ltd. | 1,085 | 5,732 | ||||||
Orica Ltd. | 296 | 4,328 | ||||||
Origin Energy Ltd.* | 1,337 | 7,650 | ||||||
Qantas Airways Ltd. | 346 | 1,288 | ||||||
QBE Insurance Group Ltd. | 1,086 | 10,410 | ||||||
Ramsay Health Care Ltd. | 112 | 5,736 | ||||||
REA Group Ltd. | 42 | 2,003 | ||||||
Santos Ltd.* | 1,448 | 3,615 | ||||||
Scentre Group REIT | 4,141 | 13,108 | ||||||
SEEK Ltd. | 264 | 3,313 | ||||||
Sonic Healthcare Ltd. | 313 | 5,386 | ||||||
South32 Ltd. | 4,183 | 8,206 | ||||||
Stockland REIT | 1,904 | 6,678 | ||||||
Suncorp Group Ltd. | 1,021 | 10,500 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (b) | 873 | $ | 4,826 | |||||
Tabcorp Holdings Ltd. | 661 | 2,249 | ||||||
Tatts Group Ltd. | 1,066 | 3,327 | ||||||
Telstra Corp. Ltd. | 3,309 | 10,819 | ||||||
TPG Telecom Ltd. (a) | 265 | 1,160 | ||||||
Transurban Group (b) | 1,617 | 14,803 | ||||||
Treasury Wine Estates Ltd. | 584 | 5,650 | ||||||
Vicinity Centres REIT | 2,664 | 5,463 | ||||||
Wesfarmers Ltd. | 884 | 28,048 | ||||||
Westfield Corp. REIT | 1,547 | 9,748 | ||||||
Westpac Banking Corp. | 2,631 | 59,627 | ||||||
Woodside Petroleum Ltd. | 596 | 14,238 | ||||||
Woolworths Ltd. | 1,020 | 19,744 | ||||||
|
| |||||||
716,349 | ||||||||
|
| |||||||
China — 21.7% | ||||||||
3SBio, Inc., 144A* | 558 | 775 | ||||||
58.com, Inc., ADR* | 67 | 2,881 | ||||||
AAC Technologies Holdings, Inc. | 664 | 7,108 | ||||||
Agricultural Bank of China Ltd., Class H | 20,527 | 9,957 | ||||||
Air China Ltd., Class H | 1,105 | 1,051 | ||||||
Alibaba Group Holding Ltd., ADR* | 889 | 108,867 | ||||||
Aluminum Corp. of China Ltd., Class H* | 2,465 | 1,148 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 970 | 3,218 | ||||||
ANTA Sports Products Ltd. | 704 | 2,082 | ||||||
Autohome, Inc., ADR* | 41 | 1,738 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 1,709 | 1,051 | ||||||
Baidu, Inc., ADR* | 215 | 40,011 | ||||||
Bank of China Ltd., Class H | 61,985 | 31,022 | ||||||
Bank of Communications Co. Ltd., Class H | 6,915 | 5,360 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 1,181 | 1,725 | ||||||
Belle International Holdings Ltd. | 4,830 | 3,769 | ||||||
BYD Co. Ltd., Class H | 555 | 3,315 | ||||||
CGN Power Co. Ltd., Class H, 144A | 7,417 | 2,199 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 6,471 | 2,450 | ||||||
China CITIC Bank Corp. Ltd., Class H | 7,310 | 4,512 | ||||||
China Coal Energy Co. Ltd., Class H* | 2,000 | 878 | ||||||
China Communications Construction Co. Ltd., Class H | 3,478 | 4,695 | ||||||
China Communications Services Corp. Ltd., Class H | 2,413 | 1,434 | ||||||
China Conch Venture Holdings Ltd. | 1,069 | 2,066 | ||||||
China Construction Bank Corp., Class H | 66,533 | 54,985 | ||||||
China Everbright Bank Co. Ltd., Class H | 2,257 | 1,069 | ||||||
China Evergrande Group (a) | 3,355 | 6,019 | ||||||
China Galaxy Securities Co. Ltd., Class H | 2,118 | 1,949 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 5,000 | 2,034 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 2,821 | 0 | ||||||
China Life Insurance Co. Ltd., Class H | 5,846 | 19,205 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,370 | 1,785 | ||||||
China Medical System Holdings Ltd. | 693 | 1,229 | ||||||
China Mengniu Dairy Co. Ltd. | 2,159 | 4,366 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
China (Continued) | ||||||||
China Merchants Bank Co. Ltd., Class H | 3,066 | $ | 9,207 | |||||
China Minsheng Banking Corp. Ltd., Class H | 4,319 | 4,428 | ||||||
China National Building Material Co. Ltd., Class H | 2,262 | 1,257 | ||||||
China Oilfield Services Ltd., Class H | 1,719 | 1,489 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 2,071 | 8,292 | ||||||
China Petroleum & Chemical Corp., Class H | 20,032 | 16,427 | ||||||
China Railway Construction Corp. Ltd., Class H | 1,518 | 2,084 | ||||||
China Railway Group Ltd., Class H | 3,398 | 2,817 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,500 | 6,089 | ||||||
China Southern Airlines Co. Ltd., Class H | 1,203 | 920 | ||||||
China Telecom Corp. Ltd., Class H | 10,364 | 5,147 | ||||||
China Vanke Co. Ltd., Class H | 930 | 2,470 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,867 | 1,277 | ||||||
CITIC Securities Co. Ltd., Class H | 1,934 | 4,055 | ||||||
CNOOC Ltd. | 13,844 | 15,811 | ||||||
Country Garden Holdings Co. Ltd. | 4,196 | 4,959 | ||||||
CRRC Corp. Ltd., Class H | 3,470 | 3,251 | ||||||
CSPC Pharmaceutical Group Ltd. | 3,329 | 4,981 | ||||||
Ctrip.com International Ltd., ADR* | 297 | 16,231 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 2,131 | 2,401 | ||||||
ENN Energy Holdings Ltd. | 595 | 3,131 | ||||||
Fosun International Ltd. | 2,143 | 3,333 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 400 | 1,507 | ||||||
Geely Automobile Holdings Ltd. | 3,841 | 6,359 | ||||||
GF Securities Co. Ltd., Class H | 950 | 1,970 | ||||||
GOME Electrical Appliances Holding Ltd. | 8,085 | 1,048 | ||||||
Great Wall Motor Co. Ltd., Class H | 2,480 | 2,651 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 1,652 | 2,773 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 846 | 1,368 | ||||||
Haitian International Holdings Ltd. | 600 | 1,394 | ||||||
Haitong Securities Co. Ltd., Class H | 2,620 | 4,391 | ||||||
Hengan International Group Co. Ltd. | 568 | 3,983 | ||||||
Huaneng Power International, Inc., Class H | 3,324 | 2,653 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 2,710 | 897 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 1,113 | 2,191 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 57,783 | 38,633 | ||||||
JD.com, Inc., ADR* | 515 | 20,615 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 960 | 1,395 | ||||||
Jiangxi Copper Co. Ltd., Class H | 981 | 1,475 | ||||||
Kingsoft Corp. Ltd. | 656 | 1,764 | ||||||
Lenovo Group Ltd. | 5,673 | 3,713 | ||||||
Longfor Properties Co. Ltd. | 1,217 | 2,477 | ||||||
Minth Group Ltd.* | 535 | 2,176 | ||||||
Momo, Inc., ADR* | 69 | 2,625 | ||||||
NetEase, Inc., ADR | 63 | 17,941 | ||||||
New China Life Insurance Co. Ltd., Class H | 644 | 3,475 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 106 | 7,597 |
Number | Value | |||||||
China (Continued) | ||||||||
People’s Insurance Co. Group of China Ltd., Class H | 5,999 | $ | 2,587 | |||||
PetroChina Co. Ltd., Class H | 16,576 | 11,040 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 3,614 | 6,029 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 4,088 | 26,204 | ||||||
Semiconductor Manufacturing International Corp.* | 2,339 | 2,464 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,480 | 1,162 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 1,351 | 586 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 384 | 1,471 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 574 | 1,661 | ||||||
Shenzhou International Group Holdings Ltd. | 438 | 2,999 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 3,000 | 1,290 | ||||||
SINA Corp.* | 46 | 4,507 | ||||||
Sino-Ocean Group Holding Ltd. | 2,500 | 1,261 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 443 | 407 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 2,919 | 1,716 | ||||||
Sinopharm Group Co. Ltd., Class H | 845 | 3,860 | ||||||
SOHO China Ltd.* | 977 | 489 | ||||||
Sunac China Holdings Ltd. | 1,675 | 2,721 | ||||||
Sunny Optical Technology Group Co. Ltd. | 560 | 4,362 | ||||||
TAL Education Group, ADR | 37 | 4,309 | ||||||
Tencent Holdings Ltd. | 4,468 | 153,433 | ||||||
Tingyi Cayman Islands Holding Corp. | 1,541 | 1,883 | ||||||
TravelSky Technology Ltd., Class H | 733 | 2,163 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 282 | 1,285 | ||||||
Vipshop Holdings Ltd., ADR* | 321 | 3,971 | ||||||
Want Want China Holdings Ltd. | 4,229 | 2,969 | ||||||
Weibo Corp., ADR*(a) | 21 | 1,544 | ||||||
Weichai Power Co. Ltd., Class H | 1,502 | 2,436 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,502 | 1,379 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 1,457 | 1,084 | ||||||
YY, Inc., ADR* | 23 | 1,342 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,126 | 1,321 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 404 | 2,133 | ||||||
Zijin Mining Group Co. Ltd., Class H | 4,426 | 1,454 | ||||||
ZTE Corp., Class H | 649 | 1,321 | ||||||
|
| |||||||
853,924 | ||||||||
|
| |||||||
Hong Kong — 12.9% | ||||||||
AIA Group Ltd. | 9,520 | 67,498 | ||||||
Alibaba Health Information Technology | 2,881 | 1,468 | ||||||
Alibaba Pictures Group Ltd.*(a) | 9,764 | 1,692 | ||||||
ASM Pacific Technology Ltd. | 216 | 3,099 | ||||||
Bank of East Asia Ltd. | 871 | 3,677 | ||||||
Beijing Enterprises Holdings Ltd. | 304 | 1,441 | ||||||
Beijing Enterprises Water Group Ltd.* | 3,350 | 2,683 | ||||||
BOC Hong Kong Holdings Ltd. | 2,907 | 13,113 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Brilliance China Automotive Holdings Ltd. | 2,376 | $ | 4,433 | |||||
Cheung Kong Infrastructure Holdings Ltd. | 521 | 4,490 | ||||||
Cheung Kong Property Holdings Ltd. | 2,090 | 15,690 | ||||||
China Everbright International Ltd. | 1,661 | 2,121 | ||||||
China Everbright Ltd. | 684 | 1,536 | ||||||
China Gas Holdings Ltd. | 1,371 | 2,090 | ||||||
China Jinmao Holdings Group Ltd. | 3,451 | 1,129 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,095 | 3,246 | ||||||
China Mobile Ltd. | 4,789 | 53,129 | ||||||
China Overseas Land & Investment Ltd. | 3,013 | 9,048 | ||||||
China Power International Development Ltd. | 1,641 | 625 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,328 | 3,350 | ||||||
China Resources Gas Group Ltd. | 699 | 2,144 | ||||||
China Resources Land Ltd. | 2,178 | 6,401 | ||||||
China Resources Power Holdings Co. Ltd. | 1,511 | 3,118 | ||||||
China State Construction International Holdings Ltd. | 1,410 | 2,446 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 1,118 | 2,977 | ||||||
China Unicom Hong Kong Ltd.* | 4,703 | 6,747 | ||||||
CITIC Ltd. | 4,508 | 7,150 | ||||||
CK Hutchison Holdings Ltd. | 2,109 | 27,497 | ||||||
CLP Holdings Ltd. | 1,290 | 14,104 | ||||||
COSCO SHIPPING Ports Ltd. | 1,202 | 1,404 | ||||||
Far East Horizon Ltd. | 1,253 | 1,161 | ||||||
First Pacific Co. Ltd. | 1,502 | 1,176 | ||||||
Fullshare Holdings Ltd.*(a) | 5,648 | 2,305 | ||||||
Galaxy Entertainment Group Ltd. | 1,898 | 10,973 | ||||||
GCL-Poly Energy Holdings Ltd.* | 10,620 | 1,131 | ||||||
Guangdong Investment Ltd. | 2,215 | 3,195 | ||||||
Haier Electronics Group Co. Ltd. | 1,109 | 2,821 | ||||||
Hanergy Thin Film Power Group Ltd.* | 36,273 | 0 | ||||||
Hang Lung Group Ltd. | 753 | 3,121 | ||||||
Hang Lung Properties Ltd. | 1,590 | 4,111 | ||||||
Hang Seng Bank Ltd. | 592 | 12,497 | ||||||
Henderson Land Development Co. Ltd. | 857 | 5,537 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (b) | 2,259 | 2,070 | ||||||
HKT Trust & HKT Ltd. (b) | 2,974 | 3,893 | ||||||
Hong Kong & China Gas Co. Ltd. | 5,995 | 12,817 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 914 | 23,071 | ||||||
Hongkong Land Holdings Ltd. | 900 | 6,804 | ||||||
Hysan Development Co. Ltd. | 493 | 2,328 | ||||||
Jardine Matheson Holdings Ltd. | 200 | 12,778 | ||||||
Jardine Strategic Holdings Ltd. | 200 | 8,394 | ||||||
Kerry Properties Ltd. | 510 | 1,803 | ||||||
Kunlun Energy Co. Ltd.* | 2,537 | 2,272 | ||||||
Li & Fung Ltd. | 5,319 | 2,191 | ||||||
Link REIT | 1,739 | 13,724 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 194 | 4,381 | ||||||
MTR Corp. Ltd. | 1,195 | 6,809 | ||||||
New World Development Co. Ltd. | 4,565 | 5,682 | ||||||
Nine Dragons Paper Holdings Ltd. | 1,504 | 1,783 | ||||||
NWS Holdings Ltd. | 966 | 1,869 | ||||||
PCCW Ltd. | 3,765 | 2,194 | ||||||
Power Assets Holdings Ltd. | 1,093 | 9,790 | ||||||
Shanghai Industrial Holdings Ltd. | 253 | 791 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Shangri-La Asia Ltd. | 984 | $ | 1,505 | |||||
Shimao Property Holdings Ltd. | 1,060 | 1,809 | ||||||
Sino Biopharmaceutical Ltd. | 3,904 | 3,482 | ||||||
Sino Land Co. Ltd. | 2,459 | 4,279 | ||||||
SJM Holdings Ltd. | 1,289 | 1,251 | ||||||
Sun Art Retail Group Ltd. | 1,801 | 1,664 | ||||||
Sun Hung Kai Properties Ltd. | 1,130 | 16,720 | ||||||
Swire Pacific Ltd., Class A | 391 | 3,849 | ||||||
Swire Properties Ltd. | 931 | 3,106 | ||||||
Techtronic Industries Co. Ltd. | 1,080 | 5,107 | ||||||
WH Group Ltd., 144A | 5,807 | 5,440 | ||||||
Wharf Holdings Ltd. | 960 | 8,168 | ||||||
Wheelock & Co. Ltd. | 639 | 4,781 | ||||||
Yue Yuen Industrial Holdings Ltd. | 583 | 2,323 | ||||||
|
| |||||||
506,502 | ||||||||
|
| |||||||
Indonesia — 2.3% | ||||||||
PT Adaro Energy Tbk | 12,210 | 1,393 | ||||||
PT AKR Corporindo Tbk | 1,084 | 539 | ||||||
PT Astra International Tbk | 16,008 | 10,516 | ||||||
PT Bank Central Asia Tbk | 7,749 | 9,977 | ||||||
PT Bank Danamon Indonesia Tbk | 2,313 | 907 | ||||||
PT Bank Mandiri Persero Tbk | 7,411 | 7,010 | ||||||
PT Bank Negara Indonesia Persero Tbk | 5,954 | 2,928 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 8,762 | 9,522 | ||||||
PT Bumi Serpong Damai Tbk* | 6,032 | 820 | ||||||
PT Charoen Pokphand Indonesia Tbk | 5,605 | 1,334 | ||||||
PT Gudang Garam Tbk | 373 | 2,071 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 8,340 | 2,461 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 1,446 | 2,008 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 1,830 | 1,195 | ||||||
PT Indofood Sukses Makmur Tbk | 3,364 | 2,210 | ||||||
PT Jasa Marga Persero Tbk | 2,421 | 954 | ||||||
PT Kalbe Farma Tbk | 16,694 | 1,930 | ||||||
PT Lippo Karawaci Tbk | 9,725 | 497 | ||||||
PT Matahari Department Store Tbk | 1,958 | 2,220 | ||||||
PT Media Nusantara Citra Tbk* | 3,707 | 529 | ||||||
PT Pakuwon Jati Tbk | 19,100 | 875 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 6,782 | 1,222 | ||||||
PT Semen Indonesia Persero Tbk | 2,350 | 1,667 | ||||||
PT Summarecon Agung Tbk | 4,693 | 465 | ||||||
PT Surya Citra Media Tbk | 5,316 | 1,161 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 39,874 | 13,022 | ||||||
PT Tower Bersama Infrastructure Tbk | 1,602 | 695 | ||||||
PT Unilever Indonesia Tbk | 1,288 | 4,465 | ||||||
PT United Tractors Tbk | 1,296 | 2,702 | ||||||
PT Waskita Karya Persero Tbk | 2,861 | 511 | ||||||
PT XL Axiata Tbk* | 3,399 | 755 | ||||||
|
| |||||||
88,561 | ||||||||
|
| |||||||
Ireland — 0.1% | ||||||||
James Hardie Industries PLC CDI (c) | 349 | 5,078 | ||||||
|
| |||||||
Macau — 0.4% | ||||||||
MGM China Holdings Ltd. | 787 | 1,747 | ||||||
Sands China Ltd. | 1,969 | 9,084 | ||||||
Wynn Macau Ltd.* | 1,276 | 2,833 | ||||||
|
| |||||||
13,664 | ||||||||
|
|
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Malaysia — 2.2% | ||||||||
AirAsia Bhd | 1,200 | $ | 836 | |||||
Alliance Financial Group Bhd | 776 | 785 | ||||||
AMMB Holdings Bhd | 1,300 | 1,582 | ||||||
Astro Malaysia Holdings Bhd | 1,200 | 712 | ||||||
Axiata Group Bhd | 2,100 | 2,493 | ||||||
British American Tobacco Malaysia Bhd | 150 | 1,563 | ||||||
CIMB Group Holdings Bhd | 2,500 | 3,738 | ||||||
Dialog Group Bhd | 2,500 | 1,121 | ||||||
DiGi.Com Bhd | 2,402 | 2,778 | ||||||
Felda Global Ventures Holdings Bhd | 1,500 | 613 | ||||||
Gamuda Bhd | 1,300 | 1,622 | ||||||
Genting Bhd | 1,800 | 4,193 | ||||||
Genting Malaysia Bhd | 2,453 | 3,215 | ||||||
Genting Plantations Bhd | 100 | 256 | �� | |||||
HAP Seng Consolidated Bhd | 500 | 1,072 | ||||||
Hartalega Holdings Bhd | 500 | 709 | ||||||
Hong Leong Bank Bhd | 551 | 1,805 | ||||||
Hong Leong Financial Group Bhd | 225 | 881 | ||||||
IHH Healthcare Bhd | 1,576 | 2,132 | ||||||
IJM Corp. Bhd | 2,300 | 1,870 | ||||||
IOI Corp. Bhd | 1,500 | 1,595 | ||||||
IOI Properties Group Bhd | 1,325 | 656 | ||||||
Kuala Lumpur Kepong Bhd | 400 | 2,314 | ||||||
Malayan Banking Bhd | 2,927 | 6,456 | ||||||
Malaysia Airports Holdings Bhd | 625 | 1,270 | ||||||
Maxis Bhd | 1,501 | 2,157 | ||||||
MISC Bhd | 925 | 1,621 | ||||||
Petronas Chemicals Group Bhd | 1,900 | 3,254 | ||||||
Petronas Dagangan Bhd | 200 | 1,150 | ||||||
Petronas Gas Bhd | 575 | 2,493 | ||||||
PPB Group Bhd | 300 | 1,178 | ||||||
Public Bank Bhd | 2,226 | 10,433 | ||||||
RHB Bank Bhd | 600 | 756 | ||||||
Sapura Energy Bhd | 3,100 | 1,282 | ||||||
Sime Darby Bhd | 1,846 | 4,020 | ||||||
Telekom Malaysia Bhd | 851 | 1,288 | ||||||
Tenaga Nasional Bhd | 2,700 | 8,693 | ||||||
UMW Holdings Bhd* | 376 | 527 | ||||||
Westports Holdings Bhd | 800 | 759 | ||||||
YTL Corp. Bhd | 3,500 | 1,227 | ||||||
YTL Power International Bhd | 1,631 | 583 | ||||||
|
| |||||||
87,688 | ||||||||
|
| |||||||
New Zealand — 0.5% | ||||||||
Auckland International Airport Ltd. | 748 | 3,704 | ||||||
Contact Energy Ltd. | 647 | 2,365 | ||||||
Fletcher Building Ltd. | 549 | 2,941 | ||||||
Mercury NZ Ltd. | 574 | 1,322 | ||||||
Meridian Energy Ltd. | 1,014 | 2,047 | ||||||
Ryman Healthcare Ltd. | 307 | 1,812 | ||||||
Spark New Zealand Ltd. | 1,319 | 3,514 | ||||||
|
| |||||||
17,705 | ||||||||
|
| |||||||
Philippines — 1.1% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,557 | 2,379 | ||||||
Aboitiz Power Corp. | 1,150 | 907 | ||||||
Alliance Global Group, Inc. | 3,200 | 995 | ||||||
Ayala Corp. | 185 | 3,226 |
Number | Value | |||||||
Philippines (Continued) | ||||||||
Ayala Land, Inc. | 5,826 | $ | 4,612 | |||||
Bank of the Philippine Islands | 588 | 1,245 | ||||||
BDO Unibank, Inc. | 1,560 | 3,839 | ||||||
DMCI Holdings, Inc. | 3,100 | 837 | ||||||
Energy Development Corp. | 7,400 | 907 | ||||||
Globe Telecom, Inc. | 25 | 1,060 | ||||||
GT Capital Holdings, Inc. | 75 | 1,801 | ||||||
International Container Terminal Services, Inc. | 403 | 810 | ||||||
JG Summit Holdings, Inc. | 2,150 | 3,440 | ||||||
Jollibee Foods Corp. | 358 | 1,471 | ||||||
Megaworld Corp. | 9,000 | 850 | ||||||
Metro Pacific Investments Corp. | 12,500 | 1,575 | ||||||
Metropolitan Bank & Trust Co. | 230 | 404 | ||||||
PLDT, Inc. | 75 | 2,604 | ||||||
Robinsons Land Corp. | 900 | 448 | ||||||
Security Bank Corp. | 130 | 569 | ||||||
SM Investments Corp. | 187 | 2,893 | ||||||
SM Prime Holdings, Inc. | 6,857 | 4,642 | ||||||
Universal Robina Corp. | 720 | 2,343 | ||||||
|
| |||||||
43,857 | ||||||||
|
| |||||||
Singapore — 3.5% | ||||||||
Ascendas Real Estate Investment Trust REIT | 2,050 | 3,882 | ||||||
CapitaLand Commercial Trust REIT | 1,650 | 1,979 | ||||||
CapitaLand Ltd. | 2,051 | 5,277 | ||||||
CapitaLand Mall Trust REIT | 1,901 | 2,734 | ||||||
City Developments Ltd. | 350 | 2,694 | ||||||
ComfortDelGro Corp. Ltd. | 1,700 | 2,949 | ||||||
DBS Group Holdings Ltd. | 1,400 | 20,712 | ||||||
Genting Singapore PLC | 4,803 | 4,096 | ||||||
Global Logistic Properties Ltd. | 2,101 | 4,403 | ||||||
Golden Agri-Resources Ltd. | 5,603 | 1,478 | ||||||
Hutchison Port Holdings Trust, Class U | 5,152 | 2,087 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 3,167 | ||||||
Keppel Corp. Ltd. | 1,100 | 5,112 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,450 | 18,574 | ||||||
SATS Ltd. | 500 | 1,857 | ||||||
Sembcorp Industries Ltd. | 750 | 1,713 | ||||||
Singapore Airlines Ltd. | 400 | 2,894 | ||||||
Singapore Exchange Ltd. | 650 | 3,415 | ||||||
Singapore Press Holdings Ltd. | 1,250 | 2,864 | ||||||
Singapore Technologies Engineering Ltd. | 1,250 | 3,361 | ||||||
Singapore Telecommunications Ltd. | 6,403 | 17,400 | ||||||
StarHub Ltd. | 400 | 780 | ||||||
Suntec Real Estate Investment Trust REIT | 1,900 | 2,520 | ||||||
United Overseas Bank Ltd. | 1,000 | 16,608 | ||||||
UOL Group Ltd. | 350 | 1,771 | ||||||
Wilmar International Ltd. | 1,250 | 3,198 | ||||||
|
| |||||||
137,525 | ||||||||
|
| |||||||
South Korea — 13.6% | ||||||||
Amorepacific Corp. | 25 | 7,659 | ||||||
AMOREPACIFIC Group | 25 | 3,361 | ||||||
BGF retail Co. Ltd. | 16 | 1,994 | ||||||
BNK Financial Group, Inc. | 211 | 1,885 | ||||||
Celltrion, Inc.* | 63 | 5,379 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
South Korea (Continued) | ||||||||
Cheil Worldwide, Inc. | 55 | $ | 943 | |||||
CJ CheilJedang Corp. | 6 | 2,044 | ||||||
CJ Corp. | 9 | 1,700 | ||||||
CJ E&M Corp. | 19 | 1,334 | ||||||
CJ Korea Express Corp.* | 4 | 688 | ||||||
Coway Co. Ltd. | 42 | 3,770 | ||||||
Daelim Industrial Co. Ltd. | 22 | 1,816 | ||||||
Daewoo Engineering & Construction Co. | 98 | 661 | ||||||
DGB Financial Group, Inc. | 133 | 1,366 | ||||||
Dongbu Insurance Co. Ltd. | 36 | 2,177 | ||||||
Dongsuh Cos., Inc. | 38 | 1,100 | ||||||
Doosan Bobcat, Inc. | 28 | 933 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 25 | 509 | ||||||
E-MART, Inc. | 15 | 3,256 | ||||||
GS Engineering & Construction Corp.* | 30 | 823 | ||||||
GS Holdings Corp. | 40 | 2,604 | ||||||
GS Retail Co. Ltd. | 21 | 1,052 | ||||||
Hana Financial Group, Inc. | 221 | 8,103 | ||||||
Hankook Tire Co. Ltd. | 62 | 3,372 | ||||||
Hanmi Pharm. Co. Ltd.* | 5 | 1,706 | ||||||
Hanmi Science Co. Ltd.* | 11 | 727 | ||||||
Hanon Systems | 172 | 1,590 | ||||||
Hanssem Co. Ltd. | 8 | 1,572 | ||||||
Hanwha Chemical Corp. | 85 | 2,262 | ||||||
Hanwha Corp. | 31 | 1,325 | ||||||
Hanwha Life Insurance Co. Ltd. | 102 | 641 | ||||||
Hanwha Techwin Co. Ltd.* | 29 | 1,294 | ||||||
Hotel Shilla Co. Ltd. | 29 | 1,575 | ||||||
Hyosung Corp. | 16 | 2,401 | ||||||
Hyundai Department Store Co. Ltd. | 13 | 1,347 | ||||||
Hyundai Development Co.-Engineering & Construction | 45 | 2,066 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 57 | 2,479 | ||||||
Hyundai Glovis Co. Ltd. | 17 | 2,422 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 24 | 3,708 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 50 | 1,686 | ||||||
Hyundai Mobis Co. Ltd. | 54 | 13,240 | ||||||
Hyundai Motor Co. | 121 | 17,616 | ||||||
Hyundai Robotics Co. Ltd.* | 5 | 1,822 | ||||||
Hyundai Steel Co. | 63 | 3,331 | ||||||
Hyundai Wia Corp. | 10 | 616 | ||||||
Industrial Bank of Korea | 199 | 2,293 | ||||||
Kakao Corp. | 24 | 2,118 | ||||||
Kangwon Land, Inc. | 92 | 2,979 | ||||||
KB Financial Group, Inc. | 312 | 14,937 | ||||||
KCC Corp. | 5 | 1,820 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 18 | 852 | ||||||
Kia Motors Corp. | 209 | 7,290 | ||||||
Korea Aerospace Industries Ltd. | 57 | 3,238 | ||||||
Korea Electric Power Corp. | 193 | 7,361 | ||||||
Korea Gas Corp.* | 22 | 998 | ||||||
Korea Investment Holdings Co. Ltd. | 33 | 1,804 | ||||||
Korea Zinc Co. Ltd. | 7 | 2,738 | ||||||
Korean Air Lines Co. Ltd.* | 35 | 1,110 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
KT Corp. | 25 | $ | 727 | |||||
KT&G Corp. | 92 | 9,121 | ||||||
Kumho Petrochemical Co. Ltd. | 14 | 978 | ||||||
LG Chem Ltd. | 36 | 9,711 | ||||||
LG Corp. | 75 | 5,426 | ||||||
LG Display Co. Ltd. | 167 | 4,863 | ||||||
LG Electronics, Inc. | 87 | 6,411 | ||||||
LG Household & Health Care Ltd. | 7 | 6,146 | ||||||
LG Innotek Co. Ltd. | 9 | 1,077 | ||||||
LG Uplus Corp. | 86 | 1,244 | ||||||
Lotte Chemical Corp. | 12 | 3,864 | ||||||
Lotte Confectionery Co. Ltd. | 5 | 982 | ||||||
Lotte Shopping Co. Ltd. | 9 | 2,303 | ||||||
Medy-Tox, Inc. | 3 | 1,399 | ||||||
Mirae Asset Daewoo Co. Ltd. | 290 | 2,461 | ||||||
NAVER Corp. | 22 | 16,604 | ||||||
NCSoft Corp. | 14 | 4,733 | ||||||
Netmarble Games Corp., 144A* | 13 | 1,765 | ||||||
NH Investment & Securities Co. Ltd. | 111 | 1,403 | ||||||
OCI Co. Ltd. | 13 | 1,033 | ||||||
Orion Corp. | 3 | 2,138 | ||||||
Ottogi Corp. | 1 | 760 | ||||||
Pan Ocean Co. Ltd.* | 168 | 825 | ||||||
POSCO | 57 | 14,357 | ||||||
Posco Daewoo Corp. | 23 | 496 | ||||||
S-1 Corp. | 15 | 1,400 | ||||||
Samsung Biologics Co. Ltd., 144A* | 14 | 2,751 | ||||||
Samsung C&T Corp. | 62 | 7,614 | ||||||
Samsung Card Co. Ltd. | 26 | 975 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 43 | 3,169 | ||||||
Samsung Electronics Co. Ltd. | 77 | 153,711 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 24 | 6,270 | ||||||
Samsung Heavy Industries Co. Ltd.* | 201 | 2,208 | ||||||
Samsung Life Insurance Co. Ltd. | 55 | 5,993 | ||||||
Samsung SDI Co. Ltd. | 44 | 6,504 | ||||||
Samsung SDS Co. Ltd. | 26 | 3,785 | ||||||
Samsung Securities Co. Ltd. | 51 | 1,829 | ||||||
Shinhan Financial Group Co. Ltd. | 335 | 14,796 | ||||||
Shinsegae Inc. | 6 | 1,305 | ||||||
SK Holdings Co. Ltd. | 25 | 6,107 | ||||||
SK Hynix, Inc. | 461 | 23,470 | ||||||
SK Innovation Co. Ltd. | 51 | 7,698 | ||||||
SK Networks Co. Ltd. | 54 | 357 | ||||||
SK Telecom Co. Ltd. | 17 | 3,849 | ||||||
S-Oil Corp. | 36 | 3,328 | ||||||
Woori Bank | 228 | 3,116 | ||||||
Yuhan Corp. | 6 | 1,340 | ||||||
|
| |||||||
535,895 | ||||||||
|
| |||||||
Taiwan — 11.3% | ||||||||
Acer, Inc.* | 2,299 | 1,261 | ||||||
Advanced Semiconductor Engineering, Inc. | 5,149 | 6,590 | ||||||
Advantech Co. Ltd. | 249 | 2,020 | ||||||
Asia Cement Corp. | 1,944 | 1,800 | ||||||
Asia Pacific Telecom Co. Ltd.* | 1,436 | 492 | ||||||
Asustek Computer, Inc. | 555 | 5,259 | ||||||
AU Optronics Corp. | 7,424 | 2,900 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Catcher Technology Co. Ltd. | 527 | $ | 5,571 | |||||
Cathay Financial Holding Co. Ltd. | 6,121 | 9,585 | ||||||
Chailease Holding Co. Ltd. | 806 | 2,176 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,550 | 2,071 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,530 | 3,088 | ||||||
Chicony Electronics Co. Ltd. | 509 | 1,322 | ||||||
China Airlines Ltd. | 1,842 | 564 | ||||||
China Development Financial Holding Corp. | 11,295 | 3,087 | ||||||
China Life Insurance Co. Ltd. | 2,580 | 2,530 | ||||||
China Steel Corp. | 9,810 | 8,072 | ||||||
Chunghwa Telecom Co. Ltd. | 2,986 | 10,672 | ||||||
Compal Electronics, Inc. | 3,054 | 2,041 | ||||||
CTBC Financial Holding Co. Ltd. | 14,124 | 8,992 | ||||||
Delta Electronics, Inc. | 1,533 | 8,460 | ||||||
E.Sun Financial Holding Co. Ltd. | 6,569 | 4,062 | ||||||
Eclat Textile Co. Ltd. | 137 | 1,396 | ||||||
Eva Airways Corp. | 1,351 | 660 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 1,380 | 693 | ||||||
Far Eastern New Century Corp. | 2,738 | 2,221 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,256 | 3,194 | ||||||
Feng TAY Enterprise Co. Ltd. | 262 | 1,019 | ||||||
First Financial Holding Co. Ltd. | 7,059 | 4,518 | ||||||
Formosa Chemicals & Fibre Corp. | 2,302 | 6,987 | ||||||
Formosa Petrochemical Corp. | 1,048 | 3,763 | ||||||
Formosa Plastics Corp. | 3,251 | 9,695 | ||||||
Formosa Taffeta Co. Ltd. | 892 | 933 | ||||||
Foxconn Technology Co. Ltd. | 723 | 2,048 | ||||||
Fubon Financial Holding Co. Ltd. | 5,226 | 7,966 | ||||||
Giant Manufacturing Co. Ltd. | 221 | 1,297 | ||||||
Globalwafers Co. Ltd. | 116 | 939 | ||||||
Highwealth Construction Corp. | 642 | 1,060 | ||||||
Hiwin Technologies Corp. | 162 | 1,088 | ||||||
Hon Hai Precision Industry Co. Ltd. | 12,253 | 41,958 | ||||||
Hotai Motor Co. Ltd. | 240 | 3,148 | ||||||
HTC Corp.* | 483 | 1,167 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 5,886 | 3,376 | ||||||
Innolux Corp. | 6,840 | 3,093 | ||||||
Inventec Corp. | 1,864 | 1,385 | ||||||
Largan Precision Co. Ltd. | 79 | 12,475 | ||||||
Lite-On Technology Corp. | 1,826 | 3,066 | ||||||
MediaTek, Inc. | 1,181 | 9,031 | ||||||
Mega Financial Holding Co. Ltd. | 8,657 | 6,979 | ||||||
Merida Industry Co. Ltd. | 164 | 886 | ||||||
Micro-Star International Co. Ltd. | 531 | 1,236 | ||||||
Nan Ya Plastics Corp. | 3,744 | 8,912 | ||||||
Nanya Technology Corp. | 377 | 638 | ||||||
Nien Made Enterprise Co. Ltd. | 115 | 1,195 | ||||||
Novatek Microelectronics Corp. | 485 | 1,927 | ||||||
OBI Pharma, Inc.* | 108 | 921 | ||||||
Pegatron Corp. | 1,517 | 4,680 | ||||||
Phison Electronics Corp. | 127 | 1,376 | ||||||
Pou Chen Corp. | 1,409 | 1,944 | ||||||
Powertech Technology, Inc. | 521 | 1,600 | ||||||
President Chain Store Corp. | 450 | 4,024 | ||||||
Quanta Computer, Inc. | 2,124 | 4,858 | ||||||
Realtek Semiconductor Corp. | 352 | 1,176 | ||||||
Ruentex Development Co. Ltd.* | 602 | 697 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Ruentex Industries Ltd. | 404 | $ | 604 | |||||
Shin Kong Financial Holding Co. Ltd.* | 6,000 | 1,546 | ||||||
Siliconware Precision Industries Co. Ltd. | 1,447 | 2,444 | ||||||
SinoPac Financial Holdings Co. Ltd. | 8,465 | 2,620 | ||||||
Standard Foods Corp. | 449 | 1,208 | ||||||
Synnex Technology International Corp. | 1,191 | 1,366 | ||||||
TaiMed Biologics, Inc.* | 170 | 1,074 | ||||||
Taishin Financial Holding Co. Ltd. | 6,828 | 3,053 | ||||||
Taiwan Business Bank | 2,578 | 722 | ||||||
Taiwan Cement Corp. | 2,611 | 2,986 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 5,776 | 2,986 | ||||||
Taiwan Fertilizer Co. Ltd. | 521 | 695 | ||||||
Taiwan High Speed Rail Corp. | 1,327 | 1,121 | ||||||
Taiwan Mobile Co. Ltd. | 1,263 | 4,703 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 19,353 | 130,611 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,379 | 1,332 | ||||||
Transcend Information, Inc. | 200 | 685 | ||||||
Uni-President Enterprises Corp. | 3,659 | 7,311 | ||||||
United Microelectronics Corp. | 9,590 | 3,969 | ||||||
Vanguard International Semiconductor Corp. | 806 | 1,519 | ||||||
Wistron Corp. | 1,978 | 1,828 | ||||||
WPG Holdings Ltd. | 1,219 | 1,629 | ||||||
Yuanta Financial Holding Co. Ltd. | 8,283 | 3,594 | ||||||
Yulon Motor Co. Ltd. | 763 | 682 | ||||||
Zhen Ding Technology Holding Ltd. | 375 | 923 | ||||||
|
| |||||||
445,051 | ||||||||
|
| |||||||
Thailand — 2.0% | ||||||||
Advanced Info Service PCL, NVDR | 798 | 4,053 | ||||||
Airports of Thailand PCL, NVDR | 3,000 | 3,743 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,200 | 1,747 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 6,700 | 1,426 | ||||||
Banpu PCL, NVDR | 2,200 | 1,150 | ||||||
Berli Jucker PCL, NVDR | 1,300 | 1,746 | ||||||
BTS Group Holdings PCL, NVDR | 4,600 | 1,155 | ||||||
Bumrungrad Hospital PCL | 300 | 1,528 | ||||||
Central Pattana PCL, NVDR | 1,100 | 2,131 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,100 | 1,535 | ||||||
CP ALL PCL, NVDR | 3,811 | 6,993 | ||||||
Delta Electronics Thailand PCL, NVDR | 400 | 1,057 | ||||||
Electricity Generating PCL, NVDR | 100 | 628 | ||||||
Energy Absolute PCL, NVDR | 800 | 699 | ||||||
Glow Energy PCL, NVDR | 500 | 1,182 | ||||||
Home Product Center PCL, NVDR | 4,700 | 1,366 | ||||||
Indorama Ventures PCL, NVDR | 826 | 891 | ||||||
IRPC PCL, NVDR | 8,873 | 1,329 | ||||||
Kasikornbank PCL, NVDR | 1,500 | 8,257 | ||||||
KCE Electronics PCL, NVDR | 200 | 634 | ||||||
Krung Thai Bank PCL, NVDR | 3,204 | 1,797 | ||||||
Minor International PCL, NVDR | 1,700 | 1,872 | ||||||
PTT Exploration & Production PCL, NVDR | 1,100 | 2,907 | ||||||
PTT Global Chemical PCL | 1,500 | 3,127 | ||||||
PTT PCL, NVDR | 825 | 9,519 | ||||||
Robinson PCL, NVDR | 400 | 699 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Thailand (Continued) | ||||||||
Siam Cement PCL | 100 | $ | 1,544 | |||||
Siam Cement PCL, NVDR | 200 | 3,089 | ||||||
Siam Commercial Bank PCL, NVDR | 1,400 | 6,289 | ||||||
Thai Oil PCL, NVDR | 551 | 1,246 | ||||||
Thai Union Group PCL, NVDR | 1,500 | 925 | ||||||
TMB Bank PCL, NVDR | 10,400 | 660 | ||||||
True Corp. PCL, NVDR* | 7,900 | 1,438 | ||||||
|
| |||||||
78,362 | ||||||||
|
| |||||||
United Kingdom — 0.4% | ||||||||
Rio Tinto Ltd. | 336 | 15,682 | ||||||
|
| |||||||
United States — 0.3% | ||||||||
Yum China Holdings, Inc.* | 288 | 11,062 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,556,905 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.7% | ||||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp. | 7 | 1,332 | ||||||
Hyundai Motor Co. | 18 | 1,704 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Motor Co. — 2nd Preferred | 26 | $ | 2,636 | |||||
LG Chem Ltd. | 4 | 727 | ||||||
LG Household & Health Care Ltd. | 2 | 1,101 | ||||||
Samsung Electronics Co. Ltd. | 14 | 21,870 | ||||||
|
| |||||||
29,370 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 29,370 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (d)(e) | 22,677 | 22,677 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 91.8% | $ | 3,608,952 | ||||||
Other assets and liabilities, net — 8.2% | 323,538 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,932,490 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,342,940. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $266,012. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $595,442 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $329,430. |
(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 May 31, 2017 amounted to $21,491, which is 0.5% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
NVDR: | Non Voting Depositary Receipt |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 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 | 17 | $ | 327,658 | 6/29/2017 | $ | 5,274 |
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 6/5/2017 | AUD | 163,700 | USD | 122,351 | $ | 723 | |||||||||||
The Bank of New York Mellon | 6/5/2017 | AUD | 896,000 | USD | 669,648 | 3,927 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 8,424,600 | USD | 1,083,891 | 2,650 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 48,000 | USD | 6,175 | 14 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | INR | 7,550,000 | USD | 117,018 | 77 |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 9,641,000 | USD | 8,460 | $ | (151 | ) | ||||||||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 76,458,200 | USD | 67,230 | (1,066 | ) | |||||||||||||||||
The Bank of New York Mellon | 6/5/2017 | KRW | 525,108,200 | USD | 461,837 | (7,209 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | MYR | 10,000 | USD | 2,304 | (32 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | MYR | 386,000 | USD | 89,321 | (843 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 2,072,500 | USD | 41,236 | (393 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 62,000 | USD | 1,233 | (12 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | SGD | 192,700 | USD | 137,904 | (1,373 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | THB | 2,779,000 | USD | 80,272 | (1,318 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 13,299,300 | USD | 441,031 | (1,183 | ) | |||||||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 121,863 | AUD | 163,700 | (236 | ) | |||||||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 658,821 | AUD | 885,000 | (1,274 | ) | |||||||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 8,221 | AUD | 11,000 | (48 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,087,359 | HKD | 8,472,600 | 43 | ||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 29,243 | INR | 1,887,000 | (15 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 87,962 | INR | 5,663,000 | (248 | ) | |||||||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 77,005 | KRW | 86,099,200 | (98 | ) | |||||||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 469,475 | KRW | 525,108,200 | (430 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 92,556 | MYR | 396,000 | (56 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 42,861 | PHP | 2,134,500 | 13 | ||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 138,577 | SGD | 191,700 | (23 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 716 | SGD | 1,000 | 7 | ||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 81,616 | THB | 2,779,000 | (27 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 439,664 | TWD | 13,227,300 | 156 | ||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,386 | TWD | 72,000 | 8 | ||||||||||||||||||
RBC Capital Markets | 6/6/2017 | IDR | 1,199,278,300 | USD | 89,706 | (271 | ) | |||||||||||||||||
RBC Capital Markets | 6/6/2017 | IDR | 11,115,000 | USD | 831 | (3 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 25,800 | USD | 17,697 | (580 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 1,000 | USD | 686 | (23 | ) | |||||||||||||||||
RBC Capital Markets | 6/6/2017 | USD | 90,870 | IDR | 1,210,393,300 | (59 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 19,020 | NZD | 26,800 | (34 | ) | |||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | AUD | 1,048,700 | USD | 780,292 | 1,488 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 387,000 | USD | 49,705 | (1 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 8,472,600 | USD | 1,088,071 | (135 | ) | |||||||||||||||||
RBC Capital Markets | 7/5/2017 | IDR | 1,210,393,300 | USD | 90,632 | 120 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | KRW | 19,314,000 | USD | 17,239 | (19 | ) | |||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | KRW | 611,207,400 | USD | 546,795 | 627 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | KRW | 5,470,000 | USD | 4,887 | (1 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | MYR | 396,000 | USD | 92,448 | 87 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | NZD | 26,800 | USD | 19,009 | 35 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SGD | 191,700 | USD | 138,624 | 20 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | THB | 2,779,000 | USD | 81,597 | 20 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 13,227,300 | USD | 439,810 | (447 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 292,000 | USD | 9,685 | (34 | ) | |||||||||||||||||
RBC Capital Markets | 7/5/2017 | USD | 36,460 | AUD | 49,000 | (71 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 18,491 | HKD | 144,000 | 4 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | USD | 2,742 | IDR | 36,627,000 | (3 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 4,435 | MYR | 19,000 | (4 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 1,419 | NZD | 2,000 | (3 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 2,791 | THB | 95,000 | (2 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | PHP | 55,000 | USD | 1,104 | 1 | ||||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | PHP | 2,134,500 | USD | 42,776 | (40 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (7,745 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2017
Currency Abbreviations
AUD | Australian Dollar |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MYR | Malaysian Ringgit |
NZD | New Zealand Dollar |
PHP | Phillippine Peso |
SGD | Singapore Dollar |
THB | Thai Baht |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 3,547,659 | $ | — | $ | 9,246 | $ | 3,556,905 | ||||||||
Preferred Stocks | 29,370 | — | — | 29,370 | ||||||||||||
Short-Term Investments | 22,677 | — | — | 22,677 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 10,020 | — | 10,020 | ||||||||||||
Futures Contracts | 5,274 | — | — | 5,274 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,604,980 | $ | 10,020 | $ | 9,246 | $ | 3,624,246 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (17,765 | ) | $ | — | $ | (17,765 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (17,765 | ) | $ | — | $ | (17,765 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
During the period ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $16,787. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 54.9% | ||||||||
Consumer Discretionary — 4.0% | ||||||||
Kroton Educacional SA | 18,149 | $ | 81,324 | |||||
Lojas Americanas SA | 2,440 | 9,350 | ||||||
Lojas Renner SA | 9,299 | 75,778 | ||||||
|
| |||||||
166,452 | ||||||||
|
| |||||||
Consumer Staples — 12.7% | ||||||||
Ambev SA | 54,374 | 314,386 | ||||||
BRF SA | 5,868 | 78,555 | ||||||
JBS SA | 10,749 | 26,806 | ||||||
M Dias Branco SA | 1,319 | 22,052 | ||||||
Natura Cosmeticos SA | 2,240 | 22,546 | ||||||
Raia Drogasil SA | 3,004 | 66,839 | ||||||
|
| |||||||
531,184 | ||||||||
|
| |||||||
Energy — 6.0% | ||||||||
Cosan SA Industria e Comercio | 2,142 | 23,850 | ||||||
Petroleo Brasileiro SA* | 28,782 | 121,142 | ||||||
Ultrapar Participacoes SA | 4,700 | 108,715 | ||||||
|
| |||||||
253,707 | ||||||||
|
| |||||||
Financials — 10.1% | ||||||||
Banco Bradesco SA | 9,472 | 79,178 | ||||||
Banco do Brasil SA | 9,169 | 80,301 | ||||||
Banco Santander Brasil SA | 5,506 | 43,286 | ||||||
BB Seguridade Participacoes SA | 4,466 | 40,162 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 27,132 | 154,443 | ||||||
Porto Seguro SA | 1,468 | 14,608 | ||||||
Sul America SA | 2,322 | 12,809 | ||||||
|
| |||||||
424,787 | ||||||||
|
| |||||||
Health Care — 1.9% | ||||||||
Hypermarcas SA | 4,519 | 41,197 | ||||||
Odontoprev SA | 3,442 | 12,838 | ||||||
Qualicorp SA | 2,923 | 25,310 | ||||||
|
| |||||||
79,345 | ||||||||
|
| |||||||
Industrials — 5.4% | ||||||||
CCR SA | 15,914 | 81,538 | ||||||
Embraer SA | 8,760 | 43,341 | ||||||
Localiza Rent a Car SA | 2,182 | 29,319 | ||||||
Rumo SA* | 10,549 | 27,644 | ||||||
WEG SA | 7,442 | 43,696 | ||||||
|
| |||||||
225,538 | ||||||||
|
| |||||||
Information Technology — 2.7% | ||||||||
Cielo SA | 16,053 | 113,157 | ||||||
|
| |||||||
Materials — 5.8% | ||||||||
Cia Siderurgica Nacional SA* | 8,214 | 17,413 | ||||||
Duratex SA | 4,091 | 10,152 | ||||||
Fibria Celulose SA | 3,255 | 37,318 | ||||||
Klabin SA | 7,741 | 39,950 | ||||||
Vale SA | 16,732 | 140,487 | ||||||
|
| |||||||
245,320 | ||||||||
|
| |||||||
Real Estate — 1.3% | ||||||||
BR Malls Participacoes SA | 8,781 | 32,508 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Multiplan Empreendimentos Imobiliarios SA | 1,099 | $ | 21,770 | |||||
|
| |||||||
54,278 | ||||||||
|
| |||||||
Telecommunication Services — 0.8% | ||||||||
TIM Participacoes SA | 11,127 | 34,111 | ||||||
|
| |||||||
Utilities — 4.2% | ||||||||
Centrais Eletricas Brasileiras SA* | 2,800 | 11,897 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 4,441 | 39,799 | ||||||
CPFL Energia SA | 3,342 | 27,152 | ||||||
EDP — Energias do Brasil SA | 4,018 | 16,564 | ||||||
Engie Brasil Energia SA | 2,135 | 21,885 | ||||||
Equatorial Energia SA | 2,577 | 42,526 | ||||||
Transmissora Alianca de Energia Eletrica SA | 2,423 | 16,997 | ||||||
|
| |||||||
176,820 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,304,699 | |||||||
|
| |||||||
PREFERRED STOCKS — 37.8% | ||||||||
Consumer Discretionary — 1.0% | ||||||||
Lojas Americanas SA | 9,563 | 43,146 | ||||||
|
| |||||||
Consumer Staples — 1.0% | ||||||||
Cia Brasileira de Distribuicao* | 2,052 | 43,742 | ||||||
|
| |||||||
Energy — 3.9% | ||||||||
Petroleo Brasileiro SA* | 40,952 | 164,013 | ||||||
|
| |||||||
Financials — 21.9% | ||||||||
Banco Bradesco SA | 37,289 | 317,123 | ||||||
Itau Unibanco Holding SA | 41,623 | 457,268 | ||||||
Itausa — Investimentos Itau SA | 51,958 | 143,706 | ||||||
|
| |||||||
918,097 | ||||||||
|
| |||||||
Materials — 6.8% | ||||||||
Braskem SA, Class A | 2,265 | 23,189 | ||||||
Gerdau SA | 12,039 | 35,493 | ||||||
Suzano Papel e Celulose SA, Class A | 5,349 | 25,373 | ||||||
Vale SA | 25,032 | 199,501 | ||||||
|
| |||||||
283,556 | ||||||||
|
| |||||||
Telecommunication Services — 2.0% | ||||||||
Telefonica Brasil SA | 5,918 | 85,589 | ||||||
|
| |||||||
Utilities — 1.2% | ||||||||
Centrais Eletricas Brasileiras SA, Class B | 2,956 | 15,767 | ||||||
Cia Energetica de Minas Gerais | 9,904 | 23,383 | ||||||
Cia Paranaense de Energia, Class B | 1,332 | 11,464 | ||||||
|
| |||||||
50,614 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,588,757 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 92.7% | $ | 3,893,456 | ||||||
Other assets and liabilities, net — 7.3% | 308,436 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,201,892 | ||||||
|
|
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
May 31, 2017
* | Non-income producing security. |
† | The cost for federal income tax purposes was $4,032,211. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $138,755. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $278,042 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $416,797. |
At May 31, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||
CME USD IBOVESPA Futures | USD | 1 | $ | 62,945 | 6/14/2017 | $ | (2,280 | ) |
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | BRL | 9,643,745 | USD | 2,989,660 | $ | 12,816 | |||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | BRL | 165,000 | USD | 51,416 | 484 | ||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | BRL | 134,000 | USD | 41,532 | 169 | ||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | BRL | 298,000 | USD | 92,423 | 436 | ||||||||||||||||||
The Bank of New York Mellon | 6/5/2017 | BRL | 2,773,755 | USD | 861,950 | 5,744 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | BRL | 1,056,400 | USD | 327,485 | 1,394 | ||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,973,894 | BRL | 9,643,745 | 2,949 | ||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 41,615 | BRL | 135,000 | 57 | ||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 140,609 | BRL | 462,000 | 2,001 | ||||||||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 855,358 | BRL | 2,773,755 | 848 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 325,768 | BRL | 1,056,400 | 323 | ||||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | BRL | 9,643,745 | USD | 2,951,595 | (4,348 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/6/2017 | BRL | 136,000 | USD | 41,583 | (103 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/6/2017 | BRL | 135,000 | USD | 41,312 | (67 | ) | |||||||||||||||||
The Bank of New York Mellon | 7/6/2017 | BRL | 2,773,755 | USD | 848,970 | (1,225 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | BRL | 1,056,400 | USD | 323,177 | (625 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 20,853 | ||||||||||||||||||||||
|
|
Currency Abbreviations
BRL | Brazilian Real |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 2,304,699 | $ | — | $ | — | $ | 2,304,699 | ||||||||
Preferred Stocks (a) | 1,588,757 | — | — | 1,588,757 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 27,221 | — | 27,221 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,893,456 | $ | 27,221 | $ | — | $ | 3,920,677 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (6,368 | ) | $ | — | $ | (6,368 | ) | ||||||
Futures Contracts | (2,280 | ) | — | — | (2,280 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (2,280 | ) | $ | (6,368 | ) | $ | — | $ | (8,648 | ) | |||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during year ended May 31, 2017.
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 93.9% | ||||||||
Brazil — 4.0% | ||||||||
Ambev SA | 186,453 | $ | 1,078,056 | |||||
Banco Bradesco SA | 36,234 | 302,888 | ||||||
Banco do Brasil SA | 33,991 | 297,688 | ||||||
Banco Santander Brasil SA | 16,448 | 129,309 | ||||||
BB Seguridade Participacoes SA | 27,680 | 248,918 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 81,704 | 465,084 | ||||||
BR Malls Participacoes SA | 26,417 | 97,800 | ||||||
BRF SA | 17,670 | 236,550 | ||||||
CCR SA | 47,925 | 245,553 | ||||||
Centrais Eletricas Brasileiras SA* | 8,597 | 36,530 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 13,514 | 121,110 | ||||||
Cia Siderurgica Nacional SA* | 24,690 | 52,341 | ||||||
Cielo SA | 48,343 | 340,767 | ||||||
Cosan SA Industria e Comercio | 6,452 | 71,838 | ||||||
CPFL Energia SA | 10,063 | 81,755 | ||||||
Duratex SA | 12,310 | 30,547 | ||||||
EDP — Energias do Brasil SA | 11,998 | 49,461 | ||||||
Embraer SA | 26,352 | 130,378 | ||||||
Engie Brasil Energia SA | 6,453 | 66,146 | ||||||
Equatorial Energia SA | 7,857 | 129,657 | ||||||
Fibria Celulose SA | 9,857 | 113,010 | ||||||
Hypermarcas SA | 13,750 | 125,350 | ||||||
JBS SA | 32,370 | 80,726 | ||||||
Klabin SA | 23,312 | 120,308 | ||||||
Kroton Educacional SA | 54,654 | 244,900 | ||||||
Localiza Rent a Car SA | 6,595 | 88,614 | ||||||
Lojas Americanas SA | 7,344 | 28,142 | ||||||
Lojas Renner SA | 27,992 | 228,109 | ||||||
M Dias Branco SA | 4,021 | 67,225 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 3,350 | 66,359 | ||||||
Natura Cosmeticos SA | 6,821 | 68,654 | ||||||
Odontoprev SA | 10,504 | 39,180 | ||||||
Petroleo Brasileiro SA* | 117,716 | 495,462 | ||||||
Porto Seguro SA | 4,474 | 44,519 | ||||||
Qualicorp SA | 8,819 | 76,363 | ||||||
Raia Drogasil SA | 9,145 | 203,477 | ||||||
Rumo SA* | 31,769 | 83,253 | ||||||
Sul America SA | 6,992 | 38,569 | ||||||
TIM Participacoes SA | 33,507 | 102,718 | ||||||
Transmissora Alianca de Energia Eletrica SA | 7,298 | 51,195 | ||||||
Ultrapar Participacoes SA | 14,301 | 330,793 | ||||||
Vale SA | 50,886 | 427,254 | ||||||
WEG SA | 22,342 | 131,182 | ||||||
|
| |||||||
7,467,738 | ||||||||
|
| |||||||
Chile — 1.0% | ||||||||
AES Gener SA | 116,258 | 42,605 | ||||||
Aguas Andinas SA, Class A | 103,401 | 57,328 | ||||||
Banco de Chile | 965,070 | 122,961 | ||||||
Banco de Credito e Inversiones | 1,466 | 81,901 | ||||||
Banco Santander Chile | 2,608,050 | 160,826 | ||||||
Cencosud SA | 56,595 | 152,524 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Cia Cervecerias Unidas SA | 5,844 | $ | 76,702 | |||||
Colbun SA | 312,038 | 70,178 | ||||||
Empresa Nacional de Telecomunicaciones SA | 5,971 | 66,403 | ||||||
Empresas CMPC SA | 49,428 | 117,188 | ||||||
Empresas COPEC SA | 17,990 | 204,928 | ||||||
Enel Americas SA | 1,153,149 | 217,897 | ||||||
Enel Chile SA | 776,494 | 85,636 | ||||||
Enel Generacion Chile SA | 129,726 | 99,807 | ||||||
Itau CorpBanca | 6,078,505 | 56,329 | ||||||
Latam Airlines Group SA | 12,028 | 133,304 | ||||||
SACI Falabella | 24,066 | 198,725 | ||||||
|
| |||||||
1,945,242 | ||||||||
|
| |||||||
China — 22.9% | ||||||||
3SBio, Inc., 144A* | 40,053 | 55,614 | ||||||
58.com, Inc., ADR* | 3,573 | 153,639 | ||||||
AAC Technologies Holdings, Inc. | 31,071 | 332,592 | ||||||
Agricultural Bank of China Ltd., Class H | 1,033,158 | 501,163 | ||||||
Air China Ltd., Class H | 72,167 | 68,624 | ||||||
Alibaba Group Holding Ltd., ADR* | 44,723 | 5,476,779 | ||||||
Aluminum Corp. of China Ltd., Class H* | 155,953 | 72,648 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 48,820 | 161,949 | ||||||
ANTA Sports Products Ltd. | 42,349 | 125,266 | ||||||
Autohome, Inc., ADR* | 2,067 | 87,599 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 83,861 | 51,548 | ||||||
Baidu, Inc., ADR* | 10,805 | 2,010,810 | ||||||
Bank of China Ltd., Class H | 3,141,277 | 1,572,140 | ||||||
Bank of Communications Co. Ltd., Class H | 346,111 | 268,270 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 59,451 | 86,820 | ||||||
Belle International Holdings Ltd. | 250,131 | 195,160 | ||||||
BYD Co. Ltd., Class H | 25,327 | 151,295 | ||||||
CGN Power Co. Ltd., Class H, 144A | 419,362 | 124,314 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 348,720 | 132,014 | ||||||
China CITIC Bank Corp. Ltd., Class H | 353,084 | 217,943 | ||||||
China Coal Energy Co. Ltd., Class H* | 81,193 | 35,634 | ||||||
China Communications Construction Co. Ltd., Class H | 175,073 | 236,350 | ||||||
China Communications Services Corp. Ltd., Class H | 94,562 | 56,185 | ||||||
China Conch Venture Holdings Ltd. | 64,227 | 124,126 | ||||||
China Construction Bank Corp., Class H | 3,327,319 | 2,749,797 | ||||||
China Everbright Bank Co. Ltd., Class H | 108,642 | 51,445 | ||||||
China Evergrande Group (a) | 162,472 | 291,478 | ||||||
China Galaxy Securities Co. Ltd., Class H | 131,355 | 120,861 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 247,572 | 100,712 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 136,324 | 17 | ||||||
China Life Insurance Co. Ltd., Class H | 294,240 | 966,634 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 125,468 | 94,513 | ||||||
China Medical System Holdings Ltd. | 49,176 | 87,213 | ||||||
China Mengniu Dairy Co. Ltd. | 108,643 | 219,724 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
China (Continued) | ||||||||
China Merchants Bank Co. Ltd., Class H | 154,304 | $ | 463,355 | |||||
China Minsheng Banking Corp. Ltd., Class H | 219,335 | 224,893 | ||||||
China National Building Material Co. Ltd., Class H | 113,849 | 63,261 | ||||||
China Oilfield Services Ltd., Class H | 71,616 | 62,035 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 104,254 | 417,415 | ||||||
China Petroleum & Chemical Corp., Class H | 1,008,857 | 827,277 | ||||||
China Railway Construction Corp. Ltd., Class H | 77,996 | 107,097 | ||||||
China Railway Group Ltd., Class H | 158,051 | 131,024 | ||||||
China Shenhua Energy Co. Ltd., Class H | 134,387 | 327,321 | ||||||
China Southern Airlines Co. Ltd., Class H | 71,836 | 54,943 | ||||||
China Telecom Corp. Ltd., Class H | 548,743 | 272,521 | ||||||
China Vanke Co. Ltd., Class H | 46,797 | 124,311 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 33,900 | 44,808 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 99,383 | 67,977 | ||||||
CITIC Securities Co. Ltd., Class H | 90,090 | 188,907 | ||||||
CNOOC Ltd. | 706,183 | 806,543 | ||||||
Country Garden Holdings Co. Ltd. | 211,187 | 249,602 | ||||||
CRRC Corp. Ltd., Class H | 164,199 | 153,820 | ||||||
CSPC Pharmaceutical Group Ltd. | 167,531 | 250,677 | ||||||
Ctrip.com International Ltd., ADR* | 14,758 | 806,525 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 107,276 | 120,870 | ||||||
ENN Energy Holdings Ltd. | 29,964 | 157,654 | ||||||
Fosun International Ltd. | 101,908 | 158,501 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 19,994 | 75,306 | ||||||
Geely Automobile Holdings Ltd. | 193,328 | 320,040 | ||||||
GF Securities Co. Ltd., Class H | 53,834 | 111,640 | ||||||
GOME Electrical Appliances Holding Ltd. | 434,321 | 56,293 | ||||||
Great Wall Motor Co. Ltd., Class H | 122,563 | 131,016 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 83,143 | 139,558 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 38,138 | 61,666 | ||||||
Haitian International Holdings Ltd. | 25,244 | 58,635 | ||||||
Haitong Securities Co. Ltd., Class H | 128,081 | 214,659 | ||||||
Hengan International Group Co. Ltd. | 28,586 | 200,477 | ||||||
Huaneng Power International, Inc., Class H | 167,277 | 133,520 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 188,396 | 62,375 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 64,576 | 127,121 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,917,222 | 1,950,418 | ||||||
JD.com, Inc., ADR* | 25,934 | 1,038,138 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 48,321 | 70,194 | ||||||
Jiangxi Copper Co. Ltd., Class H | 49,378 | 74,265 | ||||||
Kingsoft Corp. Ltd. | 31,011 | 83,372 | ||||||
Lenovo Group Ltd. | 285,519 | 186,864 | ||||||
Longfor Properties Co. Ltd. | 57,750 | 117,537 | ||||||
Minth Group Ltd.* | 26,916 | 109,494 | ||||||
Momo, Inc., ADR* | 3,465 | 131,809 |
Number | Value | |||||||
China (Continued) | ||||||||
NetEase, Inc., ADR | 3,146 | $ | 895,918 | |||||
New China Life Insurance Co. Ltd., Class H | 30,668 | 165,490 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 5,293 | 379,349 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 276,043 | 119,025 | ||||||
PetroChina Co. Ltd., Class H | 834,297 | 555,659 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 181,875 | 303,415 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 206,145 | 1,321,383 | ||||||
Semiconductor Manufacturing International Corp.* | 108,390 | 114,197 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 74,487 | 58,500 | ||||||
Shanghai Electric Group Co. Ltd., | 111,678 | 48,440 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 19,136 | 73,302 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 36,300 | 57,644 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 27,257 | 78,876 | ||||||
Shenzhou International Group Holdings Ltd. | 22,128 | 151,495 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 149,945 | 64,461 | ||||||
SINA Corp.* | 2,242 | 219,649 | ||||||
Sino-Ocean Group Holding Ltd. | 118,846 | 59,937 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 49,099 | 45,113 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 138,200 | 81,226 | ||||||
Sinopharm Group Co. Ltd., Class H | 47,166 | 215,476 | ||||||
SOHO China Ltd.* | 82,240 | 41,159 | ||||||
Sunac China Holdings Ltd. | 76,350 | 124,040 | ||||||
Sunny Optical Technology Group Co. Ltd. | 28,196 | 219,632 | ||||||
TAL Education Group, ADR | 1,809 | 210,694 | ||||||
Tencent Holdings Ltd. | 224,851 | 7,721,494 | ||||||
Tingyi Cayman Islands Holding Corp. | 77,565 | 94,760 | ||||||
TravelSky Technology Ltd., Class H | 36,876 | 108,841 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 14,247 | 64,904 | ||||||
Vipshop Holdings Ltd., ADR* | 16,055 | 198,600 | ||||||
Want Want China Holdings Ltd. | 197,934 | 138,940 | ||||||
Weibo Corp., ADR* | 1,079 | 79,339 | ||||||
Weichai Power Co. Ltd., Class H | 38,416 | 62,313 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 73,328 | 54,578 | ||||||
YY, Inc., ADR* | 1,257 | 73,333 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 56,379 | 66,128 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 21,643 | 114,290 | ||||||
Zijin Mining Group Co. Ltd., Class H | 226,851 | 74,525 | ||||||
ZTE Corp., Class H | 28,381 | 57,763 | ||||||
|
| |||||||
43,030,498 | ||||||||
|
|
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Colombia — 0.3% | ||||||||
Bancolombia SA | 9,070 | $ | 94,793 | |||||
Cementos Argos SA | 18,216 | 73,204 | ||||||
Ecopetrol SA | 195,101 | 89,308 | ||||||
Grupo Argos SA | 11,484 | 82,456 | ||||||
Grupo de Inversiones Suramericana SA | 9,273 | 122,733 | ||||||
Interconexion Electrica SA ESP | 15,330 | 74,116 | ||||||
|
| |||||||
536,610 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 6,382 | 121,341 | ||||||
Komercni banka AS | 3,006 | 119,766 | ||||||
Moneta Money Bank AS, 144A | 19,196 | 65,344 | ||||||
O2 Czech Republic AS | 2,453 | 29,521 | ||||||
|
| |||||||
335,972 | ||||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 41,064 | 187,737 | ||||||
Egyptian Financial Group-Hermes Holding Co. | 19,451 | 27,554 | ||||||
Global Telecom Holding SAE* | 82,970 | 29,796 | ||||||
|
| |||||||
245,087 | ||||||||
|
| |||||||
Greece — 0.4% | ||||||||
Alpha Bank AE* | 54,694 | 125,954 | ||||||
Eurobank Ergasias SA* | 73,473 | 74,283 | ||||||
FF Group* | 1,324 | 29,598 | ||||||
Hellenic Telecommunications Organization SA | 9,691 | 110,497 | ||||||
JUMBO SA | 4,035 | 73,023 | ||||||
National Bank of Greece SA* | 217,019 | 75,819 | ||||||
OPAP SA | 8,830 | 98,200 | ||||||
Piraeus Bank SA* | 224,464 | 50,178 | ||||||
Titan Cement Co. SA | 1,828 | 53,719 | ||||||
|
| |||||||
691,271 | ||||||||
|
| |||||||
Hong Kong — 3.9% | ||||||||
Alibaba Health Information Technology Ltd.* | 129,421 | 65,935 | ||||||
Alibaba Pictures Group Ltd.*(a) | 498,915 | 86,433 | ||||||
Beijing Enterprises Holdings Ltd. | 19,963 | 94,659 | ||||||
Beijing Enterprises Water Group Ltd.* | 190,075 | 152,205 | ||||||
Brilliance China Automotive Holdings Ltd. | 119,572 | 223,108 | ||||||
China Everbright International Ltd. | 97,491 | 124,482 | ||||||
China Everbright Ltd. | 36,651 | 82,308 | ||||||
China Gas Holdings Ltd. | 69,010 | 105,208 | ||||||
China Jinmao Holdings Group Ltd. | 147,695 | 48,331 | ||||||
China Merchants Port Holdings Co. Ltd. | 51,914 | 153,892 | ||||||
China Mobile Ltd. | 242,894 | 2,694,649 | ||||||
China Overseas Land & Investment Ltd. | 151,631 | 455,328 | ||||||
China Power International Development Ltd. | 130,878 | 49,882 | ||||||
China Resources Beer Holdings Co. Ltd. | 64,141 | 161,823 | ||||||
China Resources Gas Group Ltd. | 35,177 | 107,889 | ||||||
China Resources Land Ltd. | 109,626 | 322,158 | ||||||
China Resources Power Holdings Co. Ltd. | 76,045 | 156,920 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China State Construction International Holdings Ltd. | 70,988 | $ | 123,164 | |||||
China Taiping Insurance Holdings Co. | 63,952 | 170,291 | ||||||
China Unicom Hong Kong Ltd.* | 236,730 | 339,637 | ||||||
CITIC Ltd. | 230,059 | 364,904 | ||||||
COSCO SHIPPING Ports Ltd. | 65,593 | 76,598 | ||||||
Far East Horizon Ltd. | 78,111 | 72,372 | ||||||
Fullshare Holdings Ltd.*(a) | 273,046 | 111,425 | ||||||
GCL-Poly Energy Holdings Ltd.* | 514,495 | 54,800 | ||||||
Guangdong Investment Ltd. | 111,478 | 160,796 | ||||||
Haier Electronics Group Co. Ltd. | 49,682 | 126,364 | ||||||
Hanergy Thin Film Power Group Ltd.* | 792,724 | 0 | ||||||
Kunlun Energy Co. Ltd.* | 127,680 | 114,367 | ||||||
Nine Dragons Paper Holdings Ltd. | 64,653 | 76,662 | ||||||
Shanghai Industrial Holdings Ltd. | 19,334 | 60,415 | ||||||
Shimao Property Holdings Ltd. | 46,876 | 80,006 | ||||||
Sino Biopharmaceutical Ltd. | 175,857 | 156,843 | ||||||
Sun Art Retail Group Ltd. | 94,305 | 87,134 | ||||||
|
| |||||||
7,260,988 | ||||||||
|
| |||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,823 | 148,253 | ||||||
OTP Bank PLC | 9,411 | 293,410 | ||||||
Richter Gedeon Nyrt | 5,527 | 141,278 | ||||||
|
| |||||||
582,941 | ||||||||
|
| |||||||
India — 8.8% | ||||||||
ACC Ltd. | 1,782 | 45,214 | ||||||
Adani Ports & Special Economic Zone | 28,661 | 150,590 | ||||||
Ambuja Cements Ltd. | 23,555 | 88,076 | ||||||
Apollo Hospitals Enterprise Ltd.* | 3,301 | 61,963 | ||||||
Ashok Leyland Ltd. | 45,013 | 65,929 | ||||||
Asian Paints Ltd. | 11,379 | 203,030 | ||||||
Aurobindo Pharma Ltd. | 10,412 | 92,654 | ||||||
Axis Bank Ltd., GDR | 10,516 | 411,176 | ||||||
Axis Bank Ltd. | 16,000 | 127,477 | ||||||
Bajaj Auto Ltd. | 3,318 | 146,356 | ||||||
Bajaj Finance Ltd. | 6,523 | 134,155 | ||||||
Bajaj Finserv Ltd.* | 1,510 | 98,108 | ||||||
Bharat Forge Ltd. | 4,142 | 75,101 | ||||||
Bharat Heavy Electricals Ltd. | 23,228 | 49,754 | ||||||
Bharat Petroleum Corp. Ltd. | 20,015 | 230,380 | ||||||
Bharti Airtel Ltd. | 47,420 | 273,077 | ||||||
Bharti Infratel Ltd. | 21,941 | 124,668 | ||||||
Bosch Ltd. | 290 | 104,898 | ||||||
Cadila Healthcare Ltd. | 8,096 | 58,235 | ||||||
Cipla Ltd. | 13,679 | 109,472 | ||||||
Coal India Ltd. | 27,000 | 109,871 | ||||||
Container Corp. of India Ltd. | 1,638 | 29,455 | ||||||
Dabur India Ltd. | 20,896 | 90,667 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 4,591 | 177,396 | ||||||
Eicher Motors Ltd.* | 527 | 232,257 | ||||||
GAIL India Ltd. | 20,063 | 128,737 | ||||||
Glenmark Pharmaceuticals Ltd. | 5,467 | 53,946 | ||||||
Godrej Consumer Products Ltd. | 4,714 | 132,357 | ||||||
Grasim Industries Ltd. | 11,076 | 198,285 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
India (Continued) | ||||||||
Havells India Ltd. | 9,883 | $ | 74,659 | |||||
HCL Technologies Ltd. | 22,321 | 298,991 | ||||||
Hero MotoCorp Ltd. | 1,974 | 114,593 | ||||||
Hindalco Industries Ltd. | 46,125 | 143,479 | ||||||
Hindustan Petroleum Corp. Ltd. | 16,068 | 138,017 | ||||||
Hindustan Unilever Ltd. | 25,674 | 424,584 | ||||||
Housing Development Finance Corp. Ltd. | 59,576 | 1,449,556 | ||||||
ICICI Bank Ltd. | 61,329 | 310,305 | ||||||
ICICI Bank Ltd., ADR | 13,359 | 132,521 | ||||||
Idea Cellular Ltd. | 57,025 | 70,707 | ||||||
IDFC Bank Ltd. | 53,732 | 47,927 | ||||||
Indiabulls Housing Finance Ltd. | 12,568 | 226,076 | ||||||
Indian Oil Corp. Ltd. | 23,042 | 153,369 | ||||||
Infosys Ltd. | 31,334 | 474,502 | ||||||
Infosys Ltd., ADR | 43,152 | 651,595 | ||||||
ITC Ltd.* | 134,306 | 649,049 | ||||||
JSW Steel Ltd. | 33,454 | 100,512 | ||||||
Larsen & Toubro Ltd. | 12,543 | 342,289 | ||||||
LIC Housing Finance Ltd. | 11,774 | 133,963 | ||||||
Lupin Ltd. | 8,748 | 157,415 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 11,020 | 61,300 | ||||||
Mahindra & Mahindra Ltd. | 14,736 | 323,623 | ||||||
Marico Ltd. | 17,858 | 86,910 | ||||||
Maruti Suzuki India Ltd. | 4,181 | 467,284 | ||||||
Motherson Sumi Systems Ltd.* | 16,648 | 116,255 | ||||||
Nestle India Ltd. | 915 | 94,238 | ||||||
NTPC Ltd. | 65,209 | 161,911 | ||||||
Oil & Natural Gas Corp. Ltd. | 50,745 | 139,211 | ||||||
Piramal Enterprises Ltd.* | 3,071 | 130,170 | ||||||
Power Finance Corp. Ltd. | 25,055 | 51,861 | ||||||
Reliance Industries Ltd., GDR, 144A* | 26,187 | 1,080,214 | ||||||
Rural Electrification Corp. Ltd. | 27,332 | 81,865 | ||||||
Shree Cement Ltd. | 331 | 92,368 | ||||||
Shriram Transport Finance Co. Ltd. | 5,832 | 92,198 | ||||||
Siemens Ltd. | 2,816 | 59,687 | ||||||
State Bank of India | 64,136 | 286,584 | ||||||
Sun Pharmaceutical Industries Ltd. | 37,948 | 295,020 | ||||||
Tata Consultancy Services Ltd. | 18,700 | 738,088 | ||||||
Tata Motors Ltd., ADR | 13,118 | 483,136 | ||||||
Tata Motors Ltd., Class A | 14,000 | 62,471 | ||||||
Tata Power Co. Ltd. (The) | 43,851 | 55,052 | ||||||
Tata Steel Ltd. | 11,905 | 93,125 | ||||||
Tech Mahindra Ltd. | 18,476 | 111,681 | ||||||
Titan Co. Ltd.* | 12,287 | 90,439 | ||||||
UltraTech Cement Ltd. | 3,473 | 225,820 | ||||||
United Spirits Ltd.* | 2,299 | 80,720 | ||||||
UPL Ltd. | 14,032 | 187,318 | ||||||
Vedanta Ltd. | 58,805 | 217,511 | ||||||
Wipro Ltd., ADR | 17,498 | 188,628 | ||||||
Yes Bank Ltd. | 13,345 | 296,053 | ||||||
Zee Entertainment Enterprises Ltd. | 20,888 | 166,680 | ||||||
|
| |||||||
16,514,814 | ||||||||
|
| |||||||
Indonesia — 2.4% | ||||||||
PT Adaro Energy Tbk | 569,158 | 64,949 | ||||||
PT AKR Corporindo Tbk | 71,030 | 35,328 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Astra International Tbk | 800,404 | $ | 525,791 | |||||
PT Bank Central Asia Tbk | 389,965 | 502,095 | ||||||
PT Bank Danamon Indonesia Tbk | 132,649 | 52,034 | ||||||
PT Bank Mandiri Persero Tbk | 369,060 | 349,111 | ||||||
PT Bank Negara Indonesia Persero Tbk | 294,963 | 145,046 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 438,963 | 477,026 | ||||||
PT Bumi Serpong Damai Tbk* | 304,423 | 41,367 | ||||||
PT Charoen Pokphand Indonesia Tbk | 291,786 | 69,441 | ||||||
PT Gudang Garam Tbk | 19,021 | 105,601 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 367,958 | 108,564 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 72,782 | 101,086 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 92,227 | 60,238 | ||||||
PT Indofood Sukses Makmur Tbk | 173,599 | 114,038 | ||||||
PT Jasa Marga Persero Tbk | 86,098 | 33,935 | ||||||
PT Kalbe Farma Tbk | 834,095 | 96,434 | ||||||
PT Lippo Karawaci Tbk | 547,525 | 27,952 | ||||||
PT Matahari Department Store Tbk | 98,074 | 111,180 | ||||||
PT Media Nusantara Citra Tbk* | 225,803 | 32,209 | ||||||
PT Pakuwon Jati Tbk | 856,951 | 39,245 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 431,353 | 77,721 | ||||||
PT Semen Indonesia Persero Tbk | 117,273 | 83,200 | ||||||
PT Summarecon Agung Tbk | 399,327 | 39,573 | ||||||
PT Surya Citra Media Tbk | 231,268 | 50,525 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 1,992,926 | 650,843 | ||||||
PT Tower Bersama Infrastructure Tbk | 80,632 | 34,959 | ||||||
PT Unilever Indonesia Tbk | 60,341 | 209,178 | ||||||
PT United Tractors Tbk | 66,374 | 138,404 | ||||||
PT Waskita Karya Persero Tbk | 187,857 | 33,566 | ||||||
PT XL Axiata Tbk* | 126,788 | 28,175 | ||||||
|
| |||||||
4,438,814 | ||||||||
|
| |||||||
Malaysia — 2.3% | ||||||||
AirAsia Bhd | 59,500 | 41,428 | ||||||
Alliance Financial Group Bhd | 39,751 | 40,215 | ||||||
AMMB Holdings Bhd | 65,546 | 79,789 | ||||||
Astro Malaysia Holdings Bhd | 61,800 | 36,676 | ||||||
Axiata Group Bhd | 106,455 | 126,353 | ||||||
British American Tobacco Malaysia Bhd | 5,642 | 58,793 | ||||||
CIMB Group Holdings Bhd | 140,300 | 209,794 | ||||||
Dialog Group Bhd | 118,300 | 53,069 | ||||||
DiGi.Com Bhd | 122,960 | 142,208 | ||||||
Felda Global Ventures Holdings Bhd | 57,700 | 23,592 | ||||||
Gamuda Bhd | 67,100 | 83,718 | ||||||
Genting Bhd | 88,994 | 207,306 | ||||||
Genting Malaysia Bhd | 117,434 | 153,926 | ||||||
Genting Plantations Bhd | 9,500 | 24,283 | ||||||
HAP Seng Consolidated Bhd | 24,651 | 52,873 | ||||||
Hartalega Holdings Bhd | 26,001 | 36,875 | ||||||
Hong Leong Bank Bhd | 25,741 | 84,320 | ||||||
Hong Leong Financial Group Bhd | 9,100 | 35,635 | ||||||
IHH Healthcare Bhd | 81,335 | 110,030 | ||||||
IJM Corp. Bhd | 114,164 | 92,825 | ||||||
IOI Corp. Bhd | 89,394 | 95,033 | ||||||
IOI Properties Group Bhd | 65,588 | 32,488 | ||||||
Kuala Lumpur Kepong Bhd | 18,987 | 109,841 | ||||||
Malayan Banking Bhd | 141,083 | 311,174 |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Malaysia (Continued) | ||||||||
Malaysia Airports Holdings Bhd | 32,800 | $ | 66,673 | |||||
Maxis Bhd | 74,196 | 106,613 | ||||||
MISC Bhd | 53,000 | 92,874 | ||||||
Petronas Chemicals Group Bhd | 94,938 | 162,592 | ||||||
Petronas Dagangan Bhd | 9,804 | 56,350 | ||||||
Petronas Gas Bhd | 27,435 | 118,971 | ||||||
PPB Group Bhd | 18,719 | 73,477 | ||||||
Public Bank Bhd | 115,122 | 539,567 | ||||||
RHB Bank Bhd | 29,506 | 37,158 | ||||||
RHB Bank Bhd | 19,600 | 0 | ||||||
Sapura Energy Bhd | 154,000 | 63,687 | ||||||
Sime Darby Bhd | 94,123 | 204,959 | ||||||
Telekom Malaysia Bhd | 44,545 | 67,442 | ||||||
Tenaga Nasional Bhd | 134,105 | 431,768 | ||||||
UMW Holdings Bhd* | 18,464 | 25,884 | ||||||
Westports Holdings Bhd | 40,407 | 38,330 | ||||||
YTL Corp. Bhd | 172,587 | 60,486 | ||||||
YTL Power International Bhd | 80,516 | 28,783 | ||||||
|
| |||||||
4,417,858 | ||||||||
|
| |||||||
Malta — 0.0% | ||||||||
Brait SE* | 14,421 | 89,440 | ||||||
|
| |||||||
Mexico — 3.4% | ||||||||
Alfa SAB de CV, Class A | 121,238 | 175,036 | ||||||
America Movil SAB de CV, Series L | 1,321,575 | 1,061,031 | ||||||
Arca Continental SAB de CV | 17,441 | 124,658 | ||||||
Cemex SAB de CV, Series CPO* | 575,935 | 476,291 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 19,664 | 158,190 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 7,417 | 56,365 | ||||||
Fibra Uno Administracion SA de CV REIT | 102,788 | 182,192 | ||||||
Fomento Economico Mexicano SAB de CV | 76,912 | 724,613 | ||||||
Gentera SAB de CV* | 38,879 | 62,574 | ||||||
Gruma SAB de CV, Class B | 8,556 | 111,619 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 14,142 | 141,420 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 8,216 | 161,914 | ||||||
Grupo Bimbo SAB de CV, Series A | 65,091 | 150,213 | ||||||
Grupo Carso SAB de CV, Series A1 | 17,903 | 75,343 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 98,711 | 568,729 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 91,753 | 152,052 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 72,249 | 132,285 | ||||||
Grupo Lala SAB de CV | 24,476 | 41,480 | ||||||
Grupo Mexico SAB de CV, Series B | 150,840 | 408,528 | ||||||
Grupo Televisa SAB, Series CPO | 96,689 | 467,681 | ||||||
Industrias Penoles SAB de CV | 5,501 | 119,605 | ||||||
Infraestructura Energetica Nova SAB de CV | 21,231 | 99,061 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 60,271 | 119,146 | ||||||
Mexichem SAB de CV | 41,519 | 108,841 | ||||||
OHL Mexico SAB de CV | 30,822 | 34,250 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Promotora y Operadora de Infraestructura SAB de CV | 9,019 | $ | 93,484 | |||||
Wal-Mart de Mexico SAB de CV | 207,139 | 474,689 | ||||||
|
| |||||||
6,481,290 | ||||||||
|
| |||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 7,524 | 93,599 | ||||||
Credicorp Ltd. | 2,671 | 447,446 | ||||||
Southern Copper Corp. | 3,362 | 117,535 | ||||||
|
| |||||||
658,580 | ||||||||
|
| |||||||
Philippines — 1.2% | ||||||||
Aboitiz Equity Ventures, Inc. | 77,970 | 119,128 | ||||||
Aboitiz Power Corp. | 58,146 | 45,851 | ||||||
Alliance Global Group, Inc. | 162,400 | 50,506 | ||||||
Ayala Corp. | 9,821 | 171,263 | ||||||
Ayala Land, Inc. | 290,904 | 230,269 | ||||||
Bank of the Philippine Islands | 31,069 | 65,789 | ||||||
BDO Unibank, Inc. | 77,707 | 191,243 | ||||||
DMCI Holdings, Inc. | 157,524 | 42,534 | ||||||
Energy Development Corp. | 370,431 | 45,397 | ||||||
Globe Telecom, Inc. | 1,314 | 55,701 | ||||||
GT Capital Holdings, Inc. | 3,446 | 82,732 | ||||||
International Container Terminal Services, Inc. | 20,052 | 40,285 | ||||||
JG Summit Holdings, Inc. | 113,292 | 181,290 | ||||||
Jollibee Foods Corp. | 17,002 | 69,887 | ||||||
Megaworld Corp. | 446,000 | 42,114 | ||||||
Metro Pacific Investments Corp. | 560,627 | 70,620 | ||||||
Metropolitan Bank & Trust Co. | 25,150 | 44,186 | ||||||
PLDT, Inc. | 3,416 | 118,591 | ||||||
Robinsons Land Corp. | 64,710 | 32,241 | ||||||
Security Bank Corp. | 4,469 | 19,555 | ||||||
SM Investments Corp. | 9,525 | 147,348 | ||||||
SM Prime Holdings, Inc. | 342,591 | 231,950 | ||||||
Universal Robina Corp. | 34,859 | 113,454 | ||||||
|
| |||||||
2,211,934 | ||||||||
|
| |||||||
Poland — 1.3% | ||||||||
Alior Bank SA* | 3,578 | 65,596 | ||||||
Bank Handlowy w Warszawie SA | 1,292 | 24,138 | ||||||
Bank Millennium SA* | 23,985 | 44,874 | ||||||
Bank Pekao SA | 6,227 | 230,998 | ||||||
Bank Zachodni WBK SA | 1,373 | 125,211 | ||||||
CCC SA | 1,083 | 61,136 | ||||||
Cyfrowy Polsat SA* | 8,851 | 63,574 | ||||||
Eurocash SA (a) | 3,027 | 25,127 | ||||||
Grupa Azoty SA | 1,765 | 30,061 | ||||||
Grupa Lotos SA* | 3,655 | 52,879 | ||||||
Jastrzebska Spolka Weglowa SA* | 2,089 | 37,562 | ||||||
KGHM Polska Miedz SA | 5,536 | 157,298 | ||||||
LPP SA | 51 | 85,971 | ||||||
mBank SA* | 585 | 66,362 | ||||||
Orange Polska SA | 25,947 | 31,806 | ||||||
PGE Polska Grupa Energetyczna SA | 33,270 | 97,662 | ||||||
Polski Koncern Naftowy ORLEN SA | 11,839 | 337,821 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 69,990 | 119,471 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Poland (Continued) | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 37,071 | $ | 363,829 | |||||
Powszechny Zaklad Ubezpieczen SA | 23,902 | 284,828 | ||||||
Synthos SA | 20,930 | 27,569 | ||||||
Tauron Polska Energia SA* | 41,580 | 35,991 | ||||||
|
| |||||||
2,369,764 | ||||||||
|
| |||||||
Qatar — 0.7% | ||||||||
Barwa Real Estate Co. | 3,847 | 35,816 | ||||||
Commercial Bank QSC* | 7,842 | 66,980 | ||||||
Doha Bank QSC | 6,007 | 51,307 | ||||||
Ezdan Holding Group QSC | 31,466 | 94,453 | ||||||
Industries Qatar QSC | 5,981 | 168,201 | ||||||
Masraf Al Rayan QSC | 14,532 | 176,801 | ||||||
Ooredoo QSC | 3,167 | 90,717 | ||||||
Qatar Electricity & Water Co. QSC | 1,087 | 62,661 | ||||||
Qatar Gas Transport Co. Ltd. | 10,735 | 55,603 | ||||||
Qatar Insurance Co. SAQ | 5,373 | 99,604 | ||||||
Qatar Islamic Bank SAQ | 2,336 | 65,566 | ||||||
Qatar National Bank QPSC | 9,131 | 368,630 | ||||||
|
| |||||||
1,336,339 | ||||||||
|
| |||||||
Romania — 0.1% | ||||||||
New Europe Property Investments PLC | 8,899 | 103,816 | ||||||
|
| |||||||
Russia — 3.2% | ||||||||
Alrosa PJSC | 101,929 | 158,770 | ||||||
Gazprom PJSC, ADR | 57,730 | 240,359 | ||||||
Gazprom PJSC | 318,683 | 675,797 | ||||||
Inter RAO UES PJSC | 1,238,461 | 87,098 | ||||||
LUKOIL PJSC | 6,870 | 333,447 | ||||||
LUKOIL PJSC, ADR | 10,290 | 491,348 | ||||||
Magnit PJSC, GDR | 12,152 | 434,434 | ||||||
MMC Norilsk Nickel PJSC | 2,190 | 305,102 | ||||||
Mobile TeleSystems PJSC, ADR | 19,755 | 174,042 | ||||||
Moscow Exchange MICEX-RTS PJSC | 58,566 | 104,287 | ||||||
Novatek PJSC, GDR | 3,602 | 404,865 | ||||||
Novolipetsk Steel PJSC | 47,397 | 96,515 | ||||||
PhosAgro PJSC, GDR | 4,609 | 65,448 | ||||||
Rosneft Oil Co. PJSC, GDR | 46,975 | 245,679 | ||||||
Rostelecom PJSC | 35,640 | 44,927 | ||||||
RusHydro PJSC | 3,818,346 | 52,510 | ||||||
Sberbank of Russia PJSC | 426,798 | 1,173,318 | ||||||
Severstal PJSC, GDR | 6,838 | 87,868 | ||||||
Sistema PJSC FC, GDR | 6,678 | 30,051 | ||||||
Surgutneftegas OJSC, ADR | 30,158 | 156,822 | ||||||
Tatneft PJSC | 60,305 | 408,802 | ||||||
VTB Bank PJSC, GDR | 110,389 | 247,823 | ||||||
|
| |||||||
6,019,312 | ||||||||
|
| |||||||
South Africa — 6.6% | ||||||||
Anglo American Platinum Ltd.* | 2,133 | 45,361 | ||||||
AngloGold Ashanti Ltd. | 16,143 | 182,786 | ||||||
Aspen Pharmacare Holdings Ltd. | 15,341 | 347,410 | ||||||
Barclays Africa Group Ltd. | 16,761 | 177,642 | ||||||
Bid Corp. Ltd. | 13,263 | 303,042 | ||||||
Bidvest Group Ltd. | 13,263 | 172,788 | ||||||
Capitec Bank Holdings Ltd. | 1,600 | 95,009 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Coronation Fund Managers Ltd. (a) | 8,991 | $ | 48,352 | |||||
Discovery Ltd. | 14,068 | 137,430 | ||||||
Exxaro Resources Ltd. | 8,075 | 62,857 | ||||||
FirstRand Ltd. | 133,087 | 500,383 | ||||||
Fortress Income Fund Ltd. REIT | 31,644 | 84,424 | ||||||
Fortress Income Fund Ltd., Class A REIT | 41,727 | 53,992 | ||||||
Foschini Group Ltd. | 8,246 | 87,081 | ||||||
Gold Fields Ltd. | 32,485 | 114,930 | ||||||
Growthpoint Properties Ltd. REIT | 83,932 | 160,568 | ||||||
Hyprop Investments Ltd. REIT | 9,824 | 88,937 | ||||||
Impala Platinum Holdings Ltd.* | 24,697 | 69,242 | ||||||
Imperial Holdings Ltd. | 5,940 | 75,184 | ||||||
Investec Ltd. | 10,718 | 84,297 | ||||||
Liberty Holdings Ltd. | 5,093 | 44,410 | ||||||
Life Healthcare Group Holdings Ltd. (a) | 51,280 | 109,207 | ||||||
Massmart Holdings Ltd. | 4,293 | 38,030 | ||||||
MMI Holdings Ltd. | 37,358 | 62,439 | ||||||
Mondi Ltd. | 4,678 | 123,162 | ||||||
Mr Price Group Ltd. (a) | 9,586 | 109,638 | ||||||
MTN Group Ltd. | 67,057 | 600,777 | ||||||
Naspers Ltd., Class N | 17,330 | 3,588,308 | ||||||
Nedbank Group Ltd. | 8,823 | 148,077 | ||||||
Netcare Ltd. | 40,476 | 83,205 | ||||||
Pick n Pay Stores Ltd. (a) | 14,486 | 66,460 | ||||||
Pioneer Foods Group Ltd. | 5,059 | 54,775 | ||||||
PSG Group Ltd. | 3,661 | 66,872 | ||||||
Rand Merchant Investment Holdings Ltd. | 26,436 | 81,314 | ||||||
Redefine Properties Ltd. REIT | 198,310 | 159,525 | ||||||
Remgro Ltd. | 20,926 | 347,357 | ||||||
Resilient REIT Ltd. REIT | 11,107 | 101,856 | ||||||
RMB Holdings Ltd. | 27,911 | 130,904 | ||||||
Sanlam Ltd. | 55,684 | 291,391 | ||||||
Sappi Ltd. | 21,997 | 162,038 | ||||||
Sasol Ltd. | 21,894 | 654,566 | ||||||
Shoprite Holdings Ltd. | 17,036 | 271,485 | ||||||
Sibanye Gold Ltd. | 18,873 | 22,766 | ||||||
SPAR Group Ltd. | 7,616 | 99,255 | ||||||
Standard Bank Group Ltd. | 51,197 | 572,048 | ||||||
Steinhoff International Holdings NV | 117,736 | 628,404 | ||||||
Telkom SA SOC Ltd. (a) | 10,418 | 58,584 | ||||||
Tiger Brands Ltd. | 6,456 | 189,028 | ||||||
Truworths International Ltd. | 17,480 | 99,762 | ||||||
Vodacom Group Ltd. (a) | 20,593 | 259,489 | ||||||
Woolworths Holdings Ltd. | 39,349 | 202,221 | ||||||
|
| |||||||
12,319,068 | ||||||||
|
| |||||||
South Korea — 14.4% | ||||||||
Amorepacific Corp. | 1,271 | 389,383 | ||||||
AMOREPACIFIC Group | 1,141 | 153,377 | ||||||
BGF retail Co. Ltd. | 882 | 109,896 | ||||||
BNK Financial Group, Inc. | 10,311 | 92,095 | ||||||
Celltrion, Inc.* | 3,147 | 268,715 | ||||||
Cheil Worldwide, Inc. | 2,729 | 46,800 | ||||||
CJ CheilJedang Corp. | 312 | 106,313 | ||||||
CJ Corp. | 577 | 108,999 | ||||||
CJ E&M Corp. | 750 | 52,653 | ||||||
CJ Korea Express Corp.* | 316 | 54,332 |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
South Korea (Continued) | ||||||||
Coway Co. Ltd. | 2,114 | $ | 189,762 | |||||
Daelim Industrial Co. Ltd. | 1,101 | 90,865 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 4,930 | 33,245 | ||||||
DGB Financial Group, Inc. | 6,688 | 68,696 | ||||||
Dongbu Insurance Co. Ltd. | 1,960 | 118,517 | ||||||
Dongsuh Cos., Inc. | 1,380 | 39,936 | ||||||
Doosan Bobcat, Inc. | 1,387 | 46,209 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 2,105 | 42,867 | ||||||
E-MART, Inc. | 827 | 179,494 | ||||||
GS Engineering & Construction Corp.* | 1,965 | 53,881 | ||||||
GS Holdings Corp. | 2,021 | 131,592 | ||||||
GS Retail Co. Ltd. | 1,066 | 53,414 | ||||||
Hana Financial Group, Inc. | 11,705 | 429,162 | ||||||
Hankook Tire Co. Ltd. | 2,939 | 159,865 | ||||||
Hanmi Pharm. Co. Ltd.* | 243 | 82,910 | ||||||
Hanmi Science Co. Ltd.* | 493 | 32,585 | ||||||
Hanon Systems | 7,388 | 68,297 | ||||||
Hanssem Co. Ltd. | 419 | 82,333 | ||||||
Hanwha Chemical Corp. | 4,236 | 112,748 | ||||||
Hanwha Corp. | 1,778 | 75,989 | ||||||
Hanwha Life Insurance Co. Ltd. | 8,586 | 53,988 | ||||||
Hanwha Techwin Co. Ltd.* | 1,471 | 65,627 | ||||||
Hotel Shilla Co. Ltd. | 1,242 | 67,447 | ||||||
Hyosung Corp. | 833 | 124,995 | ||||||
Hyundai Department Store Co. Ltd. | 555 | 57,503 | ||||||
Hyundai Development Co.-Engineering & Construction | 2,385 | 109,494 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 3,082 | 134,060 | ||||||
Hyundai Glovis Co. Ltd. | 741 | 105,564 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 1,232 | 190,368 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 2,475 | 83,451 | ||||||
Hyundai Mobis Co. Ltd. | 2,694 | 660,506 | ||||||
Hyundai Motor Co. | 6,097 | 887,648 | ||||||
Hyundai Robotics Co. Ltd.* | 262 | 95,477 | ||||||
Hyundai Steel Co. | 3,166 | 167,405 | ||||||
Hyundai Wia Corp. | 645 | 39,751 | ||||||
Industrial Bank of Korea | 9,964 | 114,805 | ||||||
Kakao Corp. | 1,339 | 118,161 | ||||||
Kangwon Land, Inc. | 4,653 | 150,653 | ||||||
KB Financial Group, Inc. | 15,706 | 751,913 | ||||||
KCC Corp. | 230 | 83,713 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 890 | 42,131 | ||||||
Kia Motors Corp. | 10,419 | 363,399 | ||||||
Korea Aerospace Industries Ltd. | 2,698 | 153,263 | ||||||
Korea Electric Power Corp. | 10,154 | 387,260 | ||||||
Korea Gas Corp.* | 1,095 | 49,684 | ||||||
Korea Investment Holdings Co. Ltd. | 1,542 | 84,289 | ||||||
Korea Zinc Co. Ltd. | 336 | 131,447 | ||||||
Korean Air Lines Co. Ltd.* | 1,783 | 56,535 | ||||||
KT&G Corp. | 4,615 | 457,543 | ||||||
Kumho Petrochemical Co. Ltd. | 723 | 50,499 | ||||||
LG Chem Ltd. | 1,814 | 489,307 | ||||||
LG Corp. | 3,753 | 271,519 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
LG Display Co. Ltd. | 9,197 | $ | 267,794 | |||||
LG Electronics, Inc. | 4,206 | 309,928 | ||||||
LG Household & Health Care Ltd. | 371 | 325,735 | ||||||
LG Innotek Co. Ltd. | 562 | 67,263 | ||||||
LG Uplus Corp. | 4,316 | 62,450 | ||||||
Lotte Chemical Corp. | 610 | 196,414 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 24 | 38,714 | ||||||
Lotte Confectionery Co. Ltd. | 225 | 44,212 | ||||||
Lotte Shopping Co. Ltd. | 498 | 127,436 | ||||||
Medy-Tox, Inc. | 168 | 78,328 | ||||||
Mirae Asset Daewoo Co. Ltd. | 14,491 | 122,959 | ||||||
NAVER Corp. | 1,108 | 836,245 | ||||||
NCSoft Corp. | 694 | 234,619 | ||||||
Neo Holdings Co. Ltd.* | 26 | 0 | ||||||
Netmarble Games Corp., 144A* | 670 | 90,961 | ||||||
NH Investment & Securities Co. Ltd. | 5,564 | 70,320 | ||||||
OCI Co. Ltd. | 660 | 52,465 | ||||||
Orion Corp. | 154 | 109,764 | ||||||
Ottogi Corp. | 48 | 36,484 | ||||||
Pan Ocean Co. Ltd.* | 8,452 | 41,520 | ||||||
POSCO | 2,930 | 737,996 | ||||||
Posco Daewoo Corp. | 1,464 | 31,579 | ||||||
S-1 Corp. | 676 | 63,096 | ||||||
Samsung Biologics Co. Ltd., 144A* | 654 | 128,510 | ||||||
Samsung C&T Corp. | 3,000 | 368,435 | ||||||
Samsung Card Co. Ltd. | 1,145 | 42,953 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,215 | 163,217 | ||||||
Samsung Electronics Co. Ltd. | 3,875 | 7,735,464 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,218 | 318,207 | ||||||
Samsung Heavy Industries Co. Ltd.* | 10,024 | 110,124 | ||||||
Samsung Life Insurance Co. Ltd. | 2,768 | 301,622 | ||||||
Samsung SDI Co. Ltd. | 2,175 | 321,510 | ||||||
Samsung SDS Co. Ltd. | 1,377 | 200,474 | ||||||
Samsung Securities Co. Ltd. | 2,572 | 92,235 | ||||||
Shinhan Financial Group Co. Ltd. | 16,876 | 745,372 | ||||||
Shinsegae Inc. | 292 | 63,507 | ||||||
SK Holdings Co. Ltd. | 1,252 | 305,843 | ||||||
SK Hynix, Inc. | 23,029 | 1,172,430 | ||||||
SK Innovation Co. Ltd. | 2,559 | 386,273 | ||||||
SK Networks Co. Ltd. | 5,398 | 35,678 | ||||||
SK Telecom Co. Ltd. | 798 | 180,683 | ||||||
S-Oil Corp. | 1,781 | 164,642 | ||||||
Woori Bank | 12,029 | 164,383 | ||||||
Yuhan Corp. | 323 | 72,124 | ||||||
|
| |||||||
27,094,303 | ||||||||
|
| |||||||
Taiwan — 11.9% | ||||||||
Acer, Inc.* | 115,728 | 63,483 | ||||||
Advanced Semiconductor Engineering, Inc. | 259,176 | 331,736 | ||||||
Advantech Co. Ltd. | 12,517 | 101,538 | ||||||
Asia Cement Corp. | 93,043 | 86,148 | ||||||
Asia Pacific Telecom Co. Ltd.* | 83,328 | 28,534 | ||||||
Asustek Computer, Inc. | 27,902 | 264,373 | ||||||
AU Optronics Corp. | 342,507 | 133,796 | ||||||
Catcher Technology Co. Ltd. | 25,894 | 273,755 |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Cathay Financial Holding Co. Ltd. | 322,905 | $ | 505,629 | |||||
Chailease Holding Co. Ltd. | 40,543 | 109,448 | ||||||
Chang Hwa Commercial Bank Ltd. | 177,243 | 103,415 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 76,904 | 155,194 | ||||||
Chicony Electronics Co. Ltd. | 21,118 | 54,833 | ||||||
China Airlines Ltd. | 103,839 | 31,795 | ||||||
China Development Financial Holding Corp. | 532,956 | 145,646 | ||||||
China Life Insurance Co. Ltd. | 137,360 | 134,716 | ||||||
China Steel Corp. | 497,753 | 409,568 | ||||||
Chunghwa Telecom Co. Ltd. | 150,306 | 537,182 | ||||||
Compal Electronics, Inc. | 166,207 | 111,066 | ||||||
CTBC Financial Holding Co. Ltd. | 693,858 | 441,749 | ||||||
Delta Electronics, Inc. | 77,034 | 425,135 | ||||||
E.Sun Financial Holding Co. Ltd. | 330,626 | 204,450 | ||||||
Eclat Textile Co. Ltd. | 6,914 | 70,452 | ||||||
Eva Airways Corp. | 80,110 | 39,151 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 69,443 | 34,861 | ||||||
Far Eastern New Century Corp. | 126,999 | 103,021 | ||||||
Far EasTone Telecommunications Co. Ltd. | 63,136 | 160,574 | ||||||
Feng TAY Enterprise Co. Ltd. | 13,206 | 51,368 | ||||||
First Financial Holding Co. Ltd. | 355,193 | 227,317 | ||||||
Formosa Chemicals & Fibre Corp. | 115,882 | 351,741 | ||||||
Formosa Petrochemical Corp. | 52,735 | 189,347 | ||||||
Formosa Plastics Corp. | 163,615 | 487,924 | ||||||
Formosa Taffeta Co. Ltd. | 29,977 | 31,343 | ||||||
Foxconn Technology Co. Ltd. | 36,356 | 102,980 | ||||||
Fubon Financial Holding Co. Ltd. | 263,028 | 400,939 | ||||||
Giant Manufacturing Co. Ltd. | 11,865 | 69,622 | ||||||
Globalwafers Co. Ltd. | 5,840 | 47,277 | ||||||
Highwealth Construction Corp. | 32,292 | 53,303 | ||||||
Hiwin Technologies Corp. | 8,146 | 54,706 | ||||||
Hon Hai Precision Industry Co. Ltd. | 616,695 | 2,111,759 | ||||||
Hotai Motor Co. Ltd. | 10,799 | 141,634 | ||||||
HTC Corp.* | 26,003 | 62,848 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 270,402 | 155,073 | ||||||
Innolux Corp. | 354,177 | 160,139 | ||||||
Inventec Corp. | 99,300 | 73,784 | ||||||
Largan Precision Co. Ltd. | 3,978 | 628,196 | ||||||
Lite-On Technology Corp. | 83,663 | 140,463 | ||||||
MediaTek, Inc. | 59,432 | 454,449 | ||||||
Mega Financial Holding Co. Ltd. | 430,213 | 346,842 | ||||||
Merida Industry Co. Ltd. | 8,276 | 44,711 | ||||||
Micro-Star International Co. Ltd. | 26,726 | 62,197 | ||||||
Nan Ya Plastics Corp. | 188,161 | 447,898 | ||||||
Nanya Technology Corp. | 27,171 | 45,979 | ||||||
Nien Made Enterprise Co. Ltd. | 5,793 | 60,185 | ||||||
Novatek Microelectronics Corp. | 22,859 | 90,816 | ||||||
OBI Pharma, Inc.* | 4,410 | 37,606 | ||||||
Pegatron Corp. | 76,364 | 235,599 | ||||||
Phison Electronics Corp. | 5,845 | 63,349 | ||||||
Pou Chen Corp. | 87,392 | 120,575 | ||||||
Powertech Technology, Inc. | 27,728 | 85,178 | ||||||
President Chain Store Corp. | 22,610 | 202,204 | ||||||
Quanta Computer, Inc. | 106,916 | 244,550 | ||||||
Realtek Semiconductor Corp. | 17,970 | 60,041 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Ruentex Development Co. Ltd.* | 30,304 | $ | 35,111 | |||||
Ruentex Industries Ltd. | 22,336 | 33,416 | ||||||
Shin Kong Financial Holding Co. Ltd.* | 323,555 | 83,366 | ||||||
Siliconware Precision Industries Co. Ltd. | 80,098 | 135,276 | ||||||
SinoPac Financial Holdings Co. Ltd. | 401,059 | 124,135 | ||||||
Standard Foods Corp. | 22,615 | 60,825 | ||||||
Synnex Technology International Corp. | 56,061 | 64,301 | ||||||
TaiMed Biologics, Inc.* | 6,893 | 43,541 | ||||||
Taishin Financial Holding Co. Ltd. | 357,648 | 159,924 | ||||||
Taiwan Business Bank | 141,614 | 39,642 | ||||||
Taiwan Cement Corp. | 131,397 | 150,273 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 304,504 | 157,420 | ||||||
Taiwan Fertilizer Co. Ltd. | 29,064 | 38,747 | ||||||
Taiwan High Speed Rail Corp. | 66,767 | 56,381 | ||||||
Taiwan Mobile Co. Ltd. | 63,576 | 236,727 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 974,077 | 6,573,943 | ||||||
Teco Electric and Machinery Co. Ltd. | 75,231 | 72,657 | ||||||
Transcend Information, Inc. | 7,665 | 26,247 | ||||||
Uni-President Enterprises Corp. | 190,977 | 381,586 | ||||||
United Microelectronics Corp. | 474,234 | 196,290 | ||||||
Vanguard International Semiconductor Corp. | 35,645 | 67,192 | ||||||
Wistron Corp. | 99,559 | 92,016 | ||||||
WPG Holdings Ltd. | 61,350 | 81,993 | ||||||
Yuanta Financial Holding Co. Ltd. | 403,285 | 174,968 | ||||||
Yulon Motor Co. Ltd. | 34,208 | 30,593 | ||||||
Zhen Ding Technology Holding Ltd. | 17,502 | 43,058 | ||||||
|
| |||||||
22,364,818 | ||||||||
|
| |||||||
Thailand — 2.1% | ||||||||
Advanced Info Service PCL, NVDR | 41,100 | 208,758 | ||||||
Airports of Thailand PCL, NVDR | 169,500 | 211,502 | ||||||
Bangkok Bank PCL, NVDR | 9,800 | 51,791 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 153,100 | 83,607 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 296,200 | 63,049 | ||||||
Banpu PCL, NVDR | 78,100 | 40,816 | ||||||
BEC World PCL, NVDR | 38,800 | 25,176 | ||||||
Berli Jucker PCL, NVDR | 47,300 | 63,534 | ||||||
BTS Group Holdings PCL, NVDR | 231,200 | 58,038 | ||||||
Bumrungrad Hospital PCL, NVDR | 14,100 | 71,825 | ||||||
Central Pattana PCL, NVDR | 53,200 | 103,089 | ||||||
Charoen Pokphand Foods PCL, NVDR | 107,200 | 78,370 | ||||||
CP ALL PCL, NVDR | 195,400 | 358,558 | ||||||
Delta Electronics Thailand PCL, NVDR | 19,700 | 52,055 | ||||||
Electricity Generating PCL, NVDR | 5,200 | 32,672 | ||||||
Energy Absolute PCL, NVDR | 44,200 | 38,607 | ||||||
Glow Energy PCL, NVDR | 20,200 | 47,742 | ||||||
Home Product Center PCL, NVDR | 156,000 | 45,343 | ||||||
Indorama Ventures PCL, NVDR | 57,097 | 61,606 | ||||||
IRPC PCL, NVDR | 395,866 | 59,275 | ||||||
Kasikornbank PCL, NVDR | 69,249 | 381,215 | ||||||
KCE Electronics PCL, NVDR | 10,400 | 32,977 | ||||||
Krung Thai Bank PCL, NVDR | 138,209 | 77,504 |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Thailand (Continued) | ||||||||
Minor International PCL, NVDR | 85,500 | $ | 94,135 | |||||
PTT Exploration & Production PCL, NVDR | 54,900 | 145,068 | ||||||
PTT Global Chemical PCL, NVDR | 85,600 | 178,438 | ||||||
PTT PCL | 14,400 | 166,154 | ||||||
PTT PCL, NVDR | 27,098 | 312,669 | ||||||
Robinson PCL, NVDR | 19,800 | 34,589 | ||||||
Siam Cement PCL | 11,900 | 183,776 | ||||||
Siam Commercial Bank PCL, NVDR | 69,798 | 313,538 | ||||||
Thai Oil PCL, NVDR | 32,257 | 72,924 | ||||||
Thai Union Group PCL, NVDR | 75,500 | 46,550 | ||||||
TMB Bank PCL, NVDR | 519,700 | 32,958 | ||||||
True Corp. PCL, NVDR* | 395,800 | 72,048 | ||||||
|
| |||||||
3,899,956 | ||||||||
|
| |||||||
Turkey — 1.1% | ||||||||
Akbank TAS | 86,993 | 234,996 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 8,195 | 48,131 | ||||||
Arcelik AS | 9,352 | 64,734 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 7,908 | 49,180 | ||||||
BIM Birlesik Magazalar AS | 8,404 | 149,480 | ||||||
Coca-Cola Icecek AS | 3,018 | 31,652 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT* | 75,134 | 64,956 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 55,359 | 100,270 | ||||||
Ford Otomotiv Sanayi AS | 2,775 | 31,810 | ||||||
Haci Omer Sabanci Holding AS | 36,307 | 110,118 | ||||||
KOC Holding AS | 30,082 | 136,771 | ||||||
Petkim Petrokimya Holding AS | 26,691 | 41,838 | ||||||
TAV Havalimanlari Holding AS | 6,464 | 31,680 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,943 | 41,053 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 4,959 | 133,537 | ||||||
Turk Hava Yollari AO* | 21,827 | 44,794 | ||||||
Turk Telekomunikasyon AS* | 20,760 | 37,955 | ||||||
Turkcell Iletisim Hizmetleri AS* | 34,797 | 119,939 | ||||||
Turkiye Garanti Bankasi AS | 91,342 | 248,557 | ||||||
Turkiye Halk Bankasi AS* | 24,714 | 88,967 | ||||||
Turkiye Is Bankasi, Class C | 62,279 | 123,749 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 28,372 | 37,879 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D* | 29,657 | 53,885 | ||||||
Ulker Biskuvi Sanayi AS | 6,086 | 35,606 | ||||||
Yapi ve Kredi Bankasi AS* | 34,378 | 42,876 | ||||||
|
| |||||||
2,104,413 | ||||||||
|
| |||||||
United Arab Emirates — 0.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 82,220 | 163,410 | ||||||
Aldar Properties PJSC | 124,362 | 74,827 | ||||||
DAMAC Properties Dubai Co. PJSC | 71,769 | 58,424 | ||||||
DP World Ltd. | 6,564 | 150,972 | ||||||
Dubai Islamic Bank PJSC | 48,856 | 77,281 | ||||||
DXB Entertainments PJSC* | 126,534 | 26,354 | ||||||
Emaar Malls PJSC | 77,192 | 52,540 | ||||||
Emaar Properties PJSC | 138,725 | 268,537 | ||||||
Emirates Telecommunications Group Co. PJSC | 68,778 | 322,075 | ||||||
First Abu Dhabi Bank PJSC | 56,019 | 160,904 | ||||||
|
| |||||||
1,355,324 | ||||||||
|
|
Number | Value | |||||||
United States — 0.3% | ||||||||
Yum China Holdings, Inc.* | 15,158 | $ | 582,219 | |||||
|
| |||||||
TOTAL COMMON STOCKS | 176,458,409 | |||||||
|
| |||||||
PREFERRED STOCKS — 3.9% | ||||||||
Brazil — 2.7% | ||||||||
Banco Bradesco SA | 120,781 | 1,027,177 | ||||||
Braskem SA, Class A | 6,821 | 69,834 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 8,968 | 47,834 | ||||||
Cia Brasileira de Distribuicao* | 6,251 | 133,251 | ||||||
Cia Energetica de Minas Gerais | 29,825 | 70,416 | ||||||
Cia Paranaense de Energia, Class B | 4,058 | 34,925 | ||||||
Gerdau SA | 36,253 | 106,879 | ||||||
Itau Unibanco Holding SA | 127,744 | 1,403,390 | ||||||
Itausa — Investimentos Itau SA | 156,467 | 432,757 | ||||||
Lojas Americanas SA | 28,796 | 129,922 | ||||||
Petroleo Brasileiro SA* | 155,062 | 621,024 | ||||||
Suzano Papel e Celulose SA, Class A | 15,977 | 75,788 | ||||||
Telefonica Brasil SA | 17,704 | 256,045 | ||||||
Vale SA | 76,149 | 606,895 | ||||||
|
| |||||||
5,016,137 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 10,293 | 42,076 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 3,808 | 137,129 | ||||||
|
| |||||||
179,205 | ||||||||
|
| |||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 17,878 | 197,759 | ||||||
Grupo Aval Acciones y Valores SA | 138,835 | 57,840 | ||||||
Grupo de Inversiones Suramericana SA | 4,513 | 58,525 | ||||||
|
| |||||||
314,124 | ||||||||
|
| |||||||
India — 0.0% | ||||||||
Vedanta Ltd. | 60,000 | 9,299 | ||||||
|
| |||||||
Russia — 0.1% | ||||||||
Surgutneftegas OJSC | 250,000 | 124,405 | ||||||
Transneft PJSC | 18 | 50,363 | ||||||
|
| |||||||
174,768 | ||||||||
|
| |||||||
South Korea — 0.8% | ||||||||
Amorepacific Corp. | 355 | 67,538 | ||||||
Hyundai Motor Co. | 941 | 89,091 | ||||||
Hyundai Motor Co. — 2nd Preferred | 1,487 | 150,745 | ||||||
LG Chem Ltd. | 304 | 55,255 | ||||||
LG Household & Health Care Ltd. | 83 | 45,666 | ||||||
Samsung Electronics Co. Ltd. | 700 | 1,093,516 | ||||||
|
| |||||||
1,501,811 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 7,195,344 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
South Africa — 0.0% | ||||||||
Sibanye Gold Ltd.*, expires 06/09/17 | 48,299 | 16,572 | ||||||
|
|
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) | 1,021,172 | $ | 1,021,172 | |||||
|
| |||||||
TOTAL INVESTMENTS — 98.3% | ||||||||
(Cost $162,855,136)† | $ | 184,691,497 | ||||||
Other assets and liabilities, net — 1.7% | 3,173,601 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 187,865,098 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $169,084,708. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $15,606,789. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $24,600,373 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $8,993,584. |
(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 May 31, 2017 amounted to $955,115, which is 0.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||
E-mini MSCI Emerging Markets Index Futures | USD | 82 | $ | 4,115,580 | 6/16/2017 | $ | 245,349 |
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | BRL | 4,656,200 | USD | 1,443,470 | $ | 6,188 | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | BRL | 39,338,900 | USD | 12,195,083 | 51,903 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | CLP | 1,019,289,100 | USD | 1,526,202 | 13,708 | ||||||||||||
RBC Capital Markets | 6/5/2017 | CLP | 494,654,400 | USD | 740,717 | 6,714 | ||||||||||||
RBC Capital Markets | 6/5/2017 | CLP | 20,197,000 | USD | 30,258 | 288 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | COP | 2,283,635,500 | USD | 769,694 | (12,714 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | CZK | 5,517,800 | USD | 224,262 | (11,042 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | CZK | 2,816,300 | USD | 114,492 | (5,608 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | CZK | 27,000 | USD | 1,098 | (54 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 552,700 | USD | 602,794 | (18,257 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 34,249,200 | USD | 4,406,430 | 10,771 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | HKD | 47,019,900 | USD | 6,049,560 | 14,865 | ||||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 109,371,700 | USD | 14,070,810 | 33,673 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | �� | HKD | 103,669,500 | USD | 13,337,918 | 32,621 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | INR | 134,266,400 | USD | 2,081,004 | $ | 1,365 | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | INR | 905,566,000 | USD | 14,031,082 | 4,859 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 19,823,900,100 | USD | 17,442,632 | (264,789 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 213,601,000 | USD | 187,452 | (3,345 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | KRW | 6,735,423,300 | USD | 5,927,087 | (89,235 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 4,101,959,000 | USD | 3,606,847 | (57,170 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MXN | 10,148,300 | USD | 531,763 | (12,026 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | MXN | 14,653,500 | USD | 767,886 | (17,310 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | MXN | 28,664,900 | USD | 1,502,097 | (33,889 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | MXN | 73,152,700 | USD | 3,833,286 | (86,544 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | MYR | 1,078,300 | USD | 249,520 | (2,355 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | MYR | 2,767,000 | USD | 639,991 | (6,339 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | MYR | 3,148,400 | USD | 728,088 | (7,330 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | MYR | 12,697,300 | USD | 2,932,402 | (33,496 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PHP | 46,783,400 | USD | 930,828 | (8,872 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | PHP | 12,157,700 | USD | 241,819 | (2,383 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | PHP | 47,010,100 | USD | 935,431 | (8,822 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | PLN | 956,400 | USD | 246,318 | (10,764 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | PLN | 2,837,800 | USD | 730,886 | (31,920 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | PLN | 5,030,900 | USD | 1,295,749 | (56,566 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 65,467,000 | USD | 1,139,676 | (13,191 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 20,167,400 | USD | 351,032 | (4,114 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | RUB | 295,245,800 | USD | 5,151,140 | (48,109 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | THB | 109,634,000 | USD | 3,166,782 | (51,988 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | THB | 32,011,100 | USD | 924,856 | (14,966 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | TRY | 5,803,100 | USD | 1,617,093 | (25,303 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | TRY | 1,069,600 | USD | 298,064 | (4,655 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | TRY | 488,000 | USD | 135,965 | (2,149 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 227,056,600 | USD | 7,529,650 | (20,197 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | TWD | 122,636,400 | USD | 4,061,749 | (16,027 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | TWD | 72,745,300 | USD | 2,410,940 | (7,910 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | TWD | 255,436,700 | USD | 8,460,971 | (32,542 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,435,858 | BRL | 4,656,200 | 1,424 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 226,087 | BRL | 728,000 | (1,367 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 11,906,655 | BRL | 38,610,900 | 11,806 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,518,381 | CLP | 1,019,289,100 | (5,887 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 766,634 | CLP | 514,851,400 | (2,661 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 582,476 | COP | 1,701,571,500 | 508 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 196,317 | COP | 582,064,000 | 3,107 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 235,483 | CZK | 5,517,800 | (180 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 121,344 | CZK | 2,843,300 | (93 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 523,750 | EUR | 465,700 | (458 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 94,889 | EUR | 87,000 | 2,870 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 4,395,485 | HKD | 34,249,200 | 174 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 6,034,033 | HKD | 47,019,900 | 661 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 13,608,005 | HKD | 106,039,700 | 1,491 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 428,656 | HKD | 3,332,000 | (1,016 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 13,303,839 | HKD | 103,669,500 | 1,458 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,081,004 | INR | 134,266,400 | (1,365 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 222,241 | INR | 14,345,000 | (53 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 13,814,596 | INR | 891,221,000 | (10,562 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 17,914,619 | KRW | 20,037,501,100 | (16,401 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 6,023,290 | KRW | 6,735,423,300 | (6,967 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 3,668,687 | KRW | 4,101,959,000 | (4,670 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 542,439 | MXN | 10,148,300 | 1,350 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 783,238 | MXN | 14,653,500 | 1,958 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,532,178 | MXN | 28,664,900 | 3,808 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 3,877,352 | MXN | 72,505,700 | $ | 7,809 | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 33,904 | MXN | 647,000 | 765 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 252,028 | MYR | 1,078,300 | (153 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 647,554 | MYR | 2,767,000 | (1,225 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 736,640 | MYR | 3,148,400 | (1,221 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 84,016 | MYR | 364,000 | 1,009 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 2,882,622 | MYR | 12,333,300 | (1,750 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 10,086 | PHP | 507,000 | 97 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 929,245 | PHP | 46,276,400 | 271 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 244,131 | PHP | 12,157,700 | 71 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 943,788 | PHP | 47,010,100 | 465 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 256,984 | PLN | 956,400 | 98 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 762,518 | PLN | 2,837,800 | 288 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 27,558 | PLN | 107,000 | 1,204 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 1,323,113 | PLN | 4,923,900 | 440 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,508,644 | RUB | 85,634,400 | (631 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 5,192,374 | RUB | 295,245,800 | 6,876 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,933,758 | THB | 99,893,000 | (976 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 281,744 | THB | 9,741,000 | 4,245 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 940,134 | THB | 32,011,100 | (313 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 1,638,956 | TRY | 5,803,100 | 3,440 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 439,918 | TRY | 1,557,600 | 915 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 7,547,170 | TWD | 227,056,600 | 2,678 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 4,075,247 | TWD | 122,636,400 | 2,530 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 2,417,189 | TWD | 72,745,300 | 1,661 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 8,244,006 | TWD | 247,979,700 | 1,554 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 247,494 | TWD | 7,457,000 | 458 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,045,593 | ZAR | 13,795,500 | 5,311 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 10,324,620 | ZAR | 136,221,700 | 52,377 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,257,700 | ZAR | 16,593,700 | 6,363 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 13,795,500 | USD | 1,024,884 | (26,020 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | ZAR | 1,189,000 | USD | 88,466 | (2,109 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | ZAR | 135,032,700 | USD | 10,032,356 | (254,066 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | ZAR | 15,061,700 | USD | 1,119,061 | (28,298 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | ZAR | 1,532,000 | USD | 113,800 | (2,903 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | AED | 3,549,500 | USD | 966,218 | (146 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | AED | 267,000 | USD | 72,678 | (13 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | AED | 881,700 | USD | 240,015 | (31 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | EGP | 4,180,500 | USD | 229,635 | (1,108 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | EGP | 380,000 | USD | 20,873 | (101 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | HUF | 101,925,900 | USD | 355,028 | (16,513 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | HUF | 11,621,000 | USD | 40,466 | (1,895 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | HUF | 47,423,000 | USD | 165,171 | (7,696 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | IDR | 41,033,149,500 | USD | 3,063,318 | (15,235 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | IDR | 12,070,921,300 | USD | 902,634 | (2,999 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | IDR | 736,838,000 | USD | 55,070 | (212 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | IDR | 8,022,069,600 | USD | 600,050 | (1,814 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | QAR | 5,299,000 | USD | 1,454,530 | (659 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 966,376 | AED | 3,549,500 | (12 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 312,742 | AED | 1,148,700 | (4 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 251,961 | EGP | 4,560,500 | (244 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 371,834 | HUF | 101,925,900 | (293 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 215,405 | HUF | 59,044,000 | (178 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 3,081,724 | IDR | 41,033,149,500 | (3,171 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 962,121 | IDR | 12,807,759,300 | (1,206 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 602,257 | IDR | 8,022,069,600 | (394 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 80,718 | QAR | 294,000 | 20 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 1,374,547 | QAR | 5,005,000 | $ | (94 | ) | ||||||||||
Goldman Sachs & Co. | 7/5/2017 | AED | 3,549,500 | USD | 966,245 | (46 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | AED | 1,148,700 | USD | 312,708 | (6 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | EGP | 4,560,500 | USD | 250,302 | (266 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 165,000 | USD | 185,862 | 152 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 465,700 | USD | 524,597 | 444 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 34,249,200 | USD | 4,398,364 | (546 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | HKD | 47,019,900 | USD | 6,038,217 | (940 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 106,039,700 | USD | 13,617,398 | (2,164 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 19,780,000 | USD | 2,540,180 | (330 | ) | |||||||||||
The Bank of New York Mellon | 7/5/2017 | HKD | 103,669,500 | USD | 13,313,236 | (1,902 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | HUF | 101,925,900 | USD | 372,239 | 282 | ||||||||||||
RBC Capital Markets | 7/5/2017 | HUF | 59,044,000 | USD | 215,616 | 148 | ||||||||||||
RBC Capital Markets | 7/5/2017 | HUF | 3,423,000 | USD | 12,499 | 8 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | IDR | 41,033,149,500 | USD | 3,070,195 | 1,777 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | IDR | 12,807,759,300 | USD | 958,880 | 1,129 | ||||||||||||
RBC Capital Markets | 7/5/2017 | IDR | 8,022,069,600 | USD | 600,679 | 797 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | INR | 69,148,000 | USD | 1,068,088 | 1,275 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | INR | 134,266,400 | USD | 2,073,612 | 2,155 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | INR | 891,221,000 | USD | 13,769,135 | 19,408 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 20,037,501,100 | USD | 17,915,420 | 10,149 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 1,838,455,000 | USD | 1,640,160 | (2,662 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 206,405,000 | USD | 184,417 | (24 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | KRW | 6,735,423,300 | USD | 6,024,367 | 5,674 | ||||||||||||
RBC Capital Markets | 7/5/2017 | KRW | 4,101,959,000 | USD | 3,669,672 | 4,210 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | MYR | 1,078,300 | USD | 251,733 | 236 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | MYR | 2,767,000 | USD | 647,327 | 1,966 | ||||||||||||
RBC Capital Markets | 7/5/2017 | MYR | 3,148,400 | USD | 736,554 | 2,237 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | MYR | 12,333,300 | USD | 2,880,603 | 4,047 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | MYR | 150,000 | USD | 34,868 | (118 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | PLN | 956,400 | USD | 256,955 | (60 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | PLN | 2,837,800 | USD | 762,344 | (262 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | PLN | 338,000 | USD | 90,797 | (34 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | PLN | 4,923,900 | USD | 1,322,758 | (448 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | QAR | 5,005,000 | USD | 1,374,019 | 38 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | QAR | 113,000 | USD | 31,027 | 6 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | RUB | 85,634,400 | USD | 1,498,480 | 799 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | RUB | 295,245,800 | USD | 5,158,670 | (4,959 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | THB | 99,893,000 | USD | 2,933,069 | 710 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | THB | 5,163,000 | USD | 151,572 | 12 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | THB | 32,011,100 | USD | 936,011 | (3,675 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | TRY | 5,803,100 | USD | 1,624,890 | (2,724 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | TRY | 1,557,600 | USD | 436,119 | (746 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | TRY | 228,000 | USD | 63,837 | (111 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 227,056,600 | USD | 7,549,679 | (7,666 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | TWD | 122,636,400 | USD | 4,075,924 | (5,902 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | TWD | 72,745,300 | USD | 2,418,394 | (2,858 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | TWD | 26,521,000 | USD | 879,635 | (3,089 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | TWD | 247,979,700 | USD | 8,249,491 | (4,258 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 26,137 | AED | 96,000 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 4,972 | EGP | 90,000 | (28 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | USD | 101,331 | HKD | 789,000 | 7 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 111,285 | IDR | 1,492,326,000 | 310 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 68,414 | INR | 4,424,000 | (161 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 200,376 | RUB | 11,458,000 | 16 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 49,091 | RUB | 2,808,000 | 19 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 63,364 | TWD | 1,906,000 | 75 |
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ZAR | 13,795,500 | USD | 1,040,000 | $ | (5,108 | ) | ||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | ZAR | 5,836,000 | USD | 439,929 | (2,190 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | ZAR | 136,221,700 | USD | 10,269,219 | (50,546 | ) | |||||||||||||||||
RBC Capital Markets | 7/5/2017 | ZAR | 16,593,700 | USD | 1,250,931 | (6,160 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | BRL | 4,656,200 | USD | 1,425,091 | (2,099 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | BRL | 38,610,900 | USD | 11,811,949 | (22,831 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | CLP | 1,019,289,100 | USD | 1,515,446 | 4,559 | ||||||||||||||||||
RBC Capital Markets | 7/6/2017 | CLP | 514,851,400 | USD | 765,757 | 2,595 | ||||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | MXN | 10,148,300 | USD | 539,637 | (1,261 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/6/2017 | MXN | 14,653,500 | USD | 779,163 | (1,859 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | MXN | 144,000 | USD | 7,656 | (19 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | MXN | 28,664,900 | USD | 1,523,983 | (3,838 | ) | |||||||||||||||||
The Bank of New York Mellon | 7/6/2017 | MXN | 72,505,700 | USD | 3,857,014 | (7,493 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | PHP | 7,852,000 | USD | 157,449 | (54 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/6/2017 | PHP | 46,276,400 | USD | 927,383 | (877 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/6/2017 | PHP | 12,157,700 | USD | 243,690 | (181 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | PHP | 47,010,100 | USD | 942,275 | (702 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | USD | 371,538 | BRL | 1,214,000 | 570 | ||||||||||||||||||
RBC Capital Markets | 7/6/2017 | USD | 78,580 | CLP | 52,777,000 | (349 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | USD | 31,351 | MXN | 588,000 | (11 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | COP | 864,439,000 | USD | 294,829 | 166 | ||||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | COP | 1,701,571,500 | USD | 578,415 | (1,603 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | CZK | 5,517,800 | USD | 235,926 | 133 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/7/2017 | CZK | 2,843,300 | USD | 121,590 | 86 | ||||||||||||||||||
Goldman Sachs & Co. | 7/7/2017 | USD | 2,803 | CZK | 66,000 | 18 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (1,225,785 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
EGP | Egyptian Pound |
EUR | Euro |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Phillippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (d) | $ | 176,016,036 | $ | — | $ | 442,373 | $ | 176,458,409 | ||||||||
Preferred Stocks (d) | 7,195,344 | — | — | 7,195,344 | ||||||||||||
Rights | 16,572 | — | — | 16,572 | ||||||||||||
Short-Term Investments | 1,021,172 | — | — | 1,021,172 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 374,728 | — | 374,728 | ||||||||||||
Futures Contracts | 245,349 | — | — | 245,349 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 184,494,473 | $ | 374,728 | $ | 442,373 | $ | 185,311,574 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,600,513 | ) | $ | — | $ | (1,600,513 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,600,513 | ) | $ | — | $ | (1,600,513 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $ 460,784 and between Level 3 and Level 1 was $ 28,956. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF
May 31, 2017
Number of Shares | Value | |||||||
COMMON STOCKS — 96.7% | ||||||||
Australia — 0.4% | ||||||||
BHP Billiton PLC | 638,585 | $ | 9,651,221 | |||||
|
| |||||||
Austria — 0.4% | ||||||||
ANDRITZ AG | 21,530 | 1,291,766 | ||||||
Erste Group Bank AG* | 90,739 | 3,292,409 | ||||||
OMV AG | 45,067 | 2,349,312 | ||||||
Raiffeisen Bank International AG* | 44,234 | 1,165,243 | ||||||
voestalpine AG | 34,096 | 1,543,759 | ||||||
|
| |||||||
9,642,489 | ||||||||
|
| |||||||
Belgium — 1.8% | ||||||||
Ageas (a) | 58,243 | 2,351,795 | ||||||
Anheuser-Busch InBev SA/NV | 229,831 | 26,812,197 | ||||||
Colruyt SA | 17,616 | 974,709 | ||||||
Groupe Bruxelles Lambert SA | 23,786 | 2,311,025 | ||||||
KBC Group NV | 75,588 | 5,687,420 | ||||||
Proximus SADP | 45,157 | 1,623,022 | ||||||
Solvay SA | 22,205 | 2,903,495 | ||||||
Telenet Group Holding NV* | 15,752 | 1,044,011 | ||||||
UCB SA | 38,105 | 2,689,039 | ||||||
Umicore SA | 28,525 | 1,889,298 | ||||||
|
| |||||||
48,286,011 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 120,140 | 1,239,897 | ||||||
|
| |||||||
Denmark — 2.7% | ||||||||
A.P. Moller — Maersk A/S, Class A | 1,134 | 2,058,564 | ||||||
A.P. Moller — Maersk A/S, Class B | 1,979 | 3,768,841 | ||||||
Carlsberg A/S, Class B | 32,248 | 3,511,438 | ||||||
Chr Hansen Holding A/S | 29,831 | 2,089,064 | ||||||
Coloplast A/S, Class B | 36,016 | 3,084,079 | ||||||
Danske Bank A/S | 222,452 | 8,355,241 | ||||||
DONG Energy A/S, 144A | 44,643 | 1,949,164 | ||||||
DSV A/S | 57,364 | 3,492,200 | ||||||
Genmab A/S* | 17,278 | 3,687,080 | ||||||
H Lundbeck A/S | 20,850 | 1,112,491 | ||||||
ISS A/S | 50,301 | 2,085,287 | ||||||
Novo Nordisk A/S, Class B | 546,807 | 23,238,337 | ||||||
Novozymes A/S, Class B | 69,528 | 3,148,026 | ||||||
Pandora A/S | 33,437 | 3,168,750 | ||||||
TDC A/S | 244,401 | 1,459,072 | ||||||
Tryg A/S | 32,116 | 660,610 | ||||||
Vestas Wind Systems A/S | 66,871 | 5,943,348 | ||||||
William Demant Holding A/S* | 36,808 | 965,582 | ||||||
|
| |||||||
73,777,174 | ||||||||
|
| |||||||
Finland — 1.5% | ||||||||
Elisa OYJ | 42,400 | 1,651,342 | ||||||
Fortum OYJ | 134,268 | 2,138,780 | ||||||
Kone OYJ, Class B | 101,481 | 5,028,507 | ||||||
Metso OYJ | 33,490 | 1,139,169 | ||||||
Neste OYJ | 39,262 | 1,560,883 | ||||||
Nokia OYJ | 1,760,153 | 11,161,734 | ||||||
Nokian Renkaat OYJ | 34,529 | 1,411,120 | ||||||
Orion OYJ, Class B | 31,152 | 2,015,699 | ||||||
Sampo OYJ, Class A | 134,422 | 6,829,898 | ||||||
Stora Enso OYJ, Class R | 164,930 | 2,086,197 |
Number of Shares | Value | |||||||
Finland (Continued) | ||||||||
UPM-Kymmene OYJ | 160,238 | $ | 4,518,107 | |||||
Wartsila OYJ Abp | 44,471 | 2,640,214 | ||||||
|
| |||||||
42,181,650 | ||||||||
|
| |||||||
France — 15.6% | ||||||||
Accor SA | 53,168 | 2,524,344 | ||||||
Aeroports de Paris (a) | 9,375 | 1,432,805 | ||||||
Air Liquide SA | 117,938 | 14,374,766 | ||||||
Airbus SE | 175,484 | 14,404,358 | ||||||
Alstom SA* | 47,183 | 1,652,643 | ||||||
Arkema SA | 20,930 | 2,187,071 | ||||||
Atos SE | 27,244 | 3,908,220 | ||||||
AXA SA | 587,297 | 15,662,309 | ||||||
BNP Paribas SA (a) | 339,437 | 23,953,799 | ||||||
Bollore SA (a) | 271,477 | 1,250,357 | ||||||
Bouygues SA | 64,389 | 2,758,010 | ||||||
Bureau Veritas SA | 82,401 | 1,888,802 | ||||||
Capgemini SA | 48,974 | 5,070,203 | ||||||
Carrefour SA* | 172,597 | 4,506,922 | ||||||
Casino Guichard Perrachon SA | 17,145 | 1,057,178 | ||||||
Christian Dior SE | 16,591 | 4,737,676 | ||||||
Cie de Saint-Gobain | 152,252 | 8,513,175 | ||||||
Cie Generale des Etablissements Michelin (a) | 52,112 | 6,556,515 | ||||||
CNP Assurances | 53,533 | 1,177,475 | ||||||
Credit Agricole SA (a) | 343,418 | 5,262,047 | ||||||
Danone SA (a) | 179,087 | 13,293,869 | ||||||
Dassault Aviation SA | 661 | 985,794 | ||||||
Dassault Systemes SE (a) | 39,659 | 3,659,432 | ||||||
Edenred (a) | 65,423 | 1,725,623 | ||||||
Eiffage SA | 19,061 | 1,733,324 | ||||||
Electricite de France SA (a) | 159,318 | 1,716,688 | ||||||
Engie SA (a) | 504,115 | 7,693,192 | ||||||
Essilor International SA | 63,169 | 8,398,265 | ||||||
Eurazeo SA | 13,168 | 941,977 | ||||||
Eutelsat Communications SA | 53,458 | 1,375,199 | ||||||
Fonciere Des Regions REIT | 10,063 | 937,807 | ||||||
Gecina SA REIT | 12,731 | 1,957,152 | ||||||
Groupe Eurotunnel SE | 143,275 | 1,687,548 | ||||||
Hermes International | 6,441 | 3,183,273 | ||||||
ICADE REIT | 10,509 | 847,270 | ||||||
Iliad SA | 8,109 | 2,103,335 | ||||||
Imerys SA | 11,192 | 970,856 | ||||||
Ingenico Group SA | 17,215 | 1,673,560 | ||||||
Ipsen SA | 10,192 | 1,285,177 | ||||||
JCDecaux SA (a) | 23,135 | 765,761 | ||||||
Kering | 22,956 | 7,591,914 | ||||||
Klepierre REIT | 67,335 | 2,812,338 | ||||||
Lagardere SCA | 36,635 | 1,151,493 | ||||||
Legrand SA*(a) | 81,577 | 5,592,788 | ||||||
L’Oreal SA | 77,118 | 16,498,863 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 84,332 | 21,519,017 | ||||||
Natixis SA (a) | 288,298 | 1,904,304 | ||||||
Orange SA (a) | 606,114 | 10,648,988 | ||||||
Pernod Ricard SA | 64,591 | 8,772,343 | ||||||
Peugeot SA | 147,758 | 2,913,033 | ||||||
Publicis Groupe SA (a) | 58,659 | 4,490,739 |
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Remy Cointreau SA | 7,029 | $ | 769,709 | |||||
Renault SA*(a) | 53,951 | 5,035,766 | ||||||
Rexel SA | 92,479 | 1,628,945 | ||||||
Safran SA | 95,022 | 8,411,388 | ||||||
Sanofi (a) | 351,637 | 34,828,334 | ||||||
Schneider Electric SE* | 170,743 | 13,150,159 | ||||||
SCOR SE | 50,643 | 1,993,714 | ||||||
SEB SA | 6,946 | 1,218,802 | ||||||
Societe BIC SA | 8,793 | 1,074,196 | ||||||
Societe Generale SA (a) | 232,165 | 12,171,717 | ||||||
Sodexo SA | 28,443 | 3,880,522 | ||||||
Suez (a) | 101,363 | 1,849,195 | ||||||
Thales SA | 32,509 | 3,590,565 | ||||||
TOTAL SA (a) | 698,529 | 37,092,605 | ||||||
Unibail-Rodamco SE REIT | 30,179 | 7,785,537 | ||||||
Valeo SA | 72,637 | 5,056,578 | ||||||
Veolia Environnement SA | 146,551 | 3,225,080 | ||||||
Vinci SA | 152,388 | 13,306,282 | ||||||
Vivendi SA | 312,982 | 6,787,447 | ||||||
Wendel SA (a) | 8,897 | 1,357,252 | ||||||
Zodiac Aerospace | 62,215 | 1,647,996 | ||||||
|
| |||||||
429,571,386 | ||||||||
|
| |||||||
Germany — 13.6% | ||||||||
adidas AG | 56,769 | 10,857,145 | ||||||
Allianz SE | 137,894 | 26,473,095 | ||||||
Axel Springer SE | 14,170 | 890,768 | ||||||
BASF SE | 277,060 | 26,094,104 | ||||||
Bayer AG | 249,630 | 33,117,989 | ||||||
Bayerische Motoren Werke AG | 99,995 | 9,355,962 | ||||||
Beiersdorf AG | 30,773 | 3,304,799 | ||||||
Brenntag AG | 46,384 | 2,683,445 | ||||||
Commerzbank AG* | 321,372 | 3,389,209 | ||||||
Continental AG | 33,100 | 7,362,248 | ||||||
Covestro AG, 144A | 27,549 | 2,060,473 | ||||||
Daimler AG | 290,399 | 21,077,163 | ||||||
Deutsche Bank AG (b) | 624,256 | 10,922,148 | ||||||
Deutsche Boerse AG | 58,118 | 6,037,759 | ||||||
Deutsche Lufthansa AG | 73,047 | 1,419,189 | ||||||
Deutsche Post AG | 298,480 | 10,902,254 | ||||||
Deutsche Telekom AG* | 987,866 | 19,669,874 | ||||||
Deutsche Wohnen AG | 106,141 | 4,163,058 | ||||||
E.ON SE | 663,956 | 5,808,748 | ||||||
Evonik Industries AG | 48,726 | 1,677,951 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 12,635 | 1,024,352 | ||||||
Fresenius Medical Care AG & Co. KGaA | 65,067 | 6,224,633 | ||||||
Fresenius SE & Co. KGaA | 125,518 | 10,745,714 | ||||||
GEA Group AG | 54,954 | 2,257,880 | ||||||
Hannover Rueck SE | 18,049 | 2,149,197 | ||||||
HeidelbergCement AG | 44,686 | 4,160,433 | ||||||
Henkel AG & Co. KGaA | 31,750 | 3,942,936 | ||||||
HOCHTIEF AG | 5,804 | 1,067,643 | ||||||
HUGO BOSS AG (a) | 18,982 | 1,429,317 | ||||||
Infineon Technologies AG | 342,138 | 7,567,707 | ||||||
Innogy SE, 144A | 42,306 | 1,736,077 | ||||||
K+S AG (a) | 57,607 | 1,473,842 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
LANXESS AG | 27,526 | $ | 2,054,114 | |||||
Linde AG | 56,024 | 10,695,783 | ||||||
MAN SE | 10,411 | 1,100,641 | ||||||
Merck KGaA | 39,058 | 4,714,479 | ||||||
METRO AG | 53,571 | 1,793,343 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 48,553 | 9,585,807 | ||||||
OSRAM Licht AG | 25,236 | 1,932,552 | ||||||
ProSiebenSat.1 Media SE | 70,120 | 2,977,101 | ||||||
RWE AG* | 156,190 | 3,172,261 | ||||||
SAP SE | 296,765 | 31,817,086 | ||||||
Siemens AG | 230,859 | 32,948,737 | ||||||
Symrise AG | 37,076 | 2,664,321 | ||||||
Telefonica Deutschland Holding AG | 223,045 | 1,109,475 | ||||||
thyssenkrupp AG | 111,287 | 2,951,601 | ||||||
TUI AG | 133,869 | 2,066,343 | ||||||
United Internet AG | 37,194 | 2,046,069 | ||||||
Volkswagen AG | 9,608 | 1,505,112 | ||||||
Vonovia SE | 140,313 | 5,512,809 | ||||||
Zalando SE, 144A* | 33,366 | 1,593,355 | ||||||
|
| |||||||
373,288,101 | ||||||||
|
| |||||||
Ireland — 0.9% | ||||||||
AerCap Holdings NV* | 45,120 | 1,986,182 | ||||||
Bank of Ireland* | 8,519,066 | 2,306,356 | ||||||
CRH PLC | 257,874 | 9,285,828 | ||||||
DCC PLC | 27,192 | 2,583,858 | ||||||
Kerry Group PLC, Class A | 49,029 | 4,328,502 | ||||||
Paddy Power Betfair PLC | 24,740 | 2,591,587 | ||||||
Ryanair Holdings PLC* | 26,745 | 540,795 | ||||||
|
| |||||||
23,623,108 | ||||||||
|
| |||||||
Italy — 3.0% | ||||||||
Assicurazioni Generali SpA | 372,543 | 5,879,901 | ||||||
Atlantia SpA | 133,116 | 3,705,517 | ||||||
Enel SpA | 2,423,725 | 12,954,632 | ||||||
Eni SpA | 775,463 | 12,274,092 | ||||||
Ferrari NV | 37,316 | 3,227,774 | ||||||
Intesa Sanpaolo SpA (a) | 3,829,572 | 10,961,423 | ||||||
Intesa Sanpaolo SpA-RSP | 292,210 | 793,066 | ||||||
Leonardo SpA | 123,079 | 2,167,940 | ||||||
Luxottica Group SpA | 51,409 | 3,115,644 | ||||||
Mediobanca SpA | 173,729 | 1,647,146 | ||||||
Poste Italiane SpA, 144A | 162,468 | 1,142,509 | ||||||
Prysmian SpA | 61,003 | 1,697,440 | ||||||
Recordati SpA | 29,520 | 1,187,512 | ||||||
Saipem SpA* | 184,997 | 750,221 | ||||||
Snam SpA | 709,940 | 3,255,457 | ||||||
Telecom Italia SpA* | 3,494,243 | 3,269,756 | ||||||
Telecom Italia SpA-RSP* | 1,778,342 | 1,371,428 | ||||||
Terna Rete Elettrica Nazionale SpA | 438,696 | 2,478,843 | ||||||
UniCredit SpA* | 602,325 | 10,535,055 | ||||||
UnipolSai SpA (a) | 310,151 | 702,394 | ||||||
|
| |||||||
83,117,750 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 28,406 | 2,695,556 | ||||||
|
|
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 43,959 | $ | 956,061 | |||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
ArcelorMittal* | 197,034 | 4,272,955 | ||||||
Eurofins Scientific SE | 3,393 | 1,801,908 | ||||||
Millicom International Cellular SA SDR | 19,905 | 1,165,709 | ||||||
RTL Group SA | 11,518 | 896,401 | ||||||
SES SA | 110,929 | 2,743,972 | ||||||
Tenaris SA | 142,282 | 2,149,758 | ||||||
|
| |||||||
13,030,703 | ||||||||
|
| |||||||
Mexico — 0.1% | ||||||||
Fresnillo PLC | 67,060 | 1,361,712 | ||||||
|
| |||||||
Netherlands — 6.6% | ||||||||
ABN AMRO Group NV, 144A (a) | 85,064 | 2,193,514 | ||||||
Aegon NV | 530,621 | 2,641,809 | ||||||
Akzo Nobel NV | 75,943 | 6,356,523 | ||||||
Altice NV, Class A*(a) | 113,593 | 2,827,096 | ||||||
Altice NV, Class B* | 31,811 | 793,140 | ||||||
ASML Holding NV | 112,666 | 14,871,269 | ||||||
Boskalis Westminster | 26,758 | 922,353 | ||||||
EXOR NV | 32,595 | 1,817,974 | ||||||
Gemalto NV (a) | 24,539 | 1,456,038 | ||||||
Heineken Holding NV | 30,183 | 2,805,742 | ||||||
Heineken NV | 69,249 | 6,819,960 | ||||||
ING Groep NV | 1,170,271 | 19,574,849 | ||||||
Koninklijke Ahold Delhaize NV | 386,152 | 8,515,220 | ||||||
Koninklijke DSM NV | 55,424 | 4,125,405 | ||||||
Koninklijke KPN NV | 1,026,609 | 3,497,798 | ||||||
Koninklijke Philips NV | 279,993 | 9,895,168 | ||||||
Koninklijke Vopak NV | 21,362 | 967,324 | ||||||
NN Group NV | 90,621 | 3,257,588 | ||||||
NXP Semiconductors NV* | 104,317 | 11,464,438 | ||||||
QIAGEN NV* | 66,181 | 2,228,114 | ||||||
Randstad Holding NV | 35,756 | 2,068,585 | ||||||
Royal Dutch Shell PLC, Class A | 1,338,798 | 36,224,290 | ||||||
Royal Dutch Shell PLC, Class B | 1,131,249 | 31,242,604 | ||||||
Wolters Kluwer NV | 90,799 | 3,983,083 | ||||||
|
| |||||||
180,549,884 | ||||||||
|
| |||||||
Norway — 0.9% | ||||||||
DNB ASA | 295,020 | 4,996,551 | ||||||
Gjensidige Forsikring ASA | 58,925 | 949,852 | ||||||
Marine Harvest ASA* | 115,292 | 2,019,483 | ||||||
Norsk Hydro ASA | 403,339 | 2,173,437 | ||||||
Orkla ASA | 243,782 | 2,436,579 | ||||||
Schibsted ASA, Class A | 22,691 | 540,601 | ||||||
Schibsted ASA, Class B | 26,623 | 576,617 | ||||||
Statoil ASA | 345,109 | 6,000,084 | ||||||
Telenor ASA | 225,549 | 3,723,869 | ||||||
Yara International ASA (a) | 53,387 | 1,984,645 | ||||||
|
| |||||||
25,401,718 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 718,018 | 2,640,774 | ||||||
Galp Energia SGPS SA | 152,218 | 2,347,761 | ||||||
Jeronimo Martins SGPS SA | 74,912 | 1,491,188 | ||||||
|
| |||||||
6,479,723 | ||||||||
|
|
Number of Shares | Value | |||||||
South Africa — 0.2% | ||||||||
Investec PLC | 200,738 | $ | 1,572,529 | |||||
Mediclinic International PLC (a) | 112,742 | 1,174,441 | ||||||
Mondi PLC | 111,489 | 2,907,422 | ||||||
|
| |||||||
5,654,392 | ||||||||
|
| |||||||
Spain — 5.2% | ||||||||
Abertis Infraestructuras SA | 207,432 | 3,794,729 | ||||||
ACS Actividades de Construccion y Servicios SA | 70,814 | 2,829,171 | ||||||
Aena SA, 144A | 20,378 | 4,113,646 | ||||||
Amadeus IT Group SA | 132,366 | 7,709,789 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,987,151 | 16,188,476 | ||||||
Banco de Sabadell SA | 1,609,570 | 3,316,091 | ||||||
Banco Santander SA | 4,401,250 | 28,582,242 | ||||||
Bankia SA* | 1,213,915 | 1,396,386 | ||||||
Bankinter SA | 201,989 | 1,859,718 | ||||||
CaixaBank SA | 1,083,272 | 5,115,847 | ||||||
Distribuidora Internacional de Alimentacion SA | 185,804 | 1,143,599 | ||||||
Enagas SA | 69,339 | 2,061,421 | ||||||
Endesa SA | 96,020 | 2,396,212 | ||||||
Ferrovial SA | 142,848 | 3,218,208 | ||||||
Ferrovial SA* | 2,422 | 54,565 | ||||||
Gamesa Corp. Tecnologica SA | 71,258 | 1,616,171 | ||||||
Gas Natural SDG SA | 105,945 | 2,668,292 | ||||||
Grifols SA | 89,664 | 2,537,252 | ||||||
Iberdrola SA (a) | 1,751,144 | 13,962,885 | ||||||
Industria de Diseno Textil SA | 329,079 | 13,454,240 | ||||||
Mapfre SA | 317,355 | 1,128,687 | ||||||
Red Electrica Corp. SA | 130,421 | 2,926,521 | ||||||
Repsol SA | 362,639 | 6,075,962 | ||||||
Telefonica SA | 1,366,603 | 15,219,787 | ||||||
|
| |||||||
143,369,897 | ||||||||
|
| |||||||
Sweden — 4.4% | ||||||||
Alfa Laval AB | 88,209 | 1,776,075 | ||||||
Assa Abloy AB, Class B | 302,324 | 6,789,889 | ||||||
Atlas Copco AB, Class A | 202,482 | 7,492,258 | ||||||
Atlas Copco AB, Class B | 117,767 | 3,890,156 | ||||||
Boliden AB | 82,326 | 2,253,418 | ||||||
Electrolux AB, Series B | 72,073 | 2,314,423 | ||||||
Getinge AB, Class B | 60,864 | 1,266,804 | ||||||
Hennes & Mauritz AB, Class B (a) | 286,311 | 7,131,916 | ||||||
Hexagon AB, Class B | 78,131 | 3,422,288 | ||||||
Husqvarna AB, Class B | 123,568 | 1,281,687 | ||||||
ICA Gruppen AB (a) | 24,197 | 871,954 | ||||||
Industrivarden AB, Class C | 48,213 | 1,139,396 | ||||||
Investor AB, Class B | 137,283 | 6,346,539 | ||||||
Kinnevik AB, Class B | 70,057 | 2,011,900 | ||||||
L E Lundbergforetagen AB, Class B | 11,294 | 886,871 | ||||||
Lundin Petroleum AB* | 56,277 | 1,092,984 | ||||||
Nordea Bank AB | 918,745 | 11,796,942 | ||||||
Sandvik AB | 338,808 | 5,309,346 | ||||||
Securitas AB, Class B | 93,328 | 1,487,209 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 459,431 | 5,539,771 | ||||||
Skanska AB, Class B | 101,783 | 2,422,959 | ||||||
SKF AB, Class B | 113,469 | 2,321,236 |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Sweden (Continued) | ||||||||
Svenska Cellulosa AB SCA, Class B | 184,957 | $ | 6,526,717 | |||||
Svenska Handelsbanken AB, Class A | 461,536 | 6,499,759 | ||||||
Swedbank AB, Class A | 273,529 | 6,593,222 | ||||||
Swedish Match AB | 56,712 | 1,913,151 | ||||||
Tele2 AB, Class B | 107,821 | 1,109,670 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 926,014 | 6,754,871 | ||||||
Telia Co. AB | 781,781 | 3,578,163 | ||||||
Volvo AB, Class B | 469,133 | 7,670,088 | ||||||
|
| |||||||
119,491,662 | ||||||||
|
| |||||||
Switzerland — 14.0% | ||||||||
ABB Ltd. | 600,157 | 15,075,959 | ||||||
Actelion Ltd.* | 27,456 | 7,880,613 | ||||||
Adecco Group AG | 49,016 | 3,653,869 | ||||||
Baloise Holding AG | 15,056 | 2,303,752 | ||||||
Barry Callebaut AG* | 637 | 914,181 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 31 | 2,275,030 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 303 | 1,841,056 | ||||||
Cie Financiere Richemont SA | 157,392 | 13,130,219 | ||||||
Coca-Cola HBC AG* | 55,729 | 1,617,737 | ||||||
Credit Suisse Group AG* | 591,064 | 8,116,412 | ||||||
Dufry AG* | 10,595 | 1,742,588 | ||||||
EMS-Chemie Holding AG | 2,466 | 1,732,603 | ||||||
Geberit AG | 11,159 | 5,223,779 | ||||||
Givaudan SA | 2,785 | 5,713,484 | ||||||
Glencore PLC* | 3,697,000 | 13,580,389 | ||||||
Julius Baer Group Ltd.* | 67,354 | 3,487,485 | ||||||
Kuehne + Nagel International AG | 16,277 | 2,626,705 | ||||||
LafargeHolcim Ltd.* | 137,249 | 8,240,183 | ||||||
Lonza Group AG* | 22,491 | 4,658,195 | ||||||
Nestle SA | 939,389 | 80,161,583 | ||||||
Novartis AG | 674,215 | 55,201,331 | ||||||
Pargesa Holding SA | 11,329 | 880,774 | ||||||
Partners Group Holding AG | 5,225 | 3,201,732 | ||||||
Roche Holding AG | 212,143 | 58,218,584 | ||||||
Schindler Holding AG | 5,871 | 1,220,814 | ||||||
Schindler Holding AG Participation Certificates | 12,415 | 2,662,326 | ||||||
SGS SA | 1,650 | 3,926,746 | ||||||
Sika AG | 647 | 4,168,375 | ||||||
Sonova Holding AG | 15,923 | 2,636,982 | ||||||
STMicroelectronics NV | 193,689 | 3,195,186 | ||||||
Straumann Holding AG | 2,881 | 1,595,846 | ||||||
Swatch Group AG — Bearer (a) | 9,627 | 3,729,338 | ||||||
Swatch Group AG — Registered | 14,999 | 1,144,418 | ||||||
Swiss Life Holding AG* | 9,717 | 3,241,508 | ||||||
Swiss Prime Site AG* | 21,257 | 1,957,694 | ||||||
Swiss Re AG | 97,818 | 8,917,794 | ||||||
Swisscom AG | 7,798 | 3,738,982 | ||||||
Syngenta AG | 6,831 | 3,103,237 | ||||||
UBS Group AG* | 1,103,945 | 17,552,788 | ||||||
Vifor Pharma AG (a) | 14,622 | 1,719,525 | ||||||
Wolseley PLC | 76,812 | 5,057,263 | ||||||
Zurich Insurance Group AG | 45,468 | 13,365,071 | ||||||
|
| |||||||
384,412,136 | ||||||||
|
|
Number of Shares | Value | |||||||
United Kingdom — 23.9% | ||||||||
3i Group PLC | 295,894 | $ | 3,412,123 | |||||
Aberdeen Asset Management PLC | 279,278 | 1,039,920 | ||||||
Admiral Group PLC | 60,917 | 1,598,803 | ||||||
Anglo American PLC* | 402,617 | 5,350,900 | ||||||
Ashtead Group PLC | 151,228 | 3,051,332 | ||||||
Associated British Foods PLC | 108,006 | 4,169,224 | ||||||
AstraZeneca PLC | 382,308 | 25,781,764 | ||||||
Auto Trader Group PLC, 144A | 299,313 | 1,604,681 | ||||||
Aviva PLC | 1,231,783 | 8,332,188 | ||||||
Babcock International Group PLC | 78,263 | 940,814 | ||||||
BAE Systems PLC | 962,873 | 8,256,246 | ||||||
Barclays PLC | 5,131,131 | 13,883,467 | ||||||
Barratt Developments PLC | 303,624 | 2,396,115 | ||||||
Berkeley Group Holdings PLC | 39,828 | 1,670,854 | ||||||
BP PLC | 5,828,253 | 35,046,264 | ||||||
British American Tobacco PLC | 563,472 | 40,147,915 | ||||||
British Land Co. PLC REIT | 296,395 | 2,421,172 | ||||||
BT Group PLC | 2,561,732 | 10,217,156 | ||||||
Bunzl PLC | 102,384 | 3,208,198 | ||||||
Burberry Group PLC | 132,719 | 3,103,668 | ||||||
Capita PLC | 202,671 | 1,521,084 | ||||||
Centrica PLC | 1,668,282 | 4,369,909 | ||||||
CNH Industrial NV | 310,036 | 3,439,272 | ||||||
Cobham PLC | 727,050 | 1,255,263 | ||||||
Coca-Cola European Partners PLC | 65,341 | 2,693,823 | ||||||
Compass Group PLC | 498,505 | 10,726,339 | ||||||
ConvaTec Group PLC, 144A* | 292,754 | 1,207,031 | ||||||
Croda International PLC | 40,108 | 2,047,956 | ||||||
Diageo PLC | 761,357 | 22,827,075 | ||||||
Direct Line Insurance Group PLC | 419,635 | 1,884,797 | ||||||
Dixons Carphone PLC | 299,199 | 1,266,757 | ||||||
easyJet PLC | 50,188 | 914,355 | ||||||
Experian PLC | 286,699 | 5,976,821 | ||||||
Fiat Chrysler Automobiles NV* | 319,312 | 3,352,060 | ||||||
G4S PLC | 472,669 | 1,979,274 | ||||||
GKN PLC | 519,228 | 2,341,487 | ||||||
GlaxoSmithKline PLC | 1,485,526 | 32,605,279 | ||||||
Hammerson PLC REIT | 241,734 | 1,823,602 | ||||||
Hargreaves Lansdown PLC | 79,583 | 1,433,485 | ||||||
HSBC Holdings PLC | 6,001,367 | 52,240,263 | ||||||
IMI PLC | 83,251 | 1,345,094 | ||||||
Imperial Brands PLC | 290,298 | 13,573,647 | ||||||
Inmarsat PLC | 137,326 | 1,415,495 | ||||||
InterContinental Hotels Group PLC | 54,846 | 3,090,224 | ||||||
International Consolidated Airlines Group SA | 197,040 | 1,535,920 | ||||||
Intertek Group PLC | 49,248 | 2,727,857 | ||||||
Intu Properties PLC REIT | 270,244 | 947,088 | ||||||
ITV PLC | 1,099,761 | 2,773,031 | ||||||
J Sainsbury PLC | 502,266 | 1,818,468 | ||||||
Johnson Matthey PLC | 58,325 | 2,338,621 | ||||||
Kingfisher PLC | 681,959 | 2,856,543 | ||||||
Land Securities Group PLC REIT | 239,663 | 3,304,078 | ||||||
Legal & General Group PLC | 1,805,853 | 5,858,732 | ||||||
Lloyds Banking Group PLC | 21,169,314 | 19,253,757 | ||||||
London Stock Exchange Group PLC | 95,649 | 4,220,914 |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Marks & Spencer Group PLC | 493,474 | $ | 2,431,987 | |||||
Meggitt PLC | 237,022 | 1,533,056 | ||||||
Merlin Entertainments PLC, 144A | 218,990 | 1,492,607 | ||||||
National Grid PLC | 1,045,911 | 14,682,077 | ||||||
Next PLC | 42,316 | 2,377,150 | ||||||
Old Mutual PLC | 1,493,355 | 3,621,164 | ||||||
Pearson PLC | 250,026 | 2,275,951 | ||||||
Persimmon PLC | 93,400 | 2,954,363 | ||||||
Petrofac Ltd. | 79,753 | 390,478 | ||||||
Provident Financial PLC | 44,934 | 1,766,375 | ||||||
Prudential PLC | 780,543 | 17,458,707 | ||||||
Reckitt Benckiser Group PLC | 193,735 | 19,814,573 | ||||||
RELX NV | 290,577 | 6,029,002 | ||||||
RELX PLC | 329,013 | 7,049,703 | ||||||
Rio Tinto PLC | 374,044 | 14,952,025 | ||||||
Rolls-Royce Holdings PLC* | 500,730 | 5,596,785 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 38,462,404 | 49,557 | ||||||
Royal Bank of Scotland Group PLC* | 1,075,958 | 3,604,410 | ||||||
Royal Mail PLC | 277,496 | 1,578,173 | ||||||
RSA Insurance Group PLC | 312,666 | 2,519,843 | ||||||
Sage Group PLC | 327,837 | 3,043,389 | ||||||
Schroders PLC | 38,131 | 1,551,023 | ||||||
Segro PLC REIT | 303,976 | 1,970,030 | ||||||
Severn Trent PLC | 73,246 | 2,359,334 | ||||||
Sky PLC | 314,369 | 4,014,014 | ||||||
Smith & Nephew PLC | 267,923 | 4,674,059 | ||||||
Smiths Group PLC | 121,303 | 2,505,363 | ||||||
SSE PLC | 308,907 | 5,990,041 | ||||||
St James’s Place PLC | 160,822 | 2,430,575 | ||||||
Standard Chartered PLC* | 993,535 | 9,369,156 | ||||||
Standard Life PLC | 600,034 | 2,959,466 | ||||||
Tate & Lyle PLC | 143,008 | 1,359,823 | ||||||
Taylor Wimpey PLC | 990,574 | 2,592,163 | ||||||
Tesco PLC* | 2,472,545 | 5,852,196 | ||||||
Travis Perkins PLC | 76,374 | 1,607,915 | ||||||
Unilever NV | 492,472 | 28,048,316 | ||||||
Unilever PLC | 388,762 | 21,696,399 | ||||||
United Utilities Group PLC | 211,312 | 2,801,593 | ||||||
Vodafone Group PLC | 8,057,661 | 24,033,970 | ||||||
Weir Group PLC | 66,112 | 1,546,898 | ||||||
Whitbread PLC | 55,664 | 3,077,503 | ||||||
Wm Morrison Supermarkets PLC | 679,137 | 2,154,324 |
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Worldpay Group PLC, 144A | 559,739 | $ | 2,240,023 | |||||
WPP PLC | 388,074 | 8,720,202 | ||||||
|
| |||||||
657,373,966 | ||||||||
|
| |||||||
United States (c) — 0.7% | ||||||||
Carnival PLC | 57,452 | 3,678,977 | ||||||
Shire PLC | 273,422 | 15,752,599 | ||||||
|
| |||||||
19,431,576 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,654,587,773 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.8% | ||||||||
Germany — 0.8% | ||||||||
Bayerische Motoren Werke AG | 16,234 | 1,333,822 | ||||||
FUCHS PETROLUB SE | 20,556 | 1,146,849 | ||||||
Henkel AG & Co. KGaA | 53,928 | 7,569,511 | ||||||
Porsche Automobil Holding SE | 45,976 | 2,631,435 | ||||||
Schaeffler AG | 49,548 | 818,481 | ||||||
Volkswagen AG | 56,116 | 8,431,363 | ||||||
|
| |||||||
21,931,461 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 21,931,461 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG, | 641,640 | 298,114 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 5.8% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (d)(e) | 158,962,186 | 158,962,186 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.3% (Cost $2,768,020,882)† | $ | 2,835,779,534 | ||||||
Other assets and liabilities, | (88,956,201 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,746,823,333 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,829,128,618. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $6,650,916. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $207,912,808 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $201,261,892. |
(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 May 31, 2017 amounted to $140,871,867, which is 5.1% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities are domiciled in the United States and trade on a non-U.S. 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. |
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
AMSTERDAM Index Futures | EUR | 50 | $ | 5,880,205 | 6/16/2017 | $ | 268,685 | |||||||||||||
CAC40 10 EURO Futures | EUR | 223 | 13,193,021 | 6/16/2017 | (189,795 | ) | ||||||||||||||
DAX Index Futures | EUR | 32 | 11,357,575 | 6/16/2017 | 450,387 | |||||||||||||||
FTSE 100 Index Futures | GBP | 197 | 19,057,065 | 6/16/2017 | 636,374 | |||||||||||||||
FTSE/MIB Index Futures | EUR | 21 | 2,448,455 | 6/16/2017 | 138,044 | |||||||||||||||
IBEX 35 Index Futures | EUR | 36 | 4,390,456 | 6/16/2017 | (23,071 | ) | ||||||||||||||
OMXS30 Index Futures | SEK | 201 | 3,788,089 | 6/16/2017 | (24,106 | ) | ||||||||||||||
SWISS MKT IX Futures | CHF | 118 | 10,989,211 | 6/16/2017 | 538,432 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 71,104,077 | $ | 1,794,950 | |||||||||||||||||
|
|
|
|
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 20,676,000 | USD | 22,549,452 | $ | (683,496 | ) | ||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 71,858,000 | USD | 78,371,353 | (2,373,145 | ) | |||||||||||
JP Morgan & Chase Co. | �� | 6/5/2017 | EUR | 10,538,700 | USD | 11,531,488 | (310,507 | ) | ||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 9,918,800 | USD | 10,784,632 | (360,801 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 43,394,600 | USD | 47,342,120 | (1,418,981 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 228,336,323 | USD | 249,031,723 | (7,542,379 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 302,681,197 | USD | 330,088,374 | (10,024,645 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | EUR | 129,938,955 | USD | 141,714,023 | (4,294,155 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 386,548,021 | USD | 421,557,675 | (12,793,766 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 29,059,800 | USD | 37,611,082 | 162,881 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 20,567,900 | USD | 26,662,107 | 157,078 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 4,701,200 | USD | 6,063,142 | 4,894 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 126,935,450 | USD | 164,361,428 | 784,794 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 4,995,100 | USD | 6,468,000 | 31,015 | ||||||||||||
RBC Capital Markets | 6/5/2017 | GBP | 235,642,820 | USD | 305,126,111 | 1,462,641 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | GBP | 52,637,264 | USD | 68,158,677 | 327,142 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | GBP | 110,076,190 | USD | 142,528,852 | 678,072 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SEK | 368,822,936 | USD | 41,720,282 | (727,930 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SEK | 8,713,400 | USD | 981,938 | (20,896 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SEK | 2,673,000 | USD | 302,363 | (5,275 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SEK | 38,121,200 | USD | 4,310,902 | (76,506 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | SEK | 326,535,700 | USD | 36,935,503 | (645,828 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 9,258,000 | USD | 1,049,404 | (16,109 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 303,467,650 | USD | 34,325,037 | (601,368 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 104,051,429 | EUR | 92,534,000 | (73,983 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 328,609,914 | EUR | 292,188,423 | (287,285 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 340,365,006 | EUR | 302,681,197 | (251,987 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 146,116,355 | EUR | 129,938,955 | (108,176 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 434,673,250 | EUR | 386,548,021 | (321,808 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 37,513,645 | GBP | 29,059,800 | (65,443 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 202,951,948 | GBP | 157,199,650 | (375,051 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 18,134,522 | GBP | 14,004,000 | (88,128 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 286,124,635 | GBP | 221,638,820 | (507,558 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 67,952,076 | GBP | 52,637,264 | (120,541 | ) |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 142,102,857 | GBP | 110,076,190 | $ | (252,077 | ) | ||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 48,229,680 | SEK | 418,330,536 | (83,588 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 37,641,003 | SEK | 326,535,700 | (59,673 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 36,049,066 | SEK | 312,725,650 | (57,149 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | CHF | 12,930,600 | USD | 13,021,529 | (334,413 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | CHF | 2,955,600 | USD | 2,936,163 | (116,660 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | CHF | 120,756,405 | USD | 121,551,706 | (3,176,887 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 115,872,800 | USD | 116,627,849 | (3,056,497 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | CHF | 3,140,300 | USD | 3,150,350 | (93,248 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | CHF | 2,357,000 | USD | 2,372,468 | (62,063 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | CHF | 100,719,934 | USD | 101,373,795 | (2,659,243 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 6,811,000 | USD | 998,978 | (30,008 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 4,196,200 | USD | 617,025 | (16,925 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 17,737,000 | USD | 2,602,204 | (77,451 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | DKK | 3,949,300 | USD | 577,220 | (19,429 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | DKK | 17,278,300 | USD | 2,534,368 | (75,989 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | DKK | 145,961,942 | USD | 21,405,196 | (646,318 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | DKK | 50,125,300 | USD | 7,350,559 | (222,228 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | DKK | 233,291,200 | USD | 34,210,432 | (1,034,537 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | NOK | 1,769,900 | USD | 205,850 | (3,644 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | NOK | 88,269,391 | USD | 10,307,932 | (140,059 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | NOK | 7,743,300 | USD | 902,169 | (14,365 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | NOK | 45,095,700 | USD | 5,266,051 | (71,693 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | NOK | 1,880,500 | USD | 217,695 | (4,890 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | NOK | 76,528,200 | USD | 8,936,556 | (121,691 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 141,254,333 | CHF | 136,642,605 | (116,976 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 119,784,234 | CHF | 115,872,800 | (99,889 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 109,807,954 | CHF | 106,217,234 | (96,787 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 4,345,608 | DKK | 28,744,200 | (3,017 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 25,275,952 | DKK | 167,189,542 | (17,433 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 7,576,490 | DKK | 50,125,300 | (3,703 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 35,262,202 | DKK | 233,291,200 | (17,233 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 754,404 | NOK | 6,465,000 | 10,825 | ||||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 10,842,898 | NOK | 91,317,591 | (34,107 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 5,577,531 | NOK | 46,976,200 | (17,201 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 9,086,270 | NOK | 76,528,200 | (28,023 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | CHF | 189,751,222 | USD | 196,537,322 | 162,278 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CHF | 168,981,417 | USD | 175,027,025 | 146,818 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | DKK | 28,744,200 | USD | 4,352,827 | 2,986 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | DKK | 9,698,000 | USD | 1,468,556 | 964 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | DKK | 167,189,542 | USD | 25,317,885 | 17,197 | ||||||||||||
RBC Capital Markets | 7/5/2017 | DKK | 50,125,300 | USD | 7,588,763 | 3,333 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | DKK | 233,291,200 | USD | 35,319,057 | 15,247 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 92,534,000 | USD | 104,217,991 | 69,493 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 292,188,423 | USD | 329,141,201 | 278,456 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 3,207,000 | USD | 3,612,490 | 2,960 | ||||||||||||
RBC Capital Markets | 7/5/2017 | EUR | 302,681,197 | USD | 340,916,491 | 243,961 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | EUR | 129,938,955 | USD | 146,350,245 | 101,872 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 386,548,021 | USD | 435,382,565 | 316,583 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | GBP | 29,059,800 | USD | 37,549,359 | 64,125 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 17,044,000 | USD | 22,025,283 | 39,642 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 157,199,650 | USD | 203,147,567 | 370,337 | ||||||||||||
RBC Capital Markets | 7/5/2017 | GBP | 221,638,820 | USD | 286,401,683 | 502,154 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | GBP | 52,637,264 | USD | 68,017,873 | 119,257 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | GBP | 110,076,190 | USD | 142,241,553 | 250,494 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | NOK | 91,317,591 | USD | 10,847,941 | 34,050 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | NOK | 3,895,000 | USD | 462,690 | 1,442 |
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2017 | NOK | 46,976,200 | USD | 5,579,983 | $ | 17,029 | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NOK | 76,528,200 | USD | 9,090,317 | 27,796 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | SEK | 418,330,536 | USD | 48,320,542 | 88,504 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | SEK | 326,535,700 | USD | 37,706,636 | 58,220 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SEK | 312,725,650 | USD | 36,111,507 | 55,341 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 7,157,685 | CHF | 6,910,000 | (6,471 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 1,574,932 | CHF | 1,520,000 | (1,872 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 3,232,563 | EUR | 2,869,000 | (3,457 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 1,801,583 | GBP | 1,396,000 | (834 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 560,987 | SEK | 4,863,000 | (300 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 550,124 | SEK | 4,763,000 | (966 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (50,364,860 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
NOK | Norwegian Krone |
SEK | Swedish Krona |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 2,654,587,773 | $ | — | $ | — | $ | 2,654,587,773 | ||||||||
Preferred Stocks | 21,931,461 | — | — | 21,931,461 | ||||||||||||
Rights | 298,114 | — | — | 298,114 | ||||||||||||
Short-Term Investments | 158,962,186 | — | — | 158,962,186 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 6,609,881 | — | 6,609,881 | ||||||||||||
Futures Contracts | 2,031,922 | — | — | 2,031,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,837,811,456 | $ | 6,609,881 | $ | — | $ | 2,844,421,337 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (56,974,741 | ) | $ | — | $ | (56,974,741 | ) | ||||||
Futures Contracts | (236,972 | ) | — | — | (236,972 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (236,972 | ) | $ | (56,974,741 | ) | $ | — | $ | (57,211,713 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
May 31, 2017
Number of Shares | Value | |||||||
COMMON STOCKS — 96.8% | ||||||||
Austria — 1.0% | ||||||||
ANDRITZ AG | 930 | $ | 55,799 | |||||
Austria Technologie & Systemtechnik AG | 311 | 3,232 | ||||||
BUWOG AG* | 1,146 | 32,506 | ||||||
CA Immobilien Anlagen AG | 963 | 22,977 | ||||||
DO & CO AG | 83 | 6,182 | ||||||
Erste Group Bank AG* | 3,824 | 138,751 | ||||||
EVN AG | 501 | 7,260 | ||||||
FACC AG* | 269 | 2,145 | ||||||
IMMOFINANZ AG* (a) | 10,242 | 22,999 | ||||||
Kapsch TrafficCom AG | 73 | 3,949 | ||||||
Lenzing AG | 101 | 18,091 | ||||||
Oesterreichische Post AG | 440 | 19,104 | ||||||
OMV AG | 1,872 | 97,586 | ||||||
Porr AG | 113 | 3,843 | ||||||
Raiffeisen Bank International AG* | 1,506 | 39,672 | ||||||
RHI AG | 304 | 11,058 | ||||||
S IMMO AG* | 635 | 8,813 | ||||||
S&T AG (a) | 421 | 6,072 | ||||||
Schoeller-Bleckmann Oilfield Equipment | 145 | 9,907 | ||||||
Semperit AG Holding (a) | 131 | 3,709 | ||||||
Telekom Austria AG* | 2,102 | 17,221 | ||||||
UNIQA Insurance Group AG | 1,649 | 14,356 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 503 | 13,813 | ||||||
voestalpine AG | 1,447 | 65,516 | ||||||
Wienerberger AG | 1,533 | 36,138 | ||||||
Zumtobel Group AG | 359 | 7,388 | ||||||
|
| |||||||
668,087 | ||||||||
|
| |||||||
Belgium — 4.0% | ||||||||
Ablynx NV* | 763 | 9,600 | ||||||
Ackermans & van Haaren NV (a) | 300 | 51,107 | ||||||
Aedifica SA REIT | 207 | 17,342 | ||||||
Ageas (a) | 2,478 | 100,059 | ||||||
AGFA-Gevaert NV* | 2,318 | 10,595 | ||||||
Anheuser-Busch InBev SA/NV | 9,639 | 1,124,490 | ||||||
Barco NV | 128 | 12,694 | ||||||
Befimmo SA REIT | 267 | 15,726 | ||||||
Bekaert SA | 477 | 24,775 | ||||||
Biocartis NV, 144A* | 272 | 3,166 | ||||||
bpost SA | 1,277 | 31,065 | ||||||
Cie d’Entreprises CFE | 97 | 14,868 | ||||||
Cofinimmo SA REIT | 257 | 31,079 | ||||||
Colruyt SA | 759 | 41,996 | ||||||
D’ieteren SA/NV* | 328 | 16,002 | ||||||
Econocom Group SA/NV* | 1,610 | 14,147 | ||||||
Elia System Operator SA/NV | 404 | 23,622 | ||||||
Euronav NV (a) | 1,707 | 12,834 | ||||||
EVS Broadcast Equipment SA | 171 | 6,861 | ||||||
Exmar NV | 432 | 2,507 | ||||||
Fagron* | 631 | 8,095 | ||||||
Galapagos NV* | 547 | 45,520 | ||||||
Gimv NV | 230 | 14,296 | ||||||
Greenyard NV | 201 | 4,201 | ||||||
Groupe Bruxelles Lambert SA | 1,026 | 99,685 |
Number of Shares | Value | |||||||
Belgium (Continued) | ||||||||
Intervest Offices & Warehouses NV REIT | 172 | $ | 4,286 | |||||
Ion Beam Applications | 273 | 16,564 | ||||||
KBC Ancora* | 448 | 22,657 | ||||||
KBC Group NV | 3,189 | 239,948 | ||||||
Kinepolis Group NV | 189 | 10,881 | ||||||
Melexis NV | 255 | 23,005 | ||||||
Nyrstar NV* | 932 | 5,771 | ||||||
Ontex Group NV (a) | 1,046 | 37,783 | ||||||
Orange Belgium SA | 403 | 9,391 | ||||||
Proximus SADP | 1,934 | 69,511 | ||||||
Sioen Industries NV | 91 | 3,337 | ||||||
Sofina SA | 214 | 31,300 | ||||||
Solvay SA | 942 | 123,175 | ||||||
Telenet Group Holding NV* | 684 | 45,334 | ||||||
Tessenderlo Chemie NV* | 391 | 16,476 | ||||||
UCB SA | 1,607 | 113,405 | ||||||
Umicore SA | 1,210 | 80,142 | ||||||
Van de Velde NV | 80 | 4,379 | ||||||
Warehouses De Pauw CVA REIT | 209 | 21,318 | ||||||
|
| |||||||
2,614,995 | ||||||||
|
| |||||||
Finland — 3.5% | ||||||||
Amer Sports OYJ* | 1,501 | 34,819 | ||||||
Atria OYJ | 162 | 2,051 | ||||||
Cargotec OYJ, Class B | 469 | 27,923 | ||||||
Caverion Corp.* | 1,280 | 10,698 | ||||||
Citycon OYJ | 5,400 | 13,588 | ||||||
Cramo OYJ | 510 | 14,856 | ||||||
DNA OYJ | 753 | 10,684 | ||||||
Elisa OYJ | 1,835 | 71,467 | ||||||
Ferratum OYJ | 102 | 2,572 | ||||||
Finnair OYJ | 643 | 3,792 | ||||||
Fortum OYJ | 5,646 | 89,936 | ||||||
F-Secure OYJ | 1,104 | 5,085 | ||||||
Huhtamaki OYJ | 1,154 | 44,828 | ||||||
Kemira OYJ | 1,327 | 16,726 | ||||||
Kesko OYJ, Class B | 834 | 43,321 | ||||||
Kone OYJ, Class B | 4,290 | 212,575 | ||||||
Konecranes OYJ | 784 | 32,349 | ||||||
Lehto Group OYJ (a) | 259 | 3,651 | ||||||
Metsa Board OYJ | 2,539 | 19,366 | ||||||
Metso OYJ | 1,434 | 48,778 | ||||||
Neste OYJ | 1,643 | 65,318 | ||||||
Nokia OYJ | 74,183 | 470,420 | ||||||
Nokian Renkaat OYJ | 1,469 | 60,035 | ||||||
Oriola OYJ, Class B | 1,451 | 5,933 | ||||||
Orion OYJ, Class B | 1,308 | 84,635 | ||||||
Outokumpu OYJ | 3,705 | 29,467 | ||||||
Outotec OYJ* | 2,067 | 13,502 | ||||||
Ponsse OYJ | 161 | 4,310 | ||||||
Ramirent OYJ | 868 | 9,010 | ||||||
Sampo OYJ, Class A | 5,683 | 288,750 | ||||||
Sanoma OYJ | 958 | 8,921 | ||||||
Sponda OYJ | 2,888 | 13,490 | ||||||
Stockmann OYJ Abp, Class B* | 403 | 3,153 | ||||||
Stora Enso OYJ, Class R | 7,003 | 88,581 | ||||||
Technopolis OYJ | 1,533 | 5,700 |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Finland (Continued) | ||||||||
Tieto OYJ | 723 | $ | 23,602 | |||||
Tokmanni Group Corp. | 347 | 3,228 | ||||||
UPM-Kymmene OYJ | 6,785 | 191,311 | ||||||
Uponor OYJ | 722 | 12,912 | ||||||
Valmet OYJ | 1,562 | 30,391 | ||||||
Wartsila OYJ Abp | 1,880 | 111,614 | ||||||
YIT OYJ | 1,472 | 12,451 | ||||||
|
| |||||||
2,245,799 | ||||||||
|
| |||||||
France — 29.4% | ||||||||
AB Science SA* | 232 | 2,671 | ||||||
ABC arbitrage | 297 | 2,142 | ||||||
Accor SA | 2,171 | 103,076 | ||||||
Aeroports de Paris (a) | 384 | 58,688 | ||||||
Air France-KLM* | 1,813 | 20,468 | ||||||
Air Liquide SA | 4,912 | 598,695 | ||||||
Airbus SE | 7,322 | 601,016 | ||||||
Albioma SA | 258 | 5,524 | ||||||
Alstom SA* | 1,972 | 69,072 | ||||||
Altamir | 331 | 6,135 | ||||||
Alten SA* | 364 | 32,434 | ||||||
Altran Technologies SA | 1,707 | 30,787 | ||||||
ANF Immobilier REIT | 117 | 2,800 | ||||||
Arkema SA | 863 | 90,179 | ||||||
Assystem* | 92 | 3,514 | ||||||
Atos SE | 1,132 | 162,388 | ||||||
AXA SA | 24,505 | 653,511 | ||||||
Axway Software SA | 71 | 2,587 | ||||||
Beneteau SA | 516 | 8,953 | ||||||
BNP Paribas SA (a) | 14,198 | 1,001,942 | ||||||
Boiron SA | 83 | 8,242 | ||||||
Bollore SA (a) | 11,104 | 51,142 | ||||||
Bonduelle SCA | 145 | 5,405 | ||||||
Bourbon Corp. (a) | 388 | 4,420 | ||||||
Bouygues SA | 2,648 | 113,423 | ||||||
Bureau Veritas SA | 3,371 | 77,270 | ||||||
Cap Gemini SA | 2,033 | 210,473 | ||||||
Carrefour SA* | 7,210 | 188,270 | ||||||
Casino Guichard Perrachon SA | 702 | 43,286 | ||||||
Cellectis SA* | 331 | 7,905 | ||||||
Chargeurs SA | 218 | 6,482 | ||||||
Christian Dior SE | 693 | 197,891 | ||||||
Cie de Saint-Gobain | 6,350 | 355,060 | ||||||
Cie des Alpes | 52 | 1,504 | ||||||
Cie Generale des Etablissements Michelin (a) | 2,165 | 272,391 | ||||||
Cie Plastic Omnium SA | 767 | 28,498 | ||||||
CNP Assurances | 2,182 | 47,994 | ||||||
Coface SA | 1,286 | 10,459 | ||||||
Credit Agricole SA | 14,285 | 218,883 | ||||||
Danone SA | 7,456 | 553,469 | ||||||
Dassault Aviation SA | 29 | 43,250 | ||||||
Dassault Systemes SE (a) | 1,635 | 150,865 | ||||||
DBV Technologies SA* | 224 | 14,947 | ||||||
Derichebourg SA | 997 | 6,784 | ||||||
Devoteam SA | 55 | 4,360 | ||||||
Direct Energie | 105 | 6,108 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Edenred (a) | 2,708 | $ | 71,427 | |||||
Eiffage SA | 748 | 68,020 | ||||||
Electricite de France SA | 6,925 | 74,618 | ||||||
Elior Group, 144A | 1,332 | 37,737 | ||||||
Elis SA | 1,278 | 28,483 | ||||||
Engie SA (a) | 20,122 | 307,078 | ||||||
Eramet* | 78 | 3,811 | ||||||
Essilor International SA | 2,634 | 350,188 | ||||||
Esso SA Francaise* | 48 | 2,663 | ||||||
Etablissements Maurel et Prom* | 612 | 2,647 | ||||||
Euler Hermes Group | 159 | 16,722 | ||||||
Eurazeo SA | 535 | 38,271 | ||||||
Europcar Groupe SA, 144A | 1,084 | 14,442 | ||||||
Eutelsat Communications SA | 2,252 | 57,932 | ||||||
Faurecia | 873 | 45,828 | ||||||
FFP | 90 | 9,374 | ||||||
FIGEAC-AERO* | 101 | 2,330 | ||||||
Fonciere Des Regions REIT | 422 | 39,328 | ||||||
Gaztransport Et Technigaz SA | 290 | 11,449 | ||||||
Gecina SA REIT | 524 | 80,555 | ||||||
Genfit* | 357 | 12,023 | ||||||
GL Events* | 34 | 858 | ||||||
Groupe Crit | 31 | 2,577 | ||||||
Groupe Eurotunnel SE | 6,004 | 70,717 | ||||||
Groupe Fnac SA* | 215 | 14,991 | ||||||
Guerbet | 79 | 7,290 | ||||||
Haulotte Group SA* | 209 | 3,569 | ||||||
Havas SA | 2,096 | 21,481 | ||||||
Hermes International | 267 | 131,957 | ||||||
ICADE REIT | 421 | 33,942 | ||||||
ID Logistics Group* | 28 | 4,244 | ||||||
Iliad SA | 336 | 87,153 | ||||||
Imerys SA | 466 | 40,423 | ||||||
Ingenico Group SA | 704 | 68,440 | ||||||
Innate Pharma SA* | 576 | 7,914 | ||||||
Interparfums SA | 102 | 4,175 | ||||||
Ipsen SA | 477 | 60,148 | ||||||
IPSOS | 427 | 16,789 | ||||||
Jacquet Metal Service | 177 | 5,229 | ||||||
JCDecaux SA (a) | 945 | 31,279 | ||||||
Kaufman & Broad SA | 171 | 7,492 | ||||||
Kering | 963 | 318,479 | ||||||
Klepierre REIT | 2,797 | 116,821 | ||||||
Korian SA | 561 | 18,849 | ||||||
Lagardere SCA | 1,500 | 47,147 | ||||||
Le Noble Age | 68 | 4,592 | ||||||
Legrand SA* | 3,395 | 232,756 | ||||||
LISI | 189 | 8,297 | ||||||
L’Oreal SA | 3,182 | 680,767 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,527 | 899,986 | ||||||
Maisons du Monde SA, 144A* | 342 | 12,913 | ||||||
Manitou BF SA | 100 | 3,209 | ||||||
Marie Brizard Wine & Spirits SA* | 310 | 5,516 | ||||||
Mercialys SA REIT | 686 | 13,424 | ||||||
Mersen SA | 201 | 5,997 | ||||||
Metropole Television SA | 320 | 7,621 | ||||||
MGI Coutier | 96 | 4,100 |
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Natixis SA (a) | 11,963 | $ | 79,020 | |||||
Naturex* | 85 | 8,289 | ||||||
Neopost SA | 443 | 19,732 | ||||||
Nexans SA | 343 | 18,759 | ||||||
Nexity SA* | 524 | 31,545 | ||||||
Oeneo SA | 140 | 1,524 | ||||||
Orange SA (a) | 25,361 | 445,575 | ||||||
Orpea | 545 | 61,835 | ||||||
Parrot SA* | 205 | 2,487 | ||||||
Pernod Ricard SA | 2,699 | 366,561 | ||||||
Peugeot SA | 6,176 | 121,759 | ||||||
Pierre & Vacances SA* | 80 | 4,190 | ||||||
Plastivaloire | 112 | 2,677 | ||||||
Publicis Groupe SA (a) | 2,439 | 186,722 | ||||||
Rallye SA | 296 | 6,318 | ||||||
Remy Cointreau SA | 284 | 31,099 | ||||||
Renault SA*(a) | 2,246 | 209,641 | ||||||
Rexel SA | 3,900 | 68,695 | ||||||
Rubis SCA | 529 | 61,297 | ||||||
Safran SA | 3,976 | 351,957 | ||||||
Sanofi (a) | 14,710 | 1,456,971 | ||||||
Sartorius Stedim Biotech | 355 | 27,931 | ||||||
Schneider Electric SE* | 7,146 | 550,365 | ||||||
SCOR SE | 2,074 | 81,649 | ||||||
SEB SA | 287 | 50,359 | ||||||
Societe BIC SA | 366 | 44,712 | ||||||
Societe Generale SA (a) | 9,692 | 508,123 | ||||||
Sodexo SA | 1,173 | 160,034 | ||||||
SOITEC* | 217 | 11,972 | ||||||
Solocal Group* | 6,928 | 9,292 | ||||||
Sopra Steria Group | 186 | 29,482 | ||||||
SPIE SA | 981 | 27,346 | ||||||
SRP Groupe SA, 144A* | 200 | 5,756 | ||||||
Ste Industrielle d’Aviation Latecoere SA* | 989 | 4,200 | ||||||
Suez (a) | 4,352 | 79,395 | ||||||
Synergie SA | 81 | 3,658 | ||||||
Tarkett SA | 379 | 18,912 | ||||||
Technicolor SA* | 4,379 | 22,569 | ||||||
Teleperformance* | 734 | 96,018 | ||||||
Television Francaise 1 | 530 | 6,799 | ||||||
Thales SA | 1,346 | 148,664 | ||||||
TOTAL SA (a) | 29,436 | 1,563,082 | ||||||
Trigano SA | 115 | 12,554 | ||||||
Ubisoft Entertainment SA* | 866 | 48,184 | ||||||
Unibail-Rodamco SE REIT | 1,263 | 325,827 | ||||||
Valeo SA | 3,040 | 211,628 | ||||||
Vallourec SA* | 3,950 | 24,911 | ||||||
Veolia Environnement SA | 6,087 | 133,954 | ||||||
Vicat SA | 225 | 16,576 | ||||||
Vinci SA | 6,348 | 554,297 | ||||||
Virbac SA* | 55 | 9,036 | ||||||
Vivendi SA | 13,084 | 283,745 | ||||||
Wendel SA | 361 | 55,071 | ||||||
Worldline SA, 144A* | 531 | 18,662 | ||||||
Zodiac Aerospace | 2,611 | 69,162 | ||||||
|
| |||||||
19,112,009 | ||||||||
|
|
Number of Shares | Value | |||||||
Germany — 26.6% | ||||||||
Aareal Bank AG* | 689 | $ | 28,816 | |||||
adidas AG | 2,378 | 454,796 | ||||||
ADLER Real Estate AG* | 300 | 5,062 | ||||||
ADO Properties SA, 144A | 377 | 16,210 | ||||||
ADVA Optical Networking SE* | 586 | 6,603 | ||||||
AIXTRON SE* | 1,388 | 9,131 | ||||||
Allianz SE | 5,781 | 1,109,845 | ||||||
alstria office REIT-AG REIT | 1,919 | 26,785 | ||||||
Amadeus Fire AG | 73 | 6,614 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (a) | 304 | 17,710 | ||||||
Aurubis AG | 430 | 33,494 | ||||||
Axel Springer SE | 539 | 33,883 | ||||||
BASF SE | 11,619 | 1,094,302 | ||||||
Bayer AG | 10,461 | 1,387,843 | ||||||
Bayerische Motoren Werke AG | 4,209 | 393,812 | ||||||
BayWa AG | 172 | 6,157 | ||||||
Bechtle AG | 189 | 24,257 | ||||||
Beiersdorf AG | 1,281 | 137,570 | ||||||
Bertrandt AG (a) | 76 | 6,796 | ||||||
bet-at-home.com AG | 31 | 5,001 | ||||||
Bilfinger SE (a) | 439 | 16,974 | ||||||
Biotest AG* | 83 | 2,541 | ||||||
Borussia Dortmund GmbH & Co. KGaA | 861 | 5,950 | ||||||
Brenntag AG | 1,978 | 114,433 | ||||||
CANCOM SE (a) | 212 | 12,467 | ||||||
Capital Stage AG | 1,047 | 7,289 | ||||||
Carl Zeiss Meditec AG | 507 | 26,225 | ||||||
CENTROTEC Sustainable AG* | 129 | 2,811 | ||||||
Cewe Stiftung & Co. KGaA | 73 | 6,437 | ||||||
comdirect bank AG | 402 | 4,396 | ||||||
Commerzbank AG* | 13,532 | 142,709 | ||||||
CompuGroup Medical SE | 309 | 17,557 | ||||||
Continental AG | 1,398 | 310,949 | ||||||
Covestro AG, 144A | 1,170 | 87,508 | ||||||
CTS Eventim AG & Co. KGaA | 620 | 27,027 | ||||||
Daimler AG | 12,181 | 884,097 | ||||||
Deutsche Bank AG (b) | 26,132 | 457,212 | ||||||
Deutsche Beteiligungs AG | 164 | 7,622 | ||||||
Deutsche Boerse AG | 2,453 | 254,837 | ||||||
Deutsche EuroShop AG | 606 | 25,249 | ||||||
Deutsche Lufthansa AG | 3,002 | 58,324 | ||||||
Deutsche Pfandbriefbank AG, 144A | 1,368 | 17,434 | ||||||
Deutsche Post AG | 12,333 | 450,474 | ||||||
Deutsche Telekom AG* | 41,416 | 824,654 | ||||||
Deutsche Wohnen AG | 4,508 | 176,813 | ||||||
Deutz AG | 1,171 | 9,498 | ||||||
DIC Asset AG | 590 | 6,587 | ||||||
Diebold Nixdorf AG | 115 | 9,206 | ||||||
DMG Mori AG | 249 | 13,780 | ||||||
Draegerwerk AG & Co. KGaA | 39 | 3,496 | ||||||
Drillisch AG | 572 | 36,144 | ||||||
Duerr AG | 320 | 34,901 | ||||||
E.ON SE | 27,980 | 244,789 | ||||||
Elmos Semiconductor AG | 127 | 3,081 | ||||||
ElringKlinger AG (a) | 376 | 7,368 | ||||||
Evonik Industries AG | 2,096 | 72,179 |
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Evotec AG* | 1,618 | $ | 22,620 | |||||
Fraport AG Frankfurt Airport Services Worldwide | 523 | 42,401 | ||||||
Freenet AG* | 1,644 | 58,700 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,734 | 261,548 | ||||||
Fresenius SE & Co. KGaA | 5,215 | 446,461 | ||||||
GEA Group AG | 2,347 | 96,431 | ||||||
Gerresheimer AG | 394 | 33,744 | ||||||
Gerry Weber International AG | 339 | 4,631 | ||||||
GFT Technologies SE (a) | 212 | 4,806 | ||||||
Grammer AG | 138 | 7,606 | ||||||
GRENKE AG (a) | 117 | 25,229 | ||||||
H&R GmbH & Co. KGaA* | 177 | 2,532 | ||||||
Hamborner REIT AG REIT | 1,017 | 10,555 | ||||||
Hamburger Hafen und Logistik AG | 311 | 6,655 | ||||||
Hannover Rueck SE | 775 | 92,284 | ||||||
Hapag-Lloyd AG, 144A* | 299 | 9,341 | ||||||
HeidelbergCement AG | 1,892 | 176,152 | ||||||
Heidelberger Druckmaschinen AG*(a) | 3,338 | 9,063 | ||||||
Henkel AG & Co. KGaA | 1,321 | 164,051 | ||||||
HOCHTIEF AG | 249 | 45,803 | ||||||
Hornbach Baumarkt AG | 98 | 3,363 | ||||||
HUGO BOSS AG (a) | 802 | 60,389 | ||||||
Hypoport AG* | 41 | 6,080 | ||||||
Indus Holding AG | 243 | 17,116 | ||||||
Infineon Technologies AG | 14,399 | 318,490 | ||||||
Innogy SE, 144A | 1,790 | 73,455 | ||||||
Isra Vision AG | 39 | 7,032 | ||||||
Jenoptik AG | 683 | 19,039 | ||||||
K+S AG (a) | 2,463 | 63,014 | ||||||
KION Group AG | 835 | 61,777 | ||||||
Kloeckner & Co. SE | 993 | 10,498 | ||||||
Koenig & Bauer AG | 172 | 11,730 | ||||||
Krones AG (a) | 184 | 22,912 | ||||||
KWS Saat SE | 25 | 10,251 | ||||||
LANXESS AG | 1,171 | 87,385 | ||||||
LEG Immobilien AG | 812 | 76,549 | ||||||
Leoni AG | 425 | 23,430 | ||||||
Linde AG | 2,361 | 450,749 | ||||||
MAN SE | 448 | 47,362 | ||||||
Manz AG* | 57 | 2,657 | ||||||
Merck KGaA | 1,643 | 198,318 | ||||||
METRO AG | 2,291 | 76,694 | ||||||
MLP AG | 783 | 5,336 | ||||||
MorphoSys AG* | 341 | 24,972 | ||||||
MTU Aero Engines AG | 663 | 93,545 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,047 | 404,139 | ||||||
Nemetschek SE* | 206 | 16,104 | ||||||
Nordex SE* | 825 | 11,807 | ||||||
Norma Group SE | 419 | 22,315 | ||||||
OHB SE | 80 | 2,340 | ||||||
OSRAM Licht AG | 1,060 | 81,174 | ||||||
PATRIZIA Immobilien AG* | 556 | 10,559 | ||||||
Pfeiffer Vacuum Technology AG | 91 | 12,993 | ||||||
ProSiebenSat.1 Media SE | 2,962 | 125,758 | ||||||
Rational AG | 43 | 23,205 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Rheinmetall AG | 502 | $ | 48,176 | |||||
RHOEN-KLINIKUM AG | 446 | 13,427 | ||||||
RIB Software SE (a) | 444 | 7,940 | ||||||
Rocket Internet SE, 144A* | 731 | 17,109 | ||||||
RWE AG* | 6,221 | 126,350 | ||||||
SAF-Holland SA | 595 | 10,384 | ||||||
Salzgitter AG | 521 | 19,841 | ||||||
SAP SE | 12,433 | 1,332,980 | ||||||
Senvion SA* | 270 | 3,928 | ||||||
SGL Carbon SE* | 634 | 7,439 | ||||||
Siemens AG | 9,678 | 1,381,267 | ||||||
Siltronic AG* | 163 | 14,606 | ||||||
Sixt Leasing SE | 166 | 3,579 | ||||||
Sixt SE (a) | 164 | 9,619 | ||||||
SLM Solutions Group AG* | 169 | 7,309 | ||||||
SMA Solar Technology AG (a) | 162 | 4,582 | ||||||
Software AG | 648 | 31,065 | ||||||
STADA Arzneimittel AG (a) | 748 | 54,113 | ||||||
STRATEC Biomedical AG (a) | 57 | 4,005 | ||||||
Stroeer SE & Co. KGaA | 349 | 22,468 | ||||||
Suedzucker AG | 937 | 20,041 | ||||||
Surteco SE | 94 | 2,518 | ||||||
Symrise AG | 1,568 | 112,678 | ||||||
TAG Immobilien AG | 1,731 | 25,823 | ||||||
Takkt AG | 432 | 10,531 | ||||||
Telefonica Deutschland Holding AG | 9,458 | 47,046 | ||||||
thyssenkrupp AG | 4,676 | 124,019 | ||||||
TLG Immobilien AG | 977 | 19,887 | ||||||
Uniper SE* | 2,559 | 49,890 | ||||||
United Internet AG | 1,582 | 87,027 | ||||||
VERBIO Vereinigte BioEnergie AG | 317 | 3,436 | ||||||
Volkswagen AG | 413 | 64,697 | ||||||
Vonovia SE | 5,924 | 232,750 | ||||||
Vossloh AG* | 131 | 8,660 | ||||||
VTG AG | 134 | 4,715 | ||||||
Wacker Chemie AG | 207 | 22,695 | ||||||
Wacker Neuson SE | 371 | 8,189 | ||||||
WCM Beteiligungs & Grundbesitz-AG* | 1,462 | 5,246 | ||||||
Wirecard AG (a) | 1,504 | 100,240 | ||||||
Wuestenrot & Wuerttembergische AG | 318 | 6,916 | ||||||
XING AG | 37 | 9,923 | ||||||
Zalando SE, 144A* | 1,109 | 52,959 | ||||||
zooplus AG* | 74 | 16,106 | ||||||
|
| |||||||
17,347,034 | ||||||||
|
| |||||||
Ireland — 1.8% | ||||||||
AerCap Holdings NV* | 1,892 | 83,286 | ||||||
Bank of Ireland* | 349,689 | 94,671 | ||||||
C&C Group PLC | 4,008 | 15,308 | ||||||
CRH PLC | 10,582 | 381,049 | ||||||
Dalata Hotel Group PLC* | 2,108 | 12,219 | ||||||
Glanbia PLC | 2,446 | 49,734 | ||||||
Green REIT PLC REIT | 8,733 | 14,146 | ||||||
Hibernia REIT PLC REIT | 9,373 | 14,636 | ||||||
Irish Continental Group PLC | 2,120 | 12,658 | ||||||
Irish Residential Properties REIT PLC REIT | 2,924 | 4,303 | ||||||
Kerry Group PLC, Class A | 2,014 | 177,805 |
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Ireland (Continued) | ||||||||
Kingspan Group PLC | 1,924 | $ | 66,677 | |||||
Origin Enterprises PLC | 1,596 | 12,066 | ||||||
Paddy Power Betfair PLC | 1,013 | 106,115 | ||||||
Permanent TSB Group Holdings PLC*(a) | 1,970 | 6,196 | ||||||
Ryanair Holdings PLC* | 1,805 | 36,498 | ||||||
Smurfit Kappa Group PLC | 3,004 | 84,549 | ||||||
|
| |||||||
1,171,916 | ||||||||
|
| |||||||
Italy — 7.0% | ||||||||
A2A SpA | 18,061 | 29,865 | ||||||
ACEA SpA | 729 | 11,915 | ||||||
Amplifon SpA | 1,149 | 16,367 | ||||||
Anima Holding SpA, 144A | 2,869 | 18,258 | ||||||
Ascopiave SpA | 642 | 2,614 | ||||||
Assicurazioni Generali SpA | 14,872 | 234,727 | ||||||
Astaldi SpA | 617 | 3,847 | ||||||
ASTM SpA | 483 | 8,296 | ||||||
Atlantia SpA | 5,249 | 146,115 | ||||||
Autogrill SpA | 1,587 | 19,307 | ||||||
Azimut Holding SpA | 1,501 | 30,435 | ||||||
Banca Carige SpA* | 7,774 | 2,037 | ||||||
Banca Generali SpA | 764 | 22,048 | ||||||
Banca IFIS SpA | 295 | 11,184 | ||||||
Banca Mediolanum SpA | 3,412 | 28,172 | ||||||
Banca Popolare di Sondrio SCPA | 5,660 | 21,758 | ||||||
Banco BPM SpA* | 17,090 | 53,217 | ||||||
Beni Stabili SpA SIIQ REIT | 13,737 | 9,390 | ||||||
Biesse SpA | 200 | 7,771 | ||||||
BPER Banca | 6,158 | 30,161 | ||||||
Brembo SpA | 1,930 | 30,722 | ||||||
Brunello Cucinelli SpA (a) | 302 | 7,789 | ||||||
Buzzi Unicem SpA | 841 | 21,833 | ||||||
Buzzi Unicem SpA-RSP | 528 | 7,942 | ||||||
Cairo Communication SpA | 1,001 | 4,793 | ||||||
Cementir Holding SpA | 704 | 4,041 | ||||||
Cerved Information Solutions SpA | 2,472 | 26,339 | ||||||
CIR-Compagnie Industriali Riunite SpA | 4,842 | 7,343 | ||||||
Credito Emiliano SpA | 1,158 | 8,742 | ||||||
Credito Valtellinese SpA* | 1,449 | 5,525 | ||||||
Danieli & C Officine Meccaniche SpA | 156 | 3,934 | ||||||
Danieli & C Officine Meccaniche SpA-RSP | 396 | 7,527 | ||||||
Datalogic SpA | 287 | 8,292 | ||||||
Davide Campari-Milano SpA | 7,462 | 52,181 | ||||||
De’ Longhi SpA | 790 | 26,286 | ||||||
DeA Capital SpA* | 1,152 | 1,658 | ||||||
DiaSorin SpA | 273 | 21,145 | ||||||
Ei Towers SpA | 231 | 13,779 | ||||||
El.En. SpA | 102 | 3,434 | ||||||
Enav SpA, 144A | 3,609 | 15,211 | ||||||
Enel SpA | 102,714 | 548,999 | ||||||
Eni SpA | 32,132 | 508,588 | ||||||
ERG SpA | 704 | 9,538 | ||||||
Esprinet SpA | 420 | 3,022 | ||||||
Falck Renewables SpA | 1,661 | 2,241 | ||||||
Ferrari NV | 1,561 | 135,024 | ||||||
Fila SpA | 242 | 5,149 | ||||||
Fincantieri SpA* | 6,283 | 6,384 |
Number of Shares | Value | |||||||
Italy (Continued) | ||||||||
FinecoBank Banca Fineco SpA | 4,994 | $ | 37,531 | |||||
GEDI Gruppo Editoriale SpA* | 686 | 664 | ||||||
Geox SpA | 1,021 | 3,136 | ||||||
Hera SpA | 8,603 | 28,316 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 5,854 | 5,442 | ||||||
Industria Macchine Automatiche SpA | 189 | 16,890 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 3,211 | 19,027 | ||||||
Interpump Group SpA | 900 | 26,378 | ||||||
Intesa Sanpaolo SpA (a) | 161,286 | 461,651 | ||||||
Intesa Sanpaolo SpA-RSP | 11,854 | 32,172 | ||||||
Iren SpA | 6,544 | 15,776 | ||||||
Italgas SpA | 5,657 | 29,944 | ||||||
Italmobiliare SpA | 236 | 6,440 | ||||||
Juventus Football Club SpA* | 4,340 | 3,883 | ||||||
La Doria SpA | 54 | 673 | ||||||
Leonardo SpA | 5,196 | 91,523 | ||||||
Luxottica Group SpA | 2,154 | 130,543 | ||||||
Maire Tecnimont SpA (a) | 1,511 | 6,331 | ||||||
MARR SpA | 448 | 10,911 | ||||||
Mediaset SpA* | 5,981 | 23,610 | ||||||
Mediobanca SpA | 7,254 | 68,776 | ||||||
Moncler SpA | 1,761 | 42,888 | ||||||
OVS SpA, 144A | 1,820 | 12,911 | ||||||
Piaggio & C SpA | 2,180 | 4,761 | ||||||
Poste Italiane SpA, 144A | 6,674 | 46,933 | ||||||
Prysmian SpA | 2,497 | 69,480 | ||||||
RAI Way SpA, 144A | 1,331 | 6,794 | ||||||
Recordati SpA | 1,335 | 53,704 | ||||||
Reply SpA | 47 | 9,292 | ||||||
Safilo Group SpA* | 425 | 3,175 | ||||||
Saipem SpA* | 7,775 | 31,530 | ||||||
Salini Impregilo SpA | 2,707 | 9,731 | ||||||
Salvatore Ferragamo SpA | 675 | 18,843 | ||||||
Saras SpA | 6,091 | 14,738 | ||||||
Snam SpA | 28,802 | 132,073 | ||||||
Societa Cattolica di Assicurazioni SCRL | 1,877 | 16,225 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 918 | 10,261 | ||||||
Sogefi SpA* | 604 | 3,481 | ||||||
Tamburi Investment Partners SpA | 1,067 | 6,862 | ||||||
Technogym SpA, 144A | 769 | 6,384 | ||||||
Telecom Italia SpA* | 144,945 | 135,633 | ||||||
Telecom Italia SpA-RSP* | 76,625 | 59,092 | ||||||
Terna Rete Elettrica Nazionale SpA | 17,810 | 100,635 | ||||||
Tod’s SpA (a) | 125 | 8,523 | ||||||
UniCredit SpA* | 24,031 | 420,318 | ||||||
Unione di Banche Italiane SpA | 11,790 | 44,528 | ||||||
Unipol Gruppo Finanziario SpA | 5,592 | 23,293 | ||||||
UnipolSai SpA (a) | 12,529 | 28,374 | ||||||
Yoox Net-A-Porter Group SpA*(a) | 767 | 21,402 | ||||||
Zignago Vetro SpA | 175 | 1,463 | ||||||
|
| |||||||
4,567,889 | ||||||||
|
| |||||||
Luxembourg — 0.8% | ||||||||
APERAM SA | 611 | 29,287 | ||||||
ArcelorMittal* | 7,794 | 169,024 |
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Luxembourg (Continued) | ||||||||
Eurofins Scientific SE | 138 | $ | 73,287 | |||||
Grand City Properties SA | 1,263 | 26,170 | ||||||
RTL Group SA | 492 | 38,290 | ||||||
SES SA | 4,631 | 114,554 | ||||||
Tenaris SA | 6,003 | 90,700 | ||||||
|
| |||||||
541,312 | ||||||||
|
| |||||||
Netherlands — 8.5% | ||||||||
Aalberts Industries NV | 1,267 | 51,238 | ||||||
ABN AMRO Group NV, 144A (a) | 3,623 | 93,425 | ||||||
Accell Group | 298 | 9,991 | ||||||
Aegon NV | 22,416 | 111,603 | ||||||
Akzo Nobel NV | 3,206 | 268,346 | ||||||
Altice NV, Class A*(a) | 4,735 | 117,844 | ||||||
Altice NV, Class B* | 1,182 | 29,471 | ||||||
AMG Advanced Metallurgical Group NV | 296 | 8,426 | ||||||
Arcadis NV | 916 | 16,191 | ||||||
ASM International NV | 608 | 37,708 | ||||||
ASML Holding NV | 4,715 | 622,353 | ||||||
ASR Nederland NV* | 987 | 31,677 | ||||||
Basic-Fit NV, 144A* | 354 | 6,327 | ||||||
BE Semiconductor Industries NV | 443 | 23,698 | ||||||
BinckBank NV | 893 | 4,437 | ||||||
Boskalis Westminster | 1,167 | 40,227 | ||||||
Brunel International NV | 305 | 4,703 | ||||||
Corbion NV | 721 | 21,876 | ||||||
Eurocommercial Properties NV | 588 | 24,473 | ||||||
Euronext NV, 144A | 763 | 39,908 | ||||||
EXOR NV | 1,391 | 77,582 | ||||||
Flow Traders, 144A | 378 | 11,125 | ||||||
ForFarmers NV | 269 | 2,840 | ||||||
Fugro NV* | 992 | 14,437 | ||||||
Gemalto NV (a) | 1,040 | 61,709 | ||||||
Heineken Holding NV | 1,281 | 119,079 | ||||||
Heineken NV | 2,929 | 288,461 | ||||||
IMCD Group NV | 651 | 35,819 | ||||||
ING Groep NV | 49,066 | 820,716 | ||||||
Intertrust NV, 144A | 560 | 11,638 | ||||||
InterXion Holding NV* | 896 | 39,827 | ||||||
Kendrion NV | 159 | 6,194 | ||||||
Koninklijke Ahold Delhaize NV | 16,288 | 359,174 | ||||||
Koninklijke BAM Groep NV | 1,380 | 7,320 | ||||||
Koninklijke DSM NV | 4,250 | 316,343 | ||||||
Koninklijke KPN NV | 43,426 | 147,958 | ||||||
Koninklijke Philips NV | 11,768 | 415,890 | ||||||
Koninklijke Vopak NV | 905 | 40,981 | ||||||
NN Group NV | 3,815 | 137,139 | ||||||
NSI NV REIT | 1,861 | 8,053 | ||||||
NXP Semiconductors NV* | 4,365 | 479,714 | ||||||
OCI NV* | 955 | 22,824 | ||||||
Philips Lighting NV, 144A | 1,145 | 42,446 | ||||||
PostNL NV | 5,397 | 26,379 | ||||||
QIAGEN NV* | 2,812 | 94,672 | ||||||
Randstad Holding NV | 1,512 | 87,473 | ||||||
Refresco Group NV, 144A | 756 | 14,934 | ||||||
SBM Offshore NV | 2,328 | 35,854 | ||||||
SIF Holding NV | 122 | 2,533 |
Number of Shares | Value | |||||||
Netherlands (Continued) | ||||||||
Takeaway.com Holding BV, 144A* | 219 | $ | 9,200 | |||||
TKH Group NV | 509 | 25,536 | ||||||
TomTom NV* | 1,340 | 13,679 | ||||||
Vastned Retail NV REIT | 211 | 8,355 | ||||||
Wereldhave NV REIT | 513 | 24,720 | ||||||
Wessanen | 995 | 16,710 | ||||||
Wolters Kluwer NV | 3,838 | 168,362 | ||||||
|
| |||||||
5,559,598 | ||||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 967 | 4,715 | ||||||
Banco Comercial Portugues SA, Class R* | 128,845 | 33,290 | ||||||
Corticeira Amorim SGPS SA | 348 | 4,738 | ||||||
CTT-Correios de Portugal SA | 1,905 | 11,595 | ||||||
EDP - Energias de Portugal SA | 30,213 | 111,119 | ||||||
Galp Energia SGPS SA | 6,372 | 98,280 | ||||||
Jeronimo Martins SGPS SA | 3,235 | 64,395 | ||||||
Mota-Engil SGPS SA | 1,332 | 4,070 | ||||||
Navigator Co. SA* | 2,819 | 12,762 | ||||||
NOS SGPS SA | 3,000 | 18,343 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,302 | 10,657 | ||||||
Semapa-Sociedade de Investimento e Gestao* | 303 | 5,640 | ||||||
Sonae SGPS SA | 9,666 | 9,957 | ||||||
|
| |||||||
389,561 | ||||||||
|
| |||||||
Spain — 10.4% | ||||||||
Abengoa SA, Class B* | 8,562 | 144 | ||||||
Abertis Infraestructuras SA | 8,183 | 149,699 | ||||||
Acciona SA | 364 | 34,904 | ||||||
Acerinox SA | 2,115 | 28,570 | ||||||
ACS Actividades de Construccion y Servicios SA | 3,000 | 119,856 | ||||||
Aena SA, 144A | 858 | 173,202 | ||||||
Almirall SA | 780 | 13,555 | ||||||
Amadeus IT Group SA | 5,578 | 324,896 | ||||||
Applus Services SA | 1,637 | 20,964 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 1,200 | 15,502 | ||||||
Axiare Patrimonio SOCIMI SA REIT* | 813 | 14,101 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 84,610 | 689,282 | ||||||
Banco de Sabadell SA | 67,822 | 139,729 | ||||||
Banco Popular Espanol SA* | 42,891 | 29,343 | ||||||
Banco Santander SA | 184,476 | 1,198,009 | ||||||
Bankia SA* | 51,026 | 58,696 | ||||||
Bankinter SA | 8,646 | 79,604 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 957 | 34,509 | ||||||
CaixaBank SA | 45,621 | 215,449 | ||||||
Cellnex Telecom SA, 144A | 1,906 | 39,932 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 525 | 14,181 | ||||||
CIE Automotive SA | 594 | 14,146 | ||||||
Codere SA* | 11,729 | 6,983 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 254 | 10,814 | ||||||
Corp. Financiera Alba SA | 202 | 11,845 |
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Spain (Continued) | ||||||||
Distribuidora Internacional de Alimentacion SA | 7,997 | $ | 49,220 | |||||
Ebro Foods SA | 912 | 21,545 | ||||||
Enagas SA | 2,920 | 86,811 | ||||||
Ence Energia y Celulosa SA | 1,880 | 7,402 | ||||||
Endesa SA | 4,038 | 100,770 | ||||||
Euskaltel SA, 144A | 1,317 | 14,499 | ||||||
Faes Farma SA | 3,488 | 12,186 | ||||||
Ferrovial SA | 6,188 | 139,409 | ||||||
Ferrovial SA* | 101 | 2,275 | ||||||
Fomento de Construcciones y | 987 | 10,888 | ||||||
Gamesa Corp. Tecnologica SA | 2,866 | 65,003 | ||||||
Gas Natural SDG SA | 4,452 | 112,126 | ||||||
Global Dominion Access SA, 144A* | 765 | 3,180 | ||||||
Grifols SA | 3,808 | 107,756 | ||||||
Grupo Catalana Occidente SA | 550 | 22,823 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 1,417 | 23,766 | ||||||
Iberdrola SA | 73,519 | 586,210 | ||||||
Indra Sistemas SA* | 1,408 | 19,534 | ||||||
Industria de Diseno Textil SA | 13,778 | 563,307 | ||||||
Inmobiliaria Colonial SA | 3,175 | 25,815 | ||||||
Lar Espana Real Estate Socimi SA REIT | 1,163 | 10,399 | ||||||
Liberbank SA* | 5,380 | 7,113 | ||||||
Mapfre SA | 13,838 | 49,215 | ||||||
Mediaset Espana Comunicacion SA | 2,127 | 28,565 | ||||||
Melia Hotels International SA | 704 | 10,752 | ||||||
Merlin Properties Socimi SA REIT | 4,224 | 53,572 | ||||||
Miquel y Costas & Miquel SA | 116 | 4,146 | ||||||
NH Hotel Group SA* | 2,498 | 14,620 | ||||||
Obrascon Huarte Lain SA | 1,569 | 5,845 | ||||||
Papeles y Cartones de Europa SA | 532 | 4,632 | ||||||
Pharma Mar SA* | 2,407 | 11,059 | ||||||
Promotora de Informaciones SA, | 783 | 2,507 | ||||||
Prosegur Cia de Seguridad SA | 3,624 | 24,263 | ||||||
Realia Business SA* | 3,274 | 3,935 | ||||||
Red Electrica Corp. SA | 5,503 | 123,482 | ||||||
Repsol SA | 14,341 | 240,281 | ||||||
Sacyr SA* | 4,520 | 13,527 | ||||||
Saeta Yield SA | 608 | 6,808 | ||||||
Talgo SA, 144A* | 1,283 | 8,037 | ||||||
Tecnicas Reunidas SA | 435 | 16,756 | ||||||
Telefonica SA | 57,268 | 637,791 | ||||||
Telepizza Group SA, 144A* | 1,161 | 6,599 | ||||||
Tubacex SA | 1,382 | 5,752 | ||||||
Viscofan SA | 529 | 32,345 | ||||||
Zardoya Otis SA | 2,458 | 24,078 | ||||||
|
| |||||||
6,758,519 | ||||||||
|
| |||||||
Switzerland — 0.2% | ||||||||
EDAG Engineering Group AG* | 144 | 2,629 | ||||||
STMicroelectronics NV | 8,102 | 133,655 | ||||||
|
| |||||||
136,284 | ||||||||
|
|
Number of Shares | Value | |||||||
United Kingdom — 3.0% | ||||||||
CNH Industrial NV | 12,982 | $ | 144,011 | |||||
Coca-Cola European Partners PLC | 2,760 | 113,787 | ||||||
Dialog Semiconductor PLC* | 986 | 47,069 | ||||||
Fiat Chrysler Automobiles NV* | 11,470 | 120,409 | ||||||
International Consolidated Airlines Group SA | 8,052 | 62,765 | ||||||
RELX NV | 12,227 | 253,690 | ||||||
Stallergenes Greer PLC* | 49 | 1,995 | ||||||
Unilever NV | 20,608 | 1,173,711 | ||||||
VTTI Energy Partners LP | 268 | 5,226 | ||||||
Zeal Network SE | 101 | 2,970 | ||||||
|
| |||||||
1,925,633 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 63,038,636 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Germany — 1.6% | ||||||||
Bayerische Motoren Werke AG | 706 | 58,006 | ||||||
Biotest AG* | 265 | 6,326 | ||||||
Draegerwerk AG & Co. KGaA | 96 | 11,253 | ||||||
FUCHS PETROLUB SE | 889 | 49,599 | ||||||
Henkel AG & Co. KGaA | 2,265 | 317,923 | ||||||
Jungheinrich AG | 631 | 23,750 | ||||||
Porsche Automobil Holding SE | 1,947 | 111,436 | ||||||
Sartorius AG | 452 | 46,079 | ||||||
Schaeffler AG | 2,137 | 35,301 | ||||||
Sixt SE | 216 | 10,303 | ||||||
STO SE & Co. KGaA | 37 | 4,788 | ||||||
Volkswagen AG | 2,359 | 354,437 | ||||||
|
| |||||||
1,029,201 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,029,201 | |||||||
|
| |||||||
WARRANT — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Abengoa SA*, expires 3/31/25 | 7,125 | 80 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 9.5% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (c)(d) | 6,209,941 | 6,209,941 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 107.9% | $ | 70,277,858 | ||||||
Other assets and liabilities, net — (7.9%) | (5,160,999 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 65,116,859 | ||||||
|
|
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
* | Non-income producing security. |
† | The cost for federal income tax purposes was $64,788,998. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $5,488,860. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,296,145 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,807,285. |
(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 May 31, 2017 amounted to $5,110,412, which is 7.8% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
EURO STOXX Futures | EUR | 25 | $ | 997,821 | 6/16/2017 | $ | 11,735 | |||||||||||||
IBEX MINI Index Futures | EUR | 6 | 73,174 | 6/16/2017 | (400 | ) | ||||||||||||||
MINI FTSE/MIB Futures | EUR | 6 | 139,912 | 6/16/2017 | 7,762 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 1,210,907 | $ | 19,097 | |||||||||||||||||
|
|
|
|
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 55,498,000 | USD | 60,528,450 | $ | (1,832,848 | ) | ||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 260,000 | USD | 283,999 | (8,154 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 875,000 | USD | 954,284 | (28,926 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 63,516,997 | EUR | 56,483,000 | (48,887 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 163,683 | EUR | 150,000 | 4,868 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 31,483,000 | USD | 35,460,972 | 26,351 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 438,000 | USD | 493,410 | 434 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 25,000,000 | USD | 28,160,975 | 23,075 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (1,864,087 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 63,038,636 | $ | — | $ | — | $ | 63,038,636 | ||||||||
Preferred Stocks | 1,029,201 | — | — | 1,029,201 | ||||||||||||
Warrant | 80 | — | — | 80 | ||||||||||||
Short-Term Investments | 6,209,941 | — | — | 6,209,941 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 54,728 | — | 54,728 | ||||||||||||
Futures Contracts | 19,497 | — | — | 19,497 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 70,297,355 | $ | 54,728 | $ | — | $ | 70,352,083 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,918,815) | $ | — | $ | (1,918,815 | ) | |||||||
Futures Contracts | (400) | — | — | (400 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (400) | $ | (1,918,815) | $ | — | $ | (1,919,215 | ) | |||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during year ended May 31, 2017.
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF
May 31, 2017
Number of Shares | Value | |||||||
COMMON STOCKS — 90.2% | ||||||||
Consumer Discretionary — 14.0% | ||||||||
adidas AG | 8,967 | $ | 1,714,950 | |||||
Axel Springer SE | 2,312 | 145,339 | ||||||
Bayerische Motoren Werke AG | 15,767 | 1,475,228 | ||||||
Continental AG | 5,238 | 1,165,059 | ||||||
Daimler AG | 45,852 | 3,327,939 | ||||||
HUGO BOSS AG (a) | 3,017 | 227,176 | ||||||
ProSiebenSat.1 Media SE | 11,096 | 471,105 | ||||||
RTL Group SA | 1,843 | 143,434 | ||||||
Volkswagen AG | 1,546 | 242,184 | ||||||
Zalando SE, 144A* | 5,299 | 253,048 | ||||||
|
| |||||||
9,165,462 | ||||||||
|
| |||||||
Consumer Staples — 2.2% | ||||||||
Beiersdorf AG | 4,800 | 515,486 | ||||||
Henkel AG & Co. KGaA | 4,949 | 614,601 | ||||||
METRO AG | 8,489 | 284,178 | ||||||
|
| |||||||
1,414,265 | ||||||||
|
| |||||||
Financials — 14.1% | ||||||||
Allianz SE | 21,763 | 4,178,093 | ||||||
Commerzbank AG* | 50,693 | 534,612 | ||||||
Deutsche Bank AG (b) | 98,523 | 1,723,784 | ||||||
Deutsche Boerse AG | 9,191 | 954,834 | ||||||
Hannover Rueck SE | 2,871 | 341,866 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 7,670 | 1,514,286 | ||||||
|
| |||||||
9,247,475 | ||||||||
|
| |||||||
Health Care — 13.7% | ||||||||
Bayer AG | 39,380 | 5,224,478 | ||||||
Fresenius Medical Care AG & Co. KGaA | 10,241 | 979,705 | ||||||
Fresenius SE & Co. KGaA | 19,768 | 1,692,357 | ||||||
Merck KGaA | 6,155 | 742,937 | ||||||
QIAGEN NV* | 10,443 | 351,584 | ||||||
|
| |||||||
8,991,061 | ||||||||
|
| |||||||
Industrials — 13.3% | ||||||||
Brenntag AG | 7,357 | 425,623 | ||||||
Deutsche Lufthansa AG | 11,163 | 216,880 | ||||||
Deutsche Post AG | 47,276 | 1,726,799 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,981 | 160,605 | ||||||
GEA Group AG | 8,708 | 357,783 | ||||||
HOCHTIEF AG | 919 | 169,049 | ||||||
MAN SE | 1,678 | 177,396 | ||||||
OSRAM Licht AG | 3,988 | 305,398 | ||||||
Siemens AG | 36,430 | 5,199,375 | ||||||
|
| |||||||
8,738,908 | ||||||||
|
| |||||||
Information Technology — 10.0% | ||||||||
Infineon Technologies AG | 54,004 | 1,194,508 | ||||||
SAP SE | 46,802 | 5,017,786 | ||||||
United Internet AG | 5,857 | 322,198 | ||||||
|
| |||||||
6,534,492 | ||||||||
|
|
Number of Shares | Value | |||||||
Materials — 13.0% | ||||||||
BASF SE | 43,739 | $ | 4,119,433 | |||||
Covestro AG, 144A | 4,339 | 324,527 | ||||||
Evonik Industries AG | 7,767 | 267,468 | ||||||
HeidelbergCement AG | 7,087 | 659,826 | ||||||
K+S AG (a) | 9,115 | 233,202 | ||||||
LANXESS AG | 4,358 | 325,213 | ||||||
Linde AG | 8,845 | 1,688,637 | ||||||
Symrise AG | 5,873 | 422,040 | ||||||
thyssenkrupp AG | 17,518 | 464,620 | ||||||
|
| |||||||
8,504,966 | ||||||||
|
| |||||||
Real Estate — 2.3% | ||||||||
Deutsche Wohnen AG | 16,888 | 662,381 | ||||||
Vonovia SE | 22,208 | 872,538 | ||||||
|
| |||||||
1,534,919 | ||||||||
|
| |||||||
Telecommunication Services — 5.0% | ||||||||
Deutsche Telekom AG* | 155,903 | 3,104,259 | ||||||
Telefonica Deutschland Holding AG | 35,413 | 176,152 | ||||||
|
| |||||||
3,280,411 | ||||||||
|
| |||||||
Utilities — 2.6% | ||||||||
E.ON SE | 104,818 | 917,021 | ||||||
Innogy SE, 144A | 6,614 | 271,413 | ||||||
RWE AG* | 24,676 | 501,176 | ||||||
|
| |||||||
1,689,610 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 59,101,569 | |||||||
|
| |||||||
PREFERRED STOCKS — 5.3% | ||||||||
Consumer Discretionary — 3.2% | ||||||||
Bayerische Motoren Werke AG | 2,610 | 214,444 | ||||||
Porsche Automobil Holding SE | 7,292 | 417,357 | ||||||
Schaeffler AG | 7,905 | 130,582 | ||||||
Volkswagen AG | 8,838 | 1,327,899 | ||||||
|
| |||||||
2,090,282 | ||||||||
|
| |||||||
Consumer Staples — 1.8% | ||||||||
Henkel AG & Co. KGaA | 8,484 | 1,190,842 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
FUCHS PETROLUB SE | 3,310 | 184,670 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 3,465,794 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.7% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (c)(d) | 466,017 | 466,017 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 96.2% | $ | 63,033,380 | ||||||
Other assets and liabilities, net — 3.8% | 2,485,544 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 65,518,924 | ||||||
|
|
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
May 31, 2017
* | Non-income producing security. |
† | The cost for federal income tax purposes was $62,664,265. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $369,115. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,192,372 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $6,823,257. |
(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 May 31, 2017 amounted to $441,383, which is 0.7% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
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 May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
DAX Index Futures | EUR | 6 | $ | 2,129,546 | 6/16/2017 | $ | 86,188 | |||||||||||||
DAX MINI Futures | EUR | 11 | 780,833 | 6/16/2017 | (1,353 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
$ | 2,910,379 | $ | 84,835 | |||||||||||||||||
|
|
|
|
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co | 6/5/2017 | EUR | 369,000 | USD | 403,061 | $ | (11,573 | ) | ||||||||||||||||
Goldman Sachs & Co | 6/5/2017 | EUR | 18,300,734 | USD | 19,959,549 | (604,391 | ) | |||||||||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 22,552,333 | USD | 24,594,402 | (746,922 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 21,778,333 | USD | 23,750,797 | (720,808 | ) | |||||||||||||||||
Goldman Sachs & Co | 6/5/2017 | USD | 20,994,732 | EUR | 18,669,734 | (16,159 | ) | |||||||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 25,360,098 | EUR | 22,552,333 | (18,775 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 18,515,717 | EUR | 16,465,733 | (13,708 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 191,963 | EUR | 176,000 | 5,802 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 5,344,615 | EUR | 4,909,600 | 172,143 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 247,823 | EUR | 227,000 | 7,250 | ||||||||||||||||||
Goldman Sachs & Co | 7/5/2017 | EUR | 18,669,734 | USD | 21,028,711 | 15,627 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | EUR | 22,552,333 | USD | 25,401,189 | 18,177 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 16,465,733 | USD | 18,545,931 | 13,485 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 263,367 | EUR | 234,000 | 4 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 518,204 | EUR | 460,000 | (466 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (1,900,314 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 59,101,569 | $ | — | $ | — | $ | 59,101,569 | ||||||||
Preferred Stocks (e) | 3,465,794 | — | — | 3,465,794 | ||||||||||||
Short-Term Investments | 466,017 | — | — | 466,017 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 232,488 | — | 232,488 | ||||||||||||
Futures Contracts | 79,075 | — | — | 79,075 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 63,112,455 | $ | 232,488 | $ | — | $ | 63,344,943 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (2,132,802 | ) | $ | — | $ | (2,132,802 | ) | ||||||
Futures Contracts | (1,125 | ) | — | — | (1,125 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,125 | ) | $ | (2,132,802 | ) | $ | — | $ | (2,133,927 | ) | |||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 102 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF
May 31, 2017
Number of Shares | Value | |||||||
COMMON STOCKS — 97.2% | ||||||||
Consumer Discretionary — 19.5% | ||||||||
ABC-Mart, Inc. | 19,394 | $ | 1,132,995 | |||||
Aisin Seiki Co. Ltd. | 95,916 | 4,728,680 | ||||||
Asics Corp. | 89,274 | 1,496,095 | ||||||
Bandai Namco Holdings, Inc. | 109,046 | 3,894,148 | ||||||
Benesse Holdings, Inc. | 36,588 | 1,342,936 | ||||||
Bridgestone Corp. | 355,626 | 14,937,897 | ||||||
Casio Computer Co. Ltd. | 106,092 | 1,647,659 | ||||||
Denso Corp. | 260,544 | 11,106,350 | ||||||
Dentsu, Inc. | 119,132 | 6,066,858 | ||||||
Don Quijote Holdings Co. Ltd. | 60,450 | 2,363,418 | ||||||
Fast Retailing Co. Ltd. | 29,325 | 9,823,544 | ||||||
Hakuhodo DY Holdings, Inc. | 123,780 | 1,637,361 | ||||||
Hikari Tsushin, Inc. | 12,312 | 1,247,320 | ||||||
Honda Motor Co. Ltd. | 933,356 | 26,268,809 | ||||||
Iida Group Holdings Co. Ltd. | 80,466 | 1,328,143 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 189,756 | 1,913,837 | ||||||
Isuzu Motors Ltd. | 301,090 | 3,678,327 | ||||||
J. Front Retailing Co. Ltd. | 124,900 | 1,764,953 | ||||||
Koito Manufacturing Co. Ltd. | 61,272 | 3,225,424 | ||||||
Marui Group Co. Ltd. | 118,602 | 1,725,217 | ||||||
Mazda Motor Corp. | 303,504 | 4,138,068 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 38,988 | 1,395,823 | ||||||
Mitsubishi Motors Corp. | 371,712 | 2,409,835 | ||||||
NGK Spark Plug Co. Ltd. | 100,260 | 2,037,790 | ||||||
Nikon Corp. | 191,382 | 2,949,788 | ||||||
Nissan Motor Co. Ltd. | 1,278,888 | 12,257,694 | ||||||
Nitori Holdings Co. Ltd. | 43,452 | 6,352,035 | ||||||
NOK Corp. | 44,090 | 965,004 | ||||||
Oriental Land Co. Ltd. | 119,158 | 7,697,123 | ||||||
Panasonic Corp. | 1,211,012 | 15,532,664 | ||||||
Rakuten, Inc. | 515,876 | 6,269,698 | ||||||
Rinnai Corp. | 20,120 | 1,809,437 | ||||||
Ryohin Keikaku Co. Ltd. | 13,564 | 3,530,927 | ||||||
Sankyo Co. Ltd. | 31,276 | 1,049,123 | ||||||
Sega Sammy Holdings, Inc. | 107,764 | 1,367,119 | ||||||
Sekisui Chemical Co. Ltd. | 219,252 | 3,852,500 | ||||||
Sekisui House Ltd. | 331,724 | 5,690,976 | ||||||
Sharp Corp.*(a) | 820,602 | 3,000,847 | ||||||
Shimamura Co. Ltd. | 12,638 | 1,622,685 | ||||||
Shimano, Inc. | 40,237 | 6,248,997 | ||||||
Sony Corp. | 685,254 | 24,959,952 | ||||||
Stanley Electric Co. Ltd. | 82,518 | 2,484,854 | ||||||
Start Today Co. Ltd. | 101,434 | 2,531,500 | ||||||
Subaru Corp. | 335,985 | 11,361,299 | ||||||
Sumitomo Electric Industries Ltd. | 414,542 | 6,570,912 | ||||||
Sumitomo Rubber Industries Ltd. | 94,030 | 1,602,967 | ||||||
Suzuki Motor Corp. | 187,686 | 8,837,765 | ||||||
Takashimaya Co. Ltd. | 164,524 | 1,528,625 | ||||||
Toho Co. Ltd. | 56,798 | 1,679,580 | ||||||
Toyoda Gosei Co. Ltd. | 39,840 | 957,599 | ||||||
Toyota Industries Corp. | 89,574 | 4,504,986 | ||||||
Toyota Motor Corp. | 1,421,800 | 76,154,561 | ||||||
USS Co. Ltd. | 130,932 | 2,635,191 | ||||||
Yamada Denki Co. Ltd. | 349,088 | 1,831,333 | ||||||
Yamaha Corp. | 94,752 | 3,062,864 | ||||||
Yamaha Motor Co. Ltd. | 150,724 | 3,784,771 |
Number of Shares | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Yokohama Rubber Co. Ltd. | 54,546 | $ | 1,063,832 | |||||
|
| |||||||
347,060,695 | ||||||||
|
| |||||||
Consumer Staples — 8.1% | ||||||||
Aeon Co. Ltd. | 331,078 | 5,001,296 | ||||||
Ajinomoto Co., Inc. | 302,358 | 6,473,055 | ||||||
Asahi Group Holdings Ltd. | 212,462 | 8,481,214 | ||||||
Calbee, Inc. | 43,708 | 1,693,068 | ||||||
Coca-Cola Bottlers Japan, Inc. | 65,700 | 2,117,824 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 44,634 | 2,506,758 | ||||||
Japan Tobacco, Inc. | 602,254 | 22,627,349 | ||||||
Kao Corp. | 268,460 | 16,926,918 | ||||||
Kikkoman Corp. | 84,910 | 2,660,386 | ||||||
Kirin Holdings Co. Ltd. | 470,982 | 9,936,338 | ||||||
Kose Corp. | 17,742 | 1,914,374 | ||||||
Lawson, Inc. | 29,688 | 2,023,877 | ||||||
Lion Corp. | 121,688 | 2,575,500 | ||||||
MEIJI Holdings Co. Ltd. | 66,298 | 5,423,566 | ||||||
NH Foods Ltd. | 100,200 | 3,143,973 | ||||||
Nisshin Seifun Group, Inc. | 115,831 | 1,912,911 | ||||||
Nissin Foods Holdings Co. Ltd. | 35,084 | 2,214,331 | ||||||
Pola Orbis Holdings, Inc. | 57,952 | 1,622,133 | ||||||
Seven & i Holdings Co. Ltd. | 414,316 | 17,612,639 | ||||||
Shiseido Co. Ltd. | 211,858 | 7,131,437 | ||||||
Sundrug Co. Ltd. | 44,592 | 1,735,364 | ||||||
Suntory Beverage & Food Ltd. | 74,736 | 3,630,516 | ||||||
Toyo Suisan Kaisha Ltd. | 48,312 | 1,882,314 | ||||||
Tsuruha Holdings, Inc. | 21,646 | 2,400,116 | ||||||
Unicharm Corp. | 215,874 | 5,839,806 | ||||||
Yakult Honsha Co. Ltd. | 47,686 | 3,371,389 | ||||||
Yamazaki Baking Co. Ltd. | 69,906 | 1,448,616 | ||||||
|
| |||||||
144,307,068 | ||||||||
|
| |||||||
Energy — 0.8% | ||||||||
Idemitsu Kosan Co. Ltd. | 39,512 | 1,105,979 | ||||||
Inpex Corp. | 527,762 | 4,853,504 | ||||||
JXTG Holdings, Inc. | 1,703,974 | 7,422,096 | ||||||
Showa Shell Sekiyu KK | 109,190 | 1,001,689 | ||||||
|
| |||||||
14,383,268 | ||||||||
|
| |||||||
Financials — 12.4% | ||||||||
Acom Co. Ltd.* | 224,174 | 947,300 | ||||||
AEON Financial Service Co. Ltd. | 56,272 | 1,155,926 | ||||||
Aozora Bank Ltd. | 601,922 | 2,212,029 | ||||||
Bank of Kyoto Ltd. | 163,524 | 1,380,541 | ||||||
Chiba Bank Ltd. | 362,560 | 2,379,965 | ||||||
Chugoku Bank Ltd. | 89,530 | 1,257,866 | ||||||
Concordia Financial Group Ltd. | 631,638 | 2,908,101 | ||||||
Credit Saison Co. Ltd. | 75,692 | 1,405,172 | ||||||
Dai-ichi Life Holdings, Inc. | 591,016 | 9,843,151 | ||||||
Daiwa Securities Group, Inc. | 888,944 | 5,405,903 | ||||||
Fukuoka Financial Group, Inc. | 419,742 | 1,887,418 | ||||||
Hachijuni Bank Ltd. | 217,016 | 1,248,209 | ||||||
Hiroshima Bank Ltd. | 258,588 | 1,055,366 | ||||||
Japan Exchange Group, Inc. | 294,082 | 4,753,109 | ||||||
Japan Post Bank Co. Ltd. | 215,725 | 2,676,354 | ||||||
Japan Post Holdings Co. Ltd. | 232,270 | 2,835,477 | ||||||
Kyushu Financial Group, Inc. | 190,038 | 1,168,541 |
See Notes to Financial Statements. | 103 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Mebuki Financial Group, Inc. | 506,662 | $ | 1,980,900 | |||||
Mitsubishi UFJ Financial Group, Inc. | 6,532,420 | 40,751,684 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 232,916 | 1,188,240 | ||||||
Mizuho Financial Group, Inc. | 13,164,192 | 22,916,986 | ||||||
MS&AD Insurance Group Holdings, Inc. | 257,586 | 9,035,861 | ||||||
Nomura Holdings, Inc. | 1,984,984 | 11,890,189 | ||||||
ORIX Corp. | 722,924 | 11,410,123 | ||||||
Resona Holdings, Inc. | 1,202,164 | 6,151,389 | ||||||
SBI Holdings, Inc. | 119,256 | 1,544,136 | ||||||
Seven Bank Ltd. | 304,104 | 1,112,073 | ||||||
Shinsei Bank Ltd. | 903,470 | 1,460,236 | ||||||
Shizuoka Bank Ltd. | 281,982 | 2,342,424 | ||||||
Sompo Holdings, Inc. | 194,792 | 7,517,300 | ||||||
Sony Financial Holdings, Inc. | 95,582 | 1,471,488 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 734,402 | 26,352,267 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 181,320 | 6,139,503 | ||||||
Suruga Bank Ltd. | 96,582 | 2,093,845 | ||||||
T&D Holdings, Inc. | 297,656 | 4,211,530 | ||||||
Tokio Marine Holdings, Inc. | 374,094 | 15,875,773 | ||||||
Yamaguchi Financial Group, Inc. | 91,464 | 1,048,016 | ||||||
|
| |||||||
221,014,391 | ||||||||
|
| |||||||
Health Care — 7.2% | ||||||||
Alfresa Holdings Corp. | 103,290 | 1,992,121 | ||||||
Astellas Pharma, Inc. | 1,171,750 | 14,796,319 | ||||||
Chugai Pharmaceutical Co. Ltd. | 123,710 | 4,702,656 | ||||||
CYBERDYNE, Inc.*(a) | 54,268 | 748,727 | ||||||
Daiichi Sankyo Co. Ltd. | 307,698 | 6,747,130 | ||||||
Eisai Co. Ltd. | 144,808 | 7,630,695 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 34,236 | 1,721,847 | ||||||
Hoya Corp. | 214,848 | 10,580,415 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 136,360 | 2,331,972 | ||||||
M3, Inc. | 111,442 | 3,204,901 | ||||||
Medipal Holdings Corp. | 96,230 | 1,770,806 | ||||||
Miraca Holdings, Inc. | 35,258 | 1,481,950 | ||||||
Mitsubishi Tanabe Pharma Corp. | 124,710 | 2,773,460 | ||||||
Olympus Corp. | 158,606 | 5,792,878 | ||||||
Ono Pharmaceutical Co. Ltd. | 223,282 | 4,641,040 | ||||||
Otsuka Holdings Co. Ltd. | 214,288 | 9,664,727 | ||||||
Santen Pharmaceutical Co. Ltd. | 206,676 | 2,845,877 | ||||||
Shionogi & Co. Ltd. | 163,510 | 8,738,742 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 88,748 | 1,354,259 | ||||||
Suzuken Co. Ltd. | 34,332 | 1,128,384 | ||||||
Sysmex Corp. | 86,122 | 5,116,774 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 17,246 | 1,346,979 | ||||||
Takeda Pharmaceutical Co. Ltd. | 390,436 | 20,119,352 | ||||||
Terumo Corp. | 175,060 | 7,113,047 | ||||||
|
| |||||||
128,345,058 | ||||||||
|
| |||||||
Industrials — 19.6% | ||||||||
Amada Holdings Co. Ltd. | 183,834 | 2,141,272 | ||||||
ANA Holdings, Inc. | 586,188 | 1,920,791 | ||||||
Asahi Glass Co. Ltd. | 547,446 | 4,468,543 | ||||||
Central Japan Railway Co. | 78,312 | 12,823,369 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Dai Nippon Printing Co. Ltd. | 296,956 | $ | 3,300,703 | |||||
Daikin Industries Ltd. | 133,148 | 13,050,307 | ||||||
East Japan Railway Co. | 179,504 | 17,204,830 | ||||||
FANUC Corp. | 105,788 | 20,794,625 | ||||||
Fuji Electric Co. Ltd. | 320,398 | 1,715,540 | ||||||
Hankyu Hanshin Holdings, Inc. | 125,140 | 4,502,780 | ||||||
Hino Motors Ltd. | 135,760 | 1,648,733 | ||||||
Hitachi Construction Machinery Co. Ltd. | 52,720 | 1,222,914 | ||||||
Hoshizaki Corp. | 28,454 | 2,504,980 | ||||||
IHI Corp.* | 802,686 | 3,015,055 | ||||||
ITOCHU Corp. | 824,920 | 11,716,471 | ||||||
Japan Airlines Co. Ltd. | 61,154 | 1,791,826 | ||||||
Japan Airport Terminal Co. Ltd.(a) | 30,302 | 1,187,455 | ||||||
JGC Corp. | 122,250 | 1,848,928 | ||||||
JTEKT Corp. | 122,884 | 1,845,202 | ||||||
Kajima Corp. | 487,172 | 3,743,416 | ||||||
Kamigumi Co. Ltd. | 127,484 | 1,304,193 | ||||||
Kawasaki Heavy Industries Ltd. | 760,932 | 2,184,888 | ||||||
Keihan Holdings Co. Ltd. | 295,444 | 1,952,731 | ||||||
Keikyu Corp. | 256,046 | 3,047,121 | ||||||
Keio Corp. | 315,684 | 2,622,386 | ||||||
Keisei Electric Railway Co. Ltd. | 73,984 | 1,886,508 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,041,574 | 4,015,820 | ||||||
Komatsu Ltd. | 510,620 | 12,141,921 | ||||||
Kubota Corp. | 579,204 | 9,162,667 | ||||||
Kurita Water Industries Ltd. | 48,342 | 1,279,372 | ||||||
Kyushu Railway Co. | 86,800 | 2,942,971 | ||||||
LIXIL Group Corp. | 141,016 | 3,428,949 | ||||||
Mabuchi Motor Co. Ltd. | 27,928 | 1,573,551 | ||||||
Makita Corp. | 121,544 | 4,576,420 | ||||||
Marubeni Corp. | 909,968 | 5,620,028 | ||||||
MINEBEA MITSUMI, Inc. | 209,208 | 3,413,443 | ||||||
MISUMI Group, Inc. | 147,120 | 3,320,993 | ||||||
Mitsubishi Corp. | 824,728 | 16,516,900 | ||||||
Mitsubishi Electric Corp. | 1,055,066 | 14,547,050 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,747,580 | 6,890,909 | ||||||
Mitsui & Co. Ltd. | 939,178 | 12,682,083 | ||||||
Mitsui OSK Lines Ltd. | 576,084 | 1,654,128 | ||||||
Nabtesco Corp. | 56,272 | 1,651,323 | ||||||
Nagoya Railroad Co. Ltd.(a) | 499,006 | 2,329,446 | ||||||
NGK Insulators Ltd. | 138,264 | 2,776,516 | ||||||
Nidec Corp. | 129,400 | 12,823,160 | ||||||
Nippon Express Co. Ltd. | 450,392 | 2,777,587 | ||||||
Nippon Yusen KK* | 904,870 | 1,642,247 | ||||||
NSK Ltd. | 209,298 | 2,494,568 | ||||||
Obayashi Corp. | 363,996 | 4,022,854 | ||||||
Odakyu Electric Railway Co. Ltd. | 161,158 | 3,230,436 | ||||||
Park24 Co. Ltd. | 59,868 | 1,670,358 | ||||||
Recruit Holdings Co. Ltd. | 199,350 | 10,566,000 | ||||||
Secom Co. Ltd. | 114,428 | 8,366,934 | ||||||
Seibu Holdings, Inc. | 95,330 | 1,771,460 | ||||||
Shimizu Corp. | 298,968 | 3,012,626 | ||||||
SMC Corp. | 31,458 | 9,944,421 | ||||||
Sohgo Security Services Co. Ltd. | 38,722 | 1,811,106 | ||||||
Sumitomo Corp. | 657,106 | 8,380,697 | ||||||
Sumitomo Heavy Industries Ltd. | 310,294 | 2,022,865 | ||||||
Taisei Corp. | 559,940 | 4,782,874 |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
THK Co. Ltd. | 61,776 | $ | 1,726,381 | |||||
Tobu Railway Co. Ltd. | 524,952 | 2,801,324 | ||||||
Tokyu Corp. | 576,044 | 4,233,858 | ||||||
Toppan Printing Co. Ltd. | 296,852 | 3,270,063 | ||||||
Toshiba Corp.*(a) | 2,151,234 | 4,894,907 | ||||||
TOTO Ltd. | 76,538 | 2,916,392 | ||||||
Toyota Tsusho Corp. | 117,628 | 3,605,843 | ||||||
West Japan Railway Co. | 92,652 | 6,431,680 | ||||||
Yamato Holdings Co. Ltd. | 199,338 | 4,330,539 | ||||||
|
| |||||||
349,501,237 | ||||||||
|
| |||||||
Information Technology — 11.6% | ||||||||
Alps Electric Co. Ltd. | 109,164 | 3,065,463 | ||||||
Brother Industries Ltd. | 122,522 | 2,719,269 | ||||||
Canon, Inc. | 578,734 | 19,752,727 | ||||||
DeNA Co. Ltd. | 51,316 | 1,134,744 | ||||||
Disco Corp. | 15,600 | 2,690,384 | ||||||
FUJIFILM Holdings Corp. | 223,346 | 8,143,306 | ||||||
Fujitsu Ltd. | 1,058,692 | 7,721,999 | ||||||
Hamamatsu Photonics KK | 77,088 | 2,453,591 | ||||||
Hirose Electric Co. Ltd. | 17,378 | 2,319,159 | ||||||
Hitachi High-Technologies Corp. | 37,370 | 1,484,677 | ||||||
Hitachi Ltd. | 2,621,428 | 15,827,981 | ||||||
Kakaku.com, Inc. | 76,636 | 1,091,241 | ||||||
Keyence Corp. | 52,772 | 23,972,545 | ||||||
Konami Holdings Corp. | 50,564 | 2,483,685 | ||||||
Konica Minolta, Inc. | 248,780 | 1,956,545 | ||||||
Kyocera Corp. | 175,248 | 10,097,133 | ||||||
LINE Corp.*(a) | 29,183 | 1,003,948 | ||||||
Mixi, Inc. | 24,476 | 1,535,966 | ||||||
Murata Manufacturing Co. Ltd. | 103,842 | 14,392,548 | ||||||
NEC Corp. | 1,370,938 | 3,552,679 | ||||||
Nexon Co. Ltd. | 98,782 | 1,865,040 | ||||||
Nintendo Co. Ltd. | 61,439 | 18,667,470 | ||||||
Nippon Electric Glass Co. Ltd. | 229,344 | 1,598,678 | ||||||
Nomura Research Institute Ltd. | 69,774 | 2,655,507 | ||||||
NTT Data Corp. | 65,728 | 3,543,080 | ||||||
Obic Co. Ltd. | 35,162 | 2,041,460 | ||||||
Omron Corp. | 104,442 | 4,366,289 | ||||||
Oracle Corp. | 20,772 | 1,222,875 | ||||||
Otsuka Corp. | 28,380 | 1,745,082 | ||||||
Ricoh Co. Ltd. | 370,734 | 3,126,551 | ||||||
Rohm Co. Ltd. | 51,312 | 4,118,859 | ||||||
Seiko Epson Corp. | 150,624 | 3,159,364 | ||||||
Shimadzu Corp. | 137,136 | 2,652,328 | ||||||
TDK Corp. | 70,302 | 4,246,685 | ||||||
Tokyo Electron Ltd. | 85,722 | 12,144,273 | ||||||
Trend Micro, Inc. | 64,672 | 3,246,739 | ||||||
Yahoo Japan Corp. | 793,046 | 3,566,022 | ||||||
Yaskawa Electric Corp. | 132,182 | 2,631,705 | ||||||
Yokogawa Electric Corp. | 134,462 | 2,332,293 | ||||||
|
| |||||||
206,329,890 | ||||||||
|
| |||||||
Materials — 6.1% | ||||||||
Air Water, Inc. | 81,704 | 1,469,565 | ||||||
Asahi Kasei Corp. | 687,892 | 6,611,838 | ||||||
Daicel Corp. | 150,746 | 1,784,452 |
Number of Shares | Value | |||||||
Materials (Continued) | ||||||||
Hitachi Chemical Co. Ltd. | 50,294 | $ | 1,387,342 | |||||
Hitachi Metals Ltd. | 123,480 | 1,644,542 | ||||||
JFE Holdings, Inc. | 289,368 | 4,824,542 | ||||||
JSR Corp. | 111,742 | 1,874,642 | ||||||
Kaneka Corp. | 155,186 | 1,175,630 | ||||||
Kansai Paint Co. Ltd. | 111,606 | 2,413,511 | ||||||
Kobe Steel Ltd.* | 166,866 | 1,526,278 | ||||||
Kuraray Co. Ltd. | 200,216 | 3,599,369 | ||||||
Maruichi Steel Tube Ltd. | 30,232 | 885,804 | ||||||
Mitsubishi Chemical Holdings Corp. | 764,176 | 5,785,658 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 104,286 | 2,150,693 | ||||||
Mitsubishi Materials Corp. | 55,672 | 1,570,880 | ||||||
Mitsui Chemicals, Inc. | 499,406 | 2,480,120 | ||||||
Nippon Paint Holdings Co. Ltd. | 91,300 | 3,631,391 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 412,362 | 8,774,095 | ||||||
Nissan Chemical Industries Ltd. | 63,602 | 2,231,095 | ||||||
Nitto Denko Corp. | 90,152 | 7,237,394 | ||||||
Oji Holdings Corp. | 467,184 | 2,290,573 | ||||||
Shin-Etsu Chemical Co. Ltd. | 212,362 | 19,044,509 | ||||||
Sumitomo Chemical Co. Ltd. | 872,012 | 4,550,997 | ||||||
Sumitomo Metal Mining Co. Ltd. | 269,410 | 3,274,274 | ||||||
Taiheiyo Cement Corp. | 619,786 | 1,992,269 | ||||||
Taiyo Nippon Sanso Corp. | 68,380 | 693,988 | ||||||
Teijin Ltd. | 103,764 | 1,938,490 | ||||||
Toray Industries, Inc. | 799,012 | 6,672,742 | ||||||
Tosoh Corp. | 317,000 | 2,693,427 | ||||||
Toyo Seikan Group Holdings Ltd. | 88,526 | 1,414,817 | ||||||
|
| |||||||
107,624,927 | ||||||||
|
| |||||||
Real Estate — 4.2% | ||||||||
Aeon Mall Co. Ltd. | 57,022 | 1,067,328 | ||||||
Daito Trust Construction Co. Ltd. | 38,122 | 6,013,466 | ||||||
Daiwa House Industry Co. Ltd. | 307,152 | 10,036,868 | ||||||
Daiwa House REIT Investment Corp. REIT | 731 | 1,882,449 | ||||||
Hulic Co. Ltd. | 163,510 | 1,544,302 | ||||||
Japan Prime Realty Investment Corp. REIT | 451 | 1,724,591 | ||||||
Japan Real Estate Investment Corp. REIT | 690 | 3,626,005 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,334 | 2,593,320 | ||||||
Mitsubishi Estate Co. Ltd. | 678,884 | 12,679,653 | ||||||
Mitsui Fudosan Co. Ltd. | 483,950 | 11,453,119 | ||||||
Nippon Building Fund, Inc. REIT | 762 | 4,059,413 | ||||||
Nippon Prologis REIT, Inc. REIT | 870 | 1,890,826 | ||||||
Nomura Real Estate Holdings, Inc. | 64,628 | 1,392,347 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 2,042 | 3,071,758 | ||||||
Sumitomo Realty & Development Co. Ltd. | 193,434 | 5,833,585 | ||||||
Tokyo Tatemono Co. Ltd. | 121,624 | 1,669,241 | ||||||
Tokyu Fudosan Holdings Corp. | 290,890 | 1,744,027 | ||||||
United Urban Investment Corp. REIT | 1,615 | 2,376,930 | ||||||
|
| |||||||
74,659,228 | ||||||||
|
|
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2017
Number of Shares | Value | |||||||
Telecommunication Services — 5.7% | ||||||||
KDDI Corp. | 999,632 | $ | 27,673,785 | |||||
Nippon Telegraph & Telephone Corp. | 378,250 | 18,128,677 | ||||||
NTT DOCOMO, Inc. | 757,556 | 18,584,918 | ||||||
SoftBank Group Corp. | 450,418 | 36,615,018 | ||||||
|
| |||||||
101,002,398 | ||||||||
|
| |||||||
Utilities — 2.0% | ||||||||
Chubu Electric Power Co., Inc. | 351,448 | 4,771,125 | ||||||
Chugoku Electric Power Co., Inc. | 149,568 | 1,702,982 | ||||||
Electric Power Development Co. Ltd. | 79,866 | 2,120,866 | ||||||
Kansai Electric Power Co., Inc. | 387,528 | 5,425,392 | ||||||
Kyushu Electric Power Co., Inc. | 230,890 | 2,860,326 | ||||||
Osaka Gas Co. Ltd. | 1,048,536 | 4,140,179 | ||||||
Toho Gas Co. Ltd. | 215,668 | 1,663,029 | ||||||
Tohoku Electric Power Co., Inc. | 246,480 | 3,658,809 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 778,584 | 3,191,667 |
Number of Shares | Value | |||||||
Utilities (Continued) | ||||||||
Tokyo Gas Co. Ltd. | 1,090,770 | $ | 5,663,140 | |||||
|
| |||||||
35,197,515 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,729,425,675 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) | 10,764,128 | 10,764,128 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.8% (Cost $1,646,192,349)† | $ | 1,740,189,803 | ||||||
Other assets and liabilities, | 39,737,966 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,779,927,769 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $1,679,026,552. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $61,163,251. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $133,678,974 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $72,515,723. |
(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 May 31, 2017 amounted to $10,236,930, which is 0.6% 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 May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
Nikkei 225 Futures | JPY | 180 | $ | 31,953,047 | 6/08/2017 | $ | 1,084,170 | |||||||||||||
TOPIX Index Futures | JPY | 144 | 20,413,544 | 6/08/2017 | 696,206 | |||||||||||||||
Nikkei 225 Mini Futures | JPY | 716 | 12,710,212 | 6/08/2017 | 441,064 | |||||||||||||||
JPX Nikkei Index 400 | JPY | 150 | 1,893,454 | 6/08/2017 | 57,239 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 66,970,257 | $ | 2,278,679 | |||||||||||||||||
|
|
|
|
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | JPY | 54,321,464,200 | USD | 487,917,708 | $ | (2,684,477 | ) | ||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 62,238,389,600 | USD | 558,871,001 | (3,232,587 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 1,989,100,000 | USD | 17,865,804 | (98,675 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | JPY | 10,475,182,300 | USD | 94,087,900 | (518,300 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | JPY | 62,803,581,200 | USD | 563,928,428 | (3,279,666 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 478,314,470 | JPY | 52,889,364,200 | (646,240 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 12,821,351 | JPY | 1,432,100,000 | 112,605 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 580,797,482 | JPY | 64,227,489,600 | (729,415 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 94,725,164 | JPY | 10,475,182,300 | (118,964 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 12,624,910 | JPY | 1,436,173,800 | 345,838 |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 555,013,378 | JPY | 61,367,407,400 | $ | (776,032 | ) | ||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | JPY | 4,603,547,000 | USD | 41,684,334 | 49,708 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | JPY | 10,000,000,000 | USD | 90,557,235 | 116,915 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | JPY | 52,889,364,200 | USD | 478,973,796 | 640,693 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | JPY | 64,227,489,600 | USD | 581,599,526 | 724,054 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | JPY | 10,475,182,300 | USD | 94,855,544 | 117,660 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | JPY | 51,367,407,400 | USD | 465,216,053 | 647,577 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (9,329,306 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
JPY | Japanese Yen |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (d) | $ | 1,729,425,675 | $ | — | $ | — | $ | 1,729,425,675 | ||||||||
Short-Term Investments | 10,764,128 | — | — | 10,764,128 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 2,755,050 | — | 2,755,050 | ||||||||||||
Futures Contracts | 2,278,679 | — | — | 2,278,679 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,742,468,482 | $ | 2,755,050 | $ | — | $ | 1,745,223,532 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (12,084,356 | ) | $ | — | $ | (12,084,356 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (12,084,356 | ) | $ | — | $ | (12,084,356 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended May 31, 2017.
See Notes to Financial Statements. | 107 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 100.1% | ||||||||
Consumer Discretionary — 7.6% | ||||||||
Alsea SAB de CV | 10,518 | $ | 37,890 | |||||
Consorcio ARA SAB de CV | 23,621 | 7,702 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 3,616 | 27,480 | ||||||
Grupo Televisa SAB, Series CPO | 28,149 | 136,156 | ||||||
Hoteles City Express SAB de CV* | 9,612 | 10,666 | ||||||
Rassini SAB de CV* | 1,769 | 8,153 | ||||||
TV Azteca SAB de CV, Series CPO | 39,695 | 5,620 | ||||||
|
| |||||||
233,667 | ||||||||
|
| |||||||
Consumer Staples — 27.3% | ||||||||
Arca Continental SAB de CV | 7,847 | 56,085 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 6,533 | 52,556 | ||||||
Fomento Economico Mexicano SAB de CV | 30,726 | 289,480 | ||||||
Gruma SAB de CV, Class B | 3,986 | 52,000 | ||||||
Grupo Bimbo SAB de CV, Series A | 29,503 | 68,085 | ||||||
Grupo Comercial Chedraui SA de CV | 7,614 | 15,897 | ||||||
Grupo Herdez SAB de CV | 5,710 | 12,035 | ||||||
Grupo Lala SAB de CV | 12,586 | 21,330 | ||||||
Industrias Bachoco SAB de CV, Series B | 4,107 | 18,784 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 27,996 | 55,343 | ||||||
La Comer SAB de CV* | 12,517 | 9,472 | ||||||
Wal-Mart de Mexico SAB de CV | 80,588 | 184,679 | ||||||
|
| |||||||
835,746 | ||||||||
|
| |||||||
Financials — 15.4% | ||||||||
Banregio Grupo Financiero SAB de CV | 4,623 | 26,016 | ||||||
Bolsa Mexicana de Valores SAB de CV | 9,008 | 15,401 | ||||||
Credito Real SAB de CV, SOFOM, ER | 5,770 | 8,581 | ||||||
Gentera SAB de CV* | 19,208 | 30,914 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 39,523 | 227,714 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 41,767 | 69,216 | ||||||
Grupo Financiero Interacciones SA de CV, Class O | 2,473 | 11,397 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 33,390 | 61,136 | ||||||
Qualitas Controladora SAB de CV | 6,210 | 10,544 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 3,938 | 10,541 | ||||||
|
| |||||||
471,460 | ||||||||
|
| |||||||
Health Care — 0.7% | ||||||||
Genomma Lab Internacional SAB de CV, Class B* | 17,012 | 21,313 | ||||||
|
| |||||||
Industrials — 12.5% | ||||||||
Alfa SAB de CV, Class A | 50,787 | 73,323 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A*(a) | 13,153 | 17,169 | ||||||
Elementia SAB de CV, 144A* | 8,669 | 11,377 | ||||||
Grupo Aeromexico SAB de CV* | 6,220 | 12,726 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 4,403 | 23,810 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 6,476 | 64,760 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 3,737 | $ | 73,646 | |||||
Grupo Carso SAB de CV, Series A1 | 8,853 | 37,257 | ||||||
Grupo Rotoplas SAB de CV* | 4,788 | 6,502 | ||||||
OHL Mexico SAB de CV | 16,722 | 18,582 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 4,321 | 44,788 | ||||||
|
| |||||||
383,940 | ||||||||
|
| |||||||
Materials — 14.9% | ||||||||
Cemex SAB de CV, Series CPO* | 230,724 | 190,806 | ||||||
Grupo Mexico SAB de CV, Series B | 48,900 | 132,439 | ||||||
Industrias CH SAB de CV, Series B* | 3,321 | 16,592 | ||||||
Industrias Penoles SAB de CV | 2,544 | 55,313 | ||||||
Mexichem SAB de CV | 19,529 | 51,195 | ||||||
Minera Frisco SAB de CV, Class A1* | 16,657 | 10,157 | ||||||
|
| |||||||
456,502 | ||||||||
|
| |||||||
Real Estate — 5.8% | ||||||||
Concentradora Fibra Danhos SA de CV REIT | 1,487 | 2,604 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT | 12,989 | 9,634 | ||||||
Concentradora Hipotecaria SAPI de CV REIT | 2,149 | 2,569 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 11,770 | 16,317 | ||||||
Fibra Uno Administracion SA de CV REIT | 46,153 | 81,806 | ||||||
Grupo GICSA SA de CV* | 14,124 | 10,120 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT* | 17,377 | 17,921 | ||||||
PLA Administradora Industrial S de RL de CV REIT* | 12,965 | 21,854 | ||||||
Prologis Property Mexico SA de CV REIT | 8,592 | 14,838 | ||||||
|
| |||||||
177,663 | ||||||||
|
| |||||||
Telecommunication Services — 14.9% | ||||||||
America Movil SAB de CV, Series L | 537,916 | 431,867 | ||||||
Axtel SAB de CV, Series CPO* | 29,472 | 5,406 | ||||||
Telesites SAB de CV* | 30,881 | 19,377 | ||||||
|
| |||||||
456,650 | ||||||||
|
| |||||||
Utilities — 1.0% | ||||||||
Infraestructura Energetica Nova SAB de CV | 6,357 | 29,661 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,066,602 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) | 30,956 | 30,956 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.1% | $ | 3,097,558 | ||||||
Other assets and liabilities, net — (1.1%) | (33,060 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,064,498 | ||||||
|
|
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
May 31, 2017
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,641,664. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $544,106. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $64,057 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $608,163. |
(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 May 31, 2017 amounted to $29,167, which is 1.0% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CPO: | Ordinary Participation Certificates |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 6/5/2017 | MXN | 32,221,800 | USD | 1,688,486 | $ | (38,094 | ) | ||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | MXN | 25,867,380 | USD | 1,355,722 | (30,361 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | MXN | 213,000 | USD | 11,282 | (132 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | MXN | 1,592,000 | USD | 83,421 | (1,886 | ) | |||||||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,722,299 | MXN | 32,221,800 | 4,281 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 1,464,849 | MXN | 27,392,380 | 2,951 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 14,769 | MXN | 280,000 | 235 | ||||||||||||||||||
RBC Capital Markets | 7/6/2017 | MXN | 32,221,800 | USD | 1,713,087 | (4,314 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | MXN | 27,392,380 | USD | 1,457,135 | (2,862 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | USD | 11,997 | MXN | 225,000 | (4 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | USD | 100,507 | MXN | 1,890,000 | 229 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (69,957 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
MXN | Mexican Peso |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (d) | $ | 3,066,602 | $ | — | $ | — | $ | 3,066,602 | ||||||||
Short-Term Investments | 30,956 | — | — | 30,956 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 7,696 | — | 7,696 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,097,558 | $ | 7,696 | $ | — | $ | 3,105,254 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (77,653 | ) | $ | — | $ | (77,653 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (77,653 | ) | $ | — | $ | (77,653 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 96.0% | ||||||||
Consumer Discretionary — 12.6% | ||||||||
Cheil Worldwide, Inc. | 3,873 | $ | 66,418 | |||||
CJ E&M Corp. | 1,017 | 71,397 | ||||||
Coway Co. Ltd. | 2,339 | 209,959 | ||||||
Hankook Tire Co. Ltd. | 3,284 | 178,631 | ||||||
Hanon Systems | 9,768 | 90,299 | ||||||
Hanssem Co. Ltd. | 516 | 101,393 | ||||||
Hotel Shilla Co. Ltd. | 1,751 | 95,088 | ||||||
Hyundai Department Store Co. Ltd. | 815 | 84,441 | ||||||
Hyundai Mobis Co. Ltd. | 2,767 | 678,404 | ||||||
Hyundai Motor Co. | 6,215 | 904,828 | ||||||
Hyundai Wia Corp. | 955 | 58,856 | ||||||
Kangwon Land, Inc. | 5,231 | 169,368 | ||||||
Kia Motors Corp. | 10,935 | 381,397 | ||||||
LG Electronics, Inc. | 4,517 | 332,844 | ||||||
Lotte Shopping Co. Ltd. | 522 | 133,577 | ||||||
Shinsegae Inc. | 402 | 87,430 | ||||||
|
| |||||||
3,644,330 | ||||||||
|
| |||||||
Consumer Staples — 7.9% | ||||||||
Amorepacific Corp. | 1,338 | 409,909 | ||||||
AMOREPACIFIC Group | 1,280 | 172,061 | ||||||
BGF retail Co. Ltd. | 991 | 123,477 | ||||||
CJ CheilJedang Corp. | 374 | 127,439 | ||||||
Dongsuh Cos., Inc. | 2,199 | 63,637 | ||||||
E-MART, Inc. | 869 | 188,609 | ||||||
GS Retail Co. Ltd. | 1,468 | 73,557 | ||||||
KT&G Corp. | 4,806 | 476,479 | ||||||
LG Household & Health Care Ltd. | 394 | 345,929 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 38 | 61,297 | ||||||
Lotte Confectionery Co. Ltd. | 331 | 65,041 | ||||||
Orion Corp. | 173 | 123,307 | ||||||
Ottogi Corp. | 76 | 57,767 | ||||||
|
| |||||||
2,288,509 | ||||||||
|
| |||||||
Energy — 2.6% | ||||||||
GS Holdings Corp. | 2,393 | 155,815 | ||||||
SK Innovation Co. Ltd. | 2,685 | 405,292 | ||||||
S-Oil Corp. | 2,015 | 186,274 | ||||||
|
| |||||||
747,381 | ||||||||
|
| |||||||
Financials — 14.1% | ||||||||
BNK Financial Group, Inc. | 12,615 | 112,674 | ||||||
DGB Financial Group, Inc. | 8,697 | 89,332 | ||||||
Dongbu Insurance Co. Ltd. | 2,310 | 139,681 | ||||||
Hana Financial Group, Inc. | 12,249 | 449,108 | ||||||
Hanwha Life Insurance Co. Ltd. | 11,707 | 73,613 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 3,118 | 105,131 | ||||||
Industrial Bank of Korea | 11,591 | 133,551 | ||||||
KB Financial Group, Inc. | 16,174 | 774,318 | ||||||
Korea Investment Holdings Co. Ltd. | 1,980 | 108,232 | ||||||
Mirae Asset Daewoo Co. Ltd. | 17,615 | 149,466 | ||||||
NH Investment & Securities Co. Ltd. | 7,312 | 92,412 | ||||||
Samsung Card Co. Ltd. | 1,866 | 70,000 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,393 | 363,927 | ||||||
Samsung Life Insurance Co. Ltd. | 3,192 | 347,824 | ||||||
Samsung Securities Co. Ltd. | 3,184 | 114,182 | ||||||
Shinhan Financial Group Co. Ltd. | 17,319 | 764,938 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Woori Bank | 13,478 | $ | 184,185 | |||||
|
| |||||||
4,072,574 | ||||||||
|
| |||||||
Health Care — 2.6% | ||||||||
Celltrion, Inc.* | 3,342 | 285,366 | ||||||
Hanmi Pharm. Co. Ltd.* | 291 | 99,287 | ||||||
Hanmi Science Co. Ltd.* | 844 | 55,784 | ||||||
Medy-Tox, Inc. | 156 | 72,733 | ||||||
Samsung Biologics Co. Ltd., 144A* | 776 | 152,483 | ||||||
Yuhan Corp. | 421 | 94,007 | ||||||
|
| |||||||
759,660 | ||||||||
|
| |||||||
Industrials — 11.2% | ||||||||
CJ Corp. | 693 | 130,912 | ||||||
CJ Korea Express Corp.* | 394 | 67,743 | ||||||
Daelim Industrial Co. Ltd. | 1,345 | 111,002 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 8,165 | 55,061 | ||||||
Doosan Bobcat, Inc. | 1,235 | 41,145 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 2,632 | 53,599 | ||||||
GS Engineering & Construction Corp.* | 2,646 | 72,555 | ||||||
Hanwha Corp. | 2,337 | 99,880 | ||||||
Hanwha Techwin Co. Ltd.* | 1,963 | 87,578 | ||||||
Hyundai Development Co.-Engineering & Construction | 2,715 | 124,644 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 3,280 | 142,672 | ||||||
Hyundai Glovis Co. Ltd. | 874 | 124,511 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 1,338 | 206,747 | ||||||
KCC Corp. | 287 | 104,459 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 1,249 | 59,126 | ||||||
Korea Aerospace Industries Ltd. | 3,050 | 173,258 | ||||||
Korean Air Lines Co. Ltd.* | 2,497 | 79,174 | ||||||
LG Corp. | 4,049 | 292,934 | ||||||
Pan Ocean Co. Ltd.* | 7,398 | 36,342 | ||||||
Posco Daewoo Corp. | 2,614 | 56,385 | ||||||
S-1 Corp. | 989 | 92,310 | ||||||
Samsung C&T Corp. | 3,155 | 387,471 | ||||||
Samsung Heavy Industries Co. Ltd.* | 12,001 | 131,844 | ||||||
SK Holdings Co. Ltd. | 1,896 | 463,162 | ||||||
SK Networks Co. Ltd. | 7,774 | 51,382 | ||||||
|
| |||||||
3,245,896 | ||||||||
|
| |||||||
Information Technology — 34.4% | ||||||||
Hyundai Robotics Co. Ltd.* | 284 | 103,494 | ||||||
Kakao Corp. | 1,430 | 126,192 | ||||||
LG Display Co. Ltd. | 9,893 | 288,060 | ||||||
LG Innotek Co. Ltd. | 729 | 87,251 | ||||||
NAVER Corp. | 1,132 | 854,359 | ||||||
NCSoft Corp. | 760 | 256,931 | ||||||
Netmarble Games Corp., 144A* | 627 | 85,123 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,549 | 187,828 | ||||||
Samsung Electronics Co. Ltd. | 3,120 | 6,228,296 | ||||||
Samsung SDI Co. Ltd. | 2,335 | 345,161 | ||||||
Samsung SDS Co. Ltd. | 1,532 | 223,040 |
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Information Technology (Continued) | ||||||||
SK Hynix, Inc. | 23,573 | $ | 1,200,126 | |||||
|
| |||||||
9,985,861 | ||||||||
|
| |||||||
Materials — 7.7% | ||||||||
Hanwha Chemical Corp. | 5,046 | 134,308 | ||||||
Hyosung Corp. | 987 | 148,103 | ||||||
Hyundai Steel Co. | 3,469 | 183,427 | ||||||
Korea Zinc Co. Ltd. | 383 | 149,834 | ||||||
Kumho Petrochemical Co. Ltd. | 985 | 68,799 | ||||||
LG Chem Ltd. | 1,881 | 507,379 | ||||||
Lotte Chemical Corp. | 662 | 213,157 | ||||||
OCI Co. Ltd. | 875 | 69,556 | ||||||
POSCO | 3,013 | 758,901 | ||||||
|
| |||||||
2,233,464 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% | ||||||||
KT Corp. | 1,047 | 30,439 | ||||||
LG Uplus Corp. | 9,745 | 141,005 | ||||||
SK Telecom Co. Ltd. | 886 | 200,608 | ||||||
|
| |||||||
372,052 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Korea Electric Power Corp. | 10,610 | 404,651 | ||||||
Korea Gas Corp.* | 1,547 | 70,192 | ||||||
|
| |||||||
474,843 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 27,824,570 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 1.9% | ||||||||
Consumer Discretionary — 1.0% | ||||||||
Hyundai Motor Co. | 1,113 | $ | 105,375 | |||||
Hyundai Motor Co. — 2nd Preferred | 1,690 | 171,325 | ||||||
|
| |||||||
276,700 | ||||||||
|
| |||||||
Consumer Staples — 0.5% | ||||||||
Amorepacific Corp. | 489 | 93,030 | ||||||
LG Household & Health Care Ltd. | 122 | 67,124 | ||||||
|
| |||||||
160,154 | ||||||||
|
| |||||||
Information Technology — 0.1% | ||||||||
Samsung Electronics Co. Ltd. | 19 | 29,681 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
LG Chem Ltd. | 423 | 76,885 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 543,420 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.9% | $ | 28,367,990 | ||||||
Other assets and liabilities, net — 2.1% | 619,982 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 28,987,972 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $22,435,694. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $5,932,296. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $6,765,463 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $833,167. |
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 May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
KOSPI 200 Index Futures | KRW | 12 | $ | 817,658 | 6/08/2017 | $ | 73,983 | |||||||||||||
KOSPI 200 MINI Futures | KRW | 14 | 190,787 | 6/08/2017 | 3,028 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 1,008,445 | $ | 77,011 | |||||||||||||||||
|
|
|
|
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | KRW | 20,955,718,161 | USD | 18,438,495 | $ | (279,907 | ) | ||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 8,433,193,800 | USD | 7,415,296 | (117,536 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 535,275,000 | USD | 469,715 | (8,413 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 18,735,555 | KRW | 20,955,718,161 | (17,153 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 11,930 | KRW | 13,563,000 | 186 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 7,805,539 | KRW | 8,727,372,800 | (9,935 | ) |
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 200,395 | KRW | 227,533,000 | $ | 2,846 | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 20,955,718,161 | USD | 18,736,392 | 10,614 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | KRW | 333,231,000 | USD | 297,634 | (137 | ) | |||||||||||||||||
RBC Capital Markets | 7/5/2017 | KRW | 8,727,372,800 | USD | 7,807,634 | 8,958 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | KRW | 2,171,922,000 | USD | 1,943,033 | 2,229 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 23,626 | KRW | 26,475,000 | 31 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (408,217 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
KRW | South Korean Won |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 27,701,263 | $ | — | $ | 123,307 | $ | 27,824,570 | ||||||||
Preferred Stocks (a) | 543,420 | — | — | 543,420 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 24,864 | — | 24,864 | ||||||||||||
Futures Contracts | 77,011 | — | — | 77,011 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 28,321,694 | $ | 24,864 | $ | 123,307 | $ | 28,469,865 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (433,081 | ) | $ | — | $ | (433,081 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (433,081 | ) | $ | — | $ | (433,081 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $673,905. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Consumer Discretionary — 8.6% | ||||||||
Barratt Developments PLC | 2,170 | $ | 17,125 | |||||
Berkeley Group Holdings PLC | 296 | 12,418 | ||||||
Burberry Group PLC | 966 | 22,590 | ||||||
Carnival PLC | 417 | 26,703 | ||||||
Compass Group PLC | 3,600 | 77,461 | ||||||
Dixons Carphone PLC | 2,191 | 9,276 | ||||||
GKN PLC | 3,692 | 16,649 | ||||||
InterContinental Hotels Group PLC | 393 | 22,143 | ||||||
ITV PLC | 7,941 | 20,023 | ||||||
Kingfisher PLC | 4,826 | 20,215 | ||||||
Marks & Spencer Group PLC | 3,514 | 17,318 | ||||||
Merlin Entertainments PLC, 144A | 1,595 | 10,871 | ||||||
Next PLC | 302 | 16,965 | ||||||
Pearson PLC | 1,770 | 16,112 | ||||||
Persimmon PLC | 667 | 21,098 | ||||||
Sky PLC | 2,261 | 28,870 | ||||||
Taylor Wimpey PLC | 7,061 | 18,478 | ||||||
TUI AG | 966 | 14,911 | ||||||
Whitbread PLC | 402 | 22,226 | ||||||
WPP PLC | 2,804 | 63,007 | ||||||
|
| |||||||
474,459 | ||||||||
|
| |||||||
Consumer Staples — 18.1% | ||||||||
Associated British Foods PLC | 781 | 30,148 | ||||||
British American Tobacco PLC | 4,140 | 294,979 | ||||||
Coca-Cola HBC AG* | 407 | 11,815 | ||||||
Diageo PLC | 5,516 | 165,381 | ||||||
Imperial Brands PLC | 2,101 | 98,238 | ||||||
J Sainsbury PLC | 3,686 | 13,345 | ||||||
Reckitt Benckiser Group PLC | 1,486 | 151,983 | ||||||
Tate & Lyle PLC | 1,045 | 9,937 | ||||||
Tesco PLC* | 17,917 | 42,407 | ||||||
Unilever PLC | 2,814 | 157,046 | ||||||
Wm Morrison Supermarkets PLC | 4,797 | 15,217 | ||||||
|
| |||||||
990,496 | ||||||||
|
| |||||||
Energy — 13.9% | ||||||||
BP PLC | 43,446 | 261,248 | ||||||
Petrofac Ltd. | 585 | 2,864 | ||||||
Royal Dutch Shell PLC, Class A | 9,847 | 266,434 | ||||||
Royal Dutch Shell PLC, Class B | 8,306 | 229,393 | ||||||
|
| |||||||
759,939 | ||||||||
|
| |||||||
Financials — 21.3% | ||||||||
3i Group PLC | 2,097 | 24,182 | ||||||
Aberdeen Asset Management PLC | 2,065 | 7,689 | ||||||
Admiral Group PLC | 476 | 12,493 | ||||||
Aviva PLC | 8,897 | 60,182 | ||||||
Barclays PLC | 37,140 | 100,491 | ||||||
Direct Line Insurance Group PLC | 2,974 | 13,358 | ||||||
Hargreaves Lansdown PLC | 587 | 10,573 | ||||||
HSBC Holdings PLC | 43,990 | 382,921 | ||||||
Investec PLC | 1,470 | 11,516 | ||||||
Legal & General Group PLC | 13,052 | 42,345 | ||||||
Lloyds Banking Group PLC | 158,635 | 144,281 | ||||||
London Stock Exchange Group PLC | 691 | 30,493 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Old Mutual PLC | 10,806 | $ | 26,203 | |||||
Provident Financial PLC | 332 | 13,051 | ||||||
Prudential PLC | 5,653 | 126,443 | ||||||
Royal Bank of Scotland Group PLC* | 7,775 | 26,046 | ||||||
RSA Insurance Group PLC | 2,204 | 17,762 | ||||||
Schroders PLC | 305 | 12,406 | ||||||
St James’s Place PLC | 1,140 | 17,229 | ||||||
Standard Chartered PLC* | 7,198 | 67,878 | ||||||
Standard Life PLC | 4,259 | 21,006 | ||||||
|
| |||||||
1,168,548 | ||||||||
|
| |||||||
Health Care — 11.0% | ||||||||
AstraZeneca PLC | 2,811 | 189,566 | ||||||
ConvaTec Group PLC, 144A* | 2,650 | 10,926 | ||||||
GlaxoSmithKline PLC | 10,916 | 239,591 | ||||||
Hikma Pharmaceuticals PLC | 324 | 7,047 | ||||||
Mediclinic International PLC | 833 | 8,677 | ||||||
Shire PLC | 1,981 | 114,131 | ||||||
Smith & Nephew PLC | 1,929 | 33,653 | ||||||
|
| |||||||
603,591 | ||||||||
|
| |||||||
Industrials — 8.0% | ||||||||
Ashtead Group PLC | 1,094 | 22,074 | ||||||
Babcock International Group PLC | 569 | 6,840 | ||||||
BAE Systems PLC | 6,961 | 59,688 | ||||||
Bunzl PLC | 736 | 23,063 | ||||||
Capita PLC | 1,507 | 11,310 | ||||||
Cobham PLC (a) | 5,394 | 9,313 | ||||||
DCC PLC | 192 | 18,244 | ||||||
easyJet PLC | 357 | 6,504 | ||||||
Experian PLC | 2,082 | 43,403 | ||||||
G4S PLC | 3,356 | 14,053 | ||||||
IMI PLC | 612 | 9,888 | ||||||
Intertek Group PLC | 349 | 19,331 | ||||||
Meggitt PLC | 1,743 | 11,274 | ||||||
RELX PLC | 2,378 | 50,953 | ||||||
Rolls-Royce Holdings PLC* | 3,692 | 41,266 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 297,206 | 383 | ||||||
Royal Mail PLC | 2,023 | 11,505 | ||||||
Smiths Group PLC | 855 | 17,659 | ||||||
Travis Perkins PLC | 563 | 11,853 | ||||||
Weir Group PLC | 489 | 11,442 | ||||||
Wolseley PLC | 555 | 36,541 | ||||||
|
| |||||||
436,587 | ||||||||
|
| |||||||
Information Technology — 0.9% | ||||||||
Auto Trader Group PLC, 144A | 2,207 | 11,832 | ||||||
Sage Group PLC | 2,328 | 21,611 | ||||||
Worldpay Group PLC, 144A | 4,549 | 18,205 | ||||||
|
| |||||||
51,648 | ||||||||
|
| |||||||
Materials — 7.4% | ||||||||
Anglo American PLC* | 2,952 | 39,233 | ||||||
Antofagasta PLC | 891 | 9,196 | ||||||
BHP Billiton PLC | 4,630 | 69,975 | ||||||
Croda International PLC | 285 | 14,552 | ||||||
Fresnillo PLC | 499 | 10,133 | ||||||
Glencore PLC* | 26,818 | 98,512 |
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Materials (Continued) | ||||||||
Johnson Matthey PLC | 419 | $ | 16,800 | |||||
Mondi PLC | 792 | 20,654 | ||||||
Randgold Resources Ltd. | 206 | 19,548 | ||||||
Rio Tinto PLC | 2,713 | 108,449 | ||||||
|
| |||||||
407,052 | ||||||||
|
| |||||||
Real Estate — 1.4% | ||||||||
British Land Co. PLC REIT | 2,117 | 17,293 | ||||||
Hammerson PLC REIT | 1,781 | 13,436 | ||||||
Intu Properties PLC REIT | 2,119 | 7,426 | ||||||
Land Securities Group PLC REIT | 1,733 | 23,892 | ||||||
Segro PLC REIT | 2,151 | 13,940 | ||||||
|
| |||||||
75,987 | ||||||||
|
| |||||||
Telecommunication Services — 4.7% | ||||||||
BT Group PLC | 18,552 | 73,992 | ||||||
Inmarsat PLC | 1,014 | 10,452 | ||||||
Vodafone Group PLC | 58,333 | 173,993 | ||||||
|
| |||||||
258,437 | ||||||||
|
|
Number | Value | |||||||
Utilities — 4.0% | ||||||||
Centrica PLC | 12,029 | $ | 31,509 | |||||
National Grid PLC | 7,561 | 106,138 | ||||||
Severn Trent PLC | 509 | 16,395 | ||||||
SSE PLC | 2,227 | 43,184 | ||||||
United Utilities Group PLC | 1,494 | 19,808 | ||||||
|
| |||||||
217,034 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,443,778 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) | 6,518 | 6,518 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% (Cost $5,085,120)† | $ | 5,450,296 | ||||||
Other assets and liabilities, net — 0.6% | 29,314 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,479,610 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $5,489,147. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $38,851. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $427,991 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $466,842. |
(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 May 31, 2017 amounted to $5,986, which is 0.1% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 2,201,450 | USD | 2,850,531 | $ | 13,611 | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | GBP | 2,033,450 | USD | 2,632,952 | 12,526 | ||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 205,894 | GBP | 159,000 | (997 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 2,622,695 | GBP | 2,031,450 | (4,847 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 14,209 | GBP | 11,000 | (33 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 2,625,082 | GBP | 2,033,450 | (4,657 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 2,031,450 | USD | 2,625,223 | 4,786 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | GBP | 2,033,450 | USD | 2,627,644 | 4,627 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | GBP | 219,000 | USD | 283,022 | 527 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 10,320 | GBP | 8,000 | 0 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 25,543 | ||||||||||||||||||||||
|
|
Currency Abbreviations
GBP | Pound Sterling |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 115 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (d) | $ | 5,443,778 | $ | — | $ | — | $ | 5,443,778 | ||||||||
Short-Term Investments | 6,518 | — | — | 6,518 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 36,077 | — | 36,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,450,296 | $ | 36,077 | $ | — | $ | 5,486,373 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (10,534 | ) | $ | — | $ | (10,534 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (10,534 | ) | $ | — | $ | (10,534 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 116 |
This Page is Intentionally Left Blank
117
DBX ETF Trust
Statements of Assets and Liabilities
May 31, 2017
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 101,850,738 | $ | 3,586,275 | $ | 3,893,456 | ||||||
Investment in affiliated securities at value (See Note 4) | 195,941 | — | — | |||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 2,702,711 | 22,677 | — | |||||||||
Cash | 2,810,666 | 212,652 | 48,077 | |||||||||
Foreign currency at value | 479,345 | 9,743 | 266 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 232,088 | 10,020 | 27,221 | |||||||||
Deposit with broker for futures contracts | 62,526 | 3,001 | 12,312 | |||||||||
Unrealized appreciation on futures contracts | 100,831 | 5,274 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 1,550,461 | 172,583 | 266,613 | |||||||||
Dividends | 339,413 | 10,272 | 14,139 | |||||||||
Securities lending income | 6,290 | 53 | — | |||||||||
Foreign tax reclaim | 109,886 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 110,440,896 | $ | 4,032,550 | $ | 4,262,084 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 2,702,711 | $ | 22,677 | $ | — | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 1,484,929 | 17,765 | 6,368 | |||||||||
Unrealized depreciation on futures contracts | — | — | 2,280 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,426,056 | 57,633 | 49,317 | |||||||||
Investment advisory fees | 34,326 | 1,985 | 2,227 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 5,648,022 | 100,060 | 60,192 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 104,792,874 | $ | 3,932,490 | $ | 4,201,892 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 100,003,673 | $ | 4,637,364 | $ | 9,932,224 | ||||||
Undistributed net investment income | 1,338,285 | 34,504 | 54,241 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (2,823,177 | ) | (1,048,122 | ) | (6,552,110 | ) | ||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 6,274,093 | 308,744 | 767,537 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 104,792,874 | $ | 3,932,490 | $ | 4,201,892 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 4,000,001 | 150,001 | 400,800 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 26.20 | $ | 26.22 | $ | 10.48 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 94,391,149 | $ | 3,275,123 | $ | 3,144,276 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 239,000 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 2,218,622 | $ | 21,491 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 2,702,711 | $ | 22,677 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 472,886 | $ | 9,700 | $ | 262 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 118 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2017
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 183,670,325 | $ | 2,665,895,200 | $ | 63,610,705 | ||||||
Investment in affiliated securities at value (See Note 4) | — | 10,922,148 | 457,212 | |||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 1,021,172 | 158,962,186 | 6,209,941 | |||||||||
Cash | 4,423,987 | 51,168,469 | 1,857,310 | |||||||||
Foreign currency at value | 86,336 | 8,621,502 | 573,006 | |||||||||
Deposit from broker on forward foreign currency exchange contracts | 90,000 | — | — | |||||||||
Receivable upon return of deposit for forward foreign currency exchange contracts | — | 13,520,000 | — | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 374,728 | 6,609,881 | 54,728 | |||||||||
Deposit with broker for futures contracts | — | 3,139,400 | 173,707 | |||||||||
Unrealized appreciation on futures contracts | 245,349 | 2,031,922 | 19,497 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 10,185,677 | 56,208,720 | 479,932 | |||||||||
Dividends | 217,170 | 8,787,506 | 140,367 | |||||||||
Securities lending income | 2,540 | 418,850 | 11,952 | |||||||||
Foreign tax reclaim | 4,237 | 8,941,550 | 124,342 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 200,321,521 | $ | 2,995,227,334 | $ | 73,712,699 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 1,021,172 | $ | 158,962,186 | $ | 6,209,941 | ||||||
Deposit with broker on forward foreign currency exchange contracts | — | 13,520,000 | — | |||||||||
Payable upon return of deposit for forward foreign currency exchange contracts | 90,000 | — | — | |||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 1,600,513 | 56,974,741 | 1,918,815 | |||||||||
Unrealized depreciation on futures contracts | — | 236,972 | 400 | |||||||||
Due to broker for futures contracts | 116,355 | — | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 9,330,725 | 17,672,851 | 441,776 | |||||||||
Investment advisory fees | 103,219 | 1,037,251 | 24,908 | |||||||||
Deferred foreign tax payable | 194,439 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 12,456,423 | 248,404,001 | 8,595,840 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 187,865,098 | $ | 2,746,823,333 | $ | 65,116,859 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 196,587,639 | $ | 2,771,404,708 | $ | 61,534,873 | ||||||
Undistributed net investment income | 553,108 | 37,431,502 | 1,089,928 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (29,935,883 | ) | (81,548,354 | ) | (2,423,917 | ) | ||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 20,660,234 | ** | 19,535,477 | 4,915,975 | ||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 187,865,098 | $ | 2,746,823,333 | $ | 65,116,859 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 8,750,800 | 97,100,001 | 2,150,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 21.47 | $ | 28.29 | $ | 30.29 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 161,833,964 | $ | 2,594,363,161 | $ | 56,755,961 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | — | $ | 14,695,535 | $ | 566,233 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 955,115 | $ | 140,871,867 | $ | 5,110,412 | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 1,021,172 | $ | 158,962,186 | $ | 6,209,941 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 85,508 | $ | 8,586,193 | $ | 560,780 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
** | Net of deferred foreign taxes of $194,439. |
See Notes to Financial Statements. | 119 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2017
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 60,843,579 | $ | 1,729,425,675 | $ | 3,066,602 | ||||||
Investment in affiliated securities at value (See Note 4) | 1,723,784 | — | — | |||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 466,017 | 10,764,128 | 30,956 | |||||||||
Cash | 1,761,768 | 50,077,117 | 5,520 | |||||||||
Foreign currency at value | 843,626 | 2,547,119 | 3,575 | |||||||||
Receivable upon return of deposit for forward foreign currency exchange contracts | 290,000 | 2,730,000 | — | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 232,488 | 2,755,050 | 7,696 | |||||||||
Deposit with broker for futures contracts | 220,420 | — | — | |||||||||
Unrealized appreciation on future contracts | 86,188 | 2,278,679 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 1,090,980 | 25,070,597 | 113,081 | |||||||||
Dividends | 55,269 | 12,282,281 | 720 | |||||||||
Securities lending income | 1,559 | 26,733 | 10 | |||||||||
Foreign tax reclaim | 902,781 | 772,286 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 68,518,459 | $ | 1,838,729,665 | $ | 3,228,160 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 466,017 | $ | 10,764,128 | $ | 30,956 | ||||||
Deposit with broker on forward foreign currency exchange contracts | 290,000 | 2,730,000 | — | |||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 2,132,802 | 12,084,356 | 77,653 | |||||||||
Due to broker for futures contracts | — | 4,790 | — | |||||||||
Unrealized depreciation on futures contracts | 1,353 | — | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 83,608 | 32,536,014 | 53,732 | |||||||||
Investment advisory fees | 25,755 | 682,608 | 1,321 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,999,535 | 58,801,896 | 163,662 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 65,518,924 | $ | 1,779,927,769 | $ | 3,064,498 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 70,458,321 | $ | 1,848,775,260 | $ | 3,740,442 | ||||||
Undistributed net investment income | 757,164 | 42,063,267 | — | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (5,058,089 | ) | (197,957,672 | ) | (155,214 | ) | ||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (638,472 | ) | 87,046,914 | (520,730 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 65,518,924 | $ | 1,779,927,769 | $ | 3,064,498 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 2,350,800 | 46,050,800 | 150,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 27.87 | $ | 38.65 | $ | 20.43 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 58,725,434 | $ | 1,635,428,221 | $ | 3,517,185 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | 2,694,135 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 441,383 | $ | 10,236,930 | $ | 29,167 | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 466,017 | $ | 10,764,128 | $ | 30,956 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 820,033 | $ | 2,521,807 | $ | 3,569 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 120 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2017
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at value | $ | 28,367,990 | $ | 5,443,778 | ||||
Investment in Deutsche Government & Agency Securities Portfolio* | — | 6,518 | ||||||
Cash | 936,883 | 2,121 | ||||||
Foreign currency at value | — | 881 | ||||||
Unrealized appreciation on forward foreign currency exchange contracts | 24,864 | 36,077 | ||||||
Deposit with broker for futures contracts | 4,721 | — | ||||||
Unrealized appreciation on futures contracts | 77,011 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 255,181 | 48,979 | ||||||
Dividends | 3,738 | 39,005 | ||||||
Securities lending income | — | 592 | ||||||
|
|
|
| |||||
Total Assets | $ | 29,670,388 | $ | 5,577,951 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | — | $ | 6,518 | ||||
Unrealized depreciation on forward foreign currency exchange contracts | 433,081 | 10,534 | ||||||
Payables: | ||||||||
Investment securities purchased | 235,414 | 79,231 | ||||||
Investment advisory fees | 13,921 | 2,058 | ||||||
|
|
|
| |||||
Total Liabilities | 682,416 | 98,341 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 28,987,972 | $ | 5,479,610 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 35,815,036 | $ | 6,113,246 | ||||
Distributions in excess of net investment income | (1,889 | ) | — | |||||
Undistributed net investment income | — | 34,513 | ||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (16,722,381 | ) | (1,058,646 | ) | ||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 9,897,206 | 390,497 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 28,987,972 | $ | 5,479,610 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 1,000,001 | 250,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 28.99 | $ | 21.92 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 18,141,513 | $ | 5,078,602 | ||||
|
|
|
| |||||
Value of securities loaned | $ | — | $ | 5,986 | ||||
|
|
|
| |||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | — | $ | 6,518 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | — | $ | 879 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 121 |
DBX ETF Trust
For the Year Ended May 31, 2017
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 2,281,292 | $ | 122,367 | $ | 122,019 | ||||||
Affiliated dividend income** | 2,384 | — | — | |||||||||
Securities lending income, net of borrower rebates | 28,826 | 757 | — | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 2,312,502 | 123,124 | 122,019 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 301,656 | 25,144 | 25,624 | |||||||||
Other expense | 172 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 301,828 | 25,144 | 25,624 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 2,010,674 | 97,980 | 96,395 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (802,221 | ) | (84,251 | ) | 112,510 | |||||||
Investments in affiliates | (1,182 | ) | — | — | ||||||||
In-kind redemptions | 429,019 | 4,185 | — | |||||||||
In-kind redemptions in affiliates | (621 | ) | — | — | ||||||||
Futures contracts | 176,797 | 11,481 | (2,340 | ) | ||||||||
Foreign currency transactions | 2,761,995 | (12,834 | ) | (733,288 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 2,563,787 | (81,419 | ) | (623,118 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 11,500,100 | 808,058 | 1,217,799 | |||||||||
Futures contracts | 100,831 | 5,274 | (2,280 | ) | ||||||||
Foreign currency translations | (3,324,264 | ) | (106,811 | ) | (109,581 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 8,276,667 | 706,521 | 1,105,938 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 10,840,454 | 625,102 | 482,820 | |||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,851,128 | $ | 723,082 | $ | 579,215 | ||||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 252,035 | $ | 10,697 | $ | 2,570 | ||||||
** Affiliated foreign tax withheld | $ | 358 | $ | — | $ | — |
See Notes to Financial Statements. | 122 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2017
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 3,633,217 | $ | 84,265,236 | $ | 1,689,307 | ||||||
Affiliated dividend income** | — | 135,217 | 5,599 | |||||||||
Securities lending income, net of borrower rebates | 22,882 | 2,505,133 | 50,180 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 3,656,099 | 86,905,586 | 1,745,086 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 992,351 | 11,499,826 | 244,468 | |||||||||
Other expense | 1,249 | 17,072 | 171 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 993,600 | 11,516,898 | 244,639 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 2,662,499 | 75,388,688 | 1,500,447 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments*** | (6,364,943 | ) | (101,074,943 | ) | (1,642,835 | ) | ||||||
Investments in affiliates | — | (1,585,841 | ) | (46,227 | ) | |||||||
In-kind redemptions | 520,526 | 14,713,523 | (376,634 | ) | ||||||||
In-kind redemptions in affiliates | — | (1,651,396 | ) | (92,011 | ) | |||||||
Futures contracts | 87,491 | 2,720,638 | 110,758 | |||||||||
Foreign currency transactions | (7,320,263 | ) | 239,844,757 | 3,759,083 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (13,077,189 | ) | 152,966,738 | 1,712,134 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments**** | 40,079,835 | 383,513,312 | 10,133,426 | |||||||||
Futures contracts | 263,529 | 1,794,950 | 19,097 | |||||||||
Foreign currency translations | (4,597,111 | ) | (136,088,214 | ) | (4,152,487 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 35,746,253 | 249,220,048 | 6,000,036 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 22,669,064 | 402,186,786 | 7,712,170 | |||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 25,331,563 | $ | 477,575,474 | $ | 9,212,617 | ||||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 502,225 | $ | 9,037,841 | $ | 272,700 | ||||||
** Affiliated foreign tax withheld | $ | — | $ | 20,283 | $ | 840 | ||||||
*** Net of foreign taxes | $ | 4,424 | $ | — | $ | — | ||||||
**** Net of change in deferred foreign taxes | $ | 194,439 | $ | — | $ | — |
See Notes to Financial Statements. | 123 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2017
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 1,632,724 | $ | 31,530,381 | $ | 76,615 | ||||||
Affiliated dividend income** | 21,301 | |||||||||||
Securities lending income, net of borrower rebates | 3,059 | 324,429 | 34 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 1,657,084 | 31,854,810 | 76,649 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 358,860 | 7,358,113 | 18,973 | |||||||||
Other expense | — | — | 52 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 358,860 | 7,358,113 | 19,025 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 1,298,224 | 24,496,697 | 57,624 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (1,773,608 | ) | (39,730,569 | ) | (296,428 | ) | ||||||
Investments in affiliates | (306,521 | ) | — | — | ||||||||
In-kind redemptions | (4,425,219 | ) | 99,651,950 | (81,653 | ) | |||||||
In-kind redemptions in affiliates | (819,471 | ) | — | — | ||||||||
Futures contracts | 264,827 | 295,815 | — | |||||||||
Foreign currency transactions | 6,116,271 | 70,964,692 | 372,035 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (943,721 | ) | 131,181,888 | (6,046 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 19,084,669 | 148,690,182 | 440,595 | |||||||||
Futures contracts | 78,151 | 2,287,950 | — | |||||||||
Foreign currency translations | (5,181,282 | ) | (45,748,505 | ) | (372,123 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 13,981,538 | 105,229,627 | 68,472 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 13,037,817 | 236,411,515 | 62,426 | |||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 14,336,041 | $ | 260,908,212 | $ | 120,050 | ||||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 357,317 | $ | 3,553,332 | $ | 2,412 | ||||||
** Affiliated foreign tax withheld | $ | 3,195 | $ | — | $ | — |
See Notes to Financial Statements. | 124 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2017
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 628,469 | $ | 235,435 | ||||
Securities lending income, net of borrower rebates | — | 2,885 | ||||||
|
|
|
| |||||
Total Investment Income | 628,469 | 238,320 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 275,073 | 25,179 | ||||||
Other expense | 1,249 | — | ||||||
|
|
|
| |||||
Total Expenses | 276,322 | 25,179 | ||||||
|
|
|
| |||||
Net Investment income (loss) | 352,147 | 213,141 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | 9,432,652 | (551,703 | ) | |||||
Futures contracts | 21,678 | 783 | ||||||
Foreign currency transactions | (240,162 | ) | 696,927 | |||||
|
|
|
| |||||
Net realized gain (loss) | 9,214,168 | 146,007 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 740,257 | 905,419 | ||||||
Futures contracts | 77,011 | — | ||||||
Foreign currency translations | (5,056,570 | ) | (38,086 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (4,239,302 | ) | 867,333 | |||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 4,974,866 | 1,013,340 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 5,327,013 | $ | 1,226,481 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 134,363 | $ | 3,649 |
See Notes to Financial Statements. | 125 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,010,674 | $ | 1,707,404 | $ | 97,980 | $ | 200,089 | ||||||||
Net realized gain (loss) | 2,563,787 | (3,250,471 | ) | (81,419 | ) | (746,550 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 8,276,667 | (4,498,720 | ) | 706,521 | (1,142,819 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 12,851,128 | (6,041,787 | ) | 723,082 | (1,689,280 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (1,409,981 | ) | (1,777,313 | ) | (83,349 | ) | (417,566 | ) | ||||||||
Net realized gains | — | (1,089,202 | ) | — | (344,439 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1,409,981 | ) | (2,866,515 | ) | (83,349 | ) | (762,005 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 28,916,357 | 39,978,605 | — | — | ||||||||||||
Value of shares redeemed | (3,437,784 | ) | (10,227,798 | ) | (1,161,572 | ) | (4,255,798 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 25,478,573 | 29,750,807 | (1,161,572 | ) | (4,255,798 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 36,919,720 | 20,842,505 | (521,839 | ) | (6,707,083 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 67,873,154 | 47,030,649 | 4,454,329 | 11,161,412 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 104,792,874 | $ | 67,873,154 | $ | 3,932,490 | $ | 4,454,329 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 1,338,285 | $ | 767,934 | $ | 34,504 | $ | 9,022 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 3,000,001 | 1,750,001 | 200,001 | 400,001 | ||||||||||||
Shares sold | 1,150,000 | 1,700,000 | — | — | ||||||||||||
Shares redeemed | (150,000 | ) | (450,000 | ) | (50,000 | ) | (200,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 4,000,001 | 3,000,001 | 150,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 126 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 96,395 | $ | 91,264 | $ | 2,662,499 | $ | 3,536,953 | ||||||||
Net realized gain (loss) | (623,118 | ) | (1,607,287 | ) | (13,077,189 | ) | (14,067,074 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 1,105,938 | 667,873 | 35,746,253 | (22,070,859 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 579,215 | (848,150 | ) | 25,331,563 | (32,600,980 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (16,681 | ) | (1,037,444 | ) | (2,272,221 | ) | (6,061,629 | ) | ||||||||
Return of capital | — | (3,755 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (16,681 | ) | (1,041,199 | ) | (2,272,221 | ) | (6,061,629 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 464,672 | 1,581,261 | 60,902,841 | 18,231,512 | ||||||||||||
Value of shares redeemed | — | (3,043,710 | ) | (26,449,560 | ) | (93,758,507 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 464,672 | (1,462,449 | ) | 34,453,281 | (75,526,995 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,027,206 | (3,351,798 | ) | 57,512,623 | (114,189,604 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 3,174,686 | 6,526,484 | 130,352,475 | 244,542,079 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 4,201,892 | $ | 3,174,686 | $ | 187,865,098 | $ | 130,352,475 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 54,241 | $ | — | $ | 553,108 | $ | 549,614 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 350,800 | 500,800 | 7,000,800 | 10,900,800 | ||||||||||||
Shares sold | 50,000 | 150,000 | 3,100,000 | 1,000,000 | ||||||||||||
Shares redeemed | — | (300,000 | ) | (1,350,000 | ) | (4,900,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 400,800 | 350,800 | 8,750,800 | 7,000,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 127 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 75,388,688 | $ | 100,832,456 | $ | 1,500,447 | $ | 1,791,987 | ||||||||
Net realized gain (loss) | 152,966,738 | (61,459,702 | ) | 1,712,134 | (2,889,946 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 249,220,048 | (309,129,456 | ) | 6,000,036 | (1,603,731 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 477,575,474 | (269,756,702 | ) | 9,212,617 | (2,701,690 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (102,491,603 | ) | (120,694,283 | ) | (2,397,494 | ) | (1,359,253 | ) | ||||||||
Net realized gains | (152,205,544 | ) | (21,395,440 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (254,697,147 | ) | (142,089,723 | ) | (2,397,494 | ) | (1,359,253 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 513,898,440 | 1,634,503,636 | 12,930,964 | 82,581,476 | ||||||||||||
Value of shares redeemed | (1,300,201,021 | ) | (580,661,063 | ) | (37,947,352 | ) | (17,179,131 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (786,302,581 | ) | 1,053,842,573 | (25,016,388 | ) | 65,402,345 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (563,424,254 | ) | 641,996,148 | (18,201,265 | ) | 61,341,402 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 3,310,247,587 | 2,668,251,439 | 83,318,124 | 21,976,722 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 2,746,823,333 | $ | 3,310,247,587 | $ | 65,116,859 | $ | 83,318,124 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 37,431,502 | $ | 79,275,760 | $ | 1,089,928 | $ | 1,737,099 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 129,050,001 | 90,550,001 | 3,250,001 | 750,001 | ||||||||||||
Shares sold | 19,400,000 | 62,500,000 | 450,000 | 3,200,000 | ||||||||||||
Shares redeemed | (51,350,000 | ) | (24,000,000 | ) | (1,550,000 | ) | (700,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 97,100,001 | 129,050,001 | 2,150,001 | 3,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 128 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,298,224 | $ | 2,115,523 | $ | 24,496,697 | $ | 17,699,139 | ||||||||
Net realized gain (loss) | (943,721 | ) | (9,632,430 | ) | 131,181,888 | (153,656,780 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 13,981,538 | (12,977,312 | ) | 105,229,627 | (154,439,010 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 14,336,041 | (20,494,219 | ) | 260,908,212 | (290,396,651 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (3,345,700 | ) | (10,562,800 | ) | (14,421,223 | ) | (44,182,466 | ) | ||||||||
Net realized gains | — | — | — | (38,800,971 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (3,345,700 | ) | (10,562,800 | ) | (14,421,223 | ) | (82,983,437 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,551,169 | 20,164,894 | 1,267,608,580 | 927,313,581 | ||||||||||||
Value of shares redeemed | (58,009,508 | ) | (112,914,893 | ) | (760,329,675 | ) | (790,640,177 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (55,458,339 | ) | (92,749,999 | ) | 507,278,905 | 136,673,404 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (44,467,998 | ) | (123,807,018 | ) | 753,765,894 | (236,706,684 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of year | 109,986,922 | 233,793,940 | 1,026,161,875 | 1,262,868,559 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 65,518,924 | $ | 109,986,922 | $ | 1,779,927,769 | $ | 1,026,161,875 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 757,164 | $ | 2,512,500 | $ | 42,063,267 | $ | 14,091,038 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 4,700,800 | 8,550,800 | 29,900,800 | 28,350,800 | ||||||||||||
Shares sold | 100,000 | 850,000 | 37,400,000 | 24,450,000 | ||||||||||||
Shares redeemed | (2,450,000 | ) | (4,700,000 | ) | (21,250,000 | ) | (22,900,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 2,350,800 | 4,700,800 | 46,050,800 | 29,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 129 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | Deutsche X-trackers MSCI South Korea Hedged Equity ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 57,624 | $ | 109,214 | $ | 352,147 | $ | 893,533 | ||||||||
Net realized gain (loss) | (6,046 | ) | 62,085 | 9,214,168 | (15,157,123 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 68,472 | (114,971 | ) | (4,239,302 | ) | 2,176,785 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 120,050 | 56,328 | 5,327,013 | (12,086,805 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (73,128 | ) | (558,149 | ) | (430,440 | ) | (154,180 | ) | ||||||||
Net realized gains | (241,435 | ) | (264,905 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (314,563 | ) | (823,054 | ) | (430,440 | ) | (154,180 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,097,455 | 1,145,870 | 47,137,585 | 124,679,916 | ||||||||||||
Value of shares redeemed | (2,148,889 | ) | (1,116,660 | ) | (141,207,451 | ) | (131,675,567 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,051,434 | ) | 29,210 | (94,069,866 | ) | (6,995,651 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (1,245,947 | ) | (737,516 | ) | (89,173,293 | ) | (19,236,636 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of year | 4,310,445 | 5,047,961 | 118,161,265 | 137,397,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 3,064,498 | $ | 4,310,445 | $ | 28,987,972 | $ | 118,161,265 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | (1,889 | ) | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | 61,484 | $ | — | $ | 430,429 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 200,001 | 200,001 | 5,150,001 | 5,650,001 | ||||||||||||
Shares sold | 50,000 | 50,000 | 1,850,000 | 5,550,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | (6,000,000 | ) | (6,050,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 150,001 | 200,001 | 1,000,001 | 5,150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 130 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||
Year Ended May 31, | ||||||||
2017 | 2016 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 213,141 | $ | 188,379 | ||||
Net realized gain (loss) | 146,007 | (109,350 | ) | |||||
Net change in unrealized appreciation (depreciation) | 867,333 | (464,588 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 1,226,481 | (385,559 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (155,550 | ) | (302,668 | ) | ||||
Net realized gains | (1,154,665 | ) | (22,960 | ) | ||||
|
|
|
| |||||
Total distributions | (1,310,215 | ) | (325,628 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 1,087,925 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 1,087,925 | ||||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (83,734 | ) | 376,738 | |||||
Net Assets | ||||||||
Beginning of year | 5,563,344 | 5,186,606 | ||||||
|
|
|
| |||||
End of year | $ | 5,479,610 | $ | 5,563,344 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 34,513 | $ | 121,600 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of year | 250,001 | 200,001 | ||||||
Shares sold | — | 50,000 | ||||||
Shares redeemed | — | — | ||||||
|
|
|
| |||||
Shares outstanding, end of year | 250,001 | 250,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 131 |
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.62 | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.64 | 0.64 | 0.96 | 0.45 | ||||||||||||
Net realized and unrealized gain (loss) | 3.42 | (3.57 | ) | 2.16 | 0.16 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 4.06 | (2.93 | ) | 3.12 | 0.61 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.48 | ) | (0.86 | ) | (1.82 | ) | — | |||||||||
Net realized gains | — | (0.46 | ) | (0.04 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.48 | ) | (1.32 | ) | (1.86 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 18.30 | (11.17 | ) | 13.01 | 2.44 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 105 | 68 | 47 | 5 | ||||||||||||
Ratio of expenses (%) | 0.40 | 0.40 | 0.40 | 0.40 | * | |||||||||||
Ratio of net investment income (loss) (%) | 2.67 | 2.76 | 3.70 | 5.18 | * | |||||||||||
Portfolio turnover rate (%)(d) | 15 | 24 | 24 | 3 | ** | |||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.27 | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.56 | 0.63 | 0.68 | 0.40 | ||||||||||||
Net realized and unrealized gain (loss) | 3.89 | (4.19 | ) | 2.04 | 1.08 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 4.45 | (3.56 | ) | 2.72 | 1.48 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.50 | ) | (1.09 | ) | (1.29 | ) | (0.01 | ) | ||||||||
Net realized gains | — | (0.98 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.50 | ) | (2.07 | ) | (1.29 | ) | (0.01 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 20.34 | (12.98 | ) | 10.78 | 5.94 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 4 | 4 | 11 | 7 | ||||||||||||
Ratio of expenses (%) | 0.60 | 0.60 | 0.60 | 0.60 | * | |||||||||||
Ratio of net investment income (loss) (%) | 2.34 | 2.64 | 2.51 | 2.33 | * | |||||||||||
Portfolio turnover rate (%)(d) | 14 | 34 | 19 | 20 | ** |
(a) | For the period January 23, 2014 (commencement of operations) through May 31, 2014. |
(b) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualied. |
** | Not Annualied. |
See Notes to Financial Statements. | 132 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Brazil Hedged Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | |||||||||||||||
Net Asset Value, beginning of year | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.24 | 0.24 | 0.42 | 0.47 | 0.54 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.23 | (1.91 | ) | (1.44 | ) | (2.30 | ) | (0.15 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.47 | (1.67 | ) | (1.02 | ) | (1.83 | ) | 0.39 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.04 | ) | (2.30 | ) | (0.41 | ) | (2.95 | ) | (0.54 | ) | ||||||||||
Net realized gains | — | — | — | — | (1.31 | ) | ||||||||||||||
Return of capital | — | (0.01 | ) | — | (0.04 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.04 | ) | (2.31 | ) | (0.41 | ) | (2.99 | ) | (1.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 10.48 | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 16.28 | (15.83 | ) | (6.96 | ) | (9.83 | )(b) | 1.43 | (b) | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 4 | 3 | 7 | 6 | 8 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.60 | 0.60 | 0.60 | 0.63 | 0.92 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.60 | 0.60 | 0.60 | 0.60 | 0.68 | |||||||||||||||
Ratio of net investment income (loss) (%) | 2.26 | 2.56 | 2.97 | 2.93 | 2.66 | |||||||||||||||
Portfolio turnover rate (%)(c) | 28 | 59 | 141 | 89 | 25 | |||||||||||||||
Deutsche X-trackers MSCI Emerging Markets Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | |||||||||||||||
Net Asset Value, beginning of year | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.35 | 0.43 | 0.36 | 0.38 | 0.38 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.81 | (3.60 | ) | 0.77 | (0.17 | ) | 1.01 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 3.16 | (3.17 | ) | 1.13 | 0.21 | 1.39 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.31 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.40 | ) | ||||||||||
Net realized gains | — | — | — | — | (0.25 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.31 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.65 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 17.19 | (14.32 | ) | 5.35 | 1.17 | (b) | 6.54 | (b) | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 188 | 130 | 245 | 29 | 9 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | 0.65 | 0.65 | 0.66 | 0.94 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | 0.65 | 0.65 | 0.65 | 0.72 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.74 | 2.20 | 1.64 | 1.81 | 1.72 | |||||||||||||||
Portfolio turnover rate (%)(c) | 43 | 32 | 58 | 16 | 15 |
(a) | Based on average shares outstanding during the period. |
(b) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 133 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Europe Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 25.65 | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.76 | 0.79 | 1.33 | 1.27 | ||||||||||||
Net realized and unrealized gain (loss) | 4.40 | (3.19 | ) | 1.54 | 1.72 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 5.16 | (2.40 | ) | 2.87 | 2.99 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.85 | ) | (1.28 | ) | (1.15 | ) | (0.24 | ) | ||||||||
Net realized gains | (1.67 | ) | (0.14 | ) | (0.00 | )(d) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (2.52 | ) | (1.42 | ) | (1.15 | ) | (0.24 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 21.77 | (8.46 | ) | 10.88 | 12.05 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 2,747 | 3,310 | 2,668 | 164 | ||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||
Ratio of net investment income (loss) (%) | 2.95 | 3.08 | 4.74 | 7.30 | * | |||||||||||
Portfolio turnover rate (%)(e) | 17 | 18 | 13 | 4 | ** | |||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(b) | |||||||||||||
Net Asset Value, beginning of period | $ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.73 | 0.78 | 0.81 | |||||||||||||
Net realized and unrealized gain (loss) | 4.84 | (3.15 | ) | 3.49 | ||||||||||||
|
|
|
|
|
| |||||||||||
Total from investment operations | 5.57 | (2.37 | ) | 4.30 | ||||||||||||
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.92 | ) | (1.29 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (0.92 | ) | (1.29 | ) | — | |||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||
|
|
|
|
|
| |||||||||||
Total Return (%) | 22.56 | (8.45 | ) | 17.20 | ** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 65 | 83 | 22 | |||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | * | ||||||||||||
Ratio of net investment income (loss) (%) | 2.76 | 3.11 | 6.04 | * | ||||||||||||
Portfolio turnover rate (%)(e) | 16 | 22 | 8 | ** |
(a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(b) | For the period December 10, 2014 (commencement of operations) through May 31, 2015. |
(c) | Based on average shares outstanding during the period. |
(d) | Amount represents less than $0.005. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 134 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Germany Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | |||||||||||||||
Net Asset Value, beginning of year | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (a) | 0.40 | 0.33 | 1.38 | 1.03 | 0.44 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.78 | (2.93 | ) | 1.93 | 3.11 | 2.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 5.18 | (2.60 | ) | 3.31 | 4.14 | 2.52 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.44 | ) | ||||||||||
Net realized gains | — | — | — | — | (0.43 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.87 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 22.93 | (9.99 | ) | 13.92 | 18.70 | (b) | 11.86 | (b) | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 66 | 110 | 234 | 45 | 5 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.47 | 0.82 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.47 | 0.58 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.63 | 1.37 | 5.14 | 4.15 | 1.93 | |||||||||||||||
Portfolio turnover rate (%)(c) | 12 | 16 | 20 | 12 | 108 | |||||||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | |||||||||||||||
Net Asset Value, beginning of year | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (a) | 0.53 | 0.48 | 0.52 | 0.55 | 0.39 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.22 | (8.44 | ) | 12.49 | 1.51 | 12.31 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 4.75 | (7.96 | ) | 13.01 | 2.06 | 12.70 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (1.39 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | ||||||||||
Net realized gains | — | (0.87 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.42 | ) | (2.26 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 14.08 | (18.65 | ) | 39.00 | 6.21 | (b) | 59.04 | (b) | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 1,780 | 1,026 | 1,263 | 441 | 109 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.48 | 0.66 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.48 | 0.52 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.50 | 1.29 | 1.32 | 1.56 | 1.27 | |||||||||||||||
Portfolio turnover rate (%)(c) | 22 | 15 | 14 | 13 | 12 |
(a) | Based on average shares outstanding during the period. |
(b) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 135 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 21.55 | $ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.32 | 0.53 | 0.26 | 0.07 | ||||||||||||
Net realized and unrealized gain (loss) | 0.14 | (0.11 | ) | 0.94 | (0.78 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.46 | 0.42 | 1.20 | (0.71 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.37 | ) | (2.79 | ) | (0.18 | ) | — | |||||||||
Net realized gains | (1.21 | ) | (1.32 | ) | (0.07 | ) | — | |||||||||
|
|
|
|
|
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|
| |||||||||
Total distributions | (1.58 | ) | (4.11 | ) | (0.25 | ) | — | |||||||||
|
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|
|
| |||||||||
Net Asset Value, end of period | $ | 20.43 | $ | 21.55 | $ | 25.24 | $ | 24.29 | ||||||||
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|
|
|
|
|
| |||||||||
Total Return (%) | 2.19 | 2.09 | 4.99 | (2.84 | )** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 3 | 4 | 5 | 5 | ||||||||||||
Ratio of expenses (%) | 0.50 | 0.51 | 0.50 | 0.50 | * | |||||||||||
Ratio of net investment income (loss) (%) | 1.52 | 2.40 | 1.04 | 0.79 | * | |||||||||||
Portfolio turnover rate (%)(c) | 23 | 34 | 22 | 7 | ** | |||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.94 | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||||
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|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.18 | 0.16 | (0.11 | ) | (0.02 | ) | ||||||||||
Net realized and unrealized gain (loss) | 5.99 | (1.51 | ) | (0.65 | )(d) | 0.10 | (d) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 6.17 | (1.35 | ) | (0.76 | ) | 0.08 | ||||||||||
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|
|
|
|
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| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.12 | ) | (0.03 | ) | — | — | ||||||||||
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|
|
|
|
|
|
| |||||||||
Total distributions | (0.12 | ) | (0.03 | ) | — | — | ||||||||||
|
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|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | ||||||||
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|
|
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|
|
| |||||||||
Total Return (%) | 27.01 | (5.55 | ) | (3.07 | ) | 0.32 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 29 | 118 | 137 | 5 | ||||||||||||
Ratio of expenses (%) | 0.58 | 0.58 | 0.58 | 0.58 | * | |||||||||||
Ratio of net investment income (loss) (%) | 0.74 | 0.72 | (0.47 | ) | (0.26 | )* | ||||||||||
Portfolio turnover rate (%)(c) | 110 | 124 | 287 | 8 | ** |
(a) | For the period January 23, 2014 (commencement of operations) through May 31, 2014. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 136 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 22.25 | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.85 | 0.89 | 0.92 | 1.32 | ||||||||||||
Net realized and unrealized gain (loss) | 4.06 | (2.95 | ) | 0.08 | 0.63 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 4.91 | (2.06 | ) | 1.00 | 1.95 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.62 | ) | (1.51 | ) | (1.58 | ) | (0.42 | ) | ||||||||
Net realized gains | (4.62 | ) | (0.11 | ) | (0.02 | ) | — | |||||||||
|
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|
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|
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| |||||||||
Total distributions | (5.24 | ) | (1.62 | ) | (1.60 | ) | (0.42 | ) | ||||||||
|
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|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | ||||||||
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|
|
|
|
|
|
| |||||||||
Total Return (%) | 24.79 | (8.25 | ) | 4.27 | 7.90 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 5 | 6 | 5 | 5 | ||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||
Ratio of net investment income (loss) (%) | 3.81 | 4.04 | 3.57 | 7.70 | * | |||||||||||
Portfolio turnover rate (%)(c) | 35 | 24 | 19 | 11 | ** |
(a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 137 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | MSCI Asia Pacific ex Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Deutsche X-trackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index | |
Deutsche X-trackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | MSCI United Kingdom US Dollar Hedged Index |
The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI Asia Pacific ex Japan US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI Brazil US Dollar Hedged Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Brazilian real.
The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies.
138
DBX ETF Trust
Notes to Financial Statements (Continued)
The MSCI Europe US Dollar Hedged Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI EMU US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.
The MSCI Mexico IMI 25/50 US Dollar Hedged Index is designed to provide exposure to the Mexican equity markets while at the same time mitigating exposure to fluctuations of the Mexican peso relative to the U.S. dollar.
The MSCI Korea 25/50 US Dollar Hedged Index is designed to provide exposure to the South Korean equity markets while at the same time mitigating exposure to fluctuations of the South Korean won relative to the U.S. dollar.
The MSCI United Kingdom US Dollar Hedged Index is designed to provide exposure to the United Kingdom equity markets while at the same time hedging exposure to fluctuations of the British pound sterling relative to the U.S. dollar.
The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the Fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
139
DBX ETF Trust
Notes to Financial Statements (Continued)
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.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are
140
DBX ETF Trust
Notes to Financial Statements (Continued)
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 Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2017, the Funds did not incur any interest or penalties.
As of May 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 1,338,285 | $ | (2,480,779 | ) | $ | 5,931,695 | $ | 4,789,201 | |||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 34,504 | (1,007,611 | ) | 268,233 | (704,874 | ) | ||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 54,241 | (5,645,602 | ) | (138,971 | ) | (5,730,332 | ) | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 553,108 | (24,527,998 | ) | 15,252,349 | (8,722,541 | ) | ||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 37,431,502 | (67,692,115 | ) | 5,679,238 | (24,581,375 | ) | ||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 1,089,928 | (3,019,406 | ) | 5,511,464 | 3,581,986 | |||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 757,164 | (6,094,888 | ) | 398,327 | (4,939,397 | ) | ||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 42,063,267 | (174,452,775 | ) | 63,542,017 | (68,847,491 | ) | ||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | (131,648 | ) | (544,296 | ) | (675,944 | ) | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | — | (12,838,306 | ) | 6,011,242 | (6,827,064 | ) | ||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 34,513 | (629,076 | ) | (39,073 | ) | (633,636 | ) |
141
DBX ETF Trust
Notes to Financial Statements (Continued)
The tax character of dividends and distributions declared for the years ended May 31, 2017 and May 31, 2016 were as follows:
Year Ended May 31, 2017 | ||||||||
Ordinary Income* | Long Term Capital Gains | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 1,409,981 | $ | — | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 83,349 | — | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 16,681 | — | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 2,272,221 | — | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 152,631,001 | 102,066,146 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 2,397,494 | — | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 3,345,700 | — | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 14,421,223 | — | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 173,059 | 141,504 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 430,440 | — | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 613,190 | 697,025 |
Year Ended May 31, 2016 | ||||||||||||
Ordinary Income* | Long Term Capital Gains | Return of Capital | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 2,321,724 | $ | 544,791 | $ | — | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 606,913 | 155,092 | — | |||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 1,037,444 | — | 3,755 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 6,061,629 | — | — | |||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 123,776,401 | 18,313,322 | — | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 1,359,253 | — | — | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 10,562,800 | — | — | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 59,783,319 | 23,200,118 | — | |||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 670,959 | 152,095 | — | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 154,180 | — | — | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 313,158 | 12,470 | — |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At May 31, 2017 for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, as provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 911,939 | $ | 422,737 | $ | 1,334,676 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 539,120 | 432,009 | 971,129 | |||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 2,487,156 | 2,928,661 | 5,415,817 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 11,443,599 | 5,939,105 | 17,382,704 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 654,933 | 809,557 | 1,464,490 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 1,981,004 | 3,512,868 | 5,493,872 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 77,673,701 | 96,779,074 | 174,452,775 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 2,142,159 | 8,644,055 | 10,786,214 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
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During the fiscal year ended May 31, 2017, the Fund incurred and elected to defer net capital losses as follows:
Late Year Ordinary Losses | Post-October Losses on Capital | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 1,146,103 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | — | 36,482 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | — | 229,785 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | — | 7,145,294 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | — | 67,692,115 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | — | 1,554,916 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | — | 601,016 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 131,648 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 1,889 | 2,050,203 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | 629,076 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to tax equalization utilized, Indian capital gain tax paid, partnership adjustment, return of capital distributions received, recognition of certain foreign currency gains (losses) as ordinary income (loss), net ordinary loss, Passive Foreign Investment Companies (“PFICs”) and redemptions-in-kind. For the fiscal year ended May 31, 2017, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Pain-In Capital | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | (30,342 | ) | $ | (254,599 | ) | $ | 284,941 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 10,851 | 4,728 | (15,579 | ) | ||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | (25,473 | ) | 25,473 | — | ||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | (386,784 | ) | 632,403 | (245,619 | ) | |||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | (14,741,343 | ) | 42,815,978 | (28,074,635 | ) | |||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 249,876 | 1,166,531 | (1,416,407 | ) | ||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 292,140 | 6,943,245 | (7,235,385 | ) | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 17,896,755 | (79,911,930 | ) | 62,015,175 | ||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | (45,980 | ) | 182,734 | (136,754 | ) | |||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | (354,025 | ) | (250,946 | ) | 604,971 | |||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | (144,678 | ) | 144,678 | — |
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 May 31, 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 year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount
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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 year ended May 31, 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 May 31, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of May 31, 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 May 31, 2017, the funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
As of May 31, 2017, the funds listed below had no securities on loan.
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Derivatives
Forward Foreign Currency Exchange Contracts Each Fund may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2017, The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invested in forward currency contracts to hedge against
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changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF, Deutsche X-trackers MSCI United Kingdom ETF and Deutsche X-trackers MSCI Mexico Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 2017 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 2017.
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 year ended May 31, 2017, Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF and Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF utilized futures in order to simulate investments in each Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 2017 is included in a table following the Funds’ Schedule of Investments.
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The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 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 MSCI All World ex US Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 100,831 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 232,088 | Unrealized depreciation on forward foreign currency exchange contracts | 1,484,929 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 332,919 | Total | $ | 1,484,929 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 5,274 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 10,020 | Unrealized depreciation on forward foreign currency exchange contracts | 17,765 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 15,294 | Total | $ | 17,765 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 2,280 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 27,221 | Unrealized depreciation on forward foreign currency exchange contracts | 6,368 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 27,221 | Total | $ | 8,648 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 245,349 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 374,728 | Unrealized depreciation on forward foreign currency exchange contracts | 1,600,513 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 620,077 | Total | $ | 1,600,513 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 2,031,922 | Unrealized depreciation on futures contracts | $ | 236,972 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 6,609,881 | Unrealized depreciation on forward foreign currency exchange contracts | 56,974,741 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 8,641,803 | Total | $ | 57,211,713 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 19,497 | Unrealized depreciation on futures contracts | $ | 400 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 54,728 | Unrealized depreciation on forward foreign currency exchange contracts | 1,918,815 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 74,225 | Total | $ | 1,919,215 | |||||||||
|
|
|
|
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Asset Derivatives | Liability Derivatives | |||||||||||||
Risk Type | Statement of Asset and | Fair Value | Statement of Asset and | Fair Value | ||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 86,188 | Unrealized depreciation on futures contracts | $ | 1,353 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 232,488 | Unrealized depreciation on forward foreign currency exchange contracts | 2,132,802 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 318,676 | Total | $ | 2,134,155 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 2,278,679 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 2,755,050 | Unrealized depreciation on forward foreign currency exchange contracts | 12,084,356 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 5,033,729 | Total | $ | 12,084,356 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 7,696 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 77,653 | ||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 77,011 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 24,864 | Unrealized depreciation on forward foreign currency exchange contracts | 433,081 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 101,875 | Total | $ | 433,081 | |||||||||
|
|
|
| |||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 36,077 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 10,534 |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 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 | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 176,797 | $ | 2,854,757 | $ | 3,031,554 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 11,481 | (12,416 | ) | (935 | ) | |||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | (2,340 | ) | (703,245 | ) | (705,585 | ) | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 87,491 | (6,781,665 | ) | (6,694,174 | ) | |||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 2,720,638 | 239,112,138 | 241,832,776 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 110,758 | 3,595,608 | 3,706,366 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 264,827 | 5,912,355 | 6,177,182 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 295,815 | 66,356,517 | 66,652,332 | |||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | 371,588 | 371,588 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 21,678 | 911,854 | 933,532 | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 783 | 691,101 | 691,884 | |||||||||
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Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures - Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 100,831 | $ | (3,333,933 | ) | $ | (3,233,102 | ) | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 5,274 | (107,080 | ) | (101,806 | ) | |||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | (2,280 | ) | (109,905 | ) | (112,185 | ) | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 263,529 | (4,598,403 | ) | (4,334,874 | ) | |||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 1,794,950 | (136,580,458 | ) | (134,785,508 | ) | |||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 19,097 | (4,170,449 | ) | (4,151,352 | ) | |||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 78,151 | (5,238,492 | ) | (5,160,341 | ) | |||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 2,287,950 | (45,585,623 | ) | (43,297,673 | ) | |||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | (372,072 | ) | (372,072 | ) | |||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 77,011 | (5,058,505 | ) | (4,981,494 | ) | |||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | — | (38,004 | ) | (38,004 | ) |
For the year ended May 31, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 1,981,149 | $ | (73,210,430 | ) | |||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 147,345 | (3,855,499 | ) | |||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 81,488 | (4,183,629 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 1,442,004 | (142,602,877 | ) | |||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 51,129,139 | (2,513,825,964 | ) | |||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 733,455 | (54,393,479 | ) | |||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 1,347,879 | (76,349,319 | ) | |||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 11,591,323 | (1,595,189,645 | ) | |||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | — | (3,424,733 | ) | |||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 756,934 | (40,076,310 | ) | |||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 45,096 | (5,462,162 | ) |
As of May 31, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to
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netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 72,954 | $ | (72,954 | ) | $ | — | $ | — | $ | 719,207 | $ | (72,954 | ) | $ | — | $ | 646,253 | ||||||||||||||
JP Morgan & Chase Co. | 119,045 | (119,045 | ) | — | — | 523,722 | (119,045 | ) | — | 404,677 | ||||||||||||||||||||||
RBC Capital Markets | 16,516 | (16,516 | ) | 97,048 | (16,516 | ) | 80,532 | |||||||||||||||||||||||||
The Bank of New York Mellon | 19,170 | (19,170 | ) | — | — | 96,744 | (19,170 | ) | — | 77,574 | ||||||||||||||||||||||
The Bank of Nova Scotia | 4,403 | (4,403 | ) | — | — | 48,208 | (4,403 | ) | — | 43,805 | ||||||||||||||||||||||
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$ | 232,088 | $ | (232,088 | ) | $ | — | $ | — | $ | 1,484,929 | $ | (232,088 | ) | $ | — | $ | 1,252,841 | |||||||||||||||
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Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 3,135 | $ | (3,135 | ) | $ | — | $ | — | $ | 6,826 | $ | (3,135 | ) | $ | — | $ | 3,691 | ||||||||||||||
RBC Capital Markets | 843 | (843 | ) | — | — | 1,958 | (843 | ) | — | 1,115 | ||||||||||||||||||||||
The Bank of New York Mellon | 6,042 | (6,042 | ) | — | — | 8,981 | (6,042 | ) | — | 2,939 | ||||||||||||||||||||||
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$ | 10,020 | $ | (10,020 | ) | $ | — | $ | — | $ | 17,765 | $ | (10,020 | ) | $ | — | $ | 7,745 | |||||||||||||||
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Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 15,765 | $ | (4,348 | ) | $ | — | $ | 11,417 | $ | 4,348 | $ | (4,348 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 3,147 | (170 | ) | — | 2,977 | 170 | (170 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 6,592 | (1,225 | ) | — | 5,367 | 1,225 | (1,225 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 1,717 | (625 | ) | — | 1,092 | 625 | (625 | ) | — | — | ||||||||||||||||||||||
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$ | 27,221 | $ | (6,368 | ) | $ | — | $ | 20,853 | $ | 6,368 | $ | (6,368 | ) | $ | — | $ | — | |||||||||||||||
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Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 73,681 | $ | (73,681 | ) | $ | — | $ | — | $ | 510,241 | $ | (73,681 | ) | $ | — | $ | 436,560 | ||||||||||||||
JP Morgan & Chase Co. | 119,936 | (119,936 | ) | — | — | 626,864 | (119,936 | ) | — | 506,928 | ||||||||||||||||||||||
RBC Capital Markets | 65,380 | (65,380 | ) | — | — | 191,959 | (65,380 | ) | — | 126,579 | ||||||||||||||||||||||
The Bank of New York Mellon | 47,709 | (47,709 | ) | — | — | 131,303 | (47,709 | ) | — | 83,594 | ||||||||||||||||||||||
The Bank of Nova Scotia | 68,022 | (68,022 | ) | 0 | 0 | 140,146 | (68,022 | ) | — | 72,124 | ||||||||||||||||||||||
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$ | 374,728 | $ | (374,728 | ) | $ | — | $ | — | $ | 1,600,513 | $ | (374,728 | ) | $ | — | $ | 1,225,785 | |||||||||||||||
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Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 299,485 | $ | (299,485 | ) | $ | — | $ | — | $ | 3,323,468 | $ | (299,485 | ) | $ | — | $ | 3,023,983 | ||||||||||||||
JP Morgan & Chase Co. | 1,984,436 | (1,984,436 | ) | — | — | 15,919,379 | (1,984,436 | ) | — | 13,934,943 | ||||||||||||||||||||||
RBC Capital Markets | 2,434,156 | (2,434,156 | ) | — | — | 15,053,920 | (2,434,156 | ) | — | 12,619,764 | ||||||||||||||||||||||
The Bank of New York Mellon | 548,271 | (548,271 | ) | — | — | 4,522,872 | (548,271 | ) | — | 3,974,601 | ||||||||||||||||||||||
The Bank of Nova Scotia | 1,343,533 | (1,343,533 | ) | — | — | 18,155,102 | (1,343,533 | ) | (13,520,000 | ) | 3,291,569 | |||||||||||||||||||||
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$ | 6,609,881 | $ | (6,609,881 | ) | $ | — | $ | — | $ | 56,974,741 | $ | (6,609,881 | ) | $ | (13,520,000 | ) | $ | 36,844,860 | ||||||||||||||
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Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 31,653 | $ | (31,653 | ) | $ | — | $ | — | $ | 1,918,815 | $ | (31,653 | ) | $ | — | $ | 1,887,162 | ||||||||||||||
JP Morgan & Chase Co. | 23,075 | — | — | 23,075 | — | — | — | – | ||||||||||||||||||||||||
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$ | 54,728 | $ | (31,653 | ) | $ | — | $ | 23,075 | $ | 1,918,815 | $ | (31,653 | ) | $ | — | $ | 1,887,162 | |||||||||||||||
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149
DBX ETF Trust
Notes to Financial Statements (Continued)
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 15,627 | $ | (15,627 | ) | $ | — | $ | — | $ | 632,123 | $ | (15,627 | ) | $ | — | $ | 616,496 | ||||||||||||||
RBC Capital Markets | 18,177 | (18,177 | ) | — | — | 765,697 | (18,177 | ) | — | 747,520 | ||||||||||||||||||||||
The Bank of Nova Scotia | 198,684 | (198,684 | ) | — | — | 734,982 | (198,684 | ) | (290,000 | ) | 246,298 | |||||||||||||||||||||
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$ | 232,488 | $ | (232,488 | ) | $ | — | $ | — | $ | 2,132,802 | $ | (232,488 | ) | $ | (290,000 | ) | $ | 1,610,314 | ||||||||||||||
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Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 166,623 | $ | — | $ | — | $ | 166,623 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
JP Morgan & Chase Co. | 753,298 | (753,298 | ) | — | — | 3,330,717 | (753,298 | ) | — | 2,577,419 | ||||||||||||||||||||||
RBC Capital Markets | 724,054 | (724,054 | ) | — | — | 4,060,677 | (724,054 | ) | — | 3,336,623 | ||||||||||||||||||||||
The Bank of New York Mellon | 117,660 | (117,660 | ) | — | — | 637,264 | (117,660 | ) | — | 519,604 | ||||||||||||||||||||||
The Bank of Nova Scotia | 993,415 | (993,415 | ) | — | — | 4,055,698 | (993,415 | ) | (2,730,000 | ) | 332,283 | |||||||||||||||||||||
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$ | 2,755,050 | $ | (2,588,427 | ) | $ | — | $ | 166,623 | $ | 12,084,356 | $ | (2,588,427 | ) | $ | (2,730,000 | ) | $ | 6,765,929 | ||||||||||||||
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Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||||||||||||||||||
RBC Capital Markets | $ | 4,281 | $ | (4,281 | ) | $ | — | $ | — | $ | 42,408 | $ | (4,281 | ) | $ | — | $ | 38,127 | ||||||||||||||
The Bank of Nova Scotia | 3,415 | (3,415 | ) | — | — | 35,245 | (3,415 | ) | — | 31,830 | ||||||||||||||||||||||
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$ | 7,696 | $ | (7,696 | ) | $ | — | $ | — | $ | 77,653 | $ | (7,696 | ) | $ | — | $ | 69,957 | |||||||||||||||
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Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 10,645 | $ | (10,645 | ) | $ | — | $ | — | $ | 297,197 | $ | (10,645 | ) | $ | — | $ | 286,552 | ||||||||||||||
RBC Capital Markets | 11,990 | (11,990 | ) | — | — | 135,884 | (11,990 | ) | — | 123,894 | ||||||||||||||||||||||
The Bank of New York Mellon | 2,229 | — | — | 2,229 | — | — | — | — | ||||||||||||||||||||||||
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$ | 24,864 | $ | (22,635 | ) | $ | — | $ | 2,229 | $ | 433,081 | $ | (22,635 | ) | $ | — | $ | 410,446 | |||||||||||||||
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Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 18,397 | $ | (5,877 | ) | $ | — | $ | 12,520 | $ | 5,877 | $ | (5,877 | ) | $ | — | $ | — | ||||||||||||||
The Bank of Nova Scotia | 17,680 | (4,657 | ) | — | 13,023 | 4,657 | (4,657 | ) | — | — | ||||||||||||||||||||||
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$ | 36,077 | $ | (10,534 | ) | $ | — | $ | 25,543 | $ | 10,534 | $ | (10,534 | ) | $ | — | $ | — | |||||||||||||||
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(a) | The actual collateral received may be more than amount shown. |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to each Fund and was responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time.
150
DBX ETF Trust
Notes to Financial Statements (Continued)
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
Effective Dates | ||
November 17, 2016 | Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||
December 9, 2016 | Deutsche X-trackers MSCI Europe Hedged Equity ETF | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 0.60 | % | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 0.60 | % | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 0.50 | % | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 0.58 | % | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
151
DBX ETF Trust
Notes to Financial Statements (Continued)
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG securities for the year ended May 31, 2017.
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Income ($) | Value ($) at 5/31/17 | |||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG | 99,464 | 48,376 | (4,777 | ) | (1,803 | ) | 2,384 | 195,941 | ||||||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG | 10,421,441 | 2,946,088 | (5,277,214 | ) | (3,237,237 | ) | 135,217 | 10,922,148 | ||||||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG | 490,996 | 120,156 | (241,789 | ) | (138,238 | ) | 5,599 | 457,212 | ||||||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||
Deutsche Bank AG | 2,496,049 | 192,500 | (1,468,425 | ) | (1,125,992 | ) | 21,301 | 1,723,784 |
5. Investment Portfolio Transactions
For the year ended May 31, 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 MSCI All World ex US Hedged Equity ETF | $ | 15,010,756 | $ | 11,473,256 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 577,888 | 1,334,789 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 1,196,109 | 1,784,730 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 68,860,294 | 64,706,496 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 445,210,154 | 566,042,563 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 8,673,348 | 10,454,219 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 9,318,442 | 13,106,592 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 376,738,561 | 353,308,667 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 846,654 | 1,111,607 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 53,590,832 | 152,412,883 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 1,929,517 | 2,319,813 |
For the year ended May 31, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 23,293,875 | $ | 3,104,951 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | — | 816,623 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 27,896,985 | 11,571,358 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 508,434,144 | 1,291,624,637 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 12,624,102 | 37,783,668 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 2,573,158 | 56,840,675 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 1,249,432,034 | 759,350,030 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 1,123,927 | 2,149,042 |
6. Fund Share Transactions
As of May 31, 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
152
DBX ETF Trust
Notes to Financial Statements (Continued)
portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Brazil Hedged Equity ETF and Deutsche X-trackers South Korea Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2017.
Pro-rata Share | ||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 9,450,000 | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 525,000 | |||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 19,950,000 |
153
DBX ETF Trust
Report of Independent Registered Public Accounting Firm
To Board of Trustees and Shareholders of
DBX ETF Trust:
We have audited the accompanying statements of assets and liabilities of Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI Mexico Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF and Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (the “Funds” within DBX ETF Trust), including the schedules of investments, as of May 31, 2017, and the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI Mexico Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF and Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF at May 31, 2017, the results of their operations for the year then ended and the changes in their net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
New York, New York
July 26, 2017
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DBX ETF Trust
Trustees and Officers (Unaudited)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 35 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 35 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 35 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
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DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee
Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008-present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-present). | 35 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank AG and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in the Deutsche Asset Management Passive Asset Management Group at Deutsche Bank AG and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
156
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the Deutsche Asset Management Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank A.G. and has served as a Portfolio Manager in the Passive Asset Management business since 2011. Also at Deutsche Bank, Mr. Richards served as the primary portfolio manager for the PowerShares DB Commodity ETFs until their sale in 2015. | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of Deutsche Asset Management at Deutsche Bank AG (2014-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.deutsche-etfs.com.
157
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex-Japan Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF, Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF, Deutsche X-trackers MSCI Mexico Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone Hedged Equity 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 MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF, Deutsche X-trackers MSCI Mexico Hedged Equity ETF, Deutsche X-trackers MSCI All World ex-US Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone Hedged Equity 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
158
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
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 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 certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other 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.
159
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2017.
Qualified Dividend Income* | ||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | 86 | % | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 69 | % | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 11 | % | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 90 | % | ||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 60 | % | ||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 63 | % | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 91 | % | ||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 100 | % | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | 28 | % | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | 100 | % | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 48 | % |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
160
DBX ETF Trust
Additional Information (Unaudited) (Continued)
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | $ | 2,535,274 | $ | 207,933 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | 133,055 | 10,750 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | 124,596 | 2,570 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | 3,940,144 | 470,182 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | 93,439,065 | 2,754,761 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | 1,968,311 | 154,016 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | 2,010,913 | 356,809 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | 35,067,654 | 3,326,500 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | 238,958 | 1,150 |
161
DBX ETF Trust
Privacy Policy Notice (Unaudited)
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
In June 2016, the United Kingdom approved a referendum to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | 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-35361-4 (7/17) DBX 002746 (7/18)
May 31, 2017
Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for the fiscal year ended May 31, 2017.
The global economy has been rebounding since last year across developed and emerging markets. Consistent news of strengthening investment, trade activity and recovering commodity prices have placed the global economy on a firmer footing amid political uncertainty. The U.S. economy grew, and amid rising inflation prospects, the U.S. Federal Reserve Board (FRB) continued its rate-hike trajectory. Similarly, in Japan and the Eurozone, earnings momentum gained pace and economic indicators continued to reflect signs of improvement. Elsewhere, emerging markets outpaced their developed counterparts led by cyclical recoveries in Brazil and Russia and well-supported growth in China.
After the initial uncertainty caused by Britain’s decision to exit the European Union (EU) in June last year, the Eurozone prevailed over its largest potential market mover — the French election — as Emmanuel Macron’s victory abated fears of France also exiting the EU. The Eurozone economy continues to depict a favorable picture, with the unemployment rate steadily declining and consumer confidence rising to its highest level following the financial crisis. However, as core inflation remains sluggish, the European Central Bank (ECB) re-affirmed the need to continue monetary policy easing. Germany, with its third successive year of budget surplus, EUR 25 billion alone in 2017, proved its economic strength in the region. Spain had continued economic momentum backed by structural reform, highly accommodative monetary policy, and rising exports, making it one of the fastest growing economies in Europe. Italy, however, witnessed prolonged weak economic growth resulting from massive debt, a deteriorating banking system, and high unemployment levels. The U.K. faced its share of challenges, with a weak British pound sterling and soft economic data lowering the growth outlook amid the invoking of Article 501 to exit the EU and the call for snap elections2 in June 2017.
Japan grew for a fifth consecutive quarter — its longest stretch of growth in more than a decade. Japan’s exports improved significantly amid a recovering global economy and weakening currency. China’s extraordinary fiscal stimulus and structural reform led to stronger-than-expected GDP growth over the past year. At the end of the mining boom, the Australian economy is now restructuring, assisted by macroeconomic policies and currency depreciation. Its low interest rate has not only spurred overall demand, but has also increased risk taking and pushed housing prices and mortgages to historical highs.
Global growth expectations are rising on a broader recovery, driven by continued reflation momentum, coupled with an improved positive earnings outlook across markets and higher commodity prices. Normalization of monetary policy is gaining momentum, as the FRB looks forward to further interest rate increases and the ECB scales down its bond buying program. Hedging currency exposure plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Article 50 of the Lisbon Treaty governs the withdrawal of a member state from the EU.
2 A snap election is an election called earlier than expected. Generally it refers to an election in a parliamentary system called when not required (either by law or convention), usually to capitalize on a unique electoral opportunity or to decide a pressing issue.
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
This Page is Intentionally Left Blank
2
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
The Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. The DBEF Index includes securities from the following 21 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the U.K. For the 12-month period ended May 31, 2017, DBEF shares returned 19.17%, compared to the DBEF Index return of 19.56%.
All sectors contributed positively to performance, with the greatest contribution coming from Financials, Industrials, and Consumer Discretionary. From a geographical perspective, Japan, France, and Germany were the significant positive contributors. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.deutsche-etfs.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-5 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
3
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
The Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. As of May 31, 2017, the Index included securities from the following 21 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into and index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EAFE US Dollar Hedged Index | MSCI EAFE Index | |||||
One Year | 19.17% | 19.68% | 19.56% | 16.44% | ||||
Five Year | 13.54% | 13.05% | 13.99% | 10.21% | ||||
Since Inception1 | 9.02% | 9.06% | 9.47% | 4.84% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EAFE US Dollar Hedged Index | MSCI EAFE Index | |||||
One Year | 19.17% | 19.68% | 19.56% | 16.44% | ||||
Five Year | 88.67% | 84.64% | 92.46% | 62.61% | ||||
Since Inception1 | 67.66% | 68.01% | 71.79% | 32.68% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
4
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/17
Financials | 20.7% | |||
Industrials | 14.4% | |||
Consumer Discretionary | 12.1% | |||
Consumer Staples | 11.8% | |||
Health Care | 11.1% | |||
Materials | 7.4% | |||
Information Technology | 6.0% | |||
Energy | 4.9% | |||
Telecommunication Services | 4.4% | |||
Real Estate | 3.7% | |||
Utilities | 3.5% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (11% of Net Assets)
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.9% | |||
Roche Holding AG (Switzerland) | 1.4% | |||
Novartis AG (Switzerland) | 1.3% | |||
HSBC Holdings PLC (United Kingdom) | 1.2% | |||
Toyota Motor Corp. (Japan) | 1.0% | |||
British American Tobacco PLC (United Kingdom) | 0.9% | |||
TOTAL SA (France) | 0.9% | |||
Royal Dutch Shell PLC (Netherlands) | 0.8% | |||
BP PLC (United Kingdom) | 0.8% | |||
Sanofi (France) | 0.8% |
Country Diversification*
as of 5/31/17
Japan | 23.1% | |||
United Kingdom | 16.0% | |||
France | 10.3% | |||
Germany | 9.5% | |||
Switzerland | 9.3% | |||
Australia | 6.9% | |||
Netherlands | 4.3% | |||
Spain | 3.5% | |||
Hong Kong | 3.3% | |||
Sweden | 2.9% | |||
Italy | 2.0% | |||
Other | 8.9% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
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 (December 1, 2016 to May 31, 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 December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,139.30 | 0.35 | % | $ | 1.87 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.19 | 0.35 | % | $ | 1.77 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
6
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 96.0% | ||||||||
Australia — 6.6% | ||||||||
AGL Energy Ltd. | 407,230 | $ | 7,973,332 | |||||
Alumina Ltd. (a) | 1,480,779 | 2,112,569 | ||||||
Amcor Ltd. | 700,730 | 7,987,218 | ||||||
AMP Ltd. | 1,787,140 | 6,706,091 | ||||||
APA Group (b) | 675,171 | 4,806,166 | ||||||
Aristocrat Leisure Ltd. | 333,967 | 5,409,779 | ||||||
ASX Ltd. | 117,178 | 4,450,988 | ||||||
Aurizon Holdings Ltd. | 1,244,109 | 5,084,410 | ||||||
AusNet Services | 1,060,102 | 1,335,171 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,774,432 | 36,931,075 | ||||||
Bank of Queensland Ltd. | 242,844 | 2,013,775 | ||||||
Bendigo & Adelaide Bank Ltd. | 291,439 | 2,440,569 | ||||||
BHP Billiton Ltd. | 1,948,186 | 34,597,745 | ||||||
BHP Billiton PLC | 1,282,675 | 19,385,641 | ||||||
BlueScope Steel Ltd. | 345,555 | 2,952,803 | ||||||
Boral Ltd. | 722,951 | 3,679,755 | ||||||
Brambles Ltd. | 959,939 | 7,396,766 | ||||||
Caltex Australia Ltd. | 160,841 | 3,951,110 | ||||||
Challenger Ltd. | 352,543 | 3,350,442 | ||||||
CIMIC Group Ltd. | 58,294 | 1,754,278 | ||||||
Coca-Cola Amatil Ltd. | 353,174 | 2,451,066 | ||||||
Cochlear Ltd. | 35,414 | 3,857,437 | ||||||
Commonwealth Bank of Australia | 1,044,275 | 61,804,506 | ||||||
Computershare Ltd. | 286,377 | 3,066,349 | ||||||
Crown Resorts Ltd. | 220,740 | 2,124,077 | ||||||
CSL Ltd. | 276,437 | 26,557,096 | ||||||
Dexus REIT | 586,254 | 4,526,066 | ||||||
Domino’s Pizza Enterprises Ltd. (a) | 37,394 | 1,596,844 | ||||||
Flight Centre Travel Group Ltd. (a) | 34,989 | 929,712 | ||||||
Fortescue Metals Group Ltd. | 960,122 | 3,460,092 | ||||||
Goodman Group REIT | 1,079,918 | 6,820,704 | ||||||
GPT Group REIT | 1,088,116 | 4,236,683 | ||||||
Harvey Norman Holdings Ltd. (a) | 350,652 | 982,284 | ||||||
Healthscope Ltd. | 1,043,878 | 1,566,825 | ||||||
Incitec Pivot Ltd. | 1,040,460 | 2,644,058 | ||||||
Insurance Australia Group Ltd. | 1,429,311 | 6,754,657 | ||||||
LendLease Group (b) | 334,844 | 4,063,013 | ||||||
Macquarie Group Ltd. | 195,123 | 12,998,051 | ||||||
Medibank Pvt Ltd. | 1,698,369 | 3,470,437 | ||||||
Mirvac Group REIT | 2,237,284 | 3,790,316 | ||||||
National Australia Bank Ltd. | 1,610,519 | 36,044,607 | ||||||
Newcrest Mining Ltd. | 463,609 | 7,282,430 | ||||||
Oil Search Ltd. | 830,125 | 4,385,636 | ||||||
Orica Ltd. | 231,216 | 3,381,135 | ||||||
Origin Energy Ltd.* | 1,072,566 | 6,136,691 | ||||||
Qantas Airways Ltd. | 265,126 | 986,983 | ||||||
QBE Insurance Group Ltd. | 829,782 | 7,953,773 | ||||||
Ramsay Health Care Ltd. | 87,237 | 4,468,157 | ||||||
REA Group Ltd. | 31,438 | 1,499,017 | ||||||
Santos Ltd.* | 1,095,989 | 2,736,308 | ||||||
Scentre Group REIT | 3,222,128 | 10,199,335 | ||||||
SEEK Ltd. | 203,765 | 2,557,283 | ||||||
Sonic Healthcare Ltd. | 243,660 | 4,193,168 | ||||||
South32 Ltd. | 3,214,979 | 6,306,691 | ||||||
Stockland REIT | 1,460,854 | 5,123,518 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Suncorp Group Ltd. | 780,631 | $ | 8,027,889 | |||||
Sydney Airport (b) | 679,851 | 3,758,427 | ||||||
Tabcorp Holdings Ltd. | 503,353 | 1,713,001 | ||||||
Tatts Group Ltd. | 801,948 | 2,502,736 | ||||||
Telstra Corp. Ltd. | 2,529,147 | 8,268,871 | ||||||
TPG Telecom Ltd. (a) | 233,044 | 1,019,935 | ||||||
Transurban Group (b) | 1,239,398 | 11,345,953 | ||||||
Treasury Wine Estates Ltd. | 455,200 | 4,403,852 | ||||||
Vicinity Centres REIT | 2,037,434 | 4,178,420 | ||||||
Wesfarmers Ltd. | 684,941 | 21,732,041 | ||||||
Westfield Corp. REIT | 1,192,286 | 7,512,695 | ||||||
Westpac Banking Corp. | 2,027,917 | 45,958,886 | ||||||
Woodside Petroleum Ltd. | 458,764 | 10,959,476 | ||||||
Woolworths Ltd. | 780,361 | 15,105,071 | ||||||
|
| |||||||
571,761,941 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 43,400 | 2,603,932 | ||||||
Erste Group Bank AG* | 181,595 | 6,589,064 | ||||||
OMV AG | 90,822 | 4,734,489 | ||||||
Raiffeisen Bank International AG* | 89,327 | 2,353,113 | ||||||
voestalpine AG | 68,139 | 3,085,119 | ||||||
|
| |||||||
19,365,717 | ||||||||
|
| |||||||
Belgium — 1.1% | ||||||||
Ageas (a) | 117,736 | 4,754,064 | ||||||
Anheuser-Busch InBev SA/NV | 461,267 | 53,811,634 | ||||||
Colruyt SA | 39,764 | 2,200,177 | ||||||
Groupe Bruxelles Lambert SA | 47,898 | 4,653,723 | ||||||
KBC Group NV | 151,549 | 11,402,905 | ||||||
Proximus SADP | 90,198 | 3,241,875 | ||||||
Solvay SA | 44,280 | 5,789,991 | ||||||
Telenet Group Holding NV* | 31,247 | 2,070,988 | ||||||
UCB SA | 76,952 | 5,430,442 | ||||||
Umicore SA | 57,303 | 3,795,353 | ||||||
|
| |||||||
97,151,152 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 243,188 | 2,509,806 | ||||||
|
| |||||||
China — 0.0% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,208,500 | 1,109,236 | ||||||
|
| |||||||
Denmark — 1.7% | ||||||||
A.P. Moller — Maersk A/S, Class A | 2,262 | 4,106,237 | ||||||
A.P. Moller — Maersk A/S, Class B | 3,967 | 7,554,821 | ||||||
Carlsberg A/S, Class B | 64,419 | 7,014,491 | ||||||
Chr Hansen Holding A/S | 59,784 | 4,186,672 | ||||||
Coloplast A/S, Class B | 72,068 | 6,171,240 | ||||||
Danske Bank A/S | 445,231 | 16,722,765 | ||||||
DONG Energy A/S, 144A | 90,736 | 3,961,636 | ||||||
DSV A/S | 114,631 | 6,978,495 | ||||||
Genmab A/S* | 34,780 | 7,421,960 | ||||||
H Lundbeck A/S | 41,744 | 2,227,330 | ||||||
ISS A/S | 101,083 | 4,190,515 | ||||||
Novo Nordisk A/S, Class B | 1,093,070 | 46,453,556 | ||||||
Novozymes A/S, Class B | 139,087 | 6,297,455 | ||||||
Pandora A/S | 67,203 | 6,368,678 | ||||||
TDC A/S | 500,750 | 2,989,473 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Denmark (Continued) | ||||||||
Tryg A/S | 66,990 | $ | 1,377,952 | |||||
Vestas Wind Systems A/S | 134,292 | 11,935,579 | ||||||
William Demant Holding A/S* | 75,467 | 1,979,720 | ||||||
|
| |||||||
147,938,575 | ||||||||
|
| |||||||
Finland — 1.0% | ||||||||
Elisa OYJ | 85,011 | 3,310,902 | ||||||
Fortum OYJ | 268,280 | 4,273,481 | ||||||
Kone OYJ, Class B | 203,465 | 10,081,939 | ||||||
Metso OYJ | 68,158 | 2,318,409 | ||||||
Neste OYJ | 79,062 | 3,143,154 | ||||||
Nokia OYJ | 3,529,687 | 22,382,955 | ||||||
Nokian Renkaat OYJ | 69,333 | 2,833,479 | ||||||
Orion OYJ, Class B | 63,440 | 4,104,903 | ||||||
Sampo OYJ, Class A | 269,322 | 13,684,083 | ||||||
Stora Enso OYJ, Class R | 333,086 | 4,213,200 | ||||||
UPM-Kymmene OYJ | 321,335 | 9,060,435 | ||||||
Wartsila OYJ Abp | 89,879 | 5,336,058 | ||||||
|
| |||||||
84,742,998 | ||||||||
|
| |||||||
France — 10.0% | ||||||||
Accor SA | 112,320 | 5,332,800 | ||||||
Aeroports de Paris (a) | 18,304 | 2,797,447 | ||||||
Air Liquide SA (a) | 236,234 | 28,793,167 | ||||||
Airbus SE | 351,999 | 28,893,345 | ||||||
Alstom SA* | 94,592 | 3,313,201 | ||||||
Arkema SA | 41,887 | 4,376,963 | ||||||
Atos SE | 57,232 | 8,210,075 | ||||||
AXA SA | 1,176,979 | 31,388,222 | ||||||
BNP Paribas SA (a) | 680,182 | 47,999,903 | ||||||
Bollore SA (a) | 549,356 | 2,530,201 | ||||||
Bouygues SA | 128,448 | 5,501,884 | ||||||
Bureau Veritas SA | 163,549 | 3,748,882 | ||||||
Cap Gemini SA | 97,539 | 10,098,062 | ||||||
Carrefour SA* | 346,664 | 9,052,230 | ||||||
Casino Guichard Perrachon SA | 33,598 | 2,071,686 | ||||||
Christian Dior SE | 33,023 | 9,429,949 | ||||||
Cie de Saint-Gobain | 303,793 | 16,986,595 | ||||||
Cie Generale des Etablissements Michelin (a) | 103,231 | 12,988,095 | ||||||
CNP Assurances | 108,149 | 2,378,770 | ||||||
Credit Agricole SA (a) | 686,750 | 10,522,776 | ||||||
Danone SA (a) | 358,857 | 26,638,437 | ||||||
Dassault Aviation SA | 1,438 | 2,144,586 | ||||||
Dassault Systemes SE (a) | 78,027 | 7,199,741 | ||||||
Edenred (a) | 129,734 | 3,421,915 | ||||||
Eiffage SA | 44,357 | 4,033,632 | ||||||
Electricite de France SA (a) | 330,928 | 3,565,825 | ||||||
Engie SA (a) | 1,028,736 | 15,699,321 | ||||||
Essilor International SA | 125,881 | 16,735,771 | ||||||
Eurazeo SA | 26,172 | 1,872,222 | ||||||
Eutelsat Communications SA | 106,570 | 2,741,497 | ||||||
Fonciere Des Regions REIT | 20,947 | 1,952,126 | ||||||
Gecina SA REIT | 25,418 | 3,907,540 | ||||||
Groupe Eurotunnel SE | 288,305 | 3,395,767 | ||||||
Hermes International | 12,742 | 6,297,355 | ||||||
ICADE REIT | 20,240 | 1,631,814 |
Number | Value | |||||||
France (Continued) | ||||||||
Iliad SA | 16,300 | $ | 4,227,940 | |||||
Imerys SA | 22,558 | 1,956,806 | ||||||
Ingenico Group SA | 34,130 | 3,317,955 | ||||||
Ipsen SA | 22,697 | 2,862,016 | ||||||
JCDecaux SA (a) | 46,815 | 1,549,561 | ||||||
Kering | 46,004 | 15,214,255 | ||||||
Klepierre REIT | 135,700 | 5,667,696 | ||||||
Lagardere SCA | 74,357 | 2,337,151 | ||||||
Legrand SA*(a) | 162,188 | 11,119,349 | ||||||
L’Oreal SA | 152,813 | 32,693,286 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 169,154 | 43,163,068 | ||||||
Natixis SA (a) | 580,381 | 3,833,609 | ||||||
Orange SA (a) | 1,213,250 | 21,315,933 | ||||||
Pernod Ricard SA | 128,812 | 17,494,435 | ||||||
Peugeot SA | 294,726 | 5,810,491 | ||||||
Publicis Groupe SA (a) | 123,263 | 9,436,607 | ||||||
Remy Cointreau SA | 14,092 | 1,543,140 | ||||||
Renault SA*(a) | 107,076 | 9,994,434 | ||||||
Rexel SA | 186,734 | 3,289,173 | ||||||
Safran SA | 189,739 | 16,795,778 | ||||||
Sanofi (a) | 704,575 | 69,785,526 | ||||||
Schneider Electric SE* | 341,727 | 26,318,879 | ||||||
SCOR SE (a) | 100,636 | 3,961,838 | ||||||
SEB SA | 13,703 | 2,404,440 | ||||||
Societe BIC SA | 18,123 | 2,213,995 | ||||||
Societe Generale SA (a) | 465,625 | 24,411,327 | ||||||
Sodexo SA | 55,959 | 7,634,573 | ||||||
Suez (a) | 208,833 | 3,809,802 | ||||||
Thales SA | 64,214 | 7,092,329 | ||||||
TOTAL SA (a) | 1,414,204 | 75,095,680 | ||||||
Unibail-Rodamco SE REIT | 60,390 | 15,579,330 | ||||||
Valeo SA | 145,088 | 10,100,207 | ||||||
Veolia Environnement SA | 290,494 | 6,392,767 | ||||||
Vinci SA | 302,633 | 26,425,441 | ||||||
Vivendi SA | 625,077 | 13,555,658 | ||||||
Wendel SA (a) | 17,797 | 2,714,963 | ||||||
Zodiac Aerospace | 125,180 | 3,315,859 | ||||||
|
| |||||||
862,087,099 | ||||||||
|
| |||||||
Germany — 8.6% | ||||||||
adidas AG | 114,078 | 21,817,566 | ||||||
Allianz SE | 276,841 | 53,148,347 | ||||||
Axel Springer SE | 25,662 | 1,613,190 | ||||||
BASF SE | 556,444 | 52,407,087 | ||||||
Bayer AG | 501,491 | 66,531,962 | ||||||
Bayerische Motoren Werke AG | 200,766 | 18,784,529 | ||||||
Beiersdorf AG | 60,785 | 6,527,872 | ||||||
Brenntag AG | 93,919 | 5,433,479 | ||||||
Commerzbank AG* | 642,142 | 6,772,070 | ||||||
Continental AG | 66,570 | 14,806,794 | ||||||
Covestro AG, 144A | 56,199 | 4,203,293 | ||||||
Daimler AG | 582,966 | 42,311,679 | ||||||
Deutsche Bank AG (c) | 1,253,943 | 21,939,319 | ||||||
Deutsche Boerse AG | 116,744 | 12,128,293 | ||||||
Deutsche Lufthansa AG | 144,562 | 2,808,614 | ||||||
Deutsche Post AG | 601,956 | 21,986,991 | ||||||
Deutsche Telekom AG* | 1,982,512 | 39,474,747 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Wohnen AG | 214,409 | $ | 8,409,542 | |||||
E.ON SE | 1,333,482 | 11,666,226 | ||||||
Evonik Industries AG | 98,142 | 3,379,664 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 25,166 | 2,040,272 | ||||||
Fresenius Medical Care AG & Co. KGaA | 130,461 | 12,480,548 | ||||||
Fresenius SE & Co. KGaA | 248,816 | 21,301,371 | ||||||
GEA Group AG | 110,853 | 4,554,588 | ||||||
Hannover Rueck SE | 36,503 | 4,346,620 | ||||||
HeidelbergCement AG | 89,960 | 8,375,611 | ||||||
Henkel AG & Co. KGaA | 62,494 | 7,760,941 | ||||||
HOCHTIEF AG | 11,697 | 2,151,657 | ||||||
HUGO BOSS AG (a) | 38,452 | 2,895,379 | ||||||
Infineon Technologies AG | 686,108 | 15,175,936 | ||||||
Innogy SE, 144A | 85,652 | 3,514,831 | ||||||
K+S AG (a) | 118,034 | 3,019,832 | ||||||
LANXESS AG | 55,279 | 4,125,169 | ||||||
Linde AG | 112,496 | 21,477,095 | ||||||
MAN SE | 21,283 | 2,250,018 | ||||||
Merck KGaA | 78,403 | 9,463,600 | ||||||
METRO AG | 107,429 | 3,596,293 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 97,503 | 19,249,994 | ||||||
OSRAM Licht AG | 50,818 | 3,891,600 | ||||||
ProSiebenSat.1 Media SE | 140,491 | 5,964,858 | ||||||
RWE AG* | 314,194 | 6,381,365 | ||||||
SAP SE | 594,977 | 63,789,309 | ||||||
Siemens AG | 463,608 | 66,167,219 | ||||||
Symrise AG | 74,895 | 5,382,034 | ||||||
Telefonica Deutschland Holding AG | 451,754 | 2,247,123 | ||||||
thyssenkrupp AG | 221,378 | 5,871,482 | ||||||
TUI AG | 265,695 | 4,101,151 | ||||||
United Internet AG | 75,852 | 4,172,674 | ||||||
Volkswagen AG | 19,481 | 3,051,737 | ||||||
Vonovia SE | 282,540 | 11,100,817 | ||||||
Zalando SE, 144A* | 67,145 | 3,206,432 | ||||||
|
| |||||||
749,258,820 | ||||||||
|
| |||||||
Hong Kong — 3.2% | ||||||||
AIA Group Ltd. | 7,312,278 | 51,844,821 | ||||||
ASM Pacific Technology Ltd. | 147,882 | 2,121,668 | ||||||
Bank of East Asia Ltd. | 737,476 | 3,113,610 | ||||||
BOC Hong Kong Holdings Ltd. | 2,241,655 | 10,111,475 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 408,258 | 3,518,043 | ||||||
Cheung Kong Property Holdings Ltd. | 1,614,624 | 12,121,257 | ||||||
CK Hutchison Holdings Ltd. | 1,638,250 | 21,359,658 | ||||||
CLP Holdings Ltd. | 994,432 | 10,872,642 | ||||||
First Pacific Co. Ltd. | 1,348,494 | 1,055,600 | ||||||
Galaxy Entertainment Group Ltd. | 1,420,750 | 8,213,587 | ||||||
Hang Lung Group Ltd. | 545,781 | 2,262,254 | ||||||
Hang Lung Properties Ltd. | 1,227,917 | 3,175,152 | ||||||
Hang Seng Bank Ltd. | 463,335 | 9,780,958 | ||||||
Henderson Land Development Co. Ltd. | 660,336 | 4,266,629 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (b) | 1,670,070 | 1,530,218 | ||||||
HKT Trust & HKT Ltd. (b) | 2,334,688 | 3,055,972 | ||||||
Hong Kong & China Gas Co. Ltd. | 4,622,362 | 9,882,330 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 705,468 | $ | 17,807,464 | |||||
Hongkong Land Holdings Ltd. | 715,000 | 5,405,400 | ||||||
Hysan Development Co. Ltd. | 377,437 | 1,782,431 | ||||||
Jardine Matheson Holdings Ltd. | 129,300 | 8,260,977 | ||||||
Jardine Strategic Holdings Ltd. | 134,400 | 5,640,768 | ||||||
Kerry Properties Ltd. | 409,049 | 1,446,163 | ||||||
Li & Fung Ltd. | 3,518,744 | 1,449,483 | ||||||
Link REIT | 1,342,814 | 10,597,694 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 148,698 | 3,357,601 | ||||||
MTR Corp. Ltd. | 910,264 | 5,186,457 | ||||||
New World Development Co. Ltd. | 3,476,250 | 4,327,162 | ||||||
NWS Holdings Ltd. | 948,006 | 1,834,564 | ||||||
PCCW Ltd. | 2,675,000 | 1,558,476 | ||||||
Power Assets Holdings Ltd. | 838,798 | 7,513,343 | ||||||
Shangri-La Asia Ltd. | 789,400 | 1,207,518 | ||||||
Sino Land Co. Ltd. | 1,871,546 | 3,256,721 | ||||||
SJM Holdings Ltd. | 1,247,828 | 1,210,590 | ||||||
Sun Hung Kai Properties Ltd. | 877,034 | 12,976,756 | ||||||
Swire Pacific Ltd., Class A | 301,929 | 2,971,807 | ||||||
Swire Properties Ltd. | 721,481 | 2,407,236 | ||||||
Techtronic Industries Co. Ltd. | 848,256 | 4,011,297 | ||||||
WH Group Ltd., 144A | 4,969,131 | 4,655,043 | ||||||
Wharf Holdings Ltd. | 731,490 | 6,223,609 | ||||||
Wheelock & Co. Ltd. | 501,504 | 3,752,005 | ||||||
Yue Yuen Industrial Holdings Ltd. | 447,428 | 1,782,810 | ||||||
|
| |||||||
278,909,249 | ||||||||
|
| |||||||
Ireland — 0.6% | ||||||||
AerCap Holdings NV* | 93,478 | 4,114,902 | ||||||
Bank of Ireland* | 16,964,392 | 4,592,748 | ||||||
CRH PLC | 505,458 | 18,201,121 | ||||||
DCC PLC | 54,745 | 5,202,020 | ||||||
James Hardie Industries PLC CDI | 271,722 | 3,953,274 | ||||||
Kerry Group PLC, Class A | 96,097 | 8,483,878 | ||||||
Paddy Power Betfair PLC | 49,147 | 5,148,292 | ||||||
Ryanair Holdings PLC* | 101,457 | 2,051,501 | ||||||
|
| |||||||
51,747,736 | ||||||||
|
| |||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. | 26,741 | 1,437,274 | ||||||
Bank Hapoalim BM | 657,381 | 4,378,084 | ||||||
Bank Leumi Le-Israel BM* | 892,156 | 4,364,272 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 1,279,965 | 2,220,761 | ||||||
Check Point Software Technologies | 79,354 | 8,891,616 | ||||||
Elbit Systems Ltd. | 14,810 | 1,800,741 | ||||||
Frutarom Industries Ltd. | 24,203 | 1,573,612 | ||||||
Israel Chemicals Ltd. | 320,430 | 1,357,524 | ||||||
Mizrahi Tefahot Bank Ltd. | 87,099 | 1,551,526 | ||||||
Mobileye NV* | 120,432 | 7,454,741 | ||||||
Nice Ltd. | 36,968 | 2,876,542 | ||||||
Taro Pharmaceutical Industries | 9,052 | 965,034 | ||||||
Teva Pharmaceutical Industries Ltd., ADR | 554,134 | 15,438,173 | ||||||
|
| |||||||
54,309,900 | ||||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Italy — 1.9% | ||||||||
Assicurazioni Generali SpA | 753,075 | $ | 11,885,894 | |||||
Atlantia SpA | 274,085 | 7,629,637 | ||||||
Enel SpA | 4,908,232 | 26,234,139 | ||||||
Eni SpA | 1,545,270 | 24,458,660 | ||||||
Ferrari NV | 74,495 | 6,443,697 | ||||||
Intesa Sanpaolo SpA (a) | 7,677,646 | 21,975,805 | ||||||
Intesa Sanpaolo SpA-RSP | 587,750 | 1,595,170 | ||||||
Leonardo SpA | 249,574 | 4,396,051 | ||||||
Luxottica Group SpA | 102,153 | 6,190,987 | ||||||
Mediobanca SpA | 349,823 | 3,316,714 | ||||||
Poste Italiane SpA, 144A | 317,195 | 2,230,581 | ||||||
Prysmian SpA | 120,283 | 3,346,937 | ||||||
Recordati SpA | 63,100 | 2,538,347 | ||||||
Saipem SpA* | 363,493 | 1,474,078 | ||||||
Snam SpA | 1,373,145 | 6,296,608 | ||||||
Telecom Italia SpA* | 6,969,268 | 6,521,529 | ||||||
Telecom Italia SpA-RSP* | 3,603,851 | 2,779,231 | ||||||
Terna Rete Elettrica Nazionale SpA | 853,722 | 4,823,938 | ||||||
UniCredit SpA* | 1,207,914 | 21,127,199 | ||||||
UnipolSai SpA (a) | 677,398 | 1,534,093 | ||||||
|
| |||||||
166,799,295 | ||||||||
|
| |||||||
Japan — 22.3% | ||||||||
ABC-Mart, Inc. | 19,500 | 1,139,187 | ||||||
Acom Co. Ltd.* | 251,200 | 1,061,504 | ||||||
Aeon Co. Ltd. | 368,300 | 5,563,575 | ||||||
AEON Financial Service Co. Ltd. | 70,400 | 1,446,140 | ||||||
Aeon Mall Co. Ltd. | 71,000 | 1,328,966 | ||||||
Air Water, Inc. | 89,300 | 1,606,191 | ||||||
Aisin Seiki Co. Ltd. | 107,300 | 5,289,914 | ||||||
Ajinomoto Co., Inc. | 327,300 | 7,007,028 | ||||||
Alfresa Holdings Corp. | 113,700 | 2,192,896 | ||||||
Alps Electric Co. Ltd. | 116,100 | 3,260,235 | ||||||
Amada Holdings Co. Ltd. | 206,900 | 2,409,941 | ||||||
ANA Holdings, Inc. | 697,000 | 2,283,894 | ||||||
Aozora Bank Ltd. | 717,000 | 2,634,935 | ||||||
Asahi Glass Co. Ltd. | 616,000 | 5,028,117 | ||||||
Asahi Group Holdings Ltd. | 234,200 | 9,348,968 | ||||||
Asahi Kasei Corp. | 769,800 | 7,399,116 | ||||||
Asics Corp. | 95,800 | 1,605,461 | ||||||
Astellas Pharma, Inc. | 1,309,500 | 16,535,763 | ||||||
Bandai Namco Holdings, Inc. | 120,600 | 4,306,754 | ||||||
Bank of Kyoto Ltd. | 182,000 | 1,536,524 | ||||||
Benesse Holdings, Inc. | 39,700 | 1,457,160 | ||||||
Bridgestone Corp. | 394,700 | 16,579,182 | ||||||
Brother Industries Ltd. | 145,500 | 3,229,246 | ||||||
Calbee, Inc. | 48,700 | 1,886,438 | ||||||
Canon, Inc. | 647,400 | 22,096,361 | ||||||
Casio Computer Co. Ltd. | 117,900 | 1,831,043 | ||||||
Central Japan Railway Co. | 87,304 | 14,295,784 | ||||||
Chiba Bank Ltd. | 433,000 | 2,842,357 | ||||||
Chubu Electric Power Co., Inc. | 391,100 | 5,309,425 | ||||||
Chugai Pharmaceutical Co. Ltd. | 138,100 | 5,249,670 | ||||||
Chugoku Bank Ltd. | 107,000 | 1,503,314 | ||||||
Chugoku Electric Power Co., Inc. | 168,200 | 1,915,126 | ||||||
Coca-Cola Bottlers Japan, Inc. | 77,600 | 2,501,418 | ||||||
Concordia Financial Group Ltd. | 722,100 | 3,324,594 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Credit Saison Co. Ltd. | 88,600 | $ | 1,644,800 | |||||
CYBERDYNE, Inc.*(a) | 68,600 | 946,463 | ||||||
Dai Nippon Printing Co. Ltd. | 328,000 | 3,645,761 | ||||||
Daicel Corp. | 169,800 | 2,010,003 | ||||||
Dai-ichi Life Holdings, Inc. | 654,004 | 10,892,193 | ||||||
Daiichi Sankyo Co. Ltd. | 342,300 | 7,505,874 | ||||||
Daikin Industries Ltd. | 150,400 | 14,741,237 | ||||||
Daito Trust Construction Co. Ltd. | 42,500 | 6,704,063 | ||||||
Daiwa House Industry Co. Ltd. | 342,900 | 11,205,012 | ||||||
Daiwa House REIT Investment Corp. REIT | 857 | 2,206,920 | ||||||
Daiwa Securities Group, Inc. | 1,001,064 | 6,087,735 | ||||||
DeNA Co. Ltd. | 65,800 | 1,455,027 | ||||||
Denso Corp. | 289,000 | 12,319,359 | ||||||
Dentsu, Inc. | 130,700 | 6,655,964 | ||||||
Disco Corp. | 17,300 | 2,983,567 | ||||||
Don Quijote Holdings Co. Ltd. | 71,800 | 2,807,169 | ||||||
East Japan Railway Co. | 200,300 | 19,198,054 | ||||||
Eisai Co. Ltd. | 161,800 | 8,526,093 | ||||||
Electric Power Development Co. Ltd. | 88,200 | 2,342,178 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 50,900 | 2,858,673 | ||||||
FANUC Corp. | 117,596 | 23,115,710 | ||||||
Fast Retailing Co. Ltd. | 32,100 | 10,753,138 | ||||||
Fuji Electric Co. Ltd. | 346,000 | 1,852,623 | ||||||
FUJIFILM Holdings Corp. | 248,400 | 9,056,787 | ||||||
Fujitsu Ltd. | 1,186,600 | 8,654,948 | ||||||
Fukuoka Financial Group, Inc. | 479,000 | 2,153,878 | ||||||
Hachijuni Bank Ltd. | 243,900 | 1,402,838 | ||||||
Hakuhodo DY Holdings, Inc. | 127,800 | 1,690,537 | ||||||
Hamamatsu Photonics KK | 86,500 | 2,753,160 | ||||||
Hankyu Hanshin Holdings, Inc. | 146,540 | 5,272,794 | ||||||
Hikari Tsushin, Inc. | 12,800 | 1,296,758 | ||||||
Hino Motors Ltd. | 156,400 | 1,899,395 | ||||||
Hirose Electric Co. Ltd. | 19,820 | 2,645,053 | ||||||
Hiroshima Bank Ltd. | 299,000 | 1,220,298 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 38,300 | 1,926,239 | ||||||
Hitachi Chemical Co. Ltd. | 61,700 | 1,701,973 | ||||||
Hitachi Construction Machinery Co. Ltd. | 67,100 | 1,556,478 | ||||||
Hitachi High-Technologies Corp. | 41,600 | 1,652,731 | ||||||
Hitachi Ltd. | 2,929,000 | 17,685,077 | ||||||
Hitachi Metals Ltd. | 129,200 | 1,720,722 | ||||||
Honda Motor Co. Ltd. | 1,038,500 | 29,228,032 | ||||||
Hoshizaki Corp. | 31,400 | 2,764,334 | ||||||
Hoya Corp. | 236,500 | 11,646,691 | ||||||
Hulic Co. Ltd. | 180,000 | 1,700,045 | ||||||
Idemitsu Kosan Co. Ltd. | 54,400 | 1,522,709 | ||||||
IHI Corp.* | 905,000 | 3,399,368 | ||||||
Iida Group Holdings Co. Ltd. | 87,100 | 1,437,642 | ||||||
Inpex Corp. | 577,904 | 5,314,630 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 203,600 | 2,053,465 | ||||||
Isuzu Motors Ltd. | 334,600 | 4,087,709 | ||||||
ITOCHU Corp. | 907,600 | 12,890,788 | ||||||
J. Front Retailing Co. Ltd. | 148,900 | 2,104,095 | ||||||
Japan Airlines Co. Ltd. | 72,100 | 2,112,546 | ||||||
Japan Airport Terminal Co. Ltd. (a) | 27,200 | 1,065,896 | ||||||
Japan Exchange Group, Inc. | 316,300 | 5,112,208 | ||||||
Japan Post Bank Co. Ltd. | 249,758 | 3,098,578 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
Japan Post Holdings Co. Ltd. | 277,598 | $ | 3,388,826 | |||||
Japan Prime Realty Investment Corp. REIT | 513 | 1,961,675 | ||||||
Japan Real Estate Investment Corp. REIT | 755 | 3,967,585 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,575 | 3,061,828 | ||||||
Japan Tobacco, Inc. | 666,800 | 25,052,414 | ||||||
JFE Holdings, Inc. | 317,400 | 5,291,911 | ||||||
JGC Corp. | 125,800 | 1,902,619 | ||||||
JSR Corp. | 116,500 | 1,954,465 | ||||||
JTEKT Corp. | 135,500 | 2,034,641 | ||||||
JXTG Holdings, Inc. | 1,869,900 | 8,144,829 | ||||||
Kajima Corp. | 543,000 | 4,172,397 | ||||||
Kakaku.com, Inc. | 88,900 | 1,265,872 | ||||||
Kamigumi Co. Ltd. | 139,000 | 1,422,005 | ||||||
Kaneka Corp. | 167,000 | 1,265,129 | ||||||
Kansai Electric Power Co., Inc. | 424,200 | 5,938,800 | ||||||
Kansai Paint Co. Ltd. | 124,100 | 2,683,698 | ||||||
Kao Corp. | 300,400 | 18,940,796 | ||||||
Kawasaki Heavy Industries Ltd. | 874,000 | 2,509,544 | ||||||
KDDI Corp. | 1,112,130 | 30,788,177 | ||||||
Keihan Holdings Co. Ltd. | 315,000 | 2,081,986 | ||||||
Keikyu Corp. | 289,500 | 3,445,246 | ||||||
Keio Corp. | 357,800 | 2,972,244 | ||||||
Keisei Electric Railway Co. Ltd. | 83,000 | 2,116,406 | ||||||
Keyence Corp. | 58,920 | 26,765,374 | ||||||
Kikkoman Corp. | 88,400 | 2,769,734 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,116,400 | 4,304,314 | ||||||
Kirin Holdings Co. Ltd. | 524,000 | 11,054,862 | ||||||
Kobe Steel Ltd.* | 185,900 | 1,700,377 | ||||||
Koito Manufacturing Co. Ltd. | 69,200 | 3,642,763 | ||||||
Komatsu Ltd. | 560,200 | 13,320,873 | ||||||
Konami Holdings Corp. | 57,700 | 2,834,203 | ||||||
Konica Minolta, Inc. | 279,000 | 2,194,212 | ||||||
Kose Corp. | 18,700 | 2,017,743 | ||||||
Kubota Corp. | 641,600 | 10,149,735 | ||||||
Kuraray Co. Ltd. | 218,700 | 3,931,663 | ||||||
Kurita Water Industries Ltd. | 63,100 | 1,669,942 | ||||||
Kyocera Corp. | 194,000 | 11,177,553 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 160,100 | 2,737,963 | ||||||
Kyushu Electric Power Co., Inc. | 263,200 | 3,260,591 | ||||||
Kyushu Financial Group, Inc. | 218,400 | 1,342,938 | ||||||
Kyushu Railway Co. | 96,600 | 3,275,242 | ||||||
Lawson, Inc. | 31,000 | 2,113,318 | ||||||
LINE Corp.*(a) | 27,600 | 949,490 | ||||||
Lion Corp. | 136,100 | 2,880,527 | ||||||
LIXIL Group Corp. | 164,200 | 3,992,692 | ||||||
M3, Inc. | 119,710 | 3,442,676 | ||||||
Mabuchi Motor Co. Ltd. | 29,600 | 1,667,756 | ||||||
Makita Corp. | 138,200 | 5,203,558 | ||||||
Marubeni Corp. | 995,300 | 6,147,045 | ||||||
Marui Group Co. Ltd. | 125,700 | 1,828,467 | ||||||
Maruichi Steel Tube Ltd. | 35,900 | 1,051,878 | ||||||
Mazda Motor Corp. | 345,800 | 4,714,745 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 39,600 | 1,417,734 | ||||||
Mebuki Financial Group, Inc. | 581,850 | 2,274,863 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Medipal Holdings Corp. | 107,600 | $ | 1,980,034 | |||||
MEIJI Holdings Co. Ltd. | 74,100 | 6,061,815 | ||||||
MINEBEA MITSUMI, Inc. | 234,600 | 3,827,740 | ||||||
Miraca Holdings, Inc. | 34,600 | 1,454,293 | ||||||
MISUMI Group, Inc. | 169,600 | 3,828,442 | ||||||
Mitsubishi Chemical Holdings Corp. | 868,200 | 6,573,234 | ||||||
Mitsubishi Corp. | 916,500 | 18,354,826 | ||||||
Mitsubishi Electric Corp. | 1,171,700 | 16,155,177 | ||||||
Mitsubishi Estate Co. Ltd. | 756,100 | 14,121,832 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 110,200 | 2,272,657 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,931,200 | 7,614,944 | ||||||
Mitsubishi Materials Corp. | 69,800 | 1,969,526 | ||||||
Mitsubishi Motors Corp. | 413,600 | 2,681,398 | ||||||
Mitsubishi Tanabe Pharma Corp. | 138,500 | 3,080,140 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 7,267,900 | 45,339,884 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 266,900 | 1,361,612 | ||||||
Mitsui & Co. Ltd. | 1,035,900 | 13,988,158 | ||||||
Mitsui Chemicals, Inc. | 553,000 | 2,746,275 | ||||||
Mitsui Fudosan Co. Ltd. | 540,700 | 12,796,160 | ||||||
Mitsui OSK Lines Ltd. | 716,000 | 2,055,874 | ||||||
Mixi, Inc. | 27,000 | 1,694,357 | ||||||
Mizuho Financial Group, Inc. | 14,626,100 | 25,461,960 | ||||||
MS&AD Insurance Group Holdings, Inc. | 286,600 | 10,053,643 | ||||||
Murata Manufacturing Co. Ltd. | 116,100 | 16,091,512 | ||||||
Nabtesco Corp. | 70,300 | 2,062,980 | ||||||
Nagoya Railroad Co. Ltd. | 568,700 | 2,654,789 | ||||||
NEC Corp. | 1,607,000 | 4,164,415 | ||||||
Nexon Co. Ltd. | 104,200 | 1,967,334 | ||||||
NGK Insulators Ltd. | 161,700 | 3,247,140 | ||||||
NGK Spark Plug Co. Ltd. | 110,200 | 2,239,821 | ||||||
NH Foods Ltd. | 107,000 | 3,357,336 | ||||||
Nidec Corp. | 144,700 | 14,339,345 | ||||||
Nikon Corp. | 204,300 | 3,148,895 | ||||||
Nintendo Co. Ltd. | 68,700 | 20,873,634 | ||||||
Nippon Building Fund, Inc. REIT | 814 | 4,336,433 | ||||||
Nippon Electric Glass Co. Ltd. | 255,000 | 1,777,517 | ||||||
Nippon Express Co. Ltd. | 499,000 | 3,077,354 | ||||||
Nippon Paint Holdings Co. Ltd. | 100,200 | 3,985,382 | ||||||
Nippon Prologis REIT, Inc. REIT | 944 | 2,051,655 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 458,800 | 9,762,187 | ||||||
Nippon Telegraph & Telephone Corp. | 419,600 | 20,110,490 | ||||||
Nippon Yusen KK* | 1,014,000 | 1,840,307 | ||||||
Nissan Chemical Industries Ltd. | 74,400 | 2,609,878 | ||||||
Nissan Motor Co. Ltd. | 1,409,100 | 13,505,730 | ||||||
Nisshin Seifun Group, Inc. | 119,100 | 1,966,898 | ||||||
Nissin Foods Holdings Co. Ltd. | 36,300 | 2,291,079 | ||||||
Nitori Holdings Co. Ltd. | 48,500 | 7,089,977 | ||||||
Nitto Denko Corp. | 99,700 | 8,003,907 | ||||||
NOK Corp. | 56,400 | 1,234,434 | ||||||
Nomura Holdings, Inc. | 2,201,800 | 13,188,931 | ||||||
Nomura Real Estate Holdings, Inc. | 73,000 | 1,572,713 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 2,285 | 3,437,300 | ||||||
Nomura Research Institute Ltd. | 81,281 | 3,093,448 | ||||||
NSK Ltd. | 234,100 | 2,790,176 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
NTT Data Corp. | 77,700 | $ | 4,188,433 | |||||
NTT DOCOMO, Inc. | 839,892 | 20,604,845 | ||||||
Obayashi Corp. | 400,500 | 4,426,293 | ||||||
Obic Co. Ltd. | 38,400 | 2,229,454 | ||||||
Odakyu Electric Railway Co. Ltd. | 181,950 | 3,647,214 | ||||||
Oji Holdings Corp. | 501,600 | 2,459,312 | ||||||
Olympus Corp. | 176,000 | 6,428,172 | ||||||
Omron Corp. | 118,700 | 4,962,357 | ||||||
Ono Pharmaceutical Co. Ltd. | 254,300 | 5,285,766 | ||||||
Oracle Corp. | 22,900 | 1,348,154 | ||||||
Oriental Land Co. Ltd. | 131,900 | 8,520,204 | ||||||
ORIX Corp. | 802,000 | 12,658,203 | ||||||
Osaka Gas Co. Ltd. | 1,156,000 | 4,564,504 | ||||||
Otsuka Corp. | 31,700 | 1,949,228 | ||||||
Otsuka Holdings Co. Ltd. | 236,900 | 10,684,564 | ||||||
Panasonic Corp. | 1,337,000 | 17,148,610 | ||||||
Park24 Co. Ltd. | 63,900 | 1,782,853 | ||||||
Pola Orbis Holdings, Inc. | 54,800 | 1,533,905 | ||||||
Rakuten, Inc. | 561,100 | 6,819,328 | ||||||
Recruit Holdings Co. Ltd. | 222,800 | 11,808,903 | ||||||
Resona Holdings, Inc. | 1,335,200 | 6,832,125 | ||||||
Ricoh Co. Ltd. | 413,500 | 3,487,214 | ||||||
Rinnai Corp. | 20,000 | 1,798,646 | ||||||
Rohm Co. Ltd. | 53,800 | 4,318,573 | ||||||
Ryohin Keikaku Co. Ltd. | 14,800 | 3,852,677 | ||||||
Sankyo Co. Ltd. | 26,100 | 875,499 | ||||||
Santen Pharmaceutical Co. Ltd. | 229,800 | 3,164,289 | ||||||
SBI Holdings, Inc. | 128,600 | 1,665,123 | ||||||
Secom Co. Ltd. | 127,200 | 9,300,818 | ||||||
Sega Sammy Holdings, Inc. | 111,100 | 1,409,440 | ||||||
Seibu Holdings, Inc. | 102,800 | 1,910,270 | ||||||
Seiko Epson Corp. | 172,600 | 3,620,314 | ||||||
Sekisui Chemical Co. Ltd. | 246,700 | 4,334,792 | ||||||
Sekisui House Ltd. | 363,600 | 6,237,833 | ||||||
Seven & i Holdings Co. Ltd. | 456,700 | 19,414,389 | ||||||
Seven Bank Ltd. | 375,000 | 1,371,332 | ||||||
Sharp Corp.*(a) | 921,200 | 3,368,722 | ||||||
Shimadzu Corp. | 146,100 | 2,825,699 | ||||||
Shimamura Co. Ltd. | 13,700 | 1,759,043 | ||||||
Shimano, Inc. | 44,700 | 6,942,122 | ||||||
Shimizu Corp. | 332,000 | 3,345,481 | ||||||
Shin-Etsu Chemical Co. Ltd. | 235,900 | 21,155,384 | ||||||
Shinsei Bank Ltd. | 1,081,000 | 1,747,169 | ||||||
Shionogi & Co. Ltd. | 179,700 | 9,604,012 | ||||||
Shiseido Co. Ltd. | 230,500 | 7,758,953 | ||||||
Shizuoka Bank Ltd. | 329,000 | 2,733,002 | ||||||
Showa Shell Sekiyu KK | 118,500 | 1,087,097 | ||||||
SMC Corp. | 34,700 | 10,969,273 | ||||||
SoftBank Group Corp. | 500,600 | 40,694,373 | ||||||
Sohgo Security Services Co. Ltd. | 43,500 | 2,034,582 | ||||||
Sompo Holdings, Inc. | 213,500 | 8,239,269 | ||||||
Sony Corp. | 765,500 | 27,882,862 | ||||||
Sony Financial Holdings, Inc. | 104,500 | 1,608,781 | ||||||
Stanley Electric Co. Ltd. | 91,400 | 2,752,316 | ||||||
Start Today Co. Ltd. | 107,600 | 2,685,385 | ||||||
Subaru Corp. | 372,920 | 12,610,252 | ||||||
Sumitomo Chemical Co. Ltd. | 969,000 | 5,057,174 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Sumitomo Corp. | 720,200 | $ | 9,185,395 | |||||
Sumitomo Dainippon Pharma Co. Ltd. | 99,900 | 1,524,433 | ||||||
Sumitomo Electric Industries Ltd. | 456,300 | 7,232,819 | ||||||
Sumitomo Heavy Industries Ltd. | 342,000 | 2,229,562 | ||||||
Sumitomo Metal Mining Co. Ltd. | 299,000 | 3,633,896 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 814,500 | 29,226,393 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 199,800 | 6,765,237 | ||||||
Sumitomo Realty & Development Co. Ltd. | 215,100 | 6,486,989 | ||||||
Sumitomo Rubber Industries Ltd. | 102,900 | 1,754,178 | ||||||
Sundrug Co. Ltd. | 44,600 | 1,735,675 | ||||||
Suntory Beverage & Food Ltd. | 85,600 | 4,158,266 | ||||||
Suruga Bank Ltd. | 105,600 | 2,289,351 | ||||||
Suzuken Co. Ltd. | 46,810 | 1,538,496 | ||||||
Suzuki Motor Corp. | 207,900 | 9,789,603 | ||||||
Sysmex Corp. | 94,900 | 5,638,303 | ||||||
T&D Holdings, Inc. | 330,800 | 4,680,484 | ||||||
Taiheiyo Cement Corp. | 731,000 | 2,349,761 | ||||||
Taisei Corp. | 628,000 | 5,364,226 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 19,134 | 1,494,439 | ||||||
Taiyo Nippon Sanso Corp. | 81,300 | 825,112 | ||||||
Takashimaya Co. Ltd. | 183,000 | 1,700,289 | ||||||
Takeda Pharmaceutical Co. Ltd. | 432,900 | 22,307,542 | ||||||
TDK Corp. | 75,800 | 4,578,799 | ||||||
Teijin Ltd. | 113,500 | 2,120,375 | ||||||
Terumo Corp. | 194,800 | 7,915,124 | ||||||
THK Co. Ltd. | 75,300 | 2,104,321 | ||||||
Tobu Railway Co. Ltd. | 591,000 | 3,153,779 | ||||||
Toho Co. Ltd. | 67,900 | 2,007,878 | ||||||
Toho Gas Co. Ltd. | 234,300 | 1,806,702 | ||||||
Tohoku Electric Power Co., Inc. | 279,200 | 4,144,513 | ||||||
Tokio Marine Holdings, Inc. | 413,400 | 17,543,837 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 891,400 | 3,654,136 | ||||||
Tokyo Electron Ltd. | 95,100 | 13,472,858 | ||||||
Tokyo Gas Co. Ltd. | 1,195,400 | 6,206,366 | ||||||
Tokyo Tatemono Co. Ltd. | 123,800 | 1,699,106 | ||||||
Tokyu Corp. | 652,600 | 4,796,536 | ||||||
Tokyu Fudosan Holdings Corp. | 308,700 | 1,850,806 | ||||||
Toppan Printing Co. Ltd. | 324,000 | 3,569,120 | ||||||
Toray Industries, Inc. | 884,600 | 7,387,508 | ||||||
Toshiba Corp.*(a) | 2,460,000 | 5,597,472 | ||||||
Tosoh Corp. | 353,000 | 2,999,305 | ||||||
TOTO Ltd. | 87,200 | 3,322,655 | ||||||
Toyo Seikan Group Holdings Ltd. | 97,700 | 1,561,436 | ||||||
Toyo Suisan Kaisha Ltd. | 54,900 | 2,138,993 | ||||||
Toyoda Gosei Co. Ltd. | 38,100 | 915,776 | ||||||
Toyota Industries Corp. | 98,700 | 4,963,964 | ||||||
Toyota Motor Corp. | 1,582,200 | 84,745,918 | ||||||
Toyota Tsusho Corp. | 131,000 | 4,015,756 | ||||||
Trend Micro, Inc. | 68,200 | 3,423,856 | ||||||
Tsuruha Holdings, Inc. | 22,700 | 2,516,984 | ||||||
Unicharm Corp. | 246,600 | 6,671,003 | ||||||
United Urban Investment Corp. REIT | 1,823 | 2,683,061 | ||||||
USS Co. Ltd. | 135,200 | 2,721,091 | ||||||
West Japan Railway Co. | 99,900 | 6,934,819 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
Yahoo Japan Corp. | 877,600 | $ | 3,946,228 | |||||
Yakult Honsha Co. Ltd. | 54,400 | 3,846,068 | ||||||
Yamada Denki Co. Ltd. | 380,100 | 1,994,023 | ||||||
Yamaguchi Financial Group, Inc. | 118,400 | 1,356,656 | ||||||
Yamaha Corp. | 103,300 | 3,339,178 | ||||||
Yamaha Motor Co. Ltd. | 172,800 | 4,339,113 | ||||||
Yamato Holdings Co. Ltd. | 215,500 | 4,681,652 | ||||||
Yamazaki Baking Co. Ltd. | 82,800 | 1,715,810 | ||||||
Yaskawa Electric Corp. | 156,300 | 3,111,887 | ||||||
Yokogawa Electric Corp. | 140,800 | 2,442,228 | ||||||
Yokohama Rubber Co. Ltd. | 68,800 | 1,341,833 | ||||||
|
| |||||||
1,923,590,712 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 57,838 | 5,488,473 | ||||||
|
| |||||||
Jordan — 0.0% | ||||||||
Hikma Pharmaceuticals PLC | 90,705 | 1,972,737 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal* | 400,848 | 8,692,943 | ||||||
Eurofins Scientific SE | 6,760 | 3,590,009 | ||||||
Millicom International Cellular SA SDR | 40,138 | 2,350,627 | ||||||
RTL Group SA | 23,068 | 1,795,292 | ||||||
SES SA | 224,655 | 5,557,132 | ||||||
Tenaris SA | 291,213 | 4,399,976 | ||||||
|
| |||||||
26,385,979 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 598,667 | 1,329,082 | ||||||
Sands China Ltd. | 1,462,130 | 6,745,362 | ||||||
Wynn Macau Ltd.* | 944,742 | 2,097,393 | ||||||
|
| |||||||
10,171,837 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 136,334 | 2,768,381 | ||||||
|
| |||||||
Netherlands — 4.2% | ||||||||
ABN AMRO Group NV, 144A (a) | 170,745 | 4,402,938 | ||||||
Aegon NV | 1,071,342 | 5,333,904 | ||||||
Akzo Nobel NV | 152,405 | 12,756,486 | ||||||
Altice NV, Class A*(a) | 225,763 | 5,618,777 | ||||||
Altice NV, Class B* | 64,372 | 1,604,979 | ||||||
ASML Holding NV | 226,134 | 29,848,398 | ||||||
Boskalis Westminster | 55,143 | 1,900,789 | ||||||
EXOR NV | 66,884 | 3,730,429 | ||||||
Gemalto NV (a) | 49,893 | 2,960,433 | ||||||
Heineken Holding NV | 59,535 | 5,534,236 | ||||||
Heineken NV | 138,454 | 13,635,586 | ||||||
ING Groep NV | 2,348,903 | 39,289,551 | ||||||
Koninklijke Ahold Delhaize NV | 774,510 | 17,079,086 | ||||||
Koninklijke DSM NV | 109,283 | 8,134,321 | ||||||
Koninklijke KPN NV | 2,060,442 | 7,020,210 | ||||||
Koninklijke Philips NV | 564,080 | 19,935,022 | ||||||
Koninklijke Vopak NV | 42,473 | 1,923,282 | ||||||
NN Group NV | 182,860 | 6,573,338 | ||||||
NXP Semiconductors NV* | 208,802 | 22,947,340 | ||||||
QIAGEN NV* | 135,228 | 4,552,717 | ||||||
Randstad Holding NV | 71,996 | 4,165,171 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Royal Dutch Shell PLC, Class A | 2,687,112 | $ | 72,706,057 | |||||
Royal Dutch Shell PLC, Class B | 2,273,026 | 62,775,968 | ||||||
Wolters Kluwer NV | 182,108 | 7,988,539 | ||||||
|
| |||||||
362,417,557 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 587,523 | 2,909,663 | ||||||
Contact Energy Ltd. | 427,624 | 1,563,336 | ||||||
Fletcher Building Ltd. | 427,974 | 2,292,344 | ||||||
Mercury NZ Ltd. | 403,819 | 929,845 | ||||||
Meridian Energy Ltd. | 764,259 | 1,543,214 | ||||||
Ryman Healthcare Ltd. | 222,602 | 1,313,756 | ||||||
Spark New Zealand Ltd. | 1,129,836 | 3,009,844 | ||||||
|
| |||||||
13,562,002 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
DNB ASA | 591,661 | 10,020,556 | ||||||
Gjensidige Forsikring ASA | 120,681 | 1,945,339 | ||||||
Marine Harvest ASA* | 230,956 | 4,045,482 | ||||||
Norsk Hydro ASA | 815,751 | 4,395,766 | ||||||
Orkla ASA | 493,201 | 4,929,500 | ||||||
Schibsted ASA, Class A | 47,660 | 1,135,474 | ||||||
Schibsted ASA, Class B | 52,306 | 1,132,875 | ||||||
Statoil ASA | 685,288 | 11,914,455 | ||||||
Telenor ASA (a) | 453,339 | 7,484,737 | ||||||
Yara International ASA (a) | 109,517 | 4,071,259 | ||||||
|
| |||||||
51,075,443 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA (a) | 1,429,320 | 5,256,848 | ||||||
Galp Energia SGPS SA | 303,822 | 4,686,051 | ||||||
Jeronimo Martins SGPS SA | 150,781 | 3,001,426 | ||||||
|
| |||||||
12,944,325 | ||||||||
|
| |||||||
Singapore — 1.2% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,489,000 | 2,819,485 | ||||||
CapitaLand Commercial Trust REIT | 1,237,300 | 1,484,420 | ||||||
CapitaLand Ltd. | 1,581,200 | 4,068,277 | ||||||
CapitaLand Mall Trust REIT | 1,499,600 | 2,156,762 | ||||||
City Developments Ltd. | 246,900 | 1,900,398 | ||||||
ComfortDelGro Corp. Ltd. | 1,329,900 | 2,306,768 | ||||||
DBS Group Holdings Ltd. | 1,080,500 | 15,985,137 | ||||||
Genting Singapore PLC | 3,728,900 | 3,180,069 | ||||||
Global Logistic Properties Ltd. | 1,643,300 | 3,444,202 | ||||||
Golden Agri-Resources Ltd. | 4,451,800 | 1,174,363 | ||||||
Hutchison Port Holdings Trust, Class U | 3,293,509 | 1,333,871 | ||||||
Jardine Cycle & Carriage Ltd. | 60,300 | 1,909,693 | ||||||
Keppel Corp. Ltd. | 896,400 | 4,165,686 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,902,600 | 14,424,366 | ||||||
SATS Ltd. | 425,000 | 1,578,795 | ||||||
Sembcorp Industries Ltd. | 619,300 | 1,414,366 | ||||||
Singapore Airlines Ltd. | 321,300 | 2,324,441 | ||||||
Singapore Exchange Ltd. | 479,700 | 2,520,449 | ||||||
Singapore Press Holdings Ltd. (a) | 987,300 | 2,261,946 | ||||||
Singapore Technologies Engineering Ltd. | 962,900 | 2,588,796 | ||||||
Singapore Telecommunications Ltd. | 4,937,900 | 13,418,498 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Singapore (Continued) | ||||||||
StarHub Ltd. | 381,600 | $ | 744,639 | |||||
Suntec Real Estate Investment Trust REIT | 1,453,200 | 1,927,237 | ||||||
United Overseas Bank Ltd. | 785,200 | 13,040,795 | ||||||
UOL Group Ltd. | 287,400 | 1,453,981 | ||||||
Wilmar International Ltd. | 966,100 | 2,471,719 | ||||||
|
| |||||||
106,099,159 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 404,812 | 3,171,192 | ||||||
Mediclinic International PLC (a) | 224,890 | 2,342,695 | ||||||
Mondi PLC | 222,782 | 5,809,732 | ||||||
|
| |||||||
11,323,619 | ||||||||
|
| |||||||
Spain — 3.4% | ||||||||
Abertis Infraestructuras SA | 418,366 | 7,653,524 | ||||||
ACS Actividades de Construccion y Servicios SA | 141,801 | 5,665,254 | ||||||
Aena SA, 144A | 40,714 | 8,218,814 | ||||||
Amadeus IT Group SA | 264,778 | 15,422,257 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 4,055,420 | 33,037,785 | ||||||
Banco de Sabadell SA | 3,218,585 | 6,631,039 | ||||||
Banco Santander SA | 8,836,287 | 57,383,901 | ||||||
Bankia SA* | 2,445,928 | 2,813,591 | ||||||
Bankinter SA | 406,463 | 3,742,314 | ||||||
CaixaBank SA | 2,173,757 | 10,265,757 | ||||||
Distribuidora Internacional de Alimentacion SA (a) | 378,057 | 2,326,890 | ||||||
Enagas SA | 139,862 | 4,158,043 | ||||||
Endesa SA | 192,446 | 4,802,557 | ||||||
Ferrovial SA | 293,651 | 6,615,634 | ||||||
Ferrovial SA* | 4,843 | 109,108 | ||||||
Gamesa Corp. Tecnologica SA | 143,867 | 3,262,983 | ||||||
Gas Natural SDG SA | 212,111 | 5,342,150 | ||||||
Grifols SA | 183,958 | 5,205,520 | ||||||
Iberdrola SA | 3,508,571 | 27,975,867 | ||||||
Industria de Diseno Textil SA | 659,925 | 26,980,724 | ||||||
Mapfre SA | 650,747 | 2,314,410 | ||||||
Red Electrica Corp. SA | 259,760 | 5,828,762 | ||||||
Repsol SA | 722,429 | 12,104,190 | ||||||
Telefonica SA | 2,744,148 | 30,561,434 | ||||||
|
| |||||||
288,422,508 | ||||||||
|
| |||||||
Sweden — 2.8% | ||||||||
Alfa Laval AB | 181,076 | 3,645,937 | ||||||
Assa Abloy AB, Class B | 607,652 | 13,647,246 | ||||||
Atlas Copco AB, Class A | 408,238 | 15,105,661 | ||||||
Atlas Copco AB, Class B | 234,954 | 7,761,154 | ||||||
Boliden AB | 168,674 | 4,616,925 | ||||||
Electrolux AB, Series B | 145,602 | 4,675,601 | ||||||
Getinge AB, Class B | 121,883 | 2,536,833 | ||||||
Hennes & Mauritz AB, Class B | 575,271 | 14,329,817 | ||||||
Hexagon AB, Class B | 156,095 | 6,837,261 | ||||||
Husqvarna AB, Class B | 251,252 | 2,606,067 | ||||||
ICA Gruppen AB (a) | 48,307 | 1,740,773 | ||||||
Industrivarden AB, Class C | 98,626 | 2,330,784 | ||||||
Investor AB, Class B | 275,325 | 12,728,166 | ||||||
Kinnevik AB, Class B | 141,477 | 4,062,943 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
L E Lundbergforetagen AB, Class B | 22,391 | $ | 1,758,273 | |||||
Lundin Petroleum AB* | 111,153 | 2,158,758 | ||||||
Nordea Bank AB | 1,841,286 | 23,642,626 | ||||||
Sandvik AB | 681,286 | 10,676,203 | ||||||
Securitas AB, Class B | 193,101 | 3,077,121 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 920,426 | 11,098,401 | ||||||
Skanska AB, Class B | 206,322 | 4,911,524 | ||||||
SKF AB, Class B | 228,884 | 4,682,281 | ||||||
Svenska Cellulosa AB SCA, Class B | 369,072 | 13,023,723 | ||||||
Svenska Handelsbanken AB, Class A | 925,873 | 13,038,964 | ||||||
Swedbank AB, Class A | 548,730 | 13,226,745 | ||||||
Swedish Match AB | 113,956 | 3,844,248 | ||||||
Tele2 AB, Class B | 219,494 | 2,258,985 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,858,751 | 13,558,784 | ||||||
Telia Co. AB | 1,566,105 | 7,167,966 | ||||||
Volvo AB, Class B | 939,481 | 15,360,040 | ||||||
|
| |||||||
240,109,810 | ||||||||
|
| |||||||
Switzerland — 9.0% | ||||||||
ABB Ltd. | 1,202,879 | 30,216,350 | ||||||
Actelion Ltd.* | 61,297 | 17,593,894 | ||||||
Adecco Group AG | 98,298 | 7,327,568 | ||||||
Baloise Holding AG | 30,832 | 4,717,673 | ||||||
Barry Callebaut AG* | 1,383 | 1,984,792 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 62 | 4,550,059 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 621 | 3,773,254 | ||||||
Cie Financiere Richemont SA | 316,396 | 26,394,917 | ||||||
Coca-Cola HBC AG* | 111,958 | 3,249,989 | ||||||
Credit Suisse Group AG* | 1,279,808 | 17,574,154 | ||||||
Dufry AG* | 21,617 | 3,555,406 | ||||||
EMS-Chemie Holding AG | 5,048 | 3,546,708 | ||||||
Geberit AG | 22,473 | 10,520,116 | ||||||
Givaudan SA | 5,603 | 11,494,668 | ||||||
Glencore PLC* | 7,424,081 | 27,271,275 | ||||||
Julius Baer Group Ltd.* | 135,193 | 7,000,082 | ||||||
Kuehne + Nagel International AG | 33,299 | 5,373,634 | ||||||
LafargeHolcim Ltd.* | 276,033 | 16,572,525 | ||||||
Lonza Group AG* | 45,176 | 9,356,570 | ||||||
Nestle SA | 1,887,067 | 161,030,497 | ||||||
Novartis AG | 1,354,015 | 110,859,934 | ||||||
Pargesa Holding SA | 20,797 | 1,616,864 | ||||||
Partners Group Holding AG | 10,528 | 6,451,260 | ||||||
Roche Holding AG | 426,001 | 116,907,817 | ||||||
Schindler Holding AG | 12,412 | 2,580,948 | ||||||
Schindler Holding AG Participation Certificates | 25,106 | 5,383,838 | ||||||
SGS SA | 3,322 | 7,905,849 | ||||||
Sika AG | 1,305 | 8,407,620 | ||||||
Sonova Holding AG | 32,275 | 5,345,011 | ||||||
STMicroelectronics NV | 389,585 | 6,426,780 | ||||||
Straumann Holding AG | 5,749 | 3,184,491 | ||||||
Swatch Group AG — Bearer (a) | 18,852 | 7,302,948 | ||||||
Swatch Group AG — Registered | 33,867 | 2,584,039 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Swiss Life Holding AG* | 19,462 | $ | 6,492,357 | |||||
Swiss Prime Site AG* | 44,075 | 4,059,150 | ||||||
Swiss Re AG | 196,551 | 17,919,006 | ||||||
Swisscom AG | 15,642 | 7,500,020 | ||||||
Syngenta AG | 13,563 | 6,161,499 | ||||||
UBS Group AG* | 2,217,156 | 35,252,906 | ||||||
Vifor Pharma AG (a) | 29,419 | 3,459,629 | ||||||
Wolseley PLC | 153,276 | 10,091,613 | ||||||
Zurich Insurance Group AG | 91,313 | 26,840,959 | ||||||
|
| |||||||
775,838,669 | ||||||||
|
| |||||||
United Kingdom — 15.5% | ||||||||
3i Group PLC | 586,705 | 6,765,632 | ||||||
Aberdeen Asset Management PLC | 558,440 | 2,079,409 | ||||||
Admiral Group PLC | 120,798 | 3,170,416 | ||||||
Anglo American PLC* | 803,902 | 10,684,098 | ||||||
Ashtead Group PLC | 302,849 | 6,110,594 | ||||||
Associated British Foods PLC | 215,512 | 8,319,147 | ||||||
AstraZeneca PLC | 767,816 | 51,779,327 | ||||||
Auto Trader Group PLC, 144A | 607,719 | 3,258,112 | ||||||
Aviva PLC | 2,462,822 | 16,659,342 | ||||||
Babcock International Group PLC | 152,332 | 1,831,211 | ||||||
BAE Systems PLC | 1,928,558 | 16,536,603 | ||||||
Barclays PLC | 10,277,552 | 27,808,304 | ||||||
Barratt Developments PLC | 620,769 | 4,898,935 | ||||||
Berkeley Group Holdings PLC | 81,593 | 3,422,968 | ||||||
BP PLC | 11,867,650 | 71,362,172 | ||||||
British American Tobacco PLC | 1,130,652 | 80,560,029 | ||||||
British Land Co. PLC REIT | 603,235 | 4,927,667 | ||||||
BT Group PLC | 5,134,175 | 20,477,032 | ||||||
Bunzl PLC | 203,593 | 6,379,578 | ||||||
Burberry Group PLC | 265,502 | 6,208,833 | ||||||
Capita PLC | 411,398 | 3,087,618 | ||||||
Centrica PLC | 3,322,153 | 8,702,069 | ||||||
CNH Industrial NV | 616,581 | 6,839,818 | ||||||
Cobham PLC | 1,506,481 | 2,600,962 | ||||||
Coca-Cola European Partners PLC | 131,192 | 5,408,673 | ||||||
Compass Group PLC | 997,309 | 21,459,112 | ||||||
ConvaTec Group PLC, 144A* | 706,593 | 2,913,297 | ||||||
Croda International PLC | 80,938 | 4,132,778 | ||||||
Diageo PLC | 1,525,907 | 45,749,882 | ||||||
Direct Line Insurance Group PLC | 847,949 | 3,808,576 | ||||||
Dixons Carphone PLC | 604,005 | 2,557,253 | ||||||
easyJet PLC | 100,140 | 1,824,410 | ||||||
Experian PLC | 572,244 | 11,929,584 | ||||||
Fiat Chrysler Automobiles NV* | 645,457 | 6,775,852 | ||||||
G4S PLC | 956,856 | 4,006,780 | ||||||
GKN PLC | 1,057,285 | 4,767,884 | ||||||
GlaxoSmithKline PLC | 2,979,242 | 65,390,318 | ||||||
Hammerson PLC REIT | 489,153 | 3,690,092 | ||||||
Hargreaves Lansdown PLC | 160,881 | 2,897,860 | ||||||
HSBC Holdings PLC | 12,051,166 | 104,902,114 | ||||||
IMI PLC | 167,718 | 2,709,834 | ||||||
Imperial Brands PLC | 581,779 | 27,202,608 | ||||||
Inmarsat PLC | 278,784 | 2,873,580 | ||||||
InterContinental Hotels Group PLC | 108,986 | 6,140,669 | ||||||
International Consolidated Airlines Group SA | 383,893 | 2,992,433 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Intertek Group PLC | 99,529 | $ | 5,512,932 | |||||
Intu Properties PLC REIT | 575,176 | 2,015,743 | ||||||
ITV PLC | 2,184,285 | 5,507,641 | ||||||
J Sainsbury PLC | 1,011,434 | 3,661,925 | ||||||
Johnson Matthey PLC | 119,350 | 4,785,502 | ||||||
Kingfisher PLC | 1,368,498 | 5,732,270 | ||||||
Land Securities Group PLC REIT | 477,641 | 6,584,926 | ||||||
Legal & General Group PLC | 3,613,587 | 11,723,567 | ||||||
Lloyds Banking Group PLC | 43,123,967 | 39,221,791 | ||||||
London Stock Exchange Group PLC | 190,837 | 8,421,485 | ||||||
Marks & Spencer Group PLC | 1,001,942 | 4,937,869 | ||||||
Meggitt PLC | 478,243 | 3,093,270 | ||||||
Merlin Entertainments PLC, 144A | 438,508 | 2,988,813 | ||||||
National Grid PLC | 2,086,235 | 29,285,726 | ||||||
Next PLC | 86,156 | 4,839,913 | ||||||
Old Mutual PLC | 2,980,831 | 7,228,073 | ||||||
Pearson PLC | 506,995 | 4,615,103 | ||||||
Persimmon PLC | 185,785 | 5,876,621 | ||||||
Petrofac Ltd. | 155,767 | 762,649 | ||||||
Provident Financial PLC | 91,058 | 3,579,529 | ||||||
Prudential PLC | 1,564,155 | 34,986,060 | ||||||
Reckitt Benckiser Group PLC | 401,355 | 41,049,257 | ||||||
RELX NV | 586,122 | 12,161,082 | ||||||
RELX PLC | 655,565 | 14,046,675 | ||||||
Rio Tinto Ltd. | 257,438 | 12,014,921 | ||||||
Rio Tinto PLC | 751,031 | 30,021,693 | ||||||
Rolls-Royce Holdings PLC* | 1,006,138 | 11,245,857 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 80,282,327 | 103,439 | ||||||
Royal Bank of Scotland Group PLC* | 2,142,973 | 7,178,862 | ||||||
Royal Mail PLC | 555,016 | 3,156,482 | ||||||
RSA Insurance Group PLC | 628,609 | 5,066,096 | ||||||
Sage Group PLC | 660,138 | 6,128,219 | ||||||
Schroders PLC | 75,429 | 3,068,163 | ||||||
Segro PLC REIT | 614,349 | 3,981,518 | ||||||
Severn Trent PLC | 145,350 | 4,681,883 | ||||||
Sky PLC | 624,015 | 7,967,723 | ||||||
Smith & Nephew PLC | 531,074 | 9,264,868 | ||||||
Smiths Group PLC | 243,840 | 5,036,212 | ||||||
SSE PLC | 615,492 | 11,935,055 | ||||||
St James’s Place PLC | 325,276 | 4,916,042 | ||||||
Standard Chartered PLC* | 1,992,398 | 18,788,555 | ||||||
Standard Life PLC | 1,207,598 | 5,956,071 | ||||||
Tate & Lyle PLC | 287,793 | 2,736,542 | ||||||
Taylor Wimpey PLC | 1,982,086 | 5,186,781 | ||||||
Tesco PLC* | 4,959,884 | 11,739,408 | ||||||
Travis Perkins PLC | 154,183 | 3,246,042 | ||||||
Unilever NV | 986,583 | 56,189,980 | ||||||
Unilever PLC | 778,790 | 43,463,452 | ||||||
United Utilities Group PLC | 420,511 | 5,575,172 | ||||||
Vodafone Group PLC | 16,159,910 | 48,200,935 | ||||||
Weir Group PLC | 134,274 | 3,141,762 | ||||||
Whitbread PLC | 111,143 | 6,144,777 | ||||||
Wm Morrison Supermarkets PLC | 1,368,195 | 4,340,118 | ||||||
Worldpay Group PLC, 144A | 1,212,706 | 4,853,136 | ||||||
WPP PLC | 775,864 | 17,434,023 | ||||||
|
| |||||||
1,333,985,674 | ||||||||
|
|
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
United States — 0.5% | ||||||||
Carnival PLC | 114,589 | $ | 7,337,783 | |||||
Shire PLC | 549,087 | 31,634,423 | ||||||
|
| |||||||
38,972,206 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 8,292,820,615 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 32,787 | 2,693,853 | ||||||
FUCHS PETROLUB SE | 41,951 | 2,340,508 | ||||||
Henkel AG & Co. KGaA | 108,080 | 15,170,465 | ||||||
Porsche Automobil Holding SE | 93,024 | 5,324,226 | ||||||
Schaeffler AG | 99,724 | 1,647,335 | ||||||
Volkswagen AG | 112,583 | 16,915,463 | ||||||
|
| |||||||
44,091,850 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 44,091,850 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG, expires 06/07/17* | 1,275,512 | $ | 592,618 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.1% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (d)(e) | 349,929,825 | 349,929,825 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.6% | $ | 8,687,434,908 | ||||||
Other assets and liabilities, net — (0.6%) | (49,445,432 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,637,989,476 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $8,713,880,667. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $26,445,759. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $707,546,922 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $733,992,681. |
(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 May 31, 2017 amounted to $314,880,750, which is 3.6% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
AMSTERDAM Index Futures | EUR | 125 | $ | 14,700,513 | 6/16/2017 | $ | (275,403 | ) | ||||||||||||
CAC40 10 EURO Futures | EUR | 562 | 33,248,778 | 6/16/2017 | (497,364 | ) | ||||||||||||||
DAX Index Futures | EUR | 86 | 30,523,484 | 6/16/2017 | 676,331 | |||||||||||||||
FTSE/MIB Index Futures | EUR | 51 | 5,946,247 | 6/16/2017 | 254,619 | |||||||||||||||
FTSE 100 Index Futures | GBP | 535 | 51,753,959 | 6/16/2017 | 1,436,005 | |||||||||||||||
HANG SENG Index Futures | HKD | 64 | 10,463,738 | 6/29/2017 | 130,598 | |||||||||||||||
IBEX 35 Index Futures | EUR | 91 | 11,098,097 | 6/16/2017 | (8,396 | ) | ||||||||||||||
MSCI SING IX ETS | SGD | 155 | 3,988,563 | 6/29/2017 | (45,954 | ) | ||||||||||||||
OMXS30 Index Futures | SEK | 485 | 9,140,415 | 6/16/2017 | (65,918 | ) | ||||||||||||||
SPI 200 Futures | AUD | 212 | 22,605,142 | 6/15/2017 | (344,140 | ) | ||||||||||||||
SWISS MKT IX Futures | CHF | 312 | 29,056,218 | 6/16/2017 | 1,265,131 | |||||||||||||||
TOPIX Index Futures | JPY | 591 | 83,780,587 | 6/08/2017 | 2,145,536 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 306,305,741 | $ | 4,671,045 | |||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | AUD | 65,578,142 | USD | 49,011,464 | $ | 287,445 | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | AUD | 2,295,900 | USD | 1,709,036 | 3,201 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | AUD | 291,288,058 | USD | 217,698,616 | 1,273,990 | ||||||||||||
RBC Capital Markets | 6/5/2017 | AUD | 62,543,800 | USD | 46,745,799 | 276,271 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | AUD | 389,701,700 | USD | 291,255,257 | 1,710,106 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 6,812,500 | USD | 7,612,131 | (42,854 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 319,438,533 | USD | 348,393,081 | (10,549,612 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 494,770,885 | USD | 539,614,741 | (16,343,214 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | EUR | 3,123,000 | USD | 3,406,097 | (103,117 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 881,440,422 | USD | 961,253,089 | (29,192,850 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 47,100,000 | USD | 51,367,919 | (1,556,819 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | EUR | 285,641,700 | USD | 311,526,551 | (9,439,739 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 359,686,260 | USD | 392,263,045 | (11,904,710 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 3,231,200 | USD | 4,139,729 | (24,189 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 81,935,478 | USD | 106,046,221 | 459,250 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 237,485,604 | USD | 307,506,477 | 1,468,285 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 1,798,000 | USD | 2,330,544 | 13,534 | ||||||||||||
RBC Capital Markets | 6/5/2017 | GBP | 233,013,426 | USD | 301,721,396 | 1,446,320 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | GBP | 241,720,732 | USD | 312,998,133 | 1,502,300 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | GBP | 364,594,960 | USD | 472,084,846 | 2,245,914 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 12,718,700 | USD | 1,636,361 | 4,000 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 5,940,800 | USD | 762,455 | (7 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | HKD | 541,775,670 | USD | 69,704,620 | 171,283 | ||||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 377,497,398 | USD | 48,565,525 | 116,222 | ||||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 46,000,000 | USD | 5,917,821 | 14,025 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | HKD | 188,119,632 | USD | 24,203,109 | 59,194 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | HKD | 919,098,800 | USD | 118,246,283 | 286,010 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | ILS | 204,900 | USD | 57,258 | (624 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | ILS | 19,000,524 | USD | 5,253,843 | (113,550 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | ILS | 8,204,376 | USD | 2,268,815 | (48,811 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | ILS | 4,732,400 | USD | 1,308,604 | (28,235 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | ILS | 40,566,500 | USD | 11,215,975 | (243,517 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | JPY | 605,402,500 | USD | 5,442,471 | (25,198 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | JPY | 22,846,490,410 | USD | 204,984,540 | (1,352,647 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | JPY | 53,035,658,426 | USD | 476,368,546 | (2,620,935 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 790,000,000 | USD | 7,095,664 | (39,190 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 54,137,313,199 | USD | 486,127,206 | (2,811,827 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | JPY | 28,247,382,298 | USD | 253,717,483 | (1,397,648 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | JPY | 54,461,008,067 | USD | 489,018,462 | (2,844,008 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SEK | 5,997,300 | USD | 690,044 | (192 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SEK | 132,339,084 | USD | 14,969,948 | (261,094 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SEK | 434,118,258 | USD | 49,106,317 | (856,801 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | SEK | 484,955,000 | USD | 54,854,819 | (959,152 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | SEK | 23,700,000 | USD | 2,680,728 | (46,930 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | SEK | 482,177,258 | USD | 54,541,730 | (952,547 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 547,760,700 | USD | 61,956,871 | (1,085,472 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | SGD | 416,100 | USD | 301,182 | 438 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | SGD | 3,989,016 | USD | 2,854,701 | (28,432 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | SGD | 78,635,184 | USD | 56,277,327 | (557,661 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | SGD | 37,394,800 | USD | 26,761,705 | (266,057 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SGD | 27,017,400 | USD | 19,333,357 | (193,953 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 50,528,831 | AUD | 67,874,042 | (98,977 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 216,837,073 | AUD | 291,288,058 | (412,448 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 44,141,269 | AUD | 59,293,800 | (86,465 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 2,429,112 | AUD | 3,250,000 | (14,389 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 290,113,431 | AUD | 389,701,700 | (568,280 | ) |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 366,858,520 | EUR | 326,251,033 | $ | (260,843 | ) | ||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 559,956,706 | EUR | 497,893,885 | (489,538 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,044,143,705 | EUR | 928,540,422 | (773,026 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 321,204,092 | EUR | 285,641,700 | (237,802 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 404,537,338 | EUR | 359,686,260 | (369,584 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 109,942,687 | GBP | 85,166,678 | (191,797 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 308,926,092 | GBP | 239,283,604 | (570,889 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 266,727,602 | GBP | 206,613,426 | (473,150 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 34,186,759 | GBP | 26,400,000 | (166,136 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 312,049,379 | GBP | 241,720,732 | (553,547 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 470,724,907 | GBP | 364,594,960 | (885,975 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,394,729 | HKD | 18,659,500 | 95 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 69,525,717 | HKD | 541,775,670 | 7,620 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 54,347,143 | HKD | 423,497,398 | 5,956 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 24,141,269 | HKD | 188,119,632 | 2,646 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 117,947,346 | HKD | 919,098,800 | 12,927 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 5,426,495 | ILS | 19,205,424 | (1,220 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 2,318,292 | ILS | 8,204,376 | (665 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 1,167,702 | ILS | 4,132,400 | (354 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 165,961 | ILS | 600,000 | 3,531 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 11,461,730 | ILS | 40,566,500 | (2,238 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 206,024,145 | JPY | 22,783,859,910 | (252,602 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 5,981,569 | JPY | 668,033,000 | 51,745 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 476,440,079 | JPY | 52,682,104,426 | (643,707 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 3,176,035 | JPY | 353,554,000 | 17,074 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 496,697,682 | JPY | 54,927,313,199 | (623,795 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 255,435,930 | JPY | 28,247,382,298 | (320,798 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 492,551,166 | JPY | 54,461,008,067 | (688,695 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 15,948,975 | SEK | 138,336,384 | (27,698 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 50,049,860 | SEK | 434,118,258 | (86,742 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 58,634,582 | SEK | 508,655,000 | (92,954 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 55,582,393 | SEK | 482,177,258 | (88,115 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 63,142,444 | SEK | 547,760,700 | (100,100 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 3,184,399 | SGD | 4,405,116 | (522 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 56,841,972 | SGD | 78,635,184 | (6,983 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 715,861 | SGD | 1,000,000 | 6,907 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 26,308,226 | SGD | 36,394,800 | (3,232 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 19,529,709 | SGD | 27,017,400 | (2,399 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | CHF | 52,106,304 | USD | 52,448,003 | (1,372,297 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | CHF | 2,043,600 | USD | 2,097,082 | (13,741 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | CHF | 138,947,514 | USD | 139,862,621 | (3,655,463 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | CHF | 3,170,000 | USD | 3,191,414 | (82,860 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 9,738,000 | USD | 9,801,958 | (256,366 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 120,344,800 | USD | 121,128,989 | (3,174,459 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | CHF | 135,890,782 | USD | 136,785,358 | (3,575,445 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | CHF | 257,119,900 | USD | 258,789,090 | (6,788,569 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 2,714,800 | USD | 407,560 | (2,584 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | DKK | 78,723,008 | USD | 11,546,408 | (346,839 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | DKK | 269,910,096 | USD | 39,582,089 | (1,195,159 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | DKK | 42,100,000 | USD | 6,174,122 | (186,226 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | DKK | 134,152,900 | USD | 19,672,677 | (594,761 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | DKK | 126,487,096 | USD | 18,551,935 | (557,374 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | DKK | 301,517,800 | USD | 44,215,359 | (1,337,090 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NOK | 38,997,862 | USD | 4,554,092 | (61,883 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NOK | 1,222,600 | USD | 145,771 | 1,059 | ||||||||||||
JP Morgan & Chase Co. | 6/6/2017 | NOK | 59,291,419 | USD | 6,923,939 | (94,079 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | NOK | 142,824,500 | USD | 16,678,334 | (227,063 | ) |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 6/6/2017 | NOK | 135,593,219 | USD | 15,834,410 | $ | (215,058 | ) | ||||||||||
The Bank of Nova Scotia | 6/6/2017 | NOK | 60,935,800 | USD | 7,115,759 | (96,897 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 554,240 | USD | 380,167 | (12,464 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | NZD | 56,000 | USD | 39,570 | (101 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | NZD | 2,993,760 | USD | 2,053,534 | (67,285 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | NZD | 2,402,100 | USD | 1,647,634 | (54,045 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | NZD | 13,697,000 | USD | 9,394,978 | (308,155 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 55,978,845 | CHF | 54,149,904 | (47,722 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 146,914,022 | CHF | 142,117,514 | (121,663 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 134,473,911 | CHF | 130,082,800 | (112,139 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | USD | 140,448,330 | CHF | 135,890,782 | (87,527 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 265,743,269 | CHF | 257,119,900 | (165,611 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 12,311,938 | DKK | 81,437,808 | (8,547 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 40,805,391 | DKK | 269,910,096 | (28,144 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 26,640,805 | DKK | 176,252,900 | (13,019 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | USD | 19,118,653 | DKK | 126,487,096 | (9,343 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 45,574,722 | DKK | 301,517,800 | (22,273 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 4,775,705 | NOK | 40,220,462 | (15,017 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 7,040,164 | NOK | 59,291,419 | (22,145 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 992,700 | NOK | 8,500,000 | 13,401 | ||||||||||||
RBC Capital Markets | 6/6/2017 | USD | 15,948,483 | NOK | 134,324,500 | (49,186 | ) | |||||||||||
The Bank of New York Mellon | 6/6/2017 | USD | 16,099,119 | NOK | 135,593,219 | (49,651 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 7,234,969 | NOK | 60,935,800 | (22,313 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 433,079 | NZD | 610,240 | (777 | ) | |||||||||||
JP Morgan & Chase Co. | 6/6/2017 | USD | 2,124,633 | NZD | 2,993,760 | (3,814 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 1,704,754 | NZD | 2,402,100 | (3,075 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 9,721,446 | NZD | 13,697,000 | (18,313 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | AUD | 67,874,042 | USD | 50,502,835 | 97,075 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | AUD | 291,288,058 | USD | 216,727,432 | 406,209 | ||||||||||||
RBC Capital Markets | 7/5/2017 | AUD | 59,293,800 | USD | 44,119,627 | 85,871 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | AUD | 389,701,700 | USD | 289,973,138 | 566,325 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | CHF | 54,149,904 | USD | 56,086,864 | 46,699 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | CHF | 142,117,514 | USD | 147,200,083 | 121,541 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CHF | 130,082,800 | USD | 134,736,742 | 113,021 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | CHF | 135,890,782 | USD | 140,720,303 | 85,855 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | CHF | 257,119,900 | USD | 266,266,142 | 170,719 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | DKK | 81,437,808 | USD | 12,332,391 | 8,459 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | DKK | 269,910,096 | USD | 40,873,087 | 27,763 | ||||||||||||
RBC Capital Markets | 7/5/2017 | DKK | 176,252,900 | USD | 26,683,961 | 11,721 | ||||||||||||
RBC Capital Markets | 7/5/2017 | DKK | 24,200,000 | USD | 3,664,521 | 2,351 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | DKK | 126,487,096 | USD | 19,149,914 | 8,701 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | DKK | 301,517,800 | USD | 45,648,204 | 19,705 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 371,251,033 | USD | 418,127,787 | 278,810 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 497,893,885 | USD | 560,862,027 | 474,493 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | EUR | 19,300,000 | USD | 21,740,273 | 17,814 | ||||||||||||
RBC Capital Markets | 7/5/2017 | EUR | 928,540,422 | USD | 1,045,835,505 | 748,405 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | EUR | 285,641,700 | USD | 321,718,247 | 223,943 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 314,686,260 | USD | 354,503,512 | 319,092 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | GBP | 130,166,678 | USD | 168,193,701 | 287,231 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 239,283,604 | USD | 309,223,856 | 563,714 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 40,800,000 | USD | 52,724,216 | 94,894 | ||||||||||||
RBC Capital Markets | 7/5/2017 | GBP | 206,613,426 | USD | 266,985,869 | 468,112 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | GBP | 241,720,732 | USD | 312,351,530 | 547,653 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | GBP | 319,594,960 | USD | 413,028,547 | 772,027 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 18,659,500 | USD | 2,396,297 | (298 | ) | |||||||||||
JP Morgan & Chase Co. | 7/5/2017 | HKD | 541,775,670 | USD | 69,573,930 | (10,833 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 423,497,398 | USD | 54,384,656 | (8,643 | ) |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 16,700,000 | USD | 2,144,641 | $ | (279 | ) | ||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | HKD | 188,119,632 | USD | 24,158,320 | (3,451 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | HKD | 919,098,800 | USD | 118,026,107 | (21,409 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ILS | 19,205,424 | USD | 5,431,959 | 995 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | ILS | 8,204,376 | USD | 2,320,553 | 497 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | ILS | 4,132,400 | USD | 1,168,823 | 251 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | ILS | 4,300,000 | USD | 1,216,167 | 201 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | ILS | 40,566,500 | USD | 11,472,426 | 917 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | JPY | 27,783,859,910 | USD | 251,578,120 | 300,002 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | JPY | 52,682,104,426 | USD | 477,096,821 | 638,183 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | JPY | 2,730,000,000 | USD | 24,722,830 | 32,623 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | JPY | 54,927,313,199 | USD | 497,383,589 | 619,211 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | JPY | 28,247,382,298 | USD | 255,787,512 | 317,282 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | JPY | 49,461,008,067 | USD | 447,950,483 | 623,544 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | NOK | 40,220,462 | USD | 4,777,918 | 14,983 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | NOK | 59,291,419 | USD | 7,043,438 | 22,109 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | NOK | 8,600,000 | USD | 1,021,583 | 3,166 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | NOK | 134,324,500 | USD | 15,955,492 | 48,694 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | NOK | 135,593,219 | USD | 16,106,003 | 48,963 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NOK | 60,935,800 | USD | 7,238,191 | 22,133 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | NZD | 610,240 | USD | 432,831 | 788 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | NZD | 2,993,760 | USD | 2,123,363 | 3,817 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | NZD | 2,402,100 | USD | 1,703,699 | 3,041 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NZD | 13,697,000 | USD | 9,715,419 | 18,107 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SEK | 138,336,384 | USD | 15,977,093 | 27,395 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | SEK | 434,118,258 | USD | 50,144,151 | 91,844 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | SEK | 508,655,000 | USD | 58,736,821 | 90,691 | ||||||||||||||||||
The Bank of New York Mellon | 7/5/2017 | SEK | 482,177,258 | USD | 55,679,182 | 85,842 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SEK | 547,760,700 | USD | 63,251,813 | 96,933 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | SGD | 4,405,116 | USD | 3,185,465 | 464 | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | SGD | 78,635,184 | USD | 56,861,701 | 6,645 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | SGD | 36,394,800 | USD | 26,316,787 | 2,505 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | SGD | 1,800,000 | USD | 1,301,557 | 115 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SGD | 27,017,400 | USD | 19,535,923 | 1,718 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | USD | 26,414,947 | AUD | 35,500,000 | (51,341 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 4,347,336 | CHF | 4,200,000 | (722 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 7,665,248 | CHF | 7,400,000 | (6,930 | ) | |||||||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | USD | 4,346,634 | JPY | 480,500,000 | (977 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (109,016,071 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli New Sheqel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 8,292,820,615 | $ | — | $ | — | $ | 8,292,820,615 | ||||||||
Preferred Stocks | 44,091,850 | — | — | 44,091,850 | ||||||||||||
Rights | 592,618 | — | — | 592,618 | ||||||||||||
Short-Term Investments | 349,929,825 | — | — | 349,929,825 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 21,152,611 | — | 21,152,611 | ||||||||||||
Futures Contracts | 5,908,220 | — | — | 5,908,220 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 8,693,343,128 | $ | 21,152,611 | $ | — | $ | 8,714,495,739 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (130,168,682 | ) | $ | — | $ | (130,168,682 | ) | ||||||
Futures Contracts | (1,237,175 | ) | — | — | (1,237,175 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,237,175 | ) | $ | (130,168,682 | ) | $ | — | $ | (131,405,857 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during year ended May 31, 2017.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Statement of Assets and Liabilities
May 31, 2017
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investments in non-affiliated securities at value | $ | 8,315,565,764 | ||
Investment in affiliated securities at value (See Note 4) | 21,939,319 | |||
Investment in Deutsche Government & Agency Securities Portfolio* | 349,929,825 | |||
Cash | 233,298,318 | |||
Foreign currency at value | 48,690,010 | |||
Receivable upon return of deposit for forward foreign currency exchange contracts | 16,730,000 | |||
Unrealized appreciation on forward foreign currency exchange contracts | 21,152,611 | |||
Unrealized appreciation on futures contracts | 5,908,220 | |||
Deposit with broker for futures contracts | 13,608,602 | |||
Receivables: | ||||
Investment securities sold | 113,855,990 | |||
Dividends | 38,691,738 | |||
Securities lending income | 897,041 | |||
Foreign tax reclaim | 22,266,148 | |||
|
| |||
Total Assets | $ | 9,202,533,586 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 349,929,825 | ||
Deposit with broker on forward foreign currency exchange contracts | 16,730,000 | |||
Unrealized depreciation on forward foreign currency exchange contracts | 130,168,682 | |||
Unrealized depreciation on futures contracts | 1,237,175 | |||
Payables: | ||||
Investment securities purchased | 63,924,135 | |||
Investment advisory fees | 2,554,293 | |||
|
| |||
Total Liabilities | 564,544,110 | |||
|
| |||
Net Assets, at value | $ | 8,637,989,476 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 8,758,678,058 | ||
Undistributed net investment income | 163,276,470 | |||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (251,050,612 | ) | ||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | (32,914,440 | ) | ||
|
| |||
Net Assets, at value | $ | 8,637,989,476 | ||
|
| |||
Number of Common Shares outstanding | 281,550,800 | |||
|
| |||
Net Asset Value | $ | 30.68 | ||
|
| |||
Investments in non-affiliated securities at cost | $ | 8,235,339,952 | ||
|
| |||
Investments in affiliated securities at cost | $ | 31,868,250 | ||
|
| |||
Value of securities loaned | $ | 314,880,750 | ||
|
| |||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 349,929,825 | ||
|
| |||
Foreign currency at cost | $ | 48,174,623 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
For the Year Ended May 31, 2017
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 265,886,510 | ||
Affiliated dividend income** | 268,580 | |||
Securities lending income, net of borrower rebates | 4,904,662 | |||
|
| |||
Total Investment Income | 271,059,752 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 30,892,030 | |||
Other expense | 17,072 | |||
|
| |||
Total Expenses | 30,909,102 | |||
|
| |||
Net Investment income (loss) | 240,150,650 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (202,107,631 | ) | ||
Investments in affiliates | (2,363,639 | ) | ||
In-kind redemptions | (161,400,487 | ) | ||
In-kind redemptions in affiliates | (7,758,373 | ) | ||
Futures contracts | 9,286,004 | |||
Foreign currency transactions | 594,250,744 | |||
|
| |||
Net realized gain (loss) | 229,906,618 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 1,388,372,357 | |||
Futures contracts | 4,828,845 | |||
Foreign currency translations | (452,389,561 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 940,811,641 | |||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1,170,718,259 | |||
|
| |||
Net increase (decrease) in Net Assets Resulting from Operations | $ | 1,410,868,909 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 23,899,659 | ||
** Affiliated foreign tax withheld | $ | 40,287 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||
Year Ended May 31, | ||||||||
2017 | 2016 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 240,150,650 | $ | 363,173,573 | ||||
Net realized gain (loss) | 229,906,618 | (513,957,100 | ) | |||||
Net change in unrealized appreciation (depreciation) | 940,811,641 | (1,452,731,779 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 1,410,868,909 | (1,603,515,306 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (310,197,210 | ) | (382,099,530 | ) | ||||
Net realized gains | — | (58,292,903 | ) | |||||
|
|
|
| |||||
Total distributions | (310,197,210 | ) | (440,392,433 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 242,334,299 | 3,817,716,917 | ||||||
Value of shares redeemed | (4,689,064,361 | ) | (2,057,792,137 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (4,446,730,062 | ) | 1,759,924,780 | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (3,346,058,363 | ) | (283,982,959 | ) | ||||
Net Assets | ||||||||
Beginning of year | 11,984,047,839 | 12,268,030,798 | ||||||
|
|
|
| |||||
End of year | $ | 8,637,989,476 | $ | 11,984,047,839 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 163,276,470 | $ | 240,133,461 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of year | 452,550,800 | 398,950,800 | ||||||
Shares sold | 8,400,000 | 132,200,000 | ||||||
Shares redeemed | (179,400,000 | ) | (78,600,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of year | 281,550,800 | 452,550,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | Year Ended 5/31/2013 | |||||||||||||||
Net Asset Value, beginning of year | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | ||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.74 | 0.76 | 1.41 | 1.18 | 0.79 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.18 | (4.03 | ) | 2.90 | 1.95 | 6.26 | ||||||||||||||
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Total from investment operations | 4.92 | (3.27 | ) | 4.31 | 3.13 | 7.05 | ||||||||||||||
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Less distributions from: | ||||||||||||||||||||
Net investment income | (0.72 | ) | (0.88 | ) | (1.37 | ) | (0.41 | ) | (1.68 | ) | ||||||||||
Net realized gains | — | (0.12 | ) | (0.00 | )(b) | — | (2.40 | ) | ||||||||||||
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Total distributions | (0.72 | ) | (1.00 | ) | (1.37 | ) | (0.41 | ) | (4.08 | ) | ||||||||||
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Net Asset Value, end of year | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | ||||||||||
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Total Return (%) | 19.17 | (10.90 | ) | 16.22 | 12.74 | (c) | 35.60 | (c) | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 8,638 | 11,984 | 12,268 | 563 | 75 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.36 | 0.64 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.35 | 0.48 | |||||||||||||||
Ratio of net investment income (loss) (%) | 2.72 | 2.82 | 4.81 | 4.48 | 3.35 | |||||||||||||||
Portfolio turnover rate (%)(d) | 14 | 15 | 12 | 10 | 14 |
(a) | Based on average shares outstanding during the year. |
(b) | Amount represents less than $0.005. |
(c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The Net Asset Value (“NAV”), of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
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
26
DBX ETF Trust
Notes to Financial Statements (Continued)
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-ended 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.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment
27
DBX ETF Trust
Notes to Financial Statements (Continued)
income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2017, the Fund did not incur any interest or penalties.
As of May 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
$ | 163,276,470 | $ | (256,754,533 | ) | $ | (27,210,519 | ) | $ | (120,688,582 | ) |
The tax character of dividends and distributions declared for the years ended May 31, 2017 and May 31, 2016 were as follows:
Ordinary Income* | Long-Term Capital Gains | |||||||
2017 | $ | 310,197,210 | $ | — | ||||
2016 | 400,634,790 | 39,757,643 |
* | for tax purposes short-term capital gain distributions are considered ordinary income distributions |
At May 31, 2017, for Federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
$ | 128,788,884 | $ | 48,901,803 | $ | 177,690,687 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. During the year ended May 31, 2017, the Fund incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
$ | 79,063,846 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”) and redemptions-in-kind. For the fiscal year ended May 31, 2017, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Pain-in Capital | ||||||||||
$ | (6,810,431 | ) | $ | 307,246,576 | $ | (300,436,145 | ) |
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are
28
DBX ETF Trust
Notes to Financial Statements (Continued)
recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of May 31, 2017, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2017, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of May 31, 2017 the Fund invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of May 31, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of May 31, 2017, the Fund had securities on loan, which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Derivatives
Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2017, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a
29
DBX ETF Trust
Notes to Financial Statements (Continued)
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 May 31, 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 Fund had to the value of non U.S currencies during the year ended May 31, 2017.
Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2017, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time the Fund enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 2017 is included in a table following the Fund’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 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 | ||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 5,908,220 | Unrealized depreciation on futures contracts | $ | 1,237,175 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 21,152,611 | Unrealized depreciation on forward foreign currency exchange contracts | 130,168,682 | ||||||||||
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Total | $ | 27,060,831 | Total | $ | 131,405,857 | |||||||||
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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 2017 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
Net Realized Gain (Loss) from: | ||||||||||||
Futures — Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
$ | 9,286,004 | $ | 581,939,020 | $ | 591,225,024 |
30
DBX ETF Trust
Notes to Financial Statements (Continued)
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures — Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
$ | 4,828,845 | $ | (453,335,603 | ) | $ | (448,506,758 | ) |
For the year ended May 31, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
$ | 72,299,306 | $ | (8,658,575,679 | ) |
As of May 31, 2017, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 1,870,134 | $ | (1,870,134 | ) | $ | — | $ | — | $ | 15,114,328 | $ | (1,870,134 | ) | $ | — | $ | 13,244,194 | ||||||||||||||
JP Morgan & Chase Co. | 5,453,932 | (5,453,932 | ) | — | — | 28,031,585 | (5,453,932 | ) | — | 22,577,653 | ||||||||||||||||||||||
RBC Capital Markets | 4,079,989 | (4,079,989 | ) | — | — | 41,865,163 | (4,079,989 | ) | — | 37,785,174 | ||||||||||||||||||||||
The Bank of New York Mellon | 2,882,379 | (2,882,379 | ) | — | — | 17,488,045 | (2,882,379 | ) | — | 14,605,666 | ||||||||||||||||||||||
The Bank of Nova Scotia | 6,866,177 | (6,866,177 | ) | — | — | 27,669,561 | (6,866,177 | ) | (16,730,000 | ) | 4,073,384 | |||||||||||||||||||||
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$ | 21,152,611 | $ | (21,152,611 | ) | $ | — | $ | — | $ | 130,168,682 | $ | (21,152,611 | ) | $ | (16,730,000 | ) | $ | 92,286,071 | ||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
Prior to December 9, 2016, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to the Fund and was responsible for day-to-day management of the Fund, subject to the replication strategy for the Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time. Effective December 9, 2016, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Fund.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
31
DBX ETF Trust
Notes to Financial Statements (Continued)
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. Deutsche Bank AG is owned by the Fund in proportion with Deutsche Bank AG’s representation in the DBEF index. A summary of the Funds’ transactions with Deutsche Bank AG securities during the year ended May 31, 2017 is as follows:
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Income ($) | Value ($) at 5/31/17 | |||||||||||||||||||
Deutsche Bank AG | 24,253,079 | 1,978,898 | (9,537,554 | ) | (10,122,012 | ) | 268,580 | 21,939,319 |
5. Investment Portfolio Transactions
For the year ended May 31, 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 | |||||||
$ | 1,230,591,328 | $ | 1,352,812,210 |
For the year ended May 31, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
$ | 238,492,541 | $ | 4,663,305,570 |
6. Fund Share Transactions
As of May 31, 2017, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm
To Board of Trustees and Shareholders of
DBX ETF Trust:
We have audited the accompanying statement of assets and liabilities of Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund” within DBX ETF Trust), including the schedule of investments, as of May 31, 2017, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Deutsche X-trackers MSCI EAFE Hedged Equity ETF at May 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
New York, New York
July 26, 2017
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DBX ETF Trust
Trustees and Officers (Unaudited)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 35 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 35 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 35 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
34
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008-present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-present). | 35 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank AG and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in the Deutsche Asset Management Passive Asset Management Group at Deutsche Bank AG and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the Deutsche Asset Management Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). |
35
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Bryan Richards (1978) 345 Park Avenue New York, New York 10154 | Vice President | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank A.G. and has served as a Portfolio Manager in the Passive Asset Management business since 2011. Also at Deutsche Bank, Mr. Richards served as the primary portfolio manager for the PowerShares DB Commodity ETFs until their sale in 2015. | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of Deutsche Asset Management at Deutsche Bank AG (2014-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.deutsche-etfs.com.
36
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity 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 MSCI EAFE Hedged Equity ETF (the “Fund”). 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 Fund and its 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 Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s 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 the 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 Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, 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 Fund 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 Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio 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 Fund. The Trustees took into consideration that tracking error for the 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 Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and 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 Fund’s compliance program.
37
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
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 the Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that the 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 Fund. Based on its review, the Board concluded that the advisory fee for the 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 Fund and the information provided by the Adviser to the Board regarding the Fund’s 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 Fund, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although the Fund was profitable as of this time, the Adviser’s profitability with respect to the Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.
Economies of Scale. The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board determined to revisit this matter after the Fund 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.
38
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about the Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2017.
Qualified Dividend Income* | ||
91% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
The Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
$290,069,895 | $13,472,640 |
39
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.
40
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 60 Wall Street New York, NY 10005 | 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-38753-3 (7/17) DBX 002745 (7/18)
May 31, 2017
Annual Report
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
DBX ETF Trust
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our eight ETFs tracking the fixed income and equity dividend markets for the fiscal year ended May 31, 2017.
The global economy continued to strengthen, with volatility subsiding despite several political risks in the form of Britain’s decision to exit the Eurozone and the U.S. and European elections. The U.S. Federal Reserve Board (FRB), encouraged by underlying strength in the U.S. economy, raised its target for short-term interest rates twice during the reporting period. On the other hand, the European Central Bank (ECB) reiterated its stance on continuing monetary easing to support the European economy, in spite of improving inflation, employment, and growth data. The Bank of Japan (BOJ) continued its quantitative easing1 program, with yield curve control, in an attempt to avoid deflation.
Global equities, as measured by the MSCI ACWI Index2, rose to multi-year highs in the reporting period. In the U.S., initial confidence surrounding President Trump’s administrative economic policies faded, as challenges in policy execution and concerns about protectionist policies took center stage. Meanwhile, performance of European equities was strong on positive corporate earnings, combined with relief after Macron’s win in the French presidential election. Elsewhere, Emerging Markets (EM) persistently outperformed Developed Markets (DM), a trend that has now lasted almost a year, despite weak commodity prices.
Fixed income markets experienced mixed performance, as the FRB took steps to ease the accommodative monetary policy. Over the reporting period, the treasury yield curve witnessed an upward shift on the back of higher inflation and gross domestic product expectations. With improving labor market conditions and firming inflation indicators, the FRB’s stance turned less accommodative in an effort towards policy normalization, increasing the probability of further rate hikes during the year. At the same time, corporate bonds performed positively, reflecting confidence in the U.S. economy, with high-yield and investment-grade spreads narrowing to their lowest levels in the past 10 years. In the Eurozone, bond yields inched higher owing to an improvement in domestic nominal growth prospects and spillover effects from the U.S. However, spreads on French bonds, which peaked during the year, narrowed sharply as fears of a French withdrawal from the European Union abated following the French election results. EM bonds also performed positively as EM economies continued to grow in an environment of low interest rates and accommodative monetary policies.
Municipal bonds bounced back, despite a challenging end to 2016, due to uncertainty surrounding the U.S. presidential election. Improved demand-supply dynamics and falling municipal yields supported a strong recovery in municipal bond markets. Proposed changes to the U.S. tax policy were observed closely, as markets were mixed about its potential impact on municipal bond demand.
Monetary policies continue to diverge in 2017, with the U.S. already ahead in reducing the degree of policy accommodation. The ECB and BOJ continue their support in strengthening economies. Despite the deviation in policies, the central theme is a gradual move toward normalization. Meanwhile, global growth and inflation are expected to accelerate and sovereign rates may rise modestly, providing various opportunities for fixed income investments.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Quantitative easing is an unconventional monetary policy tool, in which a central bank conducts broad-based asset purchases.
2 MSCI ACWI Index captures large- and mid-cap representation across 23 DM and 23 EM countries. With 2,476 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
This Page is Intentionally Left Blank
2
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
The Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH) seeks to track the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the EMIH Index). The EMIH Index provides exposure to USD-denominated government debt issued by emerging market countries, while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2017, EMIH shares returned 9.61%, compared to the EMIH Index return of 9.19%.
Most of the countries contributed positively to performance, with the exception of Egypt, Sri Lanka, Kazakhstan, and South Africa. The most significant positive contribution to performance came from exposure to Brazil, Ecuador, Mexico, and Uruguay. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance.
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
The Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH) seeks to track the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the HYIH Index). The HYIH Index provides exposure to a basket of liquid USD-denominated high-yield corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2017, HYIH shares returned 11.40%, compared to the HYIH Index return of 11.72%.
The Technology sector was the primary positive contributor to performance, while Materials contributed negatively. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed negatively to performance.
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
The Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH) seeks to track the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the IGIH Index). The IGIH Index provides exposure to a basket of liquid USD-denominated Investment Grade corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2017, IGIH shares returned 4.79%, compared to the IGIH Index return of 4.62%.
The Financials and Industrials sectors were the primary positive contributors to performance. Within Financials, Banking and Finance companies were the largest positive contributors. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance.
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the RVNU Index). The RVNU Index is designed to track returns of the segment of the US long-term tax-exempt bond market that consists of infrastructure revenue bonds. For the 12-month period ended May 31, 2017, RVNU shares returned 0.77%, compared to the RVNU Index return of 1.12%.
The NY Metropolitan Transportation Authority was the major positive contributor to performance, while LA Department of Water and Power contributed negatively to performance.
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
The Deutsche X-trackers MSCI All World ex-US High Dividend Yield Hedged Equity ETF (HDAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex-USA High Dividend Yield US Dollar Hedged Index (the HDAW Index). The HDAW Index is designed to give investors exposure to equity securities across developed and emerging market countries (excluding the United States), with higher dividend income and quality characteristics than average dividend yields of equities in its parent index, where such higher dividend income and quality characteristics are both sustainable and persistent,
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2017, HDAW shares returned 18.17%, compared to the HDAW Index return of 19.02%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Health Care, and Materials. Telecommunication Services was the only negative contributor to performance. From a geographical perspective, the U.K., China, and France were the main positive contributors, while Zambia, Mexico, and Sweden contributed negatively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
The Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index (the HDEF Index). The HDEF Index is designed to give investors exposure to equity securities in developed international stock markets, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2017, the HDEF shares returned 18.93%, compared to the HDEF Index return of 19.60%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Health Care, and Materials. Telecommunication Services was the only negative contributor to performance. From a geographical perspective, the U.K., Germany, and France contributed positively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
The Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index (the HDEE Index). The HDEE index is designed to give investors exposure to equity securities in the global emerging markets countries, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2017, HDEE shares returned 12.23%, compared to the HDEE Index return of 14.12%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Information Technology, and Energy. Health Care was the only negative contributor to performance. From a geographical perspective, Taiwan and China contributed positively. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
The Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the HDEZ Index). The HDEZ Index is designed to give investors exposure to equity securities in the Eurozone, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the Euro. For the 12-month period ended May 31, 2017, HDEZ shares returned 17.45%, compared to the HDEZ Index return of 18.00%.
4
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
All sectors and countries contributed positively to performance. Financials, Consumer Discretionary, and Materials were the main sectors that contributed to positive performance. Germany, France, and Finland were the main countries contributing to positive performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.deutsche-etfs.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-21 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
5
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the emerging markets bonds. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive Emerging Markets Bond — Interest Rate Hedged Index | Solactive Emerging Markets Bond Index (Long only component) | |||||
One Year | 9.61% | 9.43% | 9.19% | 8.52% | ||||
Since Inception1 | 5.15% | 5.20% | 4.76% | 6.49% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive Emerging Markets Bond — Interest Rate Hedged Index | Solactive Emerging Markets Bond Index (Long only component) | |||||
One Year | 9.61% | 9.43% | 9.19% | 8.52% | ||||
Since Inception1 | 11.95% | 12.09% | 11.03% | 15.20% |
1 Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.50%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
6
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 3/3/15.
Country Diversification* as of 5/31/17
Russia | 6.6% | |||
Turkey | 5.8% | |||
Colombia | 5.7% | |||
Ukraine | 5.7% | |||
Peru | 5.7% | |||
Philippines | 5.5% | |||
South Africa | 5.2% | |||
Poland | 5.1% | |||
Hungary | 4.9% | |||
Brazil | 4.7% | |||
Qatar | 4.6% | |||
Mexico | 4.6% | |||
Indonesia | 4.5% | |||
Uruguay | 3.7% | |||
Croatia | 3.7% | |||
Kazakhstan | 3.7% | |||
Sri Lanka | 3.6% | |||
Egypt | 3.6% | |||
Romania | 3.2% | |||
Ecuador | 3.2% | |||
Panama | 2.1% | |||
Other | 4.6% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/17: 0.0 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of 5/31/17
Description | % of Market Value | |||
AA | 4.9% | |||
A | 18.0% | |||
BBB | 40.2% | |||
BB | 21.8% | |||
B | 13.2% | |||
CCC | 1.9% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
7
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | Solactive High Yield Corporate Bond Index (Long only component) | |||||
One Year | 11.40% | 11.39% | 11.72% | 12.08% | ||||
Since Inception1 | 2.61% | 2.68% | 3.35% | 5.10% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | Solactive High Yield Corporate Bond Index (Long only component) | |||||
One Year | 11.40% | 11.39% | 11.72% | 12.08% | ||||
Since Inception1 | 5.96% | 6.13% | 7.69% | 11.84% |
1 Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 3/3/15.
Sector Diversification* as of 5/31/17
Communications | 24.3% | |||
Consumer, Non-cyclical | 15.8% | |||
Energy | 13.1% | |||
Consumer, Cyclical | 11.6% | |||
Industrial | 10.0% | |||
Financial | 9.6% | |||
Technology | 6.3% | |||
Basic Materials | 5.2% | |||
Utilities | 3.7% | |||
Diversified | 0.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/17: 0.0 years Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of 5/31/17
% of Market Value | ||||
BBB | 10.3% | |||
BB | 47.7% | |||
B | 35.3% | |||
CCC | 6.7% | |||
CC | 0.0% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or
Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P
represent their opinions as to the quality of the securities they rate. Credit quality measures a
bond issuer’s ability to repay interest and principal in a timely manner and is measured on a
scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are
not absolute standards of quality. Credit quality does not remove market risk and is subject to
change.
Country Diversification* as of 5/31/17
United States | 85.8% | |||
United Kingdom | 5.0% | |||
Canada | 4.1% | |||
France | 2.1% | |||
Luxembourg | 2.0% | |||
Ireland | 0.5% | |||
Cayman Islands | 0.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.
9
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
The Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive Investment Grade Bond — Interest Rate Hedged Index | Solactive Investment Grade Bond Index (Long only component) | |||||
One Year | 4.79% | 5.57% | 4.62% | 4.02% | ||||
Since Inception1 | 1.62% | 2.08% | 1.63% | 3.51% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive Investment Grade Bond — Interest Rate Hedged Index | Solactive Investment Grade Bond Index (Long only component) | |||||
One Year | 4.79% | 5.57% | 4.62% | 4.02% | ||||
Since Inception1 | 3.67% | 4.74% | 3.70% | 8.06% |
1 Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 3/3/15.
Sector Diversification* as of 5/31/17
Financial | 31.6% | |||
Consumer, Non-cyclical | 20.7% | |||
Communications | 13.3% | |||
Energy | 9.4% | |||
Technology | 8.9% | |||
Consumer, Cyclical | 7.7% | |||
Industrial | 5.2% | |||
Basic Materials | 1.8% | |||
Utilities | 1.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/17: 0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of 5/31/17
Description | % of Market Value | |||
AAA | 2.8% | |||
AA | 16.1% | |||
A | 39.3% | |||
BBB | 41.8% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 5/31/17
United States | 79.4% | |||
United Kingdom | 7.9% | |||
Netherlands | 3.7% | |||
Luxembourg | 2.7% | |||
France | 2.0% | |||
Canada | 1.4% | |||
Australia | 1.3% | |||
Ireland | 0.8% | |||
Japan | 0.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.
11
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. The S&P Municipal Bond Revenue Index consists of bonds in the S&P Municipal Bond Index that are classified as Revenue Bonds. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive Municipal Infrastructure Revenue Bond Index | S&P Municipal Bond Revenue Index | |||||
One Year | 0.77% | -0.16% | 1.12% | 1.91% | ||||
Since Inception1 | 4.71% | 4.62% | 4.87% | 4.00% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive Municipal Infrastructure Revenue Bond Index | S&P Municipal Bond Revenue Index | |||||
One Year | 0.77% | -0.16% | 1.12% | 1.91% | ||||
Since Inception1 | 20.15% | 19.76% | 20.93% | 16.94% |
1 Total returns are calculated based on the commencement of operations, 6/4/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.30%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/4/13.
Sector Diversification* as of 5/31/17
Transportation | 34.1% | |||
Water | 21.8% | |||
Power | 15.3% | |||
General | 13.0% | |||
Airport | 10.2% | |||
Utilities | 2.8% | |||
Education | 2.0% | |||
Development | 0.8% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/17: 6.2 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
Quality* as of 5/31/17
Description | % of Market Value | |||
AAA | 17.6% | |||
AA | 51.5% | |||
A | 29.3% | |||
BBB | 1.6% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
* 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 36.
13
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
The Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex USA Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index | MSCI ACWI ex US Index | |||||
One Year | 18.17% | 17.67% | 19.02% | 18.24% | ||||
Since Inception1 | 5.58% | 5.47% | 6.09% | 5.05% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index | MSCI ACWI ex US Index | |||||
One Year | 18.17% | 17.67% | 19.02% | 18.24% | ||||
Since Inception1 | 10.29% | 10.10% | 11.27% | 9.30% |
1 Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
14
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/12/15.
Sector Diversification* as of 5/31/17
Financials | 35.5% | |||
Consumer Discretionary | 10.4% | |||
Consumer Staples | 8.9% | |||
Energy | 8.6% | |||
Materials | 8.2% | |||
Health Care | 7.0% | |||
Utilities | 5.9% | |||
Information Technology | 5.2% | |||
Telecommunication Services | 5.0% | |||
Industrials | 3.6% | |||
Real Estate | 1.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (30.5% of Net Assets)
Description | % of Net Assets | |||
British American Tobacco PLC (United Kingdom) | 4.3% | |||
TOTAL SA (France) | 4.0% | |||
Sanofi (France) | 3.7% | |||
Royal Bank of Canada (Canada) | 3.3% | |||
Allianz SE (Germany) | 2.8% | |||
BASF SE (Germany) | 2.8% | |||
AstraZeneca PLC (United Kingdom) | 2.8% | |||
Daimler AG (Germany) | 2.3% | |||
China Construction Bank Corp. (China) | 2.3% | |||
Bank of Nova Scotia (Canada) | 2.2% |
Country Diversification* as of 5/31/17
United Kingdom | 18.2% | |||
Canada | 13.2% | |||
France | 10.5% | |||
Germany | 10.2% | |||
Taiwan | 6.6% | |||
China | 6.5% | |||
Australia | 4.8% | |||
Hong Kong | 3.6% | |||
Switzerland | 3.1% | |||
Japan | 3.0% | |||
Singapore | 2.9% | |||
South Africa | 2.8% | |||
Finland | 2.2% | |||
Russia | 2.0% | |||
Other | 10.4% | |||
|
| |||
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 39.
15
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
The Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EAFE High Dividend Yield US Dollar Hedged Index | MSCI EAFE Index | |||||
One Year | 18.93% | 19.16% | 19.60% | 16.44% | ||||
Since Inception1 | 6.94% | 7.15% | 7.41% | 3.70% | ||||
Cumulative Total Returns | ||||||||
�� | Net Asset Value | Market Value | MSCI EAFE High Dividend Yield US Dollar Hedged Index | MSCI EAFE Index | ||||
One Year | 18.93% | 19.16% | 19.60% | 16.44% | ||||
Since Inception1 | 12.89% | 13.27% | 13.77% | 6.78% |
1 Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
16
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/12/15.
Sector Diversification* as of 5/31/17
Financials | 25.3% | |||
Consumer Discretionary | 14.7% | |||
Materials | 11.0% | |||
Consumer Staples | 10.2% | |||
Health Care | 9.9% | |||
Utilities | 9.5% | |||
Energy | 5.9% | |||
Industrials | 5.6% | |||
Telecommunication Services | 4.0% | |||
Information Technology | 2.1% | |||
Real Estate | 1.8% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (42.1% of Net Assets)
Description | % of Net Assets | |||
British American Tobacco PLC (United Kingdom) | 5.0% | |||
Allianz SE (Germany) | 5.0% | |||
Sanofi (France) | 5.0% | |||
BASF SE (Germany) | 4.9% | |||
TOTAL SA (France) | 4.9% | |||
AstraZeneca PLC (United Kingdom) | 4.9% | |||
Daimler AG (Germany) | 4.0% | |||
AXA SA (France) | 2.9% | |||
Rio Tinto PLC (United Kingdom) | 2.8% | |||
National Grid PLC (United Kingdom) | 2.7% |
Country Diversification* as of 5/31/17
United Kingdom | 29.0% | |||
Germany | 19.6% | |||
France | 14.6% | |||
Australia | 7.2% | |||
Switzerland | 5.4% | |||
Hong Kong | 5.3% | |||
Finland | 3.8% | |||
Singapore | 3.7% | |||
Japan | 2.9% | |||
Spain | 2.1% | |||
Other | 6.4% | |||
|
| |||
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 47.
17
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
The Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index | MSCI Emerging Markets Index | |||||
One Year | 12.23% | 12.37% | 14.12% | 27.41% | ||||
Since Inception1 | -0.49% | -0.29% | 0.18% | 10.00% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index | MSCI Emerging Markets Index | |||||
One Year | 12.23% | 12.37% | 14.12% | 27.41% | ||||
Since Inception1 | -0.88% | -0.52% | 0.33% | 18.77% |
1 Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
18
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/12/15.
Sector Diversification* as of 5/31/17
Financials | 38.4% | |||
Information Technology | 13.9% | |||
Energy | 10.5% | |||
Consumer Staples | 9.1% | |||
Consumer Discretionary | 7.1% | |||
Telecommunication Services | 6.4% | |||
Real Estate | 4.4% | |||
Materials | 3.7% | |||
Industrials | 3.1% | |||
Utilities | 2.4% | |||
Health Care | 1.0% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (31.4% of Net Assets)
Description | % of Net Assets | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 5.0% | |||
Industrial & Commercial Bank of China Ltd. (China) | 5.0% | |||
China Construction Bank Corp. (China) | 4.9% | |||
Bank of China Ltd. (China) | 4.6% | |||
Ambev SA (Brazil) | 3.2% | |||
Gazprom PJSC (Russia) | 2.5% | |||
Standard Bank Group Ltd. (South Africa) | 1.7% | |||
Chunghwa Telecom Co. Ltd. (Taiwan) | 1.5% | |||
LUKOIL PJSC (Russia) | 1.5% | |||
FirstRand Ltd. (South Africa) | 1.5% |
Country Diversification* as of 5/31/17
Taiwan | 26.7% | |||
China | 21.6% | |||
South Africa | 10.0% | |||
Brazil | 8.4% | |||
Russia | 8.4% | |||
Hong Kong | 4.5% | |||
Thailand | 4.5% | |||
South Korea | 3.6% | |||
United Arab Emirates | 2.8% | |||
Malaysia | 2.1% | |||
Other | 7.4% | |||
|
| |||
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 51.
19
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
The Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”), or the “Eurozone”, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EMU High Dividend Yield US Dollar Hedged Index | MSCI EMU Index | |||||
One Year | 17.45% | 17.40% | 18.00% | 21.58% | ||||
Since Inception1 | 7.78% | 7.92% | 7.97% | 5.33% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EMU High Dividend Yield US Dollar Hedged Index | MSCI EMU Index | |||||
One Year | 17.45% | 17.40% | 18.00% | 21.58% | ||||
Since Inception1 | 14.49% | 14.75% | 14.86% | 9.82% |
1 Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
20
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/12/15.
Sector Diversification* as of 5/31/17
Financials | 24.9% | |||
Utilities | 21.1% | |||
Consumer Discretionary | 19.6% | |||
Industrials | 11.9% | |||
Energy | 11.3% | |||
Materials | 7.7% | |||
Telecommunication Services | 2.1% | |||
Consumer Staples | 1.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (48.3% of Net Assets)
Description | % of Net Assets | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 5.1% | |||
UPM-Kymmene OYJ (Finland) | 5.1% | |||
Allianz SE (Germany) | 5.0% | |||
Sampo OYJ (Finland) | 5.0% | |||
AXA SA (France) | 5.0% | |||
TOTAL SA (France) | 4.9% | |||
Bayerische Motoren Werke AG (Germany) | 4.8% | |||
Atlantia SpA (Italy) | 4.8% | |||
Daimler AG (Germany) | 4.7% | |||
Snam SpA (Italy) | 3.9% |
Country Diversification* as of 5/31/17
Germany | 26.6% | |||
Finland | 20.7% | |||
France | 19.5% | |||
Spain | 14.0% | |||
Italy | 12.5% | |||
Luxembourg | 3.4% | |||
Portugal | 3.3% | |||
|
| |||
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 57.
21
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 (December 1, 2016 to May 31, 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 December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Emerging Markets Bond — Int Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,048.50 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers High Yield Corp Bond — Int Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,043.80 | 0.35 | % | $ | 1.78 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.19 | 0.35 | % | $ | 1.77 | ||||||||
Deutsche X-trackers Investment Grade Bond — Int Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,018.40 | 0.25 | % | $ | 1.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.68 | 0.25 | % | $ | 1.26 | ||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,058.60 | 0.30 | % | $ | 1.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.44 | 0.30 | % | $ | 1.51 | ||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,105.90 | 0.45 | % | $ | 2.36 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
22
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,135.60 | 0.45 | % | $ | 2.40 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,064.10 | 0.65 | % | $ | 3.34 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.69 | 0.65 | % | $ | 3.28 | ||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,179.50 | 0.45 | % | $ | 2.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
23
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
May 31, 2017
Principal | Value | |||||||
SOVEREIGN BONDS — 95.9% | ||||||||
Brazil — 4.5% | ||||||||
Brazilian Government International Bond | $ | 110,000 | $ | 116,078 | ||||
10.125%, 5/15/27 | 30,000 | 42,825 | ||||||
5.625%, 1/07/41 | 125,000 | 122,187 | ||||||
|
| |||||||
281,090 | ||||||||
|
| |||||||
Colombia — 5.5% | ||||||||
Colombia Government International Bond | 200,000 | 194,750 | ||||||
8.125%, 5/21/24 | 25,000 | 31,894 | ||||||
6.125%, 1/18/41 | 100,000 | 115,700 | ||||||
|
| |||||||
342,344 | ||||||||
|
| |||||||
Croatia — 3.5% | ||||||||
Croatia Government International Bond | 100,000 | 109,240 | ||||||
6.625%, 7/14/20, 144A | 100,000 | 110,672 | ||||||
|
| |||||||
219,912 | ||||||||
|
| |||||||
Ecuador — 3.0% | ||||||||
Ecuador Government International Bond | 200,000 | 190,000 | ||||||
|
| |||||||
Egypt — 3.4% | ||||||||
Egypt Government International Bond | 200,000 | 212,318 | ||||||
|
| |||||||
El Salvador — 0.5% | ||||||||
El Salvador Government International Bond | 30,000 | 28,125 | ||||||
|
| |||||||
Hungary — 4.7% | ||||||||
Hungary Government International Bond | 50,000 | 56,530 | ||||||
5.75%, 11/22/23 | 70,000 | 80,028 | ||||||
5.375%, 3/25/24 | 106,000 | 119,452 | ||||||
7.625%, 3/29/41 | 26,000 | 38,719 | ||||||
|
| |||||||
294,729 | ||||||||
|
| |||||||
Indonesia — 4.3% | ||||||||
Indonesia Government International Bond | 100,000 | 144,700 | ||||||
6.625%, 2/17/37, 144A | 100,000 | 124,492 | ||||||
|
| |||||||
269,192 | ||||||||
|
| |||||||
Kazakhstan — 3.5% | ||||||||
Kazakhstan Government International Bond | 200,000 | 219,298 | ||||||
|
| |||||||
Lebanon — 0.8% | ||||||||
Lebanon Government International Bond | 50,000 | 51,430 | ||||||
|
| |||||||
Lithuania — 1.8% | ||||||||
Lithuania Government International Bond | 100,000 | 113,710 | ||||||
|
| |||||||
Mexico — 4.4% | ||||||||
Mexico Government International Bond | 50,000 | 51,825 | ||||||
4.00%, 10/02/23 | 30,000 | 31,383 |
Principal | Value | |||||||
Mexico (Continued) | ||||||||
Series A, MTN, 6.75%, 9/27/34 | $ | 10,000 | $ | 12,741 | ||||
MTN, 4.75%, 3/08/44 | 120,000 | 119,280 | ||||||
5.55%, 1/21/45 | 35,000 | 38,841 | ||||||
5.75%, 10/12/10 | 20,000 | 20,470 | ||||||
|
| |||||||
274,540 | ||||||||
|
| |||||||
Panama — 2.0% | ||||||||
Panama Government International Bond | 95,000 | 123,262 | ||||||
|
| |||||||
Peru — 5.5% | ||||||||
Peruvian Government International Bond | 100,000 | 131,500 | ||||||
8.75%, 11/21/33 | 75,000 | 116,010 | ||||||
5.625%, 11/18/50 | 75,000 | 92,363 | ||||||
|
| |||||||
339,873 | ||||||||
|
| |||||||
Philippines — 5.3% | ||||||||
Philippine Government International Bond | 125,000 | 191,830 | ||||||
9.50%, 2/02/30 | 85,000 | 135,778 | ||||||
|
| |||||||
327,608 | ||||||||
|
| |||||||
Poland — 4.9% | ||||||||
Poland Government International Bond | 50,000 | 54,878 | ||||||
5.125%, 4/21/21 | 70,000 | 77,419 | ||||||
5.00%, 3/23/22 | 50,000 | 55,460 | ||||||
3.00%, 3/17/23 (a) | 40,000 | 40,695 | ||||||
4.00%, 1/22/24 | 70,000 | 75,000 | ||||||
|
| |||||||
303,452 | ||||||||
|
| |||||||
Qatar — 4.5% | ||||||||
Qatar Government International Bond | 90,000 | 145,846 | ||||||
6.40%, 1/20/40, 144A | 100,000 | 132,000 | ||||||
|
| |||||||
277,846 | ||||||||
|
| |||||||
Romania — 3.1% | ||||||||
Romanian Government International Bond | 10,000 | 10,645 | ||||||
4.875%, 1/22/24, 144A | 86,000 | 94,155 | ||||||
6.125%, 1/22/44, 144A | 70,000 | 88,428 | ||||||
|
| |||||||
193,228 | ||||||||
|
| |||||||
Russia — 6.3% | ||||||||
Russian Foreign Bond — Eurobond | 200,000 | 217,405 | ||||||
12.75%, 6/24/28, 144A | 100,000 | 177,471 | ||||||
|
| |||||||
394,876 | ||||||||
|
| |||||||
South Africa — 5.0% | ||||||||
South Africa Government International Bond | 305,000 | 313,881 | ||||||
|
| |||||||
Sri Lanka — 3.4% | ||||||||
Sri Lanka Government International Bond | 200,000 | 213,786 | ||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Turkey — 5.6% | ||||||||
Turkey Government International Bond | $ | 70,000 | $ | 76,937 | ||||
7.375%, 2/05/25 | 55,000 | 64,383 | ||||||
11.875%, 1/15/30 | 20,000 | 32,199 | ||||||
8.00%, 2/14/34 | 80,000 | 100,695 | ||||||
7.25%, 3/05/38 | 60,000 | 71,601 | ||||||
|
| |||||||
345,815 | ||||||||
|
| |||||||
Ukraine — 5.5% | ||||||||
Ukraine Government International Bond | 120,000 | 122,182 | ||||||
7.75%, 9/01/21, 144A | 100,000 | 101,394 | ||||||
7.75%, 9/01/24, 144A | 120,000 | 118,458 | ||||||
|
| |||||||
342,034 | ||||||||
|
| |||||||
Uruguay — 3.6% | ||||||||
Uruguay Government International Bond | 15,000 | 16,170 | ||||||
7.625%, 3/21/36 | 30,000 | 39,900 | ||||||
5.10%, 6/18/50 | 165,000 | 166,403 | ||||||
|
| |||||||
222,473 | ||||||||
|
|
Principal | Value | |||||||
Venezuela — 1.3% | ||||||||
Venezuela Government International Bond | $ | 150,000 | $ | 79,500 | ||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 5,974,322 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 3.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) | 226,980 | 226,980 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% (Cost $6,070,888)† | $ | 6,201,302 | ||||||
Other assets and liabilities, net — 0.5% | 26,965 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,228,267 | ||||||
|
|
† | The cost for federal income tax purposes was $6,176,236. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $25,066. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $125,715 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $100,649. |
(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 May 31, 2017 amounted to $220,616, which is 3.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2017, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||
2-Year U.S. Treasury Note | USD | 2 | $ | 432,969 | 9/29/2017 | $ | 0 | |||||||||
5-Year U.S. Treasury Note | USD | 10 | 1,183,125 | 9/29/2017 | 55 | |||||||||||
10-Year Ultra U.S. Treasury Note | USD | 4 | 542,938 | 9/20/2017 | 0 | |||||||||||
10-Year U.S. Treasury Note | USD | 16 | 2,020,750 | 9/20/2017 | (251 | ) | ||||||||||
Ultra Long U.S. Treasury Bond | USD | 1 | 165,125 | 9/20/2017 | 31 | |||||||||||
U.S. Treasury Long Bond | USD | 9 | 1,384,312 | 9/20/2017 | 70 | |||||||||||
|
|
|
| |||||||||||||
$ | 5,729,219 | $ | (95 | ) | ||||||||||||
|
|
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Sovereign Bonds (d) | $ | — | $ | 5,974,322 | $ | — | $ | 5,974,322 | ||||||||
Short-Term Investments | 226,980 | — | — | 226,980 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 156 | — | — | 156 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 227,136 | $ | 5,974,322 | $ | — | $ | 6,201,458 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (251 | ) | $ | — | $ | — | $ | (251 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (251 | ) | $ | — | $ | — | $ | (251 | ) | ||||||
|
|
|
|
|
|
|
|
(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 year ended May 31, 2017.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
May 31, 2017
Principal | Value | |||||||
CORPORATE BONDS — 97.3% | ||||||||
Basic Materials — 5.1% | ||||||||
Chemicals — 2.1% | ||||||||
CF Industries, Inc. | $ | 50,000 | $ | 46,937 | ||||
Chemours Co. | 50,000 | 53,620 | ||||||
Huntsman International LLC | 106,000 | 112,890 | ||||||
|
| |||||||
213,447 | ||||||||
|
| |||||||
Mining — 3.0% | ||||||||
Anglo American Capital PLC, 144A | 120,000 | 135,300 | ||||||
Freeport-McMoRan, Inc. | 115,000 | 113,745 | ||||||
Teck Resources Ltd. | 70,000 | 69,125 | ||||||
|
| |||||||
318,170 | ||||||||
|
| |||||||
Communications — 23.7% | ||||||||
Advertising — 1.3% | ||||||||
Acosta, Inc., 144A | 100,000 | 85,000 | ||||||
Lamar Media Corp. | 50,000 | 52,000 | ||||||
|
| |||||||
137,000 | ||||||||
|
| |||||||
Internet — 1.3% | ||||||||
Expedia, Inc. | 40,000 | 44,073 | ||||||
Netflix, Inc. | 80,000 | 88,000 | ||||||
|
| |||||||
132,073 | ||||||||
|
| |||||||
Media — 12.9% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 80,000 | 84,900 | ||||||
5.75%, 2/15/26, 144A | 40,000 | 42,850 | ||||||
Cequel Communications Holdings I LLC / Cequel Capital Corp., 144A | 100,000 | 102,500 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 100,000 | 107,426 | ||||||
4.908%, 7/23/25 | 100,000 | 108,716 | ||||||
Clear Channel Worldwide Holdings, Inc. | 60,000 | 61,500 | ||||||
CSC Holdings LLC | 111,000 | 123,071 | ||||||
DISH DBS Corp. | 155,000 | 159,700 | ||||||
iHeartCommunications, Inc. | 50,000 | 36,938 | ||||||
SFR Group SA, 144A | 200,000 | 217,124 |
Principal | Value | |||||||
Media (Continued) | ||||||||
Sirius XM Radio, Inc. | $ | 35,000 | $ | 37,231 | ||||
5.375%, 7/15/26, 144A | 30,000 | 30,825 | ||||||
Univision Communications, Inc., 144A | 45,000 | 44,606 | ||||||
Virgin Media Secured Finance PLC, 144A | 200,000 | 206,750 | ||||||
|
| |||||||
1,364,137 | ||||||||
|
| |||||||
Telecommunications — 8.2% | ||||||||
CenturyLink, Inc. | 65,000 | 69,712 | ||||||
CommScope Technologies LLC, 144A | 26,000 | 27,760 | ||||||
Frontier Communications Corp. | 73,000 | 63,601 | ||||||
11.00%, 9/15/25 | 60,000 | 56,400 | ||||||
Hughes Satellite Systems Corp. | 45,000 | 46,406 | ||||||
Intelsat Jackson Holdings SA, 144A | 100,000 | 108,188 | ||||||
Level 3 Communications, Inc. | 151,000 | 157,418 | ||||||
Sprint Communications, Inc. | 71,000 | 78,633 | ||||||
Sprint Corp. | 100,000 | 115,250 | ||||||
T-Mobile USA, Inc. | 125,000 | 138,281 | ||||||
|
| |||||||
861,649 | ||||||||
|
| |||||||
Consumer, Cyclical — 11.2% | ||||||||
Airlines — 0.5% | ||||||||
American Airlines Group, Inc., 144A | 50,000 | 52,531 | ||||||
|
| |||||||
Auto Parts & Equipment — 1.5% | ||||||||
ZF North America Capital, Inc., 144A | 150,000 | 158,438 | ||||||
|
| |||||||
Distribution/Wholesale — 0.4% | ||||||||
HD Supply, Inc., 144A | 40,000 | 42,290 | ||||||
|
| |||||||
Entertainment — 2.2% | ||||||||
GLP Capital LP / GLP Financing II, Inc. | 90,000 | 95,850 | ||||||
Regal Entertainment Group | 88,000 | 92,180 | ||||||
Scientific Games International, Inc. | 40,000 | 43,700 | ||||||
|
| |||||||
231,730 | ||||||||
|
| |||||||
Food Service — 0.5% | ||||||||
Aramark Services, Inc. | 50,000 | 51,990 | ||||||
|
| |||||||
Home Builders — 1.0% | ||||||||
PulteGroup, Inc. | 100,000 | 101,875 | ||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Lodging — 1.7% | ||||||||
MGM Resorts International | $ | 70,000 | $ | 78,750 | ||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | 99,000 | 104,940 | ||||||
|
| |||||||
183,690 | ||||||||
|
| |||||||
Retail — 3.4% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A | 21,000 | 21,912 | ||||||
Dollar Tree, Inc. | 98,000 | 104,272 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A | 30,000 | 31,284 | ||||||
L Brands, Inc. | 61,000 | 65,118 | ||||||
QVC, Inc. | 40,000 | 40,574 | ||||||
Rite Aid Corp., 144A | 99,000 | 98,708 | ||||||
|
| |||||||
361,868 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 15.4% | ||||||||
Commercial Services — 3.0% | ||||||||
ADT Corp. | 41,000 | 40,283 | ||||||
APX Group, Inc. | 50,000 | 54,745 | ||||||
Hertz Corp. | 23,000 | 23,077 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 21,000 | 21,656 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 50,000 | 54,792 | ||||||
RR Donnelley & Sons Co. | 45,000 | 44,325 | ||||||
United Rentals North America, Inc. | 71,000 | 75,100 | ||||||
|
| |||||||
313,978 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.6% | ||||||||
Avon Products, Inc. | 50,000 | 46,625 | ||||||
Edgewell Personal Care Co. | 18,000 | 19,359 | ||||||
|
| |||||||
65,984 | ||||||||
|
| |||||||
Food — 0.4% | ||||||||
Post Holdings, Inc., 144A | 45,000 | 45,394 | ||||||
|
|
Principal | Value | |||||||
Healthcare-Products — 1.1% | ||||||||
Hologic, Inc., 144A | $ | 20,000 | $ | 21,075 | ||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A | 105,000 | 96,862 | ||||||
|
| |||||||
117,937 | ||||||||
|
| |||||||
Healthcare-Services — 8.6% | ||||||||
Centene Corp. | 100,000 | 104,688 | ||||||
CHS/Community Health Systems, Inc. | 87,000 | 77,647 | ||||||
DaVita, Inc. | 40,000 | 39,850 | ||||||
Envision Healthcare Corp., 144A | 50,000 | 51,500 | ||||||
Fresenius Medical Care US Finance II, Inc., 144A | 155,000 | 172,825 | ||||||
HCA, Inc. | 80,000 | 88,100 | ||||||
7.50%, 2/15/22 | 133,000 | 153,615 | ||||||
HealthSouth Corp. | 45,000 | 46,687 | ||||||
Kindred Healthcare, Inc. | 50,000 | 48,938 | ||||||
Tenet Healthcare Corp. | 80,000 | 84,600 | ||||||
6.75%, 6/15/23 (a) | 35,000 | 34,907 | ||||||
|
| |||||||
903,357 | ||||||||
|
| |||||||
Pharmaceuticals — 1.7% | ||||||||
Endo Finance LLC, 144A | 83,000 | 79,991 | ||||||
Valeant Pharmaceuticals International, 144A | 104,000 | 98,280 | ||||||
|
| |||||||
178,271 | ||||||||
|
| |||||||
Diversified — 0.4% | ||||||||
Holding Companies-Diversified — 0.4% | ||||||||
HRG Group, Inc. | 40,000 | 41,310 | ||||||
|
| |||||||
Energy — 12.7% | ||||||||
Coal — 0.4% | ||||||||
Murray Energy Corp., 144A | 50,000 | 38,500 | ||||||
|
| |||||||
Oil & Gas — 9.7% | ||||||||
Antero Resources Corp. | 102,000 | 105,315 | ||||||
California Resources Corp. | 3,000 | 2,055 | ||||||
8.00%, 12/15/22, 144A | 68,000 | 51,170 | ||||||
Cenovus Energy, Inc. | 65,000 | 69,731 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Chesapeake Energy Corp., 144A | $ | 67,000 | $ | 72,695 | ||||
Concho Resources, Inc. | 106,000 | 110,107 | ||||||
Continental Resources, Inc. | 30,000 | 28,182 | ||||||
Denbury Resources, Inc. | 93,000 | 67,890 | ||||||
EP Energy LLC / Everest Acquisition Finance, Inc. | 88,000 | 80,960 | ||||||
Nabors Industries, Inc. | 40,000 | 41,300 | ||||||
Newfield Exploration Co. | 50,000 | 53,250 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 50,000 | 50,375 | ||||||
Range Resources Corp., 144A | 89,000 | 87,109 | ||||||
Transocean, Inc., 144A | 50,000 | 52,500 | ||||||
Whiting Petroleum Corp. | 91,000 | 89,726 | ||||||
WPX Energy, Inc. | 55,000 | 60,500 | ||||||
|
| |||||||
1,022,865 | ||||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Weatherford International Ltd. | 50,000 | 53,125 | ||||||
|
| |||||||
Pipelines — 2.1% | ||||||||
Energy Transfer Equity LP | 21,000 | 22,522 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 45,000 | 45,900 | ||||||
Tesoro Logistics LP / Tesoro Logistics Finance Corp. | 70,000 | 73,194 | ||||||
Williams Cos., Inc. | 80,000 | 82,600 | ||||||
|
| |||||||
224,216 | ||||||||
|
| |||||||
Financial — 9.3% | ||||||||
Banks — 1.6% | ||||||||
Royal Bank of Scotland Group PLC | 155,000 | 170,003 | ||||||
|
| |||||||
Diversified Financial Services — 4.4% | ||||||||
Aircastle Ltd. | 50,000 | 53,532 | ||||||
Ally Financial, Inc. | 85,000 | 86,369 | ||||||
4.125%, 2/13/22 | 40,000 | 41,125 | ||||||
CIT Group, Inc. | 40,000 | 41,150 | ||||||
5.00%, 8/15/22 | 39,000 | 42,303 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
Discover Financial Services | $ | 50,000 | $ | 49,912 | ||||
Navient Corp. | 94,000 | 91,885 | ||||||
Springleaf Finance Corp. | 50,000 | 54,625 | ||||||
|
| |||||||
460,901 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 2.7% | ||||||||
DuPont Fabros Technology LP | 60,000 | 62,438 | ||||||
Equinix, Inc. | 82,000 | 86,280 | ||||||
Iron Mountain, Inc. | 88,000 | 90,750 | ||||||
SBA Communications Corp., 144A | 50,000 | 50,850 | ||||||
|
| |||||||
290,318 | ||||||||
|
| |||||||
Venture Capital — 0.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 60,000 | 61,725 | ||||||
|
| |||||||
Industrial — 9.7% | ||||||||
Aerospace/Defense — 1.1% | ||||||||
Arconic, Inc. | 93,000 | 99,324 | ||||||
TransDigm, Inc. | 20,000 | 20,772 | ||||||
|
| |||||||
120,096 | ||||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Standard Industries, Inc., 144A | 18,000 | 19,013 | ||||||
|
| |||||||
Engineering & Construction — 0.8% | ||||||||
AECOM | 75,000 | 79,125 | ||||||
|
| |||||||
Environmental Control — 0.4% | ||||||||
Covanta Holding Corp. | 40,000 | 39,600 | ||||||
|
| |||||||
Machinery-Construction & Mining — 0.5% | ||||||||
Vertiv Group Corp., 144A | 50,000 | 54,250 | ||||||
|
| |||||||
Machinery-Diversified — 0.5% | ||||||||
CNH Industrial Capital LLC | 55,000 | 56,100 | ||||||
|
| |||||||
Metal Fabricate/Hardware — 0.5% | ||||||||
Novelis Corp., 144A | 50,000 | 51,875 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.0% | ||||||||
Bombardier, Inc., 144A | 100,000 | 108,375 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Miscellaneous Manufacturing (Continued) | ||||||||
Gates Global LLC / Gates Global Co., 144A | $ | 105,000 | $ | 107,499 | ||||
|
| |||||||
215,874 | ||||||||
|
| |||||||
Packaging & Containers — 2.6% | ||||||||
Ball Corp. | 50,000 | 52,750 | ||||||
Berry Plastics Corp. | 62,000 | 65,209 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 18,000 | 18,810 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 133,000 | 136,724 | ||||||
|
| |||||||
273,493 | ||||||||
|
| |||||||
Transportation — 0.6% | ||||||||
XPO Logistics, Inc., 144A | 60,000 | 63,927 | ||||||
|
| |||||||
Trucking & Leasing — 0.5% | ||||||||
Park Aerospace Holdings Ltd., 144A | 50,000 | 52,656 | ||||||
|
| |||||||
Technology — 6.2% | ||||||||
Computers — 2.5% | ||||||||
Dell International LLC / EMC Corp., 144A | 50,000 | 52,969 | ||||||
EMC Corp. | 50,000 | 48,581 | ||||||
NCR Corp. | 84,000 | 90,090 | ||||||
Western Digital Corp. | 60,000 | 70,470 | ||||||
|
| |||||||
262,110 | ||||||||
|
| |||||||
Semiconductors — 0.2% | ||||||||
Micron Technology, Inc. | 15,000 | 15,722 | ||||||
|
| |||||||
Software — 3.5% | ||||||||
BMC Software Finance, Inc., 144A | 110,000 | 112,893 |
Principal | Value | |||||||
Software (Continued) | ||||||||
First Data Corp., 144A | $ | 50,000 | $ | 54,125 | ||||
Open Text Corp., 144A | 142,000 | 149,987 | ||||||
Rackspace Hosting, Inc., 144A | 50,000 | 53,422 | ||||||
|
| |||||||
370,427 | ||||||||
|
| |||||||
Utilities — 3.6% | ||||||||
Electric — 2.6% | ||||||||
AES Corp. | 50,000 | 51,063 | ||||||
Calpine Corp. | 60,000 | 57,225 | ||||||
Dynegy, Inc. | 60,000 | 62,025 | ||||||
FirstEnergy Corp. | 102,000 | 106,498 | ||||||
|
| |||||||
276,811 | ||||||||
|
| |||||||
Gas — 1.0% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 100,000 | 102,500 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 10,252,351 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 8.1% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) | 854,893 | 854,893 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 105.4% (Cost $10,929,527)† | $ | 11,107,244 | ||||||
Other assets and liabilities, net — (5.4%) | (568,592 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,538,652 | ||||||
|
|
† | The cost for federal income tax purposes was $11,014,488. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $92,756. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $301,915 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $209,159. |
(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 May 31, 2017 amounted to $826,848, which is 7.8% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
At May 31, 2017, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||
2-Year U.S. Treasury Note | USD | 7 | $ | 1,515,390 | 9/29/2017 | $ | (111 | ) | ||||||||
5-Year U.S. Treasury Note | USD | 40 | 4,732,500 | 9/29/2017 | 312 | |||||||||||
10-Year Ultra U.S. Treasury Note | USD | 2 | 271,469 | 9/20/2017 | 0 | |||||||||||
10-Year U.S. Treasury Note | USD | 27 | 3,410,016 | 9/20/2017 | (423 | ) | ||||||||||
|
|
|
| |||||||||||||
$ | 9,929,375 | $ | (222 | ) | ||||||||||||
|
|
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (d) | $ | — | $ | 10,252,351 | $ | — | $ | 10,252,351 | ||||||||
Short-Term Investments | 854,893 | — | — | 854,893 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 312 | — | — | 312 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 855,205 | $ | 10,252,351 | $ | — | $ | 11,107,556 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (534 | ) | $ | — | $ | — | $ | (534 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (534 | ) | $ | — | $ | — | $ | (534 | ) | ||||||
|
|
|
|
|
|
|
|
(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 year ended May 31, 2017.
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
May 31, 2017
Principal | Value | |||||||
CORPORATE BONDS — 97.5% | ||||||||
Basic Materials — 1.7% | ||||||||
Chemicals — 1.1% | ||||||||
Dow Chemical Co. | $ | 50,000 | $ | 68,621 | ||||
|
| |||||||
Mining — 0.6% | ||||||||
BHP Billiton Finance USA Ltd. | 25,000 | 28,752 | ||||||
Rio Tinto Finance USA PLC | 7,000 | 7,365 | ||||||
|
| |||||||
36,117 | ||||||||
|
| |||||||
Communications — 13.0% | ||||||||
Internet — 0.4% | ||||||||
Amazon.com, Inc. | 20,000 | 22,983 | ||||||
|
| |||||||
Media — 3.5% | ||||||||
21st Century Fox America, Inc. | 30,000 | 32,333 | ||||||
Comcast Corp. | 95,000 | 100,431 | ||||||
Time Warner, Inc. | 40,000 | 40,078 | ||||||
Walt Disney Co. MTN, | 40,000 | 40,109 | ||||||
|
| |||||||
212,951 | ||||||||
|
| |||||||
Telecommunications — 9.1% | ||||||||
AT&T, Inc. | 18,000 | 18,092 | ||||||
3.40%, 5/15/25 | 18,000 | 17,736 | ||||||
5.35%, 9/01/40 | 3,000 | 3,146 | ||||||
4.80%, 6/15/44 | 45,000 | 43,766 | ||||||
4.55%, 3/09/49 | 75,000 | 69,730 | ||||||
Cisco Systems, Inc. | 40,000 | 49,949 | ||||||
Motorola Solutions, Inc. | 40,000 | 40,878 | ||||||
Telefonica Europe BV | 50,000 | 70,618 | ||||||
Verizon Communications, Inc. | 50,000 | 53,638 | ||||||
4.40%, 11/01/34 | 75,000 | 73,441 | ||||||
4.862%, 8/21/46 | 50,000 | 49,890 | ||||||
Vodafone Group PLC | 55,000 | 55,557 | ||||||
|
| |||||||
546,441 | ||||||||
|
| |||||||
Consumer, Cyclical — 7.5% | ||||||||
Auto Manufacturers — 2.6% | ||||||||
Ford Motor Co. | 50,000 | 47,276 | ||||||
General Motors Co. | 100,000 | 106,689 | ||||||
|
| |||||||
153,965 | ||||||||
|
|
Principal | Value | |||||||
Retail — 4.9% | ||||||||
CVS Health Corp. | $ | 45,000 | $ | 47,269 | ||||
Home Depot, Inc. | 70,000 | 70,962 | ||||||
McDonald’s Corp. MTN, | 50,000 | 52,222 | ||||||
Target Corp. | 45,000 | 44,975 | ||||||
Walgreens Boots Alliance, Inc. | 30,000 | 30,265 | ||||||
Wal-Mart Stores, Inc. | 39,000 | 52,442 | ||||||
|
| |||||||
298,135 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 20.2% | ||||||||
Agriculture — 1.2% | ||||||||
Altria Group, Inc. | 65,000 | 69,648 | ||||||
|
| |||||||
Beverages — 3.1% | ||||||||
Anheuser-Busch InBev Finance, Inc. | 40,000 | 40,653 | ||||||
3.30%, 2/01/23 | 50,000 | 51,595 | ||||||
3.65%, 2/01/26 | 27,000 | 27,840 | ||||||
4.625%, 2/01/44 | 40,000 | 42,756 | ||||||
PepsiCo, Inc. | 10,000 | 10,090 | ||||||
4.45%, 4/14/46 | 10,000 | 10,890 | ||||||
|
| |||||||
183,824 | ||||||||
|
| |||||||
Biotechnology — 1.2% | ||||||||
Amgen, Inc. | 46,000 | 47,671 | ||||||
Gilead Sciences, Inc. | 25,000 | 26,596 | ||||||
|
| |||||||
74,267 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 1.1% | ||||||||
Procter & Gamble Co. | 50,000 | 66,533 | ||||||
|
| |||||||
Food — 2.3% | ||||||||
JM Smucker Co. | 50,000 | 52,430 | ||||||
Kellogg Co. | 40,000 | 42,486 | ||||||
Kraft Heinz Foods Co. | 35,000 | 43,436 | ||||||
|
| |||||||
138,352 | ||||||||
|
| |||||||
Healthcare-Products — 1.8% | ||||||||
Abbott Laboratories | 50,000 | 53,502 | ||||||
Medtronic, Inc. | 50,000 | 52,917 | ||||||
|
| |||||||
106,419 | ||||||||
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Healthcare-Services — 2.7% | ||||||||
Anthem, Inc. | $ | 50,000 | $ | 52,860 | ||||
Laboratory Corp. of America Holdings | 65,000 | 66,123 | ||||||
UnitedHealth Group, Inc. | 40,000 | 45,189 | ||||||
|
| |||||||
164,172 | ||||||||
|
| |||||||
Pharmaceuticals — 6.8% | ||||||||
AbbVie, Inc. | 75,000 | 77,925 | ||||||
Allergan Funding SCS | 100,000 | 103,697 | ||||||
AstraZeneca PLC | 20,000 | 26,924 | ||||||
GlaxoSmithKline Capital PLC | 40,000 | 41,182 | ||||||
GlaxoSmithKline Capital, Inc. | 60,000 | 61,153 | ||||||
Johnson & Johnson | 20,000 | 26,773 | ||||||
Pfizer, Inc. | 25,000 | 25,276 | ||||||
Shire Acquisitions Investments Ireland DAC | 50,000 | 49,730 | ||||||
|
| |||||||
412,660 | ||||||||
|
| |||||||
Energy — 9.2% | ||||||||
Oil & Gas — 5.9% | ||||||||
Apache Corp. | 40,000 | 42,332 | ||||||
BP Capital Markets PLC | 40,000 | 42,147 | ||||||
ConocoPhillips | 50,000 | 65,040 | ||||||
Phillips 66 | 60,000 | 65,009 | ||||||
Shell International Finance BV | 65,000 | 69,358 | ||||||
Total Capital International SA | 70,000 | 74,079 | ||||||
|
| |||||||
357,965 | ||||||||
|
| |||||||
Oil & Gas Services — 0.9% | ||||||||
Schlumberger Investment SA | 50,000 | 52,901 | ||||||
|
| |||||||
Pipelines — 2.4% | ||||||||
Enbridge, Inc. | 35,000 | 36,770 | ||||||
Enterprise Products Operating LLC | 45,000 | 49,322 | ||||||
Williams Partners LP / ACMP Finance Corp. | 55,000 | 57,131 | ||||||
|
| |||||||
143,223 | ||||||||
|
|
Principal | Value | |||||||
Financial — 30.8% | ||||||||
Banks — 27.1% | ||||||||
Bank of America Corp. MTN, | $ | 140,000 | $ | 142,605 | ||||
4.875%, 4/01/44 | 25,000 | 27,880 | ||||||
Bank of New York Mellon Corp. MTN, | 50,000 | 48,800 | ||||||
Bank of Nova Scotia | 25,000 | 26,358 | ||||||
Barclays Bank PLC | 100,000 | 107,757 | ||||||
BNP Paribas / BNP Paribas US Medium-Term Note Program LLC MTN, | 40,000 | 41,250 | ||||||
Capital One Financial Corp. | 36,000 | 35,507 | ||||||
Citigroup, Inc. | 100,000 | 101,065 | ||||||
2.90%, 12/08/21 | 50,000 | 50,673 | ||||||
5.30%, 5/06/44 | 31,000 | 34,718 | ||||||
Cooperatieve Rabobank UA | 70,000 | 75,678 | ||||||
Goldman Sachs Group, Inc. | 50,000 | 50,675 | ||||||
5.95%, 1/15/27 | 35,000 | 41,248 | ||||||
MTN, 4.80%, 7/08/44 | 40,000 | 43,747 | ||||||
HSBC Holdings PLC | 75,000 | 82,085 | ||||||
4.00%, 3/30/22 | 40,000 | 42,254 | ||||||
JPMorgan Chase & Co. | 50,000 | 53,247 | ||||||
3.875%, 9/10/24 | 50,000 | 51,739 | ||||||
3.125%, 1/23/25 | 37,000 | 37,004 | ||||||
5.60%, 7/15/41 | 45,000 | 55,224 | ||||||
Lloyds Bank PLC | 50,000 | 56,726 | ||||||
Morgan Stanley | ||||||||
GMTN, 3.70%, 10/23/24 | 45,000 | 46,490 | ||||||
GMTN, 4.35%, 9/08/26 | 40,000 | 41,977 | ||||||
4.30%, 1/27/45 | 40,000 | 40,947 | ||||||
PNC Financial Services Group, Inc. | 30,000 | 31,294 | ||||||
Royal Bank of Canada MTN, | 22,000 | 22,169 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 50,000 | 47,844 | ||||||
US Bancorp MTN, | 12,000 | 12,954 | ||||||
Wells Fargo & Co. | 40,000 | 42,469 | ||||||
3.00%, 10/23/26 | 50,000 | 48,626 | ||||||
5.606%, 1/15/44 | 35,000 | 41,364 | ||||||
Westpac Banking Corp. | 50,000 | 50,569 | ||||||
|
| |||||||
1,632,943 | ||||||||
|
|
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Diversified Financial Services — 1.2% | ||||||||
Synchrony Financial | $ | 40,000 | $ | 41,057 | ||||
Visa, Inc. | 30,000 | 30,730 | ||||||
|
| |||||||
71,787 | ||||||||
|
| |||||||
Insurance — 1.3% | ||||||||
American International Group, Inc. | 50,000 | 51,305 | ||||||
Berkshire Hathaway, Inc. | 30,000 | 30,605 | ||||||
|
| |||||||
81,910 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 1.2% | ||||||||
American Tower Corp. | 40,000 | 44,193 | ||||||
HCP, Inc. | 25,000 | 27,321 | ||||||
|
| |||||||
71,514 | ||||||||
|
| |||||||
Industrial — 5.0% | ||||||||
Aerospace/Defense — 1.8% | ||||||||
Lockheed Martin Corp. | 20,000 | 22,406 | ||||||
Northrop Grumman Corp. | 20,000 | 20,819 | ||||||
United Technologies Corp. | 65,000 | 67,400 | ||||||
|
| |||||||
110,625 | ||||||||
|
| |||||||
Machinery-Construction & Mining — 0.3% | ||||||||
Caterpillar, Inc. | 20,000 | 19,942 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.1% | ||||||||
General Electric Co. | 40,000 | 40,959 | ||||||
MTN, 5.875%, 1/14/38 | 65,000 | 83,988 | ||||||
|
| |||||||
124,947 | ||||||||
|
| |||||||
Transportation — 0.8% | ||||||||
Burlington Northern Santa Fe LLC | 25,000 | 25,335 | ||||||
United Parcel Service, Inc. | 20,000 | 20,886 | ||||||
|
| |||||||
46,221 | ||||||||
|
|
Principal | Value | |||||||
Technology — 8.7% | ||||||||
Computers — 3.6% | ||||||||
Apple, Inc. | $ | 17,000 | $ | 17,133 | ||||
2.40%, 5/03/23 | 50,000 | 49,797 | ||||||
3.20%, 5/13/25 | 17,000 | 17,450 | ||||||
2.45%, 8/04/26 | 40,000 | 38,530 | ||||||
4.375%, 5/13/45 | 18,000 | 19,344 | ||||||
HP, Inc. | 70,000 | 74,628 | ||||||
|
| |||||||
216,882 | ||||||||
|
| |||||||
Semiconductors — 1.6% | ||||||||
Intel Corp. | 40,000 | 42,438 | ||||||
QUALCOMM, Inc. | 50,000 | 51,382 | ||||||
|
| |||||||
93,820 | ||||||||
|
| |||||||
Software — 3.5% | ||||||||
Microsoft Corp. | 85,000 | 85,022 | ||||||
3.70%, 8/08/46 | 50,000 | 49,003 | ||||||
Oracle Corp. | 73,000 | 78,372 | ||||||
|
| |||||||
212,397 | ||||||||
|
| |||||||
Utilities — 1.4% | ||||||||
Electric — 1.4% | ||||||||
Duke Energy Corp. | 25,000 | 24,473 | ||||||
Pacific Gas & Electric Co. | 45,000 | 57,922 | ||||||
|
| |||||||
82,395 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS | 5,874,560 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.5% (Cost $5,841,818)† | $ | 5,874,560 | ||||||
Other assets and liabilities, net — 2.5% | 148,588 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,023,148 | ||||||
|
|
† | The cost for federal income tax purposes was $5,876,038. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $1,478. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $44,665 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $46,143. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2017
At May 31, 2017, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
2-Year U.S. Treasury Note | USD | 1 | $ | 216,484 | 9/29/2017 | $ | (16 | ) | ||||||||||||
5-Year U.S. Treasury Note | USD | 13 | 1,538,063 | 9/29/2017 | 101 | |||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 3 | 407,203 | 9/20/2017 | 0 | |||||||||||||||
10-Year U.S. Treasury Note | USD | 13 | 1,641,859 | 9/20/2017 | (204 | ) | ||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 3 | 495,375 | 9/20/2017 | 94 | |||||||||||||||
U.S. Treasury Long Bond | USD | 10 | 1,538,125 | 9/20/2017 | 312 | |||||||||||||||
|
|
|
| |||||||||||||||||
$ | 5,837,109 | $ | 287 | |||||||||||||||||
|
|
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 5,874,560 | $ | — | $ | 5,874,560 | ||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 507 | — | — | 507 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 507 | $ | 5,874,560 | $ | — | $ | 5,875,067 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | $ | (220 | ) | $ | — | $ | — | $ | (220 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (220 | ) | $ | — | $ | — | $ | (220 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
May 31, 2017
Principal | Value | |||||||
MUNICIPAL BONDS — 98.2% | ||||||||
California — 20.2% | ||||||||
Bay Area Toll Authority, Highway Revenue Tolls, | $ | 1,850,000 | $ | 2,072,795 | ||||
City of San Francisco CA Public Utilities Commission, Water Revenue, | 100,000 | 114,654 | ||||||
5.00%, 11/01/43 | 750,000 | 856,118 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, | 500,000 | 523,395 | ||||||
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, | 500,000 | 591,885 | ||||||
Series A, 5.00%, 7/01/46 | 750,000 | 873,232 | ||||||
Los Angeles Department of Water, Water Revenue, Series A, | 500,000 | 584,645 | ||||||
M-S-R Energy Authority, Natural Gas Revenue, | 100,000 | 128,941 | ||||||
Series A, 6.50%, 11/01/39 | 500,000 | 717,830 | ||||||
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, | 500,000 | 576,205 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, | 600,000 | 660,648 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Revenue, Series A, | 250,000 | 282,893 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series C, | 1,350,000 | 1,558,697 | ||||||
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, Series A, | 2,000,000 | 2,217,320 | ||||||
Southern California Public Power Authority, Natural Gas Revenue, Series A, | 300,000 | 363,384 | ||||||
|
| |||||||
12,122,642 | ||||||||
|
| |||||||
Colorado — 0.2% | ||||||||
City & County of Denver CO Airport System, Private Airport & Marina Revenue, Series B, | 100,000 | 114,486 | ||||||
|
| |||||||
Connecticut — 0.3% | ||||||||
State of Connecticut Special Tax, Fuel Sales Tax Revenue, Series A, | 145,000 | 168,503 | ||||||
|
|
Principal | Value | |||||||
District of Columbia — 2.6% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, Series C, | $ | 630,000 | $ | 727,152 | ||||
District of Columbia, Income Tax Revenue, Series C, | 750,000 | 860,175 | ||||||
|
| |||||||
1,587,327 | ||||||||
|
| |||||||
Florida — 4.4% | ||||||||
County of Miami-Dade FL Aviation, Private Airport & Marina Revenue, Series A, AMT, | 50,000 | 55,985 | ||||||
5.00%, 10/01/36 | 815,000 | 919,833 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 50,000 | 56,314 | ||||||
5.00%, 7/01/42 | 700,000 | 783,048 | ||||||
Orlando-Orange County Expressway Authority, Highway Revenue Tolls, | 200,000 | 226,964 | ||||||
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series A, | 535,000 | 604,737 | ||||||
|
| |||||||
2,646,881 | ||||||||
|
| |||||||
Georgia — 2.3% | ||||||||
City of Atlanta GA Water & Wastewater, Water Revenue, | 1,100,000 | 1,283,491 | ||||||
County of DeKalb GA Water & Sewerage, Water Revenue, Series A, | 110,000 | 125,072 | ||||||
|
| |||||||
1,408,563 | ||||||||
|
| |||||||
Hawaii — 1.0% | ||||||||
City & County Honolulu HI Wastewater System, Sewer Revenue, Series A, | 500,000 | 579,460 | ||||||
|
| |||||||
Illinois — 6.1% | ||||||||
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series D, | 500,000 | 569,335 | ||||||
City of Chicago IL Waterworks, Water Revenue, | 275,000 | 298,925 | ||||||
City of Springfield IL Electric, Electric, Power & Light Revenue, | 800,000 | 825,816 | ||||||
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, | 1,090,000 | 1,234,545 | ||||||
Northern Illinois Municipal Power Agency, Electric, Power & Light Revenue, Series A, | 625,000 | 702,906 | ||||||
|
| |||||||
3,631,527 | ||||||||
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Indiana — 2.3% | ||||||||
Indiana Municipal Power Agency, Electric, Power & Light Revenue, | $ | 1,200,000 | $ | 1,381,320 | ||||
|
| |||||||
Louisiana — 1.3% | ||||||||
New Orleans Aviation Board, Private Airport & Marina Revenue, Series A, | 700,000 | 781,732 | ||||||
|
| |||||||
Massachusetts — 3.1% | ||||||||
Commonwealth of Massachusetts Transportation Fund, Fuel Sales Tax Revenue, Series A, | 600,000 | 688,722 | ||||||
Massachusetts School Building Authority, Sales Tax Revenue, | 505,000 | 592,224 | ||||||
Series B, 5.00%, 8/15/29 | 520,000 | 608,681 | ||||||
|
| |||||||
1,889,627 | ||||||||
|
| |||||||
Nebraska — 0.4% | ||||||||
Central Plains Energy Project, Natural Gas Revenue, | 205,000 | 220,740 | ||||||
|
| |||||||
New Jersey — 4.5% | ||||||||
New Jersey Turnpike Authority, Highway Revenue Tolls, | 700,000 | 780,206 | ||||||
Series E, 5.00%, 1/01/45 | 1,725,000 | 1,944,938 | ||||||
|
| |||||||
2,725,144 | ||||||||
|
| |||||||
New York — 27.8% | ||||||||
Long Island Power Authority, Electric, Power & Light Revenue, | 700,000 | 791,070 | ||||||
Metropolitan Transportation Authority, Transit Revenue, | 1,000,000 | 1,175,280 | ||||||
Series A, 5.00%, 11/15/38 | 100,000 | 112,340 | ||||||
Sub-Series D-1, 5.25%, 11/15/44 | 1,000,000 | 1,171,890 | ||||||
Sub-Series A-1, 5.00%, 11/15/45 | 1,300,000 | 1,482,780 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Income Tax Revenue, | 390,000 | 449,331 | ||||||
Sub-Series A-1, 5.00%, 11/01/38 | 1,160,000 | 1,350,344 | ||||||
Series F-1, 5.00%, 5/01/39 | 350,000 | 398,227 | ||||||
Sub-Series B-1, 5.00%, 8/01/39 | 600,000 | 693,582 | ||||||
New York City Water & Sewer System, Water Revenue, | 320,000 | 377,949 | ||||||
Series DD, 5.00%, 6/15/38 | 575,000 | 660,313 | ||||||
Series EE, 4.00%, 6/15/39 | 205,000 | 216,088 | ||||||
Series GG, 5.00%, 6/15/39 | 150,000 | 175,134 | ||||||
Series BB, 5.00%, 6/15/44 | 240,000 | 269,138 | ||||||
Series FF, 5.00%, 6/15/45 | 300,000 | 339,702 | ||||||
Series CC, 5.00%, 6/15/45 | 225,000 | 251,183 | ||||||
Series BB, 5.00%, 6/15/47 | 1,950,000 | 2,220,153 | ||||||
Series DD, 5.00%, 6/15/47 | 500,000 | 585,585 |
Principal | Value | |||||||
New York (Continued) | ||||||||
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, | $ | 1,100,000 | $ | 1,280,356 | ||||
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series C, | 255,000 | 293,571 | ||||||
Utility Debt Securitization Authority, Electric, Power & Light Revenue, Series TE, 5.00%, 12/15/41 | 2,100,000 | 2,435,475 | ||||||
|
| |||||||
16,729,491 | ||||||||
|
| |||||||
Ohio — 1.0% | ||||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, | 500,000 | 621,295 | ||||||
|
| |||||||
Pennsylvania — 3.4% | ||||||||
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, | 395,000 | 446,950 | ||||||
Pennsylvania Turnpike Commission, Highway Revenue Tolls, | 520,000 | 581,240 | ||||||
Series A-1, 5.00%, 12/01/46 | 900,000 | 1,013,076 | ||||||
|
| |||||||
2,041,266 | ||||||||
|
| |||||||
South Carolina — 3.6% | ||||||||
South Carolina Public Service Authority, Miscellaneous Revenue, Series C, | 1,000,000 | 1,091,310 | ||||||
South Carolina Public Service Authority, Nuclear Revenue, Series E, | 1,000,000 | 1,081,420 | ||||||
|
| |||||||
2,172,730 | ||||||||
|
| |||||||
Texas — 8.6% | ||||||||
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series A, | 700,000 | 791,763 | ||||||
Central Texas Turnpike System, Highway Revenue Tolls, Series A, | 900,000 | 995,256 | ||||||
City of Houston TX Combined Utility System, Water Revenue, | 500,000 | 592,645 | ||||||
Series B, 5.00%, 11/15/36 | 500,000 | 590,820 | ||||||
Dallas Area Rapid Transit, Sales Tax Revenue, Series A, | 800,000 | 919,912 | ||||||
Midland County Fresh Water Supply District No 1, Water Revenue, Series A, | 500,000 | 568,985 | ||||||
Texas Water Development Board, Water Revenue, Series A, | 600,000 | 695,460 | ||||||
|
| |||||||
5,154,841 | ||||||||
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
May 31, 2017
Principal | Value | |||||||
Utah — 1.4% | ||||||||
Salt Lake City Corp Airport, Private Airport & Marina Revenue, Series A, AMT, | $ | 750,000 | $ | 864,150 | ||||
|
| |||||||
Virginia — 0.8% | ||||||||
Virginia Small Business Financing Authority, Highway Revenue Tolls, | 405,000 | 458,306 | ||||||
|
| |||||||
Washington — 2.9% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S1, | 1,100,000 | 1,279,421 |
Principal | Value | |||||||
Washington (Continued) | ||||||||
Port of Seattle WA, Private Airport & Marina Revenue, Series A, | $ | 400,000 | $ | 456,576 | ||||
|
| |||||||
1,735,997 | ||||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 59,036,028 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.2% (Cost $58,773,523)† | $ | 59,036,028 | ||||||
Other assets and liabilities, net — 1.8% | 1,056,504 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 60,092,532 | ||||||
|
|
† | The cost for federal income tax purposes was $58,773,523. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $262,505. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $918,174 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $655,669. |
AMT: | Alternative Minimum Tax |
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds (a) | $ | — | $ | 59,036,028 | $ | — | $ | 59,036,028 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 59,036,028 | $ | — | $ | 59,036,028 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
Australia — 4.7% | ||||||||
Amcor Ltd. | 1,501 | $ | 17,109 | |||||
ASX Ltd. | 237 | 9,002 | ||||||
Aurizon Holdings Ltd. | 2,490 | 10,176 | ||||||
Bendigo & Adelaide Bank Ltd. | 562 | 4,706 | ||||||
Crown Resorts Ltd. | 554 | 5,331 | ||||||
Flight Centre Travel Group Ltd. | 69 | 1,833 | ||||||
Fortescue Metals Group Ltd. | 2,020 | 7,280 | ||||||
Harvey Norman Holdings Ltd. (a) | 688 | 1,927 | ||||||
Insurance Australia Group Ltd. | 3,058 | 14,452 | ||||||
LendLease Group (b) | 685 | 8,312 | ||||||
Medibank Pvt Ltd. | 3,290 | 6,723 | ||||||
QBE Insurance Group Ltd. | 1,758 | 16,851 | ||||||
Sonic Healthcare Ltd. | 486 | 8,364 | ||||||
Tabcorp Holdings Ltd. | 1,031 | 3,509 | ||||||
Tatts Group Ltd. | 1,815 | 5,664 | ||||||
Telstra Corp. Ltd. | 5,363 | 17,534 | ||||||
Wesfarmers Ltd. | 1,438 | 45,625 | ||||||
|
| |||||||
184,398 | ||||||||
|
| |||||||
Brazil — 1.5% | ||||||||
Ambev SA | 5,982 | 34,587 | ||||||
BB Seguridade Participacoes SA | 840 | 7,554 | ||||||
CCR SA | 1,465 | 7,506 | ||||||
Cosan SA Industria e Comercio | 230 | 2,561 | ||||||
Hypermarcas SA | 453 | 4,130 | ||||||
Porto Seguro SA | 128 | 1,274 | ||||||
Transmissora Alianca de Energia Eletrica SA | 253 | 1,775 | ||||||
|
| |||||||
59,387 | ||||||||
|
| |||||||
Canada — 13.0% | ||||||||
Agrium, Inc. | 175 | 16,170 | ||||||
Bank of Montreal | 820 | 55,039 | ||||||
Bank of Nova Scotia | 1,532 | 86,441 | ||||||
BCE, Inc. | 204 | 9,244 | ||||||
Canadian Imperial Bank of Commerce | 505 | 39,485 | ||||||
CI Financial Corp. | 340 | 6,758 | ||||||
Great-West Lifeco, Inc. | 390 | 9,695 | ||||||
IGM Financial, Inc. | 116 | 3,382 | ||||||
Inter Pipeline Ltd. | 466 | 9,228 | ||||||
Keyera Corp. | 239 | 7,112 | ||||||
Peyto Exploration & Development Corp. | 194 | 3,517 | ||||||
Power Corp. of Canada | 442 | 9,430 | ||||||
Power Financial Corp. | 302 | 7,208 | ||||||
Rogers Communications, Inc., Class B | 460 | 21,453 | ||||||
Royal Bank of Canada | 1,870 | 129,253 | ||||||
Shaw Communications, Inc., Class B | 552 | 11,793 | ||||||
Sun Life Financial, Inc. | 779 | 25,575 | ||||||
TELUS Corp. | 236 | 8,026 | ||||||
TransCanada Corp. | 1,100 | 51,065 | ||||||
|
| |||||||
509,874 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Banco Santander Chile | 81,931 | 5,052 | ||||||
|
|
Number | Value | |||||||
China — 6.4% | ||||||||
Agricultural Bank of China Ltd., Class H | 33,258 | $ | 16,133 | |||||
Bank of China Ltd., Class H | 100,855 | 50,476 | ||||||
Belle International Holdings Ltd. | 7,832 | 6,111 | ||||||
China Construction Bank Corp., Class H | 106,773 | 88,240 | ||||||
China Vanke Co. Ltd., Class H | 1,514 | 4,022 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 1,000 | 1,322 | ||||||
Hengan International Group Co. Ltd. | 924 | 6,480 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 93,689 | 62,639 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 1,771 | 2,573 | ||||||
Lenovo Group Ltd. | 9,285 | 6,077 | ||||||
Longfor Properties Co. Ltd. | 1,785 | 3,633 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 2,091 | 1,921 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,478 | 1,733 | ||||||
|
| |||||||
251,360 | ||||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
Komercni banka as | 87 | 3,466 | ||||||
Moneta Money Bank AS, 144A | 525 | 1,787 | ||||||
|
| |||||||
5,253 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 142 | 2,921 | ||||||
|
| |||||||
Finland — 2.1% | ||||||||
Elisa OYJ | 171 | 6,660 | ||||||
Fortum OYJ | 584 | 9,303 | ||||||
Metso OYJ | 130 | 4,422 | ||||||
Nokian Renkaat OYJ | 143 | 5,844 | ||||||
Sampo OYJ, Class A | 576 | 29,266 | ||||||
Stora Enso OYJ, Class R | 670 | 8,475 | ||||||
UPM-Kymmene OYJ | 681 | 19,201 | ||||||
|
| |||||||
83,171 | ||||||||
|
| |||||||
France — 10.4% | ||||||||
AXA SA | 2,464 | 65,711 | ||||||
Bouygues SA | 273 | 11,694 | ||||||
CNP Assurances | 210 | 4,619 | ||||||
Edenred (a) | 291 | 7,675 | ||||||
Eutelsat Communications SA | 215 | 5,531 | ||||||
Sanofi | 1,474 | 145,994 | ||||||
SCOR SE | 222 | 8,740 | ||||||
TOTAL SA (a) | 2,959 | 157,126 | ||||||
|
| |||||||
407,090 | ||||||||
|
| |||||||
Germany — 9.9% | ||||||||
Allianz SE | 579 | 111,157 | ||||||
Axel Springer SE | 67 | 4,212 | ||||||
BASF SE | 1,167 | 109,911 | ||||||
Daimler AG | 1,223 | 88,765 | ||||||
Evonik Industries AG | 200 | 6,887 | ||||||
Innogy SE, 144A | 174 | 7,140 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 204 | 40,276 | ||||||
ProSiebenSat.1 Media SE | 302 | 12,822 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Germany (Continued) | ||||||||
TUI AG | 557 | $ | 8,598 | |||||
|
| |||||||
389,768 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
OPAP SA | 282 | 3,136 | ||||||
|
| |||||||
Hong Kong — 3.6% | ||||||||
BOC Hong Kong Holdings Ltd. | 4,766 | 21,498 | ||||||
China Everbright Ltd. | 1,149 | 2,580 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,751 | 5,191 | ||||||
China Resources Power Holdings Co. Ltd. | 2,445 | 5,045 | ||||||
CLP Holdings Ltd. | 2,092 | 22,873 | ||||||
Guangdong Investment Ltd. | 3,600 | 5,193 | ||||||
Hang Lung Properties Ltd. | 2,388 | 6,175 | ||||||
Hang Seng Bank Ltd. | 948 | 20,012 | ||||||
HKT Trust & HKT Ltd. (b) | 5,002 | 6,547 | ||||||
Hysan Development Co. Ltd. | 866 | 4,090 | ||||||
New World Development Co. Ltd. | 7,505 | 9,342 | ||||||
NWS Holdings Ltd. | 1,997 | 3,865 | ||||||
Power Assets Holdings Ltd. | 1,719 | 15,397 | ||||||
Shimao Property Holdings Ltd. | 1,465 | 2,500 | ||||||
Sino Land Co. Ltd. | 4,065 | 7,074 | ||||||
Yue Yuen Industrial Holdings Ltd. | 798 | 3,180 | ||||||
|
| |||||||
140,562 | ||||||||
|
| |||||||
Indonesia — 0.1% | ||||||||
PT Gudang Garam Tbk | 674 | 3,742 | ||||||
|
| |||||||
Italy — 0.7% | ||||||||
Snam SpA | 2,892 | 13,262 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,793 | 10,131 | ||||||
UnipolSai SpA (a) | 1,376 | 3,116 | ||||||
|
| |||||||
26,509 | ||||||||
|
| |||||||
Japan — 3.0% | ||||||||
Canon, Inc. | 1,354 | 46,213 | ||||||
Nissan Motor Co. Ltd. | 2,954 | 28,313 | ||||||
Sekisui House Ltd. | 771 | 13,227 | ||||||
Sony Financial Holdings, Inc. | 200 | 3,079 | ||||||
Subaru Corp. | 783 | 26,477 | ||||||
|
| |||||||
117,309 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
SES SA | 466 | 11,527 | ||||||
|
| |||||||
Macau — 0.4% | ||||||||
Sands China Ltd. | 2,969 | 13,697 | ||||||
|
| |||||||
Malaysia — 0.4% | ||||||||
Alliance Financial Group Bhd | 1,300 | 1,315 | ||||||
Astro Malaysia Holdings Bhd | 1,900 | 1,128 | ||||||
DiGi.Com Bhd | 4,200 | 4,858 | ||||||
HAP Seng Consolidated Bhd | 783 | 1,679 | ||||||
IOI Properties Group Bhd | 2,066 | 1,023 | ||||||
Maxis Bhd | 2,300 | 3,305 | ||||||
MISC Bhd | 1,747 | 3,061 | ||||||
|
| |||||||
16,369 | ||||||||
|
|
Number | Value | |||||||
Mexico — 0.1% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,899 | $ | 3,754 | |||||
|
| |||||||
New Zealand — 0.4% | ||||||||
Contact Energy Ltd. | 890 | 3,254 | ||||||
Fletcher Building Ltd. | 860 | 4,606 | ||||||
Spark New Zealand Ltd. | 2,266 | 6,037 | ||||||
|
| |||||||
13,897 | ||||||||
|
| |||||||
Norway — 0.4% | ||||||||
Gjensidige Forsikring ASA | 246 | 3,965 | ||||||
Orkla ASA | 1,075 | 10,745 | ||||||
|
| |||||||
14,710 | ||||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Energy Development Corp. | 12,111 | 1,484 | ||||||
Globe Telecom, Inc. | 45 | 1,908 | ||||||
|
| |||||||
3,392 | ||||||||
|
| |||||||
Poland — 0.1% | ||||||||
Bank Zachodni WBK SA | 42 | 3,830 | ||||||
|
| |||||||
Portugal — 0.3% | ||||||||
EDP — Energias de Portugal SA | 3,084 | 11,343 | ||||||
|
| |||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. | 118 | 1,099 | ||||||
Masraf Al Rayan QSC | 446 | 5,426 | ||||||
Qatar Electricity & Water Co. QSC | 33 | 1,902 | ||||||
Qatar Islamic Bank SAQ | 65 | 1,824 | ||||||
|
| |||||||
10,251 | ||||||||
|
| |||||||
Romania — 0.1% | ||||||||
New Europe Property Investments PLC | 288 | 3,360 | ||||||
|
| |||||||
Russia — 1.8% | ||||||||
Gazprom PJSC | 13,707 | 29,067 | ||||||
LUKOIL PJSC | 552 | 26,792 | ||||||
MMC Norilsk Nickel PJSC | 67 | 9,334 | ||||||
PhosAgro PJSC, GDR | 114 | 1,619 | ||||||
Rostelecom PJSC | 1,086 | 1,369 | ||||||
RusHydro PJSC | 135,233 | 1,860 | ||||||
Severstal PJSC | 179 | 2,330 | ||||||
|
| |||||||
72,371 | ||||||||
|
| |||||||
Singapore — 2.9% | ||||||||
ComfortDelGro Corp. Ltd. | 2,787 | 4,834 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,996 | 30,295 | ||||||
Singapore Airlines Ltd. | 736 | 5,325 | ||||||
Singapore Exchange Ltd. | 900 | 4,729 | ||||||
Singapore Press Holdings Ltd. | 1,900 | 4,353 | ||||||
Singapore Technologies Engineering Ltd. | 1,900 | 5,108 | ||||||
Singapore Telecommunications Ltd. | 10,461 | 28,427 | ||||||
StarHub Ltd. | 700 | 1,366 | ||||||
United Overseas Bank Ltd. | 1,658 | 27,537 | ||||||
|
| |||||||
111,974 | ||||||||
|
| |||||||
South Africa — 2.7% | ||||||||
Barclays Africa Group Ltd. | 504 | 5,342 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
South Africa (Continued) | ||||||||
Coronation Fund Managers Ltd. (a) | 278 | $ | 1,495 | |||||
FirstRand Ltd. | 4,311 | 16,209 | ||||||
Foschini Group Ltd. | 256 | 2,704 | ||||||
Imperial Holdings Ltd. | 177 | 2,240 | ||||||
Investec Ltd. | 310 | 2,438 | ||||||
Investec PLC | 901 | 7,058 | ||||||
Liberty Holdings Ltd. | 138 | 1,203 | ||||||
Life Healthcare Group Holdings Ltd. (a) | 1,597 | 3,401 | ||||||
MMI Holdings Ltd. | 1,237 | 2,068 | ||||||
Mr Price Group Ltd. (a) | 302 | 3,454 | ||||||
Nedbank Group Ltd. | 293 | 4,918 | ||||||
RMB Holdings Ltd. | 870 | 4,080 | ||||||
Sanlam Ltd. | 1,829 | 9,571 | ||||||
SPAR Group Ltd. | 253 | 3,297 | ||||||
Standard Bank Group Ltd. | 1,657 | 18,514 | ||||||
Truworths International Ltd. | 550 | 3,139 | ||||||
Vodacom Group Ltd. (a) | 681 | 8,581 | ||||||
Woolworths Holdings Ltd. | 1,222 | 6,280 | ||||||
|
| |||||||
105,992 | ||||||||
|
| |||||||
South Korea — 0.1% | ||||||||
SK Telecom Co. Ltd. | 24 | 5,434 | ||||||
|
| |||||||
Spain — 1.2% | ||||||||
Distribuidora Internacional de Alimentacion SA | 780 | 4,801 | ||||||
Enagas SA | 285 | 8,473 | ||||||
Endesa SA | 417 | 10,406 | ||||||
Gas Natural SDG SA | 456 | 11,485 | ||||||
Red Electrica Corp. SA | 526 | 11,803 | ||||||
|
| |||||||
46,968 | ||||||||
|
| |||||||
Sweden — 1.0% | ||||||||
Hennes & Mauritz AB, Class B | 1,210 | 30,141 | ||||||
Skanska AB, Class B | 414 | 9,855 | ||||||
|
| |||||||
39,996 | ||||||||
|
| |||||||
Switzerland — 3.0% | ||||||||
Swiss Prime Site AG | 87 | 8,012 | ||||||
Swiss Re AG | 410 | 37,379 | ||||||
Swisscom AG | 34 | 16,302 | ||||||
Zurich Insurance Group AG | 191 | 56,144 | ||||||
|
| |||||||
117,837 | ||||||||
|
| |||||||
Taiwan — 6.5% | ||||||||
Advanced Semiconductor Engineering, Inc. | 8,096 | 10,363 | ||||||
Catcher Technology Co. Ltd. | 790 | 8,352 | ||||||
Cathay Financial Holding Co. Ltd. | 10,475 | 16,403 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,386 | 4,815 | ||||||
Chicony Electronics Co. Ltd. | 572 | 1,485 | ||||||
Chunghwa Telecom Co. Ltd. | 4,866 | 17,391 | ||||||
Compal Electronics, Inc. | 5,173 | 3,457 | ||||||
CTBC Financial Holding Co. Ltd. | 22,176 | 14,119 | ||||||
Delta Electronics, Inc. | 2,476 | 13,665 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,929 | 4,906 | ||||||
Feng TAY Enterprise Co. Ltd. | 409 | 1,591 | ||||||
First Financial Holding Co. Ltd. | 11,684 | 7,478 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Formosa Plastics Corp. | 5,324 | $ | 15,877 | |||||
Formosa Taffeta Co. Ltd. | 1,387 | 1,450 | ||||||
Fubon Financial Holding Co. Ltd. | 8,657 | 13,196 | ||||||
Highwealth Construction Corp. | 997 | 1,646 | ||||||
Hon Hai Precision Industry Co. Ltd. | 19,750 | 67,630 | ||||||
Inventec Corp. | 3,094 | 2,299 | ||||||
MediaTek, Inc. | 1,962 | 15,002 | ||||||
Merida Industry Co. Ltd. | 259 | 1,399 | ||||||
Micro-Star International Co. Ltd. | 865 | 2,013 | ||||||
Nanya Technology Corp. | 848 | 1,435 | ||||||
Novatek Microelectronics Corp. | 645 | 2,562 | ||||||
Pegatron Corp. | 2,457 | 7,580 | ||||||
Phison Electronics Corp. | 183 | 1,983 | ||||||
Realtek Semiconductor Corp. | 562 | 1,878 | ||||||
Siliconware Precision Industries Co. Ltd. | 2,696 | 4,553 | ||||||
Taiwan Mobile Co. Ltd. | 1,942 | 7,231 | ||||||
Transcend Information, Inc. | 342 | 1,171 | ||||||
Vanguard International Semiconductor Corp. | 1,357 | 2,558 | ||||||
Zhen Ding Technology Holding Ltd. | 494 | 1,215 | ||||||
|
| |||||||
256,703 | ||||||||
|
| |||||||
Thailand — 0.9% | ||||||||
Bangkok Bank PCL | 300 | 1,586 | ||||||
Delta Electronics Thailand PCL, NVDR | 600 | 1,585 | ||||||
Glow Energy PCL, NVDR | 600 | 1,418 | ||||||
Krung Thai Bank PCL, NVDR | 4,200 | 2,355 | ||||||
PTT Global Chemical PCL, NVDR | 2,600 | 5,420 | ||||||
PTT PCL, NVDR | 1,300 | 15,000 | ||||||
Siam Commercial Bank PCL, NVDR | 2,100 | 9,433 | ||||||
|
| |||||||
36,797 | ||||||||
|
| |||||||
Turkey — 0.2% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,727 | 3,128 | ||||||
Ford Otomotiv Sanayi AS | 100 | 1,146 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 157 | 4,228 | ||||||
|
| |||||||
8,502 | ||||||||
|
| |||||||
United Arab Emirates — 0.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 2,423 | 4,816 | ||||||
Aldar Properties PJSC | 4,498 | 2,706 | ||||||
DAMAC Properties Dubai Co. PJSC | 2,464 | 2,006 | ||||||
Dubai Islamic Bank PJSC | 1,499 | 2,371 | ||||||
Emaar Malls PJSC | 3,157 | 2,149 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,110 | 9,881 | ||||||
First Abu Dhabi Bank PJSC | 1,856 | 5,331 | ||||||
|
| |||||||
29,260 | ||||||||
|
| |||||||
United Kingdom — 18.0% | ||||||||
Aberdeen Asset Management PLC | 1,122 | 4,178 | ||||||
Admiral Group PLC | 256 | 6,719 | ||||||
AstraZeneca PLC | 1,606 | 108,304 | ||||||
BAE Systems PLC | 4,058 | 34,796 | ||||||
Berkeley Group Holdings PLC | 159 | 6,670 | ||||||
British American Tobacco PLC | 2,364 | 168,437 | ||||||
Direct Line Insurance Group PLC | 1,662 | 7,465 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
easyJet PLC | 205 | $ | 3,735 | |||||
G4S PLC | 1,870 | 7,830 | ||||||
IMI PLC | 328 | 5,300 | ||||||
Imperial Brands PLC | 1,215 | 56,810 | ||||||
Inmarsat PLC | 544 | 5,607 | ||||||
ITV PLC | 4,721 | 11,904 | ||||||
Legal & General Group PLC | 7,624 | 24,735 | ||||||
Marks & Spencer Group PLC | 1,985 | 9,783 | ||||||
National Grid PLC | 4,364 | 61,260 | ||||||
Next PLC | 194 | 10,898 | ||||||
Pearson PLC | 1,011 | 9,203 | ||||||
Persimmon PLC | 403 | 12,747 | ||||||
Provident Financial PLC | 180 | 7,076 | ||||||
Rio Tinto Ltd. | 536 | 25,016 | ||||||
Rio Tinto PLC | 1,579 | 63,119 | ||||||
Severn Trent PLC | 285 | 9,180 | ||||||
SSE PLC | 1,288 | 24,976 | ||||||
Standard Life PLC | 2,584 | 12,745 | ||||||
Tate & Lyle PLC | 561 | 5,334 | ||||||
|
| |||||||
703,827 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,831,323 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.8% | ||||||||
Brazil — 0.4% | ||||||||
Itausa — Investimentos Itau SA | 5,158 | 14,266 | ||||||
|
| |||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG | 67 | 5,505 | ||||||
|
|
Number | Value | |||||||
Russia — 0.1% | ||||||||
Surgutneftegas OJSC | 8,589 | $ | 4,274 | |||||
|
| |||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. | 28 | 2,651 | ||||||
Hyundai Motor Co. — 2nd Preferred | 47 | 4,765 | ||||||
|
| |||||||
7,416 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 31,461 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
South Africa — 0.0% | ||||||||
Sibanye Gold Ltd.*, expires 06/09/17 | 1,172 | 402 | ||||||
|
| |||||||
EXCHANGE -TRADED FUND — 0.7% | ||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (c) | 1,070 | 28,205 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.1% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (d)(e) (Cost $160,019) | 160,019 | 160,019 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.3% (Cost $3,764,792)† | $ | 4,051,410 | ||||||
Other assets and liabilities, net — (3.3%) | (130,442 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,920,968 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $3,781,834. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $269,576. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $351,591 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $82,015. |
(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 May 31, 2017 amounted to $146,146, which is 3.7% 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) | Affiliated fund advised by DBX Advisors LLC. |
(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. |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
RBC Capital Markets | 6/5/2017 | AUD | 272,000 | USD | 203,295 | $ | 1,202 | |||||||||||
RBC Capital Markets | 6/5/2017 | BRL | 19,000 | USD | 5,916 | 51 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | BRL | 200,000 | USD | 62,150 | 414 | ||||||||||||
RBC Capital Markets | 6/5/2017 | CAD | 611,800 | USD | 447,662 | (5,283 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | CLP | 5,685,000 | USD | 8,513 | 77 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | CZK | 127,000 | USD | 5,161 | (255 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | EUR | 823,000 | USD | 897,598 | (27,180 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 8,000 | USD | 8,725 | (265 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | GBP | 764,000 | USD | 988,818 | 4,282 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | HKD | 2,874,000 | USD | 369,763 | 904 | ||||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 396,000 | USD | 3,557 | (20 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | JPY | 7,943,000 | USD | 71,344 | (393 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | KRW | 14,073,000 | USD | 12,374 | (196 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | MXN | 76,000 | USD | 3,983 | (89 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | MYR | 103,000 | USD | 23,819 | (240 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | PHP | 91,000 | USD | 1,816 | (12 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | PLN | 43,000 | USD | 11,075 | (484 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | RUB | 4,742,000 | USD | 82,539 | (967 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | SEK | 463,000 | USD | 52,371 | (916 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | SGD | 141,000 | USD | 100,907 | (1,003 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | THB | 1,030,000 | USD | 29,752 | (488 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TRY | 33,000 | USD | 9,196 | (144 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 97,000 | USD | 3,215 | (11 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | TWD | 6,986,000 | USD | 231,670 | (622 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 2,990 | AUD | 4,000 | (18 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 199,513 | AUD | 268,000 | (391 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 2,179 | BRL | 7,000 | (18 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 3,703 | BRL | 12,000 | 2 | ||||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 61,675 | BRL | 200,000 | 61 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 6,586 | CAD | 9,000 | 77 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 446,311 | CAD | 602,800 | (29 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 8,465 | CLP | 5,685,000 | (29 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 5,419 | CZK | 127,000 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 925,491 | EUR | 823,000 | (712 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 8,997 | EUR | 8,000 | (8 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 24,593 | GBP | 19,000 | (108 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 961,729 | GBP | 745,000 | (1,678 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 368,844 | HKD | 2,874,000 | 15 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 3,581 | JPY | 396,000 | (5 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 71,825 | JPY | 7,943,000 | (89 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 12,587 | KRW | 14,073,000 | (16 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 4,064 | MXN | 76,000 | 8 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 24,099 | MYR | 103,000 | (40 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 1,828 | PHP | 91,000 | 0 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 11,555 | PLN | 43,000 | 4 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 1,848 | RUB | 106,000 | 18 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 81,674 | RUB | 4,636,000 | (34 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 53,372 | SEK | 463,000 | (85 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 101,923 | SGD | 141,000 | (13 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 30,250 | THB | 1,030,000 | (10 | ) | |||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 9,320 | TRY | 33,000 | 20 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 235,433 | TWD | 7,083,000 | 84 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 88,624 | ZAR | 1,169,300 | 450 | ||||||||||||
Goldman Sachs & Co. | 6/5/2017 | ZAR | 1,169,300 | USD | 86,869 | (2,205 | ) |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2017 | AED | 77,000 | USD | 20,960 | $ | (3 | ) | ||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 5,000 | USD | 5,169 | 4 | ||||||||||||
The Bank of New York Mellon | 6/6/2017 | CHF | 110,000 | USD | 110,724 | (2,894 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | DKK | 19,000 | USD | 2,786 | (84 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | IDR | 39,312,000 | USD | 2,941 | (9 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | NOK | 179,000 | USD | 20,903 | (285 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | NZD | 20,000 | USD | 13,719 | (449 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | QAR | 37,000 | USD | 10,156 | (5 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 20,964 | AED | 77,000 | 0 | ||||||||||||
RBC Capital Markets | 6/6/2017 | USD | 5,033 | CHF | 5,000 | 132 | ||||||||||||
The Bank of New York Mellon | 6/6/2017 | USD | 113,692 | CHF | 110,000 | (74 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 2,872 | DKK | 19,000 | (1 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 2,951 | IDR | 39,312,000 | (2 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 21,253 | NOK | 179,000 | (66 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 14,195 | NZD | 20,000 | (27 | ) | |||||||||||
Goldman Sachs & Co. | 6/6/2017 | USD | 10,161 | QAR | 37,000 | (1 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | AED | 77,000 | USD | 20,961 | (1 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | AED | 26,000 | USD | 7,078 | 0 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | AUD | 14,000 | USD | 10,417 | 20 | ||||||||||||
RBC Capital Markets | 7/5/2017 | AUD | 268,000 | USD | 199,415 | 388 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CAD | 602,800 | USD | 446,551 | 10 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CAD | 92,000 | USD | 68,151 | 0 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CHF | 10,000 | USD | 10,358 | 9 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | CHF | 105,000 | USD | 108,734 | 69 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | DKK | 19,000 | USD | 2,877 | 1 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 831,000 | USD | 935,999 | 696 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | EUR | 45,000 | USD | 50,693 | 45 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | GBP | 745,000 | USD | 962,645 | 1,644 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 299,000 | USD | 38,400 | (3 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | HKD | 2,874,000 | USD | 369,086 | (46 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | IDR | 39,312,000 | USD | 2,944 | 4 | ||||||||||||
RBC Capital Markets | 7/5/2017 | IDR | 10,325,000 | USD | 773 | 1 | ||||||||||||
RBC Capital Markets | 7/5/2017 | JPY | 4,022,000 | USD | 36,424 | 49 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | JPY | 8,339,000 | USD | 75,510 | 92 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | JPY | 746,000 | USD | 6,755 | 8 | ||||||||||||
RBC Capital Markets | 7/5/2017 | KRW | 14,073,000 | USD | 12,590 | 14 | ||||||||||||
RBC Capital Markets | 7/5/2017 | KRW | 73,000 | USD | 65 | 0 | ||||||||||||
RBC Capital Markets | 7/5/2017 | MYR | 103,000 | USD | 24,096 | 73 | ||||||||||||
RBC Capital Markets | 7/5/2017 | NOK | 179,000 | USD | 21,262 | 65 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NZD | 20,000 | USD | 14,186 | 26 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | PLN | 43,000 | USD | 11,552 | (4 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | QAR | 37,000 | USD | 10,158 | 0 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | RUB | 4,636,000 | USD | 81,123 | 43 | ||||||||||||
RBC Capital Markets | 7/5/2017 | SEK | 463,000 | USD | 53,465 | 83 | ||||||||||||
RBC Capital Markets | 7/5/2017 | SGD | 7,000 | USD | 5,062 | 0 | ||||||||||||
RBC Capital Markets | 7/5/2017 | SGD | 10,000 | USD | 7,229 | (1 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | SGD | 141,000 | USD | 101,956 | 10 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | THB | 1,030,000 | USD | 30,243 | 7 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | THB | 212,000 | USD | 6,223 | 0 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | TRY | 33,000 | USD | 9,242 | (13 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 718,000 | USD | 23,870 | (28 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | TWD | 7,083,000 | USD | 235,511 | (239 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 4,502 | EUR | 4,000 | 0 | ||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 250,712 | GBP | 194,000 | (465 | ) | |||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 3,870 | GBP | 3,000 | 0 | ||||||||||||
RBC Capital Markets | 7/5/2017 | USD | 8,385 | MYR | 36,000 | 12 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2017 | USD | 7,009 | NOK | 59,000 | $ | (22 | ) | ||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 7,522 | PLN | 28,000 | 3 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | USD | 2,970 | RUB | 170,000 | 3 | ||||||||||||||||||
RBC Capital Markets | 7/5/2017 | USD | 13,514 | SEK | 117,000 | (24 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ZAR | 209,000 | USD | 15,755 | (78 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | ZAR | 1,169,300 | USD | 88,150 | (433 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | BRL | 28,000 | USD | 8,566 | (16 | ) | |||||||||||||||||
The Bank of New York Mellon | 7/6/2017 | BRL | 212,000 | USD | 64,887 | (94 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | CLP | 5,685,000 | USD | 8,456 | 29 | ||||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | MXN | 76,000 | USD | 4,043 | (8 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | PHP | 91,000 | USD | 1,826 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | PHP | 79,000 | USD | 1,583 | (2 | ) | |||||||||||||||||
RBC Capital Markets | 7/6/2017 | USD | 3,631 | CLP | 2,441,000 | (12 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | USD | 160 | MXN | 3,000 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 7/7/2017 | CZK | 127,000 | USD | 5,430 | 3 | ||||||||||||||||||
The Bank of Nova Scotia | 7/7/2017 | CZK | 2,000 | USD | 86 | 0 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (38,236 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PHP | Phillippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding 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. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 3,831,323 | $ | — | $ | — | $ | 3,831,323 | ||||||||
Preferred Stocks (f) | 31,461 | — | — | 31,461 | ||||||||||||
Rights | 402 | — | — | 402 | ||||||||||||
Exchange Traded Fund | 28,205 | — | — | 28,205 | ||||||||||||
Short-Term Investments | 160,019 | — | — | 160,019 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 11,212 | — | 11,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,051,410 | $ | 11,212 | $ | — | $ | 4,062,622 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (49,448 | ) | $ | — | $ | (49,448 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (49,448 | ) | $ | — | $ | (49,448 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 98.6% | ||||||||
Australia — 7.1% | ||||||||
ASX Ltd. | 551 | $ | 20,930 | |||||
Aurizon Holdings Ltd. | 5,840 | 23,867 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,276 | 10,685 | ||||||
Crown Resorts Ltd. | 1,140 | 10,970 | ||||||
Flight Centre Travel Group Ltd. | 151 | 4,012 | ||||||
Fortescue Metals Group Ltd. | 4,432 | 15,972 | ||||||
Harvey Norman Holdings Ltd. (a) | 1,486 | 4,163 | ||||||
Insurance Australia Group Ltd. | 6,739 | 31,847 | ||||||
LendLease Group (b) | 1,576 | 19,123 | ||||||
Medibank Pvt Ltd. | 7,839 | 16,018 | ||||||
QBE Insurance Group Ltd. | 3,904 | 37,421 | ||||||
Tabcorp Holdings Ltd. | 2,239 | 7,620 | ||||||
Tatts Group Ltd. | 3,932 | 12,271 | ||||||
Telstra Corp. Ltd. | 11,849 | 38,740 | ||||||
Wesfarmers Ltd. | 3,219 | 102,134 | ||||||
|
| |||||||
355,773 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 306 | 6,294 | ||||||
|
| |||||||
Finland — 3.7% | ||||||||
Elisa OYJ | 405 | 15,773 | ||||||
Fortum OYJ | 1,264 | 20,134 | ||||||
Metso OYJ | 303 | 10,307 | ||||||
Nokian Renkaat OYJ | 311 | 12,710 | ||||||
Sampo OYJ, Class A | 1,272 | 64,630 | ||||||
Stora Enso OYJ, Class R | 1,568 | 19,834 | ||||||
UPM-Kymmene OYJ | 1,519 | 42,830 | ||||||
|
| |||||||
186,218 | ||||||||
|
| |||||||
France — 14.5% | ||||||||
AXA SA | 5,522 | 147,263 | ||||||
Bouygues SA | 606 | 25,957 | ||||||
CNP Assurances | 457 | 10,052 | ||||||
Edenred (a) | 632 | 16,670 | ||||||
Eutelsat Communications SA | 468 | 12,039 | ||||||
Sanofi | 2,506 | 248,210 | ||||||
SCOR SE | 492 | 19,369 | ||||||
TOTAL SA (a) | 4,576 | 242,991 | ||||||
|
| |||||||
722,551 | ||||||||
|
| |||||||
Germany — 19.2% | ||||||||
Allianz SE | 1,301 | 249,768 | ||||||
Axel Springer SE | 138 | 8,675 | ||||||
BASF SE | 2,583 | 243,272 | ||||||
Bayerische Motoren Werke AG | 942 | 88,138 | ||||||
Daimler AG | 2,741 | 198,942 | ||||||
Evonik Industries AG | 464 | 15,978 | ||||||
Innogy SE, 144A | 395 | 16,209 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 458 | 90,423 | ||||||
ProSiebenSat.1 Media SE | 663 | 28,149 | ||||||
TUI AG | 1,253 | 19,341 | ||||||
|
| |||||||
958,895 | ||||||||
|
| |||||||
Hong Kong — 5.2% | ||||||||
BOC Hong Kong Holdings Ltd. | 10,429 | 47,042 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
CLP Holdings Ltd. | 4,606 | $ | 50,360 | |||||
Hang Lung Properties Ltd. | 6,045 | 15,631 | ||||||
Hang Seng Bank Ltd. | 2,152 | 45,429 | ||||||
HKT Trust & HKT Ltd. (b) | 11,037 | 14,447 | ||||||
New World Development Co. Ltd. | 16,134 | 20,083 | ||||||
NWS Holdings Ltd. | 4,239 | 8,203 | ||||||
Power Assets Holdings Ltd. | 3,920 | 35,113 | ||||||
Sino Land Co. Ltd. | 8,863 | 15,423 | ||||||
Yue Yuen Industrial Holdings Ltd. | 1,982 | 7,897 | ||||||
|
| |||||||
259,628 | ||||||||
|
| |||||||
Italy — 1.9% | ||||||||
Atlantia SpA | 1,293 | 35,993 | ||||||
Snam SpA | 6,421 | 29,444 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,059 | 22,935 | ||||||
UnipolSai SpA | 3,020 | 6,839 | ||||||
|
| |||||||
95,211 | ||||||||
|
| |||||||
Japan — 2.9% | ||||||||
Aozora Bank Ltd. | 3,230 | 11,870 | ||||||
Canon, Inc. | 3,049 | 104,065 | ||||||
Sekisui House Ltd. | 1,700 | 29,165 | ||||||
|
| |||||||
145,100 | ||||||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
SES SA | 1,037 | 25,652 | ||||||
|
| |||||||
Macau — 0.6% | ||||||||
Sands China Ltd. | 6,887 | 31,772 | ||||||
|
| |||||||
New Zealand — 0.7% | ||||||||
Contact Energy Ltd. | 1,965 | 7,184 | ||||||
Fletcher Building Ltd. | 1,861 | 9,968 | ||||||
Mercury NZ Ltd. | 1,898 | 4,370 | ||||||
Spark New Zealand Ltd. | 4,919 | 13,104 | ||||||
|
| |||||||
34,626 | ||||||||
|
| |||||||
Norway — 0.2% | ||||||||
Gjensidige Forsikring ASA | 539 | 8,689 | ||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 6,765 | 24,881 | ||||||
|
| |||||||
Singapore — 3.6% | ||||||||
ComfortDelGro Corp. Ltd. | 6,100 | 10,581 | ||||||
Singapore Airlines Ltd. | 1,400 | 10,128 | ||||||
Singapore Exchange Ltd. | 2,150 | 11,297 | ||||||
Singapore Press Holdings Ltd. (a) | 4,280 | 9,806 | ||||||
Singapore Technologies Engineering Ltd. | 4,190 | 11,265 | ||||||
Singapore Telecommunications Ltd. | 23,270 | 63,235 | ||||||
StarHub Ltd. | 1,600 | 3,122 | ||||||
United Overseas Bank Ltd. | 3,690 | 61,284 | ||||||
|
| |||||||
180,718 | ||||||||
|
| |||||||
Spain — 2.1% | ||||||||
Distribuidora Internacional de Alimentacion SA | 1,682 | 10,352 | ||||||
Enagas SA | 646 | 19,205 | ||||||
Endesa SA | 904 | 22,560 | ||||||
Gas Natural SDG SA | 997 | 25,110 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Spain (Continued) | ||||||||
Red Electrica Corp. SA | 1,232 | $ | 27,645 | |||||
|
| |||||||
104,872 | ||||||||
|
| |||||||
Sweden — 1.8% | ||||||||
Hennes & Mauritz AB, Class B | 2,703 | 67,331 | ||||||
Skanska AB, Class B | 968 | 23,043 | ||||||
|
| |||||||
90,374 | ||||||||
|
| |||||||
Switzerland — 5.3% | ||||||||
Swiss Prime Site AG | 203 | 18,696 | ||||||
Swiss Re AG | 922 | 84,056 | ||||||
Swisscom AG | 74 | 35,481 | ||||||
Zurich Insurance Group AG | 429 | 126,102 | ||||||
|
| |||||||
264,335 | ||||||||
|
| |||||||
United Kingdom — 28.7% | ||||||||
Aberdeen Asset Management PLC | 2,468 | 9,190 | ||||||
Admiral Group PLC | 575 | 15,091 | ||||||
AstraZeneca PLC | 3,602 | 242,909 | ||||||
BAE Systems PLC | 9,044 | 77,549 | ||||||
Berkeley Group Holdings PLC | 374 | 15,690 | ||||||
British American Tobacco PLC | 3,525 | 251,160 | ||||||
Direct Line Insurance Group PLC | 3,914 | 17,580 | ||||||
easyJet PLC | 452 | 8,235 | ||||||
IMI PLC | 774 | 12,505 | ||||||
Imperial Brands PLC | 2,729 | 127,601 | ||||||
Inmarsat PLC | 1,212 | 12,493 | ||||||
ITV PLC | 10,312 | 26,001 | ||||||
Legal & General Group PLC | 16,950 | 54,991 | ||||||
Marks & Spencer Group PLC | 4,625 | 22,793 | ||||||
National Grid PLC | 9,783 | 137,330 | ||||||
Next PLC | 419 | 23,538 | ||||||
Pearson PLC | 2,341 | 21,310 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Persimmon PLC | 878 | $ | 27,772 | |||||
Provident Financial PLC | 421 | 16,550 | ||||||
Rio Tinto Ltd. | 1,207 | 56,332 | ||||||
Rio Tinto PLC | 3,522 | 140,788 | ||||||
Severn Trent PLC | 671 | 21,614 | ||||||
SSE PLC | 2,880 | 55,846 | ||||||
Standard Life PLC | 5,633 | 27,783 | ||||||
Tate & Lyle PLC | 1,323 | 12,580 | ||||||
|
| |||||||
1,435,231 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,930,820 | |||||||
|
| |||||||
PREFERRED STOCK — 0.3% | ||||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 147 | 12,078 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.5% | ||||||||
Deutsche X-Trackers MSCI EAFE Hedged Equity ETF (c) | 770 | 23,654 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 5.3% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (d)(e) | 262,817 | 262,817 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.7% (Cost $4,876,435)† | $ | 5,229,369 | ||||||
Other assets and liabilities, net — (4.7%) | (230,481 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,998,888 | ||||||
|
|
† | The cost for federal income tax purposes was $4,948,263. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $281,106. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $384,759 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $103,653. |
(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 May 31, 2017 amounted to $236,607, which is 4.7% 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) | Affiliated fund advised by DBX Advisors LLC. |
(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. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of May 31, 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 New York Mellon | 6/5/2017 | AUD | 526,000 | USD | 393,119 | $ | 2,306 | |||||||||||
RBC Capital Markets | 6/5/2017 | EUR | 57,000 | USD | 62,161 | (1,888 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | EUR | 1,800,000 | USD | 1,963,116 | (59,486 | ) | |||||||||||
JP Morgan & Chase Co. | 6/5/2017 | GBP | 76,000 | USD | 98,408 | 470 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of New York Mellon | 6/5/2017 | GBP | 1,187,000 | USD | 1,537,017 | $ | 7,377 | |||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 2,196,000 | USD | 282,518 | 676 | ||||||||||||
RBC Capital Markets | 6/5/2017 | HKD | 15,000 | USD | 1,930 | 4 | ||||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 143,000 | USD | 1,284 | (7 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | JPY | 11,328,000 | USD | 101,720 | (588 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 450,000 | USD | 50,899 | (892 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SGD | 230,000 | USD | 164,586 | (1,651 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 380,414 | AUD | 511,000 | (745 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 11,211 | AUD | 15,000 | (66 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 64,097 | EUR | 57,000 | (48 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 2,011,731 | EUR | 1,789,000 | (1,489 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 11,997 | EUR | 11,000 | 363 | ||||||||||||
JP Morgan & Chase Co. | 6/5/2017 | USD | 98,119 | GBP | 76,000 | (181 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 1,472,974 | GBP | 1,141,000 | (2,613 | ) | |||||||||||
The Bank of New York Mellon | 6/5/2017 | USD | 59,564 | GBP | 46,000 | (286 | ) | |||||||||||
RBC Capital Markets | 6/5/2017 | USD | 283,736 | HKD | 2,211,000 | 31 | ||||||||||||
RBC Capital Markets | 6/5/2017 | USD | 103,730 | JPY | 11,471,000 | (130 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 51,873 | SEK | 450,000 | (82 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 6,442 | SGD | 9,000 | 63 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 159,751 | SGD | 221,000 | (20 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | CHF | 239,000 | USD | 240,557 | (6,304 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | DKK | 40,000 | USD | 5,866 | (177 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | NOK | 221,000 | USD | 25,807 | (352 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | NZD | 48,000 | USD | 32,924 | (1,080 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 238,798 | CHF | 231,000 | (199 | ) | |||||||||||
RBC Capital Markets | 6/6/2017 | USD | 8,053 | CHF | 8,000 | 211 | ||||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 6,046 | DKK | 40,000 | (3 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 26,240 | NOK | 221,000 | (81 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 34,068 | NZD | 48,000 | (64 | ) | |||||||||||
The Bank of New York Mellon | 7/5/2017 | AUD | 47,000 | USD | 34,971 | 67 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | AUD | 511,000 | USD | 380,222 | 735 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CHF | 27,000 | USD | 27,966 | 24 | ||||||||||||
RBC Capital Markets | 7/5/2017 | CHF | 231,000 | USD | 239,264 | 201 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | DKK | 40,000 | USD | 6,056 | 3 | ||||||||||||
RBC Capital Markets | 7/5/2017 | EUR | 50,000 | USD | 56,323 | 47 | ||||||||||||
RBC Capital Markets | 7/5/2017 | EUR | 57,000 | USD | 64,200 | 46 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | EUR | 1,789,000 | USD | 2,014,951 | 1,403 | ||||||||||||
JP Morgan & Chase Co. | 7/5/2017 | GBP | 76,000 | USD | 98,214 | 179 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | GBP | 1,141,000 | USD | 1,474,400 | 2,585 | ||||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 2,211,000 | USD | 283,932 | (45 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | HKD | 77,000 | USD | 9,888 | (1 | ) | |||||||||||
RBC Capital Markets | 7/5/2017 | JPY | 11,471,000 | USD | 103,873 | 129 | ||||||||||||
RBC Capital Markets | 7/5/2017 | JPY | 4,753,000 | USD | 43,044 | 58 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NOK | 221,000 | USD | 26,251 | 80 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NZD | 48,000 | USD | 34,047 | 63 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NZD | 1,000 | USD | 709 | 1 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SEK | 353,000 | USD | 40,768 | 68 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SEK | 450,000 | USD | 51,963 | 80 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SGD | 34,000 | USD | 24,585 | 2 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SGD | 221,000 | USD | 159,802 | 14 | ||||||||||||
The Bank of New York Mellon | 7/5/2017 | USD | 140,853 | GBP | 109,000 | (251 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 16,632 | NOK | 140,000 | (53 | ) | |||||||||||
|
| |||||||||||||||||
Total net unrealized depreciation | $ | (61,496 | ) | |||||||||||||||
|
|
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (f) | $ | 4,930,820 | $ | — | $ | — | $ | 4,930,820 | ||||||||
Preferred Stock | 12,078 | — | — | 12,078 | ||||||||||||
Exchange-Traded Fund | 23,654 | — | — | 23,654 | ||||||||||||
Short-Term Investments | 262,817 | — | — | 262,817 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 17,286 | — | 17,286 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,229,369 | $ | 17,286 | $ | — | $ | 5,246,655 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (78,782 | ) | $ | — | $ | (78,782 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (78,782 | ) | $ | — | $ | (78,782 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 94.5% | ||||||||
Brazil — 6.9% | ||||||||
Ambev SA | 12,651 | $ | 73,147 | |||||
BB Seguridade Participacoes SA | 1,842 | 16,565 | ||||||
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros | 5,540 | 31,535 | ||||||
CCR SA | 3,215 | 16,473 | ||||||
Cosan SA Industria e Comercio | 408 | 4,543 | ||||||
Hypermarcas SA | 944 | 8,606 | ||||||
Porto Seguro SA | 347 | 3,453 | ||||||
Transmissora Alianca de Energia Eletrica SA | 492 | 3,451 | ||||||
|
| |||||||
157,773 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Enel Generacion Chile SA | 9,105 | 7,005 | ||||||
|
| |||||||
China — 21.0% | ||||||||
Agricultural Bank of China Ltd., Class H | 68,741 | 33,345 | ||||||
ANTA Sports Products Ltd. | 3,000 | 8,874 | ||||||
Bank of China Ltd., Class H | 209,604 | 104,902 | ||||||
Belle International Holdings Ltd. | 17,549 | 13,692 | ||||||
China Construction Bank Corp., Class H | 137,422 | 113,570 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 7,157 | 28,655 | ||||||
China Vanke Co. Ltd., Class H | 3,202 | 8,506 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 2,600 | 3,437 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 1,499 | 5,646 | ||||||
Hengan International Group Co. Ltd. | 1,766 | 12,385 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 171,741 | 114,824 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 4,011 | 5,827 | ||||||
Lenovo Group Ltd. | 17,991 | 11,774 | ||||||
Longfor Properties Co. Ltd. | 4,089 | 8,322 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 3,379 | 3,105 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 4,484 | 5,259 | ||||||
|
| |||||||
482,123 | ||||||||
|
| |||||||
Czech Republic — 0.5% | ||||||||
Komercni banka as | 201 | 8,008 | ||||||
Moneta Money Bank AS, 144A | 1,282 | 4,364 | ||||||
|
| |||||||
12,372 | ||||||||
|
| |||||||
Hong Kong — 4.4% | ||||||||
China Everbright Ltd. | 2,972 | 6,674 | ||||||
China Merchants Port Holdings Co. Ltd. | 3,177 | 9,418 | ||||||
China Overseas Land & Investment Ltd. | 9,990 | 29,999 | ||||||
China Resources Land Ltd. | 8,000 | 23,510 | ||||||
China Resources Power Holdings Co. Ltd. | 4,209 | 8,685 | ||||||
Guangdong Investment Ltd. | 8,000 | 11,539 | ||||||
Shimao Property Holdings Ltd. | 2,884 | 4,922 | ||||||
Sun Art Retail Group Ltd. | 6,392 | 5,906 | ||||||
|
| |||||||
100,653 | ||||||||
|
|
Number | Value | |||||||
Hungary — 0.4% | ||||||||
MOL Hungarian Oil & Gas PLC | 119 | $ | 9,677 | |||||
|
| |||||||
Indonesia — 0.9% | ||||||||
PT Bank Negara Indonesia Persero Tbk | 20,538 | 10,099 | ||||||
PT Gudang Garam Tbk | 1,326 | 7,362 | ||||||
PT Surya Citra Media Tbk | 18,995 | 4,150 | ||||||
|
| |||||||
21,611 | ||||||||
|
| |||||||
Malaysia — 2.1% | ||||||||
Alliance Financial Group Bhd | 3,100 | 3,136 | ||||||
DiGi.Com Bhd | 8,748 | 10,117 | ||||||
HAP Seng Consolidated Bhd | 1,500 | 3,217 | ||||||
IOI Properties Group Bhd | 5,000 | 2,477 | ||||||
Maxis Bhd | 4,800 | 6,897 | ||||||
MISC Bhd | 3,500 | 6,133 | ||||||
Petronas Gas Bhd | 1,900 | 8,239 | ||||||
Telekom Malaysia Bhd | 3,600 | 5,451 | ||||||
Westports Holdings Bhd | 2,500 | 2,372 | ||||||
|
| |||||||
48,039 | ||||||||
|
| |||||||
Mexico — 1.8% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 4,056 | 8,018 | ||||||
Wal-Mart de Mexico SAB de CV | 14,191 | 32,521 | ||||||
|
| |||||||
40,539 | ||||||||
|
| |||||||
Philippines — 0.4% | ||||||||
DMCI Holdings, Inc. | 10,900 | 2,943 | ||||||
Energy Development Corp. | 27,900 | 3,419 | ||||||
Globe Telecom, Inc. | 85 | 3,604 | ||||||
|
| |||||||
9,966 | ||||||||
|
| |||||||
Poland — 0.9% | ||||||||
Bank Zachodni WBK SA | 107 | 9,758 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 5,798 | 9,897 | ||||||
|
| |||||||
19,655 | ||||||||
|
| |||||||
Qatar — 1.0% | ||||||||
Barwa Real Estate Co. | 294 | 2,737 | ||||||
Masraf Al Rayan QSC | 971 | 11,813 | ||||||
Qatar Electricity & Water Co. QSC | 73 | 4,208 | ||||||
Qatar Islamic Bank SAQ | 156 | 4,379 | ||||||
|
| |||||||
23,137 | ||||||||
|
| |||||||
Russia — 7.7% | ||||||||
Gazprom PJSC, ADR | 959 | 3,993 | ||||||
Gazprom PJSC | 26,985 | 57,224 | ||||||
LUKOIL PJSC | 702 | 34,073 | ||||||
LUKOIL PJSC, ADR | 420 | 20,055 | ||||||
PhosAgro PJSC, GDR | 393 | 5,581 | ||||||
Rosneft Oil Co. PJSC | 125 | 664 | ||||||
Rosneft Oil Co. PJSC, GDR | 2,917 | 15,256 | ||||||
Rostelecom PJSC | 2,772 | 3,494 | ||||||
RusHydro PJSC | 250,152 | 3,440 | ||||||
Severstal PJSC | 451 | 5,872 | ||||||
Tatneft PJSC | 4,089 | 27,719 | ||||||
|
| |||||||
177,371 | ||||||||
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
South Africa — 9.6% | ||||||||
Barclays Africa Group Ltd. | 1,132 | $ | 11,998 | |||||
Bidvest Group Ltd. | 884 | 11,517 | ||||||
Coronation Fund Managers Ltd. (a) | 704 | 3,786 | ||||||
FirstRand Ltd. | 8,992 | 33,808 | ||||||
Foschini Group Ltd. | 546 | 5,766 | ||||||
Imperial Holdings Ltd. | 401 | 5,075 | ||||||
Liberty Holdings Ltd. | 343 | 2,991 | ||||||
Life Healthcare Group Holdings Ltd. (a) | 3,490 | 7,432 | ||||||
MMI Holdings Ltd. | 2,496 | 4,172 | ||||||
Mr Price Group Ltd. (a) | 648 | 7,411 | ||||||
Nedbank Group Ltd. | 626 | 10,506 | ||||||
Netcare Ltd. | 2,832 | 5,822 | ||||||
RMB Holdings Ltd. | 1,865 | 8,747 | ||||||
Sanlam Ltd. | 3,762 | 19,686 | ||||||
SPAR Group Ltd. | 515 | 6,712 | ||||||
Standard Bank Group Ltd. | 3,459 | 38,649 | ||||||
Truworths International Ltd. | 1,162 | 6,632 | ||||||
Vodacom Group Ltd. (a) | 1,391 | 17,528 | ||||||
Woolworths Holdings Ltd. | 2,625 | 13,490 | ||||||
|
| |||||||
221,728 | ||||||||
|
| |||||||
South Korea — 2.7% | ||||||||
Coway Co. Ltd. | 141 | 12,657 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 168 | 5,664 | ||||||
KT&G Corp. | 313 | 31,032 | ||||||
SK Telecom Co. Ltd. | 55 | 12,453 | ||||||
|
| |||||||
61,806 | ||||||||
|
| |||||||
Taiwan — 25.9% | ||||||||
Advanced Semiconductor Engineering, Inc. | 17,941 | 22,964 | ||||||
Catcher Technology Co. Ltd. | 1,726 | 18,248 | ||||||
Cathay Financial Holding Co. Ltd. | 21,285 | 33,330 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 4,936 | 9,961 | ||||||
Chicony Electronics Co. Ltd. | 1,727 | 4,484 | ||||||
Chunghwa Telecom Co. Ltd. | 9,822 | 35,103 | ||||||
Compal Electronics, Inc. | 8,905 | 5,951 | ||||||
CTBC Financial Holding Co. Ltd. | 45,638 | 29,056 | ||||||
Delta Electronics, Inc. | 5,130 | 28,311 | ||||||
Eclat Textile Co. Ltd. | 500 | 5,095 | ||||||
Far EasTone Telecommunications Co. Ltd. | 4,047 | 10,293 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,048 | 4,076 | ||||||
First Financial Holding Co. Ltd. | 23,581 | 15,091 | ||||||
Formosa Plastics Corp. | 11,247 | 33,540 | ||||||
Formosa Taffeta Co. Ltd. | 2,429 | 2,540 | ||||||
Foxconn Technology Co. Ltd. | 1,886 | 5,342 | ||||||
Fubon Financial Holding Co. Ltd. | 17,615 | 26,851 | ||||||
Giant Manufacturing Co. Ltd. | 1,000 | 5,868 | ||||||
Highwealth Construction Corp. | 1,607 | 2,653 | ||||||
Hon Hai Precision Industry Co. Ltd. | 33,759 | 115,602 | ||||||
Hotai Motor Co. Ltd. | 764 | 10,020 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 17,563 | 10,072 | ||||||
Inventec Corp. | 7,880 | 5,855 | ||||||
MediaTek, Inc. | 3,663 | 28,009 | ||||||
Merida Industry Co. Ltd. | 384 | 2,075 | ||||||
Micro-Star International Co. Ltd. | 2,107 | 4,903 | ||||||
Nanya Technology Corp. | 2,137 | 3,616 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Novatek Microelectronics Corp. | 1,810 | $ | 7,191 | |||||
Pegatron Corp. | 5,000 | 15,426 | ||||||
Phison Electronics Corp. | 469 | 5,083 | ||||||
Pou Chen Corp. | 6,045 | 8,340 | ||||||
Realtek Semiconductor Corp. | 1,421 | 4,748 | ||||||
Ruentex Industries Ltd. | 1,795 | 2,685 | ||||||
Siliconware Precision Industries Co. Ltd. | 5,653 | 9,547 | ||||||
Taiwan Mobile Co. Ltd. | 4,304 | 16,026 | ||||||
Transcend Information, Inc. | 678 | 2,322 | ||||||
Uni-President Enterprises Corp. | 13,225 | 26,425 | ||||||
Vanguard International Semiconductor Corp. | 1,825 | 3,440 | ||||||
Yuanta Financial Holding Co. Ltd. | 28,288 | 12,273 | ||||||
Zhen Ding Technology Holding Ltd. | 1,257 | 3,092 | ||||||
|
| |||||||
595,507 | ||||||||
|
| |||||||
Thailand — 4.4% | ||||||||
Bangkok Bank PCL | 700 | 3,699 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,547 | 4,088 | ||||||
Glow Energy PCL, NVDR | 1,630 | 3,852 | ||||||
Krung Thai Bank PCL, NVDR | 9,823 | 5,509 | ||||||
PTT Global Chemical PCL, NVDR | 6,425 | 13,393 | ||||||
PTT PCL, NVDR | 2,800 | 32,308 | ||||||
Siam Cement PCL | 900 | 13,899 | ||||||
Siam Cement PCL, NVDR | 155 | 2,394 | ||||||
Siam Commercial Bank PCL, NVDR | 4,700 | 21,113 | ||||||
|
| |||||||
100,255 | ||||||||
|
| |||||||
Turkey — 0.9% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 3,604 | 6,528 | ||||||
Ford Otomotiv Sanayi AS | 232 | 2,659 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 322 | 8,671 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 2,231 | 2,979 | ||||||
|
| |||||||
20,837 | ||||||||
|
| |||||||
United Arab Emirates — 2.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 5,466 | 10,863 | ||||||
Aldar Properties PJSC | 9,689 | 5,830 | ||||||
DAMAC Properties Dubai Co. PJSC | 5,347 | 4,353 | ||||||
Dubai Islamic Bank PJSC | 3,174 | 5,020 | ||||||
Emaar Malls PJSC | 6,442 | 4,385 | ||||||
Emirates Telecommunications Group Co. PJSC | 4,719 | 22,098 | ||||||
First Abu Dhabi Bank PJSC | 3,502 | 10,059 | ||||||
|
| |||||||
62,608 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,172,662 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.4% | ||||||||
Brazil — 1.3% | ||||||||
Itausa — Investimentos Itau SA | 10,625 | 29,386 | ||||||
|
| |||||||
Russia — 0.4% | ||||||||
Surgutneftegas OJSC | 18,387 | 9,150 | ||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Hyundai Motor Co. | 71 | 6,722 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Motor Co. — 2nd Preferred | 104 | $ | 10,543 | |||||
|
| |||||||
17,265 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 55,801 | |||||||
|
| |||||||
RIGHTS — 0.1% | ||||||||
South Africa — 0.1% | ||||||||
Sibanye Gold Ltd.*, expires 06/09/17 (Cost $1,619) | 2,946 | 1,011 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.4% | ||||||||
Deutsche X-Trackers MSCI Emerging Markets Hedged Equity ETF (b) (Cost $9,501) | 450 | 9,653 | ||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 1.4% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (c)(d) (Cost $31,332) | 31,332 | $ | 31,332 | |||||
|
| |||||||
TOTAL INVESTMENTS — 98.8% (Cost $2,110,550)† | $ | 2,270,459 | ||||||
Other assets and liabilities, net — 1.2% | 28,265 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,298,724 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,128,826. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $141,633. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $186,571 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $44,938. |
(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 May 31, 2017 amounted to $29,542, which is 1.3% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 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 | 3 | $ | 57,822 | 6/29/2017 | $ | (15 | ) |
As of May 31, 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 | 6/5/2017 | BRL | 14,000 | USD | 4,321 | $ | (1 | ) | ||||||||||
The Bank of Nova Scotia | 6/5/2017 | BRL | 556,000 | USD | 172,360 | 734 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | CLP | 6,021,000 | USD | 9,003 | 68 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | CZK | 352,000 | USD | 14,304 | (707 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | HKD | 4,403,000 | USD | 566,466 | 1,370 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | KRW | 34,808,000 | USD | 30,621 | (471 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | MXN | 188,000 | USD | 9,853 | (221 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | MYR | 5,000 | USD | 1,149 | (19 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | MYR | 317,000 | USD | 73,151 | (895 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | PHP | 220,000 | USD | 4,390 | (29 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | PLN | 143,000 | USD | 36,831 | (1,608 | ) |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | PLN | 12,000 | USD | 3,091 | $ | (135 | ) | ||||||||||
The Bank of Nova Scotia | 6/5/2017 | RUB | 12,238,000 | USD | 213,027 | (2,483 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | RUB | 129,000 | USD | 2,248 | (24 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | THB | 3,292,000 | USD | 95,112 | (1,539 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | TRY | 6,000 | USD | 1,672 | (26 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | TRY | 81,000 | USD | 22,572 | (353 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | TWD | 352,000 | USD | 11,656 | (49 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | TWD | 19,543,000 | USD | 647,334 | (2,490 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 175,774 | BRL | 570,000 | 174 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 8,966 | CLP | 6,021,000 | (32 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 15,020 | CZK | 352,000 | (9 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 565,034 | HKD | 4,403,000 | 62 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 31,090 | KRW | 34,808,000 | 2 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 10,054 | MXN | 188,000 | 20 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 75,278 | MYR | 322,000 | (63 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 4,420 | PHP | 220,000 | (1 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 41,650 | PLN | 155,000 | 14 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 217,873 | RUB | 12,367,000 | (91 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 95,302 | THB | 3,245,000 | (32 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 1,359 | THB | 47,000 | 21 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 24,601 | TRY | 87,000 | 22 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 8,582 | TWD | 259,000 | 30 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 652,793 | TWD | 19,636,000 | 123 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 255,038 | ZAR | 3,363,000 | 1,146 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | ZAR | 26,000 | USD | 1,932 | (49 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | ZAR | 3,337,000 | USD | 247,956 | (6,248 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | AED | 229,000 | USD | 62,338 | (8 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | AED | 12,000 | USD | 3,267 | 0 | ||||||||||||
The Bank of Nova Scotia | 6/6/2017 | HUF | 2,384,000 | USD | 8,303 | (387 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | IDR | 376,713,000 | USD | 28,165 | (98 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | QAR | 98,000 | USD | 26,895 | (17 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 65,614 | AED | 241,000 | (1 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 8,696 | HUF | 2,384,000 | (6 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 28,282 | IDR | 376,713,000 | (18 | ) | |||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 26,914 | QAR | 98,000 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | AED | 241,000 | USD | 65,607 | (1 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | HKD | 125,000 | USD | 16,053 | (2 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | HKD | 4,403,000 | USD | 565,411 | (103 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | HUF | 278,000 | USD | 1,015 | 1 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | HUF | 2,384,000 | USD | 8,704 | 4 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | IDR | 376,713,000 | USD | 30,740 | 2,569 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | KRW | 34,808,000 | USD | 31,089 | (15 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | KRW | 52,141,000 | USD | 46,471 | (121 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | MYR | 322,000 | USD | 75,278 | 176 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | PLN | 155,000 | USD | 41,639 | (14 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | QAR | 98,000 | USD | 26,899 | (4 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | RUB | 12,367,000 | USD | 216,367 | 78 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | THB | 3,245,000 | USD | 94,884 | (373 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | THB | 154,000 | USD | 4,521 | 0 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | TRY | 87,000 | USD | 24,380 | (21 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | TWD | 19,636,000 | USD | 653,227 | (337 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 2,178 | AED | 8,000 | 0 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 6,674 | IDR | 88,765,000 | (36 | ) | |||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 25,626 | MYR | 110,000 | 30 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 21,759 | PLN | 81,000 | 8 | ||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 3,297 | QAR | 12,000 | (2 | ) |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 27,360 | RUB | 1,565,000 | $ | 11 | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 3,360 | TRY | 12,000 | 5 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 52,371 | TWD | 1,579,000 | 184 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 4,218 | TWD | 127,000 | 10 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 30,383 | ZAR | 403,000 | 147 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | ZAR | 3,363,000 | USD | 253,663 | (1,108 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | BRL | 39,000 | USD | 11,936 | (18 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | BRL | 570,000 | USD | 174,376 | (337 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | CLP | 6,021,000 | USD | 8,949 | 24 | ||||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | MXN | 580,000 | USD | 30,843 | (70 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | MXN | 188,000 | USD | 10,001 | (20 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | PHP | 272,000 | USD | 5,449 | (7 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | PHP | 220,000 | USD | 4,414 | 1 | ||||||||||||||||||
The Bank of Nova Scotia | 7/6/2017 | USD | 1,896 | CLP | 1,274,000 | (7 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/7/2017 | CZK | 352,000 | USD | 15,049 | 7 | ||||||||||||||||||
The Bank of Nova Scotia | 7/7/2017 | USD | 1,497 | CZK | 35,000 | (2 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (13,669 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
CZK | Czech Koruna |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Phillippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 2,172,662 | $ | — | $ | — | $ | 2,172,662 | ||||||||
Preferred Stocks (e) | 55,801 | — | — | 55,801 | ||||||||||||
Rights | 1,011 | — | — | 1,011 | ||||||||||||
Exchange Traded Fund | 9,653 | — | — | 9,653 | ||||||||||||
Short-Term Investments | 31,332 | — | — | 31,332 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 7,041 | — | 7,041 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,270,459 | $ | 7,041 | $ | — | $ | 2,277,500 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (20,710 | ) | $ | — | $ | (20,710 | ) | ||||||
Futures Contracts | (15 | ) | — | — | (15 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (15 | ) | $ | (20,710 | ) | $ | — | $ | (20,725 | ) | |||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Finland — 20.7% | ||||||||
Elisa OYJ | 2,188 | $ | 85,215 | |||||
Fortum OYJ | 6,832 | 108,828 | ||||||
Metso OYJ | 1,734 | 58,982 | ||||||
Nokian Renkaat OYJ | 1,777 | 72,622 | ||||||
Sampo OYJ, Class A | 4,021 | 204,305 | ||||||
Stora Enso OYJ, Class R | 8,474 | 107,188 | ||||||
UPM-Kymmene OYJ | 7,302 | 205,889 | ||||||
|
| |||||||
843,029 | ||||||||
|
| |||||||
France — 19.5% | ||||||||
AXA SA | 7,581 | 202,174 | ||||||
Bouygues SA | 3,275 | 140,280 | ||||||
CNP Assurances | 2,640 | 58,067 | ||||||
Edenred (a) | 3,437 | 90,656 | ||||||
SCOR SE | 2,665 | 104,916 | ||||||
TOTAL SA | 3,726 | 197,854 | ||||||
|
| |||||||
793,947 | ||||||||
|
| |||||||
Germany — 26.0% | ||||||||
Allianz SE | 1,066 | 204,652 | ||||||
Axel Springer SE | 747 | 46,959 | ||||||
Bayerische Motoren Werke AG | 1,830 | 171,223 | ||||||
Daimler AG | 2,657 | 192,845 | ||||||
Innogy SE, 144A | 2,136 | 87,653 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,046 | 206,511 | ||||||
ProSiebenSat.1 Media SE | 3,584 | 152,167 | ||||||
|
| |||||||
1,062,010 | ||||||||
|
| |||||||
Italy — 12.5% | ||||||||
Atlantia SpA | 6,986 | 194,467 | ||||||
Snam SpA | 35,000 | 160,494 | ||||||
Terna Rete Elettrica Nazionale SpA | 21,642 | 122,288 | ||||||
UnipolSai SpA | 15,234 | 34,500 | ||||||
|
| |||||||
511,749 | ||||||||
|
|
Number | Value | |||||||
Luxembourg — 3.4% | ||||||||
SES SA | 5,603 | $ | 138,598 | |||||
|
| |||||||
Portugal — 3.3% | ||||||||
EDP — Energias de Portugal SA | 36,558 | 134,455 | ||||||
|
| |||||||
Spain — 14.0% | ||||||||
Distribuidora Internacional de Alimentacion SA | 9,574 | 58,927 | ||||||
Enagas SA | 3,489 | 103,726 | ||||||
Endesa SA | 4,886 | 121,932 | ||||||
Gas Natural SDG SA | 5,387 | 135,675 | ||||||
Red Electrica Corp. SA | 6,658 | 149,399 | ||||||
|
| |||||||
569,659 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,053,447 | |||||||
|
| |||||||
PREFERRED STOCK — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG (Cost $24,868) | 303 | 24,895 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.1% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (b)(c) (Cost $127,070) | 127,070 | 127,070 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.1% (Cost $3,914,560)† | $ | 4,205,412 | ||||||
Other assets and liabilities, net — (3.1%) | (126,893 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,078,519 | ||||||
|
|
† | The cost for federal income tax purposes was $3,944,794. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $260,618. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $281,085 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $20,467. |
(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 May 31, 2017 amounted to $39,571, which is 1.0% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of May 31, 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 | 6/5/2017 | EUR | 3,619,500 | USD | 3,947,318 | $ | (119,796 | ) | ||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 51,000 | USD | 55,681 | (1,626 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 4,116,232 | EUR | 3,660,500 | (3,048 | ) |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 10,906 | EUR | 10,000 | $ | 331 | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 3,660,500 | USD | 4,122,949 | 2,998 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 4,506 | EUR | 4,000 | (4 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (121,145 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (d) | $ | 4,053,447 | $ | — | $ | — | $ | 4,053,447 | ||||||||
Preferred Stock | 24,895 | — | — | 24,895 | ||||||||||||
Short-Term Investments | 127,070 | — | — | 127,070 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 3,329 | — | 3,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,205,412 | $ | 3,329 | $ | — | $ | 4,208,741 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (124,474 | ) | $ | — | $ | (124,474 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (124,474 | ) | $ | — | $ | (124,474 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 58 |
This Page is Intentionally Left Blank
59
DBX ETF Trust
Statements of Assets and Liabilities
May 31, 2017
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 5,974,322 | $ | 10,252,351 | $ | 5,874,560 | ||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 226,980 | 854,893 | — | |||||||||
Cash | 123,180 | 77,444 | 19,310 | |||||||||
Deposit with broker for futures contracts | 64,387 | 66,173 | 69,046 | |||||||||
Unrealized appreciation on futures contracts | — | — | 287 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 947,903 | 305,829 | — | |||||||||
Interest | 77,731 | 159,472 | 61,050 | |||||||||
Securities lending income | 66 | 224 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 7,414,569 | $ | 11,716,386 | $ | 6,024,253 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | 226,980 | $ | 854,893 | $ | — | ||||||
Unrealized depreciation on futures contracts | 95 | 222 | — | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 956,838 | 319,491 | — | |||||||||
Investment advisory fees | 2,389 | 3,128 | 1,105 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,186,302 | 1,177,734 | 1,105 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 6,228,267 | $ | 10,538,652 | $ | 6,023,148 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 6,236,855 | $ | 11,098,142 | $ | 6,244,868 | ||||||
Undistributed net investment income | 27,754 | 52,009 | 16,003 | |||||||||
Accumulated net realized gain (loss) on investments and futures | (166,661 | ) | (788,994 | ) | (270,752 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and futures | 130,319 | 177,495 | 33,029 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 6,228,267 | $ | 10,538,652 | $ | 6,023,148 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 250,001 | 450,001 | 250,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 24.91 | $ | 23.42 | $ | 24.09 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 5,843,908 | $ | 10,074,634 | $ | 5,841,818 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 220,616 | $ | 826,848 | $ | — | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 226,980 | $ | 854,893 | $ | — | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | — | $ | — | $ | — | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2017
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 59,036,028 | $ | 3,863,186 | $ | 4,942,898 | ||||||
Investment in affiliated securities at value (See Note 4) | — | 28,205 | 23,654 | |||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | — | 160,019 | 262,817 | |||||||||
Cash | 725,417 | 672 | 703 | |||||||||
Foreign currency at value | — | 11,182 | 6,583 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | 11,212 | 17,286 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 501,280 | 588,958 | |||||||||
Dividends | — | 14,315 | 20,821 | |||||||||
Interest | 756,157 | — | — | |||||||||
Securities lending income | — | 495 | 914 | |||||||||
Foreign tax reclaim | — | 4,407 | 2,938 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 60,517,602 | $ | 4,594,973 | $ | 5,867,572 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | — | $ | 160,019 | $ | 262,817 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | 49,448 | 78,782 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 409,777 | 463,046 | 525,187 | |||||||||
Investment advisory fees | 15,293 | 1,492 | 1,898 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 425,070 | 674,005 | 868,684 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 60,092,532 | $ | 3,920,968 | $ | 4,998,888 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 59,805,317 | $ | 3,754,560 | $ | 4,824,394 | ||||||
Undistributed net investment income | 124,688 | 36,426 | 65,705 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (99,978 | ) | (118,964 | ) | (182,942 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 262,505 | 248,946 | 291,731 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 60,092,532 | $ | 3,920,968 | $ | 4,998,888 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 2,250,001 | 150,001 | 200,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 26.71 | $ | 26.14 | $ | 24.99 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 58,773,523 | $ | 3,576,738 | $ | 4,590,676 | ||||||
|
|
|
|
|
| |||||||
Investments in affiliated securities at cost | $ | — | $ | 28,035 | $ | 22,942 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | — | $ | 146,146 | $ | 236,607 | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | — | $ | 160,019 | $ | 262,817 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | — | $ | 11,070 | $ | 6,542 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2017
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at value | $ | 2,229,474 | $ | 4,078,342 | ||||
Investment in affiliated securities at value (See Note 4) | 9,653 | — | ||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 31,332 | 127,070 | ||||||
Cash | 2,382 | — | ||||||
Foreign currency at value | 2,391 | 21,618 | ||||||
Unrealized appreciation on forward foreign currency exchange contracts | 7,041 | 3,329 | ||||||
Deposit with broker for futures contracts | 14 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 384,772 | 520,994 | ||||||
Dividends | 3,028 | 3,457 | ||||||
Securities lending income | 7 | 1,340 | ||||||
Foreign tax reclaim | 301 | 3,763 | ||||||
|
|
|
| |||||
Total Assets | $ | 2,670,395 | $ | 4,759,913 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Due to custodian | $ | — | $ | 10,279 | ||||
Payable upon return of securities loaned | 31,332 | 127,070 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 20,710 | 124,474 | ||||||
Unrealized depreciation on futures contracts | 15 | — | ||||||
Payables: | ||||||||
Investment securities purchased | 318,346 | 418,027 | ||||||
Investment advisory fees | 1,268 | 1,544 | ||||||
|
|
|
| |||||
Total Liabilities | 371,671 | 681,394 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 2,298,724 | $ | 4,078,519 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 2,507,967 | $ | 3,822,127 | ||||
Undistributed net investment income | 26,760 | 107,232 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (382,243 | ) | (20,774 | ) | ||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 146,240 | 169,934 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 2,298,724 | $ | 4,078,519 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 100,001 | 150,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 22.99 | $ | 27.19 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 2,069,717 | $ | 3,787,490 | ||||
|
|
|
| |||||
Investments in affiliated securities at cost | $ | 9,501 | $ | — | ||||
|
|
|
| |||||
Value of securities loaned | $ | 29,542 | $ | 39,571 | ||||
|
|
|
| |||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 31,332 | $ | 127,070 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 2,348 | $ | 21,577 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
For the Year Ended May 31, 2017
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated interest income | $ | 295,934 | $ | 510,703 | $ | 158,458 | ||||||
Income distributions from affiliated funds | — | 1,992 | — | |||||||||
Securities lending income, net of borrower rebates | 740 | 2,667 | 95 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 296,674 | 515,362 | 158,553 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 28,933 | 36,560 | 12,062 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 28,933 | 36,560 | 12,062 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 267,741 | 478,802 | 146,491 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | 57,589 | (83,938 | ) | 4,701 | ||||||||
Investments in affiliates | — | 1,252 | — | |||||||||
Futures contracts | 58,246 | 1,866 | 32,943 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 115,835 | (80,820 | ) | 37,644 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 157,929 | 582,717 | 17,276 | |||||||||
Futures contracts | 21,781 | 19,258 | 19,841 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 179,710 | 601,975 | 37,117 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and futures | 295,545 | 521,155 | 74,761 | |||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 563,286 | $ | 999,957 | $ | 221,252 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2017
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated interest income | $ | 1,590,320 | $ | — | $ | — | ||||||
Unaffiliated dividend income* | — | 168,380 | 229,350 | |||||||||
Securities lending income, net of borrower rebates | — | 1,690 | 3,128 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 1,590,320 | 170,070 | 232,478 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 170,622 | 16,553 | 21,212 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 170,622 | 16,553 | 21,212 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 1,419,698 | 153,517 | 211,266 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (5,930 | ) | (57,049 | ) | (146,155 | ) | ||||||
Investments in affiliates | — | — | (17 | ) | ||||||||
In-kind redemptions | 218,523 | — | — | |||||||||
Foreign currency transactions | — | 173,184 | 331,875 | |||||||||
Payments by Affiliates (see note 11) | — | — | 15,047 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 212,593 | 116,135 | 200,750 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | (1,719,907 | ) | 470,540 | 582,095 | ||||||||
Foreign currency translations | — | (127,490 | ) | (174,492 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (1,719,907 | ) | 343,050 | 407,603 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (1,507,314 | ) | 459,185 | 608,353 | ||||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (87,616 | ) | $ | 612,702 | $ | 819,619 | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | — | $ | 18,481 | $ | 23,571 |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2017
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 92,081 | $ | 151,226 | ||||
Securities lending income, net of borrower rebates | 236 | 3,661 | ||||||
|
|
|
| |||||
Total Investment Income | 92,317 | 154,887 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 14,497 | 11,430 | ||||||
|
|
|
| |||||
Total Expenses | 14,497 | 11,430 | ||||||
|
|
|
| |||||
Net Investment income (loss) | 77,820 | 143,457 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (34,543 | ) | (43,568 | ) | ||||
Foreign currency transactions | (129,254 | ) | 148,917 | |||||
|
|
|
| |||||
Net realized gain (loss) | (163,797 | ) | 105,349 | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 418,073 | 379,864 | ||||||
Futures contracts | (15 | ) | — | |||||
Foreign currency translations | (77,318 | ) | (192,108 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 340,740 | 187,756 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 176,943 | 293,105 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 254,763 | $ | 436,562 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 14,180 | $ | 32,766 |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 267,741 | $ | 266,282 | $ | 478,802 | $ | 441,462 | ||||||||
Net realized gain (loss) | 115,835 | (158,073 | ) | (80,820 | ) | (546,706 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 179,710 | (40,219 | ) | 601,975 | (287,186 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 563,286 | 67,990 | 999,957 | (392,430 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (325,064 | ) | (315,321 | ) | (522,877 | ) | (544,700 | ) | ||||||||
Net realized gains | — | (19,900 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (325,064 | ) | (335,221 | ) | (522,877 | ) | (544,700 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | 1,170,920 | 1,110,857 | ||||||||||||
Value of shares redeemed | — | — | — | (2,339,158 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | — | 1,170,920 | (1,228,301 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 238,222 | (267,231 | ) | 1,648,000 | (2,165,431 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 5,990,045 | 6,257,276 | 8,890,652 | 11,056,083 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 6,228,267 | $ | 5,990,045 | $ | 10,538,652 | $ | 8,890,652 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 27,754 | $ | 26,243 | $ | 52,009 | $ | 34,224 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 250,001 | 250,001 | 400,001 | 450,001 | ||||||||||||
Shares sold | — | — | 50,000 | 50,000 | ||||||||||||
Shares redeemed | — | — | — | (100,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 250,001 | 250,001 | 450,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 146,491 | $ | 143,930 | $ | 1,419,698 | $ | 761,958 | ||||||||
Net realized gain (loss) | 37,644 | (283,184 | ) | 212,593 | (17,995 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 37,117 | 133,662 | (1,719,907 | ) | 1,612,257 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 221,252 | (5,592 | ) | (87,616 | ) | 2,356,220 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (164,095 | ) | (166,692 | ) | (1,375,484 | ) | (737,901 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (164,095 | ) | (166,692 | ) | (1,375,484 | ) | (737,901 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,208,433 | — | 51,520,321 | 13,390,357 | ||||||||||||
Value of shares redeemed | — | (1,226,700 | ) | (26,644,648 | ) | — | ||||||||||
Payments by Affiliates (See Note 11) | — | — | 5,796 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 1,208,433 | (1,226,700 | ) | 24,881,469 | 13,390,357 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,265,590 | (1,398,984 | ) | 23,418,369 | 15,008,676 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 4,757,558 | 6,156,542 | 36,674,163 | 21,665,487 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 6,023,148 | $ | 4,757,558 | $ | 60,092,532 | $ | 36,674,163 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 16,003 | $ | 13,055 | $ | 124,688 | $ | 80,474 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 200,001 | 250,001 | 1,350,001 | 850,001 | ||||||||||||
Shares sold | 50,000 | — | 1,900,000 | 500,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | (1,000,000 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 250,001 | 200,001 | 2,250,001 | 1,350,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2017 | For the Period August 12, 2015(1) to May 31, 2016 | Year Ended May 31, 2017 | For the Period August 12, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 153,517 | $ | 257,559 | $ | 211,266 | $ | 167,918 | ||||||||
Net realized gain (loss) | 116,135 | (278,676 | ) | 200,750 | (134,798 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 343,050 | (94,104 | ) | 407,603 | (115,872 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 612,702 | (115,221 | ) | 819,619 | (82,752 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (89,798 | ) | (168,419 | ) | (190,359 | ) | (75,062 | ) | ||||||||
Net realized gains | (46,490 | ) | — | (262,188 | ) | (34,764 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (136,288 | ) | (168,419 | ) | (452,547 | ) | (109,826 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 11,570,439 | — | 4,824,369 | ||||||||||||
Value of shares redeemed | — | (7,842,270 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 3,728,169 | — | 4,824,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 476,414 | 3,444,529 | 367,072 | 4,631,791 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,444,554 | 25 | 4,631,816 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,920,968 | $ | 3,444,554 | $ | 4,998,888 | $ | 4,631,816 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 36,426 | $ | 87,840 | $ | 65,705 | $ | 89,208 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 1 | 200,001 | 1 | ||||||||||||
Shares sold | — | 500,000 | — | 200,000 | ||||||||||||
Shares redeemed | — | (350,000 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 150,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2017 | For the Period August 12, 2015(1) to May 31, 2016 | Year Ended May 31, 2017 | For the Period August 12, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 77,820 | $ | 38,707 | $ | 143,457 | $ | 77,796 | ||||||||
Net realized gain (loss) | (163,797 | ) | (144,811 | ) | 105,349 | (158,877 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 340,740 | (194,500 | ) | 187,756 | (17,822 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 254,763 | (300,604 | ) | 436,562 | (98,903 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (84,449 | ) | (26,794 | ) | (90,079 | ) | (27,770 | ) | ||||||||
Net realized gains | — | (52,159 | ) | (3,658 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (84,449 | ) | (78,953 | ) | (93,737 | ) | (27,770 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,507,942 | 1,326,417 | 3,670,465 | ||||||||||||
Value of shares redeemed | — | — | — | (1,134,540 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,507,942 | 1,326,417 | 2,535,925 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 170,314 | 2,128,385 | 1,669,242 | 2,409,252 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,128,410 | 25 | 2,409,277 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,298,724 | $ | 2,128,410 | $ | 4,078,519 | $ | 2,409,277 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 26,760 | $ | 12,003 | $ | 107,232 | $ | 49,143 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | — | 100,000 | 50,000 | 150,000 | ||||||||||||
Shares redeemed | — | — | — | (50,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 150,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||
Net Asset Value, beginning of period | $ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 1.07 | 1.07 | 0.27 | |||||||||
Net realized and unrealized gain (loss) | 1.18 | (0.80 | ) | (0.04 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 2.25 | 0.27 | 0.23 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.30 | ) | (1.26 | ) | (0.20 | ) | ||||||
Net realized gains | — | (0.08 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (1.30 | ) | (1.34 | ) | (0.20 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 9.61 | 1.22 | 0.90 | ** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 6 | 6 | 6 | |||||||||
Ratio of expenses (%) | 0.47 | 0.50 | 0.50 | * | ||||||||
Ratio of net investment income (loss) (%) | 4.35 | 4.45 | 4.35 | * | ||||||||
Portfolio turnover rate (%)(c) | 35 | 15 | 1 | ** | ||||||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||
Net Asset Value, beginning of period | $ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 1.17 | 1.08 | 0.29 | |||||||||
Net realized and unrealized gain (loss) | 1.30 | (2.10 | ) | (0.51 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 2.47 | (1.02 | ) | (0.22 | ) | |||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 11.40 | (4.06 | ) | (0.87 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 11 | 9 | 11 | |||||||||
Ratio of expenses (%) | 0.39 | 0.45 | 0.45 | * | ||||||||
Ratio of net investment income (loss) (%) | 5.08 | 4.81 | 4.75 | * | ||||||||
Portfolio turnover rate (%)(c) | 33 | 35 | 13 | ** |
(a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers Investment Grade Bond — Interest Rate Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||||||
Net Asset Value, beginning of period | $ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.73 | 0.71 | 0.17 | |||||||||||||
Net realized and unrealized gain (loss) | 0.39 | (0.73 | ) | (0.43 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.12 | (0.02 | ) | (0.26 | ) | |||||||||||
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||
|
|
|
|
|
| |||||||||||
Total Return (%) | 4.79 | (0.04 | ) | (1.03 | )** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 6 | 5 | 6 | |||||||||||||
Ratio of expenses (%) | 0.25 | 0.25 | 0.25 | * | ||||||||||||
Ratio of net investment income (loss) (%) | 3.04 | 3.00 | 2.72 | * | ||||||||||||
Portfolio turnover rate (%)(d) | 26 | 14 | 7 | ** | ||||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Selected Per Share Data | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Net Asset Value, beginning of period | $ | 27.17 | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.66 | 0.80 | 0.81 | 0.81 | ||||||||||||
Net realized and unrealized gain (loss) | (0.46 | ) | 1.67 | 0.40 | 0.00 | (e) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.20 | 2.47 | 1.21 | 0.81 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 0.77 | 9.89 | 4.88 | 3.46 | **(f) | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 60 | 37 | 22 | 16 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.30 | 0.30 | 0.30 | 0.32 | * | |||||||||||
Ratio of expenses after fee waiver (%) | 0.30 | 0.30 | 0.30 | 0.30 | * | |||||||||||
Ratio of net investment income (loss) (%) | 2.50 | 3.07 | 3.16 | 3.48 | * | |||||||||||
Portfolio turnover rate (%)(d) | 0 | 13 | 4 | 5 | ** |
(a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
(b) | For the period June 4, 2013 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | Less than 0.005. |
(f) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 22.96 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 1.02 | 0.70 | ||||||
Net realized and unrealized gain (loss) | 3.07 | (2.38 | ) | |||||
|
|
|
| |||||
Total from investment operations | 4.09 | (1.68 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.60 | ) | (0.36 | ) | ||||
Net realized gains | (0.31 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.91 | ) | (0.36 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 26.14 | $ | 22.96 | ||||
|
|
|
| |||||
Total Return (%) | 18.17 | (6.67 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 4 | 3 | ||||||
Ratio of expenses (%) | 0.45 | 0.45 | * | |||||
Ratio of net investment income (loss) (%) | 4.17 | 3.83 | * | |||||
Portfolio turnover rate (%)(c) | 36 | 33 | ** | |||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 23.16 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 1.06 | 0.88 | ||||||
Net realized and unrealized gain (loss) | 3.03 | (2.17 | ) | |||||
|
|
|
| |||||
Total from investment operations | 4.09 | (1.29 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.95 | ) | (0.38 | ) | ||||
Net realized gains | (1.31 | ) | (0.17 | ) | ||||
|
|
|
| |||||
Total distributions | (2.26 | ) | (0.55 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.99 | $ | 23.16 | ||||
|
|
|
| |||||
Total Return (%) | 18.93 | (d) | (5.08 | )** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 5 | 5 | ||||||
Ratio of expenses (%) | 0.45 | 0.45 | * | |||||
Ratio of net investment income (loss) (%) | 4.48 | 4.86 | * | |||||
Portfolio turnover rate (%)(c) | 41 | 33 | ** |
(a) | For the period August 12, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(d) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 21.28 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.78 | 0.39 | ||||||
Net realized and unrealized gain (loss) | 1.77 | (3.32 | ) | |||||
|
|
|
| |||||
Total from investment operations | 2.55 | (2.93 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.84 | ) | (0.27 | ) | ||||
Net realized gains | — | (0.52 | ) | |||||
|
|
|
| |||||
Total distributions | (0.84 | ) | (0.79 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 22.99 | $ | 21.28 | ||||
|
|
|
| |||||
Total Return (%) | 12.23 | (11.67 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.65 | 0.65 | * | |||||
Ratio of net investment income (loss) (%) | 3.49 | 2.20 | * | |||||
Portfolio turnover rate (%)(c) | 48 | 39 | ** | |||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 24.09 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 1.37 | 0.75 | ||||||
Net realized and unrealized gain (loss) | 2.67 | (1.38 | ) | |||||
|
|
|
| |||||
Total from investment operations | 4.04 | (0.63 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.90 | ) | (0.28 | ) | ||||
Net realized gains | (0.04 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.94 | ) | (0.28 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 27.19 | $ | 24.09 | ||||
|
|
|
| |||||
Total Return (%) | 17.45 | (2.52 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 4 | 2 | ||||||
Ratio of expenses (%) | 0.45 | 0.45 | * | |||||
Ratio of net investment income (loss) (%) | 5.65 | 3.95 | * | |||||
Portfolio turnover rate (%)(c) | 45 | 46 | ** |
(a) | For the period August 12, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF offer shares that are listed and traded of the Bats BZX Exchange, Inc. (“Bats BZX”). Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF offer 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 Emerging Markets Bond — Interest Rate Hedged ETF | Solactive Emerging Markets Bond — Interest Rate Hedged Index | |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | |
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Solactive Investment Grade Bond — Interest Rate Hedged Index | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | MSCI EAFE High Dividend Yield US Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | MSCI EMU High Dividend Yield US Dollar Hedged Index |
The Solactive Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short
74
DBX ETF Trust
Notes to Financial Statements (Continued)
positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). The Solactive Indexes are rebalanced monthly on the last business day of each month.
The MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities (excluding REITs) in developed international stock markets (excluding the U.S. and Canada) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities (excluding REITs) in global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EMU High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities (excluding REITs) from countries in the European Monetary Union (the “EMU”) in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
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
75
DBX ETF Trust
Notes to Financial Statements (Continued)
particular industries) may dominate the underlying index of such a Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued as 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.
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
76
DBX ETF Trust
Notes to Financial Statements (Continued)
determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following each Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted over the lives of the respective security for financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2017, the Funds did not incur any interest or penalties.
77
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 27,754 | $ | (61,408 | ) | $ | 25,066 | $ | (8,588 | ) | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 52,009 | (704,255 | ) | 92,756 | (559,490 | ) | ||||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 16,003 | (236,245 | ) | (1,478 | ) | (221,720 | ) | |||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 124,688 | (99,978 | ) | 262,505 | 287,215 | |||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 36,426 | (138,404 | ) | 268,386 | 166,408 | |||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 65,705 | (171,506 | ) | 280,295 | 174,494 | |||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 26,760 | (376,087 | ) | 140,084 | (209,243 | ) | ||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 107,232 | (111,685 | ) | 260,845 | 256,392 |
The tax character of dividends and distributions declared for the periods ended May 31, 2017 and May 31, 2016 were as follows:
Year Ended May 31, 2017 | ||||||||||||
Ordinary Income* | Tax-Exempt | Long Term Capital Gains | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 325,064 | $ | — | $ | — | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 522,877 | — | — | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 164,095 | — | — | |||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | — | 1,375,484 | — | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 89,799 | — | 46,489 | |||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 197,703 | — | 254,844 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 84,449 | — | — | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 90,079 | — | 3,658 | |||||||||
Year Ended May 31, 2016 | ||||||||||||
Ordinary Income* | Tax-Exempt | Long Term Capital Gains | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 335,221 | $ | — | $ | — | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 544,700 | — | — | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 166,692 | — | — |
78
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Year Ended May 31, 2016 | ||||||||||||
Ordinary Income* | Tax-Exempt | Long Term Capital Gains | ||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | — | $ | 737,901 | $ | — | ||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 168,419 | — | — | |||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 89,371 | — | 20,455 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 57,321 | — | 21,632 | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 27,770 | — | — |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
At May 31, 2017, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 34,361 | $ | 27,047 | $ | 61,408 | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 173,436 | 525,306 | 698,742 | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 172,360 | 63,885 | 236,245 | |||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 94,048 | — | 94,048 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 191,238 | 60,163 | 251,401 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the year ended May 31, 2017, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | $ | 5,513 | ||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 5,930 | |||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 138,404 | |||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 171,506 | |||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 124,686 | |||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 111,685 |
In order to present paid-in capital accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to premium amortization on corporate debt securities, redemptions-in-kind, foreign currency, passive foreign investment companies and tax equalization utilized. For the year ended May 31, 2017, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 58,834 | $ | (58,834 | ) | $ | — | |||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 61,860 | (61,860 | ) | — |
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Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | $ | 20,552 | $ | (20,552 | ) | $ | — | |||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | — | (218,523 | ) | 218,523 | ||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | (115,133 | ) | 28,553 | 86,580 | ||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | (44,410 | ) | 44,410 | — | ||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 21,386 | (21,386 | ) | — | ||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 4,711 | (4,711 | ) | — |
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 May 31, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds, except the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 May 31, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of May 31, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of
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Notes to Financial Statements (Continued)
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 May 31, 2017, the Funds listed below had securities on loan, which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
As of May 31, 2017, the Funds listed below had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
As of May 31, 2017, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF had no securities on loan.
Derivatives
Forward Foreign Currency Exchange Contracts Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2017, the Funds invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 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 year ended May 31, 2017.
Futures Contracts Each Fund may enter into futures contracts. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments. For the year ended May 31, 2017, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
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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 May 31, 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 May 31, 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 Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 95 | ||||||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 222 | ||||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on futures contracts | $ | 287 | Unrealized depreciation on futures contracts | $ | — | ||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 11,212 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 49,448 | ||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 17,286 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 78,782 | ||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 15 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 7,041 | Unrealized depreciation on forward foreign currency exchange contracts | 20,710 | ||||||||||||
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Total | $ | 7,041 | Total | $ | 20,725 | |||||||||||
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| |||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 3,329 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 124,474 |
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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 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 — Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 58,246 | $ | — | $ | 58,246 | ||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 1,866 | — | 1,866 | |||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 32,943 | — | 32,943 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | 178,008 | 178,008 | |||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | 336,329 | 336,329 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (146,437 | ) | (146,437 | ) | |||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | 148,216 | 148,216 |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Futures — Interest Rate Contracts | Futures — Equity Contracts | Foreign Exchange Contracts | Total | |||||||||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 21,781 | $ | — | $ | — | $ | 21,781 | ||||||||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | 19,258 | — | — | 19,258 | ||||||||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 19,841 | — | — | 19,841 | ||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | — | (128,194 | ) | (128,194 | ) | ||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | — | (175,037 | ) | (175,037 | ) | ||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (15 | ) | (77,402 | ) | (77,417 | ) | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | — | (192,447 | ) | (192,447 | ) |
For the year ended May 31, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (5,729,493 | ) | $ | — | |||
Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | (8,761,953 | ) | — | |||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | (4,737,627 | ) | — | |||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | (3,635,984 | ) |
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Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | $ | — | $ | (4,663,934 | ) | |||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 57,822 | (2,218,796 | ) | |||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | (2,602,776 | ) |
As of May 31, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 8,231 | $ | (8,231 | ) | $ | — | $ | — | $ | 35,474 | $ | (8,231 | ) | $ | — | $ | 27,243 | ||||||||||||||
RBC Capital Markets | 2,292 | (2,292 | ) | — | — | 9,012 | (2,292 | ) | — | 6,720 | ||||||||||||||||||||||
The Bank of New York Mellon | 644 | (644 | ) | — | — | 3,544 | (644 | ) | — | 2,900 | ||||||||||||||||||||||
The Bank of Nova Scotia | 45 | (45 | ) | — | — | 1,418 | (45 | ) | — | 1,373 | ||||||||||||||||||||||
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$ | 11,212 | $ | (11,212 | ) | $ | — | $ | — | $ | 49,448 | $ | (11,212 | ) | $ | — | $ | 38,236 | |||||||||||||||
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Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of New York Mellon | $ | 14,836 | $ | (14,836 | ) | $ | — | $ | — | $ | 64,936 | $ | (14,836 | ) | $ | — | $ | 50,100 | ||||||||||||||
RBC Capital Markets | 1,427 | (1,427 | ) | — | — | 9,210 | (1,427 | ) | — | 7,783 | ||||||||||||||||||||||
JP Morgan & Chase Co. | 649 | (181 | ) | — | 468 | 181 | (181 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 374 | (374 | ) | — | — | 4,455 | (374 | ) | — | 4,081 | ||||||||||||||||||||||
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$ | 17,286 | $ | (16,818 | ) | $ | — | $ | 468 | $ | 78,782 | $ | (16,818 | ) | $ | — | $ | 61,964 | |||||||||||||||
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Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 7,041 | $ | (7,041 | ) | $ | — | $ | — | $ | 20,710 | $ | (7,041 | ) | $ | — | $ | 13,669 | ||||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 3,329 | $ | (3,329 | ) | $ | — | $ | — | $ | 124,474 | $ | (3,329 | ) | $ | — | $ | 121,145 |
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.
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Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF pursuant to a Sub-Advisory Agreement. Deutsche Investment Management Americas Inc. (“DIMA”) served as investment sub-advisor to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF pursuant to a Sub-Advisory Agreement.
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
Effective Dates | ||
September 14, 2016 | Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | |
October 19, 2016 | Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |
November 17, 2016 | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | |
May 15, 2017 | Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 0.25 | % | ||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 0.30 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 0.65 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 0.45 | % |
For its investment advisory services to the Funds below, for the period from June 1, 2016 through October 24, 2016, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | 0.50 | % | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 0.45 | % |
Effective October 25, 2016, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | 0.45 | % | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 0.35 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
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The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Transactions with Affiliates
The Deutsche X-trackers High Yield Corporate Bond - Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI EAFE Hedged Equity ETF and Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF in which the Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF and the Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each Fund’s investments in Deutsche X-trackers US High Yield Corporate Bond ETF, Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI EAFE Hedged Equity ETF and Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF for the year ended May 31, 2017.
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 5/31/17 | ||||||||||||||||||||||
Deutsche X-trackers High Yield Corporate Bond - Interest Rate Hedged ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers US High Yield Corporate Bond ETF | — | 167,783 | (167,035 | ) | 1,252 | 1,992 | — | — | ||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Hedged Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | — | 28,035 | — | — | — | — | 28,205 | |||||||||||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | — | 68,996 | (46,038 | ) | (17 | ) | — | — | 23,654 | |||||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Hedged Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | — | 9,501 | — | — | — | — | 9,653 |
5. Investment Portfolio Transactions
For the year ended May 31, 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 Emerging Markets Bond — Interest Rate Hedged ETF | $ | 2,132,361 | $ | 2,074,487 | ||||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 4,422,810 | 2,985,228 | ||||||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 2,543,520 | 1,236,520 | ||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | 30,010,417 | 95,000 | ||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 1,364,534 | 1,310,289 | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 1,945,826 | 2,023,675 | ||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 1,070,094 | 1,339,181 | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 1,192,663 | 1,205,654 |
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Notes to Financial Statements (Continued)
For the year ended May 31, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | $ | 21,644,194 | $ | 25,634,674 | ||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 1,349,313 | — |
6. Fund Share Transactions
As of May 31, 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.
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 Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2017.
Pro-rata Share | ||||
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 525,000 | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 1,050,000 | |||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 525,000 | |||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 525,000 | |||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 525,000 |
8. 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 May 31, 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 Emerging Markets Bond — Interest Rate Hedged ETF | 62 | % | ||
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 63 | % | ||
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 11 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 41 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 24 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividends Yield Hedged Equity ETF | 88 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 42 | % |
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Notes to Financial Statements (Continued)
9. 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.
10. 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.
11. Payments by Affiliates
During the year ended May 31, 2017, the Advisor agreed to compensate Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF $5,796 for an accounting adjustment related to certain investments held by the Fund. The amount compensated was less than 0.01% of the Fund’s net assets, thus having no impact on the Fund’s total return.
In addition, during the year ended May 31, 2017, the Advisor agreed to reimburse Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF $15,047 for a loss on a trade executed incorrectly. The amount of the loss was 0.32% of the Fund’s average net assets.
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm
To Board of Trustees and Shareholders of
DBX ETF Trust:
We have audited the accompanying statements of assets and liabilities of Deutsche X-trackers Emerging Markets Bond – Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond – Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond – Interest Rate Hedged ETF, Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the “Funds” within DBX ETF Trust), including the schedules of investments, as of May 31, 2017, and the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Deutsche X-trackers Emerging Markets Bond – Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond – Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond – Interest Rate Hedged ETF, Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF at May 31, 2017, the results of their operations for the year then ended and the changes in their net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
New York, New York
July 26, 2017
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DBX ETF Trust
Trustees and Officers (Unaudited)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 35 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 35 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 35 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
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DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008-present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-present). | 35 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank AG and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in the Deutsche Asset Management Passive Asset Management Group at Deutsche Bank AG and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
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DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the Deutsche Asset Management Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank A.G. and has served as a Portfolio Manager in the Passive Asset Management business since 2011. Also at Deutsche Bank, Mr. Richards served as the primary portfolio manager for the PowerShares DB Commodity ETFs until their sale in 2015. | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of Deutsche Asset Management at Deutsche Bank AG (2014-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.deutsche-etfs.com.
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited)
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity 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 MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF and Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged 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.
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
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 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 considered that the Funds were not profitable 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 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.
Deutsche X-trackers Municipal Infrastructure Revenue Bond 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 and Sub-Advisory Agreement with respect to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (the “Fund”). The Independent Trustees were advised throughout the review and meetings by Independent Trustee Counsel.
In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its 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
94
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Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
In reaching this decision with respect to the Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its shareholders; (2) the performance of Deutsche Investment Management Americas Inc. (“DIMA” or “Sub-Adviser”) with respect to its management of the Fund, as well as DIMA’s financial resources and its resulting ability to perform its obligations under the Sub-Advisory Agreement; (3) the total cost of the services provided by and the profits realized by DIMA from its relationship with the Fund; (4) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-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 Sub-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 Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, 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 Fund 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 Fund’s operation. The Board also considered the role played by the Adviser in working with DIMA to manage the Fund’s portfolio, noting that 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 Fund. The Trustees took into consideration that tracking error for the 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 Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and 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 Fund’s compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and
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Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
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 the Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that the Fund’s portfolio is managed on a day-to-day basis by the Sub-Adviser, which is an affiliate of the Adviser and receives a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser 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 Fund. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to the Fund and the information provided by the Adviser to the Board regarding the Fund’s 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 Fund, the Board considered the Adviser’s profitability without accounting for such expenses. The Board considered that the Fund was not profitable at this time. The Board also noted that since the fee paid by the Adviser to the Sub-Adviser under the Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Fund’s assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.
Economies of Scale. The Board considered that the Fund was not experiencing economies of scale at this time and determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that DIMA provides to the Fund, the Board reviewed in detail the nature, extent and quality of services provided by DIMA under the Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Adviser continuously during the prior year, in addition to the information the Sub-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 Fund, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered DIMA’s operational capabilities and resources, and its experience in serving as investment adviser or sub-adviser to other funds. The Board considered the professional experience, qualifications and performance of DIMA’s senior management and key professional personnel, as well as DIMA’s depth and breadth of experience in managing investment portfolios consisting of fixed income securities. The Board gave special consideration to DIMA’s experience and capabilities in managing investment portfolios consisting of bonds, and their techniques for tracking an index while minimizing index tracking error. In addition, the Board considered DIMA’s operational capabilities and resources, and DIMA’s experience in managing bond funds. The Board noted that DIMA manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, DIMA closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted DIMA’s processes to minimize the cost of trading.
96
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Based on its review, the Board concluded that the nature, extent, and quality of services provided by DIMA under the Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to DIMA, taking special consideration of the fact that the fees paid to DIMA are payable by the Adviser and not the Fund.
Performance of DIMA; DIMA’s Financial Resources. The Board considered DIMA’s performance in managing the Fund and its ability to minimize tracking error. The Board concluded that, given DIMA’s capabilities, DIMA had generally been able to keep the Fund’s tracking error within acceptable ranges.
The Board also considered DIMA’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that DIMA has the financial resources necessary to perform its obligations under the Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to DIMA in respect of the Fund would be paid by the Adviser and not the Fund. The Board considered that the fee for the Fund was a unitary fee pursuant to which the Adviser would pay all of the Fund’s costs, and thus was not directly affected by the amount of the sub-advisory fee paid to DIMA. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered that the fees paid by the Adviser to DIMA under the Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about DIMA’s profitability with respect to its services provided to the Fund was not available because DIMA does not calculate the profitability of its sub-advisory services on a per-fund level. The Board also considered that the overall fees paid by the Fund remained reasonable.
The Board also considered whether DIMA would benefit in other ways from its relationship with the Fund. The Board discussed DIMA’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Fund and the brokers’ and dealers’ provision of brokerage services to DIMA. The Board discussed the potential benefits DIMA might derive from the Fund’s soft dollar arrangements, whereby brokers provide brokerage services to the Fund or DIMA in return for allocating fund brokerage.
Economies of Scale. The Board noted that the Fund was not experiencing economies of scale at this time and determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.
Given all the information available to it and considering all material factors, the Board concluded that the Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
97
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “Resources” “proxy voting” and at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.deutsche-etfs.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2017.
Qualified Dividend Income* | ||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 76% | |||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 90% | |||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 52% | |||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 79% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | $186,743 | $16,499 | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 252,740 | 18,880 | ||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 106,248 | 13,138 | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 184,166 | 28,821 |
Of the dividends paid from net investment income for the fiscal year ended May 31, 2017 for Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, 100% are designated as exempt interest dividends for federal income tax purposes.
98
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.
99
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange 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.
EMIH, HYIH, IGIH and RVNU are not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave New York, New York 10154 | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-35362-4 (7/17) DBX 002748 (7/18)
May 31, 2017
Annual Report
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Deutsche X-trackers MSCI All China Equity ETF (CN)
DBX ETF Trust
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our flagship ETFs tracking China’s equity market for the fiscal year ended May 31, 2017.
China witnessed stronger-than-expected gross domestic product growth of 6.9 percent year-over-year during the reporting period, driven by higher net exports, intensified government spending, and robust infrastructure investments. Despite occasional spurs of volatility, China’s significant fiscal stimulus was particularly welcome, helping increase domestic demand. A surge in producer prices, rise in industrial output, and increase in credit also helped fuel investments. China’s economy continues to undergo a major structural reform, away from its past dependence on heavy manufacturing and export-led growth toward services and consumer demand.
The opening of the Hong Kong-Shenzhen stock link to foreign investors in December 2016 marked an important chapter in China’s financial liberalization. During the same period, real estate property prices increased as a result of excessively loose monetary policy. Increased credit risks, an offshoot of the continued surge in loans, supported the real estate market while raising some concerns. The People’s Bank of China (PBoC), meanwhile, was doing a balancing act between tightening policy and avoiding measures that could cause setbacks to the real estate property market.
China continued its deleveraging campaign and introduced tighter rules to monitor shadow banking by announcing stricter regulations, making monetary policies less dependent on banks, and focusing on corporate governance. Vulnerable to the U.S. rate-hike trajectory, the PBoC resorted to mini interest rate hikes to reduce pressure on the Renminbi (RMB) and discourage outflows. Low inflation provided the PBoC enough room to manage interest rates. The RMB stabilized toward the end of the period and ended its losing streak against the U.S. dollar. China’s efforts to reduce long-term financial risks led to an increase in borrowing costs and caused some jitters in its equity market. Nevertheless, its central bank pumped RMB 170 billion into the system in May this year, ensuring adequate liquidity in the stressed markets. In the same month, Moody’s downgraded China’s sovereign credit rating due to increasing national debt in a slowing economy. However, there was reason to cheer, as China’s Purchasing Managers Index1 rose above expectations in response to rising internal and external demand. However, other indicators were mixed, with new investment growing only slightly, restrained by non-performing loans and overcapacity in certain industries.
China’s ability to steer its economy, through its control over the banking sector, appears intact. The country also has the means to buy time to implement structural changes in its economy and reforms at its state-owned enterprises. Strong lending policies, infrastructure spending, and rejuvenation in private investments are a few influencing trends in 2017. While the economy matures, we continue to expect accommodative policies to support growth.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies
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
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2
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index (ASHX Index). The ASHX Index is designed to provide direct access to China A-share equities while mitigating exposure to fluctuation between the value of the Chinese RMB and the U.S. dollar. For the 12-month period ended May 31, 2017, ASHX shares returned 6.42%, compared to the ASHX Index return of 6.47%.
The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Consumer Staples, and Industrials. Information Technology was the only negative contributor to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the RMB. The currency hedging strategy contributed negatively to performance.
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (ASHR Index). The ASHR Index is designed to reflect the price fluctuation and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market. ASHR is sub-advised by Harvest Global Investments. The continued strategic partnership between Deutsche Asset Management and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2017, ASHR returned 9.62%, compared to the ASHR Index return of 8.51%.
The majority of sectors contributed positively to performance during the period, with the greatest contribution coming from Financials, Consumer Staples and Industrials. Information Technology was the only negative contributor to performance.
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (ASHS Index). ASHS is also sub-advised by Harvest Global Investments. The ASHS Index tracks 500 small-cap companies listed on the Shanghai and Shenzhen stock exchanges. For the 12-month period ended May 31, 2017, ASHS returned -4.97%, compared to the ASHS Index return of -4.86%.
The majority of sectors contributed negatively to the performance during the period, in particular Information Technology and Consumer Discretionary. Materials and Telecommunication Services contributed positively to performance.
Deutsche X-trackers MSCI All China Equity ETF
The Deutsche X-trackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (CN Index). The CN Index captures large- and mid-cap representation across China A-shares, B-shares, H shares, Red chips, and P-chips. The CN Index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, and Shenzhen. It is based on the concept of an integrated MSCI China equity universe, with China A-shares included. The fund, using a passive or indexing approach, attempts to approximate the performance of the CN Index. CN expects to gain exposure to the China A-share components of the CN Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-tracker Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds sub-advised by Harvest Global Investments. For the 12-month period ended May 31, 2017, CN returned 20.03%, compared to the CN Index return of 19.88%.
The majority of the sectors contributed positively to the performance during the period with the greatest contribution coming from Financials, and Consumer Discretionary.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.deutsche-etfs.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
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5
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | CSI 300 USD Hedged Index | CSI 300 Index | |||||
One Year | 6.42% | 6.74% | 6.47% | 8.51% | ||||
Since Inception1 | -2.64% | -2.54% | -3.92% | -3.60% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | CSI 300 USD Hedged Index | CSI 300 Index | |||||
One Year | 6.42% | 6.74% | 6.47% | 8.51% | ||||
Since Inception1 | -4.24% | -4.07% | -6.26% | -5.75% |
1 Total returns are calculated based on the commencement of operations, 10/20/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 1.75%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which ASHX invests.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
6
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 10/20/15.
Sector Diversification* as of 5/31/17
Financials | 34.8% | |||
Industrials | 15.4% | |||
Consumer Discretionary | 11.2% | |||
Information Technology | 8.8% | |||
Consumer Staples | 6.8% | |||
Materials | 6.0% | |||
Real Estate | 5.4% | |||
Health Care | 5.3% | |||
Utilities | 3.0% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.9% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages are based on the sector allocations of the Fund’s investment in Deutsche X-trackers Harvest CSI 300 China A-shares ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 16.
7
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | CSI 300 Index | MSCI ACWI ex USA Index | |||||
One Year | 9.62% | 7.17% | 8.51% | 18.24% | ||||
Since Inception1 | 8.98% | 8.75% | 9.70% | 2.72% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | CSI 300 Index | MSCI ACWI ex USA Index | |||||
One Year | 9.62% | 7.17% | 8.51% | 18.24% | ||||
Since Inception1 | 35.91% | 34.90% | 39.16% | 10.07% |
1 Total returns are calculated based on the commencement of operations, 11/6/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 11/6/13.
Sector Diversification* as of 5/31/17
Financials | 34.8% | |||
Industrials | 15.4% | |||
Consumer Discretionary | 11.2% | |||
Information Technology | 8.8% | |||
Consumer Staples | 6.8% | |||
Materials | 6.0% | |||
Real Estate | 5.4% | |||
Health Care | 5.3% | |||
Utilities | 3.0% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (21.8% of Net Assets)
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd. | 5.0% | |||
China Merchants Bank Co. Ltd. | 2.4% | |||
Kweichow Moutai Co. Ltd. | 2.3% | |||
Industrial Bank Co. Ltd. | 2.1% | |||
China Minsheng Banking Corp. Ltd. | 1.9% | |||
Bank of Communications Co. Ltd. | 1.7% | |||
Gree Electric Appliances, Inc. of Zhuhai | 1.7% | |||
Midea Group Co. Ltd. | 1.7% | |||
China Vanke Co. Ltd. | 1.5% | |||
Shanghai Pudong Development Bank Co. Ltd. | 1.5% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 18.
9
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | CSI 500 Index | MSCI ACWI ex USA Index | |||||
One Year | -4.97% | -7.04% | -4.86% | 18.24% | ||||
Since Inception1 | 10.84% | 10.58% | 13.36% | 1.69% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | CSI 500 Index | MSCI ACWI ex USA Index | |||||
One Year | -4.97% | -7.04% | -4.86% | 18.24% | ||||
Since Inception1 | 36.61% | 35.66% | 46.26% | 5.21% |
1 Total returns are calculated based on the commencement of operations, 5/21/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 5/21/14.
Sector Diversification* as of 5/31/17
Industrials | 23.4% | |||
Materials | 16.4% | |||
Information Technology | 15.6% | |||
Consumer Discretionary | 14.0% | |||
Health Care | 12.6% | |||
Real Estate | 7.4% | |||
Consumer Staples | 5.3% | |||
Utilities | 2.8% | |||
Energy | 2.2% | |||
Financials | 0.3% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (6.0% of Net Assets)
Description | % of Net Assets | |||
Jinke Properties Group Co. Ltd. | 0.7% | |||
Shenzhen Sunway Communication Co. Ltd. | 0.7% | |||
Shanghai AJ Group Co. Ltd. | 0.6% | |||
Jiangxi Ganfeng Lithium Co. Ltd. | 0.6% | |||
Suofeiya Home Collection Co. Ltd. | 0.6% | |||
Hengtong Optic-electric Co. Ltd. | 0.6% | |||
Jiangsu Zhongtian Technology Co. Ltd. | 0.6% | |||
Jinyu Bio-Technology Co. Ltd. | 0.6% | |||
Hangzhou Robam Appliances Co. Ltd. | 0.5% | |||
Shenwu Environmental Technology Co. Ltd. | 0.5% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
11
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI All China Equity ETF (CN)
The Deutsche X-trackers MSCI All China Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index. The MSCI China All Shares Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe and is composed of A-shares, H-shares, B-shares, Red chips, and P chips share classes. The MSCI China All Shares Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red chips, and P chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai and Shenzhen. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. The Fund, using a passive approach or indexing approach, attempts to approximate the performance of the MSCI China All Shares Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||
Net Asset Value | Market Value | MSCI China All Shares Index | ||||
One Year | 20.03% | 20.09% | 19.88% | |||
Since Inception1 | 15.72% | 15.55% | 11.03% | |||
Cumulative Total Returns | ||||||
Net Asset Value | Market Value | MSCI China All Shares Index | ||||
One Year | 20.03% | 20.09% | 19.88% | |||
Since Inception1 | 56.94% | 56.31% | 38.19% |
1 Total returns are calculated based on the commencement of operations, 4/30/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.96%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which CN invests.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI All China Equity ETF (CN) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 4/30/14.
Sector Diversification* as of 5/31/17
Financials | 25.6% | |||
Information Technology | 24.6% | |||
Consumer Discretionary | 11.0% | |||
Industrials | 10.5% | |||
Real Estate | 4.9% | |||
Energy | 4.3% | |||
Telecommunication Services | 4.2% | |||
Materials | 4.1% | |||
Consumer Staples | 3.9% | |||
Health Care | 3.9% | |||
Utilities | 3.0% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity and ETF Holdings as of 5/31/17 (69.3% of Net Assets)
Description | % of Net Assets | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 34.1% | |||
Tencent Holdings Ltd. | 8.7% | |||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 6.5% | |||
Alibaba Group Holding Ltd. | 6.2% | |||
China Construction Bank Corp. | 3.1% | |||
China Mobile Ltd. | 3.1% | |||
Industrial & Commercial Bank of China Ltd. | 2.3% | |||
Baidu, Inc. | 2.3% | |||
Bank of China Ltd. | 1.8% | |||
JD.com, Inc. | 1.2% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.
13
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Deutsche X-trackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Deutsche X-trackers MSCI All China Equity ETF invests. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Deutsche X-trackers MSCI All China Equity ETF’s and Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (December 1, 2016 to May 31, 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 December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 955.70 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.68 | 0.05 | % | $ | 0.25 | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,010.30 | 0.65 | % | $ | 3.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.69 | 0.65 | % | $ | 3.28 | ||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 901.70 | 0.65 | % | $ | 3.08 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.69 | 0.65 | % | $ | 3.28 |
14
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers MSCI All China Equity ETF (2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,095.60 | 0.35 | % | $ | 1.83 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.19 | 0.35 | % | $ | 1.77 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
15
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
EXCHANGE-TRADED FUND — 100.1% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) | 113,947 | $ | 2,932,996 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 44.9% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (c)(d) | 1,314,136 | 1,314,136 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 145.0% | $ | 4,247,132 | ||||||
Other assets and liabilities, net — (45.0%) | (1,318,126 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,929,006 | ||||||
|
|
† | The cost for federal income tax purposes was $4,261,184. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $14,052. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $0 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $14,052. |
(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 May 31, 2017 amounted to $1,291,170, which is 44.1% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
As of May 31, 2017, the Fund had the following forward foreign currency exchange contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | CNH | 11,000 | USD | 1,588 | $ | (39 | ) | ||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | CNH | 19,950,000 | USD | 2,881,532 | (70,165 | ) | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 2,939,886 | CNH | 19,902,000 | 4,710 | ||||||||||||||||||
Goldman Sachs & Co. | 6/5/2017 | USD | 8,528 | CNH | 59,000 | 201 | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | CNH | 19,902,000 | USD | 2,920,803 | (5,879 | ) | |||||||||||||||||
Goldman Sachs & Co. | 7/5/2017 | CNH | 100,000 | USD | 14,711 | 5 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (71,167 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
CNH | Chinese Offshore Yuan |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 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 | ||||||||||||
Exchange-Traded Fund | $ | 2,932,996 | $ | — | $ | — | $ | 2,932,996 | ||||||||
Short-Term Investments | 1,314,136 | — | — | 1,314,136 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 4,916 | — | 4,916 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,247,132 | $ | 4,916 | $ | — | $ | 4,252,048 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (76,083 | ) | $ | — | $ | (76,083 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (76,083 | ) | $ | — | $ | (76,083 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Consumer Discretionary — 11.1% | ||||||||
Alpha Group, Class A | 130,662 | $ | 289,534 | |||||
Beijing Enlight Media Co. Ltd., Class A* | 223,900 | 269,959 | ||||||
Beijing Gehua CATV Network Co. Ltd., Class A* | 176,800 | 375,273 | ||||||
BYD Co. Ltd., Class A | 136,797 | 1,010,092 | ||||||
China Grand Automotive Services Co. Ltd., Class A* | 413,144 | 591,762 | ||||||
China International Travel Service Corp. Ltd., Class A | 123,461 | 991,902 | ||||||
China Media Group, Class A | 509,650 | 782,834 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A | 88,426 | 324,433 | ||||||
Chinese Universe Publishing and Media Co. Ltd., Class A | 140,371 | 416,672 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 489,788 | 1,020,754 | ||||||
Chongqing Sokon Industry Group Co. Ltd., Class A | 43,100 | 117,275 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 690,600 | 898,132 | ||||||
FAW CAR Co. Ltd., Class A | 205,887 | 293,680 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 351,312 | 1,244,724 | ||||||
Great Wall Motor Co. Ltd., Class A | 301,713 | 539,412 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,213,478 | 6,125,626 | ||||||
Hisense Electric Co. Ltd., Class A | 197,773 | 414,517 | ||||||
Huayi Brothers Media Corp., Class A* | 421,568 | 498,923 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 319,825 | 946,987 | ||||||
Hunan TV & Broadcast Intermediary Co. Ltd., Class A | 286,992 | 466,757 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A* | 391,930 | 629,298 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 193,636 | 273,050 | ||||||
Leo Group Co. Ltd., Class A* | 161,379 | 294,255 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 308,777 | 773,406 | ||||||
Midea Group Co. Ltd., Class A | 1,134,704 | 6,070,848 | ||||||
Pang Da Automobile Trade Co. Ltd., Class A* | 1,181,602 | 530,314 | ||||||
Qingdao Haier Co. Ltd., Class A | 765,419 | 1,606,527 | ||||||
SAIC Motor Corp. Ltd., Class A | 882,938 | 3,932,626 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A* | 38,976 | 151,777 | ||||||
Shanghai Oriental Pearl Media Co. Ltd., Class A | 330,427 | 1,049,837 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 822,431 | 1,074,452 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A* | 932,511 | 466,863 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 147,682 | 465,280 | ||||||
Suning Commerce Group Co. Ltd., Class A* | 939,755 | 1,479,678 | ||||||
TCL Corp., Class A* | 2,032,680 | 1,066,531 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Wanda Film Holding Co. Ltd., Class A | 119,210 | $ | 978,231 | |||||
Wanxiang Qianchao Co. Ltd., Class A | 349,109 | 493,319 | ||||||
Wasu Media Holding Co. Ltd., Class A | 144,889 | 311,617 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 291,220 | 476,654 | ||||||
Zhejiang Huace Film & TV Co. Ltd., Class A* | 177,002 | 287,610 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 276,856 | 644,653 | ||||||
|
| |||||||
40,676,074 | ||||||||
|
| |||||||
Consumer Staples — 6.7% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 515,213 | 476,964 | ||||||
By-health Co. Ltd., Class A | 181,400 | 319,745 | ||||||
COFCO Tunhe Sugar Co. Ltd., Class A | 259,909 | 346,484 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 116,700 | 224,716 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 249,244 | 801,500 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,529,949 | 4,398,671 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 152,780 | 1,973,341 | ||||||
Kweichow Moutai Co. Ltd., Class A | 127,694 | 8,377,885 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 176,628 | 1,261,553 | ||||||
MeiHua Holdings Group Co. Ltd., Class A | 473,957 | 391,033 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 88,100 | 315,146 | ||||||
New Hope Liuhe Co. Ltd., Class A | 523,334 | 620,138 | ||||||
Shanghai Bailian Group Co. Ltd., Class A* | 202,646 | 459,549 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A* | 41,900 | 105,569 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 174,419 | 230,967 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 479,088 | 3,397,727 | ||||||
Yonghui Superstores Co. Ltd., Class A | 964,664 | 940,202 | ||||||
|
| |||||||
24,641,190 | ||||||||
|
| |||||||
Energy — 2.4% | ||||||||
China Merchants Energy Shipping Co. Ltd., Class A | 584,700 | 457,093 | ||||||
China Petroleum & Chemical Corp., Class A | 2,640,015 | 2,451,845 | ||||||
China Shenhua Energy Co. Ltd., Class A | 498,240 | 1,580,801 | ||||||
Guanghui Energy Co. Ltd., Class A* | 791,034 | 481,567 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 555,683 | 524,307 | ||||||
PetroChina Co. Ltd., Class A | 1,216,621 | 1,409,227 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A* | 501,608 | 443,565 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 397,000 | 453,382 | ||||||
Sinopec Oilfield Service Corp., Class A* | 463,800 | 255,560 | ||||||
Wintime Energy Co. Ltd., Class A | 1,252,242 | 654,759 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 95,023 | 147,365 | ||||||
|
| |||||||
8,859,471 | ||||||||
|
| |||||||
Financials — 34.6% | ||||||||
Agricultural Bank of China Ltd., Class A | 9,634,170 | 5,051,689 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2017
Number | Value | |||||||
Financials (Continued) | ||||||||
Anxin Trust Co. Ltd., Class A | 457,580 | $ | 725,898 | |||||
Avic Capital Co. Ltd., Class A | 1,133,790 | 1,036,184 | ||||||
Bank of Beijing Co. Ltd., Class A | 3,071,838 | 4,067,756 | ||||||
Bank of China Ltd., Class A | 5,319,700 | 2,939,104 | ||||||
Bank of Communications Co. Ltd., Class A | 6,943,110 | 6,376,242 | ||||||
Bank of Nanjing Co. Ltd., Class A | 914,515 | 1,502,247 | ||||||
Bank of Ningbo Co. Ltd., Class A | 489,502 | 1,337,734 | ||||||
Bohai Financial Investment Holding Co. Ltd., Class A* | 465,500 | 445,421 | ||||||
Changjiang Securities Co. Ltd., Class A* | 831,127 | 1,154,753 | ||||||
China CITIC Bank Corp. Ltd., Class A | 769,401 | 705,444 | ||||||
China Construction Bank Corp., Class A | 1,692,970 | 1,597,378 | ||||||
China Everbright Bank Co. Ltd., Class A | 4,024,187 | 2,378,319 | ||||||
China Life Insurance Co. Ltd., Class A | 419,481 | 1,744,730 | ||||||
China Merchants Bank Co. Ltd., Class A | 2,606,133 | 8,654,684 | ||||||
China Merchants Securities Co. Ltd., Class A | 575,027 | 1,447,959 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 5,974,843 | 7,106,587 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 793,992 | 3,569,389 | ||||||
CITIC Securities Co. Ltd., Class A | 1,988,695 | 4,842,716 | ||||||
Dongxing Securities Co. Ltd., Class A | 277,922 | 699,416 | ||||||
Everbright Securities Co. Ltd., Class A* | 490,747 | 1,123,793 | ||||||
First Capital Securities Co. Ltd., Class A | 100,480 | 139,159 | ||||||
Founder Securities Co. Ltd., Class A | 1,031,731 | 1,376,925 | ||||||
GF Securities Co. Ltd., Class A | 747,377 | 1,843,202 | ||||||
Guosen Securities Co. Ltd., Class A | 617,002 | 1,220,076 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 1,154,800 | 3,294,443 | ||||||
Guoyuan Securities Co. Ltd., Class A | 441,452 | 789,895 | ||||||
Haitong Securities Co. Ltd., Class A | 2,037,935 | 4,618,498 | ||||||
Huatai Securities Co. Ltd., Class A | 821,173 | 2,138,319 | ||||||
Huaxia Bank Co. Ltd., Class A | 1,341,117 | 2,127,528 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 5,435,026 | 4,226,491 | ||||||
Industrial Bank Co. Ltd., Class A | 3,145,300 | 7,710,439 | ||||||
Industrial Securities Co. Ltd., Class A* | 1,175,348 | 1,297,232 | ||||||
New China Life Insurance Co. Ltd., Class A | 210,179 | 1,652,180 | ||||||
Northeast Securities Co. Ltd., Class A | 354,924 | 509,422 | ||||||
Orient Securities Co. Ltd., Class A | 784,037 | 1,611,925 | ||||||
Pacific Securities Co. Ltd., Class A | 1,709,333 | 1,017,822 | ||||||
Ping An Bank Co. Ltd., Class A | 2,166,784 | 2,952,721 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,737,890 | 18,277,744 | ||||||
SDIC Essence Holdings Co. Ltd., Class A | 279,400 | 630,298 | ||||||
Sealand Securities Co. Ltd., Class A* | 740,449 | 591,157 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 2,840,335 | 5,401,988 | ||||||
Shanxi Securities Co. Ltd., Class A | 286,300 | 393,116 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 1,513,631 | 1,277,950 | ||||||
Sinolink Securities Co. Ltd., Class A | 534,230 | 946,408 | ||||||
SooChow Securities Co. Ltd., Class A | 529,194 | 877,130 | ||||||
Southwest Securities Co. Ltd., Class A* | 711,532 | 576,502 | ||||||
Western Securities Co. Ltd., Class A | 442,485 | 894,644 | ||||||
|
| |||||||
126,900,657 | ||||||||
|
|
Number | Value | |||||||
Health Care — 5.3% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 152,049 | $ | 503,812 | |||||
Aurora Optoelectronics Co. Ltd., Class A* | 202,632 | 536,231 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 137,320 | 656,782 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 130,719 | 1,301,537 | ||||||
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A* | 696,848 | 415,970 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 142,268 | 590,676 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 106,256 | 265,042 | ||||||
Huadong Medicine Co. Ltd., Class A | 123,812 | 834,436 | ||||||
Hualan Biological Engineering, Inc., Class A | 140,886 | 738,738 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 425,362 | 3,137,038 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 181,635 | 759,503 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A* | 749,705 | 2,367,536 | ||||||
Searainbow Holding Corp., Class A* | 198,798 | 770,757 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 253,884 | 1,191,350 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 292,811 | 1,109,014 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A* | 275,654 | 836,109 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A* | 162,552 | 957,803 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 250,889 | 761,452 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 131,143 | 1,722,621 | ||||||
|
| |||||||
19,456,407 | ||||||||
|
| |||||||
Industrials — 15.3% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 116,216 | 323,798 | ||||||
AECC Aviation Power Co. Ltd., Class A | 196,733 | 715,690 | ||||||
Air China Ltd., Class A | 500,434 | 753,112 | ||||||
AVIC Aircraft Co. Ltd., Class A | 349,978 | 894,229 | ||||||
AVIC Helicopter Co. Ltd., Class A | 60,164 | 366,177 | ||||||
Beijing Orient Landscape & Environment Co. Ltd., Class A | 268,900 | 638,076 | ||||||
Beijing Originwater Technology Co. Ltd., Class A* | 472,048 | 1,297,727 | ||||||
BlueFocus Communication Group Co. Ltd., Class A | 320,838 | 368,304 | ||||||
China Avionics Systems Co. Ltd., Class A | 136,248 | 303,325 | ||||||
China Baoan Group Co. Ltd., Class A | 543,730 | 591,956 | ||||||
China Communications Construction Co. Ltd., Class A | 383,196 | 887,722 | ||||||
China CSSC Holdings Ltd., Class A | 174,810 | 577,676 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 744,365 | 750,848 | ||||||
China Gezhouba Group Co. Ltd., Class A | 696,212 | 1,048,773 | ||||||
China High-Speed Railway Technology Co. Ltd., Class A* | 208,600 | 219,068 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 191,461 | 452,335 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2017
Number | Value | |||||||
Industrials (Continued) | ||||||||
China Nuclear Engineering Corp. Ltd., Class A* | 131,200 | $ | 230,676 | |||||
China Railway Construction Corp. Ltd., Class A | 1,156,270 | 2,065,502 | ||||||
China Railway Group Ltd., Class A | 1,883,787 | 2,486,157 | ||||||
China Shipbuilding Industry Co. Ltd., Class A* | 2,306,194 | 2,134,166 | ||||||
China Southern Airlines Co. Ltd., Class A | 883,699 | 1,129,625 | ||||||
China Spacesat Co. Ltd., Class A* | 150,640 | 599,552 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 3,779,751 | 5,290,710 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 373,900 | 279,489 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 794,600 | 410,765 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 1,005,406 | 791,449 | ||||||
CRRC Corp. Ltd., Class A | 2,453,620 | 3,681,593 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A | 83,393 | 324,619 | ||||||
Daqin Railway Co. Ltd., Class A | 1,499,660 | 1,899,232 | ||||||
Dongfang Electric Corp. Ltd., Class A | 300,143 | 417,014 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A* | 371,700 | 455,320 | ||||||
Guangshen Railway Co. Ltd., Class A | 855,950 | 551,514 | ||||||
Guoxuan High-Tech Co. Ltd., Class A | 110,904 | 443,209 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* | 1,658,900 | 793,674 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A* | 214,645 | 991,960 | ||||||
Jihua Group Corp. Ltd., Class A | 332,100 | 413,699 | ||||||
Juneyao Airlines Co. Ltd., Class A | 66,352 | 213,271 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 212,839 | 877,056 | ||||||
Metallurgical Corp. of China Ltd., Class A* | 1,347,500 | 989,987 | ||||||
NARI Technology Co. Ltd., Class A* | 416,200 | 1,015,675 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 993,200 | 832,669 | ||||||
Power Construction Corp. of China Ltd., Class A | 1,158,906 | 1,362,974 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 960,944 | 982,123 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 1,070,811 | 574,169 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 792,200 | 799,100 | ||||||
Shanghai International Airport Co. Ltd., Class A | 240,553 | 1,346,502 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 819,153 | 764,406 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 475,734 | 676,479 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 96,075 | 246,904 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 242,336 | 825,591 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 274,653 | 758,721 | ||||||
Spring Airlines Co. Ltd., Class A | 61,427 | 306,262 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 401,345 | $ | 601,019 | |||||
TBEA Co. Ltd., Class A | 813,456 | 1,163,939 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 421,684 | 266,082 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 127,006 | 633,977 | ||||||
Weichai Power Co. Ltd., Class A | 609,809 | 1,008,038 | ||||||
XCMG Construction Machinery Co. Ltd., Class A* | 1,057,072 | 527,660 | ||||||
Xiamen C & D, Inc., Class A | 430,481 | 738,383 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 395,205 | 889,199 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 106,200 | 291,015 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A* | 334,828 | 1,011,249 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,109,703 | 721,589 | ||||||
|
| |||||||
56,002,780 | ||||||||
|
| |||||||
Information Technology — 8.7% | ||||||||
Aisino Corp., Class A | 279,393 | 752,365 | ||||||
Beijing Jetsen Technology Co. Ltd., Class A | 257,586 | 376,199 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A* | 80,640 | 246,297 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A | 347,964 | 438,614 | ||||||
Beijing Xinwei Technology Group Co. Ltd., Class A | 430,545 | 942,203 | ||||||
BOE Technology Group Co. Ltd., Class A | 5,998,858 | 3,429,849 | ||||||
China Security & Fire Co. Ltd., Class A* | 266,421 | 653,503 | ||||||
DHC Software Co. Ltd., Class A | 234,304 | 729,163 | ||||||
Digital China Information Service Co. Ltd., Class A | 67,500 | 164,171 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A* | 470,700 | 709,062 | ||||||
East Money Information Co. Ltd., Class A | 642,140 | 1,121,405 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 130,600 | 428,485 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 152,200 | 290,369 | ||||||
GoerTek, Inc., Class A | 460,362 | 1,159,224 | ||||||
GRG Banking Equipment Co. Ltd., Class A* | 205,600 | 358,137 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 433,540 | 689,687 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 690,294 | 2,709,562 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 54,000 | 507,510 | ||||||
Hundsun Technologies, Inc., Class A | 125,233 | 693,389 | ||||||
Iflytek Co. Ltd., Class A | 245,247 | 1,083,255 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 153,100 | 402,979 | ||||||
Jiangsu Protruly Vision Technology Group Co. Ltd., Class A* | 246,700 | 444,346 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2017
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Leshi Internet Information & Technology Corp. Beijing, Class A* | 339,306 | $ | 1,528,767 | |||||
Neusoft Corp., Class A | 250,607 | 542,328 | ||||||
Ourpalm Co. Ltd., Class A | 481,100 | 654,678 | ||||||
People.cn Co. Ltd., Class A | 140,951 | 277,050 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 512,162 | 1,379,936 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 415,230 | 368,413 | ||||||
Shenzhen Infogem Technologies Co. Ltd., Class A | 66,950 | 172,254 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A* | 124,179 | 308,829 | ||||||
Shenzhen O-film Tech Co. Ltd., Class A | 190,746 | 1,103,305 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A | 425,834 | 497,191 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 421,127 | 512,473 | ||||||
Tsinghua Tongfang Co. Ltd., Class A | 493,344 | 1,017,526 | ||||||
Tsinghua Unisplendour Co. Ltd., Class A | 37,900 | 293,771 | ||||||
Unigroup Guoxin Co. Ltd., Class A | 104,231 | 480,696 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 357,561 | 593,711 | ||||||
Wonders Information Co. Ltd., Class A | 202,171 | 472,442 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 182,889 | 410,953 | ||||||
Youzu Interactive Co. Ltd., Class A* | 86,794 | 360,099 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A* | 365,855 | 1,013,373 | ||||||
ZTE Corp., Class A | 601,698 | 1,740,604 | ||||||
|
| |||||||
32,058,173 | ||||||||
|
| |||||||
Materials — 6.0% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 1,659,352 | 1,039,676 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 501,261 | 1,583,703 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 2,220,692 | 2,085,435 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 222,842 | 1,106,420 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A* | 297,200 | 233,316 | ||||||
China Molybdenum Co. Ltd., Class A | 977,488 | 609,554 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 548,018 | 889,661 | ||||||
Hesteel Co. Ltd., Class A | 1,069,278 | 703,223 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A* | 320,000 | 334,163 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 3,448,407 | 1,118,618 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 634,070 | 458,328 | ||||||
Jiangxi Copper Co. Ltd., Class A | 207,134 | 463,284 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A* | 244,304 | 243,899 | ||||||
Kangde Xin Composite Material Group Co. Ltd., Class A | 622,056 | 1,849,251 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A* | 395,302 | 404,600 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Luxin Venture Capital Group Co. Ltd., Class A | 72,799 | $ | 180,509 | |||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 186,606 | 391,389 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 187,343 | 792,251 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 390,338 | 570,659 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 548,532 | 541,122 | ||||||
Tianqi Lithium Industries, Inc., Class A | 150,774 | 992,698 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A* | 1,586,920 | 632,304 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 344,771 | 1,181,205 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 108,551 | 320,450 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 502,600 | 522,611 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 573,088 | 791,994 | ||||||
Zhongjin Gold Corp. Ltd., Class A* | 431,371 | 637,676 | ||||||
Zijin Mining Group Co. Ltd., Class A | 2,787,851 | 1,354,448 | ||||||
|
| |||||||
22,032,447 | ||||||||
|
| |||||||
Real Estate — 5.4% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 261,586 | 452,172 | ||||||
China Fortune Land Development Co. Ltd., Class A* | 223,524 | 1,110,469 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 598,409 | 1,778,067 | ||||||
China Vanke Co. Ltd., Class A | 1,715,766 | 5,403,066 | ||||||
Financial Street Holdings Co. Ltd., Class A | 302,915 | 522,716 | ||||||
Future Land Holdings Co. Ltd., Class A | 226,600 | 575,965 | ||||||
Gemdale Corp., Class A | 564,731 | 994,586 | ||||||
Greenland Holdings Corp. Ltd., Class A | 613,300 | 707,668 | ||||||
Poly Real Estate Group Co. Ltd., Class A* | 1,797,817 | 2,580,408 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 330,420 | 507,533 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 183,162 | 642,988 | ||||||
Shanghai SMI Holding Co. Ltd., Class A* | 320,064 | 484,989 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 194,000 | 464,368 | ||||||
Suning Universal Co. Ltd., Class A | 305,090 | 274,306 | ||||||
Sunshine City Group Co. Ltd., Class A* | 405,697 | 341,927 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 865,146 | 638,172 | ||||||
Youngor Group Co. Ltd., Class A | 386,300 | 810,227 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 688,783 | 798,846 | ||||||
Zhongtian Financial Group Co. Ltd., Class A* | 709,800 | 682,339 | ||||||
|
| |||||||
19,770,812 | ||||||||
|
| |||||||
Telecommunication Services — 0.9% | ||||||||
China United Network Communications Ltd., Class A | 2,410,015 | 2,718,656 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2017
Number | Value | |||||||
Telecommunication Services (Continued) | ||||||||
Dr Peng Telecom & Media Group Co. Ltd., Class A | 286,253 | $ | 705,117 | |||||
|
| |||||||
3,423,773 | ||||||||
|
| |||||||
Utilities — 3.0% | ||||||||
Beijing Capital Co. Ltd., Class A | 612,312 | 631,249 | ||||||
China National Nuclear Power Co. Ltd., Class A | 1,170,400 | 1,338,353 | ||||||
China Yangtze Power Co. Ltd., Class A | 1,666,525 | 3,655,829 | ||||||
GD Power Development Co. Ltd., Class A | 2,955,200 | 1,540,808 | ||||||
Guangdong Golden Dragon Development, Inc., Class A | 112,400 | 256,060 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,025,236 | 1,184,507 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 216,100 | 414,518 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Shenzhen Energy Group Co. Ltd., Class A | 300,700 | $ | 296,638 | |||||
Sichuan Chuantou Energy Co. Ltd., Class A | 554,240 | 784,008 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 1,027,790 | 870,802 | ||||||
|
| |||||||
10,972,772 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 364,794,556 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% | $ | 364,794,556 | ||||||
Other assets and liabilities, net — 0.6% | 2,199,389 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 366,993,945 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $332,359,235. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $32,435,321. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $73,974,602 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $41,539,281. |
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 May 31, 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 (a) | $ | 346,785,192 | $ | — | $ | 18,009,364 | $ | 364,794,556 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 346,785,192 | $ | — | $ | 18,009,364 | $ | 364,794,556 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2016 | $ | 19,241,343 | ||
Purchases | 14,054,655 | |||
Sales | (10,660,437 | ) | ||
Realized gain (loss) | (1,190,700 | ) | ||
Change in unrealized gain (loss) | (106,390 | ) | ||
Transfers into Level 3 (b) | 12,732,644 | |||
Transfers out of Level 3 (b) | (16,061,751 | ) | ||
|
| |||
Balance at May 31, 2017 | 18,009,364 | |||
|
| |||
Change in unrealized gain (loss) related to investments still held at May 31, 2017 | (103,472 | ) |
(b) | During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $12,732,644 and between Level 3 and Level 1 was $16,061,751. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2017
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class | Fair Value at 5/31/2017 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 1,066,531 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Energy | 457,093 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Financials | 1,297,232 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Health Care | 2,143,097 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials | 4,220,779 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology | 6,105,976 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Telecommunication Services | 2,718,656 | Market Approach | Last traded price adjusted for proxy. |
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -9% to 5% with a weighted average range of approximately 0.7%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Consumer Discretionary — 13.9% | ||||||||
Anhui Jianghuai Automobile Group Corp., Ltd., Class A | 34,800 | $ | 53,711 | |||||
Anhui Xinhua Media Co. Ltd., Class A | 14,700 | 29,221 | ||||||
Beijing HualuBaina Film & TV Co. Ltd., Class A | 12,000 | 35,083 | ||||||
Beiqi Foton Motor Co. Ltd., Class A | 170,700 | 71,808 | ||||||
Besttone Holdings Co. Ltd., Class A | 8,300 | 19,019 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 22,000 | 23,397 | ||||||
Chengdu B-Ray Media Co. Ltd., Class A | 27,000 | 24,956 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 21,100 | 59,663 | ||||||
China Television Media Ltd., Class A | 5,000 | 12,287 | ||||||
Chongqing Department Store Co. Ltd., Class A | 9,500 | 36,305 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A | 26,300 | 28,165 | ||||||
Dashang Co. Ltd., Class A | 6,500 | 36,653 | ||||||
DongFeng Automobile Co. Ltd., Class A | 30,500 | 25,390 | ||||||
Eastern Gold Jade Co. Ltd., Class A* | 24,600 | 40,811 | ||||||
Eastern Pioneer Driving School Co. Ltd., Class A* | 1,900 | 10,238 | ||||||
Elec-Tech International Co. Ltd., Class A* | 37,200 | 25,013 | ||||||
Fujian Funeng Co. Ltd., Class A | 12,100 | 18,765 | ||||||
Fujian Septwolves Industry Co. Ltd., Class A | 16,700 | 24,464 | ||||||
Gansu Gangtai Holding Group Co. Ltd., Class A | 22,700 | 41,996 | ||||||
Global Top E-Commerce Co. Ltd., Class A | 15,400 | 43,888 | ||||||
Guangdong Advertising Group Co. Ltd., Class A* | 44,680 | 67,306 | ||||||
Guangdong Chj Industry Co. Ltd., Class A* | 15,600 | 22,760 | ||||||
Guirenniao Co. Ltd., Class A* | 4,800 | 14,888 | ||||||
Haima Automobile Group Co. Ltd., Class A | 44,000 | 32,978 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 19,453 | 42,731 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 17,806 | 108,874 | ||||||
Hefei Department Store Group Co. Ltd., Class A | 19,900 | 23,787 | ||||||
Hunan Friendship & Apollo Commercial Co. Ltd., Class A | 31,000 | 29,250 | ||||||
Jiangsu High Hope International Group Corp., Class A | 9,000 | 9,838 | ||||||
Jiangsu Hongtu High Technology Co. Ltd., Class A* | 33,600 | 55,990 | ||||||
Jiangsu Sunshine Co. Ltd., Class A* | 52,300 | 26,571 | ||||||
Jinzhou Cihang Group Co. Ltd., Class A* | 15,700 | 34,580 | ||||||
Jishi Media Co. Ltd., Class A | 79,600 | 40,559 | ||||||
Joyoung Co. Ltd., Class A* | 11,600 | 31,546 | ||||||
KingClean Electric Co. Ltd., Class A | 3,000 | 23,987 | ||||||
Lifan Industry Group Co. Ltd., Class A | 24,000 | 28,368 | ||||||
Loncin Motor Co. Ltd., Class A | 38,750 | 40,178 | ||||||
Luthai Textile Co. Ltd., Class A | 16,500 | 29,401 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A* | 5,700 | 20,094 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Nanjing Central Emporium, Class A | 22,000 | $ | 24,147 | |||||
Nanjing Xinjiekou Department Store Co. Ltd., Class A | 16,600 | 88,444 | ||||||
NavInfo Co. Ltd., Class A | 33,350 | 84,027 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 15,600 | 45,706 | ||||||
Ningbo Joyson Electronic Corp., Class A* | 14,300 | 61,299 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 7,000 | 32,153 | ||||||
Rastar Group, Class A | 18,400 | 21,422 | ||||||
Shaanxi Broadcast & TV Network Intermediary Co. Ltd., Class A* | 13,500 | 19,497 | ||||||
Shanghai Haixin Group Co., Class A | 27,100 | 32,354 | ||||||
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A* | 48,050 | 26,832 | ||||||
Shanghai New World Co. Ltd., Class A | 14,342 | 23,835 | ||||||
Shanghai Xinhua Media Co. Ltd., Class A | 20,200 | 20,945 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 42,700 | 73,397 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A* | 14,100 | 26,023 | ||||||
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A | 16,500 | 20,701 | ||||||
Shenzhen Tellus Holding Co. Ltd., Class A* | 1,800 | 9,262 | ||||||
Shenzhen Topway Video Communication Co. Ltd., Class A | 7,350 | 12,955 | ||||||
Shijiazhuang Changshan Textile Co. Ltd., Class A | 18,500 | 40,282 | ||||||
Sichuan Chengfei Integration Technology Corp., Class A | 6,300 | 23,516 | ||||||
Sinomach Automobile Co. Ltd., Class A* | 10,950 | 16,836 | ||||||
Sou Yu Te Group Co. Ltd., Class A | 33,124 | 32,971 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 21,000 | 117,268 | ||||||
Time Publishing and Media Co. Ltd., Class A | 9,700 | 22,830 | ||||||
UTour Group Co. Ltd., Class A | 15,400 | 26,643 | ||||||
Visual China Group Co. Ltd., Class A* | 10,000 | 23,255 | ||||||
Wangfujing Group Co. Ltd., Class A | 11,630 | 25,530 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 21,300 | 67,959 | ||||||
Wenfeng Great World Chain Development Corp., Class A | 45,650 | 28,197 | ||||||
Wuhan Department Store Group Co. Ltd., Class A | 14,509 | 35,138 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 7,905 | 53,698 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A* | 16,400 | 31,580 | ||||||
Yihua Lifestyle Technology Co. Ltd., Class A | 43,500 | 63,144 | ||||||
Yotrio Group Co. Ltd., Class A* | 38,740 | 37,241 | ||||||
Zhejiang Aokang Shoes Co. Ltd., Class A | 6,000 | 16,468 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A | 11,700 | 57,086 | ||||||
Zhejiang Daily Digital Culture Group Co. Ltd., Class A | 19,600 | 55,625 | ||||||
Zhejiang Orient Holdings Co., Class A | 11,400 | 43,009 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 29,400 | $ | 38,932 | |||||
|
| |||||||
2,824,726 | ||||||||
|
| |||||||
Consumer Staples — 5.2% | ||||||||
Angel Yeast Co. Ltd., Class A | 15,200 | 51,243 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 4,200 | 29,488 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 10,800 | 56,438 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 8,700 | 24,072 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 15,000 | 41,548 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 8,530 | 16,072 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 21,900 | 37,694 | ||||||
Chuying Agro-pastora Group Co. Ltd., Class A | 57,400 | 38,515 | ||||||
Gansu Yasheng Industrial Group Co. Ltd., Class A | 57,000 | 35,967 | ||||||
Guangdong Haid Group Co. Ltd., Class A* | 28,200 | 68,921 | ||||||
Hebei Chengde Lolo Co., Class A* | 22,441 | 33,240 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 60,120 | 32,753 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 13,700 | 24,919 | ||||||
Jonjee High-Tech Industrial And Commercial Holding Co. Ltd., Class A | 19,900 | 47,044 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 3,900 | 25,787 | ||||||
Qinghai Huzhu Barley Wine Co. Ltd., Class A | 6,900 | 17,365 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A | 12,950 | 23,613 | ||||||
Shanghai Feilo Acoustics Co. Ltd., Class A | 25,400 | 31,189 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 1,800 | 14,827 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 20,200 | 84,915 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A* | 23,200 | 30,241 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 9,900 | 45,327 | ||||||
Toly Bread Co. Ltd., Class A | 1,700 | 8,990 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 10,100 | 49,623 | ||||||
V V Food & Beverage Co. Ltd., Class A* | 42,700 | 30,675 | ||||||
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A | 18,400 | 19,023 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 4,900 | 24,409 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 23,100 | 71,683 | ||||||
Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd., Class A | 9,300 | 23,762 | ||||||
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A* | 18,560 | 24,577 | ||||||
|
| |||||||
1,063,920 | ||||||||
|
| |||||||
Energy — 2.2% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A* | 19,300 | 20,297 |
Number | Value | |||||||
Energy (Continued) | ||||||||
Anyuan Coal Industry Group Co. Ltd., Class A* | 22,700 | $ | 13,416 | |||||
Changzheng Engineering Co. Ltd., Class A | 4,700 | 16,256 | ||||||
Datong Coal Industry Co. Ltd., Class A* | 30,700 | 22,919 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A* | 52,000 | 25,726 | ||||||
Geo-Jade Petroleum Corp., Class A | 41,340 | 38,148 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 25,300 | 25,520 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 25,000 | 32,311 | ||||||
Jizhong Energy Resources Co. Ltd., Class A* | 40,200 | 35,072 | ||||||
Oriental Energy Co. Ltd., Class A* | 29,800 | 49,569 | ||||||
PetroChina Jinhong Energy Investment Co. Ltd., Class A | 12,800 | 29,729 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A* | 43,700 | 45,569 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 7,400 | 13,789 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A* | 43,900 | 40,641 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A* | 17,500 | 42,122 | ||||||
|
| |||||||
451,084 | ||||||||
|
| |||||||
Financials — 0.3% | ||||||||
Shaanxi International Trust Co. Ltd., Class A | 47,100 | 33,487 | ||||||
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A* | 12,100 | 33,211 | ||||||
|
| |||||||
66,698 | ||||||||
|
| |||||||
Health Care — 12.4% | ||||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 15,000 | 56,923 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A* | 9,800 | 67,586 | ||||||
Changchun High & New Technology Industries, Inc., Class A | 5,100 | 86,571 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 8,200 | 23,065 | ||||||
China National Accord Medicines Corp. Ltd., Class A* | 5,400 | 59,989 | ||||||
China National Medicines Corp. Ltd., Class A | 10,600 | 54,906 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 13,000 | 49,218 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 14,400 | 63,263 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 17,500 | 48,214 | ||||||
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A | 18,462 | 53,653 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A* | 17,000 | 29,386 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 31,050 | 44,290 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Health Care (Continued) | ||||||||
Guizhou Yibai Pharmaceutical Co. Ltd., Class A | 23,300 | $ | 51,113 | |||||
Hainan Haiyao Co. Ltd., Class A* | 29,400 | 58,746 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 32,350 | 32,680 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A | 55,820 | 44,648 | ||||||
HeiLongJiang ZBD Pharmaceutical Co. Ltd., Class A | 6,200 | 14,942 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 33,900 | 97,313 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A | 16,400 | 36,049 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 15,948 | 36,450 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 18,285 | 60,614 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A | 6,906 | 34,228 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 18,700 | 18,087 | ||||||
Jinling Pharmaceutical Co. Ltd., Class A | 11,500 | 18,124 | ||||||
Jinyu Bio-Technology Co. Ltd., Class A | 23,300 | 114,029 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 28,200 | 34,878 | ||||||
KPC Pharmaceuticals, Inc., Class A | 19,498 | 31,364 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 4,940 | 45,272 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 10,700 | 32,649 | ||||||
Pengqi Technology Development Co. Ltd., Class A | 38,500 | 62,445 | ||||||
Realcan Pharmaceutical Co. Ltd., Class A | 16,330 | 37,008 | ||||||
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A* | 24,804 | 26,379 | ||||||
Shanghai Kehua Bio-Engineering Co. Ltd., Class A | 15,000 | 39,660 | ||||||
Shenzhen Hepalink Pharmaceutical Co. Ltd., Class A | 13,600 | 40,835 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A* | 58,150 | 51,163 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 18,100 | 44,183 | ||||||
Shinva Medical Instrument Co. Ltd., Class A | 11,969 | 30,281 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 31,500 | 70,454 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 31,300 | 37,692 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 87,900 | 57,027 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 10,462 | 25,275 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 39,919 | 45,411 | ||||||
Xiangxue Pharmaceutical Co. Ltd., Class A | 17,710 | 26,311 | ||||||
Yabao Pharmaceutical Group Co. Ltd., Class A | 21,080 | 23,418 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 20,000 | 42,748 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A* | 11,300 | $ | 89,480 | |||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 46,040 | 45,418 | ||||||
Zhejiang Dian Diagnostics Co. Ltd., Class A* | 12,440 | 53,584 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A* | 21,200 | 33,663 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 23,483 | 69,880 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 21,000 | 28,928 | ||||||
Zhejiang NHU Co. Ltd., Class A | 20,400 | 53,605 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 19,950 | 22,370 | ||||||
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A* | 11,600 | 36,598 | ||||||
Zhuhai Hokai Medical Instruments Co. Ltd., Class A | 19,640 | 38,080 | ||||||
|
| |||||||
2,530,146 | ||||||||
|
| |||||||
Industrials — 23.2% | ||||||||
Anhui Wanjiang Logistics Group Co. Ltd., Class A* | 57,200 | 36,432 | ||||||
Avic Aviation High-Technology Co. Ltd., Class A* | 15,300 | 20,759 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 35,078 | 53,409 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 16,500 | 32,090 | ||||||
Beijing New Building Materials PLC, Class A | 33,600 | 67,238 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A* | 43,355 | 52,723 | ||||||
Beijing SPC Environment Protection Tech Co. Ltd., Class A | 23,600 | 62,922 | ||||||
Beijing Watertek Information Technology Co. Ltd., Class A | 20,900 | 57,860 | ||||||
Camel Group Co. Ltd., Class A | 15,100 | 30,217 | ||||||
CCS Supply Chain Management Co. Ltd., Class A | 11,173 | 20,902 | ||||||
Changjiang & Jinggong Steel Building Group Co. Ltd., Class A | 46,600 | 32,649 | ||||||
Changyuan Group Ltd., Class A | 50,040 | 91,909 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A* | 11,200 | 23,998 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 30,800 | 67,018 | ||||||
China CAMC Engineering Co. Ltd., Class A | 13,568 | 48,896 | ||||||
China Meheco Co. Ltd., Class A* | 19,700 | 73,183 | ||||||
China Railway Hi-tech Industry Co. Ltd., Class A | 33,000 | 69,654 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 32,500 | 39,812 | ||||||
Citic Offshore Helicopter Co. Ltd., Class A | 16,301 | 25,708 | ||||||
CMST Development Co. Ltd., Class A | 40,200 | 46,326 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 49,900 | 46,122 | ||||||
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A | 32,500 | 28,980 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Industrials (Continued) | ||||||||
Dalian Port PDA Co. Ltd., Class A | 113,220 | $ | 47,963 | |||||
Dazhong Transportation Group Co. Ltd., Class A | 44,450 | 34,895 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 17,500 | 43,963 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 37,700 | 59,695 | ||||||
Far East Smarter Energy Co. Ltd., Class A* | 24,300 | 24,836 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A* | 22,540 | 31,183 | ||||||
Fujian Longking Co. Ltd., Class A | 31,200 | 66,825 | ||||||
Galaxy Biomedical Investment Co. Ltd., Class A* | 24,100 | 41,052 | ||||||
Gem-Year Industrial Co. Ltd., Class A* | 18,300 | 22,390 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 28,800 | 33,658 | ||||||
Guangzhou Guangri Stock Co. Ltd., Class A | 15,900 | 28,073 | ||||||
Guizhou Changzheng Tiancheng Holding Co. Ltd., Class A* | 19,200 | 17,319 | ||||||
Guizhou Space Appliance Co. Ltd., Class A | 12,070 | 45,097 | ||||||
Guosheng Financial Holding, Inc., Class A | 8,320 | 16,921 | ||||||
Harbin Boshi Automation Co. Ltd., Class A* | 9,870 | 17,047 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A* | 9,800 | 28,030 | ||||||
Henan Pinggao Electric Co. Ltd., Class A* | 24,700 | 49,940 | ||||||
Henan Senyuan Electric Co. Ltd., Class A | 13,600 | 34,298 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 35,647 | 48,313 | ||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A* | 25,400 | 45,486 | ||||||
Jangho Group Co. Ltd., Class A | 16,800 | 27,671 | ||||||
Jiangsu Nonghua Intelligent Agriculture Technology Co. Ltd., Class A | 43,100 | 45,646 | ||||||
Jiangsu Yueda Investment Co. Ltd., Class A | 26,000 | 27,844 | ||||||
Jiangsu Zhongli Group Co. Ltd., Class A | 11,600 | 20,997 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 40,800 | 39,826 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 69,450 | 115,421 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 27,700 | 29,378 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 15,900 | 35,586 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A* | 37,500 | 48,047 | ||||||
Jinlong Machinery & Electronics Co. Ltd., Class A* | 12,100 | 24,913 | ||||||
Keda Clean Energy Co. Ltd., Class A | 41,200 | 46,136 | ||||||
Lanzhou LS Heavy Equipment Co. Ltd., Class A | 11,600 | 23,505 | ||||||
Meidu Energy Corp., Class A | 50,590 | 31,997 | ||||||
Mesnac Co. Ltd., Class A | 23,200 | 28,213 | ||||||
Minmetals Development Co. Ltd., Class A* | 15,800 | 28,178 | ||||||
Montnets Rongxin Technology Group Co. Ltd., Class A* | 15,800 | 26,867 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
North Industries Group Red Arrow Co. Ltd., Class A* | 21,047 | $ | 38,158 | |||||
North Navigation Control Technology Co. Ltd., Class A | 27,100 | 55,073 | ||||||
Orient Group, Inc., Class A* | 52,300 | 49,269 | ||||||
Palm Eco-Town Development Co. Ltd., Class A | 30,150 | 52,474 | ||||||
Pubang Landscape Architecture Co. Ltd., Class A | 30,219 | 26,230 | ||||||
Qingdao Hanhe Cable Co. Ltd., Class A | 50,600 | 27,282 | ||||||
Qingdao TGOOD Electric Co. Ltd., Class A* | 14,500 | 34,987 | ||||||
Rizhao Port Co. Ltd., Class A* | 65,600 | 41,685 | ||||||
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 14,500 | 45,812 | ||||||
Shanghai Lansheng Corp., Class A | 7,700 | 20,826 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A* | 11,900 | 31,569 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 11,500 | 34,068 | ||||||
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A | 19,699 | 30,608 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 24,760 | 28,203 | ||||||
Shantui Construction Machinery Co. Ltd., Class A* | 36,200 | 28,419 | ||||||
Shenwu Environmental Technology Co. Ltd., Class A* | 22,804 | 101,660 | ||||||
Shenzhen Airport Co. Ltd., Class A | 37,300 | 51,934 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 4,800 | 35,791 | ||||||
Shenzhen Glory Medical Co. Ltd., Class A* | 8,518 | 20,831 | ||||||
Shenzhen Grandland Group Co. Ltd., Class A | 22,100 | 25,828 | ||||||
Shenzhen Hifuture Electric Co. Ltd., Class A* | 30,200 | 74,107 | ||||||
Shenzhen Hongtao Decoration Co. Ltd., Class A | 30,860 | 28,843 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 22,020 | 35,226 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 29,800 | 25,513 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 64,400 | 37,870 | ||||||
Sieyuan Electric Co. Ltd., Class A* | 19,380 | 48,255 | ||||||
Sinochem International Corp., Class A | 38,200 | 52,339 | ||||||
Sinoma International Engineering Co., Class A* | 38,650 | 52,612 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 12,800 | 32,421 | ||||||
SPIC Yuanda Environmental-Protection Co. Ltd., Class A | 14,322 | 25,011 | ||||||
Sufa Technology Industry Co. Ltd. CNNC, Class A | 11,620 | 34,854 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 25,100 | 36,249 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A | 11,250 | 55,061 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 15,500 | 56,777 | ||||||
Taihai Manoir Nuclear Equipment Co. Ltd., Class A | 9,700 | 59,785 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Industrials (Continued) | ||||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 64,400 | $ | 34,340 | |||||
TangShan Port Group Co. Ltd., Class A | 85,780 | 69,247 | ||||||
Tianjin Benefo Tejing Electric Co. Ltd., Class A | 8,900 | 12,877 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 16,600 | 48,488 | ||||||
Tianjin Port Co. Ltd., Class A | 31,200 | 58,738 | ||||||
Tianjin Teda Co. Ltd., Class A | 37,800 | 31,522 | ||||||
Tianjin Tianhai Investment Co. Ltd., Class A* | 47,100 | 41,371 | ||||||
Tianma Bearing Group Co. Ltd., Class A* | 21,000 | 29,234 | ||||||
Wolong Electric Group Co. Ltd., Class A | 24,365 | 25,408 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 42,548 | 53,065 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A* | 21,300 | 37,828 | ||||||
Xingyuan Environment Technology Co. Ltd., Class A | 9,600 | 70,885 | ||||||
Xinjiang Machinery Research Institute Co. Ltd., Class A | 27,100 | 60,613 | ||||||
Xinjiang Urban Construction Group Co. Ltd., Class A | 19,600 | 31,645 | ||||||
XJ Electric Co. Ltd., Class A | 22,300 | 53,345 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 50,600 | 36,500 | ||||||
Zhejiang Dun’An Artificial Environment Co. Ltd., Class A* | 21,000 | 39,908 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A | 13,200 | 35,995 | ||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 27,280 | 53,136 | ||||||
Zhejiang Wanma Co. Ltd., Class A | 20,762 | 30,538 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 4,950 | 15,412 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 33,300 | 35,059 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 13,000 | 12,170 | ||||||
|
| |||||||
4,718,970 | ||||||||
|
| |||||||
Information Technology — 15.4% | ||||||||
Accelink Technologies Co. Ltd., Class A | 11,100 | 35,629 | ||||||
Addsino Co. Ltd., Class A | 37,700 | 54,669 | ||||||
AVIC Jonhon OptronicTechnology Co. Ltd., Class A | 14,313 | 58,896 | ||||||
Beijing Dahao Technology Corp. Ltd., Class A | 2,000 | 7,643 | ||||||
Beijing Jingyuntong Technology Co. Ltd., Class A | 23,200 | 15,979 | ||||||
Beijing Lanxum Technology Co. Ltd., Class A* | 15,800 | 30,682 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A* | 11,700 | 33,239 | ||||||
Beijing Philisense Technology Co. Ltd., Class A | 26,100 | 34,446 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A | 32,260 | 41,811 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 31,100 | 59,057 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Bluedon Information Security Technology Co. Ltd., Class A | 17,000 | $ | 26,868 | |||||
Bright Oceans Inter-Telecom Corp., Class A | 16,100 | 25,907 | ||||||
China Greatwall Technology Group Co. Ltd., Class A* | 75,319 | 93,044 | ||||||
China National Software & Service Co. Ltd., Class A | 10,800 | 31,147 | ||||||
China TransInfo Technology Co. Ltd., Class A* | 20,100 | 43,021 | ||||||
China Wafer Level CSP Co. Ltd., Class A | 3,900 | 16,238 | ||||||
Dalian Zeus Entertainment Group Co. Ltd., Class A | 10,080 | 30,907 | ||||||
Datang Telecom Technology Co. Ltd., Class A* | 22,500 | 44,659 | ||||||
Dawning Information Industry Co. Ltd., Class A | 11,900 | 51,240 | ||||||
Eastern Communications Co. Ltd., Class A | 17,992 | 18,122 | ||||||
EGing Photovoltaic Technology Co. Ltd., Class A* | 31,020 | 25,317 | ||||||
Focus Technology Co. Ltd., Class A | 4,000 | 14,931 | ||||||
Founder Technology Group Corp., Class A | 80,400 | 43,230 | ||||||
Fujian Newland Computer Co. Ltd., Class A | 24,040 | 70,861 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 12,200 | 30,398 | ||||||
GCI Science & Technology Co. Ltd., Class A | 11,200 | 37,360 | ||||||
Glodon Co. Ltd., Class A | 24,700 | 63,257 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A* | 3,700 | 15,976 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 22,900 | 27,679 | ||||||
Guomai Technologies, Inc., Class A* | 14,900 | 18,583 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 2,900 | 13,531 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A* | 14,900 | 58,111 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 27,080 | 24,374 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 31,000 | 31,316 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 32,800 | 116,650 | ||||||
Holitech Technology Co. Ltd., Class A | 35,800 | 46,293 | ||||||
Huagong Tech Co. Ltd., Class A | 22,900 | 45,792 | ||||||
Invengo Information Technology Co. Ltd., Class A* | 18,900 | 21,836 | ||||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 39,000 | 86,651 | ||||||
Julong Co. Ltd., Class A | 10,395 | 25,313 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 30,600 | 80,226 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 44,900 | 98,363 | ||||||
MLS Co. Ltd., Class A* | 3,200 | 14,755 | ||||||
Nanjing Doron Technology Co. Ltd., Class A* | 2,200 | 13,142 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A* | 106,600 | $ | 44,054 | |||||
NAURA Technology Group Co. Ltd., Class A | 7,200 | 24,572 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A* | 13,900 | 35,166 | ||||||
North Electro-Optic Co. Ltd., Class A* | 5,700 | 15,543 | ||||||
Shanghai Aerospace Automobile Electromechanical Co., Class A* | 32,100 | 35,280 | ||||||
Shanghai Belling Co. Ltd., Class A | 20,300 | 29,136 | ||||||
Shanghai East China Computer Co. Ltd., Class A | 7,980 | 25,331 | ||||||
Shengyi Technology Co. Ltd., Class A | 25,600 | 42,659 | ||||||
Shenzhen Aisidi Co. Ltd., Class A* | 11,300 | 16,487 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 20,180 | 83,486 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 26,000 | 32,542 | ||||||
Shenzhen Laibao Hi-tech Co. Ltd., Class A* | 20,700 | 29,527 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A* | 25,400 | 133,486 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A | 14,140 | 48,004 | ||||||
Sinodata Co. Ltd., Class A | 7,300 | 30,622 | ||||||
Skyworth Digital Co. Ltd., Class A | 18,800 | 30,520 | ||||||
Taiji Computer Corp. Ltd., Class A | 7,800 | 31,460 | ||||||
Talkweb Information System Co. Ltd., Class A* | 24,400 | 41,599 | ||||||
Tatwah Smartech Co. Ltd., Class A* | 15,900 | 34,997 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 21,500 | 32,165 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 20,900 | 51,204 | ||||||
Tongding Interconnection Information Co. Ltd., Class A* | 28,700 | 53,776 | ||||||
United Electronics Co. Ltd., Class A | 9,900 | 34,403 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 23,800 | 47,556 | ||||||
Venustech Group, Inc., Class A | 22,100 | 59,447 | ||||||
Vtron Group Co. Ltd., Class A | 18,500 | 33,431 | ||||||
Westone Information Industry, Inc., Class A | 9,300 | 39,081 | ||||||
Wuhan Fingu Electronic Technology Co. Ltd., Class A* | 8,200 | 10,931 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 7,000 | 18,000 | ||||||
Wuhu Token Science Co. Ltd., Class A | 38,400 | 79,852 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 42,740 | 27,222 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 5,200 | 32,296 | ||||||
YGSOFT, Inc., Class A | 17,907 | 27,134 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 19,450 | 58,138 | ||||||
|
| |||||||
3,146,256 | ||||||||
|
| |||||||
Materials — 16.3% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A* | 18,104 | 21,909 | ||||||
Befar Group Co. Ltd., Class A | 29,400 | 27,653 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Beijing Lier High-temperature Materials Co. Ltd., Class A | 23,300 | $ | 21,467 | |||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 19,408 | 94,378 | ||||||
Beijing Shougang Co. Ltd., Class A* | 57,900 | 57,204 | ||||||
Bengang Steel Plates Co. Ltd., Class A* | 10,900 | 7,669 | ||||||
CEFC Anhui International Holding Co. Ltd., Class A* | 33,400 | 32,850 | ||||||
China Jushi Co. Ltd., Class A | 42,768 | 62,715 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 43,300 | 43,036 | ||||||
Chongqing Iron & Steel Co. Ltd., Class A* | 82,300 | 27,672 | ||||||
Cofco Biochemical Co. Ltd., Class A* | 35,285 | 53,206 | ||||||
CSG Holding Co. Ltd., Class A* | 33,500 | 44,063 | ||||||
Do-Fluoride Chemicals Co. Ltd., Class A | 18,900 | 54,702 | ||||||
Elion Clean Energy Co. Ltd., Class A | 30,700 | 32,458 | ||||||
FSPG Hi-Tech Co. Ltd., Class A | 28,350 | 30,109 | ||||||
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A* | 114,300 | 46,728 | ||||||
Gansu Qilianshan Cement Group Co. Ltd., Class A | 24,100 | 26,416 | ||||||
GEM Co. Ltd., Class A | 96,853 | 73,739 | ||||||
Guangdong Guanhao High-Tech Co. Ltd., Class A | 29,045 | 23,619 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A* | 82,905 | 83,787 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 14,100 | 25,020 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 17,700 | 36,783 | ||||||
Hongda Xingye Co. Ltd., Class A | 35,578 | 39,050 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 52,150 | 61,178 | ||||||
Huaxin Cement Co. Ltd., Class A | 18,580 | 22,430 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A | 17,300 | 57,528 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A* | 12,100 | 21,293 | ||||||
Hunan Gold Corp. Ltd., Class A* | 26,100 | 35,258 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A* | 21,100 | 24,534 | ||||||
Jiangsu Wuzhong Industrial Co., Class A* | 18,400 | 35,022 | ||||||
Jiangsu Yabang Dyestuff Co. Ltd., Class A | 13,100 | 32,870 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 19,800 | 122,034 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A | 30,600 | 35,127 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 66,400 | 50,258 | ||||||
Juli Sling Co. Ltd., Class A* | 25,700 | 44,539 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 61,800 | 51,170 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A* | 20,759 | 42,156 | ||||||
Luxi Chemical Group Co. Ltd., Class A* | 36,400 | 33,159 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A* | 112,300 | 53,894 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A* | 72,500 | 34,149 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 20,000 | 40,615 | ||||||
Org Packaging Co. Ltd., Class A* | 51,650 | 49,728 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 5,700 | 31,644 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Materials (Continued) | ||||||||
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A* | 16,900 | $ | 50,866 | |||||
Shandong Chenming Paper Holdings Ltd., Class A | 33,500 | 57,312 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 32,010 | 64,909 | ||||||
Shandong Iron and Steel Co. Ltd., Class A* | 123,100 | 47,408 | ||||||
Shandong Jinjing Science & Technology Co. Ltd., Class A* | 37,200 | 23,638 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 209,050 | 99,088 | ||||||
Shandong Sinobioway Biomedicine Co. Ltd., Class A | 9,500 | 30,972 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 47,700 | 47,056 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A* | 8,900 | 12,366 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A* | 83,200 | 49,788 | ||||||
Shenghe Resources Holding Co. Ltd., Class A* | 20,200 | 36,024 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 33,600 | 46,186 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A | 43,900 | 31,927 | ||||||
Stanley Agricultural Group Co. Ltd., Class A* | 17,900 | 19,965 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A* | 24,700 | 62,526 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 34,800 | 44,330 | ||||||
Tibet Mineral Development Co., Class A* | 15,300 | 30,096 | ||||||
Tibet Summit Industry Co. Ltd., Class A* | 4,700 | 22,800 | ||||||
Tongkun Group Co. Ltd., Class A | 13,500 | 24,976 | ||||||
Western Mining Co. Ltd., Class A | 71,100 | 70,771 | ||||||
Xinjiang Qingsong Building Materials and Chemicals Group Co. Ltd., Class A* | 30,300 | 14,676 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 23,600 | 38,977 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 47,100 | 76,254 | ||||||
Yintai Resources Co. Ltd., Class A* | 23,600 | 42,472 | ||||||
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 63,000 | 54,777 | ||||||
Yunnan Copper Co. Ltd., Class A* | 31,000 | 52,576 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A* | 16,800 | 25,084 | ||||||
Yunnan Tin Co. Ltd., Class A* | 26,900 | 45,543 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 38,200 | 27,442 | ||||||
Zhejiang Juhua Co. Ltd., Class A* | 31,100 | 52,561 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 17,600 | 38,322 | ||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 19,200 | 20,960 | ||||||
Zhongfu Straits Pingtan Development Co. Ltd., Class A* | 42,300 | 32,017 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 14,500 | $ | 23,131 | |||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 32,315 | 47,866 | ||||||
|
| |||||||
3,310,481 | ||||||||
|
| |||||||
Real Estate — 7.3% | ||||||||
Beijing Centergate Technologies Holding Co. Ltd., Class A* | 20,700 | 24,958 | ||||||
Beijing Homyear Capital Holdings Co. Ltd., Class A | 36,400 | 47,932 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 34,500 | 73,076 | ||||||
China Sports Industry Group Co. Ltd., Class A | 25,501 | 56,067 | ||||||
Chongqing Dima Industry Co. Ltd., Class A | 54,600 | 44,966 | ||||||
Cinda Real Estate Co. Ltd., Class A | 29,500 | 25,951 | ||||||
Citychamp Dartong Co. Ltd., Class A | 39,600 | 37,481 | ||||||
COFCO Property Group Co. Ltd., Class A | 40,000 | 42,955 | ||||||
Deluxe Family Co. Ltd., Class A | 58,700 | 51,995 | ||||||
Greattown Holdings Ltd., Class A* | 42,300 | 48,997 | ||||||
Guangdong Highsun Group Co. Ltd., Class A* | 42,770 | 23,123 | ||||||
Haining China Leather Market Co. Ltd., Class A | 18,100 | 22,172 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A* | 35,500 | 34,810 | ||||||
HNA Investment Group Co. Ltd., Class A | 41,900 | 27,928 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 25,800 | 58,126 | ||||||
Huayuan Property Co. Ltd., Class A | 36,830 | 23,894 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 20,100 | 35,876 | ||||||
Jinke Properties Group Co. Ltd., Class A | 142,300 | 146,648 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A | 4,900 | 23,995 | ||||||
Macrolink Culturaltainment Development Co. Ltd., Class A | 27,700 | 29,911 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A | 93,500 | 45,011 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 19,700 | 43,741 | ||||||
Rongan Property Co. Ltd., Class A* | 25,300 | 16,676 | ||||||
Shanghai AJ Group Co. Ltd., Class A* | 54,580 | 124,859 | ||||||
Shanghai Industrial Development Co. Ltd., Class A* | 21,720 | 22,842 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 12,300 | 32,284 | ||||||
Shanghai Shimao Co. Ltd., Class A | 42,952 | 30,729 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 8,000 | 38,239 | ||||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 29,810 | 33,470 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 34,700 | 43,123 | ||||||
Shunfa Hengye Corp., Class A | 27,942 | 17,714 | ||||||
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A | 27,300 | 27,821 | ||||||
Tianjin Jinbin Development Co. Ltd., Class A* | 47,100 | 35,092 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Tibet Urban Development and Investment Co. Ltd., Class A | 16,400 | $ | 25,458 | |||||
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A | 25,940 | 25,974 | ||||||
Zhonghong Holding Co. Ltd., Class A | 131,480 | 50,635 | ||||||
|
| |||||||
1,494,529 | ||||||||
|
| |||||||
Utilities — 2.8% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 39,330 | 32,274 | ||||||
Beijing Water Business Doctor Co. Ltd., Class A | 22,100 | 61,116 | ||||||
CECEP Wind-Power Corp., Class A | 30,200 | 17,446 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 65,500 | 53,555 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 6,700 | 9,418 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 49,200 | 41,466 | ||||||
Guangzhou Development Group, Inc., Class A | 29,700 | 32,642 | ||||||
Harbin Hatou Investment Co. Ltd., Class A | 11,700 | 14,176 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A* | 51,800 | 38,594 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 106,100 | $ | 47,461 | |||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 27,400 | 52,193 | ||||||
Kaidi Ecological and Environmental Technology Co. Ltd., Class A* | 28,500 | 42,172 | ||||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A* | 70,900 | 55,870 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A | 18,000 | 31,088 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 26,260 | 41,620 | ||||||
|
| |||||||
571,091 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 20,177,901 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.0% | $ | 20,177,901 | ||||||
Other assets and liabilities, net — 1.0% | 206,640 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 20,384,541 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $22,026,042. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $1,848,141. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,258,753 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,106,894. |
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 May 31, 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 (a) | $ | 18,735,293 | $ | — | $ | 1,442,608 | $ | 20,177,901 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 18,735,293 | $ | — | $ | 1,442,608 | $ | 20,177,901 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2016 | $ | 1,889,269 | ||
Purchases | 591,040 | |||
Sales | (763,487 | ) | ||
Realized gain (loss) | (70,919 | ) | ||
Change in unrealized gain (loss) | 132,002 | |||
Transfers into Level 3 (b) | 1,060,621 | |||
Transfers out of Level 3 (b) | (1,395,918 | ) | ||
|
| |||
Balance at May 31, 2017 | 1,442,608 | |||
|
| |||
Change in unrealized gain (loss) related to investments still held at May 31, 2017 | 179,606 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2017
(b) | During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $1,060,621 and between Level 3 and Level 1 was $1,395,918. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class | Fair Value at 5/31/2017 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 133,493 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Consumer Staples | 32,753 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Energy | 32,311 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Health Care | 40,835 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials | 490,508 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology | 242,938 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Materials | 116,245 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Real Estate | 353,525 | Market Approach | Last traded price adjusted for proxy. |
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -11% to 16% with a weighted average range of approximately -0.4%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 59.2% | ||||||||
Consumer Discretionary — 6.3% | ||||||||
Alibaba Pictures Group Ltd.* | 29,892 | $ | 5,179 | |||||
ANTA Sports Products Ltd. | 1,905 | 5,635 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A* | 2,757 | 2,689 | ||||||
Belle International Holdings Ltd. | 12,456 | 9,719 | ||||||
Brilliance China Automotive Holdings Ltd. | 6,563 | 12,246 | ||||||
BYD Co. Ltd., Class H | 1,835 | 10,962 | ||||||
China Travel International Investment Hong Kong Ltd. | 6,185 | 1,770 | ||||||
Ctrip.com International Ltd., ADR* | 773 | 42,244 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 6,046 | 6,812 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 1,027 | 3,868 | ||||||
Geely Automobile Holdings Ltd. | 11,033 | 18,265 | ||||||
GOME Electrical Appliances Holding Ltd. | 25,658 | 3,326 | ||||||
Great Wall Motor Co. Ltd., Class H | 6,583 | 7,037 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 4,472 | 7,507 | ||||||
Haier Electronics Group Co. Ltd. | 2,412 | 6,135 | ||||||
HengTen Networks Group Ltd.* | 43,296 | 683 | ||||||
JD.com, Inc., ADR* | 1,397 | 55,922 | ||||||
Minth Group Ltd.* | 1,585 | 6,448 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 275 | 19,709 | ||||||
Nexteer Automotive Group Ltd. | 2,205 | 3,367 | ||||||
Shenzhou International Group Holdings Ltd. | 1,032 | 7,065 | ||||||
Skyworth Digital Holdings Ltd. | 2,974 | 1,622 | ||||||
TAL Education Group, ADR | 88 | 10,249 | ||||||
Vipshop Holdings Ltd., ADR* | 841 | 10,403 | ||||||
Yum China Holdings, Inc.* | 750 | 28,808 | ||||||
|
| |||||||
287,670 | ||||||||
|
| |||||||
Consumer Staples — 1.2% | ||||||||
China Agri-Industries Holdings Ltd.* | 4,427 | 1,903 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 10,480 | 1 | ||||||
China Mengniu Dairy Co. Ltd. | 5,788 | 11,706 | ||||||
China Resources Beer Holdings Co. Ltd. | 3,399 | 8,576 | ||||||
Hengan International Group Co. Ltd. | 1,494 | 10,478 | ||||||
Sun Art Retail Group Ltd. | 5,075 | 4,689 | ||||||
Tingyi Cayman Islands Holding Corp. | 4,152 | 5,072 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 790 | 3,599 | ||||||
Uni-President China Holdings Ltd. | 2,968 | 2,217 | ||||||
Want Want China Holdings Ltd. | 12,169 | 8,542 | ||||||
|
| |||||||
56,783 | ||||||||
|
| |||||||
Energy — 3.3% | ||||||||
China Coal Energy Co. Ltd., Class H* | 4,957 | 2,176 | ||||||
China Oilfield Services Ltd., Class H | 3,833 | 3,320 | ||||||
China Petroleum & Chemical Corp., Class H | 55,162 | 45,234 | ||||||
China Shenhua Energy Co. Ltd., Class H | 7,347 | 17,895 | ||||||
CNOOC Ltd. | 37,192 | 42,478 | ||||||
Kunlun Energy Co. Ltd.* | 7,110 | 6,369 | ||||||
PetroChina Co. Ltd., Class H | 44,818 | 29,850 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 3,786 | 2,818 | ||||||
|
| |||||||
150,140 | ||||||||
|
|
Number | Value | |||||||
Financials — 13.6% | ||||||||
Agricultural Bank of China Ltd., Class H | 52,708 | $ | 25,568 | |||||
Bank of China Ltd., Class H | 166,972 | 83,567 | ||||||
Bank of Communications Co. Ltd., Class H | 13,436 | 10,414 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 16,371 | 6,198 | ||||||
China CITIC Bank Corp. Ltd., Class H | 17,528 | 10,819 | ||||||
China Construction Bank Corp., Class H | 171,750 | 141,941 | ||||||
China Everbright Bank Co. Ltd., Class H | 10,647 | 5,042 | ||||||
China Everbright Ltd. | 1,781 | 4,000 | ||||||
China Galaxy Securities Co. Ltd., Class H | 6,089 | 5,603 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 13,291 | 5,407 | ||||||
China International Capital Corp. Ltd., Class H, 144A* | 1,566 | 2,239 | ||||||
China Life Insurance Co. Ltd., Class H | 15,094 | 49,587 | ||||||
China Merchants Bank Co. Ltd., Class H | 8,494 | 25,507 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 3,890 | 3,989 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 5,628 | 22,534 | ||||||
China Reinsurance Group Corp., Class H | 11,510 | 2,614 | ||||||
China Taiping Insurance Holdings Co. Ltd.* | 3,346 | 8,910 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 4,122 | 2,819 | ||||||
CITIC Securities Co. Ltd., Class H | 2,466 | 5,171 | ||||||
Far East Horizon Ltd. | 3,706 | 3,434 | ||||||
GF Securities Co. Ltd., Class H | 3,032 | 6,288 | ||||||
Haitong Securities Co. Ltd., Class H | 2,974 | 4,984 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 2,906 | 5,721 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 157,083 | 105,025 | ||||||
New China Life Insurance Co. Ltd., Class H | 1,573 | 8,488 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 14,456 | 6,233 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 9,359 | 15,613 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 6,456 | 41,383 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A* | 5,170 | 3,118 | ||||||
|
| |||||||
622,216 | ||||||||
|
| |||||||
Health Care — 1.3% | ||||||||
3SBio, Inc., 144A* | 2,101 | 2,917 | ||||||
Alibaba Health Information Technology Ltd.* | 8,738 | 4,452 | ||||||
China Medical System Holdings Ltd. | 2,190 | 3,884 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 3,833 | 2,041 | ||||||
CSPC Pharmaceutical Group Ltd. | 8,327 | 12,460 | ||||||
Luye Pharma Group Ltd. | 1,902 | 1,145 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 3,818 | 2,999 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 674 | 2,582 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 1,295 | 3,747 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Health Care (Continued) | ||||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 8,830 | $ | 3,796 | |||||
Sino Biopharmaceutical Ltd. | 8,663 | 7,726 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,480 | 11,330 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 973 | 1,531 | ||||||
|
| |||||||
60,610 | ||||||||
|
| |||||||
Industrials — 3.7% | ||||||||
Air China Ltd., Class H | 3,633 | 3,455 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 4,654 | 2,861 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 3,521 | 5,142 | ||||||
Beijing Enterprises Holdings Ltd. | 1,072 | 5,083 | ||||||
CAR, Inc.* | 1,768 | 1,604 | ||||||
China Communications Construction Co. Ltd., Class H | 8,921 | 12,044 | ||||||
China Conch Venture Holdings Ltd. | 2,985 | 5,769 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 5,761 | 3,379 | ||||||
China Everbright International Ltd. | 5,245 | 6,697 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 1,088 | 1,770 | ||||||
China Merchants Port Holdings Co. Ltd. | 2,979 | 8,831 | ||||||
China Railway Construction Corp. Ltd., Class H | 5,291 | 7,265 | ||||||
China Railway Group Ltd., Class H | 10,740 | 8,904 | ||||||
China Southern Airlines Co. Ltd., Class H | 4,178 | 3,195 | ||||||
China State Construction International Holdings Ltd. | 3,667 | 6,362 | ||||||
CITIC Ltd. | 10,403 | 16,501 | ||||||
COSCO SHIPPING Development Co. Ltd., Class H* | 11,212 | 2,417 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 2,220 | 1,268 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 5,889 | 2,675 | ||||||
COSCO SHIPPING Ports Ltd. | 3,531 | 4,122 | ||||||
CRRC Corp. Ltd., Class H | 12,790 | 11,982 | ||||||
Fosun International Ltd. | 5,729 | 8,911 | ||||||
Haitian International Holdings Ltd. | 1,460 | 3,391 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 2,861 | 4,156 | ||||||
Metallurgical Corp. of China Ltd., Class H* | 9,315 | 3,216 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 6,998 | 3,035 | ||||||
Shanghai Industrial Holdings Ltd. | 990 | 3,094 | ||||||
Shenzhen International Holdings Ltd. | 2,254 | 3,656 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 2,688 | 2,470 | ||||||
Sinotrans Ltd., Class H | 4,911 | 2,300 | ||||||
Weichai Power Co. Ltd., Class H | 1,459 | 2,367 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 586 | 890 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 2,970 | 3,484 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 1,125 | 5,941 | ||||||
|
| |||||||
168,237 | ||||||||
|
|
Number | Value | |||||||
Information Technology — 20.5% | ||||||||
58.com, Inc., ADR*(a) | 183 | $ | 7,869 | |||||
AAC Technologies Holdings, Inc. | 1,520 | 16,271 | ||||||
Alibaba Group Holding Ltd., ADR* | 2,308 | 282,638 | ||||||
Autohome, Inc., ADR*(a) | 83 | 3,517 | ||||||
Baidu, Inc., ADR* | 561 | 104,402 | ||||||
Bitauto Holdings Ltd., ADR*(a) | 68 | 1,791 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 3,521 | 2,548 | ||||||
Fang Holdings Ltd., ADR*(a) | 597 | 2,030 | ||||||
GCL-Poly Energy Holdings Ltd.* | 27,795 | 2,961 | ||||||
Hanergy Thin Film Power Group Ltd.* | 56,247 | 0 | ||||||
Kingboard Chemical Holdings Ltd. | 1,254 | 4,627 | ||||||
Kingsoft Corp. Ltd. | 1,598 | 4,296 | ||||||
Lenovo Group Ltd. | 14,876 | 9,736 | ||||||
Momo, Inc., ADR* | 91 | 3,462 | ||||||
NetEase, Inc., ADR | 164 | 46,704 | ||||||
Semiconductor Manufacturing International Corp.* | 5,535 | 5,832 | ||||||
SINA Corp.* | 116 | 11,364 | ||||||
Sunny Optical Technology Group Co. Ltd. | 1,450 | 11,295 | ||||||
Tencent Holdings Ltd. | 11,671 | 400,793 | ||||||
TravelSky Technology Ltd., Class H | 1,884 | 5,561 | ||||||
Weibo Corp., ADR* | 63 | 4,632 | ||||||
Xinyi Solar Holdings Ltd.* | 6,178 | 1,934 | ||||||
YY, Inc., ADR* | 62 | 3,617 | ||||||
ZTE Corp., Class H | 1,245 | 2,534 | ||||||
|
| |||||||
940,414 | ||||||||
|
| |||||||
Materials — 1.0% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 7,518 | 3,502 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 2,549 | 8,456 | ||||||
BBMG Corp., Class H | 7,608 | 3,749 | ||||||
China Hongqiao Group Ltd. | 3,127 | 2,625 | ||||||
China National Building Material Co. Ltd., Class H | 5,399 | 3,000 | ||||||
China Resources Cement Holdings Ltd. | 4,399 | 2,179 | ||||||
China Zhongwang Holdings Ltd. | 2,782 | 1,189 | ||||||
Jiangxi Copper Co. Ltd., Class H | 3,138 | 4,720 | ||||||
Lee & Man Paper Manufacturing Ltd. | 3,160 | 2,745 | ||||||
Nine Dragons Paper Holdings Ltd. | 3,254 | 3,858 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 7,201 | 4,232 | ||||||
Zijin Mining Group Co. Ltd., Class H | 10,181 | 3,345 | ||||||
|
| |||||||
43,600 | ||||||||
|
| |||||||
Real Estate — 2.6% | ||||||||
Agile Group Holdings Ltd. | 3,161 | 3,002 | ||||||
China Evergrande Group | 8,175 | 14,666 | ||||||
China Jinmao Holdings Group Ltd. | 8,392 | 2,746 | ||||||
China Overseas Land & Investment Ltd. | 8,114 | 24,366 | ||||||
China Resources Land Ltd. | 5,957 | 17,506 | ||||||
China Vanke Co. Ltd., Class H | 1,254 | 3,331 | ||||||
Country Garden Holdings Co. Ltd. | 12,184 | 14,400 | ||||||
Fullshare Holdings Ltd.*(a) | 15,007 | 6,124 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 1,583 | 2,560 | ||||||
KWG Property Holding Ltd. | 1,871 | 1,481 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Longfor Properties Co. Ltd. | 3,251 | $ | 6,617 | |||||
Shenzhen Investment Ltd. | 6,649 | 3,174 | ||||||
Shimao Property Holdings Ltd. | 2,333 | 3,982 | ||||||
Shui On Land Ltd. | 10,422 | 2,528 | ||||||
Sino-Ocean Group Holding Ltd. | 6,819 | 3,439 | ||||||
SOHO China Ltd.* | 5,263 | 2,634 | ||||||
Sunac China Holdings Ltd. | 3,743 | 6,081 | ||||||
Yuexiu Property Co. Ltd. | 13,011 | 2,271 | ||||||
|
| |||||||
120,908 | ||||||||
|
| |||||||
Telecommunication Services — 3.9% | ||||||||
China Communications Services Corp. Ltd., Class H | 4,672 | 2,776 | ||||||
China Mobile Ltd. | 12,774 | 141,716 | ||||||
China Telecom Corp. Ltd., Class H | 29,367 | 14,585 | ||||||
China Unicom Hong Kong Ltd.* | 12,754 | 18,298 | ||||||
|
| |||||||
177,375 | ||||||||
|
| |||||||
Utilities — 1.8% | ||||||||
Beijing Enterprises Water Group Ltd.* | 9,552 | 7,649 | ||||||
CGN Power Co. Ltd., Class H, 144A | 25,047 | 7,425 | ||||||
China Gas Holdings Ltd. | 4,165 | 6,350 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 6,872 | 5,177 | ||||||
China Power International Development Ltd. | 7,487 | 2,854 | ||||||
China Resources Gas Group Ltd. | 2,035 | 6,242 | ||||||
China Resources Power Holdings Co. Ltd. | 4,231 | 8,731 | ||||||
Datang International Power Generation Co. Ltd., Class H | 7,460 | 2,728 | ||||||
ENN Energy Holdings Ltd. | 1,636 | 8,608 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Guangdong Investment Ltd. | 6,612 | $ | 9,537 | |||||
Huadian Power International Corp. Ltd., Class H | 7,081 | 3,353 | ||||||
Huaneng Power International, Inc., Class H | 11,992 | 9,572 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 8,697 | 2,879 | ||||||
Towngas China Co. Ltd.* | 3,270 | 2,031 | ||||||
|
| |||||||
83,136 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,711,089 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 40.6% | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) | 60,677 | 1,561,826 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF*(b) | 9,529 | 297,019 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 1,858,845 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 33.3% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (c)(d) | 1,524,297 | 1,524,297 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 133.1% | $ | 6,094,231 | ||||||
Other assets and liabilities, net — (33.1%) | (1,513,559 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,580,672 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $7,367,702. At May 31, 2017, net unrealized depreciation for all securities based on tax cost was $1,273,471. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $405,209 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,678,680. |
(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 May 31, 2017 amounted to $1,494,735, which is 32.6% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
May 31, 2017
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 May 31, 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) | $ | 2,692,192 | $ | — | $ | 18,897 | $ | 2,711,089 | ||||||||
Exchange-Traded Funds | 1,858,845 | — | — | 1,858,845 | ||||||||||||
Short-Term Investments | 1,524,297 | — | — | 1,524,297 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 6,075,334 | $ | — | $ | 18,897 | $ | 6,094,231 | ||||||||
|
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|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $35,291. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 36 |
This Page is Intentionally Left Blank
37
DBX ETF Trust
Statements of Assets and Liabilities
May 31, 2017
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | — | $ | 364,794,556 | $ | 20,177,901 | $ | 2,711,089 | ||||||||
Investment in affiliated securities at value (See Note 4) | 2,932,996 | — | — | 1,858,845 | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 1,314,136 | — | — | 1,524,297 | ||||||||||||
Cash | 1,926 | 6,271,101 | 922 | 917 | ||||||||||||
Foreign currency at value | — | 1,056,062 | † | 216,760 | † | 4,496 | ||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 4,916 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 63,824 | — | — | — | ||||||||||||
Capital shares | — | 24,842 | — | — | ||||||||||||
Dividends | — | — | 265 | 5,122 | ||||||||||||
Securities lending income | 1,544 | — | — | 1,555 | ||||||||||||
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|
|
| |||||||||
Total Assets | $ | 4,319,342 | $ | 372,146,561 | $ | 20,395,848 | $ | 6,106,321 | ||||||||
|
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Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,314,136 | $ | — | $ | — | $ | 1,524,297 | ||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 76,083 | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Capital shares | — | 4,947,816 | — | — | ||||||||||||
Investment advisory fees | 117 | 204,800 | 11,307 | 1,352 | ||||||||||||
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|
| |||||||||
Total Liabilities | 1,390,336 | 5,152,616 | 11,307 | 1,525,649 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,929,006 | $ | 366,993,945 | $ | 20,384,541 | $ | 4,580,672 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 3,190,478 | $ | 362,979,783 | $ | 33,338,294 | $ | 7,308,403 | ||||||||
Distributions in excess of net investment income | — | (318,213 | ) | (66,057 | ) | — | ||||||||||
Undistributed net investment income | 6,696 | — | — | 29,711 | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (261,836 | ) | (69,716,977 | ) | (12,911,302 | ) | (1,630,539 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | (6,332 | ) | 74,049,352 | 23,606 | (1,126,903 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,929,006 | $ | 366,993,945 | $ | 20,384,541 | $ | 4,580,672 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 150,001 | 14,200,001 | 650,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 19.53 | $ | 25.84 | $ | 31.36 | $ | 30.54 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | — | $ | 290,774,999 | $ | 20,159,506 | $ | 2,649,548 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 2,868,161 | $ | — | $ | — | $ | 3,047,293 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,291,170 | $ | — | $ | — | $ | 1,494,735 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | $ | 1,314,136 | $ | — | $ | — | $ | 1,524,297 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | — | $ | 1,026,266 | $ | 211,553 | $ | 4,500 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $274 and $5,551, respectively, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
For the Year Ended May 31, 2017
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | — | $ | 11,117 | $ | 793 | $ | — | ||||||||
Unaffiliated dividend income* | — | 8,049,179 | 141,864 | 81,086 | ||||||||||||
Income distributions from affiliated funds | 15,517 | — | — | 11,238 | ||||||||||||
Securities lending income, net of borrower rebates | 19,246 | — | — | 70,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 34,763 | 8,060,296 | 142,657 | 163,246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 17,216 | 2,845,116 | 164,532 | 28,455 | ||||||||||||
Other expense | 20 | — | — | 172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 17,236 | 2,845,116 | 164,532 | 28,627 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (16,010 | ) | — | — | (12,214 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 1,226 | 2,845,116 | 164,532 | 16,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 33,537 | 5,215,180 | (21,875 | ) | 146,833 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | — | (1,505,640 | ) | (975,413 | ) | (119,371 | ) | |||||||||
Investments in affiliates | (242,807 | ) | — | — | (171,226 | ) | ||||||||||
In-kind redemptions | — | — | — | (169,893 | ) | |||||||||||
In-kind redemptions in affiliates | — | — | — | (397,096 | ) | |||||||||||
Foreign currency transactions | 58,992 | (754,279 | ) | (51,881 | ) | 167 | ||||||||||
Payments by Affiliates (see note 9) | 9,674 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (174,141 | ) | (2,259,919 | ) | (1,027,294 | ) | (857,419 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 384,717 | 25,999,167 | (254,025 | ) | 1,497,029 | |||||||||||
Foreign currency translations | (102,195 | ) | 29,471 | 5,578 | 19 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 282,522 | 26,028,638 | (248,447 | ) | 1,497,048 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 108,381 | 23,768,719 | (1,275,741 | ) | 639,629 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 141,918 | $ | 28,983,899 | $ | (1,297,616 | ) | $ | 786,462 | |||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | — | $ | 931,339 | $ | 17,567 | $ | 6,950 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | |||||||||||||||
Year Ended May 31, 2017 | For the Period October 20, 2015(1) to May 31, 2016 | Year Ended May 31, 2017 | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 33,537 | $ | 36,161 | $ | 5,215,180 | $ | 6,777,935 | ||||||||
Net realized gain (loss) | (174,141 | ) | 278,298 | (2,259,919 | ) | 219,304,333 | ||||||||||
Net change in unrealized appreciation (depreciation) | 282,522 | (288,854 | ) | 26,028,638 | (544,424,732 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 141,918 | 25,605 | 28,983,899 | (318,342,464 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (281,686 | ) | (37,029 | ) | (2,914,310 | ) | (3,938,040 | ) | ||||||||
Net realized gains | (84,778 | ) | — | — | (97,209,728 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (366,464 | ) | (37,029 | ) | (2,914,310 | ) | (101,147,768 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 967,594 | 3,505,824 | 237,085,355 | 758,999,152 | ||||||||||||
Value of shares redeemed | — | (1,308,467 | ) | (222,628,824 | ) | (1,423,452,453 | ) | |||||||||
Payments by Affiliates (See Note 9) | — | — | — | 14,225 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 967,594 | 2,197,357 | 14,456,531 | (664,439,076 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 743,048 | 2,185,933 | 40,526,120 | (1,083,929,308 | ) | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,185,958 | 25 | 326,467,825 | 1,410,397,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,929,006 | $ | 2,185,958 | $ | 366,993,945 | $ | 326,467,825 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | (318,213 | ) | $ | (2,333,186 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 6,696 | $ | 265,176 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 13,750,001 | 28,250,001 | ||||||||||||
Shares sold | 50,000 | 150,000 | 9,600,000 | 22,750,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | (9,150,000 | ) | (37,250,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 100,001 | 14,200,001 | 13,750,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers MSCI All China Equity ETF | |||||||||||||||
Year Ended May 31, 2017 | Year Ended May 31, 2016 | Year Ended May 31, 2017 | Year Ended May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | (21,875 | ) | $ | (40,064 | ) | $ | 146,833 | $ | 784,789 | ||||||
Net realized gain (loss) | (1,027,294 | ) | (11,329,272 | ) | (857,419 | ) | (1,010,000 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (248,447 | ) | (25,466,175 | ) | 1,497,048 | (5,391,113 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,297,616 | ) | (36,835,511 | ) | 786,462 | (5,616,324 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | (134,904 | ) | (448,333 | ) | (1,736,120 | ) | |||||||||
Net realized gains | — | (2,632,219 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (2,767,123 | ) | (448,333 | ) | (1,736,120 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 5,254,292 | 60,339,888 | — | — | ||||||||||||
Value of shares redeemed | (5,023,771 | ) | (81,058,569 | ) | (2,847,049 | ) | (3,963,691 | ) | ||||||||
Payments by Affiliates (See Note 9) | — | — | — | 515 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 230,521 | (20,718,681 | ) | (2,847,049 | ) | (3,963,176 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (1,067,095 | ) | (60,321,315 | ) | (2,508,920 | ) | (11,315,620 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of year | 21,451,636 | 81,772,951 | 7,089,592 | 18,405,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 20,384,541 | $ | 21,451,636 | $ | 4,580,672 | $ | 7,089,592 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | (66,057 | ) | $ | (178,422 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | — | $ | 29,711 | $ | 324,953 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 650,001 | 1,250,001 | 250,001 | 400,001 | ||||||||||||
Shares sold | 150,000 | 1,100,000 | — | — | ||||||||||||
Shares redeemed | (150,000 | ) | (1,700,000 | ) | (100,000 | ) | (150,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 650,001 | 650,001 | 150,001 | 250,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Selected Per Share Data
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||||||||||
Net Asset Value, beginning of period | $ | 21.86 | $ | 25.00 | ||||||||||||
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.29 | 0.40 | ||||||||||||||
Net realized and unrealized gain (loss) | 1.05 | (2.80 | ) | |||||||||||||
|
|
|
| |||||||||||||
Total from investment operations | 1.34 | (2.40 | ) | |||||||||||||
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (2.82 | ) | (0.74 | ) | ||||||||||||
Net realized gains | (0.85 | ) | — | |||||||||||||
|
|
|
| |||||||||||||
Total distributions | (3.67 | ) | (0.74 | ) | ||||||||||||
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 19.53 | $ | 21.86 | ||||||||||||
|
|
|
| |||||||||||||
Total Return (%)(d) | 6.42 | (g) | (10.01 | )** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 3 | 2 | ||||||||||||||
Ratio of expenses before fee waiver (%)(e) | 0.72 | 1.25 | *** | |||||||||||||
Ratio of expenses after fee waiver (%)(e) | 0.05 | 0.45 | *** | |||||||||||||
Ratio of net investment income (loss) (%) | 1.41 | 2.92 | * | |||||||||||||
Portfolio turnover rate (%)(f) | 6 | 4 | ** | |||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Selected Per Share Data |
| |||||||||||||||
Net Asset Value, beginning of period | $ | 23.74 | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.30 | 0.43 | 0.09 | (0.05 | ) | |||||||||||
Net realized and unrealized gain (loss) | 1.97 | (18.19 | ) | 27.96 | (2.97 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 2.27 | (17.76 | ) | 28.05 | (3.02 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.17 | ) | (0.33 | ) | (0.10 | ) | — | |||||||||
Net realized gains | — | (8.10 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.17 | ) | (8.43 | ) | (0.10 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 9.62 | (38.10 | ) | 127.82 | (12.08 | )**(d) | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 367 | 326 | 1,410 | 153 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.67 | 0.80 | 0.80 | 0.96 | * | |||||||||||
Ratio of expenses after fee waiver (%) | 0.67 | 0.80 | 0.80 | 0.92 | * | |||||||||||
Ratio of net investment income (loss) (%) | 1.24 | 1.27 | 0.26 | (0.38 | )* | |||||||||||
Portfolio turnover rate (%)(f) | 68 | 159 | 58 | 42 | ** |
(a) | For the period October 20, 2015 (commencement of operations) through May 31, 2016. |
(b) | For the period November 6, 2013 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
(f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(g) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%. |
* | Annualized. |
** | Not Annualized. |
*** | Annualized. Includes excise tax expense that is not annualized. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Financial Highlights (Continued)
Selected Per Share Data
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 33.00 | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | (0.03 | ) | (0.05 | ) | (0.12 | ) | 0.02 | |||||||||
Net realized and unrealized gain (loss) | (1.61 | ) | (28.91 | ) | 40.05 | 0.68 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (1.64 | ) | (28.96 | ) | 39.93 | 0.70 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | — | (0.17 | ) | (0.04 | ) | — | ||||||||||
Net realized gains | — | (3.29 | ) | (0.17 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (3.46 | ) | (0.21 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (4.97 | ) | (45.37 | ) | 155.99 | 2.80 | ** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 20 | 21 | 82 | 8 | ||||||||||||
Ratio of expenses (%) | 0.67 | 0.80 | 0.80 | 0.80 | * | |||||||||||
Ratio of net investment income (loss) (%) | (0.09 | ) | (0.11 | ) | (0.30 | ) | 2.57 | * | ||||||||
Portfolio turnover rate (%)(e) | 51 | 215 | 131 | 0 | ** | |||||||||||
Deutsche X-trackers MSCI All China Equity ETF | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(b) | ||||||||||||
Selected Per Share Data |
| |||||||||||||||
Net Asset Value, beginning of period | $ | 28.36 | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.91 | 2.15 | 0.32 | 0.06 | ||||||||||||
Net realized and unrealized gain (loss) | 4.26 | (15.46 | ) | 20.58 | 0.45 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 5.17 | (13.31 | ) | 20.90 | 0.51 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (2.99 | ) | (4.34 | ) | (0.35 | ) | — | |||||||||
Net realized gains | — | — | (0.05 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (2.99 | ) | (4.34 | ) | (0.40 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) (d) | 20.03 | (29.80 | ) | 82.48 | 2.04 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 5 | 7 | 18 | 5 | ||||||||||||
Ratio of expenses before fee waiver (%)(f) | 0.60 | 0.60 | 0.60 | 0.60 | * | |||||||||||
Ratio of expenses after fee waiver (%)(f) | 0.35 | 0.26 | 0.26 | 0.30 | * | |||||||||||
Ratio of net investment income (loss) (%) | 3.10 | 6.46 | 0.94 | 2.73 | * | |||||||||||
Portfolio turnover rate (%)(e) | 7 | 36 | 20 | 2 | ** |
(a) | For the period May 21, 2014 (commencement of operations) through May 31, 2014. |
(b) | For the period April 30, 2014 (commencement of operations) through May 31, 2014. |
(c) | Based on average shares outstanding during the period. |
(d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) | ||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) | ||
Deutsche X-trackers MSCI All China Equity ETF (CN) |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The Underlying Index for each Fund is:
Fund | Underlying Index | |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | CSI 300 USD Hedged Index | |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Deutsche X-trackers MSCI All China Equity ETF | MSCI China All Shares Index |
CSI 300 USD Hedged Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the China A-Share market. The Underlying Index hedges the currency exposure of the securities in the CSI 300 Index by taking long positions in foreign currency forwards. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.
MSCI is the creator of the MSCI China All Shares Index. The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes. The Underlying Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
44
DBX ETF Trust
Notes to Financial Statements (Continued)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity EFT are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s Shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as a 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
45
DBX ETF Trust
Notes to Financial Statements (Continued)
trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2017, the Funds did not incur any interest or penalties.
46
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 6,696 | $ | (254,116 | ) | $ | (14,052 | ) | $ | (261,472 | ) | |||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | — | (28,450,954 | ) | 32,465,116 | 4,014,162 | |||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | — | (11,110,823 | ) | (1,842,930 | ) | (12,953,753 | ) | |||||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 29,711 | (1,483,975 | ) | (1,273,467 | ) | (2,727,731 | ) |
The tax character of dividends and distributions declared for the periods ended May 31, 2017 and May 31, 2016 were as follows:
Year Ended May 31, 2017 | ||||||||
Ordinary Income* | Long-Term Capital Gain | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 309,559 | $ | 56,905 | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 2,914,310 | — | ||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 448,333 | — |
Year Ended May 31, 2016 | ||||||||
Ordinary Income* | Long-Term Capital Gain | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 37,029 | $ | — | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 85,050,247 | 16,097,521 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 2,767,123 | — | ||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 1,736,120 | — |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions |
At May 31, 2017, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 13,782,323 | $ | — | $ | 13,782,323 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 9,571,784 | — | 9,571,784 | |||||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 1,028,079 | 179,546 | 1,207,625 |
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2017, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:
Late Year Ordinary Losses | Post-October Losses on Capital | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | 254,116 | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 318,213 | 14,350,418 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 66,057 | 1,472,982 | ||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | — | 276,350 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional
47
DBX ETF Trust
Notes to Financial Statements (Continued)
paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), net operating losses, redemptions-in-kind, and distribution re-class. For the year ended May 31, 2017, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Pain-In Capital | ||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | (10,331 | ) | $ | 10,331 | $ | — | |||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | (285,897 | ) | 285,897 | — | ||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 134,240 | 99,012 | (233,252 | ) | ||||||||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 6,258 | 638,314 | (644,572 | ) |
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 May 31, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to 17 November 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
48
DBX ETF Trust
Notes to Financial Statements (Continued)
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 May 31, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of May 31, 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 Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of May 31, 2017, the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, which were classified as Exchanged Traded Fund in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
As of May 31, 2017, the Deutsche X-trackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2017 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 12,267 | $ | — | $ | — | $ | — | $ | 12,267 | ||||||||||
Exchange Traded Funds | 1,512,030 | — | — | — | 1,512,030 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 1,524,297 | $ | — | $ | — | $ | — | $ | 1,524,297 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 1,524,297 |
Derivatives
Forward Foreign Currency Exchange Contracts The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2017, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.
49
DBX ETF Trust
Notes to Financial Statements (Continued)
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 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 Fund had to the value of non U.S currencies during the year ended May 31, 2017.
The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 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 CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $4,916 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 76,083 |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 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 CSI 300 China A-Shares Hedged Equity ETF | $ | 58,992 |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Foreign Exchange Contracts | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | (102,195 | ) |
For the year ended May 31, 2017 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Exchange Contracts (Contract Value) | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | (2,395,693 | ) |
As of May 31, 2017, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow the Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the
50
DBX ETF Trust
Notes to Financial Statements (Continued)
gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following table:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 4,916 | $ | (4,916 | ) | $ | — | $ | — | $ | 76,083 | $ | (4,916 | ) | $ | — | $ | 71,167 |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the ETFs, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Harvest Global Investments Limited serves as investment sub-advisor (the “Sub-Advisor”) to the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and the Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
For its investment advisory services to the Deutsche X-trackers MSCI All China Equity ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.60%.
For its investment advisory services to the Funds below, for the period from June 1, 2016 through July 31, 2016, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 0.85 | % | ||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.80 | % | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.80 | % |
Effective August 1, 2016, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 0.70 | % | ||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.65 | % | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.65 | % |
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor as applicable, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees except for interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and other extraordinary expenses.
The Advisor for the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the underlying fund, if any (the “Expense Limit”). For the year from June 1, 2016 through May 31, 2017, the Advisor waived $16,010 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
51
DBX ETF Trust
Notes to Financial Statements (Continued)
The Advisor for the Deutsche X-trackers MSCI All China Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in an affiliated fund, if any (the “Expense Limit”). For the year from June 1, 2016 through May 31, 2017, the Advisor waived $12,214 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Transactions with Affiliates
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each Fund’s investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the year ended May 31, 2017.
Value ($) at 5/31/16 | Purchases Cost ($) | Sales Proceeds ($) | Realized Gain/(Loss) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 5/31/17 | ||||||||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 2,183,045 | 1,122,694 | (514,654 | ) | (242,807 | ) | 15,517 | — | 2,932,996 | |||||||||||||||||||
Deutsche X-trackers MSCI All China Equity ETF | ||||||||||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 2,608,494 | 77,276 | (1,206,606 | ) | (560,340 | ) | 11,238 | — | 1,561,826 | |||||||||||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 519,514 | 53,649 | (264,420 | ) | (7,982 | ) | — | — | 297,019 | |||||||||||||||||||
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3,128,008 | 130,925 | (1,471,026 | ) | (568,322 | ) | 11,238 | — | 1,858,845 | ||||||||||||||||||||
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5. Investment Portfolio Transactions
For the year ended May 31, 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 CSI 300 China A-Shares Hedged Equity ETF | $ | 151,820 | $ | 514,654 | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 298,177,256 | 281,761,350 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 12,378,929 | 12,336,347 | ||||||
Deutsche X-trackers MSCI All China Equity ETF | 340,407 | 624,428 |
52
DBX ETF Trust
Notes to Financial Statements (Continued)
For the year ended May 31, 2017, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | $ | 970,874 | $ | — | ||||
Deutsche X-trackers MSCI All China Equity ETF | — | 2,847,212 |
6. Fund Share Transactions
As of May 31, 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 Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2017.
Pro-rata Share | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $ | 67,200,000 | ||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap | 4,200,000 |
53
DBX ETF Trust
Notes to Financial Statements (Continued)
9. Payments by Affiliates
During the year ended May 31, 2016, the Advisor agreed to compensate Deutsche X-trackers CSI 300 China A-Shares ETF and Deutsche X-trackers MSCI All China Equity ETF $14,225 and $515, respectively, for accounting adjustments related to certain investments held by the Funds. The amounts compensated were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total returns.
In addition, during the year ended May 31, 2017, the Advisor agreed to reimburse Deutsche X-tracker CSI 300 China A-Shares Hedged Equity $9,674 for a loss on a trade executed incorrectly. The amount of the loss was 0.41% of the Fund’s average net assets
54
DBX ETF Trust
Report of Independent Registered Public Accounting Firm
To Board of Trustees and Shareholders of
DBX ETF Trust:
We have audited the accompanying statements of assets and liabilities of Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF, Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and Deutsche X-trackers MSCI All China Equity ETF (the “Funds” within DBX ETF Trust), including the schedules of investments, as of May 31, 2017, and the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF, Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and Deutsche X-trackers MSCI All China Equity ETF at May 31, 2017, the results of their operations for the year then ended and the changes in their net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
New York, New York
July 26, 2017
55
DBX ETF Trust
Trustees and Officers (Unaudited)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 35 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 35 | — | |||||
J. David Officer 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 35 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
56
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008-present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-present). | 35 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank AG and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in the Deutsche Asset Management Passive Asset Management Group at Deutsche Bank AG and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
57
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the Deutsche Asset Management Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank A.G. and has served as a Portfolio Manager in the Passive Asset Management business since 2011. Also at Deutsche Bank, Mr. Richards served as the primary portfolio manager for the PowerShares DB Commodity ETFs until their sale in 2015. | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of Deutsche Asset Management at Deutsche Bank AG (2014-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.deutsche-etfs.com.
58
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MCSI All China Equity 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 CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity 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.
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 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.
59
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
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 considered that the Funds were not profitable 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 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.
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap 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 and Investment Sub-Advisory Agreement with respect to Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Funds”). The Independent Trustees were advised throughout the review and meetings by Independent Trustee Counsel.
In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services 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.
In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest Global Investments Limited (“Harvest” or “Sub-Adviser”) with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided
60
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
by and the profits realized by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-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 Investment Sub-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. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Adviser in working with Harvest to manage the Funds’ portfolios, noting that 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 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 while each Fund’s advisory fees were higher than certain other ETFs in the Funds’ peer group, those other ETFs did not invest directly in
61
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
A-Shares. The Board considered that the fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Adviser, which receives a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser 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 is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to 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 only Deutsche X-trackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Adviser’s profitability with respect to the Fund was not excessive. The Board also noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that Deutsche X-trackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets (though it had also experienced outflows during the year), but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Fund was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Adviser continuously during the prior year, in addition to the information the Sub-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 Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-adviser to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of China A-Shares, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board noted that Harvest manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, Harvest closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted Harvest’s processes to minimize the cost of trading.
62
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Adviser and not the Funds.
Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.
The Board also considered Harvest’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Adviser and not the Funds. The Board considered that the fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to Harvest. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered that the fees paid by the Adviser to Harvest under the Investment Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.
The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest. The Board discussed the potential benefits Harvest might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or Harvest in return for allocating fund brokerage.
Economies of Scale. The Board considered that Deutsche X-trackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Fund was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
63
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2017.
Qualified Dividend Income* | ||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 3% | |||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 100% | |||
Deutsche X-trackers Harvest MSCI All China Equity ETF | 16% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | $8,988,374 | $933,900 |
64
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.
65
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency vs. the U.S. dollar. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF aims to hedge the currency exposure by entering into forward transactions linked to the CNH/USD exchange rate. The equity shares included in the CSI 300 index may be valued using the CNY/USD exchange rate. The difference between the CNH/USD and CNH/USD exchange rates may lead to tracking errors in the fund. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-35360-4 (7/17) DBX 002747 (7/18)
May 31, 2017
Annual Report
DBX ETF Trust
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
DBX ETF Trust
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Board Considerations in Approval of Investment Advisory Contract | 53 | |||
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56 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for the fiscal year ended May 31, 2017.
The global economy has experienced a strong rebound since late 2016 on a continued upswing in growth across developed and emerging markets. Financial cycles in many developing countries were in an expansionary phase, driven by a series of factors — including overall positive sentiment, strengthening of investment and trade activity, and improving commodity prices — that placed global financial markets on a firm footing. In the U.S., there were concerns about a potential shift toward protectionist policies overshadowing the Trump administration’s pro-growth plans. Despite this uncertainty, the U.S. economy expanded and the U.S. Federal Reserve Board (FRB) continued its rate hike trajectory on the back of faster economic growth and rising inflation prospects. The Bank of Japan (BOJ) continued with its easing policies on a competitive yen and robust global demand. Meanwhile, in the Eurozone, unconventional measures taken by the European Central Bank helped stimulate credit growth and lifted inflation expectations. Elsewhere, emerging markets outpaced their developed counterparts, led by cyclical recoveries in Brazil and Russia and well-supported growth in China.
Commercial real estate in the U.S. remained solid, pushing vacancy rates to 15-year lows, permitting landlords to raise rents nationally. The BOJ’s favorable policies helped ease upward pressure on capitalization rates, allowing leasing markets and real estate fundamentals to recover on an increased supply in the logistics sector. However, the volume of real estate transactions declined against a backdrop of negative interest rate policy.
China’s growth continued to be moderate, underpinned by infrastructure investment and domestic consumption. Economic sentiment continued to improve in the Eurozone, despite uncertainties in the aftermath of the U.K. referendum1. The investment plan for Europe adopted by the European Commission brought infrastructure investments back in line, thus creating more jobs and increasing economic growth. On the other hand, Italy witnessed subdued economic growth on the back of rising political risks and a fragile banking system. Meanwhile, the Japanese government envisaged a proposal to invest USD 150 billion in U.S. infrastructure projects, focusing mainly on high-speed railway systems and the renewal of urban rail and subway cars.
The FRB remains cautious and is expected to lift rates moderately this year. While economic growth in Europe and Japan is likely to remain modest on account of a more relaxed monetary policy and fiscal stimulus, U.S. equities could face headwinds from a strong U.S. dollar. Against the backdrop of a strengthening U.S. dollar, our currency-hedged strategy has made a significant positive contribution to the fund’s overall performance.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Referendum held on June 23, 2016 in which the citizens of the UK voted for an exit of the UK from the EU, with a majority of 52%.
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
This Page is Intentionally Left Blank
2
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited)
The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF
The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the JPN Index). The JPN Index is designed to track the performance of equity securities of issuers that are primarily listed on the JASDAQ Stock Exchange (JASDAQ) or the following sections of the Tokyo Stock Exchange (TSE): the first section (for large companies), the second section (for middle-sized companies), and the “Mothers” (for high-growth and emerging stocks). For the 12-month period ended May 31, 2017, JPN shares returned 14.75%, compared to the JPN Index return of 14.65%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Information Technology, and Financials.
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the DBES Index). The DBES Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the DBES Index. For the 12-month period ended May 31, 2017, DBES shares returned 19.32%, compared to the DBES Index return of 19.94%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Information Technology, and Materials. From a geographical perspective, Japan, Switzerland, and Germany were the main positive contributors, while China and Bermuda contributed negatively to performance. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Italy Hedged Equity ETF
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Italy 25/50 USD Hedged Index (the DBIT Index). The DBIT Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2017, DBIT shares returned 19.70%, compared to the DBIT Index return of 19.88%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Energy, and Utilities. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
The Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE) seeks investment results that generally correspond to the performance, before fees and expenses, of the MSCI Southern Europe USD Hedged Index (the DBSE Index). The DBSE Index is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2017, DBSE shares returned 23.01%, compared to the DBSE Index return of 23.64%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Financials and Utilities. From a geographical perspective, Spain and Italy were the main positive contributors. The Fund entered into forward foreign currency exchange contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.deutsche-etfs.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-11 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
3
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The MSCI ACWI ex USA US Dollar Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | JPX-Nikkei 400 Net Total Return Index | MSCI ACWI ex USA Index | |||||
One Year | 14.75% | 15.56% | 14.65% | 18.24% | ||||
Since Inception1 | 3.53% | 3.49% | 3.69% | 2.08% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | JPX-Nikkei 400 Net Total Return Index | MSCI ACWI ex USA Index | |||||
One Year | 14.75% | 15.56% | 14.65% | 18.24% | ||||
Since Inception1 | 6.96% | 6.87% | 7.29% | 4.07% |
1 Total returns are calculated based on the commencement of operations, 6/24/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.40%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
4
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 6/24/15.
Sector Diversification* as of 5/31/17
Industrials | 21.6% | |||
Consumer Discretionary | 17.0% | |||
Financials | 13.9% | |||
Information Technology | 11.1% | |||
Consumer Staples | 9.8% | |||
Health Care | 8.5% | |||
Materials | 6.6% | |||
Telecommunication Services | 5.3% | |||
Real Estate | 4.4% | |||
Utilities | 1.4% | |||
Energy | 0.4% | |||
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| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (14.1% of Net Assets)
Description | % of Net Assets | |||
Mitsubishi UFJ Financial Group, Inc. | 1.7% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.6% | |||
SoftBank Group Corp. | 1.6% | |||
Mizuho Financial Group, Inc. | 1.5% | |||
Honda Motor Co. Ltd. | 1.5% | |||
Takeda Pharmaceutical Co. Ltd. | 1.3% | |||
Nippon Telegraph & Telephone Corp. | 1.3% | |||
Toyota Motor Corp. | 1.3% | |||
NTT DOCOMO, Inc. | 1.2% | |||
Japan Tobacco, Inc. | 1.1% |
* 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 13.
5
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
The Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCl EAFE Small Cap US Dollar Hedged Index | MSCI EAFE Small Cap Net Return US Index | |||||
One Year | 19.32% | 19.39% | 19.94% | 16.71% | ||||
Since Inception1 | 9.18% | 9.55% | 10.23% | 9.67% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCl EAFE Small Cap US Dollar Hedged Index | MSCI EAFE Small Cap Net Return US Index | |||||
One Year | 19.32% | 19.39% | 19.94% | 16.71% | ||||
Since Inception1 | 16.98% | 17.70% | 19.00% | 17.92% |
1 Total returns are calculated based on the commencement of operations, 08/19/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
6
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/19/15.
Sector Diversification* as of 5/31/17
Industrials | 22.5% | |||
Consumer Discretionary | 16.0% | |||
Information Technology | 11.2% | |||
Financials | 11.1% | |||
Real Estate | 10.5% | |||
Materials | 8.7% | |||
Health Care | 7.0% | |||
Consumer Staples | 6.9% | |||
Energy | 2.6% | |||
Utilities | 2.2% | |||
Telecommunication Services | 1.3% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (3.2% of Net Assets)
Description | % of Net Assets | |||
Wirecard AG (Germany) | 0.4% | |||
Teleperformance (France) | 0.4% | |||
Logitech International SA (Switzerland) | 0.3% | |||
Furukawa Electric Co. Ltd. (Japan) | 0.3% | |||
Fujikura Ltd. (Japan) | 0.3% | |||
Temenos Group AG (Switzerland) | 0.3% | |||
Informa PLC (United Kingdom) | 0.3% | |||
Ito En Ltd. (Japan) | 0.3% | |||
MTU Aero Engines AG (Germany) | 0.3% | |||
Micro Focus International PLC (United Kingdom) | 0.3% |
Country Diversification* as of 5/31/17
Japan | 29.9% | |||
United Kingdom | 17.3% | |||
Germany | 6.3% | |||
Australia | 5.8% | |||
Sweden | 4.9% | |||
Switzerland | 4.8% | |||
France | 4.3% | |||
Italy | 3.9% | |||
Spain | 2.5% | |||
Hong Kong | 2.5% | |||
Netherlands | 2.4% | |||
Belgium | 2.0% | |||
Other | 13.4% | |||
|
| |||
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 18.
7
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
The Deutsche X-trackers MSCI Italy Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCl Italy 25/50 US Dollar Hedged Index | MSCl Italy 25/50 US NETR | |||||
One Year | 19.70% | 19.50% | 19.88% | 19.31% | ||||
Since Inception1 | -3.28% | -3.16% | -3.23% | -3.40% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCl Italy 25/50 US Dollar Hedged Index | MSCl Italy 25/50 US NETR | |||||
One Year | 19.70% | 19.50% | 19.88% | 19.31% | ||||
Since Inception1 | -5.78% | -5.57% | -5.70% | -5.98% |
1 Total returns are calculated based on the commencement of operations, 8/19/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/19/15.
Sector Diversification* as of 5/31/17
Financials | 33.0% | |||
Energy | 19.0% | |||
Utilities | 15.6% | |||
Industrials | 14.3% | |||
Consumer Discretionary | 12.1% | |||
Telecommunication Services | 4.4% | |||
Health Care | 1.6% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (69.7% of Net Assets)
Description | % of Net Assets | |||
Enel SpA | 12.1% | |||
Eni SpA | 11.2% | |||
Intesa Sanpaolo SpA | 10.7% | |||
UniCredit SpA | 9.6% | |||
Assicurazioni Generali SpA | 4.5% | |||
Atlantia SpA | 4.4% | |||
Telecom Italia SpA | 4.4% | |||
CNH Industrial NV | 4.4% | |||
Snam SpA | 4.2% | |||
Ferrari NV | 4.2% |
* 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 30.
9
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
The Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/17
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Southern Europe US Dollar Hedged Index | MSCI Southern Europe Net Return USD Index | |||||
One Year | 23.01% | 23.44% | 23.64% | 22.75% | ||||
Since Inception1 | 0.53% | 0.74% | 0.88% | 0.59% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Southern Europe US Dollar Hedged Index | MSCI Southern Europe U.S. Dollar Index | |||||
One Year | 23.01% | 23.44% | 23.64% | 22.75% | ||||
Since Inception1 | 0.95% | 1.32% | 1.58% | 1.06% |
1 Total returns are calculated based on the commencement of operations, 8/19/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.deutsche-etfs.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 30, 2016, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE) (Continued)
Growth of an Assumed $10,000 Investment
1 Based on Net Asset Value from commencement of operations, 8/19/15.
Sector Diversification* as of 5/31/17
Financials | 37.2% | |||
Utilities | 16.3% | |||
Energy | 11.7% | |||
Industrials | 11.5% | |||
Consumer Discretionary | 9.4% | |||
Telecommunication Services | 8.1% | |||
Information Technology | 3.1% | |||
Health Care | 1.6% | |||
Consumer Staples | 1.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/17 (57.9% of Net Assets)
Description | % of Net Assets | |||
Banco Santander SA (Spain) | 11.6% | |||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 6.7% | |||
Telefonica SA (Spain) | 6.2% | |||
Iberdrola SA (Spain) | 5.7% | |||
Industria de Diseno Textil SA (Spain) | 5.5% | |||
Enel SpA (Italy) | 5.3% | |||
Eni SpA (Italy) | 5.0% | |||
Intesa Sanpaolo SpA (Italy) | 4.5% | |||
UniCredit SpA (Italy) | 4.3% | |||
Amadeus IT Group SA (Spain) | 3.1% |
Country Diversification* as of 5/31/17
Spain | 58.5% | |||
Italy | 33.9% | |||
United Kingdom | 3.4% | |||
Portugal | 2.6% | |||
Luxembourg | 0.9% | |||
Netherlands | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.
11
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 (December 1, 2016 to May 31, 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 December 1, 2016 | Ending Account Value May 31, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,102.50 | 0.40 | % | $ | 2.10 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.94 | 0.40 | % | $ | 2.02 | ||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,162.10 | 0.45 | % | $ | 2.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,227.10 | 0.45 | % | $ | 2.50 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,262.50 | 0.45 | % | $ | 2.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
12
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 98.6% | ||||||||
Consumer Discretionary — 16.7% | ||||||||
ABC-Mart, Inc. | 200 | $ | 11,701 | |||||
Aisin Seiki Co. Ltd.JAJAFEER | 500 | 24,687 | ||||||
Asics Corp. | 800 | 13,427 | ||||||
Bandai Namco Holdings, Inc. | 800 | 28,611 | ||||||
Bridgestone Corp. | 2,400 | 100,961 | ||||||
Casio Computer Co. Ltd. | 400 | 6,221 | ||||||
CyberAgent, Inc. | 200 | 7,234 | ||||||
Daiichikosho Co. Ltd. | 300 | 14,514 | ||||||
Denso Corp. | 1,700 | 72,575 | ||||||
Dentsu, Inc. | 800 | 40,801 | ||||||
Don Quijote Holdings Co. Ltd. | 300 | 11,747 | ||||||
Eagle Industry Co. Ltd. | 100 | 1,618 | ||||||
Fast Retailing Co. Ltd. | 100 | 33,549 | ||||||
Geo Holdings Corp. | 200 | 2,111 | ||||||
Hakuhodo DY Holdings, Inc. | 900 | 11,923 | ||||||
Haseko Corp. | 800 | 10,171 | ||||||
Heiwa Corp. | 400 | 8,714 | ||||||
Hikari Tsushin, Inc. | 100 | 10,146 | ||||||
HIS Co. Ltd. | 100 | 2,830 | ||||||
Honda Motor Co. Ltd. | 5,400 | 152,207 | ||||||
Iida Group Holdings Co. Ltd. | 400 | 6,612 | ||||||
Isuzu Motors Ltd. | 1,800 | 22,023 | ||||||
Izumi Co. Ltd. | 200 | 10,906 | ||||||
J. Front Retailing Co. Ltd. | 800 | 11,322 | ||||||
Koito Manufacturing Co. Ltd. | 200 | 10,544 | ||||||
K’s Holdings Corp. | 100 | 2,062 | ||||||
Mazda Motor Corp. | 2,000 | 27,309 | ||||||
Mitsuba Corp. | 200 | 3,451 | ||||||
NGK Spark Plug Co. Ltd. | 500 | 10,178 | ||||||
NHK Spring Co. Ltd. | 1,000 | 10,535 | ||||||
Nifco, Inc. | 200 | 10,236 | ||||||
Nikon Corp. | 1,000 | 15,436 | ||||||
Nippon Television Holdings, Inc. | 500 | 7,845 | ||||||
Nissan Motor Co. Ltd. | 8,200 | 78,711 | ||||||
Nissin Kogyo Co. Ltd. | 300 | 4,750 | ||||||
Nitori Holdings Co. Ltd. | 400 | 58,561 | ||||||
NOK Corp. | 200 | 4,384 | ||||||
Oriental Land Co. Ltd. | 700 | 45,285 | ||||||
Panasonic Corp. | 7,600 | 97,624 | ||||||
Pressance Corp. | 200 | 2,716 | ||||||
Rakuten, Inc. | 3,500 | 42,601 | ||||||
Resorttrust, Inc. | 400 | 7,430 | ||||||
Rinnai Corp. | 200 | 18,013 | ||||||
Ryohin Keikaku Co. Ltd. | 200 | 52,141 | ||||||
Sanrio Co. Ltd. | 400 | 7,484 | ||||||
Sekisui Chemical Co. Ltd. | 1,600 | 28,156 | ||||||
Sekisui House Ltd. | 2,400 | 41,235 | ||||||
Seria Co. Ltd. | 200 | 9,694 | ||||||
Shimamura Co. Ltd. | 100 | 12,859 | ||||||
Shimano, Inc. | 300 | 46,661 | ||||||
Stanley Electric Co. Ltd. | 300 | 9,047 | ||||||
Start Today Co. Ltd. | 500 | 12,497 | ||||||
Starts Corp., Inc. | 200 | 4,890 | ||||||
Subaru Corp. | 1,900 | 64,344 | ||||||
Sumitomo Electric Industries Ltd. | 2,700 | 42,862 | ||||||
Sumitomo Forestry Co. Ltd. | 500 | 7,976 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Sumitomo Rubber Industries Ltd. | 700 | $ | 11,951 | |||||
Suzuki Motor Corp. | 1,200 | 56,590 | ||||||
Takashimaya Co. Ltd. | 2,000 | 18,610 | ||||||
Toho Co. Ltd. | 300 | 8,885 | ||||||
Toyo Tire & Rubber Co. Ltd. | 200 | 3,856 | ||||||
Toyoda Gosei Co. Ltd. | 300 | 7,222 | ||||||
Toyota Industries Corp. | 500 | 25,184 | ||||||
Toyota Motor Corp. | 2,546 | 136,572 | ||||||
TS Tech Co. Ltd. | 300 | 8,450 | ||||||
United Arrows Ltd. | 100 | 3,025 | ||||||
Usen Corp. | 100 | 415 | ||||||
USS Co. Ltd. | 800 | 16,125 | ||||||
VT HOLDINGS Co. Ltd. | 400 | 2,080 | ||||||
Yamaha Corp. | 300 | 9,712 | ||||||
Yamaha Motor Co. Ltd. | 1,100 | 27,663 | ||||||
Yokohama Rubber Co. Ltd. | 300 | 5,860 | ||||||
|
| |||||||
1,756,328 | ||||||||
|
| |||||||
Consumer Staples — 9.6% | ||||||||
Aeon Co. Ltd. | 2,800 | 42,360 | ||||||
Ain Holdings, Inc. | 100 | 8,057 | ||||||
Ajinomoto Co., Inc. | 1,600 | 34,305 | ||||||
Asahi Group Holdings Ltd. | 1,300 | 51,972 | ||||||
Calbee, Inc. | 100 | 3,879 | ||||||
Ci:z Holdings Co. Ltd. | 200 | 6,520 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 21,133 | ||||||
Create SD Holdings Co. Ltd. | 200 | 4,739 | ||||||
Ezaki Glico Co. Ltd. | 300 | 16,955 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 300 | 16,874 | ||||||
Ito En Ltd. | 300 | 12,425 | ||||||
Japan Tobacco, Inc. | 3,200 | 120,407 | ||||||
Kao Corp. | 1,900 | 119,977 | ||||||
Kewpie Corp. | 200 | 5,227 | ||||||
Kikkoman Corp. | 500 | 15,689 | ||||||
Kirin Holdings Co. Ltd. | 3,200 | 67,611 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 300 | 17,715 | ||||||
Kose Corp. | 200 | 21,612 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 100 | 4,865 | ||||||
Lawson, Inc. | 300 | 20,482 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 200 | 11,720 | ||||||
MEIJI Holdings Co. Ltd. | 300 | 24,578 | ||||||
NH Foods Ltd. | 1,000 | 31,424 | ||||||
Nichirei Corp. | 200 | 5,733 | ||||||
Nippon Suisan Kaisha Ltd. | 1,100 | 5,750 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 18,963 | ||||||
Pigeon Corp. | 200 | 6,909 | ||||||
Seven & i Holdings Co. Ltd. | 2,600 | 110,691 | ||||||
Shiseido Co. Ltd. | 1,200 | 40,454 | ||||||
Sugi Holdings Co. Ltd. | 300 | 16,006 | ||||||
Sundrug Co. Ltd. | 300 | 11,692 | ||||||
Toyo Suisan Kaisha Ltd. | 200 | 7,804 | ||||||
Tsuruha Holdings, Inc. | 300 | 33,314 | ||||||
Unicharm Corp. | 1,300 | 35,220 | ||||||
Valor Holdings Co. Ltd. | 400 | 9,169 | ||||||
Welcia Holdings Co. Ltd. | 300 | 10,987 | ||||||
Yakult Honsha Co. Ltd. | 200 | 14,161 | ||||||
Yaoko Co. Ltd. | 100 | 4,200 | ||||||
|
| |||||||
1,011,579 | ||||||||
|
|
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Energy — 0.4% | ||||||||
Inpex Corp. | 4,100 | $ | 37,761 | |||||
Nippon Gas Co. Ltd. | 100 | 3,355 | ||||||
|
| |||||||
41,116 | ||||||||
|
| |||||||
Financials — 13.8% | ||||||||
AEON Financial Service Co. Ltd. | 300 | 6,172 | ||||||
Aozora Bank Ltd. | 2,000 | 7,361 | ||||||
Chiba Bank Ltd. | 4,000 | 26,297 | ||||||
Chugoku Bank Ltd. | 500 | 7,035 | ||||||
Concordia Financial Group Ltd. | 4,100 | 18,905 | ||||||
Dai-ichi Life Holdings, Inc. | 4,100 | 68,386 | ||||||
Daiwa Securities Group, Inc. | 5,000 | 30,452 | ||||||
Fukuoka Financial Group, Inc. | 3,000 | 13,510 | ||||||
Fuyo General Lease Co. Ltd. | 100 | 5,417 | ||||||
Gunma Bank Ltd. | 1,400 | 7,444 | ||||||
Hachijuni Bank Ltd. | 1,800 | 10,368 | ||||||
Hiroshima Bank Ltd. | 3,000 | 12,262 | ||||||
Hitachi Capital Corp. | 300 | 6,972 | ||||||
Hokuhoku Financial Group, Inc. | 300 | 4,414 | ||||||
IBJ Leasing Co. Ltd. | 200 | 4,469 | ||||||
Jafco Co. Ltd. | 200 | 7,686 | ||||||
Japan Exchange Group, Inc. | 1,900 | 30,755 | ||||||
Kyushu Financial Group, Inc. | 1,400 | 8,621 | ||||||
Matsui Securities Co. Ltd. | 200 | 1,635 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 29,000 | 181,183 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,600 | 8,175 | ||||||
Mizuho Financial Group, Inc. | 90,800 | 158,306 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,800 | 63,236 | ||||||
Nomura Holdings, Inc. | 13,800 | 82,786 | ||||||
North Pacific Bank Ltd. | 1,100 | 3,800 | ||||||
Okasan Securities Group, Inc. | 1,000 | 6,013 | ||||||
Orient Corp. | 1,300 | 2,210 | ||||||
ORIX Corp. | 4,800 | 75,873 | ||||||
Resona Holdings, Inc. | 8,100 | 41,509 | ||||||
SBI Holdings, Inc. | 700 | 9,077 | ||||||
Seven Bank Ltd. | 2,400 | 8,790 | ||||||
Shinsei Bank Ltd. | 5,000 | 8,093 | ||||||
Shizuoka Bank Ltd. | 3,000 | 24,958 | ||||||
Sompo Holdings, Inc. | 1,400 | 54,109 | ||||||
Sony Financial Holdings, Inc. | 800 | 12,334 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,800 | 172,494 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,300 | 44,084 | ||||||
Suruga Bank Ltd. | 600 | 13,027 | ||||||
T&D Holdings, Inc. | 2,400 | 34,008 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 800 | 4,167 | ||||||
Tokio Marine Holdings, Inc. | 2,800 | 119,003 | ||||||
Tokyo Century Corp. | 200 | 7,587 | ||||||
Tokyo TY Financial Group, Inc. | 200 | 5,324 | ||||||
Yamaguchi Financial Group, Inc. | 1,000 | 11,475 | ||||||
Zenkoku Hosho Co. Ltd. | 300 | 12,303 | ||||||
|
| |||||||
1,442,085 | ||||||||
|
| |||||||
Health Care — 8.4% | ||||||||
Alfresa Holdings Corp. | 800 | 15,452 | ||||||
Asahi Intecc Co. Ltd. | 300 | 13,890 | ||||||
Astellas Pharma, Inc. | 7,400 | 93,583 | ||||||
Chugai Pharmaceutical Co. Ltd. | 600 | 22,842 | ||||||
Daiichi Sankyo Co. Ltd. | 1,900 | 41,725 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Eisai Co. Ltd. | 900 | $ | 47,497 | |||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 15,111 | ||||||
Hoya Corp. | 1,300 | 64,115 | ||||||
Kaken Pharmaceutical Co. Ltd. | 200 | 11,539 | ||||||
KYORIN Holdings, Inc. | 200 | 4,125 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 700 | 11,989 | ||||||
M3, Inc. | 500 | 14,401 | ||||||
Medipal Holdings Corp. | 800 | 14,743 | ||||||
Mitsubishi Tanabe Pharma Corp. | 800 | 17,818 | ||||||
Nihon Kohden Corp. | 300 | 6,703 | ||||||
Olympus Corp. | 1,100 | 40,236 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,600 | 33,307 | ||||||
Otsuka Holdings Co. Ltd. | 1,600 | 72,270 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,100 | 15,169 | ||||||
Sawai Pharmaceutical Co. Ltd. | 200 | 10,833 | ||||||
Shionogi & Co. Ltd. | 1,100 | 58,877 | ||||||
Ship Healthcare Holdings, Inc. | 200 | 5,579 | ||||||
Sysmex Corp. | 300 | 17,851 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 300 | 23,466 | ||||||
Takeda Pharmaceutical Co. Ltd. | 2,700 | 139,340 | ||||||
Terumo Corp. | 1,100 | 44,762 | ||||||
Toho Holdings Co. Ltd. | 400 | 8,124 | ||||||
Tsumura & Co. | 300 | 10,974 | ||||||
|
| |||||||
876,321 | ||||||||
|
| |||||||
Industrials — 21.3% | ||||||||
Aeon Delight Co. Ltd. | 100 | 3,210 | ||||||
Aica Kogyo Co. Ltd. | 400 | 11,683 | ||||||
ANA Holdings, Inc. | 11,000 | 36,098 | ||||||
Asahi Glass Co. Ltd. | 2,000 | 16,349 | ||||||
Central Japan Railway Co. | 400 | 65,597 | ||||||
COMSYS Holdings Corp. | 400 | 8,486 | ||||||
Daifuku Co. Ltd. | 200 | 6,104 | ||||||
Daikin Industries Ltd. | 1,000 | 98,160 | ||||||
DMG Mori Co. Ltd. | 200 | 3,151 | ||||||
East Japan Railway Co. | 1,100 | 105,588 | ||||||
Ebara Corp. | 200 | 5,670 | ||||||
FANUC Corp. | 600 | 118,117 | ||||||
Fuji Electric Co. Ltd. | 3,000 | 16,087 | ||||||
Hankyu Hanshin Holdings, Inc. | 900 | 32,432 | ||||||
Hanwa Co. Ltd. | 1,000 | 6,972 | ||||||
Hazama Ando Corp. | 800 | 5,787 | ||||||
Hino Motors Ltd. | 900 | 10,946 | ||||||
Hitachi Construction Machinery Co. Ltd. | 200 | 4,646 | ||||||
Hoshizaki Corp. | 300 | 26,450 | ||||||
IHI Corp.* | 3,000 | 11,285 | ||||||
ITOCHU Corp. | 5,000 | 71,122 | ||||||
Iwatani Corp. | 1,000 | 6,538 | ||||||
Japan Airlines Co. Ltd. | 1,000 | 29,344 | ||||||
JGC Corp. | 600 | 9,088 | ||||||
JTEKT Corp. | 800 | 12,031 | ||||||
Kajima Corp. | 2,000 | 15,391 | ||||||
Kanamoto Co. Ltd. | 300 | 8,247 | ||||||
Kanematsu Corp. | 3,000 | 5,887 | ||||||
Kawasaki Heavy Industries Ltd. | 3,000 | 8,627 | ||||||
Keihan Holdings Co. Ltd. | 3,000 | 19,858 | ||||||
Keio Corp. | 3,000 | 24,958 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Industrials (Continued) | ||||||||
Keisei Electric Railway Co. Ltd. | 300 | $ | 7,661 | |||||
Kintetsu Group Holdings Co. Ltd. | 6,000 | 23,168 | ||||||
Komatsu Ltd. | 3,300 | 78,587 | ||||||
Kubota Corp. | 3,500 | 55,451 | ||||||
Kumagai Gumi Co. Ltd. | 2,000 | 6,221 | ||||||
Kyowa Exeo Corp. | 300 | 4,992 | ||||||
Kyudenko Corp. | 200 | 7,108 | ||||||
Makita Corp. | 900 | 33,938 | ||||||
Marubeni Corp. | 6,700 | 41,441 | ||||||
MINEBEA MITSUMI, Inc. | 1,100 | 17,974 | ||||||
MISUMI Group, Inc. | 900 | 20,346 | ||||||
Mitsubishi Corp. | 5,100 | 102,291 | ||||||
Mitsubishi Electric Corp. | 7,300 | 100,801 | ||||||
Mitsubishi Heavy Industries Ltd. | 12,000 | 47,388 | ||||||
Mitsui & Co. Ltd. | 5,900 | 79,789 | ||||||
MonotaRO Co. Ltd. | 300 | 10,119 | ||||||
Nabtesco Corp. | 200 | 5,878 | ||||||
Nachi-Fujikoshi Corp. | 1,000 | 5,055 | ||||||
Nagoya Railroad Co. Ltd. | 4,000 | 18,701 | ||||||
Namura Shipbuilding Co. Ltd. | 400 | 2,170 | ||||||
Nankai Electric Railway Co. Ltd. | 3,000 | 15,897 | ||||||
NGK Insulators Ltd. | 1,000 | 20,111 | ||||||
Nidec Corp. | 900 | 89,320 | ||||||
Nihon M&A Center, Inc. | 300 | 11,869 | ||||||
Nippon Express Co. Ltd. | 4,000 | 24,705 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 100 | 4,729 | ||||||
Nippon Yusen KK* | 4,000 | 7,270 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 2,000 | 8,609 | ||||||
NSK Ltd. | 1,400 | 16,711 | ||||||
Obayashi Corp. | 2,200 | 24,351 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,100 | 22,083 | ||||||
OSG Corp. | 400 | 8,149 | ||||||
Park24 Co. Ltd. | 200 | 5,588 | ||||||
Pilot Corp. | 200 | 7,795 | ||||||
Sankyo Tateyama, Inc. | 200 | 2,912 | ||||||
Sankyu, Inc. | 2,000 | 12,497 | ||||||
Sanwa Holdings Corp. | 400 | 4,420 | ||||||
Secom Co. Ltd. | 700 | 51,260 | ||||||
Shimizu Corp. | 3,000 | 30,275 | ||||||
SMC Corp. | 300 | 94,977 | ||||||
Sohgo Security Services Co. Ltd. | 400 | 18,737 | ||||||
Sojitz Corp. | 4,400 | 10,623 | ||||||
Sotetsu Holdings, Inc. | 3,000 | 14,351 | ||||||
Sumitomo Corp. | 4,300 | 54,924 | ||||||
Sumitomo Heavy Industries Ltd. | 3,000 | 19,587 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 2,700 | 3,028 | ||||||
Tadano Ltd. | 200 | 2,456 | ||||||
Taisei Corp. | 2,000 | 17,109 | ||||||
Takeuchi Manufacturing Co. Ltd. | 200 | 3,317 | ||||||
Temp Holdings Co. Ltd. | 400 | 7,911 | ||||||
THK Co. Ltd. | 200 | 5,598 | ||||||
Tobu Railway Co. Ltd. | 2,000 | 10,689 | ||||||
Tokyu Construction Co. Ltd. | 400 | 3,501 | ||||||
Tokyu Corp. | 4,000 | 29,443 | ||||||
TOTO Ltd. | 300 | 11,448 | ||||||
Toyota Tsusho Corp. | 800 | 24,560 | ||||||
Tsubakimoto Chain Co. | 1,000 | 8,573 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
West Japan Railway Co. | 500 | $ | 34,761 | |||||
Yamato Holdings Co. Ltd. | 1,000 | 21,757 | ||||||
|
| |||||||
2,238,889 | ||||||||
|
| |||||||
Information Technology — 11.0% | ||||||||
Alps Electric Co. Ltd. | 500 | 14,062 | ||||||
Brother Industries Ltd. | 800 | 17,782 | ||||||
Canon, Inc. | 3,500 | 119,636 | ||||||
COLOPL, Inc. | 300 | 3,272 | ||||||
COOKPAD, Inc. | 100 | 795 | ||||||
DeNA Co. Ltd. | 200 | 4,429 | ||||||
Dip Corp. | 200 | 4,532 | ||||||
Disco Corp. | 100 | 17,272 | ||||||
FUJIFILM Holdings Corp. | 1,300 | 47,469 | ||||||
Fujitsu Ltd. | 6,000 | 43,829 | ||||||
GMO internet, Inc. | 400 | 5,299 | ||||||
Gree, Inc. | 700 | 5,805 | ||||||
GungHo Online Entertainment, Inc. | 2,000 | 5,010 | ||||||
Gurunavi, Inc. | 200 | 3,579 | ||||||
Hamamatsu Photonics KK | 300 | 9,563 | ||||||
Hirose Electric Co. Ltd. | 200 | 26,731 | ||||||
Hitachi High-Technologies Corp. | 400 | 15,915 | ||||||
Hitachi Kokusai Electric, Inc. | 300 | 7,094 | ||||||
Hitachi Ltd. | 17,000 | 102,798 | ||||||
Horiba Ltd. | 200 | 12,262 | ||||||
Itochu Techno-Solutions Corp. | 300 | 10,241 | ||||||
Kakaku.com, Inc. | 200 | 2,852 | ||||||
Keyence Corp. | 220 | 100,088 | ||||||
Konica Minolta, Inc. | 1,700 | 13,390 | ||||||
Kyocera Corp. | 1,200 | 69,243 | ||||||
Mixi, Inc. | 300 | 18,854 | ||||||
Murata Manufacturing Co. Ltd. | 700 | 97,165 | ||||||
NEC Corp. | 10,000 | 25,953 | ||||||
Nexon Co. Ltd. | 500 | 9,454 | ||||||
Nomura Research Institute Ltd. | 402 | 15,322 | ||||||
NTT Data Corp. | 200 | 10,797 | ||||||
Obic Co. Ltd. | 300 | 17,444 | ||||||
Oki Electric Industry Co. Ltd. | 400 | 5,900 | ||||||
Omron Corp. | 800 | 33,495 | ||||||
Oracle Corp. Japan | 200 | 11,792 | ||||||
Otsuka Corp. | 300 | 18,474 | ||||||
Renesas Electronics Corp.* | 200 | 1,619 | ||||||
Ricoh Co. Ltd. | 1,900 | 16,047 | ||||||
SCREEN Holdings Co. Ltd. | 200 | 14,577 | ||||||
SCSK Corp. | 300 | 13,279 | ||||||
Seiko Epson Corp. | 1,100 | 23,107 | ||||||
Shimadzu Corp. | 1,100 | 21,307 | ||||||
TDK Corp. | 200 | 12,099 | ||||||
Tokyo Electron Ltd. | 300 | 42,565 | ||||||
Topcon Corp. | 400 | 7,317 | ||||||
Trend Micro, Inc. | 400 | 20,111 | ||||||
Yahoo Japan Corp. | 4,900 | 22,066 | ||||||
Yaskawa Electric Corp. | 900 | 17,945 | ||||||
Yokogawa Electric Corp. | 800 | 13,897 | ||||||
|
| |||||||
1,153,534 | ||||||||
|
| |||||||
Materials — 6.5% | ||||||||
Air Water, Inc. | 400 | 7,205 | ||||||
Asahi Kasei Corp. | 3,000 | 28,878 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Materials (Continued) | ||||||||
Daicel Corp. | 900 | $ | 10,670 | |||||
Daio Paper Corp. | 400 | 4,912 | ||||||
Denka Co. Ltd. | 3,000 | 15,111 | ||||||
DIC Corp. | 400 | 13,763 | ||||||
Dowa Holdings Co. Ltd. | 1,000 | 7,560 | ||||||
Hitachi Chemical Co. Ltd. | 200 | 5,525 | ||||||
Hitachi Metals Ltd. | 700 | 9,337 | ||||||
JFE Holdings, Inc. | 2,000 | 33,395 | ||||||
JSR Corp. | 800 | 13,441 | ||||||
Kansai Paint Co. Ltd. | 700 | 15,160 | ||||||
Kobe Steel Ltd.* | 1,100 | 10,076 | ||||||
Kuraray Co. Ltd. | 1,000 | 18,004 | ||||||
Mitsubishi Chemical Holdings Corp. | 4,800 | 36,396 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 12,392 | ||||||
Mitsubishi Materials Corp. | 300 | 8,478 | ||||||
Nihon Parkerizing Co. Ltd. | 400 | 5,921 | ||||||
Nippon Kayaku Co. Ltd. | 1,000 | 13,908 | ||||||
Nippon Paint Holdings Co. Ltd. | 400 | 15,933 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 3,200 | 68,190 | ||||||
Nissan Chemical Industries Ltd. | 200 | 7,026 | ||||||
Nitto Denko Corp. | 300 | 24,120 | ||||||
NOF Corp. | 1,000 | 13,004 | ||||||
Oji Holdings Corp. | 4,000 | 19,641 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,100 | 98,795 | ||||||
Sumitomo Chemical Co. Ltd. | 3,000 | 15,680 | ||||||
Sumitomo Metal Mining Co. Ltd. | 3,000 | 36,515 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 2,000 | 8,753 | ||||||
Taiheiyo Cement Corp. | 3,000 | 9,658 | ||||||
Taiyo Nippon Sanso Corp. | 800 | 8,131 | ||||||
Toray Industries, Inc. | 5,000 | 41,819 | ||||||
Tosoh Corp. | 3,000 | 25,528 | ||||||
Ube Industries Ltd. | 2,000 | 4,757 | ||||||
Zeon Corp. | 1,000 | 10,227 | ||||||
|
| |||||||
677,909 | ||||||||
|
| |||||||
Real Estate — 4.3% | ||||||||
Aeon Mall Co. Ltd. | 300 | 5,624 | ||||||
Daikyo, Inc. | 1,000 | 2,035 | ||||||
Daito Trust Construction Co. Ltd. | 300 | 47,393 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Daiwa House Industry Co. Ltd. | 2,200 | $ | 71,997 | |||||
Hulic Co. Ltd. | 1,300 | 12,296 | ||||||
Ichigo, Inc. | 500 | 1,442 | ||||||
Leopalace21 Corp. | 800 | 4,717 | ||||||
Mitsubishi Estate Co. Ltd. | 5,000 | 93,525 | ||||||
Mitsui Fudosan Co. Ltd. | 3,500 | 82,954 | ||||||
Nomura Real Estate Holdings, Inc. | 300 | 6,473 | ||||||
NTT Urban Development Corp. | 200 | 1,950 | ||||||
Relo Group, Inc. | 500 | 10,083 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,000 | 90,609 | ||||||
Takara Leben Co. Ltd. | 400 | 1,838 | ||||||
Tokyo Tatemono Co. Ltd. | 800 | 10,996 | ||||||
Tokyu Fudosan Holdings Corp. | 1,700 | 10,208 | ||||||
|
| |||||||
454,140 | ||||||||
|
| |||||||
Telecommunication Services — 5.2% | ||||||||
KDDI Corp. | 4,300 | 119,219 | ||||||
Nippon Telegraph & Telephone Corp. | 2,900 | 139,198 | ||||||
NTT DOCOMO, Inc. | 5,100 | 125,303 | ||||||
SoftBank Group Corp. | 2,000 | 162,825 | ||||||
|
| |||||||
546,545 | ||||||||
|
| |||||||
Utilities — 1.4% | ||||||||
Chubu Electric Power Co., Inc. | 2,100 | 28,551 | ||||||
Electric Power Development Co. Ltd. | 400 | 10,638 | ||||||
Osaka Gas Co. Ltd. | 6,000 | 23,727 | ||||||
Toho Gas Co. Ltd. | 3,000 | 23,168 | ||||||
Tohoku Electric Power Co., Inc. | 1,800 | 26,760 | ||||||
Tokyo Gas Co. Ltd. | 7,000 | 36,397 | ||||||
|
| |||||||
149,241 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 10,347,687 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $9,987,349)† | $ | 10,347,687 | ||||||
Other assets and liabilities, net — 1.4% | 149,362 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,497,049 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $10,025,215. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $322,472. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $835,222 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $512,750. |
At May 31, 2017, open future contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | |||||||||
MINI TPX Index Futures | JPY | 10 | $ | 141,972 | 6/08/2017 | $ | 4,755 |
Currency Abbreviations
JPY | Japanese Yen |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 10,347,687 | $ | — | $ | — | $ | 10,347,687 | ||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 4,755 | — | — | 4,755 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 10,352,442 | $ | — | $ | — | $ | 10,352,442 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2017.
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 98.5% | ||||||||
Australia — 5.7% | ||||||||
Adelaide Brighton Ltd. | 887 | $ | 3,645 | |||||
ALS Ltd. | 859 | 4,308 | ||||||
Ansell Ltd. | 254 | 4,409 | ||||||
APN Outdoor Group Ltd. | 438 | 1,510 | ||||||
ARB Corp. Ltd. | 79 | 920 | ||||||
Ardent Leisure Group (a) | 552 | 849 | ||||||
Australian Pharmaceutical Industries Ltd. | 1,267 | 1,681 | ||||||
Bapcor Ltd. | 971 | 3,766 | ||||||
Blackmores Ltd. | 24 | 1,819 | ||||||
BT Investment Management Ltd. | 223 | 1,839 | ||||||
BWP Trust REIT | 822 | 1,857 | ||||||
carsales.com Ltd. | 516 | 4,202 | ||||||
Catapult Group International Ltd.* | 168 | 201 | ||||||
Charter Hall Group REIT | 518 | 2,190 | ||||||
Charter Hall Retail REIT | 732 | 2,366 | ||||||
Cleanaway Waste Management Ltd. | 1,938 | 1,901 | ||||||
Corporate Travel Management Ltd. | 78 | 1,277 | ||||||
Cromwell Property Group REIT | 1,572 | 1,116 | ||||||
CSR Ltd. | 1,151 | 3,566 | ||||||
Donaco International Ltd. | 1,106 | 423 | ||||||
Downer EDI Ltd. | 933 | 4,437 | ||||||
DuluxGroup Ltd. | 744 | 3,892 | ||||||
Energy World Corp. Ltd.* | 1,404 | 412 | ||||||
Evolution Mining Ltd. | 1,675 | 3,000 | ||||||
Fairfax Media Ltd. | 4,212 | 3,897 | ||||||
G8 Education Ltd. | 428 | 1,072 | ||||||
Galaxy Resources Ltd.* | 430 | 728 | ||||||
GrainCorp Ltd., Class A | 387 | 2,968 | ||||||
Iluka Resources Ltd. | 517 | 3,507 | ||||||
Independence Group NL | 290 | 771 | ||||||
Infigen Energy*(a) | 1,430 | 930 | ||||||
Investa Office Fund REIT | 606 | 2,125 | ||||||
InvoCare Ltd. | 358 | 3,902 | ||||||
IOOF Holdings Ltd. (b) | 337 | 2,266 | ||||||
IRESS Ltd. | 436 | 3,888 | ||||||
JB Hi-Fi Ltd. | 236 | 4,054 | ||||||
Karoon Gas Australia Ltd.* | 976 | 961 | ||||||
Link Administration Holdings Ltd. | 400 | 2,303 | ||||||
Liquefied Natural Gas Ltd.* | 1,841 | 882 | ||||||
Macquarie Atlas Roads Group (a) | 1,069 | 4,647 | ||||||
Magellan Financial Group Ltd. | 201 | 3,761 | ||||||
Mantra Group Ltd. (b) | 372 | 807 | ||||||
Mayne Pharma Group Ltd.* | 2,266 | 1,827 | ||||||
Mesoblast Ltd.* | 370 | 580 | ||||||
Metcash Ltd.* | 779 | 1,187 | ||||||
Mineral Resources Ltd. | 259 | 1,944 | ||||||
Myer Holdings Ltd. | 1,029 | 661 | ||||||
Navitas Ltd. | 303 | 970 | ||||||
Northern Star Resources Ltd. | 874 | 3,065 | ||||||
Nufarm Ltd. | 227 | 1,668 | ||||||
Orocobre Ltd.*(b) | 587 | 1,601 | ||||||
Orora Ltd. | 2,200 | 4,594 | ||||||
OZ Minerals Ltd. | 575 | 3,123 | ||||||
Perpetual Ltd. | 43 | 1,699 | ||||||
Pilbara Minerals Ltd.* | 1,521 | 458 | ||||||
Premier Investments Ltd. | 118 | 1,088 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Primary Health Care Ltd. | 1,076 | $ | 2,942 | |||||
Qube Holdings Ltd. | 1,426 | 2,797 | ||||||
Regis Resources Ltd. | 890 | 2,163 | ||||||
Saracen Mineral Holdings Ltd.* | 1,871 | 1,453 | ||||||
Seven Group Holdings Ltd. | 70 | 588 | ||||||
Shopping Centres Australasia Property Group REIT | 1,508 | 2,588 | ||||||
Sirtex Medical Ltd. | 109 | 971 | ||||||
SmartGroup Corp. Ltd. | 110 | 556 | ||||||
Southern Cross Media Group Ltd. | 867 | 731 | ||||||
Spark Infrastructure Group (a) | 2,444 | 4,903 | ||||||
Spotless Group Holdings Ltd. | 1,928 | 1,612 | ||||||
St Barbara Ltd.* | 941 | 2,014 | ||||||
Star Entertainment Group Ltd. | 1,047 | 4,030 | ||||||
Steadfast Group Ltd. | 927 | 1,901 | ||||||
Super Retail Group Ltd. | 299 | 1,711 | ||||||
Syrah Resources Ltd.* | 531 | 1,081 | ||||||
Whitehaven Coal Ltd.* | 1,030 | 1,936 | ||||||
WorleyParsons Ltd.* | 252 | 2,313 | ||||||
|
| |||||||
159,810 | ||||||||
|
| |||||||
Austria — 1.1% | ||||||||
ams AG | 95 | 6,214 | ||||||
BUWOG AG* | 151 | 4,283 | ||||||
CA Immobilien Anlagen AG | 142 | 3,388 | ||||||
DO & CO AG | 7 | 521 | ||||||
IMMOFINANZ AG*(b) | 975 | 2,190 | ||||||
Oesterreichische Post AG | 79 | 3,430 | ||||||
S IMMO AG* | 237 | 3,289 | ||||||
UNIQA Insurance Group AG | 257 | 2,237 | ||||||
Wienerberger AG | 210 | 4,951 | ||||||
|
| |||||||
30,503 | ||||||||
|
| |||||||
Belgium — 2.0% | ||||||||
Ablynx NV* | 101 | 1,271 | ||||||
Ackermans & van Haaren NV | 23 | 3,918 | ||||||
AGFA-Gevaert NV* | 456 | 2,084 | ||||||
Befimmo SA REIT | 38 | 2,238 | ||||||
Bekaert SA | 74 | 3,844 | ||||||
Biocartis NV, 144A* | 44 | 512 | ||||||
bpost SA | 93 | 2,262 | ||||||
Cie d’Entreprises CFE | 17 | 2,606 | ||||||
Cofinimmo SA REIT | 29 | 3,507 | ||||||
D’ieteren SA/NV* | 64 | 3,122 | ||||||
Elia System Operator SA/NV | 37 | 2,163 | ||||||
Euronav NV | 230 | 1,729 | ||||||
Galapagos NV* | 59 | 4,910 | ||||||
Ion Beam Applications | 28 | 1,699 | ||||||
KBC Ancora* | 58 | 2,933 | ||||||
Melexis NV | 37 | 3,338 | ||||||
Nyrstar NV* | 105 | 650 | ||||||
Ontex Group NV | 128 | 4,624 | ||||||
Sioen Industries NV | 17 | 624 | ||||||
Sofina SA | 20 | 2,925 | ||||||
Tessenderlo Chemie NV* | 63 | 2,655 | ||||||
Warehouses De Pauw CVA REIT | 20 | 2,040 | ||||||
|
| |||||||
55,654 | ||||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Bermuda — 0.2% | ||||||||
Hiscox Ltd. | 355 | $ | 5,617 | |||||
|
| |||||||
Canada — 0.0% | ||||||||
Entertainment One Ltd. | 425 | 1,338 | ||||||
|
| |||||||
China — 0.1% | ||||||||
Goodbaby International Holdings Ltd.* | 1,522 | 744 | ||||||
Microport Scientific Corp.* | 890 | 640 | ||||||
|
| |||||||
1,384 | ||||||||
|
| |||||||
Denmark — 1.7% | ||||||||
Ambu A/S, Class B | 43 | 2,883 | ||||||
Bavarian Nordic A/S* | 56 | 3,053 | ||||||
Dfds A/S | 57 | 3,151 | ||||||
FLSmidth & Co A/S | 73 | 4,444 | ||||||
GN Store Nord A/S | 212 | 6,467 | ||||||
Jyske Bank A/S | 87 | 4,656 | ||||||
NKT A/S* | 33 | 2,714 | ||||||
Rockwool International A/S, Class B | 17 | 3,402 | ||||||
Royal Unibrew A/S | 82 | 3,784 | ||||||
SimCorp A/S | 73 | 4,537 | ||||||
Spar Nord Bank A/S | 144 | 1,852 | ||||||
Sydbank A/S | 115 | 4,125 | ||||||
Topdanmark A/S* | 111 | 3,338 | ||||||
|
| |||||||
48,406 | ||||||||
|
| |||||||
Faroe Islands — 0.1% | ||||||||
Bakkafrost P/F | 78 | 2,889 | ||||||
|
| |||||||
Finland — 1.5% | ||||||||
Amer Sports OYJ* | 130 | 3,016 | ||||||
Atria OYJ | 224 | 2,836 | ||||||
Cargotec OYJ, Class B | 60 | 3,572 | ||||||
Caverion Corp.* | 228 | 1,906 | ||||||
Citycon OYJ | 347 | 873 | ||||||
Huhtamaki OYJ | 84 | 3,263 | ||||||
Kemira OYJ | 177 | 2,231 | ||||||
Kesko OYJ, Class B | 110 | 5,714 | ||||||
Konecranes OYJ | 89 | 3,672 | ||||||
Metsa Board OYJ | 280 | 2,136 | ||||||
Outokumpu OYJ | 387 | 3,078 | ||||||
Outotec OYJ* | 338 | 2,208 | ||||||
Sanoma OYJ | 110 | 1,024 | ||||||
Stockmann OYJ Abp, Class B* | 88 | 688 | ||||||
Tieto OYJ | 74 | 2,416 | ||||||
Valmet OYJ | 222 | 4,319 | ||||||
|
| |||||||
42,952 | ||||||||
|
| |||||||
France — 4.2% | ||||||||
ABC arbitrage | 349 | 2,517 | ||||||
Alten SA* | 68 | 6,059 | ||||||
Altran Technologies SA | 268 | 4,834 | ||||||
Axway Software SA | 34 | 1,239 | ||||||
Cie des Alpes | 64 | 1,851 | ||||||
Cie Plastic Omnium SA | 101 | 3,753 | ||||||
Coface SA | 82 | 667 | ||||||
DBV Technologies SA* | 31 | 2,069 | ||||||
Elior Group, 144A | 128 | 3,626 | ||||||
Elis SA | 150 | 3,343 | ||||||
Euler Hermes Group | 9 | 947 |
Number | Value | |||||||
France (Continued) | ||||||||
Faurecia | 85 | $ | 4,462 | |||||
Gaztransport Et Technigaz SA | 61 | 2,408 | ||||||
Genfit* | 26 | 876 | ||||||
Groupe Fnac SA* | 11 | 767 | ||||||
Havas SA | 229 | 2,347 | ||||||
IPSOS | 42 | 1,651 | ||||||
Korian SA | 72 | 2,419 | ||||||
Mercialys SA REIT | 122 | 2,387 | ||||||
Metropole Television SA | 126 | 3,001 | ||||||
Neopost SA | 79 | 3,519 | ||||||
Nexans SA | 60 | 3,281 | ||||||
Nexity SA* | 61 | 3,672 | ||||||
Orpea | 48 | 5,446 | ||||||
Parrot SA* | 33 | 400 | ||||||
Pierre & Vacances SA* | 16 | 838 | ||||||
Rubis SCA | 56 | 6,489 | ||||||
Sartorius Stedim Biotech | 33 | 2,596 | ||||||
SOITEC* | 25 | 1,379 | ||||||
Sopra Steria Group | 27 | 4,280 | ||||||
SPIE SA | 93 | 2,592 | ||||||
SRP Groupe SA, 144A* | 56 | 1,612 | ||||||
Technicolor SA* | 553 | 2,850 | ||||||
Teleperformance* | 75 | 9,811 | ||||||
Television Francaise 1 | 189 | 2,425 | ||||||
Ubisoft Entertainment SA* | 136 | 7,567 | ||||||
Vallourec SA* | 368 | 2,321 | ||||||
Vicat SA | 32 | 2,357 | ||||||
Virbac SA* | 9 | 1,479 | ||||||
Worldline SA, 144A* | 40 | 1,406 | ||||||
|
| |||||||
117,543 | ||||||||
|
| |||||||
Georgia — 0.1% | ||||||||
BGEO Group PLC | 79 | 3,734 | ||||||
|
| |||||||
Germany — 5.8% | ||||||||
Aareal Bank AG* | 74 | 3,095 | ||||||
alstria office REIT-AG REIT | 201 | 2,805 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (b) | 59 | 3,437 | ||||||
Aurubis AG | 43 | 3,349 | ||||||
Bechtle AG | 36 | 4,620 | ||||||
bet-at-home.com AG | 24 | 3,872 | ||||||
Bilfinger SE (b) | 64 | 2,475 | ||||||
Biotest AG* | 29 | 888 | ||||||
Capital Stage AG | 100 | 696 | ||||||
Carl Zeiss Meditec AG | 41 | 2,121 | ||||||
CTS Eventim AG & Co. KGaA | 61 | 2,659 | ||||||
Deutsche EuroShop AG | 63 | 2,625 | ||||||
Deutsche Pfandbriefbank AG, 144A | 59 | 752 | ||||||
Diebold Nixdorf AG | 35 | 2,802 | ||||||
DMG Mori AG | 74 | 4,095 | ||||||
Drillisch AG | 91 | 5,750 | ||||||
Duerr AG | 42 | 4,581 | ||||||
Freenet AG* | 177 | 6,320 | ||||||
Gerresheimer AG | 55 | 4,710 | ||||||
Grammer AG | 15 | 827 | ||||||
GRENKE AG (b) | 11 | 2,372 | ||||||
Indus Holding AG | 35 | 2,465 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Germany (Continued) | ||||||||
KION Group AG | 86 | $ | 6,363 | |||||
Koenig & Bauer AG | 32 | 2,182 | ||||||
Krones AG (b) | 20 | 2,490 | ||||||
LEG Immobilien AG | 77 | 7,259 | ||||||
Leoni AG | 66 | 3,639 | ||||||
MorphoSys AG* | 47 | 3,442 | ||||||
MTU Aero Engines AG | 58 | 8,183 | ||||||
Nordex SE*(b) | 122 | 1,746 | ||||||
Norma Group SE | 73 | 3,888 | ||||||
Rational AG | 4 | 2,159 | ||||||
Rheinmetall AG | 61 | 5,854 | ||||||
RHOEN-KLINIKUM AG | 52 | 1,565 | ||||||
Salzgitter AG | 61 | 2,323 | ||||||
Siltronic AG* | 17 | 1,523 | ||||||
Software AG | 89 | 4,267 | ||||||
STADA Arzneimittel AG (b) | 93 | 6,728 | ||||||
Stroeer SE & Co. KGaA | 49 | 3,155 | ||||||
Suedzucker AG | 100 | 2,139 | ||||||
TAG Immobilien AG | 237 | 3,536 | ||||||
TLG Immobilien AG | 221 | 4,498 | ||||||
Uniper SE* | 250 | 4,874 | ||||||
Wacker Chemie AG | 23 | 2,522 | ||||||
Wirecard AG (b) | 152 | 10,131 | ||||||
|
| |||||||
161,782 | ||||||||
|
| |||||||
Hong Kong — 2.5% | ||||||||
Brightoil Petroleum Holdings Ltd.* | 6,070 | 1,690 | ||||||
Cafe de Coral Holdings Ltd. | 1,036 | 3,397 | ||||||
Champion REIT | 2,679 | 1,746 | ||||||
China Financial International Investments Ltd.* | 7,618 | 284 | ||||||
China Strategic Holdings Ltd.* | 74,081 | 1,331 | ||||||
Chow Sang Sang Holdings International Ltd. | 423 | 988 | ||||||
Dah Sing Financial Holdings Ltd. | 359 | 2,746 | ||||||
Digital Domain Holdings Ltd.* | 25,202 | 1,019 | ||||||
Emperor Entertainment Hotel Ltd. | 3,008 | 672 | ||||||
Enerchina Holdings Ltd.* | 11,566 | 310 | ||||||
Esprit Holdings Ltd.* | 2,891 | 2,026 | ||||||
Freeman FinTech Corp. Ltd.* | 13,520 | 902 | ||||||
Future World Financial Holdings Ltd.* | 6,640 | 199 | ||||||
Giordano International Ltd. | 2,000 | 1,075 | ||||||
Global Brands Group Holding Ltd.* | 12,064 | 1,533 | ||||||
Good Resources Holdings Ltd.* | 4,198 | 213 | ||||||
Great Eagle Holdings Ltd. | 336 | 1,656 | ||||||
Haitong International Securities Group Ltd. | 2,000 | 1,158 | ||||||
HKBN Ltd. | 2,214 | 2,367 | ||||||
Hopewell Holdings Ltd. | 1,149 | 4,313 | ||||||
Hsin Chong Group Holdings Ltd.* | 6,452 | 285 | ||||||
Huarong International Financial Holdings Ltd.* | 1,135 | 427 | ||||||
Johnson Electric Holdings Ltd. | 461 | 1,662 | ||||||
Landing International Development Ltd.* | 328,662 | 4,386 | ||||||
Luk Fook Holdings International Ltd. | 455 | 1,547 | ||||||
Madison Wine Holdings Ltd.* | 1,569 | 393 | ||||||
Man Wah Holdings Ltd. | 2,954 | 2,957 | ||||||
Mason Financial Holdings Ltd.* | 43,237 | 572 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Mei Ah Entertainment Group Ltd.* | 5,171 | $ | 275 | |||||
Melco International Development Ltd. | 1,564 | 4,114 | ||||||
Modern Dental Group Ltd. | 1,149 | 467 | ||||||
Neo Telemedia Ltd.* | 645 | 25 | ||||||
NewOcean Energy Holdings Ltd.* | 4,401 | 1,355 | ||||||
Noble Group Ltd.* | 1,150 | 295 | ||||||
Nord Anglia Education, Inc.* | 25 | 806 | ||||||
Orient Overseas International Ltd.* | 331 | 2,100 | ||||||
Pacific Textiles Holdings Ltd. | 975 | 1,080 | ||||||
Powerwell Pacific Holdings Ltd.* | 1,189 | 493 | ||||||
Regina Miracle International Holdings Ltd., 144A (b) | 687 | 522 | ||||||
Summit Ascent Holdings Ltd.* | 1,760 | 454 | ||||||
SUNeVision Holdings Ltd. | 2,398 | 1,474 | ||||||
Television Broadcasts Ltd. | 606 | 2,282 | ||||||
Town Health International Medical Group Ltd. | 8,362 | 934 | ||||||
Value Partners Group Ltd. | 1,749 | 1,647 | ||||||
Vision Fame International Holding Ltd.* | 1,913 | 221 | ||||||
VST Holdings Ltd. | 1,572 | 486 | ||||||
VTech Holdings Ltd. | 304 | 4,631 | ||||||
Xinyi Glass Holdings Ltd.* | 4,105 | 4,035 | ||||||
|
| |||||||
69,550 | ||||||||
|
| |||||||
India — 0.0% | ||||||||
Vedanta Resources PLC | 113 | 890 | ||||||
|
| |||||||
Ireland — 1.4% | ||||||||
C&C Group PLC | 741 | 2,830 | ||||||
COSMO Pharmaceuticals NV | 8 | 1,346 | ||||||
Glanbia PLC | 229 | 4,656 | ||||||
Grafton Group PLC | 341 | 3,412 | ||||||
Greencore Group PLC | 1,204 | 3,746 | ||||||
Hibernia REIT PLC REIT | 1,745 | 2,725 | ||||||
Hostelworld Group PLC, 144A | 169 | 784 | ||||||
Irish Continental Group PLC | 368 | 2,197 | ||||||
Kingspan Group PLC | 180 | 6,238 | ||||||
Smurfit Kappa Group PLC | 271 | 7,628 | ||||||
UDG Healthcare PLC | 395 | 4,156 | ||||||
|
| |||||||
39,718 | ||||||||
|
| |||||||
Isle of Man — 0.4% | ||||||||
GVC Holdings PLC | 354 | 3,667 | ||||||
Paysafe Group PLC* | 650 | 4,192 | ||||||
Playtech PLC | 299 | 3,812 | ||||||
|
| |||||||
11,671 | ||||||||
|
| |||||||
Israel — 1.4% | ||||||||
Airport City Ltd.* | 73 | 986 | ||||||
Alony Hetz Properties & Investments Ltd. | 127 | 1,259 | ||||||
Caesarstone Ltd.* | 32 | 1,202 | ||||||
Cellcom Israel Ltd.* | 112 | 1,090 | ||||||
CyberArk Software Ltd.* | 29 | 1,421 | ||||||
Delek Group Ltd. | 5 | 1,219 | ||||||
El Al Israel Airlines | 787 | 720 | ||||||
Gazit-Globe Ltd. | 362 | 3,530 | ||||||
Israel Discount Bank Ltd., Class A* | 2,506 | 6,515 | ||||||
Ituran Location and Control Ltd. | 55 | 1,771 | ||||||
Kornit Digital Ltd.* | 63 | 1,055 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Israel (Continued) | ||||||||
Melisron Ltd. | 22 | $ | 1,142 | |||||
Neuroderm Ltd.* | 24 | 572 | ||||||
Orbotech Ltd.* | 83 | 2,961 | ||||||
Partner Communications Co. Ltd.* | 209 | 1,157 | ||||||
Paz Oil Co. Ltd. | 9 | 1,547 | ||||||
Plus500 Ltd. | 97 | 640 | ||||||
SodaStream International Ltd.* | 25 | 1,325 | ||||||
Strauss Group Ltd. | 53 | 967 | ||||||
Tower Semiconductor Ltd.* | 152 | 3,941 | ||||||
Wix.com Ltd.* | 46 | 3,390 | ||||||
|
| |||||||
38,410 | ||||||||
|
| |||||||
Italy — 3.8% | ||||||||
A2A SpA | 2,734 | 4,521 | ||||||
Anima Holding SpA, 144A | 439 | 2,794 | ||||||
Autogrill SpA | 277 | 3,370 | ||||||
Azimut Holding SpA | 115 | 2,332 | ||||||
Banca Carige SpA*(b) | 2,595 | 680 | ||||||
Banca Generali SpA | 90 | 2,597 | ||||||
Banca Mediolanum SpA | 253 | 2,089 | ||||||
Banca Monte dei Paschi di Siena SpA* | 49 | 0 | ||||||
BPER Banca | 631 | 3,091 | ||||||
Banca Popolare di Sondrio SCPA | 851 | 3,271 | ||||||
Banco BPM SpA* | 1,768 | 5,505 | ||||||
Biesse SpA | 39 | 1,515 | ||||||
Brembo SpA | 305 | 4,855 | ||||||
Brunello Cucinelli SpA | 27 | 696 | ||||||
Buzzi Unicem SpA | 130 | 3,375 | ||||||
Cerved Information Solutions SpA | 236 | 2,515 | ||||||
Credito Valtellinese SpA* | 190 | 724 | ||||||
Davide Campari-Milano SpA | 910 | 6,364 | ||||||
De’ Longhi SpA | 96 | 3,194 | ||||||
DiaSorin SpA | 45 | 3,485 | ||||||
Ei Towers SpA | 56 | 3,340 | ||||||
El.EN. SpA | 18 | 606 | ||||||
Fila SpA | 27 | 574 | ||||||
Fincantieri SpA* | 560 | 569 | ||||||
FinecoBank Banca Fineco SpA | 466 | 3,502 | ||||||
GEox SpA | 180 | 553 | ||||||
Hera SpA | 1,270 | 4,180 | ||||||
Interpump Group SpA | 100 | 2,931 | ||||||
Iren SpA | 600 | 1,446 | ||||||
Italgas SpA | 500 | 2,647 | ||||||
Mediaset SpA* | 876 | 3,458 | ||||||
Moncler SpA | 195 | 4,749 | ||||||
Newron Pharmaceuticals SpA* | 26 | 584 | ||||||
OVS SpA, 144A | 168 | 1,192 | ||||||
Reply SpA | 5 | 989 | ||||||
Salini Impregilo SpA | 533 | 1,916 | ||||||
Salvatore Ferragamo SpA | 84 | 2,345 | ||||||
Societa Cattolica di Assicurazioni SCRL | 341 | 2,948 | ||||||
Sogefi SpA* | 142 | 818 | ||||||
Tod’s SpA | 30 | 2,046 | ||||||
Unione di Banche Italiane SpA | 871 | 3,290 | ||||||
Unipol Gruppo Finanziario SpA | 709 | 2,953 | ||||||
Yoox Net-A-Porter Group SpA* | 75 | 2,093 | ||||||
|
| |||||||
106,702 | ||||||||
|
|
Number | Value | |||||||
Japan — 29.6% | ||||||||
Activia Properties, Inc. REIT | 1 | $ | 4,614 | |||||
Adastria Co. Ltd. | 100 | 2,647 | ||||||
ADEKA Corp. | 300 | 4,364 | ||||||
Advance Residence Investment Corp. REIT | 2 | 5,306 | ||||||
Advantest Corp. | 200 | 3,574 | ||||||
AEON REIT Investment Corp. REIT | 3 | 3,299 | ||||||
Aica Kogyo Co. Ltd. | 200 | 5,833 | ||||||
Aiful Corp. * | 800 | 2,348 | ||||||
Anritsu Corp. | 700 | 6,055 | ||||||
Aoyama Trading Co. Ltd. | 100 | 3,607 | ||||||
Asahi Intecc Co. Ltd. | 100 | 4,623 | ||||||
Autobacs Seven Co. Ltd. | 300 | 4,732 | ||||||
Awa Bank Ltd. | 1,000 | 6,844 | ||||||
Azbil Corp. | 200 | 7,287 | ||||||
Broadleaf Co. Ltd. | 300 | 1,942 | ||||||
Capcom Co. Ltd. | 100 | 2,361 | ||||||
Chiba Kogyo Bank Ltd. | 100 | 521 | ||||||
Citizen Watch Co. Ltd. | 300 | 1,958 | ||||||
COMSYS Holdings Corp. | 300 | 6,355 | ||||||
COOKPAD, Inc. | 200 | 1,587 | ||||||
CyberAgent, Inc. | 200 | 7,223 | ||||||
Daido Steel Co. Ltd. | 1,000 | 5,472 | ||||||
Daifuku Co. Ltd. | 200 | 6,095 | ||||||
Daiichikosho Co. Ltd. | 100 | 4,831 | ||||||
Daishi Bank Ltd. | 1,000 | 4,244 | ||||||
Daisyo Corp. | 100 | 1,563 | ||||||
Denka Co. Ltd. | 1,000 | 5,029 | ||||||
DIC Corp. | 100 | 3,436 | ||||||
DMG Mori Co. Ltd. | 200 | 3,146 | ||||||
Ebara Corp. | 200 | 5,661 | ||||||
Ezaki Glico Co. Ltd. | 100 | 5,643 | ||||||
Frontier Real Estate Investment Corp. REIT | 1 | 4,375 | ||||||
Fujikura Ltd. | 1,000 | 8,569 | ||||||
Fukuoka REIT Corp. REIT | 3 | 4,757 | ||||||
Funai Electric Co. Ltd. | 200 | 1,560 | ||||||
Funai Soken Holdings, Inc. | 200 | 4,491 | ||||||
Furukawa Electric Co. Ltd. | 200 | 8,948 | ||||||
Glory Ltd. | 200 | 6,790 | ||||||
GLP J-REIT | 3 | 3,383 | ||||||
GMO internet, Inc. | 200 | 2,646 | ||||||
GS Yuasa Corp. | 1,000 | 4,488 | ||||||
Gunma Bank Ltd. | 400 | 2,124 | ||||||
H2O Retailing Corp. | 200 | 3,353 | ||||||
Haseko Corp. | 500 | 6,348 | ||||||
Hazama Ando Corp. | 600 | 4,334 | ||||||
Heiwa Corp. | 200 | 4,350 | ||||||
HIS Co. Ltd. | 100 | 2,826 | ||||||
Hitachi Capital Corp. | 100 | 2,321 | ||||||
Hokkaido Electric Power Co., Inc. | 500 | 3,824 | ||||||
Hokkoku Bank Ltd. | 1,000 | 3,485 | ||||||
Hokuhoku Financial Group, Inc. | 100 | 1,469 | ||||||
Horiba Ltd. | 100 | 6,122 | ||||||
Hosiden Corp. | 300 | 3,408 | ||||||
House Foods Group, Inc. | 200 | 5,019 | ||||||
Hulic Reit, Inc. REIT | 1 | 1,654 | ||||||
Hyakugo Bank Ltd. | 1,000 | 3,946 | ||||||
Ibiden Co. Ltd. | 100 | 1,792 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
IDOM, Inc. | 100 | $ | 550 | |||||
Industrial & Infrastructure Fund Investment Corp. REIT | 1 | 4,515 | ||||||
Ines Corp. | 400 | 4,164 | ||||||
Invincible Investment Corp. REIT | 7 | 3,293 | ||||||
Ito En Ltd. | 200 | 8,271 | ||||||
Itochu Techno-Solutions Corp. | 100 | 3,409 | ||||||
Itoham Yonekyu Holdings, Inc. | 200 | 1,869 | ||||||
Iwatani Corp. | 1,000 | 6,528 | ||||||
Iyo Bank Ltd. | 300 | 2,159 | ||||||
Izumi Co. Ltd. | 100 | 5,445 | ||||||
Jafco Co. Ltd. | 100 | 3,837 | ||||||
Japan Display, Inc.* | 700 | 1,251 | ||||||
Japan Excellent, Inc. REIT | 3 | 3,557 | ||||||
Japan Hotel REIT Investment Corp. REIT | 5 | 3,625 | ||||||
Japan Logistics Fund, Inc. REIT | 2 | 4,302 | ||||||
Japan Petroleum Exploration Co. Ltd. | 100 | 2,014 | ||||||
Japan Rental Housing Investments, Inc. REIT | 6 | 4,480 | ||||||
Japan Steel Works Ltd. | 200 | 2,900 | ||||||
Jimoto Holdings, Inc. | 400 | 712 | ||||||
Juroku Bank Ltd. | 1,000 | 2,916 | ||||||
JVC Kenwood Corp.* | 900 | 2,365 | ||||||
Kagome Co. Ltd. | 200 | 6,384 | ||||||
Kaken Pharmaceutical Co. Ltd. | 50 | 2,880 | ||||||
Kawasaki Kisen Kaisha Ltd.* | 2,000 | 5,183 | ||||||
Keiyo Bank Ltd. | 1,000 | 4,063 | ||||||
Keiyo Co. Ltd. | 500 | 3,264 | ||||||
Kenedix Office Investment Corp. REIT | 1 | 5,571 | ||||||
Kewpie Corp. | 200 | 5,219 | ||||||
Kinden Corp. | 300 | 4,600 | ||||||
Kiyo Bank Ltd. | 300 | 4,900 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 100 | 5,896 | ||||||
K’s Holdings Corp. | 300 | 6,176 | ||||||
Kumagai Gumi Co. Ltd. | 1,000 | 3,106 | ||||||
Kyowa Exeo Corp. | 100 | 1,661 | ||||||
Laox Co. Ltd.* | 200 | 916 | ||||||
Leopalace21 Corp. | 600 | 3,532 | ||||||
Lintec Corp. | 200 | 4,740 | ||||||
Maruha Nichiro Corp. | 100 | 2,862 | ||||||
Matsui Securities Co. Ltd. | 400 | 3,265 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 5,851 | ||||||
Matsuya Foods Co. Ltd. | 100 | 3,752 | ||||||
Megmilk Snow Brand Co. Ltd. | 100 | 3,025 | ||||||
Meitec Corp. | 100 | 4,248 | ||||||
Mitsubishi Paper Mills Ltd.* | 100 | 667 | ||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 2,000 | 2,745 | ||||||
Mitsui High-Tec, Inc. | 400 | 4,468 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 1,000 | 3,982 | ||||||
Miura Co. Ltd. | 100 | 1,950 | ||||||
MonotaRO Co. Ltd. | 100 | 3,368 | ||||||
Mori Hills REIT Investment Corp. REIT | 3 | 3,828 | ||||||
Mori Trust Sogo Reit, Inc. REIT | 2 | 3,243 | ||||||
Morinaga & Co. Ltd. | 20 | 1,192 | ||||||
Musashino Bank Ltd. | 100 | 2,971 | ||||||
Nagase & Co. Ltd. | 400 | 5,707 | ||||||
Nankai Electric Railway Co. Ltd. | 1,000 | 5,291 |
Number | Value | |||||||
Japan (Continued) | ||||||||
NHK Spring Co. Ltd. | 200 | $ | 2,104 | |||||
Nichi-iko Pharmaceutical Co. Ltd. | 100 | 1,459 | ||||||
Nichirei Corp. | 100 | 2,862 | ||||||
Nifco, Inc. | 100 | 5,111 | ||||||
Nihon Kohden Corp. | 200 | 4,462 | ||||||
Nihon M&A Center, Inc. | 200 | 7,901 | ||||||
Nikkon Holdings Co. Ltd. | 300 | 6,607 | ||||||
Nippon Accommodations Fund, Inc. REIT | 1 | 4,438 | ||||||
Nippon Kayaku Co. Ltd. | 300 | 4,166 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 600 | 1,403 | ||||||
Nippon Paper Industries Co. Ltd. | 200 | 3,800 | ||||||
Nippon Shinyaku Co. Ltd. | 100 | 5,833 | ||||||
Nippon Suisan Kaisha Ltd. | 600 | 3,131 | ||||||
Nipro Corp. | 500 | 6,980 | ||||||
Nishimatsu Construction Co. Ltd. | 1,000 | 5,499 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 200 | 1,958 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 4,298 | ||||||
Nissan Shatai Co. Ltd. | 300 | 3,023 | ||||||
Nisshin Steel Co. Ltd. | 100 | 1,102 | ||||||
Nisshinbo Holdings, Inc. | 300 | 2,836 | ||||||
North Pacific Bank Ltd. | 900 | 3,104 | ||||||
NTN Corp. | 1,000 | 4,578 | ||||||
Ogaki Kyoritsu Bank Ltd. | 1,000 | 2,817 | ||||||
Okamoto Industries, Inc. | 100 | 1,181 | ||||||
Oki Electric Industry Co. Ltd. | 100 | 1,473 | ||||||
OncoTherapy Science, Inc.* | 600 | 1,251 | ||||||
Orix JREIT, Inc. REIT | 3 | 4,751 | ||||||
OSG Corp. | 200 | 4,069 | ||||||
OSJB Holdings Corp. | 200 | 520 | ||||||
Penta-Ocean Construction Co. Ltd. | 1,000 | 5,679 | ||||||
PeptiDream, Inc.* | 26 | 1,491 | ||||||
Pigeon Corp. | 200 | 6,898 | ||||||
Pilot Corp. | 100 | 3,892 | ||||||
Premier Investment Corp. REIT | 4 | 4,298 | ||||||
Proto Corp. | 100 | 1,530 | ||||||
Qol Co. Ltd. | 200 | 3,068 | ||||||
Resorttrust, Inc. | 200 | 3,709 | ||||||
Rohto Pharmaceutical Co. Ltd. | 200 | 4,161 | ||||||
Sangetsu Corp. | 200 | 3,539 | ||||||
San-In Godo Bank Ltd. | 200 | 1,504 | ||||||
Sankyu, Inc. | 1,000 | 6,239 | ||||||
Sanwa Holdings Corp. | 500 | 5,517 | ||||||
Sapporo Holdings Ltd. | 200 | 5,797 | ||||||
Sawai Pharmaceutical Co. Ltd. | 50 | 2,704 | ||||||
SCREEN Holdings Co. Ltd. | 60 | 4,367 | ||||||
SCSK Corp. | 100 | 4,420 | ||||||
Seino Holdings Co. Ltd. | 400 | 5,017 | ||||||
Sekisui House SI Residential Investment Corp. REIT | 4 | 4,356 | ||||||
Senshu Ikeda Holdings, Inc. | 800 | 3,265 | ||||||
Septeni Holdings Co. Ltd. | 100 | 333 | ||||||
Seria Co. Ltd. | 46 | 2,226 | ||||||
Shiga Bank Ltd. | 1,000 | 4,921 | ||||||
Shikoku Electric Power Co., Inc. | 200 | 2,499 | ||||||
Shimachu Co. Ltd. | 200 | 4,663 | ||||||
Shinko Plantech Co. Ltd. | 500 | 3,634 | ||||||
Ship Healthcare Holdings, Inc. | 100 | 2,786 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Japan (Continued) | ||||||||
Showa Denko KK | 200 | $ | 3,888 | |||||
Skylark Co. Ltd. | 300 | 4,716 | ||||||
Sojitz Corp. | 2,400 | 5,786 | ||||||
Sosei Group Corp.* | 17 | 1,718 | ||||||
Square Enix Holdings Co. Ltd. | 200 | 6,339 | ||||||
Sugi Holdings Co. Ltd. | 100 | 5,327 | ||||||
Sumco Corp. | 300 | 4,960 | ||||||
Sumitomo Forestry Co. Ltd. | 300 | 4,778 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 5,400 | 6,046 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,000 | 4,370 | ||||||
Taiyo Yuden Co. Ltd. | 300 | 4,261 | ||||||
Takara Holdings, Inc. | 500 | 5,201 | ||||||
Tatsuta Electric Wire And Cable Co. Ltd. | 100 | 497 | ||||||
Temp Holdings Co. Ltd. | 300 | 5,924 | ||||||
TIS, Inc. | 200 | 5,797 | ||||||
Toda Corp. | 1,000 | 6,302 | ||||||
Toho Holdings Co. Ltd. | 100 | 2,028 | ||||||
Tokai Rika Co. Ltd. | 200 | 3,670 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 700 | 3,641 | ||||||
Tokuyama Corp.* | 1,000 | 4,424 | ||||||
Tokyo Century Corp. | 100 | 3,788 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 100 | 3,517 | ||||||
Tokyu REIT, Inc. REIT | 4 | 4,977 | ||||||
Tomy Co. Ltd. | 100 | 1,284 | ||||||
Topcon Corp. | 200 | 3,653 | ||||||
Toyo Corp./Chuo-ku | 400 | 3,789 | ||||||
Toyo Kanetsu KK | 300 | 848 | ||||||
Toyo Tire & Rubber Co. Ltd. | 200 | 3,850 | ||||||
Toyobo Co. Ltd. | 3,000 | 5,282 | ||||||
Toyota Boshoku Corp. | 200 | 3,859 | ||||||
TS Tech Co. Ltd. | 200 | 5,625 | ||||||
Tsukuba Bank Ltd. | 200 | 562 | ||||||
Tsukui Corp. | 600 | 3,727 | ||||||
Tsumura & Co. | 200 | 7,305 | ||||||
Tsutsumi Jewelry Co. Ltd. | 100 | 1,891 | ||||||
Ube Industries Ltd. | 3,000 | 7,124 | ||||||
Ushio, Inc. | 300 | 3,852 | ||||||
Valor Holdings Co. Ltd. | 200 | 4,578 | ||||||
Wacoal Holdings Corp. | 100 | 1,282 | ||||||
W-Scope Corp. (b) | 100 | 1,584 | ||||||
Yamato Kogyo Co. Ltd. | 100 | 2,399 | ||||||
Yokohama Reito Co. Ltd. | 600 | 5,753 | ||||||
Zenkoku Hosho Co. Ltd. | 100 | 4,095 | ||||||
Zensho Holdings Co. Ltd. | 100 | 1,821 | ||||||
Zeon Corp. | 200 | 2,042 | ||||||
|
| |||||||
824,640 | ||||||||
|
| |||||||
Jersey Island — 0.3% | ||||||||
Centamin PLC | 1,368 | 2,935 | ||||||
Phoenix Group Holdings | 414 | 4,024 | ||||||
|
| |||||||
6,959 | ||||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
APERAM SA | 70 | 3,355 | ||||||
B&M European Value Retail SA | 827 | 3,882 | ||||||
Grand City Properties SA | 154 | 3,191 | ||||||
|
| |||||||
10,428 | ||||||||
|
|
Number | Value | |||||||
Malta — 0.2% | ||||||||
Catena Media PLC* | 55 | $ | 631 | |||||
Gaming Innovation Group, Inc.* | 774 | 536 | ||||||
Kindred Group PLC SDR | 359 | 3,856 | ||||||
|
| |||||||
5,023 | ||||||||
|
| |||||||
Netherlands — 2.4% | ||||||||
Aalberts Industries NV | 126 | 5,096 | ||||||
Accell Group | 46 | 1,542 | ||||||
Arcadis NV | 131 | 2,316 | ||||||
ASM International NV | 70 | 4,341 | ||||||
ASR Nederland NV* | 65 | 2,086 | ||||||
BE Semiconductor Industries NV | 42 | 2,247 | ||||||
Corbion NV | 121 | 3,671 | ||||||
Eurocommercial Properties NV | 69 | 2,872 | ||||||
Euronext NV, 144A | 79 | 4,132 | ||||||
Fugro NV* | 102 | 1,484 | ||||||
IMCD Group NV | 88 | 4,842 | ||||||
InterXion Holding NV* | 83 | 3,689 | ||||||
Koninklijke BAM Groep NV | 472 | 2,504 | ||||||
OCI NV*(b) | 92 | 2,199 | ||||||
Philips Lighting NV, 144A | 100 | 3,707 | ||||||
PostNL NV | 653 | 3,192 | ||||||
SBM Offshore NV | 260 | 4,004 | ||||||
TKH Group NV | 71 | 3,562 | ||||||
TomTom NV* | 193 | 1,970 | ||||||
Wereldhave NV REIT | 55 | 2,650 | ||||||
Wessanen | 225 | 3,779 | ||||||
|
| |||||||
65,885 | ||||||||
|
| |||||||
New Zealand — 1.1% | ||||||||
a2 Milk Co. Ltd.* | 685 | 1,641 | ||||||
Air New Zealand Ltd. | 1,391 | 2,829 | ||||||
Chorus Ltd. | 499 | 1,596 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 888 | 6,732 | ||||||
Infratil Ltd. | 2,185 | 4,706 | ||||||
Kiwi Property Group Ltd. | 4,951 | 5,051 | ||||||
SKY Network Television Ltd. | 255 | 652 | ||||||
SKYCITY Entertainment Group Ltd. | 1,205 | 3,740 | ||||||
Trade Me Group Ltd. | 485 | 1,821 | ||||||
Z Energy Ltd. | 425 | 2,258 | ||||||
|
| |||||||
31,026 | ||||||||
|
| |||||||
Norway — 1.3% | ||||||||
Aker ASA, Class A | 27 | 994 | ||||||
Aker BP ASA | 206 | 3,364 | ||||||
Aker Solutions ASA* | 380 | 1,873 | ||||||
Atea ASA* | 97 | 1,182 | ||||||
DNO ASA*(b) | 1,581 | 1,458 | ||||||
Entra ASA, 144A | 137 | 1,662 | ||||||
Europris ASA, 144A | 363 | 1,568 | ||||||
Frontline Ltd. | 152 | 852 | ||||||
Grieg Seafood ASA | 73 | 548 | ||||||
Hexagon Composites ASA* | 222 | 709 | ||||||
Kongsberg Automotive ASA* | 1,347 | 1,051 | ||||||
Leroy Seafood Group ASA | 360 | 1,939 | ||||||
Norway Royal Salmon ASA* | 31 | 538 | ||||||
Norwegian Air Shuttle ASA*(b) | 65 | 1,751 | ||||||
Opera Software ASA* | 184 | 714 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Norway (Continued) | ||||||||
Petroleum Geo-Services ASA*(b) | 205 | $ | 441 | |||||
Salmar ASA | 50 | 1,353 | ||||||
Scatec Solar ASA, 144A | 112 | 563 | ||||||
SpareBank 1 Smn | 152 | 1,250 | ||||||
Storebrand ASA | 856 | 5,587 | ||||||
TGS NOPEC Geophysical Co ASA | 166 | 3,458 | ||||||
Thin Film Electronics ASA*(b) | 981 | 435 | ||||||
XXL ASA, 144A | 142 | 1,534 | ||||||
|
| |||||||
34,824 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Hochschild Mining PLC | 442 | 1,631 | ||||||
|
| |||||||
Portugal — 0.4% | ||||||||
Banco Comercial Portugues SA, Class R* | 12,159 | 3,141 | ||||||
Corticeira Amorim SGPS SA | 42 | 572 | ||||||
CTT-Correios de Portugal SA | 368 | 2,240 | ||||||
NOS SGPS SA | 322 | 1,969 | ||||||
Sonae SGPS SA | 2,020 | 2,081 | ||||||
|
| |||||||
10,003 | ||||||||
|
| |||||||
Russia — 0.0% | ||||||||
Evraz PLC* | 439 | 1,075 | ||||||
|
| |||||||
Singapore — 1.4% | ||||||||
BW LPG Ltd., 144A | 141 | 573 | ||||||
Cape PLC | 178 | 551 | ||||||
Chip Eng Seng Corp. Ltd. | 7,500 | 3,875 | ||||||
COSCO Shipping International Singapore Co. Ltd.* | 3,000 | 564 | ||||||
Keppel REIT | 4,600 | 3,674 | ||||||
Mapletree Commercial Trust REIT | 3,800 | 4,243 | ||||||
Mapletree Greater China Commercial Trust REIT | 5,600 | 4,310 | ||||||
Mapletree Industrial Trust REIT | 3,800 | 5,012 | ||||||
Mapletree Logistics Trust REIT | 4,600 | 3,890 | ||||||
Midas Holdings Ltd.* | 11,500 | 1,870 | ||||||
Raffles Medical Group Ltd. | 1,100 | 1,101 | ||||||
Sembcorp Marine Ltd. | 1,100 | 1,339 | ||||||
Singapore Post Ltd. | 3,000 | 2,743 | ||||||
Venture Corp. Ltd. | 600 | 5,607 | ||||||
|
| |||||||
39,352 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Petra Diamonds Ltd.* | 866 | 1,447 | ||||||
|
| |||||||
Spain — 2.5% | ||||||||
Acciona SA | 35 | 3,356 | ||||||
Acerinox SA | 245 | 3,310 | ||||||
Almirall SA | 117 | 2,033 | ||||||
Applus Services SA | 272 | 3,484 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 124 | 1,602 | ||||||
Banco Popular Espanol SA* | 3,000 | 2,052 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 103 | 3,714 | ||||||
Cellnex Telecom SA, 144A | 200 | 4,190 | ||||||
Ebro Foods SA | 112 | 2,646 | ||||||
Fomento de Construcciones y Contratas SA* | 280 | 3,089 | ||||||
Grupo Catalana Occidente SA | 36 | 1,494 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 240 | 4,025 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Indra Sistemas SA* | 219 | $ | 3,038 | |||||
Inmobiliaria Colonial SA | 376 | 3,057 | ||||||
Mediaset Espana Comunicacion SA | 203 | 2,726 | ||||||
Melia Hotels International SA | 146 | 2,230 | ||||||
Merlin Properties Socimi SA REIT | 281 | 3,564 | ||||||
NH Hotel Group SA* | 386 | 2,259 | ||||||
Papeles y Cartones de Europa SA | 150 | 1,306 | ||||||
Prosegur Cia de Seguridad SA | 342 | 2,290 | ||||||
Realia Business SA* | 1,907 | 2,292 | ||||||
Sacyr SA* | 831 | 2,487 | ||||||
Saeta Yield SA | 50 | 560 | ||||||
Tecnicas Reunidas SA | 62 | 2,388 | ||||||
Telepizza Group SA, 144A* | 150 | 853 | ||||||
Tubacex SA | 228 | 949 | ||||||
Viscofan SA | 78 | 4,769 | ||||||
|
| |||||||
69,763 | ||||||||
|
| |||||||
Sweden — 4.8% | ||||||||
AAK AB | 50 | 3,745 | ||||||
Axfood AB | 118 | 1,974 | ||||||
Betsson AB* | 166 | 1,514 | ||||||
Betsson AB, Red Shares* | 166 | 91 | ||||||
Bilia AB, Class A* | 52 | 1,038 | ||||||
BillerudKorsnas AB | 229 | 3,652 | ||||||
BioGaia AB, Class B | 18 | 744 | ||||||
Bonava AB, Class B | 134 | 2,421 | ||||||
Camurus AB* | 35 | 486 | ||||||
Castellum AB | 200 | 2,985 | ||||||
Com Hem Holding AB | 329 | 4,421 | ||||||
Dometic Group AB, 144A | 223 | 1,831 | ||||||
Dustin Group AB, 144A | 148 | 1,260 | ||||||
Elekta AB, Class B | 477 | 4,777 | ||||||
Evolution Gaming Group AB, 144A | 55 | 2,588 | ||||||
Fabege AB | 178 | 3,344 | ||||||
Fastighets AB Balder, Class B* | 137 | 3,435 | ||||||
Fingerprint Cards AB, Class B* | 461 | 1,506 | ||||||
Hemfosa Fastigheter AB | 216 | 2,244 | ||||||
Hexpol AB | 336 | 3,499 | ||||||
Holmen AB, Class B | 77 | 3,461 | ||||||
Hufvudstaden AB, Class A | 151 | 2,566 | ||||||
Indutrade AB | 186 | 4,366 | ||||||
Intrum Justitia AB* | 123 | 4,163 | ||||||
Investment AB Oresund | 166 | 2,913 | ||||||
JM AB | 108 | 4,062 | ||||||
Kungsleden AB | 402 | 2,433 | ||||||
Loomis AB, Class B | 117 | 4,409 | ||||||
Modern Times Group MTG AB, Class B | 100 | 3,441 | ||||||
NCC AB, Class B | 143 | 3,998 | ||||||
NetEnt AB*(b) | 336 | 2,743 | ||||||
New Wave Group AB, Class B | 141 | 969 | ||||||
Nibe Industrier AB, Class B (b) | 603 | 5,630 | ||||||
Nobia AB | 181 | 1,966 | ||||||
Pandox AB | 71 | 1,266 | ||||||
Peab AB | 364 | 4,318 | ||||||
Probi AB | 9 | 601 | ||||||
Ratos AB, Class B | 412 | 2,024 | ||||||
RaySearch Laboratories AB* | 28 | 770 | ||||||
Saab AB, Class B | 80 | 4,162 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
Sweden (Continued) | ||||||||
SkiStar AB | 65 | $ | 1,458 | |||||
SSAB AB, Class A* | 355 | 1,449 | ||||||
SSAB AB, Class B* | 700 | 2,332 | ||||||
Sweco AB, Class B | 87 | 2,268 | ||||||
Swedish Orphan Biovitrum AB* | 210 | 3,296 | ||||||
Thule Group AB, 144A | 111 | 2,084 | ||||||
Trelleborg AB, Class B | 274 | 6,444 | ||||||
Vitrolife AB | 17 | 1,064 | ||||||
Wallenstam AB, Class B | 294 | 2,752 | ||||||
Wihlborgs Fastigheter AB | 183 | 3,744 | ||||||
|
| |||||||
134,707 | ||||||||
|
| |||||||
Switzerland — 4.7% | ||||||||
Allreal Holding AG* | 24 | 4,428 | ||||||
Aryzta AG* | 18 | 568 | ||||||
Banque Cantonale Vaudoise | 2 | 1,440 | ||||||
Basilea Pharmaceutica AG* | 29 | 2,291 | ||||||
Bobst Group SA | 24 | 2,421 | ||||||
Bucher Industries AG | 8 | 2,604 | ||||||
Burckhardt Compression Holding AG | 8 | 2,507 | ||||||
Cembra Money Bank AG* | 35 | 3,297 | ||||||
Clariant AG* | 344 | 7,199 | ||||||
Daetwyler Holding AG | 10 | 1,699 | ||||||
dormakaba Holding AG* | 6 | 5,417 | ||||||
Emmi AG* | 3 | 2,325 | ||||||
Ferrexpo PLC | 266 | 588 | ||||||
Flughafen Zurich AG | 25 | 6,195 | ||||||
Forbo Holding AG | 2 | 3,302 | ||||||
GAM Holding AG* | 291 | 3,996 | ||||||
Georg Fischer AG | 7 | 6,602 | ||||||
Helvetia Holding AG | 6 | 3,472 | ||||||
IWG PLC | 880 | 3,768 | ||||||
Leonteq AG* | 22 | 1,053 | ||||||
Logitech International SA | 248 | 9,064 | ||||||
Meyer Burger Technology AG*(b) | 827 | 922 | ||||||
Mobimo Holding AG* | 8 | 2,255 | ||||||
Molecular Partners AG* | 19 | 575 | ||||||
OC Oerlikon Corp. AG* | 370 | 4,699 | ||||||
Oriflame Holding AG* | 83 | 3,399 | ||||||
Panalpina Welttransport Holding AG | 26 | 3,568 | ||||||
PSP Swiss Property AG | 53 | 4,999 | ||||||
Santhera Pharmaceuticals Holding AG* | 8 | 515 | ||||||
SFS Group AG* | 42 | 4,852 | ||||||
Sulzer AG | 17 | 1,982 | ||||||
Sunrise Communications Group AG, 144A* | 61 | 5,070 | ||||||
Tecan Group AG | 22 | 4,159 | ||||||
Temenos Group AG* | 91 | 8,465 | ||||||
u-blox AG* | 14 | 2,888 | ||||||
Valiant Holding AG | 27 | 3,142 | ||||||
VAT Group AG, 144A* | 18 | 2,228 | ||||||
Vontobel Holding AG | 56 | 3,495 | ||||||
|
| |||||||
131,449 | ||||||||
|
| |||||||
United Kingdom — 17.1% | ||||||||
AA PLC | 811 | 2,440 | ||||||
Abcam PLC | 309 | 3,898 | ||||||
Acacia Mining PLC | 239 | 885 | ||||||
Aggreko PLC | 303 | 3,375 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Allied Minds PLC* | 341 | $ | 652 | |||||
Amec Foster Wheeler PLC | 445 | 2,918 | ||||||
Arrow Global Group PLC | 106 | 545 | ||||||
Ashmore Group PLC | 608 | 2,747 | ||||||
ASOS PLC* | 76 | 6,284 | ||||||
Assura PLC REIT | 2,014 | 1,648 | ||||||
AVEVA Group PLC | 96 | 2,395 | ||||||
Balfour Beatty PLC | 1,064 | 3,863 | ||||||
BBA Aviation PLC | 1,293 | 5,369 | ||||||
Beazley PLC | 592 | 3,602 | ||||||
Bellway PLC | 149 | 5,425 | ||||||
Berendsen PLC | 213 | 3,013 | ||||||
Big Yellow Group PLC REIT | 220 | 2,235 | ||||||
Blue Prism Group PLC* | 46 | 556 | ||||||
Bodycote PLC | 362 | 3,626 | ||||||
boohoo.com PLC* | 1,538 | 4,161 | ||||||
Booker Group PLC | 2,108 | 5,419 | ||||||
Bovis Homes Group PLC | 198 | 2,327 | ||||||
Brewin Dolphin Holdings PLC | 640 | 2,792 | ||||||
Britvic PLC | 409 | 3,689 | ||||||
BTG PLC* | 506 | 4,261 | ||||||
Cairn Energy PLC* | 954 | 2,490 | ||||||
Capital & Counties Properties PLC | 623 | 2,523 | ||||||
Card Factory PLC | 683 | 2,936 | ||||||
Carillion PLC (b) | 686 | 1,798 | ||||||
Chemring Group PLC | 471 | 1,095 | ||||||
Cineworld Group PLC | 245 | 2,267 | ||||||
Clinigen Group PLC | 216 | 2,477 | ||||||
Close Brothers Group PLC | 150 | 3,094 | ||||||
CMC Markets PLC, 144A | 243 | 398 | ||||||
Countrywide PLC (b) | 406 | 889 | ||||||
Crest Nicholson Holdings PLC | 362 | 2,945 | ||||||
CVS Group PLC | 63 | 1,142 | ||||||
CYBG PLC* | 975 | 3,355 | ||||||
Daily Mail & General Trust PLC, Class A | 331 | 2,941 | ||||||
Dairy Crest Group PLC | 291 | 2,291 | ||||||
Debenhams PLC | 2,441 | 1,576 | ||||||
Derwent London PLC REIT | 114 | 4,063 | ||||||
Dialight PLC* | 41 | 547 | ||||||
Dialog Semiconductor PLC* | 108 | 5,156 | ||||||
Dignity PLC | 70 | 2,282 | ||||||
Diploma PLC | 225 | 3,244 | ||||||
Domino’s Pizza Group PLC | 774 | 3,161 | ||||||
Drax Group PLC | 657 | 2,931 | ||||||
DS Smith PLC | 1,114 | 6,275 | ||||||
Dunelm Group PLC | 180 | 1,452 | ||||||
EI Group PLC* | 500 | 916 | ||||||
Electrocomponents PLC | 543 | 4,103 | ||||||
Elementis PLC | 834 | 3,227 | ||||||
Essentra PLC | 351 | 2,600 | ||||||
esure Group PLC | 623 | 2,173 | ||||||
Fenner PLC | 335 | 1,351 | ||||||
Fevertree Drinks PLC | 176 | 3,984 | ||||||
Firstgroup PLC* | 1,747 | 3,372 | ||||||
Forterra PLC, 144A | 174 | 599 | ||||||
Galliford Try PLC | 128 | 2,062 | ||||||
Genus PLC | 116 | 2,799 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Go-Ahead Group PLC | 60 | $ | 1,415 | |||||
Gocompare.Com Group PLC* | 623 | 751 | ||||||
Grainger PLC | 828 | 2,884 | ||||||
Great Portland Estates PLC REIT | 297 | 2,428 | ||||||
Greene King PLC | 340 | 3,305 | ||||||
Greggs PLC | 178 | 2,498 | ||||||
Halfords Group PLC | 479 | 2,242 | ||||||
Halma PLC | 411 | 6,069 | ||||||
Hansteen Holdings PLC REIT | 1,723 | 2,862 | ||||||
Hastings Group Holdings PLC, 144A | 138 | 558 | ||||||
Hays PLC | 1,911 | 4,109 | ||||||
HomeServe PLC | 447 | 4,233 | ||||||
Hotel Chocolat Group Ltd.* | 113 | 561 | ||||||
Howden Joinery Group PLC | 783 | 4,570 | ||||||
Hunting PLC | 242 | 1,576 | ||||||
IG Group Holdings PLC | 334 | 2,513 | ||||||
Imagination Technologies Group PLC*(b) | 506 | 764 | ||||||
Inchcape PLC | 591 | 6,221 | ||||||
Indivior PLC | 978 | 4,104 | ||||||
Informa PLC | 978 | 8,455 | ||||||
Intermediate Capital Group PLC | 392 | 4,457 | ||||||
International Personal Finance PLC | 538 | 1,109 | ||||||
Interserve PLC | 318 | 922 | ||||||
iomart Group PLC | 182 | 706 | ||||||
J D Wetherspoon PLC | 178 | 2,360 | ||||||
JD Sports Fashion PLC | 421 | 2,447 | ||||||
Jimmy Choo PLC* | 339 | 863 | ||||||
John Laing Group PLC, 144A | 448 | 1,724 | ||||||
John Wood Group PLC | 478 | 4,407 | ||||||
Jupiter Fund Management PLC | 385 | 2,449 | ||||||
Just Eat PLC* | 610 | 5,278 | ||||||
Kainos Group PLC | 134 | 401 | ||||||
KAZ Minerals PLC* | 304 | 1,900 | ||||||
Keller Group PLC | 191 | 2,115 | ||||||
Kier Group PLC | 152 | 2,460 | ||||||
Ladbrokes Coral Group PLC | 1,498 | 2,301 | ||||||
Laird PLC | 961 | 1,724 | ||||||
Lancashire Holdings Ltd. | 221 | 1,980 | ||||||
LondonMetric Property PLC REIT | 978 | 2,123 | ||||||
Man Group PLC | 1,862 | 3,774 | ||||||
Marston’s PLC | 922 | 1,610 | ||||||
Melrose Industries PLC | 2,298 | 7,084 | ||||||
Metro Bank PLC* | 71 | 3,385 | ||||||
Micro Focus International PLC | 259 | 7,989 | ||||||
Mitchells & Butlers PLC | 384 | 1,206 | ||||||
Mitie Group PLC (b) | 607 | �� | 1,894 | |||||
Moneysupermarket.com Group PLC | 645 | 2,898 | ||||||
Morgan Advanced Materials PLC | 622 | 2,393 | ||||||
National Express Group PLC | 591 | 2,823 | ||||||
NEX Group PLC | 323 | 2,682 | ||||||
Northgate PLC | 377 | 2,579 | ||||||
Ocado Group PLC*(b) | 745 | 3,021 | ||||||
On The Beach Group PLC, 144A | 106 | 534 | ||||||
Ophir Energy PLC* | 768 | 819 | ||||||
Pagegroup PLC | 431 | 2,615 | ||||||
Pantheon Resources PLC* | 334 | 284 | ||||||
Paragon Group of Cos. PLC | 206 | 1,211 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Pendragon PLC | 1,500 | $ | 701 | |||||
Pennon Group PLC | 416 | 4,936 | ||||||
Pets at Home Group PLC | 676 | 1,449 | ||||||
Premier Oil PLC*(b) | 1,231 | 916 | ||||||
Purplebricks Group PLC* | 110 | 582 | ||||||
PZ Cussons PLC | 347 | 1,545 | ||||||
QinetiQ Group PLC | 695 | 2,796 | ||||||
Redrow PLC | 370 | 2,672 | ||||||
Renewi PLC | 459 | 559 | ||||||
Renishaw PLC | 75 | 3,577 | ||||||
Rentokil Initial PLC | 1,918 | 6,564 | ||||||
Restaurant Group PLC | 330 | 1,549 | ||||||
Restore PLC | 191 | 1,063 | ||||||
Rightmove PLC | 120 | 6,704 | ||||||
Rotork PLC | 1,389 | 4,216 | ||||||
RPC Group PLC | 451 | 4,986 | ||||||
RPS Group PLC | 315 | 1,120 | ||||||
Safestore Holdings PLC REIT | 567 | 3,214 | ||||||
Saga PLC | 1,300 | 3,385 | ||||||
Savills PLC | 220 | 2,452 | ||||||
Seadrill Ltd.*(b) | 478 | 226 | ||||||
Senior PLC | 782 | 2,371 | ||||||
Serco Group PLC* | 1,694 | 2,591 | ||||||
Shaftesbury PLC REIT | 323 | 4,045 | ||||||
SIG PLC | 1,189 | 2,362 | ||||||
Sirius Minerals PLC*(b) | 5,396 | 2,138 | ||||||
Sophos Group PLC, 144A | 300 | 1,749 | ||||||
Sound Energy PLC* | 699 | 637 | ||||||
Spectris PLC | 168 | 5,656 | ||||||
Spirax-Sarco Engineering PLC | 80 | 5,850 | ||||||
Spire Healthcare Group PLC, 144A | 482 | 2,124 | ||||||
SSP Group PLC | 614 | 3,853 | ||||||
St. Modwen Properties PLC | 445 | 1,994 | ||||||
Staffline Group PLC | 34 | 635 | ||||||
Stagecoach Group PLC | 641 | 1,747 | ||||||
Stobart Group Ltd. | 157 | 562 | ||||||
Stock Spirits Group PLC | 310 | 699 | ||||||
Subsea 7 SA | 344 | 4,947 | ||||||
SuperGroup PLC | 112 | 2,238 | ||||||
Synthomer PLC | 486 | 3,156 | ||||||
TalkTalk Telecom Group PLC (b) | 754 | 1,724 | ||||||
Ted Baker PLC | 85 | 2,684 | ||||||
Telecom Plus PLC | 160 | 2,723 | ||||||
Thomas Cook Group PLC | 2,271 | 2,702 | ||||||
TP ICAP PLC | 505 | 3,106 | ||||||
Tritax Big Box REIT PLC REIT | 1,306 | 2,482 | ||||||
Tullow Oil PLC*(b) | 1,794 | 4,225 | ||||||
UBM PLC | 461 | 4,294 | ||||||
Ultra Electronics Holdings PLC | 109 | 2,994 | ||||||
UNITE Group PLC REIT | 277 | 2,248 | ||||||
Vectura Group PLC* | 1,033 | 1,567 | ||||||
Vesuvius PLC | 267 | 1,994 | ||||||
Victrex PLC | 129 | 3,209 | ||||||
Virgin Money Holdings UK PLC | 413 | 1,587 | ||||||
VTTI Energy Partners LP | 61 | 1,190 | ||||||
WH Smith PLC | 184 | 4,229 | ||||||
Workspace Group PLC REIT | 149 | 1,693 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
WS Atkins PLC | 148 | $ | 3,968 | |||||
ZPG PLC, 144A | 300 | 1,444 | ||||||
|
| |||||||
475,913 | ||||||||
|
| |||||||
United States — 0.1% | ||||||||
Sims Metal Management Ltd. | 324 | 3,209 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,745,887 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Germany — 0.4% | ||||||||
Jungheinrich AG | 129 | 4,855 | ||||||
Sartorius AG | 60 | 6,117 | ||||||
|
| |||||||
10,972 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 10,972 | |||||||
|
|
Number | Value | |||||||
EXCHANGE-TRADED FUND — 0.2% | ||||||||
iShares MSCI EAFE Small-Capital ETF (b) | 100 | $ | 5,827 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.8% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 0.74% (c)(d) | 78,351 | 78,351 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.9% (Cost $2,609,885)† | $ | 2,841,037 | ||||||
Other assets and liabilities, net — (1.9%) | (54,115 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,786,922 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,640,601. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $200,436. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $410,093 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $209,657. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2017 amounted to $72,216, which is 2.6% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of May 31, 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 | 6/5/2017 | AUD | 234,000 | USD | 174,887 | $ | 1,027 | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 611,000 | USD | 666,338 | (20,223 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 12,000 | USD | 13,087 | (397 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | GBP | 19,000 | USD | 24,602 | 118 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | GBP | 368,000 | USD | 476,494 | 2,267 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | HKD | 469,000 | USD | 60,339 | 146 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | HKD | 44,000 | USD | 5,661 | 14 | ||||||||||||
The Bank of Nova Scotia | 6/5/2017 | ILS | 105,000 | USD | 29,031 | (630 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | JPY | 979,000 | USD | 8,793 | (49 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | JPY | 91,245,000 | USD | 819,311 | (4,765 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 1,178,000 | USD | 133,243 | (2,334 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SEK | 84,000 | USD | 9,502 | (166 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | SGD | 64,000 | USD | 45,798 | (459 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 2,990 | AUD | 4,000 | (18 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 171,224 | AUD | 230,000 | (335 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 700,564 | EUR | 623,000 | (519 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 499,598 | GBP | 387,000 | (886 | ) | |||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 65,833 | HKD | 513,000 | 7 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 6,361 | ILS | 23,000 | $ | 136 | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 23,168 | ILS | 82,000 | (4 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 833,965 | JPY | 92,224,000 | (1,047 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 145,476 | SEK | 1,262,000 | (231 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 3,579 | SGD | 5,000 | 35 | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 42,649 | SGD | 59,000 | (5 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | CHF | 6,000 | USD | 6,040 | (158 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | CHF | 127,000 | USD | 127,824 | (3,353 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | DKK | 33,000 | USD | 4,840 | (146 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | DKK | 280,000 | USD | 41,060 | (1,242 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | NOK | 361,000 | USD | 42,156 | (574 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | NZD | 39,000 | USD | 26,752 | (876 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | NZD | 5,000 | USD | 3,429 | (113 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 137,461 | CHF | 133,000 | (86 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 47,310 | DKK | 313,000 | (23 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 42,862 | NOK | 361,000 | (132 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/6/2017 | USD | 31,229 | NZD | 44,000 | (59 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | AUD | 230,000 | USD | 171,141 | 334 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | CHF | 133,000 | USD | 137,731 | 88 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | DKK | 6,000 | USD | 909 | 1 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | DKK | 313,000 | USD | 47,387 | 21 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 623,000 | USD | 701,707 | 510 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 5,000 | USD | 5,633 | 5 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | GBP | 23,000 | USD | 29,724 | 55 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | GBP | 387,000 | USD | 500,085 | 881 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | HKD | 29,000 | USD | 3,724 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | HKD | 513,000 | USD | 65,877 | (12 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | ILS | 82,000 | USD | 23,190 | 2 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | ILS | 20,000 | USD | 5,657 | 1 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | JPY | 92,224,000 | USD | 835,120 | 1,043 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NOK | 16,000 | USD | 1,901 | 6 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NOK | 361,000 | USD | 42,881 | 131 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | NZD | 44,000 | USD | 31,210 | 58 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SEK | 1,262,000 | USD | 145,727 | 223 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | SGD | 59,000 | USD | 42,662 | 4 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 8,185 | AUD | 11,000 | (16 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 5,179 | CHF | 5,000 | (5 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 5,160 | GBP | 4,000 | 0 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 1,431 | JPY | 158,000 | (2 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 3,465 | SEK | 30,000 | (6 | ) | |||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 4,338 | SGD | 6,000 | 0 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (31,758 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli New Sheqel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2017
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (e) | $ | 2,742,805 | $ | — | $ | 3,082 | $ | 2,745,887 | ||||||||
Exchange Traded Fund | 5,827 | — | — | 5,827 | ||||||||||||
Preferred Stocks | 10,972 | — | — | 10,972 | ||||||||||||
Short-Term Investments | 78,351 | — | — | 78,351 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 7,113 | — | 7,113 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,837,955 | $ | 7,113 | $ | 3,082 | $ | 2,848,150 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (38,871 | ) | $ | — | $ | (38,871 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (38,871 | ) | $ | — | $ | (38,871 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
During the year ended May 31, 2017, the amount of transfers between Level 1 and Level 3 was $4,175. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Consumer Discretionary — 12.0% | ||||||||
Ferrari NV | 1,093 | $ | 94,543 | |||||
Fiat Chrysler Automobiles NV* | 8,147 | 85,525 | ||||||
Luxottica Group SpA | 1,489 | 90,241 | ||||||
|
| |||||||
270,309 | ||||||||
|
| |||||||
Energy — 18.9% | ||||||||
Eni SpA | 15,889 | 251,492 | ||||||
Saipem SpA* | 3,901 | 15,820 | ||||||
Snam SpA | 20,736 | 95,086 | ||||||
Tenaris SA | 4,202 | 63,489 | ||||||
|
| |||||||
425,887 | ||||||||
|
| |||||||
Financials — 32.9% | ||||||||
Assicurazioni Generali SpA | 6,397 | 100,965 | ||||||
EXOR NV | 1,052 | 58,675 | ||||||
Intesa Sanpaolo SpA | 78,015 | 223,303 | ||||||
Intesa Sanpaolo SpA-RSP | 5,947 | 16,140 | ||||||
Mediobanca SpA | 5,667 | 53,730 | ||||||
Poste Italiane SpA, 144A | 5,721 | 40,231 | ||||||
UniCredit SpA* | 12,296 | 215,065 | ||||||
UnipolSai SpA | 13,864 | 31,398 | ||||||
|
| |||||||
739,507 | ||||||||
|
| |||||||
Health Care — 1.6% | ||||||||
Recordati SpA | 872 | 35,078 | ||||||
|
|
Number | Value | |||||||
Industrials — 14.3% | ||||||||
Atlantia SpA | 3,587 | $ | 99,850 | |||||
CNH Industrial NV | 8,852 | 98,196 | ||||||
Leonardo SpA | 3,949 | 69,559 | ||||||
Prysmian SpA | 1,904 | 52,980 | ||||||
|
| |||||||
320,585 | ||||||||
|
| |||||||
Telecommunication Services — 4.4% | ||||||||
Telecom Italia SpA* | 76,448 | 71,536 | ||||||
Telecom Italia SpA-RSP* | 36,559 | 28,194 | ||||||
|
| |||||||
99,730 | ||||||||
|
| |||||||
Utilities — 15.6% | ||||||||
Enel SpA | 51,101 | 273,131 | ||||||
Terna Rete Elettrica Nazionale SpA | 13,681 | 77,304 | ||||||
|
| |||||||
350,435 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,241,531 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% (Cost $2,114,179)† | $ | 2,241,531 | ||||||
Other assets and liabilities, net — 0.3% | 6,312 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,247,843 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,183,943. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $57,588. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $176,170 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $118,582. |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of May 31, 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 | 6/5/2017 | EUR | 2,019,800 | USD | 2,202,733 | $ | (66,850 | ) | ||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 13,000 | USD | 14,193 | (415 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 2,280,261 | EUR | 2,027,800 | (1,688 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 5,454 | EUR | 5,000 | 165 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 2,027,800 | USD | 2,283,982 | 1,661 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | USD | 15,764 | EUR | 14,000 | (7 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (67,134 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (Continued)
May 31, 2017
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 May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (a) | $ | 2,241,531 | $ | — | $ | — | $ | 2,241,531 | ||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 1,826 | — | 1,826 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,241,531 | $ | 1,826 | $ | — | $ | 2,243,357 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (68,960 | ) | $ | — | $ | (68,960 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (68,960 | ) | $ | — | $ | (68,960 | ) | ||||||
|
|
|
|
|
|
|
|
(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 year ended May 31, 2017.
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
May 31, 2017
Number | Value | |||||||
COMMON STOCKS — 100.2% | ||||||||
Italy — 33.9% | ||||||||
Assicurazioni Generali SpA | 3,673 | $ | 57,971 | |||||
Atlantia SpA | 1,337 | 37,218 | ||||||
Enel SpA | 23,938 | 127,947 | ||||||
Eni SpA | 7,490 | 118,552 | ||||||
Ferrari NV | 361 | 31,226 | ||||||
Intesa Sanpaolo SpA | 37,405 | 107,065 | ||||||
Intesa Sanpaolo SpA-RSP | 2,921 | 7,927 | ||||||
Leonardo SpA | 1,190 | 20,961 | ||||||
Luxottica Group SpA | 499 | 30,242 | ||||||
Mediobanca SpA | 1,671 | 15,843 | ||||||
Poste Italiane SpA, 144A | 1,636 | 11,505 | ||||||
Prysmian SpA | 601 | 16,723 | ||||||
Recordati SpA | 307 | 12,350 | ||||||
Saipem SpA* | 1,899 | 7,701 | ||||||
Snam SpA | 6,703 | 30,737 | ||||||
Telecom Italia SpA* | 33,560 | 31,404 | ||||||
Telecom Italia SpA-RSP* | 17,736 | 13,678 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,138 | 23,381 | ||||||
UniCredit SpA* | 5,890 | 103,020 | ||||||
UnipolSai SpA | 2,921 | 6,615 | ||||||
|
| |||||||
812,066 | ||||||||
|
| |||||||
Luxembourg (a) — 0.9% | ||||||||
Tenaris SA | 1,438 | 21,727 | ||||||
|
| |||||||
Netherlands (a) — 0.8% | ||||||||
EXOR NV | 319 | 17,792 | ||||||
|
| |||||||
Portugal — 2.6% | ||||||||
EDP — Energias de Portugal SA | 6,991 | 25,712 | ||||||
Galp Energia SGPS SA | 1,477 | 22,781 | ||||||
Jeronimo Martins SGPS SA | 740 | 14,730 | ||||||
|
| |||||||
63,223 | ||||||||
|
| |||||||
Spain — 58.6% | ||||||||
Abertis Infraestructuras SA | 2,038 | 37,283 | ||||||
ACS Actividades de Construccion y Servicios SA | 710 | 28,366 | ||||||
Aena SA, 144A | 198 | 39,970 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Amadeus IT Group SA | 1,290 | $ | 75,137 | |||||
Banco Bilbao Vizcaya Argentaria SA | 19,679 | 160,316 | ||||||
Banco de Sabadell SA | 15,700 | 32,346 | ||||||
Banco Santander SA | 42,908 | 278,650 | ||||||
Bankia SA* | 11,863 | 13,646 | ||||||
Bankinter SA | 1,979 | 18,221 | ||||||
CaixaBank SA | 10,558 | 49,861 | ||||||
Distribuidora Internacional de Alimentacion SA | 1,950 | 12,002 | ||||||
Enagas SA | 667 | 19,830 | ||||||
Endesa SA | 934 | 23,308 | ||||||
Ferrovial SA | 1,423 | 32,059 | ||||||
Ferrovial SA* | 24 | 541 | ||||||
Gamesa Corp. Tecnologica SA | 701 | 15,899 | ||||||
Gas Natural SDG SA | 1,029 | 25,916 | ||||||
Grifols SA | 876 | 24,788 | ||||||
Iberdrola SA | 17,094 | 136,300 | ||||||
Industria de Diseno Textil SA | 3,208 | 131,157 | ||||||
Mapfre SA | 3,376 | 12,007 | ||||||
Red Electrica Corp. SA | 1,271 | 28,520 | ||||||
Repsol SA | 3,526 | 59,078 | ||||||
Telefonica SA | 13,340 | 148,567 | ||||||
|
| |||||||
1,403,768 | ||||||||
|
| |||||||
United Kingdom (a) — 3.4% | ||||||||
CNH Industrial NV | 3,006 | 33,346 | ||||||
Fiat Chrysler Automobiles NV* | 3,148 | 33,047 | ||||||
International Consolidated Airlines Group SA | 1,872 | 14,592 | ||||||
|
| |||||||
80,985 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,399,561 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% | ||||||||
(Cost $2,270,046)† | $ | 2,399,561 | ||||||
Other assets and liabilities, net — (0.2%) | (5,257 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,394,304 | ||||||
|
|
* | Non-income producing security. |
† | The cost for federal income tax purposes was $2,362,802. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $36,759. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $191,787 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $155,028. |
(a) | Securities are listed in country of domicile and trade on a securities exchange in Southern Europe. |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (Continued)
May 31, 2017
As of May 31, 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 | 6/5/2017 | EUR | 17,000 | USD | 18,541 | $ | (562 | ) | ||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 10,000 | USD | 10,922 | (315 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | EUR | 2,134,500 | USD | 2,327,822 | (70,646 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 2,418,237 | EUR | 2,150,500 | (1,790 | ) | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2017 | USD | 12,004 | EUR | 11,000 | 357 | ||||||||||||||||||
The Bank of Nova Scotia | 7/5/2017 | EUR | 2,150,500 | USD | 2,422,183 | 1,761 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (71,195 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (b) | $ | 2,399,561 | $ | — | $ | — | $ | 2,399,561 | ||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | 2,118 | — | 2,118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,399,561 | $ | 2,118 | $ | — | $ | 2,401,679 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (73,313 | ) | $ | — | $ | (73,313 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (73,313 | ) | $ | — | $ | (73,313 | ) | ||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
(c) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during year ended May 31, 2017.
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Statements of Assets and Liabilities
May 31, 2017
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 10,347,687 | $ | 2,762,686 | $ | 2,241,531 | $ | 2,399,561 | ||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | — | 78,351 | — | — | ||||||||||||
Cash | 2,292 | 1,253 | 8,715 | 14,007 | ||||||||||||
Foreign currency at value | 14,517 | 8,181 | 1,261 | 17,576 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | 7,113 | 1,826 | 2,118 | ||||||||||||
Unrealized appreciation on future contracts | 4,755 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 83,709 | 117,139 | 83,146 | ||||||||||||
Dividends | 123,559 | 9,097 | — | 631 | ||||||||||||
Securities lending income | — | 157 | — | 65 | ||||||||||||
Foreign tax reclaim | 7,993 | 475 | — | 387 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 10,500,803 | $ | 2,951,022 | $ | 2,370,472 | $ | 2,517,491 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | — | $ | 78,351 | $ | — | $ | — | ||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | 38,871 | 68,960 | 73,313 | ||||||||||||
Due to broker for futures contracts | 41 | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 45,819 | 52,797 | 48,952 | ||||||||||||
Investment advisory fees | 3,713 | 1,059 | 872 | 922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 3,754 | 164,100 | 122,629 | 123,187 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 10,497,049 | $ | 2,786,922 | $ | 2,247,843 | $ | 2,394,304 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 10,259,986 | $ | 2,504,618 | $ | 2,503,573 | $ | 2,502,254 | ||||||||
Undistributed net investment income | 108,635 | 35,796 | 43,290 | 35,027 | ||||||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions | (237,897 | ) | 46,948 | (359,285 | ) | (201,523 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations | 366,325 | 199,560 | 60,265 | 58,546 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 10,497,049 | $ | 2,786,922 | $ | 2,247,843 | $ | 2,394,304 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 400,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 26.24 | $ | 27.87 | $ | 22.48 | $ | 23.94 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 9,987,349 | $ | 2,531,534 | $ | 2,114,179 | $ | 2,270,046 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | 72,216 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | — | $ | 78,351 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 14,029 | $ | 8,076 | $ | 1,259 | $ | 17,417 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
For the Year Ended May 31, 2017
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI Italy Hedged Equity ETF | Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 338,368 | $ | 61,795 | $ | 83,782 | $ | 80,847 | ||||||||
Securities lending income, net of borrower rebates | 786 | 1,413 | 992 | 2,304 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 339,154 | 63,208 | 84,774 | 83,151 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 72,862 | 11,163 | 8,787 | 9,203 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 72,862 | 11,163 | 8,787 | 9,203 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 266,292 | 52,045 | 75,987 | 73,948 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (238,682 | ) | 41,382 | (225,235 | ) | (144,342 | ) | |||||||||
In-kind redemptions | 1,645,635 | — | — | — | ||||||||||||
Futures contracts | 23,251 | — | — | — | ||||||||||||
Foreign currency transactions | (13,206 | ) | 154,325 | 112,965 | 121,803 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 1,416,998 | 195,707 | (112,270 | ) | (22,539 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 459,494 | 303,172 | 533,647 | 529,747 | ||||||||||||
Futures contracts | 4,755 | — | — | — | ||||||||||||
Foreign currency translations | (733 | ) | (99,948 | ) | (126,349 | ) | (132,332 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 463,516 | 203,224 | 407,298 | 397,415 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1,880,514 | 398,931 | 295,028 | 374,876 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,146,806 | $ | 450,976 | $ | 371,015 | $ | 448,824 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 45,660 | $ | 7,278 | $ | 10,204 | $ | 12,148 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Statements of Changes in Net Assets
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2017 | For the Period June 24, 2015(1) to May 31, 2016 | Year Ended May 31, 2017 | For the Period August 19, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 266,292 | $ | 137,772 | $ | 52,045 | $ | 39,712 | ||||||||
Net realized gain (loss) | 1,416,998 | 248,420 | 195,707 | (89,790 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 463,516 | (97,191 | ) | 203,224 | (3,664 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,146,806 | 289,001 | 450,976 | (53,742 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (264,075 | ) | (63,333 | ) | (62,074 | ) | (25,781 | ) | ||||||||
Net realized gains | — | — | (27,075 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (264,075 | ) | (63,333 | ) | (89,149 | ) | (25,781 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 8,337,937 | 21,675,862 | — | 2,504,593 | ||||||||||||
Value of shares redeemed | (18,274,566 | ) | (3,350,608 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (9,936,629 | ) | 18,325,254 | — | 2,504,593 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (8,053,898 | ) | 18,550,922 | 361,827 | 2,425,070 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 18,550,947 | 25 | 2,425,095 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 10,497,049 | $ | 18,550,947 | $ | 2,786,922 | $ | 2,425,095 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 108,635 | $ | 90,448 | $ | 35,796 | $ | 41,638 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 800,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | 350,000 | 950,000 | — | 100,000 | ||||||||||||
Shares redeemed | (750,000 | ) | (150,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,001 | 800,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Deutsche X-trackers MSCI Italy Hedged Equity ETF | Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2017 | For the Period August 19, 2015(1) to May 31, 2016 | Year Ended May 31, 2017 | For the Period August 19, 2015(1) to May 31, 2016 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 75,987 | $ | 45,842 | $ | 73,948 | $ | 52,991 | ||||||||
Net realized gain (loss) | (112,270 | ) | (232,086 | ) | (22,539 | ) | (162,723 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 407,298 | (347,033 | ) | 397,415 | (338,869 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 371,015 | (533,277 | ) | 448,824 | (448,601 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (71,924 | ) | (21,544 | ) | (79,217 | ) | (28,964 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (71,924 | ) | (21,544 | ) | (79,217 | ) | (28,964 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,503,548 | — | 2,502,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,503,548 | — | 2,502,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 299,091 | 1,948,727 | 369,607 | 2,024,672 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 1,948,752 | 25 | 2,024,697 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,247,843 | $ | 1,948,752 | $ | 2,394,304 | $ | 2,024,697 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 43,290 | $ | 36,031 | $ | 35,027 | $ | 36,819 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 1 | 100,001 | 1 | ||||||||||||
Shares sold | — | 100,000 | — | 100,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 23.19 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.35 | 0.28 | ||||||
Net realized and unrealized gain (loss) | 3.04 | (1.97 | )(d) | |||||
|
|
|
| |||||
Total from investment operations | 3.39 | (1.69 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.34 | ) | (0.12 | ) | ||||
|
|
|
| |||||
Total distributions | (0.34 | ) | (0.12 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 26.24 | $ | 23.19 | ||||
|
|
|
| |||||
Total Return (%) | 14.75 | (6.78 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 10 | 19 | ||||||
Ratio of expenses (%) | 0.40 | 0.40 | * | |||||
Ratio of net investment income (loss) (%) | 1.46 | 1.31 | * | |||||
Portfolio turnover rate (%)(e) | 22 | 8 | ** | |||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(b) | ||||||
Net Asset Value, beginning of period | $ | 24.25 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.52 | 0.40 | ||||||
Net realized and unrealized gain (loss) | 3.99 | (0.89 | ) | |||||
|
|
|
| |||||
Total from investment operations | 4.51 | (0.49 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.62 | ) | (0.26 | ) | ||||
Net realized gains | (0.27 | ) | — | |||||
|
|
|
| |||||
Total distributions | (0.89 | ) | (0.26 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 27.87 | $ | 24.25 | ||||
|
|
|
| |||||
Total Return (%) | 19.32 | (1.96 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 3 | 2 | ||||||
Ratio of expenses (%) | 0.45 | 0.45 | * | |||||
Ratio of net investment income (loss) (%) | 2.10 | 2.16 | * | |||||
Portfolio turnover rate (%)(e) | 20 | 23 | ** |
(a) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
(b) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
(c) | Based on average shares outstanding during the period. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Financial Highlights (Continued)
Deutsche X-trackers MSCI Italy Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 19.49 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.76 | 0.46 | ||||||
Net realized and unrealized gain (loss) | 2.95 | (5.75 | ) | |||||
|
|
|
| |||||
Total from investment operations | 3.71 | (5.29 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.72 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Total distributions | (0.72 | ) | (0.22 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 22.48 | $ | 19.49 | ||||
|
|
|
| |||||
Total Return (%) | 19.70 | (21.29 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | 0.45 | * | |||||
Ratio of net investment income (loss) (%) | 3.89 | 2.76 | * | |||||
Portfolio turnover rate (%)(c) | 30 | 29 | ** | |||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||
Net Asset Value, beginning of period | $ | 20.25 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(b) | 0.74 | 0.53 | ||||||
Net realized and unrealized gain (loss) | 3.74 | (4.99 | ) | |||||
|
|
|
| |||||
Total from investment operations | 4.48 | (4.46 | ) | |||||
|
|
|
| |||||
Less distributions from: | ||||||||
Net investment income | (0.79 | ) | (0.29 | ) | ||||
|
|
|
| |||||
Total distributions | (0.79 | ) | (0.29 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 23.94 | $ | 20.25 | ||||
|
|
|
| |||||
Total Return (%) | 23.01 | (17.94 | )** | |||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses (%) | 0.45 | 0.45 | * | |||||
Ratio of net investment income (loss) (%) | 3.62 | 3.18 | * | |||||
Portfolio turnover rate (%)(c) | 20 | 20 | ** |
(a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2017, the Trust consists of thirty-five 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 Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
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 (“Board”).
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF offer shares that are listed and traded on the Bats BZX Exchange, Inc. (‘Bats BZX”). 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 Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | MSCI EAFE Small Cap US Dollar Hedged Index | |
Deutsche X-trackers MSCI Italy Hedged Equity ETF | MSCI Italy 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | MSCI Southern Europe US Dollar Hedged Index |
The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 is rebalanced annually.
The MSCI EAFE Small Cap US Dollar Hedged Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Italy 25/50 US Dollar Hedged Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Italy 25/50 US Dollar Hedged Index is rebalanced quarterly.
The MSCI Southern Europe US Dollar Hedged Index is designed to track the performance the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Southern Europe US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
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.
40
DBX ETF Trust
Notes to Financial Statements (Continued)
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities 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.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
41
DBX ETF Trust
Notes to Financial Statements (Continued)
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, and Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF to pay out dividends from net investment income semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2017, the Funds did not incur any interest or penalties.
As of May 31, 2017, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Undistributed Long-Term Capital Gains | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | ||||||||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 108,635 | $ | — | $ | (200,031 | ) | $ | 328,459 | $ | 237,063 | |||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 41,656 | 41,707 | — | 198,941 | 282,304 | |||||||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 43,290 | — | (356,655 | ) | 57,635 | (255,730 | ) | |||||||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 35,027 | — | (179,962 | ) | 36,985 | (107,950 | ) |
42
DBX ETF Trust
Notes to Financial Statements (Continued)
The tax character of dividends and distributions declared for the year ended May 31, 2017 and the period ended May 31, 2016 were as follows:
Year Ended May 31, 2017 | ||||||||
Ordinary Income* | Long-Term Capital Gains | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 264,075 | $ | — | ||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 80,180 | 8,969 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 71,924 | — | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 79,217 | — |
Period Ended May 31, 2016 | ||||
Ordinary Income* | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 63,333 | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 25,781 | |||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 21,544 | |||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 28,964 |
* | for tax purposes short-term capital gain distributions are considered ordinary income distributions |
At May 31, 2017, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount | ||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 56,029 | $ | 130,197 | $ | 186,226 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 126,604 | — | 126,604 | |||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 39,599 | — | 39,599 |
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the year ended May 31, 2017, the Funds incurred and elected to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 13,805 | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 230,051 | |||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 140,363 |
In order to present paid-in capital accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to recognition of certain foreign currency gains (losses) as ordinary income (loss), return of capital distributions received, redemptions-in-kind, and passive foreign investment companies (“PFICs”). For the year ended May 31, 2017, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Pain-In Capital | ||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 15,970 | $ | (1,603,860 | ) | $ | 1,587,890 | |||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 4,187 | (4,187 | ) | — | ||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 3,196 | (3,196 | ) | — | ||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 3,477 | (3,477 | ) | — |
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
43
DBX ETF Trust
Notes to Financial Statements (Continued)
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 May 31, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds 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 year ended May 31, 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 May 31, 2017 the Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of May 31, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments
As of May 31, 2017, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF had securities on loan, which were classified as Common Stock and Exchange Traded-Fund in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2017 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 72,699 | $ | — | $ | — | $ | — | $ | 72,699 | ||||||||||
Exchange Traded Fund | 5,652 | — | — | — | 5,652 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 78,351 | $ | — | $ | — | $ | — | $ | 78,351 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 78,351 |
44
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2017, the fund listed below had no securities on loan:
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
Derivatives
Forward Foreign Currency Exchange Contracts Each Fund, except Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2017, the Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, Deutsche X-trackers MSCI Italy Hedged Equity ETF, and Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S dollar against the Euro.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 2017 is included in a table following each Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 2017.
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 year ended May 31, 2017, Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 2017 is included in a table following the Fund’s Schedule of Investments.
45
DBX ETF Trust
Notes to Financial Statements (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 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 Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 4,755 | Unrealized depreciation on futures contracts | $ | — | ||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 7,113 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 38,871 | ||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 1,826 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 68,960 | ||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 2,118 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 73,313 |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 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 | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 23,251 | $ | — | $ | 23,251 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | — | 157,205 | 157,205 | |||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | — | 108,848 | 108,848 | |||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | — | 121,445 | 121,445 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures — Equity Contracts | Foreign Exchange Contracts | Total | ||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 4,755 | $ | — | $ | 4,755 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | — | (100,052 | ) | (100,052 | ) | |||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | — | (126,395 | ) | (126,395 | ) | |||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | — | (132,547 | ) | (132,547 | ) |
For the year ended May 31, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Exchange Contracts (Contract Value) | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 58,903 | $ | — | ||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | — | (2,440,725 | ) | |||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | — | (1,769,560 | ) | |||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | — | (2,020,449 | ) |
As of May 31, 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
46
DBX ETF Trust
Notes to Financial Statements (Continued)
deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 7,113 | $ | (7,113 | ) | $ | — | $ | — | $ | 38,871 | $ | (7,113 | ) | $ | — | $ | 31,758 | ||||||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 1,826 | $ | (1,826 | ) | $ | — | $ | — | $ | 68,960 | $ | (1,826 | ) | $ | — | $ | 67,134 | ||||||||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 2,118 | $ | (2,118 | ) | $ | — | $ | — | $ | 73,313 | $ | (2,118 | ) | $ | — | $ | 71,195 |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to each Fund and was responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time.
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
Effective Dates | ||
September 14, 2016 | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | |
October 19, 2016 |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | |
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 0.40 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 0.45 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of, interest expense, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
47
DBX ETF Trust
Notes to Financial Statements (Continued)
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended May 31, 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 Japan JPX-Nikkei 400 Equity ETF | $ | 3,852,565 | $ | 3,890,588 | ||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 531,531 | 491,681 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 609,131 | 578,700 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 420,417 | 411,451 |
For the year ended May 31, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $ | 8,244,337 | $ | 18,146,403 |
5. Fund Share Transactions
As of May 31, 2017, there were unlimited Fund shares authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
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 May 31, 2017, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 85 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 95 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 95 | % |
48
DBX ETF Trust
Report of Independent Registered Public Accounting Firm
To Board of Trustees and Shareholders of
DBX ETF Trust:
We have audited the accompanying statements of assets and liabilities of Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (the “Funds” within DBX ETF Trust), including the schedules of investments, as of May 31, 2017, and the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF at May 31, 2017, the results of their operations for the year then ended and the changes in their net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
New York, New York
July 26, 2017
49
DBX ETF Trust
Trustees and Officers (Unaudited)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 35 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 35 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 35 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
50
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; | Director in the Finance Division at Deutsche Bank AG (2008-present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-present). | 35 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank AG and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in the Deutsche Asset Management Passive Asset Management Group at Deutsche Bank AG and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
51
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the Deutsche Asset Management Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in the Deutsche Asset Management Division at Deutsche Bank A.G. and has served as a Portfolio Manager in the Passive Asset Management business since 2011. Also at Deutsche Bank, Mr. Richards served as the primary portfolio manager for the PowerShares DB Commodity ETFs until their sale in 2015. | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of Deutsche Asset Management at Deutsche Bank AG (2014-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.deutsche-etfs.com.
52
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF and Deutsche X-trackers MSCI Japan-Nikkei 400 Equity 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 MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Equity 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
53
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
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, 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 considered that the Funds were not profitable 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 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.
54
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2017.
Qualified Dividend Income* | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | 100% | |||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 76% | |||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 80% | |||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 88% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | $383,402 | $45,660 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | 68,990 | 6,898 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | 93,985 | 6,863 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | 92,913 | 9,951 |
55
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.
56
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Dividends are not guaranteed. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be adversely affected. Preferred stocks, a type of dividend-paying stock, present certain additional risks. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. There are additional risks associated with investing in aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. 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 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.
The JPX-Nikkei 400 Total Return Index” (the “Index”) is copyrightable work calculated using such methodology independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. (hereinafter collectively called “JPX Group”) and Nikkei Inc. (hereinafter called “Nikkei”). JPX Group and Nikkei jointly own copyrights and any other intellectual property rights subsisting in “Index” itself and the methodology to calculate “Index”. JPN is not in any way sponsored, endorsed or promoted by JPX Group and Nikkei. JPX Group and Nikkei do not make any warranty or representation. JPX Group and Nikkei have no obligation to publish “Index” continuously and shall not be liable for any errors, delays or suspensions of the publication of “Index”.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-38754-3 (7/17) DBX 002749 (7/18)
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $711,184 for 2017 and $771,600 for 2016. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $65,000 for 2017 and $100,000 for 2016. These services consisted of security counts related to Rule 17f-2 under the Investment Company Act of 1940. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $276,264 for 2017 and $475,463 for 2016. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2017 and $0 for 2016. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.
(e)(2) | All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X. |
(f) | Not Applicable. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2017 and $486,470 for 2016. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.
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) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(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. |
(12.other) Not applicable.
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 | 8/03/2017 |
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 | 8/03/2017 |
By (Signature and Title)* | /s/ Michael Gilligan | |||
Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date | 8/03/2017 |
* Print the name and title of each signing officer under his or her signature.