UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices) (Zip code)
Freddi Klassen
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: November 30, 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.
November 30, 2017
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
Xtrackers MSCI Brazil Hedged Equity ETF (DBBR)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
Xtrackers MSCI Mexico Hedged Equity ETF (DBMX)
Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
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Portfolio Summary | ||||
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Schedule of Investments | ||||
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for 11 of our currency-hedged equity ETFs for the period ended November 30, 2017.
Global economies witnessed synchronized momentum in growth, amidst strong business investment and consumer confidence. Overall, equity markets, with support from positive economic sentiments, remained unfazed by geo-political risks and reached record highs on increased investment and trade. Owing to a pickup in economic activity and a stable future outlook, major central banks, such as the U.S. Federal Reserve Board (FRB), Bank of England (BoE) and the European Central Bank (ECB) continued to engineer a gradual path towards normalization. Elsewhere, a recovery in commodity prices, coupled with strong fundamentals and supportive external environment, continued to buoy emerging markets ahead of their developed market counterparts.
As the political scenario stabilized, the European economy entered a rapid growth trajectory, specifically uplifted by improving economic conditions and strong corporate earnings. Running hand in glove with Europe’s positive progression was Germany, which experienced rising production and falling unemployment rates. In France, economic growth beat expectations as business activity got a boost from labor market and tax reforms. Meanwhile, European equity markets performed moderately vis-a-vis global equities. With global central banks moving towards normalization, the ECB decided to reduce its bond purchases from January 2018, but extended the program until September in the same year. Elsewhere, the BoE took a bold step to increase its interest rates, despite the concurrent Brexit1 proceedings. This move came after inflation comfortably stayed above its target rate.
In Asia, equity markets rallied after Japanese and Chinese administrative and political outcomes fell in line with the equity investor’s view on the likely continuation of stable policies. Chinese equity markets reached new highs, following strong economic data, with expanding industrial production and a reduction in reserve requirement by banks. Among other policies, China’s focus on deleveraging, efficient allocation of resources and transition to a consumption-led economy were in line with investor expectations. Australia’s economy was supported by growing public infrastructure, despite disappointment from domestic demand.
Global economic conditions remain strong, with major economies worldwide expected to steadily move toward their target growth rates. Against this supportive economic backdrop, emerging markets are likely to experience a sustained pickup in activity. Meanwhile, with the U.S. and Eurozone recovering strongly, monetary policies are expected to tighten in these regions, but at a cautious pace. Furthermore, as Donald Trump’s proposed tax reforms continue to gain support, business confidence in the U.S. could improve. In view of an appreciating U.S. dollar, our currency-hedged strategy 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 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (9.8% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 1.4% | |||
Nestle SA (Switzerland) | 1.3% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.1% | |||
Alibaba Group Holding Ltd. (China) | 1.0% | |||
HSBC Holdings PLC (United Kingdom) | 0.9% | |||
Novartis AG (Switzerland) | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 0.9% | |||
Roche Holding AG (Switzerland) | 0.8% | |||
Toyota Motor Corp. (Japan) | 0.8% | |||
British American Tobacco PLC (United Kingdom) | 0.7% |
Country Diversification* as of 11/30/17 |
Japan | 16.8% | |||
United Kingdom | 10.7% | |||
France | 7.5% | |||
Germany | 7.0% | |||
China | 6.7% | |||
Canada | 6.6% | |||
Switzerland | 6.1% | |||
Australia | 4.8% | |||
South Korea | 3.9% | |||
Hong Kong | 3.3% | |||
Netherlands | 3.3% | |||
Taiwan | 2.9% | |||
Spain | 2.3% | |||
Other | 18.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 23.2% | |||
Industrials | 11.9% | |||
Information Technology | 11.7% | |||
Consumer Discretionary | 11.2% | |||
Consumer Staples | 9.5% | |||
Materials | 7.8% | |||
Health Care | 7.7% | |||
Energy | 6.5% | |||
Telecommunication Services | 4.2% | |||
Real Estate | 3.2% | |||
Utilities | 3.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (25.2% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 5.2% | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.1% | |||
Alibaba Group Holding Ltd. (China) | 3.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.3% | |||
Commonwealth Bank of Australia (Australia) | 1.9% | |||
AIA Group Ltd. (Hong Kong) | 1.8% | |||
Westpac Banking Corp. (Australia) | 1.5% | |||
China Construction Bank Corp. (China) | 1.3% | |||
BHP Billiton Ltd. (Australia) | 1.2% | |||
Baidu, Inc. (China) | 1.2% |
Country Diversification* as of 11/30/17 |
China | 27.2% | |||
Australia | 19.0% | |||
South Korea | 16.0% | |||
Hong Kong | 13.0% | |||
Taiwan | 11.6% | |||
Singapore | 3.8% | |||
Malaysia | 2.3% | |||
Thailand | 2.3% | |||
Indonesia | 2.2% | |||
Other | 2.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Information Technology | 27.8% | |||
Financials | 26.6% | |||
Consumer Discretionary | 7.5% | |||
Real Estate | 6.9% | |||
Industrials | 6.8% | |||
Materials | 6.5% | |||
Consumer Staples | 4.7% | |||
Telecommunication Services | 3.8% | |||
Energy | 3.5% | |||
Health Care | 3.2% | |||
Utilities | 2.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Brazil Hedged Equity ETF (DBBR)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (56.1% of Net Assets) |
Description | % of Net Assets | |||
Itau Unibanco Holding SA | 10.2% | |||
Vale SA | 8.4% | |||
Banco Bradesco SA | 7.7% | |||
Ambev SA | 7.2% | |||
iShares MSCI Brazil Capped ETF | 4.6% | |||
Petroleo Brasileiro SA | 4.5% | |||
B3 SA — Brasil Bolsa Balcao | 4.0% | |||
Petroleo Brasileiro SA | 3.8% | |||
Itausa — Investimentos Itau SA | 3.4% | |||
Cielo SA | 2.3% |
Sector Diversification* as of 11/30/17 |
Financials | 35.3% | |||
Consumer Staples | 14.1% | |||
Materials | 13.8% | |||
Energy | 11.8% | |||
Industrials | 6.0% | |||
Consumer Discretionary | 5.4% | |||
Utilities | 4.8% | |||
Telecommunication Services | 2.8% | |||
Information Technology | 2.5% | |||
Health Care | 2.0% | |||
Real Estate | 1.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 49.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. The Underlying Index includes securities from the following 24 countries: Brazil, Chile, China, Columbia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (25.0% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 5.4% | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.2% | |||
Alibaba Group Holding Ltd. (China) | 3.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.5% | |||
Naspers Ltd. (South Africa) | 2.2% | |||
China Construction Bank Corp. (China) | 1.4% | |||
Baidu, Inc. (China) | 1.2% | |||
China Mobile Ltd. (Hong Kong) | 1.2% | |||
Industrial & Commercial Bank of China Ltd. (China) | 1.1% | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 1.0% |
Country Diversification* as of 11/30/17 |
China | 26.5% | |||
South Korea | 15.5% | |||
Taiwan | 11.5% | |||
India | 8.6% | |||
Brazil | 6.8% | |||
South Africa | 6.6% | |||
Hong Kong | 3.6% | |||
Russia | 3.4% | |||
Mexico | 3.0% | |||
Malaysia | 2.3% | |||
Thailand | 2.3% | |||
Indonesia | 2.2% | |||
Other | 7.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Information Technology | 28.4% | |||
Financials | 23.1% | |||
Consumer Discretionary | 10.4% | |||
Materials | 7.3% | |||
Energy | 6.7% | |||
Consumer Staples | 6.4% | |||
Industrials | 5.2% | |||
Telecommunication Services | 4.8% | |||
Real Estate | 2.8% | |||
Health Care | 2.5% | |||
Utilities | 2.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 52.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (18.2% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 2.8% | |||
Royal Dutch Shell PLC (Netherlands) | 2.8% | |||
HSBC Holdings PLC (United Kingdom) | 2.1% | |||
Novartis AG (Switzerland) | 2.0% | |||
Roche Holding AG (Switzerland) | 1.9% | |||
British American Tobacco PLC (United Kingdom) | 1.5% | |||
TOTAL SA (France) | 1.4% | |||
BP PLC (United Kingdom) | 1.4% | |||
SAP SE (Germany) | 1.2% | |||
Banco Santander SA (Spain) | 1.1% |
Country Diversification* as of 11/30/17 |
United Kingdom | 23.6% | |||
France | 16.6% | |||
Germany | 15.6% | |||
Switzerland | 13.7% | |||
Netherlands | 7.2% | |||
Spain | 5.2% | |||
Sweden | 4.3% | |||
Italy | 3.3% | |||
Denmark | 2.8% | |||
Other | 7.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 21.0% | |||
Consumer Staples | 13.8% | |||
Industrials | 13.3% | |||
Health Care | 12.3% | |||
Consumer Discretionary | 10.4% | |||
Materials | 8.0% | |||
Energy | 7.3% | |||
Information Technology | 5.1% | |||
Telecommunication Services | 3.8% | |||
Utilities | 3.7% | |||
Real Estate | 1.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 67.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (19.1% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 2.4% | |||
SAP SE (Germany) | 2.0% | |||
Banco Santander SA (Spain) | 2.0% | |||
Allianz SE (Germany) | 1.9% | |||
Bayer AG (Germany) | 1.9% | |||
Siemens AG (Germany) | 1.9% | |||
Sanofi (France) | 1.9% | |||
BASF SE (Germany) | 1.8% | |||
Unilever NV (United Kingdom) | 1.7% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.6% |
Country Diversification* as of 11/30/17 |
France | 29.9% | |||
Germany | 29.1% | |||
Spain | 9.9% | |||
Netherlands | 8.7% | |||
Italy | 7.5% | |||
Belgium | 3.9% | |||
Finland | 3.2% | |||
United Kingdom | 3.0% | |||
Other | 4.8% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 19.6% | |||
Industrials | 15.8% | |||
Consumer Discretionary | 13.6% | |||
Consumer Staples | 9.5% | |||
Materials | 8.6% | |||
Information Technology | 8.5% | |||
Health Care | 7.8% | |||
Utilities | 5.2% | |||
Energy | 4.8% | |||
Telecommunication Services | 3.8% | |||
Real Estate | 2.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 75.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (53.0% of Net Assets) |
Description | % of Net Assets | |||
SAP SE | 7.3% | |||
Allianz SE | 7.0% | |||
Bayer AG | 7.0% | |||
Siemens AG | 6.9% | |||
BASF SE | 6.8% | |||
Daimler AG | 5.3% | |||
Deutsche Telekom AG | 3.9% | |||
Deutsche Post AG | 3.0% | |||
Volkswagen AG | 3.0% | |||
Linde AG | 2.8% |
Sector Diversification* as of 11/30/17 |
Consumer Discretionary | 18.5% | |||
Financials | 15.2% | |||
Materials | 14.9% | |||
Industrials | 14.3% | |||
Health Care | 12.0% | |||
Information Technology | 11.0% | |||
Telecommunication Services | 4.6% | |||
Consumer Staples | 3.5% | |||
Utilities | 3.4% | |||
Real Estate | 2.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 84.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (18.5% of Net Assets) |
Description | % of Net Assets | |||
Toyota Motor Corp. | 4.4% | |||
Mitsubishi UFJ Financial Group, Inc. | 2.2% | |||
SoftBank Group Corp. | 1.9% | |||
Sony Corp. | 1.6% | |||
Honda Motor Co. Ltd. | 1.5% | |||
Keyence Corp. | 1.5% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.5% | |||
KDDI Corp. | 1.4% | |||
FANUC Corp. | 1.3% | |||
Nintendo Co. Ltd. | 1.2% |
Sector Diversification* as of 11/30/17 |
Industrials | 21.0% | |||
Consumer Discretionary | 20.1% | |||
Information Technology | 13.1% | |||
Financials | 12.5% | |||
Consumer Staples | 7.7% | |||
Health Care | 7.0% | |||
Materials | 6.6% | |||
Telecommunication Services | 5.4% | |||
Real Estate | 3.9% | |||
Utilities | 1.7% | |||
Energy | 1.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 87.
9
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Mexico Hedged Equity ETF (DBMX)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (59.6% of Net Assets) |
Description | % of Net Assets | |||
America Movil SAB de CV | 15.2% | |||
Fomento Economico Mexicano SAB de CV | 9.0% | |||
Grupo Financiero Banorte SAB de CV | 7.4% | |||
Wal-Mart de Mexico SAB de CV | 6.2% | |||
Grupo Mexico SAB de CV | 5.3% | |||
Grupo Televisa SAB | 4.6% | |||
Cemex SAB de CV | 4.4% | |||
Fibra Uno Administracion SA de CV | 2.7% | |||
Grupo Financiero Inbursa SAB de CV | 2.5% | |||
Grupo Bimbo SAB de CV | 2.3% |
Sector Diversification* as of 11/30/17 |
Consumer Staples | 26.5% | |||
Telecommunication Services | 16.4% | |||
Financials | 15.5% | |||
Materials | 14.1% | |||
Industrials | 10.9% | |||
Consumer Discretionary | 7.7% | |||
Real Estate | 6.5% | |||
Utilities | 1.7% | |||
Health Care | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 93.
10
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (43.6% of Net Assets) |
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 19.8% | |||
SK Hynix, Inc. | 4.9% | |||
Hyundai Motor Co. | 2.8% | |||
POSCO | 2.7% | |||
KB Financial Group, Inc. | 2.6% | |||
NAVER Corp. | 2.5% | |||
Shinhan Financial Group Co. Ltd. | 2.3% | |||
LG Chem Ltd. | 2.1% | |||
Hyundai Mobis Co. Ltd. | 2.1% | |||
Celltrion, Inc. | 1.8% |
Sector Diversification* as of 11/30/17 |
Information Technology | 35.9% | |||
Financials | 14.3% | |||
Consumer Discretionary | 12.8% | |||
Industrials | 10.6% | |||
Materials | 8.8% | |||
Consumer Staples | 8.1% | |||
Health Care | 4.5% | |||
Energy | 2.7% | |||
Utilities | 1.4% | |||
Telecommunication Services | 0.9% | |||
|
| |||
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 95.
11
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Xtrackers 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.
Ten Largest Equity Holdings as of 11/30/17 (46.0% of Net Assets) |
Description | % of Net Assets | |||
Royal Dutch Shell PLC | 10.1% | |||
HSBC Holdings PLC | 7.6% | |||
British American Tobacco PLC | 5.6% | |||
BP PLC | 4.6% | |||
Diageo PLC | 3.4% | |||
GlaxoSmithKline PLC | 3.3% | |||
AstraZeneca PLC | 3.1% | |||
Vodafone Group PLC | 3.1% | |||
Unilever PLC | 2.7% | |||
Prudential PLC | 2.5% |
Sector Diversification* as of 11/30/17 |
Financials | 22.4% | |||
Consumer Staples | 17.9% | |||
Energy | 15.3% | |||
Health Care | 9.2% | |||
Materials | 8.6% | |||
Consumer Discretionary | 8.0% | |||
Industrials | 8.0% | |||
Telecommunication Services | 4.4% | |||
Utilities | 3.3% | |||
Information Technology | 1.7% | |||
Real Estate | 1.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 98.
12
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2017 to November 30, 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 June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,068.80 | 0.40 | % | $ | 2.07 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,111.70 | 0.60 | % | $ | 3.18 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,104.20 | 0.60 | % | $ | 3.16 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,113.40 | 0.65 | % | $ | 3.44 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,019.00 | 0.45 | % | $ | 2.28 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,029.50 | 0.45 | % | $ | 2.29 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
13
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,036.50 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,149.90 | 0.45 | % | $ | 2.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 957.40 | 0.50 | % | $ | 2.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.56 | 0.50 | % | $ | 2.54 | ||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,076.90 | 0.58 | % | $ | 3.02 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.16 | 0.58 | % | $ | 2.94 | ||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 993.80 | 0.45 | % | $ | 2.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
14
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.5% | ||||||||
Australia — 4.7% | ||||||||
AGL Energy Ltd. | 4,172 | $ | 78,861 | |||||
Alumina Ltd. | 16,246 | 27,280 | ||||||
Amcor Ltd. | 6,687 | 77,995 | ||||||
AMP Ltd. | 16,474 | 63,676 | ||||||
APA Group (a) | 6,479 | 45,773 | ||||||
Aristocrat Leisure Ltd. | 3,247 | 54,008 | ||||||
ASX Ltd. | 1,206 | 52,124 | ||||||
Aurizon Holdings Ltd. | 13,806 | 55,034 | ||||||
AusNet Services | 13,115 | 18,600 | ||||||
Australia & New Zealand Banking Group Ltd. | 17,560 | 378,017 | ||||||
Bank of Queensland Ltd. | 2,564 | 25,561 | ||||||
Bendigo & Adelaide Bank Ltd. | 2,452 | 21,589 | ||||||
BHP Billiton Ltd. | 19,140 | 395,236 | ||||||
BHP Billiton PLC | 12,632 | 229,772 | ||||||
BlueScope Steel Ltd. | 3,440 | 35,414 | ||||||
Boral Ltd. | 6,561 | 37,320 | ||||||
Brambles Ltd. | 9,856 | 76,191 | ||||||
Caltex Australia Ltd. | 1,517 | 39,083 | ||||||
Challenger Ltd. | 3,987 | 42,191 | ||||||
CIMIC Group Ltd. | 618 | 23,854 | ||||||
Coca-Cola Amatil Ltd. | 3,568 | 21,429 | ||||||
Cochlear Ltd. | 362 | 49,484 | ||||||
Commonwealth Bank of Australia | 10,307 | 619,254 | ||||||
Computershare Ltd. | 2,888 | 35,979 | ||||||
Crown Resorts Ltd. | 2,417 | 22,579 | ||||||
CSL Ltd. | 2,729 | 295,885 | ||||||
Dexus REIT | 6,015 | 47,135 | ||||||
Domino’s Pizza Enterprises Ltd. | 445 | 15,820 | ||||||
Flight Centre Travel Group Ltd. (b) | 386 | 13,069 | ||||||
Fortescue Metals Group Ltd. | 9,781 | 34,032 | ||||||
Goodman Group REIT | 11,114 | 73,054 | ||||||
GPT Group REIT | 11,150 | 45,627 | ||||||
Harvey Norman Holdings Ltd. (b) | 3,456 | 10,483 | ||||||
Healthscope Ltd. | 8,008 | 12,024 | ||||||
Incitec Pivot Ltd. | 10,681 | 32,236 | ||||||
Insurance Australia Group Ltd. | 13,575 | 73,623 | ||||||
LendLease Group (a) | 3,441 | 41,384 | ||||||
Macquarie Group Ltd. | 1,877 | 139,464 | ||||||
Medibank Pvt Ltd. | 17,099 | 42,293 | ||||||
Mirvac Group REIT | 22,972 | 42,398 | ||||||
National Australia Bank Ltd. | 15,984 | 357,752 | ||||||
Newcrest Mining Ltd. | 4,869 | 85,849 | ||||||
Oil Search Ltd. | 6,960 | 36,957 | ||||||
Orica Ltd. | 2,703 | 34,757 | ||||||
Origin Energy Ltd.* | 9,782 | 66,074 | ||||||
QBE Insurance Group Ltd. | 8,543 | 68,626 | ||||||
Ramsay Health Care Ltd. | 891 | 47,029 | ||||||
REA Group Ltd. | 277 | 16,508 | ||||||
Santos Ltd.* | 8,630 | 33,161 | ||||||
Scentre Group REIT | 31,695 | 101,411 | ||||||
SEEK Ltd. | 1,976 | 27,621 | ||||||
Sonic Healthcare Ltd. | 2,516 | 42,401 | ||||||
South32 Ltd. | 33,327 | 82,180 | ||||||
Stockland REIT | 14,411 | 51,232 | ||||||
Suncorp Group Ltd. | 7,601 | 82,389 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 6,598 | $ | 36,981 | |||||
Tabcorp Holdings Ltd. | 5,171 | 18,970 | ||||||
Tatts Group Ltd. | 9,074 | 29,582 | ||||||
Telstra Corp. Ltd. | 24,603 | 63,831 | ||||||
TPG Telecom Ltd. (b) | 2,186 | 9,838 | ||||||
Transurban Group (a) | 12,257 | 116,354 | ||||||
Treasury Wine Estates Ltd. | 4,567 | 54,339 | ||||||
Vicinity Centres REIT | 21,347 | 45,211 | ||||||
Wesfarmers Ltd. | 6,749 | 224,209 | ||||||
Westfield Corp. REIT | 11,916 | 75,531 | ||||||
Westpac Banking Corp. | 20,033 | 476,864 | ||||||
Woodside Petroleum Ltd. | 4,359 | 102,212 | ||||||
Woolworths Ltd. | 7,913 | 161,067 | ||||||
|
| |||||||
5,993,767 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 332 | 18,595 | ||||||
Erste Group Bank AG* | 1,804 | 78,695 | ||||||
OMV AG | 904 | 56,231 | ||||||
Raiffeisen Bank International AG* | 907 | 32,117 | ||||||
voestalpine AG | 554 | 32,185 | ||||||
|
| |||||||
217,823 | ||||||||
|
| |||||||
Belgium — 0.8% | ||||||||
Ageas | 984 | 48,353 | ||||||
Anheuser-Busch InBev SA/NV | 4,697 | 540,611 | ||||||
Colruyt SA | 362 | 19,170 | ||||||
Groupe Bruxelles Lambert SA | 505 | 54,307 | ||||||
KBC Group NV | 1,572 | 128,599 | ||||||
Proximus SADP | 450 | 15,423 | ||||||
Solvay SA | 450 | 63,309 | ||||||
Telenet Group Holding NV* | 371 | 25,917 | ||||||
UCB SA | 802 | 59,890 | ||||||
Umicore SA | 1,124 | 52,457 | ||||||
|
| |||||||
1,008,036 | ||||||||
|
| |||||||
Brazil — 1.1% | ||||||||
Ambev SA | 28,294 | 177,710 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda* | 2,300 | 10,673 | ||||||
B3 SA — Brasil Bolsa Balcao | 12,620 | 89,596 | ||||||
Banco Bradesco SA | 5,467 | 50,738 | ||||||
Banco do Brasil SA | 5,378 | 49,172 | ||||||
Banco Santander Brasil SA | 3,145 | 27,766 | ||||||
BB Seguridade Participacoes SA | 4,618 | 37,921 | ||||||
BR Malls Participacoes SA | 4,900 | 18,097 | ||||||
BRF SA* | 2,663 | 31,304 | ||||||
CCR SA | 7,454 | 36,047 | ||||||
Centrais Eletricas Brasileiras SA* | 470 | 2,689 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,332 | 23,295 | ||||||
Cia Energetica de Minas Gerais* | 719 | 1,443 | ||||||
Cia Siderurgica Nacional SA* | 3,911 | 8,794 | ||||||
Cielo SA | 6,963 | 48,711 | ||||||
Cosan SA Industria e Comercio | 815 | 8,921 | ||||||
EDP — Energias do Brasil SA | 1,828 | 7,706 | ||||||
Embraer SA | 3,041 | 14,539 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Brazil (Continued) | ||||||||
Equatorial Energia SA | 1,292 | $ | 25,240 | |||||
Fibria Celulose SA | 1,441 | 19,884 | ||||||
Hypermarcas SA | 2,332 | 23,402 | ||||||
JBS SA | 4,527 | 10,939 | ||||||
Klabin SA | 3,591 | 19,582 | ||||||
Kroton Educacional SA | 8,410 | 46,553 | ||||||
Localiza Rent a Car SA | 3,084 | 18,871 | ||||||
Lojas Renner SA | 4,465 | 46,281 | ||||||
M Dias Branco SA | 702 | 10,036 | ||||||
Natura Cosmeticos SA | 1,387 | 12,355 | ||||||
Odontoprev SA | 1,671 | 7,785 | ||||||
Petroleo Brasileiro SA* | 17,725 | 86,366 | ||||||
Porto Seguro SA | 447 | 4,893 | ||||||
Qualicorp SA | 2,524 | 23,648 | ||||||
Raia Drogasil SA | 1,586 | 42,636 | ||||||
Rumo SA* | 4,440 | 17,660 | ||||||
Sul America SA | 753 | 4,115 | ||||||
Suzano Papel e Celulose SA | 2,413 | 12,907 | ||||||
TIM Participacoes SA | 4,449 | 16,038 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,110 | 7,216 | ||||||
Ultrapar Participacoes SA | 2,172 | 46,579 | ||||||
Vale SA | 17,898 | 192,134 | ||||||
WEG SA | 3,311 | 23,143 | ||||||
|
| |||||||
1,363,385 | ||||||||
|
| |||||||
Canada — 6.4% | ||||||||
Agnico Eagle Mines Ltd. | 1,124 | 49,267 | ||||||
Agrium, Inc. | 816 | 89,661 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,604 | 132,789 | ||||||
AltaGas Ltd. (b) | 717 | 16,300 | ||||||
ARC Resources Ltd. | 2,332 | 28,577 | ||||||
Atco Ltd., Class I | 457 | 16,323 | ||||||
Bank of Montreal | 3,920 | 301,623 | ||||||
Bank of Nova Scotia | 7,304 | 461,457 | ||||||
Barrick Gold Corp. | 7,312 | 100,996 | ||||||
BCE, Inc. | 704 | 33,690 | ||||||
BlackBerry Ltd.* | 3,363 | 36,285 | ||||||
Bombardier, Inc., Class B* | 12,499 | 29,064 | ||||||
Brookfield Asset Management, Inc., Class A | 5,074 | 210,881 | ||||||
CAE, Inc. | 1,682 | 29,699 | ||||||
Cameco Corp. | 2,047 | 19,198 | ||||||
Canadian Imperial Bank of Commerce | 2,626 | 240,465 | ||||||
Canadian National Railway Co. | 4,616 | 360,328 | ||||||
Canadian Natural Resources Ltd. | 6,921 | 234,750 | ||||||
Canadian Pacific Railway Ltd. | 908 | 158,917 | ||||||
Canadian Tire Corp. Ltd., Class A | 440 | 55,601 | ||||||
Canadian Utilities Ltd., Class A | 804 | 24,329 | ||||||
CCL Industries, Inc., Class B | 916 | 42,451 | ||||||
Cenovus Energy, Inc. | 5,335 | 50,863 | ||||||
CGI Group, Inc., Class A* | 1,317 | 69,507 | ||||||
CI Financial Corp. | 1,626 | 36,738 | ||||||
Constellation Software, Inc. | 131 | 76,731 | ||||||
Crescent Point Energy Corp. | 3,354 | 24,463 | ||||||
Dollarama, Inc. | 645 | 78,846 | ||||||
Element Fleet Management Corp. | 2,963 | 22,346 |
Number | Value | |||||||
Canada (Continued) | ||||||||
Emera, Inc. | 323 | $ | 12,157 | |||||
Empire Co. Ltd., Class A | 782 | 15,044 | ||||||
Enbridge, Inc. | 9,844 | 371,205 | ||||||
Encana Corp. | 6,247 | 73,938 | ||||||
Fairfax Financial Holdings Ltd. | 155 | 85,179 | ||||||
Finning International, Inc. | 1,222 | 29,277 | ||||||
First Capital Realty, Inc. | 834 | 13,601 | ||||||
First Quantum Minerals Ltd. | 4,405 | 50,634 | ||||||
Fortis, Inc. | 2,470 | 90,939 | ||||||
Franco-Nevada Corp. | 829 | 67,540 | ||||||
George Weston Ltd. | 269 | 22,917 | ||||||
Gildan Activewear, Inc. | 916 | 29,067 | ||||||
Goldcorp, Inc. | 5,269 | 66,610 | ||||||
Great-West Lifeco, Inc. | 1,814 | 49,366 | ||||||
H&R Real Estate Investment Trust REIT | 3 | 49 | ||||||
Husky Energy, Inc.* | 2,081 | 25,211 | ||||||
Hydro One Ltd., 144A | 1,669 | 29,418 | ||||||
IGM Financial, Inc. | 613 | 21,182 | ||||||
Imperial Oil Ltd. | 1,942 | 59,909 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 645 | 30,081 | ||||||
Intact Financial Corp. | 684 | 57,386 | ||||||
Inter Pipeline Ltd. | 2,143 | 45,014 | ||||||
Jean Coutu Group PJC, Inc., Class A | 126 | 2,401 | ||||||
Keyera Corp. | 826 | 23,279 | ||||||
Kinross Gold Corp.* | 8,345 | 34,864 | ||||||
Linamar Corp. | 105 | 5,677 | ||||||
Loblaw Cos. Ltd. | 1,376 | 72,450 | ||||||
Lundin Mining Corp. | 3,807 | 22,190 | ||||||
Magna International, Inc. | 2,120 | 118,920 | ||||||
Manulife Financial Corp. | 12,130 | 254,888 | ||||||
Methanex Corp. | 570 | 30,379 | ||||||
Metro, Inc. | 1,392 | 43,600 | ||||||
National Bank of Canada | 2,139 | 105,396 | ||||||
Onex Corp. | 469 | 33,913 | ||||||
Open Text Corp. | 1,211 | 39,498 | ||||||
Pembina Pipeline Corp. | 3,119 | 108,620 | ||||||
Potash Corp. of Saskatchewan, Inc. | 5,285 | 103,721 | ||||||
Power Corp. of Canada | 2,332 | 59,089 | ||||||
Power Financial Corp. | 1,486 | 40,716 | ||||||
PrairieSky Royalty Ltd. | 1,097 | 28,706 | ||||||
Restaurant Brands International, Inc. | 1,503 | 93,350 | ||||||
Rogers Communications, Inc., Class B | 2,296 | 119,165 | ||||||
Royal Bank of Canada | 8,824 | 689,765 | ||||||
Saputo, Inc. | 1,295 | 43,945 | ||||||
Seven Generations Energy Ltd., Class A* | 1,534 | 20,974 | ||||||
Shaw Communications, Inc., Class B | 2,796 | 62,307 | ||||||
Shopify, Inc., Class A* | 476 | 49,867 | ||||||
SNC-Lavalin Group, Inc. | 1,012 | 44,138 | ||||||
Sun Life Financial, Inc. | 3,697 | 146,086 | ||||||
Suncor Energy, Inc. | 9,984 | 346,304 | ||||||
Teck Resources Ltd., Class B | 3,682 | 84,591 | ||||||
TELUS Corp. | 1,033 | 38,176 | ||||||
Thomson Reuters Corp. | 1,743 | 76,764 | ||||||
Toronto-Dominion Bank | 11,124 | 631,494 | ||||||
Tourmaline Oil Corp.* | 1,217 | 21,866 | ||||||
TransCanada Corp. | 5,599 | 268,547 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Canada (Continued) | ||||||||
Turquoise Hill Resources Ltd.* | 3,868 | $ | 11,453 | |||||
Vermilion Energy, Inc. | 607 | 21,407 | ||||||
West Fraser Timber Co. Ltd. | 360 | 22,753 | ||||||
Wheaton Precious Metals Corp. | 2,796 | 58,492 | ||||||
|
| |||||||
8,257,620 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Aguas Andinas SA, Class A | 9,121 | 5,246 | ||||||
Antofagasta PLC | 2,516 | 30,947 | ||||||
Banco de Chile | 147,982 | 20,494 | ||||||
Banco de Credito e Inversiones | 228 | 13,653 | ||||||
Banco Santander Chile | 392,625 | 26,868 | ||||||
Cencosud SA | 10,593 | 25,954 | ||||||
Cia Cervecerias Unidas SA | 884 | 11,201 | ||||||
Colbun SA | 40,553 | 8,249 | ||||||
Empresas CMPC SA | 5,893 | 16,722 | ||||||
Empresas COPEC SA | 2,707 | 36,324 | ||||||
Enel Americas SA | 173,584 | 33,534 | ||||||
Enel Chile SA | 102,572 | 11,011 | ||||||
Enel Generacion Chile SA | 15,415 | 12,581 | ||||||
Itau CorpBanca | 1,679,537 | 13,307 | ||||||
Latam Airlines Group SA | 1,848 | 23,204 | ||||||
SACI Falabella | 3,760 | 31,496 | ||||||
|
| |||||||
320,791 | ||||||||
|
| |||||||
China — 6.4% | ||||||||
3SBio, Inc., 144A* | 4,732 | 9,209 | ||||||
58.com, Inc., ADR* | 526 | 37,735 | ||||||
AAC Technologies Holdings, Inc. | 5,188 | 103,824 | ||||||
Agile Group Holdings Ltd. | 10,000 | 14,417 | ||||||
Agricultural Bank of China Ltd., Class H | 148,094 | 68,831 | ||||||
Air China Ltd., Class H | 17,267 | 18,527 | ||||||
Alibaba Group Holding Ltd., ADR* | 6,846 | 1,212,290 | ||||||
Aluminum Corp. of China Ltd., Class H* | 12,558 | 8,329 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 7,340 | 35,243 | ||||||
ANTA Sports Products Ltd. | 6,459 | 28,945 | ||||||
Autohome, Inc., ADR* | 322 | 17,829 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 16,514 | 8,648 | ||||||
Baidu, Inc., ADR* | 1,569 | 374,332 | ||||||
Bank of China Ltd., Class H | 473,111 | 229,585 | ||||||
Bank of Communications Co. Ltd., Class H | 50,720 | 37,536 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 8,955 | 13,232 | ||||||
BYD Co. Ltd., Class H (b) | 3,899 | 34,571 | ||||||
BYD Electronic International Co. Ltd. | 4,000 | 9,577 | ||||||
CGN Power Co. Ltd., Class H, 144A | 52,597 | 14,344 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 49,800 | 18,491 | ||||||
China CITIC Bank Corp. Ltd., Class H | 58,540 | 37,852 | ||||||
China Communications Construction Co. Ltd., Class H | 30,560 | 34,120 | ||||||
China Communications Services Corp. Ltd., Class H | 19,597 | 12,446 | ||||||
China Conch Venture Holdings Ltd. | 7,292 | 16,059 | ||||||
China Construction Bank Corp., Class H | 501,312 | 437,115 |
Number | Value | |||||||
China (Continued) | ||||||||
China Everbright Bank Co. Ltd., Class H | 18,576 | $ | 8,610 | |||||
China Evergrande Group* | 19,877 | 65,662 | ||||||
China Galaxy Securities Co. Ltd., Class H | 14,138 | 11,097 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 37,200 | 17,052 | ||||||
China Huishan Dairy Holdings Co. | 38,883 | 5 | ||||||
China Life Insurance Co. Ltd., Class H | 44,168 | 143,359 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 20,614 | 13,883 | ||||||
China Medical System Holdings Ltd. | 2,426 | 5,069 | ||||||
China Mengniu Dairy Co. Ltd.* | 15,125 | 38,422 | ||||||
China Merchants Bank Co. Ltd., Class H | 23,642 | 92,629 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 34,934 | 35,202 | ||||||
China Molybdenum Co. Ltd., Class H | 21,000 | 13,095 | ||||||
China National Building Material Co. Ltd., Class H (b) | 16,275 | 14,962 | ||||||
China Oilfield Services Ltd., Class H | 11,625 | 10,717 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 15,901 | 75,839 | ||||||
China Petroleum & Chemical Corp., Class H | 149,400 | 106,740 | ||||||
China Railway Construction Corp. Ltd., Class H | 13,487 | 15,956 | ||||||
China Railway Group Ltd., Class H | 16,985 | 12,679 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 11,000 | 14,591 | ||||||
China Shenhua Energy Co. Ltd., Class H | 22,308 | 54,898 | ||||||
China Southern Airlines Co. Ltd., Class H | 10,473 | 9,360 | ||||||
China Telecom Corp. Ltd., Class H | 89,233 | 43,302 | ||||||
China Vanke Co. Ltd., Class H | 7,157 | 26,071 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 5,000 | 4,712 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 20,820 | 14,742 | ||||||
CITIC Securities Co. Ltd., Class H | 13,274 | 28,723 | ||||||
CNOOC Ltd. | 99,588 | 134,907 | ||||||
Country Garden Holdings Co. Ltd. | 32,278 | 50,834 | ||||||
CRRC Corp. Ltd., Class H | 22,680 | 20,676 | ||||||
CSPC Pharmaceutical Group Ltd. | 21,347 | 42,365 | ||||||
Ctrip.com International Ltd., ADR* | 2,267 | 104,463 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 17,457 | 21,949 | ||||||
ENN Energy Holdings Ltd. | 4,783 | 34,877 | ||||||
Fosun International Ltd. | 19,001 | 39,412 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 3,255 | 12,503 | ||||||
Geely Automobile Holdings Ltd. | 28,520 | 99,325 | ||||||
GF Securities Co. Ltd., Class H | 5,555 | 11,138 | ||||||
GOME Retail Holdings Ltd. (b) | 77,446 | 8,726 | ||||||
Great Wall Motor Co. Ltd., Class H | 17,341 | 20,294 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 12,674 | 31,806 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 9,092 | 19,441 | ||||||
Haitian International Holdings Ltd. | 3,701 | 10,828 | ||||||
Haitong Securities Co. Ltd., Class H | 19,570 | 29,167 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Hengan International Group Co. Ltd. | 4,356 | $ | 42,472 | |||||
Huaneng Power International, Inc., Class H | 23,226 | 14,869 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 23,491 | 7,489 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 8,870 | 17,944 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 454,931 | 353,570 | ||||||
JD.com, Inc., ADR* | 3,971 | 148,714 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 7,274 | 9,965 | ||||||
Jiangxi Copper Co. Ltd., Class H | 7,073 | 11,012 | ||||||
Kingsoft Corp. Ltd. | 4,159 | 11,822 | ||||||
Lenovo Group Ltd. | 46,909 | 26,667 | ||||||
Longfor Properties Co. Ltd. | 15,348 | 36,041 | ||||||
Meitu, Inc., 144A* | 7,500 | 10,870 | ||||||
Minth Group Ltd. | 4,650 | 25,959 | ||||||
Momo, Inc., ADR* | 531 | 12,744 | ||||||
NetEase, Inc., ADR | 480 | 157,781 | ||||||
New China Life Insurance Co. Ltd., Class H | 4,528 | 28,872 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 813 | 68,991 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 41,191 | 21,202 | ||||||
PetroChina Co. Ltd., Class H | 119,991 | 80,658 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 26,665 | 50,529 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 31,434 | 309,907 | ||||||
Semiconductor Manufacturing International Corp.*(b) | 15,981 | 22,303 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 11,437 | 7,834 | ||||||
Shanghai Electric Group Co. Ltd., | 18,292 | 7,167 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 1,202 | 5,802 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 5,400 | 8,008 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 6,416 | 16,118 | ||||||
Shenzhou International Group Holdings Ltd. | 4,639 | 41,875 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 23,250 | 8,186 | ||||||
SINA Corp.* | 356 | 34,806 | ||||||
Sino-Ocean Group Holding Ltd. | 16,342 | 10,232 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 20,387 | 12,086 | ||||||
Sinopharm Group Co. Ltd., Class H | 7,599 | 29,870 | ||||||
SOHO China Ltd. | 12,723 | 7,200 | ||||||
Sunac China Holdings Ltd. | 11,210 | 51,671 | ||||||
Sunny Optical Technology Group Co. Ltd. | 4,407 | 73,355 | ||||||
TAL Education Group, ADR | 1,638 | 45,667 | ||||||
Tencent Holdings Ltd. | 34,485 | 1,757,332 | ||||||
Tingyi Cayman Islands Holding Corp. | 14,230 | 22,374 | ||||||
TravelSky Technology Ltd., Class H | 5,989 | 16,372 |
Number | Value | |||||||
China (Continued) | ||||||||
Tsingtao Brewery Co. Ltd., Class H | 1,296 | $ | 5,260 | |||||
Vipshop Holdings Ltd., ADR* | 1,936 | 15,933 | ||||||
Want Want China Holdings Ltd. | 37,388 | 29,297 | ||||||
Weibo Corp., ADR* | 197 | 21,386 | ||||||
Weichai Power Co. Ltd., Class H | 2,613 | 2,914 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 14,500 | 16,880 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 11,625 | 10,851 | ||||||
Yum China Holdings, Inc. | 2,286 | 93,337 | ||||||
YY, Inc., ADR*(b) | 180 | 18,574 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 8,007 | 9,596 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 4,058 | 23,303 | ||||||
Zijin Mining Group Co. Ltd., Class H | 31,613 | 10,969 | ||||||
ZTE Corp., Class H* | 929 | 3,229 | ||||||
|
| |||||||
8,291,040 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,380 | 13,267 | ||||||
Ecopetrol SA | 41,949 | 24,337 | ||||||
Grupo Argos SA | 1,798 | 12,207 | ||||||
Grupo de Inversiones Suramericana SA | 1,449 | 18,734 | ||||||
Interconexion Electrica SA ESP | 2,328 | 10,650 | ||||||
|
| |||||||
79,195 | ||||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 1,004 | 22,969 | ||||||
Komercni banka AS | 454 | 19,029 | ||||||
Moneta Money Bank AS, 144A | 2,925 | 10,548 | ||||||
O2 Czech Republic AS | 1 | 13 | ||||||
|
| |||||||
52,559 | ||||||||
|
| |||||||
Denmark — 1.3% | ||||||||
A.P. Moller — Maersk A/S, Class A | 16 | 27,404 | ||||||
A.P. Moller — Maersk A/S, Class B | 39 | 69,978 | ||||||
Carlsberg A/S, Class B | 660 | 78,158 | ||||||
Chr Hansen Holding A/S | 656 | 59,535 | ||||||
Coloplast A/S, Class B | 742 | 58,156 | ||||||
Danske Bank A/S | 4,358 | 162,804 | ||||||
DSV A/S | 1,130 | 86,958 | ||||||
Genmab A/S* | 345 | 67,862 | ||||||
H Lundbeck A/S | 422 | 21,278 | ||||||
ISS A/S | 1,355 | 51,226 | ||||||
Novo Nordisk A/S, Class B | 11,094 | 572,699 | ||||||
Novozymes A/S, Class B | 1,345 | 72,788 | ||||||
Orsted A/S, 144A | 886 | 51,547 | ||||||
Pandora A/S | 810 | 81,154 | ||||||
TDC A/S | 5,098 | 31,029 | ||||||
Tryg A/S | 661 | 16,068 | ||||||
Vestas Wind Systems A/S | 1,323 | 84,672 | ||||||
William Demant Holding A/S* | 925 | 25,429 | ||||||
|
| |||||||
1,618,745 | ||||||||
|
| |||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE | 6,249 | 26,625 | ||||||
Egyptian Financial Group-Hermes Holding Co. | 2,888 | 3,969 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Egypt (Continued) | ||||||||
Global Telecom Holding SAE* | 12,321 | $ | 5,233 | |||||
|
| |||||||
35,827 | ||||||||
|
| |||||||
Finland — 0.7% | ||||||||
Elisa OYJ | 873 | 35,516 | ||||||
Fortum OYJ | 2,742 | 57,702 | ||||||
Kone OYJ, Class B | 2,127 | 109,469 | ||||||
Metso OYJ | 675 | 23,821 | ||||||
Neste OYJ | 1,036 | 64,368 | ||||||
Nokia OYJ | 34,904 | 175,151 | ||||||
Nokian Renkaat OYJ | 833 | 36,358 | ||||||
Orion OYJ, Class B | 714 | 26,370 | ||||||
Sampo OYJ, Class A | 2,623 | 138,649 | ||||||
Stora Enso OYJ, Class R | 3,169 | 48,507 | ||||||
UPM-Kymmene OYJ | 3,197 | 96,234 | ||||||
Wartsila OYJ Abp | 898 | 59,321 | ||||||
|
| |||||||
871,466 | ||||||||
|
| |||||||
France — 7.2% | ||||||||
Accor SA | 1,126 | 56,477 | ||||||
Aeroports de Paris | 276 | 52,644 | ||||||
Air Liquide SA | 2,575 | 322,273 | ||||||
Airbus SE | 3,505 | 364,159 | ||||||
Alstom SA | 1,126 | 46,479 | ||||||
Amundi SA, 144A | 351 | 31,325 | ||||||
Arkema SA | 434 | 53,103 | ||||||
Atos SE | 558 | 82,522 | ||||||
AXA SA | 11,715 | 353,475 | ||||||
BioMerieux | 241 | 20,105 | ||||||
BNP Paribas SA | 6,660 | 504,003 | ||||||
Bollore SA | 4,095 | 21,748 | ||||||
Bouygues SA | 1,113 | 57,574 | ||||||
Bureau Veritas SA | 1,492 | 39,557 | ||||||
Capgemini SE | 966 | 111,391 | ||||||
Carrefour SA | 3,395 | 71,342 | ||||||
Casino Guichard Perrachon SA | 293 | 17,831 | ||||||
Cie de Saint-Gobain | 3,017 | 171,882 | ||||||
Cie Generale des Etablissements Michelin | 1,021 | 148,078 | ||||||
CNP Assurances | 909 | 20,459 | ||||||
Credit Agricole SA | 6,749 | 113,707 | ||||||
Danone SA | 3,526 | 297,638 | ||||||
Dassault Aviation SA | 13 | 19,987 | ||||||
Dassault Systemes SE | 745 | 80,081 | ||||||
Edenred | 1,288 | 36,854 | ||||||
Eiffage SA | 260 | 28,530 | ||||||
Electricite de France SA | 2,283 | 29,918 | ||||||
Engie SA | 10,609 | 185,685 | ||||||
Essilor International SA | 1,208 | 155,357 | ||||||
Eurazeo SA | 316 | 27,810 | ||||||
Eutelsat Communications SA | 1,114 | 25,219 | ||||||
Faurecia | 441 | 33,741 | ||||||
Fonciere Des Regions REIT | 184 | 19,686 | ||||||
Gecina SA REIT | 319 | 53,157 | ||||||
Groupe Eurotunnel SE | 3,072 | 40,842 | ||||||
Hermes International | 184 | 96,987 | ||||||
ICADE REIT | 198 | 18,392 |
Number | Value | |||||||
France (Continued) | ||||||||
Iliad SA | 157 | $ | 36,729 | |||||
Imerys SA | 272 | 24,938 | ||||||
Ingenico Group SA | 367 | 38,458 | ||||||
Ipsen SA | 239 | 29,130 | ||||||
JCDecaux SA | 557 | 23,211 | ||||||
Kering | 460 | 204,086 | ||||||
Klepierre SA REIT | 1,574 | 65,009 | ||||||
Lagardere SCA | 709 | 23,236 | ||||||
Legrand SA | 1,593 | 119,376 | ||||||
L’Oreal SA | 1,502 | 332,165 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (b) | 1,668 | 485,415 | ||||||
Natixis SA | 6,248 | 50,644 | ||||||
Orange SA (b) | 11,937 | 205,732 | ||||||
Pernod Ricard SA | 1,272 | 198,409 | ||||||
Peugeot SA | 3,034 | 62,745 | ||||||
Publicis Groupe SA | 1,216 | 80,762 | ||||||
Remy Cointreau SA | 134 | 17,831 | ||||||
Renault SA | 1,067 | 108,432 | ||||||
Rexel SA | 1,867 | 34,433 | ||||||
Safran SA | 1,815 | 193,412 | ||||||
Sanofi | 6,943 | 633,015 | ||||||
Schneider Electric SE* | 3,357 | 288,527 | ||||||
SCOR SE | 923 | 37,638 | ||||||
SEB SA | 53 | 9,765 | ||||||
Societe BIC SA | 174 | 20,201 | ||||||
Societe Generale SA | 4,594 | 231,351 | ||||||
Sodexo SA | 566 | 73,936 | ||||||
Suez | 2,194 | 40,451 | ||||||
Teleperformance | 336 | 49,731 | ||||||
Thales SA | 635 | 64,183 | ||||||
TOTAL SA | 13,859 | 781,977 | ||||||
Ubisoft Entertainment SA* | 367 | 28,144 | ||||||
Unibail-Rodamco SE REIT | 610 | 156,065 | ||||||
Valeo SA | 1,559 | 113,173 | ||||||
Veolia Environnement SA | 2,888 | 73,063 | ||||||
Vinci SA | 3,070 | 313,665 | ||||||
Vivendi SA | 6,156 | 163,872 | ||||||
Wendel SA | 168 | 28,275 | ||||||
Zodiac Aerospace | 1,346 | 39,571 | ||||||
|
| |||||||
9,290,774 | ||||||||
|
| |||||||
Germany — 6.4% | ||||||||
adidas AG | 1,118 | 233,138 | ||||||
Allianz SE | 2,669 | 629,478 | ||||||
Axel Springer SE | 273 | 21,547 | ||||||
BASF SE | 5,492 | 614,464 | ||||||
Bayer AG | 4,944 | 630,534 | ||||||
Bayerische Motoren Werke AG | 1,986 | 200,170 | ||||||
Beiersdorf AG | 600 | 71,408 | ||||||
Brenntag AG | 929 | 57,830 | ||||||
Commerzbank AG* | 6,530 | 94,473 | ||||||
Continental AG | 667 | 177,634 | ||||||
Covestro AG, 144A | 552 | 57,489 | ||||||
Daimler AG | 5,748 | 475,625 | ||||||
Deutsche Bank AG (d) | 12,372 | 233,551 | ||||||
Deutsche Boerse AG | 1,102 | 124,935 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Lufthansa AG | 1,306 | $ | 44,877 | |||||
Deutsche Post AG | 5,965 | 283,212 | ||||||
Deutsche Telekom AG | 19,545 | 349,184 | ||||||
Deutsche Wohnen SE | 2,103 | 92,965 | ||||||
Drillisch AG | 308 | 23,503 | ||||||
E.ON SE | 13,167 | 152,285 | ||||||
Evonik Industries AG | 739 | 27,566 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 278 | 27,689 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,305 | 129,652 | ||||||
Fresenius SE & Co. KGaA | 2,483 | 179,126 | ||||||
GEA Group AG | 1,063 | 51,286 | ||||||
Hannover Rueck SE | 431 | 56,635 | ||||||
HeidelbergCement AG | 821 | 87,332 | ||||||
Henkel AG & Co. KGaA | 646 | 78,735 | ||||||
HOCHTIEF AG | 116 | 20,386 | ||||||
HUGO BOSS AG | 384 | 31,578 | ||||||
Infineon Technologies AG | 6,782 | 187,277 | ||||||
Innogy SE, 144A | 813 | 37,580 | ||||||
K+S AG | 1,251 | 29,296 | ||||||
KION Group AG | 426 | 34,672 | ||||||
LANXESS AG | 565 | 42,918 | ||||||
Linde AG | 1,007 | 221,018 | ||||||
Linde AG* | 108 | 25,214 | ||||||
MAN SE | 92 | 10,333 | ||||||
Merck KGaA | 790 | 84,091 | ||||||
METRO AG* | 1,114 | 21,745 | ||||||
MTU Aero Engines AG | 302 | 54,296 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 968 | 215,397 | ||||||
OSRAM Licht AG | 589 | 50,469 | ||||||
ProSiebenSat.1 Media SE | 1,584 | 50,377 | ||||||
RWE AG* | 3,104 | 71,120 | ||||||
SAP SE | 5,876 | 661,973 | ||||||
Siemens AG | 4,573 | 621,592 | ||||||
Symrise AG | 737 | 62,642 | ||||||
Telefonica Deutschland Holding AG | 3,907 | 18,583 | ||||||
thyssenkrupp AG | 2,559 | 70,024 | ||||||
TUI AG | 2,609 | 48,127 | ||||||
Uniper SE | 1,170 | 34,808 | ||||||
United Internet AG | 735 | 49,516 | ||||||
Volkswagen AG | 193 | 39,959 | ||||||
Vonovia SE | 2,836 | 133,486 | ||||||
Wirecard AG | 683 | 72,807 | ||||||
Zalando SE, 144A* | 660 | 33,752 | ||||||
|
| |||||||
8,241,359 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Alpha Bank AE* | 7,212 | 13,992 | ||||||
Eurobank Ergasias SA* | 8,827 | 7,144 | ||||||
FF Group* | 199 | 3,678 | ||||||
Hellenic Telecommunications Organization SA | 1,023 | 12,359 | ||||||
JUMBO SA | 574 | 8,677 | ||||||
National Bank of Greece SA* | 32,350 | 10,011 | ||||||
OPAP SA | 945 | 11,529 | ||||||
Piraeus Bank SA* | 1,855 | 5,211 |
Number | Value | |||||||
Greece (Continued) | ||||||||
Titan Cement Co. SA | 171 | $ | 4,217 | |||||
|
| |||||||
76,818 | ||||||||
|
| |||||||
Hong Kong — 3.2% | ||||||||
AIA Group Ltd. | 71,815 | 582,049 | ||||||
Alibaba Health Information Technology Ltd.* | 23,752 | 11,709 | ||||||
Alibaba Pictures Group Ltd.*(b) | 63,309 | 8,511 | ||||||
ASM Pacific Technology Ltd. | 1,475 | 21,190 | ||||||
Bank of East Asia Ltd. | 6,985 | 30,900 | ||||||
Beijing Enterprises Holdings Ltd. | 3,297 | 18,996 | ||||||
Beijing Enterprises Water Group Ltd.* | 30,872 | 24,112 | ||||||
BOC Hong Kong Holdings Ltd. | 22,611 | 114,356 | ||||||
Brilliance China Automotive Holdings Ltd. | 16,816 | 44,138 | ||||||
China Everbright International Ltd. | 14,795 | 19,853 | ||||||
China Gas Holdings Ltd. | 11,431 | 35,127 | ||||||
China Jinmao Holdings Group Ltd. | 24,060 | 10,875 | ||||||
China Merchants Port Holdings Co. Ltd. | 8,148 | 21,022 | ||||||
China Mobile Ltd. | 36,568 | 371,057 | ||||||
China Overseas Land & Investment Ltd. | 22,192 | 70,468 | ||||||
China Resources Beer Holdings Co. Ltd. | 10,360 | 28,453 | ||||||
China Resources Gas Group Ltd. | 6,142 | 23,710 | ||||||
China Resources Land Ltd. | 17,417 | 50,065 | ||||||
China Resources Power Holdings Co. Ltd. | 10,679 | 20,100 | ||||||
China State Construction International Holdings Ltd. | 11,756 | 15,263 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 9,575 | 36,166 | ||||||
China Unicom Hong Kong Ltd.* | 33,981 | 49,252 | ||||||
CITIC Ltd. | 24,033 | 34,033 | ||||||
CK Asset Holdings Ltd. | 15,101 | 127,128 | ||||||
CK Hutchison Holdings Ltd. | 16,053 | 202,046 | ||||||
CK Infrastructure Holdings Ltd. | 4,315 | 36,630 | ||||||
CLP Holdings Ltd. | 9,824 | 100,188 | ||||||
COSCO SHIPPING Ports Ltd. | 10,481 | 10,561 | ||||||
Far East Horizon Ltd. | 11,614 | 10,588 | ||||||
First Pacific Co. Ltd. | 10,916 | 8,162 | ||||||
Fullshare Holdings Ltd.* | 40,691 | 17,037 | ||||||
Galaxy Entertainment Group Ltd. | 14,289 | 102,729 | ||||||
GCL-Poly Energy Holdings Ltd.*(b) | 97,590 | 15,744 | ||||||
Guangdong Investment Ltd. | 16,656 | 22,392 | ||||||
Haier Electronics Group Co. Ltd.* | 6,729 | 18,007 | ||||||
Hanergy Thin Film Power Group Ltd.*(c) | 36,104 | 0 | ||||||
Hang Lung Group Ltd. | 5,457 | 19,634 | ||||||
Hang Lung Properties Ltd. | 12,103 | 28,483 | ||||||
Hang Seng Bank Ltd. | 4,264 | 105,370 | ||||||
Henderson Land Development Co. Ltd. | 7,385 | 48,224 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (a) | 15,697 | 14,410 | ||||||
HKT Trust & HKT Ltd. (a) | 23,305 | 29,272 | ||||||
Hong Kong & China Gas Co. Ltd. | 49,573 | 96,732 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 7,042 | 212,067 | ||||||
Hongkong Land Holdings Ltd. | 9,100 | 66,430 | ||||||
Hysan Development Co. Ltd. | 6,337 | 33,956 | ||||||
Jardine Matheson Holdings Ltd. | 1,000 | 62,480 | ||||||
Jardine Strategic Holdings Ltd. | 946 | 39,259 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Kerry Properties Ltd. | 5,057 | $ | 22,338 | |||||
Kingboard Chemical Holdings Ltd. | 3,500 | 20,076 | ||||||
Kingston Financial Group Ltd. | 24,000 | 29,562 | ||||||
Kunlun Energy Co. Ltd. | 20,390 | 17,622 | ||||||
Lee & Man Paper Manufacturing Ltd. | 9,000 | 10,544 | ||||||
Li & Fung Ltd. | 27,005 | 11,894 | ||||||
Link REIT | 13,293 | 118,545 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 1,311 | 34,230 | ||||||
MTR Corp. Ltd. | 8,830 | 51,950 | ||||||
New World Development Co. Ltd. | 34,474 | 49,967 | ||||||
Nine Dragons Paper Holdings Ltd. | 8,250 | 13,690 | ||||||
NWS Holdings Ltd. | 12,540 | 22,767 | ||||||
PCCW Ltd. | 21,930 | 13,029 | ||||||
Power Assets Holdings Ltd. | 8,233 | 70,311 | ||||||
Shanghai Industrial Holdings Ltd. | 3,494 | 9,864 | ||||||
Shimao Property Holdings Ltd. | 10,565 | 20,643 | ||||||
Sino Biopharmaceutical Ltd. | 26,886 | 35,182 | ||||||
Sino Land Co. Ltd. | 18,918 | 34,250 | ||||||
SJM Holdings Ltd. | 15,979 | 12,848 | ||||||
Sun Art Retail Group Ltd. | 14,880 | 14,556 | ||||||
Sun Hung Kai Properties Ltd. | 8,452 | 138,086 | ||||||
Swire Pacific Ltd., Class A | 3,500 | 33,655 | ||||||
Swire Properties Ltd. | 10,309 | 34,913 | ||||||
Techtronic Industries Co. Ltd. | 8,978 | 51,901 | ||||||
WH Group Ltd., 144A | 46,783 | 49,657 | ||||||
Wharf Holdings Ltd. | 9,120 | 28,726 | ||||||
Wharf Real Estate Investment Co. Ltd.* | 8,826 | 53,339 | ||||||
Wheelock & Co. Ltd. | 4,692 | 32,201 | ||||||
Yue Yuen Industrial Holdings Ltd. | 4,230 | 15,111 | ||||||
|
| |||||||
4,120,391 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,864 | 21,611 | ||||||
OTP Bank PLC | 1,476 | 56,414 | ||||||
Richter Gedeon Nyrt | 854 | 22,068 | ||||||
|
| |||||||
100,093 | ||||||||
|
| |||||||
India — 0.1% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR (b) | 425 | 14,884 | ||||||
ICICI Bank Ltd., ADR | 2,406 | 22,953 | ||||||
Infosys Ltd., ADR | 1,058 | 16,462 | ||||||
Tata Motors Ltd., ADR* | 345 | 10,761 | ||||||
Wipro Ltd., ADR | 3,874 | 20,881 | ||||||
|
| |||||||
85,941 | ||||||||
|
| |||||||
Indonesia — 0.5% | ||||||||
PT Adaro Energy Tbk | 59,348 | 7,459 | ||||||
PT Astra International Tbk | 115,074 | 67,848 | ||||||
PT Bank Central Asia Tbk | 75,858 | 114,129 | ||||||
PT Bank Danamon Indonesia Tbk | 25,211 | 9,366 | ||||||
PT Bank Mandiri Persero Tbk | 78,731 | 43,073 | ||||||
PT Bank Negara Indonesia Persero Tbk | 41,810 | 25,038 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 341,306 | 80,999 | ||||||
PT Bank Tabungan Negara Persero Tbk | 24,600 | 5,820 | ||||||
PT Bumi Serpong Damai Tbk | 65,887 | 8,037 | ||||||
PT Charoen Pokphand Indonesia Tbk | 46,490 | 10,036 | ||||||
PT Gudang Garam Tbk | 929 | 5,256 |
Number | Value | |||||||
Indonesia (Continued) | ||||||||
PT Hanjaya Mandala Sampoerna Tbk | 43,228 | $ | 13,103 | |||||
PT Indocement Tunggal Prakarsa Tbk | 11,627 | 15,838 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 9,980 | 6,235 | ||||||
PT Indofood Sukses Makmur Tbk | 20,630 | 11,172 | ||||||
PT Jasa Marga Persero Tbk | 25,913 | 12,213 | ||||||
PT Kalbe Farma Tbk | 1,369 | 162 | ||||||
PT Lippo Karawaci Tbk | 202,597 | 8,613 | ||||||
PT Matahari Department Store Tbk | 19,040 | 14,921 | ||||||
PT Media Nusantara Citra Tbk | 39,478 | 3,794 | ||||||
PT Pakuwon Jati Tbk | 130,204 | 5,968 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 52,657 | 6,618 | ||||||
PT Semen Indonesia Persero Tbk | 23,241 | 16,152 | ||||||
PT Surya Citra Media Tbk | 35,560 | 5,784 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 315,956 | 96,941 | ||||||
PT Tower Bersama Infrastructure Tbk | 25,573 | 10,777 | ||||||
PT Unilever Indonesia Tbk | 7,454 | 27,169 | ||||||
PT United Tractors Tbk | 11,314 | 28,021 | ||||||
PT Waskita Karya Persero Tbk | 28,604 | 4,462 | ||||||
PT XL Axiata Tbk* | 39,478 | 8,990 | ||||||
|
| |||||||
673,994 | ||||||||
|
| |||||||
Ireland — 0.4% | ||||||||
AerCap Holdings NV* | 1,095 | 56,907 | ||||||
Allied Irish Banks PLC | 4,735 | 30,715 | ||||||
Bank of Ireland Group PLC* | 4,800 | 37,444 | ||||||
CRH PLC | 4,733 | 163,089 | ||||||
DCC PLC | 523 | 50,608 | ||||||
James Hardie Industries PLC CDI | 2,624 | 42,673 | ||||||
Kerry Group PLC, Class A | 832 | 87,145 | ||||||
Paddy Power Betfair PLC | 477 | 53,192 | ||||||
Ryanair Holdings PLC, ADR* | 170 | 20,730 | ||||||
|
| |||||||
542,503 | ||||||||
|
| |||||||
Israel — 0.3% | ||||||||
Azrieli Group Ltd. | 252 | 13,511 | ||||||
Bank Hapoalim BM | 6,311 | 43,064 | ||||||
Bank Leumi Le-Israel BM | 7,908 | 43,893 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 6,827 | 10,235 | ||||||
Check Point Software Technologies Ltd.* | 784 | 81,763 | ||||||
Elbit Systems Ltd. | 147 | 20,364 | ||||||
Frutarom Industries Ltd. | 238 | 20,973 | ||||||
Israel Chemicals Ltd. | 3,408 | 13,885 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,085 | 19,784 | ||||||
Nice Ltd. | 430 | 37,203 | ||||||
Teva Pharmaceutical Industries Ltd., ADR (b) | 5,170 | 76,620 | ||||||
|
| |||||||
381,295 | ||||||||
|
| |||||||
Italy — 1.4% | ||||||||
Assicurazioni Generali SpA | 6,924 | 126,751 | ||||||
Atlantia SpA | 2,888 | 95,939 | ||||||
Davide Campari-Milano SpA | 3,377 | 26,287 | ||||||
Enel SpA | 48,367 | 314,038 | ||||||
Eni SpA | 15,413 | 253,349 | ||||||
Ferrari NV | 727 | 78,916 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Intesa Sanpaolo SpA | 75,875 | $ | 254,855 | |||||
Intesa Sanpaolo SpA-RSP | 3,229 | 10,315 | ||||||
Leonardo SpA | 2,511 | 30,007 | ||||||
Luxottica Group SpA | 928 | 53,957 | ||||||
Mediobanca SpA | 3,266 | 37,688 | ||||||
Poste Italiane SpA, 144A | 2,156 | 15,743 | ||||||
Prysmian SpA | 1,305 | 43,461 | ||||||
Recordati SpA | 631 | 28,390 | ||||||
Snam SpA | 15,766 | 79,491 | ||||||
Telecom Italia SpA* | 64,146 | 53,674 | ||||||
Telecom Italia SpA-RSP | 39,836 | 26,979 | ||||||
Terna Rete Elettrica Nazionale SpA | 10,783 | 66,675 | ||||||
UniCredit SpA* | 11,235 | 225,994 | ||||||
UnipolSai Assicurazioni SpA | 6,855 | 16,074 | ||||||
|
| |||||||
1,838,583 | ||||||||
|
| |||||||
Japan — 16.3% | ||||||||
ABC-Mart, Inc. | 100 | 5,473 | ||||||
Acom Co. Ltd.* | 2,400 | 9,959 | ||||||
Aeon Co. Ltd. | 6,400 | 103,724 | ||||||
AEON Financial Service Co. Ltd. | 400 | 8,853 | ||||||
Aeon Mall Co. Ltd. | 500 | 9,125 | ||||||
Air Water, Inc. | 1,000 | 21,396 | ||||||
Aisin Seiki Co. Ltd. | 800 | 42,721 | ||||||
Ajinomoto Co., Inc. | 3,800 | 69,689 | ||||||
Alfresa Holdings Corp. | 600 | 12,859 | ||||||
Alps Electric Co. Ltd. | 600 | 19,059 | ||||||
Amada Holdings Co. Ltd. | 1,100 | 14,573 | ||||||
ANA Holdings, Inc. | 300 | 11,942 | ||||||
Aozora Bank Ltd. | 400 | 15,478 | ||||||
Asahi Glass Co. Ltd. | 800 | 33,267 | ||||||
Asahi Group Holdings Ltd. | 2,100 | 106,488 | ||||||
Asahi Kasei Corp. | 7,800 | 97,374 | ||||||
Asics Corp. | 600 | 8,828 | ||||||
Astellas Pharma, Inc. | 15,700 | 198,927 | ||||||
Bandai Namco Holdings, Inc. | 700 | 22,702 | ||||||
Bank of Kyoto Ltd. | 200 | 10,165 | ||||||
Benesse Holdings, Inc. | 200 | 7,037 | ||||||
Bridgestone Corp. | 4,300 | 194,664 | ||||||
Brother Industries Ltd. | 700 | 17,266 | ||||||
Calbee, Inc. | 300 | 10,462 | ||||||
Canon, Inc. | 6,600 | 252,048 | ||||||
Casio Computer Co. Ltd. | 700 | 10,213 | ||||||
Central Japan Railway Co. | 800 | 147,674 | ||||||
Chiba Bank Ltd. | 3,000 | 22,897 | ||||||
Chubu Electric Power Co., Inc. | 4,300 | 54,216 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,000 | 51,624 | ||||||
Chugoku Electric Power Co., Inc. | 1,200 | 13,221 | ||||||
Coca-Cola Bottlers Japan, Inc. | 600 | 22,738 | ||||||
Concordia Financial Group Ltd. | 8,200 | 44,809 | ||||||
Credit Saison Co. Ltd. | 500 | 9,592 | ||||||
CYBERDYNE, Inc.* | 400 | 5,285 | ||||||
Dai Nippon Printing Co. Ltd. | 1,000 | 21,813 | ||||||
Daicel Corp. | 1,000 | 11,826 | ||||||
Daifuku Co. Ltd. | 600 | 32,627 | ||||||
Dai-ichi Life Holdings, Inc. | 7,900 | 161,166 | ||||||
Daiichi Sankyo Co. Ltd. | 6,200 | 149,181 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Daikin Industries Ltd. | 1,500 | $ | 172,198 | |||||
Daito Trust Construction Co. Ltd. | 300 | 54,765 | ||||||
Daiwa House Industry Co. Ltd. | 3,900 | 142,562 | ||||||
Daiwa House REIT Investment Corp. REIT | 6 | 14,362 | ||||||
Daiwa Securities Group, Inc. | 7,000 | 43,414 | ||||||
DeNA Co. Ltd. | 300 | 6,784 | ||||||
Denso Corp. | 2,800 | 156,862 | ||||||
Dentsu, Inc. | 900 | 40,624 | ||||||
Disco Corp. | 100 | 22,089 | ||||||
Don Quijote Holdings Co. Ltd. | 500 | 23,857 | ||||||
East Japan Railway Co. | 1,900 | 183,424 | ||||||
Eisai Co. Ltd. | 1,400 | 79,252 | ||||||
Electric Power Development Co. Ltd. | 400 | 11,089 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 200 | 13,452 | ||||||
FANUC Corp. | 1,100 | 273,131 | ||||||
Fast Retailing Co. Ltd. | 300 | 115,980 | ||||||
Fuji Electric Co. Ltd. | 2,000 | 14,074 | ||||||
FUJIFILM Holdings Corp. | 4,200 | 170,993 | ||||||
Fujitsu Ltd. | 10,000 | 74,184 | ||||||
Fukuoka Financial Group, Inc. | 2,000 | 10,343 | ||||||
Hachijuni Bank Ltd. | 600 | 3,412 | ||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 16,090 | ||||||
Hamamatsu Photonics KK | 500 | 17,104 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,400 | 54,112 | ||||||
Hikari Tsushin, Inc. | 100 | 14,376 | ||||||
Hino Motors Ltd. | 1,000 | 12,208 | ||||||
Hirose Electric Co. Ltd. | 100 | 14,874 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 16,847 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 10,495 | ||||||
Hitachi Construction Machinery Co. Ltd. | 500 | 16,504 | ||||||
Hitachi High-Technologies Corp. | 200 | 8,254 | ||||||
Hitachi Ltd. | 38,200 | 283,144 | ||||||
Hitachi Metals Ltd. | 700 | 9,236 | ||||||
Honda Motor Co. Ltd. | 10,100 | 335,994 | ||||||
Hoshizaki Corp. | 200 | 18,997 | ||||||
Hoya Corp. | 2,000 | 96,815 | ||||||
Hulic Co. Ltd. | 1,300 | 14,219 | ||||||
Idemitsu Kosan Co. Ltd. | 600 | 20,099 | ||||||
IHI Corp. | 600 | 18,473 | ||||||
Iida Group Holdings Co. Ltd. | 500 | 9,196 | ||||||
Inpex Corp. | 7,200 | 80,928 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 16,159 | ||||||
Isuzu Motors Ltd. | 6,100 | 95,989 | ||||||
ITOCHU Corp. | 9,000 | 155,618 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 16,838 | ||||||
Japan Airlines Co. Ltd. | 300 | 10,972 | ||||||
Japan Airport Terminal Co. Ltd. | 200 | 7,446 | ||||||
Japan Exchange Group, Inc. | 3,600 | 65,958 | ||||||
Japan Post Bank Co. Ltd. | 1,100 | 13,947 | ||||||
Japan Post Holdings Co. Ltd. | 9,200 | 105,615 | ||||||
Japan Prime Realty Investment Corp. REIT | 4 | 13,417 | ||||||
Japan Real Estate Investment Corp. REIT | 5 | 24,257 | ||||||
Japan Retail Fund Investment Corp. REIT | 10 | 17,708 | ||||||
Japan Tobacco, Inc. | 7,900 | 261,122 | ||||||
JFE Holdings, Inc. | 6,000 | 140,850 | ||||||
JGC Corp. | 1,000 | 17,335 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
JSR Corp. | 600 | $ | 11,467 | |||||
JTEKT Corp. | 1,300 | 22,282 | ||||||
JXTG Holdings, Inc. | 18,850 | 105,518 | ||||||
Kajima Corp. | 4,000 | 41,903 | ||||||
Kakaku.com, Inc. | 400 | 6,305 | ||||||
Kaneka Corp. | 1,000 | 8,814 | ||||||
Kansai Electric Power Co., Inc. | 6,700 | 88,345 | ||||||
Kansai Paint Co. Ltd. | 800 | 20,962 | ||||||
Kao Corp. | 2,900 | 191,658 | ||||||
Kawasaki Heavy Industries Ltd. | 600 | 19,779 | ||||||
KDDI Corp. | 10,700 | 305,660 | ||||||
Keihan Holdings Co. Ltd. | 600 | 17,726 | ||||||
Keikyu Corp. | 500 | 9,627 | ||||||
Keio Corp. | 400 | 17,628 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 15,994 | ||||||
Keyence Corp. | 600 | 346,048 | ||||||
Kikkoman Corp. | 1,000 | 39,095 | ||||||
Kintetsu Group Holdings Co. Ltd. | 700 | 27,336 | ||||||
Kirin Holdings Co. Ltd. | 7,100 | 165,884 | ||||||
Kobe Steel Ltd.* | 1,100 | 10,292 | ||||||
Koito Manufacturing Co. Ltd. | 600 | 41,317 | ||||||
Komatsu Ltd. | 6,800 | 210,263 | ||||||
Konami Holdings Corp. | 400 | 21,076 | ||||||
Konica Minolta, Inc. | 5,200 | 50,639 | ||||||
Kose Corp. | 100 | 15,301 | ||||||
Kubota Corp. | 7,600 | 143,160 | ||||||
Kuraray Co. Ltd. | 1,500 | 28,802 | ||||||
Kurita Water Industries Ltd. | 400 | 12,493 | ||||||
Kyocera Corp. | 1,784 | 125,242 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 18,917 | ||||||
Kyushu Electric Power Co., Inc. | 5,000 | 56,999 | ||||||
Kyushu Financial Group, Inc. | 900 | 5,310 | ||||||
Kyushu Railway Co. | 800 | 24,666 | ||||||
Lawson, Inc. | 300 | 20,632 | ||||||
LINE Corp.* | 200 | 8,512 | ||||||
Lion Corp. | 1,032 | 19,201 | ||||||
LIXIL Group Corp. | 900 | 23,631 | ||||||
M3, Inc. | 800 | 26,230 | ||||||
Mabuchi Motor Co. Ltd. | 200 | 10,627 | ||||||
Makita Corp. | 1,300 | 53,596 | ||||||
Marubeni Corp. | 9,900 | 65,604 | ||||||
Marui Group Co. Ltd. | 900 | 15,882 | ||||||
Maruichi Steel Tube Ltd. | 200 | 5,633 | ||||||
Mazda Motor Corp. | 5,600 | 74,786 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 300 | 13,075 | ||||||
Mebuki Financial Group, Inc. | 7,670 | 32,099 | ||||||
Medipal Holdings Corp. | 400 | 7,744 | ||||||
MEIJI Holdings Co. Ltd. | 500 | 43,449 | ||||||
MINEBEA MITSUMI, Inc. | 2,300 | 45,266 | ||||||
MISUMI Group, Inc. | 1,500 | 43,649 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,200 | 99,402 | ||||||
Mitsubishi Corp. | 9,300 | 232,448 | ||||||
Mitsubishi Electric Corp. | 13,300 | 218,919 | ||||||
Mitsubishi Estate Co. Ltd. | 7,000 | 124,550 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 16,740 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,900 | 70,061 | ||||||
Mitsubishi Materials Corp. | 300 | 9,996 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Mitsubishi Motors Corp. | 6,000 | $ | 41,850 | |||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 23,721 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 72,100 | 507,445 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 3,000 | 17,033 | ||||||
Mitsui & Co. Ltd. | 10,300 | 156,040 | ||||||
Mitsui Chemicals, Inc. | 800 | 25,767 | ||||||
Mitsui Fudosan Co. Ltd. | 6,000 | 135,199 | ||||||
Mitsui OSK Lines Ltd. | 600 | 19,192 | ||||||
Mixi, Inc. | 300 | 13,914 | ||||||
Mizuho Financial Group, Inc. | 151,600 | 274,657 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,600 | 149,389 | ||||||
Murata Manufacturing Co. Ltd. | 1,100 | 148,221 | ||||||
Nabtesco Corp. | 700 | 27,274 | ||||||
Nagoya Railroad Co. Ltd. | 800 | 19,484 | ||||||
NEC Corp. | 1,000 | 26,656 | ||||||
Nexon Co. Ltd.* | 700 | 20,028 | ||||||
NGK Insulators Ltd. | 1,000 | 19,059 | ||||||
NGK Spark Plug Co. Ltd. | 800 | 18,382 | ||||||
NH Foods Ltd. | 1,000 | 24,497 | ||||||
Nidec Corp. | 1,400 | 189,951 | ||||||
Nikon Corp. | 1,100 | 21,766 | ||||||
Nintendo Co. Ltd. | 689 | 276,714 | ||||||
Nippon Building Fund, Inc. REIT | 6 | 30,015 | ||||||
Nippon Electric Glass Co. Ltd. | 400 | 15,496 | ||||||
Nippon Express Co. Ltd. | 300 | 19,006 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 21,458 | ||||||
Nippon Prologis REIT, Inc. REIT | 7 | 14,996 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 6,610 | 159,810 | ||||||
Nippon Telegraph & Telephone Corp. | 4,900 | 255,961 | ||||||
Nippon Yusen KK* | 800 | 18,609 | ||||||
Nissan Chemical Industries Ltd. | 200 | 7,997 | ||||||
Nissan Motor Co. Ltd. | 16,700 | 161,443 | ||||||
Nisshin Seifun Group, Inc. | 1,350 | 26,341 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 21,618 | ||||||
Nitori Holdings Co. Ltd. | 300 | 48,874 | ||||||
Nitto Denko Corp. | 900 | 88,205 | ||||||
NOK Corp. | 200 | 4,855 | ||||||
Nomura Holdings, Inc. | 24,500 | 145,962 | ||||||
Nomura Real Estate Holdings, Inc. | 600 | 13,797 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 30 | 37,772 | ||||||
Nomura Research Institute Ltd. | 752 | 33,943 | ||||||
NSK Ltd. | 4,700 | 70,618 | ||||||
NTT Data Corp. | 3,800 | 44,603 | ||||||
NTT DOCOMO, Inc. | 8,400 | 217,007 | ||||||
Obayashi Corp. | 5,600 | 72,248 | ||||||
Obic Co. Ltd. | 200 | 13,843 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,100 | 23,311 | ||||||
Oji Holdings Corp. | 3,000 | 18,206 | ||||||
Olympus Corp. | 1,700 | 69,634 | ||||||
Omron Corp. | 700 | 41,237 | ||||||
Ono Pharmaceutical Co. Ltd. | 5,300 | 120,509 | ||||||
Oracle Corp. | 100 | 8,868 | ||||||
Oriental Land Co. Ltd. | 1,100 | 97,651 | ||||||
ORIX Corp. | 9,000 | 154,658 | ||||||
Osaka Gas Co. Ltd. | 1,600 | 30,665 | ||||||
Otsuka Corp. | 100 | 7,464 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Otsuka Holdings Co. Ltd. | 2,283 | $ | 100,899 | |||||
Panasonic Corp. | 15,700 | 232,686 | ||||||
Park24 Co. Ltd. | 400 | 9,838 | ||||||
Persol Holdings Co. Ltd. | 1,000 | 23,351 | ||||||
Pola Orbis Holdings, Inc. | 400 | 14,572 | ||||||
Rakuten, Inc. | 5,900 | 60,156 | ||||||
Recruit Holdings Co. Ltd. | 6,100 | 143,469 | ||||||
Renesas Electronics Corp.* | 3,400 | 41,479 | ||||||
Resona Holdings, Inc. | 15,800 | 83,657 | ||||||
Ricoh Co. Ltd. | 5,800 | 51,329 | ||||||
Rinnai Corp. | 100 | 8,948 | ||||||
Rohm Co. Ltd. | 400 | 40,873 | ||||||
Ryohin Keikaku Co. Ltd. | 100 | 31,143 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,400 | 21,296 | ||||||
SBI Holdings, Inc. | 400 | 7,090 | ||||||
Secom Co. Ltd. | 1,300 | 97,190 | ||||||
Sega Sammy Holdings, Inc. | 700 | 8,446 | ||||||
Seibu Holdings, Inc. | 500 | 9,014 | ||||||
Seiko Epson Corp. | 900 | 21,751 | ||||||
Sekisui Chemical Co. Ltd. | 1,400 | 27,006 | ||||||
Sekisui House Ltd. | 5,700 | 106,079 | ||||||
Seven & i Holdings Co. Ltd. | 5,600 | 229,135 | ||||||
Seven Bank Ltd. | 5,200 | 17,373 | ||||||
Sharp Corp.*(b) | 600 | 18,846 | ||||||
Shimadzu Corp. | 1,000 | 23,786 | ||||||
Shimamura Co. Ltd. | 100 | 12,022 | ||||||
Shimano, Inc. | 300 | 41,370 | ||||||
Shimizu Corp. | 2,300 | 25,484 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,000 | 209,072 | ||||||
Shinsei Bank Ltd. | 500 | 7,966 | ||||||
Shionogi & Co. Ltd. | 1,600 | 88,981 | ||||||
Shiseido Co. Ltd. | 3,351 | 162,927 | ||||||
Shizuoka Bank Ltd. | 2,000 | 19,690 | ||||||
Showa Shell Sekiyu KK | 800 | 10,179 | ||||||
SMC Corp. | 300 | 121,205 | ||||||
SoftBank Group Corp. | 5,400 | 455,098 | ||||||
Sohgo Security Services Co. Ltd. | 400 | 22,142 | ||||||
Sompo Holdings, Inc. | 1,400 | 56,376 | ||||||
Sony Corp. | 8,400 | 388,186 | ||||||
Sony Financial Holdings, Inc. | 300 | 5,059 | ||||||
Stanley Electric Co. Ltd. | 800 | 31,881 | ||||||
Start Today Co. Ltd. | 600 | 18,259 | ||||||
Subaru Corp. | 3,700 | 120,621 | ||||||
SUMCO Corp. | 1,400 | 35,117 | ||||||
Sumitomo Chemical Co. Ltd. | 6,000 | 41,690 | ||||||
Sumitomo Corp. | 8,300 | 128,580 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 700 | 10,126 | ||||||
Sumitomo Electric Industries Ltd. | 6,100 | 106,152 | ||||||
Sumitomo Heavy Industries Ltd. | 400 | 16,225 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,000 | 38,696 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 8,800 | 355,534 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,310 | 48,468 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,539 | 50,541 | ||||||
Sumitomo Rubber Industries Ltd. | 400 | 7,250 | ||||||
Sundrug Co. Ltd. | 400 | 18,375 | ||||||
Suntory Beverage & Food Ltd. | 500 | 21,591 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Suruga Bank Ltd. | 600 | $ | 12,854 | |||||
Suzuken Co. Ltd. | 400 | 15,780 | ||||||
Suzuki Motor Corp. | 1,800 | 96,601 | ||||||
Sysmex Corp. | 600 | 45,422 | ||||||
T&D Holdings, Inc. | 6,000 | 98,387 | ||||||
Taiheiyo Cement Corp. | 400 | 16,385 | ||||||
Taisei Corp. | 1,200 | 62,908 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 15,851 | ||||||
Taiyo Nippon Sanso Corp. | 500 | 6,846 | ||||||
Takashimaya Co. Ltd. | 1,000 | 9,836 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,200 | 230,777 | ||||||
TDK Corp. | 800 | 65,183 | ||||||
Teijin Ltd. | 600 | 12,902 | ||||||
Terumo Corp. | 1,500 | 71,705 | ||||||
THK Co. Ltd. | 700 | 25,532 | ||||||
Tobu Railway Co. Ltd. | 800 | 25,412 | ||||||
Toho Co. Ltd. | 500 | 16,860 | ||||||
Toho Gas Co. Ltd. | 200 | 5,669 | ||||||
Tohoku Electric Power Co., Inc. | 5,500 | 72,424 | ||||||
Tokio Marine Holdings, Inc. | 5,000 | 220,356 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 10,200 | 40,784 | ||||||
Tokyo Electron Ltd. | 800 | 147,568 | ||||||
Tokyo Gas Co. Ltd. | 1,600 | 37,461 | ||||||
Tokyo Tatemono Co. Ltd. | 1,000 | 13,826 | ||||||
Tokyu Corp. | 2,000 | 31,827 | ||||||
Tokyu Fudosan Holdings Corp. | 5,800 | 41,743 | ||||||
Toppan Printing Co. Ltd. | 3,000 | 27,882 | ||||||
Toray Industries, Inc. | 8,000 | 75,134 | ||||||
Toshiba Corp.* | 38,100 | 93,435 | ||||||
Tosoh Corp. | 1,500 | 33,040 | ||||||
TOTO Ltd. | 500 | 27,722 | ||||||
Toyo Seikan Group Holdings Ltd. | 900 | 14,802 | ||||||
Toyo Suisan Kaisha Ltd. | 500 | 21,236 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 2,494 | ||||||
Toyota Industries Corp. | 700 | 43,352 | ||||||
Toyota Motor Corp. | 16,000 | 1,001,413 | ||||||
Toyota Tsusho Corp. | 1,300 | 48,745 | ||||||
Trend Micro, Inc. | 400 | 22,569 | ||||||
Tsuruha Holdings, Inc. | 200 | 27,580 | ||||||
Unicharm Corp. | 1,400 | 36,609 | ||||||
United Urban Investment Corp. REIT | 12 | 16,985 | ||||||
USS Co. Ltd. | 1,100 | 23,115 | ||||||
West Japan Railway Co. | 900 | 66,030 | ||||||
Yahoo Japan Corp. | 8,000 | 36,465 | ||||||
Yakult Honsha Co. Ltd. | 300 | 23,351 | ||||||
Yamada Denki Co. Ltd. | 6,100 | 33,062 | ||||||
Yamaguchi Financial Group, Inc. | 1,000 | 11,915 | ||||||
Yamaha Corp. | 600 | 22,018 | ||||||
Yamaha Motor Co. Ltd. | 1,300 | 40,659 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 28,306 | ||||||
Yamazaki Baking Co. Ltd. | 1,000 | 19,246 | ||||||
Yaskawa Electric Corp. | 1,300 | 57,177 | ||||||
Yokogawa Electric Corp. | 800 | 14,714 | ||||||
Yokohama Rubber Co. Ltd. | 500 | 11,178 | ||||||
|
| |||||||
20,927,575 | ||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 640 | $ | 58,640 | |||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal* | 3,894 | 117,562 | ||||||
Eurofins Scientific SE | 71 | 42,989 | ||||||
Millicom International Cellular SA SDR | 446 | 29,171 | ||||||
SES SA | 1,188 | 19,619 | ||||||
Tenaris SA | 2,795 | 40,620 | ||||||
|
| |||||||
249,961 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 6,508 | 16,616 | ||||||
Sands China Ltd. | 15,174 | 73,731 | ||||||
Wynn Macau Ltd. | 10,625 | 30,405 | ||||||
|
| |||||||
120,752 | ||||||||
|
| |||||||
Malaysia — 0.6% | ||||||||
AirAsia Bhd | 9,100 | 6,987 | ||||||
Alliance Bank Malaysia Bhd | 14,300 | 12,903 | ||||||
AMMB Holdings Bhd | 8,687 | 8,816 | ||||||
Astro Malaysia Holdings Bhd | 7,000 | 4,861 | ||||||
Axiata Group Bhd | 16,755 | 21,837 | ||||||
British American Tobacco Malaysia Bhd | 700 | 6,398 | ||||||
CIMB Group Holdings Bhd | 19,416 | 28,724 | ||||||
DiGi.Com Bhd | 18,520 | 21,013 | ||||||
Gamuda Bhd | 10,100 | 12,077 | ||||||
Genting Bhd | 15,500 | 33,354 | ||||||
Genting Malaysia Bhd | 18,418 | 22,924 | ||||||
Genting Plantations Bhd | 1,000 | 2,568 | ||||||
HAP Seng Consolidated Bhd | 4,500 | 10,641 | ||||||
Hartalega Holdings Bhd | 4,700 | 10,987 | ||||||
Hong Leong Bank Bhd | 1,200 | 4,443 | ||||||
Hong Leong Financial Group Bhd | 700 | 2,749 | ||||||
IHH Healthcare Bhd | 12,304 | 16,969 | ||||||
IJM Corp. Bhd | 18,400 | 13,903 | ||||||
IOI Corp. Bhd | 17,000 | 18,540 | ||||||
IOI Properties Group Bhd | 9,900 | 4,575 | ||||||
Kuala Lumpur Kepong Bhd | 1,500 | 8,942 | ||||||
Malayan Banking Bhd | 25,759 | 58,264 | ||||||
Malaysia Airports Holdings Bhd | 500 | 1,009 | ||||||
Maxis Bhd | 19,100 | 27,696 | ||||||
MISC Bhd | 9,100 | 15,688 | ||||||
Nestle Malaysia Bhd | 300 | 7,138 | ||||||
Petronas Chemicals Group Bhd | 14,657 | 26,522 | ||||||
Petronas Dagangan Bhd | 5,200 | 30,771 | ||||||
Petronas Gas Bhd | 5,700 | 22,134 | ||||||
PPB Group Bhd | 3,800 | 15,481 | ||||||
Press Metal Aluminium Holdings Bhd | 7,600 | 9,664 | ||||||
Public Bank Bhd | 16,800 | 81,751 | ||||||
Sapura Energy Bhd | 24,000 | 7,336 | ||||||
Sime Darby Bhd | 18,711 | 10,752 | ||||||
Sime Darby Plantation Bhd* | 18,711 | 22,923 | ||||||
Sime Darby Property Bhd* | 18,711 | 5,490 | ||||||
SP Setia Bhd Group | 6,100 | 5,206 | ||||||
Telekom Malaysia Bhd | 15,600 | 23,002 | ||||||
Tenaga Nasional Bhd | 19,800 | 74,852 | ||||||
UMW Holdings Bhd* | 8,100 | 10,438 | ||||||
Westports Holdings Bhd | 16,800 | 14,132 |
Number | Value | |||||||
Malaysia (Continued) | ||||||||
YTL Corp. Bhd | 20,172 | $ | 5,771 | |||||
YTL Power International Bhd | 27,774 | 7,810 | ||||||
|
| |||||||
758,041 | ||||||||
|
| |||||||
Malta — 0.0% | ||||||||
Brait SE* | 2,731 | 9,198 | ||||||
|
| |||||||
Mexico — 0.7% | ||||||||
Alfa SAB de CV, Class A | 18,251 | 20,342 | ||||||
America Movil SAB de CV, Series L | 198,938 | 170,700 | ||||||
Arca Continental SAB de CV | 2,332 | 15,969 | ||||||
Cemex SAB de CV, Series CPO* | 86,699 | 66,344 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 2,986 | 20,505 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,158 | 7,855 | ||||||
Fibra Uno Administracion SA de CV REIT | 16,192 | 25,302 | ||||||
Fomento Economico Mexicano SAB de CV | 11,685 | 105,506 | ||||||
Fresnillo PLC | 1,537 | 26,835 | ||||||
Gentera SAB de CV | 6,964 | 6,390 | ||||||
Gruma SAB de CV, Class B | 797 | 9,881 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,278 | 22,675 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,217 | 21,802 | ||||||
Grupo Bimbo SAB de CV, Series A | 9,317 | 21,724 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,695 | 8,583 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 14,257 | 83,621 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 12,931 | 22,843 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 10,973 | 17,801 | ||||||
Grupo Lala SAB de CV | 5,058 | 7,673 | ||||||
Grupo Mexico SAB de CV, Series B | 23,223 | 72,691 | ||||||
Grupo Televisa SAB, Series CPO | 14,176 | 53,235 | ||||||
Industrias Penoles SAB de CV | 829 | 17,391 | ||||||
Infraestructura Energetica Nova SAB de CV | 3,230 | 17,650 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 8,004 | 14,311 | ||||||
Mexichem SAB de CV | 6,248 | 16,251 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,479 | 14,874 | ||||||
Wal-Mart de Mexico SAB de CV | 23,984 | 56,526 | ||||||
|
| |||||||
945,280 | ||||||||
|
| |||||||
Netherlands — 3.1% | ||||||||
ABN AMRO Group NV, 144A | 2,483 | 73,663 | ||||||
Aegon NV | 10,841 | 67,331 | ||||||
Akzo Nobel NV (b) | 1,488 | 134,072 | ||||||
Altice NV, Class A*(b) | 2,307 | 18,216 | ||||||
ASML Holding NV | 2,228 | 391,417 | ||||||
Boskalis Westminster | 558 | 20,639 | ||||||
EXOR NV | 622 | 37,683 | ||||||
Heineken Holding NV | 631 | 60,812 | ||||||
Heineken NV | 1,414 | 144,049 | ||||||
ING Groep NV | 23,872 | 430,609 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Koninklijke Ahold Delhaize NV | 7,878 | $ | 168,735 | |||||
Koninklijke DSM NV | 1,137 | 106,614 | ||||||
Koninklijke KPN NV | 20,537 | 75,337 | ||||||
Koninklijke Philips NV | 5,561 | 215,944 | ||||||
Koninklijke Vopak NV | 454 | 19,183 | ||||||
NN Group NV | 1,802 | 79,155 | ||||||
NXP Semiconductors NV* | 2,062 | 233,810 | ||||||
QIAGEN NV* | 1,224 | 38,658 | ||||||
Randstad Holding NV | 752 | 46,311 | ||||||
Royal Dutch Shell PLC, Class A | 26,364 | 840,555 | ||||||
Royal Dutch Shell PLC, Class B | 23,243 | 750,793 | ||||||
Wolters Kluwer NV | 1,810 | 93,768 | ||||||
|
| |||||||
4,047,354 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd. | 6,995 | 30,503 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 3,318 | 29,709 | ||||||
Fletcher Building Ltd. | 4,012 | 19,031 | ||||||
Mercury NZ Ltd. | 4,350 | 9,782 | ||||||
Meridian Energy Ltd. | 7,601 | 15,066 | ||||||
Ryman Healthcare Ltd. | 2,759 | 19,782 | ||||||
Spark New Zealand Ltd. | 10,847 | 26,838 | ||||||
|
| |||||||
150,711 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
DNB ASA | 5,749 | 104,829 | ||||||
Gjensidige Forsikring ASA | 1,185 | 21,480 | ||||||
Marine Harvest ASA* | 2,936 | 51,666 | ||||||
Norsk Hydro ASA | 8,315 | 56,520 | ||||||
Orkla ASA | 5,072 | 50,845 | ||||||
Schibsted ASA, Class B | 443 | 11,022 | ||||||
Statoil ASA | 7,791 | 156,205 | ||||||
Telenor ASA | 4,438 | 99,435 | ||||||
Yara International ASA | 1,099 | 48,864 | ||||||
|
| |||||||
600,866 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 1,208 | 16,900 | ||||||
Credicorp Ltd. | 339 | 71,539 | ||||||
Southern Copper Corp. | 467 | 19,637 | ||||||
|
| |||||||
108,076 | ||||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 11,617 | 16,180 | ||||||
Aboitiz Power Corp. | 24,400 | 19,055 | ||||||
Alliance Global Group, Inc.* | 18,300 | 5,695 | ||||||
Ayala Corp. | 1,920 | 38,965 | ||||||
Ayala Land, Inc. | 46,400 | 39,513 | ||||||
Bank of the Philippine Islands | 2,440 | 4,995 | ||||||
BDO Unibank, Inc. | 13,010 | 37,793 | ||||||
DMCI Holdings, Inc. | 18,200 | 5,446 | ||||||
GT Capital Holdings, Inc. | 455 | 10,411 | ||||||
International Container Terminal Services, Inc. | 5,330 | 11,231 | ||||||
JG Summit Holdings, Inc. | 14,750 | 20,191 | ||||||
Jollibee Foods Corp. | 5,260 | 25,494 | ||||||
Manila Electric Co. | 1,310 | 8,210 | ||||||
Megaworld Corp. | 69,400 | 7,374 |
Number | Value | |||||||
Philippines (Continued) | ||||||||
Metro Pacific Investments Corp. | 108,800 | $ | 14,504 | |||||
Metropolitan Bank & Trust Co. | 1,010 | 1,925 | ||||||
PLDT, Inc. | 870 | 25,636 | ||||||
Robinsons Land Corp. | 9,800 | 4,465 | ||||||
Security Bank Corp. | 710 | 3,532 | ||||||
SM Investments Corp. | 1,625 | 31,362 | ||||||
SM Prime Holdings, Inc. | 65,200 | 47,090 | ||||||
Universal Robina Corp. | 6,190 | 16,380 | ||||||
|
| |||||||
395,447 | ||||||||
|
| |||||||
Poland — 0.3% | ||||||||
Alior Bank SA* | 1,100 | 22,455 | ||||||
Bank Pekao SA | 978 | 35,467 | ||||||
Bank Zachodni WBK SA | 230 | 24,111 | ||||||
CD Projekt SA | 391 | 11,244 | ||||||
Cyfrowy Polsat SA | 1,191 | 8,412 | ||||||
Dino Polska SA, 144A* | 285 | 5,882 | ||||||
Grupa Azoty SA | 270 | 5,454 | ||||||
Grupa Lotos SA | 556 | 8,870 | ||||||
KGHM Polska Miedz SA | 785 | 23,753 | ||||||
LPP SA | 3 | 6,948 | ||||||
mBank SA* | 89 | 11,851 | ||||||
Orange Polska SA* | 3,950 | 6,099 | ||||||
PGE Polska Grupa Energetyczna SA* | 5,185 | 17,526 | ||||||
PLAY Communications SA, 144A* | 664 | 6,795 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,781 | 55,909 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 15,825 | 27,036 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 5,387 | 64,561 | ||||||
Powszechny Zaklad Ubezpieczen SA | 4,312 | 54,292 | ||||||
Synthos SA | 3,177 | 4,276 | ||||||
Tauron Polska Energia SA* | 6,318 | 5,549 | ||||||
|
| |||||||
406,490 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 14,215 | 49,827 | ||||||
Galp Energia SGPS SA | 3,315 | 62,559 | ||||||
Jeronimo Martins SGPS SA | 1,389 | 27,279 | ||||||
|
| |||||||
139,665 | ||||||||
|
| |||||||
Qatar — 0.1% | ||||||||
Barwa Real Estate Co. | 1,853 | 14,249 | ||||||
Commercial Bank QSC* | 1,194 | 8,821 | ||||||
Doha Bank QPSC | 915 | 6,461 | ||||||
Ezdan Holding Group QSC | 6,211 | 13,646 | ||||||
Industries Qatar QSC | 1,225 | 29,857 | ||||||
Masraf Al Rayan QSC | 2,332 | 21,743 | ||||||
Qatar Electricity & Water Co. QSC | 382 | 16,996 | ||||||
Qatar Gas Transport Co. Ltd. | 1,637 | 6,227 | ||||||
Qatar Insurance Co. SAQ | 811 | 8,263 | ||||||
Qatar Islamic Bank SAQ | 357 | 8,925 | ||||||
Qatar National Bank QPSC | 1,376 | 44,213 | ||||||
|
| |||||||
179,401 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
NEPI Rockcastle PLC | 2,636 | 41,007 | ||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Russia — 0.7% | ||||||||
Alrosa PJSC | 15,960 | $ | 21,259 | |||||
Gazprom PJSC | 64,459 | 145,711 | ||||||
Inter RAO UES PJSC | 89,451 | 5,639 | ||||||
LUKOIL PJSC | 1,989 | 112,022 | ||||||
Magnit PJSC, GDR | 2,073 | 54,769 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 12,994 | 9,764 | ||||||
MMC Norilsk Nickel PJSC | 351 | 59,296 | ||||||
Mobile TeleSystems PJSC, ADR | 3,015 | 31,266 | ||||||
Moscow Exchange MICEX-RTS PJSC | 8,467 | 17,996 | ||||||
Novatek PJSC, GDR | 561 | 63,561 | ||||||
Novolipetsk Steel PJSC | 7,208 | 16,306 | ||||||
PhosAgro PJSC, GDR | 658 | 9,870 | ||||||
Polyus PJSC | 155 | 13,024 | ||||||
RusHydro PJSC | 323,671 | 4,507 | ||||||
Sberbank of Russia PJSC | 64,242 | 246,539 | ||||||
Severstal PJSC | 1,301 | 20,563 | ||||||
Surgutneftegas OJSC | 44,210 | 20,797 | ||||||
Tatneft PJSC | 7,134 | 55,732 | ||||||
|
| |||||||
908,621 | ||||||||
|
| |||||||
Singapore — 0.9% | ||||||||
Ascendas Real Estate Investment Trust REIT | 16,000 | 31,321 | ||||||
CapitaLand Commercial Trust REIT | 17,107 | 23,975 | ||||||
CapitaLand Ltd. | 14,857 | 38,889 | ||||||
CapitaLand Mall Trust REIT | 16,291 | 24,764 | ||||||
ComfortDelGro Corp. Ltd. | 14,900 | 22,097 | ||||||
DBS Group Holdings Ltd. | 10,600 | 192,020 | ||||||
Genting Singapore PLC | 44,200 | 43,590 | ||||||
Global Logistic Properties Ltd. | 18,400 | 45,707 | ||||||
Golden Agri-Resources Ltd. | 42,593 | 11,686 | ||||||
Jardine Cycle & Carriage Ltd. | 400 | 11,829 | ||||||
Keppel Corp. Ltd. | 8,900 | 50,354 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 18,600 | 171,711 | ||||||
Sembcorp Industries Ltd. | 5,800 | 13,117 | ||||||
Singapore Airlines Ltd. | 3,200 | 25,484 | ||||||
Singapore Exchange Ltd. | 5,193 | 28,880 | ||||||
Singapore Press Holdings Ltd. (b) | 15,300 | 31,312 | ||||||
Singapore Technologies Engineering Ltd. | 9,530 | 23,037 | ||||||
Singapore Telecommunications Ltd. | 48,400 | 133,866 | ||||||
StarHub Ltd. | 4,400 | 9,299 | ||||||
Suntec Real Estate Investment Trust REIT | 10,628 | 16,077 | ||||||
United Overseas Bank Ltd. | 7,922 | 153,905 | ||||||
UOL Group Ltd. | 3,800 | 25,078 | ||||||
Wilmar International Ltd. | 9,500 | 21,978 | ||||||
|
| |||||||
1,149,976 | ||||||||
|
| |||||||
South Africa — 1.7% | ||||||||
Anglo American Platinum Ltd.* | 541 | 14,364 | ||||||
AngloGold Ashanti Ltd. | 3,041 | 31,663 | ||||||
Aspen Pharmacare Holdings Ltd. | 2,190 | 48,782 | ||||||
Barclays Africa Group Ltd. | 4,090 | 47,052 | ||||||
Bid Corp. Ltd. | 1,840 | 39,581 | ||||||
Bidvest Group Ltd. | 2,001 | 27,919 | ||||||
Capitec Bank Holdings Ltd. | 292 | 20,967 | ||||||
Coronation Fund Managers Ltd. (b) | 1,370 | 7,222 | ||||||
Discovery Ltd. | 1,653 | 19,852 |
Number | Value | |||||||
South Africa (Continued) | ||||||||
Exxaro Resources Ltd. | 1,673 | $ | 17,985 | |||||
FirstRand Ltd. | 21,369 | 87,797 | ||||||
Fortress REIT Ltd., Class A REIT | 4,078 | 5,129 | ||||||
Fortress REIT Ltd., Class B REIT | 4,803 | 14,761 | ||||||
Foschini Group Ltd. | 1,379 | 15,886 | ||||||
Gold Fields Ltd. | 5,277 | 22,389 | ||||||
Growthpoint Properties Ltd. REIT | 12,608 | 22,982 | ||||||
Hyprop Investments Ltd. REIT | 1,401 | 10,956 | ||||||
Imperial Holdings Ltd. | 935 | 15,494 | ||||||
Investec Ltd. | 1,003 | 6,950 | ||||||
Investec PLC | 4,005 | 28,002 | ||||||
Kumba Iron Ore Ltd. | 375 | 8,894 | ||||||
Liberty Holdings Ltd. | 506 | 4,285 | ||||||
Life Healthcare Group Holdings Ltd. | 6,266 | 11,929 | ||||||
Mediclinic International PLC (b) | 2,004 | 15,326 | ||||||
MMI Holdings Ltd. | 5,675 | 8,309 | ||||||
Mondi Ltd. | 760 | 18,014 | ||||||
Mondi PLC | 2,231 | 53,284 | ||||||
Mr Price Group Ltd. (b) | 1,333 | 20,217 | ||||||
MTN Group Ltd. | 9,939 | 93,679 | ||||||
Naspers Ltd., Class N | 2,619 | 704,201 | ||||||
Nedbank Group Ltd. | 1,395 | 23,526 | ||||||
Netcare Ltd. | 6,148 | 10,086 | ||||||
Pick n Pay Stores Ltd. | 908 | 4,214 | ||||||
Pioneer Foods Group Ltd. | 778 | 7,431 | ||||||
PSG Group Ltd. | 477 | 10,083 | ||||||
Rand Merchant Investment Holdings Ltd. | 3,024 | 9,353 | ||||||
Redefine Properties Ltd. REIT | 30,629 | 22,600 | ||||||
Remgro Ltd. | 3,146 | 49,088 | ||||||
Resilient REIT Ltd. REIT | 1,730 | 18,457 | ||||||
RMB Holdings Ltd. | 3,848 | 18,776 | ||||||
Sanlam Ltd. | 7,890 | 45,022 | ||||||
Sappi Ltd. | 4,072 | 28,885 | ||||||
Sasol Ltd. | 3,783 | 118,607 | ||||||
Shoprite Holdings Ltd. | 3,126 | 51,933 | ||||||
Sibanye Gold Ltd. | 15,608 | 21,361 | ||||||
SPAR Group Ltd. (b) | 936 | 12,953 | ||||||
Standard Bank Group Ltd. | 8,440 | 106,462 | ||||||
Steinhoff International Holdings NV | 19,785 | 81,160 | ||||||
Telkom SA SOC Ltd. (b) | 1,010 | 3,650 | ||||||
Tiger Brands Ltd. | 1,121 | 34,122 | ||||||
Truworths International Ltd. | 2,391 | 13,950 | ||||||
Vodacom Group Ltd. (b) | 3,474 | 36,744 | ||||||
Woolworths Holdings Ltd. | 5,799 | 24,524 | ||||||
|
| |||||||
2,196,858 | ||||||||
|
| |||||||
South Korea — 3.6% | ||||||||
Amorepacific Corp. | 199 | 56,504 | ||||||
AMOREPACIFIC Group | 191 | 25,888 | ||||||
BGF retail Co. Ltd. (c) | 168 | 12,211 | ||||||
BNK Financial Group, Inc. | 1,663 | 14,533 | ||||||
Celltrion Healthcare Co. Ltd.* | 199 | 15,946 | ||||||
Celltrion, Inc.* | 478 | 87,891 | ||||||
Cheil Worldwide, Inc. | 440 | 8,127 | ||||||
CJ CheilJedang Corp. | 47 | 17,319 | ||||||
CJ Corp. | 100 | 17,965 | ||||||
CJ E&M Corp. | 180 | 14,225 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
CJ Logistics Corp.* | 54 | $ | 7,542 | |||||
Coway Co. Ltd. | 345 | 30,402 | ||||||
Daelim Industrial Co. Ltd. | 185 | 14,059 | ||||||
Daewoo Engineering & Construction Co. | 748 | 3,856 | ||||||
DB Insurance Co. Ltd. | 264 | 16,618 | ||||||
DGB Financial Group, Inc. | 1,034 | 9,482 | ||||||
Dongsuh Cos., Inc. | 85 | 2,331 | ||||||
Doosan Bobcat, Inc. | 220 | 7,187 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 327 | 4,928 | ||||||
E-MART, Inc. | 125 | 31,415 | ||||||
GS Engineering & Construction Corp.* | 462 | 11,569 | ||||||
GS Holdings Corp. | 256 | 14,373 | ||||||
GS Retail Co. Ltd. | 248 | 9,002 | ||||||
Hana Financial Group, Inc. | 1,846 | 80,489 | ||||||
Hankook Tire Co. Ltd. | 465 | 22,903 | ||||||
Hanmi Pharm. Co. Ltd.* | 37 | 19,346 | ||||||
Hanmi Science Co. Ltd.* | 84 | 8,799 | ||||||
Hanon Systems | 1,119 | 13,573 | ||||||
Hanssem Co. Ltd. | 89 | 15,007 | ||||||
Hanwha Chemical Corp. | 645 | 17,336 | ||||||
Hanwha Corp. | 276 | 10,525 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,637 | 11,222 | ||||||
Hanwha Techwin Co. Ltd.* | 231 | 7,482 | ||||||
Hotel Shilla Co. Ltd. | 264 | 20,547 | ||||||
Hyosung Corp. | 144 | 17,864 | ||||||
Hyundai Department Store Co. Ltd. | 93 | 8,358 | ||||||
Hyundai Development Co.-Engineering & Construction | 373 | 14,190 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 370 | 11,917 | ||||||
Hyundai Glovis Co. Ltd. | 112 | 15,077 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 205 | 27,880 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 375 | 14,955 | ||||||
Hyundai Mobis Co. Ltd. | 405 | 101,785 | ||||||
Hyundai Motor Co. | 908 | 137,253 | ||||||
Hyundai Robotics Co. Ltd.* | 65 | 23,832 | ||||||
Hyundai Steel Co. | 544 | 29,993 | ||||||
Hyundai Wia Corp. | 172 | 10,700 | ||||||
ING Life Insurance Korea Ltd., 144A | 191 | 9,513 | ||||||
Kakao Corp. | 200 | 25,086 | ||||||
Kangwon Land, Inc. | 705 | 24,067 | ||||||
KB Financial Group, Inc. | 2,476 | 136,285 | ||||||
KCC Corp. | 35 | 12,398 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 195 | 6,755 | ||||||
Kia Motors Corp. | 1,586 | 49,041 | ||||||
Korea Aerospace Industries Ltd. | 457 | 21,039 | ||||||
Korea Electric Power Corp. | 1,373 | 47,312 | ||||||
Korea Gas Corp.* | 165 | 6,709 | ||||||
Korea Investment Holdings Co. Ltd. | 278 | 17,422 | ||||||
Korea Zinc Co. Ltd. | 51 | 22,799 | ||||||
Korean Air Lines Co. Ltd.* | 272 | 7,836 | ||||||
KT Corp. | 166 | 4,645 | ||||||
KT&G Corp. | 670 | 75,111 | ||||||
Kumho Petrochemical Co. Ltd. | 193 | 15,855 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
LG Chem Ltd. | 275 | $ | 105,502 | |||||
LG Corp. | 432 | 36,124 | ||||||
LG Display Co. Ltd. | 1,345 | 38,190 | ||||||
LG Electronics, Inc. | 648 | 53,591 | ||||||
LG Household & Health Care Ltd. | 56 | 60,361 | ||||||
LG Innotek Co. Ltd. | 161 | 23,819 | ||||||
Lotte Chemical Corp. | 95 | 31,252 | ||||||
Lotte Corp. | 176 | 9,946 | ||||||
Lotte Shopping Co. Ltd. | 78 | 15,052 | ||||||
Medy-Tox, Inc. | 35 | 14,987 | ||||||
Mirae Asset Daewoo Co. Ltd. | 1,031 | 9,711 | ||||||
NAVER Corp. | 172 | 126,442 | ||||||
NCSoft Corp. | 104 | 41,715 | ||||||
Netmarble Games Corp., 144A* | 101 | 15,685 | ||||||
NH Investment & Securities Co. Ltd. | 844 | 10,548 | ||||||
OCI Co. Ltd. | 100 | 11,165 | ||||||
Orion Corp.* | 158 | 16,624 | ||||||
Ottogi Corp. | 8 | 5,837 | ||||||
Pan Ocean Co. Ltd.* | 1,287 | 6,504 | ||||||
POSCO | 470 | 144,682 | ||||||
Posco Daewoo Corp. | 277 | 4,722 | ||||||
S-1 Corp. | 101 | 9,281 | ||||||
Samsung Biologics Co. Ltd., 144A* | 98 | 30,843 | ||||||
Samsung C&T Corp. | 470 | 57,009 | ||||||
Samsung Card Co. Ltd. | 285 | 10,004 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 372 | 34,183 | ||||||
Samsung Electronics Co. Ltd. | 583 | 1,360,735 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 187 | 44,677 | ||||||
Samsung Heavy Industries Co. Ltd.* | 742 | 8,148 | ||||||
Samsung Life Insurance Co. Ltd. | 430 | 50,577 | ||||||
Samsung SDI Co. Ltd. | 354 | 68,962 | ||||||
Samsung SDS Co. Ltd. | 221 | 38,179 | ||||||
Samsung Securities Co. Ltd. | 279 | 9,332 | ||||||
Shinhan Financial Group Co. Ltd. | 2,609 | 116,035 | ||||||
Shinsegae Inc. | 52 | 13,714 | ||||||
SK Holdings Co. Ltd. | 191 | 51,249 | ||||||
SK Hynix, Inc. | 3,435 | 242,415 | ||||||
SK Innovation Co. Ltd. | 367 | 69,640 | ||||||
SK Networks Co. Ltd. | 822 | 4,872 | ||||||
SK Telecom Co. Ltd. | 96 | 23,289 | ||||||
S-Oil Corp. | 288 | 31,625 | ||||||
Woori Bank | 1,873 | 27,882 | ||||||
Yuhan Corp. | 54 | 10,917 | ||||||
|
| |||||||
4,652,306 | ||||||||
|
| |||||||
Spain — 2.3% | ||||||||
Abertis Infraestructuras SA | 3,642 | 81,322 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,506 | 58,257 | ||||||
Aena SME SA, 144A | 401 | 79,779 | ||||||
Amadeus IT Group SA | 2,518 | 181,531 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 39,934 | 341,371 | ||||||
Banco de Sabadell SA | 31,319 | 62,999 | ||||||
Banco Santander SA | 96,058 | 645,181 | ||||||
Bankia SA | 5,991 | 28,780 | ||||||
Bankinter SA | 4,037 | 38,954 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
CaixaBank SA | 21,240 | $ | 100,947 | |||||
Enagas SA | 1,348 | 39,558 | ||||||
Endesa SA | 1,904 | 42,458 | ||||||
Ferrovial SA | 2,713 | 59,723 | ||||||
Gas Natural SDG SA | 2,098 | 46,896 | ||||||
Grifols SA (b) | 1,854 | 54,087 | ||||||
Iberdrola SA | 33,722 | 267,798 | ||||||
Industria de Diseno Textil SA | 6,965 | 246,547 | ||||||
Mapfre SA | 7,906 | 26,593 | ||||||
Red Electrica Corp. SA | 3,175 | 71,802 | ||||||
Repsol SA | 7,434 | 136,441 | ||||||
Siemens Gamesa Renewable Energy SA | 1,440 | 18,031 | ||||||
Telefonica SA | 27,118 | 277,745 | ||||||
|
| |||||||
2,906,800 | ||||||||
|
| |||||||
Sweden — 1.8% | ||||||||
Alfa Laval AB | 1,582 | 37,382 | ||||||
Assa Abloy AB, Class B | 6,026 | 122,162 | ||||||
Atlas Copco AB, Class A | 4,143 | 177,975 | ||||||
Atlas Copco AB, Class B | 2,245 | 86,250 | ||||||
Boliden AB | 1,755 | 55,495 | ||||||
Electrolux AB, Series B | 1,531 | 50,845 | ||||||
Essity AB, Class B* | 3,791 | 110,094 | ||||||
Getinge AB, Class B (b) | 1,392 | 25,043 | ||||||
Hennes & Mauritz AB, Class B | 5,708 | 134,399 | ||||||
Hexagon AB, Class B | 1,496 | 73,487 | ||||||
Husqvarna AB, Class B | 2,505 | 22,848 | ||||||
ICA Gruppen AB (b) | 454 | 16,422 | ||||||
Industrivarden AB, Class C | 1,016 | 24,760 | ||||||
Investor AB, Class B | 2,680 | 125,148 | ||||||
Kinnevik AB, Class B | 1,386 | 44,440 | ||||||
L E Lundbergforetagen AB, Class B | 235 | 17,237 | ||||||
Lundin Petroleum AB* | 1,072 | 24,665 | ||||||
Nordea Bank AB | 17,983 | 210,744 | ||||||
Sandvik AB | 6,487 | 111,359 | ||||||
Securitas AB, Class B | 1,870 | 32,839 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 8,744 | 103,830 | ||||||
Skanska AB, Class B | 2,053 | 45,028 | ||||||
SKF AB, Class B | 2,297 | 51,917 | ||||||
Svenska Handelsbanken AB, Class A | 8,939 | 122,163 | ||||||
Swedbank AB, Class A | 5,352 | 127,807 | ||||||
Swedish Match AB | 1,128 | 42,662 | ||||||
Tele2 AB, Class B | 1,814 | 23,209 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 18,757 | 117,974 | ||||||
Telia Co. AB | 11,526 | 50,574 | ||||||
Volvo AB, Class B | 9,395 | 178,675 | ||||||
|
| |||||||
2,367,433 | ||||||||
|
| |||||||
Switzerland — 5.9% | ||||||||
ABB Ltd. | 11,725 | 300,232 | ||||||
Adecco Group AG | 998 | 75,478 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 3 | 17,733 | ||||||
Cie Financiere Richemont SA | 3,092 | 266,218 | ||||||
Clariant AG* | 1,351 | 36,805 | ||||||
Coca-Cola HBC AG* | 1,438 | 46,071 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Credit Suisse Group AG* | 14,469 | $ | 245,035 | |||||
Dufry AG* | 187 | 26,917 | ||||||
EMS-Chemie Holding AG | 58 | 38,676 | ||||||
Ferguson PLC | 1,569 | 113,098 | ||||||
Geberit AG | 265 | 115,240 | ||||||
Givaudan SA | 58 | 131,948 | ||||||
Glencore PLC* | 76,933 | 353,332 | ||||||
Julius Baer Group Ltd.* | 1,373 | 80,670 | ||||||
Kuehne + Nagel International AG | 272 | 47,778 | ||||||
LafargeHolcim Ltd.* | 2,824 | 154,441 | ||||||
Lonza Group AG* | 376 | 98,266 | ||||||
Nestle SA | 18,880 | 1,616,915 | ||||||
Novartis AG | 13,258 | 1,134,763 | ||||||
Pargesa Holding SA | 276 | 23,707 | ||||||
Partners Group Holding AG | 103 | 70,778 | ||||||
Roche Holding AG | 4,170 | 1,052,090 | ||||||
Schindler Holding AG | 19 | 4,228 | ||||||
Schindler Holding AG Participation Certificates | 260 | 58,726 | ||||||
SGS SA | 38 | 93,943 | ||||||
Sika AG | 12 | 92,706 | ||||||
Sonova Holding AG | 311 | 49,539 | ||||||
STMicroelectronics NV | 3,812 | 86,389 | ||||||
Straumann Holding AG | 62 | 46,134 | ||||||
Swatch Group AG — Bearer | 194 | 70,737 | ||||||
Swatch Group AG — Registered | 269 | 19,032 | ||||||
Swiss Life Holding AG* | 160 | 53,705 | ||||||
Swiss Prime Site AG* | 528 | 45,514 | ||||||
Swiss Re AG | 1,939 | 181,729 | ||||||
Swisscom AG | 159 | 83,884 | ||||||
UBS Group AG* | 21,645 | 373,823 | ||||||
Vifor Pharma AG | 176 | 22,167 | ||||||
Zurich Insurance Group AG | 904 | 273,107 | ||||||
|
| |||||||
7,601,554 | ||||||||
|
| |||||||
Taiwan — 2.8% | ||||||||
Acer, Inc.* | 22,916 | 15,662 | ||||||
Advanced Semiconductor Engineering, Inc. | 39,015 | 50,535 | ||||||
Advantech Co. Ltd. | 2,031 | 13,543 | ||||||
Airtac International Group | 1,000 | 17,037 | ||||||
Asia Cement Corp. | 14,010 | 13,009 | ||||||
Asustek Computer, Inc. | 3,980 | 36,623 | ||||||
AU Optronics Corp. | 57,863 | 24,597 | ||||||
Catcher Technology Co. Ltd. | 3,898 | 41,977 | ||||||
Cathay Financial Holding Co. Ltd. | 45,155 | 77,833 | ||||||
Chailease Holding Co. Ltd. | 5,819 | 16,879 | ||||||
Chang Hwa Commercial Bank Ltd. | 25,262 | 13,686 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 12,063 | 20,672 | ||||||
Chicony Electronics Co. Ltd. | 2,955 | 7,842 | ||||||
China Development Financial Holding Corp. | 75,739 | 23,736 | ||||||
China Life Insurance Co. Ltd. | 9,280 | 8,740 | ||||||
China Steel Corp. | 73,698 | 60,199 | ||||||
Chunghwa Telecom Co. Ltd. | 22,628 | 78,082 | ||||||
Compal Electronics, Inc. | 28,370 | 19,627 | ||||||
CTBC Financial Holding Co. Ltd. | 112,852 | 75,250 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Delta Electronics, Inc. | 11,993 | $ | 54,579 | |||||
E.Sun Financial Holding Co. Ltd. | 59,604 | 36,863 | ||||||
Eclat Textile Co. Ltd. | 1,656 | 14,824 | ||||||
Eva Airways Corp. | 11,975 | 6,029 | ||||||
Far Eastern New Century Corp. | 19,960 | 17,003 | ||||||
Far EasTone Telecommunications Co. Ltd. | 11,629 | 27,721 | ||||||
First Financial Holding Co. Ltd. | 63,903 | 41,013 | ||||||
Formosa Chemicals & Fibre Corp. | 17,559 | 53,273 | ||||||
Formosa Petrochemical Corp. | 8,784 | 31,043 | ||||||
Formosa Plastics Corp. | 24,524 | 74,077 | ||||||
Foxconn Technology Co. Ltd. | 5,600 | 15,571 | ||||||
Fubon Financial Holding Co. Ltd. | 34,724 | 56,785 | ||||||
General Interface Solution Holding Ltd. | 1,096 | 8,642 | ||||||
Giant Manufacturing Co. Ltd. | 2,496 | 12,483 | ||||||
Globalwafers Co. Ltd. | 1,169 | 15,726 | ||||||
Hiwin Technologies Corp. | 954 | 10,512 | ||||||
Hon Hai Precision Industry Co. Ltd. | 93,201 | 310,732 | ||||||
Hotai Motor Co. Ltd. | 1,470 | 17,006 | ||||||
HTC Corp.* | 5,742 | 12,903 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 52,746 | 28,928 | ||||||
Innolux Corp. | 58,095 | 25,373 | ||||||
Inventec Corp. | 18,389 | 13,795 | ||||||
Largan Precision Co. Ltd. | 710 | 121,671 | ||||||
Lite-On Technology Corp. | 12,237 | 15,034 | ||||||
Macronix International* | 10,000 | 15,803 | ||||||
MediaTek, Inc. | 10,186 | 110,710 | ||||||
Mega Financial Holding Co. Ltd. | 67,651 | 53,342 | ||||||
Nan Ya Plastics Corp. | 29,285 | 73,813 | ||||||
Nanya Technology Corp. | 3,451 | 8,951 | ||||||
Nien Made Enterprise Co. Ltd. | 1,193 | 10,938 | ||||||
Novatek Microelectronics Corp. | 3,429 | 13,090 | ||||||
Pegatron Corp. | 12,747 | 29,027 | ||||||
Phison Electronics Corp. | 1,014 | 10,277 | ||||||
Pou Chen Corp. | 15,041 | 18,053 | ||||||
Powertech Technology, Inc. | 2,135 | 6,477 | ||||||
President Chain Store Corp. | 3,225 | 30,536 | ||||||
Quanta Computer, Inc. | 15,720 | 32,232 | ||||||
Realtek Semiconductor Corp. | 2,143 | 7,966 | ||||||
Ruentex Development Co. Ltd.* | 5,580 | 5,804 | ||||||
Shin Kong Financial Holding Co. Ltd. | 48,825 | 16,685 | ||||||
Siliconware Precision Industries Co. Ltd. | 17,061 | 28,441 | ||||||
SinoPac Financial Holdings Co. Ltd. | 64,908 | 20,190 | ||||||
Standard Foods Corp. | 3,629 | 9,086 | ||||||
Synnex Technology International Corp. | 7,902 | 10,696 | ||||||
TaiMed Biologics, Inc.* | 783 | 4,790 | ||||||
Taishin Financial Holding Co. Ltd. | 55,001 | 24,755 | ||||||
Taiwan Business Bank | 22,755 | 6,274 | ||||||
Taiwan Cement Corp. | 26,000 | 29,083 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 62,808 | 34,237 | ||||||
Taiwan High Speed Rail Corp. | 10,469 | 8,377 | ||||||
Taiwan Mobile Co. Ltd. | 9,571 | 34,303 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 146,936 | 1,107,139 | ||||||
Teco Electric and Machinery Co. Ltd. | 9,906 | 9,710 | ||||||
Uni-President Enterprises Corp. | 32,439 | 68,893 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
United Microelectronics Corp. | 91,175 | $ | 46,509 | |||||
Vanguard International Semiconductor Corp. | 6,403 | 15,242 | ||||||
Wistron Corp. | 11,448 | 8,817 | ||||||
WPG Holdings Ltd. | 8,794 | 11,933 | ||||||
Yageo Corp. | 1,000 | 11,202 | ||||||
Yuanta Financial Holding Co. Ltd. | 74,615 | 34,579 | ||||||
Zhen Ding Technology Holding Ltd. | 2,849 | 6,962 | ||||||
|
| |||||||
3,612,037 | ||||||||
|
| |||||||
Thailand — 0.5% | ||||||||
Advanced Info Service PCL, NVDR | 5,300 | 28,317 | ||||||
Airports of Thailand PCL, NVDR | 25,900 | 49,365 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 400 | 261 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 19,900 | 4,844 | ||||||
Berli Jucker PCL, NVDR | 7,700 | 13,674 | ||||||
Central Pattana PCL, NVDR | 800 | 1,972 | ||||||
Charoen Pokphand Foods PCL, NVDR | 15,700 | 11,345 | ||||||
CP ALL PCL, NVDR | 29,200 | 65,266 | ||||||
Electricity Generating PCL, NVDR | 200 | 1,317 | ||||||
Home Product Center PCL, NVDR | 100 | 39 | ||||||
Indorama Ventures PCL, NVDR | 18,100 | 27,156 | ||||||
IRPC PCL, NVDR | 208,852 | 39,647 | ||||||
Kasikornbank PCL, NVDR | 15,100 | 104,951 | ||||||
KCE Electronics PCL, NVDR | 1,300 | 3,284 | ||||||
Krung Thai Bank PCL, NVDR | 26,500 | 15,660 | ||||||
Minor International PCL, NVDR | 5,700 | 7,592 | ||||||
PTT Exploration & Production PCL, NVDR | 8,800 | 24,587 | ||||||
PTT Global Chemical PCL, NVDR | 7,900 | 19,230 | ||||||
PTT PCL, NVDR | 7,100 | 89,565 | ||||||
Robinson PCL, NVDR | 700 | 1,586 | ||||||
Siam Cement PCL | 700 | 10,202 | ||||||
Siam Commercial Bank PCL, NVDR | 10,400 | 48,561 | ||||||
Thai Oil PCL, NVDR | 10,400 | 29,614 | ||||||
True Corp. PCL, NVDR* | 26,400 | 4,607 | ||||||
|
| |||||||
602,642 | ||||||||
|
| |||||||
Turkey — 0.3% | ||||||||
Akbank TAS | 12,935 | 29,696 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 832 | 4,963 | ||||||
Arcelik AS | 1,732 | 8,762 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,203 | 10,230 | ||||||
BIM Birlesik Magazalar AS | 1,256 | 23,206 | ||||||
Coca-Cola Icecek AS | 459 | 4,105 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT* | 26,132 | 16,416 | ||||||
Ford Otomotiv Sanayi AS | 291 | 4,091 | ||||||
Haci Omer Sabanci Holding AS | 7,418 | 19,265 | ||||||
KOC Holding AS | 5,060 | 21,308 | ||||||
Petkim Petrokimya Holding AS | 4,060 | 6,760 | ||||||
TAV Havalimanlari Holding AS | 1,870 | 9,322 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,858 | 14,804 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,028 | 31,817 | ||||||
Turk Hava Yollari AO* | 6,459 | 20,222 | ||||||
Turk Telekomunikasyon AS* | 3,155 | 4,584 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Turkey (Continued) | ||||||||
Turkcell Iletisim Hizmetleri AS | 5,846 | $ | 22,707 | |||||
Turkiye Garanti Bankasi AS | 13,949 | 34,232 | ||||||
Turkiye Halk Bankasi AS | 5,761 | 13,064 | ||||||
Turkiye Is Bankasi, Class C | 10,269 | 16,180 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 10,194 | 10,908 | ||||||
Ulker Biskuvi Sanayi AS | 925 | 4,294 | ||||||
|
| |||||||
330,936 | ||||||||
|
| |||||||
United Arab Emirates — 0.1% | ||||||||
Abu Dhabi Commercial Bank PJSC | 9,308 | 17,866 | ||||||
Aldar Properties PJSC | 5,854 | 3,506 | ||||||
DAMAC Properties Dubai Co. PJSC | 10,910 | 10,248 | ||||||
DP World Ltd. | 1,062 | 25,541 | ||||||
Dubai Investments PJSC | 8,653 | 5,795 | ||||||
Dubai Islamic Bank PJSC | 2,155 | 3,538 | ||||||
DXB Entertainments PJSC* | 19,227 | 3,455 | ||||||
Emaar Malls PJSC | 9,402 | 5,503 | ||||||
Emaar Properties PJSC | 17,711 | 36,406 | ||||||
Emirates Telecommunications Group Co. PJSC | 10,463 | 46,717 | ||||||
First Abu Dhabi Bank PJSC | 4,458 | 12,259 | ||||||
|
| |||||||
170,834 | ||||||||
|
| |||||||
United Kingdom — 10.4% | ||||||||
3i Group PLC | 5,779 | 70,417 | ||||||
Admiral Group PLC | 1,398 | 36,357 | ||||||
Anglo American PLC | 7,890 | 145,010 | ||||||
Ashtead Group PLC | 2,985 | 76,661 | ||||||
Associated British Foods PLC | 2,131 | 84,960 | ||||||
AstraZeneca PLC | 7,550 | 487,759 | ||||||
Auto Trader Group PLC, 144A | 6,498 | 29,554 | ||||||
Aviva PLC | 24,297 | 167,910 | ||||||
Babcock International Group PLC | 1,552 | 14,629 | ||||||
BAE Systems PLC | 19,279 | 143,922 | ||||||
Barclays PLC | 101,230 | 264,907 | ||||||
Barratt Developments PLC | 6,185 | 50,689 | ||||||
Berkeley Group Holdings PLC | 755 | 38,964 | ||||||
BP PLC | 116,507 | 770,642 | ||||||
British American Tobacco PLC | 13,711 | 869,465 | ||||||
British Land Co. PLC REIT | 5,736 | 48,794 | ||||||
BT Group PLC | 50,342 | 177,558 | ||||||
Bunzl PLC | 2,063 | 59,008 | ||||||
Burberry Group PLC | 2,525 | 58,598 | ||||||
Capita PLC | 3,878 | 24,466 | ||||||
Centrica PLC | 33,322 | 65,163 | ||||||
CNH Industrial NV | 6,585 | 85,275 | ||||||
Cobham PLC* | 12,553 | 21,560 | ||||||
Coca-Cola European Partners PLC | 314 | 12,243 | ||||||
Compass Group PLC | 9,347 | 189,486 | ||||||
ConvaTec Group PLC, 144A | 7,101 | 18,631 | ||||||
Croda International PLC | 777 | 44,901 | ||||||
Diageo PLC | 15,057 | 523,023 | ||||||
Direct Line Insurance Group PLC | 8,191 | 40,521 | ||||||
easyJet PLC | 1,207 | 22,951 | ||||||
Experian PLC | 5,664 | 117,810 | ||||||
Fiat Chrysler Automobiles NV* | 5,757 | 98,810 | ||||||
G4S PLC | 9,287 | 32,228 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
GKN PLC | 10,655 | $ | 44,685 | |||||
GlaxoSmithKline PLC | 29,367 | 508,163 | ||||||
Hammerson PLC REIT | 4,443 | 31,215 | ||||||
Hargreaves Lansdown PLC | 1,720 | 37,264 | ||||||
HSBC Holdings PLC | 118,569 | 1,176,983 | ||||||
IMI PLC | 1,770 | 30,065 | ||||||
Imperial Brands PLC | 5,736 | 237,723 | ||||||
InterContinental Hotels Group PLC | 1,124 | 66,109 | ||||||
International Consolidated Airlines Group SA | 3,861 | 31,921 | ||||||
Intertek Group PLC | 929 | 65,708 | ||||||
ITV PLC | 22,413 | 48,468 | ||||||
J Sainsbury PLC | 10,506 | 33,006 | ||||||
John Wood Group PLC | 3,872 | 37,886 | ||||||
Johnson Matthey PLC | 1,278 | 52,387 | ||||||
Kingfisher PLC | 13,856 | 62,587 | ||||||
Land Securities Group PLC REIT | 4,435 | 56,020 | ||||||
Legal & General Group PLC | 35,530 | 128,391 | ||||||
Lloyds Banking Group PLC | 402,118 | 358,922 | ||||||
London Stock Exchange Group PLC | 1,959 | 100,118 | ||||||
Marks & Spencer Group PLC | 9,354 | 39,621 | ||||||
Meggitt PLC | 4,916 | 32,205 | ||||||
Merlin Entertainments PLC, 144A | 3,659 | 17,413 | ||||||
Micro Focus International PLC | 2,516 | 84,691 | ||||||
National Grid PLC | 20,216 | 241,959 | ||||||
Next PLC | 871 | 52,736 | ||||||
Old Mutual PLC | 30,747 | 82,041 | ||||||
Pearson PLC | 4,911 | 47,023 | ||||||
Persimmon PLC | 1,856 | 63,755 | ||||||
Prudential PLC | 15,384 | 386,769 | ||||||
Reckitt Benckiser Group PLC | 3,902 | 342,269 | ||||||
RELX NV | 5,776 | 132,238 | ||||||
RELX PLC | 6,308 | 147,414 | ||||||
Rio Tinto Ltd. | 2,518 | 135,133 | ||||||
Rio Tinto PLC | 7,391 | 349,994 | ||||||
Rolls-Royce Holdings PLC* | 9,902 | 114,764 | ||||||
Rolls-Royce Holdings PLC — | 440,726 | 596 | ||||||
Royal Bank of Scotland Group PLC* | 21,826 | 81,645 | ||||||
Royal Mail PLC | 4,356 | 26,032 | ||||||
RSA Insurance Group PLC | 6,583 | 54,174 | ||||||
Sage Group PLC | 6,457 | 67,632 | ||||||
Schroders PLC | 719 | 33,547 | ||||||
Segro PLC REIT | 5,074 | 37,638 | ||||||
Severn Trent PLC | 1,405 | 39,883 | ||||||
Sky PLC* | 6,174 | 78,195 | ||||||
Smith & Nephew PLC | 5,063 | 89,698 | ||||||
Smiths Group PLC | 2,517 | 50,481 | ||||||
SSE PLC | 6,050 | 112,011 | ||||||
St James’s Place PLC | 3,314 | 54,409 | ||||||
Standard Chartered PLC* | 19,646 | 196,186 | ||||||
Standard Life Aberdeen PLC | 15,847 | 92,198 | ||||||
Taylor Wimpey PLC | 19,662 | 51,985 | ||||||
Tesco PLC | 48,920 | 128,382 | ||||||
Travis Perkins PLC | 1,471 | 32,009 | ||||||
Unilever NV | 9,751 | 561,562 | ||||||
Unilever PLC | 7,667 | 431,757 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
United Utilities Group PLC | 4,082 | $ | 45,295 | |||||
Vodafone Group PLC | 159,290 | 483,193 | ||||||
Weir Group PLC | 1,409 | 37,386 | ||||||
Whitbread PLC | 1,113 | 53,706 | ||||||
Wm Morrison Supermarkets PLC | 12,359 | 36,153 | ||||||
Worldpay Group PLC, 144A | 7,877 | 44,955 | ||||||
WPP PLC | 7,455 | 131,773 | ||||||
|
| |||||||
13,322,999 | ||||||||
|
| |||||||
United States (e) — 0.3% | ||||||||
Carnival PLC | 1,122 | 72,319 | ||||||
Nexteer Automotive Group Ltd.* | 5,000 | 10,755 | ||||||
Shire PLC | 5,397 | 267,248 | ||||||
Valeant Pharmaceuticals International, | 1,947 | 32,793 | ||||||
|
| |||||||
383,115 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 122,806,580 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.2% | ||||||||
Brazil — 0.6% | ||||||||
Banco Bradesco SA | 18,586 | 185,380 | ||||||
Braskem SA, Class A* | 1,203 | 16,685 | ||||||
Cia Brasileira de Distribuicao* | 813 | 17,385 | ||||||
Cia Energetica de Minas Gerais | 4,682 | 9,440 | ||||||
Gerdau SA | 6,209 | 21,016 | ||||||
Itau Unibanco Holding SA | 19,232 | 242,467 | ||||||
Itausa — Investimentos Itau SA | 23,216 | 73,617 | ||||||
Lojas Americanas SA | 3,755 | 17,012 | ||||||
Petroleo Brasileiro SA* | 22,786 | 107,058 | ||||||
Telefonica Brasil SA | 2,380 | 34,521 | ||||||
|
| |||||||
724,581 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 572 | 30,921 | ||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 3,315 | 32,090 | ||||||
Grupo Aval Acciones y Valores SA | 24,697 | 10,111 | ||||||
Grupo de Inversiones Suramericana SA | 15 | 188 | ||||||
|
| |||||||
42,389 | ||||||||
|
|
Number | Value | |||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 292 | $ | 25,267 | |||||
FUCHS PETROLUB SE | 465 | 24,436 | ||||||
Henkel AG & Co. KGaA | 1,020 | 138,402 | ||||||
Porsche Automobil Holding SE | 945 | 79,072 | ||||||
Schaeffler AG | 1,126 | 19,641 | ||||||
Volkswagen AG | 1,110 | 235,302 | ||||||
|
| |||||||
522,120 | ||||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas OJSC | 42,890 | 20,829 | ||||||
Transneft PJSC | 3 | 9,134 | ||||||
|
| |||||||
29,963 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp. | 82 | 12,584 | ||||||
Hyundai Motor Co. | 166 | 14,872 | ||||||
Hyundai Motor Co. — 2nd Preferred | 194 | 19,342 | ||||||
LG Chem Ltd. | 46 | 10,546 | ||||||
Samsung Electronics Co. Ltd. | 108 | 208,011 | ||||||
|
| |||||||
265,355 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,615,329 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
CTBC Financial Holding Co. Ltd., expires 12/15/17*(c) | 1,495 | 0 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.9% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (f)(g) | 1,215,429 | 1,215,429 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.6% (Cost $109,614,403) | $ | 125,637,338 | ||||||
Other assets and liabilities, net — 2.4% | 2,971,896 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 128,609,234 | ||||||
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $834,231, which is 0.6% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(e) | Securities are domiciled in the United States and trade on a non-U.S. exchange. |
(f) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(g) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | 195,941 | 32,114 | (10,557 | ) | (8,283 | ) | 24,336 | — | 233,551 |
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
E-mini MSCI EAFE Index | USD | 9 | $ | 902,948 | $ | 908,640 | 12/15/2017 | $ | 5,692 | |||||||||||||||
E-mini MSCI Emerging Markets Index Futures | USD | 4 | 222,795 | 224,000 | 12/15/2017 | 1,205 | ||||||||||||||||||
MINI S&P/TSX 60 Futures | CAD | 2 | 73,506 | 73,728 | 12/14/2017 | 226 | ||||||||||||||||||
SGX NIFTY 50 Futures | USD | 124 | 2,590,360 | 2,548,944 | 12/28/2017 | (41,416 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (34,293 | ) | |||||||||||||||||||||
|
|
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AED | 17,700 | USD | 4,818 | $ | — | $ | (1 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AED | 530,300 | USD | 144,368 | — | (9 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AUD | 386,000 | USD | 295,852 | 3,888 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AUD | 300,000 | USD | 227,597 | 682 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AUD | 978,000 | USD | 749,615 | 9,873 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | AUD | 5,345,800 | USD | 4,097,326 | 53,854 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | AUD | 1,097,500 | USD | 841,205 | 11,075 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | BRL | 235,200 | USD | 70,758 | — | (1,053 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | BRL | 218,000 | USD | 66,364 | — | (195 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | BRL | 6,836,700 | USD | 2,081,029 | — | (6,341 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CAD | 434,000 | USD | 336,748 | 322 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CAD | 9,165,000 | USD | 7,111,437 | 6,960 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CAD | 356,100 | USD | 279,200 | 3,160 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | CAD | 1,084,300 | USD | 841,368 | 846 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CHF | 6,123,500 | USD | 6,155,756 | — | (71,972 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CHF | 153,000 | USD | 153,806 | — | (1,798 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CHF | 228,500 | USD | 230,102 | — | (2,287 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | CHF | 578,100 | USD | 581,119 | — | (6,821 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CLP | 14,540,000 | USD | 22,837 | 376 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CLP | 213,875,600 | USD | 336,227 | 5,835 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CLP | 7,613,900 | USD | 12,076 | 314 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | COP | 12,024,300 | USD | 3,987 | 3 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | COP | 360,728,300 | USD | 118,204 | — | (1,319 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CZK | 1,401,900 | USD | 63,743 | — | (1,667 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CZK | 46,700 | USD | 2,151 | — | (28 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | DKK | 10,518,900 | USD | 1,649,758 | — | (33,094 | ) |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | DKK | 364,300 | USD | 57,670 | $ | — | $ | (612 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2017 | DKK | 410,000 | USD | 64,302 | — | (1,292 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 809,600 | USD | 953,624 | — | (10,366 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 9,041,600 | USD | 10,550,110 | — | (215,716 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 910,000 | USD | 1,061,914 | — | (21,623 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | EUR | 12,778,400 | USD | 14,911,349 | — | (303,881 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | EUR | 1,558,600 | USD | 1,818,670 | — | (37,154 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 3,883,800 | USD | 5,161,803 | — | (91,818 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 354,000 | USD | 470,502 | — | (8,354 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 420,000 | USD | 554,161 | — | (13,973 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | GBP | 6,882,600 | USD | 9,147,806 | — | (162,296 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | GBP | 395,400 | USD | 525,522 | — | (9,336 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 2,479,400 | USD | 317,560 | 80 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 3,228,000 | USD | 413,922 | 586 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 33,450,300 | USD | 4,289,325 | 6,119 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | HKD | 36,041,200 | USD | 4,621,482 | 6,520 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | HKD | 1,662,800 | USD | 213,217 | 301 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HUF | 6,170,200 | USD | 23,107 | — | (357 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HUF | 801,100 | USD | 3,025 | — | (22 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | HUF | 17,863,500 | USD | 66,893 | — | (1,040 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ILS | 27,600 | USD | 7,853 | — | (45 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ILS | 828,100 | USD | 235,436 | — | (1,534 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 147,850,000 | USD | 1,302,903 | — | (11,211 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 86,528,000 | USD | 765,779 | — | (3,295 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 676,604,300 | USD | 5,961,340 | — | (52,424 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 219,294,500 | �� | USD | 1,932,161 | — | (16,962 | ) | |||||||||||||
The Bank of New York Mellon | 12/5/2017 | JPY | 1,252,090,300 | USD | 11,031,924 | — | (96,848 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | KRW | 2,491,151,300 | USD | 2,223,686 | — | (65,537 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | KRW | 326,500,000 | USD | 292,133 | — | (7,901 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | KRW | 183,066,000 | USD | 166,879 | — | (1,348 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | KRW | 2,566,016,300 | USD | 2,291,905 | — | (66,116 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | KRW | 108,313,700 | USD | 96,717 | — | (2,817 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | MXN | 590,800 | USD | 30,914 | — | (761 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | MXN | 7,362,800 | USD | 382,886 | — | (11,857 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | MXN | 10,360,800 | USD | 538,764 | — | (16,710 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NOK | 2,339,900 | USD | 286,194 | 4,882 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NOK | 174,200 | USD | 21,214 | 271 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NOK | 325,000 | USD | 39,750 | 677 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | NOK | 2,561,200 | USD | 313,252 | 5,335 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NZD | 8,100 | USD | 5,548 | 12 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NZD | 243,000 | USD | 166,359 | 280 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PHP | 630,600 | USD | 12,411 | — | (132 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PHP | 18,917,800 | USD | 364,997 | — | (11,287 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PLN | 46,000 | USD | 12,776 | — | (258 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PLN | 344,600 | USD | 94,695 | — | (2,945 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | PLN | 1,036,000 | USD | 284,694 | — | (8,850 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | QAR | 24,400 | USD | 6,300 | — | (401 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | QAR | 732,500 | USD | 201,162 | — | (8 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | RUB | 1,687,000 | USD | 28,173 | — | (657 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | RUB | 50,608,800 | USD | 862,628 | — | (2,254 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SEK | 3,678,100 | USD | 440,115 | 520 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SEK | 687,300 | USD | 81,881 | — | (263 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SEK | 764,000 | USD | 91,416 | 105 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 16,176,100 | USD | 1,935,450 | 2,135 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SGD | 53,500 | USD | 39,451 | — | (220 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SGD | 69,000 | USD | 50,655 | — | (510 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SGD | 371,200 | USD | 272,519 | — | (2,735 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | SGD | 1,164,200 | USD | 854,657 | — | (8,626 | ) |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 18,640,900 | USD | 560,966 | $ | — | $ | (9,856 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 640,600 | USD | 19,442 | — | (175 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 576,000 | USD | 17,323 | — | (315 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TRY | 30,000 | USD | 7,829 | 180 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TRY | 43,500 | USD | 11,207 | 117 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | TRY | 1,274,000 | USD | 332,210 | 7,393 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 103,415,000 | USD | 3,431,724 | — | (17,034 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 7,252,000 | USD | 241,243 | — | (602 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 3,688,900 | USD | 122,963 | — | (57 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 149,197 | AED | 548,000 | — | (1 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,263,219 | AUD | 1,664,000 | — | (4,598 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 4,058,249 | AUD | 5,345,800 | — | (14,777 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 833,167 | AUD | 1,097,500 | — | (3,037 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 2,230,350 | BRL | 7,289,900 | — | (4,610 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 7,727,723 | CAD | 9,955,100 | — | (10,780 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 841,701 | CAD | 1,084,300 | — | (1,179 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 6,624,985 | CHF | 6,505,000 | — | (9,263 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 588,727 | CHF | 578,100 | — | (787 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 364,434 | CLP | 236,029,500 | 180 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 124,022 | COP | 372,752,600 | — | (516 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 67,660 | CZK | 1,448,600 | — | (71 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,809,415 | DKK | 11,293,200 | — | (2,687 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 12,831,117 | EUR | 10,761,200 | — | (17,766 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 15,237,073 | EUR | 12,778,400 | — | (21,843 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,858,397 | EUR | 1,558,600 | — | (2,573 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 6,305,031 | GBP | 4,657,800 | — | (4,419 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 9,316,842 | GBP | 6,882,600 | — | (6,740 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 535,233 | GBP | 395,400 | — | (375 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 5,013,662 | HKD | 39,157,700 | 359 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 4,614,632 | HKD | 36,041,200 | 330 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 212,901 | HKD | 1,662,800 | 15 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 26,559 | HUF | 6,971,300 | — | (48 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 68,056 | HUF | 17,863,500 | — | (123 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 244,925 | ILS | 855,700 | — | (56 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 8,140,676 | JPY | 910,982,300 | — | (43,724 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,959,649 | JPY | 219,294,500 | — | (10,525 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 11,189,468 | JPY | 1,252,090,300 | — | (60,696 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 2,758,646 | KRW | 3,000,717,300 | — | (1,161 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 2,359,794 | KRW | 2,566,016,300 | — | (1,774 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 99,571 | KRW | 108,313,700 | — | (37 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 427,399 | MXN | 7,953,600 | — | (982 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 556,853 | MXN | 10,360,800 | — | (1,378 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 342,491 | NOK | 2,839,100 | — | (1,163 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 308,960 | NOK | 2,561,200 | — | (1,042 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 172,315 | NZD | 251,100 | — | (701 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 388,636 | PHP | 19,548,400 | 191 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 110,876 | PLN | 390,600 | — | (202 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 294,080 | PLN | 1,036,000 | — | (537 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 203,468 | QAR | 756,900 | 4,403 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 894,663 | RUB | 52,295,800 | — | (951 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 615,515 | SEK | 5,129,400 | — | (2,466 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,940,988 | SEK | 16,176,100 | — | (7,674 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 366,519 | SGD | 493,700 | — | (428 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 864,291 | SGD | 1,164,200 | — | (1,008 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 608,007 | THB | 19,857,500 | 70 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 18,795 | TRY | 73,500 | — | (56 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 325,778 | TRY | 1,274,000 | — | (960 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,810,593 | TWD | 114,355,900 | 3,030 | — |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 2,158,202 | ZAR | 29,447,800 | $ | — | $ | (12,875 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 949,900 | USD | 66,913 | — | (2,289 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 25,710,900 | USD | 1,807,766 | — | (65,320 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 2,787,000 | USD | 195,948 | — | (7,090 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | EGP | 613,700 | USD | 34,387 | — | (314 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | EGP | 20,500 | USD | 1,156 | — | (3 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | IDR | 1,991,727,200 | USD | 146,289 | — | (884 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | IDR | 294,163,000 | USD | 21,709 | — | (27 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/6/2017 | IDR | 6,833,162,800 | USD | 502,291 | — | (2,625 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | INR | 2,280,000 | USD | 35,093 | — | (242 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | INR | 5,939,500 | USD | 91,307 | — | (744 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | INR | 274,000 | USD | 4,190 | — | (56 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | MYR | 99,100 | USD | 23,765 | — | (462 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | MYR | 2,973,100 | USD | 702,445 | — | (24,394 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 35,790 | EGP | 634,200 | 70 | — | |||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 169,388 | IDR | 2,285,890,200 | — | (479 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/6/2017 | USD | 505,038 | IDR | 6,833,162,800 | — | (122 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 131,784 | INR | 8,493,500 | — | (152 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 752,990 | MYR | 3,072,200 | — | (1,924 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | AED | 548,000 | USD | 149,181 | — | (6 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | AUD | 1,664,000 | USD | 1,263,013 | 4,582 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | AUD | 5,345,800 | USD | 4,057,488 | 14,628 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | AUD | 1,097,500 | USD | 833,032 | 3,027 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | BRL | 7,289,900 | USD | 2,223,276 | 5,092 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CAD | 9,955,100 | USD | 7,731,798 | 10,826 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CAD | 1,084,300 | USD | 842,153 | 1,192 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CHF | 6,505,000 | USD | 6,643,721 | 9,177 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CHF | 578,100 | USD | 590,386 | 773 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CLP | 236,029,500 | USD | 364,479 | — | (135 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | COP | 372,752,600 | USD | 123,645 | 507 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CZK | 1,448,600 | USD | 67,932 | 67 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | DKK | 11,293,200 | USD | 1,813,549 | 2,647 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EGP | 634,200 | USD | 35,510 | — | (281 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 10,761,200 | USD | 12,858,988 | 17,429 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | EUR | 12,778,400 | USD | 15,270,427 | 21,702 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 1,558,600 | USD | 1,862,458 | 2,549 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | GBP | 4,657,800 | USD | 6,313,275 | 4,443 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | GBP | 6,882,600 | USD | 9,329,086 | 6,836 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | GBP | 395,400 | USD | 535,931 | 376 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 3,455,000 | USD | 442,516 | — | (59 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 39,157,700 | USD | 5,015,395 | — | (589 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | HKD | 36,041,200 | USD | 4,616,287 | — | (483 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | HKD | 1,662,800 | USD | 212,971 | — | (29 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HUF | 6,971,300 | USD | 26,626 | 49 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | HUF | 17,863,500 | USD | 68,230 | 129 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | IDR | 2,285,890,200 | USD | 168,825 | 375 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | IDR | 6,833,162,800 | USD | 503,475 | — | (68 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ILS | 855,700 | USD | 245,170 | 15 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | INR | 8,493,500 | USD | 131,356 | 157 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | KRW | 3,000,717,300 | USD | 2,758,393 | 316 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | KRW | 2,566,016,300 | USD | 2,359,946 | 1,420 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | KRW | 108,313,700 | USD | 99,581 | 26 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | MXN | 7,953,600 | USD | 425,141 | 1,069 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | MXN | 10,360,800 | USD | 553,820 | 1,400 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | MYR | 50,000 | USD | 12,219 | 9 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | MYR | 3,072,200 | USD | 752,621 | 2,383 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | NOK | 2,839,100 | USD | 342,887 | 1,175 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | NOK | 2,561,200 | USD | 309,296 | 1,031 | — |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | NZD | 251,100 | USD | 172,240 | $ | 701 | $ | — | |||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PHP | 19,548,400 | USD | 387,942 | — | (185 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PLN | 390,600 | USD | 110,909 | 193 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PLN | 36,000 | USD | 10,222 | 17 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PLN | 1,036,000 | USD | 294,203 | 548 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | QAR | 756,900 | USD | 203,413 | — | (4,473 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | SEK | 5,129,400 | USD | 617,215 | 2,530 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SEK | 16,176,100 | USD | 1,946,243 | 7,770 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | SGD | 493,700 | USD | 366,577 | 424 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | SGD | 1,164,200 | USD | 864,439 | 1,009 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | THB | 19,857,500 | USD | 608,193 | — | (295 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TRY | 73,500 | USD | 18,623 | 64 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | TRY | 1,274,000 | USD | 322,775 | 1,091 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TWD | 114,355,900 | USD | 3,815,679 | — | (4,048 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 48,580 | AUD | 64,000 | — | (178 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 68,029 | BRL | 223,000 | — | (174 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 191,845 | CAD | 247,000 | — | (277 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 78,648 | CHF | 77,000 | — | (114 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 40,494 | CLP | 26,230,000 | 26 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 13,281 | CZK | 283,000 | — | (23 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 177,146 | DKK | 1,103,000 | — | (276 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 611,883 | EUR | 512,000 | — | (902 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 525,946 | GBP | 388,000 | — | (413 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 14,702 | IDR | 199,508,000 | — | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 19,486 | ILS | 68,000 | — | (5 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 15,219 | INR | 985,000 | — | (4 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 88,414 | KRW | 96,062,000 | — | (120 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 37,635 | MXN | 704,000 | — | (99 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 30,557 | NOK | 253,000 | — | (106 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 17,149 | NZD | 25,000 | — | (70 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 25,303 | QAR | 94,000 | 515 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 118,048 | SEK | 981,000 | — | (489 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 50,490 | SGD | 68,000 | — | (58 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 16,727 | TRY | 66,000 | — | (62 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 61,832 | TWD | 1,850,000 | — | (38 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ZAR | 29,447,800 | USD | 2,147,632 | 13,125 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ZAR | 713,000 | USD | 52,005 | 324 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/5/2018 | JPY | 910,982,300 | USD | 8,155,032 | 42,576 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/5/2018 | JPY | 8,137,000 | USD | 72,854 | 393 | — | |||||||||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 219,294,500 | USD | 1,963,351 | 10,495 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/5/2018 | JPY | 1,252,090,300 | USD | 11,210,457 | 60,375 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | RUB | 4,808,000 | USD | 81,825 | 150 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | RUB | 52,295,800 | USD | 890,038 | 1,672 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 400,754 | $ | (1,804,751 | ) | |||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EGP | Egyptian Pound |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Shekel |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PHP | Philippine 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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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 (h) | $ | 122,794,364 | $ | — | $ | 12,216 | $ | 122,806,580 | ||||||||
Preferred Stocks (h) | 1,615,329 | — | — | 1,615,329 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Short-Term Investments | 1,215,429 | — | — | 1,215,429 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 400,754 | — | 400,754 | ||||||||||||
Futures Contracts | 7,123 | — | — | 7,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 125,632,245 | $ | 400,754 | $ | 12,216 | $ | 126,045,215 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,804,751 | ) | $ | — | $ | (1,804,751 | ) | ||||||
Futures Contracts | (41,416 | ) | — | — | (41,416 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (41,416 | ) | $ | (1,804,751 | ) | $ | — | $ | (1,846,167 | ) | |||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $18,441 and between Level 3 and Level 1 was $65,364. 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. | 39 |
DBX ETF Trust
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 90.9% | ||||||||
Australia — 17.4% | ||||||||
AGL Energy Ltd. | 528 | $ | 9,980 | |||||
Alumina Ltd. | 1,754 | 2,945 | ||||||
Amcor Ltd. | 917 | 10,696 | ||||||
AMP Ltd. | 2,324 | 8,983 | ||||||
APA Group (a) | 882 | 6,231 | ||||||
Aristocrat Leisure Ltd. | 426 | 7,086 | ||||||
ASX Ltd. | 159 | 6,872 | ||||||
Aurizon Holdings Ltd. | 1,624 | 6,474 | ||||||
AusNet Services | 1,411 | 2,001 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,279 | 49,060 | ||||||
Bank of Queensland Ltd. | 360 | 3,589 | ||||||
Bendigo & Adelaide Bank Ltd. | 425 | 3,742 | ||||||
BHP Billiton Ltd. | 2,492 | 51,459 | ||||||
BlueScope Steel Ltd. | 450 | 4,633 | ||||||
Boral Ltd. | 921 | 5,239 | ||||||
Brambles Ltd. | 1,287 | 9,949 | ||||||
Caltex Australia Ltd. | 229 | 5,900 | ||||||
Challenger Ltd. | 421 | 4,455 | ||||||
CIMIC Group Ltd. | 76 | 2,934 | ||||||
Coca-Cola Amatil Ltd. | 453 | 2,721 | ||||||
Cochlear Ltd. | 45 | 6,151 | ||||||
Commonwealth Bank of Australia | 1,350 | 81,109 | ||||||
Computershare Ltd. | 368 | 4,585 | ||||||
Crown Resorts Ltd. | 288 | 2,690 | ||||||
CSL Ltd. | 358 | 38,815 | ||||||
Dexus REIT | 742 | 5,815 | ||||||
Domino’s Pizza Enterprises Ltd. | 39 | 1,386 | ||||||
Flight Centre Travel Group Ltd. (b) | 44 | 1,490 | ||||||
Fortescue Metals Group Ltd. | 1,275 | 4,436 | ||||||
Goodman Group REIT | 1,416 | 9,308 | ||||||
GPT Group REIT | 1,423 | 5,823 | ||||||
Harvey Norman Holdings Ltd. (b) | 440 | 1,335 | ||||||
Healthscope Ltd. | 1,374 | 2,063 | ||||||
Incitec Pivot Ltd. | 1,326 | 4,002 | ||||||
Insurance Australia Group Ltd. | 1,874 | 10,163 | ||||||
LendLease Group (a) | 438 | 5,268 | ||||||
Macquarie Group Ltd. | 254 | 18,873 | ||||||
Medibank Pvt Ltd. | 2,180 | 5,392 | ||||||
Mirvac Group REIT | 2,770 | 5,112 | ||||||
National Australia Bank Ltd. | 2,097 | 46,935 | ||||||
Newcrest Mining Ltd. | 622 | 10,967 | ||||||
Oil Search Ltd. | 1,085 | 5,761 | ||||||
Orica Ltd. | 296 | 3,806 | ||||||
Origin Energy Ltd.* | 1,337 | 9,031 | ||||||
QBE Insurance Group Ltd. | 1,086 | 8,724 | ||||||
Ramsay Health Care Ltd. | 112 | 5,912 | ||||||
REA Group Ltd. | 42 | 2,503 | ||||||
Santos Ltd.* | 1,448 | 5,564 | ||||||
Scentre Group REIT | 4,141 | 13,249 | ||||||
SEEK Ltd. | 264 | 3,690 | ||||||
Sonic Healthcare Ltd. | 313 | 5,275 | ||||||
South32 Ltd. | 4,183 | 10,315 | ||||||
Stockland REIT | 1,904 | 6,769 | ||||||
Suncorp Group Ltd. | 1,021 | 11,067 | ||||||
Sydney Airport (a) | 873 | 4,893 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Tabcorp Holdings Ltd. | 661 | $ | 2,425 | |||||
Tatts Group Ltd. | 1,066 | 3,475 | ||||||
Telstra Corp. Ltd. | 3,309 | 8,585 | ||||||
TPG Telecom Ltd. (b) | 266 | 1,197 | ||||||
Transurban Group (a) | 1,617 | 15,350 | ||||||
Treasury Wine Estates Ltd. | 584 | 6,949 | ||||||
Vicinity Centres REIT | 2,664 | 5,642 | ||||||
Wesfarmers Ltd. | 884 | 29,367 | ||||||
Westfield Corp. REIT | 1,547 | 9,806 | ||||||
Westpac Banking Corp. | 2,672 | 63,604 | ||||||
Woodside Petroleum Ltd. | 601 | 14,092 | ||||||
Woolworths Ltd. | 1,040 | 21,169 | ||||||
|
| |||||||
754,887 | ||||||||
|
| |||||||
China — 24.9% | ||||||||
3SBio, Inc., 144A* | 558 | 1,086 | ||||||
58.com, Inc., ADR* | 67 | 4,807 | ||||||
AAC Technologies Holdings, Inc. | 614 | 12,288 | ||||||
Agile Group Holdings Ltd. | 2,000 | 2,883 | ||||||
Agricultural Bank of China Ltd., Class H | 20,367 | 9,466 | ||||||
Air China Ltd., Class H | 1,105 | 1,186 | ||||||
Alibaba Group Holding Ltd., ADR* | 897 | 158,841 | ||||||
Aluminum Corp. of China Ltd., Class H* | 3,465 | 2,298 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 970 | 4,657 | ||||||
ANTA Sports Products Ltd. | 704 | 3,155 | ||||||
Autohome, Inc., ADR*(b) | 41 | 2,270 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 1,709 | 895 | ||||||
Baidu, Inc., ADR* | 215 | 51,295 | ||||||
Bank of China Ltd., Class H | 61,926 | 30,051 | ||||||
Bank of Communications Co. Ltd., Class H | 6,915 | 5,118 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 1,181 | 1,745 | ||||||
BYD Co. Ltd., Class H (b) | 555 | 4,921 | ||||||
BYD Electronic International Co. Ltd. | 500 | 1,197 | ||||||
CGN Power Co. Ltd., Class H, 144A | 7,417 | 2,023 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 6,471 | 2,403 | ||||||
China CITIC Bank Corp. Ltd., Class H | 7,310 | 4,727 | ||||||
China Communications Construction Co. Ltd., Class H | 3,478 | 3,883 | ||||||
China Communications Services Corp. Ltd., Class H | 2,413 | 1,532 | ||||||
China Conch Venture Holdings Ltd. | 1,069 | 2,354 | ||||||
China Construction Bank Corp., Class H | 65,361 | 56,991 | ||||||
China Everbright Bank Co. Ltd., Class H | 2,257 | 1,046 | ||||||
China Evergrande Group* | 2,531 | 8,361 | ||||||
China Galaxy Securities Co. Ltd., Class H | 2,618 | 2,055 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 5,000 | 2,292 | ||||||
China Huishan Dairy Holdings Co. Ltd.*(c) | 2,821 | 0 | ||||||
China Life Insurance Co. Ltd., Class H | 5,846 | 18,975 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,370 | 1,596 | ||||||
China Medical System Holdings Ltd. | 693 | 1,448 | ||||||
China Mengniu Dairy Co. Ltd.* | 2,159 | 5,484 | ||||||
China Merchants Bank Co. Ltd., Class H | 3,066 | 12,013 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 4,319 | $ | 4,352 | |||||
China Molybdenum Co. Ltd., Class H | 3,000 | 1,871 | ||||||
China National Building Material Co. Ltd., Class H (b) | 2,262 | 2,079 | ||||||
China Oilfield Services Ltd., Class H | 1,119 | 1,032 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 2,071 | 9,878 | ||||||
China Petroleum & Chemical Corp., Class H | 20,126 | 14,379 | ||||||
China Railway Construction Corp. Ltd., Class H | 1,518 | 1,796 | ||||||
China Railway Group Ltd., Class H | 3,398 | 2,536 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 1,500 | 1,990 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,700 | 6,644 | ||||||
China Southern Airlines Co. Ltd., Class H | 1,203 | 1,075 | ||||||
China Telecom Corp. Ltd., Class H | 10,364 | 5,029 | ||||||
China Vanke Co. Ltd., Class H | 930 | 3,388 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 200 | 188 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 2,867 | 2,030 | ||||||
CITIC Securities Co. Ltd., Class H | 1,934 | 4,185 | ||||||
CNOOC Ltd. | 13,844 | 18,754 | ||||||
Country Garden Holdings Co. Ltd. | 4,196 | 6,608 | ||||||
CRRC Corp. Ltd., Class H | 3,470 | 3,163 | ||||||
CSPC Pharmaceutical Group Ltd. | 3,329 | 6,607 | ||||||
Ctrip.com International Ltd., ADR* | 297 | 13,686 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 1,731 | 2,176 | ||||||
ENN Energy Holdings Ltd. | 595 | 4,339 | ||||||
Fosun International Ltd. | 2,143 | 4,445 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 400 | 1,536 | ||||||
Geely Automobile Holdings Ltd. | 3,841 | 13,377 | ||||||
GF Securities Co. Ltd., Class H | 950 | 1,905 | ||||||
GOME Retail Holdings Ltd. (b) | 8,085 | 911 | ||||||
Great Wall Motor Co. Ltd., Class H | 2,480 | 2,902 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 1,652 | 4,146 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 846 | 1,809 | ||||||
Haitian International Holdings Ltd. | 600 | 1,755 | ||||||
Haitong Securities Co. Ltd., Class H | 2,620 | 3,905 | ||||||
Hengan International Group Co. Ltd. | 568 | 5,538 | ||||||
Huaneng Power International, Inc., Class H | 2,524 | 1,616 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 2,710 | 864 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 1,113 | 2,252 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 57,783 | 44,909 | ||||||
JD.com, Inc., ADR* | 515 | 19,287 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 960 | 1,315 | ||||||
Jiangxi Copper Co. Ltd., Class H | 1,081 | 1,683 | ||||||
Kingsoft Corp. Ltd. | 656 | 1,865 | ||||||
Lenovo Group Ltd. | 5,673 | 3,225 | ||||||
Longfor Properties Co. Ltd. | 1,217 | 2,858 | ||||||
Meitu, Inc., 144A* | 1,000 | 1,449 |
Number | Value | |||||||
China (Continued) | ||||||||
Minth Group Ltd. | 535 | $ | 2,987 | |||||
Momo, Inc., ADR* | 84 | 2,016 | ||||||
NetEase, Inc., ADR | 63 | 20,709 | ||||||
New China Life Insurance Co. Ltd., Class H | 644 | 4,106 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 106 | 8,995 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 5,999 | 3,088 | ||||||
PetroChina Co. Ltd., Class H | 16,576 | 11,142 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 3,614 | 6,848 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 3,588 | 35,374 | ||||||
Semiconductor Manufacturing International Corp.*(b) | 2,339 | 3,264 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,480 | 1,014 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 1,351 | 529 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 384 | 1,854 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 500 | 741 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 574 | 1,442 | ||||||
Shenzhou International Group Holdings Ltd. | 438 | 3,954 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 3,000 | 1,056 | ||||||
SINA Corp.* | 46 | 4,497 | ||||||
Sino-Ocean Group Holding Ltd. | 2,500 | 1,565 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 2,919 | 1,730 | ||||||
Sinopharm Group Co. Ltd., Class H | 845 | 3,322 | ||||||
SOHO China Ltd. | 977 | 553 | ||||||
Sunac China Holdings Ltd. | 1,675 | 7,721 | ||||||
Sunny Optical Technology Group Co. Ltd. | 560 | 9,321 | ||||||
TAL Education Group, ADR | 222 | 6,189 | ||||||
Tencent Holdings Ltd. | 4,418 | 225,138 | ||||||
Tingyi Cayman Islands Holding Corp. | 1,541 | 2,423 | ||||||
TravelSky Technology Ltd., Class H | 733 | 2,004 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 282 | 1,145 | ||||||
Vipshop Holdings Ltd., ADR* | 321 | 2,642 | ||||||
Want Want China Holdings Ltd. | 4,229 | 3,314 | ||||||
Weibo Corp., ADR*(b) | 36 | 3,908 | ||||||
Weichai Power Co. Ltd., Class H | 3,004 | 3,350 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,502 | 1,749 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 1,457 | 1,360 | ||||||
Yum China Holdings, Inc. | 288 | 11,759 | ||||||
YY, Inc., ADR*(b) | 33 | 3,405 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,126 | 1,349 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 404 | 2,320 | ||||||
Zijin Mining Group Co. Ltd., Class H | 4,426 | 1,536 | ||||||
ZTE Corp., Class H* | 649 | 2,256 | ||||||
|
| |||||||
1,080,354 | ||||||||
|
| |||||||
Hong Kong — 11.9% | ||||||||
AIA Group Ltd. | 9,398 | 76,169 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Alibaba Health Information Technology Ltd.* | 2,881 | $ | 1,420 | |||||
Alibaba Pictures Group Ltd.*(b) | 9,764 | 1,313 | ||||||
ASM Pacific Technology Ltd. | 216 | 3,103 | ||||||
Bank of East Asia Ltd. | 888 | 3,928 | ||||||
Beijing Enterprises Holdings Ltd. | 304 | 1,752 | ||||||
Beijing Enterprises Water Group Ltd.* | 3,350 | 2,616 | ||||||
BOC Hong Kong Holdings Ltd. | 2,907 | 14,702 | ||||||
Brilliance China Automotive Holdings Ltd. | 2,376 | 6,236 | ||||||
China Everbright International Ltd. | 1,661 | 2,229 | ||||||
China Everbright Ltd. | 684 | 1,526 | ||||||
China Gas Holdings Ltd. | 1,371 | 4,213 | ||||||
China Jinmao Holdings Group Ltd. | 3,451 | 1,560 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,202 | 3,101 | ||||||
China Mobile Ltd. | 4,339 | 44,028 | ||||||
China Overseas Land & Investment Ltd. | 3,013 | 9,567 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,328 | 3,647 | ||||||
China Resources Gas Group Ltd. | 699 | 2,698 | ||||||
China Resources Land Ltd. | 2,178 | 6,261 | ||||||
China Resources Power Holdings Co. Ltd. | 1,511 | 2,844 | ||||||
China State Construction International Holdings Ltd. | 1,586 | 2,059 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 1,118 | 4,223 | ||||||
China Unicom Hong Kong Ltd.* | 4,703 | 6,817 | ||||||
CITIC Ltd. | 4,508 | 6,384 | ||||||
CK Asset Holdings Ltd. | 1,590 | 13,385 | ||||||
CK Hutchison Holdings Ltd. | 2,109 | 26,544 | ||||||
CK Infrastructure Holdings Ltd. | 521 | 4,423 | ||||||
CLP Holdings Ltd. | 1,290 | 13,156 | ||||||
COSCO SHIPPING Ports Ltd. | 1,226 | 1,235 | ||||||
Far East Horizon Ltd. | 1,253 | 1,142 | ||||||
First Pacific Co. Ltd. | 1,502 | 1,123 | ||||||
Fullshare Holdings Ltd.* | 5,648 | 2,365 | ||||||
Galaxy Entertainment Group Ltd. | 898 | 6,456 | ||||||
GCL-Poly Energy Holdings Ltd.*(b) | 10,620 | 1,713 | ||||||
Guangdong Investment Ltd. | 765 | 1,028 | ||||||
Haier Electronics Group Co. Ltd.* | 1,109 | 2,968 | ||||||
Hanergy Thin Film Power Group Ltd.*(c) | 36,273 | 0 | ||||||
Hang Lung Group Ltd. | 753 | 2,709 | ||||||
Hang Lung Properties Ltd. | 1,590 | 3,742 | ||||||
Hang Seng Bank Ltd. | 592 | 14,629 | ||||||
Henderson Land Development Co. Ltd. | 942 | 6,151 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (a) | 2,259 | 2,074 | ||||||
HKT Trust & HKT Ltd. (a) | 2,974 | 3,736 | ||||||
Hong Kong & China Gas Co. Ltd. | 6,594 | 12,867 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 834 | 25,116 | ||||||
Hongkong Land Holdings Ltd. | 900 | 6,570 | ||||||
Hysan Development Co. Ltd. | 493 | 2,642 | ||||||
Jardine Matheson Holdings Ltd. | 170 | 10,622 | ||||||
Jardine Strategic Holdings Ltd. | 200 | 8,300 | ||||||
Kerry Properties Ltd. | 510 | 2,253 | ||||||
Kingboard Chemical Holdings Ltd. | 500 | 2,868 | ||||||
Kingston Financial Group Ltd. | 2,000 | 2,463 | ||||||
Kunlun Energy Co. Ltd. | 2,037 | 1,761 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,000 | 1,172 | ||||||
Li & Fung Ltd. | 5,319 | 2,343 | ||||||
Link REIT | 1,739 | 15,508 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Melco Resorts & Entertainment Ltd., ADR | 194 | $ | 5,065 | |||||
MTR Corp. Ltd. | 1,195 | 7,031 | ||||||
New World Development Co. Ltd. | 4,565 | 6,616 | ||||||
Nine Dragons Paper Holdings Ltd. | 1,504 | 2,496 | ||||||
NWS Holdings Ltd. | 1,466 | 2,662 | ||||||
PCCW Ltd. | 3,765 | 2,237 | ||||||
Power Assets Holdings Ltd. | 643 | 5,491 | ||||||
Shanghai Industrial Holdings Ltd. | 253 | 714 | ||||||
Shangri-La Asia Ltd. | 984 | 2,217 | ||||||
Shimao Property Holdings Ltd. | 1,060 | 2,071 | ||||||
Sino Biopharmaceutical Ltd. | 2,904 | 3,800 | ||||||
Sino Land Co. Ltd. | 2,459 | 4,452 | ||||||
SJM Holdings Ltd. | 1,289 | 1,036 | ||||||
Sun Art Retail Group Ltd. | 1,801 | 1,762 | ||||||
Sun Hung Kai Properties Ltd. | 1,130 | 18,462 | ||||||
Swire Pacific Ltd., Class A | 391 | 3,760 | ||||||
Swire Properties Ltd. | 931 | 3,153 | ||||||
Techtronic Industries Co. Ltd. | 1,080 | 6,243 | ||||||
WH Group Ltd., 144A | 6,807 | 7,225 | ||||||
Wharf Holdings Ltd. | 960 | 3,024 | ||||||
Wharf Real Estate Investment Co. Ltd.* | 960 | 5,802 | ||||||
Wheelock & Co. Ltd. | 639 | 4,385 | ||||||
Yue Yuen Industrial Holdings Ltd. | 583 | 2,083 | ||||||
|
| |||||||
517,247 | ||||||||
|
| |||||||
Indonesia — 2.0% | ||||||||
PT Adaro Energy Tbk | 12,210 | 1,535 | ||||||
PT AKR Corporindo Tbk | 1,084 | 509 | ||||||
PT Astra International Tbk | 16,008 | 9,438 | ||||||
PT Bank Central Asia Tbk | 7,749 | 11,658 | ||||||
PT Bank Danamon Indonesia Tbk | 2,313 | 859 | ||||||
PT Bank Mandiri Persero Tbk | 14,822 | 8,109 | ||||||
PT Bank Negara Indonesia Persero Tbk | 5,954 | 3,566 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 43,810 | 10,397 | ||||||
PT Bank Tabungan Negara Persero Tbk | 3,000 | 710 | ||||||
PT Bumi Serpong Damai Tbk | 6,032 | 736 | ||||||
PT Charoen Pokphand Indonesia Tbk | 5,605 | 1,210 | ||||||
PT Gudang Garam Tbk | 373 | 2,110 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 8,340 | 2,528 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 1,446 | 1,970 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 1,830 | 1,143 | ||||||
PT Indofood Sukses Makmur Tbk | 3,364 | 1,822 | ||||||
PT Jasa Marga Persero Tbk | 2,421 | 1,141 | ||||||
PT Kalbe Farma Tbk | 13,694 | 1,620 | ||||||
PT Matahari Department Store Tbk | 1,958 | 1,534 | ||||||
PT Pakuwon Jati Tbk | 19,100 | 876 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 6,782 | 852 | ||||||
PT Semen Indonesia Persero Tbk | 2,350 | 1,633 | ||||||
PT Surya Citra Media Tbk | 5,316 | 865 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 39,874 | 12,234 | ||||||
PT Tower Bersama Infrastructure Tbk | 1,602 | 675 | ||||||
PT Unilever Indonesia Tbk | 1,288 | 4,695 | ||||||
PT United Tractors Tbk | 988 | 2,447 | ||||||
PT Waskita Karya Persero Tbk | 2,861 | 446 | ||||||
PT XL Axiata Tbk* | 3,399 | 774 | ||||||
|
| |||||||
88,092 | ||||||||
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Ireland — 0.1% | ||||||||
James Hardie Industries PLC CDI (d) | 344 | $ | 5,594 | |||||
|
| |||||||
Macau — 0.4% | ||||||||
MGM China Holdings Ltd. | 787 | 2,009 | ||||||
Sands China Ltd. | 1,969 | 9,568 | ||||||
Wynn Macau Ltd. | 1,276 | 3,651 | ||||||
|
| |||||||
15,228 | ||||||||
|
| |||||||
Malaysia — 2.1% | ||||||||
AirAsia Bhd | 1,200 | 921 | ||||||
Alliance Bank Malaysia Bhd | 776 | 700 | ||||||
AMMB Holdings Bhd | 1,300 | 1,319 | ||||||
Astro Malaysia Holdings Bhd | 1,200 | 833 | ||||||
Axiata Group Bhd | 2,136 | 2,784 | ||||||
British American Tobacco Malaysia Bhd | 150 | 1,371 | ||||||
CIMB Group Holdings Bhd | 3,172 | 4,693 | ||||||
Dialog Group Bhd | 2,500 | 1,473 | ||||||
DiGi.Com Bhd | 2,402 | 2,725 | ||||||
Felda Global Ventures Holdings Bhd | 1,500 | 668 | ||||||
Gamuda Bhd | 1,300 | 1,554 | ||||||
Genting Bhd | 1,800 | 3,873 | ||||||
Genting Malaysia Bhd | 2,453 | 3,053 | ||||||
Genting Plantations Bhd | 100 | 257 | ||||||
HAP Seng Consolidated Bhd | 500 | 1,182 | ||||||
Hartalega Holdings Bhd | 500 | 1,169 | ||||||
Hong Leong Bank Bhd | 551 | 2,040 | ||||||
Hong Leong Financial Group Bhd | 225 | 884 | ||||||
IHH Healthcare Bhd | 1,576 | 2,174 | ||||||
IJM Corp. Bhd | 2,300 | 1,738 | ||||||
IOI Corp. Bhd | 1,500 | 1,636 | ||||||
IOI Properties Group Bhd | 1,325 | 612 | ||||||
Kuala Lumpur Kepong Bhd | 400 | 2,385 | ||||||
Malayan Banking Bhd | 3,065 | 6,933 | ||||||
Malaysia Airports Holdings Bhd | 625 | 1,261 | ||||||
Maxis Bhd | 1,501 | 2,177 | ||||||
MISC Bhd | 925 | 1,595 | ||||||
Petronas Chemicals Group Bhd | 1,900 | 3,438 | ||||||
Petronas Dagangan Bhd | 200 | 1,183 | ||||||
Petronas Gas Bhd | 575 | 2,233 | ||||||
PPB Group Bhd | 300 | 1,222 | ||||||
Press Metal Aluminium Holdings Bhd | 900 | 1,144 | ||||||
Public Bank Bhd | 2,226 | 10,832 | ||||||
RHB Bank Bhd | 600 | 719 | ||||||
Sapura Energy Bhd | 3,100 | 948 | ||||||
Sime Darby Bhd | 1,846 | 1,061 | ||||||
Sime Darby Plantation Bhd* | 1,846 | 2,261 | ||||||
Sime Darby Property Bhd* | 1,846 | 542 | ||||||
SP Setia Bhd Group | 700 | 597 | ||||||
Telekom Malaysia Bhd | 851 | 1,255 | ||||||
Tenaga Nasional Bhd | 2,500 | 9,451 | ||||||
UMW Holdings Bhd* | 376 | 485 | ||||||
Westports Holdings Bhd | 800 | 673 | ||||||
YTL Corp. Bhd | 3,570 | 1,021 | ||||||
YTL Power International Bhd | 1,664 | 468 | ||||||
|
| |||||||
91,543 | ||||||||
|
| |||||||
New Zealand — 0.4% | ||||||||
Auckland International Airport Ltd. | 763 | 3,327 |
Number | Value | |||||||
New Zealand (Continued) | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 408 | $ | 3,653 | |||||
Fletcher Building Ltd. | 549 | 2,604 | ||||||
Mercury NZ Ltd. | 174 | 392 | ||||||
Meridian Energy Ltd. | 1,014 | 2,010 | ||||||
Ryman Healthcare Ltd. | 307 | 2,201 | ||||||
Spark New Zealand Ltd. | 1,319 | 3,264 | ||||||
|
| |||||||
17,451 | ||||||||
|
| |||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,557 | 2,169 | ||||||
Aboitiz Power Corp. | 1,150 | 898 | ||||||
Alliance Global Group, Inc.* | 3,200 | 996 | ||||||
Ayala Corp. | 185 | 3,755 | ||||||
Ayala Land, Inc. | 5,826 | 4,961 | ||||||
Bank of the Philippine Islands | 188 | 385 | ||||||
BDO Unibank, Inc. | 1,769 | 5,139 | ||||||
DMCI Holdings, Inc. | 3,100 | 928 | ||||||
Globe Telecom, Inc. | 25 | 910 | ||||||
GT Capital Holdings, Inc. | 75 | 1,716 | ||||||
International Container Terminal Services, Inc. | 403 | 849 | ||||||
JG Summit Holdings, Inc. | 2,150 | 2,943 | ||||||
Jollibee Foods Corp. | 358 | 1,735 | ||||||
Manila Electric Co. | 160 | 1,003 | ||||||
Megaworld Corp. | 9,000 | 956 | ||||||
Metro Pacific Investments Corp. | 12,500 | 1,666 | ||||||
Metropolitan Bank & Trust Co. | 239 | 456 | ||||||
PLDT, Inc. | 75 | 2,210 | ||||||
Robinsons Land Corp. | 900 | 410 | ||||||
Security Bank Corp. | 130 | 647 | ||||||
SM Investments Corp. | 187 | 3,609 | ||||||
SM Prime Holdings, Inc. | 6,857 | 4,952 | ||||||
Universal Robina Corp. | 720 | 1,905 | ||||||
|
| |||||||
45,198 | ||||||||
|
| |||||||
Singapore — 3.5% | ||||||||
Ascendas Real Estate Investment Trust REIT | 2,050 | 4,013 | ||||||
CapitaLand Commercial Trust REIT | 1,923 | 2,695 | ||||||
CapitaLand Ltd. | 2,051 | 5,368 | ||||||
CapitaLand Mall Trust REIT | 1,901 | 2,890 | ||||||
City Developments Ltd. | 350 | 3,143 | ||||||
ComfortDelGro Corp. Ltd. | 1,700 | 2,521 | ||||||
DBS Group Holdings Ltd. | 1,400 | 25,361 | ||||||
Genting Singapore PLC | 4,803 | 4,737 | ||||||
Global Logistic Properties Ltd. | 2,101 | 5,219 | ||||||
Golden Agri-Resources Ltd. | 5,603 | 1,537 | ||||||
Hutchison Port Holdings Trust, Class U | 3,952 | 1,680 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 2,957 | ||||||
Keppel Corp. Ltd. | 1,100 | 6,223 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,350 | 21,695 | ||||||
SATS Ltd. | 500 | 1,961 | ||||||
Sembcorp Industries Ltd. | 750 | 1,696 | ||||||
Singapore Airlines Ltd. | 400 | 3,185 | ||||||
Singapore Exchange Ltd. | 650 | 3,615 | ||||||
Singapore Press Holdings Ltd. (b) | 1,250 | 2,558 | ||||||
Singapore Technologies Engineering Ltd. | 1,250 | 3,022 | ||||||
Singapore Telecommunications Ltd. | 6,403 | 17,710 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
StarHub Ltd. | 400 | $ | 845 | |||||
Suntec Real Estate Investment Trust REIT | 1,900 | 2,874 | ||||||
United Overseas Bank Ltd. | 1,017 | 19,758 | ||||||
UOL Group Ltd. | 358 | 2,363 | ||||||
Wilmar International Ltd. | 1,250 | 2,892 | ||||||
|
| |||||||
152,518 | ||||||||
|
| |||||||
South Korea — 14.0% | ||||||||
Amorepacific Corp. | 25 | 7,099 | ||||||
AMOREPACIFIC Group | 25 | 3,388 | ||||||
BGF retail Co. Ltd. (c) | 16 | 1,163 | ||||||
BNK Financial Group, Inc. | 161 | 1,407 | ||||||
Celltrion Healthcare Co. Ltd.* | 24 | 1,923 | ||||||
Celltrion, Inc.* | 63 | 11,584 | ||||||
Cheil Worldwide, Inc. | 55 | 1,016 | ||||||
CJ CheilJedang Corp. | 6 | 2,211 | ||||||
CJ Corp. | 9 | 1,617 | ||||||
CJ E&M Corp. | 19 | 1,501 | ||||||
CJ Logistics Corp.* | 4 | 559 | ||||||
Coway Co. Ltd. | 42 | 3,701 | ||||||
Daelim Industrial Co. Ltd. | 22 | 1,672 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 98 | 505 | ||||||
DB Insurance Co. Ltd. | 36 | 2,266 | ||||||
DGB Financial Group, Inc. | 83 | 761 | ||||||
Dongsuh Cos., Inc. | 38 | 1,042 | ||||||
Doosan Bobcat, Inc. | 28 | 915 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 25 | 377 | ||||||
E-MART, Inc. | 15 | 3,770 | ||||||
GS Engineering & Construction Corp.* | 30 | 751 | ||||||
GS Holdings Corp. | 30 | 1,684 | ||||||
GS Retail Co. Ltd. | 21 | 762 | ||||||
Hana Financial Group, Inc. | 241 | 10,508 | ||||||
Hankook Tire Co. Ltd. | 62 | 3,054 | ||||||
Hanmi Pharm. Co. Ltd.* | 5 | 2,614 | ||||||
Hanmi Science Co. Ltd.* | 11 | 1,152 | ||||||
Hanon Systems | 172 | 2,086 | ||||||
Hanssem Co. Ltd. | 8 | 1,349 | ||||||
Hanwha Chemical Corp. | 85 | 2,285 | ||||||
Hanwha Corp. | 31 | 1,182 | ||||||
Hanwha Life Insurance Co. Ltd. | 102 | 699 | ||||||
Hanwha Techwin Co. Ltd.* | 29 | 939 | ||||||
Hotel Shilla Co. Ltd. | 29 | 2,257 | ||||||
Hyosung Corp. | 16 | 1,985 | ||||||
Hyundai Department Store Co. Ltd. | 13 | 1,168 | ||||||
Hyundai Development Co.-Engineering & Construction | 45 | 1,712 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 57 | 1,836 | ||||||
Hyundai Glovis Co. Ltd. | 17 | 2,289 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 24 | 3,264 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 50 | 1,994 | ||||||
Hyundai Mobis Co. Ltd. | 54 | 13,571 | ||||||
Hyundai Motor Co. | 121 | 18,290 | ||||||
Hyundai Robotics Co. Ltd.* | 7 | 2,567 | ||||||
Hyundai Steel Co. | 68 | 3,749 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Wia Corp. | 10 | $ | 622 | |||||
Industrial Bank of Korea | 199 | 2,908 | ||||||
ING Life Insurance Korea Ltd., 144A | 23 | 1,146 | ||||||
Kakao Corp. | 24 | 3,010 | ||||||
Kangwon Land, Inc. | 92 | 3,141 | ||||||
KB Financial Group, Inc. | 312 | 17,173 | ||||||
KCC Corp. | 5 | 1,771 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 18 | 624 | ||||||
Kia Motors Corp. | 209 | 6,463 | ||||||
Korea Aerospace Industries Ltd. | 57 | 2,624 | ||||||
Korea Electric Power Corp. | 213 | 7,340 | ||||||
Korea Gas Corp.* | 22 | 895 | ||||||
Korea Investment Holdings Co. Ltd. | 33 | 2,068 | ||||||
Korea Zinc Co. Ltd. | 6 | 2,682 | ||||||
Korean Air Lines Co. Ltd.* | 35 | 1,008 | ||||||
KT Corp. | 25 | 700 | ||||||
KT&G Corp. | 92 | 10,314 | ||||||
Kumho Petrochemical Co. Ltd. | 14 | 1,150 | ||||||
LG Chem Ltd. | 36 | 13,811 | ||||||
LG Corp. | 75 | 6,272 | ||||||
LG Display Co. Ltd. | 167 | 4,742 | ||||||
LG Electronics, Inc. | 87 | 7,195 | ||||||
LG Household & Health Care Ltd. | 7 | 7,545 | ||||||
LG Innotek Co. Ltd. | 9 | 1,331 | ||||||
Lotte Chemical Corp. | 12 | 3,948 | ||||||
Lotte Corp. | 17 | 961 | ||||||
Lotte Shopping Co. Ltd. | 8 | 1,544 | ||||||
Medy-Tox, Inc. | 3 | 1,285 | ||||||
Mirae Asset Daewoo Co. Ltd. | 290 | 2,731 | ||||||
NAVER Corp. | 22 | 16,173 | ||||||
NCSoft Corp. | 14 | 5,615 | ||||||
Netmarble Games Corp., 144A* | 13 | 2,019 | ||||||
NH Investment & Securities Co. Ltd. | 111 | 1,387 | ||||||
OCI Co. Ltd. | 13 | 1,451 | ||||||
Orion Corp.* | 19 | 1,999 | ||||||
Ottogi Corp. | 1 | 730 | ||||||
Pan Ocean Co. Ltd.* | 168 | 849 | ||||||
POSCO | 60 | 18,470 | ||||||
Posco Daewoo Corp. | 23 | 392 | ||||||
S-1 Corp. | 15 | 1,378 | ||||||
Samsung Biologics Co. Ltd., 144A* | 14 | 4,406 | ||||||
Samsung C&T Corp. | 62 | 7,520 | ||||||
Samsung Card Co. Ltd. | 26 | 913 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 43 | 3,951 | ||||||
Samsung Electronics Co. Ltd. | 76 | 177,386 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 24 | 5,734 | ||||||
Samsung Heavy Industries Co. Ltd.* | 201 | 2,207 | ||||||
Samsung Life Insurance Co. Ltd. | 55 | 6,469 | ||||||
Samsung SDI Co. Ltd. | 44 | 8,572 | ||||||
Samsung SDS Co. Ltd. | 26 | 4,492 | ||||||
Samsung Securities Co. Ltd. | 51 | 1,706 | ||||||
Shinhan Financial Group Co. Ltd. | 335 | 14,899 | ||||||
Shinsegae Inc. | 6 | 1,582 | ||||||
SillaJen, Inc.* | 38 | 3,858 | ||||||
SK Holdings Co. Ltd. | 25 | 6,708 | ||||||
SK Hynix, Inc. | 461 | 32,534 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
SK Innovation Co. Ltd. | 51 | $ | 9,677 | |||||
SK Networks Co. Ltd. | 54 | 320 | ||||||
SK Telecom Co. Ltd. | 17 | 4,124 | ||||||
S-Oil Corp. | 34 | 3,734 | ||||||
Woori Bank | 288 | 4,287 | ||||||
Yuhan Corp. | 6 | 1,213 | ||||||
|
| |||||||
605,983 | ||||||||
|
| |||||||
Taiwan — 10.6% | ||||||||
Acer, Inc.* | 2,299 | 1,571 | ||||||
Advanced Semiconductor Engineering, Inc. | 5,149 | 6,669 | ||||||
Advantech Co. Ltd. | 273 | 1,820 | ||||||
Asia Cement Corp. | 1,944 | 1,805 | ||||||
Asia Pacific Telecom Co. Ltd.* | 1,436 | 481 | ||||||
Asustek Computer, Inc. | 555 | 5,107 | ||||||
AU Optronics Corp. | 6,424 | 2,731 | ||||||
Catcher Technology Co. Ltd. | 527 | 5,675 | ||||||
Cathay Financial Holding Co. Ltd. | 6,366 | 10,973 | ||||||
Chailease Holding Co. Ltd. | 806 | 2,338 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,727 | 2,019 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,530 | 2,622 | ||||||
Chicony Electronics Co. Ltd. | 511 | 1,356 | ||||||
China Airlines Ltd.* | 1,842 | 709 | ||||||
China Development Financial Holding Corp. | 11,295 | 3,540 | ||||||
China Life Insurance Co. Ltd. | 1,831 | 1,725 | ||||||
China Steel Corp. | 9,810 | 8,013 | ||||||
Chunghwa Telecom Co. Ltd. | 2,986 | 10,304 | ||||||
Compal Electronics, Inc. | 3,054 | 2,113 | ||||||
CTBC Financial Holding Co. Ltd. | 14,124 | 9,418 | ||||||
Delta Electronics, Inc. | 1,533 | 6,977 | ||||||
E.Sun Financial Holding Co. Ltd. | 7,055 | 4,363 | ||||||
Eclat Textile Co. Ltd. | 139 | 1,244 | ||||||
Eva Airways Corp. | 1,391 | 700 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 1,537 | 864 | ||||||
Far Eastern New Century Corp. | 2,738 | 2,332 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,256 | 2,994 | ||||||
Feng TAY Enterprise Co. Ltd. | 262 | 1,096 | ||||||
First Financial Holding Co. Ltd. | 7,200 | 4,621 | ||||||
Formosa Chemicals & Fibre Corp. | 2,302 | 6,984 | ||||||
Formosa Petrochemical Corp. | 1,098 | 3,880 | ||||||
Formosa Plastics Corp. | 3,251 | 9,820 | ||||||
Formosa Taffeta Co. Ltd. | 892 | 894 | ||||||
Foxconn Technology Co. Ltd. | 723 | 2,010 | ||||||
Fubon Financial Holding Co. Ltd. | 5,226 | 8,546 | ||||||
General Interface Solution Holding Ltd. | 132 | 1,041 | ||||||
Giant Manufacturing Co. Ltd. | 221 | 1,105 | ||||||
Globalwafers Co. Ltd. | 116 | 1,561 | ||||||
Highwealth Construction Corp. | 642 | 854 | ||||||
Hiwin Technologies Corp. | 165 | 1,818 | ||||||
Hon Hai Precision Industry Co. Ltd. | 11,253 | 37,518 | ||||||
Hotai Motor Co. Ltd. | 240 | 2,777 | ||||||
HTC Corp.* | 483 | 1,085 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,180 | 3,389 | ||||||
Innolux Corp. | 6,840 | 2,987 | ||||||
Inventec Corp. | 1,864 | 1,398 | ||||||
Largan Precision Co. Ltd. | 79 | 13,538 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Lite-On Technology Corp. | 1,826 | $ | 2,243 | |||||
Macronix International* | 1,000 | 1,580 | ||||||
MediaTek, Inc. | 1,181 | 12,836 | ||||||
Mega Financial Holding Co. Ltd. | 8,657 | 6,826 | ||||||
Micro-Star International Co. Ltd. | 531 | 1,298 | ||||||
Nan Ya Plastics Corp. | 3,744 | 9,437 | ||||||
Nanya Technology Corp. | 377 | 978 | ||||||
Nien Made Enterprise Co. Ltd. | 115 | 1,054 | ||||||
Novatek Microelectronics Corp. | 485 | 1,852 | ||||||
Pegatron Corp. | 1,517 | 3,454 | ||||||
Phison Electronics Corp. | 127 | 1,287 | ||||||
Pou Chen Corp. | 1,409 | 1,691 | ||||||
Powertech Technology, Inc. | 521 | 1,581 | ||||||
President Chain Store Corp. | 450 | 4,261 | ||||||
Quanta Computer, Inc. | 2,124 | 4,355 | ||||||
Realtek Semiconductor Corp. | 352 | 1,309 | ||||||
Ruentex Development Co. Ltd.* | 722 | 751 | ||||||
Ruentex Industries Ltd.* | 404 | 672 | ||||||
Shin Kong Financial Holding Co. Ltd. | 6,000 | 2,050 | ||||||
Siliconware Precision Industries Co. Ltd. | 1,447 | 2,412 | ||||||
SinoPac Financial Holdings Co. Ltd. | 8,761 | 2,725 | ||||||
Standard Foods Corp. | 466 | 1,167 | ||||||
Synnex Technology International Corp. | 1,191 | 1,612 | ||||||
TaiMed Biologics, Inc.* | 170 | 1,040 | ||||||
Taishin Financial Holding Co. Ltd. | 7,121 | 3,205 | ||||||
Taiwan Business Bank | 2,655 | 732 | ||||||
Taiwan Cement Corp. | 2,611 | 2,921 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 5,949 | 3,243 | ||||||
Taiwan High Speed Rail Corp. | 1,327 | 1,062 | ||||||
Taiwan Mobile Co. Ltd. | 1,263 | 4,527 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 19,098 | 143,900 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,379 | 1,352 | ||||||
Uni-President Enterprises Corp. | 3,159 | 6,709 | ||||||
United Microelectronics Corp. | 9,590 | 4,892 | ||||||
Vanguard International Semiconductor Corp. | 806 | 1,919 | ||||||
Winbond Electronics Corp. | 2,000 | 1,907 | ||||||
Wistron Corp. | 2,036 | 1,568 | ||||||
WPG Holdings Ltd. | 1,219 | 1,654 | ||||||
Yuanta Financial Holding Co. Ltd. | 8,283 | 3,839 | ||||||
Zhen Ding Technology Holding Ltd. | 375 | 916 | ||||||
|
| |||||||
460,202 | ||||||||
|
| |||||||
Thailand — 2.1% | ||||||||
Advanced Info Service PCL, NVDR | 798 | 4,264 | ||||||
Airports of Thailand PCL, NVDR | 3,000 | 5,718 | ||||||
Bangkok Bank PCL, NVDR | 200 | 1,222 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,200 | 2,087 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 6,700 | 1,631 | ||||||
Banpu PCL, NVDR | 2,200 | 1,152 | ||||||
Berli Jucker PCL, NVDR | 1,300 | 2,309 | ||||||
BTS Group Holdings PCL, NVDR | 4,600 | 1,162 | ||||||
Bumrungrad Hospital PCL | 300 | 1,833 | ||||||
Central Pattana PCL, NVDR | 1,100 | 2,711 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Thailand (Continued) | ||||||||
Charoen Pokphand Foods PCL, NVDR | 2,100 | $ | 1,518 | |||||
CP ALL PCL, NVDR | 3,811 | 8,518 | ||||||
Delta Electronics Thailand PCL, NVDR | 400 | 1,032 | ||||||
Electricity Generating PCL, NVDR | 100 | 658 | ||||||
Energy Absolute PCL, NVDR | 800 | 1,115 | ||||||
Glow Energy PCL, NVDR | 278 | 743 | ||||||
Home Product Center PCL, NVDR | 4,700 | 1,813 | ||||||
Indorama Ventures PCL, NVDR | 826 | 1,239 | ||||||
IRPC PCL, NVDR | 8,873 | 1,684 | ||||||
Kasikornbank PCL, NVDR | 1,500 | 10,426 | ||||||
KCE Electronics PCL, NVDR | 200 | 505 | ||||||
Krung Thai Bank PCL, NVDR | 3,204 | 1,893 | ||||||
Minor International PCL, NVDR | 1,700 | 2,264 | ||||||
PTT Exploration & Production PCL, NVDR | 1,100 | 3,073 | ||||||
PTT Global Chemical PCL | 1,500 | 3,651 | ||||||
PTT PCL, NVDR | 825 | 10,407 | ||||||
Robinson PCL, NVDR | 400 | 906 | ||||||
Siam Cement PCL | 100 | 1,457 | ||||||
Siam Cement PCL, NVDR | 200 | 2,915 | ||||||
Siam Commercial Bank PCL, NVDR | 1,400 | 6,537 | ||||||
Thai Oil PCL, NVDR | 551 | 1,569 | ||||||
Thai Union Group PCL, NVDR | 1,500 | 845 | ||||||
TMB Bank PCL, NVDR | 10,400 | 892 | ||||||
True Corp. PCL, NVDR* | 7,900 | 1,379 | ||||||
|
| |||||||
91,128 | ||||||||
|
| |||||||
United Kingdom — 0.4% | ||||||||
Rio Tinto Ltd. | 332 | 17,817 | ||||||
|
| |||||||
United States — 0.1% | ||||||||
Nexteer Automotive Group Ltd.* | 1,000 | 2,151 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,945,393 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 0.8% | ||||||||
South Korea — 0.8% | ||||||||
Amorepacific Corp. | 7 | $ | 1,074 | |||||
Hyundai Motor Co. | 18 | 1,613 | ||||||
Hyundai Motor Co. — 2nd Preferred | 26 | 2,592 | ||||||
LG Chem Ltd. | 8 | 1,834 | ||||||
LG Household & Health Care Ltd. | 2 | 1,290 | ||||||
Samsung Electronics Co. Ltd. | 13 | 25,039 | ||||||
|
| |||||||
33,442 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 33,442 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
CTBC Financial Holding Co. Ltd., expires 12/15/17*(c) | 193 | 0 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.1% | ||||||||
Global X MSCI Pakistan ETF | 270 | 3,661 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.7% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (e)(f) | 29,189 | 29,189 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 92.5% (Cost $3,302,407) | $ | 4,011,685 | ||||||
Other assets and liabilities, net — 7.5% | 328,198 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,339,883 | ||||||
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $27,572, which is 0.6% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(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 |
NVDR: | Non Voting Depositary Receipt |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized (Depreciation) | ||||||||||||||||||
SGX NIFTY 50 Futures | USD | 17 | $ | 355,130 | $ | 349,452 | 12/28/2017 | $ | (5,678 | ) |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | AUD | 1,018,000 | USD | 780,256 | $ | 10,258 | $ | — | |||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | AUD | 33,000 | USD | 25,293 | 332 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 9,640,600 | USD | 1,236,212 | 1,764 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 269,000 | USD | 34,494 | 49 | — | |||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | KRW | 31,754,000 | USD | 28,414 | — | (766 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | KRW | 670,097,400 | USD | 598,649 | — | (17,132 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NZD | 26,800 | USD | 18,347 | 31 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PHP | 87,000 | USD | 1,677 | — | (53 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PHP | 2,189,500 | USD | 42,244 | — | (1,306 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SGD | 199,700 | USD | 146,611 | — | (1,472 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SGD | 11,000 | USD | 8,075 | — | (81 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 37,000 | USD | 1,114 | — | (19 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 2,924,000 | USD | 87,993 | — | (1,546 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 798,000 | USD | 26,530 | — | (82 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 13,640,300 | USD | 452,640 | — | (2,247 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 797,867 | AUD | 1,051,000 | — | (2,908 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,268,802 | HKD | 9,909,600 | 91 | — | |||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 645,677 | KRW | 701,851,400 | — | (717 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 18,391 | NZD | 26,800 | — | (75 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 45,258 | PHP | 2,276,500 | 22 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 156,422 | SGD | 210,700 | — | (183 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 90,661 | THB | 2,961,000 | 10 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 481,116 | TWD | 14,438,300 | 383 | — | |||||||||||||||||||||
RBC Capital Markets | 12/6/2017 | IDR | 1,198,782,300 | USD | 88,068 | — | (512 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | MYR | 7,000 | USD | 1,655 | — | (56 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | MYR | 369,000 | USD | 87,183 | — | (3,028 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/6/2017 | USD | 88,569 | IDR | 1,198,782,300 | 11 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 92,157 | MYR | 376,000 | — | (235 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2018 | AUD | 12,000 | USD | 9,108 | 32 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/4/2018 | AUD | 1,051,000 | USD | 797,709 | 2,871 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 337,000 | USD | 43,163 | — | (6 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 9,909,600 | USD | 1,269,241 | — | (149 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | IDR | 1,198,782,300 | USD | 88,302 | — | (38 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | IDR | 24,662,000 | USD | 1,815 | — | (2 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2018 | KRW | 11,943,000 | USD | 10,984 | 7 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/4/2018 | KRW | 701,851,400 | USD | 645,737 | 638 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | MYR | 376,000 | USD | 92,112 | 292 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | NZD | 26,800 | USD | 18,383 | 75 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | NZD | 2,000 | USD | 1,372 | 6 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PHP | 2,276,500 | USD | 45,178 | — | (22 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | SGD | 5,000 | USD | 3,712 | 4 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | SGD | 210,700 | USD | 156,447 | 181 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | THB | 2,961,000 | USD | 90,689 | — | (44 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TWD | 14,438,300 | USD | 481,758 | — | (511 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 13,035 | TWD | 390,000 | — | (8 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 17,057 | $ | (33,198 | ) | |||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Currency Abbreviations
AUD | Australian Dollar |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
KRW | South Korean Won |
MYR | Malaysian Ringgit |
NZD | New Zealand Dollar |
PHP | Philippine 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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 3,944,230 | $ | — | $ | 1,163 | $ | 3,945,393 | ||||||||
Exchange-Traded Fund | 3,661 | — | — | 3,661 | ||||||||||||
Preferred Stock | 33,442 | — | — | 33,442 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Short-Term Investments | 29,189 | — | — | 29,189 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 17,057 | — | 17,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,010,522 | $ | 17,057 | $ | 1,163 | $ | 4,028,742 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (33,198 | ) | $ | — | $ | (33,198 | ) | ||||||
Futures Contracts | (5,678 | ) | — | — | (5,678 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (5,678 | ) | $ | (33,198 | ) | $ | — | $ | (38,876 | ) | |||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $1,994 and between Level 3 and Level 1 was $7,108. 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. | 48 |
DBX ETF Trust
Xtrackers MSCI Brazil Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 61.0% | ||||||||
Consumer Discretionary — 4.1% | ||||||||
Kroton Educacional SA | 17,339 | $ | 95,979 | |||||
Lojas Renner SA | 8,930 | 92,561 | ||||||
|
| |||||||
188,540 | ||||||||
|
| |||||||
Consumer Staples — 12.2% | ||||||||
Ambev SA | 52,384 | 329,015 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda* | 5,000 | 23,202 | ||||||
BRF SA* | 5,601 | 65,841 | ||||||
JBS SA | 10,490 | 25,348 | ||||||
M Dias Branco SA | 1,259 | 18,000 | ||||||
Natura Cosmeticos SA | 2,236 | 19,918 | ||||||
Raia Drogasil SA | 2,891 | 77,719 | ||||||
|
| |||||||
559,043 | ||||||||
|
| |||||||
Energy — 6.4% | ||||||||
Cosan SA Industria e Comercio | 2,115 | 23,150 | ||||||
Petroleo Brasileiro SA* | 35,716 | 174,027 | ||||||
Ultrapar Participacoes SA | 4,531 | 97,169 | ||||||
|
| |||||||
294,346 | ||||||||
|
| |||||||
Financials — 11.4% | ||||||||
B3 SA — Brasil Bolsa Balcao | 25,809 | 183,232 | ||||||
Banco Bradesco SA | 10,436 | 96,854 | ||||||
Banco do Brasil SA | 10,212 | 93,371 | ||||||
Banco Santander Brasil SA | 5,216 | 46,050 | ||||||
BB Seguridade Participacoes SA | 8,779 | 72,089 | ||||||
Porto Seguro SA | 1,401 | 15,335 | ||||||
Sul America SA | 2,533 | 13,843 | ||||||
|
| |||||||
520,774 | ||||||||
|
| |||||||
Health Care — 1.9% | ||||||||
Hypermarcas SA | 4,351 | 43,663 | ||||||
Odontoprev SA | 3,290 | 15,327 | ||||||
Qualicorp SA | 2,923 | 27,387 | ||||||
|
| |||||||
86,377 | ||||||||
|
| |||||||
Industrials — 5.6% | ||||||||
CCR SA | 15,208 | 73,544 | ||||||
Embraer SA | 8,351 | 39,925 | ||||||
Localiza Rent a Car SA | 6,264 | 38,329 | ||||||
Rumo SA* | 13,684 | 54,428 | ||||||
WEG SA | 7,073 | 49,437 | ||||||
|
| |||||||
255,663 | ||||||||
|
| |||||||
Information Technology — 2.4% | ||||||||
Cielo SA | 15,323 | 107,195 | ||||||
|
| |||||||
Materials — 11.3% | ||||||||
Cia Siderurgica Nacional SA* | 8,023 | 18,039 | ||||||
Fibria Celulose SA | 3,122 | 43,080 | ||||||
Klabin SA | 7,383 | 40,259 | ||||||
Suzano Papel e Celulose SA | 5,546 | 29,666 | ||||||
Vale SA | 35,897 | 385,349 | ||||||
|
| |||||||
516,393 | ||||||||
|
| |||||||
Real Estate — 1.3% | ||||||||
BR Malls Participacoes SA | 10,573 | 39,050 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Multiplan Empreendimentos Imobiliarios SA | 1,050 | $ | 22,306 | |||||
|
| |||||||
61,356 | ||||||||
|
| |||||||
Telecommunication Services — 0.8% | ||||||||
TIM Participacoes SA | 10,575 | 38,120 | ||||||
|
| |||||||
Utilities — 3.6% | ||||||||
Centrais Eletricas Brasileiras SA* | 2,692 | 15,403 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 4,358 | 43,534 | ||||||
Cia Energetica de Minas Gerais* | 1,484 | 2,978 | ||||||
EDP — Energias do Brasil SA | 3,758 | 15,843 | ||||||
Engie Brasil Energia SA | 2,121 | 22,957 | ||||||
Equatorial Energia SA | 2,514 | 49,113 | ||||||
Transmissora Alianca de Energia Eletrica SA | 2,286 | 14,861 | ||||||
|
| |||||||
164,689 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,792,496 | |||||||
|
| |||||||
PREFERRED STOCKS — 31.9% | ||||||||
Consumer Discretionary — 0.9% | ||||||||
Lojas Americanas SA | 9,292 | 42,096 | ||||||
|
| |||||||
Consumer Staples — 0.9% | ||||||||
Cia Brasileira de Distribuicao* | 1,986 | 42,469 | ||||||
|
| |||||||
Energy — 4.5% | ||||||||
Petroleo Brasileiro SA* | 44,010 | 206,777 | ||||||
|
| |||||||
Financials — 21.4% | ||||||||
Banco Bradesco SA | 35,454 | 353,625 | ||||||
Itau Unibanco Holding SA | 37,199 | 468,986 | ||||||
Itausa — Investimentos Itau SA | 49,529 | 157,055 | ||||||
|
| |||||||
979,666 | ||||||||
|
| |||||||
Materials — 1.6% | ||||||||
Braskem SA, Class A* | 2,161 | 29,971 | ||||||
Gerdau SA | 12,978 | 43,928 | ||||||
|
| |||||||
73,899 | ||||||||
|
| |||||||
Telecommunication Services — 1.8% | ||||||||
Telefonica Brasil SA | 5,594 | 81,139 | ||||||
|
| |||||||
Utilities — 0.8% | ||||||||
Centrais Eletricas Brasileiras SA, Class B | 2,894 | 18,884 | ||||||
Cia Energetica de Minas Gerais | 9,341 | 18,833 | ||||||
|
| |||||||
37,717 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,463,763 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 6.1% | ||||||||
iShares MSCI Brazil Capped ETF (a) | 5,384 | 208,361 | ||||||
iShares MSCI Brazil Small-Cap ETF | 4,500 | 70,020 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 278,381 | |||||||
|
|
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.8% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) | 38,294 | $ | 38,294 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $3,381,602) | $ | 4,572,934 | ||||||
Other assets and liabilities, net — 0.2% | 8,315 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,581,249 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $36,146, which is 0.8% 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. |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | BRL | 10,990,745 | USD | 3,345,482 | $ | — | $ | (10,194 | ) | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | BRL | 322,000 | USD | 98,020 | — | (293 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | BRL | 2,585,755 | USD | 787,140 | — | (2,338 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | BRL | 1,145,400 | USD | 348,639 | — | (1,073 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | BRL | 475,000 | USD | 144,553 | — | (474 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | BRL | 63,000 | USD | 19,178 | — | (57 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,362,627 | BRL | 10,990,745 | — | (6,950 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 98,501 | BRL | 322,000 | — | (188 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 791,114 | BRL | 2,585,755 | — | (1,635 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 515,037 | BRL | 1,683,400 | — | (1,065 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | BRL | 10,990,745 | USD | 3,351,961 | 7,677 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | BRL | 322,000 | USD | 98,198 | 219 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/4/2018 | BRL | 2,585,755 | USD | 788,453 | 1,655 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | BRL | 463,000 | USD | 141,094 | 211 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | BRL | 1,683,400 | USD | 513,373 | 1,145 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 299,213 | BRL | 981,000 | — | (713 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 10,907 | $ | (24,980 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
BRL | Brazilian Real |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,792,496 | $ | — | $ | — | $ | 2,792,496 | ||||||||
Preferred Stocks (d) | 1,463,763 | — | — | 1,463,763 | ||||||||||||
Exchange-Traded Funds | 278,381 | — | — | 278,381 | ||||||||||||
Short-Term Investments | 38,294 | — | — | 38,294 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 10,907 | — | 10,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,572,934 | $ | 10,907 | $ | — | $ | 4,583,841 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (24,980 | ) | $ | — | $ | (24,980 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (24,980 | ) | $ | — | $ | (24,980 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during period ended November 30, 2017.
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Xtrackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.9% | ||||||||
Brazil — 4.3% | ||||||||
Ambev SA | 188,782 | $ | 1,185,709 | |||||
Atacadao Distribuicao Comercio e Industria Ltda* | 13,200 | 61,253 | ||||||
B3 SA — Brasil Bolsa Balcao | 81,979 | 582,014 | ||||||
Banco Bradesco SA | 36,556 | 339,266 | ||||||
Banco do Brasil SA | 33,991 | 310,789 | ||||||
Banco Santander Brasil SA | 17,200 | 151,852 | ||||||
BB Seguridade Participacoes SA | 28,944 | 237,674 | ||||||
BR Malls Participacoes SA | 33,396 | 123,343 | ||||||
BRF SA* | 18,478 | 217,212 | ||||||
CCR SA | 50,117 | 242,360 | ||||||
Centrais Eletricas Brasileiras SA* | 8,989 | 51,433 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 14,130 | 141,151 | ||||||
Cia Energetica de Minas Gerais* | 4,955 | 9,945 | ||||||
Cia Siderurgica Nacional SA* | 24,694 | 55,522 | ||||||
Cielo SA | 50,556 | 353,673 | ||||||
Cosan SA Industria e Comercio | 6,748 | 73,861 | ||||||
EDP — Energias do Brasil SA | 12,550 | 52,908 | ||||||
Embraer SA | 27,560 | 131,761 | ||||||
Engie Brasil Energia SA | 6,749 | 73,047 | ||||||
Equatorial Energia SA | 8,217 | 160,527 | ||||||
Fibria Celulose SA | 10,305 | 142,198 | ||||||
Hypermarcas SA | 14,382 | 144,327 | ||||||
JBS SA | 33,850 | 81,796 | ||||||
Klabin SA | 24,376 | 132,921 | ||||||
Kroton Educacional SA | 57,155 | 316,378 | ||||||
Localiza Rent a Car SA | 20,697 | 126,643 | ||||||
Lojas Renner SA | 29,272 | 303,411 | ||||||
M Dias Branco SA | 4,205 | 60,118 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 3,502 | 74,395 | ||||||
Natura Cosmeticos SA | 7,133 | 63,541 | ||||||
Odontoprev SA | 10,984 | 51,171 | ||||||
Petroleo Brasileiro SA* | 118,744 | 578,584 | ||||||
Porto Seguro SA | 4,682 | 51,248 | ||||||
Qualicorp SA | 9,224 | 86,423 | ||||||
Raia Drogasil SA | 9,561 | 257,028 | ||||||
Rumo SA* | 45,325 | 180,278 | ||||||
Sul America SA | 7,926 | 43,317 | ||||||
Suzano Papel e Celulose SA | 16,705 | 89,357 | ||||||
TIM Participacoes SA | 35,043 | 126,322 | ||||||
Transmissora Alianca de Energia Eletrica SA | 7,634 | 49,627 | ||||||
Ultrapar Participacoes SA | 14,957 | 320,757 | ||||||
Vale SA | 127,519 | 1,368,896 | ||||||
WEG SA | 23,366 | 163,318 | ||||||
|
| |||||||
9,367,354 | ||||||||
|
| |||||||
Chile — 1.0% | ||||||||
AES Gener SA | 121,578 | 35,642 | ||||||
Aguas Andinas SA, Class A | 108,134 | 62,198 | ||||||
Banco de Chile | 1,036,059 | 143,481 | ||||||
Banco de Credito e Inversiones | 1,837 | 110,002 | ||||||
Banco Santander Chile | 2,727,396 | 186,643 | ||||||
Cencosud SA | 59,184 | 145,009 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Cia Cervecerias Unidas SA | 6,108 | $ | 77,394 | |||||
Colbun SA | 326,320 | 66,378 | ||||||
Empresa Nacional de Telecomunicaciones SA | 6,243 | 60,351 | ||||||
Empresas CMPC SA | 51,692 | 146,680 | ||||||
Empresas COPEC SA | 18,814 | 252,457 | ||||||
Enel Americas SA | 1,205,917 | 232,968 | ||||||
Enel Chile SA | 812,028 | 87,167 | ||||||
Enel Generacion Chile SA | 135,659 | 110,717 | ||||||
Itau CorpBanca | 6,356,669 | 50,364 | ||||||
Latam Airlines Group SA | 10,227 | 128,415 | ||||||
SACI Falabella | 30,070 | 251,880 | ||||||
|
| |||||||
2,147,746 | ||||||||
|
| |||||||
China — 25.8% | ||||||||
3SBio, Inc., 144A* | 41,885 | 81,516 | ||||||
58.com, Inc., ADR* | 3,733 | 267,805 | ||||||
AAC Technologies Holdings, Inc. | 29,671 | 593,789 | ||||||
Agile Group Holdings Ltd. | 59,664 | 86,018 | ||||||
Agricultural Bank of China Ltd., Class H | 1,048,137 | 487,153 | ||||||
Air China Ltd., Class H | 75,468 | 80,974 | ||||||
Alibaba Group Holding Ltd., ADR* | 46,734 | 8,275,657 | ||||||
Aluminum Corp. of China Ltd., Class H* | 163,091 | 108,168 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 51,774 | 248,590 | ||||||
ANTA Sports Products Ltd. | 44,285 | 198,457 | ||||||
Autohome, Inc., ADR* | 2,163 | 119,765 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 87,698 | 45,925 | ||||||
Baidu, Inc., ADR* | 11,099 | 2,647,999 | ||||||
Bank of China Ltd., Class H | 3,229,967 | 1,567,393 | ||||||
Bank of Communications Co. Ltd., Class H | 361,950 | 267,866 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 62,171 | 91,862 | ||||||
BYD Co. Ltd., Class H (a) | 26,487 | 234,851 | ||||||
BYD Electronic International Co. Ltd. | 25,141 | 60,196 | ||||||
CGN Power Co. Ltd., Class H, 144A | 438,553 | 119,603 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 364,679 | 135,410 | ||||||
China CITIC Bank Corp. Ltd., Class H | 369,243 | 238,750 | ||||||
China Communications Construction Co. Ltd., Class H | 183,086 | 204,415 | ||||||
China Communications Services Corp. Ltd., Class H | 102,222 | 64,918 | ||||||
China Conch Venture Holdings Ltd. | 56,562 | 124,564 | ||||||
China Construction Bank Corp., Class H | 3,419,224 | 2,981,366 | ||||||
China Everbright Bank Co. Ltd., Class H | 113,615 | 52,660 | ||||||
China Evergrande Group* | 132,402 | 437,376 | ||||||
China Galaxy Securities Co. Ltd., Class H | 138,537 | 108,734 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 377,527 | 173,050 | ||||||
China Huishan Dairy Holdings Co. Ltd.*(b) | 136,324 | 17 | ||||||
China Life Insurance Co. Ltd., Class H | 300,020 | 973,798 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 131,209 | 88,367 | ||||||
China Medical System Holdings Ltd. | 51,424 | 107,455 | ||||||
China Mengniu Dairy Co. Ltd.* | 113,616 | 288,617 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Merchants Bank Co. Ltd., Class H | 157,073 | $ | 615,409 | |||||
China Minsheng Banking Corp. Ltd., Class H | 216,980 | 218,643 | ||||||
China Molybdenum Co. Ltd., Class H | 141,484 | 88,222 | ||||||
China National Building Material Co. Ltd., Class H (a) | 119,062 | 109,456 | ||||||
China Oilfield Services Ltd., Class H | 58,514 | 53,943 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 105,362 | 502,517 | ||||||
China Petroleum & Chemical Corp., Class H | 1,016,880 | 726,515 | ||||||
China Railway Construction Corp. Ltd., Class H | 81,564 | 96,496 | ||||||
China Railway Group Ltd., Class H | 165,285 | 123,379 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 65,041 | 86,276 | ||||||
China Shenhua Energy Co. Ltd., Class H | 141,118 | 347,277 | ||||||
China Southern Airlines Co. Ltd., Class H | 75,124 | 67,139 | ||||||
China Telecom Corp. Ltd., Class H | 554,930 | 269,289 | ||||||
China Vanke Co. Ltd., Class H | 48,938 | 178,266 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 35,300 | 33,265 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 105,839 | 74,940 | ||||||
CITIC Securities Co. Ltd., Class H | 94,215 | 203,867 | ||||||
CNOOC Ltd. | 719,803 | 975,079 | ||||||
Country Garden Holdings Co. Ltd. | 220,853 | 347,816 | ||||||
CRRC Corp. Ltd., Class H | 171,716 | 156,542 | ||||||
CSPC Pharmaceutical Group Ltd. | 185,378 | 367,901 | ||||||
Ctrip.com International Ltd., ADR* | 15,598 | 718,756 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 112,185 | 141,055 | ||||||
ENN Energy Holdings Ltd. | 31,337 | 228,503 | ||||||
Fosun International Ltd. | 106,569 | 221,048 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 20,906 | 80,303 | ||||||
Geely Automobile Holdings Ltd. | 197,956 | 689,411 | ||||||
GF Securities Co. Ltd., Class H | 56,892 | 114,073 | ||||||
GOME Retail Holdings Ltd. (a) | 304,074 | 34,261 | ||||||
Great Wall Motor Co. Ltd., Class H | 128,171 | 149,995 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 86,948 | 218,201 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 39,882 | 85,277 | ||||||
Haitian International Holdings Ltd. | 26,401 | 77,241 | ||||||
Haitong Securities Co. Ltd., Class H | 133,942 | 199,623 | ||||||
Hengan International Group Co. Ltd. | 29,895 | 291,480 | ||||||
Huaneng Power International, Inc., Class H | 174,930 | 111,989 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 197,017 | 62,812 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 67,533 | 136,620 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,998,591 | 2,330,486 | ||||||
JD.com, Inc., ADR* | 26,327 | 985,946 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 50,534 | 69,232 | ||||||
Jiangxi Copper Co. Ltd., Class H | 51,639 | 80,399 | ||||||
Kingsoft Corp. Ltd. | 32,432 | 92,187 | ||||||
Lenovo Group Ltd. | 298,585 | 169,743 |
Number | Value | |||||||
China (Continued) | ||||||||
Longfor Properties Co. Ltd. | 60,395 | $ | 141,821 | |||||
Meitu, Inc., 144A* | 49,360 | 71,542 | ||||||
Momo, Inc., ADR* | 4,559 | 109,416 | ||||||
NetEase, Inc., ADR | 3,210 | 1,055,159 | ||||||
New China Life Insurance Co. Ltd., Class H | 32,073 | 204,508 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 5,355 | 454,425 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 288,677 | 148,586 | ||||||
PetroChina Co. Ltd., Class H | 841,161 | 565,430 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 190,200 | 360,423 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 211,424 | 2,084,422 | ||||||
Semiconductor Manufacturing International Corp.*(a) | 114,310 | 159,533 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 77,895 | 53,359 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 116,787 | 45,757 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 20,013 | 96,604 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 37,900 | 56,206 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 28,505 | 71,608 | ||||||
Shenzhou International Group Holdings Ltd. | 30,864 | 278,601 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 156,806 | 55,212 | ||||||
SINA Corp.* | 2,346 | 229,368 | ||||||
Sino-Ocean Group Holding Ltd. | 124,283 | 77,815 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 144,525 | 85,677 | ||||||
Sinopharm Group Co. Ltd., Class H | 49,326 | 193,890 | ||||||
SOHO China Ltd. | 86,005 | 48,673 | ||||||
Sunac China Holdings Ltd. | 85,029 | 391,932 | ||||||
Sunny Optical Technology Group Co. Ltd. | 28,491 | 474,233 | ||||||
TAL Education Group, ADR | 11,613 | 323,770 | ||||||
Tencent Holdings Ltd. | 231,180 | 11,780,778 | ||||||
Tingyi Cayman Islands Holding Corp. | 81,114 | 127,537 | ||||||
TravelSky Technology Ltd., Class H | 38,564 | 105,419 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 14,900 | 60,476 | ||||||
Vipshop Holdings Ltd., ADR* | 16,791 | 138,190 | ||||||
Want Want China Holdings Ltd. | 206,992 | 162,198 | ||||||
Weibo Corp., ADR* | 1,918 | 208,218 | ||||||
Weichai Power Co. Ltd., Class H | 81,879 | 91,313 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 76,685 | 71,578 | ||||||
Yum China Holdings, Inc. | 15,501 | 632,906 | ||||||
YY, Inc., ADR*(a) | 1,817 | 187,496 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 58,960 | 70,660 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 22,635 | 129,982 | ||||||
Zijin Mining Group Co. Ltd., Class H | 237,232 | 82,316 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
ZTE Corp., Class H* | 29,677 | $ | 103,165 | |||||
|
| |||||||
56,284,164 | ||||||||
|
| |||||||
Colombia — 0.3% | ||||||||
Bancolombia SA | 10,004 | 96,176 | ||||||
Cementos Argos SA | 19,048 | 66,935 | ||||||
Ecopetrol SA | 204,031 | 118,367 | ||||||
Grupo Argos SA | 9,322 | 63,290 | ||||||
Grupo de Inversiones Suramericana SA | 9,697 | 125,372 | ||||||
Interconexion Electrica SA ESP | 16,034 | 73,353 | ||||||
|
| |||||||
543,493 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 6,675 | 152,709 | ||||||
Komercni banka AS | 2,773 | 116,227 | ||||||
Moneta Money Bank AS, 144A | 17,051 | 61,490 | ||||||
O2 Czech Republic AS | 2,565 | 32,025 | ||||||
|
| |||||||
362,451 | ||||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 42,944 | 182,972 | ||||||
Egyptian Financial Group-Hermes Holding Co. | 20,339 | 27,951 | ||||||
Global Telecom Holding SAE* | 86,767 | 36,851 | ||||||
|
| |||||||
247,774 | ||||||||
|
| |||||||
Greece — 0.3% | ||||||||
Alpha Bank AE* | 58,349 | 113,203 | ||||||
Eurobank Ergasias SA* | 76,838 | 62,190 | ||||||
FF Group* | 1,638 | 30,278 | ||||||
Hellenic Telecommunications Organization SA | 10,131 | 122,393 | ||||||
JUMBO SA | 4,219 | 63,775 | ||||||
National Bank of Greece SA* | 226,949 | 70,233 | ||||||
OPAP SA | 9,235 | 112,668 | ||||||
Piraeus Bank SA* | 11,736 | 32,966 | ||||||
Titan Cement Co. SA | 1,908 | 47,055 | ||||||
|
| |||||||
654,761 | ||||||||
|
| |||||||
Hong Kong — 3.6% | ||||||||
Alibaba Health Information Technology Ltd.* | 135,346 | 66,718 | ||||||
Alibaba Pictures Group Ltd.*(a) | 521,746 | 70,144 | ||||||
Beijing Enterprises Holdings Ltd. | 21,528 | 124,039 | ||||||
Beijing Enterprises Water Group Ltd.* | 198,773 | 155,249 | ||||||
Brilliance China Automotive Holdings Ltd. | 125,041 | 328,206 | ||||||
China Everbright International Ltd. | 101,952 | 136,804 | ||||||
China Everbright Ltd. | 38,328 | 85,488 | ||||||
China Gas Holdings Ltd. | 72,167 | 221,764 | ||||||
China Jinmao Holdings Group Ltd. | 154,452 | 69,809 | ||||||
China Merchants Port Holdings Co. Ltd. | 43,988 | 113,488 | ||||||
China Mobile Ltd. | 249,638 | 2,533,090 | ||||||
China Overseas Land & Investment Ltd. | 146,503 | 465,199 | ||||||
China Resources Beer Holdings Co. Ltd. | 67,077 | 184,222 | ||||||
China Resources Gas Group Ltd. | 36,785 | 142,003 | ||||||
China Resources Land Ltd. | 114,642 | 329,534 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China Resources Power Holdings Co. Ltd. | 79,525 | $ | 149,679 | |||||
China State Construction International Holdings Ltd. | 83,515 | 108,428 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 66,880 | 252,615 | ||||||
China Unicom Hong Kong Ltd.* | 240,611 | 348,741 | ||||||
CITIC Ltd. | 214,048 | 303,115 | ||||||
COSCO SHIPPING Ports Ltd. | 69,939 | 70,475 | ||||||
Far East Horizon Ltd. | 81,684 | 74,466 | ||||||
Fullshare Holdings Ltd.* | 285,544 | 119,553 | ||||||
GCL-Poly Energy Holdings Ltd.* | 552,900 | 89,198 | ||||||
Guangdong Investment Ltd. | 116,579 | 156,729 | ||||||
Haier Electronics Group Co. Ltd.* | 51,954 | 139,029 | ||||||
Hanergy Thin Film Power Group Ltd.*(b) | 792,724 | 0 | ||||||
Kingboard Chemical Holdings Ltd. | 24,275 | 139,244 | ||||||
Kunlun Energy Co. Ltd. | 136,260 | 117,764 | ||||||
Lee & Man Paper Manufacturing Ltd. | 58,893 | 68,996 | ||||||
Nine Dragons Paper Holdings Ltd. | 67,613 | 112,196 | ||||||
Shanghai Industrial Holdings Ltd. | 20,222 | 57,092 | ||||||
Shimao Property Holdings Ltd. | 49,020 | 95,779 | ||||||
Sino Biopharmaceutical Ltd. | 183,902 | 240,646 | ||||||
Sun Art Retail Group Ltd. | 98,622 | 96,473 | ||||||
|
| |||||||
7,765,975 | ||||||||
|
| |||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 15,720 | 182,252 | ||||||
OTP Bank PLC | 9,436 | 360,654 | ||||||
Richter Gedeon Nyrt | 5,783 | 149,436 | ||||||
|
| |||||||
692,342 | ||||||||
|
| |||||||
India — 8.4% | ||||||||
ACC Ltd. | 1,862 | 48,164 | ||||||
Adani Ports & Special Economic Zone Ltd. | 29,973 | 185,007 | ||||||
Ambuja Cements Ltd. | 24,635 | 100,290 | ||||||
Ashok Leyland Ltd. | 47,074 | 86,037 | ||||||
Asian Paints Ltd. | 11,899 | 211,619 | ||||||
Aurobindo Pharma Ltd. | 10,892 | 117,037 | ||||||
Axis Bank Ltd., GDR | 10,996 | 451,386 | ||||||
Axis Bank Ltd. | 12,265 | 101,841 | ||||||
Bajaj Auto Ltd. | 3,470 | 177,886 | ||||||
Bajaj Finance Ltd. | 6,819 | 182,642 | ||||||
Bajaj Finserv Ltd. | 1,582 | 127,927 | ||||||
Bharat Forge Ltd. | 8,668 | 93,180 | ||||||
Bharat Heavy Electricals Ltd. | 36,438 | 51,990 | ||||||
Bharat Petroleum Corp. Ltd. | 31,398 | 245,346 | ||||||
Bharti Airtel Ltd. | 49,588 | 381,792 | ||||||
Bharti Infratel Ltd. | 25,852 | 153,837 | ||||||
Bosch Ltd. | 306 | 96,497 | ||||||
Britannia Industries Ltd. | 929 | 69,381 | ||||||
Cadila Healthcare Ltd. | 8,464 | 56,280 | ||||||
Cipla Ltd. | 14,303 | 133,292 | ||||||
Coal India Ltd. | 28,237 | 120,778 | ||||||
Container Corp. of India Ltd. | 1,710 | 34,688 | ||||||
Dabur India Ltd. | 21,853 | 116,687 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR (a) | 4,799 | 168,061 | ||||||
Eicher Motors Ltd. | 551 | 255,881 | ||||||
GAIL India Ltd. | 20,983 | 152,426 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
India (Continued) | ||||||||
Glenmark Pharmaceuticals Ltd. | 5,715 | $ | 49,997 | |||||
Godrej Consumer Products Ltd. | 9,860 | 147,028 | ||||||
Grasim Industries Ltd. | 13,070 | 237,137 | ||||||
Havells India Ltd. | 10,339 | 81,663 | ||||||
HCL Technologies Ltd. | 21,509 | 282,873 | ||||||
Hero MotoCorp Ltd. | 2,062 | 116,200 | ||||||
Hindalco Industries Ltd. | 48,237 | 179,879 | ||||||
Hindustan Petroleum Corp. Ltd. | 25,068 | 162,001 | ||||||
Hindustan Unilever Ltd. | 25,339 | 500,041 | ||||||
Housing Development Finance Corp. Ltd. | 60,458 | 1,571,177 | ||||||
ICICI Bank Ltd. | 64,498 | 307,636 | ||||||
ICICI Bank Ltd., ADR | 15,366 | 146,592 | ||||||
Idea Cellular Ltd.* | 59,633 | 87,350 | ||||||
IDFC Bank Ltd. | 56,193 | 47,844 | ||||||
Indiabulls Housing Finance Ltd. | 13,144 | 245,808 | ||||||
Indian Oil Corp. Ltd. | 24,098 | 147,062 | ||||||
Infosys Ltd., ADR | 44,765 | 696,543 | ||||||
Infosys Ltd. | 29,013 | 439,200 | ||||||
ITC Ltd. | 135,433 | 537,804 | ||||||
JSW Steel Ltd. | 34,982 | 138,262 | ||||||
Larsen & Toubro Ltd. | 17,148 | 323,533 | ||||||
LIC Housing Finance Ltd. | 12,310 | 111,034 | ||||||
Lupin Ltd. | 9,148 | 116,010 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 11,524 | 78,352 | ||||||
Mahindra & Mahindra Ltd. | 15,408 | 336,106 | ||||||
Marico Ltd. | 18,674 | 88,620 | ||||||
Maruti Suzuki India Ltd. | 4,159 | 554,647 | ||||||
Motherson Sumi Systems Ltd. | 26,116 | 147,915 | ||||||
Nestle India Ltd. | 955 | 113,503 | ||||||
NTPC Ltd. | 68,193 | 191,581 | ||||||
Oil & Natural Gas Corp. Ltd. | 53,065 | 148,669 | ||||||
Petronet LNG Ltd. | 15,484 | 60,418 | ||||||
Piramal Enterprises Ltd. | 3,215 | 138,305 | ||||||
Power Finance Corp. Ltd. | 26,199 | 49,103 | ||||||
Reliance Industries Ltd., GDR, 144A | 53,024 | 1,476,718 | ||||||
Rural Electrification Corp. Ltd. | 28,580 | 68,281 | ||||||
Shree Cement Ltd. | 347 | 92,548 | ||||||
Shriram Transport Finance Co. Ltd. | 6,096 | 125,508 | ||||||
Siemens Ltd. | 2,944 | 54,682 | ||||||
State Bank of India | 70,420 | 349,861 | ||||||
Sun Pharmaceutical Industries Ltd. | 39,684 | 332,310 | ||||||
Tata Consultancy Services Ltd. | 18,419 | 753,271 | ||||||
Tata Motors Ltd., ADR* | 13,000 | 405,470 | ||||||
Tata Motors Ltd., Class A* | 14,640 | 52,550 | ||||||
Tata Power Co. Ltd. | 45,859 | 67,352 | ||||||
Tata Steel Ltd. | 12,449 | 134,018 | ||||||
Tech Mahindra Ltd. | 19,324 | 146,623 | ||||||
Titan Co. Ltd. | 12,847 | 163,158 | ||||||
UltraTech Cement Ltd. | 3,633 | 236,855 | ||||||
United Spirits Ltd.* | 2,403 | 122,410 | ||||||
UPL Ltd. | 14,672 | 166,414 | ||||||
Vakrangee Ltd. | 8,105 | 89,686 | ||||||
Vedanta Ltd. | 61,498 | 281,786 | ||||||
Wipro Ltd. | 9,741 | 44,097 | ||||||
Wipro Ltd., ADR | 36,596 | 197,252 | ||||||
Yes Bank Ltd. | 69,765 | 332,055 |
Number | Value | |||||||
India (Continued) | ||||||||
Zee Entertainment Enterprises Ltd. | 21,845 | $ | 192,482 | |||||
|
| |||||||
18,385,232 | ||||||||
|
| |||||||
Indonesia — 2.1% | ||||||||
PT Adaro Energy Tbk | 606,095 | 76,176 | ||||||
PT AKR Corporindo Tbk | 74,283 | 34,873 | ||||||
PT Astra International Tbk | 837,002 | 493,501 | ||||||
PT Bank Central Asia Tbk | 407,812 | 613,557 | ||||||
PT Bank Danamon Indonesia Tbk | 138,718 | 51,535 | ||||||
PT Bank Mandiri Persero Tbk | 771,894 | 422,299 | ||||||
PT Bank Negara Indonesia Persero Tbk | 312,029 | 186,858 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 2,321,345 | 550,903 | ||||||
PT Bank Tabungan Negara Persero Tbk | 146,130 | 34,572 | ||||||
PT Bumi Serpong Damai Tbk | 318,353 | 38,835 | ||||||
PT Charoen Pokphand Indonesia Tbk | 305,140 | 65,874 | ||||||
PT Gudang Garam Tbk | 19,893 | 112,547 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 384,797 | 116,640 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 80,504 | 109,662 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 96,448 | 60,253 | ||||||
PT Indofood Sukses Makmur Tbk | 181,545 | 98,316 | ||||||
PT Jasa Marga Persero Tbk | 90,039 | 42,437 | ||||||
PT Kalbe Farma Tbk | 872,261 | 103,180 | ||||||
PT Lippo Karawaci Tbk | 572,579 | 24,341 | ||||||
PT Matahari Department Store Tbk | 102,562 | 80,375 | ||||||
PT Media Nusantara Citra Tbk | 236,123 | 22,694 | ||||||
PT Pakuwon Jati Tbk | 896,165 | 41,078 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 451,096 | 56,695 | ||||||
PT Semen Indonesia Persero Tbk | 132,753 | 92,258 | ||||||
PT Surya Citra Media Tbk | 252,446 | 41,060 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 2,032,672 | 623,657 | ||||||
PT Tower Bersama Infrastructure Tbk | 84,320 | 35,533 | ||||||
PT Unilever Indonesia Tbk | 57,455 | 209,414 | ||||||
PT United Tractors Tbk | 69,411 | 171,911 | ||||||
PT Waskita Karya Persero Tbk | 196,454 | 30,646 | ||||||
PT XL Axiata Tbk* | 132,593 | 30,193 | ||||||
|
| |||||||
4,671,873 | ||||||||
|
| |||||||
Malaysia — 2.3% | ||||||||
AirAsia Bhd | 63,170 | 48,503 | ||||||
Alliance Bank Malaysia Bhd | 41,351 | 37,311 | ||||||
AMMB Holdings Bhd | 68,746 | 69,763 | ||||||
Astro Malaysia Holdings Bhd | 65,000 | 45,140 | ||||||
Axiata Group Bhd | 103,708 | 135,167 | ||||||
British American Tobacco Malaysia Bhd | 5,642 | 51,571 | ||||||
CIMB Group Holdings Bhd | 179,970 | 266,247 | ||||||
Dialog Group Bhd | 112,036 | 66,024 | ||||||
DiGi.Com Bhd | 128,560 | 145,866 | ||||||
Felda Global Ventures Holdings Bhd | 60,100 | 26,747 | ||||||
Gamuda Bhd | 70,300 | 84,061 | ||||||
Genting Bhd | 94,567 | 203,494 | ||||||
Genting Malaysia Bhd | 123,034 | 153,134 | ||||||
Genting Plantations Bhd | 10,300 | 26,446 | ||||||
HAP Seng Consolidated Bhd | 25,451 | 60,181 | ||||||
Hartalega Holdings Bhd | 26,801 | 62,653 | ||||||
Hong Leong Bank Bhd | 26,541 | 98,259 | ||||||
Hong Leong Financial Group Bhd | 9,900 | 38,879 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Malaysia (Continued) | ||||||||
IHH Healthcare Bhd | 85,335 | $ | 117,689 | |||||
IJM Corp. Bhd | 119,764 | 90,493 | ||||||
IOI Corp. Bhd | 93,394 | 101,855 | ||||||
IOI Properties Group Bhd | 68,788 | 31,791 | ||||||
Kuala Lumpur Kepong Bhd | 19,787 | 117,962 | ||||||
Malayan Banking Bhd | 186,363 | 421,533 | ||||||
Malaysia Airports Holdings Bhd | 34,400 | 69,397 | ||||||
Maxis Bhd | 77,396 | 112,229 | ||||||
MISC Bhd | 55,400 | 95,506 | ||||||
Nestle Malaysia Bhd | 2,200 | 52,344 | ||||||
Petronas Chemicals Group Bhd | 102,824 | 186,061 | ||||||
Petronas Dagangan Bhd | 10,604 | 62,750 | ||||||
Petronas Gas Bhd | 29,035 | 112,746 | ||||||
PPB Group Bhd | 19,519 | 79,517 | ||||||
Press Metal Aluminium Holdings Bhd | 49,700 | 63,196 | ||||||
Public Bank Bhd | 117,222 | 570,416 | ||||||
RHB Bank Bhd | 32,553 | 39,005 | ||||||
RHB Bank Bhd (b) | 19,600 | 0 | ||||||
Sapura Energy Bhd | 179,258 | 54,792 | ||||||
Sime Darby Bhd | 98,123 | 56,386 | ||||||
Sime Darby Plantation Bhd* | 98,123 | 120,209 | ||||||
Sime Darby Property Bhd* | 98,123 | 28,793 | ||||||
SP Setia Bhd Group | 23,000 | 19,628 | ||||||
Telekom Malaysia Bhd | 46,945 | 69,221 | ||||||
Tenaga Nasional Bhd | 128,505 | 485,802 | ||||||
UMW Holdings Bhd* | 19,264 | 24,825 | ||||||
Westports Holdings Bhd | 42,007 | 35,335 | ||||||
YTL Corp. Bhd | 184,198 | 52,699 | ||||||
YTL Power International Bhd | 86,206 | 24,242 | ||||||
|
| |||||||
4,915,868 | ||||||||
|
| |||||||
Malta — 0.0% | ||||||||
Brait SE * | 15,270 | 51,427 | ||||||
|
| |||||||
Mexico — 2.9% | ||||||||
Alfa SAB de CV, Class A | 128,640 | 143,377 | ||||||
America Movil SAB de CV, Series L | 1,356,306 | 1,163,786 | ||||||
Arca Continental SAB de CV | 18,241 | 124,911 | ||||||
Cemex SAB de CV, Series CPO* | 579,982 | 443,814 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 21,495 | 147,609 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 7,961 | 53,999 | ||||||
Fibra Uno Administracion SA de CV REIT | 123,232 | 192,567 | ||||||
Fomento Economico Mexicano SAB de CV | 75,136 | 678,416 | ||||||
Gentera SAB de CV | 40,660 | 37,310 | ||||||
Gruma SAB de CV, Class B | 8,948 | 110,938 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 14,790 | 147,216 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 8,592 | 153,922 | ||||||
Grupo Bimbo SAB de CV, Series A | 68,072 | 158,718 | ||||||
Grupo Carso SAB de CV, Series A1 | 18,719 | 59,617 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 100,630 | 590,221 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 95,950 | 169,501 |
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 75,553 | $ | 122,562 | |||||
Grupo Lala SAB de CV | 25,596 | 38,830 | ||||||
Grupo Mexico SAB de CV, Series B | 149,835 | 469,000 | ||||||
Grupo Televisa SAB, Series CPO | 101,113 | 379,707 | ||||||
Industrias Penoles SAB de CV | 5,754 | 120,711 | ||||||
Infraestructura Energetica Nova SAB de CV | 22,204 | 121,332 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 63,028 | 112,695 | ||||||
Mexichem SAB de CV | 43,420 | 112,935 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 9,435 | 94,886 | ||||||
Wal-Mart de Mexico SAB de CV | 208,147 | 490,568 | ||||||
|
| |||||||
6,439,148 | ||||||||
|
| |||||||
Peru — 0.4% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 7,868 | 110,073 | ||||||
Credicorp Ltd. | 2,735 | 577,167 | ||||||
Southern Copper Corp. | 3,514 | 147,764 | ||||||
|
| |||||||
835,004 | ||||||||
|
| |||||||
Philippines — 1.1% | ||||||||
Aboitiz Equity Ventures, Inc. | 81,570 | 113,607 | ||||||
Aboitiz Power Corp. | 60,546 | 47,283 | ||||||
Alliance Global Group, Inc.* | 179,876 | 55,974 | ||||||
Ayala Corp. | 10,301 | 209,053 | ||||||
Ayala Land, Inc. | 304,504 | 259,307 | ||||||
Bank of the Philippine Islands | 32,509 | 66,557 | ||||||
BDO Unibank, Inc. | 68,055 | 197,693 | ||||||
DMCI Holdings, Inc. | 164,724 | 49,293 | ||||||
Globe Telecom, Inc. | 1,394 | 50,757 | ||||||
GT Capital Holdings, Inc. | 3,606 | 82,509 | ||||||
International Container Terminal Services, Inc. | 20,982 | 44,210 | ||||||
JG Summit Holdings, Inc. | 118,492 | 162,202 | ||||||
Jollibee Foods Corp. | 18,073 | 87,596 | ||||||
Manila Electric Co. | 9,270 | 58,099 | ||||||
Megaworld Corp. | 470,000 | 49,936 | ||||||
Metro Pacific Investments Corp. | 586,227 | 78,148 | ||||||
Metropolitan Bank & Trust Co. | 29,334 | 55,913 | ||||||
PLDT, Inc. | 3,576 | 105,373 | ||||||
Robinsons Land Corp. | 67,910 | 30,942 | ||||||
Security Bank Corp. | 9,095 | 45,240 | ||||||
SM Investments Corp. | 10,093 | 194,791 | ||||||
SM Prime Holdings, Inc. | 358,591 | 258,990 | ||||||
Universal Robina Corp. | 36,459 | 96,479 | ||||||
|
| |||||||
2,399,952 | ||||||||
|
| |||||||
Poland — 1.3% | ||||||||
Alior Bank SA* | 3,743 | 76,407 | ||||||
Bank Handlowy w Warszawie SA | 1,348 | 27,880 | ||||||
Bank Millennium SA* | 25,081 | 58,340 | ||||||
Bank Pekao SA | 6,515 | 236,268 | ||||||
Bank Zachodni WBK SA | 1,490 | 156,196 | ||||||
CCC SA | 1,131 | 76,857 | ||||||
CD Projekt SA | 2,620 | 75,344 | ||||||
Cyfrowy Polsat SA | 9,733 | 68,746 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Poland (Continued) | ||||||||
Dino Polska SA, 144A* | 1,376 | $ | 28,397 | |||||
Grupa Azoty SA | 1,845 | 37,271 | ||||||
Grupa Lotos SA | 3,823 | 60,992 | ||||||
Jastrzebska Spolka Weglowa SA* | 2,185 | 55,350 | ||||||
KGHM Polska Miedz SA | 5,792 | 175,259 | ||||||
LPP SA | 53 | 122,741 | ||||||
mBank SA* | 609 | 81,095 | ||||||
Orange Polska SA* | 28,645 | 44,231 | ||||||
PGE Polska Grupa Energetyczna SA* | 34,790 | 117,591 | ||||||
PLAY Communications SA, 144A* | 3,489 | 35,705 | ||||||
Polski Koncern Naftowy ORLEN SA | 12,383 | 388,728 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 73,195 | 125,049 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 37,322 | 447,287 | ||||||
Powszechny Zaklad Ubezpieczen SA | 25,083 | 315,816 | ||||||
Synthos SA | 21,890 | 29,459 | ||||||
Tauron Polska Energia SA* | 43,484 | 38,192 | ||||||
|
| |||||||
2,879,201 | ||||||||
|
| |||||||
Qatar — 0.5% | ||||||||
Barwa Real Estate Co. | 4,023 | 30,936 | ||||||
Commercial Bank QSC* | 8,408 | 62,115 | ||||||
Doha Bank QPSC | 6,279 | 44,335 | ||||||
Ezdan Holding Group QSC | 32,906 | 72,296 | ||||||
Industries Qatar QSC | 6,402 | 156,039 | ||||||
Masraf Al Rayan QSC | 15,196 | 141,683 | ||||||
Ooredoo QSC | 3,524 | 77,327 | ||||||
Qatar Electricity & Water Co. QSC | 1,135 | 50,499 | ||||||
Qatar Gas Transport Co. Ltd. | 11,223 | 42,688 | ||||||
Qatar Insurance Co. SAQ | 5,750 | 58,586 | ||||||
Qatar Islamic Bank SAQ | 2,440 | 60,999 | ||||||
Qatar National Bank QPSC | 9,547 | 306,762 | ||||||
|
| |||||||
1,104,265 | ||||||||
|
| |||||||
Romania — 0.1% | ||||||||
NEPI Rockcastle PLC | 15,556 | 242,000 | ||||||
|
| |||||||
Russia — 3.2% | ||||||||
Alrosa PJSC | 106,593 | 141,984 | ||||||
Gazprom PJSC, ADR | 47,870 | 213,955 | ||||||
Gazprom PJSC | 333,269 | 753,361 | ||||||
Inter RAO UES PJSC | 1,295,138 | 81,650 | ||||||
LUKOIL PJSC | 7,182 | 404,494 | ||||||
LUKOIL PJSC, ADR | 10,162 | 564,499 | ||||||
Magnit PJSC, GDR | 14,071 | 371,756 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 83,165 | 62,495 | ||||||
MMC Norilsk Nickel PJSC | 2,488 | 420,313 | ||||||
Mobile TeleSystems PJSC, ADR | 20,659 | 214,234 | ||||||
Moscow Exchange MICEX-RTS PJSC | 61,246 | 130,171 | ||||||
Novatek PJSC, GDR | 3,619 | 410,033 | ||||||
Novolipetsk Steel PJSC | 49,565 | 112,127 | ||||||
PhosAgro PJSC, GDR | 4,817 | 72,255 | ||||||
Polyus PJSC | 1,025 | 86,124 | ||||||
Rosneft Oil Co. PJSC, GDR | 49,127 | 242,344 | ||||||
RusHydro PJSC | 3,993,083 | 55,600 | ||||||
Sberbank of Russia PJSC | 440,359 | 1,689,951 | ||||||
Severstal PJSC | 1,600 | 25,289 |
Number | Value | |||||||
Russia (Continued) | ||||||||
Severstal PJSC, GDR | 7,150 | $ | 111,111 | |||||
Surgutneftegas OJSC, ADR | 31,539 | 144,890 | ||||||
Tatneft PJSC | 60,968 | 476,293 | ||||||
VTB Bank PJSC, GDR | 115,442 | 206,641 | ||||||
|
| |||||||
6,991,570 | ||||||||
|
| |||||||
South Africa — 6.4% | ||||||||
Anglo American Platinum Ltd.* | 2,229 | 59,181 | ||||||
AngloGold Ashanti Ltd. | 16,879 | 175,743 | ||||||
Aspen Pharmacare Holdings Ltd. | 16,045 | 357,400 | ||||||
Barclays Africa Group Ltd. | 28,303 | 325,603 | ||||||
Bid Corp. Ltd. | 14,004 | 301,247 | ||||||
Bidvest Group Ltd. | 14,018 | 195,588 | ||||||
Capitec Bank Holdings Ltd. | 1,743 | 125,154 | ||||||
Coronation Fund Managers Ltd. (a) | 9,399 | 49,548 | ||||||
Discovery Ltd. | 14,713 | 176,695 | ||||||
Exxaro Resources Ltd. | 9,953 | 106,997 | ||||||
FirstRand Ltd. | 131,460 | 540,122 | ||||||
Fortress REIT Ltd., Class A REIT | 43,639 | 54,887 | ||||||
Fortress REIT Ltd., Class B REIT | 33,092 | 101,701 | ||||||
Foschini Group Ltd. | 9,547 | 109,984 | ||||||
Gold Fields Ltd. | 33,973 | 144,141 | ||||||
Growthpoint Properties Ltd. REIT | 87,772 | 159,993 | ||||||
Hyprop Investments Ltd. REIT | 10,272 | 80,326 | ||||||
Imperial Holdings Ltd. | 6,307 | 104,517 | ||||||
Investec Ltd. | 11,206 | 77,654 | ||||||
Kumba Iron Ore Ltd. | 2,409 | 57,135 | ||||||
Liberty Holdings Ltd. | 5,534 | 46,862 | ||||||
Life Healthcare Group Holdings Ltd. | 53,624 | 102,087 | ||||||
MMI Holdings Ltd. | 39,070 | 57,202 | ||||||
Mondi Ltd. | 4,894 | 116,000 | ||||||
Mr Price Group Ltd. (a) | 10,138 | 153,759 | ||||||
MTN Group Ltd. | 67,187 | 633,267 | ||||||
Naspers Ltd., Class N | 17,712 | 4,762,429 | ||||||
Nedbank Group Ltd. | 9,228 | 155,628 | ||||||
Netcare Ltd. | 42,329 | 69,442 | ||||||
Pick n Pay Stores Ltd. | 15,150 | 70,310 | ||||||
Pioneer Foods Group Ltd. | 5,957 | 56,899 | ||||||
PSG Group Ltd. | 3,829 | 80,941 | ||||||
Rand Merchant Investment Holdings Ltd. | 28,042 | 86,733 | ||||||
Redefine Properties Ltd. REIT | 215,625 | 159,105 | ||||||
Remgro Ltd. | 21,886 | 341,495 | ||||||
Resilient REIT Ltd. REIT | 11,619 | 123,959 | ||||||
RMB Holdings Ltd. | 29,191 | 142,433 | ||||||
Sanlam Ltd. | 52,671 | 300,549 | ||||||
Sappi Ltd. | 23,005 | 163,190 | ||||||
Sasol Ltd. | 21,871 | 685,711 | ||||||
Shoprite Holdings Ltd. | 18,493 | 307,228 | ||||||
Sibanye Gold Ltd. (a) | 71,648 | 98,056 | ||||||
SPAR Group Ltd. (a) | 8,429 | 116,648 | ||||||
Standard Bank Group Ltd. | 51,202 | 645,858 | ||||||
Steinhoff International Holdings NV | 115,063 | 471,997 | ||||||
Telkom SA SOC Ltd. (a) | 11,543 | 41,711 | ||||||
Tiger Brands Ltd. | 6,849 | 208,476 | ||||||
Truworths International Ltd. (a) | 18,996 | 110,832 | ||||||
Vodacom Group Ltd. (a) | 24,837 | 262,695 | ||||||
Woolworths Holdings Ltd. | 41,149 | 174,017 | ||||||
|
| |||||||
14,049,135 | ||||||||
|
|
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
South Korea — 14.3% | ||||||||
Amorepacific Corp. | 1,272 | $ | 361,174 | |||||
AMOREPACIFIC Group | 1,211 | 164,137 | ||||||
BGF retail Co. Ltd. (b) | 1,015 | 73,776 | ||||||
BNK Financial Group, Inc. | 10,969 | 95,856 | ||||||
Celltrion Healthcare Co. Ltd.* | 1,235 | 98,959 | ||||||
Celltrion, Inc.* | 3,202 | 588,762 | ||||||
Cheil Worldwide, Inc. | 2,968 | 54,819 | ||||||
CJ CheilJedang Corp. | 328 | 120,862 | ||||||
CJ Corp. | 601 | 107,967 | ||||||
CJ E&M Corp. | 782 | 61,798 | ||||||
CJ Logistics Corp.* | 332 | 46,372 | ||||||
Coway Co. Ltd. | 2,210 | 194,752 | ||||||
Daelim Industrial Co. Ltd. | 1,189 | 90,356 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 5,464 | 28,167 | ||||||
DB Insurance Co. Ltd. | 2,048 | 128,912 | ||||||
DGB Financial Group, Inc. | 7,281 | 66,772 | ||||||
Dongsuh Cos., Inc. | 1,444 | 39,608 | ||||||
Doosan Bobcat, Inc. | 1,485 | 48,511 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 2,413 | 36,364 | ||||||
E-MART, Inc. | 867 | 217,895 | ||||||
GS Engineering & Construction Corp.* | 2,053 | 51,408 | ||||||
GS Holdings Corp. | 2,117 | 118,859 | ||||||
GS Retail Co. Ltd. | 1,114 | 40,435 | ||||||
Hana Financial Group, Inc. | 11,834 | 515,987 | ||||||
Hankook Tire Co. Ltd. | 3,075 | 151,454 | ||||||
Hanmi Pharm. Co. Ltd.* | 251 | 131,237 | ||||||
Hanmi Science Co. Ltd.* | 517 | 54,159 | ||||||
Hanon Systems | 7,724 | 93,689 | ||||||
Hanssem Co. Ltd. | 435 | 73,349 | ||||||
Hanwha Chemical Corp. | 4,593 | 123,451 | ||||||
Hanwha Corp. | 1,984 | 75,659 | ||||||
Hanwha Life Insurance Co. Ltd. | 10,754 | 73,719 | ||||||
Hanwha Techwin Co. Ltd. * | 1,535 | 49,721 | ||||||
Hotel Shilla Co. Ltd. | 1,373 | 106,862 | ||||||
Hyosung Corp. | 873 | 108,298 | ||||||
Hyundai Department Store Co. Ltd. | 662 | 59,493 | ||||||
Hyundai Development Co.-Engineering & Construction | 2,497 | 94,993 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 3,286 | 105,834 | ||||||
Hyundai Glovis Co. Ltd. | 823 | 110,792 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 1,305 | 177,478 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 2,587 | 103,171 | ||||||
Hyundai Mobis Co. Ltd. | 2,743 | 689,373 | ||||||
Hyundai Motor Co. | 6,181 | 934,321 | ||||||
Hyundai Robotics Co. Ltd.* | 410 | 150,324 | ||||||
Hyundai Steel Co. | 3,310 | 182,495 | ||||||
Hyundai Wia Corp. | 718 | 44,667 | ||||||
Industrial Bank of Korea | 10,420 | 152,243 | ||||||
ING Life Insurance Korea Ltd., 144A | 1,099 | 54,735 | ||||||
Kakao Corp. | 1,403 | 175,979 | ||||||
Kangwon Land, Inc. | 4,434 | 151,365 | ||||||
KB Financial Group, Inc. | 15,993 | 880,295 | ||||||
KCC Corp. | 238 | 84,309 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 930 | 32,218 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Kia Motors Corp. | 10,226 | $ | 316,200 | |||||
Korea Aerospace Industries Ltd. | 2,818 | 129,733 | ||||||
Korea Electric Power Corp. | 10,618 | 365,886 | ||||||
Korea Gas Corp.* | 1,300 | 52,860 | ||||||
Korea Investment Holdings Co. Ltd. | 1,614 | 101,148 | ||||||
Korea Zinc Co. Ltd. | 352 | 157,361 | ||||||
Korean Air Lines Co. Ltd.* | 1,942 | 55,945 | ||||||
KT&G Corp. | 4,671 | 523,650 | ||||||
Kumho Petrochemical Co. Ltd. | 755 | 62,023 | ||||||
LG Chem Ltd. | 1,829 | 701,684 | ||||||
LG Corp. | 3,584 | 299,696 | ||||||
LG Display Co. Ltd. | 9,664 | 274,402 | ||||||
LG Electronics, Inc. | 4,236 | 350,324 | ||||||
LG Household & Health Care Ltd. | 387 | 417,139 | ||||||
LG Innotek Co. Ltd. | 586 | 86,695 | ||||||
Lotte Chemical Corp. | 639 | 210,211 | ||||||
Lotte Corp. | 1,204 | 68,041 | ||||||
Lotte Shopping Co. Ltd. | 466 | 89,924 | ||||||
Medy-Tox, Inc. | 176 | 75,365 | ||||||
Mirae Asset Daewoo Co. Ltd. | 15,335 | 144,437 | ||||||
NAVER Corp. | 1,122 | 824,810 | ||||||
NCSoft Corp. | 726 | 291,201 | ||||||
Neoplux Co. Ltd.*(b) | 5 | 0 | ||||||
Netmarble Games Corp., 144A* | 702 | 109,017 | ||||||
NH Investment & Securities Co. Ltd. | 5,820 | 72,733 | ||||||
OCI Co. Ltd. | 717 | 80,051 | ||||||
Orion Corp.* | 1,031 | 108,476 | ||||||
Ottogi Corp. | 48 | 35,021 | ||||||
Pan Ocean Co. Ltd.* | 8,836 | 44,657 | ||||||
POSCO | 2,907 | 894,872 | ||||||
Posco Daewoo Corp. | 1,768 | 30,137 | ||||||
S-1 Corp. | 708 | 65,059 | ||||||
Samsung Biologics Co. Ltd., 144A* | 686 | 215,902 | ||||||
Samsung C&T Corp. | 2,970 | 360,248 | ||||||
Samsung Card Co. Ltd. | 1,201 | 42,158 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,319 | 213,094 | ||||||
Samsung Electronics Co. Ltd. | 3,949 | 9,217,055 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,283 | 306,529 | ||||||
Samsung Heavy Industries Co. Ltd.* | 10,732 | 117,847 | ||||||
Samsung Life Insurance Co. Ltd. | 2,896 | 340,628 | ||||||
Samsung SDI Co. Ltd. | 2,193 | 427,214 | ||||||
Samsung SDS Co. Ltd. | 1,441 | 248,939 | ||||||
Samsung Securities Co. Ltd. | 1,861 | 62,247 | ||||||
Shinhan Financial Group Co. Ltd. | 17,102 | 760,613 | ||||||
Shinsegae Inc. | 326 | 85,975 | ||||||
SK Holdings Co. Ltd. | 1,308 | 350,963 | ||||||
SK Hynix, Inc. | 23,565 | 1,663,030 | ||||||
SK Innovation Co. Ltd. | 2,576 | 488,807 | ||||||
SK Networks Co. Ltd. | 5,888 | 34,898 | ||||||
SK Telecom Co. Ltd. | 838 | 203,292 | ||||||
S-Oil Corp. | 1,861 | 204,355 | ||||||
Woori Bank | 15,250 | 227,016 | ||||||
Yuhan Corp. | 339 | 68,532 | ||||||
|
| |||||||
31,256,291 | ||||||||
|
|
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Taiwan — 11.2% | ||||||||
Acer, Inc.* | 121,021 | $ | 82,714 | |||||
Advanced Semiconductor Engineering, Inc. | 277,826 | 359,857 | ||||||
Advantech Co. Ltd. | 14,400 | 96,019 | ||||||
Airtac International Group | 4,679 | 79,715 | ||||||
Asia Cement Corp. | 86,765 | 80,563 | ||||||
Asia Pacific Telecom Co. Ltd.* | 87,141 | 29,198 | ||||||
Asustek Computer, Inc. | 29,179 | 268,501 | ||||||
AU Optronics Corp. | 358,181 | 152,257 | ||||||
Catcher Technology Co. Ltd. | 27,353 | 294,560 | ||||||
Cathay Financial Holding Co. Ltd. | 327,715 | 564,875 | ||||||
Chailease Holding Co. Ltd. | 48,380 | 140,330 | ||||||
Chang Hwa Commercial Bank Ltd. | 194,619 | 105,440 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 80,424 | 137,821 | ||||||
Chicony Electronics Co. Ltd. | 24,836 | 65,911 | ||||||
China Airlines Ltd.* | 108,591 | 41,816 | ||||||
China Development Financial Holding Corp. | 557,344 | 174,669 | ||||||
China Life Insurance Co. Ltd. | 101,773 | 95,855 | ||||||
China Steel Corp. | 520,533 | 425,187 | ||||||
Chunghwa Telecom Co. Ltd. | 152,160 | 525,057 | ||||||
Compal Electronics, Inc. | 173,812 | 120,244 | ||||||
CTBC Financial Holding Co. Ltd. | 702,371 | 468,341 | ||||||
Delta Electronics, Inc. | 80,559 | 366,617 | ||||||
E.Sun Financial Holding Co. Ltd. | 366,570 | 226,708 | ||||||
Eclat Textile Co. Ltd. | 7,378 | 66,046 | ||||||
Eva Airways Corp. | 86,287 | 43,440 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 80,889 | 45,442 | ||||||
Far Eastern New Century Corp. | 132,812 | 113,134 | ||||||
Far EasTone Telecommunications Co. Ltd. | 66,024 | 157,389 | ||||||
Feng TAY Enterprise Co. Ltd. | 13,814 | 57,800 | ||||||
First Financial Holding Co. Ltd. | 378,876 | 243,161 | ||||||
Formosa Chemicals & Fibre Corp. | 121,183 | 367,662 | ||||||
Formosa Petrochemical Corp. | 55,148 | 194,895 | ||||||
Formosa Plastics Corp. | 165,502 | 499,916 | ||||||
Formosa Taffeta Co. Ltd. | 31,350 | 31,409 | ||||||
Foxconn Technology Co. Ltd. | 38,020 | 105,717 | ||||||
Fubon Financial Holding Co. Ltd. | 275,778 | 450,987 | ||||||
General Interface Solution Holding Ltd. | 7,000 | 55,194 | ||||||
Giant Manufacturing Co. Ltd. | 12,409 | 62,057 | ||||||
Globalwafers Co. Ltd. | 9,179 | 123,482 | ||||||
Highwealth Construction Corp. | 33,772 | 44,926 | ||||||
Hiwin Technologies Corp. | 8,692 | 95,776 | ||||||
Hon Hai Precision Industry Co. Ltd. | 636,963 | 2,123,635 | ||||||
Hotai Motor Co. Ltd. | 11,295 | 130,672 | ||||||
HTC Corp.* | 27,195 | 61,110 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 296,913 | 162,840 | ||||||
Innolux Corp. | 370,384 | 161,767 | ||||||
Inventec Corp. | 107,607 | 80,721 | ||||||
Largan Precision Co. Ltd. | 3,569 | 611,611 | ||||||
Lite-On Technology Corp. | 87,492 | 107,491 | ||||||
Macronix International* | 72,013 | 113,803 | ||||||
MediaTek, Inc. | 60,936 | 662,304 | ||||||
Mega Financial Holding Co. Ltd. | 449,900 | 354,742 | ||||||
Micro-Star International Co. Ltd. | 27,950 | 68,305 | ||||||
Nan Ya Plastics Corp. | 189,889 | 478,616 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Nanya Technology Corp. | 28,416 | $ | 73,707 | |||||
Nien Made Enterprise Co. Ltd. | 6,057 | 55,534 | ||||||
Novatek Microelectronics Corp. | 23,907 | 91,263 | ||||||
Pegatron Corp. | 80,378 | 183,031 | ||||||
Phison Electronics Corp. | 6,109 | 61,917 | ||||||
Pou Chen Corp. | 91,392 | 109,692 | ||||||
Powertech Technology, Inc. | 29,000 | 87,984 | ||||||
President Chain Store Corp. | 23,642 | 223,856 | ||||||
Quanta Computer, Inc. | 111,809 | 229,254 | ||||||
Realtek Semiconductor Corp. | 19,958 | 74,192 | ||||||
Ruentex Development Co. Ltd.* | 38,025 | 39,554 | ||||||
Ruentex Industries Ltd.* | 23,360 | 38,824 | ||||||
Shin Kong Financial Holding Co. Ltd. | 343,779 | 117,481 | ||||||
Siliconware Precision Industries Co. Ltd. | 86,586 | 144,339 | ||||||
SinoPac Financial Holdings Co. Ltd. | 434,089 | 135,029 | ||||||
Standard Foods Corp. | 24,592 | 61,574 | ||||||
Synnex Technology International Corp. | 58,626 | 79,356 | ||||||
TaiMed Biologics, Inc.* | 7,205 | 44,079 | ||||||
Taishin Financial Holding Co. Ltd. | 390,085 | 175,573 | ||||||
Taiwan Business Bank | 138,036 | 38,060 | ||||||
Taiwan Cement Corp. | 143,065 | 160,026 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 327,992 | 178,791 | ||||||
Taiwan High Speed Rail Corp. | 69,823 | 55,870 | ||||||
Taiwan Mobile Co. Ltd. | 66,485 | 238,286 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,002,013 | 7,550,008 | ||||||
Teco Electric and Machinery Co. Ltd. | 78,676 | 77,118 | ||||||
Uni-President Enterprises Corp. | 199,718 | 424,153 | ||||||
United Microelectronics Corp. | 495,937 | 252,979 | ||||||
Vanguard International Semiconductor Corp. | 33,763 | 80,372 | ||||||
Wistron Corp. | 107,198 | 82,559 | ||||||
WPG Holdings Ltd. | 64,158 | 87,058 | ||||||
Yageo Corp. | 8,452 | 94,681 | ||||||
Yuanta Financial Holding Co. Ltd. | 421,740 | 195,445 | ||||||
Zhen Ding Technology Holding Ltd. | 19,269 | 47,090 | ||||||
|
| |||||||
24,367,040 | ||||||||
|
| |||||||
Thailand — 2.2% | ||||||||
Advanced Info Service PCL, NVDR | 42,974 | 229,607 | ||||||
Airports of Thailand PCL, NVDR | 177,500 | 338,315 | ||||||
Bangkok Bank PCL, NVDR | 11,346 | 69,306 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 160,300 | 104,543 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 309,800 | 75,411 | ||||||
Banpu PCL, NVDR | 81,300 | 42,567 | ||||||
BEC World PCL, NVDR | 42,984 | 19,610 | ||||||
Berli Jucker PCL, NVDR | 49,700 | 88,261 | ||||||
BTS Group Holdings PCL, NVDR | 241,600 | 61,029 | ||||||
Bumrungrad Hospital PCL, NVDR | 14,900 | 91,015 | ||||||
Central Pattana PCL, NVDR | 55,600 | 137,042 | ||||||
Charoen Pokphand Foods PCL, NVDR | 129,143 | 93,318 | ||||||
CP ALL PCL, NVDR | 204,200 | 456,418 | ||||||
Delta Electronics Thailand PCL, NVDR | 23,602 | 60,884 | ||||||
Electricity Generating PCL, NVDR | 5,200 | 34,231 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Thailand (Continued) | ||||||||
Energy Absolute PCL, NVDR | 46,600 | $ | 64,920 | |||||
Glow Energy PCL, NVDR | 21,000 | 56,101 | ||||||
Home Product Center PCL, NVDR | 163,200 | 62,961 | ||||||
Indorama Ventures PCL, NVDR | 59,497 | 89,264 | ||||||
IRPC PCL, NVDR | 413,980 | 78,588 | ||||||
Kasikornbank PCL, NVDR | 76,679 | 532,950 | ||||||
KCE Electronics PCL, NVDR | 11,200 | 28,292 | ||||||
Krung Thai Bank PCL, NVDR | 146,606 | 86,635 | ||||||
Minor International PCL, NVDR | 89,500 | 119,205 | ||||||
PTT Exploration & Production PCL, NVDR | 60,913 | 170,187 | ||||||
PTT Global Chemical PCL, NVDR | 89,600 | 218,102 | ||||||
PTT PCL | 15,200 | 191,745 | ||||||
PTT PCL, NVDR | 25,898 | 326,699 | ||||||
Robinson PCL, NVDR | 20,600 | 46,675 | ||||||
Siam Cement PCL | 17,658 | 257,355 | ||||||
Siam Commercial Bank PCL, NVDR | 72,998 | 340,851 | ||||||
Thai Oil PCL, NVDR | 33,857 | 96,408 | ||||||
Thai Union Group PCL, NVDR | 78,700 | 44,338 | ||||||
TMB Bank PCL, NVDR | 543,700 | 46,612 | ||||||
True Corp. PCL, NVDR* | 414,200 | 72,288 | ||||||
|
| |||||||
4,831,733 | ||||||||
|
| |||||||
Turkey — 1.0% | ||||||||
Akbank TAS | 90,974 | 208,855 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 8,571 | 51,130 | ||||||
Arcelik AS | 9,781 | 49,481 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 8,268 | 70,309 | ||||||
BIM Birlesik Magazalar AS | 8,788 | 162,367 | ||||||
Coca-Cola Icecek AS | 3,154 | 28,206 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT* | 78,571 | 49,359 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 57,892 | 127,289 | ||||||
Ford Otomotiv Sanayi AS | 2,903 | 40,811 | ||||||
Haci Omer Sabanci Holding AS | 37,971 | 98,615 | ||||||
KOC Holding AS | 31,458 | 132,471 | ||||||
Petkim Petrokimya Holding AS | 27,915 | 46,479 | ||||||
TAV Havalimanlari Holding AS | 3,522 | 17,556 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 5,167 | 41,168 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 5,183 | 160,418 | ||||||
Turk Hava Yollari AO* | 22,827 | 71,467 | ||||||
Turk Telekomunikasyon AS* | 21,712 | 31,549 | ||||||
Turkcell Iletisim Hizmetleri AS | 43,899 | 170,511 | ||||||
Turkiye Garanti Bankasi AS | 95,523 | 234,423 | ||||||
Turkiye Halk Bankasi AS | 26,462 | 60,007 | ||||||
Turkiye Is Bankasi, Class C | 65,682 | 103,490 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 32,562 | 34,841 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 31,017 | 45,861 | ||||||
Ulker Biskuvi Sanayi AS | 6,366 | 29,555 | ||||||
Yapi ve Kredi Bankasi AS* | 35,954 | 38,103 | ||||||
|
| |||||||
2,104,321 | ||||||||
|
| |||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC | 78,516 | 150,705 | ||||||
Aldar Properties PJSC | 130,055 | 77,898 | ||||||
DAMAC Properties Dubai Co. PJSC | 75,054 | 70,497 | ||||||
DP World Ltd. | 6,868 | 165,175 | ||||||
Dubai Investments PJSC | 61,218 | 41,001 | ||||||
Dubai Islamic Bank PJSC | 51,093 | 83,880 |
Number | Value | |||||||
United Arab Emirates (Continued) | ||||||||
DXB Entertainments PJSC* | 132,323 | $ | 23,777 | |||||
Emaar Malls PJSC | 80,725 | 47,253 | ||||||
Emaar Properties PJSC | 145,740 | 299,574 | ||||||
Emirates Telecommunications Group Co. PJSC | 67,978 | 303,523 | ||||||
First Abu Dhabi Bank PJSC | 54,276 | 149,248 | ||||||
|
| |||||||
1,412,531 | ||||||||
|
| |||||||
United States — 0.0% | ||||||||
Nexteer Automotive Group Ltd.* | 34,126 | 73,407 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 205,076,058 | |||||||
|
| |||||||
PREFERRED STOCKS — 3.5% | ||||||||
Brazil — 2.3% | ||||||||
Banco Bradesco SA | 123,308 | 1,229,897 | ||||||
Braskem SA, Class A* | 7,133 | 98,929 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 9,376 | 61,181 | ||||||
Cia Brasileira de Distribuicao* | 6,539 | 139,831 | ||||||
Cia Energetica de Minas Gerais | 31,190 | 62,886 | ||||||
Gerdau SA | 42,976 | 145,465 | ||||||
Itau Unibanco Holding SA | 130,467 | 1,644,862 | ||||||
Itausa — Investimentos Itau SA | 155,072 | 491,728 | ||||||
Lojas Americanas SA | 30,116 | 136,437 | ||||||
Petroleo Brasileiro SA* | 158,358 | 744,030 | ||||||
Telefonica Brasil SA | 18,512 | 268,509 | ||||||
|
| |||||||
5,023,755 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 10,765 | 47,073 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 3,984 | 215,364 | ||||||
|
| |||||||
262,437 | ||||||||
|
| |||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 18,694 | 180,960 | ||||||
Grupo Aval Acciones y Valores SA | 157,755 | 64,587 | ||||||
Grupo de Inversiones Suramericana SA | 4,721 | 59,191 | ||||||
|
| |||||||
304,738 | ||||||||
|
| |||||||
India — 0.0% | ||||||||
Vedanta Ltd.* | 60,000 | 9,677 | ||||||
|
| |||||||
Russia — 0.1% | ||||||||
Surgutneftegas OJSC | 298,942 | 145,175 | ||||||
Transneft PJSC | 18 | 54,807 | ||||||
|
| |||||||
199,982 | ||||||||
|
| |||||||
South Korea — 0.8% | ||||||||
Amorepacific Corp. | 371 | 56,933 | ||||||
Hyundai Motor Co. | 981 | 87,891 | ||||||
Hyundai Motor Co. - 2nd Preferred | 1,559 | 155,434 | ||||||
LG Chem Ltd. | 320 | 73,366 | ||||||
LG Household & Health Care Ltd. | 83 | 53,541 | ||||||
Samsung Electronics Co. Ltd. | 705 | 1,357,850 | ||||||
|
| |||||||
1,785,015 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 7,585,604 | |||||||
|
|
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
CTBC Financial Holding Co. Ltd., expires 12/15/17*(b) | 9,978 | $ | 0 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.8% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) | 1,642,194 | 1,642,194 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.2% | ||||||||
(Cost $170,952,560) | $ | 214,303,856 | ||||||
Other assets and liabilities, net — 1.8% | 4,121,877 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 218,425,733 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $1,545,805, which is 0.7% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(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 |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
E-mini MSCI Emerging Markets Index Futures | USD | 95 | $ | 5,236,870 | $ | 5,320,000 | 12/15/2017 | $ | 83,130 |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AED | 3,865,800 | USD | 1,052,420 | $ | — | $ | (62 | ) | ||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AED | 1,093,700 | USD | 297,743 | — | (22 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | BRL | 917,000 | USD | 279,148 | — | (829 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | BRL | 14,356,900 | USD | 4,370,109 | — | (13,316 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | BRL | 36,723,900 | USD | 11,178,078 | — | (34,402 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CLP | 104,243,000 | USD | 163,729 | 2,696 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CLP | 1,232,438,100 | USD | 1,937,476 | 33,624 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | CLP | 462,074,400 | USD | 726,452 | 12,647 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | COP | 2,745,667,600 | USD | 899,701 | — | (10,037 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CZK | 5,604,100 | USD | 254,811 | — | (6,665 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | CZK | 2,843,300 | USD | 129,261 | — | (3,401 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | EUR | 583,300 | USD | 680,663 | — | (13,871 | ) |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 77,943,500 | USD | 9,994,678 | $ | 14,259 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | HKD | 17,894,000 | USD | 2,294,449 | 3,178 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | HKD | 47,019,900 | USD | 6,029,256 | 8,506 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | HKD | 130,943,700 | USD | 16,790,614 | 23,685 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | HKD | 103,669,500 | USD | 13,293,262 | 18,709 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HUF | 16,253,900 | USD | 60,870 | — | (942 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | HUF | 101,925,900 | USD | 381,677 | — | (5,931 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | HUF | 73,048,400 | USD | 273,519 | — | (4,273 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | KRW | 24,000,952,800 | USD | 21,424,066 | — | (631,417 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | KRW | 1,809,704,000 | USD | 1,619,205 | — | (43,808 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | KRW | 8,255,186,300 | USD | 7,373,335 | — | (212,702 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | KRW | 4,101,959,000 | USD | 3,662,790 | — | (106,672 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | MXN | 16,976,000 | USD | 882,799 | — | (27,337 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | MXN | 14,653,500 | USD | 761,583 | — | (24,037 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | MXN | 27,985,900 | USD | 1,454,600 | — | (45,811 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | MXN | 72,505,700 | USD | 3,770,316 | — | (116,940 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PHP | 64,335,900 | USD | 1,241,287 | — | (38,385 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | PHP | 11,091,700 | USD | 213,989 | — | (6,630 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | PHP | 47,010,100 | USD | 906,044 | — | (29,009 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | PLN | 1,778,500 | USD | 488,726 | — | (15,199 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | PLN | 2,837,800 | USD | 779,768 | — | (24,303 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | PLN | 5,503,900 | USD | 1,512,476 | — | (47,015 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | QAR | 4,444,700 | USD | 1,220,619 | — | (47 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | RUB | 121,636,600 | USD | 2,073,299 | — | (5,418 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | RUB | 295,245,800 | USD | 5,031,220 | — | (14,403 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 3,816,000 | USD | 114,767 | — | (2,087 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 120,418,200 | USD | 3,623,780 | — | (63,668 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | THB | 38,055,100 | USD | 1,145,031 | — | (20,293 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TRY | 492,000 | USD | 128,251 | 2,811 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | TRY | 5,528,200 | USD | 1,441,542 | 32,079 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | TRY | 2,769,700 | USD | 722,224 | 16,064 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 235,601,200 | USD | 7,818,191 | — | (38,807 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | TWD | 122,636,400 | USD | 4,071,458 | — | (18,309 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | TWD | 72,745,300 | USD | 2,415,824 | — | (10,139 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TWD | 310,168,700 | USD | 10,302,178 | — | (41,552 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TWD | 44,901,000 | USD | 1,491,579 | — | (5,812 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,052,491 | AED | 3,865,800 | — | (10 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 297,767 | AED | 1,093,700 | — | (3 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 4,673,061 | BRL | 15,273,900 | — | (9,659 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 11,235,704 | BRL | 36,723,900 | — | (23,224 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 2,063,862 | CLP | 1,336,681,100 | 1,023 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 713,384 | CLP | 462,074,400 | 422 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 913,536 | COP | 2,745,667,600 | — | (3,797 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 261,752 | CZK | 5,604,100 | — | (276 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 132,802 | CZK | 2,843,300 | — | (140 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 695,532 | EUR | 583,300 | — | (997 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 9,979,706 | HKD | 77,943,500 | 714 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 8,311,426 | HKD | 64,913,900 | 594 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 16,765,729 | HKD | 130,943,700 | 1,199 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 13,273,604 | HKD | 103,669,500 | 949 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 61,923 | HUF | 16,253,900 | — | (112 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 388,312 | HUF | 101,925,900 | — | (704 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 278,299 | HUF | 73,048,400 | — | (507 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 23,728,482 | KRW | 25,810,656,800 | — | (9,986 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 7,591,744 | KRW | 8,255,186,300 | — | (5,706 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 3,770,876 | KRW | 4,101,959,000 | — | (1,414 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 912,232 | MXN | 16,976,000 | — | (2,096 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 787,425 | MXN | 14,653,500 | — | (1,805 | ) |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,503,903 | MXN | 27,985,900 | $ | — | $ | (3,492 | ) | ||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 3,896,899 | MXN | 72,505,700 | — | (9,643 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,279,044 | PHP | 64,335,900 | 628 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 220,187 | PHP | 11,091,700 | 432 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 933,296 | PHP | 47,010,100 | 1,758 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 504,844 | PLN | 1,778,500 | — | (919 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 805,538 | PLN | 2,837,800 | — | (1,467 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,562,343 | PLN | 5,503,900 | — | (2,852 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,194,812 | QAR | 4,444,700 | 25,854 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 2,080,928 | RUB | 121,636,600 | — | (2,212 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 5,051,003 | RUB | 295,245,800 | — | (5,381 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,803,864 | THB | 124,234,200 | 437 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,168,410 | THB | 38,055,100 | — | (3,086 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 125,812 | TRY | 492,000 | — | (372 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,413,631 | TRY | 5,528,200 | — | (4,167 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 708,262 | TRY | 2,769,700 | — | (2,102 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 7,850,756 | TWD | 235,601,200 | 6,243 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 4,086,518 | TWD | 122,636,400 | 3,249 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 2,424,035 | TWD | 72,745,300 | 1,927 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 11,838,024 | TWD | 355,069,700 | 3,096 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,059,936 | ZAR | 41,751,600 | — | (18,255 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 10,315,225 | ZAR | 140,746,700 | — | (61,568 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,216,140 | ZAR | 16,593,700 | — | (7,258 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 16,283,000 | USD | 1,144,825 | — | (41,422 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 25,468,600 | USD | 1,790,730 | — | (64,705 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | ZAR | 140,746,700 | USD | 9,896,045 | — | (357,612 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | ZAR | 16,593,700 | USD | 1,166,705 | — | (42,176 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | EGP | 4,674,800 | USD | 261,941 | — | (2,389 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | IDR | 41,058,258,000 | USD | 3,015,663 | — | (18,213 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/6/2017 | IDR | 14,877,311,300 | USD | 1,093,598 | — | (5,716 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | IDR | 8,968,695,400 | USD | 658,882 | — | (3,833 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | INR | 300,826,800 | USD | 4,623,126 | — | (39,094 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | INR | 79,741,000 | USD | 1,227,276 | — | (8,552 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/6/2017 | INR | 869,487,000 | USD | 13,366,236 | — | (109,090 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | MYR | 14,421,500 | USD | 3,407,324 | — | (118,328 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | MYR | 5,992,400 | USD | 1,416,141 | — | (48,833 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 263,815 | EGP | 4,674,800 | 515 | — | |||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 3,042,479 | IDR | 41,058,258,000 | — | (8,602 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/6/2017 | USD | 1,099,580 | IDR | 14,877,311,300 | — | (265 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | USD | 662,630 | IDR | 8,968,695,400 | 85 | — | |||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 5,904,853 | INR | 380,567,800 | — | (6,806 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/6/2017 | USD | 13,474,778 | INR | 869,487,000 | 548 | — | |||||||||||||||
Goldman Sachs & Co. | 12/6/2017 | USD | 3,534,681 | MYR | 14,421,500 | — | (9,029 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | USD | 1,464,955 | MYR | 5,992,400 | 18 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | AED | 3,865,800 | USD | 1,052,377 | — | (43 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | AED | 1,093,700 | USD | 297,727 | — | (20 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | BRL | 15,273,900 | USD | 4,658,239 | 10,669 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | BRL | 36,723,900 | USD | 11,199,384 | 24,969 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CLP | 1,336,681,100 | USD | 2,064,117 | — | (766 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | CLP | 462,074,400 | USD | 713,650 | — | (155 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | COP | 2,745,667,600 | USD | 910,757 | 3,737 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CZK | 5,604,100 | USD | 262,805 | 260 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | CZK | 2,843,300 | USD | 133,356 | 151 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EGP | 4,674,800 | USD | 261,747 | — | (2,072 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | EUR | 583,300 | USD | 697,054 | 991 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 14,050,000 | USD | 1,799,522 | — | (241 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 77,943,500 | USD | 9,983,157 | — | (1,172 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 1,484,000 | USD | 190,060 | — | (36 | ) |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | HKD | 64,913,900 | USD | 8,314,407 | $ | — | $ | (870 | ) | ||||||||||||
RBC Capital Markets | 1/4/2018 | HKD | 130,943,700 | USD | 16,771,205 | — | (2,292 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2018 | HKD | 103,669,500 | USD | 13,277,361 | — | (2,393 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HUF | 16,253,900 | USD | 62,080 | 116 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | HUF | 101,925,900 | USD | 389,306 | 735 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | HUF | 73,048,400 | USD | 278,977 | 495 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | IDR | 41,058,258,000 | USD | 3,032,368 | 6,744 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | IDR | 14,877,311,300 | USD | 1,096,177 | — | (147 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | IDR | 8,968,695,400 | USD | 660,629 | — | (283 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | INR | 380,567,800 | USD | 5,885,676 | 7,037 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | INR | 869,487,000 | USD | 13,433,142 | 2,159 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | KRW | 25,810,656,800 | USD | 23,726,301 | 2,720 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | KRW | 8,255,186,300 | USD | 7,592,233 | 4,569 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | KRW | 4,101,959,000 | USD | 3,771,257 | 987 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | KRW | 200,447,000 | USD | 184,238 | — | (1 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | MXN | 16,976,000 | USD | 907,411 | 2,281 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | MXN | 14,653,500 | USD | 783,301 | 2,002 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | MXN | 27,985,900 | USD | 1,495,612 | 3,454 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | MXN | 72,505,700 | USD | 3,875,673 | 9,798 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | MYR | 14,421,500 | USD | 3,532,950 | 11,187 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | MYR | 5,992,400 | USD | 1,465,027 | 1,669 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PHP | 64,335,900 | USD | 1,276,759 | — | (609 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | PHP | 11,091,700 | USD | 219,860 | — | (362 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | PHP | 47,010,100 | USD | 931,908 | — | (1,462 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PLN | 378,000 | USD | 107,327 | 182 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | PLN | 1,778,500 | USD | 504,996 | 879 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | PLN | 2,837,800 | USD | 805,896 | 1,519 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PLN | 5,503,900 | USD | 1,562,995 | 2,911 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | QAR | 4,444,700 | USD | 1,194,491 | — | (26,269 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | THB | 124,234,200 | USD | 3,805,029 | — | (1,846 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | THB | 4,326,000 | USD | 132,781 | 220 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | THB | 38,055,100 | USD | 1,168,948 | 2,836 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TRY | 492,000 | USD | 124,659 | 430 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | TRY | 5,528,200 | USD | 1,400,601 | 4,732 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | TRY | 2,769,700 | USD | 701,686 | 2,338 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TWD | 235,601,200 | USD | 7,861,235 | — | (8,340 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | TWD | 122,636,400 | USD | 4,093,338 | — | (2,976 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | TWD | 72,745,300 | USD | 2,428,973 | — | (873 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | TWD | 4,057,000 | USD | 135,312 | — | (200 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | TWD | 355,069,700 | USD | 11,849,086 | — | (10,988 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 779,744 | BRL | 2,556,000 | — | (1,999 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 312,380 | CLP | 202,344,000 | 198 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 279,222 | INR | 18,081,000 | 76 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 175,580 | KRW | 190,755,000 | — | (250 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 376,137 | MXN | 7,036,000 | — | (990 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 82,369 | QAR | 306,000 | 1,676 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 116,094 | THB | 3,785,000 | — | (111 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 10,365 | TRY | 41,000 | — | (13 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 141,923 | TRY | 560,000 | — | (523 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 555,197 | TWD | 16,609,000 | — | (422 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 421,877 | ZAR | 5,784,000 | — | (2,627 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ZAR | 41,751,600 | USD | 3,044,950 | 18,609 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | ZAR | 140,746,700 | USD | 10,264,731 | 62,783 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | ZAR | 16,593,700 | USD | 1,210,150 | 7,365 | — | |||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | RUB | 30,510,000 | USD | 519,236 | 953 | — | |||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | RUB | 121,636,600 | USD | 2,070,169 | 3,890 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/10/2018 | RUB | 295,245,800 | USD | 5,024,892 | 9,458 | — |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | USD | 206,522 | RUB | 12,133,000 | $ | — | $ | (414 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 435,734 | $ | (2,823,191 | ) | |||||||||||||||||||||||
|
|
|
|
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 | Philippine 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. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 205,002,265 | $ | — | $ | 73,793 | $ | 205,076,058 | ||||||||
Preferred Stocks (e) | 7,585,604 | — | — | 7,585,604 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Short-Term Investments | 1,642,194 | — | — | 1,642,194 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 435,734 | — | 435,734 | ||||||||||||
Futures Contracts | 83,130 | — | — | 83,130 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 214,313,193 | $ | 435,734 | $ | 73,793 | $ | 214,822,720 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (2,823,191 | ) | $ | — | $ | (2,823,191 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (2,823,191 | ) | $ | — | $ | (2,823,191 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $109,896 and between Level 3 and Level 1 was $442,356. 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. | 66 |
DBX ETF Trust
Xtrackers MSCI Europe Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.3% | ||||||||
Australia — 0.4% | ||||||||
BHP Billiton PLC | 510,504 | $ | 9,285,908 | |||||
|
| |||||||
Austria — 0.4% | ||||||||
ANDRITZ AG | 17,057 | 955,315 | ||||||
Erste Group Bank AG* | 73,091 | 3,188,423 | ||||||
OMV AG | 35,810 | 2,227,469 | ||||||
Raiffeisen Bank International AG* | 36,690 | 1,299,190 | ||||||
voestalpine AG | 27,317 | 1,587,010 | ||||||
|
| |||||||
9,257,407 | ||||||||
|
| |||||||
Belgium — 1.8% | ||||||||
Ageas | 45,552 | 2,238,400 | ||||||
Anheuser-Busch InBev SA/NV | 184,171 | 21,197,552 | ||||||
Colruyt SA | 13,659 | 723,301 | ||||||
Groupe Bruxelles Lambert SA | 19,501 | 2,097,119 | ||||||
KBC Group NV | 60,096 | 4,916,204 | ||||||
Proximus SADP | 36,140 | 1,238,635 | ||||||
Solvay SA | 17,828 | 2,508,177 | ||||||
Telenet Group Holding NV* | 13,128 | 917,066 | ||||||
UCB SA | 31,080 | 2,320,938 | ||||||
Umicore SA | 46,125 | 2,152,639 | ||||||
|
| |||||||
40,310,031 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC | 95,696 | 1,177,062 | ||||||
|
| |||||||
Denmark — 2.8% | ||||||||
A.P. Moller — Maersk A/S, Class A | 910 | 1,558,603 | ||||||
A.P. Moller — Maersk A/S, Class B | 1,554 | 2,788,358 | ||||||
Carlsberg A/S, Class B | 26,042 | 3,083,927 | ||||||
Chr Hansen Holding A/S | 24,203 | 2,196,543 | ||||||
Coloplast A/S, Class B | 28,902 | 2,265,256 | ||||||
Danske Bank A/S | 180,670 | 6,749,374 | ||||||
DSV A/S | 46,150 | 3,551,419 | ||||||
Genmab A/S* | 14,039 | 2,761,506 | ||||||
H Lundbeck A/S | 17,242 | 869,393 | ||||||
ISS A/S | 40,784 | 1,541,849 | ||||||
Novo Nordisk A/S, Class B | 450,649 | 23,263,581 | ||||||
Novozymes A/S, Class B | 54,408 | 2,944,406 | ||||||
Orsted A/S, 144A | 45,569 | 2,651,165 | ||||||
Pandora A/S (a) | 25,648 | 2,569,681 | ||||||
TDC A/S | 195,672 | 1,190,973 | ||||||
Tryg A/S | 26,540 | 645,133 | ||||||
Vestas Wind Systems A/S | 51,958 | 3,325,325 | ||||||
William Demant Holding A/S* | 28,012 | 770,060 | ||||||
|
| |||||||
64,726,552 | ||||||||
|
| |||||||
Finland — 1.5% | ||||||||
Elisa OYJ | 34,176 | 1,390,373 | ||||||
Fortum OYJ | 106,119 | 2,233,127 | ||||||
Kone OYJ, Class B | 80,841 | 4,160,594 | ||||||
Metso OYJ | 27,874 | 983,698 | ||||||
Neste OYJ | 31,391 | 1,950,355 | ||||||
Nokia OYJ | 1,410,673 | 7,078,887 | ||||||
Nokian Renkaat OYJ | 27,690 | 1,208,570 | ||||||
Orion OYJ, Class B | 25,095 | 926,845 | ||||||
Sampo OYJ, Class A | 108,053 | 5,711,571 | ||||||
Stora Enso OYJ, Class R | 133,784 | 2,047,779 |
Number | Value | |||||||
Finland (Continued) | ||||||||
UPM-Kymmene OYJ | 129,008 | $ | 3,883,323 | |||||
Wartsila OYJ Abp | 36,090 | 2,384,064 | ||||||
|
| |||||||
33,959,186 | ||||||||
|
| |||||||
France — 16.5% | ||||||||
Accor SA | 45,543 | 2,284,305 | ||||||
Aeroports de Paris | 7,415 | 1,414,318 | ||||||
Air Liquide SA | 103,110 | 12,904,704 | ||||||
Airbus SE | 140,396 | 14,586,706 | ||||||
Alstom SA | 37,834 | 1,561,706 | ||||||
Amundi SA, 144A | 14,639 | 1,306,456 | ||||||
Arkema SA | 16,124 | 1,972,895 | ||||||
Atos SE | 22,886 | 3,384,576 | ||||||
AXA SA | 468,770 | 14,144,115 | ||||||
BioMerieux | 10,032 | 836,915 | ||||||
BNP Paribas SA | 271,580 | 20,552,105 | ||||||
Bollore SA | 216,192 | 1,148,173 | ||||||
Bouygues SA | 52,342 | 2,707,560 | ||||||
Bureau Veritas SA | 63,262 | 1,677,253 | ||||||
Capgemini SE | 38,822 | 4,476,618 | ||||||
Carrefour SA | 140,434 | 2,951,060 | ||||||
Casino Guichard Perrachon SA | 13,407 | 815,916 | ||||||
Cie de Saint-Gobain | 121,888 | 6,944,117 | ||||||
Cie Generale des Etablissements Michelin | 41,399 | 6,004,176 | ||||||
CNP Assurances | 42,470 | 955,898 | ||||||
Credit Agricole SA | 274,794 | 4,629,724 | ||||||
Danone SA | 145,904 | 12,316,120 | ||||||
Dassault Aviation SA | 603 | 927,079 | ||||||
Dassault Systemes SE | 31,627 | 3,399,631 | ||||||
Edenred | 54,271 | 1,552,889 | ||||||
Eiffage SA | 17,766 | 1,949,447 | ||||||
Electricite de France SA | 139,579 | 1,829,133 | ||||||
Engie SA | 441,470 | 7,726,881 | ||||||
Essilor International SA | 50,167 | 6,451,800 | ||||||
Eurazeo SA | 10,872 | 956,813 | ||||||
Eutelsat Communications SA | 42,604 | 964,493 | ||||||
Faurecia | 18,385 | 1,406,622 | ||||||
Fonciere Des Regions REIT | 8,423 | 901,190 | ||||||
Gecina SA REIT | 11,188 | 1,864,312 | ||||||
Groupe Eurotunnel SE | 115,045 | 1,529,533 | ||||||
Hermes International | 7,655 | 4,034,966 | ||||||
ICADE REIT | 8,249 | 766,225 | ||||||
Iliad SA | 6,316 | 1,477,587 | ||||||
Imerys SA | 8,643 | 792,433 | ||||||
Ingenico Group SA | 14,044 | 1,471,665 | ||||||
Ipsen SA | 9,100 | 1,109,122 | ||||||
JCDecaux SA | 17,957 | 748,280 | ||||||
Kering | 18,314 | 8,125,290 | ||||||
Klepierre SA REIT | 53,188 | 2,196,753 | ||||||
Lagardere SCA | 29,103 | 953,808 | ||||||
Legrand SA | 64,910 | 4,864,233 | ||||||
L’Oreal SA | 60,898 | 13,467,492 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 67,398 | 19,613,896 | ||||||
Natixis SA | 232,845 | 1,887,348 | ||||||
Orange SA (a) | 481,964 | 8,306,559 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Pernod Ricard SA | 51,311 | $ | 8,003,602 | |||||
Peugeot SA | 142,158 | 2,939,911 | ||||||
Publicis Groupe SA | 50,103 | 3,327,637 | ||||||
Remy Cointreau SA | 5,717 | 760,761 | ||||||
Renault SA | 46,461 | 4,721,529 | ||||||
Rexel SA | 74,190 | 1,368,280 | ||||||
Safran SA | 80,639 | 8,593,137 | ||||||
Sanofi | 274,630 | 25,038,871 | ||||||
Schneider Electric SE* | 137,006 | 11,775,380 | ||||||
SCOR SE | 42,115 | 1,717,363 | ||||||
SEB SA | 5,370 | 989,426 | ||||||
Societe BIC SA | 6,942 | 805,945 | ||||||
Societe Generale SA | 185,469 | 9,340,118 | ||||||
Sodexo SA | 22,158 | 2,894,497 | ||||||
Suez | 88,956 | 1,640,079 | ||||||
Teleperformance | 13,992 | 2,070,921 | ||||||
Thales SA | 25,385 | 2,565,814 | ||||||
TOTAL SA | 574,218 | 32,399,548 | ||||||
Ubisoft Entertainment SA* | 15,273 | 1,171,252 | ||||||
Unibail-Rodamco SE REIT | 23,948 | 6,126,955 | ||||||
Valeo SA | 57,703 | 4,188,852 | ||||||
Veolia Environnement SA | 114,702 | 2,901,817 | ||||||
Vinci SA | 121,969 | 12,461,697 | ||||||
Vivendi SA | 248,390 | 6,612,124 | ||||||
Wendel SA | 6,971 | 1,173,228 | ||||||
Zodiac Aerospace | 50,094 | 1,472,722 | ||||||
|
| |||||||
377,912,362 | ||||||||
|
| |||||||
Germany — 14.6% | ||||||||
adidas AG | 45,512 | 9,490,695 | ||||||
Allianz SE | 108,654 | 25,625,821 | ||||||
Axel Springer SE | 11,808 | 931,952 | ||||||
BASF SE | 222,003 | 24,838,462 | ||||||
Bayer AG | 199,880 | 25,491,742 | ||||||
Bayerische Motoren Werke AG | 80,029 | 8,066,149 | ||||||
Beiersdorf AG | 24,685 | 2,937,837 | ||||||
Brenntag AG | 37,627 | 2,342,283 | ||||||
Commerzbank AG* | 255,098 | 3,690,626 | ||||||
Continental AG | 26,589 | 7,081,138 | ||||||
Covestro AG, 144A | 29,367 | 3,058,480 | ||||||
Daimler AG | 232,729 | 19,257,427 | ||||||
Deutsche Bank AG (b) | 499,555 | 9,430,278 | ||||||
Deutsche Boerse AG | 46,311 | 5,250,337 | ||||||
Deutsche Lufthansa AG | 56,257 | 1,933,131 | ||||||
Deutsche Post AG | 234,677 | 11,142,241 | ||||||
Deutsche Telekom AG | 807,470 | 14,425,972 | ||||||
Deutsche Wohnen SE | 85,659 | 3,786,630 | ||||||
Drillisch AG | 12,841 | 979,857 | ||||||
E.ON SE | 532,023 | 6,153,194 | ||||||
Evonik Industries AG | 39,188 | 1,461,807 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 10,076 | 1,003,570 | ||||||
Fresenius Medical Care AG & Co. KGaA | 51,812 | 5,147,529 | ||||||
Fresenius SE & Co. KGaA | 100,486 | 7,249,163 | ||||||
GEA Group AG | 44,497 | 2,146,836 | ||||||
Hannover Rueck SE | 14,662 | 1,926,639 | ||||||
HeidelbergCement AG | 35,969 | 3,826,116 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Henkel AG & Co. KGaA | 24,816 | $ | 3,024,612 | |||||
HOCHTIEF AG | 4,820 | 847,068 | ||||||
HUGO BOSS AG | 15,028 | 1,235,818 | ||||||
Infineon Technologies AG | 274,536 | 7,580,979 | ||||||
Innogy SE, 144A | 34,142 | 1,578,157 | ||||||
K+S AG (a) | 46,083 | 1,079,179 | ||||||
KION Group AG | 17,000 | 1,383,617 | ||||||
LANXESS AG | 22,235 | 1,689,009 | ||||||
Linde AG | 41,670 | 9,145,815 | ||||||
Linde AG* | 4,514 | 1,053,872 | ||||||
MAN SE | 8,277 | 929,606 | ||||||
Merck KGaA | 31,122 | 3,312,750 | ||||||
METRO AG* | 43,080 | 840,926 | ||||||
MTU Aero Engines AG | 12,592 | 2,263,880 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 37,530 | 8,351,068 | ||||||
OSRAM Licht AG | 23,910 | 2,048,754 | ||||||
ProSiebenSat.1 Media SE | 57,068 | 1,814,960 | ||||||
RWE AG* | 124,534 | 2,853,361 | ||||||
SAP SE | 237,551 | 26,761,810 | ||||||
Siemens AG | 184,906 | 25,133,624 | ||||||
Symrise AG | 30,128 | 2,560,751 | ||||||
Telefonica Deutschland Holding AG | 185,285 | 881,259 | ||||||
thyssenkrupp AG | 104,994 | 2,873,038 | ||||||
TUI AG | 108,238 | 1,996,628 | ||||||
Uniper SE | 48,741 | 1,450,059 | ||||||
United Internet AG | 30,021 | 2,022,458 | ||||||
Volkswagen AG | 7,636 | 1,580,987 | ||||||
Vonovia SE | 118,297 | 5,568,052 | ||||||
Wirecard AG | 28,426 | 3,030,176 | ||||||
Zalando SE, 144A* | 26,649 | 1,362,805 | ||||||
|
| |||||||
334,930,990 | ||||||||
|
| |||||||
Ireland — 0.9% | ||||||||
AerCap Holdings NV* | 34,373 | 1,786,365 | ||||||
Allied Irish Banks PLC | 197,193 | 1,279,163 | ||||||
Bank of Ireland Group PLC* | 221,228 | 1,725,777 | ||||||
CRH PLC | 202,164 | 6,966,111 | ||||||
DCC PLC | 21,960 | 2,124,931 | ||||||
Kerry Group PLC, Class A | 38,772 | 4,061,055 | ||||||
Paddy Power Betfair PLC | 19,428 | 2,166,503 | ||||||
Ryanair Holdings PLC* | 26,745 | 558,673 | ||||||
|
| |||||||
20,668,578 | ||||||||
|
| |||||||
Italy — 3.3% | ||||||||
Assicurazioni Generali SpA | 302,001 | 5,528,442 | ||||||
Atlantia SpA | 108,678 | 3,610,268 | ||||||
Davide Campari-Milano SpA | 140,645 | 1,094,813 | ||||||
Enel SpA | 1,961,240 | 12,733,960 | ||||||
Eni SpA | 614,888 | 10,107,126 | ||||||
Ferrari NV | 29,500 | 3,202,247 | ||||||
Intesa Sanpaolo SpA | 3,258,418 | 10,944,648 | ||||||
Intesa Sanpaolo SpA-RSP | 228,262 | 729,213 | ||||||
Leonardo SpA | 96,118 | 1,148,620 | ||||||
Luxottica Group SpA | 41,030 | 2,385,636 | ||||||
Mediobanca SpA | 139,616 | 1,611,094 | ||||||
Poste Italiane SpA, 144A | 128,528 | 938,535 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Prysmian SpA | 50,557 | $ | 1,683,709 | |||||
Recordati SpA | 24,600 | 1,106,789 | ||||||
Snam SpA | 557,071 | 2,808,695 | ||||||
Telecom Italia SpA* | 2,753,339 | 2,303,844 | ||||||
Telecom Italia SpA-RSP | 1,415,870 | 958,901 | ||||||
Terna Rete Elettrica Nazionale SpA | 336,030 | 2,077,790 | ||||||
UniCredit SpA* | 484,170 | 9,739,184 | ||||||
UnipolSai Assicurazioni SpA | 238,722 | 559,753 | ||||||
|
| |||||||
75,273,267 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 22,342 | 2,047,077 | ||||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
ArcelorMittal* | 159,096 | 4,803,216 | ||||||
Eurofins Scientific SE | 2,643 | 1,600,284 | ||||||
Millicom International Cellular SA SDR | 15,508 | 1,014,297 | ||||||
RTL Group SA | 8,858 | 706,397 | ||||||
SES SA | 87,337 | 1,442,345 | ||||||
Tenaris SA | 115,243 | 1,674,820 | ||||||
|
| |||||||
11,241,359 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 53,552 | 934,986 | ||||||
|
| |||||||
Netherlands — 7.2% | ||||||||
ABN AMRO Group NV, 144A | 101,996 | 3,025,912 | ||||||
Aegon NV | 423,570 | 2,630,675 | ||||||
Akzo Nobel NV (a) | 60,953 | 5,491,980 | ||||||
Altice NV, Class A*(a) | 128,267 | 1,012,811 | ||||||
ASML Holding NV | 93,859 | 16,489,226 | ||||||
Boskalis Westminster | 22,166 | 819,854 | ||||||
EXOR NV | 26,337 | 1,595,593 | ||||||
Heineken Holding NV | 28,113 | 2,709,376 | ||||||
Heineken NV | 62,651 | 6,382,474 | ||||||
ING Groep NV | 939,129 | 16,940,226 | ||||||
Koninklijke Ahold Delhaize NV | 309,698 | 6,633,279 | ||||||
Koninklijke DSM NV | 43,724 | 4,099,906 | ||||||
Koninklijke KPN NV | 826,509 | 3,031,923 | ||||||
Koninklijke Philips NV | 227,425 | 8,831,342 | ||||||
Koninklijke Vopak NV | 16,682 | 704,879 | ||||||
NN Group NV | 73,615 | 3,233,624 | ||||||
NXP Semiconductors NV* | 83,632 | 9,483,033 | ||||||
QIAGEN NV* | 51,613 | 1,630,107 | ||||||
Randstad Holding NV | 28,975 | 1,784,382 | ||||||
Royal Dutch Shell PLC, Class A | 1,090,251 | 34,760,109 | ||||||
Royal Dutch Shell PLC, Class B | 905,313 | 29,243,338 | ||||||
Wolters Kluwer NV | 72,087 | 3,734,511 | ||||||
|
| |||||||
164,268,560 | ||||||||
|
| |||||||
Norway — 1.0% | ||||||||
DNB ASA | 234,854 | 4,282,417 | ||||||
Gjensidige Forsikring ASA | 48,942 | 887,132 | ||||||
Marine Harvest ASA* | 100,706 | 1,772,155 | ||||||
Norsk Hydro ASA | 326,832 | 2,221,583 | ||||||
Orkla ASA | 198,266 | 1,987,557 | ||||||
Schibsted ASA, Class B | 23,691 | 589,467 | ||||||
Statoil ASA | 278,058 | 5,574,897 | ||||||
Telenor ASA | 181,457 | 4,065,603 |
Number | Value | |||||||
Norway (Continued) | ||||||||
Yara International ASA | 43,109 | $ | 1,916,716 | |||||
|
| |||||||
23,297,527 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP—Energias de Portugal SA | 570,658 | 2,000,319 | ||||||
Galp Energia SGPS SA | 120,413 | 2,272,362 | ||||||
Jeronimo Martins SGPS SA | 62,120 | 1,219,982 | ||||||
|
| |||||||
5,492,663 | ||||||||
|
| |||||||
South Africa — 0.2% | ||||||||
Investec PLC | 160,934 | 1,125,230 | ||||||
Mediclinic International PLC | 89,206 | 682,228 | ||||||
Mondi PLC | 88,861 | 2,122,291 | ||||||
|
| |||||||
3,929,749 | ||||||||
|
| |||||||
Spain — 5.1% | ||||||||
Abertis Infraestructuras SA | 167,145 | 3,732,194 | ||||||
ACS Actividades de Construccion y Servicios SA | 58,933 | 2,279,711 | ||||||
Aena SME SA, 144A | 16,273 | 3,237,517 | ||||||
Amadeus IT Group SA | 106,067 | 7,646,732 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,606,068 | 13,729,266 | ||||||
Banco de Sabadell SA | 1,294,218 | 2,603,347 | ||||||
Banco Santander SA | 3,904,435 | 26,224,441 | ||||||
Bankia SA | 243,388 | 1,169,199 | ||||||
Bankinter SA | 163,048 | 1,573,308 | ||||||
CaixaBank SA | 861,892 | 4,096,285 | ||||||
Enagas SA | 55,951 | 1,641,916 | ||||||
Endesa SA | 77,931 | 1,737,809 | ||||||
Ferrovial SA | 118,768 | 2,614,519 | ||||||
Gas Natural SDG SA | 84,423 | 1,887,098 | ||||||
Grifols SA (a) | 73,052 | 2,131,147 | ||||||
Iberdrola SA | 1,374,293 | 10,913,734 | ||||||
Industria de Diseno Textil SA | 263,661 | 9,333,077 | ||||||
Mapfre SA | 263,566 | 886,542 | ||||||
Red Electrica Corp. SA | 104,312 | 2,358,989 | ||||||
Repsol SA | 295,637 | 5,426,017 | ||||||
Siemens Gamesa Renewable Energy SA | 57,045 | 714,285 | ||||||
Telefonica SA | 1,095,909 | 11,224,406 | ||||||
|
| |||||||
117,161,539 | ||||||||
|
| |||||||
Sweden — 4.2% | ||||||||
Alfa Laval AB | 71,132 | 1,680,802 | ||||||
Assa Abloy AB, Class B | 240,862 | 4,882,872 | ||||||
Atlas Copco AB, Class A | 162,310 | 6,972,527 | ||||||
Atlas Copco AB, Class B | 94,612 | 3,634,859 | ||||||
Boliden AB | 66,629 | 2,106,893 | ||||||
Electrolux AB, Series B | 58,963 | 1,958,167 | ||||||
Essity AB, Class B* | 146,236 | 4,246,826 | ||||||
Getinge AB, Class B (a) | 55,472 | 997,985 | ||||||
Hennes & Mauritz AB, Class B | 229,486 | 5,403,412 | ||||||
Hexagon AB, Class B | 61,981 | 3,044,647 | ||||||
Husqvarna AB, Class B | 102,576 | 935,578 | ||||||
ICA Gruppen AB (a) | 19,941 | 721,320 | ||||||
Industrivarden AB, Class C | 40,013 | 975,117 | ||||||
Investor AB, Class B | 110,094 | 5,141,082 | ||||||
Kinnevik AB, Class B | 56,807 | 1,821,418 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
L E Lundbergforetagen AB, Class B | 9,326 | $ | 684,052 | |||||
Lundin Petroleum AB* | 44,298 | 1,019,215 | ||||||
Nordea Bank AB | 734,179 | 8,603,917 | ||||||
Sandvik AB | 271,498 | 4,660,673 | ||||||
Securitas AB, Class B | 74,841 | 1,314,263 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 364,055 | 4,322,934 | ||||||
Skanska AB, Class B | 82,782 | 1,815,657 | ||||||
SKF AB, Class B | 92,210 | 2,084,128 | ||||||
Svenska Handelsbanken AB, Class A | 366,241 | 5,005,163 | ||||||
Swedbank AB, Class A | 218,892 | 5,227,186 | ||||||
Swedish Match AB | 43,435 | 1,642,767 | ||||||
Tele2 AB, Class B | 89,453 | 1,144,484 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 736,963 | 4,635,209 | ||||||
Telia Co. AB | 630,480 | 2,766,416 | ||||||
Volvo AB, Class B | 376,719 | 7,164,499 | ||||||
|
| |||||||
96,614,068 | ||||||||
|
| |||||||
Switzerland — 13.5% | ||||||||
ABB Ltd. | 445,450 | 11,406,237 | ||||||
Adecco Group AG | 39,371 | 2,977,588 | ||||||
Baloise Holding AG | 12,096 | 1,862,815 | ||||||
Barry Callebaut AG* | 531 | 986,702 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 25 | 1,751,715 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 252 | 1,489,586 | ||||||
Cie Financiere Richemont SA | 126,171 | 10,863,211 | ||||||
Clariant AG* | 56,267 | 1,532,865 | ||||||
Coca-Cola HBC AG* | 44,749 | 1,433,677 | ||||||
Credit Suisse Group AG* | 586,917 | 9,939,555 | ||||||
Dufry AG* | 8,581 | 1,235,141 | ||||||
EMS-Chemie Holding AG | 1,959 | 1,306,332 | ||||||
Ferguson PLC | 60,775 | 4,380,817 | ||||||
Geberit AG | 8,953 | 3,893,361 | ||||||
Givaudan SA | 2,232 | 5,077,729 | ||||||
Glencore PLC* | 2,957,422 | 13,582,631 | ||||||
Julius Baer Group Ltd.* | 53,405 | 3,137,798 | ||||||
Kuehne + Nagel International AG | 13,329 | 2,341,297 | ||||||
LafargeHolcim Ltd.* | 110,021 | 6,016,904 | ||||||
Lonza Group AG* | 18,020 | 4,709,471 | ||||||
Nestle SA | 752,233 | 64,422,496 | ||||||
Novartis AG | 537,635 | 46,016,637 | ||||||
Pargesa Holding SA | 9,361 | 804,071 | ||||||
Partners Group Holding AG | 4,195 | 2,882,663 | ||||||
Roche Holding AG | 169,815 | 42,844,303 | ||||||
Schindler Holding AG | 4,640 | 1,032,474 | ||||||
Schindler Holding AG Participation Certificates | 9,842 | 2,223,016 | ||||||
SGS SA | 1,292 | 3,194,047 | ||||||
Sika AG | 520 | 4,017,281 | ||||||
Sonova Holding AG | 12,559 | 2,000,503 | ||||||
STMicroelectronics NV | 153,545 | 3,479,691 | ||||||
Straumann Holding AG | 2,495 | 1,856,508 | ||||||
Swatch Group AG — Bearer | 7,454 | 2,717,916 | ||||||
Swatch Group AG — Registered | 13,492 | 954,555 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Swiss Life Holding AG* | 7,771 | $ | 2,608,370 | |||||
Swiss Prime Site AG* | 17,070 | 1,471,447 | ||||||
Swiss Re AG | 76,019 | 7,124,729 | ||||||
Swisscom AG | 6,269 | 3,307,356 | ||||||
UBS Group AG* | 884,528 | 15,276,372 | ||||||
Vifor Pharma AG | 11,816 | 1,488,185 | ||||||
Zurich Insurance Group AG | 36,579 | 11,050,855 | ||||||
|
| |||||||
310,698,907 | ||||||||
|
| |||||||
United Kingdom — 23.4% | ||||||||
3i Group PLC | 232,590 | 2,834,123 | ||||||
Admiral Group PLC | 48,944 | 1,272,863 | ||||||
Anglo American PLC | 320,608 | 5,892,461 | ||||||
Ashtead Group PLC | 121,306 | 3,115,374 | ||||||
Associated British Foods PLC | 85,499 | 3,408,721 | ||||||
AstraZeneca PLC | 305,952 | 19,765,667 | ||||||
Auto Trader Group PLC, 144A | 239,858 | 1,090,898 | ||||||
Aviva PLC | 974,447 | 6,734,139 | ||||||
Babcock International Group PLC | 61,309 | 577,910 | ||||||
BAE Systems PLC | 765,418 | 5,714,006 | ||||||
Barclays PLC | 4,117,547 | 10,775,129 | ||||||
Barratt Developments PLC | 245,902 | 2,015,290 | ||||||
Berkeley Group Holdings PLC | 31,993 | 1,651,073 | ||||||
BP PLC | 4,774,367 | 31,580,310 | ||||||
British American Tobacco PLC | 554,359 | 35,153,961 | ||||||
British Land Co. PLC REIT | 239,738 | 2,039,344 | ||||||
BT Group PLC | 2,037,597 | 7,186,688 | ||||||
Bunzl PLC | 81,820 | 2,340,307 | ||||||
Burberry Group PLC | 104,118 | 2,416,273 | ||||||
Capita PLC | 163,266 | 1,030,031 | ||||||
Centrica PLC | 1,351,720 | 2,643,370 | ||||||
CNH Industrial NV | 244,042 | 3,160,323 | ||||||
Cobham PLC* | 578,618 | 993,799 | ||||||
Coca-Cola European Partners PLC | 52,787 | 2,058,165 | ||||||
Compass Group PLC | 382,242 | 7,748,952 | ||||||
ConvaTec Group PLC, 144A | 328,801 | 862,656 | ||||||
Croda International PLC | 32,354 | 1,869,665 | ||||||
Diageo PLC | 608,844 | 21,148,936 | ||||||
Direct Line Insurance Group PLC | 338,801 | 1,676,067 | ||||||
easyJet PLC | 37,545 | 713,905 | ||||||
Experian PLC | 227,230 | 4,726,340 | ||||||
Fiat Chrysler Automobiles NV* | 260,103 | 4,464,251 | ||||||
G4S PLC | 381,272 | 1,323,106 | ||||||
GKN PLC | 420,466 | 1,763,338 | ||||||
GlaxoSmithKline PLC | 1,188,834 | 20,571,428 | ||||||
Hammerson PLC REIT | 192,931 | 1,355,472 | ||||||
Hargreaves Lansdown PLC | 63,461 | 1,374,904 | ||||||
HSBC Holdings PLC | 4,858,267 | 48,225,903 | ||||||
IMI PLC | 66,446 | 1,128,655 | ||||||
Imperial Brands PLC | 231,728 | 9,603,755 | ||||||
InterContinental Hotels Group PLC | 43,185 | 2,539,951 | ||||||
International Consolidated Airlines Group SA | 150,439 | 1,243,750 | ||||||
Intertek Group PLC | 38,429 | 2,718,089 | ||||||
ITV PLC | 863,480 | 1,867,255 | ||||||
J Sainsbury PLC | 403,113 | 1,266,423 | ||||||
John Wood Group PLC | 162,416 | 1,589,170 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Johnson Matthey PLC | 47,329 | $ | 1,940,065 | |||||
Kingfisher PLC | 528,148 | 2,385,641 | ||||||
Land Securities Group PLC REIT | 179,186 | 2,263,361 | ||||||
Legal & General Group PLC | 1,433,336 | 5,179,495 | ||||||
Lloyds Banking Group PLC | 17,390,950 | 15,522,804 | ||||||
London Stock Exchange Group PLC | 75,670 | 3,867,262 | ||||||
Marks & Spencer Group PLC | 397,605 | 1,684,134 | ||||||
Meggitt PLC | 190,032 | 1,244,898 | ||||||
Merlin Entertainments PLC, 144A | 174,964 | 832,666 | ||||||
Micro Focus International PLC | 105,760 | 3,559,994 | ||||||
National Grid PLC | 826,359 | 9,890,425 | ||||||
Next PLC | 35,100 | 2,125,187 | ||||||
Old Mutual PLC | 1,181,483 | 3,152,517 | ||||||
Pearson PLC | 194,591 | 1,863,198 | ||||||
Persimmon PLC | 73,342 | 2,519,355 | ||||||
Prudential PLC | 625,023 | 15,713,695 | ||||||
Reckitt Benckiser Group PLC | 161,536 | 14,169,326 | ||||||
RELX NV | 233,483 | 5,345,465 | ||||||
RELX PLC | 257,902 | 6,027,003 | ||||||
Rio Tinto PLC | 298,412 | 14,131,015 | ||||||
Rolls-Royce Holdings PLC* | 398,386 | 4,617,297 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 19,314,250 | 26,120 | ||||||
Royal Bank of Scotland Group PLC* | 863,602 | 3,230,493 | ||||||
Royal Mail PLC | 220,964 | 1,320,531 | ||||||
RSA Insurance Group PLC | 247,194 | 2,034,236 | ||||||
Sage Group PLC | 265,480 | 2,780,713 | ||||||
Schroders PLC | 30,043 | 1,401,733 | ||||||
Segro PLC REIT | 244,165 | 1,811,186 | ||||||
Severn Trent PLC | 57,098 | 1,620,825 | ||||||
Sky PLC* | 247,583 | 3,135,679 | ||||||
Smith & Nephew PLC | 211,751 | 3,751,455 | ||||||
Smiths Group PLC | 95,628 | 1,917,914 | ||||||
SSE PLC | 243,792 | 4,513,629 | ||||||
St James’s Place PLC | 130,546 | 2,143,311 | ||||||
Standard Chartered PLC* | 795,611 | 7,945,027 | ||||||
Standard Life Aberdeen PLC | 647,628 | 3,767,896 | ||||||
Taylor Wimpey PLC | 801,231 | 2,118,397 | ||||||
Tesco PLC | 1,966,844 | 5,161,626 | ||||||
Travis Perkins PLC | 61,177 | 1,331,212 | ||||||
Unilever NV | 393,740 | 22,675,574 | ||||||
Unilever PLC | 305,216 | 17,187,826 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
United Utilities Group PLC | 166,675 | $ | 1,849,490 | |||||
Vodafone Group PLC | 6,445,805 | 19,552,819 | ||||||
Weir Group PLC | 53,443 | 1,418,054 | ||||||
Whitbread PLC | 44,320 | 2,138,590 | ||||||
Wm Morrison Supermarkets PLC | 550,002 | 1,608,880 | ||||||
Worldpay Group PLC, 144A | 483,416 | 2,758,903 | ||||||
WPP PLC | 307,982 | 5,443,821 | ||||||
|
| |||||||
537,912,939 | ||||||||
|
| |||||||
United States (c) — 0.6% | ||||||||
Carnival PLC | 45,964 | 2,962,612 | ||||||
Shire PLC | 219,498 | 10,869,074 | ||||||
|
| |||||||
13,831,686 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,254,932,403 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.9% | ||||||||
Germany — 0.9% | ||||||||
Bayerische Motoren Werke AG | 13,463 | 1,164,969 | ||||||
FUCHS PETROLUB SE | 16,948 | 890,609 | ||||||
Henkel AG & Co. KGaA | 43,063 | 5,843,151 | ||||||
Porsche Automobil Holding SE | 37,459 | 3,134,365 | ||||||
Schaeffler AG | 41,020 | 715,516 | ||||||
Volkswagen AG | 44,857 | 9,508,941 | ||||||
|
| |||||||
21,257,551 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 21,257,551 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 36,387,864 | 36,387,864 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.8% (Cost $2,176,659,741) | $ | 2,312,577,818 | ||||||
Other assets and liabilities, net —(0.8%) | (17,333,698 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,295,244,120 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $24,255,704, which is 1.1% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities are domiciled in the United States and trade on a non-U.S. exchange. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | 10,922,148 | 231,285 | (2,454,733 | ) | 12,644 | 718,934 | — | 9,430,278 |
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
AMSTERDAM Index Futures | EUR | 6 | $ | 765,814 | $ | 771,424 | 12/15/2017 | $ | (1,557 | ) | ||||||||||||||
CAC40 10 EURO Futures | EUR | 29 | 1,815,493 | 1,852,713 | 12/15/2017 | 20,091 | ||||||||||||||||||
DAX Index Futures | EUR | 4 | 1,489,186 | 1,553,573 | 12/15/2017 | 60,973 | ||||||||||||||||||
EURO STOXX Futures | EUR | 105 | 4,499,755 | 4,465,399 | 12/15/2017 | (129,787 | ) | |||||||||||||||||
FTSE 100 Index Futures | GBP | 29 | 2,811,268 | 2,874,390 | 12/15/2017 | (7,080 | ) | |||||||||||||||||
FTSE/MIB Index Futures | EUR | 3 | 395,187 | 399,513 | 12/15/2017 | 3,702 | ||||||||||||||||||
IBEX 35 Index Futures | EUR | 6 | 706,731 | 728,411 | 12/15/2017 | 15,060 | ||||||||||||||||||
OMXS30 Index Futures | SEK | 21 | 407,148 | 403,897 | 12/15/2017 | (4,378 | ) | |||||||||||||||||
SWISS MKT IX Futures | CHF | 16 | 1,499,580 | 1,518,760 | 12/15/2017 | 48,047 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 5,071 | ||||||||||||||||||||||
|
|
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | CHF | 132,949,122 | USD | 133,650,856 | $ | — | $ | (1,561,202 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | CHF | 7,726,000 | USD | 7,766,623 | — | (90,881 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | CHF | 149,838,617 | USD | 150,621,094 | — | (1,767,936 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CHF | 1,000,000 | USD | 998,801 | — | (18,220 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | DKK | 12,613,200 | USD | 1,978,223 | — | (39,683 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | DKK | 151,547,242 | USD | 23,768,163 | — | (476,925 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | DKK | 39,801,800 | USD | 6,242,049 | — | (125,590 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 21,344,000 | USD | 3,347,448 | — | (67,244 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 207,786,800 | USD | 32,586,852 | — | (655,649 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 46,486,500 | USD | 54,242,354 | — | (1,109,080 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | EUR | 162,486,823 | USD | 189,608,847 | — | (3,864,069 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | EUR | 257,887,997 | USD | 300,919,446 | — | (6,147,563 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | EUR | 132,717,955 | USD | 154,871,900 | — | (3,155,252 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | EUR | 44,616,000 | USD | 52,062,232 | — | (1,062,000 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 371,610,821 | USD | 433,619,661 | — | (8,857,014 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 29,059,800 | USD | 38,622,218 | — | (687,013 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | GBP | 95,582,150 | USD | 127,040,214 | — | (2,253,890 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | GBP | 193,071,320 | USD | 256,609,161 | — | (4,558,676 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | GBP | 51,566,264 | USD | 68,537,753 | — | (1,216,002 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | GBP | 16,824,000 | USD | 22,360,560 | — | (397,288 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 94,427,890 | USD | 125,503,164 | — | (2,229,571 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 1,960,000 | USD | 2,599,195 | — | (52,099 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | NOK | 87,348,891 | USD | 10,683,662 | 182,233 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | NOK | 42,298,600 | USD | 5,173,318 | 88,013 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NOK | 10,900,000 | USD | 1,333,177 | 22,736 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NOK | 62,570,800 | USD | 7,652,891 | 130,382 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | SEK | 302,718,836 | USD | 36,222,202 | 42,235 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | SEK | 251,826,400 | USD | 30,130,344 | 32,875 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 37,750,000 | USD | 4,517,155 | 5,398 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 276,015,750 | USD | 33,024,929 | 36,428 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,439,470 | CHF | 1,431,600 | 16,498 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 140,536,056 | CHF | 137,990,822 | — | (196,484 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,267,540 | CHF | 1,252,700 | 6,482 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 152,592,919 | CHF | 149,838,617 | — | (203,889 | ) |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,018,382 | CHF | 1,000,000 | $ | — | $ | (1,361 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 2,020,907 | DKK | 12,613,200 | — | (3,001 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 23,642,167 | DKK | 147,559,242 | — | (35,093 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 333,805 | DKK | 2,126,900 | 6,465 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 295,289 | DKK | 1,861,100 | 2,457 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 6,376,756 | DKK | 39,801,800 | — | (9,117 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 36,709,678 | DKK | 229,130,800 | — | (52,486 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 55,428,178 | EUR | 46,486,500 | — | (76,744 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 5,152,608 | EUR | 4,365,000 | 44,794 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 182,597,357 | EUR | 153,133,223 | — | (261,764 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 5,825,522 | EUR | 4,988,600 | 114,399 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 307,492,753 | EUR | 257,887,997 | — | (425,744 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 211,457,441 | EUR | 177,333,955 | — | (306,058 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 443,090,162 | EUR | 371,610,821 | — | (613,487 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 39,336,798 | GBP | 29,059,800 | — | (27,567 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 2,730,173 | GBP | 2,073,300 | 74,382 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 123,373,570 | GBP | 91,139,350 | — | (89,248 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 3,128,759 | GBP | 2,369,500 | 76,467 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 261,350,992 | GBP | 193,071,320 | — | (183,156 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 92,579,558 | GBP | 68,390,264 | — | (67,956 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 130,475,467 | GBP | 96,387,890 | — | (91,438 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 122,728 | NOK | 997,500 | — | (2,804 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 106,767 | NOK | 872,800 | — | (1,836 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 10,311,598 | NOK | 85,478,591 | — | (35,024 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 5,102,518 | NOK | 42,298,600 | — | (17,213 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 8,862,849 | NOK | 73,470,800 | — | (29,899 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 445,013 | SEK | 3,731,200 | 928 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 510,877 | SEK | 4,264,300 | — | (1,222 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 35,365,961 | SEK | 294,723,336 | — | (141,591 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 30,216,932 | SEK | 251,826,400 | — | (119,463 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 37,649,104 | SEK | 313,765,750 | — | (148,846 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | CHF | 137,990,822 | USD | 140,934,694 | 195,850 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CHF | 149,838,617 | USD | 153,023,026 | 200,444 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CHF | 561,000 | USD | 572,952 | 780 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CHF | 1,000,000 | USD | 1,021,242 | 1,327 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | DKK | 12,613,200 | USD | 2,025,524 | 2,956 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | DKK | 147,559,242 | USD | 23,696,389 | 34,778 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | DKK | 39,801,800 | USD | 6,391,194 | 8,844 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | DKK | 229,130,800 | USD | 36,792,203 | 50,323 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 46,486,500 | USD | 55,548,578 | 75,291 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | EUR | 153,133,223 | USD | 182,997,065 | 260,069 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 257,887,997 | USD | 308,164,809 | 421,807 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 5,000,000 | USD | 5,965,780 | — | (822 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2018 | EUR | 177,333,955 | USD | 211,912,303 | 296,081 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 371,610,821 | USD | 444,052,634 | 601,869 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | GBP | 29,059,800 | USD | 39,388,234 | 27,717 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | GBP | 91,139,350 | USD | 123,535,698 | 90,529 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | GBP | 193,071,320 | USD | 261,691,956 | 183,380 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | GBP | 68,390,264 | USD | 92,699,583 | 67,283 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | GBP | 96,387,890 | USD | 130,644,146 | 90,007 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | NOK | 85,478,591 | USD | 10,323,612 | 35,464 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | NOK | 42,298,600 | USD | 5,108,249 | 17,217 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NOK | 73,470,800 | USD | 8,872,910 | 30,012 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | SEK | 294,723,336 | USD | 35,463,241 | 144,893 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | SEK | 251,826,400 | USD | 30,299,462 | 121,694 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SEK | 313,765,750 | USD | 37,751,024 | 150,717 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 3,768,887 | DKK | 23,467,000 | — | (5,877 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 16,253,129 | EUR | 13,600,000 | — | (23,972 | ) |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 17,621,890 | GBP | 13,000,000 | $ | — | $ | (13,829 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 382,619 | NOK | 3,168,000 | — | (1,320 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 4,452,561 | SEK | 37,000,000 | — | (18,643 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 3,992,504 | $ | (43,599,801 | ) | |||||||||||||||||||||||
|
|
|
|
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,254,932,403 | $ | — | $ | — | $ | 2,254,932,403 | ||||||||
Preferred Stocks | 21,257,551 | — | — | 21,257,551 | ||||||||||||
Short-Term Investments | 36,387,864 | — | — | 36,387,864 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 3,992,504 | — | 3,992,504 | ||||||||||||
Futures Contracts | 147,873 | — | — | 147,873 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,312,725,691 | $ | 3,992,504 | $ | — | $ | 2,316,718,195 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (43,599,801 | ) | $ | — | $ | (43,599,801 | ) | ||||||
Futures Contracts | (142,802 | ) | — | — | (142,802 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (142,802 | ) | $ | (43,599,801 | ) | $ | — | $ | (43,742,603 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Xtrackers MSCI Eurozone Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.2% | ||||||||
Austria — 1.1% | ||||||||
ANDRITZ AG | 735 | $ | 41,165 | |||||
AT&S Austria Technologie & Systemtechnik AG | 269 | 7,707 | ||||||
BUWOG AG* | 1,123 | 32,280 | ||||||
CA Immobilien Anlagen AG | 730 | 21,939 | ||||||
DO & CO AG | 71 | 4,030 | ||||||
Erste Group Bank AG* | 3,053 | 133,180 | ||||||
EVN AG | 429 | 7,463 | ||||||
FACC AG* | 233 | 3,928 | ||||||
IMMOFINANZ AG* | 7,916 | 18,995 | ||||||
Kapsch TrafficCom AG | 61 | 3,575 | ||||||
Lenzing AG | 139 | 16,533 | ||||||
Oesterreichische Post AG | 318 | 14,345 | ||||||
OMV AG | 1,496 | 93,055 | ||||||
POLYTEC Holding AG | 135 | 3,171 | ||||||
Porr AG (a) | 95 | 3,053 | ||||||
Raiffeisen Bank International AG* | 1,501 | 53,150 | ||||||
S IMMO AG | 545 | 9,299 | ||||||
S&T AG (a) | 361 | 7,610 | ||||||
Schoeller-Bleckmann Oilfield Equipment | 115 | 10,813 | ||||||
Semperit AG Holding | 113 | 3,282 | ||||||
Telekom Austria AG* | 1,808 | 17,433 | ||||||
UNIQA Insurance Group AG | 1,117 | 11,850 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 431 | 12,697 | ||||||
voestalpine AG | 1,179 | 68,495 | ||||||
Wienerberger AG | 1,144 | 25,980 | ||||||
Zumtobel Group AG | 311 | 3,939 | ||||||
|
| |||||||
628,967 | ||||||||
|
| |||||||
Belgium — 3.8% | ||||||||
Ablynx NV* | 655 | 15,187 | ||||||
Ackermans & van Haaren NV | 245 | 42,794 | ||||||
Aedifica SA REIT | 177 | 16,854 | ||||||
Ageas | 1,912 | 93,955 | ||||||
AGFA-Gevaert NV* | 1,994 | 9,071 | ||||||
Anheuser-Busch InBev SA/NV | 7,717 | 888,204 | ||||||
Balta Group NV, 144A* | 271 | 2,564 | ||||||
Barco NV | 100 | 10,662 | ||||||
Befimmo SA REIT | 205 | 13,078 | ||||||
Bekaert SA | 388 | 16,127 | ||||||
Biocartis NV, 144A* | 236 | 3,518 | ||||||
bpost SA (a) | 1,022 | 31,536 | ||||||
Celyad SA* | 63 | 2,618 | ||||||
Cie d’Entreprises CFE | 85 | 12,318 | ||||||
Cofinimmo SA REIT | 204 | 26,309 | ||||||
Colruyt SA | 627 | 33,202 | ||||||
D’ieteren SA/NV | 280 | 13,132 | ||||||
Econocom Group SA/NV | 1,385 | 9,879 | ||||||
Elia System Operator SA/NV | 324 | 19,051 | ||||||
Euronav NV | 1,316 | 11,292 | ||||||
EVS Broadcast Equipment SA | 147 | 5,052 | ||||||
Exmar NV* | 372 | 2,443 | ||||||
Fagron* | 454 | 5,933 | ||||||
Galapagos NV*(a) | 449 | 39,243 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Gimv NV | 110 | $ | 6,724 | |||||
Greenyard NV | 171 | 3,764 | ||||||
Groupe Bruxelles Lambert SA | 794 | 85,386 | ||||||
Intervest Offices & Warehouses NV REIT | 97 | 2,534 | ||||||
Ion Beam Applications | 237 | 6,872 | ||||||
KBC Ancora | 317 | 19,277 | ||||||
KBC Group NV | 2,531 | 207,051 | ||||||
Kinepolis Group NV | 165 | 12,033 | ||||||
Melexis NV | 219 | 21,398 | ||||||
Nyrstar NV* | 800 | 5,697 | ||||||
Ontex Group NV (a) | 861 | 29,043 | ||||||
Orange Belgium SA | 349 | 7,550 | ||||||
Proximus SADP | 1,572 | 53,878 | ||||||
Recticel SA | 310 | 3,020 | ||||||
Sioen Industries NV | 79 | 2,707 | ||||||
Sofina SA | 159 | 24,460 | ||||||
Solvay SA | 753 | 105,938 | ||||||
Telenet Group Holding NV* | 498 | 34,788 | ||||||
Tessenderlo Group* | 255 | 11,910 | ||||||
UCB SA | 1,267 | 94,615 | ||||||
Umicore SA | 1,919 | 89,559 | ||||||
Van de Velde NV | 68 | 3,723 | ||||||
Warehouses De Pauw CVA REIT | 179 | 19,431 | ||||||
X-Fab Silicon Foundries SE, 144A* | 558 | 6,104 | ||||||
|
| |||||||
2,181,484 | ||||||||
|
| |||||||
Finland — 3.2% | ||||||||
Amer Sports OYJ* | 1,230 | 32,311 | ||||||
Atria OYJ | 138 | 1,987 | ||||||
Cargotec OYJ, Class B | 403 | 23,086 | ||||||
Caverion OYJ* | 728 | 5,459 | ||||||
Citycon OYJ | 4,161 | 10,539 | ||||||
Cramo OYJ | 438 | 9,733 | ||||||
DNA OYJ | 648 | 11,500 | ||||||
Elisa OYJ | 1,467 | 59,682 | ||||||
Ferratum OYJ (a) | 90 | 2,954 | ||||||
Finnair OYJ | 553 | 7,885 | ||||||
Fortum OYJ | 4,477 | 94,212 | ||||||
F-Secure OYJ | 948 | 4,547 | ||||||
Huhtamaki OYJ | 961 | 42,322 | ||||||
Kemira OYJ | 929 | 12,064 | ||||||
Kesko OYJ, Class B | 684 | 34,649 | ||||||
Kone OYJ, Class B | 3,428 | 176,427 | ||||||
Konecranes OYJ | 676 | 30,076 | ||||||
Lehto Group OYJ | 223 | 3,034 | ||||||
Metsa Board OYJ | 1,821 | 14,143 | ||||||
Metso OYJ | 1,111 | 39,208 | ||||||
Neste OYJ | 1,289 | 80,087 | ||||||
Nokia OYJ | 58,974 | 295,937 | ||||||
Nokian Renkaat OYJ | 1,214 | 52,987 | ||||||
Oriola OYJ, Class B | 1,247 | 4,334 | ||||||
Orion OYJ, Class B | 1,027 | 37,931 | ||||||
Outokumpu OYJ | 3,189 | 27,557 | ||||||
Outotec OYJ* | 1,547 | 11,674 | ||||||
Ponsse OYJ | 137 | 4,368 | ||||||
Ramirent OYJ | 748 | 6,677 | ||||||
Sampo OYJ, Class A | 4,537 | 239,821 |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Finland (Continued) | ||||||||
Sanoma OYJ | 826 | $ | 10,372 | |||||
Stockmann OYJ Abp, Class B* | 349 | 1,878 | ||||||
Stora Enso OYJ, Class R | 5,563 | 85,151 | ||||||
Technopolis OYJ | 1,317 | 6,270 | ||||||
Tieto OYJ | 582 | 18,212 | ||||||
Tikkurila OYJ | 308 | 6,683 | ||||||
Tokmanni Group Corp. | 649 | 5,191 | ||||||
UPM-Kymmene OYJ | 5,407 | 162,758 | ||||||
Uponor OYJ | 620 | 12,036 | ||||||
Valmet OYJ | 1,346 | 24,800 | ||||||
Wartsila OYJ Abp | 1,491 | 98,494 | ||||||
YIT OYJ (a) | 1,268 | 9,123 | ||||||
|
| |||||||
1,818,159 | ||||||||
|
| |||||||
France — 29.6% | ||||||||
AB Science SA* | 202 | 2,116 | ||||||
ABC arbitrage | 255 | 1,930 | ||||||
Accor SA | 1,924 | 96,502 | ||||||
Aeroports de Paris | 302 | 57,603 | ||||||
Air France-KLM* | 1,632 | 23,203 | ||||||
Air Liquide SA | 4,342 | 543,422 | ||||||
Airbus SE | 5,896 | 612,576 | ||||||
Albioma SA | 226 | 5,332 | ||||||
ALD SA, 144A* | 988 | 15,687 | ||||||
Alstom SA | 1,546 | 63,816 | ||||||
Altamir | 283 | 5,053 | ||||||
Alten SA | 281 | 23,359 | ||||||
Altran Technologies SA | 1,564 | 26,713 | ||||||
Amundi SA, 144A | 610 | 54,439 | ||||||
ANF Immobilier REIT | 99 | 2,614 | ||||||
Arkema SA | 684 | 83,693 | ||||||
Assystem | 80 | 3,009 | ||||||
Atos SE | 957 | 141,529 | ||||||
Aubay | 67 | 2,743 | ||||||
AXA SA | 19,737 | 595,521 | ||||||
Axway Software SA | 59 | 1,615 | ||||||
Beneteau SA | 315 | 7,011 | ||||||
BioMerieux | 417 | 34,788 | ||||||
BNP Paribas SA | 11,398 | 862,556 | ||||||
Boiron SA | 71 | 6,423 | ||||||
Bollore SA | 8,768 | 46,566 | ||||||
Bonduelle SCA | 127 | 5,968 | ||||||
Bourbon Corp. (a) | 334 | 2,664 | ||||||
Bouygues SA | 2,169 | 112,199 | ||||||
Bureau Veritas SA | 2,660 | 70,524 | ||||||
Capgemini SE | 1,629 | 187,842 | ||||||
Carrefour SA | 5,903 | 124,045 | ||||||
Casino Guichard Perrachon SA | 586 | 35,662 | ||||||
Cellectis SA* | 283 | 6,865 | ||||||
Chargeurs SA | 188 | 5,388 | ||||||
Cie de Saint-Gobain | 5,106 | 290,895 | ||||||
Cie des Alpes | 46 | 1,493 | ||||||
Cie Generale des Etablissements Michelin | 1,742 | 252,646 | ||||||
Cie Plastic Omnium SA | 593 | 25,678 | ||||||
CNP Assurances | 1,718 | 38,668 | ||||||
Coface SA | 1,015 | 11,127 | ||||||
Credit Agricole SA | 11,517 | 194,038 |
Number | Value | |||||||
France (Continued) | ||||||||
Danone SA | 6,130 | $ | 517,449 | |||||
Dassault Aviation SA | 25 | 38,436 | ||||||
Dassault Systemes SE | 1,316 | 141,459 | ||||||
DBV Technologies SA* | 190 | 8,448 | ||||||
Derichebourg SA | 859 | 9,355 | ||||||
Devoteam SA | 49 | 4,332 | ||||||
Direct Energie | 93 | 4,271 | ||||||
Edenred | 2,222 | 63,579 | ||||||
Eiffage SA | 744 | 81,638 | ||||||
Electricite de France SA | 5,937 | 77,802 | ||||||
Elior Group SA, 144A | 1,146 | 25,173 | ||||||
Elis SA | 1,636 | 42,684 | ||||||
Engie SA | 18,551 | 324,691 | ||||||
Eramet* | 94 | 9,491 | ||||||
Essilor International SA | 2,100 | 270,074 | ||||||
Esso SA Francaise* | 42 | 2,796 | ||||||
Etablissements Maurel et Prom* | 528 | 2,262 | ||||||
Euler Hermes Group | 166 | 24,065 | ||||||
Eurazeo SA | 429 | 37,755 | ||||||
Europcar Groupe SA, 144A | 934 | 11,767 | ||||||
Eutelsat Communications SA | 1,825 | 41,315 | ||||||
Faurecia | 753 | 57,611 | ||||||
FFP | 54 | 6,260 | ||||||
FIGEAC-AERO* | 89 | 1,782 | ||||||
Fnac Darty SA* | 185 | 19,468 | ||||||
Fonciere Des Regions REIT | 350 | 37,447 | ||||||
Gaztransport Et Technigaz SA | 248 | 13,193 | ||||||
Gecina SA REIT | 471 | 78,485 | ||||||
Genfit* | 309 | 8,400 | ||||||
GL Events | 122 | 3,623 | ||||||
Groupe Crit | 25 | 2,333 | ||||||
Groupe Eurotunnel SE | 4,660 | 61,955 | ||||||
Groupe Guillin | 67 | 2,742 | ||||||
Guerbet | 67 | 5,726 | ||||||
Haulotte Group SA | 179 | 3,238 | ||||||
Hermes International | 320 | 168,673 | ||||||
ICADE REIT | 314 | 29,167 | ||||||
ID Logistics Group* | 22 | 3,305 | ||||||
Iliad SA | 265 | 61,995 | ||||||
Imerys SA | 350 | 32,090 | ||||||
Ingenico Group SA | 610 | 63,922 | ||||||
Innate Pharma SA* | 427 | 2,501 | ||||||
Interparfums SA | 94 | 3,821 | ||||||
Ipsen SA | 375 | 45,706 | ||||||
IPSOS | 367 | 13,258 | ||||||
Jacquet Metal Service | 153 | 4,761 | ||||||
JCDecaux SA | 782 | 32,586 | ||||||
Kaufman & Broad SA | 147 | 6,797 | ||||||
Kering | 770 | 341,622 | ||||||
Klepierre SA REIT | 2,207 | 91,153 | ||||||
Korian SA | 483 | 16,836 | ||||||
Lagardere SCA | 1,135 | 37,198 | ||||||
Legrand SA | 2,706 | 202,783 | ||||||
LISI | 165 | 7,639 | ||||||
LNA Sante SA | 56 | 3,929 | ||||||
L’Oreal SA | 2,558 | 565,697 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 2,832 | 824,157 |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Maisons du Monde SA, 144A | 436 | $ | 18,015 | |||||
Manitou BF SA | 88 | 3,289 | ||||||
Marie Brizard Wine & Spirits SA* | 204 | 2,819 | ||||||
Mercialys SA REIT | 536 | 11,244 | ||||||
Mersen SA | 108 | 4,795 | ||||||
Metropole Television SA | 278 | 7,313 | ||||||
MGI Coutier | 84 | 3,370 | ||||||
Natixis SA | 9,470 | 76,760 | ||||||
Naturex* | 73 | 7,752 | ||||||
Neopost SA | 383 | 12,755 | ||||||
Nexans SA | 295 | 19,364 | ||||||
Nexity SA * | 452 | 27,685 | ||||||
Oeneo SA | 362 | 4,235 | ||||||
Orange SA (a) | 20,238 | 348,798 | ||||||
Orpea | 419 | 50,495 | ||||||
Parrot SA* | 175 | 1,795 | ||||||
Pernod Ricard SA | 2,161 | 337,078 | ||||||
Peugeot SA | 5,946 | 122,967 | ||||||
Pierre & Vacances SA* | 68 | 3,757 | ||||||
Plastivaloire | 94 | 2,452 | ||||||
Publicis Groupe SA | 2,097 | 139,274 | ||||||
Rallye SA | 278 | 5,026 | ||||||
Remy Cointreau SA | 221 | 29,408 | ||||||
Renault SA | 1,945 | 197,658 | ||||||
Rexel SA | 3,006 | 55,439 | ||||||
Rubis SCA | 874 | 62,167 | ||||||
Safran SA | 3,391 | 361,355 | ||||||
Sanofi | 11,520 | 1,050,314 | ||||||
Sartorius Stedim Biotech | 286 | 20,459 | ||||||
Schneider Electric SE* | 5,752 | 494,372 | ||||||
SCOR SE | 1,786 | 72,829 | ||||||
SEB SA | 227 | 41,825 | ||||||
Societe BIC SA | 295 | 34,249 | ||||||
Societe Generale SA | 7,773 | 391,444 | ||||||
Sodexo SA | 921 | 120,310 | ||||||
SOITEC* | 187 | 14,294 | ||||||
Solocal Group* | 5,959 | 6,419 | ||||||
Sopra Steria Group | 140 | 25,045 | ||||||
SPIE SA | 1,010 | 27,932 | ||||||
SRP Groupe SA, 144A* | 170 | 1,894 | ||||||
Ste Industrielle d’Aviation Latecoere SA* | 851 | 5,551 | ||||||
Suez | 3,743 | 69,010 | ||||||
Synergie SA | 69 | 3,651 | ||||||
Tarkett SA | 325 | 12,707 | ||||||
Technicolor SA | 3,767 | 13,796 | ||||||
Teleperformance | 583 | 86,288 | ||||||
Television Francaise 1 | 458 | 7,294 | ||||||
Thales SA | 1,080 | 109,162 | ||||||
TOTAL SA | 24,072 | 1,358,233 | ||||||
Trigano SA | 78 | 12,334 | ||||||
Ubisoft Entertainment SA* | 635 | 48,697 | ||||||
Unibail-Rodamco SE REIT | 1,010 | 258,403 | ||||||
Valeo SA | 2,426 | 176,111 | ||||||
Vallourec SA* | 3,398 | 18,354 | ||||||
Veolia Environnement SA | 4,878 | 123,407 | ||||||
Vicat SA | 195 | 15,964 | ||||||
Vinci SA | 5,131 | 524,239 |
Number | Value | |||||||
France (Continued) | ||||||||
Virbac SA* | 49 | $ | 6,334 | |||||
Vivendi SA | 10,460 | 278,444 | ||||||
Wendel SA | 289 | 48,639 | ||||||
Worldline SA, 144A* | 404 | 19,898 | ||||||
Zodiac Aerospace | 2,034 | 59,798 | ||||||
|
| |||||||
16,760,987 | ||||||||
|
| |||||||
Germany — 27.1% | ||||||||
Aareal Bank AG | 593 | 26,323 | ||||||
adidas AG | 1,909 | 398,087 | ||||||
ADLER Real Estate AG* | 282 | 4,206 | ||||||
ADO Properties SA, 144A | 323 | 16,681 | ||||||
ADVA Optical Networking SE* | 502 | 3,646 | ||||||
AIXTRON SE* | 1,022 | 14,993 | ||||||
Allianz SE | 4,574 | 1,078,768 | ||||||
alstria office REIT-AG REIT | 1,428 | 21,518 | ||||||
Amadeus Fire AG | 61 | 5,560 | ||||||
Aumann AG, 144A* | 59 | 4,850 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (a) | 243 | 15,711 | ||||||
Aurubis AG | 336 | 27,875 | ||||||
Axel Springer SE | 500 | 39,463 | ||||||
BASF SE | 9,316 | 1,042,306 | ||||||
Basler AG | 15 | 2,821 | ||||||
Bauer AG | 83 | 2,881 | ||||||
Bayer AG | 8,380 | 1,068,745 | ||||||
Bayerische Motoren Werke AG | 3,348 | 337,446 | ||||||
BayWa AG | 148 | 5,645 | ||||||
Bechtle AG | 282 | 24,066 | ||||||
Beiersdorf AG | 1,022 | 121,631 | ||||||
Bertrandt AG | 64 | 7,149 | ||||||
bet-at-home.com AG | 25 | 3,053 | ||||||
Bilfinger SE | 288 | 12,658 | ||||||
Borussia Dortmund GmbH & Co. KGaA | 741 | 5,303 | ||||||
Brenntag AG | 1,555 | 96,799 | ||||||
CANCOM SE | 147 | 12,043 | ||||||
Capital Stage AG | 903 | 6,844 | ||||||
Carl Zeiss Meditec AG | 387 | 22,893 | ||||||
CECONOMY AG | 1,716 | 22,488 | ||||||
CENTROTEC Sustainable AG | 111 | 2,024 | ||||||
Cewe Stiftung & Co. KGaA | 61 | 5,766 | ||||||
comdirect bank AG | 248 | 3,437 | ||||||
Commerzbank AG* | 10,807 | 156,350 | ||||||
CompuGroup Medical SE | 226 | 15,279 | ||||||
Continental AG | 1,121 | 298,543 | ||||||
Covestro AG, 144A | 1,230 | 128,101 | ||||||
CTS Eventim AG & Co. KGaA | 513 | 24,903 | ||||||
Daimler AG | 9,766 | 808,099 | ||||||
Deutsche Bank AG (b) | 20,942 | 395,330 | ||||||
Deutsche Beteiligungs AG | 140 | 7,868 | ||||||
Deutsche Boerse AG | 1,959 | 222,094 | ||||||
Deutsche EuroShop AG | 477 | 18,310 | ||||||
Deutsche Lufthansa AG | 2,384 | 81,920 | ||||||
Deutsche Pfandbriefbank AG, 144A | 1,176 | 18,176 | ||||||
Deutsche Post AG | 9,866 | 468,428 | ||||||
Deutsche Telekom AG | 33,669 | 601,518 | ||||||
Deutsche Wohnen SE | 3,602 | 159,230 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Deutz AG | 1,348 | $ | 11,231 | |||||
DIC Asset AG | 506 | 6,471 | ||||||
Diebold Nixdorf AG | 85 | 7,424 | ||||||
DMG Mori AG | 224 | 12,215 | ||||||
Draegerwerk AG & Co. KGaA | 33 | 2,373 | ||||||
Drillisch AG | 517 | 39,451 | ||||||
Duerr AG | 255 | 32,097 | ||||||
E.ON SE | 22,293 | 257,833 | ||||||
Elmos Semiconductor AG | 109 | 3,116 | ||||||
ElringKlinger AG (a) | 322 | 6,094 | ||||||
Evonik Industries AG | 1,626 | 60,654 | ||||||
Evotec AG* | 1,322 | 19,401 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 419 | 41,732 | ||||||
Freenet AG | 1,320 | 50,033 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,172 | 215,788 | ||||||
Fresenius SE & Co. KGaA | 4,200 | 302,992 | ||||||
GEA Group AG | 1,842 | 88,871 | ||||||
Gerresheimer AG | 327 | 26,101 | ||||||
Gerry Weber International AG | 291 | 2,978 | ||||||
GFT Technologies SE (a) | 182 | 2,681 | ||||||
Grammer AG | 101 | 6,145 | ||||||
GRENKE AG | 282 | 28,443 | ||||||
H&R GmbH & Co. KGaA* | 156 | 2,616 | ||||||
Hamborner REIT AG REIT | 873 | 10,004 | ||||||
Hamburger Hafen und Logistik AG | 269 | 7,912 | ||||||
Hannover Rueck SE | 603 | 79,236 | ||||||
Hapag-Lloyd AG, 144A* | 467 | 17,492 | ||||||
HeidelbergCement AG | 1,503 | 159,878 | ||||||
Heidelberger Druckmaschinen AG* | 2,870 | 10,067 | ||||||
Henkel AG & Co. KGaA | 1,029 | 125,416 | ||||||
HOCHTIEF AG | 188 | 33,039 | ||||||
Hornbach Baumarkt AG | 86 | 3,212 | ||||||
HUGO BOSS AG | 633 | 52,054 | ||||||
Hypoport AG* | 35 | 5,403 | ||||||
Indus Holding AG | 158 | 11,679 | ||||||
Infineon Technologies AG | 11,502 | 317,614 | ||||||
Innogy SE, 144A | 1,385 | 64,019 | ||||||
Isra Vision AG | 33 | 6,053 | ||||||
Jenoptik AG | 497 | 16,226 | ||||||
JOST Werke AG, 144A* | 78 | 3,903 | ||||||
K+S AG | 1,996 | 46,743 | ||||||
KION Group AG | 721 | 58,682 | ||||||
Kloeckner & Co. SE | 855 | 10,071 | ||||||
Koenig & Bauer AG | 148 | 11,300 | ||||||
KPS AG | 180 | 2,798 | ||||||
Krones AG (a) | 160 | 20,263 | ||||||
KWS Saat SE | 19 | 7,611 | ||||||
LANXESS AG | 908 | 68,973 | ||||||
LEG Immobilien AG | 630 | 66,970 | ||||||
Leoni AG | 307 | 22,615 | ||||||
Linde AG* | 192 | 44,826 | ||||||
Linde AG | 1,756 | 385,410 | ||||||
MAN SE | 354 | 39,758 | ||||||
Manz AG*(a) | 51 | 2,125 | ||||||
MBB SE | 26 | 2,754 | ||||||
Merck KGaA | 1,297 | 138,058 |
Number | Value | |||||||
Germany (Continued) | ||||||||
METRO AG* | 1,859 | $ | 36,288 | |||||
MLP SE | 675 | 4,198 | ||||||
MorphoSys AG* | 293 | 27,659 | ||||||
MTU Aero Engines AG | 525 | 94,388 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,582 | 352,022 | ||||||
Nemetschek SE | 205 | 19,584 | ||||||
Nordex SE* | 711 | 7,222 | ||||||
Norma Group SE | 333 | 21,189 | ||||||
OHB SE | 68 | 3,403 | ||||||
OSRAM Licht AG | 1,018 | 87,228 | ||||||
PATRIZIA Immobilien AG* | 526 | 12,402 | ||||||
Pfeiffer Vacuum Technology AG | 63 | 11,443 | ||||||
ProSiebenSat.1 Media SE | 2,309 | 73,434 | ||||||
Rational AG | 33 | 21,587 | ||||||
Rheinmetall AG | 452 | 57,511 | ||||||
RHOEN-KLINIKUM AG | 286 | 9,952 | ||||||
RIB Software SE (a) | 384 | 8,782 | ||||||
Rocket Internet SE, 144A* | 629 | 14,973 | ||||||
RWE AG* | 5,231 | 119,854 | ||||||
SAF-Holland SA | 511 | 10,376 | ||||||
Salzgitter AG | 372 | 19,157 | ||||||
SAP SE | 9,978 | 1,124,093 | ||||||
Scout24 AG, 144A | 900 | 37,879 | ||||||
Senvion SA* | 234 | 2,539 | ||||||
SGL Carbon SE* | 544 | 7,333 | ||||||
Siemens AG | 7,753 | 1,053,838 | ||||||
Siltronic AG* | 214 | 31,788 | ||||||
Sixt Leasing SE | 142 | 3,210 | ||||||
Sixt SE | 107 | 9,643 | ||||||
SLM Solutions Group AG* | 145 | 8,327 | ||||||
SMA Solar Technology AG | 138 | 5,503 | ||||||
Software AG | 492 | 26,935 | ||||||
STADA Arzneimittel AG | 265 | 25,669 | ||||||
STRATEC Biomedical AG | 51 | 4,237 | ||||||
Stroeer SE & Co. KGaA | 263 | 19,915 | ||||||
Suedzucker AG | 751 | 15,562 | ||||||
Surteco SE | 82 | 2,662 | ||||||
Symrise AG | 1,251 | 106,330 | ||||||
TAG Immobilien AG | 1,178 | 21,572 | ||||||
Takkt AG | 372 | 7,941 | ||||||
Telefonica Deutschland Holding AG | 7,730 | 36,766 | ||||||
thyssenkrupp AG | 4,424 | 121,058 | ||||||
TLG Immobilien AG | 744 | 18,335 | ||||||
Uniper SE | 2,038 | 60,631 | ||||||
United Internet AG | 1,238 | 83,402 | ||||||
Vapiano SE, 144A* | 104 | 2,785 | ||||||
VERBIO Vereinigte BioEnergie AG | 275 | 2,639 | ||||||
Volkswagen AG | 336 | 69,567 | ||||||
Vonovia SE | 4,922 | 231,671 | ||||||
Vossloh AG* | 113 | 6,187 | ||||||
VTG AG | 116 | 6,170 | ||||||
Wacker Chemie AG | 155 | 25,257 | ||||||
Wacker Neuson SE | 317 | 10,346 | ||||||
Washtec AG | 102 | 9,332 | ||||||
Wirecard AG | 1,185 | 126,320 | ||||||
Wuestenrot & Wuerttembergische AG | 212 | 5,718 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
XING AG | 31 | $ | 9,686 | |||||
Zalando SE, 144A* | 1,143 | 58,452 | ||||||
zooplus AG*(a) | 62 | 10,682 | ||||||
|
| |||||||
15,369,364 | ||||||||
|
| |||||||
Ireland — 1.9% | ||||||||
AerCap Holdings NV* | 1,393 | 72,394 | ||||||
Allied Irish Banks PLC | 8,233 | 53,406 | ||||||
Bank of Ireland Group PLC* | 9,139 | 71,292 | ||||||
C&C Group PLC | 3,447 | 11,734 | ||||||
Cairn Homes PLC* | 6,599 | 13,981 | ||||||
CRH PLC | 8,440 | 290,823 | ||||||
Dalata Hotel Group PLC* | 1,814 | 12,566 | ||||||
Glanbia PLC | 1,995 | 37,150 | ||||||
Green REIT PLC REIT | 6,825 | 12,145 | ||||||
Hibernia REIT PLC REIT | 7,322 | 12,463 | ||||||
Irish Continental Group PLC | 1,823 | 12,628 | ||||||
Irish Residential Properties REIT PLC REIT | 4,096 | 7,259 | ||||||
Kerry Group PLC, Class A | 1,593 | 166,854 | ||||||
Kingspan Group PLC | 1,514 | 61,990 | ||||||
Origin Enterprises PLC | 1,374 | 11,150 | ||||||
Paddy Power Betfair PLC | 806 | 89,881 | ||||||
Permanent TSB Group Holdings PLC*(a) | 1,694 | 4,476 | ||||||
Ryanair Holdings PLC* | 1,582 | 33,046 | ||||||
Smurfit Kappa Group PLC | 2,385 | 76,107 | ||||||
|
| |||||||
1,051,345 | ||||||||
|
| |||||||
Italy — 7.4% | ||||||||
A2A SpA | 15,535 | 29,215 | ||||||
ACEA SpA | 471 | 9,575 | ||||||
Aeroporto Guglielmo Marconi Di Bologna SpA | 140 | 2,749 | ||||||
Amplifon SpA | 987 | 15,425 | ||||||
Anima Holding SpA, 144A | 2,467 | 17,075 | ||||||
Arnoldo Mondadori Editore SpA* | 1,036 | 2,824 | ||||||
Ascopiave SpA | 552 | 2,445 | ||||||
Assicurazioni Generali SpA | 12,637 | 231,333 | ||||||
Astaldi SpA (a) | 533 | 1,341 | ||||||
ASTM SpA | 417 | 11,892 | ||||||
Atlantia SpA | 4,622 | 153,542 | ||||||
Autogrill SpA | 1,365 | 17,417 | ||||||
Azimut Holding SpA | 1,203 | 22,853 | ||||||
Banca Carige SpA*(a) | 6,685 | 80 | ||||||
Banca Farmafactoring SpA, 144A* | 563 | 4,326 | ||||||
Banca Generali SpA | 627 | 22,000 | ||||||
Banca IFIS SpA | 189 | 8,335 | ||||||
Banca Mediolanum SpA | 2,707 | 22,570 | ||||||
Banca Monte dei Paschi di Siena SpA* | 2,831 | 13,815 | ||||||
Banca Popolare di Sondrio SCPA | 4,868 | 19,352 | ||||||
Banco BPM SpA* | 14,952 | 51,219 | ||||||
Beni Stabili SpA SIIQ REIT | 10,130 | 9,272 | ||||||
Biesse SpA | 115 | 5,960 | ||||||
Bio On SpA* | 85 | 2,876 | ||||||
BPER Banca | 5,076 | 27,768 | ||||||
Brembo SpA | 1,461 | 22,589 | ||||||
Brunello Cucinelli SpA | 349 | 11,050 | ||||||
Buzzi Unicem SpA | 721 | 19,180 | ||||||
Buzzi Unicem SpA-RSP | 456 | 6,893 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Cairo Communication SpA | 863 | $ | 4,109 | |||||
Cementir Holding SpA | 280 | 2,378 | ||||||
Cerved Information Solutions SpA | 1,902 | 23,544 | ||||||
CIR-Compagnie Industriali Riunite SpA | 4,164 | 5,551 | ||||||
Credito Emiliano SpA | 996 | 8,713 | ||||||
Credito Valtellinese SpA*(a) | 1,245 | 2,190 | ||||||
Danieli & C Officine Meccaniche SpA | 132 | 3,112 | ||||||
Danieli & C Officine Meccaniche SpA-RSP | 342 | 5,463 | ||||||
Datalogic SpA | 208 | 7,813 | ||||||
Davide Campari-Milano SpA | 5,830 | 45,382 | ||||||
De’ Longhi SpA | 649 | 19,065 | ||||||
DeA Capital SpA | 990 | 1,549 | ||||||
DiaSorin SpA | 237 | 21,834 | ||||||
doBank SpA, 144A* | 372 | 5,805 | ||||||
Ei Towers SpA | 182 | 12,109 | ||||||
El.En. SpA | 90 | 2,767 | ||||||
Enav SpA, 144A | 2,582 | 13,793 | ||||||
Enel SpA | 83,048 | 539,215 | ||||||
Eni SpA | 25,698 | 422,407 | ||||||
ERG SpA | 608 | 11,579 | ||||||
Falck Renewables SpA | 1,427 | 2,429 | ||||||
Ferrari NV | 1,246 | 135,254 | ||||||
Fila SpA | 206 | 4,627 | ||||||
Fincantieri SpA* | 5,404 | 7,712 | ||||||
FinecoBank Banca Fineco SpA | 3,936 | 39,680 | ||||||
GEDI Gruppo Editoriale SpA* | 3,404 | 2,806 | ||||||
Geox SpA | 877 | 3,067 | ||||||
Hera SpA | 7,400 | 26,600 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 5,035 | 6,454 | ||||||
Industria Macchine Automatiche SpA | 165 | 13,944 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 2,553 | 19,752 | ||||||
Interpump Group SpA | 690 | 22,749 | ||||||
Intesa Sanpaolo SpA | 136,508 | 458,515 | ||||||
Intesa Sanpaolo SpA-RSP | 9,653 | 30,838 | ||||||
Iren SpA | 5,629 | 17,259 | ||||||
Italgas SpA | 4,865 | 30,806 | ||||||
Italmobiliare SpA | 167 | 4,711 | ||||||
Juventus Football Club SpA*(a) | 3,734 | 3,127 | ||||||
La Doria SpA | 48 | 965 | ||||||
Leonardo SpA | 4,015 | 47,980 | ||||||
Luxottica Group SpA | 1,730 | 100,589 | ||||||
Maire Tecnimont SpA | 1,301 | 5,980 | ||||||
MARR SpA | 388 | 10,026 | ||||||
Mediaset SpA*(a) | 5,144 | 19,286 | ||||||
Mediobanca SpA | 5,745 | 66,294 | ||||||
Moncler SpA | 1,626 | 44,571 | ||||||
OVS SpA, 144A | 1,972 | 13,520 | ||||||
Piaggio & C SpA | 1,874 | 5,942 | ||||||
Poste Italiane SpA, 144A | 5,447 | 39,775 | ||||||
Prima Industrie SpA | 69 | 2,686 | ||||||
Prysmian SpA | 2,062 | 68,671 | ||||||
RAI Way SpA, 144A | 1,145 | 7,264 | ||||||
Recordati SpA | 1,016 | 45,711 | ||||||
Reply SpA | 212 | 12,198 | ||||||
Safilo Group SpA* | 365 | 1,918 | ||||||
Saipem SpA*(a) | 6,341 | 25,450 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Salini Impregilo SpA | 1,995 | $ | 7,299 | |||||
Salvatore Ferragamo SpA (a) | 474 | 12,954 | ||||||
Saras SpA | 5,239 | 13,507 | ||||||
Snam SpA | 22,944 | 115,681 | ||||||
Societa Cattolica di Assicurazioni SC | 1,613 | 17,500 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 792 | 13,989 | ||||||
Sogefi SpA* | 520 | 2,659 | ||||||
Tamburi Investment Partners SpA | 917 | 6,221 | ||||||
Technogym SpA, 144A | 984 | 9,446 | ||||||
Telecom Italia SpA* | 114,907 | 96,148 | ||||||
Telecom Italia SpA-RSP | 59,291 | 40,155 | ||||||
Terna Rete Elettrica Nazionale SpA | 14,459 | 89,405 | ||||||
Tod’s SpA (a) | 107 | 7,132 | ||||||
UniCredit SpA* | 20,296 | 408,258 | ||||||
Unione di Banche Italiane SpA | 10,172 | 48,962 | ||||||
Unipol Gruppo SpA | 3,693 | 16,932 | ||||||
UnipolSai Assicurazioni SpA | 9,244 | 21,675 | ||||||
Vittoria Assicurazioni SpA | 194 | 2,806 | ||||||
Yoox Net-A-Porter Group SpA* | 545 | 17,839 | ||||||
Zignago Vetro SpA | 151 | 1,433 | ||||||
|
| |||||||
4,222,506 | ||||||||
|
| |||||||
Luxembourg — 0.9% | ||||||||
APERAM SA | 504 | 25,762 | ||||||
ArcelorMittal* | 6,691 | 202,006 | ||||||
Eurofins Scientific SE | 110 | 66,603 | ||||||
Grand City Properties SA | 1,089 | 24,887 | ||||||
RTL Group SA | 390 | 31,101 | ||||||
SES SA | 3,778 | 62,393 | ||||||
Solutions 30 SE* | 188 | 5,923 | ||||||
Tenaris SA | 4,660 | 67,723 | ||||||
|
| |||||||
486,398 | ||||||||
|
| |||||||
Netherlands — 8.6% | ||||||||
Aalberts Industries NV | 995 | 50,806 | ||||||
ABN AMRO Group NV, 144A | 4,301 | 127,598 | ||||||
Accell Group | 256 | 7,324 | ||||||
Aegon NV | 17,799 | 110,545 | ||||||
Akzo Nobel NV (a) | 2,561 | 230,751 | ||||||
Altice NV, Class A* | 5,346 | 42,213 | ||||||
AMG Advanced Metallurgical Group NV | 254 | 11,305 | ||||||
Arcadis NV | 667 | 15,402 | ||||||
ASM International NV | 471 | 32,555 | ||||||
ASML Holding NV | 3,943 | 692,709 | ||||||
ASR Nederland NV | 1,521 | 62,005 | ||||||
Basic-Fit NV, 144A* | 306 | 7,721 | ||||||
BE Semiconductor Industries NV | 350 | 28,732 | ||||||
BinckBank NV | 767 | 3,925 | ||||||
Boskalis Westminster | 889 | 32,881 | ||||||
Brunel International NV | 263 | 4,649 | ||||||
Corbion NV | 619 | 19,999 | ||||||
Eurocommercial Properties NV | 432 | 18,277 | ||||||
Euronext NV, 144A | 557 | 33,990 | ||||||
EXOR NV | 1,095 | 66,339 | ||||||
Flow Traders, 144A | 292 | 6,405 | ||||||
ForFarmers NV | 233 | 2,790 | ||||||
Fugro NV* | 854 | 12,035 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Gemalto NV | 847 | $ | 32,175 | |||||
Heineken Holding NV | 1,151 | 110,927 | ||||||
Heineken NV | 2,645 | 269,455 | ||||||
IMCD Group NV | 516 | 31,900 | ||||||
ING Groep NV | 39,454 | 711,680 | ||||||
Intertrust NV, 144A | 633 | 11,753 | ||||||
InterXion Holding NV* | 704 | 40,642 | ||||||
Kendrion NV | 135 | 6,580 | ||||||
Koninklijke Ahold Delhaize NV | 12,968 | 277,756 | ||||||
Koninklijke BAM Groep NV | 2,338 | 12,698 | ||||||
Koninklijke DSM NV | 1,841 | 172,627 | ||||||
Koninklijke KPN NV | 34,547 | 126,730 | ||||||
Koninklijke Philips NV | 9,534 | 370,223 | ||||||
Koninklijke Volkerwessels NV | 296 | 8,614 | ||||||
Koninklijke Vopak NV | 736 | 31,099 | ||||||
NN Group NV | 3,087 | 135,600 | ||||||
NSI NV REIT | 205 | 8,296 | ||||||
NXP Semiconductors NV* | 3,509 | 397,886 | ||||||
OCI NV* | 782 | 17,568 | ||||||
Philips Lighting NV, 144A | 866 | 32,804 | ||||||
PostNL NV | 4,079 | 18,061 | ||||||
QIAGEN NV* | 2,163 | 68,315 | ||||||
Randstad Holding NV | 1,193 | 73,469 | ||||||
Refresco Group NV, 144A | 610 | 14,376 | ||||||
SBM Offshore NV | 1,562 | 25,908 | ||||||
SIF Holding NV | 104 | 2,042 | ||||||
Takeaway.com NV, 144A* | 189 | 10,134 | ||||||
TKH Group NV | 371 | 24,729 | ||||||
TomTom NV* | 1,411 | 15,239 | ||||||
Vastned Retail NV REIT | 181 | 8,579 | ||||||
Wereldhave NV REIT | 415 | 19,244 | ||||||
Wessanen | 789 | 15,866 | ||||||
Wolters Kluwer NV | 3,068 | 158,940 | ||||||
|
| |||||||
4,882,871 | ||||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 832 | 5,151 | ||||||
Banco Comercial Portugues SA, Class R* | 103,059 | 31,586 | ||||||
Corticeira Amorim SGPS SA | 504 | 6,992 | ||||||
CTT-Correios de Portugal SA | 1,418 | 5,485 | ||||||
EDP — Energias de Portugal SA | 23,851 | 83,605 | ||||||
Galp Energia SGPS SA | 4,944 | 93,300 | ||||||
Jeronimo Martins SGPS SA | 2,486 | 48,823 | ||||||
Mota-Engil SGPS SA | 1,146 | 4,706 | ||||||
Navigator Co. SA | 1,760 | 8,761 | ||||||
NOS SGPS SA | 2,580 | 17,535 | ||||||
REN — Redes Energeticas Nacionais SGPS SA | 3,536 | 10,375 | ||||||
Semapa-Sociedade de Investimento e Gestao | 261 | 5,259 | ||||||
Sonae SGPS SA | 4,404 | 5,341 | ||||||
|
| |||||||
326,919 | ||||||||
|
| |||||||
Spain — 9.8% | ||||||||
Abertis Infraestructuras SA | 7,040 | 157,197 | ||||||
Acciona SA | 275 | 22,339 | ||||||
Acerinox SA | 1,595 | 21,443 |
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
ACS Actividades de Construccion y Servicios SA | 2,457 | $ | 95,044 | |||||
Aena SME SA, 144A | 684 | 136,082 | ||||||
Almirall SA | 614 | 6,161 | ||||||
Amadeus IT Group SA | 4,463 | 321,753 | ||||||
Applus Services SA | 1,408 | 17,923 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 937 | 10,762 | ||||||
Axiare Patrimonio SOCIMI SA REIT | 699 | 15,275 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 67,588 | 577,767 | ||||||
Banco de Sabadell SA | 53,612 | 107,842 | ||||||
Banco Santander SA | 163,830 | 1,100,377 | ||||||
Bankia SA | 9,989 | 47,986 | ||||||
Bankinter SA | 6,670 | 64,361 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 792 | 26,583 | ||||||
CaixaBank SA | 36,333 | 172,679 | ||||||
Cellnex Telecom SA, 144A | 1,579 | 38,866 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 453 | 10,870 | ||||||
CIE Automotive SA | 510 | 14,969 | ||||||
Codere SA* | 505 | 4,953 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 218 | 9,107 | ||||||
Corp. Financiera Alba SA | 124 | 7,424 | ||||||
Distribuidora Internacional de Alimentacion SA | 6,483 | 30,511 | ||||||
Ebro Foods SA | 693 | 16,027 | ||||||
Enagas SA | 2,323 | 68,170 | ||||||
Ence Energia y Celulosa SA | 1,191 | 7,782 | ||||||
Endesa SA | 3,179 | 70,889 | ||||||
Euskaltel SA, 144A | 897 | 7,963 | ||||||
Faes Farma SA | 2,708 | 10,137 | ||||||
Ferrovial SA | 5,056 | 111,301 | ||||||
Fomento de Construcciones y Contratas SA* | 849 | 9,196 | ||||||
Gas Natural SDG SA | 3,556 | 79,487 | ||||||
Gestamp Automocion SA, 144A* | 1,701 | 11,986 | ||||||
Global Dominion Access SA, 144A* | 657 | 3,495 | ||||||
Grifols SA (a) | 2,986 | 87,111 | ||||||
Grupo Catalana Occidente SA | 383 | 16,507 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 1,025 | 18,087 | ||||||
Iberdrola SA | 57,999 | 460,590 | ||||||
Indra Sistemas SA* | 1,210 | 16,490 | ||||||
Industria de Diseno Textil SA | 11,039 | 390,759 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 2,731 | 25,800 | ||||||
Lar Espana Real Estate Socimi SA REIT | 1,001 | 10,012 | ||||||
Liberbank SA* | 15,420 | 8,443 | ||||||
Mapfre SA | 10,737 | 36,115 | ||||||
Mediaset Espana Comunicacion SA | 1,736 | 20,218 | ||||||
Melia Hotels International SA | 1,204 | 16,043 | ||||||
Merlin Properties Socimi SA REIT | 3,633 | 47,782 | ||||||
Miquel y Costas & Miquel SA | 166 | 6,872 | ||||||
Neinor Homes SA, 144A* | 662 | 14,041 | ||||||
NH Hotel Group SA | 2,150 | 15,802 | ||||||
Obrascon Huarte Lain SA* | 1,109 | 6,506 | ||||||
Papeles y Cartones de Europa SA | 479 | 5,747 | ||||||
Pharma Mar SA* | 2,071 | 5,904 |
Number | Value | |||||||
Spain (Continued) | ||||||||
Prosegur Cia de Seguridad SA | 2,906 | $ | 23,728 | |||||
Realia Business SA* | 2,815 | 3,753 | ||||||
Red Electrica Corp. SA | 4,394 | 99,369 | ||||||
Repsol SA | 12,277 | 225,328 | ||||||
Sacyr SA* | 4,011 | 9,667 | ||||||
Saeta Yield SA | 524 | 6,050 | ||||||
Siemens Gamesa Renewable Energy SA | 2,464 | 30,853 | ||||||
Talgo SA, 144A | 1,120 | 5,224 | ||||||
Tecnicas Reunidas SA (a) | 350 | 10,673 | ||||||
Telefonica SA | 45,877 | 469,877 | ||||||
Telepizza Group SA, 144A* | 999 | 5,824 | ||||||
Tubacex SA* | 1,190 | 4,653 | ||||||
Unicaja Banco SA, 144A* | 7,516 | 11,361 | ||||||
Viscofan SA | 417 | 26,713 | ||||||
Zardoya Otis SA | 1,994 | 22,286 | ||||||
|
| |||||||
5,578,895 | ||||||||
|
| |||||||
Switzerland (c)— 0.3% | ||||||||
EDAG Engineering Group AG* | 126 | 2,251 | ||||||
STMicroelectronics NV | 6,463 | 146,467 | ||||||
|
| |||||||
148,718 | ||||||||
|
| |||||||
United Kingdom (c) — 2.9% | ||||||||
CNH Industrial NV | 10,364 | 134,213 | ||||||
Coca-Cola European Partners PLC | 2,168 | 84,530 | ||||||
Dialog Semiconductor PLC* | 757 | 27,450 | ||||||
Fiat Chrysler Automobiles NV* | 10,915 | 187,338 | ||||||
International Consolidated Airlines Group SA (a) | 6,293 | 52,027 | ||||||
RELX NV | 9,845 | 225,396 | ||||||
Stallergenes Greer PLC* | 43 | 1,996 | ||||||
Unilever NV | 16,526 | 951,736 | ||||||
|
| |||||||
1,664,686 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 55,121,299 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.7% | ||||||||
Germany — 1.7% | ||||||||
Bayerische Motoren Werke AG | 562 | 48,630 | ||||||
Biotest AG | 229 | 5,552 | ||||||
Draegerwerk AG & Co. KGaA | 84 | 7,035 | ||||||
FUCHS PETROLUB SE | 679 | 35,681 | ||||||
Henkel AG & Co. KGaA | 1,808 | 245,325 | ||||||
Jungheinrich AG | 504 | 22,544 | ||||||
Porsche Automobil Holding SE | 1,545 | 129,277 | ||||||
Sartorius AG | 374 | 35,835 | ||||||
Schaeffler AG | 1,729 | 30,159 | ||||||
Sixt SE | 186 | 12,154 | ||||||
STO SE & Co. KGaA | 31 | 4,575 | ||||||
Volkswagen AG | 1,875 | 397,469 | ||||||
|
| |||||||
974,236 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 974,236 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Banca Carige SpA*, expires 12/11/17 | 6,685 | 10 | ||||||
|
|
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Portugal — 0.0% | ||||||||
REN — Redes Energeticas Nacionais SGPS SA*, expires 12/09/17 | 2,560 | $ | 457 | |||||
|
| |||||||
TOTAL RIGHTS | 467 | |||||||
|
| |||||||
WARRANT — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Abengoa SA*, expires 3/31/25 | 7,125 | 85 | ||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 3.2% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 1,808,150 | $ | 1,808,150 | |||||
|
| |||||||
TOTAL INVESTMENTS — 102.1% (Cost $48,814,937) | $ | 57,904,237 | ||||||
Other assets and liabilities, net — (2.1%) | (1,180,699 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 56,723,538 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $1,059,482, which is 1.9% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities are listed in country of domicile and trade on exchanges within the Eurozone. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | 457,212 | 12,225 | (107,975 | ) | (9,231 | ) | 43,099 | — | 395,330 |
At November 30, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
EURO STOXX Futures | EUR | 13 | $ | 545,048 | $ | 552,859 | 12/15/2017 | $ | 4,332 |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 82,000 | USD | 95,693 | $ | — | $ | (1,944 | ) | ||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 1,907,000 | USD | 2,225,286 | — | (45,377 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 27,725,300 | USD | 32,351,017 | — | (661,473 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | EUR | 22,801,000 | USD | 26,606,904 | — | (542,226 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 4,595,136 | EUR | 3,935,000 | 90,265 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 30,680,716 | EUR | 25,731,300 | — | (42,480 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 55,941 | EUR | 48,000 | 1,213 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 27,188,106 | EUR | 22,801,000 | — | (38,976 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 220,000 | USD | 262,540 | 9 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 25,731,300 | USD | 30,747,360 | 41,675 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | EUR | 22,801,000 | USD | 27,247,621 | 38,724 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 1,768,723 | EUR | 1,480,000 | — | (2,609 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 171,886 | $ | (1,335,085 | ) | |||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 55,121,299 | $ | — | $ | — | $ | 55,121,299 | ||||||||
Preferred Stock | 974,236 | — | — | 974,236 | ||||||||||||
Rights (f) | 467 | — | — | 467 | ||||||||||||
Warrant | 85 | — | — | 85 | ||||||||||||
Short-Term Investments | 1,808,150 | — | — | 1,808,150 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 171,886 | — | 171,886 | ||||||||||||
Futures Contracts | 4,332 | — | — | 4,332 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 57,908,569 | $ | 171,886 | $ | — | $ | 58,080,455 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,335,085 | ) | $ | — | $ | (1,335,085 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,335,085 | ) | $ | — | $ | (1,335,085 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Xtrackers MSCI Germany Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 91.5% | ||||||||
Consumer Discretionary — 14.1% | ||||||||
adidas AG | 5,841 | $ | 1,218,034 | |||||
Axel Springer SE | 1,508 | 119,020 | ||||||
Bayerische Motoren Werke AG | 10,266 | 1,034,714 | ||||||
Continental AG | 3,413 | 908,944 | ||||||
Daimler AG | 29,863 | 2,471,048 | ||||||
HUGO BOSS AG | 1,963 | 161,426 | ||||||
ProSiebenSat.1 Media SE | 7,208 | 229,239 | ||||||
RTL Group SA | 1,199 | 95,616 | ||||||
Volkswagen AG | 1,007 | 208,493 | ||||||
Zalando SE, 144A* | 3,451 | 176,481 | ||||||
|
| |||||||
6,623,015 | ||||||||
|
| |||||||
Consumer Staples — 1.9% | ||||||||
Beiersdorf AG | 3,137 | 373,344 | ||||||
Henkel AG & Co. KGaA | 3,230 | 393,677 | ||||||
METRO AG* | 5,571 | 108,747 | ||||||
|
| |||||||
875,768 | ||||||||
|
| |||||||
Financials — 14.8% | ||||||||
Allianz SE | 13,946 | 3,289,135 | ||||||
Commerzbank AG* | 33,011 | 477,586 | ||||||
Deutsche Bank AG (a) | 64,103 | 1,210,095 | ||||||
Deutsche Boerse AG | 5,988 | 678,867 | ||||||
Hannover Rueck SE | 1,873 | 246,119 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 4,818 | 1,072,088 | ||||||
|
| |||||||
6,973,890 | ||||||||
|
| |||||||
Health Care — 11.7% | ||||||||
Bayer AG | 25,650 | 3,271,279 | ||||||
Fresenius Medical Care AG & Co. KGaA | 6,688 | 664,454 | ||||||
Fresenius SE & Co. KGaA | 12,890 | 929,898 | ||||||
Merck KGaA | 4,010 | 426,840 | ||||||
QIAGEN NV* | 6,706 | 211,797 | ||||||
|
| |||||||
5,504,268 | ||||||||
|
| |||||||
Industrials — 13.9% | ||||||||
Brenntag AG | 4,792 | 298,302 | ||||||
Deutsche Lufthansa AG | 7,296 | 250,709 | ||||||
Deutsche Post AG | 30,135 | 1,430,781 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,291 | 128,584 | ||||||
GEA Group AG | 5,672 | 273,655 | ||||||
HOCHTIEF AG | 598 | 105,093 | ||||||
KION Group AG | 2,196 | 178,731 | ||||||
MAN SE | 1,099 | 123,431 | ||||||
MTU Aero Engines AG | 1,615 | 290,356 | ||||||
OSRAM Licht AG | 3,086 | 264,427 | ||||||
Siemens AG | 23,729 | 3,225,400 | ||||||
|
| |||||||
6,569,469 | ||||||||
|
| |||||||
Information Technology — 10.7% | ||||||||
Infineon Technologies AG | 35,241 | 973,137 | ||||||
SAP SE | 30,494 | 3,435,366 | ||||||
United Internet AG | 3,813 | 256,875 | ||||||
Wirecard AG | 3,642 | 388,233 | ||||||
|
| |||||||
5,053,611 | ||||||||
|
|
Number | Value | |||||||
Materials — 14.2% | ||||||||
BASF SE | 28,571 | $ | 3,196,622 | |||||
Covestro AG, 144A | 3,799 | 395,654 | ||||||
Evonik Industries AG | 5,332 | 198,897 | ||||||
HeidelbergCement AG | 4,617 | 491,122 | ||||||
K+S AG (b) | 6,256 | 146,504 | ||||||
LANXESS AG | 2,904 | 220,593 | ||||||
Linde AG* | 95 | 22,179 | ||||||
Linde AG | 5,922 | 1,299,772 | ||||||
Symrise AG | 3,925 | 333,608 | ||||||
thyssenkrupp AG | 13,510 | 369,686 | ||||||
|
| |||||||
6,674,637 | ||||||||
|
| |||||||
Real Estate — 2.5% | ||||||||
Deutsche Wohnen SE | 10,994 | 485,999 | ||||||
Vonovia SE | 15,043 | 708,050 | ||||||
|
| |||||||
1,194,049 | ||||||||
|
| |||||||
Telecommunication Services — 4.4% | ||||||||
Deutsche Telekom AG | 103,382 | 1,846,986 | ||||||
Drillisch AG | 1,640 | 125,143 | ||||||
Telefonica Deutschland Holding AG | 24,031 | 114,297 | ||||||
|
| |||||||
2,086,426 | ||||||||
|
| |||||||
Utilities — 3.3% | ||||||||
E.ON SE | 68,282 | 789,726 | ||||||
Innogy SE, 144A | 4,312 | 199,315 | ||||||
RWE AG* | 16,072 | 368,247 | ||||||
Uniper SE | 6,259 | 186,207 | ||||||
|
| |||||||
1,543,495 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 43,098,628 | |||||||
|
| |||||||
PREFERRED STOCKS — 5.8% | ||||||||
Consumer Discretionary — 3.9% | ||||||||
Bayerische Motoren Werke AG | 1,711 | 148,055 | ||||||
Porsche Automobil Holding SE | 4,751 | 397,538 | ||||||
Schaeffler AG | 5,429 | 94,699 | ||||||
Volkswagen AG | 5,756 | 1,220,176 | ||||||
|
| |||||||
1,860,468 | ||||||||
|
| |||||||
Consumer Staples — 1.6% | ||||||||
Henkel AG & Co. KGaA | 5,521 | 749,136 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
FUCHS PETROLUB SE | 2,262 | 118,867 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 2,728,471 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, | 151,326 | 151,326 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.6% (Cost $41,501,720) | $ | 45,978,425 | ||||||
Other assets and liabilities, net — 2.4% | 1,120,599 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 47,099,024 | ||||||
|
|
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
* | Non-income producing security. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $144,350, which is 0.3% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | 1,723,784 | 108,735 | (717,222 | ) | (252,293 | ) | 347,091 | 30 | 1,210,095 |
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
DAX Index Futures | EUR | 2 | $ | 744,474 | $ | 776,787 | 12/15/2017 | $ | 30,606 | |||||||||||||||
DAX MINI Futures | EUR | 3 | 232,907 | 233,036 | 12/15/2017 | (1,716 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 28,890 | ||||||||||||||||||||||
|
|
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 12,606,534 | USD | 14,709,821 | $ | — | $ | (300,768 | ) | ||||||||||||||||||
RBC Capital Markets | 12/5/2017 | EUR | 15,426,133 | USD | 18,000,153 | — | (367,730 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 2,525,000 | USD | 2,946,561 | — | (59,954 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 195,000 | USD | 227,521 | — | (4,665 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 13,667,933 | USD | 15,948,633 | — | (325,763 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 4,367,989 | EUR | 3,687,600 | 22,833 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 10,634,491 | EUR | 8,918,934 | — | (14,724 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 18,393,350 | EUR | 15,426,133 | — | (25,467 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 19,337,452 | EUR | 16,217,933 | — | (26,774 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 197,887 | EUR | 170,000 | 4,532 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 8,918,934 | USD | 10,657,591 | 14,445 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 15,426,133 | USD | 18,433,550 | 25,231 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 16,217,933 | USD | 19,379,457 | 26,267 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 295,000 | USD | 351,985 | — | (44 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 1,846,380 | EUR | 1,545,000 | — | (2,700 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 93,308 | $ | (1,128,589 | ) | |||||||||||||||||||||||
|
|
|
|
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 43,098,628 | $ | — | $ | — | $ | 43,098,628 | ||||||||
Preferred Stocks (e) | 2,728,471 | — | — | 2,728,471 | ||||||||||||
Short-Term Investments | 151,326 | — | — | 151,326 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 93,308 | — | 93,308 | ||||||||||||
Futures Contracts | 30,606 | — | — | 30,606 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 46,009,031 | $ | 93,308 | $ | — | $ | 46,102,339 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,128,589 | ) | $ | — | $ | (1,128,589 | ) | ||||||
Futures Contracts | (1,716 | ) | — | — | (1,716 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,716 | ) | $ | (1,128,589 | ) | $ | — | $ | (1,130,305 | ) | |||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Xtrackers MSCI Japan Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.8% | ||||||||
Consumer Discretionary — 19.3% | ||||||||
ABC-Mart, Inc. | 17,911 | $ | 980,335 | |||||
Aisin Seiki Co. Ltd. | 91,123 | 4,866,047 | ||||||
Asics Corp. | 82,415 | 1,212,664 | ||||||
Bandai Namco Holdings, Inc. | 103,207 | 3,347,155 | ||||||
Benesse Holdings, Inc. | 38,588 | 1,357,754 | ||||||
Bridgestone Corp. | 336,407 | 15,229,407 | ||||||
Casio Computer Co. Ltd. | 102,592 | 1,496,788 | ||||||
Denso Corp. | 246,410 | 13,804,390 | ||||||
Dentsu, Inc. | 112,136 | 5,061,539 | ||||||
Don Quijote Holdings Co. Ltd. | 59,650 | 2,846,155 | ||||||
Fast Retailing Co. Ltd. | 27,289 | 10,549,952 | ||||||
Hakuhodo DY Holdings, Inc. | 117,780 | 1,579,191 | ||||||
Hikari Tsushin, Inc. | 11,752 | 1,689,523 | ||||||
Honda Motor Co. Ltd. | 889,145 | 29,578,914 | ||||||
Iida Group Holdings Co. Ltd. | 76,966 | 1,415,608 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 173,775 | 2,005,720 | ||||||
Isuzu Motors Ltd. | 284,695 | 4,479,940 | ||||||
J. Front Retailing Co. Ltd. | 121,900 | 2,052,517 | ||||||
Koito Manufacturing Co. Ltd. | 57,172 | 3,936,941 | ||||||
Marui Group Co. Ltd. | 103,802 | 1,831,719 | ||||||
Mazda Motor Corp. | 296,904 | 3,965,051 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 33,019 | 1,439,053 | ||||||
Mitsubishi Motors Corp. | 356,038 | 2,483,361 | ||||||
NGK Spark Plug Co. Ltd. | 86,790 | 1,994,215 | ||||||
Nikon Corp. | 174,959 | 3,462,026 | ||||||
Nissan Motor Co. Ltd. | 1,197,747 | 11,578,913 | ||||||
Nitori Holdings Co. Ltd. | 41,347 | 6,735,948 | ||||||
NOK Corp. | 44,990 | 1,092,120 | ||||||
Oriental Land Co. Ltd. | 112,725 | 10,006,979 | ||||||
Panasonic Corp. | 1,141,844 | 16,922,971 | ||||||
Rakuten, Inc. | 479,438 | 4,888,312 | ||||||
Rinnai Corp. | 18,155 | 1,624,424 | ||||||
Ryohin Keikaku Co. Ltd. | 12,070 | 3,758,972 | ||||||
Sankyo Co. Ltd. | 24,153 | 777,952 | ||||||
Sega Sammy Holdings, Inc. | 89,688 | 1,082,201 | ||||||
Sekisui Chemical Co. Ltd. | 202,552 | 3,907,241 | ||||||
Sekisui House Ltd. | 299,452 | 5,572,902 | ||||||
Sharp Corp.*(a) | 76,255 | 2,395,143 | ||||||
Shimamura Co. Ltd. | 11,870 | 1,426,994 | ||||||
Shimano, Inc. | 38,184 | 5,265,589 | ||||||
Sony Corp. | 653,593 | 30,204,249 | ||||||
Stanley Electric Co. Ltd. | 72,746 | 2,898,981 | ||||||
Start Today Co. Ltd. | 97,934 | 2,980,354 | ||||||
Subaru Corp. | 317,417 | 10,347,887 | ||||||
Sumitomo Electric Industries Ltd. | 390,713 | 6,799,160 | ||||||
Sumitomo Rubber Industries Ltd. | 90,530 | 1,640,954 | ||||||
Suzuki Motor Corp. | 178,289 | 9,568,311 | ||||||
Takashimaya Co. Ltd. | 164,524 | 1,618,269 | ||||||
Toho Co. Ltd. | 55,198 | 1,861,268 | ||||||
Toyoda Gosei Co. Ltd. | 33,263 | 829,617 | ||||||
Toyota Industries Corp. | 82,399 | 5,103,035 | ||||||
Toyota Motor Corp. | 1,348,673 | 84,411,148 | ||||||
USS Co. Ltd. | 114,218 | 2,400,156 | ||||||
Yamada Denki Co. Ltd. (a) | 324,947 | 1,761,230 | ||||||
Yamaha Corp. | 86,007 | 3,156,150 | ||||||
Yamaha Motor Co. Ltd. | 141,424 | 4,423,230 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Yokohama Rubber Co. Ltd. | 60,346 | $ | 1,349,065 | |||||
|
| |||||||
371,055,690 | ||||||||
|
| |||||||
Consumer Staples — 7.4% | ||||||||
Aeon Co. Ltd. | 321,902 | 5,217,018 | ||||||
Ajinomoto Co., Inc. | 279,001 | 5,116,692 | ||||||
Asahi Group Holdings Ltd. | 199,497 | 10,116,215 | ||||||
Calbee, Inc. | 42,308 | 1,475,489 | ||||||
Coca-Cola Bottlers Japan, Inc. | 66,800 | 2,531,450 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 41,134 | 2,766,754 | ||||||
Japan Tobacco, Inc. | 569,389 | 18,820,268 | ||||||
Kao Corp. | 255,584 | 16,891,322 | ||||||
Kikkoman Corp. | 75,248 | 2,941,856 | ||||||
Kirin Holdings Co. Ltd. | 444,789 | 10,392,045 | ||||||
Kose Corp. | 16,188 | 2,476,852 | ||||||
Lawson, Inc. | 26,769 | 1,840,971 | ||||||
Lion Corp. | 118,188 | 2,198,993 | ||||||
MEIJI Holdings Co. Ltd. | 62,793 | 5,456,622 | ||||||
NH Foods Ltd. | 92,622 | 2,268,949 | ||||||
Nisshin Seifun Group, Inc. | 102,975 | 2,009,268 | ||||||
Nissin Foods Holdings Co. Ltd. | 31,370 | 2,260,524 | ||||||
Pola Orbis Holdings, Inc. | 46,079 | 1,678,652 | ||||||
Seven & i Holdings Co. Ltd. | 387,802 | 15,867,681 | ||||||
Shiseido Co. Ltd. | 195,607 | 9,510,520 | ||||||
Sundrug Co. Ltd. | 37,957 | 1,743,638 | ||||||
Suntory Beverage & Food Ltd. | 74,236 | 3,205,713 | ||||||
Toyo Suisan Kaisha Ltd. | 44,612 | 1,894,756 | ||||||
Tsuruha Holdings, Inc. | 19,597 | 2,702,434 | ||||||
Unicharm Corp. | 207,874 | 5,435,810 | ||||||
Yakult Honsha Co. Ltd. | 44,438 | 3,458,855 | ||||||
Yamazaki Baking Co. Ltd. | 66,406 | 1,278,026 | ||||||
|
| |||||||
141,557,373 | ||||||||
|
| |||||||
Energy — 0.9% | ||||||||
Idemitsu Kosan Co. Ltd. | 71,012 | 2,378,739 | ||||||
Inpex Corp. | 484,044 | 5,440,630 | ||||||
JXTG Holdings, Inc. | 1,579,437 | 8,841,311 | ||||||
Showa Shell Sekiyu KK | 100,414 | 1,277,647 | ||||||
|
| |||||||
17,938,327 | ||||||||
|
| |||||||
Financials — 12.0% | ||||||||
Acom Co. Ltd.*(a) | 204,474 | 848,455 | ||||||
AEON Financial Service Co. Ltd. | 61,772 | 1,367,223 | ||||||
Aozora Bank Ltd. | 58,392 | 2,259,515 | ||||||
Bank of Kyoto Ltd. | 32,704 | 1,662,152 | ||||||
Chiba Bank Ltd. | 355,560 | 2,713,813 | ||||||
Concordia Financial Group Ltd. | 638,838 | 3,490,918 | ||||||
Credit Saison Co. Ltd. | 82,192 | 1,576,725 | ||||||
Dai-ichi Life Holdings, Inc. | 556,219 | 11,347,273 | ||||||
Daiwa Securities Group, Inc. | 817,944 | 5,072,859 | ||||||
Fukuoka Financial Group, Inc. | 388,742 | 2,010,288 | ||||||
Hachijuni Bank Ltd. | 201,816 | 1,147,650 | ||||||
Japan Exchange Group, Inc. | 265,632 | 4,866,793 | ||||||
Japan Post Bank Co. Ltd. | 216,725 | 2,747,937 | ||||||
Japan Post Holdings Co. Ltd. | 811,070 | 9,310,964 | ||||||
Kyushu Financial Group, Inc. | 183,038 | 1,079,899 | ||||||
Mebuki Financial Group, Inc. | 513,762 | 2,150,090 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 6,154,942 | 43,318,935 |
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 217,716 | $ | 1,236,132 | |||||
Mizuho Financial Group, Inc. | 12,432,272 | 22,523,793 | ||||||
MS&AD Insurance Group Holdings, Inc. | 243,489 | 7,907,524 | ||||||
Nomura Holdings, Inc. | 1,873,277 | 11,160,267 | ||||||
ORIX Corp. | 684,027 | 11,754,482 | ||||||
Resona Holdings, Inc. | 1,155,176 | 6,116,392 | ||||||
SBI Holdings, Inc. | 108,299 | 1,919,734 | ||||||
Seven Bank Ltd. | 299,904 | 1,001,945 | ||||||
Shinsei Bank Ltd. | 86,847 | 1,383,595 | ||||||
Shizuoka Bank Ltd. | 256,982 | 2,529,975 | ||||||
Sompo Holdings, Inc. | 181,675 | 7,315,750 | ||||||
Sony Financial Holdings, Inc. | 92,082 | 1,552,905 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 692,972 | 27,997,189 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 173,262 | 6,410,440 | ||||||
Suruga Bank Ltd. | 93,082 | 1,994,053 | ||||||
T&D Holdings, Inc. | 267,649 | 4,388,878 | ||||||
Tokio Marine Holdings, Inc. | 349,671 | 15,410,442 | ||||||
Yamaguchi Financial Group, Inc. | 110,464 | 1,316,204 | ||||||
|
| |||||||
230,891,189 | ||||||||
|
| |||||||
Health Care — 6.7% | ||||||||
Alfresa Holdings Corp. | 99,790 | 2,138,642 | ||||||
Astellas Pharma, Inc. | 1,067,635 | 13,527,456 | ||||||
Chugai Pharmaceutical Co. Ltd. | 116,045 | 5,990,683 | ||||||
CYBERDYNE, Inc.*(a) | 50,768 | 670,772 | ||||||
Daiichi Sankyo Co. Ltd. | 288,661 | 6,945,613 | ||||||
Eisai Co. Ltd. | 138,012 | 7,812,648 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 33,206 | 1,864,693 | ||||||
Hoya Corp. | 202,886 | 9,821,164 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 134,360 | 2,541,672 | ||||||
M3, Inc. | 107,942 | 3,539,082 | ||||||
Medipal Holdings Corp. | 89,082 | 1,724,729 | ||||||
Mitsubishi Tanabe Pharma Corp. | 116,561 | 2,513,604 | ||||||
Olympus Corp. | 147,894 | 6,057,944 | ||||||
Ono Pharmaceutical Co. Ltd. | 212,883 | 4,840,442 | ||||||
Otsuka Holdings Co. Ltd. | 201,200 | 8,892,166 | ||||||
Santen Pharmaceutical Co. Ltd. | 188,474 | 2,867,009 | ||||||
Shionogi & Co. Ltd. | 151,608 | 8,431,423 | ||||||
Sumitomo Dainippon Pharma Co. | 85,248 | 1,233,140 | ||||||
Suzuken Co. Ltd. | 38,632 | 1,524,067 | ||||||
Sysmex Corp. | 79,944 | 6,052,005 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 17,246 | 1,366,869 | ||||||
Takeda Pharmaceutical Co. Ltd. | 368,223 | 20,232,716 | ||||||
Terumo Corp. | 164,951 | 7,885,169 | ||||||
|
| |||||||
128,473,708 | ||||||||
|
| |||||||
Industrials — 20.1% | ||||||||
Amada Holdings Co. Ltd. | 176,834 | 2,342,703 | ||||||
ANA Holdings, Inc. | 57,618 | 2,293,559 | ||||||
Asahi Glass Co. Ltd. | 104,462 | 4,343,882 | ||||||
Central Japan Railway Co. | 74,326 | 13,720,047 | ||||||
Dai Nippon Printing Co. Ltd. | 130,943 | 2,856,325 | ||||||
Daifuku Co. Ltd. | 51,300 | 2,789,604 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Daikin Industries Ltd. | 129,048 | $ | 14,814,520 | |||||
East Japan Railway Co. | 168,885 | 16,304,016 | ||||||
FANUC Corp. | 100,789 | 25,025,977 | ||||||
Fuji Electric Co. Ltd. | 303,031 | 2,132,485 | ||||||
Hankyu Hanshin Holdings, Inc. | 124,540 | 4,813,621 | ||||||
Hino Motors Ltd. | 139,760 | 1,706,253 | ||||||
Hitachi Construction Machinery Co. Ltd. | 52,720 | 1,740,235 | ||||||
Hoshizaki Corp. | 28,454 | 2,702,681 | ||||||
IHI Corp. | 79,768 | 2,455,872 | ||||||
ITOCHU Corp. | 769,388 | 13,303,381 | ||||||
Japan Airlines Co. Ltd. | 57,554 | 2,104,867 | ||||||
Japan Airport Terminal Co. Ltd. | 25,135 | 935,765 | ||||||
JGC Corp. | 107,615 | 1,865,537 | ||||||
JTEKT Corp. | 119,384 | 2,046,219 | ||||||
Kajima Corp. | 465,153 | 4,872,854 | ||||||
Kamigumi Co. Ltd. | 64,542 | 1,418,783 | ||||||
Kawasaki Heavy Industries Ltd. | 78,893 | 2,600,676 | ||||||
Keihan Holdings Co. Ltd. | 48,904 | 1,444,807 | ||||||
Keikyu Corp. | 126,281 | 2,431,480 | ||||||
Keio Corp. | 58,736 | 2,588,570 | ||||||
Keisei Electric Railway Co. Ltd. | 70,484 | 2,254,586 | ||||||
Kintetsu Group Holdings Co. Ltd. | 94,010 | 3,671,189 | ||||||
Komatsu Ltd. | 476,837 | 14,744,260 | ||||||
Kubota Corp. | 541,963 | 10,208,908 | ||||||
Kurita Water Industries Ltd. | 48,342 | 1,509,815 | ||||||
Kyushu Railway Co. | 83,300 | 2,568,315 | ||||||
LIXIL Group Corp. | 133,416 | 3,502,992 | ||||||
Mabuchi Motor Co. Ltd. | 26,448 | 1,405,296 | ||||||
Makita Corp. | 118,044 | 4,866,713 | ||||||
Marubeni Corp. | 862,987 | 5,718,741 | ||||||
MINEBEA MITSUMI, Inc. | 202,724 | 3,989,814 | ||||||
MISUMI Group, Inc. | 142,820 | 4,155,986 | ||||||
Mitsubishi Corp. | 778,591 | 19,460,451 | ||||||
Mitsubishi Electric Corp. | 998,926 | 16,442,404 | ||||||
Mitsubishi Heavy Industries Ltd. | 169,302 | 6,242,866 | ||||||
Mitsui & Co. Ltd. | 873,971 | 13,240,220 | ||||||
Mitsui OSK Lines Ltd. | 60,208 | 1,925,886 | ||||||
Nabtesco Corp. | 56,272 | 2,192,481 | ||||||
Nagoya Railroad Co. Ltd. | 94,101 | 2,291,802 | ||||||
NGK Insulators Ltd. | 140,164 | 2,671,392 | ||||||
Nidec Corp. | 122,545 | 16,626,791 | ||||||
Nippon Express Co. Ltd. | 43,039 | 2,726,626 | ||||||
Nippon Yusen KK* | 83,612 | 1,944,966 | ||||||
NSK Ltd. | 202,298 | 3,039,548 | ||||||
Obayashi Corp. | 339,808 | 4,384,035 | ||||||
Odakyu Electric Railway Co. Ltd. | 151,077 | 3,201,552 | ||||||
Park24 Co. Ltd. | 56,368 | 1,386,349 | ||||||
Persol Holdings Co. Ltd. | 92,600 | 2,162,271 | ||||||
Recruit Holdings Co. Ltd. | 570,568 | 13,419,463 | ||||||
Secom Co. Ltd. | 108,572 | 8,116,974 | ||||||
Seibu Holdings, Inc. | 114,030 | 2,055,772 | ||||||
Shimizu Corp. | 288,468 | 3,196,229 | ||||||
SMC Corp. | 29,558 | 11,941,910 | ||||||
Sohgo Security Services Co. Ltd. | 37,222 | 2,060,447 | ||||||
Sumitomo Corp. | 606,373 | 9,393,677 | ||||||
Sumitomo Heavy Industries Ltd. | 59,858 | 2,427,933 |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Taisei Corp. | 107,052 | $ | 5,612,038 | |||||
THK Co. Ltd. | 59,576 | 2,172,993 | ||||||
Tobu Railway Co. Ltd. | 98,490 | 3,128,542 | ||||||
Tokyu Corp. | 277,522 | 4,416,384 | ||||||
Toppan Printing Co. Ltd. | 261,478 | 2,430,192 | ||||||
Toshiba Corp.*(a) | 2,045,234 | 5,015,634 | ||||||
TOTO Ltd. | 73,038 | 4,049,555 | ||||||
Toyota Tsusho Corp. | 111,531 | 4,181,979 | ||||||
West Japan Railway Co. | 86,379 | 6,337,300 | ||||||
Yamato Holdings Co. Ltd. | 179,817 | 3,635,644 | ||||||
|
| |||||||
387,783,640 | ||||||||
|
| |||||||
Information Technology — 12.5% | ||||||||
Alps Electric Co. Ltd. | 102,542 | 3,257,254 | ||||||
Brother Industries Ltd. | 118,822 | 2,930,826 | ||||||
Canon, Inc. | 554,497 | 21,175,779 | ||||||
DeNA Co. Ltd. | 52,816 | 1,194,338 | ||||||
Disco Corp. | 14,700 | 3,247,074 | ||||||
FUJIFILM Holdings Corp. | 214,457 | 8,731,103 | ||||||
Fujitsu Ltd. | 1,015,405 | 7,532,646 | ||||||
Hamamatsu Photonics KK | 73,588 | 2,517,338 | ||||||
Hirose Electric Co. Ltd. | 15,978 | 2,376,576 | ||||||
Hitachi High-Technologies Corp. | 35,870 | 1,480,440 | ||||||
Hitachi Ltd. | 2,499,671 | 18,527,927 | ||||||
Kakaku.com, Inc. | 73,136 | 1,152,812 | ||||||
Keyence Corp. | 50,443 | 29,092,853 | ||||||
Konami Holdings Corp. | 46,264 | 2,437,652 | ||||||
Konica Minolta, Inc. | 238,280 | 2,320,448 | ||||||
Kyocera Corp. | 166,708 | 11,703,407 | ||||||
LINE Corp.* | 23,447 | 997,922 | ||||||
Mixi, Inc. | 24,476 | 1,135,232 | ||||||
Murata Manufacturing Co. Ltd. | 98,615 | 13,287,987 | ||||||
NEC Corp. | 130,693 | 3,483,753 | ||||||
Nexon Co. Ltd.* | 100,282 | 2,869,146 | ||||||
Nintendo Co. Ltd. | 58,621 | 23,543,198 | ||||||
Nippon Electric Glass Co. Ltd. | 41,568 | 1,610,347 | ||||||
Nomura Research Institute Ltd. | 65,874 | 2,973,388 | ||||||
NTT Data Corp. | 328,940 | 3,860,942 | ||||||
Obic Co. Ltd. | 33,562 | 2,323,053 | ||||||
Omron Corp. | 99,417 | 5,856,633 | ||||||
Oracle Corp. | 20,772 | 1,841,970 | ||||||
Otsuka Corp. | 28,380 | 2,118,193 | ||||||
Renesas Electronics Corp.* | 256,500 | 3,129,188 | ||||||
Ricoh Co. Ltd. | 364,734 | 3,227,821 | ||||||
Rohm Co. Ltd. | 48,212 | 4,926,367 | ||||||
Seiko Epson Corp. | 143,624 | 3,471,121 | ||||||
Shimadzu Corp. | 134,336 | 3,195,322 | ||||||
SUMCO Corp. | 121,600 | 3,050,129 | ||||||
TDK Corp. | 65,828 | 5,363,568 | ||||||
Tokyo Electron Ltd. | 81,314 | 14,999,144 | ||||||
Trend Micro, Inc. | 60,772 | 3,428,870 | ||||||
Yahoo Japan Corp. | 737,328 | 3,360,871 | ||||||
Yaskawa Electric Corp. | 129,782 | 5,708,125 | ||||||
Yokogawa Electric Corp. | 119,408 | 2,196,229 | ||||||
|
| |||||||
241,636,992 | ||||||||
|
|
Number | Value | |||||||
Materials — 6.4% | ||||||||
Air Water, Inc. | 78,204 | $ | 1,673,244 | |||||
Asahi Kasei Corp. | 647,984 | 8,089,364 | ||||||
Daicel Corp. | 143,746 | 1,699,995 | ||||||
Hitachi Chemical Co. Ltd. | 57,894 | 1,519,046 | ||||||
Hitachi Metals Ltd. | 112,846 | 1,488,972 | ||||||
JFE Holdings, Inc. | 271,819 | 6,380,966 | ||||||
JSR Corp. | 99,751 | 1,906,476 | ||||||
Kaneka Corp. | 155,186 | 1,367,848 | ||||||
Kansai Paint Co. Ltd. | 108,106 | 2,832,686 | ||||||
Kobe Steel Ltd.* | 161,666 | 1,512,589 | ||||||
Kuraray Co. Ltd. | 183,421 | 3,521,905 | ||||||
Maruichi Steel Tube Ltd. | 30,232 | 851,530 | ||||||
Mitsubishi Chemical Holdings Corp. | 733,396 | 7,924,026 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 94,576 | 2,638,666 | ||||||
Mitsubishi Materials Corp. | 59,172 | 1,971,611 | ||||||
Mitsui Chemicals, Inc. | 94,081 | 3,030,287 | ||||||
Nippon Paint Holdings Co. Ltd. | 86,463 | 2,650,472 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 389,337 | 9,412,999 | ||||||
Nissan Chemical Industries Ltd. | 60,102 | 2,403,119 | ||||||
Nitto Denko Corp. | 84,518 | 8,283,207 | ||||||
Oji Holdings Corp. | 441,184 | 2,677,406 | ||||||
Shin-Etsu Chemical Co. Ltd. | 200,431 | 20,952,248 | ||||||
Sumitomo Chemical Co. Ltd. | 825,356 | 5,734,847 | ||||||
Sumitomo Metal Mining Co. Ltd. | 125,805 | 4,868,104 | ||||||
Taiheiyo Cement Corp. | 59,978 | 2,456,782 | ||||||
Taiyo Nippon Sanso Corp. | 64,880 | 888,356 | ||||||
Teijin Ltd. | 97,659 | 2,099,914 | ||||||
Toray Industries, Inc. | 749,442 | 7,038,608 | ||||||
Tosoh Corp. | 147,600 | 3,251,148 | ||||||
Toyo Seikan Group Holdings Ltd. | 85,026 | 1,398,402 | ||||||
|
| |||||||
122,524,823 | ||||||||
|
| |||||||
Real Estate — 3.7% | ||||||||
Aeon Mall Co. Ltd. | 62,222 | 1,135,581 | ||||||
Daito Trust Construction Co. Ltd. | 35,851 | 6,544,571 | ||||||
Daiwa House Industry Co. Ltd. | 290,617 | 10,623,292 | ||||||
Daiwa House REIT Investment Corp. REIT | 758 | 1,814,432 | ||||||
Hulic Co. Ltd. | 156,510 | 1,711,882 | ||||||
Japan Prime Realty Investment Corp. REIT | 462 | 1,549,647 | ||||||
Japan Real Estate Investment Corp. REIT | 626 | 3,036,972 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,323 | 2,342,831 | ||||||
Mitsubishi Estate Co. Ltd. | 646,324 | 11,499,967 | ||||||
Mitsui Fudosan Co. Ltd. | 459,782 | 10,360,364 | ||||||
Nippon Building Fund, Inc. REIT | 671 | 3,356,640 | ||||||
Nippon Prologis REIT, Inc. REIT | 955 | 2,045,853 | ||||||
Nomura Real Estate Holdings, Inc. | 68,328 | 1,571,219 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,972 | 2,482,850 | ||||||
Sumitomo Realty & Development Co. Ltd. | 184,750 | 6,067,226 | ||||||
Tokyo Tatemono Co. Ltd. | 108,058 | 1,493,965 | ||||||
Tokyu Fudosan Holdings Corp. | 266,327 | 1,916,788 |
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
United Urban Investment Corp. REIT | 1,545 | $ | 2,186,845 | |||||
|
| |||||||
71,740,925 | ||||||||
|
| |||||||
Telecommunication Services — 5.2% | ||||||||
KDDI Corp. | 936,115 | 26,741,390 | ||||||
Nippon Telegraph & Telephone Corp. | 357,876 | 18,694,327 | ||||||
NTT DOCOMO, Inc. | 706,205 | 18,244,178 | ||||||
SoftBank Group Corp. | 426,593 | 35,952,149 | ||||||
|
| |||||||
99,632,044 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Chubu Electric Power Co., Inc. | 340,534 | 4,293,551 | ||||||
Chugoku Electric Power Co., Inc. | 150,068 | 1,653,422 | ||||||
Electric Power Development Co. Ltd. | 72,866 | 2,020,009 | ||||||
Kansai Electric Power Co., Inc. | 371,607 | 4,899,949 | ||||||
Kyushu Electric Power Co., Inc. | 223,990 | 2,553,460 | ||||||
Osaka Gas Co. Ltd. | 192,689 | 3,693,013 | ||||||
Toho Gas Co. Ltd. | 37,128 | 1,052,364 | ||||||
Tohoku Electric Power Co., Inc. | 231,621 | 3,050,001 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 737,784 | 2,949,956 | ||||||
Tokyo Gas Co. Ltd. | 201,665 | 4,721,554 | ||||||
|
| |||||||
30,887,279 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,844,121,990 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) | 11,091,736 | $ | 11,091,736 | |||||
|
| |||||||
TOTAL INVESTMENTS — 96.4% (Cost $1,628,719,670) | $ | 1,855,213,726 | ||||||
Other assets and liabilities, | 69,687,871 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,924,901,597 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $10,486,588, which is 0.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
Nikkei 225 Futures | JPY | 100 | $ | 18,022,599 | $ | 20,223,022 | 12/07/2017 | $ | 2,527,547 | |||||||||||||||
TOPIX Index Futures | JPY | 285 | 43,495,414 | 45,505,798 | 12/07/2017 | 2,376,730 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized appreciation | $ | 4,904,277 | ||||||||||||||||||||||
|
|
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 5,300,937,400 | USD | 46,704,829 | $ | — | $ | (410,724 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 2,149,336,200 | USD | 18,960,939 | — | (142,694 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 3,907,050,200 | USD | 34,405,647 | — | (320,821 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 955,260,500 | USD | 8,419,574 | — | (70,929 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | JPY | 2,865,781,500 | USD | 25,575,963 | 104,453 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | JPY | 716,445,400 | USD | 6,314,648 | — | (53,230 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | JPY | 955,260,500 | USD | 8,400,982 | — | (89,522 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | JPY | 55,588,390,000 | USD | 489,852,127 | — | (4,226,099 | ) |
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 61,551,817,000 | USD | 542,321,092 | $ | — | $ | (4,760,998 | ) | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | JPY | 7,127,491,300 | USD | 62,798,940 | — | (551,307 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 15,464,667,000 | USD | 136,276,946 | — | (1,175,411 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 48,365,682,400 | USD | 426,144,379 | — | (3,737,303 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 1,671,705,900 | USD | 14,794,617 | — | (63,764 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 1,432,890,800 | USD | 12,746,020 | 10,264 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 1,432,890,800 | USD | 12,606,960 | — | (128,795 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 716,445,400 | USD | 6,373,010 | 5,132 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 4,298,672,300 | USD | 38,043,302 | — | (163,964 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 1,432,890,800 | USD | 12,706,932 | — | (28,824 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 110,027,115 | JPY | 12,312,584,300 | — | (590,957 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 498,499,166 | JPY | 55,782,465,400 | — | (2,695,967 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 33,958,443 | JPY | 3,853,200,000 | 289,396 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 4,305,204 | JPY | 490,212,000 | 51,877 | — | |||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 550,036,343 | JPY | 61,551,817,000 | — | (2,954,253 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 63,695,755 | JPY | 7,127,491,300 | — | (345,508 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 668,565,707 | JPY | 74,815,845,400 | — | (3,590,876 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/5/2018 | JPY | 12,312,584,300 | USD | 110,221,151 | 575,445 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2018 | JPY | 55,782,465,400 | USD | 499,445,964 | 2,693,403 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2018 | JPY | 411,857,000 | USD | 3,665,676 | — | (1,983 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 61,551,817,000 | USD | 551,075,411 | 2,945,771 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/5/2018 | JPY | 7,127,491,300 | USD | 63,815,232 | 343,681 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/5/2018 | JPY | 74,815,845,400 | USD | 669,837,683 | 3,589,562 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2018 | USD | 29,220,922 | JPY | 3,263,442,000 | — | (159,404 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 10,608,984 | $ | (26,263,333 | ) | |||||||||||||||||||||||
�� |
|
|
|
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 1,844,121,990 | $ | — | $ | — | $ | 1,844,121,990 | ||||||||
Short-Term Investments | 11,091,736 | — | — | 11,091,736 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 10,608,984 | — | 10,608,984 | ||||||||||||
Futures Contracts | 4,904,277 | — | — | 4,904,277 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,860,118,003 | $ | 10,608,984 | $ | — | $ | 1,870,726,987 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (26,263,333 | ) | $ | — | $ | (26,263,333 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (26,263,333 | ) | $ | — | $ | (26,263,333 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Xtrackers MSCI Mexico Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Consumer Discretionary — 7.7% | ||||||||
Alsea SAB de CV | 6,832 | $ | 22,580 | |||||
Consorcio ARA SAB de CV | 15,110 | 5,546 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 2,327 | 15,784 | ||||||
Grupo Televisa SAB, Series CPO | 23,806 | 89,398 | ||||||
Hoteles City Express SAB de CV* | 6,154 | 7,404 | ||||||
Rassini SAB de CV | 1,113 | 4,171 | ||||||
TV Azteca SAB de CV, Series CPO | 25,413 | 4,718 | ||||||
|
| |||||||
149,601 | ||||||||
|
| |||||||
Consumer Staples — 26.4% | ||||||||
Arca Continental SAB de CV | 5,097 | 34,903 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 3,523 | 24,193 | ||||||
Fomento Economico Mexicano SAB de CV | 19,503 | 176,096 | ||||||
Gruma SAB de CV, Class B | 2,589 | 32,099 | ||||||
Grupo Bimbo SAB de CV, Series A | 19,164 | 44,683 | ||||||
Grupo Comercial Chedraui SA de CV | 4,875 | 9,491 | ||||||
Grupo Herdez SAB de CV | 3,656 | 8,289 | ||||||
Grupo Lala SAB de CV | 8,175 | 12,402 | ||||||
Industrias Bachoco SAB de CV, Series B | 2,618 | 12,749 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 18,185 | 32,515 | ||||||
La Comer SAB de CV* | 8,013 | 7,890 | ||||||
Wal-Mart de Mexico SAB de CV | 51,108 | 120,453 | ||||||
|
| |||||||
515,763 | ||||||||
|
| |||||||
Financials — 15.4% | ||||||||
Banco del Bajio SA, 144A* | 1,349 | 2,485 | ||||||
Banregio Grupo Financiero SAB de CV | 3,003 | 16,374 | ||||||
Bolsa Mexicana de Valores SAB de CV | 5,767 | 9,894 | ||||||
Concentradora Hipotecaria SAPI de CV REIT | 5,140 | 5,144 | ||||||
Credito Real SAB de CV, SOFOM, ER | 3,694 | 5,415 | ||||||
Gentera SAB de CV | 12,477 | 11,449 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 24,755 | 145,194 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 27,130 | 47,927 | ||||||
Grupo Financiero Interacciones SA de CV, Class O | 1,537 | 7,091 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 21,689 | 35,184 | ||||||
Qualitas Controladora SAB de CV | 3,975 | 7,280 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 2,501 | 8,336 | ||||||
|
| |||||||
301,773 | ||||||||
|
| |||||||
Health Care — 0.7% | ||||||||
Genomma Lab Internacional SAB de CV, Class B* | 11,050 | 13,093 | ||||||
|
| |||||||
Industrials — 10.8% | ||||||||
Alfa SAB de CV, Class A | 33,224 | 37,030 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A*(a) | 8,421 | 7,687 | ||||||
Elementia SAB de CV, 144A* | 5,549 | 7,042 | ||||||
Grupo Aeromexico SAB de CV* | 3,982 | 6,791 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 3,336 | 16,906 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 4,206 | $ | 41,866 | |||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,427 | 43,479 | ||||||
Grupo Carso SAB de CV, Series A1 | 5,751 | 18,316 | ||||||
Grupo Rotoplas SAB de CV* | 3,070 | 4,761 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 2,801 | 28,169 | ||||||
|
| |||||||
212,047 | ||||||||
|
| |||||||
Materials — 14.0% | ||||||||
Cemex SAB de CV, Series CPO* | 113,293 | 86,694 | ||||||
Grupo Mexico SAB de CV, Series B | 33,021 | 103,359 | ||||||
Industrias CH SAB de CV, Series B* | 2,098 | 9,475 | ||||||
Industrias Penoles SAB de CV | 1,652 | 34,657 | ||||||
Mexichem SAB de CV | 12,685 | 32,993 | ||||||
Minera Frisco SAB de CV, Class A1* | 10,664 | 6,833 | ||||||
|
| |||||||
274,011 | ||||||||
|
| |||||||
Real Estate — 6.5% | ||||||||
Concentradora Fibra Danhos SA de CV REIT | 4,073 | 6,928 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A | 15,519 | 10,077 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 7,535 | 9,470 | ||||||
Fibra Uno Administracion SA de CV REIT | 34,370 | 53,708 | ||||||
Grupo GICSA SA de CV* | 9,042 | 4,886 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT* | 11,125 | 13,361 | ||||||
PLA Administradora Industrial S de RL de CV REIT* | 10,968 | 17,951 | ||||||
Prologis Property Mexico SA de CV REIT | 5,500 | 10,519 | ||||||
|
| |||||||
126,900 | ||||||||
|
| |||||||
Telecommunication Services — 16.2% | ||||||||
America Movil SAB de CV, Series L | 347,075 | 297,810 | ||||||
Axtel SAB de CV, Series CPO*(a) | 18,868 | 4,090 | ||||||
Telesites SAB de CV* | 20,059 | 15,888 | ||||||
|
| |||||||
317,788 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Infraestructura Energetica Nova SAB de CV | 5,875 | 32,103 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,943,079 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.6% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) | 11,051 | 11,051 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $2,346,411) | $ | 1,954,130 | ||||||
Other assets and liabilities, net — 0.1% | 2,009 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,956,139 | ||||||
|
|
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $10,334, 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. |
CPO: | Ordinary Participation Certificates |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | MXN | 32,623,800 | USD | 1,695,660 | $ | — | $ | (53,403 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | MXN | 1,382,000 | USD | 71,830 | — | (2,264 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | MXN | 200,000 | USD | 10,408 | — | (314 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | MXN | 24,218,380 | USD | 1,259,357 | — | (39,066 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 712,553 | MXN | 13,259,800 | — | (1,654 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,009,662 | MXN | 19,364,000 | 28,502 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,369,417 | MXN | 25,479,380 | — | (3,389 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 16,663 | MXN | 321,000 | 547 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | MXN | 13,259,800 | USD | 708,625 | 1,637 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | MXN | 25,479,380 | USD | 1,362,133 | 3,618 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 126,700 | MXN | 2,370,000 | — | (336 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 34,304 | $ | (100,426 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
MXN | Mexican Peso |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 1,943,079 | $ | — | $ | — | $ | 1,943,079 | ||||||||
Short-Term Investments | 11,051 | — | — | 11,051 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 34,304 | — | 34,304 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,954,130 | $ | 34,304 | $ | — | $ | 1,988,434 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (100,426 | ) | $ | — | $ | (100,426 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (100,426 | ) | $ | — | $ | (100,426 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 91.8% | ||||||||
Consumer Discretionary — 11.2% | ||||||||
Cheil Worldwide, Inc. | 1,141 | $ | 21,074 | |||||
CJ E&M Corp. | 297 | 23,471 | ||||||
Coway Co. Ltd. | 684 | 60,276 | ||||||
Hankook Tire Co. Ltd. | 925 | 45,559 | ||||||
Hanon Systems | 2,712 | 32,896 | ||||||
Hanssem Co. Ltd. | 152 | 25,630 | ||||||
Hotel Shilla Co. Ltd. | 486 | 37,826 | ||||||
Hyundai Department Store Co. Ltd. | 228 | 20,490 | ||||||
Hyundai Mobis Co. Ltd. | 769 | 193,266 | ||||||
Hyundai Motor Co. | 1,730 | 261,507 | ||||||
Hyundai Wia Corp. | 282 | 17,543 | ||||||
Kangwon Land, Inc. | 1,458 | 49,772 | ||||||
Kia Motors Corp. | 3,041 | 94,032 | ||||||
LG Electronics, Inc. | 1,258 | 104,039 | ||||||
Lotte Shopping Co. Ltd. | 149 | 28,753 | ||||||
Shinsegae Inc. | 112 | 29,537 | ||||||
|
| |||||||
1,045,671 | ||||||||
|
| |||||||
Consumer Staples — 7.1% | ||||||||
Amorepacific Corp. | 369 | 104,775 | ||||||
AMOREPACIFIC Group | 351 | 47,574 | ||||||
BGF retail Co. Ltd. (a) | 816 | 59,311 | ||||||
CJ CheilJedang Corp. | 100 | 36,848 | ||||||
Dongsuh Cos., Inc. | 662 | 18,158 | ||||||
E-MART, Inc. | 250 | 62,830 | ||||||
GS Retail Co. Ltd. | 443 | 16,080 | ||||||
KT&G Corp. | 1,335 | 149,662 | ||||||
LG Household & Health Care Ltd. | 110 | 118,567 | ||||||
Orion Corp.* | 303 | 31,880 | ||||||
Ottogi Corp. | 22 | 16,052 | ||||||
|
| |||||||
661,737 | ||||||||
|
| |||||||
Energy — 2.6% | ||||||||
GS Holdings Corp. | 669 | 37,561 | ||||||
SK Innovation Co. Ltd. | 747 | 141,746 | ||||||
S-Oil Corp. | 562 | 61,713 | ||||||
|
| |||||||
241,020 | ||||||||
|
| |||||||
Financials — 13.4% | ||||||||
BNK Financial Group, Inc. | 3,538 | 30,918 | ||||||
DB Insurance Co. Ltd. | 639 | 40,222 | ||||||
DGB Financial Group, Inc. | 2,588 | 23,734 | ||||||
Hana Financial Group, Inc. | 3,407 | 148,552 | ||||||
Hanwha Life Insurance Co. Ltd. | 3,702 | 25,377 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 869 | 34,656 | ||||||
Industrial Bank of Korea | 3,224 | 47,105 | ||||||
ING Life Insurance Korea Ltd., 144A | 483 | 24,056 | ||||||
KB Financial Group, Inc. | 4,498 | 247,581 | ||||||
Korea Investment Holdings Co. Ltd. | 551 | 34,531 | ||||||
Mirae Asset Daewoo Co. Ltd. | 4,923 | 46,369 | ||||||
NH Investment & Securities Co. Ltd. | 2,035 | 25,432 | ||||||
Samsung Card Co. Ltd. | 520 | 18,253 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 387 | 92,460 | ||||||
Samsung Life Insurance Co. Ltd. | 888 | 104,447 | ||||||
Samsung Securities Co. Ltd. | 936 | 31,307 | ||||||
Shinhan Financial Group Co. Ltd. | 4,817 | 214,236 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Woori Bank | 4,395 | $ | 65,425 | |||||
|
| |||||||
1,254,661 | ||||||||
|
| |||||||
Health Care — 4.2% | ||||||||
Celltrion Healthcare Co. Ltd.* | 447 | 35,818 | ||||||
Celltrion, Inc.* | 929 | 170,818 | ||||||
Hanmi Pharm. Co. Ltd.* | 81 | 42,351 | ||||||
Hanmi Science Co. Ltd.* | 232 | 24,303 | ||||||
Medy-Tox, Inc. | 59 | 25,264 | ||||||
Samsung Biologics Co. Ltd., 144A* | 216 | 67,981 | ||||||
Yuhan Corp. | 118 | 23,855 | ||||||
|
| |||||||
390,390 | ||||||||
|
| |||||||
Industrials — 9.9% | ||||||||
CJ Corp. | 194 | 34,851 | ||||||
CJ Logistics Corp.* | 133 | 18,577 | ||||||
Daelim Industrial Co. Ltd. | 386 | 29,334 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 2,494 | 12,857 | ||||||
Doosan Bobcat, Inc. | 549 | 17,934 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 1,021 | 15,387 | ||||||
GS Engineering & Construction Corp.* | 804 | 20,132 | ||||||
Hanwha Corp. | 659 | 25,131 | ||||||
Hanwha Techwin Co. Ltd.* | 582 | 18,852 | ||||||
Hyundai Development Co.-Engineering & Construction | 837 | 31,842 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 1,025 | 33,013 | ||||||
Hyundai Glovis Co. Ltd. | 250 | 33,655 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 381 | 51,815 | ||||||
KCC Corp. | 81 | 28,693 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 425 | 14,723 | ||||||
Korea Aerospace Industries Ltd. | 864 | 39,776 | ||||||
Korean Air Lines Co. Ltd.* | 759 | 21,865 | ||||||
LG Corp. | 1,132 | 94,658 | ||||||
Lotte Corp. | 457 | 25,826 | ||||||
Pan Ocean Co. Ltd.* | 3,545 | 17,916 | ||||||
Posco Daewoo Corp. | 783 | 13,347 | ||||||
S-1 Corp. | 274 | 25,178 | ||||||
Samsung C&T Corp. | 878 | 106,498 | ||||||
Samsung Heavy Industries Co. Ltd.* | 3,324 | 36,501 | ||||||
SK Holdings Co. Ltd. | 528 | 141,673 | ||||||
SK Networks Co. Ltd. | 2,326 | 13,786 | ||||||
|
| |||||||
923,820 | ||||||||
|
| |||||||
Information Technology — 33.4% | ||||||||
Hyundai Robotics Co. Ltd.* | 121 | 44,364 | ||||||
Kakao Corp. | 409 | 51,301 | ||||||
LG Display Co. Ltd. | 2,754 | 78,198 | ||||||
LG Innotek Co. Ltd. | 204 | 30,181 | ||||||
NAVER Corp. | 315 | 231,564 | ||||||
NCSoft Corp. | 211 | 84,633 | ||||||
Netmarble Games Corp., 144A* | 219 | 34,010 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 711 | 65,334 | ||||||
Samsung Electronics Co. Ltd. | 793 | 1,850,880 | ||||||
Samsung SDI Co. Ltd. | 650 | 126,625 |
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Samsung SDS Co. Ltd. | 426 | $ | 73,593 | |||||
SK Hynix, Inc. | 6,550 | 462,247 | ||||||
|
| |||||||
3,132,930 | ||||||||
|
| |||||||
Materials — 7.9% | ||||||||
Hanwha Chemical Corp. | 1,397 | 37,549 | ||||||
Hyosung Corp. | 289 | 35,851 | ||||||
Hyundai Steel Co. | 981 | 54,087 | ||||||
Korea Zinc Co. Ltd. | 107 | 47,834 | ||||||
Kumho Petrochemical Co. Ltd. | 300 | 24,645 | ||||||
LG Chem Ltd. | 521 | 199,878 | ||||||
Lotte Chemical Corp. | 185 | 60,859 | ||||||
OCI Co. Ltd. | 244 | 27,242 | ||||||
POSCO | 836 | 257,349 | ||||||
|
| |||||||
745,294 | ||||||||
|
| |||||||
Telecommunication Services — 0.8% | ||||||||
KT Corp. | 735 | 20,566 | ||||||
SK Telecom Co. Ltd. | 246 | 59,677 | ||||||
|
| |||||||
80,243 | ||||||||
|
| |||||||
Utilities — 1.3% | ||||||||
Korea Electric Power Corp. | 2,951 | 101,688 | ||||||
Korea Gas Corp.* | 453 | 18,420 | ||||||
|
| |||||||
120,108 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 8,595,874 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Consumer Discretionary — 0.8% | ||||||||
Hyundai Motor Co. | 336 | $ | 30,103 | |||||
Hyundai Motor Co.— 2nd Preferred | 470 | 46,860 | ||||||
|
| |||||||
76,963 | ||||||||
|
| |||||||
Consumer Staples — 0.5% | ||||||||
Amorepacific Corp. | 146 | 22,405 | ||||||
LG Household & Health Care Ltd. | 36 | 23,222 | ||||||
|
| |||||||
45,627 | ||||||||
|
| |||||||
Information Technology — 0.0% | ||||||||
Samsung Electronics Co. Ltd. | 3 | 5,778 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
LG Chem Ltd. | 118 | 27,054 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 155,422 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 93.4% (Cost $4,980,612) | $ | 8,751,296 | ||||||
Other assets and liabilities, net — 6.6% | 612,004 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,363,300 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized (Depreciation) | ||||||||||||||||||
KOSPI 200 Index Futures | KRW | 4 | $ | 300,712 | $ | 299,196 | 12/14/2017 | $ | (1,516 | ) | ||||||||||||||
KOSPI 200 MINI Futures | KRW | 4 | 60,681 | 59,839 | 12/14/2017 | (1,855 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized depreciation | $ | (3,371 | ) | |||||||||||||||||||||
|
|
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | KRW | 10,332,974,261 | USD | 9,223,564 | $ | — | $ | (271,840 | ) | ||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | KRW | 1,084,427,000 | USD | 970,474 | — | (26,052 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | KRW | 1,826,916,000 | USD | 1,631,758 | — | (47,072 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | KRW | 8,791,987,800 | USD | 7,850,690 | — | (228,637 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | KRW | 2,755,156,000 | USD | 2,461,389 | — | (70,439 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 6,523,545 | KRW | 7,060,758,900 | — | (35,117 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,008,242 | KRW | 3,272,215,361 | — | (1,266 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 2,689,810 | KRW | 2,911,343,000 | — | (14,455 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,361,000 | KRW | 1,473,064,900 | — | (7,339 | ) | ||||||||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 6,728,188 | KRW | 7,318,922,900 | — | (2,522 | ) |
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 2,472,608 | KRW | 2,676,351,000 | $ | — | $ | (13,197 | ) | ||||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 70,886 | KRW | 78,805,000 | 1,531 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | KRW | 3,272,215,361 | USD | 3,007,966 | 345 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | KRW | 7,318,922,900 | USD | 6,728,868 | 1,761 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | USD | 756,206 | KRW | 821,996,000 | — | (677 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation | $ | 3,637 | $ | (718,613 | ) | |||||||||||||||||||||||
|
|
|
|
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 8,536,563 | $ | — | $ | 59,311 | $ | 8,595,874 | ||||||||
Preferred Stocks (b) | 155,422 | — | — | 155,422 | ||||||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 3,637 | — | 3,637 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 8,691,985 | $ | 3,637 | $ | 59,311 | $ | 8,754,933 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (718,613 | ) | $ | — | $ | (718,613 | ) | ||||||
Futures Contracts | (3,371 | ) | — | — | (3,371 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (3,371 | ) | $ | (718,613 | ) | $ | — | $ | (721,984 | ) | |||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
(c) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $123,477 and between Level 3 and Level 1 was $123,307. 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. | 97 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
Consumer Discretionary — 7.8% | ||||||||
Barratt Developments PLC | 865 | $ | 7,089 | |||||
Berkeley Group Holdings PLC | 106 | 5,470 | ||||||
Burberry Group PLC | 362 | 8,401 | ||||||
Carnival PLC | 156 | 10,055 | ||||||
Compass Group PLC | 1,315 | 26,658 | ||||||
GKN PLC | 1,471 | 6,169 | ||||||
InterContinental Hotels Group PLC | 149 | 8,764 | ||||||
ITV PLC | 2,977 | 6,438 | ||||||
Kingfisher PLC | 1,922 | 8,682 | ||||||
Marks & Spencer Group PLC | 1,310 | 5,549 | ||||||
Merlin Entertainments PLC, 144A | 531 | 2,527 | ||||||
Next PLC | 122 | 7,387 | ||||||
Pearson PLC | 705 | 6,750 | ||||||
Persimmon PLC | 254 | 8,725 | ||||||
Sky PLC* | 858 | 10,867 | ||||||
Taylor Wimpey PLC | 2,813 | 7,437 | ||||||
TUI AG | 360 | 6,641 | ||||||
Whitbread PLC | 151 | 7,286 | ||||||
WPP PLC | 1,060 | 18,736 | ||||||
|
| |||||||
169,631 | ||||||||
|
| |||||||
Consumer Staples — 17.5% | ||||||||
Associated British Foods PLC | 296 | 11,801 | ||||||
British American Tobacco PLC | 1,911 | 121,184 | ||||||
Coca-Cola HBC AG* | 147 | 4,710 | ||||||
Diageo PLC | 2,092 | 72,668 | ||||||
Imperial Brands PLC | 797 | 33,031 | ||||||
J Sainsbury PLC | 1,270 | 3,990 | ||||||
Reckitt Benckiser Group PLC | 555 | 48,682 | ||||||
Tesco PLC | 6,805 | 17,858 | ||||||
Unilever PLC | 1,045 | 58,848 | ||||||
Wm Morrison Supermarkets PLC | 1,911 | 5,590 | ||||||
|
| |||||||
378,362 | ||||||||
|
| |||||||
Energy — 15.0% | ||||||||
BP PLC | 15,042 | 99,496 | ||||||
John Wood Group PLC | 561 | 5,489 | ||||||
Royal Dutch Shell PLC, Class A | 3,723 | 118,699 | ||||||
Royal Dutch Shell PLC, Class B | 3,112 | 100,524 | ||||||
|
| |||||||
324,208 | ||||||||
|
| |||||||
Financials — 21.9% | ||||||||
3i Group PLC | 800 | 9,748 | ||||||
Admiral Group PLC | 172 | 4,473 | ||||||
Aviva PLC | 3,381 | 23,365 | ||||||
Barclays PLC | 14,163 | 37,063 | ||||||
Direct Line Insurance Group PLC | 1,184 | 5,857 | ||||||
Hargreaves Lansdown PLC | 210 | 4,550 | ||||||
HSBC Holdings PLC | 16,668 | 165,456 | ||||||
Investec PLC | 526 | 3,678 | ||||||
Legal & General Group PLC | 4,952 | 17,895 | ||||||
Lloyds Banking Group PLC | 59,680 | 53,269 | ||||||
London Stock Exchange Group PLC | 262 | 13,390 | ||||||
Old Mutual PLC | 4,088 | 10,908 | ||||||
Prudential PLC | 2,150 | 54,053 | ||||||
Royal Bank of Scotland Group PLC* | 2,953 | 11,046 |
Number | Value | |||||||
Financials (Continued) | ||||||||
RSA Insurance Group PLC | 827 | $ | 6,806 | |||||
Schroders PLC | 108 | 5,039 | ||||||
St James’s Place PLC | 426 | 6,994 | ||||||
Standard Chartered PLC* | 2,733 | 27,292 | ||||||
Standard Life Aberdeen PLC | 2,230 | 12,974 | ||||||
|
| |||||||
473,856 | ||||||||
|
| |||||||
Health Care — 9.0% | ||||||||
AstraZeneca PLC | 1,052 | 67,963 | ||||||
ConvaTec Group PLC, 144A | 1,184 | 3,106 | ||||||
GlaxoSmithKline PLC | 4,089 | 70,756 | ||||||
Mediclinic International PLC (a) | 332 | 2,539 | ||||||
Shire PLC | 755 | 37,386 | ||||||
Smith & Nephew PLC | 725 | 12,844 | ||||||
|
| |||||||
194,594 | ||||||||
|
| |||||||
Industrials — 7.8% | ||||||||
Ashtead Group PLC | 415 | 10,658 | ||||||
Babcock International Group PLC | 226 | 2,130 | ||||||
BAE Systems PLC | 2,648 | 19,768 | ||||||
Bunzl PLC | 279 | 7,980 | ||||||
Capita PLC | 552 | 3,483 | ||||||
Cobham PLC* | 1,892 | 3,250 | ||||||
DCC PLC | 77 | 7,451 | ||||||
easyJet PLC | 142 | 2,700 | ||||||
Experian PLC | 783 | 16,286 | ||||||
Ferguson PLC | 211 | 15,209 | ||||||
G4S PLC | 1,338 | 4,643 | ||||||
IMI PLC | 205 | 3,482 | ||||||
Intertek Group PLC | 133 | 9,407 | ||||||
Meggitt PLC | 633 | 4,147 | ||||||
RELX PLC | 890 | 20,799 | ||||||
Rolls-Royce Holdings PLC* | 1,377 | 15,959 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 95,956 | 130 | ||||||
Royal Mail PLC | 719 | 4,297 | ||||||
Smiths Group PLC | 321 | 6,438 | ||||||
Travis Perkins PLC | 218 | 4,744 | ||||||
Weir Group PLC | 191 | 5,068 | ||||||
|
| |||||||
168,029 | ||||||||
|
| |||||||
Information Technology — 1.6% | ||||||||
Auto Trader Group PLC, 144A | 810 | 3,684 | ||||||
Micro Focus International PLC | 363 | 12,219 | ||||||
Sage Group PLC | 928 | 9,720 | ||||||
Worldpay Group PLC, 144A | 1,647 | 9,400 | ||||||
|
| |||||||
35,023 | ||||||||
|
| |||||||
Materials — 8.4% | ||||||||
Anglo American PLC | 1,109 | 20,382 | ||||||
Antofagasta PLC | 337 | 4,145 | ||||||
BHP Billiton PLC | 1,752 | 31,868 | ||||||
Croda International PLC | 114 | 6,588 | ||||||
Fresnillo PLC | 196 | 3,422 | ||||||
Glencore PLC* | 10,164 | 46,681 | ||||||
Johnson Matthey PLC | 158 | 6,477 | ||||||
Mondi PLC | 300 | 7,165 | ||||||
Randgold Resources Ltd. | 77 | 7,055 |
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Rio Tinto PLC | 1,025 | $ | 48,538 | |||||
|
| |||||||
182,321 | ||||||||
|
| |||||||
Real Estate — 1.2% | ||||||||
British Land Co. PLC REIT | 843 | 7,171 | ||||||
Hammerson PLC REIT | 619 | 4,349 | ||||||
Land Securities Group PLC REIT | 646 | 8,160 | ||||||
Segro PLC REIT | 827 | 6,134 | ||||||
|
| |||||||
25,814 | ||||||||
|
| |||||||
Telecommunication Services — 4.2% | ||||||||
BT Group PLC | 7,036 | 24,816 | ||||||
Vodafone Group PLC | 22,127 | 67,121 | ||||||
|
| |||||||
91,937 | ||||||||
|
| |||||||
Utilities — 3.3% | ||||||||
Centrica PLC | 4,557 | 8,911 | ||||||
National Grid PLC | 2,854 | 34,159 | ||||||
Severn Trent PLC | 203 | 5,762 | ||||||
SSE PLC | 840 | 15,552 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
United Utilities Group PLC | 558 | $ | 6,192 | |||||
|
| |||||||
70,576 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,114,351 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 1.6% | ||||||||
iShares MSCI United Kingdom ETF | 1,000 | 35,020 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) | 3,464 | 3,464 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% (Cost $2,156,651) | $ | 2,152,835 | ||||||
Other assets and liabilities, net — 0.5% | 10,606 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,163,441 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $3,406, which is 0.2% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | GBP | 2,036,450 | USD | 2,706,688 | $ | — | $ | (48,021 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 370,050 | USD | 491,830 | — | (8,738 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 99,000 | USD | 131,586 | — | (2,331 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,096,429 | GBP | 835,200 | 33,348 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,626,109 | GBP | 1,201,250 | — | (1,176 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 634,930 | GBP | 469,050 | — | (445 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | GBP | 1,201,250 | USD | 1,628,246 | 1,193 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | GBP | 469,050 | USD | 635,750 | 438 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 10,842 | GBP | 8,000 | — | (6 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 47,441 | GBP | 35,000 | — | (35 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 34,979 | $ | (60,752 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
GBP | Pound Sterling |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,114,351 | $ | — | $ | — | $ | 2,114,351 | ||||||||
Exchange-Traded Fund | 35,020 | — | — | 35,020 | ||||||||||||
Short-Term Investments | 3,464 | — | — | 3,464 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 34,979 | — | 34,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,152,835 | $ | 34,979 | $ | — | $ | 2,187,814 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (60,752 | ) | $ | — | $ | (60,752 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (60,752 | ) | $ | — | $ | (60,752 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 100 |
This Page is Intentionally Left Blank
101
DBX ETF Trust
November 30, 2017 (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | Xtrackers MSCI Brazil Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 124,188,358 | $ | 3,982,496 | $ | 4,534,640 | $ | 212,661,662 | ||||||||
Investment in affiliated securities at value | 233,551 | — | — | — | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 1,215,429 | 29,189 | 38,294 | 1,642,194 | ||||||||||||
Cash | 3,070,019 | 285,041 | 654 | 2,549,528 | ||||||||||||
Foreign currency at value | 238,404 | 54,427 | 763 | 175,627 | ||||||||||||
Receivable for return of collateral pledged for forward foreign currency contracts | 1,330,000 | — | — | 2,570,000 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 400,754 | 17,057 | 10,907 | 435,734 | ||||||||||||
Deposit with broker for futures contracts | 139,505 | 13,090 | — | 191,350 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 1,842,452 | 56,079 | 320,524 | 5,456,109 | ||||||||||||
Variation margin on futures contracts | 15,392 | — | — | — | ||||||||||||
Dividends | 234,249 | 6,664 | 11,264 | 69,284 | ||||||||||||
Securities lending income | 3,598 | 52 | 1 | 2,148 | ||||||||||||
Foreign tax reclaim | 100,603 | — | — | 4,668 | ||||||||||||
Other assets | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 133,012,371 | $ | 4,444,152 | $ | 4,917,104 | $ | 225,758,361 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,215,429 | $ | 29,189 | $ | 38,294 | $ | 1,642,194 | ||||||||
Unrealized depreciation on forward foreign currency contracts | 1,804,751 | 33,198 | 24,980 | 2,823,191 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 1,341,255 | 35,596 | 270,269 | 2,367,388 | ||||||||||||
Investment advisory fees | 41,702 | 2,172 | 2,312 | 119,113 | ||||||||||||
Variation margin on futures contracts | — | 4,114 | — | 53,400 | ||||||||||||
Deferred foreign tax payable | — | — | — | 327,342 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 4,403,137 | 104,269 | 335,855 | 7,332,628 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 128,609,234 | $ | 4,339,883 | $ | 4,581,249 | $ | 218,425,733 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 117,548,294 | $ | 4,637,364 | $ | 9,932,224 | $ | 205,327,426 | ||||||||
Undistributed net investment income | 1,241,529 | 68,069 | 24,185 | 2,749,994 | ||||||||||||
Accumulated net realized gain (loss) | (4,771,197 | ) | (1,053,035 | ) | (6,552,432 | ) | (30,374,436 | ) | ||||||||
Net unrealized appreciation (depreciation) | 14,590,608 | 687,485 | 1,177,272 | 40,722,749 | ** | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 128,609,234 | $ | 4,339,883 | $ | 4,581,249 | $ | 218,425,733 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 4,650,001 | 150,001 | 400,800 | 9,150,800 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 27.66 | $ | 28.93 | $ | 11.43 | $ | 23.87 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 108,146,700 | $ | 3,273,218 | $ | 3,343,308 | $ | 169,310,366 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 252,274 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 834,231 | $ | 27,572 | $ | 36,146 | $ | 1,545,805 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 1,215,429 | $ | 29,189 | $ | 38,294 | $ | 1,642,194 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 237,108 | $ | 54,433 | $ | 763 | $ | 174,446 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
** | Net of deferred foreign taxes of $327,342. |
See Notes to Financial Statements. | 102 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2017 (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 2,266,759,676 | $ | 55,700,757 | $ | 44,617,004 | $ | 1,844,121,990 | ||||||||
Investment in affiliated securities at value | 9,430,278 | 395,330 | 1,210,095 | — | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 36,387,864 | 1,808,150 | 151,326 | 11,091,736 | ||||||||||||
Cash | 3,741,899 | — | — | 13,967,054 | ||||||||||||
Foreign currency at value | 2,256,606 | 30,520 | 29,434 | 1,335,539 | ||||||||||||
Receivable for return of collateral pledged for forward foreign currency contracts | 28,040,000 | 1,280,000 | 1,180,000 | 26,740,000 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 3,992,504 | 171,886 | 93,308 | 10,608,984 | ||||||||||||
Deposit with broker for futures contracts | 2,725,202 | 56,964 | 72,854 | 1,801,675 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 37,394,407 | 1,554,733 | 2,390,624 | 58,043,819 | ||||||||||||
Variation margin on futures contracts | — | 267 | — | 367,827 | ||||||||||||
Dividends | 3,117,781 | 11,790 | — | 7,271,120 | ||||||||||||
Securities lending income | 42,675 | 3,920 | 95 | 41,052 | ||||||||||||
Foreign tax reclaim | 7,207,486 | 72,384 | 183,366 | 457,753 | ||||||||||||
Other assets | — | 57 | 171 | 2,140 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 2,401,096,378 | $ | 61,086,758 | $ | 49,928,277 | $ | 1,975,850,689 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 36,387,864 | $ | 1,808,150 | $ | 151,326 | $ | 11,091,736 | ||||||||
Due to Custodian | — | 525,420 | 359,973 | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 43,599,801 | 1,335,085 | 1,128,589 | 26,263,333 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 24,862,511 | 672,721 | 1,159,909 | 12,920,608 | ||||||||||||
Investment advisory fees | 858,967 | 21,844 | 19,136 | 673,415 | ||||||||||||
Variation margin on futures contracts | 143,115 | — | 10,320 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 105,852,258 | 4,363,220 | 2,829,253 | 50,949,092 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,295,244,120 | $ | 56,723,538 | $ | 47,099,024 | $ | 1,924,901,597 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 2,313,223,481 | $ | 52,516,984 | $ | 51,086,356 | $ | 1,804,731,827 | ||||||||
Undistributed net investment income | 19,642,899 | 299,460 | 147,347 | 11,295,360 | ||||||||||||
Accumulated net realized gain (loss) | (134,430,857 | ) | (4,041,664 | ) | (7,644,600 | ) | (106,984,200 | ) | ||||||||
Net unrealized appreciation (depreciation) | 96,808,597 | 7,948,758 | 3,509,921 | 215,858,610 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,295,244,120 | $ | 56,723,538 | $ | 47,099,024 | $ | 1,924,901,597 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 80,700,001 | 1,850,001 | 1,650,800 | 44,300,800 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 28.44 | $ | 30.66 | $ | 28.53 | $ | 43.45 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 2,127,787,146 | $ | 46,545,536 | $ | 39,517,040 | $ | 1,617,627,934 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 12,484,731 | $ | 461,251 | $ | 1,833,354 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 24,255,704 | $ | 1,059,482 | $ | 144,350 | $ | 10,486,588 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 36,387,864 | $ | 1,808,150 | $ | 151,326 | $ | 11,091,736 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 2,014,762 | $ | 30,555 | $ | 29,434 | $ | 1,358,106 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 103 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2017 (Unaudited)
Xtrackers MSCI Mexico Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | 1,943,079 | $ | 8,751,296 | $ | 2,149,371 | ||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 11,051 | — | 3,464 | |||||||||
Cash | 2,324 | 147,599 | — | |||||||||
Foreign currency at value | 5,659 | — | 1,230 | |||||||||
Receivable for return of collateral pledged for forward foreign currency contracts | — | 530,000 | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | 34,304 | 3,637 | 34,979 | |||||||||
Deposit with broker for futures contracts | — | 29,623 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 98,683 | 651,940 | 37,860 | |||||||||
Due from AP | — | 74,161 | — | |||||||||
Dividends | 222 | — | 11,203 | |||||||||
Securities lending income | 31 | — | 31 | |||||||||
Other assets | 57 | 57 | 57 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 2,095,410 | $ | 10,188,313 | $ | 2,238,195 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Due to custodian | $ | — | $ | — | $ | 9,535 | ||||||
Due to foreign custodian | — | 20 | — | |||||||||
Payable upon return of securities loaned | 11,051 | — | 3,464 | |||||||||
Unrealized depreciation on forward foreign currency contracts | 100,426 | 718,613 | 60,752 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 26,792 | 66,652 | — | |||||||||
Investment advisory fees | 1,002 | 10,509 | 1,003 | |||||||||
Variation margin on futures | — | 29,219 | — | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 139,271 | 825,013 | 74,754 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 1,956,139 | $ | 9,363,300 | $ | 2,163,441 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 2,744,296 | $ | 13,772,036 | $ | 2,877,548 | ||||||
Undistributed net investment income | 28,911 | 102,210 | 58,874 | |||||||||
Accumulated net realized gain (loss) | (358,836 | ) | (7,570,921 | ) | (743,656 | ) | ||||||
Net unrealized appreciation (depreciation) | (458,232 | ) | 3,059,975 | (29,325 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 1,956,139 | $ | 9,363,300 | $ | 2,163,441 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 100,001 | 300,001 | 100,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 19.56 | $ | 31.21 | $ | 21.63 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | 2,335,360 | $ | 4,980,612 | $ | 2,153,187 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | 10,334 | $ | — | $ | 3,406 | ||||||
|
|
|
|
|
| |||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 11,051 | $ | — | $ | 3,464 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 5,593 | $ | — | $ | 1,226 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | Xtrackers MSCI Brazil Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 1,413,306 | $ | 75,900 | $ | 33,216 | $ | 3,146,143 | ||||||||
Securities lending income, net of borrower rebates | 12,747 | 226 | 3 | 12,820 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 1,426,053 | 76,126 | 33,219 | 3,158,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 228,456 | 12,535 | 13,604 | 681,427 | ||||||||||||
Other expense | 713 | — | — | 975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 229,169 | 12,535 | 13,604 | 682,402 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 1,196,884 | 63,591 | 19,615 | 2,476,561 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments** | (230,348 | ) | 850 | 23,767 | (69,324 | ) | ||||||||||
Investments in affiliates | (8,283 | ) | — | — | — | |||||||||||
Futures contracts | 271,797 | 24,862 | 13,165 | 773,939 | ||||||||||||
Forward foreign currency contracts | (1,966,614 | ) | (30,342 | ) | (35,331 | ) | (1,121,757 | ) | ||||||||
Foreign currency transactions | (14,572 | ) | (283 | ) | (1,923 | ) | (21,411 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (1,948,020 | ) | (4,913 | ) | (322 | ) | (438,553 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments*** | 8,582,069 | 398,126 | 442,152 | 21,382,033 | ||||||||||||
Investments in affiliates | 24,336 | — | — | — | ||||||||||||
Futures contracts | (135,124 | ) | (10,952 | ) | 2,280 | (162,219 | ) | |||||||||
Forward foreign currency contracts | (151,156 | ) | (8,396 | ) | (34,926 | ) | (1,161,672 | ) | ||||||||
Foreign currency translations | (3,610 | ) | (37 | ) | 229 | 4,373 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 8,316,515 | 378,741 | 409,735 | 20,062,515 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 6,368,495 | 373,828 | 409,413 | 19,623,962 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 7,565,379 | $ | 437,419 | $ | 429,028 | $ | 22,100,532 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 122,206 | $ | 6,282 | $ | 247 | $ | 368,664 | ||||||||
** Net of foreign taxes | $ | — | $ | — | $ | — | $ | 16,330 | ||||||||
*** Net of change in deferred foreign taxes | $ | — | $ | — | $ | — | $ | 132,903 |
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 24,384,020 | $ | 429,340 | $ | 294,853 | $ | 13,832,494 | ||||||||
Securities lending income, net of borrower rebates | 459,094 | 15,878 | 1,394 | 210,178 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 24,843,114 | 445,218 | 296,247 | 14,042,672 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 5,626,351 | 136,978 | 122,663 | 3,929,189 | ||||||||||||
Other Expense | 31,628 | 423 | 280 | 29,726 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 5,657,979 | 137,401 | 122,943 | 3,958,915 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 19,185,135 | 307,817 | 173,304 | 10,083,757 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (11,878,824 | ) | 17,270 | (247,454 | ) | (2,927,396 | ) | |||||||||
Investments in affiliates | (521,112 | ) | (30,644 | ) | (349,981 | ) | — | |||||||||
In-kind redemptions | 58,129,651 | 1,890,419 | 1,385,484 | 54,932,812 | ||||||||||||
In-kind redemptions in affiliates | 533,756 | 21,413 | 97,687 | — | ||||||||||||
Futures contracts | 1,874,604 | 18,211 | 87,578 | 2,499,450 | ||||||||||||
Foreign currency transactions | 351,954 | 15,184 | 84,925 | 591,322 | ||||||||||||
Forward foreign currency contracts | (101,372,532 | ) | (3,549,600 | ) | (3,644,750 | ) | 35,873,764 | |||||||||
Payments by Affiliates (see note 8) | — | — | — | 3,520 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (52,882,503 | ) | (1,617,747 | ) | (2,586,511 | ) | 90,973,472 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 67,440,491 | 2,300,478 | 2,981,820 | 132,496,602 | ||||||||||||
Investments in affiliates | 718,934 | 43,099 | 347,091 | — | ||||||||||||
Futures contracts | (1,789,879 | ) | (14,765 | ) | (55,945 | ) | 2,625,598 | |||||||||
Foreign currency translations | 146,011 | 3,083 | 10,394 | 14,539 | ||||||||||||
Forward foreign currency contracts | 10,757,563 | 700,888 | 865,033 | (6,325,043 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 77,273,120 | 3,032,783 | 4,148,393 | 128,811,696 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 24,390,617 | 1,415,036 | 1,561,882 | 219,785,168 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 43,575,752 | $ | 1,722,853 | $ | 1,735,186 | $ | 229,868,925 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 1,545,413 | $ | 55,925 | $ | (2,564 | ) | $ | 1,536,413 |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers MSCI Mexico Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 36,354 | $ | 182,725 | $ | 71,393 | ||||||
Securities lending income, net of borrower rebates | 159 | — | 456 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 36,513 | 182,725 | 71,849 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 7,602 | 78,407 | 8,798 | |||||||||
Other expenses | — | 219 | — | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 7,602 | 78,626 | 8,798 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 28,911 | 104,099 | 63,051 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (38,998 | ) | 8,841,457 | (62,688 | ) | |||||||
In-kind redemptions | (89,621 | ) | — | 482,730 | ||||||||
Futures contracts | — | 108,634 | — | |||||||||
Foreign currency transactions | (1,112 | ) | (57,843 | ) | 894 | |||||||
Forward foreign currency contracts | (73,891 | ) | 259,212 | (105,946 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (203,622 | ) | 9,151,460 | 314,990 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 58,302 | (6,455,793 | ) | (368,992 | ) | |||||||
Futures contracts | — | (80,382 | ) | — | ||||||||
Foreign currency translations | 361 | 5,703 | 487 | |||||||||
Forward foreign currency contracts | 3,835 | (306,759 | ) | (51,317 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 62,498 | (6,837,231 | ) | (419,822 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (141,124 | ) | 2,314,229 | (104,832 | ) | |||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (112,213 | ) | $ | 2,418,328 | $ | (41,781 | ) | ||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 1,355 | $ | 14,299 | $ | 884 |
See Notes to Financial Statements. | 107 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,196,884 | $ | 2,010,674 | $ | 63,591 | $ | 97,980 | ||||||||
Net realized gain (loss) | (1,948,020 | ) | 2,563,787 | (4,913 | ) | (81,419 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 8,316,515 | 8,276,667 | 378,741 | 706,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 7,565,379 | 12,851,128 | 437,419 | 723,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (1,293,640 | ) | (1,409,981 | ) | (30,026 | ) | (83,349 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1,293,640 | ) | (1,409,981 | ) | (30,026 | ) | (83,349 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 17,544,621 | 28,916,357 | — | — | ||||||||||||
Value of shares redeemed | — | (3,437,784 | ) | — | (1,161,572 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 17,544,621 | 25,478,573 | — | (1,161,572 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 23,816,360 | 36,919,720 | 407,393 | (521,839 | ) | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 104,792,874 | 67,873,154 | 3,932,490 | 4,454,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 128,609,234 | $ | 104,792,874 | $ | 4,339,883 | $ | 3,932,490 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 1,241,529 | $ | 1,338,285 | $ | 68,069 | $ | 34,504 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 4,000,001 | 3,000,001 | 150,001 | 200,001 | ||||||||||||
Shares sold | 650,000 | 1,150,000 | — | — | ||||||||||||
Shares redeemed | — | (150,000 | ) | — | (50,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 4,650,001 | 4,000,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Brazil Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 19,615 | $ | 96,395 | $ | 2,476,561 | $ | 2,662,499 | ||||||||
Net realized gain (loss) | (322 | ) | (623,118 | ) | (438,553 | ) | (13,077,189 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 409,735 | 1,105,938 | 20,062,515 | 35,746,253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 429,028 | 579,215 | 22,100,523 | 25,331,563 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (49,671 | ) | (16,681 | ) | (279,675 | ) | (2,272,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (49,671 | ) | (16,681 | ) | (279,675 | ) | (2,272,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 464,672 | 8,739,787 | 60,902,841 | ||||||||||||
Value of shares redeemed | — | — | — | (26,449,560 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 464,672 | 8,739,787 | 34,453,281 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 379,357 | 1,027,206 | 30,560,635 | 57,512,623 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 4,201,892 | 3,174,686 | 187,865,098 | 130,352,475 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,581,249 | $ | 4,201,892 | $ | 218,425,733 | $ | 187,865,098 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 24,185 | $ | 54,241 | $ | 2,749,994 | $ | 553,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 400,800 | 350,800 | 8,750,800 | 7,000,800 | ||||||||||||
Shares sold | — | 50,000 | 400,000 | 3,100,000 | ||||||||||||
Shares redeemed | — | — | — | (1,350,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,800 | 400,800 | 9,150,800 | 8,750,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 19,185,135 | $ | 75,388,688 | $ | 307,817 | $ | 1,500,447 | ||||||||
Net realized gain (loss) | (52,882,503 | ) | 152,966,738 | (1,617,747 | ) | 1,712,134 | ||||||||||
Net change in unrealized appreciation (depreciation) | 77,273,120 | 249,220,048 | 3,032,783 | 6,000,036 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 43,575,752 | 477,575,474 | 1,722,853 | 9,212,617 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (36,973,738 | ) | (102,491,603 | ) | (1,098,285 | ) | (2,397,494 | ) | ||||||||
Net realized gains | — | (152,205,544 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (36,973,738 | ) | (254,697,147 | ) | (1,098,285 | ) | (2,397,494 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 513,898,440 | — | 12,930,964 | ||||||||||||
Value of shares redeemed | (458,181,227 | ) | (1,300,201,021 | ) | (9,017,889 | ) | (37,947,352 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (458,181,227 | ) | (786,302,581 | ) | (9,017,889 | ) | (25,016,388 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (451,579,213 | ) | (563,424,254 | ) | (8,393,321 | ) | (18,201,265 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,746,823,333 | 3,310,247,587 | 65,116,859 | 83,318,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,295,244,120 | $ | 2,746,823,333 | $ | 56,723,538 | $ | 65,116,859 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 19,642,899 | $ | 37,431,502 | $ | 299,460 | $ | 1,089,928 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 97,100,001 | 129,050,001 | 2,150,001 | 3,250,001 | ||||||||||||
Shares sold | — | 19,400,000 | — | 450,000 | ||||||||||||
Shares redeemed | (16,400,000 | ) | (51,350,000 | ) | (300,000 | ) | (1,550,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 80,700,001 | 97,100,001 | 1,850,001 | 2,150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 173,304 | $ | 1,298,224 | $ | 10,083,757 | $ | 24,496,697 | ||||||||
Net realized gain (loss) | (2,586,511 | ) | (943,721 | ) | 90,973,472 | 131,181,888 | ||||||||||
Net change in unrealized appreciation (depreciation) | 4,148,393 | 13,981,538 | 128,811,696 | 105,229,627 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,735,186 | 14,336,041 | 229,868,925 | 260,908,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (783,121 | ) | (3,345,700 | ) | (40,851,664 | ) | (14,421,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (783,121 | ) | (3,345,700 | ) | (40,851,664 | ) | (14,421,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,805,897 | 2,551,169 | 312,249,608 | 1,267,608,580 | ||||||||||||
Value of shares redeemed | (22,177,862 | ) | (58,009,508 | ) | (356,293,041 | ) | (760,329,675 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (19,371,965 | ) | (55,458,339 | ) | (44,043,433 | ) | 507,278,905 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (18,419,900 | ) | (44,467,998 | ) | 144,973,828 | 753,765,894 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 65,518,924 | 109,986,922 | 1,779,927,769 | 1,026,161,875 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 47,099,024 | $ | 65,518,924 | $ | 1,924,901,597 | $ | 1,779,927,769 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 147,347 | $ | 757,164 | $ | 11,295,360 | $ | 42,063,267 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 2,350,800 | 4,700,800 | 46,050,800 | 29,900,800 | ||||||||||||
Shares sold | 100,000 | 100,000 | 7,350,000 | 37,400,000 | ||||||||||||
Shares redeemed | (800,000 | ) | (2,450,000 | ) | (9,100,000 | ) | (21,250,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,650,800 | 2,350,800 | 44,300,800 | 46,050,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Mexico Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 28,911 | $ | 57,624 | $ | 104,099 | $ | 352,147 | ||||||||
Net realized gain (loss) | (203,622 | ) | (6,046 | ) | 9,151,460 | 9,214,168 | ||||||||||
Net change in unrealized appreciation (depreciation) | 62,498 | 68,472 | (6,837,231 | ) | (4,239,302 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (112,213 | ) | 120,050 | 2,418,328 | 5,327,013 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | (73,128 | ) | — | (430,440 | ) | ||||||||||
Net realized gains | — | (241,435 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (314,563 | ) | — | (430,440 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 1,097,455 | — | 47,137,585 | ||||||||||||
Value of shares redeemed | (996,146 | ) | (2,148,889 | ) | (22,043,000 | ) | (141,207,451 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (996,146 | ) | (1,051,434 | ) | (22,043,000 | ) | (94,069,866 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (1,108,359 | ) | (1,245,947 | ) | (19,624,672 | ) | (89,173,293 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,064,498 | 4,310,445 | 28,987,972 | 118,161,265 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,956,139 | $ | 3,064,498 | $ | 9,363,300 | $ | 28,987,972 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | — | $ | (1,889 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 28,911 | $ | — | $ | 102,210 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 200,001 | 1,000,001 | 5,150,001 | ||||||||||||
Shares sold | — | 50,000 | — | 1,850,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (100,000 | ) | (700,000 | ) | (6,000,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 150,001 | 300,001 | 1,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 63,051 | $ | 213,141 | ||||
Net realized gain (loss) | 314,990 | 146,007 | ||||||
Net change in unrealized appreciation (depreciation) | (419,822 | ) | 867,333 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (41,781 | ) | 1,226,481 | |||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (38,690 | ) | (155,550 | ) | ||||
Net realized gains | — | (1,154,665 | ) | |||||
|
|
|
| |||||
Total distributions | (38,690 | ) | (1,310,215 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | — | ||||||
Value of shares redeemed | (3,235,698 | ) | — | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (3,235,698 | ) | — | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (3,316,169 | ) | (83,734 | ) | ||||
Net Assets | ||||||||
Beginning of period | 5,479,610 | 5,563,344 | ||||||
|
|
|
| |||||
End of period | $ | 2,163,441 | $ | 5,479,610 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 58,874 | $ | 34,513 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 250,001 | 250,001 | ||||||
Shares sold | — | — | ||||||
Shares redeemed | (150,000 | ) | — | |||||
|
|
|
| |||||
Shares outstanding, end of period | 100,001 | 250,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.28 | 0.64 | 0.64 | 0.96 | 0.45 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.50 | 3.42 | (3.57 | ) | 2.16 | 0.16 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.78 | 4.06 | (2.93 | ) | 3.12 | 0.61 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.32 | ) | (0.48 | ) | (0.86 | ) | (1.82 | ) | — | |||||||||||
Net realized gains | — | — | (0.46 | ) | (0.04 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.32 | ) | (0.48 | ) | (1.32 | ) | (1.86 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 27.66 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 6.88 | ** | 18.30 | (11.17 | ) | 13.01 | 2.44 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 129 | 105 | 68 | 47 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.40 | * | 0.40 | 0.40 | 0.40 | 0.40 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 2.10 | * | 2.67 | 2.76 | 3.70 | 5.18 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 5 | ** | 15 | 24 | 24 | 3 | ** | |||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.42 | 0.56 | 0.63 | 0.68 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.49 | 3.89 | (4.19 | ) | 2.04 | 1.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.91 | 4.45 | (3.56 | ) | 2.72 | 1.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.50 | ) | (1.09 | ) | (1.29 | ) | (0.01 | ) | ||||||||||
Net realized gains | — | — | (0.98 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.20 | ) | (0.50 | ) | (2.07 | ) | (1.29 | ) | (0.01 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 28.93 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 11.17 | ** | 20.34 | (12.98 | ) | 10.78 | 5.94 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 4 | 4 | 4 | 11 | 7 | |||||||||||||||
Ratio of expenses (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.60 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 3.04 | * | 2.34 | 2.64 | 2.51 | 2.33 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Brazil Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 period | $ | 10.48 | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||||||
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|
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|
|
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|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.05 | 0.24 | 0.24 | 0.42 | 0.47 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.02 | 1.23 | (1.91 | ) | (1.44 | ) | (2.30 | ) | (0.15 | ) | ||||||||||||||
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|
|
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|
|
|
| |||||||||||||
Total from investment operations | 1.07 | 1.47 | (1.67 | ) | (1.02 | ) | (1.83 | ) | 0.39 | |||||||||||||||
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|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.04 | ) | (2.30 | ) | (0.41 | ) | (2.95 | ) | (0.54 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (1.31 | ) | |||||||||||||||||
Return of capital | — | — | (0.01 | ) | — | (0.04 | ) | — | ||||||||||||||||
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|
|
|
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|
| |||||||||||||
Total distributions | (0.12 | ) | (0.04 | ) | (2.31 | ) | (0.41 | ) | (2.99 | ) | (1.85 | ) | ||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 11.43 | $ | 10.48 | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | ||||||||||||
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| |||||||||||||
Total Return (%) | 10.42 | ** | 16.28 | (15.83 | ) | (6.96 | ) | (9.83 | )(b) | 1.43 | (b) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 5 | 4 | 3 | 7 | 6 | 8 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.63 | 0.92 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.60 | 0.68 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 0.87 | * | 2.26 | 2.56 | 2.97 | 2.93 | 2.66 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 19 | ** | 28 | 59 | 141 | 89 | 25 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 period | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||||||
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| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.27 | 0.35 | 0.43 | 0.36 | 0.38 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.16 | 2.81 | (3.60 | ) | 0.77 | (0.17 | ) | 1.01 | ||||||||||||||||
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| |||||||||||||
Total from investment operations | 2.43 | 3.16 | (3.17 | ) | 1.13 | 0.21 | 1.39 | |||||||||||||||||
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| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.03 | ) | (0.31 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.40 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.25 | ) | |||||||||||||||||
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|
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|
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|
|
|
| |||||||||||||
Total distributions | (0.03 | ) | (0.31 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.65 | ) | ||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.87 | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | ||||||||||||
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|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 11.34 | ** | 17.19 | (14.32 | ) | 5.35 | 1.17 | (b) | 6.54 | (b) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 218 | 188 | 130 | 245 | 29 | 9 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | * | 0.65 | 0.65 | 0.65 | 0.66 | 0.94 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | * | 0.65 | 0.65 | 0.65 | 0.65 | 0.72 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.36 | * | 1.74 | 2.20 | 1.64 | 1.81 | 1.72 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 3 | ** | 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 115 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||||||
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| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.22 | 0.76 | 0.79 | 1.33 | 1.27 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.31 | 4.40 | (3.19 | ) | 1.54 | 1.72 | ||||||||||||||
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|
|
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|
| |||||||||||
Total from investment operations | 0.53 | 5.16 | (2.40 | ) | 2.87 | 2.99 | ||||||||||||||
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|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.85 | ) | (1.28 | ) | (1.15 | ) | (0.24 | ) | ||||||||||
Net realized gains | — | (1.67 | ) | (0.14 | ) | 0.00 | (d) | — | ||||||||||||
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|
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|
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|
| |||||||||||
Total distributions | (0.38 | ) | (2.52 | ) | (1.42 | ) | (1.15 | ) | (0.24 | ) | ||||||||||
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|
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|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 28.44 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||||
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|
|
|
|
|
| |||||||||||
Total Return (%) | 1.90 | ** | 21.77 | (8.46 | ) | 10.88 | 12.05 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 2,295 | 2,747 | 3,310 | 2,668 | 164 | |||||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.53 | * | 2.95 | 3.08 | 4.74 | 7.30 | * | |||||||||||||
Portfolio turnover rate (%)(e) | 4 | ** | 17 | 18 | 13 | 4 | ** | |||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(b) | ||||||||||||||||
Net Asset Value, beginning of period | $ | 30.29 | $ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||||
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|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.15 | 0.73 | 0.78 | 0.81 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.73 | 4.84 | (3.15 | ) | 3.49 | |||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.88 | 5.57 | (2.37 | ) | 4.30 | |||||||||||||||
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|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.51 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||
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|
|
|
|
|
| |||||||||||||
Total distributions | (0.51 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 30.66 | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 2.95 | ** | 22.56 | (8.45 | ) | 17.20 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 57 | 65 | 83 | 22 | ||||||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 1.01 | * | 2.76 | 3.11 | 6.04 | * | ||||||||||||||
Portfolio turnover rate (%)(e) | 4 | ** | 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. | 116 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 period | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||||||
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|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.09 | 0.40 | 0.33 | 1.38 | 1.03 | 0.44 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.92 | 4.78 | (2.93 | ) | 1.93 | 3.11 | 2.08 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.01 | 5.18 | (2.60 | ) | 3.31 | 4.14 | 2.52 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.44 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.43 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.35 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.87 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 28.53 | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 3.65 | ** | 22.93 | (9.99 | ) | 13.92 | 18.70 | (b) | 11.86 | (b) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 47 | 66 | 110 | 234 | 45 | 5 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | 0.47 | 0.82 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | 0.47 | 0.58 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 0.64 | * | 1.63 | 1.37 | 5.14 | 4.15 | 1.93 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 7 | ** | 12 | 16 | 20 | 12 | 108 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 period | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.23 | 0.53 | 0.48 | 0.52 | 0.55 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 5.46 | 4.22 | (8.44 | ) | 12.49 | 1.51 | 12.31 | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 5.69 | 4.75 | (7.96 | ) | 13.01 | 2.06 | 12.70 | |||||||||||||||||
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|
|
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|
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|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.89 | ) | (0.42 | ) | (1.39 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | ||||||||||||
Net realized gains | — | — | (0.87 | ) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.89 | ) | (0.42 | ) | (2.26 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 43.45 | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | ||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 14.99 | ** | 14.08 | (18.65 | ) | 39.00 | 6.21 | (b) | 59.04 | (b) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 1,925 | 1,780 | 1,026 | 1,263 | 441 | 109 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | 0.48 | 0.66 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | 0.48 | 0.52 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.15 | * | 1.50 | 1.29 | 1.32 | 1.56 | 1.27 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 5 | ** | 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 117 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Mexico Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 20.43 | $ | 21.55 | $ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||||||
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|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.20 | 0.32 | 0.53 | 0.26 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) | (1.07 | ) | 0.14 | (0.11 | ) | 0.94 | (0.78 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.87 | ) | 0.46 | 0.42 | 1.20 | (0.71 | ) | |||||||||||||
|
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|
|
|
|
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| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (0.37 | ) | (2.79 | ) | (0.18 | ) | — | ||||||||||||
Net realized gains | — | (1.21 | ) | (1.32 | ) | (0.07 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | — | (1.58 | ) | (4.11 | ) | (0.25 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 19.56 | $ | 20.43 | $ | 21.55 | $ | 25.24 | $ | 24.29 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | (4.26 | )** | 2.19 | 2.09 | 4.99 | (2.84 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 2 | 3 | 4 | 5 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.50 | * | 0.50 | 0.51 | 0.50 | 0.50 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.90 | * | 1.52 | 2.40 | 1.04 | 0.79 | * | |||||||||||||
Portfolio turnover rate (%)(c) | 11 | ** | 23 | 34 | 22 | 7 | ** | |||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||||||
|
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|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.12 | 0.18 | 0.16 | (0.11 | ) | (0.02 | ) | |||||||||||||
Net realized and unrealized gain (loss) | 2.10 | 5.99 | (1.51 | ) | (0.65 | ) | 0.10 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.22 | 6.17 | (1.35 | ) | (0.76 | ) | 0.08 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | — | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 31.21 | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 7.69 | ** | 27.01 | (5.55 | ) | (3.07 | ) | 0.32 | ** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 9 | 29 | 118 | 137 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.58 | * | 0.58 | 0.58 | 0.58 | 0.58 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 0.77 | * | 0.74 | 0.72 | (0.47 | ) | (0.26 | )* | ||||||||||||
Portfolio turnover rate (%)(c) | 6 | ** | 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 118 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI United Kingdom Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.35 | 0.85 | 0.89 | 0.92 | 1.32 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.49 | ) | 4.06 | (2.95 | ) | 0.08 | 0.63 | |||||||||||||
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Total from investment operations | (0.14 | ) | 4.91 | (2.06 | ) | 1.00 | 1.95 | |||||||||||||
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Less distributions from: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.62 | ) | (1.51 | ) | (1.58 | ) | (0.42 | ) | ||||||||||
Net realized gains | — | (4.62 | ) | (0.11 | ) | (0.02 | ) | — | ||||||||||||
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Total distributions | (0.15 | ) | (5.24 | ) | (1.62 | ) | (1.60 | ) | (0.42 | ) | ||||||||||
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Net Asset Value, end of period | $ | 21.63 | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | ||||||||||
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Total Return (%) | (0.62 | )** | 24.79 | (8.25 | ) | 4.27 | 7.90 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 2 | 5 | 6 | 5 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 3.22 | * | 3.81 | 4.04 | 3.57 | 7.70 | * | |||||||||||||
Portfolio turnover rate (%)(c) | 7 | ** | 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. | 119 |
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 November 30, 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:
New Fund Name | Former Fund Name | |
Xtrackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | |
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |
Xtrackers MSCI Brazil Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | |
Xtrackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | |
Xtrackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | |
Xtrackers MSCI Eurozone Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | |
Xtrackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Germany Hedged Equity ETF | |
Xtrackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers Japan Hedged Equity ETF | |
Xtrackers MSCI Mexico Hedged Equity ETF | Deutsche X-trackers Mexico Hedged Equity ETF | |
Xtrackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI South Korea Hedged Equity ETF | |
Xtrackers MSCI United Kingdom 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 | |
Xtrackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | MSCI Asia Pacific ex Japan US Dollar Hedged Index | |
Xtrackers MSCI Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
Xtrackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Xtrackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Xtrackers MSCI Eurozone Hedged Equity ETF | MSCI EMU US Dollar Hedged Index | |
Xtrackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Xtrackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
Xtrackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
Xtrackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
Xtrackers 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 the currencies of the countries included in the Underlying Index.
120
DBX ETF Trust
Notes to Financial Statements (Continued)
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 the currencies of the countries included in the Underlying Index.
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 the currencies of the countries included in the Underlying Index.
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 the currencies of the countries included in the Underlying Index.
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 Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI United Kingdom 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
121
DBX ETF Trust
Notes to Financial Statements (Continued)
certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
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.
122
DBX ETF Trust
Notes to Financial Statements (Continued)
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex- dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2017, the Funds did not incur any interest or penalties.
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 | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 911,939 | $ | 422,737 | $ | 1,334,676 | ||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 539,120 | 432,009 | 971,129 | |||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 2,487,156 | 2,928,661 | 5,415,817 | |||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 11,443,599 | 5,939,105 | 17,382,704 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 654,933 | 809,557 | 1,464,490 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,981,004 | 3,512,868 | 5,493,872 | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 77,673,701 | 96,779,074 | 174,452,775 | |||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 2,142,159 | 8,644,055 | 10,786,214 |
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
123
DBX ETF Trust
Notes to Financial Statements (Continued)
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 | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | — | $ | 1,146,103 | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | — | 36,482 | ||||||
Xtrackers MSCI Brazil Hedged Equity ETF | — | 229,785 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | — | 7,145,294 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | — | 67,692,115 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | — | 1,554,916 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | — | 601,016 | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | 131,648 | ||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 1,889 | 2,050,203 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | 629,076 |
As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 98,811,201 | $ | 5,938,189 | $ | 10,036,761 | $ | (4,098,572 | ) | |||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 3,342,940 | 266,012 | 595,442 | (329,430 | ) | |||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 4,032,211 | (138,755 | ) | 278,042 | (416,797 | ) | ||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 169,084,708 | 15,606,789 | 24,600,373 | (8,993,584 | ) | |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 2,829,128,618 | 6,650,916 | 207,912,808 | (201,261,892 | ) | |||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 64,788,998 | 5,488,860 | 7,296,145 | (1,807,285 | ) | |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 62,664,265 | 369,115 | 7,192,372 | (6,823,257 | ) | |||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 1,679,026,552 | 61,163,251 | 133,678,974 | (72,515,723 | ) | |||||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | 3,641,664 | (544,106 | ) | 64,057 | (608,163 | ) | ||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 22,435,694 | 5,932,296 | 6,765,463 | (833,167 | ) | |||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 5,489,147 | (38,851 | ) | 427,991 | (466,842 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign
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DBX ETF Trust
Notes to Financial Statements (Continued)
currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The 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 period ended November 30, 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 November 30, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 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 November 30, 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 period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers MSCI All World ex US Hedged Equity ETF | ||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||
Xtrackers MSCI Europe Hedged Equity ETF | ||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||
Xtrackers MSCI Germany Hedged Equity ETF | ||
Xtrackers MSCI Japan Hedged Equity ETF | ||
Xtrackers MSCI Mexico Hedged Equity ETF | ||
Xtrackers MSCI United Kingdom Hedged Equity ETF |
As of November 30, 2017, the Fund listed below had securities on loan, which were classified as exchange-traded funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers MSCI Brazil Hedged Equity ETF |
As of November 30, 2017, the Fund listed below had no securities on loan.
Xtrackers MSCI South Korea Hedged Equity ETF |
Derivatives
Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency 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.
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DBX ETF Trust
Notes to Financial Statements (Continued)
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2017, The Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI All World ex US Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI United Kingdom ETF and Xtrackers 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 forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 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 period ended November 30, 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 period ended November 30, 2017, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI South Korea 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 November 30, 2017 is included in a table following the Funds’ Schedule of Investments.
126
DBX ETF Trust
Notes to Financial Statements (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 7,123 | Unrealized depreciation on futures contracts* | $ | 41,416 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 400,754 | Unrealized depreciation on forward foreign currency contracts | 1,804,751 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 407,877 | Total | $ | 1,846,167 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 5,678 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 17,057 | Unrealized depreciation on forward foreign currency contracts | 33,198 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 17,057 | Total | $ | 38,876 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 10,907 | Unrealized depreciation on forward foreign currency contracts | $ | 24,980 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 83,130 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 435,734 | Unrealized depreciation on forward foreign currency contracts | 2,823,191 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 518,864 | Total | $ | 2,823,191 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 147,873 | Unrealized depreciation on futures contracts* | $ | 142,802 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 3,992,504 | Unrealized depreciation on forward foreign currency contracts | 43,599,801 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 4,140,377 | Total | $ | 43,742,603 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 4,332 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 171,886 | Unrealized depreciation on forward foreign currency contracts | 1,335,085 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 176,218 | Total | $ | 1,335,085 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 30,606 | Unrealized depreciation on futures contracts* | $ | 1,716 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 93,308 | Unrealized depreciation on forward foreign currency contracts | 1,128,589 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 123,914 | Total | $ | 1,130,305 | |||||||||
|
|
|
|
127
DBX ETF Trust
Notes to Financial Statements (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 4,904,277 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 10,608,984 | Unrealized depreciation on forward foreign currency contracts | 26,263,333 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 15,513,261 | $ | 26,263,333 | ||||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 34,304 | Unrealized depreciation on forward foreign currency contracts | $ | 100,426 | ||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 3,371 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 3,637 | Unrealized depreciation on forward foreign currency contracts | 718,613 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 3,637 | Total | $ | 721,984 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 34,979 | Unrealized depreciation on forward foreign currency contracts | $ | 60,752 |
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
128
DBX ETF Trust
Notes to Financial Statements (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 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 Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 271,797 | $ | (1,966,614 | ) | $ | (1,694,817 | ) | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 24,862 | (30,342 | ) | (5,480 | ) | |||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 13,165 | (35,331 | ) | (22,166 | ) | |||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 773,939 | (1,132,584 | ) | (358,645 | ) | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | 1,874,604 | (101,372,532 | ) | (99,497,928 | ) | |||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 18,211 | (3,549,600 | ) | (3,531,389 | ) | |||||||
Xtrackers MSCI Germany Hedged Equity ETF | 87,578 | (3,644,750 | ) | (3,557,172 | ) | |||||||
Xtrackers MSCI Japan Hedged Equity ETF | 2,499,450 | 35,873,764 | 38,373,214 | |||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | (73,891 | ) | (73,891 | ) | |||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 108,634 | 259,428 | 368,062 | |||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | (105,946 | ) | (105,946 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | (135,124 | ) | $ | (151,156 | ) | $ | (286,280 | ) | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | (10,952 | ) | (8,396 | ) | (19,348 | ) | ||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 2,280 | (34,926 | ) | (32,646 | ) | |||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | (162,219 | ) | (1,161,672 | ) | (1,323,891 | ) | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | (1,789,879 | ) | 10,757,563 | 8,967,684 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | (14,765 | ) | 700,888 | 686,123 | ||||||||
Xtrackers MSCI Germany Hedged Equity ETF | (55,945 | ) | 865,033 | 809,088 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 2,625,598 | (6,325,043 | ) | (3,699,445 | ) | |||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | 3,835 | 3,835 | |||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | (80,382 | ) | (306,759 | ) | (387,141 | ) | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | (51,317 | ) | (51,317 | ) |
For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 2,857,539 | $ | (107,494,971 | ) | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 338,346 | (3,511,206 | ) | |||||
Xtrackers MSCI Brazil Hedged Equity ETF | 69,349 | (4,443,417 | ) | |||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 4,861,568 | (193,884,130 | ) | |||||
Xtrackers MSCI Europe Hedged Equity ETF | 54,341,070 | (2,443,087,558 | ) | |||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 992,002 | (59,682,828 | ) | |||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,615,036 | (53,997,382 | ) | |||||
Xtrackers MSCI Japan Hedged Equity ETF | 44,913,526 | (1,181,661,018 | ) | |||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | (2,021,548 | ) | |||||
Xtrackers MSCI South Korea Hedged Equity ETF | 501,302 | (23,893,088 | ) | |||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | (4,839,082 | ) |
129
DBX ETF Trust
Notes to Financial Statements (Continued)
As of November 30, 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 | |||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 176,573 | $ | (176,573 | ) | $ | — | $ | — | $ | 926,902 | $ | (176,573 | ) | $ | (810,000 | ) | $ | — | |||||||||||||
JP Morgan & Chase Co. | 114,912 | (114,912 | ) | — | — | 592,482 | (114,912 | ) | (260,000 | ) | 217,570 | |||||||||||||||||||||
RBC Capital Markets | 30,675 | (30,675 | ) | — | — | 91,632 | (30,675 | ) | — | 60,957 | ||||||||||||||||||||||
The Bank of New York Mellon | 68,141 | (68,141 | ) | — | — | 176,674 | (68,141 | ) | (260,000 | ) | — | |||||||||||||||||||||
The Bank of Nova Scotia | 10,453 | (10,453 | ) | — | — | 17,061 | (10,453 | ) | — | 6,608 | ||||||||||||||||||||||
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|
| |||||||||||||||||
$ | 400,754 | $ | (400,754 | ) | $ | — | $ | — | $ | 1,804,751 | $ | (400,754 | ) | $ | (1,330,000 | ) | $ | 285,135 | ||||||||||||||
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|
| |||||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 2,908 | $ | (2,908 | ) | $ | — | $ | — | $ | 11,123 | $ | (2,908 | ) | $ | — | $ | 8,215 | ||||||||||||||
RBC Capital Markets | 11 | (11 | ) | — | — | 552 | (11 | ) | — | 541 | ||||||||||||||||||||||
The Bank of New York Mellon | 14,138 | (14,138 | ) | — | — | 21,523 | (14,138 | ) | — | 7,385 | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 17,057 | $ | (17,057 | ) | $ | — | $ | — | $ | 33,198 | $ | (17,057 | ) | $ | — | $ | 16,141 | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 7,677 | $ | (7,677 | ) | $ | — | $ | — | $ | 17,144 | $ | (7,677 | ) | $ | — | $ | 9,467 | ||||||||||||||
JP Morgan & Chase Co. | 219 | (219 | ) | — | — | 481 | (219 | ) | — | 262 | ||||||||||||||||||||||
The Bank of New York Mellon | 1,655 | (1,655 | ) | — | — | 3,973 | (1,655 | ) | — | 2,318 | ||||||||||||||||||||||
The Bank of Nova Scotia | 1,356 | (1,356 | ) | — | — | 3,382 | (1,356 | ) | — | 2,026 | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 10,907 | $ | (10,907 | ) | $ | — | $ | — | $ | 24,980 | $ | (10,907 | ) | $ | — | $ | 14,073 | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 160,668 | $ | (160,668 | ) | $ | — | $ | — | $ | 1,310,929 | $ | (160,668 | ) | $ | (1,150,000 | ) | $ | 261 | |||||||||||||
JP Morgan & Chase Co. | 137,685 | (137,685 | ) | — | — | 882,560 | (137,685 | ) | (840,000 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 74,113 | (74,113 | ) | — | — | 311,457 | (74,113 | ) | (270,000 | ) | — | |||||||||||||||||||||
The Bank of New York Mellon | 29,456 | (29,456 | ) | — | — | 128,976 | (29,456 | ) | — | 99,520 | ||||||||||||||||||||||
The Bank of Nova Scotia | 33,812 | (33,812 | ) | — | — | 189,269 | (33,812 | ) | (310,000 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 435,734 | $ | (435,734 | ) | $ | — | $ | — | $ | 2,823,191 | $ | (435,734 | ) | $ | (2,570,000 | ) | $ | 99,781 | ||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 105,964 | $ | (105,964 | ) | $ | — | $ | — | $ | 1,980,889 | $ | (105,964 | ) | $ | (1,070,000 | ) | $ | 804,925 | |||||||||||||
JP Morgan & Chase Co. | 1,328,923 | (1,328,923 | ) | — | — | 9,012,033 | (1,328,923 | ) | (5,660,000 | ) | 2,023,110 | |||||||||||||||||||||
RBC Capital Markets | 1,075,054 | (1,075,054 | ) | — | — | 13,559,169 | (1,075,054 | ) | (8,740,000 | ) | 3,744,115 | |||||||||||||||||||||
The Bank of New York Mellon | 363,364 | (363,364 | ) | — | — | 6,204,556 | (363,364 | ) | (4,090,000 | ) | 1,751,192 | |||||||||||||||||||||
The Bank of Nova Scotia | 1,119,199 | (1,119,199 | ) | — | — | 12,843,154 | (1,119,199 | ) | (8,480,000 | ) | 3,243,955 | |||||||||||||||||||||
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| |||||||||||||||||
$ | 3,992,504 | $ | (3,992,504 | ) | $ | — | $ | — | $ | 43,599,801 | $ | (3,992,504 | ) | $ | (28,040,000 | ) | $ | 11,567,297 | ||||||||||||||
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130
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 | 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 | |||||||||||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 133,162 | $ | (133,162 | ) | $ | — | $ | — | $ | 753,883 | $ | (133,162 | ) | $ | (680,000 | ) | $ | — | |||||||||||||
JP Morgan & Chase Co. | 38,724 | (38,724 | ) | — | — | 581,202 | (38,724 | ) | (600,000 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 171,886 | $ | (171,886 | ) | $ | — | $ | — | $ | 1,335,085 | $ | (171,886 | ) | $ | (1,280,000 | ) | $ | — | ||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 37,278 | $ | (37,278 | ) | $ | — | $ | — | $ | 315,492 | $ | (37,278 | ) | $ | (340,000 | ) | $ | — | |||||||||||||
RBC Capital Markets | 25,231 | (25,231 | ) | — | — | 393,197 | (25,231 | ) | (410,000 | ) | — | |||||||||||||||||||||
The Bank of Nova Scotia | 30,799 | (30,799 | ) | — | — | 419,900 | (30,799 | ) | (430,000 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 93,308 | $ | (93,308 | ) | $ | — | $ | — | $ | 1,128,589 | $ | (93,308 | ) | $ | (1,180,000 | ) | $ | — | ||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 575,445 | $ | (575,445 | ) | $ | — | $ | — | $ | 1,536,125 | $ | (575,445 | ) | $ | (1,650,000 | ) | $ | — | |||||||||||||
JP Morgan & Chase Co. | 3,139,129 | (3,139,129 | ) | — | — | 7,226,205 | (3,139,129 | ) | (6,990,000 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 2,945,771 | (2,945,771 | ) | — | — | 7,715,251 | (2,945,771 | ) | (7,920,000 | ) | — | |||||||||||||||||||||
The Bank of New York Mellon | 343,681 | (343,681 | ) | — | — | 896,815 | (343,681 | ) | (960,000 | ) | — | |||||||||||||||||||||
The Bank of Nova Scotia | 3,604,958 | (3,604,958 | ) | — | — | 8,888,937 | (3,604,958 | ) | (9,220,000 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
$ | 10,608,984 | $ | (10,608,984 | ) | $ | — | $ | — | $ | 26,263,333 | $ | (10,608,984 | ) | $ | (26,740,000 | ) | $ | — | ||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||||||||||||||||||
RBC Capital Markets | $ | 30,139 | $ | (30,139 | ) | $ | — | $ | — | $ | 55,393 | $ | (30,139 | ) | $ | — | $ | 25,254 | ||||||||||||||
The Bank of Nova Scotia | 4,165 | (4,165 | ) | — | — | 45,033 | (4,165 | ) | — | 40,868 | ||||||||||||||||||||||
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$ | 34,304 | $ | (34,304 | ) | $ | — | $ | — | $ | 100,426 | $ | (34,304 | ) | $ | — | $ | 66,122 | |||||||||||||||
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Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 345 | $ | (345 | ) | $ | — | $ | — | $ | 308,223 | $ | (345 | ) | $ | (270,000 | ) | $ | 37,878 | |||||||||||||
JP Morgan & Chase Co. | — | — | — | — | 88,256 | — | — | 88,256 | ||||||||||||||||||||||||
RBC Capital Markets | 1,761 | (1,761 | ) | — | — | 238,498 | (1,761 | ) | (260,000 | ) | — | |||||||||||||||||||||
The Bank of New York Mellon | 1,531 | (1,531 | ) | — | — | 83,636 | (1,531 | ) | – | 82,105 | ||||||||||||||||||||||
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$ | 3,637 | $ | (3,637 | ) | $ | — | $ | — | $ | 718,613 | $ | (3,637 | ) | $ | (530,000 | ) | $ | 208,239 | ||||||||||||||
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Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 34,541 | $ | (34,541 | ) | $ | — | $ | — | $ | 49,196 | $ | (34,541 | ) | $ | — | $ | 14,655 | ||||||||||||||
The Bank of Nova Scotia | 438 | (438 | ) | — | — | 11,556 | (438 | ) | — | 11,118 | ||||||||||||||||||||||
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$ | 34,979 | $ | (34,979 | ) | $ | — | $ | — | $ | 60,752 | $ | (34,979 | ) | $ | — | $ | 25,773 | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
131
DBX ETF Trust
Notes to Financial Statements (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 0.60 | % | ||
Xtrackers MSCI Brazil Hedged Equity ETF | 0.60 | % | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Xtrackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Eurozone Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Germany Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Japan Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Mexico Hedged Equity ETF | 0.50 | % | ||
Xtrackers MSCI South Korea Hedged Equity ETF | 0.58 | % | ||
Xtrackers 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 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 Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 5,768,562 | $ | 5,947,482 | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 137,797 | 141,432 | ||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 1,013,819 | 838,577 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 11,289,718 | 6,308,572 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 96,577,379 | 166,910,326 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 2,592,922 | 5,993,167 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 3,544,194 | 13,505,796 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 76,881,515 | 102,438,525 | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | 327,898 | 384,612 | ||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 1,532,848 | 23,537,806 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 302,152 | 419,338 |
132
DBX ETF Trust
Notes to Financial Statements (Continued)
For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 14,163,889 | $ | — | ||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 2,531,843 | — | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | $ | — | $ | 445,449,074 | ||||
Xtrackers MSCI Eurozone Hedged Equity ETF | — | 8,836,820 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 2,677,620 | 13,669,645 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 305,737,851 | 350,029,254 | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | 996,492 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | 3,228,252 |
5. Fund Share Transactions
As of November 30, 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. The purchase of Creation Units for Xtrackers Brazil Hedged Equity ETF and Xtrackers 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.
6. 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.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2017.
Pro-rata Share | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 9,450,000 | ||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 525,000 | |||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 19,950,000 |
8. Payments by Affiliates
During the period ended November 30, 2017, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $3,520 for a loss on a trade executed incorrectly. The amount of the loss was 0.00% of the Fund’s average net assets.
133
DBX ETF Trust
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.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.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.Xtrackers.com.
134
DBX ETF Trust
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.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
135
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
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. Please read the prospectus for more information.
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. Xtrackers® 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-049077-2 (1/18) DBX 003104 (1/19)
November 30, 2017
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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31 | ||||
32 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2017.
The pace of economic recovery gained momentum globally, boosting investor sentiment and investment expenditure. Developed economies entered into a Goldilocks environment — experiencing moderate growth, accompanied by low inflation rates and borrowing costs. However, volatility rose from its record low due to increasing geopolitical risks caused by the U.S.-North Korea and the Spain-Catalan political standoffs and the U.K. and Japanese elections. Meanwhile, developed equity markets continued on their bullish streak, driven by healthy economic sentiment and robust corporate earnings. The U.S. Federal Reserve Board (FRB) and the European Central Bank (ECB) maintained their hawkish rhetoric, partly complicated by low inflation figures. The FRB marked the dawn of its quantitative tightening program1 in October, preluded by a hike in federal funds rate in June. The ECB decided to extend its asset purchase program till September 2018, while scaling down its purchases by half to gradually accommodate the shift to normalize monetary policy.
The European economy witnessed resilient growth as unemployment waned to multi-year lows and economic sentiment peaked to a 10-year high. The bloc’s growth was supported by an accommodative monetary policy and global tailwinds. In Germany, industrial production expanded and trade surplus widened, supported by higher demand from non-European Union countries. In France, economic growth beat expectations as business activity got a boost from labor market and tax reforms. The U.K. economy grew, although underperforming Eurozone growth, as higher inflation rates encroached upon consumer purchasing power. Moreover, the U.K. Prime Minister’s party lost its majority, making Brexit2 negotiations arduous. Populism sentiments left cracks on the Eurozone landscape, as the secessionist Alternative für Deutschland party gathered more support in the German elections even as Angela Merkel came out victorious. Additionally, Spanish markets came under pressure as Catalan’s autonomy was annulled after its officials conducted a referendum3 and claimed independence from Spain, even after the latter deemed it illegal.
In Asia, Japan’s economy experienced its sixth straight quarterly expansion, gradually inching up from its recessionary slump. Japanese equities reacted positively to Shinzo Abe winning the general elections, reassuring investors of the continuation of supportive economic policies. China grew strongly as its industrial production and manufacturing Purchasing Managers’ Index4 improved, while its leaders shifted focus to deleveraging the enormous credit floating in the economy. In Australia, rising public investments and healthy employment numbers supported economic growth, partially weighed down by sluggish wage growth and sizeable household debt levels.
Synchronized global recovery is corroborating with the ECB’s and FRB’s stance of a tighter monetary policy, even though inflation remains low. While the ECB scales down the magnitude of its bond purchases, the FRB gears up to further hike interest rates, strengthening the outlook for the U.S. dollar. In view of an appreciating U.S. dollar, our currency-hedged strategy 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 Quantitative Tightening Program is a series of steps involving selling of government securities or other securities by the central bank to the market in order to increase interest rates and reduce the money supply.
2 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
3 Referendum is a general vote by the electorate on a single political question which has been referred to them for a direct decision.
4 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
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. As of November 30, 2017, the Underlying Index included securities from the following countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (12.0% of Net Assets) | ||||
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.8% | |||
Royal Dutch Shell PLC (Netherlands) | 1.8% | |||
HSBC Holdings PLC (United Kingdom) | 1.3% | |||
Novartis AG (Switzerland) | 1.3% | |||
Roche Holding AG (Switzerland) | 1.2% | |||
Toyota Motor Corp. (Japan) | 1.1% | |||
British American Tobacco PLC (United Kingdom) | 1.0% | |||
TOTAL SA (France) | 0.9% | |||
BP PLC (United Kingdom) | 0.9% | |||
SAP SE (Germany) | 0.7% |
Sector Diversification* as of 11/30/17 | ||||
Financials | 21.2% | |||
Industrials | 14.6% | |||
Consumer Discretionary | 12.2% | |||
Consumer Staples | 11.2% | |||
Health Care | 10.1% | |||
Materials | 7.9% | |||
Information Technology | 6.6% | |||
Energy | 5.2% | |||
Telecommunication Services | 4.1% | |||
Real Estate | 3.6% | |||
Utilities | 3.3% | |||
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| |||
Total | 100.0% |
Country Diversification* as of 11/30/17 | ||||
Japan | 24.1% | |||
United Kingdom | 15.2% | |||
France | 10.6% | |||
Germany | 10.0% | |||
Switzerland | 8.7% | |||
Australia | 6.8% | |||
Netherlands | 4.6% | |||
Hong Kong | 3.4% | |||
Spain | 3.3% | |||
Sweden | 2.7% | |||
Italy | 2.1% | |||
Other | 8.5% | |||
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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 4.
2
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2017 to November 30, 2017).
Actual expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Fund’s actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,055.20 | 0.35 | % | $ | 1.80 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 |
(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
3
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
Australia — 6.7% | ||||||||
AGL Energy Ltd. | 305,022 | $ | 5,765,667 | |||||
Alumina Ltd. | 1,158,395 | 1,945,189 | ||||||
Amcor Ltd. | 540,515 | 6,304,407 | ||||||
AMP Ltd. | 1,360,850 | 5,259,970 | ||||||
APA Group (a) | 528,265 | 3,732,079 | ||||||
Aristocrat Leisure Ltd. | 253,383 | 4,214,585 | ||||||
ASX Ltd. | 91,750 | 3,965,504 | ||||||
Aurizon Holdings Ltd. | 973,348 | 3,879,992 | ||||||
AusNet Services | 829,419 | 1,176,325 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,369,684 | 29,485,425 | ||||||
Bank of Queensland Ltd. | 174,936 | 1,744,001 | ||||||
Bendigo & Adelaide Bank Ltd. | 222,618 | 1,960,042 | ||||||
BHP Billiton Ltd. | 1,497,576 | 30,924,568 | ||||||
BHP Billiton PLC | 984,835 | 17,913,840 | ||||||
BlueScope Steel Ltd. | 270,301 | 2,782,646 | ||||||
Boral Ltd. | 541,485 | 3,080,040 | ||||||
Brambles Ltd. | 750,998 | 5,805,529 | ||||||
Caltex Australia Ltd. | 120,481 | 3,103,954 | ||||||
Challenger Ltd. | 275,786 | 2,918,381 | ||||||
CIMIC Group Ltd. | 45,535 | 1,757,612 | ||||||
Coca-Cola Amatil Ltd. | 257,707 | 1,547,743 | ||||||
Cochlear Ltd. | 26,678 | 3,646,797 | ||||||
Commonwealth Bank of Australia | 807,592 | 48,520,882 | ||||||
Computershare Ltd. | 224,020 | 2,790,824 | ||||||
Crown Resorts Ltd. | 172,692 | 1,613,212 | ||||||
CSL Ltd. | 210,987 | 22,875,743 | ||||||
Dexus REIT | 474,404 | 3,717,579 | ||||||
Domino’s Pizza Enterprises Ltd. | 29,132 | 1,035,667 | ||||||
Flight Centre Travel Group Ltd. (b) | 27,339 | 925,603 | ||||||
Fortescue Metals Group Ltd. | 715,710 | 2,490,274 | ||||||
Goodman Group REIT | 844,946 | 5,553,936 | ||||||
GPT Group REIT | 851,319 | 3,483,708 | ||||||
Harvey Norman Holdings Ltd. (b) | 274,245 | 831,831 | ||||||
Healthscope Ltd. | 816,598 | 1,226,086 | ||||||
Incitec Pivot Ltd. | 814,067 | 2,456,887 | ||||||
Insurance Australia Group Ltd. | 1,118,220 | 6,064,549 | ||||||
LendLease Group (a) | 262,000 | 3,151,016 | ||||||
Macquarie Group Ltd. | 150,481 | 11,180,930 | ||||||
Medibank Pvt Ltd. | 1,267,314 | 3,134,614 | ||||||
Mirvac Group REIT | 1,750,317 | 3,230,418 | ||||||
National Australia Bank Ltd. | 1,255,105 | 28,091,643 | ||||||
Newcrest Mining Ltd. | 362,685 | 6,394,756 | ||||||
Oil Search Ltd. | 649,353 | 3,448,023 | ||||||
Orica Ltd. | 180,819 | 2,325,119 | ||||||
Origin Energy Ltd.* | 815,186 | 5,506,305 | ||||||
QBE Insurance Group Ltd. | 649,215 | 5,215,131 | ||||||
Ramsay Health Care Ltd. | 65,810 | 3,473,561 | ||||||
REA Group Ltd. | 24,676 | 1,470,612 | ||||||
Santos Ltd.* | 857,390 | 3,294,536 | ||||||
Scentre Group REIT | 2,482,660 | 7,943,460 | ||||||
SEEK Ltd. | 159,395 | 2,228,070 | ||||||
Sonic Healthcare Ltd. | 183,624 | 3,094,545 | ||||||
South32 Ltd. | 2,433,058 | 5,999,598 | ||||||
Stockland REIT | 1,142,947 | 4,063,274 | ||||||
Suncorp Group Ltd. | 602,772 | 6,533,583 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 507,680 | $ | 2,845,512 | |||||
Tabcorp Holdings Ltd. | 393,804 | 1,444,688 | ||||||
Tatts Group Ltd. | 627,296 | 2,045,041 | ||||||
Telstra Corp. Ltd. | 1,940,154 | 5,033,643 | ||||||
TPG Telecom Ltd. (b) | 182,980 | 823,517 | ||||||
Transurban Group (a) | 958,264 | 9,096,640 | ||||||
Treasury Wine Estates Ltd. | 343,586 | 4,088,051 | ||||||
Vicinity Centres REIT | 1,594,077 | 3,376,132 | ||||||
Wesfarmers Ltd. | 528,697 | 17,563,914 | ||||||
Westfield Corp. REIT | 932,839 | 5,912,931 | ||||||
Westpac Banking Corp. | 1,574,029 | 37,468,093 | ||||||
Woodside Petroleum Ltd. | 395,535 | 9,274,676 | ||||||
Woolworths Ltd. | 605,730 | 12,329,484 | ||||||
|
| |||||||
467,582,593 | ||||||||
|
| |||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 33,914 | 1,899,428 | ||||||
Erste Group Bank AG* | 142,105 | 6,198,996 | ||||||
OMV AG | 68,668 | 4,271,317 | ||||||
Raiffeisen Bank International AG* | 69,832 | 2,472,745 | ||||||
voestalpine AG | 53,238 | 3,092,919 | ||||||
|
| |||||||
17,935,405 | ||||||||
|
| |||||||
Belgium — 1.1% | ||||||||
Ageas | 87,877 | 4,318,227 | ||||||
Anheuser-Busch InBev SA/NV | 355,293 | 40,893,203 | ||||||
Colruyt SA | 27,160 | 1,438,236 | ||||||
Groupe Bruxelles Lambert SA | 37,494 | 4,032,069 | ||||||
KBC Group NV | 116,885 | 9,561,876 | ||||||
Proximus SADP | 70,614 | 2,420,170 | ||||||
Solvay SA | 34,585 | 4,865,677 | ||||||
Telenet Group Holding NV* | 24,515 | 1,712,513 | ||||||
UCB SA | 60,122 | 4,489,686 | ||||||
Umicore SA | 89,527 | 4,178,197 | ||||||
|
| |||||||
77,909,854 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 190,244 | 2,340,004 | ||||||
|
| |||||||
China — 0.0% | ||||||||
Minth Group Ltd. | 352,000 | 1,965,033 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 933,100 | 1,086,287 | ||||||
|
| |||||||
3,051,320 | ||||||||
|
| |||||||
Denmark — 1.8% | ||||||||
A.P. Moller — Maersk A/S, Class A | 1,650 | 2,826,038 | ||||||
A.P. Moller — Maersk A/S, Class B | 3,049 | 5,470,851 | ||||||
Carlsberg A/S, Class B | 50,343 | 5,961,682 | ||||||
Chr Hansen Holding A/S | 46,705 | 4,238,712 | ||||||
Coloplast A/S, Class B | 56,446 | 4,424,075 | ||||||
Danske Bank A/S | 349,301 | 13,049,002 | ||||||
DSV A/S | 89,628 | 6,897,218 | ||||||
Genmab A/S* | 27,130 | 5,336,537 | ||||||
H Lundbeck A/S | 32,564 | 1,641,974 | ||||||
ISS A/S | 79,051 | 2,988,543 | ||||||
Novo Nordisk A/S, Class B | 869,366 | 44,878,755 | ||||||
Novozymes A/S, Class B | 105,442 | 5,706,221 | ||||||
Orsted A/S, 144A | 87,683 | 5,101,322 |
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
Pandora A/S (b) | 49,484 | $ | 4,957,817 | |||||
TDC A/S | 391,805 | 2,384,753 | ||||||
Tryg A/S | 52,302 | 1,271,354 | ||||||
Vestas Wind Systems A/S | 100,484 | 6,431,002 | ||||||
William Demant Holding A/S* | 54,339 | 1,493,799 | ||||||
|
| |||||||
125,059,655 | ||||||||
|
| |||||||
Finland — 0.9% | ||||||||
Elisa OYJ | 66,438 | 2,702,879 | ||||||
Fortum OYJ | 209,841 | 4,415,812 | ||||||
Kone OYJ, Class B | 156,894 | 8,074,767 | ||||||
Metso OYJ | 53,254 | 1,879,382 | ||||||
Neste OYJ | 58,724 | 3,648,582 | ||||||
Nokia OYJ | 2,721,389 | 13,656,180 | ||||||
Nokian Renkaat OYJ | 54,323 | 2,371,006 | ||||||
Orion OYJ, Class B | 47,683 | 1,761,097 | ||||||
Sampo OYJ, Class A | 208,450 | 11,018,454 | ||||||
Stora Enso OYJ, Class R | 260,555 | 3,988,213 | ||||||
UPM-Kymmene OYJ | 247,827 | 7,459,942 | ||||||
Wartsila OYJ Abp | 70,295 | 4,643,607 | ||||||
|
| |||||||
65,619,921 | ||||||||
|
| |||||||
France — 10.4% | ||||||||
Accor SA | 87,840 | 4,405,801 | ||||||
Aeroports de Paris | 14,326 | 2,732,505 | ||||||
Air Liquide SA | 199,127 | 24,921,686 | ||||||
Airbus SE | 270,844 | 28,139,846 | ||||||
Alstom SA | 74,074 | 3,057,616 | ||||||
Amundi SA, 144A | 28,802 | 2,570,432 | ||||||
Arkema SA | 31,485 | 3,852,430 | ||||||
Atos SE | 44,107 | 6,522,918 | ||||||
AXA SA | 904,324 | 27,286,009 | ||||||
BioMerieux | 19,737 | 1,646,551 | ||||||
BNP Paribas SA | 523,917 | 39,647,975 | ||||||
Bollore SA | 401,935 | 2,134,634 | ||||||
Bouygues SA | 100,554 | 5,201,482 | ||||||
Bureau Veritas SA | 122,540 | 3,248,879 | ||||||
Capgemini SE | 74,929 | 8,640,166 | ||||||
Carrefour SA | 270,918 | 5,693,031 | ||||||
Casino Guichard Perrachon SA | 26,254 | 1,597,752 | ||||||
Cie de Saint-Gobain | 235,139 | 13,396,172 | ||||||
Cie Generale des Etablissements Michelin | 79,865 | 11,582,973 | ||||||
CNP Assurances | 78,898 | 1,775,806 | ||||||
Credit Agricole SA | 529,727 | 8,924,831 | ||||||
Danone SA | 281,470 | 23,759,584 | ||||||
Dassault Aviation SA | 1,132 | 1,740,388 | ||||||
Dassault Systemes SE | 60,980 | 6,554,827 | ||||||
Edenred | 101,566 | 2,906,169 | ||||||
Eiffage SA | 34,596 | 3,796,188 | ||||||
Electricite de France SA | 269,268 | 3,528,662 | ||||||
Engie SA | 851,660 | 14,906,280 | ||||||
Essilor International SA | 96,122 | 12,361,910 | ||||||
Eurazeo SA | 20,358 | 1,791,647 | ||||||
Eutelsat Communications SA (b) | 83,314 | 1,886,108 | ||||||
Faurecia | 36,170 | 2,767,339 | ||||||
Fonciere Des Regions REIT | 14,899 | 1,594,067 |
Number | Value | |||||||
France (Continued) | ||||||||
Gecina SA REIT | 21,941 | $ | 3,656,137 | |||||
Groupe Eurotunnel SE | 225,559 | 2,998,826 | ||||||
Hermes International | 14,610 | 7,700,960 | ||||||
ICADE REIT | 15,770 | 1,464,829 | ||||||
Iliad SA | 12,274 | 2,871,423 | ||||||
Imerys SA | 16,081 | 1,474,385 | ||||||
Ingenico Group SA | 27,162 | 2,846,294 | ||||||
Ipsen SA | 17,801 | 2,169,613 | ||||||
JCDecaux SA | 36,701 | 1,529,354 | ||||||
Kering | 35,107 | 15,575,764 | ||||||
Klepierre SA REIT | 101,756 | 4,202,691 | ||||||
Lagardere SCA | 54,219 | 1,776,947 | ||||||
Legrand SA | 123,233 | 9,234,848 | ||||||
L’Oreal SA | 117,480 | 25,980,508 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (b) | 130,020 | 37,837,900 | ||||||
Natixis SA | 434,804 | 3,524,347 | ||||||
Orange SA (b) | 930,266 | 16,032,960 | ||||||
Pernod Ricard SA | 99,010 | 15,443,797 | ||||||
Peugeot SA | 274,242 | 5,671,485 | ||||||
Publicis Groupe SA | 96,657 | 6,419,564 | ||||||
Remy Cointreau SA | 11,032 | 1,468,027 | ||||||
Renault SA | 90,256 | 9,172,131 | ||||||
Rexel SA | 146,036 | 2,693,330 | ||||||
Safran SA | 155,565 | 16,577,479 | ||||||
Sanofi | 529,801 | 48,303,605 | ||||||
Schneider Electric SE* | 265,459 | 22,815,647 | ||||||
SCOR SE | 78,652 | 3,207,267 | ||||||
SEB SA | 10,643 | 1,960,979 | ||||||
Societe BIC SA | 13,103 | 1,521,218 | ||||||
Societe Generale SA | 357,796 | 18,018,412 | ||||||
Sodexo SA | 42,198 | 5,512,320 | ||||||
Suez | 171,609 | 3,163,949 | ||||||
Teleperformance | 27,528 | 4,074,351 | ||||||
Thales SA | 50,138 | 5,067,748 | ||||||
TOTAL SA | 1,107,749 | 62,503,382 | ||||||
Ubisoft Entertainment SA* | 30,048 | 2,304,314 | ||||||
Unibail-Rodamco SE REIT | 46,567 | 11,913,893 | ||||||
Valeo SA | 109,998 | 7,985,120 | ||||||
Veolia Environnement SA | 227,224 | 5,748,484 | ||||||
Vinci SA | 235,295 | 24,040,329 | ||||||
Vivendi SA | 481,758 | 12,824,364 | ||||||
Wendel SA | 13,067 | 2,199,193 | ||||||
Zodiac Aerospace | 97,946 | 2,879,530 | ||||||
|
| |||||||
728,940,368 | ||||||||
|
| |||||||
Germany — 9.2% | ||||||||
adidas AG | 87,800 | 18,309,084 | ||||||
Allianz SE | 209,609 | 49,435,849 | ||||||
Axel Springer SE | 22,640 | 1,786,872 | ||||||
BASF SE | 428,276 | 47,916,997 | ||||||
Bayer AG | 385,597 | 49,177,203 | ||||||
Bayerische Motoren Werke AG | 154,387 | 15,560,716 | ||||||
Beiersdorf AG | 47,621 | 5,667,520 | ||||||
Brenntag AG | 73,417 | 4,570,212 | ||||||
Commerzbank AG* | 502,356 | 7,267,827 | ||||||
Continental AG | 51,293 | 13,660,266 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Covestro AG, 144A | 56,654 | $ | 5,900,334 | |||||
Daimler AG | 448,968 | 37,150,371 | ||||||
Deutsche Bank AG (c) | 963,713 | 18,192,354 | ||||||
Deutsche Boerse AG | 88,877 | 10,076,098 | ||||||
Deutsche Lufthansa AG | 109,642 | 3,767,573 | ||||||
Deutsche Post AG | 451,056 | 21,415,711 | ||||||
Deutsche Telekom AG | 1,554,150 | 27,765,892 | ||||||
Deutsche Wohnen SE | 165,339 | 7,308,954 | ||||||
Drillisch AG | 25,265 | 1,927,894 | ||||||
E.ON SE | 1,026,348 | 11,870,386 | ||||||
Evonik Industries AG | 76,722 | 2,861,916 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 19,658 | 1,957,938 | ||||||
Fresenius Medical Care AG & Co. KGaA | 100,517 | 9,986,376 | ||||||
Fresenius SE & Co. KGaA | 193,851 | 13,984,609 | ||||||
GEA Group AG | 86,679 | 4,181,981 | ||||||
Hannover Rueck SE | 28,547 | 3,751,177 | ||||||
HeidelbergCement AG | 69,410 | 7,383,322 | ||||||
Henkel AG & Co. KGaA | 48,828 | 5,951,232 | ||||||
HOCHTIEF AG | 9,243 | 1,624,368 | ||||||
HUGO BOSS AG | 30,160 | 2,480,188 | ||||||
Infineon Technologies AG | 529,620 | 14,624,814 | ||||||
Innogy SE, 144A | 63,938 | 2,955,428 | ||||||
K+S AG (b) | 92,330 | 2,162,199 | ||||||
KION Group AG | 31,753 | 2,584,353 | ||||||
LANXESS AG | 43,329 | 3,291,345 | ||||||
Linde AG | 79,718 | 17,496,666 | ||||||
Linde AG* | 8,669 | 2,023,929 | ||||||
MAN SE | 16,693 | 1,874,823 | ||||||
Merck KGaA | 59,397 | 6,322,455 | ||||||
METRO AG* | 84,620 | 1,651,790 | ||||||
MTU Aero Engines AG | 24,774 | 4,454,048 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 72,401 | 16,110,463 | ||||||
OSRAM Licht AG | 46,098 | 3,949,956 | ||||||
ProSiebenSat.1 Media SE | 109,891 | 3,494,915 | ||||||
RWE AG* | 245,725 | 5,630,125 | ||||||
SAP SE | 458,270 | 51,627,375 | ||||||
Siemens AG | 356,711 | 48,486,474 | ||||||
Symrise AG | 58,661 | 4,985,934 | ||||||
Telefonica Deutschland Holding AG | 353,326 | 1,680,502 | ||||||
thyssenkrupp AG | 201,913 | 5,525,114 | ||||||
TUI AG | 207,855 | 3,834,227 | ||||||
Uniper SE | 95,895 | 2,852,904 | ||||||
United Internet AG | 57,003 | 3,840,185 | ||||||
Volkswagen AG | 15,197 | 3,146,446 | ||||||
Vonovia SE | 228,228 | 10,742,330 | ||||||
Wirecard AG | 55,927 | 5,961,748 | ||||||
Zalando SE, 144A* | 52,457 | 2,682,602 | ||||||
|
| |||||||
646,884,370 | ||||||||
|
| |||||||
Hong Kong — 3.3% | ||||||||
AIA Group Ltd. | 5,629,938 | 45,629,735 | ||||||
ASM Pacific Technology Ltd. | 123,736 | 1,777,582 | ||||||
Bank of East Asia Ltd. (b) | 588,981 | 2,605,493 | ||||||
BOC Hong Kong Holdings Ltd. | 1,725,705 | 8,727,790 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
CK Asset Holdings Ltd. | 1,211,332 | $ | 10,197,638 | |||||
CK Hutchison Holdings Ltd. | 1,259,308 | 15,849,885 | ||||||
CK Infrastructure Holdings Ltd. | 304,708 | 2,586,652 | ||||||
CLP Holdings Ltd. | 765,522 | 7,806,998 | ||||||
First Pacific Co. Ltd. | 1,055,042 | 788,902 | ||||||
Galaxy Entertainment Group Ltd. | 1,097,276 | 7,888,715 | ||||||
Hang Lung Group Ltd. | 427,044 | 1,536,454 | ||||||
Hang Lung Properties Ltd. | 960,605 | 2,260,638 | ||||||
Hang Seng Bank Ltd. | 356,595 | 8,811,973 | ||||||
Henderson Land Development Co. Ltd. | 545,897 | 3,564,688 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (a) | 1,167,844 | 1,072,123 | ||||||
HKT Trust & HKT Ltd. (a) | 1,728,346 | 2,170,902 | ||||||
Hong Kong & China Gas Co. Ltd. | 3,913,572 | 7,636,580 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 547,911 | 16,500,153 | ||||||
Hongkong Land Holdings Ltd. | 562,000 | 4,102,600 | ||||||
Hysan Development Co. Ltd. | 295,198 | 1,581,792 | ||||||
Jardine Matheson Holdings Ltd. | 98,700 | 6,166,776 | ||||||
Jardine Strategic Holdings Ltd. | 103,800 | 4,307,700 | ||||||
Kerry Properties Ltd. | 319,994 | 1,413,519 | ||||||
Kingston Financial Group Ltd. | 1,946,000 | 2,396,947 | ||||||
Li & Fung Ltd. | 2,752,969 | 1,212,552 | ||||||
Link REIT | 1,027,316 | 9,161,483 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 116,262 | 3,035,601 | ||||||
MTR Corp. Ltd. | 699,723 | 4,116,729 | ||||||
New World Development Co. Ltd. | 2,719,692 | 3,941,911 | ||||||
NWS Holdings Ltd. | 741,595 | 1,346,430 | ||||||
PCCW Ltd. | 1,864,722 | 1,107,829 | ||||||
Power Assets Holdings Ltd. | 640,414 | 5,469,244 | ||||||
Shangri-La Asia Ltd. | 617,491 | 1,391,502 | ||||||
Sino Land Co. Ltd. | 1,464,287 | 2,651,040 | ||||||
SJM Holdings Ltd. | 976,192 | 784,938 | ||||||
Sun Hung Kai Properties Ltd. | 681,210 | 11,129,414 | ||||||
Swire Pacific Ltd., Class A | 236,160 | 2,270,842 | ||||||
Swire Properties Ltd. | 525,481 | 1,779,604 | ||||||
Techtronic Industries Co. Ltd. | 633,039 | 3,659,560 | ||||||
WH Group Ltd., 144A | 4,101,067 | 4,353,034 | ||||||
Wharf Holdings Ltd. | 557,636 | 1,756,413 | ||||||
Wharf Real Estate Investment Co. Ltd.* | 557,636 | 3,370,027 | ||||||
Wheelock & Co. Ltd. | 375,393 | 2,576,271 | ||||||
Yue Yuen Industrial Holdings Ltd. | 350,104 | 1,250,668 | ||||||
|
| |||||||
233,747,327 | ||||||||
|
| |||||||
Ireland — 0.6% | ||||||||
AerCap Holdings NV* | 64,770 | 3,366,097 | ||||||
Allied Irish Banks PLC | 387,964 | 2,516,668 | ||||||
Bank of Ireland Group PLC* | 431,410 | 3,365,384 | ||||||
CRH PLC | 390,002 | 13,438,581 | ||||||
DCC PLC | 41,352 | 4,001,374 | ||||||
James Hardie Industries PLC CDI | 204,133 | 3,319,738 | ||||||
Kerry Group PLC, Class A | 73,722 | 7,721,786 | ||||||
Paddy Power Betfair PLC | 37,252 | 4,154,137 | ||||||
Ryanair Holdings PLC* | 72,234 | 1,508,887 | ||||||
|
| |||||||
43,392,652 | ||||||||
|
|
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Israel — 0.4% | ||||||||
Azrieli Group Ltd. (b) | 20,927 | $ | 1,122,030 | |||||
Bank Hapoalim BM | 496,691 | 3,389,243 | ||||||
Bank Leumi Le-Israel BM | 674,878 | 3,745,890 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 967,136 | 1,449,929 | ||||||
Check Point Software Technologies | 60,969 | 6,358,457 | ||||||
Elbit Systems Ltd. | 10,360 | 1,435,200 | ||||||
Frutarom Industries Ltd. | 19,001 | 1,674,384 | ||||||
Israel Chemicals Ltd. | 219,450 | 894,074 | ||||||
Mizrahi Tefahot Bank Ltd. | 65,021 | 1,185,565 | ||||||
Nice Ltd. (b) | 28,996 | 2,508,695 | ||||||
Teva Pharmaceutical Industries Ltd., ADR (b) | 420,936 | 6,238,272 | ||||||
|
| |||||||
30,001,739 | ||||||||
|
| |||||||
Italy — 2.1% | ||||||||
Assicurazioni Generali SpA | 580,922 | 10,634,380 | ||||||
Atlantia SpA | 214,409 | 7,122,638 | ||||||
Davide Campari-Milano SpA | 276,711 | 2,153,982 | ||||||
Enel SpA | 3,792,487 | 24,623,901 | ||||||
Eni SpA | 1,186,206 | 19,498,078 | ||||||
Ferrari NV | 56,885 | 6,174,910 | ||||||
Intesa Sanpaolo SpA | 6,285,955 | 21,113,794 | ||||||
Intesa Sanpaolo SpA-RSP | 411,740 | 1,315,357 | ||||||
Leonardo SpA | 187,697 | 2,242,999 | ||||||
Luxottica Group SpA | 79,815 | 4,640,738 | ||||||
Mediobanca SpA | 273,638 | 3,157,637 | ||||||
Poste Italiane SpA, 144A | 248,111 | 1,811,751 | ||||||
Prysmian SpA | 94,056 | 3,132,364 | ||||||
Recordati SpA | 49,330 | 2,219,427 | ||||||
Snam SpA | 1,074,272 | 5,416,368 | ||||||
Telecom Italia SpA* | 5,315,617 | 4,447,818 | ||||||
Telecom Italia SpA-RSP | 2,819,492 | 1,909,506 | ||||||
Terna Rete Elettrica Nazionale SpA | 667,950 | 4,130,166 | ||||||
UniCredit SpA* | 934,034 | 18,788,296 | ||||||
UnipolSai Assicurazioni SpA | 446,879 | 1,047,838 | ||||||
|
| |||||||
145,581,948 | ||||||||
|
| |||||||
Japan — 23.8% | ||||||||
ABC-Mart, Inc. | 15,400 | 842,898 | ||||||
Acom Co. Ltd.*(b) | 190,000 | 788,396 | ||||||
Aeon Co. Ltd. | 284,600 | 4,612,470 | ||||||
AEON Financial Service Co. Ltd. | 45,900 | 1,015,922 | ||||||
Aeon Mall Co. Ltd. | 53,000 | 967,275 | ||||||
Air Water, Inc. | 69,500 | 1,487,014 | ||||||
Aisin Seiki Co. Ltd. | 84,054 | 4,488,556 | ||||||
Ajinomoto Co., Inc. | 254,800 | 4,672,862 | ||||||
Alfresa Holdings Corp. | 83,100 | 1,780,952 | ||||||
Alps Electric Co. Ltd. | 92,456 | 2,936,871 | ||||||
Amada Holdings Co. Ltd. | 156,100 | 2,068,018 | ||||||
ANA Holdings, Inc. | 54,100 | 2,153,521 | ||||||
Aozora Bank Ltd. | 55,200 | 2,135,999 | ||||||
Asahi Glass Co. Ltd. | 90,900 | 3,779,928 | ||||||
Asahi Group Holdings Ltd. | 181,465 | 9,201,837 | ||||||
Asahi Kasei Corp. | 588,600 | 7,348,021 | ||||||
Asics Corp. | 74,600 | 1,097,673 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Astellas Pharma, Inc. | 964,700 | $ | 12,223,219 | |||||
Bandai Namco Holdings, Inc. | 93,200 | 3,022,613 | ||||||
Bank of Kyoto Ltd. | 28,300 | 1,438,322 | ||||||
Benesse Holdings, Inc. | 33,400 | 1,175,210 | ||||||
Bridgestone Corp. | 303,321 | 13,731,578 | ||||||
Brother Industries Ltd. | 110,000 | 2,713,226 | ||||||
Calbee, Inc. | 37,400 | 1,304,323 | ||||||
Canon, Inc. | 497,523 | 18,999,990 | ||||||
Casio Computer Co. Ltd. | 87,300 | 1,273,683 | ||||||
Central Japan Railway Co. | 67,240 | 12,412,022 | ||||||
Chiba Bank Ltd. | 327,000 | 2,495,828 | ||||||
Chubu Electric Power Co., Inc. | 299,300 | 3,773,661 | ||||||
Chugai Pharmaceutical Co. Ltd. | 103,000 | 5,317,251 | ||||||
Chugoku Electric Power Co., Inc. | 137,600 | 1,516,051 | ||||||
Coca-Cola Bottlers Japan, Inc. | 55,200 | 2,091,857 | ||||||
Concordia Financial Group Ltd. | 569,100 | 3,109,836 | ||||||
Credit Saison Co. Ltd. | 73,500 | 1,409,983 | ||||||
CYBERDYNE, Inc.*(b) | 46,000 | 607,775 | ||||||
Dai Nippon Printing Co. Ltd. | 121,000 | 2,639,433 | ||||||
Daicel Corp. | 130,500 | 1,543,343 | ||||||
Daifuku Co. Ltd. | 47,100 | 2,561,216 | ||||||
Dai-ichi Life Holdings, Inc. | 505,599 | 10,314,588 | ||||||
Daiichi Sankyo Co. Ltd. | 264,200 | 6,357,045 | ||||||
Daikin Industries Ltd. | 116,400 | 13,362,548 | ||||||
Daito Trust Construction Co. Ltd. | 32,300 | 5,896,339 | ||||||
Daiwa House Industry Co. Ltd. | 265,100 | 9,690,536 | ||||||
Daiwa House REIT Investment Corp. REIT | 670 | 1,603,785 | ||||||
Daiwa Securities Group, Inc. | 767,125 | 4,757,681 | ||||||
DeNA Co. Ltd. | 46,000 | 1,040,206 | ||||||
Denso Corp. | 220,100 | 12,330,450 | ||||||
Dentsu, Inc. | 100,100 | 4,518,264 | ||||||
Disco Corp. | 13,400 | 2,959,918 | ||||||
Don Quijote Holdings Co. Ltd. | 55,300 | 2,638,598 | ||||||
East Japan Railway Co. | 152,900 | 14,760,838 | ||||||
Eisai Co. Ltd. | 124,500 | 7,047,754 | ||||||
Electric Power Development Co. Ltd. | 68,332 | 1,894,316 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 38,400 | 2,582,860 | ||||||
FANUC Corp. | 90,897 | 22,569,787 | ||||||
Fast Retailing Co. Ltd. | 24,900 | 9,626,363 | ||||||
Fuji Electric Co. Ltd. | 261,000 | 1,836,705 | ||||||
FUJIFILM Holdings Corp. | 193,710 | 7,886,438 | ||||||
Fujitsu Ltd. | 925,115 | 6,862,842 | ||||||
Fukuoka Financial Group, Inc. | 361,000 | 1,866,827 | ||||||
Hachijuni Bank Ltd. | 182,700 | 1,038,944 | ||||||
Hakuhodo DY Holdings, Inc. | 108,800 | 1,458,787 | ||||||
Hamamatsu Photonics KK | 66,400 | 2,271,447 | ||||||
Hankyu Hanshin Holdings, Inc. | 112,640 | 4,353,672 | ||||||
Hikari Tsushin, Inc. | 10,000 | 1,437,647 | ||||||
Hino Motors Ltd. | 125,800 | 1,535,823 | ||||||
Hirose Electric Co. Ltd. | 14,920 | 2,219,208 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 28,800 | 1,617,273 | ||||||
Hitachi Chemical Co. Ltd. | 48,600 | 1,275,186 | ||||||
Hitachi Construction Machinery Co. Ltd. | 46,300 | 1,528,318 | ||||||
Hitachi High-Technologies Corp. | 32,100 | 1,324,843 | ||||||
Hitachi Ltd. | 2,249,000 | 16,669,917 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Hitachi Metals Ltd. | 98,600 | $ | 1,301,000 | |||||
Honda Motor Co. Ltd. | 799,600 | 26,600,048 | ||||||
Hoshizaki Corp. | 25,300 | 2,403,101 | ||||||
Hoya Corp. | 181,800 | 8,800,448 | ||||||
Hulic Co. Ltd. | 139,100 | 1,521,455 | ||||||
Idemitsu Kosan Co. Ltd. | 62,000 | 2,076,858 | ||||||
IHI Corp. | 70,200 | 2,161,295 | ||||||
Iida Group Holdings Co. Ltd. | 68,600 | 1,261,735 | ||||||
Inpex Corp. | 443,204 | 4,981,590 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 156,100 | 1,801,714 | ||||||
Isuzu Motors Ltd. | 257,100 | 4,045,707 | ||||||
ITOCHU Corp. | 699,500 | 12,094,958 | ||||||
J. Front Retailing Co. Ltd. | 118,300 | 1,991,901 | ||||||
Japan Airlines Co. Ltd. | 46,100 | 1,685,971 | ||||||
Japan Airport Terminal Co. Ltd. | 21,700 | 807,881 | ||||||
Japan Exchange Group, Inc. | 243,200 | 4,455,803 | ||||||
Japan Post Bank Co. Ltd. | 188,858 | 2,394,601 | ||||||
Japan Post Holdings Co. Ltd. | 728,398 | 8,361,902 | ||||||
Japan Prime Realty Investment Corp. REIT | 387 | 1,298,081 | ||||||
Japan Real Estate Investment Corp. REIT | 580 | 2,813,808 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,269 | 2,247,205 | ||||||
Japan Tobacco, Inc. | 515,593 | 17,042,125 | ||||||
JFE Holdings, Inc. | 243,500 | 5,716,176 | ||||||
JGC Corp. | 95,200 | 1,650,319 | ||||||
JSR Corp. | 85,900 | 1,641,751 | ||||||
JTEKT Corp. | 104,900 | 1,797,966 | ||||||
JXTG Holdings, Inc. | 1,438,100 | 8,050,140 | ||||||
Kajima Corp. | 419,000 | 4,389,364 | ||||||
Kakaku.com, Inc. | 65,200 | 1,027,720 | ||||||
Kamigumi Co. Ltd. | 54,400 | 1,195,838 | ||||||
Kaneka Corp. | 131,000 | 1,154,667 | ||||||
Kansai Electric Power Co., Inc. | 332,400 | 4,382,972 | ||||||
Kansai Paint Co. Ltd. | 93,500 | 2,449,967 | ||||||
Kao Corp. | 231,600 | 15,306,240 | ||||||
Kawasaki Heavy Industries Ltd. | 68,100 | 2,244,889 | ||||||
KDDI Corp. | 840,930 | 24,022,302 | ||||||
Keihan Holdings Co. Ltd. | 44,900 | 1,326,514 | ||||||
Keikyu Corp. | 109,250 | 2,103,556 | ||||||
Keio Corp. | 53,960 | 2,378,085 | ||||||
Keisei Electric Railway Co. Ltd. | 64,328 | 2,057,673 | ||||||
Keyence Corp. | 45,320 | 26,138,178 | ||||||
Kikkoman Corp. | 68,682 | 2,685,155 | ||||||
Kintetsu Group Holdings Co. Ltd. | 84,440 | 3,297,470 | ||||||
Kirin Holdings Co. Ltd. | 404,900 | 9,460,079 | ||||||
Kobe Steel Ltd.* | 155,300 | 1,453,027 | ||||||
Koito Manufacturing Co. Ltd. | 52,500 | 3,615,221 | ||||||
Komatsu Ltd. | 433,738 | 13,411,597 | ||||||
Konami Holdings Corp. | 43,500 | 2,292,017 | ||||||
Konica Minolta, Inc. | 217,800 | 2,121,008 | ||||||
Kose Corp. | 14,100 | 2,157,377 | ||||||
Kubota Corp. | 491,900 | 9,265,876 | ||||||
Kuraray Co. Ltd. | 165,500 | 3,177,800 | ||||||
Kurita Water Industries Ltd. | 46,200 | 1,442,916 | ||||||
Kyocera Corp. | 149,700 | 10,509,394 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Kyowa Hakko Kirin Co. Ltd. | 121,000 | $ | 2,288,942 | |||||
Kyushu Electric Power Co., Inc. | 202,000 | 2,302,777 | ||||||
Kyushu Financial Group, Inc. | 157,200 | 927,458 | ||||||
Kyushu Railway Co. | 74,576 | 2,299,336 | ||||||
Lawson, Inc. | 23,400 | 1,609,276 | ||||||
LINE Corp.* | 20,600 | 876,752 | ||||||
Lion Corp. | 105,500 | 1,962,921 | ||||||
LIXIL Group Corp. | 127,000 | 3,334,533 | ||||||
M3, Inc. | 100,792 | 3,304,656 | ||||||
Mabuchi Motor Co. Ltd. | 22,600 | 1,200,835 | ||||||
Makita Corp. | 102,200 | 4,213,497 | ||||||
Marubeni Corp. | 781,100 | 5,176,102 | ||||||
Marui Group Co. Ltd. | 92,600 | 1,634,045 | ||||||
Maruichi Steel Tube Ltd. | 26,300 | 740,779 | ||||||
Mazda Motor Corp. | 266,100 | 3,553,675 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 31,000 | 1,351,060 | ||||||
Mebuki Financial Group, Inc. | 459,450 | 1,922,795 | ||||||
Medipal Holdings Corp. | 77,000 | 1,490,808 | ||||||
MEIJI Holdings Co. Ltd. | 57,242 | 4,974,248 | ||||||
MINEBEA MITSUMI, Inc. | 173,400 | 3,412,688 | ||||||
MISUMI Group, Inc. | 131,500 | 3,826,580 | ||||||
Mitsubishi Chemical Holdings Corp. | 667,200 | 7,208,807 | ||||||
Mitsubishi Corp. | 704,500 | 17,608,588 | ||||||
Mitsubishi Electric Corp. | 897,300 | 14,769,632 | ||||||
Mitsubishi Estate Co. Ltd. | 585,500 | 10,417,733 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 84,500 | 2,357,546 | ||||||
Mitsubishi Heavy Industries Ltd. | 152,420 | 5,620,356 | ||||||
Mitsubishi Materials Corp. | 52,100 | 1,735,972 | ||||||
Mitsubishi Motors Corp. | 321,800 | 2,244,551 | ||||||
Mitsubishi Tanabe Pharma Corp. | 107,900 | 2,326,832 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 5,559,799 | 39,130,275 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 205,700 | 1,167,909 | ||||||
Mitsui & Co. Ltd. | 790,600 | 11,977,191 | ||||||
Mitsui Chemicals, Inc. | 85,800 | 2,763,561 | ||||||
Mitsui Fudosan Co. Ltd. | 416,107 | 9,376,226 | ||||||
Mitsui OSK Lines Ltd. | 53,400 | 1,708,117 | ||||||
Mixi, Inc. | 20,100 | 932,267 | ||||||
Mizuho Financial Group, Inc. | 11,246,956 | 20,376,332 | ||||||
MS&AD Insurance Group Holdings, Inc. | 222,000 | 7,209,649 | ||||||
Murata Manufacturing Co. Ltd. | 89,851 | 12,107,072 | ||||||
Nabtesco Corp. | 52,525 | 2,046,489 | ||||||
Nagoya Railroad Co. Ltd. | 89,540 | 2,180,720 | ||||||
NEC Corp. | 123,700 | 3,297,348 | ||||||
Nexon Co. Ltd.* | 92,200 | 2,637,914 | ||||||
NGK Insulators Ltd. | 122,200 | 2,329,015 | ||||||
NGK Spark Plug Co. Ltd. | 74,300 | 1,707,226 | ||||||
NH Foods Ltd. | 88,000 | 2,155,724 | ||||||
Nidec Corp. | 110,600 | 15,006,104 | ||||||
Nikon Corp. | 156,500 | 3,096,766 | ||||||
Nintendo Co. Ltd. | 53,079 | 21,317,436 | ||||||
Nippon Building Fund, Inc. REIT | 625 | 3,126,527 | ||||||
Nippon Electric Glass Co. Ltd. | 39,400 | 1,526,358 | ||||||
Nippon Express Co. Ltd. | 37,200 | 2,356,711 | ||||||
Nippon Paint Holdings Co. Ltd. | 76,742 | 2,352,480 | ||||||
Nippon Prologis REIT, Inc. REIT | 845 | 1,810,205 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nippon Steel & Sumitomo Metal Corp. | 354,300 | $ | 8,565,910 | |||||
Nippon Telegraph & Telephone Corp. | 322,622 | 16,852,768 | ||||||
Nippon Yusen KK* | 70,800 | 1,646,936 | ||||||
Nissan Chemical Industries Ltd. | 54,300 | 2,171,132 | ||||||
Nissan Motor Co. Ltd. | 1,082,393 | 10,463,757 | ||||||
Nisshin Seifun Group, Inc. | 88,500 | 1,726,829 | ||||||
Nissin Foods Holdings Co. Ltd. | 27,400 | 1,974,446 | ||||||
Nitori Holdings Co. Ltd. | 37,400 | 6,092,932 | ||||||
Nitto Denko Corp. | 77,466 | 7,592,074 | ||||||
NOK Corp. | 46,100 | 1,119,065 | ||||||
Nomura Holdings, Inc. | 1,693,300 | 10,088,033 | ||||||
Nomura Real Estate Holdings, Inc. | 61,036 | 1,403,538 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,755 | 2,209,636 | ||||||
Nomura Research Institute Ltd. | 61,581 | 2,779,612 | ||||||
NSK Ltd. | 179,900 | 2,703,016 | ||||||
NTT Data Corp. | 294,300 | 3,454,354 | ||||||
NTT DOCOMO, Inc. | 636,492 | 16,443,205 | ||||||
Obayashi Corp. | 294,800 | 3,803,364 | ||||||
Obic Co. Ltd. | 30,200 | 2,090,346 | ||||||
Odakyu Electric Railway Co. Ltd. | 137,450 | 2,912,775 | ||||||
Oji Holdings Corp. | 401,600 | 2,437,183 | ||||||
Olympus Corp. | 137,400 | 5,628,095 | ||||||
Omron Corp. | 90,492 | 5,330,863 | ||||||
Ono Pharmaceutical Co. Ltd. | 192,300 | 4,372,435 | ||||||
Oracle Corp. | 17,900 | 1,587,294 | ||||||
Oriental Land Co. Ltd. | 99,700 | 8,850,706 | ||||||
ORIX Corp. | 617,440 | 10,610,236 | ||||||
Osaka Gas Co. Ltd. | 174,900 | 3,352,075 | ||||||
Otsuka Corp. | 24,400 | 1,821,138 | ||||||
Otsuka Holdings Co. Ltd. | 183,782 | 8,122,366 | ||||||
Panasonic Corp. | 1,029,441 | 15,257,076 | ||||||
Park24 Co. Ltd. | 46,100 | 1,133,811 | ||||||
Persol Holdings Co. Ltd. | 84,600 | 1,975,466 | ||||||
Pola Orbis Holdings, Inc. | 42,700 | 1,555,556 | ||||||
Rakuten, Inc. | 438,700 | 4,472,951 | ||||||
Recruit Holdings Co. Ltd. | 516,575 | 12,149,576 | ||||||
Renesas Electronics Corp.* | 226,400 | 2,761,981 | ||||||
Resona Holdings, Inc. | 1,036,200 | 5,486,442 | ||||||
Ricoh Co. Ltd. | 321,700 | 2,846,979 | ||||||
Rinnai Corp. | 15,600 | 1,395,815 | ||||||
Rohm Co. Ltd. | 44,100 | 4,506,198 | ||||||
Ryohin Keikaku Co. Ltd. | 11,100 | 3,456,884 | ||||||
Sankyo Co. Ltd. | 20,900 | 673,175 | ||||||
Santen Pharmaceutical Co. Ltd. | 170,451 | 2,592,848 | ||||||
SBI Holdings, Inc. | 98,000 | 1,737,172 | ||||||
Secom Co. Ltd. | 96,500 | 7,214,456 | ||||||
Sega Sammy Holdings, Inc. | 80,700 | 973,749 | ||||||
Seibu Holdings, Inc. | 103,700 | 1,869,539 | ||||||
Seiko Epson Corp. | 131,500 | 3,178,107 | ||||||
Sekisui Chemical Co. Ltd. | 185,500 | 3,578,306 | ||||||
Sekisui House Ltd. | 271,800 | 5,058,289 | ||||||
Seven & i Holdings Co. Ltd. | 350,800 | 14,353,672 | ||||||
Seven Bank Ltd. | 283,200 | 946,139 | ||||||
Sharp Corp.*(b) | 67,720 | 2,127,062 | ||||||
Shimadzu Corp. | 115,500 | 2,747,288 | ||||||
Shimamura Co. Ltd. | 10,300 | 1,238,251 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Shimano, Inc. | 34,600 | $ | 4,771,354 | |||||
Shimizu Corp. | 265,800 | 2,945,067 | ||||||
Shin-Etsu Chemical Co. Ltd. | 181,357 | 18,958,329 | ||||||
Shinsei Bank Ltd. | 76,900 | 1,225,125 | ||||||
Shionogi & Co. Ltd. | 139,800 | 7,774,741 | ||||||
Shiseido Co. Ltd. | 177,200 | 8,615,562 | ||||||
Shizuoka Bank Ltd. | 241,000 | 2,372,633 | ||||||
Showa Shell Sekiyu KK | 87,900 | 1,118,422 | ||||||
SMC Corp. | 26,900 | 10,868,035 | ||||||
SoftBank Group Corp. | 384,872 | 32,436,012 | ||||||
Sohgo Security Services Co. Ltd. | 33,300 | 1,843,343 | ||||||
Sompo Holdings, Inc. | 165,535 | 6,665,819 | ||||||
Sony Corp. | 589,600 | 27,246,964 | ||||||
Sony Financial Holdings, Inc. | 73,900 | 1,246,277 | ||||||
Stanley Electric Co. Ltd. | 63,600 | 2,534,506 | ||||||
Start Today Co. Ltd. | 88,800 | 2,702,386 | ||||||
Subaru Corp. | 289,759 | 9,446,228 | ||||||
SUMCO Corp. | 111,800 | 2,804,313 | ||||||
Sumitomo Chemical Co. Ltd. | 741,322 | 5,150,951 | ||||||
Sumitomo Corp. | 550,300 | 8,525,017 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. (b) | 69,300 | 1,002,447 | ||||||
Sumitomo Electric Industries Ltd. | 351,700 | 6,120,258 | ||||||
Sumitomo Heavy Industries Ltd. | 54,400 | 2,206,548 | ||||||
Sumitomo Metal Mining Co. Ltd. | 115,300 | 4,461,606 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 626,586 | 25,315,088 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 156,100 | 5,775,471 | ||||||
Sumitomo Realty & Development Co. Ltd. | 166,100 | 5,454,757 | ||||||
Sumitomo Rubber Industries Ltd. | 85,900 | 1,557,031 | ||||||
Sundrug Co. Ltd. | 34,500 | 1,584,833 | ||||||
Suntory Beverage & Food Ltd. | 64,800 | 2,798,241 | ||||||
Suruga Bank Ltd. | 75,000 | 1,606,691 | ||||||
Suzuken Co. Ltd. | 33,710 | 1,329,889 | ||||||
Suzuki Motor Corp. | 162,110 | 8,700,026 | ||||||
Sysmex Corp. | 73,000 | 5,526,323 | ||||||
T&D Holdings, Inc. | 244,300 | 4,006,003 | ||||||
Taiheiyo Cement Corp. | 53,900 | 2,207,819 | ||||||
Taisei Corp. | 96,200 | 5,043,138 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 14,734 | 1,167,775 | ||||||
Taiyo Nippon Sanso Corp. | 60,600 | 829,753 | ||||||
Takashimaya Co. Ltd. | 141,000 | 1,386,885 | ||||||
Takeda Pharmaceutical Co. Ltd. | 331,900 | 18,236,879 | ||||||
TDK Corp. | 61,523 | 5,012,803 | ||||||
Teijin Ltd. | 82,900 | 1,782,558 | ||||||
Terumo Corp. | 152,400 | 7,285,193 | ||||||
THK Co. Ltd. | 58,128 | 2,120,178 | ||||||
Tobu Railway Co. Ltd. | 91,200 | 2,896,975 | ||||||
Toho Co. Ltd. | 52,900 | 1,783,780 | ||||||
Toho Gas Co. Ltd. | 38,260 | 1,084,450 | ||||||
Tohoku Electric Power Co., Inc. | 206,300 | 2,716,572 | ||||||
Tokio Marine Holdings, Inc. | 316,020 | 13,927,400 | ||||||
Tokyo Electric Power Co. Holdings, | 668,300 | 2,672,131 | ||||||
Tokyo Electron Ltd. | 73,200 | 13,502,439 | ||||||
Tokyo Gas Co. Ltd. | 181,580 | 4,251,307 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Tokyo Tatemono Co. Ltd. | 93,200 | $ | 1,288,544 | |||||
Tokyu Corp. | 250,800 | 3,991,140 | ||||||
Tokyu Fudosan Holdings Corp. | 247,500 | 1,781,287 | ||||||
Toppan Printing Co. Ltd. | 245,000 | 2,277,045 | ||||||
Toray Industries, Inc. | 684,700 | 6,430,565 | ||||||
Toshiba Corp.*(b) | 1,908,818 | 4,681,094 | ||||||
Tosoh Corp. | 136,400 | 3,004,448 | ||||||
TOTO Ltd. | 61,400 | 3,404,292 | ||||||
Toyo Seikan Group Holdings Ltd. | 76,200 | 1,253,243 | ||||||
Toyo Suisan Kaisha Ltd. | 41,400 | 1,758,337 | ||||||
Toyoda Gosei Co. Ltd. | 30,300 | 755,716 | ||||||
Toyota Industries Corp. | 75,000 | 4,644,809 | ||||||
Toyota Motor Corp. | 1,217,181 | 76,181,287 | ||||||
Toyota Tsusho Corp. | 99,100 | 3,715,865 | ||||||
Trend Micro, Inc. | 55,600 | 3,137,056 | ||||||
Tsuruha Holdings, Inc. | 17,100 | 2,358,097 | ||||||
Unicharm Corp. | 188,200 | 4,921,343 | ||||||
United Urban Investment Corp. REIT | 1,425 | 2,016,993 | ||||||
USS Co. Ltd. | 104,600 | 2,198,045 | ||||||
West Japan Railway Co. | 74,900 | 5,495,129 | ||||||
Yahoo Japan Corp. | 655,300 | 2,986,973 | ||||||
Yakult Honsha Co. Ltd. | 41,000 | 3,191,257 | ||||||
Yamada Denki Co. Ltd. (b) | 288,300 | 1,562,602 | ||||||
Yamaguchi Financial Group, Inc. | 92,400 | 1,100,968 | ||||||
Yamaha Corp. | 78,481 | 2,879,973 | ||||||
Yamaha Motor Co. Ltd. | 130,500 | 4,081,567 | ||||||
Yamato Holdings Co. Ltd. | 163,000 | 3,295,628 | ||||||
Yamazaki Baking Co. Ltd. | 61,600 | 1,185,531 | ||||||
Yaskawa Electric Corp. | 118,100 | 5,194,322 | ||||||
Yokogawa Electric Corp. | 110,200 | 2,026,869 | ||||||
Yokohama Rubber Co. Ltd. | 55,300 | 1,236,259 | ||||||
|
| |||||||
1,664,469,751 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 43,513 | 3,986,863 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal* | 309,273 | 9,337,162 | ||||||
Eurofins Scientific SE | 5,161 | 3,124,882 | ||||||
Millicom International Cellular SA SDR | 31,286 | 2,046,253 | ||||||
RTL Group SA | 17,986 | 1,434,324 | ||||||
SES SA | 170,696 | 2,818,995 | ||||||
Tenaris SA | 218,070 | 3,169,200 | ||||||
|
| |||||||
21,930,816 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 468,367 | 1,195,782 | ||||||
Sands China Ltd. | 1,116,978 | 5,427,465 | ||||||
Wynn Macau Ltd. | 739,157 | 2,115,217 | ||||||
|
| |||||||
8,738,464 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 106,652 | 1,862,079 | ||||||
|
| |||||||
Netherlands — 4.5% | ||||||||
ABN AMRO Group NV, 144A | 196,076 | 5,816,981 | ||||||
Aegon NV | 822,238 | 5,106,692 | ||||||
Akzo Nobel NV (b) | 117,587 | 10,594,810 | ||||||
Altice NV, Class A*(b) | 247,445 | 1,953,854 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
ASML Holding NV | 181,068 | $ | 31,810,175 | |||||
Boskalis Westminster | 43,209 | 1,598,171 | ||||||
EXOR NV | 50,008 | 3,029,670 | ||||||
Heineken Holding NV | 53,340 | 5,140,616 | ||||||
Heineken NV | 120,132 | 12,238,262 | ||||||
ING Groep NV | 1,811,714 | 32,680,115 | ||||||
Koninklijke Ahold Delhaize NV | 597,453 | 12,796,571 | ||||||
Koninklijke DSM NV | 85,349 | 8,002,993 | ||||||
Koninklijke KPN NV | 1,611,964 | 5,913,246 | ||||||
Koninklijke Philips NV | 438,720 | 17,036,326 | ||||||
Koninklijke Vopak NV | 33,293 | 1,406,758 | ||||||
NN Group NV | 142,014 | 6,238,129 | ||||||
NXP Semiconductors NV* | 161,337 | 18,294,002 | ||||||
QIAGEN NV* | 102,113 | 3,225,062 | ||||||
Randstad Holding NV | 56,390 | 3,472,694 | ||||||
Royal Dutch Shell PLC, Class A | 2,103,251 | 67,057,250 | ||||||
Royal Dutch Shell PLC, Class B | 1,746,479 | 56,414,604 | ||||||
Wolters Kluwer NV | 142,400 | 7,377,119 | ||||||
|
| |||||||
317,204,100 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd. | 445,108 | 1,940,993 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 271,848 | 2,434,083 | ||||||
Fletcher Building Ltd. | 334,729 | 1,587,781 | ||||||
Mercury NZ Ltd. | 315,970 | 710,525 | ||||||
Meridian Energy Ltd. | 597,858 | 1,185,043 | ||||||
Ryman Healthcare Ltd. | 174,052 | 1,247,936 | ||||||
Spark New Zealand Ltd. | 883,873 | 2,186,937 | ||||||
|
| |||||||
11,293,298 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
DNB ASA | 448,834 | 8,184,209 | ||||||
Gjensidige Forsikring ASA | 94,365 | 1,710,479 | ||||||
Marine Harvest ASA* | 198,425 | 3,491,748 | ||||||
Norsk Hydro ASA | 638,241 | 4,338,331 | ||||||
Orkla ASA | 385,856 | 3,868,091 | ||||||
Schibsted ASA, Class B | 45,702 | 1,137,132 | ||||||
Statoil ASA | 536,414 | 10,754,780 | ||||||
Telenor ASA | 349,622 | 7,833,395 | ||||||
Yara International ASA | 82,118 | 3,651,137 | ||||||
|
| |||||||
44,969,302 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 1,118,229 | 3,919,711 | ||||||
Galp Energia SGPS SA | 237,710 | 4,485,922 | ||||||
Jeronimo Martins SGPS SA | 118,023 | 2,317,867 | ||||||
|
| |||||||
10,723,500 | ||||||||
|
| |||||||
Singapore — 1.3% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,152,400 | 2,255,922 | ||||||
CapitaLand Commercial Trust REIT | 1,122,665 | 1,573,363 | ||||||
CapitaLand Ltd. | 1,195,900 | 3,130,303 | ||||||
CapitaLand Mall Trust REIT | 1,163,000 | 1,767,870 | ||||||
City Developments Ltd. | 185,700 | 1,667,527 | ||||||
ComfortDelGro Corp. Ltd. | 1,034,600 | 1,534,332 | ||||||
DBS Group Holdings Ltd. | 836,617 | 15,155,386 | ||||||
Genting Singapore PLC | 2,908,300 | 2,868,188 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Global Logistic Properties Ltd. | 1,231,200 | $ | 3,058,372 | |||||
Golden Agri-Resources Ltd. | 3,472,600 | 952,738 | ||||||
Hutchison Port Holdings Trust, Class U | 2,570,509 | 1,092,466 | ||||||
Jardine Cycle & Carriage Ltd. | 46,000 | 1,360,285 | ||||||
Keppel Corp. Ltd. | 670,300 | 3,792,369 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,458,700 | 13,466,421 | ||||||
SATS Ltd. | 333,200 | 1,307,006 | ||||||
Sembcorp Industries Ltd. | 485,200 | 1,097,331 | ||||||
Singapore Airlines Ltd. | 260,100 | 2,071,388 | ||||||
Singapore Exchange Ltd. | 375,800 | 2,089,945 | ||||||
Singapore Press Holdings Ltd. | 773,100 | 1,582,201 | ||||||
Singapore Technologies Engineering Ltd. | 748,700 | 1,809,849 | ||||||
Singapore Telecommunications Ltd. | 3,807,078 | 10,529,735 | ||||||
StarHub Ltd. | 289,800 | 612,435 | ||||||
Suntec Real Estate Investment Trust REIT | 1,144,200 | 1,730,808 | ||||||
United Overseas Bank Ltd. | 614,962 | 11,947,208 | ||||||
UOL Group Ltd. | 232,834 | 1,536,573 | ||||||
Wilmar International Ltd. | 751,900 | 1,739,528 | ||||||
|
| |||||||
91,729,549 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 316,683 | 2,214,207 | ||||||
Mediclinic International PLC | 175,924 | 1,345,428 | ||||||
Mondi PLC | 174,221 | 4,160,966 | ||||||
|
| |||||||
7,720,601 | ||||||||
|
| |||||||
Spain — 3.2% | ||||||||
Abertis Infraestructuras SA | 327,250 | 7,307,192 | ||||||
ACS Actividades de Construccion y Servicios SA | 113,660 | 4,396,722 | ||||||
Aena SME SA, 144A | 31,840 | 6,334,574 | ||||||
Amadeus IT Group SA | 204,618 | 14,751,610 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,109,161 | 26,578,264 | ||||||
Banco de Sabadell SA | 2,518,070 | 5,065,152 | ||||||
Banco Santander SA | 7,532,213 | 50,590,695 | ||||||
Bankia SA | 478,411 | 2,298,213 | ||||||
Bankinter SA | 318,020 | 3,068,687 | ||||||
CaixaBank SA | 1,673,447 | 7,953,335 | ||||||
Enagas SA | 105,047 | 3,082,667 | ||||||
Endesa SA | 150,524 | 3,356,583 | ||||||
Ferrovial SA | 229,467 | 5,051,409 | ||||||
Gas Natural SDG SA | 165,905 | 3,708,455 | ||||||
Grifols SA (b) | 139,524 | 4,070,336 | ||||||
Iberdrola SA | 2,651,208 | 21,054,156 | ||||||
Industria de Diseno Textil SA | 508,641 | 18,004,884 | ||||||
Mapfre SA | 509,125 | 1,712,516 | ||||||
Red Electrica Corp. SA | 203,165 | 4,594,524 | ||||||
Repsol SA | 567,095 | 10,408,261 | ||||||
Siemens Gamesa Renewable Energy SA | 112,628 | 1,410,263 | ||||||
Telefonica SA | 2,114,165 | 21,653,483 | ||||||
|
| |||||||
226,451,981 | ||||||||
|
| |||||||
Sweden — 2.7% | ||||||||
Alfa Laval AB | 134,636 | 3,181,359 | ||||||
Assa Abloy AB, Class B | 455,741 | 9,239,005 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Atlas Copco AB, Class A | 313,120 | $ | 13,451,036 | |||||
Atlas Copco AB, Class B | 183,836 | 7,062,718 | ||||||
Boliden AB | 126,187 | 3,990,192 | ||||||
Electrolux AB, Series B | 113,867 | 3,781,533 | ||||||
Essity AB, Class B* | 280,124 | 8,135,056 | ||||||
Getinge AB, Class B | 109,308 | 1,966,537 | ||||||
Hennes & Mauritz AB, Class B | 442,712 | 10,423,970 | ||||||
Hexagon AB, Class B | 122,129 | 5,999,253 | ||||||
Husqvarna AB, Class B | 196,499 | 1,792,234 | ||||||
ICA Gruppen AB (b) | 37,863 | 1,369,608 | ||||||
Industrivarden AB, Class C | 77,206 | 1,881,510 | ||||||
Investor AB, Class B | 212,377 | 9,917,413 | ||||||
Kinnevik AB, Class B | 110,592 | 3,545,941 | ||||||
L E Lundbergforetagen AB, Class B | 17,495 | 1,283,239 | ||||||
Lundin Petroleum AB* | 86,979 | 2,001,225 | ||||||
Nordea Bank AB | 1,416,335 | 16,598,171 | ||||||
Sandvik AB | 525,554 | 9,021,928 | ||||||
Securitas AB, Class B | 143,615 | 2,521,984 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 699,598 | 8,307,306 | ||||||
Skanska AB, Class B | 161,347 | 3,538,823 | ||||||
SKF AB, Class B | 179,013 | 4,046,047 | ||||||
Svenska Handelsbanken AB, Class A | 712,087 | 9,731,602 | ||||||
Swedbank AB, Class A | 422,273 | 10,083,966 | ||||||
Swedish Match AB | 84,771 | 3,206,147 | ||||||
Tele2 AB, Class B | 171,742 | 2,197,310 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,432,624 | 9,010,644 | ||||||
Telia Co. AB | 1,225,283 | 5,376,289 | ||||||
Volvo AB, Class B | 726,744 | 13,821,328 | ||||||
|
| |||||||
186,483,374 | ||||||||
|
| |||||||
Switzerland — 8.6% | ||||||||
ABB Ltd. | 859,336 | 22,004,243 | ||||||
Adecco Group AG | 76,878 | 5,814,204 | ||||||
Baloise Holding AG | 23,364 | 3,598,115 | ||||||
Barry Callebaut AG* | 1,077 | 2,001,277 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 48 | 3,363,293 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 487 | 2,878,684 | ||||||
Cie Financiere Richemont SA | 243,403 | 20,956,782 | ||||||
Clariant AG* | 110,702 | 3,015,821 | ||||||
Coca-Cola HBC AG* | 83,310 | 2,669,102 | ||||||
Credit Suisse Group AG* | 1,132,248 | 19,174,843 | ||||||
Dufry AG* | 16,037 | 2,308,350 | ||||||
EMS-Chemie Holding AG | 3,824 | 2,549,981 | ||||||
Ferguson PLC | 118,099 | 8,512,877 | ||||||
Geberit AG | 16,969 | 7,379,251 | ||||||
Givaudan SA | 4,306 | 9,796,013 | ||||||
Glencore PLC* | 5,723,029 | 26,284,309 | ||||||
Julius Baer Group Ltd.* | 105,801 | 6,216,313 | ||||||
Kuehne + Nagel International AG | 25,059 | 4,401,723 | ||||||
LafargeHolcim Ltd.* | 212,246 | 11,607,456 | ||||||
Lonza Group AG* | 34,724 | 9,075,009 | ||||||
Nestle SA | 1,451,165 | 124,280,205 | ||||||
Novartis AG | 1,037,175 | 88,772,691 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Pargesa Holding SA | 16,207 | $ | 1,392,113 | |||||
Partners Group Holding AG | 8,158 | 5,605,904 | ||||||
Roche Holding AG | 327,597 | 82,652,681 | ||||||
Schindler Holding AG | 9,383 | 2,087,867 | ||||||
Schindler Holding AG Participation Certificates | 18,879 | 4,264,207 | ||||||
SGS SA | 2,492 | 6,160,655 | ||||||
Sika AG | 1,003 | 7,748,717 | ||||||
Sonova Holding AG | 24,585 | 3,916,106 | ||||||
STMicroelectronics NV | 296,381 | 6,716,690 | ||||||
Straumann Holding AG | 4,813 | 3,581,312 | ||||||
Swatch Group AG — Bearer | 14,348 | 5,231,642 | ||||||
Swatch Group AG — Registered | 26,523 | 1,876,494 | ||||||
Swiss Life Holding AG* | 15,178 | 5,094,562 | ||||||
Swiss Prime Site AG* | 33,054 | 2,849,280 | ||||||
Swiss Re AG | 146,651 | 13,744,571 | ||||||
Swisscom AG | 12,077 | 6,371,500 | ||||||
UBS Group AG* | 1,706,380 | 29,470,288 | ||||||
Vifor Pharma AG | 22,993 | 2,895,891 | ||||||
Zurich Insurance Group AG | 70,566 | 21,318,643 | ||||||
|
| |||||||
599,639,665 | ||||||||
|
| |||||||
United Kingdom — 15.0% | ||||||||
3i Group PLC | 459,059 | 5,593,662 | ||||||
Admiral Group PLC | 94,482 | 2,457,148 | ||||||
Anglo American PLC | 620,190 | 11,398,485 | ||||||
Ashtead Group PLC | 232,783 | 5,978,320 | ||||||
Associated British Foods PLC | 165,101 | 6,582,337 | ||||||
AstraZeneca PLC | 590,226 | 38,130,852 | ||||||
Auto Trader Group PLC, 144A | 449,950 | 2,046,417 | ||||||
Aviva PLC | 1,879,848 | 12,991,119 | ||||||
Babcock International Group PLC | 119,082 | 1,122,488 | ||||||
BAE Systems PLC | 1,467,716 | 10,956,808 | ||||||
Barclays PLC | 7,943,336 | 20,786,762 | ||||||
Barratt Developments PLC | 467,819 | 3,834,012 | ||||||
Berkeley Group Holdings PLC | 60,758 | 3,135,557 | ||||||
BP PLC | 9,218,961 | 60,979,320 | ||||||
British American Tobacco PLC | 1,069,437 | 67,816,968 | ||||||
British Land Co. PLC REIT | 455,363 | 3,873,569 | ||||||
BT Group PLC | 3,930,816 | 13,864,150 | ||||||
Bunzl PLC | 159,223 | 4,554,273 | ||||||
Burberry Group PLC | 200,859 | 4,661,348 | ||||||
Capita PLC | 306,761 | 1,935,329 | ||||||
Centrica PLC | 2,563,194 | 5,012,481 | ||||||
CNH Industrial NV | 482,310 | 6,245,873 | ||||||
Cobham PLC* | 1,103,960 | 1,896,095 | ||||||
Coca-Cola European Partners PLC | 103,855 | 4,049,306 | ||||||
Compass Group PLC | 737,399 | 14,948,827 | ||||||
ConvaTec Group PLC, 144A | 636,965 | 1,671,168 | ||||||
Croda International PLC | 60,867 | 3,517,367 | ||||||
Diageo PLC | 1,174,547 | 40,799,318 | ||||||
Direct Line Insurance Group PLC | 636,078 | 3,146,712 | ||||||
easyJet PLC | 78,398 | 1,490,710 | ||||||
Experian PLC | 435,279 | 9,053,718 | ||||||
Fiat Chrysler Automobiles NV* | 504,996 | 8,667,447 | ||||||
G4S PLC | 718,430 | 2,493,125 | ||||||
GKN PLC | 797,965 | 3,346,482 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
GlaxoSmithKline PLC | 2,293,431 | $ | 39,685,230 | |||||
Hammerson PLC REIT | 365,440 | 2,567,465 | ||||||
Hargreaves Lansdown PLC | 125,795 | 2,725,391 | ||||||
HSBC Holdings PLC | 9,372,292 | 93,034,666 | ||||||
IMI PLC | 131,288 | 2,230,065 | ||||||
Imperial Brands PLC | 447,036 | 18,526,998 | ||||||
InterContinental Hotels Group PLC | 85,207 | 5,011,499 | ||||||
International Consolidated Airlines Group SA | 300,346 | 2,483,102 | ||||||
Intertek Group PLC | 75,348 | 5,329,376 | ||||||
ITV PLC | 1,708,879 | 3,695,411 | ||||||
J Sainsbury PLC | 751,916 | 2,362,226 | ||||||
John Wood Group PLC | 313,073 | 3,063,283 | ||||||
Johnson Matthey PLC | 90,008 | 3,689,521 | ||||||
Kingfisher PLC | 1,037,467 | 4,686,231 | ||||||
Land Securities Group PLC REIT | 350,300 | 4,424,762 | ||||||
Legal & General Group PLC | 2,777,728 | 10,037,582 | ||||||
Lloyds Banking Group PLC | 33,656,492 | 30,041,092 | ||||||
London Stock Exchange Group PLC | 144,638 | 7,392,005 | ||||||
Marks & Spencer Group PLC | 754,258 | 3,194,807 | ||||||
Meggitt PLC | 374,194 | 2,451,342 | ||||||
Merlin Entertainments PLC, 144A | 343,041 | 1,632,557 | ||||||
Micro Focus International PLC | 203,393 | 6,846,425 | ||||||
National Grid PLC | 1,594,164 | 19,080,037 | ||||||
Next PLC | 67,474 | 4,085,324 | ||||||
Old Mutual PLC | 2,332,013 | 6,222,444 | ||||||
Pearson PLC | 382,502 | 3,662,435 | ||||||
Persimmon PLC | 145,377 | 4,993,814 | ||||||
Prudential PLC | 1,205,759 | 30,313,971 | ||||||
Reckitt Benckiser Group PLC | 311,626 | 27,334,653 | ||||||
RELX NV | 447,326 | 10,241,282 | ||||||
RELX PLC | 497,530 | 11,626,954 | ||||||
Rio Tinto Ltd. | 197,796 | 10,615,049 | ||||||
Rio Tinto PLC | 575,680 | 27,260,775 | ||||||
Rolls-Royce Holdings PLC* | 780,677 | 9,048,053 | ||||||
Rolls-Royce Holdings PLC — | 35,081,210 | 47,444 | ||||||
Royal Bank of Scotland Group PLC* | 1,676,508 | 6,271,346 | ||||||
Royal Mail PLC | 411,371 | 2,458,446 | ||||||
RSA Insurance Group PLC | 475,175 | 3,910,363 | ||||||
Sage Group PLC | 502,518 | 5,263,516 | ||||||
Schroders PLC | 58,905 | 2,748,364 | ||||||
Segro PLC REIT | 460,628 | 3,416,881 | ||||||
Severn Trent PLC | 109,338 | 3,103,748 | ||||||
Sky PLC* | 488,207 | 6,183,220 | ||||||
Smith & Nephew PLC | 402,459 | 7,130,104 | ||||||
Smiths Group PLC | 184,271 | 3,695,737 | ||||||
SSE PLC | 467,363 | 8,652,881 | ||||||
St James’s Place PLC | 246,232 | 4,042,650 | ||||||
Standard Chartered PLC* | 1,534,847 | 15,327,090 | ||||||
Standard Life Aberdeen PLC | 1,248,468 | 7,263,581 | ||||||
Taylor Wimpey PLC | 1,550,738 | 4,100,040 | ||||||
Tesco PLC | 3,818,407 | 10,020,717 | ||||||
Travis Perkins PLC | 120,530 | 2,622,733 | ||||||
Unilever NV | 759,580 | 43,744,380 | ||||||
Unilever PLC | 588,806 | 33,157,813 | ||||||
United Utilities Group PLC | 318,169 | 3,530,526 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Vodafone Group PLC | 12,434,879 | $ | 37,720,181 | |||||
Weir Group PLC | 105,824 | 2,807,929 | ||||||
Whitbread PLC | 86,969 | 4,196,549 | ||||||
Wm Morrison Supermarkets PLC | 1,029,854 | 3,012,556 | ||||||
Worldpay Group PLC, 144A | 948,712 | 5,414,393 | ||||||
WPP PLC | 592,489 | 10,472,704 | ||||||
|
| |||||||
1,048,949,272 | ||||||||
|
| |||||||
United States — 0.4% | ||||||||
Carnival PLC | 87,636 | 5,648,583 | ||||||
Shire PLC | 423,444 | 20,968,046 | ||||||
|
| |||||||
26,616,629 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 6,860,816,400 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG | 25,733 | 2,226,706 | ||||||
FUCHS PETROLUB SE | 32,771 | 1,722,100 | ||||||
Henkel AG & Co. KGaA | 83,075 | 11,272,317 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Porsche Automobil Holding SE | 71,400 | $ | 5,974,362 | |||||
Schaeffler AG | 77,998 | 1,360,528 | ||||||
Volkswagen AG | 86,536 | 18,344,198 | ||||||
|
| |||||||
40,900,211 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 40,900,211 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.4% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 95,199,813 | 95,199,813 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% | $ | 6,996,916,424 | ||||||
Other assets and liabilities, net — 0.1% | 6,722,335 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 7,003,638,759 | ||||||
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $75,112,089, which is 1.1% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net Change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | 21,939,319 | 634,786 | (5,976,975 | ) | 866,505 | 728,719 | — | 18,192,354 |
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AMSTERDAM Index Futures | EUR | 29 | $ | 3,701,436 | $ | 3,728,552 | 12/15/2017 | $ | (7,527 | ) | ||||||||||||
CAC40 10 EURO Futures | EUR | 127 | 7,965,167 | 8,113,603 | 12/15/2017 | 79,237 | ||||||||||||||||
DAX Index Futures | EUR | 20 | 7,568,261 | 7,767,866 | 12/15/2017 | 120,072 | ||||||||||||||||
FTSE/MIB Index Futures | EUR | 13 | 1,722,630 | 1,731,224 | 12/15/2017 | (18,213 | ) | |||||||||||||||
FTSE 100 Index Futures | GBP | 137 | 13,411,239 | 13,579,014 | 12/15/2017 | (76,731 | ) | |||||||||||||||
HANG SENG Index Futures | HKD | 34 | 6,485,021 | 6,381,734 | 12/28/2017 | (94,746 | ) | |||||||||||||||
IBEX 35 Index Futures | EUR | 21 | 2,473,560 | 2,549,439 | 12/15/2017 | 52,710 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
MSCI SING IX ETS | SGD | 84 | $ | 2,418,411 | $ | 2,417,974 | 12/28/2017 | $ | 3,234 | |||||||||||||||
OMXS30 Index Futures | SEK | 122 | 2,366,289 | 2,346,448 | 12/15/2017 | (24,388 | ) | |||||||||||||||||
SPI 200 Futures | AUD | 111 | 12,632,191 | 12,564,691 | 12/21/2017 | 533,879 | ||||||||||||||||||
SWISS MKT IX Futures | CHF | 81 | 7,580,257 | 7,688,722 | 12/15/2017 | 169,918 | ||||||||||||||||||
TOPIX Index Futures | JPY | 282 | 41,305,874 | 45,026,789 | 12/07/2017 | 4,488,726 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 5,226,171 | ||||||||||||||||||||||
|
|
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AUD | 6,906,142 | USD | 5,293,406 | $ | 69,718 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | AUD | 220,392,358 | USD | 168,921,266 | 2,220,248 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | AUD | 1,128,300 | USD | 864,813 | 11,386 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AUD | 355,865,000 | USD | 272,761,626 | 3,591,415 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AUD | 27,150,000 | USD | 20,809,525 | 273,728 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CHF | 10,525,200 | USD | 10,580,643 | — | (123,708 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | CHF | 103,654,814 | USD | 104,201,926 | — | (1,217,203 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | CHF | 109,717,200 | USD | 110,290,157 | — | (1,294,546 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | CHF | 86,530,786 | USD | 86,987,907 | — | (1,015,725 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CHF | 231,320,600 | USD | 232,527,417 | — | (2,730,506 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CHF | 14,571,000 | USD | 14,647,901 | — | (171,112 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | DKK | 265,895,396 | USD | 41,702,146 | — | (836,783 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | DKK | 171,659,200 | USD | 26,921,021 | — | (541,652 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | DKK | 75,736,904 | USD | 11,876,629 | — | (240,041 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 262,803,500 | USD | 41,215,027 | — | (829,249 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 51,694,000 | USD | 8,107,337 | — | (162,861 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 236,202,933 | USD | 275,611,267 | — | (5,635,356 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 75,174,000 | USD | 87,717,985 | — | (1,791,630 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | EUR | 465,464,785 | USD | 543,159,376 | — | (11,069,131 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | EUR | 859,511,422 | USD | 1,002,930,357 | — | (20,489,131 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | EUR | 68,354,800 | USD | 79,764,925 | — | (1,625,075 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 226,990,760 | USD | 264,867,573 | — | (5,410,123 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 38,966,078 | USD | 51,788,256 | — | (921,211 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 30,604,000 | USD | 40,674,889 | — | (723,183 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | GBP | 263,731,704 | USD | 350,531,267 | — | (6,218,967 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | GBP | 170,415,826 | USD | 226,497,970 | — | (4,023,749 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | GBP | 134,554,932 | USD | 178,839,651 | — | (3,172,988 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 276,994,360 | USD | 368,150,434 | — | (6,540,213 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 3,063,200 | USD | 392,793 | 560 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | HKD | 549,370,370 | USD | 70,444,528 | 99,382 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | HKD | 286,768,098 | USD | 36,771,623 | 51,871 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | HKD | 13,909,232 | USD | 1,783,544 | 2,510 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HKD | 824,428,900 | USD | 105,717,970 | 152,445 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HKD | 48,987,000 | USD | 6,281,415 | 8,784 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ILS | 12,422,024 | USD | 3,531,693 | — | (23,014 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | ILS | 5,670,276 | USD | 1,612,250 | — | (10,366 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | ILS | 2,893,300 | USD | 822,641 | — | (5,311 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | ILS | 37,223,500 | USD | 10,583,276 | — | (68,664 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | ILS | 4,894,000 | USD | 1,391,468 | — | (9,008 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 13,252,584,000 | USD | 116,779,934 | — | (1,011,086 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | JPY | 18,555,619,710 | USD | 163,487,509 | — | (1,437,715 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | JPY | 43,062,801,826 | USD | 379,475,014 | — | (3,273,843 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 48,008,217,999 | USD | 422,991,075 | — | (3,713,408 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | JPY | 24,338,148,098 | USD | 214,438,691 | — | (1,882,542 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 41,250,024,967 | USD | 363,449,152 | — | (3,187,464 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NOK | 41,029,362 | USD | 5,018,319 | 85,607 | — |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | NOK | 23,018,000 | USD | 2,815,260 | $ | 47,945 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | NOK | 60,984,919 | USD | 7,459,079 | 127,231 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | NOK | 129,976,800 | USD | 15,896,775 | 270,450 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | NOK | 92,820,719 | USD | 11,352,606 | 193,332 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NOK | 44,295,200 | USD | 5,417,644 | 92,300 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | NZD | 2,549,060 | USD | 1,745,097 | 2,944 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | NZD | 969,000 | USD | 663,369 | 1,107 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NZD | 11,688,040 | USD | 8,001,749 | 13,568 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | SEK | 359,071,658 | USD | 42,965,169 | 50,098 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | SEK | 361,700,400 | USD | 43,276,469 | 47,219 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | SEK | 321,023,842 | USD | 38,410,273 | 42,552 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 548,730,100 | USD | 65,654,849 | 72,420 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 64,298,000 | USD | 7,693,882 | 9,195 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | SGD | 7,746,000 | USD | 5,686,498 | — | (57,350 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | SGD | 59,733,100 | USD | 43,850,968 | — | (442,582 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | SGD | 33,765,400 | USD | 24,787,858 | — | (250,010 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SGD | 19,774,900 | USD | 14,517,524 | — | (146,046 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 5,242,770 | AUD | 6,906,142 | — | (19,082 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 167,310,219 | AUD | 220,392,358 | — | (609,202 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 856,549 | AUD | 1,128,300 | — | (3,122 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 290,765,837 | AUD | 383,015,000 | — | (1,059,830 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 10,719,338 | CHF | 10,525,200 | — | (14,988 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 105,566,722 | CHF | 103,654,814 | — | (147,593 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 111,733,999 | CHF | 109,717,200 | — | (149,295 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 88,128,108 | CHF | 86,530,786 | — | (124,476 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 250,411,528 | CHF | 245,891,600 | — | (334,591 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 42,602,165 | DKK | 265,895,396 | — | (63,236 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 27,501,995 | DKK | 171,659,200 | — | (39,321 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 12,134,019 | DKK | 75,736,904 | — | (17,349 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 50,386,513 | DKK | 314,497,500 | — | (72,040 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 371,270,286 | EUR | 311,376,933 | — | (514,048 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 555,024,166 | EUR | 465,464,785 | — | (795,659 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 1,024,838,444 | EUR | 859,511,422 | �� | — | (1,418,956 | ) | |||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 81,507,972 | EUR | 68,354,800 | — | (117,973 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 270,652,433 | EUR | 226,990,760 | — | (374,736 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 94,173,536 | GBP | 69,570,078 | — | (65,997 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 357,008,491 | GBP | 263,731,704 | — | (258,258 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 230,683,383 | GBP | 170,415,826 | — | (161,664 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 182,146,339 | GBP | 134,554,932 | — | (133,700 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 374,953,415 | GBP | 276,994,360 | — | (262,769 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 392,205 | HKD | 3,063,200 | 28 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 70,340,115 | HKD | 549,370,370 | 5,030 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 36,717,126 | HKD | 286,768,098 | 2,626 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 1,780,906 | HKD | 13,909,232 | 127 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 111,830,158 | HKD | 873,415,900 | 7,998 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,555,524 | ILS | 12,422,024 | — | (817 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,622,986 | ILS | 5,670,276 | — | (370 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 828,148 | ILS | 2,893,300 | — | (197 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 12,054,753 | ILS | 42,117,500 | — | (2,338 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 284,242,918 | JPY | 31,808,203,710 | — | (1,526,673 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 384,830,083 | JPY | 43,062,801,826 | — | (2,081,225 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 429,008,695 | JPY | 48,008,217,999 | — | (2,304,212 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 217,501,033 | JPY | 24,338,148,098 | — | (1,179,800 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 368,616,460 | JPY | 41,250,024,967 | — | (1,979,844 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 7,726,268 | NOK | 64,047,362 | — | (26,241 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 7,356,836 | NOK | 60,984,919 | — | (24,988 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 15,679,218 | NOK | 129,976,800 | — | (52,894 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 11,197,047 | NOK | 92,820,719 | — | (37,773 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 5,343,370 | NOK | 44,295,200 | $ | — | $ | (18,026 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 1,749,269 | NZD | 2,549,060 | — | (7,117 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 664,970 | NZD | 969,000 | — | (2,708 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 8,020,917 | NZD | 11,688,040 | — | (32,736 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 43,087,576 | SEK | 359,071,658 | — | (172,505 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 43,400,836 | SEK | 361,700,400 | — | (171,586 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 38,520,011 | SEK | 321,023,842 | — | (152,289 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 73,557,929 | SEK | 613,028,100 | — | (290,812 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 5,750,565 | SGD | 7,746,000 | — | (6,717 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 44,345,286 | SGD | 59,733,100 | — | (51,736 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 25,067,112 | SGD | 33,765,400 | — | (29,245 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 14,680,698 | SGD | 19,774,900 | — | (17,127 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | AUD | 6,906,142 | USD | 5,241,914 | 19,016 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | AUD | 220,392,358 | USD | 167,278,880 | 603,076 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | AUD | 1,128,300 | USD | 856,410 | 3,112 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | AUD | 383,015,000 | USD | 290,710,300 | 1,048,111 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | AUD | 10,020,000 | USD | 7,605,170 | 27,359 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CHF | 10,525,200 | USD | 10,749,653 | 14,848 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | CHF | 103,654,814 | USD | 105,866,168 | 147,117 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CHF | 109,717,200 | USD | 112,048,938 | 146,773 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | CHF | 86,530,786 | USD | 88,374,273 | 120,268 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CHF | 3,618,000 | USD | 3,695,325 | 5,274 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CHF | 245,891,600 | USD | 251,114,788 | 326,373 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | DKK | 265,895,396 | USD | 42,699,873 | 62,669 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | DKK | 171,659,200 | USD | 27,564,262 | 38,144 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | DKK | 75,736,904 | USD | 12,160,945 | 16,282 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | DKK | 314,497,500 | USD | 50,499,783 | 69,072 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 311,376,933 | USD | 372,076,752 | 504,313 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | EUR | 465,464,785 | USD | 556,239,122 | 790,509 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 7,000,000 | USD | 8,354,052 | 809 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 859,511,422 | USD | 1,027,078,331 | 1,405,835 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | EUR | 68,354,800 | USD | 81,683,302 | 114,127 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 226,990,760 | USD | 271,240,339 | 367,639 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | GBP | 69,570,078 | USD | 94,296,675 | 66,356 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | GBP | 263,731,704 | USD | 357,477,644 | 261,966 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | GBP | 170,415,826 | USD | 230,984,337 | 161,861 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | GBP | 134,554,932 | USD | 182,382,483 | 132,376 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | GBP | 276,994,360 | USD | 375,438,156 | 258,658 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 3,063,200 | USD | 392,341 | — | (46 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | HKD | 549,370,370 | USD | 70,365,342 | — | (7,363 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | HKD | 286,768,098 | USD | 36,729,118 | — | (5,019 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2018 | HKD | 13,909,232 | USD | 1,781,410 | — | (321 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | HKD | 105,565,000 | USD | 13,521,644 | — | (918 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | HKD | 873,415,900 | USD | 111,865,966 | — | (16,004 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ILS | 12,422,024 | USD | 3,559,081 | 220 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | ILS | 5,670,276 | USD | 1,624,814 | 302 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | ILS | 2,893,300 | USD | 829,016 | 97 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | ILS | 42,117,500 | USD | 12,067,464 | 966 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | NOK | 64,047,362 | USD | 7,735,200 | 26,501 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | NOK | 60,984,919 | USD | 7,365,408 | 25,302 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | NOK | 129,976,800 | USD | 15,696,828 | 52,904 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | NOK | 92,820,719 | USD | 11,209,223 | 37,381 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NOK | 44,295,200 | USD | 5,349,436 | 18,094 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | NZD | 2,549,060 | USD | 1,748,520 | 7,129 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | NZD | 969,000 | USD | 664,670 | 2,697 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NZD | 11,688,040 | USD | 8,017,353 | 32,664 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NZD | 1,650,000 | USD | 1,131,785 | 4,586 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | SEK | 359,071,658 | USD | 43,206,096 | 176,528 | — |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | SEK | 361,700,400 | USD | 43,519,374 | $ | 174,790 | $ | — | |||||||||||||||||||
The Bank of New York Mellon | 1/4/2018 | SEK | 321,023,842 | USD | 38,623,475 | 153,390 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SEK | 613,028,100 | USD | 73,757,058 | 294,467 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | SGD | 7,746,000 | USD | 5,751,475 | 6,647 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | SGD | 3,497,000 | USD | 2,596,515 | 2,962 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | SGD | 59,733,100 | USD | 44,352,859 | 51,753 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2018 | SGD | 33,765,400 | USD | 25,071,021 | 28,882 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SGD | 19,774,900 | USD | 14,682,224 | 16,152 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 7,086,318 | DKK | 44,123,000 | — | (11,049 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 20,545,867 | EUR | 17,192,000 | — | (30,303 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 26,087,175 | GBP | 19,245,000 | — | (20,473 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 589,433 | ILS | 2,057,000 | — | (111 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 1,261,780 | NOK | 10,447,000 | — | (4,386 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 7,798,961 | SEK | 64,808,000 | — | (32,655 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/5/2018 | JPY | 31,808,203,710 | USD | 284,744,188 | 1,486,599 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/5/2018 | JPY | 895,908,000 | USD | 8,021,438 | 43,221 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/5/2018 | JPY | 43,062,801,826 | USD | 385,560,989 | 2,079,246 | — | |||||||||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 48,008,217,999 | USD | 429,819,131 | 2,297,596 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/5/2018 | JPY | 24,338,148,098 | USD | 217,909,008 | 1,173,564 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/5/2018 | JPY | 41,250,024,967 | USD | 369,317,769 | 1,979,120 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 24,439,527 | $ | (109,359,061 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli Shekel |
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 6,860,816,400 | $ | — | $ | — | $ | 6,860,816,400 | ||||||||
Preferred Stock | 40,900,211 | — | — | 40,900,211 | ||||||||||||
Short-Term Investments | 95,199,813 | — | — | 95,199,813 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 24,439,527 | — | 24,439,527 | ||||||||||||
Futures Contracts | 5,447,776 | — | — | 5,447,776 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 7,002,364,200 | $ | 24,439,527 | $ | — | $ | 7,026,803,727 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (109,359,061 | ) | $ | — | $ | (109,359,061 | ) | ||||||
Futures Contracts | (221,605 | ) | — | — | (221,605 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (221,605 | ) | $ | (109,359,061 | ) | $ | — | $ | (109,580,666 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 18 |
This Page is Intentionally Left Blank
19
DBX ETF Trust
November 30, 2017 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investments in non-affiliated securities at value | $ | 6,883,524,257 | ||
Investment in affiliated securities at value | 18,192,354 | |||
Investment in Deutsche Government & Agency Securities Portfolio* | 95,199,813 | |||
Cash | 52,160,451 | |||
Foreign currency at value | 9,829,503 | |||
Receivable for return of collateral pledged for forward foreign currency contracts | 74,510,000 | |||
Unrealized appreciation on forward foreign currency contracts | 24,439,527 | |||
Deposit with broker for futures contracts | 5,029,367 | |||
Receivables: | ||||
Investment securities sold | 84,485,850 | |||
Variation margin on futures contracts | 3,411,930 | |||
Dividends | 17,294,477 | |||
Securities lending income | 128,057 | |||
Foreign tax reclaim | 18,439,260 | |||
|
| |||
Total Assets | $ | 7,286,644,846 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 95,199,813 | ||
Unrealized depreciation on forward foreign currency contracts | 109,359,061 | |||
Payables: | ||||
Investment securities purchased | 76,426,030 | |||
Investment advisory fees | 2,021,183 | |||
|
| |||
Total Liabilities | 283,006,087 | |||
|
| |||
Net Assets, at value | $ | 7,003,638,759 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 6,913,751,256 | ||
Undistributed net investment income | 72,428,977 | |||
Accumulated net realized gain (loss) | (272,807,112 | ) | ||
Net unrealized appreciation (depreciation) | 290,265,638 | |||
|
| |||
Net Assets, at value | $ | 7,003,638,759 | ||
|
| |||
Number of Common Shares outstanding | 220,350,800 | |||
|
| |||
Net Asset Value | $ | 31.78 | ||
|
| |||
Investments in non-affiliated securities at cost | $ | 6,505,132,384 | ||
|
| |||
Investments in affiliated securities at cost | $ | 27,392,565 | ||
|
| |||
Value of securities loaned | $ | 75,112,089 | ||
|
| |||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 95,199,813 | ||
|
| |||
Foreign currency at cost | $ | 9,596,470 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 82,291,860 | ||
Securities lending income, net of borrower rebates | 1,125,237 | |||
|
| |||
Total Investment Income | 83,417,097 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 13,010,744 | |||
Other expenses | 82,824 | |||
|
| |||
Total Expenses | 13,093,568 | |||
|
| |||
Net Investment income (loss) | 70,323,529 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (16,331,949 | ) | ||
Investments in affiliates | 866,505 | |||
In-kind redemptions | 152,276,247 | |||
In-kind redemptions in affiliates | 1,641,786 | |||
Futures contracts | 6,948,485 | |||
Foreign currency transactions | 2,220,406 | |||
Forward foreign currency contracts | (169,377,980 | ) | ||
|
| |||
Net realized gain (loss) | (21,756,500 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 298,166,062 | |||
Investments in affiliates | 728,719 | |||
Futures contracts | 555,126 | |||
Foreign currency translations | (366,366 | ) | ||
Forward foreign currency contracts | 24,096,537 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 323,180,078 | |||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 301,423,578 | |||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 371,747,107 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 4,935,478 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 70,323,529 | $ | 240,150,650 | ||||
Net realized gain (loss) | (21,756,500 | ) | 229,906,618 | |||||
Net change in net unrealized appreciation (depreciation) | 323,180,078 | 940,811,641 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 371,747,107 | 1,410,868,909 | ||||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (161,171,022 | ) | (310,197,210 | ) | ||||
|
|
|
| |||||
Total distributions | (161,171,022 | ) | (310,197,210 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 105,434,163 | 242,334,299 | ||||||
Value of shares redeemed | (1,950,360,965 | ) | (4,689,064,361 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,844,926,802 | ) | (4,446,730,062 | ) | ||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (1,634,350,717 | ) | (3,346,058,363 | ) | ||||
Net Assets | ||||||||
Beginning of period | 8,637,989,476 | 11,984,047,839 | ||||||
|
|
|
| |||||
End of period | $ | 7,003,638,759 | $ | 8,637,989,476 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 72,428,977 | $ | 163,276,470 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 281,550,800 | 452,550,800 | ||||||
Shares sold | 3,400,000 | 8,400,000 | ||||||
Shares redeemed | (64,600,000 | ) | (179,400,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 220,350,800 | 281,550,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 period | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.29 | 0.74 | 0.76 | 1.41 | 1.18 | 0.79 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.38 | 4.18 | (4.03 | ) | 2.90 | 1.95 | 6.26 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.67 | 4.92 | (3.27 | ) | 4.31 | 3.13 | 7.05 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.57 | ) | (0.72 | ) | (0.88 | ) | (1.37 | ) | (0.41 | ) | (1.68 | ) | ||||||||||||
Net realized gains | — | — | (0.12 | ) | (0.00 | )(b) | — | (2.40 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.57 | ) | (0.72 | ) | (1.00 | ) | (1.37 | ) | (0.41 | ) | (4.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 31.78 | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 5.52 | ** | 19.17 | (10.90 | ) | 16.22 | 12.74 | (c) | 35.60 | (c) | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 7,004 | 8,638 | 11,984 | 12,268 | 563 | 75 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | * | 0.35 | 0.35 | 0.35 | 0.36 | 0.64 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.35 | * | 0.35 | 0.35 | 0.35 | 0.35 | 0.48 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.89 | * | 2.72 | 2.82 | 4.81 | 4.48 | 3.35 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 14 | 15 | 12 | 10 | 14 |
(a) | Based on average shares outstanding during the period. |
(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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 23 |
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 November 30, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”) (formerly, Deutsche X-trackers MSCI EAFE Hedged Equity ETF), 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 the currencies of the countries included in the Underlying Index.
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. The 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.
24
DBX ETF Trust
Notes to Financial Statements (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
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
25
DBX ETF Trust
Notes to Financial Statements (Continued)
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 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 provisions as income tax expense on the Statement of Operations. For the period ended November 30, 2017, the Fund did not incur any interest or penalties.
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 will elect to defer net capital losses as follows:
Post-October Losses on Capital | ||||
$ | 79,063,846 |
As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
$ | 8,713,880,667 | $ | (26,445,759 | ) | $ | 707,546,922 | $ | (733,992,681 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 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.
26
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 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 period ended November 30, 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 November 30, 2017 the Fund invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 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 November 30, 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 Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 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 forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 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 period ended November 30, 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
27
DBX ETF Trust
Notes to Financial Statements (Continued)
speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 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 November 30, 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 November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 5,447,776 | Unrealized depreciation on futures contracts* | $ | 221,605 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 24,439,527 | Unrealized depreciation on forward foreign currency contracts | 109,359,061 | ||||||||||
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Total | $ | 29,887,303 | Total | $ | 109,580,666 | |||||||||
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* | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 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 Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
$ | 6,948,485 | $ | (169,377,980 | ) | $ | (162,429,495 | ) | |||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
$ | 555,126 | $ | 24,096,537 | $ | 24,651,663 |
28
DBX ETF Trust
Notes to Financial Statements (Continued)
For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||
$189,488,359 | $ | (7,270,436,393 | ) |
As of November 30, 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 Fund 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. | $ | 2,374,541 | $ | (2,374,541 | ) | $ | — | $ | — | $ | 13,954,024 | $ | (2,374,541 | ) | $ | (11,030,000 | ) | $ | 549,483 | |||||||||||||
JP Morgan & Chase Co. | 6,710,530 | (6,710,530 | ) | — | — | 27,288,127 | (6,710,530 | ) | (17,530,000 | ) | 3,047,597 | |||||||||||||||||||||
RBC Capital Markets | 4,698,159 | (4,698,159 | ) | — | — | 34,656,026 | (4,698,159 | ) | (25,850,000 | ) | 4,107,867 | |||||||||||||||||||||
The Bank of New York Mellon | 1,985,909 | (1,985,909 | ) | — | — | 9,700,052 | (1,985,909 | ) | (7,120,000 | ) | 594,143 | |||||||||||||||||||||
The Bank of Nova Scotia | 8,670,388 | (8,670,388 | ) | — | — | 23,760,832 | (8,670,388 | ) | (12,980,000 | ) | 2,110,444 | |||||||||||||||||||||
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|
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|
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| |||||||||||||||||
$ | 24,439,527 | $ | (24,439,527 | ) | $ | — | $ | — | $ | 109,359,061 | $ | (24,439,527 | ) | $ | (74,510,000 | ) | $ | 10,409,534 | ||||||||||||||
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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.
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 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.
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 Board of
29
DBX ETF Trust
Notes to Financial Statements (Continued)
Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 | |||||||
$ | 267,852,164 | $ | 350,110,943 |
For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
$ | 97,189,449 | $ | 1,889,723,999 |
5. Fund Share Transactions
As of November 30, 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.
30
DBX ETF Trust
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.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the 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.Xtrackers.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.Xtrackers.com.
31
DBX ETF Trust
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.Xtrackers.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.
32
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
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 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 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. Please read the prospectus for more information.
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. Xtrackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Avenue New York, NY 10154 | Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049078-2 (1/18) DBX 003105 (1/19)
November 30, 2017
Semi-Annual Report
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
DBX ETF Trust
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our eight ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2017.
The global economy has now embarked on its strongest and most synchronized recovery over a decade, courtesy of the coordinated efforts of governments and central banks across the world. In the U.S., the economy is now close to full employment, with consumer confidence and new home sales trending at a 17-year high despite two major hurricanes. The Eurozone economy is growing faster than expected, driven by strong consumer confidence and labor market conditions. In Japan, the economy reported growth for the seventh consecutive quarter. With stronger exports, surveys in Japan now indicate capacity shortage across all industries. Emerging markets have also benefitted from the pick-up in global demand and the structural economic reforms carried out in their respective countries.
Over the last eight years, the global equity market has been rising with the MSCI ACWI Index1 scaling record highs over the reporting period. The U.S. equity markets witnessed a tremendous bull run coupled with low volatility as sentiments were driven by a pick-up in corporate earnings. The European markets continued their rally upward helped by improving exports, domestic demand, and resultant increase in capital expenditure. The Eurozone however witnessed political uncertainties, driven by events like the failing coalition talks in Germany, the referendum2 in Catalonia, and the upcoming elections in Italy. Meanwhile, emerging markets continued to outperform developed markets backed by improvement in underlying fundamentals.
Despite the strengthening macroeconomic picture, the U.S. economy finds itself in a Goldilocks scenario of moderate expansion coupled with stubbornly low inflation. The U.S. Federal Reserve Board (FRB) has been consistent in taking its time to hike interest rates, as there was only one hike in June in the reporting period. However, this has led to the U.S. yield curve to flatten slightly with the rising short-term rates. The corporate bonds segment continued to perform positively as the quest for yield has led to high demand for investment grade and high yield bonds that were also supported by low default rates. Municipal bond markets witnessed a significant increase in issuances in the month of November due to tax reform concerns. Despite the huge influx of bonds, demand remained firm and investors’ quest for yield led to outperformance in the high yield sector of municipal bonds.
The European Central Bank (ECB) announced a cut in its monthly bond purchases to EUR 30 billion from January 2018 and extended the program until September 2018. Italian government bonds performed well on the back of a surprise rating upgrade by S&P. Emerging Market bonds continued to perform positively with improved fundamentals and steady inflation, as sovereigns, post the harsh lessons of the Taper tantrum3, took steps to stabilize their current balances and foreign exchange reserves.
The global economy is likely to maintain its momentum underpinned by improving consumer spending and resilient global demand. While low inflation rates continue to remain a challenge, the FRB is looking to decrease the degree of monetary accommodation through measured rate increases and balance sheet reduction. Concurrently, the ECB would look to gradually recalibrate its monetary policy based on inflation while ensuring that economic activity continues to expand.
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 MSCI ACWI Index captures large and mid-cap representation across 23 Developed Market (DM) and 23 Emerging Market (EM) countries. With 2,476 constituents, the index covers approximately 85% of the global investable equity opportunity set.
2 Referendum is a general vote by the electorate on a single political question which has been referred to them for a direct decision.
3 Taper tantrum is the term used to refer to the 2013 surge in U.S. Treasury yields, which resulted from the FRB‘s use of tapering to gradually reduce the amount of money it was feeding into the economy.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Xtrackers 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.
Quality* as of 11/30/17 |
Description | % of Market Value | |||
AA | 8.4% | |||
A | 18.1% | |||
BBB | 42.7% | |||
BB | 19.0% | |||
B | 10.9% | |||
CCC | 0.9% | |||
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| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/17 |
Turkey | 6.5% | |||
South Africa | 5.8% | |||
Indonesia | 5.6% | |||
Colombia | 5.6% | |||
Philippines | 5.4% | |||
Qatar | 5.4% | |||
Ukraine | 5.1% | |||
Russia | 5.0% | |||
Egypt | 4.9% | |||
Mexico | 4.8% | |||
Poland | 4.8% | |||
Ecuador | 4.7% | |||
Brazil | 4.6% | |||
Peru | 4.6% | |||
Hungary | 4.5% | |||
Panama | 3.9% | |||
Uruguay | 3.7% | |||
Kazakhstan | 2.6% | |||
Lithuania | 2.6% | |||
Sri Lanka | 2.5% | |||
Chile | 2.4% | |||
Romania | 2.3% | |||
Other | 2.7% | |||
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| |||
Total | 100.0% |
Modified duration as of 11/30/17: 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.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/17 |
Description | % of Market Value | |||
BBB | 6.2% | |||
BB | 51.4% | |||
B | 36.1% | |||
CCC | 5.0% | |||
NR | 1.3% | |||
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| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/17 |
United States | 86.3% | |||
United Kingdom | 4.6% | |||
Canada | 3.8% | |||
Luxembourg | 2.6% | |||
France | 2.2% | |||
Ireland | 0.5% | |||
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| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Communications | 23.0% | |||
Consumer, Non-cyclical | 16.7% | |||
Consumer, Cyclical | 12.6% | |||
Energy | 11.7% | |||
Industrial | 11.6% | |||
Financial | 9.6% | |||
Technology | 5.8% | |||
Basic Materials | 5.1% | |||
Utilities | 2.9% | |||
Diversified | 1.0% | |||
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| |||
Total | 100.0% |
Modified duration as of 11/30/17: 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.
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/17 |
Description | % of Market Value | |||
AAA | 2.7% | |||
AA | 14.8% | |||
A | 41.9% | |||
BBB | 40.6% | |||
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| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/17 |
United States | 84.6% | |||
United Kingdom | 4.7% | |||
Netherlands | 2.6% | |||
Guernsey | 2.2% | |||
Luxembourg | 1.4% | |||
France | 1.2% | |||
Japan | 1.0% | |||
Canada | 0.9% | |||
Australia | 0.9% | |||
Ireland | 0.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financial | 31.8% | |||
Consumer, Non-cyclical | 19.2% | |||
Communications | 12.4% | |||
Technology | 9.9% | |||
Energy | 9.7% | |||
Consumer, Cyclical | 7.4% | |||
Industrial | 5.7% | |||
Basic Materials | 2.1% | |||
Utilities | 1.8% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/17: 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.
* 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 20.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.
Quality* as of 11/30/17 |
Description | % of Market Value | |||
AAA | 12.7% | |||
AA | 46.0% | |||
A | 36.1% | |||
BBB | 5.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Sector Diversification* as of 11/30/17 |
Transportation | 36.2% | |||
Water | 25.1% | |||
Airport | 14.9% | |||
Power | 11.2% | |||
General | 8.7% | |||
Utilities | 3.2% | |||
Development | 0.7% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/17: 6.3 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (28.6% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 4.2% | |||
Royal Bank of Canada (Canada) | 3.5% | |||
Allianz SE (Germany) | 3.3% | |||
Sanofi (France) | 3.2% | |||
BASF SE (Germany) | 3.1% | |||
AstraZeneca PLC (United Kingdom) | 2.5% | |||
Daimler AG (Germany) | 2.4% | |||
Bank of Nova Scotia (Canada) | 2.3% | |||
China Construction Bank Corp. (China) | 2.3% | |||
Rio Tinto PLC (United Kingdom) | 1.8% |
Country Diversification* as of 11/30/17 |
United Kingdom | 14.9% | |||
Canada | 13.3% | |||
Germany | 11.2% | |||
France | 10.0% | |||
Taiwan | 6.3% | |||
China | 5.2% | |||
Japan | 4.6% | |||
Australia | 4.4% | |||
Hong Kong | 3.5% | |||
South Africa | 3.2% | |||
Switzerland | 2.9% | |||
Singapore | 2.9% | |||
Russia | 2.8% | |||
Finland | 2.7% | |||
Spain | 2.5% | |||
Other | 9.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 36.3% | |||
Consumer Discretionary | 11.1% | |||
Materials | 9.3% | |||
Energy | 9.1% | |||
Utilities | 6.5% | |||
Health Care | 6.3% | |||
Information Technology | 5.5% | |||
Consumer Staples | 5.5% | |||
Telecommunication Services | 5.0% | |||
Industrials | 3.5% | |||
Real Estate | 1.9% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (40.4% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 5.1% | |||
BASF SE (Germany) | 5.0% | |||
Sanofi (France) | 5.0% | |||
Allianz SE (Germany) | 5.0% | |||
AstraZeneca PLC (United Kingdom) | 4.5% | |||
Daimler AG (Germany) | 4.4% | |||
Rio Tinto PLC (United Kingdom) | 3.2% | |||
AXA SA (France) | 3.2% | |||
Zurich Insurance Group AG (Switzerland) | 2.5% | |||
Iberdrola SA (Spain) | 2.5% |
Country Diversification* as of 11/30/17 |
United Kingdom | 24.8% | |||
Germany | 20.5% | |||
France | 14.8% | |||
Australia | 6.7% | |||
Japan | 5.5% | |||
Switzerland | 5.3% | |||
Hong Kong | 5.2% | |||
Finland | 4.9% | |||
Spain | 4.5% | |||
Singapore | 2.1% | |||
Italy | 2.1% | |||
Other | 3.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 25.0% | |||
Consumer Discretionary | 18.6% | |||
Materials | 11.2% | |||
Utilities | 10.5% | |||
Health Care | 9.8% | |||
Energy | 6.1% | |||
Industrials | 5.4% | |||
Consumer Staples | 4.3% | |||
Information Technology | 3.9% | |||
Telecommunication Services | 3.5% | |||
Real Estate | 1.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 36.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
The Xtrackers 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 the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (31.2% of Net Assets) |
Description | % of Net Assets | |||
China Construction Bank Corp. (China) | 5.0% | |||
Industrial & Commercial Bank of China Ltd. (China) | 5.0% | |||
Hon Hai Precision Industry Co. Ltd. (Taiwan) | 4.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 4.1% | |||
Ambev SA (Brazil) | 2.9% | |||
LUKOIL PJSC (Russia) | 2.3% | |||
Gazprom PJSC (Russia) | 2.3% | |||
Standard Bank Group Ltd. (South Africa) | 1.6% | |||
Cathay Financial Holding Co. Ltd. (Taiwan) | 1.6% | |||
Infosys Ltd. (India) | 1.6% |
Country Diversification* as of 11/30/17 |
Taiwan | 28.8% | |||
China | 15.1% | |||
South Africa | 10.5% | |||
Russia | 10.0% | |||
Brazil | 6.5% | |||
Hong Kong | 4.5% | |||
South Korea | 4.1% | |||
Thailand | 3.8% | |||
Malaysia | 3.6% | |||
Indonesia | 2.9% | |||
United Arab Emirates | 2.0% | |||
Other | 8.2% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 30.7% | |||
Information Technology | 18.1% | |||
Consumer Staples | 9.9% | |||
Energy | 9.2% | |||
Consumer Discretionary | 8.2% | |||
Telecommunication Services | 7.0% | |||
Materials | 6.2% | |||
Real Estate | 4.4% | |||
Industrials | 3.3% | |||
Utilities | 2.3% | |||
Health Care | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
The Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”), or the “Eurozone”, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (49.6% of Net Assets) |
Description | % of Net Assets | |||
Iberdrola SA (Spain) | 5.1% | |||
TOTAL SA (France) | 5.1% | |||
AXA SA (France) | 5.0% | |||
Sanofi (France) | 5.0% | |||
Allianz SE (Germany) | 5.0% | |||
Daimler AG (Germany) | 5.0% | |||
Nokia OYJ (Finland) | 4.9% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 4.9% | |||
Sampo OYJ (Finland) | 4.9% | |||
UPM-Kymmene OYJ (Finland) | 4.7% |
Country Diversification* as of 11/30/17 |
Germany | 26.1% | |||
France | 22.7% | |||
Finland | 22.6% | |||
Spain | 15.3% | |||
Italy | 10.9% | |||
Portugal | 2.4% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17 |
Financials | 27.0% | |||
Utilities | 21.8% | |||
Consumer Discretionary | 14.7% | |||
Energy | 10.3% | |||
Industrials | 8.8% | |||
Health Care | 6.1% | |||
Information Technology | 4.9% | |||
Materials | 4.7% | |||
Telecommunication Services | 1.7% | |||
|
| |||
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 46.
9
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2017 to November 30, 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 June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,039.60 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,020.90 | 0.35 | % | $ | 1.77 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 | ||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,025.20 | 0.25 | % | $ | 1.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.82 | 0.25 | % | $ | 1.27 | ||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,015.80 | 0.30 | % | $ | 1.52 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.56 | 0.30 | % | $ | 1.52 | ||||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,032.00 | 0.45 | % | $ | 2.29 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
10
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.30 | 0.45 | % | $ | 2.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,064.60 | 0.65 | % | $ | 3.36 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.20 | 0.45 | % | $ | 2.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
11
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
November 30, 2017 (Unaudited)
Principal | Value | |||||||
SOVEREIGN BONDS — 97.6% | ||||||||
Brazil — 4.5% | ||||||||
Brazilian Government International Bond | $ | 110,000 | $ | 116,903 | ||||
8.25%, 1/20/34 | 65,000 | 85,475 | ||||||
7.125%, 1/20/37 | 60,000 | 72,270 | ||||||
5.625%, 1/07/41 | 125,000 | 127,687 | ||||||
|
| |||||||
402,335 | ||||||||
|
| |||||||
Chile — 2.3% | ||||||||
Chile Government International Bond | 200,000 | 204,375 | ||||||
|
| |||||||
Colombia — 5.4% | ||||||||
Colombia Government International Bond | 200,000 | 195,775 | ||||||
8.125%, 5/21/24 | 25,000 | 31,906 | ||||||
7.375%, 9/18/37 | 100,000 | 134,100 | ||||||
6.125%, 1/18/41 | 100,000 | 119,500 | ||||||
|
| |||||||
481,281 | ||||||||
|
| |||||||
Croatia — 1.2% | ||||||||
Croatia Government International Bond | 100,000 | 109,243 | ||||||
|
| |||||||
Ecuador — 4.6% | ||||||||
Ecuador Government International Bond | 350,000 | 405,125 | ||||||
|
| |||||||
Egypt — 4.8% | ||||||||
Egypt Government International Bond | 200,000 | 204,283 | ||||||
7.50%, 1/31/27, 144A | 200,000 | 221,996 | ||||||
|
| |||||||
426,279 | ||||||||
|
| |||||||
El Salvador — 0.4% | ||||||||
El Salvador Government International Bond | 30,000 | 31,650 | ||||||
|
| |||||||
Hungary — 4.4% | ||||||||
Hungary Government International Bond | 100,000 | 111,778 | ||||||
5.75%, 11/22/23 | 70,000 | 80,436 | ||||||
5.375%, 3/25/24 | 106,000 | 120,400 | ||||||
7.625%, 3/29/41 | 50,000 | 77,585 | ||||||
|
| |||||||
390,199 | ||||||||
|
| |||||||
Indonesia — 5.5% | ||||||||
Indonesia Government International Bond | 100,000 | 149,037 | ||||||
6.625%, 2/17/37, 144A | 100,000 | 127,559 | ||||||
Perusahaan Penerbit SBSN Indonesia III | 200,000 | 211,706 | ||||||
|
| |||||||
488,302 | ||||||||
|
| |||||||
Kazakhstan — 2.5% | ||||||||
Kazakhstan Government International Bond | 200,000 | 223,724 | ||||||
|
| |||||||
Lebanon — 0.6% | ||||||||
Lebanon Government International Bond | 50,000 | 49,313 | ||||||
|
|
Principal | Value | |||||||
Lithuania — 2.5% | ||||||||
Lithuania Government International Bond | $ | 100,000 | $ | 111,250 | ||||
6.125%, 3/09/21, 144A | 100,000 | 111,759 | ||||||
|
| |||||||
223,009 | ||||||||
|
| |||||||
Mexico — 4.7% | ||||||||
Mexico Government International Bond | 50,000 | 52,325 | ||||||
4.00%, 10/02/23 | 30,000 | 31,620 | ||||||
Series A, MTN, 6.75%, 9/27/34 | 10,000 | 13,150 | ||||||
6.05%, 1/11/40 | 26,000 | 31,011 | ||||||
MTN, 4.75%, 3/08/44 | 120,000 | 122,220 | ||||||
5.55%, 1/21/45 | 35,000 | 39,909 | ||||||
GMTN, 5.75%, 10/12/10 | 120,000 | 129,060 | ||||||
|
| |||||||
419,295 | ||||||||
|
| |||||||
Panama — 3.9% | ||||||||
Panama Government International Bond | 100,000 | 106,625 | ||||||
6.70%, 1/26/36 | 175,000 | 234,500 | ||||||
|
| |||||||
341,125 | ||||||||
|
| |||||||
Peru — 4.5% | ||||||||
Peruvian Government International Bond | 100,000 | 130,750 | ||||||
8.75%, 11/21/33 | 75,000 | 118,687 | ||||||
6.55%, 3/14/37 | 40,000 | 54,089 | ||||||
5.625%, 11/18/50 | 75,000 | 96,188 | ||||||
|
| |||||||
399,714 | ||||||||
|
| |||||||
Philippines — 5.3% | ||||||||
Philippine Government International Bond | 75,000 | 113,904 | ||||||
9.50%, 2/02/30 | 225,000 | 356,191 | ||||||
|
| |||||||
470,095 | ||||||||
|
| |||||||
Poland — 4.6% | ||||||||
Poland Government International Bond | 80,000 | 87,219 | ||||||
5.00%, 3/23/22 | 50,000 | 55,020 | ||||||
3.00%, 3/17/23 | 140,000 | 142,810 | ||||||
4.00%, 1/22/24 | 70,000 | 74,940 | ||||||
3.25%, 4/06/26 | 50,000 | 51,226 | ||||||
|
| |||||||
411,215 | ||||||||
|
| |||||||
Qatar — 5.3% | ||||||||
Qatar Government International Bond | 200,000 | 196,640 | ||||||
9.75%, 6/15/30, 144A | 90,000 | 140,561 | ||||||
6.40%, 1/20/40, 144A | 100,000 | 128,211 | ||||||
|
| |||||||
465,412 | ||||||||
|
| |||||||
Romania — 2.2% | ||||||||
Romanian Government International Bond | 10,000 | 10,733 | ||||||
4.875%, 1/22/24, 144A | 86,000 | 94,836 | ||||||
6.125%, 1/22/44, 144A | 70,000 | 89,845 | ||||||
|
| |||||||
195,414 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Russia — 4.9% | ||||||||
Russian Foreign Bond — Eurobond | $ | 250,000 | $ | 435,001 | ||||
|
| |||||||
South Africa — 5.7% | ||||||||
South Africa Government International Bond | 100,000 | 109,040 | ||||||
4.665%, 1/17/24 | 200,000 | 203,457 | ||||||
4.30%, 10/12/28 | 200,000 | 188,385 | ||||||
|
| |||||||
500,882 | ||||||||
|
| |||||||
Sri Lanka — 2.5% | ||||||||
Sri Lanka Government International Bond | 200,000 | 220,718 | ||||||
|
| |||||||
Turkey — 6.3% | ||||||||
Turkey Government International Bond | 70,000 | 75,434 | ||||||
7.375%, 2/05/25 | 55,000 | 62,740 | ||||||
4.875%, 10/09/26 | 200,000 | 195,120 | ||||||
11.875%, 1/15/30 | 40,000 | 61,965 | ||||||
8.00%, 2/14/34 | 80,000 | 96,800 | ||||||
7.25%, 3/05/38 | 60,000 | 68,337 | ||||||
|
| |||||||
560,396 | ||||||||
|
| |||||||
Ukraine — 5.0% | ||||||||
Ukraine Government International Bond | 120,000 | 126,669 | ||||||
7.75%, 9/01/25, 144A | 100,000 | 104,810 | ||||||
7.75%, 9/01/26, 144A | 100,000 | 103,761 | ||||||
7.75%, 9/01/27, 144A | 100,000 | 103,750 | ||||||
|
| |||||||
438,990 | ||||||||
|
|
Principal | Value | |||||||
Uruguay — 3.6% | ||||||||
Uruguay Government International Bond | $ | 15,000 | $ | 16,470 | ||||
4.375%, 10/27/27 | 75,000 | 81,234 | ||||||
7.625%, 3/21/36 | 30,000 | 42,733 | ||||||
5.10%, 6/18/50 | 165,000 | 181,913 | ||||||
|
| |||||||
322,350 | ||||||||
|
| |||||||
Venezuela — 0.4% | ||||||||
Venezuela Government International Bond* | 150,000 | 36,375 | ||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 8,651,817 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) | 30,150 | 30,150 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.9% (Cost $8,523,180) | $ | 8,681,967 | ||||||
Other assets and liabilities, net — 2.1% | 185,672 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,867,639 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $28,872, which is 0.3% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
SBSN: | Surat Berharga Syariah Negara (Islamic Based Government Securities) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2017, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 4 | $ | 858,061 | $ | 857,625 | 3/29/2018 | $ | 438 | |||||||||||||||
5-Year U.S. Treasury Note | USD | 15 | 1,748,984 | 1,745,156 | 3/29/2018 | 3,828 | ||||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 11 | 1,469,961 | 1,464,891 | 3/20/2018 | 5,070 | ||||||||||||||||||
10-Year U.S. Treasury Note | USD | 17 | 2,115,797 | 2,108,797 | 3/20/2018 | 7,000 | ||||||||||||||||||
U.S. Treasury Long Bond | USD | 13 | 1,978,063 | 1,972,344 | 3/20/2018 | 5,719 | ||||||||||||||||||
U.S. Treasury Ultra Bond | USD | 2 | 330,625 | 329,750 | 3/20/2018 | 875 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized appreciation | $ | 22,930 | ||||||||||||||||||||||
|
|
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | — | $ | 8,651,817 | $ | — | $ | 8,651,817 | ||||||||
Short-Term Investments | 30,150 | — | — | 30,150 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 22,930 | — | — | 22,930 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 53,080 | $ | 8,651,817 | $ | — | $ | 8,704,897 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
November 30, 2017 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 88.0% | ||||||||
Basic Materials — 4.5% | ||||||||
Chemicals — 2.2% | ||||||||
CF Industries, Inc. | $ | 50,000 | $ | 49,445 | ||||
Chemours Co. | 50,000 | 53,125 | ||||||
Hexion, Inc. | 20,000 | 17,750 | ||||||
Huntsman International LLC | 56,000 | 58,800 | ||||||
NOVA Chemicals Corp., 144A | 50,000 | 50,750 | ||||||
|
| |||||||
229,870 | ||||||||
|
| |||||||
Iron/Steel — 0.5% | ||||||||
ArcelorMittal | 50,000 | 54,194 | ||||||
|
| |||||||
Mining — 1.8% | ||||||||
Freeport-McMoRan, Inc. | 115,000 | 115,575 | ||||||
Teck Resources Ltd. | 70,000 | 70,962 | ||||||
|
| |||||||
186,537 | ||||||||
|
| |||||||
Communications — 20.2% | ||||||||
Advertising — 0.5% | ||||||||
Lamar Media Corp. | 50,000 | 51,313 | ||||||
|
| |||||||
Internet — 1.4% | ||||||||
Netflix, Inc. | 80,000 | 85,800 | ||||||
Symantec Corp. | 25,000 | 25,722 | ||||||
VeriSign, Inc. | 30,000 | 32,813 | ||||||
|
| |||||||
144,335 | ||||||||
|
| |||||||
Media — 10.6% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | 80,000 | 82,100 | ||||||
5.75%, 2/15/26, 144A | 40,000 | 41,600 | ||||||
Cequel Communications Holdings I LLC / Cequel Capital Corp., 144A | 100,000 | 100,875 | ||||||
Clear Channel Worldwide Holdings, Inc. | 60,000 | 60,675 | ||||||
CSC Holdings LLC | 111,000 | 119,602 | ||||||
DISH DBS Corp. | 155,000 | 151,900 | ||||||
iHeartCommunications, Inc. | 50,000 | 36,125 | ||||||
SFR Group SA, 144A | 200,000 | 202,226 | ||||||
Sirius XM Radio, Inc. | 35,000 | 37,275 | ||||||
5.375%, 7/15/26, 144A | 30,000 | 31,463 |
Principal | Value | |||||||
Media (Continued) | ||||||||
Univision Communications, Inc., 144A | $ | 45,000 | $ | 43,931 | ||||
Virgin Media Secured Finance PLC, 144A | 200,000 | 209,250 | ||||||
|
| |||||||
1,117,022 | ||||||||
|
| |||||||
Telecommunications — 7.7% | ||||||||
CenturyLink, Inc. | 65,000 | 62,868 | ||||||
CommScope Technologies LLC, 144A | 26,000 | 27,950 | ||||||
Frontier Communications Corp. | 73,000 | 51,465 | ||||||
11.00%, 9/15/25 | 60,000 | 46,350 | ||||||
Hughes Satellite Systems Corp. | 45,000 | 45,847 | ||||||
Intelsat Jackson Holdings SA, 144A | 50,000 | 53,000 | ||||||
Intelsat Luxembourg SA | 80,000 | 47,600 | ||||||
Level 3 Parent LLC | 151,000 | 152,786 | ||||||
Sprint Communications, Inc. | 71,000 | 75,970 | ||||||
Sprint Corp. | 100,000 | 106,450 | ||||||
T-Mobile USA, Inc. | 125,000 | 137,031 | ||||||
|
| |||||||
807,317 | ||||||||
|
| |||||||
Consumer, Cyclical — 11.0% | ||||||||
Airlines — 0.5% | ||||||||
American Airlines Group, Inc., 144A | 50,000 | 51,750 | ||||||
|
| |||||||
Auto Parts & Equipment — 1.5% | ||||||||
ZF North America Capital, Inc., 144A | 150,000 | 160,370 | ||||||
|
| |||||||
Entertainment — 2.2% | ||||||||
GLP Capital LP / GLP Financing II, Inc. | 90,000 | 95,077 | ||||||
Regal Entertainment Group | 88,000 | 91,080 | ||||||
Scientific Games International, Inc. | 40,000 | 44,200 | ||||||
|
| |||||||
230,357 | ||||||||
|
| |||||||
Food Service — 0.5% | ||||||||
Aramark Services, Inc. | 50,000 | 51,937 | ||||||
|
| |||||||
Home Builders — 1.0% | ||||||||
PulteGroup, Inc. | 100,000 | 105,605 | ||||||
|
| |||||||
Lodging — 1.9% | ||||||||
Hilton Domestic Operating Co., Inc. | 20,000 | 20,350 | ||||||
MGM Resorts International | 70,000 | 78,049 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Lodging (Continued) | ||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A | $ | 99,000 | $ | 102,495 | ||||
|
| |||||||
200,894 | ||||||||
|
| |||||||
Retail — 3.4% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 144A | 50,000 | 50,200 | ||||||
Dollar Tree, Inc. | 98,000 | 103,022 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A | 30,000 | 31,500 | ||||||
L Brands, Inc. | 61,000 | 65,984 | ||||||
PetSmart, Inc., 144A | 50,000 | 36,625 | ||||||
QVC, Inc. | 40,000 | 41,198 | ||||||
Rite Aid Corp., 144A | 29,000 | 26,934 | ||||||
|
| |||||||
355,463 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 14.7% | ||||||||
Commercial Services — 2.6% | ||||||||
ADT Corp. | 41,000 | 41,051 | ||||||
APX Group, Inc. | 50,000 | 53,625 | ||||||
Hertz Corp. | 23,000 | 23,000 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A | 21,000 | 21,669 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A | 50,000 | 55,312 | ||||||
United Rentals North America, Inc. | 71,000 | 75,793 | ||||||
|
| |||||||
270,450 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.6% | ||||||||
Avon Products, Inc. | 50,000 | 41,281 | ||||||
Edgewell Personal Care Co. | 18,000 | 18,830 | ||||||
|
| |||||||
60,111 | ||||||||
|
| |||||||
Food — 1.2% | ||||||||
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC | 30,000 | 28,500 | ||||||
Lamb Weston Holdings, Inc., 144A | 50,000 | 52,750 | ||||||
Post Holdings, Inc., 144A | 45,000 | 44,719 | ||||||
|
| |||||||
125,969 | ||||||||
|
|
Principal | Value | |||||||
Healthcare-Products — 1.0% | ||||||||
Hologic, Inc., 144A | $ | 20,000 | $ | 20,950 | ||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A | 105,000 | 88,987 | ||||||
|
| |||||||
109,937 | ||||||||
|
| |||||||
Healthcare-Services — 8.0% | ||||||||
Centene Corp. | 50,000 | 51,750 | ||||||
4.75%, 1/15/25 | 50,000 | 51,415 | ||||||
CHS/Community Health Systems, Inc. | 100,000 | 94,000 | ||||||
DaVita, Inc. | 40,000 | 40,112 | ||||||
Envision Healthcare Corp., 144A | 50,000 | 49,312 | ||||||
HCA, Inc. | 80,000 | 86,100 | ||||||
7.50%, 2/15/22 | 133,000 | 150,290 | ||||||
5.875%, 3/15/22 | 100,000 | 108,625 | ||||||
HealthSouth Corp. | 45,000 | 46,238 | ||||||
Kindred Healthcare, Inc. | 50,000 | 47,500 | ||||||
Tenet Healthcare Corp. | 80,000 | 79,500 | ||||||
6.75%, 6/15/23 (a) | 35,000 | 32,856 | ||||||
|
| |||||||
837,698 | ||||||||
|
| |||||||
Pharmaceuticals — 1.3% | ||||||||
Endo Finance LLC, 144A | 83,000 | 69,513 | ||||||
Valeant Pharmaceuticals International, 144A | 65,000 | 65,081 | ||||||
|
| |||||||
134,594 | ||||||||
|
| |||||||
Diversified — 0.9% | ||||||||
Holding Companies-Diversified — 0.9% | ||||||||
HRG Group, Inc. | 40,000 | 40,210 | ||||||
Leucadia National Corp. | 50,000 | 53,460 | ||||||
|
| |||||||
93,670 | ||||||||
|
| |||||||
Energy — 10.3% | ||||||||
Coal — 0.3% | ||||||||
Murray Energy Corp., 144A | 50,000 | 28,000 | ||||||
|
| |||||||
Oil & Gas — 7.6% | ||||||||
Antero Resources Corp. | 52,000 | 53,495 | ||||||
California Resources Corp., 144A | 68,000 | 50,575 | ||||||
Chesapeake Energy Corp. | 31,000 | 33,209 | ||||||
8.00%, 1/15/25, 144A (a) | 50,000 | 49,875 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
CNX Resources Corp. | $ | 30,000 | $ | 32,175 | ||||
Continental Resources, Inc. | 30,000 | 29,700 | ||||||
Denbury Resources, Inc. | 40,000 | 26,400 | ||||||
EP Energy LLC / Everest Acquisition Finance, Inc. | 38,000 | 28,310 | ||||||
MEG Energy Corp., 144A | 25,000 | 24,594 | ||||||
Nabors Industries, Inc. | 40,000 | 40,550 | ||||||
Newfield Exploration Co. | 50,000 | 54,250 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | 25,000 | 26,375 | ||||||
Range Resources Corp. | 89,000 | 88,555 | ||||||
Southwestern Energy Co. | 50,000 | 52,125 | ||||||
Transocean, Inc., 144A | 50,000 | 54,187 | ||||||
Whiting Petroleum Corp. | 91,000 | 91,683 | ||||||
WPX Energy, Inc. | 55,000 | 62,356 | ||||||
|
| |||||||
798,414 | ||||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Weatherford International Ltd. | 50,000 | 50,000 | ||||||
|
| |||||||
Pipelines — 1.9% | ||||||||
Cheniere Corpus Christi Holdings LLC | 50,000 | 54,375 | ||||||
Energy Transfer Equity LP | 21,000 | 22,627 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 45,000 | 45,450 | ||||||
Williams Cos., Inc. | 80,000 | 83,300 | ||||||
|
| |||||||
205,752 | ||||||||
|
| |||||||
Financial — 8.5% | ||||||||
Banks — 2.3% | ||||||||
CIT Group, Inc. | 40,000 | 40,724 | ||||||
5.00%, 8/15/22 | 33,000 | 35,351 | ||||||
Royal Bank of Scotland Group PLC | 155,000 | 170,857 | ||||||
|
| |||||||
246,932 | ||||||||
|
| |||||||
Diversified Financial Services — 3.2% | ||||||||
Aircastle Ltd. | 50,000 | 53,000 |
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
Ally Financial, Inc. | $ | 85,000 | $ | 86,062 | ||||
4.125%, 2/13/22 | 40,000 | 41,388 | ||||||
Navient Corp. | 94,000 | 94,968 | ||||||
Springleaf Finance Corp. | 50,000 | 55,563 | ||||||
|
| |||||||
330,981 | ||||||||
|
| |||||||
Private Equity — 0.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 60,000 | 61,837 | ||||||
|
| |||||||
Real Estate Investment Trusts — 2.4% | ||||||||
Equinix, Inc. | 82,000 | 84,936 | ||||||
Iron Mountain, Inc. | 88,000 | 90,530 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | 20,000 | 20,900 | ||||||
SBA Communications Corp. | 50,000 | 51,875 | ||||||
|
| |||||||
248,241 | ||||||||
|
| |||||||
Industrial — 10.2% | ||||||||
Aerospace/Defense — 1.1% | ||||||||
Arconic, Inc. | 93,000 | 99,452 | ||||||
TransDigm, Inc. | 20,000 | 20,675 | ||||||
|
| |||||||
120,127 | ||||||||
|
| |||||||
Building Materials — 0.5% | ||||||||
Standard Industries, Inc. | 18,000 | 19,035 | ||||||
5.00%, 2/15/27, 144A | 30,000 | 31,275 | ||||||
|
| |||||||
50,310 | ||||||||
|
| |||||||
Engineering & Construction — 0.9% | ||||||||
AECOM | 75,000 | 78,562 | ||||||
5.125%, 3/15/27 | 20,000 | 20,436 | ||||||
|
| |||||||
98,998 | ||||||||
|
| |||||||
Environmental Control — 0.4% | ||||||||
Covanta Holding Corp. | 40,000 | 40,500 | ||||||
|
| |||||||
Machinery-Construction & Mining — 0.5% | ||||||||
Vertiv Group Corp., 144A | 50,000 | 54,562 | ||||||
|
| |||||||
Metal Fabricate/Hardware — 0.5% | ||||||||
Novelis Corp., 144A | 50,000 | 51,938 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 2.1% | ||||||||
Bombardier, Inc., 144A | 100,000 | 108,084 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Miscellaneous Manufacturing (Continued) | ||||||||
Gates Global LLC / Gates Global Co., 144A | $ | 105,000 | $ | 107,919 | ||||
|
| |||||||
216,003 | ||||||||
|
| |||||||
Packaging & Containers — 3.1% | ||||||||
Ball Corp. | 50,000 | 52,187 | ||||||
Berry Global, Inc. | 62,000 | 65,177 | ||||||
BWAY Holding Co., 144A | 50,000 | 51,938 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | 18,000 | 18,841 | ||||||
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg | 133,000 | 135,411 | ||||||
|
| |||||||
323,554 | ||||||||
|
| |||||||
Transportation — 0.6% | ||||||||
XPO Logistics, Inc., 144A | 60,000 | 62,925 | ||||||
|
| |||||||
Trucking & Leasing — 0.5% | ||||||||
Park Aerospace Holdings Ltd., 144A | 50,000 | 51,313 | ||||||
|
| |||||||
Technology — 5.1% | ||||||||
Computers — 2.5% | ||||||||
Dell International LLC / EMC Corp., 144A | 50,000 | 52,125 | ||||||
EMC Corp. | 50,000 | 48,284 | ||||||
NCR Corp. | 84,000 | 88,725 | ||||||
Western Digital Corp. | 60,000 | 69,840 | ||||||
|
| |||||||
258,974 | ||||||||
|
| |||||||
Office/Business Equipment — 0.2% | ||||||||
CDW LLC / CDW Finance Corp. | 25,000 | 27,375 | ||||||
|
| |||||||
Semiconductors — 0.5% | ||||||||
Micron Technology, Inc. | 15,000 | 15,937 | ||||||
Sensata Technologies BV, 144A | 30,000 | 33,263 | ||||||
|
| |||||||
49,200 | ||||||||
|
| |||||||
Software — 1.9% | ||||||||
BMC Software Finance, Inc., 144A | 50,000 | 50,860 |
Principal | Value | |||||||
Software (Continued) | ||||||||
First Data Corp., 144A | $ | 50,000 | $ | 53,125 | ||||
Open Text Corp., 144A | 42,000 | 44,021 | ||||||
Rackspace Hosting, Inc., 144A | 50,000 | 53,750 | ||||||
|
| |||||||
201,756 | ||||||||
|
| |||||||
Utilities — 2.6% | ||||||||
Electric — 1.6% | ||||||||
AES Corp. | 50,000 | 51,296 | ||||||
Calpine Corp. | 60,000 | 58,050 | ||||||
Dynegy, Inc. | 50,000 | 53,562 | ||||||
|
| |||||||
162,908 | ||||||||
|
| |||||||
Gas — 1.0% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 100,000 | 104,250 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 9,224,243 | |||||||
|
| |||||||
Number | ||||||||
EXCHANGE-TRADED FUNDS — 9.9% | ||||||||
iShares iBoxx $ High Yield Corporate Bond ETF (a) | 1,500 | 131,670 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF (a) | 11,500 | 424,810 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) | 9,500 | 482,220 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 1,038,700 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 6.4% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) | 672,661 | 672,661 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.3% (Cost $10,891,805) | $ | 10,935,604 | ||||||
Other assets and liabilities, net — (4.3%) | (454,819 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,480,785 | ||||||
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $652,221, which is 6.2% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
SPDR: | S&P Depository Receipts |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/2017 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/2017 | |||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF | — | 486,359 | — | — | (4,139 | ) | 1,856 | — | 482,220 |
At November 30, 2017, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 6 | $ | 1,287,187 | $ | 1,286,437 | 3/29/2018 | $ | 750 | |||||||||||||||
5-Year U.S. Treasury Note | USD | 43 | 5,014,875 | 5,002,781 | 3/29/2018 | 12,094 | ||||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 2 | 267,266 | 266,344 | 3/20/2018 | 922 | ||||||||||||||||||
10-Year U.S. Treasury Note | USD | 26 | 3,236,594 | 3,225,219 | 3/20/2018 | 11,375 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized appreciation | $ | 25,141 | ||||||||||||||||||||||
|
|
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 November 30, 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 (e) | $ | — | $ | 9,224,243 | $ | — | $ | 9,224,243 | ||||||||
Exchange-Traded Fund | 1,038,700 | — | — | 1,038,700 | ||||||||||||
Short-Term Investments | 672,661 | — | — | 672,661 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 25,141 | — | — | 25,141 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,736,502 | $ | 9,224,243 | $ | — | $ | 10,960,745 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
November 30, 2017 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 97.0% | ||||||||
Basic Materials — 2.0% | ||||||||
Chemicals — 1.0% | ||||||||
Dow Chemical Co. | $ | 50,000 | $ | 66,184 | ||||
LyondellBasell Industries NV | 25,000 | 25,513 | ||||||
|
| |||||||
91,697 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
International Paper Co. | 20,000 | 21,608 | ||||||
|
| |||||||
Mining — 0.8% | ||||||||
BHP Billiton Finance USA Ltd. | 25,000 | 29,733 | ||||||
Newmont Mining Corp. | 50,000 | 51,072 | ||||||
|
| |||||||
80,805 | ||||||||
|
| |||||||
Communications — 12.0% | ||||||||
Internet — 0.4% | ||||||||
Amazon.com, Inc. | 20,000 | 20,709 | ||||||
4.80%, 12/05/34 | 20,000 | 23,143 | ||||||
|
| |||||||
43,852 | ||||||||
|
| |||||||
Media — 3.8% | ||||||||
21st Century Fox America, Inc. | 30,000 | 31,734 | ||||||
Comcast Corp. | 95,000 | 100,675 | ||||||
Discovery Communications LLC | 25,000 | 24,851 | ||||||
NBCUniversal Media LLC | 25,000 | 31,901 | ||||||
Time Warner, Inc. | 40,000 | 40,208 | ||||||
Viacom, Inc. | 25,000 | 25,309 | ||||||
Walt Disney Co. | 40,000 | 39,689 | ||||||
MTN, 2.95%, 6/15/27 (a) | 75,000 | 74,460 | ||||||
|
| |||||||
368,827 | ||||||||
|
| |||||||
Telecommunications — 7.8% | ||||||||
AT&T, Inc. | 18,000 | 17,714 | ||||||
3.90%, 8/14/27 | 30,000 | 29,877 | ||||||
5.35%, 9/01/40 | 28,000 | 29,364 | ||||||
4.80%, 6/15/44 | 45,000 | 43,862 | ||||||
4.50%, 3/09/48 | 50,000 | 45,975 | ||||||
4.55%, 3/09/49 | 75,000 | 69,497 | ||||||
Cisco Systems, Inc. | 40,000 | 51,897 | ||||||
Motorola Solutions, Inc. | 40,000 | 41,024 | ||||||
Telefonica Europe BV | 50,000 | 70,343 | ||||||
Verizon Communications, Inc. | 75,000 | 80,014 |
Principal | Value | |||||||
Telecommunications (Continued) | ||||||||
2.946%, 3/15/22 | $ | 20,000 | $ | 20,118 | ||||
4.40%, 11/01/34 | 75,000 | 75,627 | ||||||
4.812%, 3/15/39 | 50,000 | 51,551 | ||||||
4.862%, 8/21/46 | 50,000 | 51,275 | ||||||
5.012%, 4/15/49 | 25,000 | 26,023 | ||||||
Vodafone Group PLC | 55,000 | 55,157 | ||||||
|
| |||||||
759,318 | ||||||||
|
| |||||||
Consumer, Cyclical — 7.2% | ||||||||
Auto Manufacturers — 2.7% | ||||||||
Ford Motor Co. | 65,000 | 64,629 | ||||||
General Motors Co. | 100,000 | 108,133 | ||||||
General Motors Financial Co., Inc. | 50,000 | 52,157 | ||||||
Toyota Motor Credit Corp. | 30,000 | 30,984 | ||||||
|
| |||||||
255,903 | ||||||||
|
| |||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | 40,000 | 41,510 | ||||||
|
| |||||||
Retail — 4.1% | ||||||||
CVS Health Corp. | 45,000 | 46,084 | ||||||
Home Depot, Inc. | 25,000 | 24,768 | ||||||
3.00%, 4/01/26 | 70,000 | 70,000 | ||||||
Lowe’s Cos., Inc. | 30,000 | 32,493 | ||||||
McDonald’s Corp. | 50,000 | 52,067 | ||||||
Target Corp. | 45,000 | 45,559 | ||||||
TJX Cos., Inc. | 53,000 | 49,422 | ||||||
Wal-Mart Stores, Inc. | 50,000 | 50,116 | ||||||
3.625%, 12/15/47 | 30,000 | 31,039 | ||||||
|
| |||||||
401,548 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 18.6% | ||||||||
Agriculture — 1.0% | ||||||||
Altria Group, Inc. | 25,000 | 26,644 | ||||||
Philip Morris International, Inc. | 40,000 | 42,049 | ||||||
Reynolds American, Inc. | 25,000 | 29,357 | ||||||
|
| |||||||
98,050 | ||||||||
|
| |||||||
Beverages — 3.6% | ||||||||
Anheuser-Busch InBev Finance, Inc. | 40,000 | 40,346 | ||||||
2.625%, 1/17/23 | 25,000 | 24,895 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Beverages (Continued) | ||||||||
3.30%, 2/01/23 | $ | 50,000 | $ | 51,324 | ||||
3.65%, 2/01/26 | 27,000 | 27,740 | ||||||
4.00%, 1/17/43 | 30,000 | 29,798 | ||||||
4.625%, 2/01/44 | 40,000 | 43,672 | ||||||
4.90%, 2/01/46 | 30,000 | 34,003 | ||||||
Molson Coors Brewing Co. | 20,000 | 19,430 | ||||||
PepsiCo, Inc. | 40,000 | 42,036 | ||||||
4.875%, 11/01/40 | 20,000 | 23,742 | ||||||
4.45%, 4/14/46 | 10,000 | 11,165 | ||||||
|
| |||||||
348,151 | ||||||||
|
| |||||||
Biotechnology — 2.8% | ||||||||
Amgen, Inc. | 81,000 | 81,236 | ||||||
4.663%, 6/15/51 | 46,000 | 49,708 | ||||||
Celgene Corp. | 30,000 | 30,448 | ||||||
Gilead Sciences, Inc. | 50,000 | 53,156 | ||||||
4.00%, 9/01/36 | 25,000 | 25,868 | ||||||
4.75%, 3/01/46 | 25,000 | 28,087 | ||||||
|
| |||||||
268,503 | ||||||||
|
| |||||||
Commercial Services — 0.3% | ||||||||
Ecolab, Inc. | 30,000 | 32,010 | ||||||
|
| |||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Procter & Gamble Co. | 25,000 | 33,052 | ||||||
|
| |||||||
Food — 1.5% | ||||||||
JM Smucker Co. | 50,000 | 51,498 | ||||||
Kraft Heinz Foods Co. | 49,000 | 50,501 | ||||||
6.50%, 2/09/40 | 35,000 | 43,817 | ||||||
|
| |||||||
145,816 | ||||||||
|
| |||||||
Healthcare-Products — 1.7% | ||||||||
Abbott Laboratories | 50,000 | 55,882 | ||||||
Becton Dickinson and Co. | 30,000 | 31,661 | ||||||
Medtronic, Inc. | 50,000 | 52,334 | ||||||
Thermo Fisher Scientific, Inc. | 30,000 | 29,476 | ||||||
|
| |||||||
169,353 | ||||||||
|
| |||||||
Healthcare-Services — 1.3% | ||||||||
Aetna, Inc. | 20,000 | 18,994 | ||||||
Anthem, Inc. | 25,000 | 26,847 | ||||||
Laboratory Corp. of America Holdings | 35,000 | 35,721 |
Principal | Value | |||||||
Healthcare-Services (Continued) | ||||||||
UnitedHealth Group, Inc. | $ | 40,000 | $ | 46,046 | ||||
|
| |||||||
127,608 | ||||||||
|
| |||||||
Pharmaceuticals — 6.1% | ||||||||
AbbVie, Inc. | 75,000 | 81,910 | ||||||
Allergan Funding SCS | 100,000 | 100,975 | ||||||
AstraZeneca PLC | 20,000 | 26,785 | ||||||
Cardinal Health, Inc. | 25,000 | 24,582 | ||||||
Express Scripts Holding Co. | 50,000 | 48,901 | ||||||
GlaxoSmithKline Capital PLC | 40,000 | 40,570 | ||||||
GlaxoSmithKline Capital, Inc. | 60,000 | 60,729 | ||||||
Johnson & Johnson | 20,000 | 27,187 | ||||||
Novartis Capital Corp. | 25,000 | 25,370 | ||||||
Pfizer, Inc. | 25,000 | 24,946 | ||||||
4.40%, 5/15/44 | 50,000 | 55,632 | ||||||
Shire Acquisitions Investments Ireland DAC | 50,000 | 49,234 | ||||||
Zoetis, Inc. | 25,000 | 24,287 | ||||||
|
| |||||||
591,108 | ||||||||
|
| |||||||
Energy — 9.4% | ||||||||
Oil & Gas — 5.8% | ||||||||
Anadarko Petroleum Corp. | 50,000 | 52,857 | ||||||
Apache Corp. | 40,000 | 42,322 | ||||||
BP Capital Markets PLC | 50,000 | 50,092 | ||||||
3.279%, 9/19/27 | 40,000 | 40,143 | ||||||
Chevron Corp. | 50,000 | 49,567 | ||||||
ConocoPhillips | 50,000 | 67,851 | ||||||
Exxon Mobil Corp. | 25,000 | 24,527 | ||||||
Occidental Petroleum Corp. | 30,000 | 31,134 | ||||||
Phillips 66 | 20,000 | 21,265 | ||||||
4.875%, 11/15/44 | 20,000 | 22,176 | ||||||
Shell International Finance BV | 65,000 | 71,701 | ||||||
Total Capital International SA | 70,000 | 73,963 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
Valero Energy Corp. | $ | 20,000 | $ | 19,836 | ||||
|
| |||||||
567,434 | ||||||||
|
| |||||||
Oil & Gas Services — 0.6% | ||||||||
Halliburton Co. | 30,000 | 30,960 | ||||||
Schlumberger Investment SA | 25,000 | 26,258 | ||||||
|
| |||||||
57,218 | ||||||||
|
| |||||||
Pipelines — 3.0% | ||||||||
Enbridge, Inc. | 35,000 | 36,388 | ||||||
Enterprise Products Operating LLC | 45,000 | 49,987 | ||||||
Plains All American Pipeline LP / PAA Finance Corp. | 76,000 | 77,623 | ||||||
Sunoco Logistics Partners Operations LP | 75,000 | 73,931 | ||||||
Williams Partners LP | 50,000 | 49,717 | ||||||
|
| |||||||
287,646 | ||||||||
|
| |||||||
Financial — 30.9% | ||||||||
Banks — 25.5% | ||||||||
Bank of America Corp. | ||||||||
GMTN, 3.30%, 1/11/23 | 140,000 | 143,020 | ||||||
MTN, 4.00%, 1/22/25 | 25,000 | 25,820 | ||||||
MTN, 4.25%, 10/22/26 | 65,000 | 68,282 | ||||||
MTN, 4.875%, 4/01/44 | 25,000 | 29,184 | ||||||
Bank of New York Mellon Corp. | 50,000 | 48,452 | ||||||
Bank of Nova Scotia | 25,000 | 26,234 | ||||||
BB&T Corp. | 25,000 | 24,670 | ||||||
BNP Paribas / BNP Paribas US Medium-Term Note Program LLC | ||||||||
MTN, 3.25%, 3/03/23 | 40,000 | 40,873 | ||||||
Capital One Financial Corp. | 36,000 | 35,677 | ||||||
Citigroup, Inc. | 50,000 | 49,504 | ||||||
2.90%, 12/08/21 | 50,000 | 50,331 | ||||||
3.40%, 5/01/26 | 50,000 | 50,188 | ||||||
5.30%, 5/06/44 | 31,000 | 35,597 | ||||||
4.75%, 5/18/46 | 25,000 | 27,030 | ||||||
Cooperatieve Rabobank UA | 30,000 | 31,893 | ||||||
3.875%, 2/08/22 | 50,000 | 52,688 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | 100,000 | 103,497 | ||||||
4.55%, 4/17/26 | 100,000 | 107,125 | ||||||
Discover Bank | 50,000 | 49,213 |
Principal | Value | |||||||
Banks (Continued) | ||||||||
Goldman Sachs Group, Inc. | $ | 50,000 | $ | 55,614 | ||||
3.50%, 1/23/25 | 50,000 | 50,651 | ||||||
5.95%, 1/15/27 | 19,000 | 22,141 | ||||||
6.25%, 2/01/41 | 50,000 | 66,605 | ||||||
MTN, 4.80%, 7/08/44 | 40,000 | 45,216 | ||||||
HSBC Holdings PLC | 50,000 | 51,221 | ||||||
5.10%, 4/05/21 | 75,000 | 80,948 | ||||||
4.00%, 3/30/22 | 40,000 | 41,994 | ||||||
ING Groep NV | 20,000 | 20,953 | ||||||
JPMorgan Chase & Co. | 50,000 | 53,417 | ||||||
3.875%, 9/10/24 | 50,000 | 52,131 | ||||||
3.125%, 1/23/25 | 37,000 | 37,115 | ||||||
3.30%, 4/01/26 | 25,000 | 25,086 | ||||||
6.40%, 5/15/38 | 25,000 | 33,808 | ||||||
5.60%, 7/15/41 | 45,000 | 56,171 | ||||||
Lloyds Bank PLC | 50,000 | 55,649 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 50,000 | 49,504 | ||||||
Morgan Stanley | ||||||||
GMTN, 2.50%, 4/21/21 | 30,000 | 29,891 | ||||||
GMTN, 5.50%, 7/28/21 | 75,000 | 82,441 | ||||||
GMTN, 3.70%, 10/23/24 | 45,000 | 46,501 | ||||||
GMTN, 4.35%, 9/08/26 | 40,000 | 41,830 | ||||||
4.30%, 1/27/45 | 40,000 | 42,229 | ||||||
PNC Financial Services Group, Inc. | 30,000 | 30,893 | ||||||
State Street Corp. | 25,000 | 25,309 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 50,000 | 47,355 | ||||||
US Bancorp | 12,000 | 12,703 | ||||||
MTN, 3.00%, 3/15/22 | 25,000 | 25,591 | ||||||
Wells Fargo & Co. | 40,000 | 42,129 | ||||||
3.00%, 4/22/26 | 60,000 | 58,577 | ||||||
3.00%, 10/23/26 | 50,000 | 48,910 | ||||||
5.375%, 2/07/35 | 50,000 | 60,005 | ||||||
5.606%, 1/15/44 | 35,000 | 42,673 | ||||||
Westpac Banking Corp. | 50,000 | 50,518 | ||||||
|
| |||||||
2,485,057 | ||||||||
|
| |||||||
Diversified Financial Services — 1.8% | ||||||||
American Express Credit Corp. | 25,000 | 24,836 | ||||||
MTN, 2.70%, 3/03/22 | 25,000 | 25,141 | ||||||
Jefferies Group LLC | 25,000 | 28,099 | ||||||
Synchrony Financial | 40,000 | 41,707 | ||||||
Visa, Inc. | 30,000 | 30,616 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
4.15%, 12/14/35 | $ | 25,000 | $ | 27,407 | ||||
|
| |||||||
177,806 | ||||||||
|
| |||||||
Insurance — 2.3% | ||||||||
American International Group, Inc. | 50,000 | 52,525 | ||||||
Berkshire Hathaway, Inc. | 30,000 | 30,246 | ||||||
Hartford Financial Services Group, Inc. | 75,000 | 82,192 | ||||||
Manulife Financial Corp. | 25,000 | 26,489 | ||||||
MetLife, Inc. | 25,000 | 31,436 | ||||||
|
| |||||||
222,888 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 1.3% | ||||||||
American Tower Corp. | 40,000 | 43,827 | ||||||
Boston Properties LP | 50,000 | 52,495 | ||||||
Simon Property Group LP | 25,000 | 24,801 | ||||||
|
| |||||||
121,123 | ||||||||
|
| |||||||
Industrial — 5.5% | ||||||||
Aerospace/Defense — 2.0% | ||||||||
Lockheed Martin Corp. | 22,000 | 22,657 | ||||||
Northrop Grumman Corp. | 20,000 | 20,458 | ||||||
Rockwell Collins, Inc. | 75,000 | 76,163 | ||||||
United Technologies Corp. | 40,000 | 40,852 | ||||||
5.70%, 4/15/40 | 25,000 | 31,548 | ||||||
|
| |||||||
191,678 | ||||||||
|
| |||||||
Electronics — 0.6% | ||||||||
Fortive Corp. | 40,000 | 39,736 | ||||||
Honeywell International, Inc. | 25,000 | 23,971 | ||||||
|
| |||||||
63,707 | ||||||||
|
| |||||||
Machinery-Construction & Mining — 0.2% | ||||||||
Caterpillar, Inc. | 20,000 | 20,867 | ||||||
|
| |||||||
Machinery-Diversified — 0.3% | ||||||||
John Deere Capital Corp. MTN, | 25,000 | 25,207 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.5% | ||||||||
General Electric Co. | 40,000 | 40,070 | ||||||
MTN, 5.875%, 1/14/38 | 65,000 | 82,289 | ||||||
4.125%, 10/09/42 | 25,000 | 25,572 | ||||||
|
| |||||||
147,931 | ||||||||
|
|
Principal | Value | |||||||
Transportation — 0.9% | ||||||||
Burlington Northern Santa Fe LLC | $ | 25,000 | $ | 25,983 | ||||
CSX Corp. | 20,000 | 20,417 | ||||||
FedEx Corp. | 20,000 | 22,699 | ||||||
United Parcel Service, Inc. | 20,000 | 20,547 | ||||||
|
| |||||||
89,646 | ||||||||
|
| |||||||
Technology — 9.6% | ||||||||
Computers — 4.2% | ||||||||
Apple, Inc. | 56,000 | 54,452 | ||||||
2.85%, 2/23/23 | 50,000 | 50,701 | ||||||
2.40%, 5/03/23 | 75,000 | 74,248 | ||||||
3.20%, 5/13/25 | 17,000 | 17,363 | ||||||
2.45%, 8/04/26 | 40,000 | 38,253 | ||||||
4.45%, 5/06/44 | 25,000 | 27,740 | ||||||
4.375%, 5/13/45 | 18,000 | 19,766 | ||||||
Hewlett Packard Enterprise Co. | 50,000 | 52,152 | ||||||
HP, Inc. | 70,000 | 73,459 | ||||||
|
| |||||||
408,134 | ||||||||
|
| |||||||
Semiconductors — 1.8% | ||||||||
Applied Materials, Inc. | 30,000 | 30,446 | ||||||
Intel Corp. | 40,000 | 42,141 | ||||||
4.10%, 5/11/47 | 25,000 | 26,826 | ||||||
QUALCOMM, Inc. | 50,000 | 49,956 | ||||||
3.45%, 5/20/25 | 25,000 | 24,883 | ||||||
|
| |||||||
174,252 | ||||||||
|
| |||||||
Software — 3.6% | ||||||||
Microsoft Corp. | 50,000 | 51,565 | ||||||
3.50%, 2/12/35 | 50,000 | 51,205 | ||||||
3.70%, 8/08/46 | 50,000 | 51,098 | ||||||
4.25%, 2/06/47 | 40,000 | 44,482 | ||||||
Oracle Corp. | 50,000 | 54,672 | ||||||
4.00%, 7/15/46 | 50,000 | 51,845 | ||||||
4.00%, 11/15/47 | 20,000 | 20,702 | ||||||
VMware, Inc. | 25,000 | 25,155 | ||||||
|
| |||||||
350,724 | ||||||||
|
| |||||||
Utilities — 1.8% | ||||||||
Electric — 1.8% | ||||||||
Berkshire Hathaway Energy Co. | 25,000 | 27,578 | ||||||
Duke Energy Corp. | 25,000 | 24,376 | ||||||
3.75%, 9/01/46 | 20,000 | 19,544 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Electric (Continued) | ||||||||
Exelon Corp. | $ | 20,000 | $ | 21,433 | ||||
Pacific Gas & Electric Co. | 45,000 | 55,959 | ||||||
Southern Co. | 25,000 | 26,310 | ||||||
|
| |||||||
175,200 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS | 9,445,237 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) | 46,350 | $ | 46,350 | |||||
|
| |||||||
TOTAL INVESTMENTS — 97.5% (Cost $9,465,432) | $ | 9,491,587 | ||||||
Other assets and liabilities, net — 2.5% | 244,280 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,735,867 | ||||||
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $44,676, 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. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
At November 30, 2017, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 1 | $ | 214,515 | $ | 214,406 | 3/29/2018 | $ | 109 | |||||||||||||||
5-Year U.S. Treasury Note | USD | 22 | 2,565,305 | 2,559,563 | 3/29/2018 | 5,742 | ||||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 8 | 1,069,063 | 1,065,375 | 3/20/2018 | 3,688 | ||||||||||||||||||
10-Year U.S. Treasury Note | USD | 15 | 1,866,828 | 1,860,703 | 3/20/2018 | 6,125 | ||||||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 9 | 1,487,812 | 1,483,875 | 3/20/2018 | 3,937 | ||||||||||||||||||
U.S. Treasury Long Bond | USD | 12 | 1,826,344 | 1,820,625 | 3/20/2018 | 5,719 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized appreciation | $ | 25,320 | ||||||||||||||||||||||
|
|
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 November 30, 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) | $ | — | $ | 9,445,237 | $ | — | $ | 9,445,237 | ||||||||
Short-Term Investments | 46,350 | — | — | 46,350 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 25,320 | — | — | 25,320 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 71,670 | $ | 9,445,237 | $ | – | $ | 9,516,907 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF
November 30, 2017 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 99.3% | ||||||||
Alabama — 1.3% | ||||||||
County of Jefferson AL Sewer Revenue, | $ | 100,000 | $ | 110,929 | ||||
Series D, 6.50%, 10/01/53 | 580,000 | 691,198 | ||||||
|
| |||||||
802,127 | ||||||||
|
| |||||||
Arizona — 1.9% | ||||||||
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, | 450,000 | 529,236 | ||||||
Series A, 5.00%, 1/01/39 | 500,000 | 595,490 | ||||||
|
| |||||||
1,124,726 | ||||||||
|
| |||||||
California — 21.0% | ||||||||
Bay Area Toll Authority, Highway Revenue Tolls, | 1,350,000 | 1,532,398 | ||||||
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, | 975,000 | 1,117,974 | ||||||
Foothill-Eastern Transportation Corridor Agency, Highway Revenue Tolls, | 1,000,000 | 1,200,680 | ||||||
Series A, 6.00%, 1/15/49 | 400,000 | 475,908 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, | 500,000 | 529,340 | ||||||
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, | 500,000 | 588,480 | ||||||
Series A, 5.00%, 7/01/46 | 750,000 | 869,085 | ||||||
Los Angeles Department of Water, Water Revenue, | 500,000 | 581,745 | ||||||
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, | 500,000 | 578,420 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, | 600,000 | 671,298 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Revenue, | 250,000 | 273,367 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, | 1,350,000 | 1,562,342 | ||||||
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, | 2,000,000 | 2,239,500 | ||||||
Southern California Public Power Authority, Natural Gas Revenue, | 300,000 | 363,552 | ||||||
|
| |||||||
12,584,089 | ||||||||
|
|
Principal | Value | |||||||
Colorado — 0.2% | ||||||||
City & County of Denver CO Airport System, Private Airport & Marina Revenue, | $ | 100,000 | $ | 113,962 | ||||
|
| |||||||
Connecticut — 0.3% | ||||||||
State of Connecticut Special Tax, Fuel Sales Tax Revenue, | 145,000 | 159,493 | ||||||
|
| |||||||
District of Columbia — 2.1% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, | 630,000 | 723,977 | ||||||
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, | 455,000 | 526,608 | ||||||
|
| |||||||
1,250,585 | ||||||||
|
| |||||||
Florida — 3.8% | ||||||||
County of Miami-Dade FL Aviation Revenue, | 500,000 | 564,425 | ||||||
County of Miami-Dade FL Aviation, Private Airport & Marina Revenue, | 815,000 | 918,644 | ||||||
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, | 500,000 | 573,520 | ||||||
Orlando-Orange County Expressway Authority, Highway Revenue Tolls, | 200,000 | 223,876 | ||||||
|
| |||||||
2,280,465 | ||||||||
|
| |||||||
Georgia — 2.1% | ||||||||
City of Atlanta GA Water & Wastewater, Water Revenue, | 1,100,000 | 1,271,215 | ||||||
|
| |||||||
Guam — 0.1% | ||||||||
Guam Government Waterworks Authority, Water Revenue, | 50,000 | 54,911 | ||||||
|
| |||||||
Hawaii — 1.0% | ||||||||
City & County Honolulu HI Wastewater System, Sewer Revenue, Series A, | 500,000 | 573,865 | ||||||
|
| |||||||
Illinois — 7.2% | ||||||||
Chicago Midway International Airport, Private Airport & Marina Revenue, | 500,000 | 572,000 | ||||||
Chicago O’Hare International Airport, Private Airport & Marina Revenue, | 1,000,000 | 1,128,180 | ||||||
Series D, 5.00%, 1/01/47 | 500,000 | 570,390 | ||||||
City of Chicago IL Wastewater Transmission, Sewer Revenue, Series A, | 500,000 | 508,755 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Illinois (Continued) | ||||||||
City of Chicago IL Waterworks, Water Revenue, | $ | 80,000 | $ | 80,601 | ||||
5.00%, 11/01/39 | 275,000 | 299,758 | ||||||
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, | 1,090,000 | 1,240,671 | ||||||
|
| |||||||
4,400,355 | ||||||||
|
| |||||||
Indiana — 1.0% | ||||||||
Indiana Finance Authority, Series C, | 300,000 | 375,873 | ||||||
Indiana Municipal Power Agency, Electric, Power & Light Revenue, | 200,000 | 230,204 | ||||||
|
| |||||||
606,077 | ||||||||
|
| |||||||
Louisiana — 1.3% | ||||||||
New Orleans Aviation Board, Private Airport & Marina Revenue, Series A, AMT, | 700,000 | 779,191 | ||||||
|
| |||||||
Massachusetts — 1.1% | ||||||||
Commonwealth of Massachusetts Transportation Fund, Fuel Sales Tax Revenue, | 600,000 | 685,890 | ||||||
|
| |||||||
New Jersey — 3.2% | ||||||||
New Jersey Turnpike Authority, Highway Revenue Tolls, Series E, | 1,725,000 | 1,950,457 | ||||||
|
| |||||||
New York — 26.2% | ||||||||
Long Island Power Authority, Electric, Power & Light Revenue, | 700,000 | 780,773 | ||||||
Metropolitan Transportation Authority, Transit Revenue, | 1,000,000 | 1,156,760 | ||||||
Series A, 5.00%, 11/15/38 | 100,000 | 112,602 | ||||||
Sub-Series A-1, 5.00%, 11/15/45 | 1,300,000 | 1,480,726 | ||||||
MTA Hudson Rail Yards Trust Obligations, Lease Revenue, | 515,000 | 570,713 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Income Tax Revenue, | 390,000 | 440,501 | ||||||
Sub-Series A-1, 5.00%, 11/01/38 | 1,160,000 | 1,323,815 | ||||||
Sub-Series B-1, 5.00%, 8/01/39 | 600,000 | 688,290 | ||||||
Sub-Series A-1, 5.00%, 5/01/40 | 500,000 | 579,455 | ||||||
New York City Water & Sewer System, Water Revenue, | 575,000 | 651,354 | ||||||
Series GG, 5.00%, 6/15/39 | 650,000 | 753,655 | ||||||
5.00%, 6/15/46 | 500,000 | 568,035 | ||||||
Series BB, 5.00%, 6/15/47 | 1,950,000 | 2,172,261 | ||||||
Series CC, 5.00%, 6/15/47 | 1,000,000 | 1,123,980 | ||||||
Series DD, 5.00%, 6/15/47 | 500,000 | 580,735 |
Principal | Value | |||||||
New York (Continued) | ||||||||
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, | $ | 1,100,000 | $ | 1,282,380 | ||||
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series C, | 255,000 | 286,444 | ||||||
Utility Debt Securitization Authority, Electric, Power & Light Revenue, | 1,100,000 | 1,259,676 | ||||||
|
| |||||||
15,812,155 | ||||||||
|
| |||||||
Ohio — 1.0% | ||||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, | 500,000 | 609,285 | ||||||
|
| |||||||
Pennsylvania — 4.2% | ||||||||
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, | 395,000 | 447,863 | ||||||
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, | 40,000 | 46,290 | ||||||
Pennsylvania Economic Development Financing Authority, Industrial Revenue, | 390,000 | 437,904 | ||||||
Pennsylvania Turnpike Commission, Highway Revenue Tolls, | 520,000 | 590,065 | ||||||
Series A-1, 5.00%, 12/01/46 | 900,000 | 1,021,059 | ||||||
|
| |||||||
2,543,181 | ||||||||
|
| |||||||
Puerto Rico — 0.9% | ||||||||
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, | 280,000 | 305,396 | ||||||
Series N, 5.25%, 7/01/36 | 160,000 | 174,502 | ||||||
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, | 50,000 | 45,831 | ||||||
|
| |||||||
525,729 | ||||||||
|
| |||||||
South Carolina — 4.6% | ||||||||
South Carolina Public Service Authority, Miscellaneous Revenue, Series C, | 1,030,000 | 1,138,531 | ||||||
South Carolina Public Service Authority, Nuclear Revenue, | 1,000,000 | 1,096,290 | ||||||
Series A, 5.00%, 12/01/49 | 200,000 | 219,232 | ||||||
Series A, 5.50%, 12/01/54 | 290,000 | 327,912 | ||||||
|
| |||||||
2,781,965 | ||||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2017 (Unaudited)
Principal | Value | |||||||
Texas — 11.6% | ||||||||
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series A, | $ | 700,000 | $ | 781,655 | ||||
Central Texas Turnpike System, Highway Revenue Tolls, Series A, | 900,000 | 998,676 | ||||||
City of Austin TX Water & Wastewater System, Water Revenue, | 500,000 | 568,255 | ||||||
City of Houston TX Combined Utility System, Water Revenue, Series B, | 500,000 | 586,090 | ||||||
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, | 150,000 | 175,674 | ||||||
Dallas Area Rapid Transit, Sales Tax Revenue, Series A, | 300,000 | 346,269 | ||||||
Lower Colorado River Authority, Electric, Power & Light Revenue, | 500,000 | 561,115 | ||||||
North Texas Tollway Authority, Highway Revenue Tolls, | 500,000 | 560,265 | ||||||
Series A, 5.00%, 1/01/48 | 1,500,000 | 1,737,930 |
Principal | Value | |||||||
Texas (Continued) | ||||||||
Texas Water Development Board, Water Revenue, Series A, | $ | 600,000 | $ | 693,486 | ||||
|
| |||||||
7,009,415 | ||||||||
|
| |||||||
Utah — 1.4% | ||||||||
Salt Lake City Corp Airport, Private Airport & Marina Revenue, Series A, AMT, | 750,000 | 862,567 | ||||||
|
| |||||||
Virginia — 1.0% | ||||||||
Virginia Small Business Financing Authority, Highway Revenue Tolls, | 550,000 | 613,283 | ||||||
|
| |||||||
Washington — 0.8% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S1, | 400,000 | 462,952 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 59,857,940 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% (Cost $59,619,477) | $ | 59,857,940 | ||||||
Other assets and liabilities, net — 0.7% | 426,283 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 60,284,223 | ||||||
|
|
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 November 30, 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) | $ | — | $ | 59,857,940 | $ | — | $ | 59,857,940 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 59,857,940 | $ | — | $ | 59,857,940 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Australia — 4.4% | ||||||||
Amcor Ltd. | 1,428 | $ | 16,656 | |||||
ASX Ltd. | 296 | 12,793 | ||||||
Aurizon Holdings Ltd. | 2,490 | 9,926 | ||||||
Bendigo & Adelaide Bank Ltd. | 578 | 5,089 | ||||||
Crown Resorts Ltd. | 409 | 3,821 | ||||||
Flight Centre Travel Group Ltd. (a) | 69 | 2,336 | ||||||
Fortescue Metals Group Ltd. | 1,693 | 5,891 | ||||||
Harvey Norman Holdings Ltd. (a) | 688 | 2,087 | ||||||
Insurance Australia Group Ltd. | 2,917 | 15,820 | ||||||
LendLease Group (b) | 685 | 8,238 | ||||||
Medibank Pvt Ltd. | 3,290 | 8,138 | ||||||
QBE Insurance Group Ltd. | 1,678 | 13,479 | ||||||
Sonic Healthcare Ltd. | 486 | 8,190 | ||||||
Tatts Group Ltd. | 1,617 | 5,272 | ||||||
Telstra Corp. Ltd. | 5,092 | 13,211 | ||||||
Wesfarmers Ltd. | 1,273 | 42,290 | ||||||
|
| |||||||
173,237 | ||||||||
|
| |||||||
Brazil — 1.5% | ||||||||
Ambev SA | 5,768 | 36,228 | ||||||
BB Seguridade Participacoes SA | 840 | 6,898 | ||||||
CCR SA | 1,465 | 7,084 | ||||||
Cosan SA Industria e Comercio | 230 | 2,517 | ||||||
Hypermarcas SA | 453 | 4,546 | ||||||
Porto Seguro SA | 128 | 1,401 | ||||||
Transmissora Alianca de Energia Eletrica SA | 137 | 891 | ||||||
|
| |||||||
59,565 | ||||||||
|
| |||||||
Canada — 13.3% | ||||||||
Agrium, Inc. | 169 | 18,569 | ||||||
Bank of Montreal | 782 | 60,171 | ||||||
Bank of Nova Scotia | 1,448 | 91,483 | ||||||
BCE, Inc. | 205 | 9,810 | ||||||
Canadian Imperial Bank of Commerce (a) | 521 | 47,708 | ||||||
CI Financial Corp. | 291 | 6,575 | ||||||
First Capital Realty, Inc. | 96 | 1,566 | ||||||
Great-West Lifeco, Inc. | 361 | 9,824 | ||||||
IGM Financial, Inc. | 72 | 2,488 | ||||||
Inter Pipeline Ltd. | 468 | 9,830 | ||||||
Keyera Corp. | 240 | 6,764 | ||||||
Power Corp. of Canada | 400 | 10,135 | ||||||
Power Financial Corp. | 302 | 8,275 | ||||||
Royal Bank of Canada | 1,767 | 138,125 | ||||||
Shaw Communications, Inc., Class B | 508 | 11,320 | ||||||
Sun Life Financial, Inc. | 751 | 29,676 | ||||||
TELUS Corp. | 258 | 9,535 | ||||||
TransCanada Corp. | 1,093 | 52,424 | ||||||
|
| |||||||
524,278 | ||||||||
|
| |||||||
Chile — 0.2% | ||||||||
Aguas Andinas SA, Class A | 3,562 | 2,049 | ||||||
Banco Santander Chile | 81,931 | 5,607 | ||||||
|
| |||||||
7,656 | ||||||||
|
|
Number | Value | |||||||
China — 5.2% | ||||||||
Agricultural Bank of China Ltd., Class H | 33,013 | $ | 15,344 | |||||
China Construction Bank Corp., Class H | 102,388 | 89,276 | ||||||
China Vanke Co. Ltd., Class H | 1,514 | 5,515 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 900 | 848 | ||||||
Great Wall Motor Co. Ltd., Class H | 3,800 | 4,447 | ||||||
Hengan International Group Co. Ltd. | 894 | 8,717 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 90,046 | 69,983 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 1,561 | 2,139 | ||||||
Longfor Properties Co. Ltd. | 1,785 | 4,192 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 4,430 | 2,626 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,478 | 1,771 | ||||||
|
| |||||||
204,858 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
Komercni banka AS | 107 | 4,485 | ||||||
Moneta Money Bank AS, 144A | 525 | 1,893 | ||||||
O2 Czech Republic AS | 74 | 924 | ||||||
|
| |||||||
7,302 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 142 | 3,452 | ||||||
|
| |||||||
Finland — 2.7% | ||||||||
Elisa OYJ | 171 | 6,957 | ||||||
Metso OYJ | 130 | 4,588 | ||||||
Nokia OYJ | 7,092 | 35,588 | ||||||
Nokian Renkaat OYJ | 143 | 6,242 | ||||||
Orion OYJ, Class B | 122 | 4,506 | ||||||
Sampo OYJ, Class A | 545 | 28,808 | ||||||
UPM-Kymmene OYJ | 653 | 19,656 | ||||||
|
| |||||||
106,345 | ||||||||
|
| |||||||
France — 10.0% | ||||||||
AXA SA | 2,340 | 70,605 | ||||||
Bouygues SA | 245 | 12,674 | ||||||
CNP Assurances | 182 | 4,096 | ||||||
Eutelsat Communications SA | 215 | 4,867 | ||||||
Sanofi | 1,373 | 125,181 | ||||||
SCOR SE | 210 | 8,563 | ||||||
Societe BIC SA | 30 | 3,483 | ||||||
TOTAL SA | 2,910 | 164,193 | ||||||
|
| |||||||
393,662 | ||||||||
|
| |||||||
Germany — 11.0% | ||||||||
Allianz SE | 551 | 129,952 | ||||||
BASF SE | 1,108 | 123,967 | ||||||
Daimler AG | 1,160 | 95,986 | ||||||
Evonik Industries AG | 200 | 7,460 | ||||||
Hannover Rueck SE | 68 | 8,935 | ||||||
Innogy SE, 144A | 164 | 7,581 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 187 | 41,611 | ||||||
ProSiebenSat.1 Media SE | 285 | 9,064 | ||||||
TUI AG | 532 | 9,814 | ||||||
|
| |||||||
434,370 | ||||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Greece — 0.1% | ||||||||
OPAP SA | 282 | $ | 3,440 | |||||
|
| |||||||
Hong Kong — 3.4% | ||||||||
BOC Hong Kong Holdings Ltd. | 4,545 | 22,986 | ||||||
China Everbright Ltd. | 804 | 1,793 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,420 | 3,664 | ||||||
China Resources Power Holdings Co. Ltd. | 2,042 | 3,843 | ||||||
CLP Holdings Ltd. | 2,242 | 22,865 | ||||||
Guangdong Investment Ltd. | 3,426 | 4,606 | ||||||
Hang Lung Properties Ltd. | 2,388 | 5,620 | ||||||
Hang Seng Bank Ltd. | 898 | 22,191 | ||||||
HKT Trust & HKT Ltd. (b) | 3,560 | 4,472 | ||||||
Hysan Development Co. Ltd. | 716 | 3,837 | ||||||
New World Development Co. Ltd. | 7,505 | 10,878 | ||||||
NWS Holdings Ltd. | 1,562 | 2,836 | ||||||
Power Assets Holdings Ltd. | 1,628 | 13,903 | ||||||
Shimao Property Holdings Ltd. | 1,465 | 2,862 | ||||||
Sino Land Co. Ltd. | 3,565 | 6,454 | ||||||
Yue Yuen Industrial Holdings Ltd. | 911 | 3,254 | ||||||
|
| |||||||
136,064 | ||||||||
|
| |||||||
Indonesia — 0.1% | ||||||||
PT Gudang Garam Tbk | 674 | 3,813 | ||||||
|
| |||||||
Italy — 0.7% | ||||||||
Snam SpA | 2,997 | 15,111 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,687 | 10,431 | ||||||
UnipolSai Assicurazioni SpA | 862 | 2,021 | ||||||
|
| |||||||
27,563 | ||||||||
|
| |||||||
Japan — 4.5% | ||||||||
Canon, Inc. | 1,291 | 49,302 | ||||||
Japan Tobacco, Inc. | 1,309 | 43,267 | ||||||
MS&AD Insurance Group Holdings, Inc. | 600 | 19,486 | ||||||
Nissan Motor Co. Ltd. | 2,754 | 26,623 | ||||||
Sekisui House Ltd. | 675 | 12,562 | ||||||
Sony Financial Holdings, Inc. | 236 | 3,980 | ||||||
Subaru Corp. | 748 | 24,385 | ||||||
|
| |||||||
179,605 | ||||||||
|
| |||||||
Macau — 0.3% | ||||||||
Sands China Ltd. | 2,838 | 13,790 | ||||||
|
| |||||||
Malaysia — 0.5% | ||||||||
Alliance Bank Malaysia Bhd | 1,300 | 1,173 | ||||||
Astro Malaysia Holdings Bhd | 1,900 | 1,320 | ||||||
DiGi.Com Bhd | 4,200 | 4,765 | ||||||
HAP Seng Consolidated Bhd | 812 | 1,920 | ||||||
Maxis Bhd | 2,300 | 3,335 | ||||||
Petronas Gas Bhd | 900 | 3,495 | ||||||
SP Setia Bhd Group | 996 | 850 | ||||||
Westports Holdings Bhd | 1,200 | 1,009 | ||||||
|
| |||||||
17,867 | ||||||||
|
| |||||||
Netherlands — 0.2% | ||||||||
Randstad Holding NV | 151 | 9,299 | ||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Fletcher Building Ltd. | 860 | 4,079 | ||||||
Mercury NZ Ltd. | 908 | 2,042 |
Number | Value | |||||||
New Zealand (Continued) | ||||||||
Spark New Zealand Ltd. | 2,266 | $ | 5,607 | |||||
|
| |||||||
11,728 | ||||||||
|
| |||||||
Norway — 0.4% | ||||||||
Gjensidige Forsikring ASA | 246 | 4,459 | ||||||
Orkla ASA | 1,018 | 10,205 | ||||||
|
| |||||||
14,664 | ||||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Globe Telecom, Inc. | 100 | 3,641 | ||||||
Manila Electric Co. | 280 | 1,755 | ||||||
|
| |||||||
5,396 | ||||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 2,907 | 10,190 | ||||||
Jeronimo Martins SGPS SA | 547 | 10,743 | ||||||
|
| |||||||
20,933 | ||||||||
|
| |||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. | 118 | 907 | ||||||
Masraf Al Rayan QSC | 446 | 4,159 | ||||||
Qatar Electricity & Water Co. QSC | 33 | 1,468 | ||||||
Qatar Islamic Bank SAQ | 91 | 2,275 | ||||||
|
| |||||||
8,809 | ||||||||
|
| |||||||
Romania — 0.2% | ||||||||
NEPI Rockcastle PLC | 489 | 7,607 | ||||||
|
| |||||||
Russia — 2.8% | ||||||||
Alrosa PJSC | 1,755 | 2,338 | ||||||
Gazprom PJSC | 13,551 | 30,632 | ||||||
Inter RAO UES PJSC | 12,475 | 786 | ||||||
LUKOIL PJSC | 542 | 30,526 | ||||||
Magnit PJSC, GDR | 393 | 10,383 | ||||||
MMC Norilsk Nickel PJSC | 80 | 13,515 | ||||||
PhosAgro PJSC, GDR | 169 | 2,535 | ||||||
RusHydro PJSC | 135,233 | 1,883 | ||||||
Severstal PJSC | 310 | 4,900 | ||||||
Tatneft PJSC | 1,797 | 14,038 | ||||||
|
| |||||||
111,536 | ||||||||
|
| |||||||
Singapore — 2.9% | ||||||||
ComfortDelGro Corp. Ltd. | 2,387 | 3,540 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,947 | 36,438 | ||||||
Singapore Exchange Ltd. | 941 | 5,233 | ||||||
Singapore Press Holdings Ltd. (a) | 1,900 | 3,888 | ||||||
Singapore Technologies Engineering Ltd. | 1,915 | 4,629 | ||||||
Singapore Telecommunications Ltd. | 9,939 | 27,490 | ||||||
StarHub Ltd. | 700 | 1,479 | ||||||
United Overseas Bank Ltd. | 1,599 | 31,065 | ||||||
|
| |||||||
113,762 | ||||||||
|
| |||||||
South Africa — 3.1% | ||||||||
Barclays Africa Group Ltd. | 785 | 9,031 | ||||||
Coronation Fund Managers Ltd. | 133 | 701 | ||||||
FirstRand Ltd. | 4,117 | 16,915 | ||||||
Foschini Group Ltd. | 276 | 3,180 | ||||||
Investec Ltd. | 310 | 2,148 | ||||||
Investec PLC | 836 | 5,845 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
South Africa (Continued) | ||||||||
Liberty Holdings Ltd. | 138 | $ | 1,169 | |||||
Life Healthcare Group Holdings Ltd. | 1,597 | 3,040 | ||||||
MMI Holdings Ltd. | 1,237 | 1,811 | ||||||
Mr Price Group Ltd. (a) | 302 | 4,580 | ||||||
Nedbank Group Ltd. | 293 | 4,941 | ||||||
Netcare Ltd. | 1,409 | 2,312 | ||||||
RMB Holdings Ltd. | 870 | 4,245 | ||||||
Sanlam Ltd. | 1,742 | 9,940 | ||||||
SPAR Group Ltd. (a) | 184 | 2,546 | ||||||
Standard Bank Group Ltd. | 1,584 | 19,980 | ||||||
Steinhoff International Holdings NV | 3,847 | 15,781 | ||||||
Truworths International Ltd. | 550 | 3,209 | ||||||
Vodacom Group Ltd. (a) | 736 | 7,785 | ||||||
Woolworths Holdings Ltd. | 1,222 | 5,168 | ||||||
|
| |||||||
124,327 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
SK Telecom Co. Ltd. | 27 | 6,550 | ||||||
|
| |||||||
Spain — 2.5% | ||||||||
Enagas SA | 323 | 9,479 | ||||||
Endesa SA | 389 | 8,675 | ||||||
Gas Natural SDG SA | 411 | 9,187 | ||||||
Iberdrola SA | 6,954 | 55,224 | ||||||
Mapfre SA | 842 | 2,832 | ||||||
Red Electrica Corp. SA | 526 | 11,895 | ||||||
|
| |||||||
97,292 | ||||||||
|
| |||||||
Sweden — 1.0% | ||||||||
Hennes & Mauritz AB, Class B | 1,163 | 27,384 | ||||||
Skanska AB, Class B | 463 | 10,155 | ||||||
|
| |||||||
37,539 | ||||||||
|
| |||||||
Switzerland — 2.9% | ||||||||
Swiss Prime Site AG | 87 | 7,500 | ||||||
Swiss Re AG | 377 | 35,334 | ||||||
Swisscom AG | 32 | 16,882 | ||||||
Zurich Insurance Group AG | 184 | 55,588 | ||||||
|
| |||||||
115,304 | ||||||||
|
| |||||||
Taiwan — 6.3% | ||||||||
Advanced Semiconductor Engineering, Inc. | 8,096 | 10,486 | ||||||
Catcher Technology Co. Ltd. | 790 | 8,507 | ||||||
Cathay Financial Holding Co. Ltd. | 10,029 | 17,287 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,386 | 4,089 | ||||||
Chicony Electronics Co. Ltd. | 574 | 1,523 | ||||||
Chunghwa Telecom Co. Ltd. | 4,650 | 16,046 | ||||||
Compal Electronics, Inc. | 5,173 | 3,579 | ||||||
CTBC Financial Holding Co. Ltd. | 21,357 | 14,241 | ||||||
Delta Electronics, Inc. | 2,419 | 11,009 | ||||||
Eclat Textile Co. Ltd. | 219 | 1,961 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,929 | 4,598 | ||||||
Feng TAY Enterprise Co. Ltd. | 410 | 1,716 | ||||||
First Financial Holding Co. Ltd. | 9,208 | 5,910 | ||||||
Formosa Chemicals & Fibre Corp. | 3,604 | 10,934 | ||||||
Formosa Plastics Corp. | 5,000 | 15,103 | ||||||
Formosa Taffeta Co. Ltd. | 534 | 535 | ||||||
Foxconn Technology Co. Ltd. | 1,127 | 3,134 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Fubon Financial Holding Co. Ltd. | 8,166 | $ | 13,354 | |||||
Highwealth Construction Corp. | 997 | 1,326 | ||||||
Hon Hai Precision Industry Co. Ltd. | 18,905 | 63,029 | ||||||
Inventec Corp. | 3,094 | 2,321 | ||||||
Lite-On Technology Corp. | 2,611 | 3,208 | ||||||
Micro-Star International Co. Ltd. | 865 | 2,114 | ||||||
Nien Made Enterprise Co. Ltd. | 177 | 1,623 | ||||||
Novatek Microelectronics Corp. | 645 | 2,462 | ||||||
Pegatron Corp. | 2,457 | 5,595 | ||||||
Phison Electronics Corp. | 183 | 1,855 | ||||||
Pou Chen Corp. | 2,583 | 3,100 | ||||||
Realtek Semiconductor Corp. | 548 | 2,037 | ||||||
Siliconware Precision Industries Co. Ltd. | 2,696 | 4,494 | ||||||
Taiwan Mobile Co. Ltd. | 1,942 | 6,960 | ||||||
Vanguard International Semiconductor Corp. | 1,110 | 2,642 | ||||||
Zhen Ding Technology Holding Ltd. | 494 | 1,207 | ||||||
|
| |||||||
247,985 | ||||||||
|
| |||||||
Thailand — 1.2% | ||||||||
Bangkok Bank PCL | 300 | 1,833 | ||||||
Delta Electronics Thailand PCL, NVDR | 600 | 1,548 | ||||||
Glow Energy PCL, NVDR | 600 | 1,603 | ||||||
Krung Thai Bank PCL, NVDR | 4,200 | 2,482 | ||||||
PTT Global Chemical PCL, NVDR | 2,600 | 6,329 | ||||||
PTT PCL, NVDR | 1,300 | 16,399 | ||||||
Siam Cement PCL | 500 | 7,287 | ||||||
Siam Commercial Bank PCL, NVDR | 2,300 | 10,739 | ||||||
|
| |||||||
48,220 | ||||||||
|
| |||||||
Turkey — 0.3% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,447 | 3,181 | ||||||
Ford Otomotiv Sanayi AS | 100 | 1,406 | ||||||
TAV Havalimanlari Holding AS | 254 | 1,266 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 167 | 5,169 | ||||||
|
| |||||||
11,022 | ||||||||
|
| |||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC | 2,423 | 4,651 | ||||||
Aldar Properties PJSC | 4,498 | 2,694 | ||||||
DAMAC Properties Dubai Co. PJSC | 2,464 | 2,314 | ||||||
Dubai Investments PJSC | 1,832 | 1,227 | ||||||
Dubai Islamic Bank PJSC | 1,499 | 2,461 | ||||||
Emaar Malls PJSC | 3,157 | 1,848 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,289 | 10,221 | ||||||
|
| |||||||
25,416 | ||||||||
|
| |||||||
United Kingdom — 14.8% | ||||||||
Admiral Group PLC | 256 | 6,658 | ||||||
AstraZeneca PLC | 1,532 | 98,973 | ||||||
Babcock International Group PLC | 276 | 2,602 | ||||||
BAE Systems PLC | 3,910 | 29,189 | ||||||
Barratt Developments PLC | 1,180 | 9,671 | ||||||
Berkeley Group Holdings PLC | 159 | 8,205 | ||||||
BT Group PLC | 9,982 | 35,207 | ||||||
Capita PLC | 796 | 5,022 | ||||||
Direct Line Insurance Group PLC | 1,662 | 8,222 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
easyJet PLC | 205 | $ | 3,898 | |||||
G4S PLC | 1,868 | 6,482 | ||||||
IMI PLC | 328 | 5,571 | ||||||
Imperial Brands PLC | 1,142 | 47,329 | ||||||
ITV PLC | 4,479 | 9,686 | ||||||
Legal & General Group PLC | 7,284 | 26,321 | ||||||
Marks & Spencer Group PLC | 1,985 | 8,408 | ||||||
National Grid PLC | 4,216 | 50,460 | ||||||
Next PLC | 179 | 10,838 | ||||||
Pearson PLC | 1,011 | 9,680 | ||||||
Persimmon PLC | 378 | 12,985 | ||||||
Rio Tinto Ltd. | 528 | 28,336 | ||||||
Rio Tinto PLC | 1,493 | 70,700 | ||||||
Royal Mail PLC | 1,118 | 6,681 | ||||||
Severn Trent PLC | 285 | 8,090 | ||||||
SSE PLC | 1,203 | 22,273 | ||||||
Standard Life Aberdeen PLC | 3,227 | 18,775 | ||||||
Taylor Wimpey PLC | 3,754 | 9,925 | ||||||
WPP PLC | 1,513 | 26,743 | ||||||
|
| |||||||
586,930 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,901,186 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.7% | ||||||||
Brazil — 0.4% | ||||||||
Itausa — Investimentos Itau SA | 4,862 | 15,417 | ||||||
|
| |||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG | 67 | 5,798 | ||||||
|
|
Number | Value | |||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. | 28 | $ | 2,508 | |||||
Hyundai Motor Co. — 2nd Preferred | 47 | 4,686 | ||||||
|
| |||||||
7,194 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 28,409 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
CTBC Financial Holding Co. Ltd., expires 12/15/17*(c) | 292 | 0 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.3% | ||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF (d) | 500 | 13,936 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.7% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (e)(f) | 27,191 | 27,191 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.4% (Cost $3,543,065) | $ | 3,970,722 | ||||||
Other assets and liabilities, net — (0.4%) | (16,159 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,954,563 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $25,579, which is 0.6% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund advised by DBX Advisors LLC. |
(e) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(f) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Private Joint Stock Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/2017 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/2017 | |||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | 28,205 | 64,713 | (78,853 | ) | 46 | (175 | ) | 403 | — | 13,936 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | AED | 115,000 | USD | 31,307 | $ | — | $ | (2 | ) | ||||||||||||
RBC Capital Markets | 12/5/2017 | AUD | 267,000 | USD | 204,649 | 2,694 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | AUD | 3,000 | USD | 2,299 | 30 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | BRL | 259,000 | USD | 78,843 | — | (234 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | CAD | 28,000 | USD | 21,726 | 21 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | CAD | 693,800 | USD | 538,358 | 542 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | CHF | 5,000 | USD | 5,026 | — | (59 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | CHF | 114,000 | USD | 114,602 | — | (1,338 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | CLP | 3,244,000 | USD | 5,100 | 89 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | CLP | 888,000 | USD | 1,396 | 24 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CZK | 129,000 | USD | 5,865 | — | (154 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 19,000 | USD | 2,980 | — | (60 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 28,000 | USD | 32,674 | — | (665 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | EUR | 840,000 | USD | 980,146 | — | (20,041 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 502,000 | USD | 667,188 | — | (11,868 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | GBP | 14,000 | USD | 18,608 | — | (330 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 127,000 | USD | 16,285 | 23 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | HKD | 3,121,000 | USD | 400,205 | 571 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 1,186,000 | USD | 10,451 | — | (90 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 12,827,000 | USD | 113,016 | — | (992 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | KRW | 14,146,000 | USD | 12,631 | — | (368 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | MXN | 73,000 | USD | 3,796 | — | (118 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | NOK | 120,000 | USD | 14,677 | 250 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NZD | 20,000 | USD | 13,692 | 23 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | PHP | 170,000 | USD | 3,280 | — | (102 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | PLN | 15,000 | USD | 4,122 | — | (128 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | QAR | 37,000 | USD | 10,161 | — | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | RUB | 159,000 | USD | 2,709 | — | (8 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | RUB | 4,673,000 | USD | 79,651 | — | (208 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | SEK | 327,000 | USD | 39,125 | 43 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | SGD | 155,000 | USD | 113,789 | — | (1,148 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | SGD | 2,000 | USD | 1,468 | — | (15 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | THB | 1,313,000 | USD | 39,512 | — | (694 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TRY | 33,000 | USD | 8,612 | 198 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TRY | 14,000 | USD | 3,650 | 80 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 7,492,000 | USD | 248,615 | — | (1,234 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | TWD | 279,000 | USD | 9,272 | — | (33 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 31,310 | AED | 115,000 | — | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 204,971 | AUD | 270,000 | — | (747 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 79,241 | BRL | 259,000 | — | (164 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 560,306 | CAD | 721,800 | — | (785 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 121,197 | CHF | 119,000 | — | (171 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 6,379 | CLP | 4,132,000 | 4 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 6,025 | CZK | 129,000 | — | (6 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 3,044 | DKK | 19,000 | — | (4 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 1,034,960 | EUR | 868,000 | — | (1,433 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 698,483 | GBP | 516,000 | — | (489 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 415,866 | HKD | 3,248,000 | 30 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 125,222 | JPY | 14,013,000 | — | (673 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 13,004 | KRW | 14,146,000 | — | (5 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 3,923 | MXN | 73,000 | — | (10 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 14,476 | NOK | 120,000 | — | (49 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 13,725 | NZD | 20,000 | — | (56 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,830 | PHP | 92,000 | — | (1 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 1,505 | PHP | 78,000 | 46 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 4,258 | PLN | 15,000 | — | (8 | ) |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 9,946 | QAR | 37,000 | $ | 215 | $ | — | |||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 82,665 | RUB | 4,832,000 | — | (88 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 39,237 | SEK | 327,000 | — | (155 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 116,555 | SGD | 157,000 | — | (136 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 40,202 | THB | 1,313,000 | 5 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 12,019 | TRY | 47,000 | — | (35 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 258,947 | TWD | 7,771,000 | 206 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 106,071 | ZAR | 1,447,300 | — | (633 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 1,426,300 | USD | 100,285 | — | (3,624 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | ZAR | 21,000 | USD | 1,477 | — | (53 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | IDR | 49,637,000 | USD | 3,647 | — | (21 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | MYR | 67,000 | USD | 15,834 | — | (546 | ) | ||||||||||||||
RBC Capital Markets | 12/6/2017 | USD | 3,667 | IDR | 49,637,000 | — | — | |||||||||||||||
RBC Capital Markets | 12/6/2017 | USD | 16,379 | MYR | 67,000 | — | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | AED | 115,000 | USD | 31,306 | — | (1 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | AUD | 270,000 | USD | 204,937 | 745 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | BRL | 259,000 | USD | 78,975 | 166 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CAD | 721,800 | USD | 560,607 | 793 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | CHF | 119,000 | USD | 121,535 | 165 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CLP | 4,132,000 | USD | 6,382 | — | (1 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CZK | 129,000 | USD | 6,048 | 5 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | DKK | 19,000 | USD | 3,051 | 4 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 52,000 | USD | 62,144 | 92 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | EUR | 868,000 | USD | 1,037,208 | 1,406 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | GBP | 516,000 | USD | 699,397 | 492 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | HKD | 3,248,000 | USD | 416,010 | — | (49 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | IDR | 49,637,000 | USD | 3,656 | — | (2 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | KRW | 14,146,000 | USD | 13,006 | 3 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | MXN | 73,000 | USD | 3,903 | 10 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | MYR | 67,000 | USD | 16,380 | 19 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | NOK | 120,000 | USD | 14,492 | 49 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NZD | 20,000 | USD | 13,719 | 56 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PHP | 92,000 | USD | 1,828 | 1 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PHP | 179,000 | USD | 3,548 | — | (6 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PLN | 15,000 | USD | 4,260 | 8 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | QAR | 37,000 | USD | 9,944 | — | (219 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | SEK | 327,000 | USD | 39,344 | 158 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | SGD | 157,000 | USD | 116,573 | 134 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | THB | 240,000 | USD | 7,366 | 12 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | THB | 1,313,000 | USD | 40,214 | — | (19 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TRY | 47,000 | USD | 11,909 | 41 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | TWD | 7,771,000 | USD | 259,293 | — | (275 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 5,990 | AED | 22,000 | — | (1 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 3,036 | AUD | 4,000 | — | (11 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | USD | 2,750 | BRL | 9,000 | — | (11 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 32,622 | CAD | 42,000 | — | (47 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | USD | 4,086 | CHF | 4,000 | — | (6 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 120,642 | GBP | 89,000 | — | (95 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 59,173 | HKD | 462,000 | 8 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 3,902 | MXN | 73,000 | — | (10 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 2,058 | NZD | 3,000 | — | (8 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 4,260 | PLN | 15,000 | — | (8 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 2,971 | SGD | 4,000 | — | (4 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 6,751 | TWD | 202,000 | — | (4 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ZAR | 292,000 | USD | 21,298 | 133 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | ZAR | 1,447,300 | USD | 105,552 | 645 | — | |||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 6,224,000 | USD | 55,726 | 301 | — | |||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 14,013,000 | USD | 125,459 | 671 | — |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | RUB | 4,832,000 | USD | 82,237 | $ | 154 | $ | — | |||||||||||||||||||
Goldman Sachs & Co. | 1/10/2018 | RUB | 1,742,000 | USD | 29,646 | 54 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 11,419 | $ | (50,558 | ) | |||||||||||||||||||||||
|
|
|
|
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 | Philippine 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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 3,901,186 | $ | — | $ | — | $ | 3,901,186 | ||||||||
Preferred Stocks (g) | 28,409 | — | — | 28,409 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Exchange-Traded Fund | 13,936 | — | — | 13,936 | ||||||||||||
Short-Term Investments | 27,191 | — | — | 27,191 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 11,419 | — | 11,419 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,970,722 | $ | 11,419 | $ | 0 | $ | 3,982,141 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (50,558 | ) | $ | — | $ | (50,558 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (50,558 | ) | $ | — | $ | (50,558 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Australia — 6.7% | ||||||||
ASX Ltd. | 526 | $ | 22,734 | |||||
Aurizon Holdings Ltd. | 5,578 | 22,235 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,314 | 11,569 | ||||||
Crown Resorts Ltd. | 1,038 | 9,697 | ||||||
Fortescue Metals Group Ltd. | 4,080 | 14,196 | ||||||
Harvey Norman Holdings Ltd. (a) | 1,486 | 4,507 | ||||||
Insurance Australia Group Ltd. | 6,416 | 34,797 | ||||||
LendLease Group (b) | 1,501 | 18,052 | ||||||
Medibank Pvt Ltd. | 7,468 | 18,472 | ||||||
QBE Insurance Group Ltd. | 3,783 | 30,389 | ||||||
Tatts Group Ltd. | 3,731 | 12,163 | ||||||
Telstra Corp. Ltd. | 11,290 | 29,291 | ||||||
Wesfarmers Ltd. | 3,124 | 103,783 | ||||||
|
| |||||||
331,885 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 306 | 7,438 | ||||||
|
| |||||||
Finland — 4.9% | ||||||||
Elisa OYJ | 385 | 15,663 | ||||||
Metso OYJ | 303 | 10,693 | ||||||
Nokia OYJ | 16,078 | 80,681 | ||||||
Nokian Renkaat OYJ | 311 | 13,574 | ||||||
Orion OYJ, Class B | 291 | 10,748 | ||||||
Sampo OYJ, Class A | 1,237 | 65,386 | ||||||
UPM-Kymmene OYJ | 1,446 | 43,527 | ||||||
|
| |||||||
240,272 | ||||||||
|
| |||||||
France — 14.7% | ||||||||
AXA SA | 5,291 | 159,644 | ||||||
Bouygues SA | 598 | 30,934 | ||||||
CNP Assurances | 457 | 10,286 | ||||||
Eutelsat Communications SA | 468 | 10,595 | ||||||
Sanofi | 2,711 | 247,170 | ||||||
SCOR SE | 468 | 19,084 | ||||||
TOTAL SA | 4,425 | 249,675 | ||||||
|
| |||||||
727,388 | ||||||||
|
| |||||||
Germany — 20.1% | ||||||||
Allianz SE | 1,043 | 245,990 | ||||||
BASF SE | 2,222 | 248,605 | ||||||
Bayerische Motoren Werke AG | 902 | 90,913 | ||||||
Daimler AG | 2,626 | 217,291 | ||||||
Evonik Industries AG | 441 | 16,450 | ||||||
Hannover Rueck SE | 167 | 21,944 | ||||||
Innogy SE, 144A | 376 | 17,380 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 421 | 93,680 | ||||||
ProSiebenSat.1 Media SE | 631 | 20,068 | ||||||
TUI AG | 1,193 | 22,007 | ||||||
|
| |||||||
994,328 | ||||||||
|
| |||||||
Hong Kong — 5.2% | ||||||||
BOC Hong Kong Holdings Ltd. | 10,029 | 50,722 | ||||||
CLP Holdings Ltd. | 4,463 | 45,515 | ||||||
Hang Lung Properties Ltd. | 5,545 | 13,049 | ||||||
Hang Seng Bank Ltd. | 2,071 | 51,177 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
HKT Trust & HKT Ltd. (b) | 10,037 | $ | 12,607 | |||||
New World Development Co. Ltd. | 16,241 | 23,540 | ||||||
NWS Holdings Ltd. | 4,239 | 7,696 | ||||||
Power Assets Holdings Ltd. | 3,760 | 32,111 | ||||||
Sino Land Co. Ltd. | 8,263 | 14,960 | ||||||
Yue Yuen Industrial Holdings Ltd. | 1,982 | 7,080 | ||||||
|
| |||||||
258,457 | ||||||||
|
| |||||||
Italy — 2.1% | ||||||||
Atlantia SpA | 1,229 | 40,827 | ||||||
Snam SpA | 6,167 | 31,093 | ||||||
Terna Rete Elettrica Nazionale SpA | 3,994 | 24,696 | ||||||
UnipolSai Assicurazioni SpA | 2,800 | 6,566 | ||||||
|
| |||||||
103,182 | ||||||||
|
| |||||||
Japan — 5.5% | ||||||||
Aozora Bank Ltd. | 323 | 12,499 | ||||||
Canon, Inc. | 2,934 | 112,047 | ||||||
Nissan Motor Co. Ltd. | 6,400 | 61,870 | ||||||
Sekisui House Ltd. | 1,624 | 30,223 | ||||||
Subaru Corp. | 1,700 | 55,421 | ||||||
|
| |||||||
272,060 | ||||||||
|
| |||||||
Macau — 0.6% | ||||||||
Sands China Ltd. | 6,487 | 31,521 | ||||||
|
| |||||||
New Zealand — 0.5% | ||||||||
Fletcher Building Ltd. | 1,861 | 8,828 | ||||||
Mercury NZ Ltd. | 1,898 | 4,268 | ||||||
Spark New Zealand Ltd. | 4,919 | 12,171 | ||||||
|
| |||||||
25,267 | ||||||||
|
| |||||||
Norway — 0.2% | ||||||||
Gjensidige Forsikring ASA | 539 | 9,770 | ||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 6,600 | 23,135 | ||||||
|
| |||||||
Singapore — 2.1% | ||||||||
ComfortDelGro Corp. Ltd. | 6,100 | 9,046 | ||||||
Singapore Exchange Ltd. | 2,150 | 11,957 | ||||||
Singapore Press Holdings Ltd. | 4,280 | 8,759 | ||||||
Singapore Technologies Engineering Ltd. | 4,190 | 10,129 | ||||||
Singapore Telecommunications Ltd. | 22,498 | 62,226 | ||||||
StarHub Ltd. | 1,600 | 3,381 | ||||||
|
| |||||||
105,498 | ||||||||
|
| |||||||
Spain — 4.5% | ||||||||
Enagas SA | 649 | 19,045 | ||||||
Endesa SA | 860 | 19,178 | ||||||
Gas Natural SDG SA | 950 | 21,235 | ||||||
Iberdrola SA | 15,599 | 123,877 | ||||||
Mapfre SA | 2,988 | 10,051 | ||||||
Red Electrica Corp. SA | 1,173 | 26,527 | ||||||
|
| |||||||
219,913 | ||||||||
|
| |||||||
Sweden — 1.7% | ||||||||
Hennes & Mauritz AB, Class B | 2,617 | 61,619 | ||||||
Skanska AB, Class B | 923 | 20,244 | ||||||
|
| |||||||
81,863 | ||||||||
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Switzerland — 5.3% | ||||||||
Swiss Prime Site AG | 194 | $ | 16,723 | |||||
Swiss Re AG | 866 | 81,164 | ||||||
Swisscom AG | 71 | 37,458 | ||||||
Zurich Insurance Group AG | 412 | 124,469 | ||||||
|
| |||||||
259,814 | ||||||||
|
| |||||||
United Kingdom — 24.7% | ||||||||
Admiral Group PLC | 539 | 14,017 | ||||||
AstraZeneca PLC | 3,445 | 222,560 | ||||||
BAE Systems PLC | 8,758 | 65,380 | ||||||
Barratt Developments PLC | 2,818 | 23,095 | ||||||
Berkeley Group Holdings PLC | 356 | 18,372 | ||||||
Capita PLC | 1,861 | 11,741 | ||||||
Direct Line Insurance Group PLC | 3,730 | 18,452 | ||||||
easyJet PLC | 452 | 8,595 | ||||||
IMI PLC | 739 | 12,553 | ||||||
Imperial Brands PLC | 2,609 | 108,128 | ||||||
ITV PLC | 9,834 | 21,266 | ||||||
Legal & General Group PLC | 16,157 | 58,385 | ||||||
Marks & Spencer Group PLC | 4,631 | 19,615 | ||||||
National Grid PLC | 9,301 | 111,321 | ||||||
Next PLC | 398 | 24,098 | ||||||
Pearson PLC | 2,230 | 21,352 | ||||||
Persimmon PLC | 836 | 28,717 | ||||||
Rio Tinto Ltd. | 1,151 | 61,770 | ||||||
Rio Tinto PLC | 3,372 | 159,678 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Royal Mail PLC | 2,506 | $ | 14,976 | |||||
Severn Trent PLC | 638 | 18,111 | ||||||
SSE PLC | 2,715 | 50,266 | ||||||
Standard Life Aberdeen PLC | 7,238 | 42,111 | ||||||
Taylor Wimpey PLC | 9,121 | 24,115 | ||||||
WPP PLC | 3,498 | 61,830 | ||||||
|
| |||||||
1,220,504 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,912,295 | |||||||
|
| |||||||
PREFERRED STOCK — 0.3% | ||||||||
Germany — 0.3% | ||||||||
Bayerische Motoren Werke AG | 147 | 12,720 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) | 14,097 | 14,097 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $4,476,758) | $ | 4,939,112 | ||||||
Other assets and liabilities, net (a) — 0.0% | 1,347 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,940,459 | ||||||
|
|
(a) | All or a portion of these securities were on loan amounting to $4,280. In addition, “Other assets and liabilities, net” include pending sales, amounting to $9,113 that are also on loan. The value of all securities loaned at November 30, 2017 amounted to $13,393, which is 0.3% of net assets. |
(b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/2017 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/2017 | |||||||||||||||||||||||||
Xtrackers MSCI | 23,654 | 70,414 | (94,221 | ) | 865 | (712 | ) | 707 | — | — |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of New York Mellon | 12/5/2017 | AUD | 13,000 | USD | 9,964 | $ | 131 | $ | — | |||||||||||||
The Bank of New York Mellon | 12/5/2017 | AUD | 512,000 | USD | 392,428 | 5,159 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | CHF | 250,000 | USD | 251,306 | — | (2,950 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | CHF | 18,000 | USD | 18,095 | — | (212 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 40,000 | USD | 6,273 | — | (126 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | EUR | 108,000 | USD | 126,025 | — | (2,570 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | EUR | 189,000 | USD | 220,537 | — | (4,505 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | EUR | 1,611,000 | USD | 1,879,916 | — | (38,300 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | GBP | 47,000 | USD | 62,468 | — | (1,109 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | GBP | 72,000 | USD | 95,697 | — | (1,698 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | GBP | 924,000 | USD | 1,228,107 | — | (21,789 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | HKD | 2,274,000 | USD | 291,590 | 411 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 15,468,000 | USD | 136,286 | — | (1,196 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | JPY | 1,900,000 | USD | 16,743 | — | (144 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NOK | 81,000 | USD | 9,907 | 169 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NZD | 51,000 | USD | 34,915 | 59 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 30,000 | USD | 3,590 | 4 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 710,000 | USD | 84,951 | 94 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SGD | 10,000 | USD | 7,342 | — | (74 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SGD | 238,000 | USD | 174,725 | — | (1,758 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 398,554 | AUD | 525,000 | — | (1,453 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 272,926 | CHF | 268,000 | — | (365 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 6,409 | DKK | 40,000 | — | (9 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 339,820 | EUR | 285,000 | — | (470 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 13,964 | EUR | 12,000 | 325 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 1,920,997 | EUR | 1,611,000 | — | (2,780 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 15,920 | GBP | 12,000 | 312 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2017 | USD | 144,844 | GBP | 107,000 | — | (105 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2017 | USD | 1,250,814 | GBP | 924,000 | — | (918 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 4,232 | HKD | 33,000 | — | (6 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 286,932 | HKD | 2,241,000 | 20 | — | |||||||||||||||
RBC Capital Markets | 12/5/2017 | USD | 155,203 | JPY | 17,368,000 | — | (834 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 9,771 | NOK | 81,000 | — | (33 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 34,999 | NZD | 51,000 | — | (143 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 88,793 | SEK | 740,000 | — | (351 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 184,113 | SGD | 248,000 | — | (215 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2018 | AUD | 525,000 | USD | 398,475 | 1,434 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | CHF | 268,000 | USD | 273,696 | 359 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | DKK | 40,000 | USD | 6,423 | 9 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | DKK | 9,000 | USD | 1,445 | 2 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | EUR | 285,000 | USD | 340,562 | 466 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | EUR | 1,611,000 | USD | 1,925,129 | 2,690 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | EUR | 64,000 | USD | 76,477 | 105 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2018 | GBP | 107,000 | USD | 145,034 | 106 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | GBP | 924,000 | USD | 1,252,436 | 909 | — | |||||||||||||||
RBC Capital Markets | 1/4/2018 | HKD | 46,000 | USD | 5,891 | — | (1 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | HKD | 2,241,000 | USD | 287,026 | — | (39 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NOK | 81,000 | USD | 9,782 | 33 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NZD | 51,000 | USD | 34,983 | 143 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SEK | 740,000 | USD | 89,034 | 355 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SGD | 248,000 | USD | 184,132 | 203 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2018 | USD | 2,277 | AUD | 3,000 | — | (8 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2018 | USD | 8,171 | CHF | 8,000 | — | (12 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2018 | USD | 191,123 | GBP | 141,000 | — | (144 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 9,603 | NZD | 14,000 | — | (39 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 7,100 | SEK | 59,000 | — | (30 | ) |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 77,227 | SGD | 104,000 | $ | — | $ | (95 | ) | ||||||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 13,340,000 | USD | 119,440 | 645 | — | |||||||||||||||||||||
RBC Capital Markets | 1/5/2018 | JPY | 17,368,000 | USD | 155,496 | 831 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 14,974 | $ | (84,481 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 4,912,295 | $ | — | $ | — | $ | 4,912,295 | ||||||||
Preferred Stock | 12,720 | — | — | 12,720 | ||||||||||||
Short-Term Investments | 14,097 | — | — | 14,097 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 14,974 | — | 14,974 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,939,112 | $ | 14,974 | $ | — | $ | 4,954,086 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (84,481 | ) | $ | — | $ | (84,481 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (84,481 | ) | $ | — | $ | (84,481 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 94.7% | ||||||||
Brazil — 5.1% | ||||||||
Ambev SA | 11,092 | $ | 69,667 | |||||
BB Seguridade Participacoes SA | 1,552 | 12,744 | ||||||
CCR SA | 3,215 | 15,547 | ||||||
Cosan SA Industria e Comercio | 408 | 4,466 | ||||||
Hypermarcas SA | 804 | 8,068 | ||||||
Odontoprev SA | 510 | 2,376 | ||||||
Porto Seguro SA | 347 | 3,798 | ||||||
Transmissora Alianca de Energia Eletrica SA | 492 | 3,199 | ||||||
|
| |||||||
119,865 | ||||||||
|
| |||||||
Chile — 0.4% | ||||||||
Aguas Andinas SA, Class A | 5,025 | 2,890 | ||||||
Enel Generacion Chile SA | 9,105 | 7,431 | ||||||
|
| |||||||
10,321 | ||||||||
|
| |||||||
China — 14.6% | ||||||||
Agricultural Bank of China Ltd., Class H | 60,741 | 28,231 | ||||||
ANTA Sports Products Ltd. | 2,800 | 12,548 | ||||||
China Construction Bank Corp., Class H | 135,422 | 118,080 | ||||||
China Vanke Co. Ltd., Class H | 2,502 | 9,114 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 2,200 | 2,073 | ||||||
CRRC Corp. Ltd., Class H | 9,000 | 8,205 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 1,299 | 4,990 | ||||||
Great Wall Motor Co. Ltd., Class H | 7,000 | 8,192 | ||||||
Hengan International Group Co. Ltd. | 1,366 | 13,319 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 150,741 | 117,155 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 3,311 | 4,536 | ||||||
Longfor Properties Co. Ltd. | 3,889 | 9,132 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 8,000 | 4,742 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 3,884 | 4,655 | ||||||
|
| |||||||
344,972 | ||||||||
|
| |||||||
Czech Republic — 0.6% | ||||||||
Komercni banka AS | 201 | 8,425 | ||||||
Moneta Money Bank AS, 144A | 1,282 | 4,623 | ||||||
O2 Czech Republic AS | 119 | 1,486 | ||||||
|
| |||||||
14,534 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
JUMBO SA | 196 | 2,963 | ||||||
|
| |||||||
Hong Kong — 4.3% | ||||||||
China Everbright Ltd. | 2,472 | 5,513 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,702 | 4,391 | ||||||
China Overseas Land & Investment Ltd. | 7,990 | 25,371 | ||||||
China Resources Land Ltd. | 7,450 | 21,415 | ||||||
China Resources Power Holdings Co. Ltd. | 3,209 | 6,040 | ||||||
China State Construction International Holdings Ltd. | 4,000 | 5,193 | ||||||
Guangdong Investment Ltd. | 5,600 | 7,529 | ||||||
Kingboard Chemical Holdings Ltd. | 2,000 | 11,472 | ||||||
Lee & Man Paper Manufacturing Ltd. | 3,000 | 3,515 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Shimao Property Holdings Ltd. | 2,884 | $ | 5,635 | |||||
Sun Art Retail Group Ltd. | 6,392 | 6,253 | ||||||
|
| |||||||
102,327 | ||||||||
|
| |||||||
Hungary — 0.4% | ||||||||
MOL Hungarian Oil & Gas PLC | 815 | 9,449 | ||||||
|
| |||||||
India — 1.6% | ||||||||
Infosys Ltd., ADR | 2,410 | 37,500 | ||||||
|
| |||||||
Indonesia — 2.8% | ||||||||
PT Bank Negara Indonesia Persero Tbk | 20,538 | 12,299 | ||||||
PT Gudang Garam Tbk | 1,326 | 7,502 | ||||||
PT Indofood Sukses Makmur Tbk | 10,200 | 5,524 | ||||||
PT Surya Citra Media Tbk | 15,595 | 2,536 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 118,700 | 36,419 | ||||||
PT Tower Bersama Infrastructure Tbk | 4,800 | 2,023 | ||||||
|
| |||||||
66,303 | ||||||||
|
| |||||||
Malaysia — 3.5% | ||||||||
Alliance Bank Malaysia Bhd | 3,100 | 2,797 | ||||||
Astro Malaysia Holdings Bhd | 3,000 | 2,084 | ||||||
DiGi.Com Bhd | 8,248 | 9,358 | ||||||
HAP Seng Consolidated Bhd | 1,500 | 3,547 | ||||||
Hong Leong Bank Bhd | 1,300 | 4,813 | ||||||
Maxis Bhd | 4,800 | 6,960 | ||||||
Nestle Malaysia Bhd | 100 | 2,379 | ||||||
Petronas Dagangan Bhd | 500 | 2,959 | ||||||
Petronas Gas Bhd | 1,900 | 7,378 | ||||||
Public Bank Bhd | 6,400 | 31,143 | ||||||
SP Setia Bhd Group | 2,300 | 1,963 | ||||||
Telekom Malaysia Bhd | 3,100 | 4,571 | ||||||
Westports Holdings Bhd | 2,500 | 2,103 | ||||||
|
| |||||||
82,055 | ||||||||
|
| |||||||
Mexico — 1.6% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 839 | 8,351 | ||||||
Wal-Mart de Mexico SAB de CV | 12,304 | 28,999 | ||||||
|
| |||||||
37,350 | ||||||||
|
| |||||||
Philippines — 0.4% | ||||||||
DMCI Holdings, Inc. | 10,900 | 3,262 | ||||||
Globe Telecom, Inc. | 85 | 3,095 | ||||||
Manila Electric Co. | 520 | 3,259 | ||||||
|
| |||||||
9,616 | ||||||||
|
| |||||||
Poland — 0.3% | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 4,748 | 8,112 | ||||||
|
| |||||||
Qatar — 0.8% | ||||||||
Barwa Real Estate Co. | 294 | 2,261 | ||||||
Masraf Al Rayan QSC | 971 | 9,053 | ||||||
Qatar Electricity & Water Co. QSC | 73 | 3,248 | ||||||
Qatar Islamic Bank SAQ | 156 | 3,900 | ||||||
|
| |||||||
18,462 | ||||||||
|
| |||||||
Romania — 0.6% | ||||||||
NEPI Rockcastle PLC | 881 | 13,705 | ||||||
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Russia — 9.6% | ||||||||
Alrosa PJSC | 5,930 | $ | 7,899 | |||||
Gazprom PJSC | 24,535 | 55,462 | ||||||
Inter RAO UES PJSC | 61,354 | 3,868 | ||||||
LUKOIL PJSC | 724 | 40,776 | ||||||
LUKOIL PJSC, ADR | 265 | 14,721 | ||||||
Magnit PJSC, GDR | 794 | 20,977 | ||||||
MMC Norilsk Nickel PJSC | 145 | 24,496 | ||||||
PhosAgro PJSC, GDR | 313 | 4,695 | ||||||
Polyus PJSC | 56 | 4,705 | ||||||
Rosneft Oil Co. PJSC, GDR | 2,117 | 10,443 | ||||||
Rosneft Oil Co. PJSC | 125 | 628 | ||||||
RusHydro PJSC | 250,152 | 3,483 | ||||||
Severstal PJSC | 551 | 8,709 | ||||||
Tatneft PJSC | 3,412 | 26,655 | ||||||
|
| |||||||
227,517 | ||||||||
|
| |||||||
South Africa — 10.1% | ||||||||
Barclays Africa Group Ltd. | 1,568 | 18,039 | ||||||
Bidvest Group Ltd. | 786 | 10,967 | ||||||
Coronation Fund Managers Ltd. (a) | 554 | 2,920 | ||||||
FirstRand Ltd. | 7,782 | 31,973 | ||||||
Foschini Group Ltd. | 546 | 6,290 | ||||||
Liberty Holdings Ltd. | 343 | 2,905 | ||||||
MMI Holdings Ltd. | 2,496 | 3,654 | ||||||
Mr Price Group Ltd. (a) | 648 | 9,828 | ||||||
Nedbank Group Ltd. | 498 | 8,399 | ||||||
Netcare Ltd. | 2,832 | 4,646 | ||||||
Pick n Pay Stores Ltd. | 704 | 3,267 | ||||||
Pioneer Foods Group Ltd. | 247 | 2,359 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,419 | 4,389 | ||||||
RMB Holdings Ltd. | 1,521 | 7,421 | ||||||
Sanlam Ltd. | 3,258 | 18,591 | ||||||
SPAR Group Ltd. (a) | 515 | 7,127 | ||||||
Standard Bank Group Ltd. | 2,997 | 37,804 | ||||||
Steinhoff International Holdings NV | 6,762 | 27,738 | ||||||
Truworths International Ltd. | 1,162 | 6,780 | ||||||
Vodacom Group Ltd. (a) | 1,396 | 14,765 | ||||||
Woolworths Holdings Ltd. | 2,307 | 9,756 | ||||||
|
| |||||||
239,618 | ||||||||
|
| |||||||
South Korea — 3.4% | ||||||||
Coway Co. Ltd. | 141 | 12,425 | ||||||
GS Retail Co. Ltd. | 52 | 1,888 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 168 | 6,700 | ||||||
Kia Motors Corp. | 520 | 16,079 | ||||||
KT&G Corp. | 274 | 30,717 | ||||||
SK Telecom Co. Ltd. | 48 | 11,644 | ||||||
|
| |||||||
79,453 | ||||||||
|
| |||||||
Taiwan — 27.9% | ||||||||
Advanced Semiconductor Engineering, Inc. | 15,441 | 20,000 | ||||||
Advantech Co. Ltd. | 1,000 | 6,668 | ||||||
AU Optronics Corp. | 20,000 | 8,502 | ||||||
Catcher Technology Co. Ltd. | 1,726 | 18,587 | ||||||
Cathay Financial Holding Co. Ltd. | 21,785 | 37,550 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 4,936 | 8,459 | ||||||
Chicony Electronics Co. Ltd. | 1,434 | 3,806 | ||||||
Chunghwa Telecom Co. Ltd. | 9,122 | 31,477 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Compal Electronics, Inc. | 10,905 | $ | 7,544 | |||||
CTBC Financial Holding Co. Ltd. | 40,638 | 27,097 | ||||||
Delta Electronics, Inc. | 4,130 | 18,795 | ||||||
Eclat Textile Co. Ltd. | 510 | 4,565 | ||||||
Far EasTone Telecommunications Co. Ltd. | 4,047 | 9,647 | ||||||
Feng TAY Enterprise Co. Ltd. | 848 | 3,548 | ||||||
First Financial Holding Co. Ltd. | 20,052 | 12,869 | ||||||
Formosa Chemicals & Fibre Corp. | 7,000 | 21,238 | ||||||
Formosa Plastics Corp. | 9,947 | 30,046 | ||||||
Formosa Taffeta Co. Ltd. | 2,429 | 2,433 | ||||||
Foxconn Technology Co. Ltd. | 1,386 | 3,854 | ||||||
Fubon Financial Holding Co. Ltd. | 15,615 | 25,536 | ||||||
Hon Hai Precision Industry Co. Ltd. | 34,159 | 113,886 | ||||||
Hotai Motor Co. Ltd. | 764 | 8,839 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 18,441 | 10,114 | ||||||
Inventec Corp. | 6,780 | 5,086 | ||||||
Lite-On Technology Corp. | 4,000 | 4,914 | ||||||
Micro-Star International Co. Ltd. | 1,807 | 4,416 | ||||||
Nien Made Enterprise Co. Ltd. | 1,000 | 9,168 | ||||||
Novatek Microelectronics Corp. | 1,510 | 5,764 | ||||||
Pegatron Corp. | 5,000 | 11,386 | ||||||
Phison Electronics Corp. | 369 | 3,740 | ||||||
Pou Chen Corp. | 6,045 | 7,255 | ||||||
Powertech Technology, Inc. | 2,000 | 6,068 | ||||||
Realtek Semiconductor Corp. | 1,221 | 4,539 | ||||||
Siliconware Precision Industries Co. Ltd. | 4,653 | 7,757 | ||||||
Taiwan Mobile Co. Ltd. | 3,304 | 11,842 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 13,000 | 97,953 | ||||||
Uni-President Enterprises Corp. | 11,725 | 24,901 | ||||||
Vanguard International Semiconductor Corp. | 2,325 | 5,535 | ||||||
Yuanta Financial Holding Co. Ltd. | 22,288 | 10,329 | ||||||
Zhen Ding Technology Holding Ltd. | 1,257 | 3,072 | ||||||
|
| |||||||
658,785 | ||||||||
|
| |||||||
Thailand — 3.6% | ||||||||
Bangkok Bank PCL | 700 | 4,276 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,147 | 2,959 | ||||||
Glow Energy PCL, NVDR | 1,330 | 3,553 | ||||||
Krung Thai Bank PCL, NVDR | 7,823 | 4,623 | ||||||
PTT Global Chemical PCL, NVDR | 4,725 | 11,501 | ||||||
PTT PCL, NVDR | 2,300 | 29,014 | ||||||
Siam Cement PCL | 800 | 11,660 | ||||||
Siam Commercial Bank PCL, NVDR | 3,900 | 18,210 | ||||||
|
| |||||||
85,796 | ||||||||
|
| |||||||
Turkey — 1.1% | ||||||||
Arcelik AS | 454 | 2,297 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 3,604 | 7,924 | ||||||
Ford Otomotiv Sanayi AS | 186 | 2,615 | ||||||
TAV Havalimanlari Holding AS | 383 | 1,909 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 277 | 8,573 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 2,448 | 2,620 | ||||||
|
| |||||||
25,938 | ||||||||
|
| |||||||
United Arab Emirates — 1.9% | ||||||||
Abu Dhabi Commercial Bank PJSC | 4,766 | 9,148 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Arab Emirates (Continued) | ||||||||
Aldar Properties PJSC | 6,889 | $ | 4,126 | |||||
DAMAC Properties Dubai Co. PJSC | 4,047 | 3,801 | ||||||
Dubai Investments PJSC | 3,452 | 2,312 | ||||||
Dubai Islamic Bank PJSC | 3,174 | 5,211 | ||||||
Emaar Malls PJSC | 5,242 | 3,068 | ||||||
Emirates Telecommunications Group Co. PJSC | 3,969 | 17,722 | ||||||
|
| |||||||
45,388 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,240,029 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.0% | ||||||||
Brazil — 1.2% | ||||||||
Itausa — Investimentos Itau SA | 9,130 | 28,951 | ||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 500 | 2,187 | ||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Hyundai Motor Co. | 61 | 5,465 | ||||||
Hyundai Motor Co. — 2nd Preferred | 97 | 9,671 | ||||||
|
| |||||||
15,136 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 46,274 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Taiwan — 0.0% | ||||||||
CTBC Financial Holding Co. Ltd., expires 12/15/17*(b) | 625 | $ | 0 | |||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 1.0% | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF (c) | 600 | 14,316 | ||||||
WisdomTree Emerging Markets High Dividend Fund | 230 | 9,982 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 24,298 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.9% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 21,159 | 21,159 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $2,125,253) | $ | 2,331,760 | ||||||
Other assets and liabilities, net — 1.4% | 32,905 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,364,665 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $19,683, which is 0.8% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Affiliated fund advised by DBX Advisors LLC. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Private Joint Stock Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated funds during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/2017 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/2017 | |||||||||||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 9,653 | 47,758 | (44,993 | ) | 2,025 | (127 | ) | 2 | — | 14,316 |
At November 30, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized (Depreciation) | ||||||||||||||||||
SGX NIFTY 50 Futures | USD | 3 | $ | 62,670 | $ | 61,668 | 12/28/2017 | $ | (1,002 | ) |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AED | 5,000 | USD | 1,361 | $ | — | $ | — | |||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AED | 245,000 | USD | 66,698 | — | (5 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | BRL | 9,000 | USD | 2,739 | — | (9 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | BRL | 695,000 | USD | 211,545 | — | (651 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CLP | 4,747,000 | USD | 7,463 | 130 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CZK | 317,000 | USD | 14,412 | — | (379 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HKD | 4,705,000 | USD | 603,330 | 870 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HKD | 235,000 | USD | 30,133 | 42 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HUF | 2,962,000 | USD | 11,092 | — | (172 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | KRW | 1,800,000 | USD | 1,607 | — | (47 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | KRW | 82,849,000 | USD | 73,956 | — | (2,178 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | MXN | 752,000 | USD | 39,104 | — | (1,213 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | PHP | 492,000 | USD | 9,492 | — | (294 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | PLN | 67,000 | USD | 18,412 | — | (572 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | QAR | 73,000 | USD | 20,032 | — | �� | (17 | ) | |||||||||||||
The Bank of Nova Scotia | 12/5/2017 | RUB | 11,170,000 | USD | 190,369 | — | (522 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | RUB | 250,000 | USD | 4,260 | — | (13 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | THB | 3,539,000 | USD | 106,484 | — | (1,887 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TRY | 13,000 | USD | 3,390 | 75 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TRY | 85,000 | USD | 22,177 | 505 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TWD | 17,964,000 | USD | 596,670 | — | (2,407 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TWD | 435,000 | USD | 14,447 | — | (60 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | TWD | 120,000 | USD | 3,979 | — | (23 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 68,064 | AED | 250,000 | — | (1 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 215,389 | BRL | 704,000 | — | (445 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 7,329 | CLP | 4,747,000 | 4 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 14,805 | CZK | 317,000 | — | (15 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 632,506 | HKD | 4,940,000 | 45 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 11,284 | HUF | 2,962,000 | — | (20 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 77,785 | KRW | 84,649,000 | 3 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 40,417 | MXN | 752,000 | — | (100 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 6,805 | PHP | 342,000 | — | (2 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 2,895 | PHP | 150,000 | 89 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 19,019 | PLN | 67,000 | — | (35 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 20,048 | QAR | 73,000 | — | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 195,502 | RUB | 11,420,000 | — | (339 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 104,667 | THB | 3,409,000 | — | (276 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 3,914 | THB | 130,000 | 67 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 25,089 | TRY | 98,000 | — | (103 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 617,423 | TWD | 18,519,000 | 161 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 230,310 | ZAR | 3,142,000 | — | (1,409 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | ZAR | 3,065,000 | USD | 215,538 | — | (7,753 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | ZAR | 77,000 | USD | 5,414 | — | (196 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/6/2017 | IDR | 273,448,000 | USD | 20,096 | — | (110 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/6/2017 | MYR | 198,000 | USD | 46,842 | — | (1,564 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/6/2017 | USD | 20,213 | IDR | 273,448,000 | — | (8 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/6/2017 | USD | 47,217 | MYR | 193,000 | — | (34 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/6/2017 | USD | 1,184 | MYR | 5,000 | 39 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | AED | 250,000 | USD | 68,055 | — | (5 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | BRL | 704,000 | USD | 214,693 | 479 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CLP | 3,284,000 | USD | 5,061 | — | (12 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CLP | 4,747,000 | USD | 7,330 | — | (3 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CZK | 317,000 | USD | 14,863 | 12 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 3,000 | USD | 3,585 | 5 | — | |||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | HKD | 4,940,000 | USD | 632,709 | — | (91 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | HUF | 2,962,000 | USD | 11,311 | 19 | — |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | IDR | 607,114,000 | USD | 44,701 | $ | — | $ | (38 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | IDR | 273,448,000 | USD | 20,158 | 8 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | INR | 2,392,000 | USD | 36,942 | — | (7 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | KRW | 15,737,000 | USD | 14,459 | — | (6 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | KRW | 4,264,000 | USD | 3,915 | — | (4 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | KRW | 84,649,000 | USD | 77,785 | — | (20 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | MXN | 752,000 | USD | 40,202 | 107 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | MYR | 141,000 | USD | 34,457 | 25 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | MYR | 193,000 | USD | 47,154 | 23 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PHP | 342,000 | USD | 6,794 | 4 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PHP | 189,000 | USD | 3,747 | — | (6 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | PLN | 67,000 | USD | 19,027 | 35 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | QAR | 73,000 | USD | 20,043 | — | (7 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | THB | 3,409,000 | USD | 104,715 | 254 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | TRY | 98,000 | USD | 24,860 | 115 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | TWD | 18,519,000 | USD | 618,000 | — | (573 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | TWD | 1,524,000 | USD | 50,803 | — | (101 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 19,330 | AED | 71,000 | — | (1 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 59,782 | BRL | 196,000 | — | (142 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 10,376 | HKD | 81,000 | — | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 174,328 | HKD | 1,361,000 | 12 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 1,524 | HUF | 399,000 | — | (3 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 4,806 | MXN | 90,000 | — | (8 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 10,509 | PLN | 37,000 | — | (21 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 3,022 | QAR | 11,000 | — | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 4,146 | THB | 135,000 | — | (9 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 15,588 | THB | 507,000 | — | (52 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 5,812 | TWD | 174,000 | — | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 5,880 | ZAR | 81,000 | — | (9 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | ZAR | 3,142,000 | USD | 229,181 | 1,435 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | ZAR | 374,000 | USD | 27,275 | 166 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/10/2018 | RUB | 11,420,000 | USD | 194,478 | 483 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/10/2018 | RUB | 1,976,000 | USD | 33,617 | 50 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 5,262 | $ | (23,977 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
CZK | Czech Koruna |
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 | Philippine 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. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,240,029 | $ | — | $ | — | $ | 2,240,029 | ||||||||
Preferred Stocks (f) | 46,274 | — | — | 46,274 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Exchange-Traded Funds | 24,298 | — | — | 24,298 | ||||||||||||
Short-Term Investments | 21,159 | — | — | 21,159 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 5,262 | — | 5,262 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,331,760 | $ | 5,262 | $ | 0 | $ | 2,337,022 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (23,977 | ) | $ | — | $ | (23,977 | ) | ||||||
Futures Contracts | (1,002 | ) | — | — | (1,002 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,002 | ) | $ | (23,977 | ) | $ | — | $ | (24,979 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Finland — 22.5% | ||||||||
Elisa OYJ | 1,656 | $ | 67,371 | |||||
Fortum OYJ | 5,151 | 108,396 | ||||||
Metso OYJ | 1,313 | 46,337 | ||||||
Nokia OYJ | 38,995 | 195,680 | ||||||
Nokian Renkaat OYJ | 1,357 | 59,228 | ||||||
Orion OYJ, Class B | 1,213 | 44,800 | ||||||
Sampo OYJ, Class A | 3,687 | 194,891 | ||||||
UPM-Kymmene OYJ | 6,190 | 186,328 | ||||||
|
| |||||||
903,031 | ||||||||
|
| |||||||
France — 22.6% | ||||||||
AXA SA | 6,684 | 201,675 | ||||||
Bouygues SA | 2,487 | 128,648 | ||||||
CNP Assurances | 1,999 | 44,993 | ||||||
Eutelsat Communications SA | 2,033 | 46,024 | ||||||
Sanofi | 2,203 | 200,854 | ||||||
SCOR SE | 2,004 | 81,719 | ||||||
TOTAL SA | 3,591 | 202,618 | ||||||
|
| |||||||
906,531 | ||||||||
|
| |||||||
Germany — 25.5% | ||||||||
Allianz SE | 849 | 200,235 | ||||||
Bayerische Motoren Werke AG | 1,715 | 172,856 | ||||||
Daimler AG | 2,403 | 198,839 | ||||||
Hannover Rueck SE | 699 | 91,851 | ||||||
Innogy SE, 144A | 1,617 | 74,743 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 878 | 195,370 | ||||||
ProSiebenSat.1 Media SE | 2,702 | 85,933 | ||||||
|
| |||||||
1,019,827 | ||||||||
|
|
Number | Value | |||||||
Italy — 10.9% | ||||||||
Atlantia SpA | 5,267 | $ | 174,969 | |||||
Snam SpA | 26,388 | 133,046 | ||||||
Terna Rete Elettrica Nazionale SpA | 16,317 | 100,894 | ||||||
UnipolSai Assicurazioni SpA | 11,533 | 27,042 | ||||||
|
| |||||||
435,951 | ||||||||
|
| |||||||
Portugal — 2.4% | ||||||||
EDP — Energias de Portugal SA | 27,563 | 96,616 | ||||||
|
| |||||||
Spain — 15.3% | ||||||||
Enagas SA | 2,630 | 77,179 | ||||||
Endesa SA | 3,684 | 82,151 | ||||||
Gas Natural SDG SA | 4,062 | 90,797 | ||||||
Iberdrola SA | 25,836 | 205,173 | ||||||
Mapfre SA | 12,551 | 42,217 | ||||||
Red Electrica Corp. SA | 5,020 | 113,526 | ||||||
|
| |||||||
611,043 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,972,999 | |||||||
|
| |||||||
PREFERRED STOCK — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG | 283 | 24,488 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $3,527,888) | $ | 3,997,487 | ||||||
Other assets and liabilities, net — 0.2% | 7,750 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,005,237 | ||||||
|
|
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 3,335,500 | USD | 3,892,078 | $ | — | $ | (79,499 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 7,000 | USD | 8,149 | — | (186 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 157,000 | USD | 183,212 | — | (3,728 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 4,172,629 | EUR | 3,499,500 | — | (5,777 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 3,499,500 | USD | 4,181,693 | 5,668 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 131,457 | EUR | 110,000 | — | (192 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 5,668 | $ | (89,382 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
EUR | Euro |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 3,972,999 | $ | — | $ | — | $ | 3,972,999 | ||||||||
Preferred Stock | 24,488 | — | — | 24,488 | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 5,668 | — | 5,668 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,997,487 | $ | 5,668 | $ | — | $ | 4,003,155 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (89,382 | ) | $ | — | $ | (89,382 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (89,382 | ) | $ | — | $ | (89,382 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 47 |
DBX ETF Trust
November 30, 2017 (Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 8,651,817 | $ | 9,780,723 | $ | 9,445,237 | $ | 59,857,940 | ||||||||
Investment in affiliated securities at value | — | 482,220 | — | — | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 30,150 | 672,661 | 46,350 | — | ||||||||||||
Cash | 240,339 | 92,566 | 102,310 | 288,943 | ||||||||||||
Deposit with broker for futures contracts | 85,745 | 59,355 | 106,030 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 151,304 | 72,704 | 272,849 | 5,023,484 | ||||||||||||
Variation margin on futures contracts | 20,155 | 25,912 | 25,305 | — | ||||||||||||
Interest | 132,726 | 149,850 | 90,648 | 813,869 | ||||||||||||
Securities lending income | 48 | 667 | 9 | — | ||||||||||||
Other assets | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 9,312,341 | $ | 11,336,715 | $ | 10,088,795 | $ | 65,984,293 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 30,150 | $ | 672,661 | $ | 46,350 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 411,594 | 180,272 | 304,817 | 5,685,128 | ||||||||||||
Investment advisory fees | 2,958 | 2,997 | 1,761 | 14,942 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 444,702 | 855,930 | 352,928 | 5,700,070 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,867,639 | $ | 10,480,785 | $ | 9,735,867 | $ | 60,284,223 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 8,739,275 | $ | 11,098,142 | $ | 9,895,623 | $ | 59,795,497 | ||||||||
Undistributed net investment income | 16,266 | 59,644 | 25,222 | 131,579 | ||||||||||||
Accumulated net realized gain (loss) | (69,619 | ) | (745,941 | ) | (236,453 | ) | 118,684 | |||||||||
Net unrealized appreciation (depreciation) | 181,717 | 68,940 | 51,475 | 238,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,867,639 | $ | 10,480,785 | $ | 9,735,867 | $ | 60,284,223 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 350,001 | 450,001 | 400,001 | 2,250,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 25.34 | $ | 23.29 | $ | 24.34 | $ | 26.79 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 8,493,030 | $ | 9,732,785 | $ | 9,419,082 | $ | 59,619,477 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | — | $ | 486,359 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 28,872 | $ | 652,221 | $ | 44,676 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 30,150 | $ | 672,661 | $ | 46,350 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2017 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 3,929,595 | $ | 4,925,015 | $ | 2,296,285 | $ | 3,997,487 | ||||||||
Investment in affiliated securities at value | 13,936 | — | 14,316 | — | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 27,191 | 14,097 | 21,159 | — | ||||||||||||
Cash | — | 172 | 26,580 | 6,721 | ||||||||||||
Foreign currency at value | 4,811 | 3,054 | 33,830 | 98 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 11,419 | 14,974 | 5,262 | 5,668 | ||||||||||||
Deposit with broker for futures contracts | — | — | 2,310 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 445,914 | 609,098 | 499,033 | 921,064 | ||||||||||||
Dividends | 4,304 | 7,015 | 872 | — | ||||||||||||
Securities lending income | 85 | 108 | 8 | — | ||||||||||||
Foreign tax reclaim | 4,527 | 2,925 | 22 | 3,619 | ||||||||||||
Other assets | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 4,441,839 | $ | 5,576,515 | $ | 2,899,734 | $ | 4,934,714 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | 615 | $ | — | $ | — | $ | — | ||||||||
Payable upon return of securities loaned | 27,191 | 14,097 | 21,159 | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 50,558 | 84,481 | 23,977 | 89,382 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 407,439 | 535,636 | 487,930 | 838,608 | ||||||||||||
Investment advisory fees | 1,473 | 1,842 | 1,277 | 1,487 | ||||||||||||
Variation margin on futures contracts | — | — | 726 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 487,276 | 636,056 | 535,069 | 929,477 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 3,954,563 | $ | 4,940,459 | $ | 2,364,665 | $ | 4,005,237 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 3,754,560 | $ | 4,824,394 | $ | 2,507,967 | $ | 3,822,127 | ||||||||
Undistributed net investment income | 13,684 | 13,972 | 2,315 | 4,648 | ||||||||||||
Accumulated net realized gain (loss) | (202,018 | ) | (290,363 | ) | (332,827 | ) | (207,784 | ) | ||||||||
Net unrealized appreciation (depreciation) | 388,337 | 392,456 | 187,210 | 386,246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 3,954,563 | $ | 4,940,459 | $ | 2,364,665 | $ | 4,005,237 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 150,001 | 200,001 | 100,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 26.36 | $ | 24.70 | $ | 23.65 | $ | 26.70 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 3,501,934 | $ | 4,462,661 | $ | 2,089,803 | $ | 3,527,888 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 13,940 | $ | — | $ | 14,291 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 25,579 | $ | 4,280 | $ | 19,683 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 27,191 | $ | 14,097 | $ | 21,159 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 4,789 | $ | 3,034 | $ | 33,465 | $ | 96 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
��
See Notes to Financial Statements. | 49 |
DBX ETF Trust
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 162,599 | $ | 297,193 | $ | 116,627 | $ | 860,147 | ||||||||
Income distributions from affiliated funds | — | 1,856 | — | — | ||||||||||||
Securities lending income, net of borrower rebates | 311 | 2,044 | 12 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 162,910 | 301,093 | 116,639 | 860,147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 16,986 | 18,341 | 8,582 | 91,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 16,986 | 18,341 | 8,582 | 91,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 145,924 | 282,752 | 108,057 | 769,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 58,696 | (49,419 | ) | 7,176 | (131,156 | ) | ||||||||||
In-kind redemptions | — | — | (107 | ) | 349,818 | |||||||||||
Futures contracts | 38,193 | 92,052 | 26,748 | — | ||||||||||||
Foreign currency transactions | 153 | 420 | 327 | — | ||||||||||||
Payments by Affiliates (see note 10) | — | — | 156 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 97,042 | 43,053 | 34,300 | 218,662 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 28,373 | (129,779 | ) | (6,587 | ) | (24,042 | ) | |||||||||
Investments in affiliates | — | (4,139 | ) | — | — | |||||||||||
Futures contracts | 23,025 | 25,363 | 25,033 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 51,398 | (108,555 | ) | 18,446 | (24,042 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and futures | 148,440 | (65,502 | ) | 52,746 | 194,620 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 294,364 | $ | 217,250 | $ | 160,803 | $ | 963,744 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 75,264 | $ | 70,189 | $ | 64,354 | $ | 28,367 | ||||||||
Income distributions from affiliated funds | 403 | 707 | 2 | — | ||||||||||||
Securities lending income, net of borrower rebates | 741 | 867 | 109 | 364 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 76,408 | 71,763 | 64,465 | 28,731 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 8,852 | 11,071 | 7,720 | 8,944 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 8,852 | 11,071 | 7,720 | 8,944 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 67,556 | 60,692 | 56,745 | 19,787 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 20,197 | 50,363 | 49,574 | 46,449 | ||||||||||||
Investments in affiliates | 46 | 865 | 2,025 | — | ||||||||||||
Futures contracts | — | — | 3,369 | — | ||||||||||||
Foreign currency transactions | 671 | 426 | (387 | ) | (66 | ) | ||||||||||
Forward foreign currency contracts | (103,968 | ) | (159,075 | ) | (5,165 | ) | (233,393 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (83,054 | ) | (107,421 | ) | 49,416 | (187,010 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 141,214 | 110,132 | 46,725 | 178,747 | ||||||||||||
Investments in affiliates | (175 | ) | (712 | ) | (127 | ) | — | |||||||||
Futures contracts | — | — | (988 | ) | — | |||||||||||
Foreign currency translations | (745 | ) | (684 | ) | 406 | 134 | ||||||||||
Forward foreign currency contracts | (903 | ) | (8,011 | ) | (5,046 | ) | 37,431 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 139,391 | 100,725 | 40,970 | 216,312 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 56,337 | (6,696 | ) | 90,386 | 29,302 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 123,893 | $ | 53,996 | $ | 147,131 | $ | 49,089 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 7,362 | $ | 3,186 | $ | 9,865 | $ | 5,138 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 145,924 | $ | 267,741 | $ | 282,752 | $ | 478,802 | ||||||||
Net realized gain (loss) | 97,042 | 115,835 | 43,053 | (80,820 | ) | |||||||||||
Net change in net unrealized appreciation (depreciation) | 51,398 | 179,710 | (108,555 | ) | 601,975 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 294,364 | 563,286 | 217,250 | 999,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (157,412 | ) | (325,064 | ) | (275,117 | ) | (522,877 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (157,412 | ) | (325,064 | ) | (275,117 | ) | (522,877 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,502,420 | — | — | 1,170,920 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,502,420 | — | — | 1,170,920 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 2,639,372 | 238,222 | (57,867 | ) | 1,648,000 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,228,267 | 5,990,045 | 10,538,652 | 8,890,652 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,867,639 | $ | 6,228,267 | $ | 10,480,785 | $ | 10,538,652 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 16,266 | $ | 27,754 | $ | 59,644 | $ | 52,009 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 250,001 | 250,001 | 450,001 | 400,001 | ||||||||||||
Shares sold | 100,000 | — | — | 50,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 350,001 | 250,001 | 450,001 | 450,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 108,057 | $ | 146,491 | $ | 769,124 | $ | 1,419,698 | ||||||||
Net realized gain (loss) | 34,300 | 37,644 | 218,662 | 212,593 | ||||||||||||
Net change in net unrealized appreciation (depreciation) | 18,446 | 37,117 | (24,042 | ) | (1,719,907 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 160,803 | 221,252 | 963,744 | (87,616 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (98,839 | ) | (164,095 | ) | (762,233 | ) | (1,375,484 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (98,839 | ) | (164,095 | ) | (762,233 | ) | (1,375,484 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 3,650,755 | 1,208,433 | 6,714,448 | 51,520,321 | ||||||||||||
Value of shares redeemed | — | — | (6,724,268 | ) | (26,644,648 | ) | ||||||||||
Payments by Affiliates (See Note 10) | — | — | — | 5,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 3,650,755 | 1,208,433 | (9,820 | ) | 24,881,469 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 3,712,719 | 1,265,590 | 191,691 | 23,418,369 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,023,148 | 4,757,558 | 60,092,532 | 36,674,163 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 9,735,867 | $ | 6,023,148 | $ | 60,284,223 | $ | 60,092,532 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 25,222 | $ | 16,003 | $ | 131,579 | $ | 124,688 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 250,001 | 200,001 | 2,250,001 | 1,350,001 | ||||||||||||
Shares sold | 150,000 | 50,000 | 250,000 | 1,900,000 | ||||||||||||
Shares redeemed | — | — | (250,000 | ) | (1,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,001 | 250,001 | 2,250,001 | 2,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 67,556 | $ | 153,517 | $ | 60,692 | $ | 211,266 | ||||||||
Net realized gain (loss) | (83,054 | ) | 116,135 | (107,421 | ) | 200,750 | ||||||||||
Net change in net unrealized appreciation (depreciation) | 139,391 | 343,050 | 100,725 | 407,603 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 123,893 | 612,702 | 53,996 | 819,619 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (90,298 | ) | (89,798 | ) | (112,425 | ) | (190,359 | ) | ||||||||
Net realized gains | — | (46,490 | ) | — | (262,188 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (90,298 | ) | (136,288 | ) | (112,425 | ) | (452,547 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | — | — | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 33,595 | 476,414 | (58,429 | ) | 367,072 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 3,920,968 | 3,444,554 | 4,998,888 | 4,631,816 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,954,563 | $ | 3,920,968 | $ | 4,940,459 | $ | 4,998,888 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 13,684 | $ | 36,426 | $ | 13,972 | $ | 65,705 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 150,001 | 200,001 | 200,001 | ||||||||||||
Shares sold | — | — | — | — | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 150,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 56,745 | $ | 77,820 | $ | 19,787 | $ | 143,457 | ||||||||
Net realized gain (loss) | 49,416 | (163,797 | ) | (187,010 | ) | 105,349 | ||||||||||
Net change in net unrealized appreciation (depreciation) | 40,970 | 340,740 | 216,312 | 187,756 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 147,131 | 254,763 | 49,089 | 436,562 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (81,190 | ) | (84,449 | ) | (122,371 | ) | (90,079 | ) | ||||||||
Net realized gains | — | — | — | (3,658 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (81,190 | ) | (84,449 | ) | (122,371 | ) | (93,737 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | — | 1,326,417 | ||||||||||||
Value of shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | — | — | 1,326,417 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 65,941 | 170,314 | (73,282 | ) | 1,669,242 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,298,724 | 2,128,410 | 4,078,519 | 2,409,277 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,364,665 | $ | 2,298,724 | $ | 4,005,237 | $ | 4,078,519 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 2,315 | $ | 26,760 | $ | 4,648 | $ | 107,232 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 100,001 | 150,001 | 100,001 | ||||||||||||
Shares sold | — | — | — | 50,000 | ||||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 24.91 | $ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.48 | 1.07 | 1.07 | 0.27 | ||||||||||||
Net realized and unrealized gain (loss) | 0.49 | 1.18 | (0.80 | ) | (0.04 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.97 | 2.25 | 0.27 | 0.23 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.54 | ) | (1.30 | ) | (1.26 | ) | (0.20 | ) | ||||||||
Net realized gains | — | — | (0.08 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.54 | ) | (1.30 | ) | (1.34 | ) | (0.20 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 25.34 | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 3.96 | ** | 9.61 | 1.22 | 0.90 | ** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 9 | 6 | 6 | 6 | ||||||||||||
Ratio of expenses (%) | 0.45 | * | 0.47 | 0.50 | 0.50 | * | ||||||||||
Ratio of net investment income (loss) (%) | 3.90 | * | 4.35 | 4.45 | 4.35 | * | ||||||||||
Portfolio turnover rate (%)(c) | 30 | ** | 35 | 15 | 1 | ** | ||||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 23.42 | $ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.63 | 1.17 | 1.08 | 0.29 | ||||||||||||
Net realized and unrealized gain (loss) | (0.15 | ) | 1.30 | (2.10 | ) | (0.51 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.48 | 2.47 | (1.02 | ) | (0.22 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.61 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.61 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 23.29 | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 2.09 | ** | 11.40 | (4.06 | ) | (0.87 | )** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 10 | 11 | 9 | 11 | ||||||||||||
Ratio of expenses (%) | 0.35 | * | 0.39 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 5.40 | * | 5.08 | 4.81 | 4.75 | * | ||||||||||
Portfolio turnover rate (%)(c) | 23 | ** | 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. | 56 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | ||||||||||||||||
Net Asset Value, beginning of period | $ | 24.09 | $ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.38 | 0.73 | 0.71 | 0.17 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.22 | 0.39 | (0.73 | ) | (0.43 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.60 | 1.12 | (0.02 | ) | (0.26 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.35 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.35 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 24.34 | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 2.52 | ** | 4.79 | (0.04 | ) | (1.03 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 10 | 6 | 5 | 6 | ||||||||||||||||
Ratio of expenses (%) | 0.25 | * | 0.25 | 0.25 | 0.25 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 3.15 | * | 3.04 | 3.00 | 2.72 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 20 | ** | 26 | 14 | 7 | ** | ||||||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.34 | 0.66 | 0.80 | 0.81 | 0.81 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.08 | (0.46 | ) | 1.67 | 0.40 | 0.00 | (e) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.42 | 0.20 | 2.47 | 1.21 | 0.81 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.34 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.34 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 26.79 | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 1.58 | ** | 0.77 | 9.89 | 4.88 | 3.46 | **(f) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 60 | 60 | 37 | 22 | 16 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.30 | * | 0.30 | 0.30 | 0.30 | 0.32 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.30 | * | 0.30 | 0.30 | 0.30 | 0.30 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 2.53 | * | 2.50 | 3.07 | 3.16 | 3.48 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 19 | ** | 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. | 57 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 26.14 | $ | 22.96 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.45 | 1.02 | 0.70 | |||||||||
Net realized and unrealized gain (loss) | 0.37 | 3.07 | (2.38 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.82 | 4.09 | (1.68 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.60 | ) | (0.60 | ) | (0.36 | ) | ||||||
Net realized gains | — | (0.31 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.60 | ) | (0.91 | ) | (0.36 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 26.36 | $ | 26.14 | $ | 22.96 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 3.20 | ** | 18.17 | (6.67 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 4 | 4 | 3 | |||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 3.43 | * | 4.17 | 3.83 | * | |||||||
Portfolio turnover rate (%)(c) | 16 | ** | 36 | 33 | ** | |||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 24.99 | $ | 23.16 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.30 | 1.06 | 0.88 | |||||||||
Net realized and unrealized gain (loss) | (0.03 | ) | 3.03 | (2.17 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.27 | 4.09 | (1.29 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.56 | ) | (0.95 | ) | (0.38 | ) | ||||||
Net realized gains | — | (1.31 | ) | (0.17 | ) | |||||||
|
|
|
|
|
| |||||||
Total distributions | (0.56 | ) | (2.26 | ) | (0.55 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 24.70 | $ | 24.99 | $ | 23.16 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 1.13 | ** | 18.93 | (d) | (5.08 | )** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 5 | 5 | 5 | |||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 2.47 | * | 4.48 | 4.86 | * | |||||||
Portfolio turnover rate (%)(c) | 15 | ** | 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. | 58 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 22.99 | $ | 21.28 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.57 | 0.78 | 0.39 | |||||||||
Net realized and unrealized gain (loss) | 0.90 | 1.77 | (3.32 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.47 | 2.55 | (2.93 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.81 | ) | (0.84 | ) | (0.27 | ) | ||||||
Net realized gains | — | — | (0.52 | ) | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.81 | ) | (0.84 | ) | (0.79 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.65 | $ | 22.99 | $ | 21.28 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 6.46 | ** | 12.23 | (11.67 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 2 | |||||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | 0.65 | * | |||||||
Ratio of net investment income (loss) (%) | 4.78 | * | 3.49 | 2.20 | * | |||||||
Portfolio turnover rate (%)(c) | 27 | ** | 48 | 39 | ** | |||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 27.19 | $ | 24.09 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.13 | 1.37 | 0.75 | |||||||||
Net realized and unrealized gain (loss) | 0.20 | 2.67 | (1.38 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.33 | 4.04 | (0.63 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.82 | ) | (0.90 | ) | (0.28 | ) | ||||||
Net realized gains | — | (0.04 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.82 | ) | (0.94 | ) | (0.28 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 26.70 | $ | 27.19 | $ | 24.09 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 1.22 | ** | 17.45 | (2.52 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 4 | 4 | 2 | |||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 1.00 | * | 5.65 | 3.95 | * | |||||||
Portfolio turnover rate (%)(c) | 24 | ** | 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. | 59 |
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 November 30, 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:
New Fund Name | Former Fund Name | |
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | |
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | |
Xtrackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | |
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | |
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | |
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | |
Xtrackers MSCI Eurozone 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”).
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF offer shares that are listed and traded of the Bats BZX Exchange. (“Bats BZX”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and Xtrackers 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 | |
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Solactive Emerging Markets Bond — Interest Rate Hedged Index | |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | |
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Solactive Investment Grade Bond — Interest Rate Hedged Index | |
Xtrackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index | |
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | MSCI EAFE High Dividend Yield US Dollar Hedged Index |
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Fund | Underlying Index | |
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index | |
Xtrackers 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 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 Indexes 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
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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 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 Funds’ 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.
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Investments in open-end investment companies are valued as 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.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ 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 for both tax and 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 Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers 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
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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 period ended November 30, 2017, the Funds did not incur any interest or penalties.
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 | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 34,361 | $ | 27,047 | $ | 61,408 | ||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 173,436 | 525,306 | 698,742 | |||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 172,360 | 63,885 | 236,245 | |||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 94,048 | — | 94,048 | |||||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 191,238 | 60,163 | 251,401 |
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:
Post-October Losses on Capital | ||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | $ | 5,513 | ||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 5,930 | |||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 138,404 | |||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 171,506 | |||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 124,686 | |||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 111,685 |
As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 6,176,236 | $ | 25,066 | $ | 125,715 | $ | (100,649 | ) | |||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 11,014,488 | 92,756 | 301,915 | (209,159 | ) | |||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 5,876,038 | (1,478 | ) | 44,665 | (46,143 | ) | ||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 58,773,523 | 262,505 | 918,174 | (655,669 | ) | |||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 3,781,834 | 269,576 | 351,591 | (82,015 | ) |
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Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | $ | 4,948,263 | $ | 281,106 | $ | 384,759 | $ | (103,653 | ) | |||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 2,128,826 | 141,633 | 186,571 | (44,938 | ) | |||||||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 3,944,794 | 260,618 | 281,085 | (20,467 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 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 Xtrackers 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 period ended November 30, 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 November 30, 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 November 30, 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.
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As of November 30, 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 period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF |
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF |
As of November 30, 2017, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF had securities on loan, which were classified as corporate bonds and exchange-traded funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of November 30, 2017 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Corporate Bonds | $ | 348,916 | $ — | $ — | $ — | $ | 348,916 | |||||||||||||
Exchange-Traded Funds | 323,745 | — | — | — | 323,745 | |||||||||||||||
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Total Borrowings | $ | 672,661 | $ | — | $ | — | $ | — | $ | 672,661 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 672,661 |
As of November 30, 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 period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
As of November 30, 2017, Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF had no securities on loan.
Derivatives
Forward Foreign Currency Contracts Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Funds’ exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 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 forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 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 Funds had to the value of non-U.S. currencies during the period ended November 30, 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. Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF,
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Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers 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 period ended November 30, 2017, Xtrackers 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.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 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 November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 22,930 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 25,141 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 25,320 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 11,419 | Unrealized depreciation on forward foreign currency contracts | $ | 50,558 | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 14,974 | Unrealized depreciation on forward foreign currency contracts | $ | 84,481 | ||||||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Equity Contracts | Unrealized appreciation on future contracts* | $ | — | Unrealized depreciation on future contracts* | $ | 1,002 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 5,262 | Unrealized depreciation on forward foreign currency contracts | $ | 23,977 |
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Asset Derivatives | Liability Derivatives | |||||||||||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 5,668 | Unrealized depreciation on forward foreign currency contracts | $ | 89,382 |
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 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 Contracts — Interest Rate Contracts | Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 38,193 | $ | — | $ | — | $ | 38,193 | ||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 92,052 | — | — | 92,052 | ||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 26,748 | — | — | 26,748 | ||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | — | (103,968 | ) | (103,968 | ) | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | — | (159,075 | ) | (159,075 | ) | ||||||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | 3,369 | (5,165 | ) | (1,796 | ) | ||||||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | — | (233,393 | ) | (233,393 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Futures Contracts — Interest Rate Contracts | Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 23,025 | $ | — | $ | — | $ | 23,025 | ||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 25,363 | — | — | 25,363 | ||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 25,033 | — | — | 25,033 | ||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | — | (903 | ) | (903 | ) | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | — | (8,011 | ) | (8,011 | ) | ||||||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | — | (988 | ) | (5,046 | ) | (6,034 | ) | |||||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | — | 37,431 | 37,431 |
For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (7,013,939 | ) | $ | — | |||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | (9,968,277 | ) | — |
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Notes to Financial Statements (Continued)
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | $ | (6,572,807 | ) | $ | — | |||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | — | (3,987,996 | ) | |||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | — | (4,926,547 | ) | |||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 59,708 | (2,323,496 | ) | |||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | — | (3,997,162 | ) |
As of November 30, 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 | |||||||||||||||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 4,365 | $ | (4,365 | ) | $ | — | $ | — | $ | 42,101 | $ | (4,365 | ) | $ | — | $ | 37,736 | ||||||||||||||
JP Morgan & Chase Co. | — | — | — | — | 17 | — | — | 17 | ||||||||||||||||||||||||
RBC Capital Markets | 6,570 | (5,795 | ) | — | 775 | 5,795 | (5,795 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 331 | (331 | ) | — | — | 1,966 | (331 | ) | — | 1,635 | ||||||||||||||||||||||
The Bank of Nova Scotia | 153 | (153 | ) | — | — | 679 | (153 | ) | — | 526 | ||||||||||||||||||||||
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$ | 11,419 | $ | (10,644 | ) | $ | — | $ | 775 | $ | 50,558 | $ | (10,644 | ) | $ | — | $ | 39,914 | |||||||||||||||
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Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 418 | $ | (418 | ) | $ | — | $ | — | $ | 2,912 | $ | (418 | ) | $ | — | $ | 2,494 | ||||||||||||||
RBC Capital Markets | 3,057 | (3,057 | ) | — | — | 13,304 | (3,057 | ) | — | 10,247 | ||||||||||||||||||||||
The Bank of New York Mellon | 10,428 | (10,428 | ) | — | — | 65,392 | (10,428 | ) | — | 54,964 | ||||||||||||||||||||||
The Bank of Nova Scotia | 1,071 | (1,071 | ) | — | — | 2,873 | (1,071 | ) | — | 1,802 | ||||||||||||||||||||||
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$ | 14,974 | $ | (14,974 | ) | $ | — | $ | — | $ | 84,481 | $ | (14,974 | ) | $ | — | $ | 69,507 | |||||||||||||||
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Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 5,262 | $ | (5,262 | ) | $ | — | $ | — | $ | 23,977 | $ | (5,262 | ) | $ | — | $ | 18,715 | ||||||||||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 5,668 | $ | (5,668 | ) | $ | — | $ | — | $ | 89,382 | $ | (5,668 | ) | $ | — | $ | 83,714 |
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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Notes to Financial Statements (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | 0.45 | % | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 0.35 | % | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 0.25 | % | ||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 0.30 | % | ||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 0.65 | % | ||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 4,363,481 | $ | 2,138,040 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 2,552,788 | 2,346,718 | ||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 3,725,989 | 1,328,727 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 12,533,270 | 11,414,461 | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 628,436 | 737,387 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF | 749,520 | 951,704 | ||||||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 612,534 | 639,435 | ||||||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 951,272 | 1,257,324 |
For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 407,096 | $ | — | ||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 1,186,858 | — | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 6,469,597 | 6,528,051 |
5. Fund Share Transactions
As of November 30, 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
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DBX ETF Trust
Notes to Financial Statements (Continued)
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. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2017.
Pro-rata Share | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 525,000 | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 1,050,000 | |||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 525,000 | |||
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | 525,000 | |||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 525,000 |
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 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 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 63 | % | ||
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | 49 | % | ||
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | 35 | % |
8. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
9. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of a fund, reduce liquidity for
71
DBX ETF Trust
Notes to Financial Statements (Continued)
certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
10. Payments by Affiliates
During the period ended November 30, 2017, the Advisor agreed to reimburse Xtrackers Investment Grade Bond – Interest Rate Hedged ETF $156 for a loss on a trade executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average 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 compensate Xtrackers 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.
11. Fund Name and Strategy Change
Effective February 13, 2018, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF will change its name to Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. At that time, the Fund will change its investment objective from seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex US High Dividend Yield US Dollar Hedged Index, to seeking investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the MSCI ACWI ex US High Dividend Yield Index. In addition, as of February 13, 2018, the Advisor has agreed, until February 13, 2019, to waive fees and/or reimburse expenses to the extent necessary to prevent the operating expenses of the Fund (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.20% of the Fund’s average daily net assets annually.
Also effective on February 13, 2018, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF will change its name to Xtrackers MSCI EAFE High Dividend Yield Equity ETF. At that time, the Fund will change its investment objective from seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index, to seeking investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the MSCI EAFE High Dividend Yield Index. In addition, as of February 13, 2018, the Advisor has agreed, until February 13, 2019, to waive fees and/or reimburse expenses to the extent necessary to prevent the operating expenses of the Fund (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.20% of the Fund’s average daily net assets annually.
12. Fund Liquidation
On December 6, 2017, the Board of Trustees unanimously voted to close and liquidate Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF. After the close of business on December 18, 2017, the Funds no longer accepted creation orders and the final day of trading on the exchange was December 18, 2017. Proceeds of the liquidation were sent to shareholders on December 29, 2017.
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DBX ETF Trust
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.Xtrackers.com (click on “Resources” and “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.Xtrackers.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.Xtrackers.com.
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DBX ETF Trust
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.Xtrackers.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.
This report must be preceded or accompanied by a prospectus.
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. Please read the prospectus for more information.
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. Xtrackers® 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-049075-2 (1/18) DBX 003106 (1/19)
November 30, 2017
Semi-Annual Report
DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Xtrackers MSCI All China Equity ETF (CN)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2017.
The Chinese economy continued to grow steadily amidst a synchronized global recovery on the back of robust consumer spending, infrastructure investments, and strong momentum in the services sector. Reforms introduced in the previous review period did not slow economic development, as China continued its shift toward sustainable growth. Economic initiatives, such as restructuring of state-owned enterprises and reduction in trade barriers, have started to show results. Moreover, the Chinese government continues to make rigorous improvements in its policy framework to reduce financial sector risks. During the 19th Congress, the Communist Party of China re-affirmed that Chinese structural reforms would focus on reducing overcapacity and the economy’s debt.
China’s third quarter witnessed stronger-than-expected gross domestic product growth of 6.8% year-over-year, supported by the development of secondary industries, strong retail sales, and improved exports, which provided reassurance about its economic stability. However, economic growth was supported by high debt, which continued to be a major concern. Consequently, S&P downgraded China’s long-term sovereign credit rating by one notch to A+. To ensure the financial stability of the country, the People’s Bank of China (PBOC) continued to tighten controls over the financial industry, targeting asset ratios and leveraged lending for asset management products in order to reduce risks from shadow banking and excess leverage. Nevertheless, PBOC relaxed norms and reduced the reserve rate requirement ratio for lending to small businesses and individuals to increase the employment rate and consumer spending.
The growth of Chinese equity markets was stable and a number of headline indicators improved, both because of high consumer confidence and improved industrial earnings. Private investment increased significantly because of China’s consistent efforts to reduce cost and increase the ease of doing business. Simultaneously, imports increased significantly, and exports grew marginally. China has been one of the biggest importers of commodities in order to support its high infrastructure and real estate investments. On the other hand, real estate consumption has been increasing because of increasing real income and housing prices in larger cities.
The world’s second-largest economy expects a slower rate of economic expansion, as structural reforms have taken center-stage; limiting the pace of rising debt and the negative effects on investments remains a challenge. As the Chinese government increases its efforts to promote economic rebalance, we expect continued transformative policies to help strengthen the Chinese economy and influence global growth trajectory.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
The Xtrackers 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 investment 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 Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Sector Diversification* as of 11/30/17
Financials | 35.2% | |||
Industrials | 14.5% | |||
Consumer Discretionary | 11.1% | |||
Information Technology | 9.1% | |||
Consumer Staples | 7.5% | |||
Materials | 6.9% | |||
Real Estate | 5.6% | |||
Health Care | 4.7% | |||
Utilities | 2.5% | |||
Energy | 2.2% | |||
Telecommunication Services | 0.7% | |||
|
| |||
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 Xtrackers Harvest CSI 300 China A-Shares ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Xtrackers 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 investment approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (24.4% of Net Assets)
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd. | 6.6% | |||
Kweichow Moutai Co. Ltd. | 2.8% | |||
China Merchants Bank Co. Ltd. | 2.6% | |||
Midea Group Co. Ltd. | 2.0% | |||
Industrial Bank Co. Ltd. | 1.9% | |||
China Vanke Co. Ltd. | 1.9% | |||
China Minsheng Banking Corp. Ltd. | 1.8% | |||
Gree Electric Appliances, Inc. of Zhuhai | 1.8% | |||
Inner Mongolia Yili Industrial Group Co. Ltd. | 1.5% | |||
Bank of Communications Co. Ltd. | 1.5% |
Sector Diversification* as of 11/30/17
Financials | 35.2% | |||
Industrials | 14.5% | |||
Consumer Discretionary | 11.1% | |||
Information Technology | 9.1% | |||
Consumer Staples | 7.5% | |||
Materials | 6.9% | |||
Real Estate | 5.6% | |||
Health Care | 4.7% | |||
Utilities | 2.5% | |||
Energy | 2.2% | |||
Telecommunication Services | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Xtrackers 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (7.3% of Net Assets)
Description | % of Net Assets | |||
Shenzhen Sunway Communication Co. Ltd. | 1.0% | |||
Jiangxi Ganfeng Lithium Co. Ltd. | 0.9% | |||
LONGi Green Energy Technology Co. Ltd. | 0.9% | |||
Hengtong Optic-electric Co. Ltd. | 0.9% | |||
Fangda Carbon New Material Co. Ltd. | 0.6% | |||
Zhejiang Huayou Cobalt Co. Ltd. | 0.6% | |||
Shanghai Jahwa United Co. Ltd. | 0.6% | |||
China Jushi Co. Ltd. | 0.6% | |||
NavInfo Co. Ltd. | 0.6% | |||
Jinyu Bio-Technology Co. Ltd. | 0.6% |
Sector Diversification* as of 11/30/17
Industrials | 21.4% | |||
Materials | 18.6% | |||
Information Technology | 18.2% | |||
Health Care | 11.9% | |||
Consumer Discretionary | 11.6% | |||
Consumer Staples | 6.3% | |||
Real Estate | 5.6% | |||
Utilities | 3.3% | |||
Energy | 2.1% | |||
Financials | 1.0% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All China Equity ETF (CN)
The Xtrackers 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 “Underlying Index”). 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 and is composed of A-shares, H-shares, B-shares, Red chips, and P chips share classes. The Underlying 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 “passive” or indexing investment approach, attempts to approximate the performance of the Underlying Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
Ten Largest Equity and ETF Holdings as of 11/30/17 (70.4% of Net Assets)
Description | % of Net Assets | |||
Xtrackers Harvest CSI 300 China A-Shares ETF | 35.9% | |||
Tencent Holdings Ltd. | 10.2% | |||
Alibaba Group Holding Ltd. | 7.1% | |||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 5.1% | |||
China Construction Bank Corp. | 2.7% | |||
Baidu, Inc. | 2.4% | |||
China Mobile Ltd. | 2.3% | |||
Industrial & Commercial Bank of China Ltd. | 2.2% | |||
Bank of China Ltd. | 1.5% | |||
NetEase, Inc. | 1.0% |
Sector Diversification* as of 11/30/17
Information Technology | 28.2% | |||
Financials | 25.2% | |||
Consumer Discretionary | 10.1% | |||
Industrials | 9.3% | |||
Real Estate | 5.2% | |||
Consumer Staples | 4.4% | |||
Materials | 4.4% | |||
Energy | 3.7% | |||
Health Care | 3.5% | |||
Telecommunication Services | 3.3% | |||
Utilities | 2.7% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
5
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Xtrackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s and Xtrackers 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 Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2017 to November 30, 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 June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,154.10 | 0.05 | % | $ | 0.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.82 | 0.05 | % | $ | 0.25 | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,184.60 | 0.65 | % | $ | 3.56 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,097.30 | 0.65 | % | $ | 3.42 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers MSCI All China Equity ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,209.90 | 0.35 | % | $ | 1.94 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
6
DBX ETF Trust
Schedule of Investments
Xtrackers CSI 300 China A-Shares Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
EXCHANGE-TRADED FUND — 99.8% | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) | 110,447 | $ | 3,375,260 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 45.3% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) | 1,531,980 | 1,531,980 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 145.1% (Cost $4,268,564) | $ | 4,907,240 | ||||||
Other assets and liabilities, net — (45.1%) | (1,526,837 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,380,403 | ||||||
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $1,485,919, which is 44.0% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/2017 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/2017 | |||||||||||||||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 2,932,996 | 32,764 | (134,420 | ) | (29,921 | ) | 573,841 | — | — | 3,375,260 |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CNH | 21,530,000 | USD | 3,239,957 | $ | — | $ | (15,146 | ) | ||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | CNH | 944,000 | USD | 142,062 | — | (661 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2017 | USD | 3,398,483 | CNH | 22,474,000 | — | (657 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | CNH | 22,474,000 | USD | 3,391,215 | 822 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2018 | USD | 18,264 | CNH | 121,000 | — | (11 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 822 | $ | (16,475 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
CNH | Chinese Offshore Yuan |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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 | ||||||||||||
Exchange-Traded Fund | $ | 3,375,260 | $ | — | $ | — | $ | 3,375,260 | ||||||||
Short-Term Investments | 1,531,980 | — | — | 1,531,980 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 822 | — | 822 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,907,240 | $ | 822 | $ | — | $ | 4,908,062 | ||||||||
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| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (16,475 | ) | $ | — | $ | (16,475 | ) | ||||||
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|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (16,475 | ) | $ | — | $ | (16,475 | ) | ||||||
|
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|
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|
|
|
|
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Consumer Discretionary — 11.0% | ||||||||
Alpha Group, Class A | 207,692 | $ | 452,331 | |||||
Beijing Enlight Media Co. Ltd., Class A | 347,100 | 489,790 | ||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 269,200 | 587,509 | ||||||
BYD Co. Ltd., Class A | 210,697 | 1,982,723 | ||||||
China Film Co. Ltd., Class A | 214,600 | 480,682 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 829,697 | 1,047,803 | ||||||
China International Travel Service Corp. Ltd., Class A | 378,603 | 2,387,205 | ||||||
China Media Group, Class A | 784,330 | 1,237,248 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A | 134,676 | 519,810 | ||||||
Chinese Universe Publishing and Media Co. Ltd., Class A | 212,471 | 576,174 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 756,956 | 1,504,318 | ||||||
Chongqing Sokon Industry Group Co. Ltd., Class A | 73,900 | 226,443 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 1,070,800 | 1,519,095 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 545,540 | 2,172,457 | ||||||
Great Wall Motor Co. Ltd., Class A | 462,411 | 796,573 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,874,961 | 12,037,704 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 183,384 | 1,237,278 | ||||||
Hisense Electric Co. Ltd., Class A | 305,573 | 702,477 | ||||||
Huayi Brothers Media Corp., Class A | 652,665 | 826,208 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 613,159 | 2,369,397 | ||||||
Hunan TV & Broadcast Intermediary Co. Ltd., Class A | 441,020 | 625,655 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A | 604,230 | 801,448 | ||||||
Leo Group Co. Ltd., Class A | 1,073,726 | 485,555 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 476,378 | 1,249,322 | ||||||
Midea Group Co. Ltd., Class A | 1,762,487 | 13,642,687 | ||||||
Nanjing Xinjiekou Department Store Co. Ltd., Class A (a) | 161,468 | 965,350 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,183,619 | 3,095,142 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,362,752 | 6,364,552 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 88,302 | 228,638 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 515,353 | 1,401,420 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 1,275,980 | 1,715,613 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 286,124 | 799,706 | ||||||
Suning Commerce Group Co. Ltd., Class A | 1,446,951 | 2,608,578 | ||||||
TCL Corp., Class A | 2,836,580 | 1,793,268 | ||||||
Triangle Tyre Co. Ltd., Class A | 89,700 | 301,039 | ||||||
Wanda Film Holding Co. Ltd., Class A (a) | 137,403 | 1,103,700 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Wanxiang Qianchao Co. Ltd., Class A | 534,189 | $ | 799,842 | |||||
Wasu Media Holding Co. Ltd., Class A | 221,939 | 445,765 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 667,830 | 733,291 | ||||||
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A | 162,989 | 472,803 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* | 121,904 | 578,555 | ||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 269,402 | 418,452 | ||||||
|
| |||||||
73,783,606 | ||||||||
|
| |||||||
Consumer Staples — 7.5% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 792,413 | 762,224 | ||||||
COFCO Tunhe Sugar Co. Ltd., Class A | 398,509 | 502,664 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 193,200 | 417,262 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 385,947 | 1,462,208 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2,361,435 | 10,243,040 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 234,153 | 3,681,981 | ||||||
Kweichow Moutai Co. Ltd., Class A | 195,340 | 18,642,076 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 272,408 | 2,442,315 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 134,300 | 953,642 | ||||||
New Hope Liuhe Co. Ltd., Class A | 815,946 | 939,117 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 310,555 | 624,220 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 739,123 | 7,333,212 | ||||||
Yonghui Superstores Co. Ltd., Class A | 1,483,792 | 2,035,420 | ||||||
|
| |||||||
50,039,381 | ||||||||
|
| |||||||
Energy — 2.2% | ||||||||
China Merchants Energy Shipping Co. Ltd., Class A | 824,300 | 561,011 | ||||||
China Petroleum & Chemical Corp., Class A | 4,079,415 | 3,720,394 | ||||||
China Shenhua Energy Co. Ltd., Class A | 768,340 | 2,765,694 | ||||||
Guanghui Energy Co. Ltd., Class A | 1,222,234 | 802,265 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 863,683 | 792,897 | ||||||
PetroChina Co. Ltd., Class A | 1,885,721 | 2,330,092 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 1,161,508 | 1,507,243 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 612,600 | 910,760 | ||||||
Sinopec Oilfield Service Corp., Class A* | 699,100 | 310,857 | ||||||
Wintime Energy Co. Ltd., Class A (a) | 1,911,385 | 940,790 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 151,423 | 319,249 | ||||||
|
| |||||||
14,961,252 | ||||||||
|
| |||||||
Financials — 35.0% | ||||||||
Agricultural Bank of China Ltd., Class A | 14,856,370 | 8,403,458 | ||||||
Anxin Trust Co. Ltd., Class A | 705,020 | 1,462,949 | ||||||
Avic Capital Co. Ltd., Class A | 1,740,690 | 1,587,496 | ||||||
Bank of Beijing Co. Ltd., Class A | 5,680,765 | 6,375,062 | ||||||
Bank of China Ltd., Class A | 8,202,900 | 4,875,663 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Bank of Communications Co. Ltd., Class A | 10,691,510 | $ | 10,203,335 | |||||
Bank of Guiyang Co. Ltd., Class A | 261,800 | 569,776 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 161,280 | 293,684 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 492,400 | 582,370 | ||||||
Bank of Nanjing Co. Ltd., Class A | 1,975,300 | 2,437,793 | ||||||
Bank of Ningbo Co. Ltd., Class A | 988,781 | 2,748,650 | ||||||
Bank of Shanghai Co. Ltd., Class A | 332,870 | 760,699 | ||||||
Bohai Financial Investment Holding Co. Ltd., Class A | 721,400 | 641,545 | ||||||
Central China Securities Co. Ltd., Class A | 304,900 | 326,024 | ||||||
Changjiang Securities Co. Ltd., Class A | 1,284,527 | 1,732,933 | ||||||
China CITIC Bank Corp. Ltd., Class A | 1,186,001 | 1,140,817 | ||||||
China Construction Bank Corp., Class A | 2,611,470 | 2,820,051 | ||||||
China Everbright Bank Co. Ltd., Class A | 6,176,687 | 3,904,861 | ||||||
China Galaxy Securities Co. Ltd., Class A | 250,800 | 452,524 | ||||||
China Life Insurance Co. Ltd., Class A | 648,834 | 3,040,106 | ||||||
China Merchants Bank Co. Ltd., Class A | 4,009,192 | 17,578,377 | ||||||
China Merchants Securities Co. Ltd., Class A | 885,927 | 2,564,564 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 9,188,182 | 12,298,342 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,223,193 | 7,721,847 | ||||||
CITIC Securities Co. Ltd., Class A | 3,058,195 | 8,875,930 | ||||||
Dongxing Securities Co. Ltd., Class A | 425,122 | 1,055,749 | ||||||
Everbright Securities Co. Ltd., Class A | 757,847 | 1,719,280 | ||||||
First Capital Securities Co. Ltd., Class A | 158,180 | 230,144 | ||||||
Founder Securities Co. Ltd., Class A* | 1,603,531 | 1,848,017 | ||||||
GF Securities Co. Ltd., Class A | 1,147,325 | 3,085,261 | ||||||
Guosen Securities Co. Ltd., Class A | 958,402 | 1,794,494 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 1,753,975 | 5,363,871 | ||||||
Guoyuan Securities Co. Ltd., Class A | 782,502 | 1,442,656 | ||||||
Haitong Securities Co. Ltd., Class A | 3,144,435 | 6,795,925 | ||||||
Huaan Securities Co. Ltd., Class A | 420,900 | 512,447 | ||||||
Huatai Securities Co. Ltd., Class A | 1,265,873 | 3,695,058 | ||||||
Huaxia Bank Co. Ltd., Class A | 2,485,460 | 3,484,659 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 8,392,884 | 7,514,613 | ||||||
Industrial Bank Co. Ltd., Class A | 4,844,300 | 12,814,290 | ||||||
Industrial Securities Co. Ltd., Class A | 1,825,448 | 2,183,835 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 79,600 | 142,059 | ||||||
New China Life Insurance Co. Ltd., Class A | 323,523 | 3,057,172 | ||||||
Northeast Securities Co. Ltd., Class A | 548,925 | 773,754 | ||||||
Orient Securities Co. Ltd., Class A | 1,212,037 | 2,859,659 | ||||||
Pacific Securities Co. Ltd., Class A | 2,634,233 | 1,498,014 | ||||||
Ping An Bank Co. Ltd., Class A | 3,339,047 | 6,756,975 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 4,213,136 | 44,553,376 | ||||||
SDIC Essence Holdings Co. Ltd., Class A | 328,700 | 716,370 | ||||||
Sealand Securities Co. Ltd., Class A | 1,140,849 | 902,410 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 4,368,142 | 8,528,973 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Shanxi Securities Co. Ltd., Class A | 658,598 | $ | 995,084 | |||||
Shenwan Hongyuan Group Co. Ltd., Class A | 2,344,731 | 2,010,712 | ||||||
Sinolink Securities Co. Ltd., Class A | 822,130 | 1,345,370 | ||||||
SooChow Securities Co. Ltd., Class A | 931,794 | 1,510,735 | ||||||
Southwest Securities Co. Ltd., Class A | 1,096,532 | 852,428 | ||||||
Western Securities Co. Ltd., Class A | 680,521 | 1,354,475 | ||||||
|
| |||||||
234,796,721 | ||||||||
|
| |||||||
Health Care — 4.7% | ||||||||
Beijing Tongrentang Co. Ltd., Class A | 214,322 | 1,046,342 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 205,619 | 1,870,253 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (a) | 205,323 | 964,939 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 167,856 | 399,591 | ||||||
Huadong Medicine Co. Ltd., Class A | 187,312 | 1,414,210 | ||||||
Hualan Biological Engineering, Inc., Class A | 214,235 | 938,021 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 657,536 | 6,482,974 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 358,448 | 1,241,467 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 1,156,240 | 3,714,294 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 399,826 | 1,170,108 | ||||||
Searainbow Holding Corp., Class A*(a) | 198,798 | 827,349 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 30,100 | 248,834 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 390,284 | 2,163,949 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 447,552 | 1,636,717 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 576,712 | 1,724,405 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 251,792 | 1,397,596 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 203,286 | 2,893,149 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 118,149 | 1,099,667 | ||||||
|
| |||||||
31,233,865 | ||||||||
|
| |||||||
Industrials — 14.5% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 177,816 | 444,009 | ||||||
AECC Aviation Power Co. Ltd., Class A | 349,782 | 1,450,041 | ||||||
Air China Ltd., Class A | 766,834 | 1,291,993 | ||||||
Aurora Optoelectronics Co. Ltd., Class A*(a) | 202,632 | 524,568 | ||||||
AVIC Aircraft Co. Ltd., Class A | 536,878 | 1,407,986 | ||||||
AVIC Helicopter Co. Ltd., Class A | 90,964 | 613,727 | ||||||
Beijing Orient Landscape & Environment Co. Ltd., Class A | 418,000 | 1,288,411 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 731,173 | 1,889,887 | ||||||
China Avionics Systems Co. Ltd., Class A | 206,948 | 445,389 | ||||||
China Baoan Group Co. Ltd., Class A | 834,130 | 958,784 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
China Communications Construction Co. Ltd., Class A | 593,896 | $ | 1,251,224 | |||||
China CSSC Holdings Ltd., Class A*(a) | 254,009 | 922,656 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 1,139,365 | 1,275,171 | ||||||
China Gezhouba Group Co. Ltd., Class A | 1,070,012 | 1,469,428 | ||||||
China High-Speed Railway Technology Co. Ltd., Class A | 656,510 | 841,998 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 765,500 | 727,074 | ||||||
China Nuclear Engineering Corp. Ltd., Class A | 208,200 | 324,333 | ||||||
China Railway Construction Corp. Ltd., Class A | 1,788,370 | 3,175,406 | ||||||
China Railway Group Ltd., Class A | 2,887,687 | 3,777,808 | ||||||
China Shipbuilding Industry Co. Ltd., Class A* | 3,696,094 | 3,443,479 | ||||||
China Southern Airlines Co. Ltd., Class A | 1,364,860 | 2,285,122 | ||||||
China Spacesat Co. Ltd., Class A | 227,040 | 863,603 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 5,828,651 | 8,506,856 | ||||||
CITIC Heavy Industries Co. Ltd., Class A*(a) | 676,100 | 441,680 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 1,225,800 | 652,583 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 1,482,706 | 1,410,521 | ||||||
CRRC Corp. Ltd., Class A | 3,788,546 | 6,646,673 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A (a) | 123,293 | 483,972 | ||||||
Daqin Railway Co. Ltd., Class A | 2,311,460 | 3,093,879 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A | 569,300 | 646,629 | ||||||
Guangshen Railway Co. Ltd., Class A | 1,316,350 | 1,001,412 | ||||||
Guoxuan High-Tech Co. Ltd., Class A | 264,166 | 945,291 | ||||||
Hainan Airlines Holding Co. Ltd., Class A | 2,553,200 | 1,231,826 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 333,137 | 2,444,150 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 427,400 | 395,603 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 831,268 | 1,877,044 | ||||||
Jihua Group Corp. Ltd., Class A | 516,900 | 534,732 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 493,158 | 1,755,765 | ||||||
Metallurgical Corp. of China Ltd., Class A | 2,070,300 | 1,559,324 | ||||||
NARI Technology Co. Ltd., Class A | 564,642 | 1,619,143 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 1,530,900 | 1,322,077 | ||||||
Power Construction Corp. of China Ltd., Class A | 1,786,706 | 1,964,542 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,489,444 | 2,029,657 | ||||||
SF Holding Co. Ltd., Class A | 85,900 | 665,436 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 1,710,911 | 996,236 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 1,324,203 | 1,377,897 | ||||||
Shanghai International Airport Co. Ltd., Class A | 375,594 | 2,372,208 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Shanghai International Port Group Co. Ltd., Class A | 1,261,753 | $ | 1,421,688 | |||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 725,494 | 980,946 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 389,334 | 1,534,512 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 422,473 | 1,245,330 | ||||||
Spring Airlines Co. Ltd., Class A | 92,227 | 535,907 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 615,345 | 1,310,373 | ||||||
TBEA Co. Ltd., Class A | 1,452,197 | 2,196,338 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 199,606 | 1,048,461 | ||||||
Weichai Power Co. Ltd., Class A | 1,883,918 | 2,319,317 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 1,635,972 | 927,857 | ||||||
Xiamen C & D, Inc., Class A | 548,581 | 955,800 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 788,325 | 1,883,806 | ||||||
YTO Express Group Co. Ltd., Class A | 129,311 | 350,468 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 167,800 | 610,860 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 516,500 | 1,858,397 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,702,603 | 1,133,026 | ||||||
|
| |||||||
96,960,319 | ||||||||
|
| |||||||
Information Technology — 9.1% | ||||||||
Aisino Corp., Class A | 433,395 | 1,445,328 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 124,840 | 536,223 | ||||||
Beijing Xinwei Technology Group Co. Ltd., Class A (a) | 430,545 | 1,068,988 | ||||||
BOE Technology Group Co. Ltd., Class A | 9,248,074 | 7,469,066 | ||||||
DHC Software Co. Ltd., Class A | 733,908 | 1,052,262 | ||||||
Digital China Information Service Co. Ltd., Class A (a) | 82,200 | 223,700 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 912,200 | 1,316,171 | ||||||
East Money Information Co. Ltd., Class A | 998,540 | 2,055,404 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 215,702 | 1,001,209 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 664,566 | 1,206,127 | ||||||
Giant Network Group Co. Ltd., Class A | 93,059 | 556,504 | ||||||
GoerTek, Inc., Class A | 753,842 | 2,158,264 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 475,350 | 477,370 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 619,540 | 873,291 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 16,301 | 179,851 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 1,437,406 | 8,045,856 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 84,872 | 641,556 | ||||||
Hundsun Technologies, Inc., Class A | 192,033 | 1,363,884 | ||||||
Iflytek Co. Ltd., Class A | 378,719 | 3,772,355 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 303,427 | $ | 861,375 | |||||
Jiangsu Protruly Vision Technology Group Co. Ltd., Class A*(a) | 335,800 | 586,648 | ||||||
Leshi Internet Information & Technology Corp. Beijing, Class A (a) | 678,612 | 1,748,735 | ||||||
Neusoft Corp., Class A | 337,107 | 771,911 | ||||||
O-film Tech Co. Ltd., Class A | 740,112 | 2,446,929 | ||||||
Ourpalm Co. Ltd., Class A | 742,900 | 675,272 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 952,821 | 3,506,123 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 769,530 | 698,314 | ||||||
Shenzhen Huiding Technology Co. Ltd., Class A | 20,200 | 341,132 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | 194,979 | 454,133 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A | 794,934 | 739,401 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 421,127 | 635,012 | ||||||
Tsinghua Tongfang Co. Ltd., Class A | 688,751 | 1,153,144 | ||||||
Unigroup Guoxin Co. Ltd., Class A | 139,131 | 1,008,568 | ||||||
Unisplendour Corp. Ltd., Class A | 55,100 | 556,925 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 566,861 | 791,320 | ||||||
Wonders Information Co. Ltd., Class A | 272,571 | 518,602 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 285,789 | 885,648 | ||||||
Youzu Interactive Co. Ltd., Class A | 132,994 | 424,412 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 562,855 | 2,072,005 | ||||||
ZTE Corp., Class A* | 923,017 | 4,617,947 | ||||||
|
| |||||||
60,936,965 | ||||||||
|
| |||||||
Materials — 6.8% | ||||||||
Aluminum Corp. of China Ltd., Class A*(a) | 2,354,752 | 2,696,859 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 778,796 | 3,689,089 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 3,430,690 | 4,866,963 | ||||||
BBMG Corp., Class A | 1,295,900 | 1,162,251 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 349,290 | 1,822,548 | ||||||
Beijing Shougang Co. Ltd., Class A* | 605,369 | 580,474 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A* | 611,100 | 521,273 | ||||||
China Molybdenum Co. Ltd., Class A | 1,031,390 | 1,102,849 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 846,218 | 1,816,095 | ||||||
Hesteel Co. Ltd., Class A | 1,652,178 | 1,036,999 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 576,100 | 787,662 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 5,323,807 | 2,093,483 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 1,313,070 | 990,974 | ||||||
Jiangsu Bicon Pharmaceutical Listed Co., Class A | 178,506 | 717,059 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Jiangxi Copper Co. Ltd., Class A | 400,395 | $ | 1,116,666 | |||||
Jinduicheng Molybdenum Co. Ltd., Class A* | 382,904 | 418,699 | ||||||
Kangde Xin Composite Material Group Co. Ltd., Class A | 962,378 | 3,430,671 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A (a) | 582,902 | 789,627 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 537,509 | 1,115,356 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 290,343 | 1,323,074 | ||||||
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 17,100 | 164,485 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 644,738 | 1,056,053 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 850,332 | 815,364 | ||||||
Tianqi Lithium Corp., Class A | 230,506 | 2,132,178 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A* | 2,451,220 | 1,034,332 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 529,771 | 3,084,769 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 170,151 | 661,365 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 880,788 | 1,453,349 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 662,371 | 974,737 | ||||||
Zijin Mining Group Co. Ltd., Class A | 4,038,151 | 2,412,423 | ||||||
|
| |||||||
45,867,726 | ||||||||
|
| |||||||
Real Estate — 5.6% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 400,186 | 617,356 | ||||||
China Fortune Land Development Co. Ltd., Class A | 460,324 | 2,233,426 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 920,559 | 2,717,723 | ||||||
China Vanke Co. Ltd., Class A | 2,652,329 | 12,523,739 | ||||||
Financial Street Holdings Co. Ltd., Class A | 463,215 | 783,246 | ||||||
Future Land Holdings Co. Ltd., Class A | 349,885 | 1,310,765 | ||||||
Gemdale Corp., Class A | 874,452 | 1,638,631 | ||||||
Greenland Holdings Corp. Ltd., Class A | 1,419,627 | 1,552,338 | ||||||
Poly Real Estate Group Co. Ltd., Class A | 2,766,722 | 5,272,418 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 678,620 | 896,014 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 286,294 | 949,998 | ||||||
Shanghai SMI Holding Co. Ltd., Class A* | 489,498 | 661,854 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 301,801 | 721,649 | ||||||
Suning Universal Co. Ltd., Class A | 582,490 | 426,390 | ||||||
Xinhu Zhongbao Co. Ltd., Class A* | 1,668,646 | 1,264,375 | ||||||
Yango Group Co. Ltd., Class A | 623,797 | 636,826 | ||||||
Youngor Group Co. Ltd., Class A | 832,120 | 1,167,905 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 1,053,383 | 975,015 | ||||||
Zhongtian Financial Group Co. Ltd., Class A (a) | 919,500 | 1,110,593 | ||||||
|
| |||||||
37,460,261 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Telecommunication Services — 0.8% | ||||||||
China United Network Communications Ltd., Class A* | 3,527,615 | $ | 3,713,335 | |||||
Dr Peng Telecom & Media Group Co. Ltd., Class A | 439,078 | 1,308,887 | ||||||
|
| |||||||
5,022,222 | ||||||||
|
| |||||||
Utilities — 2.4% | ||||||||
Beijing Capital Co. Ltd., Class A | 940,812 | 756,987 | ||||||
China National Nuclear Power Co. Ltd., Class A | 1,819,400 | 2,022,503 | ||||||
China Yangtze Power Co. Ltd., Class A | 2,569,610 | 6,396,918 | ||||||
GD Power Development Co. Ltd., Class A | 4,567,400 | 2,355,576 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,582,980 | 1,800,392 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 332,900 | 496,941 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 856,740 | $ | 1,287,980 | |||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 1,579,490 | 1,275,651 | ||||||
|
| |||||||
16,392,948 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 667,455,266 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% (Cost $513,926,050) | $ | 667,455,266 | ||||||
Other assets and liabilities, net — 0.4% | 2,937,398 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 670,392,664 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 652,055,112 | $ | – | $ | 15,400,154 | $ | 667,455,266 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 652,055,112 | $ | – | $ | 15,400,154 | $ | 667,455,266 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2017 | $ | 18,009,364 | ||
Purchases | 4,284,346 | |||
Sales | (751,060 | ) | ||
Realized gain (loss) | (26,287 | ) | ||
Change in unrealized gain (loss) | 1,974,615 | |||
Transfers into Level 3 (c) | 5,861,093 | |||
Transfer out of Level 3 (c) | (13,951,917 | ) | ||
|
| |||
Balance at November 30, 2017 | 15,400,154 | |||
|
| |||
Change in unrealized gain (loss) related to investments still held at November 30, 2017 | 1,974,615 |
(c) | During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $ 5,861,093 and between Level 3 and Level 1 was $13,951,917. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2017 (Unaudited)
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class | Fair Value at 11/30/2017 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 2,069,050 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Energy | 940,790 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Health Care | 1,792,288 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials | 2,372,876 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology | 3,628,071 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Materials | 3,486,486 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Real Estate | 1,110,593 | 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 -6% to 13% with a weighted average range of approximately 2.2%. 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. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Consumer Discretionary — 11.6% | ||||||||
Anhui Jianghuai Automobile Group Corp., Ltd., Class A | 37,400 | $ | 53,171 | |||||
Beijing HualuBaina Film & TV Co. Ltd., Class A | 15,700 | 27,877 | ||||||
Beiqi Foton Motor Co. Ltd., Class A | 183,200 | 79,521 | ||||||
Besttone Holdings Co. Ltd., Class A | 9,000 | 21,071 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 23,700 | 24,553 | ||||||
Chengdu B-Ray Media Co. Ltd., Class A | 29,100 | 22,798 | ||||||
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A | 1,700 | 8,099 | ||||||
China CYTS Tours Holding Co. Ltd., Class A (a) | 22,700 | 64,755 | ||||||
Chongqing Department Store Co. Ltd., Class A | 9,200 | 34,159 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A (a) | 26,300 | 30,798 | ||||||
Dashang Co. Ltd., Class A | 7,000 | 38,738 | ||||||
DongFeng Automobile Co. Ltd., Class A | 32,700 | 28,586 | ||||||
Eastern Gold Jade Co. Ltd., Class A | 26,500 | 42,284 | ||||||
Eastern Pioneer Driving School Co. Ltd., Class A | 4,700 | 26,799 | ||||||
Elec-Tech International Co. Ltd., Class A* | 39,900 | 28,966 | ||||||
Gansu Gangtai Holding Group Co. Ltd., Class A | 22,500 | 39,474 | ||||||
Global Top E-Commerce Co. Ltd., Class A | 16,600 | 47,727 | ||||||
Guangdong Advertising Group Co. Ltd., Class A | 45,984 | 42,007 | ||||||
Guangdong Chj Industry Co. Ltd., Class A | 16,900 | 28,397 | ||||||
Guangxi Radio and Television Information Network Corp. Ltd., Class A | 12,500 | 12,893 | ||||||
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A | 11,700 | 17,890 | ||||||
Haima Automobile Group Co. Ltd., Class A* | 43,300 | 29,928 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 20,953 | 45,792 | ||||||
Hefei Department Store Group Co. Ltd., Class A | 21,400 | 26,086 | ||||||
Hunan Friendship & Apollo Commercial Co. Ltd., Class A | 26,700 | 24,350 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 3,082 | 25,875 | ||||||
Jiangsu Hongtu High Technology Co. Ltd., Class A | 36,200 | 51,738 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 28,600 | 35,815 | ||||||
Jiangsu Sunshine Co. Ltd., Class A* | 56,300 | 27,418 | ||||||
Jinzhou Cihang Group Co. Ltd., Class A | 33,800 | 33,074 | ||||||
Jishi Media Co. Ltd., Class A | 85,700 | 39,273 | ||||||
Joyoung Co. Ltd., Class A* | 12,500 | 34,143 | ||||||
KingClean Electric Co. Ltd., Class A | 3,200 | 21,982 | ||||||
Lifan Industry Group Co. Ltd., Class A | 25,800 | 29,890 | ||||||
Loncin Motor Co. Ltd., Class A | 41,750 | 41,738 | ||||||
Luthai Textile Co. Ltd., Class A | 17,800 | 28,887 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A | 10,260 | 27,512 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A* | 800 | 2,145 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
NanJi E-Commerce Co. Ltd., Class A* | 31,800 | $ | 55,790 | |||||
Nanjing Central Emporium, Class A | 23,600 | 31,017 | ||||||
NavInfo Co. Ltd., Class A | 34,850 | 140,308 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 16,800 | 64,005 | ||||||
Ningbo Joyson Electronic Corp., Class A | 14,400 | 76,204 | ||||||
Ningbo Peacebird Fashion Co. Ltd., Class A | 2,200 | 8,951 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A* | 8,400 | 32,676 | ||||||
Rastar Group, Class A | 23,300 | 24,104 | ||||||
Shaanxi Broadcast & TV Network Intermediary Group Co. Ltd., Class A | 14,500 | 19,036 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A | 5,900 | 26,636 | ||||||
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A* | 51,550 | 25,651 | ||||||
Shanghai New World Co. Ltd., Class A | 15,442 | 23,939 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 39,200 | 66,994 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A | 15,300 | 26,935 | ||||||
Shenzhen Tellus Holding Co. Ltd., Class A* | 1,900 | 11,655 | ||||||
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A | 25,850 | 32,176 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A | 144,900 | 81,086 | ||||||
Sichuan Chengfei Integration Technology Corp., Class A | 6,800 | 23,552 | ||||||
Sinomach Automobile Co. Ltd., Class A | 11,850 | 20,754 | ||||||
Sou Yu Te Group Co. Ltd., Class A | 35,724 | 31,446 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 21,400 | 120,013 | ||||||
Time Publishing and Media Co. Ltd., Class A | 7,700 | 14,068 | ||||||
UTour Group Co. Ltd., Class A | 16,600 | 28,772 | ||||||
Visual China Group Co. Ltd., Class A* | 10,800 | 28,797 | ||||||
Wangfujing Group Co. Ltd., Class A (a) | 12,530 | 35,031 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 18,900 | 72,720 | ||||||
Wuhan Department Store Group Co. Ltd., Class A | 15,609 | 38,268 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 8,505 | 70,142 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 3,800 | 7,673 | ||||||
Xinhuanet Co. Ltd., Class A | 5,650 | 20,193 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A (a) | 17,600 | 28,466 | ||||||
Yihua Lifestyle Technology Co. Ltd., Class A | 44,700 | 63,887 | ||||||
Yotrio Group Co. Ltd., Class A | 41,740 | 38,319 | ||||||
Zhejiang Aokang Shoes Co. Ltd., Class A | 6,400 | 14,268 | ||||||
Zhejiang Daily Digital Culture Group Co. Ltd., Class A | 19,700 | 43,113 | ||||||
Zhejiang Orient Holdings Co., Class A | 13,000 | 49,567 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 31,600 | 39,572 | ||||||
|
| |||||||
2,781,993 | ||||||||
|
|
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Consumer Staples — 6.3% | ||||||||
Angel Yeast Co. Ltd., Class A | 16,400 | $ | 78,604 | |||||
Anhui Gujing Distillery Co. Ltd., Class A | 4,500 | 41,414 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 11,600 | 78,949 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 9,400 | 24,552 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 16,100 | 45,364 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 52,900 | 47,525 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 9,230 | 21,246 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 23,600 | 49,149 | ||||||
By-health Co. Ltd., Class A | 27,700 | 56,599 | ||||||
Chuying Agro-pastora Group Co. Ltd., Class A | 70,800 | 49,042 | ||||||
Gansu Yasheng Industrial Group Co. Ltd., Class A | 61,400 | 37,517 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 23,900 | 73,920 | ||||||
Hebei Chengde Lolo Co., Class A | 24,041 | 33,852 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 60,120 | 25,641 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 14,800 | 31,807 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 21,500 | 71,213 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 4,200 | 37,224 | ||||||
Opple Lighting Co. Ltd., Class A | 2,400 | 15,964 | ||||||
Qinghai Huzhu Barley Wine Co. Ltd., Class A | 7,400 | 17,437 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A | 13,950 | 25,107 | ||||||
Shanghai Feilo Acoustics Co. Ltd., Class A | 27,300 | 42,693 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 1,900 | 20,455 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 25,900 | 143,173 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A | 25,000 | 30,740 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 9,800 | 71,307 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 26,600 | 30,937 | ||||||
Teamax Smart City Technology Corp. Ltd., Class A | 9,800 | 22,055 | ||||||
Toly Bread Co. Ltd., Class A | 2,400 | 13,717 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 13,100 | 60,785 | ||||||
V V Food & Beverage Co. Ltd., Class A | 46,000 | 31,446 | ||||||
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A | 19,700 | 22,882 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 29,200 | 109,966 | ||||||
Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd., Class A | 10,000 | 28,887 | ||||||
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A | 19,960 | 27,230 | ||||||
|
| |||||||
1,518,399 | ||||||||
|
| |||||||
Energy — 2.1% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A* | 20,700 | 34,187 | ||||||
Changzheng Engineering Co. Ltd., Class A | 5,000 | 15,373 | ||||||
Datong Coal Industry Co. Ltd., Class A* | 33,000 | 31,593 |
Number | Value | |||||||
Energy (Continued) | ||||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 55,800 | $ | 30,466 | |||||
Geo-Jade Petroleum Corp., Class A | 44,540 | 31,661 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 27,100 | 28,404 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 26,800 | 48,315 | ||||||
Jinhong Holding Group Co. Ltd., Class A | 13,700 | 28,595 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 43,200 | 38,876 | ||||||
Oriental Energy Co. Ltd., Class A | 32,100 | 56,219 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 47,000 | 74,639 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A* | 47,300 | 51,435 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 18,800 | 40,120 | ||||||
|
| |||||||
509,883 | ||||||||
|
| |||||||
Financials — 1.0% | ||||||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 7,900 | 10,144 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 58,100 | 39,894 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 55,980 | 101,514 | ||||||
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A | 25,400 | 95,309 | ||||||
|
| |||||||
246,861 | ||||||||
|
| |||||||
Health Care — 11.8% | ||||||||
Autobio Diagnostics Co. Ltd., Class A | 1,500 | 11,429 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 16,100 | 92,725 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A (a) | 12,600 | 65,722 | ||||||
Changchun High & New Technology Industries, Inc., Class A | 5,200 | 133,872 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 8,800 | 24,103 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 5,800 | 52,694 | ||||||
China National Medicines Corp. Ltd., Class A | 11,500 | 46,091 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 16,800 | 58,085 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 14,800 | 58,310 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 18,800 | 83,822 | ||||||
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A | 19,862 | 56,595 | ||||||
Dian Diagnostics Group Co. Ltd., Class A | 12,340 | 48,170 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 18,400 | 33,895 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 38,450 | 45,766 | ||||||
Guizhou Yibai Pharmaceutical Co. Ltd., Class A | 25,100 | 41,796 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Hainan Haiyao Co. Ltd., Class A (a) | 31,046 | $ | 57,058 | |||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 34,850 | 35,473 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A (a) | 60,120 | 55,290 | ||||||
HeiLongJiang ZBD Pharmaceutical Co. Ltd., Class A | 6,700 | 15,027 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 9,100 | 50,552 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 36,800 | 97,344 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A | 17,700 | 42,832 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 17,148 | 36,724 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 19,685 | 61,331 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A | 6,806 | 26,846 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 20,100 | 25,870 | ||||||
Jinyu Bio-Technology Co. Ltd., Class A | 33,180 | 137,047 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 30,400 | 51,173 | ||||||
KPC Pharmaceuticals, Inc., Class A | 20,998 | 29,280 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 6,922 | 64,678 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 11,500 | 37,499 | ||||||
Pengqi Technology Development Co. Ltd., Class A | 41,500 | 69,167 | ||||||
Realcan Pharmaceutical Co. Ltd., Class A | 17,630 | 34,637 | ||||||
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A | 26,604 | 26,114 | ||||||
Shanghai Kehua Bio-Engineering Co. Ltd., Class A | 16,100 | 36,330 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A* | 62,550 | 56,005 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 18,100 | 44,457 | ||||||
Shinva Medical Instrument Co. Ltd., Class A | 12,869 | 31,491 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 33,900 | 107,721 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 33,700 | 45,057 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 68,100 | 46,966 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 11,262 | 27,253 | ||||||
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*(a) | 15,000 | 30,420 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 43,019 | 45,349 | ||||||
Xiangxue Pharmaceutical Co. Ltd., Class A* | 19,010 | 25,243 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 23,600 | 72,422 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 49,540 | $ | 53,047 | |||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A | 22,800 | 52,484 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 24,483 | 88,239 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 22,600 | 46,247 | ||||||
Zhejiang NHU Co. Ltd., Class A | 20,500 | 119,213 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 24,850 | 31,382 | ||||||
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A*(a) | 12,500 | 55,901 | ||||||
Zhuhai Hokai Medical Instruments Co. Ltd., Class A | 21,140 | 28,456 | ||||||
|
| |||||||
2,850,700 | ||||||||
|
| |||||||
Industrials — 21.3% | ||||||||
Avic Aviation High-Technology Co. Ltd., Class A* | 16,500 | 24,805 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 37,852 | 62,515 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 17,800 | 33,301 | ||||||
Beijing Changjiu Logistics Corp., Class A | 1,100 | 4,174 | ||||||
Beijing New Building Materials PLC, Class A | 35,000 | 123,127 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A | 49,355 | 54,118 | ||||||
Beijing SPC Environment Protection Tech Co. Ltd., Class A | 24,100 | 75,596 | ||||||
Beijing Watertek Information Technology Co. Ltd., Class A | 22,500 | 50,228 | ||||||
BlueFocus Communication Group Co. Ltd., Class A | 48,300 | 51,062 | ||||||
Camel Group Co. Ltd., Class A | 16,300 | 33,232 | ||||||
Changjiang & Jinggong Steel Building Group Co. Ltd., Class A | 45,500 | 29,522 | ||||||
Changyuan Group Ltd., Class A | 51,040 | 128,914 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*(a) | 11,200 | 25,586 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 64,000 | 76,855 | ||||||
China CAMC Engineering Co. Ltd., Class A | 17,482 | 50,791 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 29,700 | 87,547 | ||||||
China Meheco Co. Ltd., Class A | 20,200 | 74,636 | ||||||
China Railway Hi-tech Industry Co. Ltd., Class A | 33,500 | 62,927 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 35,100 | 53,352 | ||||||
Citic Offshore Helicopter Co. Ltd., Class A* | 16,301 | 23,791 | ||||||
CMST Development Co. Ltd., Class A | 43,300 | 73,543 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 53,700 | 48,811 | ||||||
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A* | 34,900 | 30,298 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Dalian Port PDA Co. Ltd., Class A | 121,920 | $ | 53,290 | |||||
Dazhong Transportation Group Co. Ltd., Class A | 47,950 | 36,840 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 18,800 | 45,806 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 40,600 | 154,064 | ||||||
Far East Smarter Energy Co. Ltd., Class A | 26,200 | 24,132 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 24,140 | 35,634 | ||||||
Fujian Longking Co. Ltd., Class A | 33,500 | 79,799 | ||||||
Galaxy Biomedical Investment Co. Ltd., Class A*(a) | 24,100 | 40,380 | ||||||
Gem-Year Industrial Co. Ltd., Class A* | 19,600 | 29,673 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 31,000 | 37,508 | ||||||
Guangzhou Guangri Stock Co. Ltd., Class A | 17,100 | 25,086 | ||||||
Guosheng Financial Holding, Inc., Class A | 16,920 | 56,299 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 10,600 | 31,310 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 26,600 | 40,311 | ||||||
Henan Senyuan Electric Co. Ltd., Class A | 14,600 | 33,321 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 38,347 | 44,020 | ||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 25,500 | 44,699 | ||||||
Jangho Group Co. Ltd., Class A | 18,100 | 25,896 | ||||||
Jiangsu Nonghua Intelligent Agriculture Technology Co. Ltd., Class A* | 42,800 | 23,563 | ||||||
Jiangsu Yueda Investment Co. Ltd., Class A | 27,900 | 27,048 | ||||||
Jiangsu Zhongli Group Co. Ltd., Class A | 12,500 | 27,262 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 29,900 | 35,906 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 17,100 | 38,406 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A | 45,700 | 82,250 | ||||||
Jinlong Machinery & Electronics Co. Ltd., Class A (a) | 13,000 | 27,062 | ||||||
Keda Clean Energy Co. Ltd., Class A | 44,400 | 74,807 | ||||||
Lanzhou LS Heavy Equipment Co. Ltd., Class A | 12,500 | 16,524 | ||||||
Mesnac Co. Ltd., Class A* | 25,000 | 29,871 | ||||||
Minmetals Development Co. Ltd., Class A* | 17,000 | 31,342 | ||||||
Montnets Rongxin Technology Group Co. Ltd., Class A (a) | 19,400 | 30,813 | ||||||
Neoglory Prosperity, Inc., Class A | 13,650 | 26,838 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A* | 22,647 | 28,429 | ||||||
North Navigation Control Technology Co. Ltd., Class A | 35,000 | 65,957 | ||||||
Orient Group, Inc., Class A* | 73,190 | 51,584 | ||||||
Palm Eco-Town Development Co. Ltd., Class A | 34,650 | 44,911 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Pubang Landscape Architecture Co. Ltd., Class A | 32,719 | $ | 26,672 | |||||
Qingdao TGOOD Electric Co. Ltd., Class A | 18,700 | 39,793 | ||||||
Rizhao Port Co. Ltd., Class A | 70,800 | 42,082 | ||||||
Saurer Intelligent Technology Co. Ltd., Class A | 21,200 | 34,885 | ||||||
Shaanxi J&R Optimum Energy Co. Ltd., Class A | 27,400 | 32,489 | ||||||
Shanghai Lansheng Corp., Class A | 8,300 | 18,252 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 12,400 | 44,466 | ||||||
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A | 21,199 | 30,876 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 13,800 | 37,506 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 26,660 | 27,297 | ||||||
Shantui Construction Machinery Co. Ltd., Class A* | 39,000 | 28,549 | ||||||
Shenwu Environmental Technology Co. Ltd., Class A (a) | 21,104 | 77,176 | ||||||
Shenzhen Airport Co. Ltd., Class A | 40,200 | 53,564 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 4,600 | 29,499 | ||||||
Shenzhen Glory Medical Co. Ltd., Class A | 13,687 | 19,355 | ||||||
Shenzhen Grandland Group Co. Ltd., Class A | 23,800 | 28,725 | ||||||
Shenzhen Hifuture Electric Co. Ltd., Class A*(a) | 30,200 | 79,008 | ||||||
Shenzhen Hongtao Decoration Co. Ltd., Class A | 33,260 | 25,403 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 23,720 | 36,951 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 32,100 | 20,585 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 69,500 | 42,781 | ||||||
Sieyuan Electric Co. Ltd., Class A | 20,880 | 51,222 | ||||||
Sinochem International Corp., Class A | 41,100 | 56,193 | ||||||
Sinoma International Engineering Co., Class A | 41,550 | 61,270 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 13,800 | 35,378 | ||||||
SPIC Yuanda Environmental-Protection Co. Ltd., Class A | 15,422 | 21,575 | ||||||
STO Express Co. Ltd., Class A | 11,500 | 41,552 | ||||||
Sufa Technology Industry Co. Ltd. CNNC, Class A | 12,520 | 29,615 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 27,100 | 67,382 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A | 11,750 | 54,877 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 16,700 | 72,489 | ||||||
Taihai Manoir Nuclear Equipment Co. Ltd., Class A | 19,700 | 79,343 | ||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 69,400 | 37,261 | ||||||
TangShan Port Group Co. Ltd., Class A | 85,780 | 59,938 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 62,200 | 44,967 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 16,400 | $ | 32,989 | |||||
Tianjin Port Co. Ltd., Class A | 31,500 | 51,357 | ||||||
Tianjin Teda Co. Ltd., Class A | 40,700 | 28,870 | ||||||
Tianjin Tianhai Investment Co. Ltd., Class A* | 50,700 | 53,139 | ||||||
Tianma Bearing Group Co. Ltd., Class A* | 27,700 | 42,229 | ||||||
Wolong Electric Group Co. Ltd., Class A | 26,165 | 31,816 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 48,348 | 73,561 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A | 22,900 | 45,094 | ||||||
Xingyuan Environment Technology Co. Ltd., Class A | 19,900 | 79,216 | ||||||
Xinjiang Machinery Research Institute Co. Ltd., Class A (a) | 29,200 | 45,567 | ||||||
XJ Electric Co. Ltd., Class A | 24,000 | 51,507 | ||||||
Yunda Holding Co. Ltd., Class A | 4,019 | 24,180 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 59,500 | 39,416 | ||||||
Zhejiang Dun’An Artificial Environment Co. Ltd., Class A | 20,700 | 26,705 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A | 13,000 | 30,672 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 33,380 | 83,451 | ||||||
Zhejiang Wanma Co. Ltd., Class A | 24,162 | 34,095 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 5,350 | 16,563 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 33,300 | 38,478 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 35,600 | 37,313 | ||||||
|
| |||||||
5,134,566 | ||||||||
|
| |||||||
Information Technology — 18.1% | ||||||||
Accelink Technologies Co. Ltd., Class A | 12,000 | 53,558 | ||||||
Addsino Co. Ltd., Class A (a) | 37,700 | 59,727 | ||||||
AVIC Jonhon OptronicTechnology Co. Ltd., Class A | 15,413 | 84,153 | ||||||
Beijing Dahao Technology Corp. Ltd., Class A | 2,100 | 9,792 | ||||||
Beijing Lanxum Technology Co. Ltd., Class A (a) | 17,000 | 26,485 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A | 23,719 | 44,125 | ||||||
Beijing Philisense Technology Co. Ltd., Class A | 32,300 | 37,909 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A (a) | 32,600 | 61,429 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A | 34,760 | 50,522 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A | 51,600 | 50,024 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 33,500 | 73,922 | ||||||
Bluedon Information Security Technology Co. Ltd., Class A | 18,300 | 26,736 | ||||||
Bright Oceans Inter-Telecom Corp., Class A (a) | 17,300 | 31,340 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
China Greatwall Technology Group Co. Ltd., Class A* | 68,619 | $ | 70,156 | |||||
China National Software & Service Co. Ltd., Class A | 11,600 | 29,632 | ||||||
China TransInfo Technology Co. Ltd., Class A | 23,000 | 50,300 | ||||||
China Wafer Level CSP Co. Ltd., Class A | 4,200 | 21,661 | ||||||
CPT Technology Group Co. Ltd., Class A | 20,700 | 15,591 | ||||||
Dalian Zeus Entertainment Group Co. Ltd., Class A | 16,980 | 48,152 | ||||||
Datang Telecom Technology Co. Ltd., Class A* | 24,200 | 51,278 | ||||||
Dawning Information Industry Co. Ltd., Class A | 15,000 | 98,709 | ||||||
Eastern Communications Co. Ltd., Class A | 19,292 | 20,950 | ||||||
EGing Photovoltaic Technology Co. Ltd., Class A | 33,320 | 23,786 | ||||||
Focus Technology Co. Ltd., Class A | 4,300 | 15,446 | ||||||
Fujian Newland Computer Co. Ltd., Class A | 27,440 | 75,739 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 14,500 | 49,497 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 800 | 26,763 | ||||||
GCI Science & Technology Co. Ltd., Class A | 12,100 | 33,251 | ||||||
Glodon Co. Ltd., Class A | 25,300 | 75,458 | ||||||
Guangdong East Power Co. Ltd., Class A (a) | 24,000 | 34,521 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 8,000 | 16,201 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 27,700 | 55,426 | ||||||
Guomai Technologies, Inc., Class A | 16,000 | 21,561 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 3,100 | 15,894 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A | 16,100 | 47,823 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 29,180 | 54,018 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 33,300 | 53,638 | ||||||
Hengtong Optic-electric Co. Ltd., Class A (a) | 37,000 | 222,882 | ||||||
Hexing Electrical Co. Ltd., Class A | 4,200 | 24,379 | ||||||
Holitech Technology Co. Ltd., Class A | 47,000 | 73,430 | ||||||
Huagong Tech Co. Ltd., Class A | 24,600 | 62,691 | ||||||
Hytera Communications Corp. Ltd., Class A | 26,300 | 76,252 | ||||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 37,000 | 118,075 | ||||||
Julong Co. Ltd., Class A | 11,195 | 29,004 | ||||||
Kingnet Network Co. Ltd., Class A | 16,000 | 57,932 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 31,900 | 104,550 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 46,300 | 224,291 | ||||||
Nanjing Doron Technology Co. Ltd., Class A | 7,100 | 10,717 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A* | 102,300 | $ | 39,454 | |||||
NAURA Technology Group Co. Ltd., Class A | 6,900 | 37,423 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A | 15,000 | 39,838 | ||||||
North Electro-Optic Co. Ltd., Class A | 7,600 | 23,931 | ||||||
People.cn Co. Ltd., Class A | 20,700 | 38,038 | ||||||
Shanghai Aerospace Automobile Electromechanical Co., Class A | 34,500 | 39,291 | ||||||
Shanghai Belling Co. Ltd., Class A | 21,800 | 48,929 | ||||||
Shengyi Technology Co. Ltd., Class A | 27,600 | 61,655 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 12,200 | 17,381 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 20,980 | 75,170 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 28,100 | 38,589 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 1,800 | 14,344 | ||||||
Shenzhen Laibao Hi-tech Co. Ltd., Class A | 22,300 | 33,795 | ||||||
Shenzhen Suntak Circuit Technology Co. Ltd., Class A | 1,900 | 8,612 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 30,400 | 243,682 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A* | 15,240 | 38,215 | ||||||
Sinodata Co. Ltd., Class A | 8,900 | 31,606 | ||||||
Skyworth Digital Co. Ltd., Class A | 20,200 | 27,129 | ||||||
Taiji Computer Corp. Ltd., Class A | 9,300 | 35,796 | ||||||
Talkweb Information System Co. Ltd., Class A | 26,300 | 32,298 | ||||||
Tatwah Smartech Co. Ltd., Class A* | 20,500 | 63,404 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 23,100 | 32,282 | ||||||
Tianma Microelectronics Co. Ltd., Class A (a) | 32,500 | 105,729 | ||||||
Tongding Interconnection Information Co. Ltd., Class A | 28,500 | 52,846 | ||||||
United Electronics Co. Ltd., Class A | 12,300 | 25,244 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 25,600 | 56,955 | ||||||
Venustech Group, Inc., Class A | 20,300 | 71,904 | ||||||
Vtron Group Co. Ltd., Class A* | 22,300 | 40,034 | ||||||
Westone Information Industry, Inc., Class A | 16,080 | 57,444 | ||||||
Wuhan Fingu Electronic Technology Co. Ltd., Class A* | 8,800 | 16,077 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 7,500 | 19,204 | ||||||
Wuhu Token Science Co. Ltd., Class A | 71,800 | 92,629 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 46,040 | 36,905 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 5,600 | 39,816 | ||||||
YGSOFT, Inc., Class A | 19,207 | 29,775 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 20,950 | 80,480 | ||||||
|
| |||||||
4,365,280 | ||||||||
|
|
Number | Value | |||||||
Materials — 18.6% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A*(a) | 23,104 | $ | 37,017 | |||||
Befar Group Co. Ltd., Class A | 35,700 | 42,331 | ||||||
Beijing Lier High-temperature Materials Co. Ltd., Class A | 25,000 | 21,099 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 20,608 | 112,517 | ||||||
Bengang Steel Plates Co. Ltd., Class A* | 11,700 | 10,193 | ||||||
CEFC Anhui International Holding Co. Ltd., Class A | 35,900 | 39,093 | ||||||
China Jushi Co. Ltd., Class A | 67,868 | 142,061 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 46,600 | 46,587 | ||||||
Cofco Biochemical Co. Ltd., Class A*(a) | 37,985 | 75,523 | ||||||
CSG Holding Co. Ltd., Class A | 41,525 | 57,717 | ||||||
Do-Fluoride Chemicals Co. Ltd., Class A | 24,400 | 85,099 | ||||||
Elion Clean Energy Co. Ltd., Class A | 33,000 | 28,848 | ||||||
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A* | 123,100 | 56,785 | ||||||
Gansu Qilianshan Cement Group Co. Ltd., Class A | 25,800 | 43,703 | ||||||
GEM Co. Ltd., Class A | 104,352 | 113,318 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A* | 67,305 | 73,088 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 13,500 | 24,930 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 6,100 | 38,896 | ||||||
Hangzhou Iron & Steel Co., Class A* | 14,600 | 16,009 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 19,100 | 51,794 | ||||||
Hongda Xingye Co. Ltd., Class A | 38,478 | 41,493 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 53,650 | 57,043 | ||||||
Huaxin Cement Co. Ltd., Class A | 19,980 | 48,621 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A* | 16,600 | 74,842 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 13,100 | 33,840 | ||||||
Hunan Gold Corp. Ltd., Class A | 28,100 | 38,590 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A | 22,700 | 36,975 | ||||||
Jiangsu Wuzhong Industrial Co., Class A | 21,700 | 39,154 | ||||||
Jiangsu Yabang Dyestuff Co. Ltd., Class A | 14,100 | 36,040 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 20,400 | 226,465 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A* | 32,900 | 48,117 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 63,000 | 52,024 | ||||||
Juli Sling Co. Ltd., Class A | 25,400 | 25,085 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 61,400 | 55,068 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 22,359 | 36,556 | ||||||
Lomon Billions Group Co. Ltd., Class A | 22,900 | 55,900 | ||||||
Luxi Chemical Group Co. Ltd., Class A* | 39,300 | 97,479 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A* | 116,100 | 83,056 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A* | 85,600 | 70,816 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 21,600 | 60,796 | ||||||
Org Packaging Co. Ltd., Class A* | 55,550 | 52,845 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 6,100 | $ | 37,190 | |||||
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A* | 16,800 | 56,865 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 34,900 | 93,215 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 42,713 | 83,786 | ||||||
Shandong Iron and Steel Co. Ltd., Class A* | 255,530 | 87,342 | ||||||
Shandong Jinjing Science & Technology Co. Ltd., Class A* | 40,100 | 27,595 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 215,150 | 120,398 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 59,700 | 83,068 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A* | 9,500 | 16,638 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 89,600 | 71,009 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 31,500 | 81,276 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 36,200 | 49,767 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A | 132,880 | 42,405 | ||||||
Stanley Agricultural Group Co. Ltd., Class A | 22,400 | 23,715 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A*(a) | 26,600 | 56,303 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 40,000 | 64,610 | ||||||
Tibet Huayu Mining Co. Ltd., Class A | 3,900 | 12,316 | ||||||
Tibet Mineral Development Co., Class A* | 16,500 | 39,254 | ||||||
Tibet Summit Industry Co. Ltd., Class A (a) | 5,100 | 35,344 | ||||||
Tongkun Group Co. Ltd., Class A | 14,500 | 47,325 | ||||||
Western Mining Co. Ltd., Class A | 74,100 | 87,639 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 23,200 | 38,842 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 50,000 | 107,533 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 78,250 | 65,683 | ||||||
Yintai Resources Co. Ltd., Class A* | 25,400 | 50,363 | ||||||
Yunnan Copper Co. Ltd., Class A* | 33,400 | 65,164 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A* | 19,600 | 33,260 | ||||||
Yunnan Tin Co. Ltd., Class A* | 32,415 | 64,223 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A* | 45,600 | 35,241 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A* | 11,500 | 147,387 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 33,500 | 51,477 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 17,400 | 46,054 | ||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 20,700 | 32,684 | ||||||
Zhongfu Straits Pingtan Development Co. Ltd., Class A*(a) | 53,800 | 45,779 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 18,000 | $ | 29,892 | |||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 34,815 | 63,818 | ||||||
|
| |||||||
4,481,873 | ||||||||
|
| |||||||
Real Estate — 5.7% | ||||||||
Beijing Homyear Capital Holdings Co. Ltd., Class A | 42,800 | 57,806 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 36,900 | 78,523 | ||||||
China Sports Industry Group Co. Ltd., Class A | 25,501 | 41,847 | ||||||
Chongqing Dima Industry Co. Ltd., Class A | 54,900 | 36,119 | ||||||
Cinda Real Estate Co. Ltd., Class A | 31,600 | 27,241 | ||||||
COFCO Property Group Co. Ltd., Class A (a) | 40,000 | 51,753 | ||||||
Deluxe Family Co. Ltd., Class A | 63,200 | 59,741 | ||||||
Greattown Holdings Ltd., Class A | 42,900 | 47,365 | ||||||
Haining China Leather Market Co. Ltd., Class A (a) | 19,500 | 24,011 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 58,400 | 64,566 | ||||||
HNA Investment Group Co. Ltd., Class A* | 45,100 | 24,965 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 66,440 | 73,153 | ||||||
Huayuan Property Co. Ltd., Class A | 39,430 | 23,198 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 28,500 | 53,966 | ||||||
Jinke Properties Group Co. Ltd., Class A | 103,800 | 72,530 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A | 5,300 | 19,614 | ||||||
Macrolink Culturaltainment Development Co. Ltd., Class A | 29,800 | 26,817 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A | 100,700 | 46,299 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 21,200 | 45,787 | ||||||
Rongan Property Co. Ltd., Class A* | 27,100 | 15,944 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 23,220 | 21,703 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 13,200 | 34,917 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A* | 11,400 | 41,759 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 8,600 | 32,777 | ||||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 32,110 | 64,978 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A (a) | 34,700 | 53,216 | ||||||
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A | 29,300 | 28,760 | ||||||
Tahoe Group Co. Ltd., Class A | 18,700 | 47,203 | ||||||
Tianjin Jinbin Development Co. Ltd., Class A* | 50,700 | 27,988 | ||||||
Tibet Urban Development and Investment Co. Ltd., Class A | 17,600 | 30,638 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A | 27,940 | $ | 26,538 | |||||
Zhonghong Holding Co. Ltd., Class A (a) | 184,072 | 55,868 | ||||||
|
| |||||||
1,357,590 | ||||||||
|
| |||||||
Utilities — 3.3% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 42,330 | 32,651 | ||||||
Beijing Water Business Doctor Co. Ltd., Class A | 23,800 | 76,670 | ||||||
CECEP Wind-Power Corp., Class A | 62,500 | 34,029 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 70,500 | 58,431 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 7,200 | 9,659 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 57,300 | 69,330 | ||||||
Guangdong Golden Dragon Development, Inc., Class A | 16,800 | 42,661 | ||||||
Guangzhou Development Group, Inc., Class A | 32,000 | 33,297 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A*(a) | 49,800 | 34,549 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 114,200 | 51,471 | ||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 27,000 | 34,261 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Kaidi Ecological and Environmental Technology Co. Ltd., Class A*(a) | 61,400 | $ | 45,254 | |||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A | 76,300 | 53,544 | ||||||
Shenergy Co. Ltd., Class A | 106,200 | 91,553 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 44,700 | 41,374 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A | 19,300 | 28,811 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 33,260 | 51,511 | ||||||
|
| |||||||
789,056 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 24,036,201 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Health Care — 0.0% | ||||||||
Hubei Jumpcan Pharmaceutical Co. Ltd.*, expires 01/31/18 (a) | 7 | 0 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $22,168,606) | $ | 24,036,201 | ||||||
Other assets and liabilities, net — 0.2% | 50,652 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,086,853 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 22,230,438 | $ | — | $ | 1,805,763 | $ | 24,036,201 | ||||||||
Rights | — | — | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 22,230,438 | $ | — | $ | 1,805,763 | $ | 24,036,201 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2017 (Unaudited)
The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2017 | $ | 1,442,608 | ||
Purchases | 296,478 | |||
Sales | (149,845 | ) | ||
Realized gain (loss) | 2,369 | |||
Change in unrealized gain (loss) | 141,005 | |||
Transfers into Level 3 (c) | 1,191,276 | |||
Transfer out of Level 3 (c) | (1,118,128 | ) | ||
|
| |||
Balance at November 30, 2017 | 1,805,763 | |||
|
| |||
Change in unrealized gain (loss) related to investments still held at November 30, 2017 | 154,192 |
(c) | During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $1,191,276 and between Level 3 and Level 1 was $1,118,128. 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.
Quantitave Disclosure About Significant Unobservable Inputs
Asset Class | Fair Value at 11/30/2017 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 159,050 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Health Care | 264,391 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials | 325,592 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology | 542,113 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Materials | 249,966 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Real Estate | 184,848 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Utilities | 79,803 | 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 -8% to 21% with a weighted average range of approximately -0.2%. 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
Xtrackers MSCI All China Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 58.2% | ||||||||
Consumer Discretionary — 5.5% | ||||||||
Alibaba Pictures Group Ltd.* | 208,045 | $ | 27,970 | |||||
ANTA Sports Products Ltd. | 13,258 | 59,413 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 19,187 | 22,650 | ||||||
Brilliance China Automotive Holdings Ltd. | 45,674 | 119,884 | ||||||
BYD Co. Ltd., Class H | 12,771 | 113,236 | ||||||
China Travel International Investment Hong Kong Ltd. | 43,048 | 13,945 | ||||||
Ctrip.com International Ltd., ADR* | 5,376 | 247,726 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 42,078 | 52,906 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 7,151 | 27,468 | ||||||
Geely Automobile Holdings Ltd. | 76,787 | 267,420 | ||||||
GOME Retail Holdings Ltd. | 178,585 | 20,122 | ||||||
Great Wall Motor Co. Ltd., Class H | 45,819 | 53,620 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 31,121 | 78,099 | ||||||
Haier Electronics Group Co. Ltd.* | 10,000 | 26,760 | ||||||
JD.com, Inc., ADR* | 9,725 | 364,201 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 1,922 | 163,101 | ||||||
Nexteer Automotive Group Ltd.* | 15,347 | 33,012 | ||||||
Shenzhou International Group Holdings Ltd. | 7,181 | 64,820 | ||||||
Skyworth Digital Holdings Ltd. | 20,696 | 8,824 | ||||||
TAL Education Group, ADR | 3,656 | 101,929 | ||||||
Vipshop Holdings Ltd., ADR* | 5,846 | 48,113 | ||||||
Yum China Holdings, Inc. | 5,738 | 234,283 | ||||||
|
| |||||||
2,149,502 | ||||||||
|
| |||||||
Consumer Staples — 1.4% | ||||||||
China Agri-Industries Holdings Ltd. | 30,811 | 12,782 | ||||||
China Huishan Dairy Holdings Co. Ltd.*(a) | 10,480 | 1 | ||||||
China Mengniu Dairy Co. Ltd.* | 40,281 | 102,325 | ||||||
China Resources Beer Holdings Co. Ltd. | 35,573 | 97,698 | ||||||
Hengan International Group Co. Ltd. | 13,383 | 130,485 | ||||||
Sun Art Retail Group Ltd. | 33,434 | 32,706 | ||||||
Tingyi Cayman Islands Holding Corp. | 28,891 | 45,425 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 11,452 | 46,481 | ||||||
Uni-President China Holdings Ltd. | 20,654 | 15,973 | ||||||
Want Want China Holdings Ltd. | 84,696 | 66,367 | ||||||
|
| |||||||
550,243 | ||||||||
|
| |||||||
Energy — 2.8% | ||||||||
China Coal Energy Co. Ltd., Class H | 34,501 | 15,593 | ||||||
China Oilfield Services Ltd., Class H | 26,676 | 24,592 | ||||||
China Petroleum & Chemical Corp., Class H | 383,918 | 274,290 | ||||||
China Shenhua Energy Co. Ltd., Class H | 51,141 | 125,852 | ||||||
CNOOC Ltd. | 258,854 | 350,654 | ||||||
Kunlun Energy Co. Ltd. | 49,476 | 42,760 | ||||||
PetroChina Co. Ltd., Class H | 311,923 | 209,674 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 26,345 | 24,590 | ||||||
|
| |||||||
1,068,005 | ||||||||
|
| |||||||
Financials — 12.1% | ||||||||
Agricultural Bank of China Ltd., Class H | 366,838 | 170,498 | ||||||
Bank of China Ltd., Class H | 1,162,089 | 563,919 | ||||||
Bank of Communications Co. Ltd., Class H | 93,506 | 69,200 |
Number | Value | |||||||
Financials (Continued) | ||||||||
China Cinda Asset Management Co. Ltd., Class H | 113,942 | $ | 42,308 | |||||
China CITIC Bank Corp. Ltd., Class H | 121,996 | 78,881 | ||||||
China Construction Bank Corp., Class H | 1,195,344 | 1,042,264 | ||||||
China Everbright Bank Co. Ltd., Class H | 74,100 | 34,345 | ||||||
China Everbright Ltd. | 12,393 | 27,642 | ||||||
China Galaxy Securities Co. Ltd., Class H | 42,376 | 33,260 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 92,505 | 42,402 | ||||||
China International Capital Corp. Ltd., Class H, 144A | 10,900 | 22,972 | ||||||
China Life Insurance Co. Ltd., Class H | 105,050 | 340,967 | ||||||
China Merchants Bank Co. Ltd., Class H | 59,113 | 231,602 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 27,073 | 27,280 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 39,173 | 186,832 | ||||||
China Reinsurance Group Corp., Class H | 80,108 | 17,231 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 23,281 | 87,935 | ||||||
Chong Sing Holdings FinTech Gr* | 216,000 | 28,762 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 28,685 | 20,310 | ||||||
CITIC Securities Co. Ltd., Class H | 17,164 | 37,140 | ||||||
Far East Horizon Ltd. | 25,797 | 23,517 | ||||||
GF Securities Co. Ltd., Class H | 21,108 | 42,323 | ||||||
Haitong Securities Co. Ltd., Class H | 20,696 | 30,844 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 20,229 | 40,923 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,093,263 | 849,672 | ||||||
New China Life Insurance Co. Ltd., Class H | 10,943 | �� | 69,776 | |||||
People’s Insurance Co. Group of China Ltd., Class H | 100,608 | 51,784 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 65,139 | 123,436 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 34,492 | 340,053 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 35,983 | 20,226 | ||||||
|
| |||||||
4,698,304 | ||||||||
|
| |||||||
Health Care — 1.2% | ||||||||
3SBio, Inc., 144A* | 14,618 | 28,449 | ||||||
Alibaba Health Information Technology Ltd.* | 60,814 | 29,978 | ||||||
China Medical System Holdings Ltd. | 15,241 | 31,847 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 26,676 | 14,072 | ||||||
CSPC Pharmaceutical Group Ltd. | 57,963 | 115,032 | ||||||
Luye Pharma Group Ltd. | 13,237 | 8,762 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 26,571 | 18,201 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4,695 | 22,663 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 9,014 | 22,644 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 61,452 | 21,638 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Sino Biopharmaceutical Ltd. | 60,293 | $ | 78,896 | |||||
Sinopharm Group Co. Ltd., Class H | 17,259 | 67,841 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 6,779 | 9,496 | ||||||
|
| |||||||
469,519 | ||||||||
|
| |||||||
Industrials — 3.0% | ||||||||
Air China Ltd., Class H | 25,278 | 27,122 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 32,394 | 16,964 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 24,508 | 36,212 | ||||||
Beijing Enterprises Holdings Ltd. | 7,466 | 43,017 | ||||||
CAR, Inc.* | 12,301 | 10,710 | ||||||
China Communications Construction Co. Ltd., Class H | 62,091 | 69,324 | ||||||
China Conch Venture Holdings Ltd. | 20,773 | 45,747 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 40,101 | 23,721 | ||||||
China Everbright International Ltd. | 36,504 | 48,982 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 7,575 | 13,617 | ||||||
China Merchants Port Holdings Co. Ltd. | 22,225 | 57,340 | ||||||
China Railway Construction Corp. Ltd., Class H | 36,816 | 43,556 | ||||||
China Railway Group Ltd., Class H | 74,747 | 55,796 | ||||||
China Southern Airlines Co. Ltd., Class H | 29,076 | 25,985 | ||||||
China State Construction International Holdings Ltd. | 27,559 | 35,780 | ||||||
CITIC Ltd. | 72,400 | 102,525 | ||||||
COSCO SHIPPING Development Co. Ltd., Class H* | 78,033 | 15,986 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 15,447 | 8,247 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 40,991 | 19,471 | ||||||
COSCO SHIPPING Ports Ltd. | 24,926 | 25,117 | ||||||
CRRC Corp. Ltd., Class H | 89,019 | 81,152 | ||||||
Fosun International Ltd. | 39,874 | 82,707 | ||||||
Haitian International Holdings Ltd. | 10,157 | 29,716 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 19,918 | 27,288 | ||||||
Metallurgical Corp. of China Ltd., Class H | 64,830 | 19,175 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 48,699 | 19,080 | ||||||
Shanghai Industrial Holdings Ltd. | 6,887 | 19,444 | ||||||
Shenzhen International Holdings Ltd. | 16,242 | 29,239 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 18,707 | 15,593 | ||||||
Sinotrans Ltd., Class H | 34,189 | 17,160 | ||||||
Weichai Power Co. Ltd., Class H | 20,313 | 22,653 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 5,302 | 7,155 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 20,672 | 24,774 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 7,824 | 44,929 | ||||||
|
| |||||||
1,165,284 | ||||||||
|
|
Number | Value | |||||||
Information Technology — 23.7% | ||||||||
58.com, Inc., ADR* | 1,276 | $ | 91,540 | |||||
AAC Technologies Holdings, Inc. | 10,570 | 211,530 | ||||||
Alibaba Group Holding Ltd., ADR* | 15,532 | 2,750,407 | ||||||
Autohome, Inc., ADR* | 583 | 32,281 | ||||||
Baidu, Inc., ADR* | 3,900 | 930,462 | ||||||
BYD Electronic International Co. Ltd. | 9,500 | 22,746 | ||||||
China Literature Ltd., 144A* | 2,600 | 29,961 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 24,508 | 18,169 | ||||||
Fang Holdings Ltd., ADR* | 4,157 | 19,288 | ||||||
GCL-Poly Energy Holdings Ltd.* | 193,462 | 31,211 | ||||||
Hanergy Thin Film Power Group Ltd.*(a) | 56,247 | 0 | ||||||
Kingboard Chemical Holdings Ltd. | 8,725 | 50,047 | ||||||
Kingboard Laminates Holdings Ltd. | 15,000 | 24,852 | ||||||
Kingsoft Corp. Ltd. | 11,116 | 31,596 | ||||||
Lenovo Group Ltd. | 103,535 | 58,858 | ||||||
Meitu, Inc., 144A* | 18,000 | 26,089 | ||||||
Momo, Inc., ADR* | 1,525 | 36,600 | ||||||
NetEase, Inc., ADR | 1,146 | 376,702 | ||||||
Semiconductor Manufacturing International Corp.* | 38,526 | 53,767 | ||||||
SINA Corp.* | 814 | 79,585 | ||||||
Sunny Optical Technology Group Co. Ltd. | 10,090 | 167,947 | ||||||
Tencent Holdings Ltd. | 77,741 | 3,961,604 | ||||||
TravelSky Technology Ltd., Class H | 13,117 | 35,857 | ||||||
Weibo Corp., ADR*(b) | 520 | 56,451 | ||||||
Xinyi Solar Holdings Ltd. | 43,003 | 15,472 | ||||||
YY, Inc., ADR*(b) | 436 | 44,991 | ||||||
ZTE Corp., Class H* | 8,662 | 30,111 | ||||||
|
| |||||||
9,188,124 | ||||||||
|
| |||||||
Materials — 1.0% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 52,330 | 34,707 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 17,738 | 85,168 | ||||||
BBMG Corp., Class H | 52,952 | 24,475 | ||||||
China Molybdenum Co. Ltd., Class H | 51,000 | 31,801 | ||||||
China National Building Material Co. Ltd., Class H | 29,248 | 26,888 | ||||||
China Resources Cement Holdings Ltd. | 30,617 | 20,228 | ||||||
China Zhongwang Holdings Ltd. | 19,360 | 9,147 | ||||||
Jiangxi Copper Co. Ltd., Class H | 21,840 | 34,004 | ||||||
Lee & Man Paper Manufacturing Ltd. | 21,984 | 25,755 | ||||||
Nine Dragons Paper Holdings Ltd. | 22,648 | 37,581 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 50,117 | 29,710 | ||||||
Zijin Mining Group Co. Ltd., Class H | 70,858 | 24,586 | ||||||
|
| |||||||
384,050 | ||||||||
|
| |||||||
Real Estate — 2.9% | ||||||||
Agile Group Holdings Ltd. | 22,001 | 31,719 | ||||||
China Evergrande Group* | 56,894 | 187,942 | ||||||
China Jinmao Holdings Group Ltd. | 58,403 | 26,397 | ||||||
China Overseas Land & Investment Ltd. | 56,477 | 179,333 | ||||||
China Resources Land Ltd. | 41,460 | 119,174 | ||||||
China Vanke Co. Ltd., Class H | 8,726 | 31,786 | ||||||
CIFI Holdings Group Co. Ltd. | 48,000 | 26,488 | ||||||
Country Garden Holdings Co. Ltd. | 84,801 | 133,550 | ||||||
Fullshare Holdings Ltd.* | 104,444 | 43,729 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 11,015 | $ | 23,553 | |||||
KWG Property Holding Ltd. | 14,449 | 15,281 | ||||||
Longfor Properties Co. Ltd. | 22,627 | 53,133 | ||||||
Shenzhen Investment Ltd. | 47,757 | 20,301 | ||||||
Shimao Property Holdings Ltd. | 16,237 | 31,725 | ||||||
Shui On Land Ltd. | 72,542 | 19,784 | ||||||
Sino-Ocean Group Holding Ltd. | 47,462 | 29,716 | ||||||
SOHO China Ltd. | 36,626 | 20,728 | ||||||
Sunac China Holdings Ltd. | 26,050 | 120,074 | ||||||
Yuexiu Property Co. Ltd. | 90,562 | 16,349 | ||||||
|
| |||||||
1,130,762 | ||||||||
|
| |||||||
Telecommunication Services — 3.0% | ||||||||
China Communications Services Corp. Ltd., Class H | 32,520 | 20,652 | ||||||
China Mobile Ltd. | 88,895 | 902,016 | ||||||
China Telecom Corp. Ltd., Class H | 204,382 | 99,179 | ||||||
China Unicom Hong Kong Ltd.* | 88,767 | 128,658 | ||||||
|
| |||||||
1,150,505 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Beijing Enterprises Water Group Ltd.* | 66,479 | 51,922 | ||||||
CGN Power Co. Ltd., Class H, 144A | 174,325 | 47,542 | ||||||
China Gas Holdings Ltd. | 28,991 | 89,087 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 47,830 | 32,212 | ||||||
China Power International Development Ltd. | 52,101 | 14,009 | ||||||
China Resources Gas Group Ltd. | 14,160 | 54,662 | ||||||
China Resources Power Holdings Co. Ltd. | 29,449 | 55,428 | ||||||
Datang International Power Generation Co. Ltd., Class H* | 51,912 | 16,883 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
ENN Energy Holdings Ltd. | 11,385 | 83,016 | ||||||
Guangdong Investment Ltd. | 46,018 | $ | 61,866 | |||||
Huadian Power International Corp. Ltd., Class H | 49,283 | 19,246 | ||||||
Huaneng Power International, Inc., Class H | 83,466 | 53,434 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 60,530 | 19,298 | ||||||
Towngas China Co. Ltd.* | 23,320 | 18,602 | ||||||
|
| |||||||
617,207 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 22,571,505 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 40.9% | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (b)(c) | 455,566 | 13,922,097 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(c) | 57,207 | 1,968,493 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 15,890,590 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 32.0% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 12,424,182 | 12,424,182 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 131.1% (Cost $50,536,553) | $ | 50,886,277 | ||||||
Other assets and liabilities, net — (31.1%) | (12,091,560 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 38,794,717 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $12,037,560, which is 31.0% of net assets. |
(c) | Affiliated fund advised by DBX Advisors LLC. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2017 (Unaudited)
A summary of the Fund’s transactions in affiliated funds during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Value ($) at 11/30/17 | |||||||||||||||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 1,561,826 | 11,826,325 | — | — | 533,946 | — | — | 13,922,097 | ||||||||||||||||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 297,019 | 1,791,706 | (48,004 | ) | (9,259 | ) | (62,969 | ) | — | — | 1,968,493 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,858,845 | 13,618,031 | (48,004 | ) | (9,259 | ) | 470,977 | — | — | 15,890,590 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At November 30, 2017, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized (Depreciation) | ||||||||||||||||||
MINI HSI Index Futures | HKD | 3 | $ | 114,540 | $ | 112,618 | 12/28/2017 | $ | (1,787 | ) | ||||||||||||||
HANG SENG Index Futures | HKD | 1 | 190,707 | 187,697 | 12/28/2017 | (2,787 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized depreciation | $ | (4,574 | ) | |||||||||||||||||||||
|
|
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 22,571,504 | $ | — | $ | 1 | $ | 22,571,505 | ||||||||
Exchange-Traded Funds | 15,890,590 | — | — | 15,890,590 | ||||||||||||
Short-Term Investments | 12,424,182 | — | — | 12,424,182 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 50,886,276 | $ | — | $ | 1 | $ | 50,886,277 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (4,574 | ) | $ | — | $ | — | $ | (4,574 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (4,574 | ) | $ | — | $ | — | $ | (4,574 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended November 30, 2017, the amount of transfers between Level 3 and Level 1 was $16,271. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 27 |
DBX ETF Trust
November 30, 2017 (Unaudited)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Xtrackers Harvest CSI 300 China A- Shares ETF | Xtrackers Harvest CSI 500 China A- Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | – | $ | 667,455,266 | $ | 24,036,201 | $ | 22,571,505 | ||||||||
Investment in affiliated securities at value | 3,375,260 | – | – | 15,890,590 | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 1,531,980 | – | – | 12,424,182 | ||||||||||||
Cash | 930 | 714,332 | 913 | 2,046,405 | ||||||||||||
Foreign currency at value | – | 2,569,283 | † | 63,012 | † | 46,734 | ||||||||||
Unrealized appreciation on forward foreign currency contracts | 822 | – | – | – | ||||||||||||
Deposit with broker for futures contracts | – | – | – | 19,193 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 16,041 | – | – | 61,912 | ||||||||||||
Variation margin on futures contracts | – | – | – | 3,866 | ||||||||||||
Capital shares | – | 8,933 | – | 2,089,099 | ||||||||||||
Dividends | – | 8 | 18 | 5,232 | ||||||||||||
Securities lending income | 3,910 | – | – | 35,958 | ||||||||||||
Other assets | 57 | 56 | 56 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 4,929,000 | $ | 670,747,878 | $ | 24,100,200 | $ | 55,194,733 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,531,980 | $ | – | $ | – | $ | 12,424,182 | ||||||||
Unrealized depreciation on forward foreign currency contracts | 16,475 | – | – | – | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | – | – | – | 3,965,699 | ||||||||||||
Investment advisory fees | 142 | 355,214 | 13,347 | 10,135 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,548,597 | 355,214 | 13,347 | 16,400,016 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 3,380,403 | $ | 670,392,664 | $ | 24,086,853 | $ | 38,794,717 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 3,190,478 | $ | 582,565,530 | $ | 35,199,508 | $ | 39,879,314 | ||||||||
Distributions in excess of net investment income | – | – | (34,829 | ) | – | |||||||||||
Undistributed net investment income | 30,552 | 4,848,711 | – | 172,958 | ||||||||||||
Accumulated net realized gain (loss) | (463,650 | ) | (70,611,880 | ) | (12,945,588 | ) | (1,602,663 | ) | ||||||||
Net unrealized appreciation (depreciation) | 623,023 | 153,590,303 | 1,867,762 | 345,108 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 3,380,403 | $ | 670,392,664 | $ | 24,086,853 | $ | 38,794,717 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 150,001 | 21,900,001 | 700,001 | 1,050,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 22.54 | $ | 30.61 | $ | 34.41 | $ | 36.95 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | – | $ | 513,926,050 | $ | 22,168,606 | $ | 21,504,310 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 2,736,584 | $ | – | $ | – | $ | 16,608,061 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,485,919 | $ | – | $ | – | $ | 12,037,560 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 1,531,980 | $ | – | $ | – | $ | 12,424,182 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | – | $ | 2,508,195 | $ | 62,845 | $ | 46,742 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is 2,362 and 5,697 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Xtrackers Harvest CSI 300 China A- Shares ETF | Xtrackers Harvest CSI 500 China A- Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | – | $ | 6,960,822 | $ | 107,250 | $ | 75,313 | ||||||||
Securities lending income, net of borrower rebates | 24,646 | – | – | 95,832 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 24,646 | 6,960,822 | 107,250 | 171,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 11,312 | 1,789,444 | 76,022 | 47,565 | ||||||||||||
Interest Expense | – | 4,454 | – | – | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 11,312 | 1,793,898 | 76,022 | 47,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (10,522 | ) | – | – | (19,667 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 790 | 1,793,898 | 76,022 | 27,898 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 23,856 | 5,166,924 | 31,228 | 143,247 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | – | (1,174,333 | ) | (33,221 | ) | 17,366 | ||||||||||
Investments in affiliates | (29,921 | ) | – | – | (9,259 | ) | ||||||||||
Futures contracts | – | – | – | 20,353 | ||||||||||||
Foreign currency transactions | – | 279,430 | (1,065 | ) | (584 | ) | ||||||||||
Forward foreign currency contracts | (171,893 | ) | – | – | – | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (201,814 | ) | (894,903 | ) | (34,286 | ) | 27,876 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | – | 79,509,659 | 1,849,200 | 1,005,654 | ||||||||||||
Investments in affiliates | 573,841 | – | – | 470,977 | ||||||||||||
Futures contracts | – | – | – | (4,574 | ) | |||||||||||
Foreign currency translations | – | 31,292 | (5,044 | ) | (46 | ) | ||||||||||
Forward foreign currency contracts | 55,514 | – | – | – | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 629,355 | 79,540,951 | 1,844,156 | 1,472,011 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 427,541 | 78,646,048 | 1,809,870 | 1,499,887 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 451,397 | $ | 83,812,972 | $ | 1,841,098 | $ | 1,643,134 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | – | $ | 807,627 | $ | 12,121 | $ | 5,523 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Xtrackers Harvest CSI 300 China A-Shares ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 23,856 | $ | 33,537 | $ | 5,166,924 | $ | 5,215,180 | ||||||||
Net realized gain (loss) | (201,814 | ) | (174,141 | ) | (894,903 | ) | (2,259,919 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 629,355 | 282,522 | 79,540,951 | 26,028,638 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 451,397 | 141,918 | 83,812,972 | 28,983,899 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | (281,686 | ) | — | (2,914,310 | ) | ||||||||||
Net realized gains | — | (84,778 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (366,464 | ) | — | (2,914,310 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 967,594 | 287,200,226 | 237,085,355 | ||||||||||||
Value of shares redeemed | — | — | (67,614,479 | ) | (222,628,824 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 967,594 | 219,585,747 | 14,456,531 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 451,397 | 743,048 | 303,398,719 | 40,526,120 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,929,006 | 2,185,958 | 366,993,945 | 326,467,825 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,380,403 | $ | 2,929,006 | $ | 670,392,664 | $ | 366,993,945 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | — | $ | (318,213 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 30,552 | $ | 6,696 | $ | 4,848,711 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 150,001 | 100,001 | 14,200,001 | 13,750,001 | ||||||||||||
Shares sold | — | 50,000 | 10,000,000 | 9,600,000 | ||||||||||||
Shares redeemed | — | — | (2,300,000 | ) | (9,150,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 150,001 | 150,001 | 21,900,001 | 14,200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 31,228 | $ | (21,875 | ) | $ | 143,247 | $ | 146,833 | |||||||
Net realized gain (loss) | (34,286 | ) | (1,027,294 | ) | 27,876 | (857,419 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 1,844,156 | (248,447 | ) | 1,472,011 | 1,497,048 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,841,098 | (1,297,616 | ) | 1,643,134 | 786,462 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | — | — | — | (448,333 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | — | — | (448,333 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,861,214 | 5,254,292 | 32,570,911 | — | ||||||||||||
Value of shares redeemed | — | (5,023,771 | ) | — | (2,847,049 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 1,861,214 | 230,521 | 32,570,911 | (2,847,049 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 3,702,312 | (1,067,095 | ) | 34,214,045 | (2,508,920 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 20,384,541 | 21,451,636 | 4,580,672 | 7,089,592 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 24,086,853 | $ | 20,384,541 | $ | 38,794,717 | $ | 4,580,672 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | (34,829 | ) | $ | (66,057 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | — | $ | 172,958 | $ | 29,711 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 650,001 | 650,001 | 150,001 | 250,001 | ||||||||||||
Shares sold | 50,000 | 150,000 | 900,000 | — | ||||||||||||
Shares redeemed | — | (150,000 | ) | — | (100,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 700,001 | 650,001 | 1,050,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Selected Per Share Data
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 19.53 | $ | 21.86 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(c) | 0.16 | 0.29 | 0.40 | |||||||||
Net realized and unrealized gain (loss) | 2.85 | 1.05 | (2.80 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 3.01 | 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 | $ | 22.54 | $ | 19.53 | $ | 21.86 | ||||||
|
|
|
|
|
| |||||||
Total Return (%)(e) | 15.41 | ** | 6.42 | (d) | (10.01 | )** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 3 | 3 | 2 | |||||||||
Ratio of expenses before fee waiver (%)(f) | 0.70 | * | 0.72 | 1.25 | *** | |||||||
Ratio of expenses after fee waiver (%)(f) | 0.05 | * | 0.05 | 0.45 | *** | |||||||
Ratio of net investment income (loss) (%) | 1.48 | * | 1.41 | 2.92 | * | |||||||
Portfolio turnover rate (%)(g) | 1 | ** | 6 | 4 | ** |
Xtrackers Harvest CSI 300 China A-Shares ETF | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.27 | 0.30 | 0.43 | 0.09 | (0.05 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | 4.50 | 1.97 | (18.19 | ) | 27.96 | (2.97 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 4.77 | 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 | $ | 30.61 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 18.46 | ** | 9.62 | (38.10 | ) | 127.82 | (12.08 | )**(e) | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 670 | 367 | 326 | 1,410 | 153 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | * | 0.67 | 0.80 | 0.80 | 0.96 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | * | 0.67 | 0.80 | 0.80 | 0.92 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.88 | * | 1.24 | 1.27 | 0.26 | (0.38 | )* | |||||||||||||
Portfolio turnover rate (%)(g) | 16 | ** | 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 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%. |
(e) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(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. |
(g) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
*** | Annualized. Includes excise tax expense that is not annualized. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Financial Highlights (Continued)
Selected Per Share Data
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.05 | (0.03 | ) | (0.05 | ) | (0.12 | ) | 0.02 | ||||||||||||
Net realized and unrealized gain (loss) | 3.00 | (1.61 | ) | (28.91 | ) | 40.05 | 0.68 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 3.05 | (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 | $ | 34.41 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 9.73 | ** | (4.97 | ) | (45.37 | ) | 155.99 | 2.80 | ** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 24 | 20 | 21 | 82 | 8 | |||||||||||||||
Ratio of expenses (%) | 0.65 | * | 0.67 | 0.80 | 0.80 | 0.80 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 0.27 | * | (0.09 | ) | (0.11 | ) | (0.30 | ) | 2.57 | * | ||||||||||
Portfolio turnover rate (%)(f) | 10 | ** | 51 | 215 | 131 | 0 | ** | |||||||||||||
Xtrackers MSCI All China Equity ETF | For the Six Months Ended 11/30/2017 (Unaudited) | 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 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.32 | 0.91 | 2.15 | 0.32 | 0.06 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.09 | 4.26 | (15.46 | ) | 20.58 | 0.45 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 6.41 | 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 | ) | — | ||||||||||||
|
|
|
|
|
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|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 36.95 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(d) | 20.99 | ** | 20.03 | (29.80 | ) | 82.48 | 2.04 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 39 | 5 | 7 | 18 | 5 | |||||||||||||||
Ratio of expenses before fee waiver (%)(e) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.60 | * | |||||||||||||
Ratio of expenses after fee waiver (%)(e) | 0.35 | * | 0.35 | 0.26 | 0.26 | 0.30 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.81 | * | 3.10 | 6.46 | 0.94 | 2.73 | * | |||||||||||||
Portfolio turnover rate (%)(f) | 1 | ** | 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) | 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 33 |
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 November 30, 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:
New Fund Name | Former Fund Name | |
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | |
Xtrackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | |
Xtrackers MSCI All China Equity ETF | Deutsche X-trackers MSCI All China 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”).
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 | |
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | CSI 300 USD Hedged Index | |
Xtrackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Xtrackers 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.
34
DBX ETF Trust
Notes to Financial Statements (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers 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 investments 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.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any 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
35
DBX ETF Trust
Notes to Financial Statements (Continued)
services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
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 period ended November 30, 2017, the Funds did not incur any interest or penalties.
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.
36
DBX ETF Trust
Notes to Financial Statements (Continued)
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 13,782,323 | $ | — | $ | 13,782,323 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 9,571,784 | — | 9,571,784 | |||||||||
Xtrackers 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 | |||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | 254,116 | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 318,213 | 14,350,418 | ||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 66,057 | 1,472,982 | ||||||||||
Xtrackers MSCI All China Equity ETF | — | 276,350 |
As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | 4,261,184 | $ | (14,052 | ) | $ | — | $ | (14,052 | ) | ||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 332,359,235 | 32,435,321 | 73,974,602 | (41,539,281 | ) | |||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 22,026,042 | (1,848,141 | ) | 2,258,753 | (4,106,894 | ) | ||||||||||
Xtrackers MSCI All China Equity ETF | 7,367,702 | (1,273,471 | ) | 405,209 | (1,678,680 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 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 November 17, 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
37
DBX ETF Trust
Notes to Financial Statements (Continued)
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 Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Xtrackers CSI 300 China A-Shares Hedged Equity ETF and the Xtrackers 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 period ended November 30, 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 November 30, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 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 November 30, 2017, the Xtrackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, which were classified as an Exchanged Traded Fund in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
As of November 30, 2017, the Xtrackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
38
DBX ETF Trust
Notes to Financial Statements (Continued)
Remaining Contractual Maturity of the Agreements, as of November 30, 2017 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 90,394 | $ | — | $ | — | $ | — | $ | 90,394 | ||||||||||
Exchange Traded Funds | 12,333,788 | — | — | — | 12,333,788 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 12,424,182 | $ | — | $ | — | $ | — | $ | 12,424,182 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 12,424,182 |
Derivatives
Forward Foreign Currency Contracts The Xtrackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2017, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 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 period ended November 30, 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 period ended November 30, 2017, Xtrackers MSCI All China Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2017 is included in a table following Xtrackers MSCI All China Equity ETF’s Schedule of Investments.
39
DBX ETF Trust
Notes to Financial Statements (Continued)
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 822 | Unrealized depreciation on forward foreign currency contracts | $ | 16,475 | ||||||||
Xtrackers MSCI All China Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 4,574 |
* | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 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 Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | (171,893 | ) | $ | (171,893 | ) | ||||
Xtrackers MSCI All China Equity ETF | 20,353 | — | 20,353 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | 55,514 | $ | 55,514 | ||||||
Xtrackers MSCI All China Equity ETF | (4,574 | ) | — | (4,574 | ) |
For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | (2,729,884 | ) | |||
Xtrackers MSCI All China Equity ETF | 119,847 | — |
As of November 30, 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
40
DBX ETF Trust
Notes to Financial Statements (Continued)
netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following table:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 822 | $ | (822 | ) | $ | — | $ | — | $ | 16,475 | $ | (822 | ) | $ | — | $ | 15,653 |
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 Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | 0.70 | % | ||
Xtrackers Harvest CSI 300 China A-Shares ETF | 0.65 | % | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.65 | % | ||
Xtrackers MSCI All China Equity ETF | 0.60 | % |
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor 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 Xtrackers 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 period from June 1, 2017 through November 30, 2017, the Advisor waived $10,522 of expenses to the Fund. The Expense Limit will remain in effect until October 1, 2018.
The Advisor for the Xtrackers 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, 2017 through November 30, 2017, the Advisor waived $19,667 of expenses to the Fund. The Expense Limit will remain in effect until 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.
41
DBX ETF Trust
Notes to Financial Statements (Continued)
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 Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 | |||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | 32,764 | $ | 134,420 | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 311,102,004 | 86,776,617 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 4,232,304 | 2,189,970 | ||||||
Xtrackers MSCI All China Equity ETF | 13,596,814 | 170,311 |
For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All China Equity ETF | $ | 18,981,302 | $ | — |
5. Fund Share Transactions
As of November 30, 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 Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers 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 Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers 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.
6. 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.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers 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
42
DBX ETF Trust
Notes to Financial Statements (Continued)
shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2017.
Pro-rata Share | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 59,850,000 | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap | 4,200,000 |
Under the Credit Facility, during the six months ended November 30, 2017, the Xtrackers Harvest CSI 300 China A-Shares ETF had an average loan balance of $7,161,489 with an average interest rate of 2.487%, with loans outstanding for 9 days.
43
DBX ETF Trust
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.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.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.Xtrackers.com.
44
DBX ETF Trust
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.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
45
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
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 Xtrackers 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 Xtrackers 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. Please read the prospectus for more information.
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. Xtrackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 | Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong | Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-049076-2 (1/18) DBX 003103 (1/19)
November 30, 2017
Semi-Annual Report
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
Xtrackers Germany Equity ETF (GRMY)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
DBX ETF Trust
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Portfolio Summary | ||||
3 | ||||
4 | ||||
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6 | ||||
7 | ||||
Schedule of Investments | ||||
8 | ||||
13 | ||||
15 | ||||
20 | ||||
34 | ||||
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38 | ||||
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49 | ||||
50 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2017.
The world economy entered a period of moderate growth, amid lingering low inflation and a focus on normalization of monetary policies across countries. Among major economies, the U.S. continued to grow despite temporary setbacks due to two hurricanes and the ongoing conflict with North Korea. The Federal Reserve Board (FRB) continued its hawkish stance on monetary policy to maximize employment and price stability. Growth in the Eurozone exceeded expectations, boosted by political stability and an improving labor market. The Chinese economy experienced moderate growth, owing to higher industrial production and a stabilizing renminbi. In Japan, Shinzo Abe’s landslide victory fortified positive economic sentiments, paving the way for sustainable long-term growth. With exceptionally low volatility, several major indices outperformed expectations despite ongoing policy and geopolitical changes.
Eurozone equities provided positive returns driven by an overall optimism in the region including the election of pro-European Union leaders Emmanuel Macron and Angela Merkel in France and Germany, respectively. In addition, the Democratic Party’s victory in Austria and the Italian government’s win in a vote to reform the electoral system have boosted investor confidence that the region is on course for further stability. This positive streak is expected to continue as the European Central Bank (ECB) has announced its decision to extend quantitative easing1 until September 2018. However, the ECB’s decision to reduce the value of the assets purchase program to EUR 30 billion per month signals tightening. Meanwhile, events such as Catalonia’s independence referendum2 in Spain and the failure of coalition talks, post-election, in Germany have resulted in some political uncertainty hovering over the region, once again. Despite this, Germany’s economy growth remained resilient, driven by strong external demand and higher industrial production. In the U.K., gross domestic product growth forecasts were lowered given that the region is flanked by an unclear outlook as Britain negotiates its exit from the European Union.
Given the continuity of Prime Minister Shinzo Abe’s stance on monetary and fiscal policies, which have worked well for Japan earlier, the country’s equity market rose to a multi-year high. Foreign direct investments increased in Japan, which helped in maintaining the positive momentum. Several underperforming sectors such as insurance and real estate picked up considerably. As the government has increased its focus on manufacturing, exports and employment, Japan’s economy is expected to grow at a robust rate. Elsewhere, in Australia, the government’s decision to increase its budget allocation on infrastructure, along with growth in the service sector, including healthcare, telecommunication and media, aided the country’s equity markets.
Overall, global growth is likely to remain steady despite headwinds from geopolitical risks. While economic growth is firming up in the U.S., Japan and the Eurozone, the growth prospects in the emerging markets are expected to pick up sustainably as the global economy continues to strengthen. Global trade, production and consumption would continue to thrive as markets witness a synchronized expansion in economic activity.
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 Referendum is a general vote by the electorate on a single political question which has been referred to them for a direct decision.
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
Xtrackers Eurozone Equity ETF (EURZ)
The Xtrackers Eurozone Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union that have adopted the euro as their common currency and sole legal tender. Prior to October 27, 2017 the Fund sought investment results that corresponded generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index. On October 27, 2017, Xtrackers MSCI Southern Europe Hedged Equity ETF’s name changed to Xtrackers Eurozone Equity ETF and the Fund’s ticker symbol changed to EURZ. At that time, the Underlying Index replaced the MSCI Southern Europe US Dollar Hedged Index which is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (20.8% of Net Assets)
Description | % of Net Assets | |||
TOTAL SA (France) | 2.7% | |||
SAP SE (Germany) | 2.1% | |||
Siemens AG (Germany) | 2.1% | |||
Banco Santander SA (Spain) | 2.1% | |||
Allianz SE (Germany) | 2.0% | |||
Unilever NV (United Kingdom) | 2.0% | |||
Bayer AG (Germany) | 2.0% | |||
Sanofi (France) | 2.0% | |||
BASF SE (Germany) | 2.0% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.8% |
Country Diversification* as of 11/30/17
France | 32.1% | |||
Germany | 28.5% | |||
Spain | 10.2% | |||
Netherlands | 7.8% | |||
Italy | 7.1% | |||
Belgium | 3.8% | |||
Finland | 3.2% | |||
United Kingdom | 2.5% | |||
Other | 4.8% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17
Financials | 20.7% | |||
Industrials | 15.7% | |||
Consumer Discretionary | 13.4% | |||
Consumer Staples | 10.0% | |||
Materials | 7.9% | |||
Health Care | 8.0% | |||
Information Technology | 7.5% | |||
Utilities | 5.5% | |||
Energy | 5.3% | |||
Telecommunication Services | 4.0% | |||
Real Estate | 2.0% | |||
|
| |||
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 8.
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DBX ETF Trust
Xtrackers Germany Equity ETF (GRMY)
The Xtrackers Germany Equity ETF ( the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Germany Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German large- and mid-capitalization equity market. Prior to October 27, 2017, the Fund sought investment results that corresponded generally to the performance, before the Fund’s fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index. On October 27, 2017, Xtrackers MSCI Italy Hedged Equity ETF’s name changed to Xtrackers Germany Equity ETF and the Fund’s ticker symbol changed to GRMY. At that time, the Underlying Index replaced the MSCI Italy 25/50 US Dollar Hedged Index which is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (53.7% of Net Assets)
Description | % of Net Assets | |||
SAP SE | 7.5% | |||
Siemens AG | 7.2% | |||
Allianz SE | 7.1% | |||
Bayer AG | 7.0% | |||
BASF SE | 6.9% | |||
Daimler AG | 5.5% | |||
Deutsche Telekom AG | 4.2% | |||
Deutsche Post AG | 2.9% | |||
Volkswagen AG | 2.8% | |||
Bayerische Motoren Werke AG | 2.6% |
Sector Diversification* as of 11/30/17
Consumer Discretionary | 19.7% | |||
Industrials | 16.1% | |||
Financials | 15.0% | |||
Health Care | 12.2% | |||
Materials | 11.5% | |||
Information Technology | 11.1% | |||
Telecommunication Services | 4.7% | |||
Consumer Staples | 3.8% | |||
Real Estate | 3.0% | |||
Utilities | 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 13.
4
DBX ETF Trust
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.
Ten Largest Equity Holdings
as of 11/30/17 (15.2% of Net Assets)
Description | % of Net Assets | |||
Keyence Corp. | 1.8% | |||
Honda Motor Co. Ltd. | 1.7% | |||
Toyota Motor Corp. | 1.6% | |||
Sony Corp. | 1.6% | |||
FANUC Corp. | 1.5% | |||
SoftBank Group Corp. | 1.4% | |||
KDDI Corp. | 1.4% | |||
Mizuho Financial Group, Inc. | 1.4% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.4% | |||
Nippon Telegraph & Telephone Corp. | 1.4% |
Sector Diversification* as of 11/30/17
Industrials | 22.6% | |||
Consumer Discretionary | 18.2% | |||
Financials | 11.9% | |||
Information Technology | 11.9% | |||
Consumer Staples | 9.3% | |||
Health Care | 7.6% | |||
Materials | 7.5% | |||
Telecommunication Services | 5.3% | |||
Real Estate | 3.8% | |||
Utilities | 1.5% | |||
Energy | 0.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
5
DBX ETF Trust
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
The Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/17 (3.3% of Net Assets)
Description | % of Net Assets | |||
Landing International Development Ltd. (Hong Kong) | 0.4% | |||
Temenos Group AG (Switzerland) | 0.4% | |||
Furukawa Electric Co. Ltd. (Japan) | 0.4% | |||
Nihon M&A Center, Inc. (Japan) | 0.3% | |||
Informa PLC (United Kingdom) | 0.3% | |||
Venture Corp. Ltd. (Singapore) | 0.3% | |||
ams AG (Austria) | 0.3% | |||
Georg Fischer AG (Switzerland) | 0.3% | |||
Square Enix Holdings Co. Ltd. (Japan) | 0.3% | |||
Ube Industries Ltd. (Japan) | 0.3% |
Country Diversification* as of 11/30/17
Japan | 30.9% | |||
United Kingdom | 16.5% | |||
Australia | 6.2% | |||
Germany | 5.7% | |||
Sweden | 4.8% | |||
Switzerland | 4.7% | |||
Italy | 4.0% | |||
France | 3.5% | |||
Netherlands | 2.7% | |||
Spain | 2.6% | |||
Hong Kong | 2.3% | |||
Other | 16.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/17
Industrials | 21.4% | |||
Consumer Discretionary | 15.9% | |||
Information Technology | 11.7% | |||
Financials | 11.5% | |||
Real Estate | 10.5% | |||
Materials | 9.3% | |||
Health Care | 6.9% | |||
Consumer Staples | 6.8% | |||
Energy | 2.6% | |||
Utilities | 2.0% | |||
Telecommunication Services | 1.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.
6
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2017 to November 30, 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 June 1, 2017 | Ending Account Value November 30, 2017 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Eurozone Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,030.40 | 0.39 | % | $ | 1.99 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.11 | 0.39 | % | $ | 1.98 | ||||||||
Xtrackers Germany Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,110.40 | 0.39 | % | $ | 2.06 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.11 | 0.39 | % | $ | 1.98 | ||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,129.90 | 0.35 | % | $ | 1.87 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 | ||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,086.90 | 0.45 | % | $ | 2.35 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
7
DBX ETF Trust
Xtrackers Eurozone Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
Austria — 0.8% | ||||||||
ANDRITZ AG | 33 | $ | 1,852 | |||||
Erste Group Bank AG* | 143 | 6,249 | ||||||
Lenzing AG | 7 | 834 | ||||||
OMV AG | 73 | 4,549 | ||||||
Raiffeisen Bank International AG* | 68 | 2,412 | ||||||
voestalpine AG | 62 | 3,608 | ||||||
|
| |||||||
19,504 | ||||||||
|
| |||||||
Belgium — 3.8% | ||||||||
Ackermans & van Haaren NV | 17 | 2,975 | ||||||
Ageas | 100 | 4,923 | ||||||
Anheuser-Busch InBev SA/NV | 373 | 43,007 | ||||||
bpost SA (a) | 50 | 1,545 | ||||||
Colruyt SA | 36 | 1,910 | ||||||
Elia System Operator SA/NV | 15 | 883 | ||||||
Groupe Bruxelles Lambert SA | 41 | 4,417 | ||||||
KBC Ancora | 18 | 1,096 | ||||||
KBC Group NV | 144 | 11,801 | ||||||
Melexis NV | 10 | 979 | ||||||
Proximus SADP | 78 | 2,678 | ||||||
Sofina SA | 8 | 1,233 | ||||||
Solvay SA | 37 | 5,215 | ||||||
Telenet Group Holding NV* | 25 | 1,749 | ||||||
UCB SA | 52 | 3,890 | ||||||
Umicore SA | 96 | 4,488 | ||||||
|
| |||||||
92,789 | ||||||||
|
| |||||||
Finland — 3.2% | ||||||||
Cargotec OYJ, Class B | 20 | 1,148 | ||||||
Elisa OYJ | 72 | 2,934 | ||||||
Fortum OYJ | 220 | 4,638 | ||||||
Huhtamaki OYJ | 48 | 2,118 | ||||||
Kesko OYJ, Class B | 34 | 1,725 | ||||||
Kone OYJ, Class B | 191 | 9,847 | ||||||
Metso OYJ | 65 | 2,298 | ||||||
Neste OYJ | 65 | 4,046 | ||||||
Nokia OYJ | 2,950 | 14,830 | ||||||
Nokian Renkaat OYJ | 69 | 3,017 | ||||||
Orion OYJ, Class B | 52 | 1,924 | ||||||
Outokumpu OYJ | 162 | 1,402 | ||||||
Sampo OYJ, Class A | 203 | 10,749 | ||||||
Stora Enso OYJ, Class R | 292 | 4,477 | ||||||
UPM-Kymmene OYJ | 256 | 7,720 | ||||||
Wartsila OYJ Abp | 71 | 4,698 | ||||||
|
| |||||||
77,571 | ||||||||
|
| |||||||
France — 32.1% | ||||||||
Accor SA | 93 | 4,673 | ||||||
Aeroports de Paris | 14 | 2,675 | ||||||
Air France-KLM* | 125 | 1,780 | ||||||
Air Liquide SA | 216 | 27,081 | ||||||
Airbus SE | 286 | 29,767 | ||||||
Alstom SA | 80 | 3,308 | ||||||
Arkema SA | 30 | 3,677 | ||||||
Atos SE | 47 | 6,963 | ||||||
AXA SA | 952 | 28,775 |
Number | Value | |||||||
France (Continued) | ||||||||
BioMerieux | 22 | $ | 1,839 | |||||
BNP Paribas SA | 537 | 40,710 | ||||||
Bollore SA | 457 | 2,431 | ||||||
Bouygues SA | 105 | 5,441 | ||||||
Bureau Veritas SA | 134 | 3,559 | ||||||
Capgemini SE | 81 | 9,357 | ||||||
Carrefour SA | 279 | 5,873 | ||||||
Casino Guichard Perrachon SA | 25 | 1,524 | ||||||
Cie de Saint-Gobain | 244 | 13,926 | ||||||
Cie Generale des Etablissements Michelin | 91 | 13,221 | ||||||
Cie Plastic Omnium SA | 32 | 1,388 | ||||||
CNP Assurances | 80 | 1,804 | ||||||
Credit Agricole SA | 619 | 10,447 | ||||||
Danone SA | 339 | 28,666 | ||||||
Dassault Systemes SE | 69 | 7,430 | ||||||
Edenred | 95 | 2,723 | ||||||
Eiffage SA | 39 | 4,287 | ||||||
Electricite de France SA | 291 | 3,820 | ||||||
Elior Group SA, 144A | 53 | 1,166 | ||||||
Elis SA | 82 | 2,143 | ||||||
Engie SA | 937 | 16,429 | ||||||
Essilor International SA | 96 | 12,368 | ||||||
Euler Hermes Group | 8 | 1,162 | ||||||
Eurazeo SA | 23 | 2,028 | ||||||
Eutelsat Communications SA | 69 | 1,565 | ||||||
Faurecia | 38 | 2,912 | ||||||
Fonciere Des Regions REIT | 16 | 1,715 | ||||||
Gecina SA REIT | 19 | 3,172 | ||||||
Groupe Eurotunnel SE | 203 | 2,704 | ||||||
Hermes International | 15 | 7,920 | ||||||
ICADE REIT | 16 | 1,489 | ||||||
Iliad SA | 14 | 3,281 | ||||||
Imerys SA | 16 | 1,470 | ||||||
Ingenico Group SA | 27 | 2,834 | ||||||
Ipsen SA | 18 | 2,198 | ||||||
JCDecaux SA | 107 | 4,467 | ||||||
Kering | 37 | 16,445 | ||||||
Klepierre SA REIT | 105 | 4,344 | ||||||
Lagardere SCA | 53 | 1,740 | ||||||
Legrand SA | 118 | 8,858 | ||||||
L’Oreal SA | 124 | 27,471 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 135 | 39,356 | ||||||
Natixis SA | 460 | 3,735 | ||||||
Orange SA | 928 | 16,022 | ||||||
Orpea | 23 | 2,777 | ||||||
Pernod Ricard SA | 92 | 14,376 | ||||||
Peugeot SA | 293 | 6,070 | ||||||
Publicis Groupe SA | 106 | 7,053 | ||||||
Remy Cointreau SA | 10 | 1,333 | ||||||
Renault SA | 97 | 9,875 | ||||||
Rexel SA | 129 | 2,383 | ||||||
Rubis SCA | 46 | 3,278 | ||||||
Safran SA | 164 | 17,507 | ||||||
Sanofi | 532 | 48,590 | ||||||
Sartorius Stedim Biotech | 15 | 1,075 | ||||||
Schneider Electric SE* | 300 | 25,830 | ||||||
SCOR SE | 90 | 3,676 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
SEB SA | 9 | $ | 1,661 | |||||
Societe BIC SA | 14 | 1,628 | ||||||
Societe Generale SA | 335 | 16,900 | ||||||
Sodexo SA | 46 | 6,020 | ||||||
Sopra Steria Group | 7 | 1,254 | ||||||
SPIE SA | 58 | 1,607 | ||||||
Suez | 211 | 3,897 | ||||||
Teleperformance | 28 | 4,152 | ||||||
Thales SA | 52 | 5,265 | ||||||
TOTAL SA | 1,142 | 64,550 | ||||||
Ubisoft Entertainment SA* | 28 | 2,151 | ||||||
Unibail-Rodamco SE REIT | 50 | 12,815 | ||||||
Valeo SA | 121 | 8,799 | ||||||
Veolia Environnement SA | 285 | 7,223 | ||||||
Vinci SA | 271 | 27,737 | ||||||
Vivendi SA | 481 | 12,827 | ||||||
Wendel SA | 15 | 2,529 | ||||||
|
| |||||||
780,977 | ||||||||
|
| |||||||
Germany — 26.6% | ||||||||
adidas AG | 88 | 18,383 | ||||||
Allianz SE | 211 | 49,852 | ||||||
Aurubis AG | 17 | 1,413 | ||||||
Axel Springer SE | 24 | 1,898 | ||||||
BASF SE | 427 | 47,858 | ||||||
Bayer AG | 387 | 49,443 | ||||||
Bayerische Motoren Werke AG | 161 | 16,256 | ||||||
Beiersdorf AG | 63 | 7,511 | ||||||
Brenntag AG | 69 | 4,303 | ||||||
Carl Zeiss Meditec AG | 18 | 1,067 | ||||||
CECONOMY AG | 82 | 1,076 | ||||||
Commerzbank AG* | 500 | 7,246 | ||||||
Continental AG | 55 | 14,673 | ||||||
CTS Eventim AG & Co. KGaA | 27 | 1,313 | ||||||
Daimler AG | 465 | 38,545 | ||||||
Deutsche Bank AG (b) | 877 | 16,585 | ||||||
Deutsche Boerse AG | 85 | 9,654 | ||||||
Deutsche Lufthansa AG | 238 | 8,193 | ||||||
Deutsche Post AG | 442 | 21,023 | ||||||
Deutsche Telekom AG | 1,611 | 28,832 | ||||||
Deutsche Wohnen SE | 158 | 6,997 | ||||||
Duerr AG | 13 | 1,639 | ||||||
E.ON SE | 981 | 11,366 | ||||||
Evonik Industries AG | 75 | 2,803 | ||||||
Fielmann AG | 13 | 1,136 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 19 | 1,896 | ||||||
Freenet AG | 58 | 2,202 | ||||||
Fresenius Medical Care AG & Co. KGaA | 98 | 9,753 | ||||||
Fresenius SE & Co. KGaA | 193 | 13,948 | ||||||
FUCHS PETROLUB SE | 17 | 819 | ||||||
GEA Group AG | 89 | 4,302 | ||||||
GRENKE AG | 13 | 1,313 | ||||||
Hannover Rueck SE | 31 | 4,081 | ||||||
HeidelbergCement AG | 74 | 7,885 | ||||||
Hella GmbH & Co KGaA | 23 | 1,414 | ||||||
Henkel AG & Co. KGaA | 51 | 6,227 |
Number | Value | |||||||
Germany (Continued) | ||||||||
HOCHTIEF AG | 10 | $ | 1,760 | |||||
HUGO BOSS AG | 32 | 2,636 | ||||||
Infineon Technologies AG | 511 | 14,136 | ||||||
Innogy SE, 144A | 65 | 3,010 | ||||||
K+S AG | 97 | 2,276 | ||||||
KION Group AG | 34 | 2,772 | ||||||
Krones AG (a) | 8 | 1,015 | ||||||
LANXESS AG | 44 | 3,348 | ||||||
LEG Immobilien AG | 32 | 3,408 | ||||||
MAN SE | 17 | 1,913 | ||||||
Merck KGaA | 65 | 6,931 | ||||||
MTU Aero Engines AG | 21 | 3,782 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 73 | 16,272 | ||||||
OSRAM Licht AG | 53 | 4,549 | ||||||
ProSiebenSat.1 Media SE | 99 | 3,154 | ||||||
Rational AG | 2 | 1,311 | ||||||
Rheinmetall AG | 22 | 2,804 | ||||||
RWE AG* | 235 | 5,394 | ||||||
SAP SE | 463 | 52,252 | ||||||
Siemens AG | 376 | 51,199 | ||||||
Software AG | 27 | 1,481 | ||||||
Symrise AG | 62 | 5,279 | ||||||
Talanx AG | 27 | 1,112 | ||||||
Telefonica Deutschland Holding AG | 315 | 1,501 | ||||||
thyssenkrupp AG | 226 | 6,195 | ||||||
United Internet AG | 62 | 4,184 | ||||||
Vonovia SE | 200 | 9,430 | ||||||
Wacker Chemie AG | 9 | 1,469 | ||||||
Wirecard AG | 58 | 6,194 | ||||||
Zalando SE, 144A* | 64 | 3,279 | ||||||
|
| |||||||
646,951 | ||||||||
|
| |||||||
Greece — 0.2% | ||||||||
Alpha Bank AE* | 640 | 1,244 | ||||||
Hellenic Telecommunications Organization SA | 124 | 1,501 | ||||||
National Bank of Greece SA* | 4,622 | 1,433 | ||||||
OPAP SA | 109 | 1,332 | ||||||
|
| |||||||
5,510 | ||||||||
|
| |||||||
Ireland — 1.9% | ||||||||
Bank of Ireland Group PLC* | 462 | 3,610 | ||||||
CRH PLC | 423 | 14,601 | ||||||
Glanbia PLC | 91 | 1,698 | ||||||
Kerry Group PLC, Class A | 76 | 7,975 | ||||||
Kingspan Group PLC | 70 | 2,871 | ||||||
Ryanair Holdings PLC, ADR* | 104 | 12,682 | ||||||
Smurfit Kappa Group PLC | 111 | 3,548 | ||||||
|
| |||||||
46,985 | ||||||||
|
| |||||||
Italy — 7.1% | ||||||||
A2A SpA | 792 | 1,492 | ||||||
Assicurazioni Generali SpA | 686 | 12,580 | ||||||
Atlantia SpA | 238 | 7,920 | ||||||
Banca Generali SpA | 29 | 1,019 | ||||||
Banca Mediolanum SpA | 335 | 2,798 | ||||||
Banco BPM SpA* | 765 | 2,625 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Brembo SpA | 77 | $ | 1,193 | |||||
Buzzi Unicem SpA | 36 | 959 | ||||||
Davide Campari-Milano SpA | 222 | 1,731 | ||||||
De’ Longhi SpA | 30 | 883 | ||||||
DiaSorin SpA | 13 | 1,200 | ||||||
Enel SpA | 3,914 | 25,458 | ||||||
Eni SpA | 1,360 | 22,394 | ||||||
FinecoBank Banca Fineco SpA | 199 | 2,010 | ||||||
Hera SpA | 461 | 1,660 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 140 | 1,085 | ||||||
Intesa Sanpaolo SpA | 6,803 | 22,891 | ||||||
Intesa Sanpaolo SpA-RSP | 484 | 1,549 | ||||||
Italgas SpA | 210 | 1,332 | ||||||
Leonardo SpA | 198 | 2,370 | ||||||
Mediobanca SpA | 382 | 4,416 | ||||||
Moncler SpA | 82 | 2,252 | ||||||
Poste Italiane SpA, 144A | 231 | 1,690 | ||||||
Prysmian SpA | 104 | 3,470 | ||||||
Recordati SpA | 51 | 2,299 | ||||||
Saipem SpA* | 290 | 1,166 | ||||||
Snam SpA | 1,134 | 5,728 | ||||||
Telecom Italia SpA* | 5,842 | 4,897 | ||||||
Telecom Italia SpA-RSP | 3,049 | 2,069 | ||||||
Terna Rete Elettrica Nazionale SpA | 713 | 4,416 | ||||||
UniCredit SpA* | 1,012 | 20,392 | ||||||
Unione di Banche Italiane SpA | 514 | 2,478 | ||||||
Unipol Gruppo SpA | 213 | 978 | ||||||
UnipolSai Assicurazioni SpA | 409 | 961 | ||||||
|
| |||||||
172,361 | ||||||||
|
| |||||||
Luxembourg — 0.8% | ||||||||
APERAM SA | 24 | 1,229 | ||||||
ArcelorMittal* | 325 | 9,829 | ||||||
Eurofins Scientific SE | 5 | 3,033 | ||||||
Grand City Properties SA | 55 | 1,259 | ||||||
Tenaris SA | 238 | 3,465 | ||||||
|
| |||||||
18,815 | ||||||||
|
| |||||||
Netherlands — 7.8% | ||||||||
Aalberts Industries NV | 37 | 1,893 | ||||||
ABN AMRO Group NV, 144A | 175 | 5,201 | ||||||
Aegon NV | 988 | 6,147 | ||||||
Akzo Nobel NV (a) | 127 | 11,463 | ||||||
Altice NV, Class A* | 394 | 3,116 | ||||||
Altice NV, Class B* | 45 | 355 | ||||||
ASM International NV | 26 | 1,800 | ||||||
ASML Holding NV | 177 | 31,150 | ||||||
Boskalis Westminster | 39 | 1,445 | ||||||
Euronext NV, 144A | 35 | 2,140 | ||||||
Gemalto NV | 39 | 1,484 | ||||||
GrandVision NV, 144A | 128 | 3,297 | ||||||
Heineken Holding NV | 48 | 4,634 | ||||||
Heineken NV | 113 | 11,532 | ||||||
ING Groep NV | 1,914 | 34,586 | ||||||
Koninklijke Ahold Delhaize NV | 532 | 11,415 | ||||||
Koninklijke DSM NV | 81 | 7,609 | ||||||
Koninklijke KPN NV | 1,705 | 6,266 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Koninklijke Philips NV | 476 | $ | 18,517 | |||||
Koninklijke Vopak NV | 34 | 1,439 | ||||||
NN Group NV | 142 | 6,248 | ||||||
OCI NV* | 36 | 810 | ||||||
QIAGEN NV* | 106 | 3,354 | ||||||
Randstad Holding NV | 63 | 3,887 | ||||||
SBM Offshore NV | 88 | 1,462 | ||||||
Wolters Kluwer NV | 139 | 7,214 | ||||||
|
| |||||||
188,464 | ||||||||
|
| |||||||
Portugal — 0.5% | ||||||||
Banco Comercial Portugues SA, Class R* | 4,569 | 1,403 | ||||||
EDP — Energias de Portugal SA | 892 | 3,132 | ||||||
Galp Energia SGPS SA | 248 | 4,688 | ||||||
Jeronimo Martins SGPS SA | 124 | 2,440 | ||||||
|
| |||||||
11,663 | ||||||||
|
| |||||||
South Africa (c) — 0.3% | ||||||||
Steinhoff International Holdings NV | 1,504 | 6,192 | ||||||
|
| |||||||
Spain — 10.1% | ||||||||
Acciona SA | 13 | 1,058 | ||||||
Acerinox SA | 83 | 1,118 | ||||||
ACS Actividades de Construccion y Servicios SA | 126 | 4,883 | ||||||
Aena SME SA, 144A | 37 | 7,374 | ||||||
Amadeus IT Group SA | 221 | 15,961 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,196 | 27,369 | ||||||
Banco de Sabadell SA | 2,681 | 5,402 | ||||||
Banco Santander SA | 7,464 | 50,221 | ||||||
Bankia SA | 472 | 2,271 | ||||||
Bankinter SA | 312 | 3,016 | ||||||
CaixaBank SA | 1,809 | 8,613 | ||||||
Cellnex Telecom SA, 144A | 70 | 1,726 | ||||||
Corp. Financiera Alba SA | 17 | 1,020 | ||||||
Distribuidora Internacional de Alimentacion SA | 279 | 1,315 | ||||||
Enagas SA | 113 | 3,322 | ||||||
Endesa SA | 158 | 3,530 | ||||||
Ferrovial SA | 255 | 5,623 | ||||||
Gas Natural SDG SA | 178 | 3,986 | ||||||
Grifols SA | 147 | 4,296 | ||||||
Grupo Catalana Occidente SA | 23 | 993 | ||||||
Iberdrola SA | 2,856 | 22,721 | ||||||
Industria de Diseno Textil SA | 565 | 20,035 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 121 | 1,145 | ||||||
Mapfre SA | 481 | 1,621 | ||||||
Mediaset Espana Comunicacion SA | 85 | 992 | ||||||
Melia Hotels International SA | 70 | 934 | ||||||
Merlin Properties Socimi SA REIT | 168 | 2,213 | ||||||
Prosegur Cia de Seguridad SA | 118 | 965 | ||||||
Red Electrica Corp. SA | 215 | 4,871 | ||||||
Repsol SA | 630 | 11,583 | ||||||
Siemens Gamesa Renewable Energy SA | 113 | 1,417 | ||||||
Telefonica SA | 2,134 | 21,895 | ||||||
Zardoya Otis SA | 87 | 974 | ||||||
|
| |||||||
244,463 | ||||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Switzerland — 0.3% | ||||||||
STMicroelectronics NV | 332 | $ | 7,545 | |||||
|
| |||||||
United Kingdom (c) — 2.5% | ||||||||
RELX NV | 517 | 11,857 | ||||||
Unilever NV | 862 | 49,731 | ||||||
|
| |||||||
61,588 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,381,378 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.9% | ||||||||
Germany — 1.8% | ||||||||
Bayerische Motoren Werke AG | 28 | 2,427 | ||||||
FUCHS PETROLUB SE | 35 | 1,842 | ||||||
Henkel AG & Co. KGaA | 90 | 12,234 | ||||||
Porsche Automobil Holding SE | 77 | 6,454 | ||||||
Sartorius AG | 19 | 1,824 | ||||||
Volkswagen AG | 93 | 19,749 | ||||||
|
| |||||||
44,530 | ||||||||
|
|
Number | Value | |||||||
Spain — 0.1% | ||||||||
Grifols SA, Class B | 132 | $ | 2,975 | |||||
|
| |||||||
TOTAL PREFERRED STOCKS | 47,505 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 13,240 | 13,240 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.4% (Cost $2,360,379) | $ | 2,442,123 | ||||||
Other assets and liabilities, net — (0.4%) | (11,857 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,430,266 | ||||||
|
|
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $2,275, which is 0.1% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities listed in country of domicile and traded on an exchange within the Eurozone. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: | American Depositary Receipt |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | — | 14,712 | — | — | 1,873 | — | 16,585 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,381,378 | $ | — | $ | — | $ | 2,381,378 | ||||||||
Preferred Stocks (f) | 47,505 | — | — | 47,505 | ||||||||||||
Short-Term Investments | 13,240 | — | — | 13,240 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,442,123 | $ | — | $ | — | $ | 2,442,123 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Xtrackers Germany Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.7% | ||||||||
Consumer Discretionary — 15.7% | ||||||||
adidas AG | 302 | $ | 63,088 | |||||
Axel Springer SE | 84 | 6,641 | ||||||
Bayerische Motoren Werke AG | 553 | 55,835 | ||||||
CECONOMY AG | 286 | 3,755 | ||||||
Continental AG | 187 | 49,889 | ||||||
CTS Eventim AG & Co. KGaA | 96 | 4,668 | ||||||
Daimler AG | 1,641 | 136,026 | ||||||
Fielmann AG | 44 | 3,845 | ||||||
Hella GmbH & Co KGaA | 78 | 4,797 | ||||||
HUGO BOSS AG | 112 | 9,227 | ||||||
ProSiebenSat.1 Media SE | 345 | 10,992 | ||||||
Steinhoff International Holdings NV | 5,243 | 21,586 | ||||||
Stroeer SE & Co. KGaA | 38 | 2,883 | ||||||
Zalando SE, 144A* | 222 | 11,373 | ||||||
|
| |||||||
384,605 | ||||||||
|
| |||||||
Consumer Staples — 2.1% | ||||||||
Beiersdorf AG | 218 | 25,991 | ||||||
Henkel AG & Co. KGaA | 179 | 21,855 | ||||||
Suedzucker AG | 123 | 2,553 | ||||||
|
| |||||||
50,399 | ||||||||
|
| |||||||
Financials — 15.0% | ||||||||
Allianz SE | 741 | 175,072 | ||||||
Commerzbank AG* | 1,744 | 25,276 | ||||||
Deutsche Bank AG (a) | 2,996 | 56,656 | ||||||
Deutsche Boerse AG | 288 | 32,709 | ||||||
GRENKE AG | 45 | 4,547 | ||||||
Hannover Rueck SE | 106 | 13,953 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 249 | 55,504 | ||||||
Talanx AG | 94 | 3,872 | ||||||
|
| |||||||
367,589 | ||||||||
|
| |||||||
Health Care — 11.9% | ||||||||
Bayer AG | 1,336 | 170,688 | ||||||
Carl Zeiss Meditec AG | 65 | 3,852 | ||||||
Fresenius Medical Care AG & Co. KGaA | 334 | 33,242 | ||||||
Fresenius SE & Co. KGaA | 661 | 47,769 | ||||||
Merck KGaA | 228 | 24,312 | ||||||
QIAGEN NV* | 370 | 11,706 | ||||||
|
| |||||||
291,569 | ||||||||
|
| |||||||
Industrials — 16.0% | ||||||||
Brenntag AG | 228 | 14,218 | ||||||
Deutsche Lufthansa AG | 829 | 28,537 | ||||||
Deutsche Post AG | 1,516 | 72,105 | ||||||
DMG Mori AG | 33 | 1,803 | ||||||
Duerr AG | 46 | 5,800 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 65 | 6,485 | ||||||
GEA Group AG | 309 | 14,935 | ||||||
HOCHTIEF AG | 34 | 5,986 | ||||||
KION Group AG | 119 | 9,702 | ||||||
Krones AG (b) | 27 | 3,425 | ||||||
MAN SE | 60 | 6,751 | ||||||
MTU Aero Engines AG | 83 | 14,949 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
OSRAM Licht AG | 185 | $ | 15,880 | |||||
Rational AG | 6 | 3,932 | ||||||
Rheinmetall AG | 72 | 9,177 | ||||||
Siemens AG | 1,304 | 177,561 | ||||||
|
| |||||||
391,246 | ||||||||
|
| |||||||
Information Technology — 11.1% | ||||||||
Infineon Technologies AG | 1,750 | 48,410 | ||||||
SAP SE | 1,622 | 183,052 | ||||||
Software AG | 93 | 5,100 | ||||||
United Internet AG | 217 | 14,645 | ||||||
Wirecard AG | 202 | 21,571 | ||||||
|
| |||||||
272,778 | ||||||||
|
| |||||||
Materials — 11.3% | ||||||||
Aurubis AG | 59 | 4,903 | ||||||
BASF SE | 1,505 | 168,682 | ||||||
Evonik Industries AG | 263 | 9,828 | ||||||
FUCHS PETROLUB SE | 60 | 2,889 | ||||||
HeidelbergCement AG | 251 | 26,747 | ||||||
K+S AG | 337 | 7,906 | ||||||
LANXESS AG | 153 | 11,643 | ||||||
Symrise AG | 215 | 18,306 | ||||||
thyssenkrupp AG | 788 | 21,601 | ||||||
Wacker Chemie AG | 30 | 4,897 | ||||||
|
| |||||||
277,402 | ||||||||
|
| |||||||
Real Estate — 3.0% | ||||||||
Deutsche Wohnen SE | 552 | 24,445 | ||||||
Grand City Properties SA | 192 | 4,395 | ||||||
LEG Immobilien AG | 111 | 11,820 | ||||||
Vonovia SE | 680 | 32,063 | ||||||
|
| |||||||
72,723 | ||||||||
|
| |||||||
Telecommunication Services — 4.7% | ||||||||
Deutsche Telekom AG | 5,721 | 102,390 | ||||||
Freenet AG | 203 | 7,708 | ||||||
Telefonica Deutschland Holding AG | 1,101 | 5,246 | ||||||
|
| |||||||
115,344 | ||||||||
|
| |||||||
Utilities — 2.9% | ||||||||
E.ON SE | 3,526 | 40,852 | ||||||
Innogy SE, 144A | 225 | 10,419 | ||||||
RWE AG* | 817 | 18,752 | ||||||
|
| |||||||
70,023 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,293,678 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.3% | ||||||||
Consumer Discretionary — 4.0% | ||||||||
Bayerische Motoren Werke AG | 97 | 8,408 | ||||||
Porsche Automobil Holding SE | 270 | 22,632 | ||||||
Volkswagen AG | 318 | 67,530 | ||||||
|
| |||||||
98,570 | ||||||||
|
| |||||||
Consumer Staples — 1.7% | ||||||||
Henkel AG & Co. KGaA | 308 | 41,866 | ||||||
|
|
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Germany Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Health Care — 0.3% | ||||||||
Sartorius AG | 66 | $ | 6,335 | |||||
|
| |||||||
Industrials — 0.1% | ||||||||
MAN SE | 11 | 1,229 | ||||||
|
| |||||||
Materials — 0.2% | ||||||||
FUCHS PETROLUB SE | 112 | 5,896 | ||||||
|
| |||||||
Utilities — 0.0% | ||||||||
RWE AG | 69 | 1,218 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 155,114 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) | 3,191 | $ | 3,191 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $2,408,556) | $ | 2,451,983 | ||||||
Other assets and liabilities, net — (0.1%) | (2,909 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,449,074 | ||||||
|
|
* | Non-income producing security. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $3,039, which is 0.1% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:
Value ($) at 5/31/17 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net change in unrealized Appreciation (Depreciation) ($) | Income ($) | Value ($) at 11/30/17 | ||||||||||||||||||||||
Deutsche Bank AG | — | 51,348 | (1,069 | ) | (22 | ) | 6,399 | — | 56,656 |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,293,678 | $ | — | $ | — | $ | 2,293,678 | ||||||||
Preferred Stocks (e) | 155,114 | — | — | 155,114 | ||||||||||||
Short-Term Investments | 3,191 | — | — | 3,191 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,451,983 | $ | — | $ | — | $ | 2,451,983 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Xtrackers Japan JPX-Nikkei 400 Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Consumer Discretionary — 18.0% | ||||||||
ABC-Mart, Inc. | 100 | $ | 5,505 | |||||
Adastria Co. Ltd. | 100 | 2,221 | ||||||
Aisin Seiki Co. Ltd. | 600 | 32,224 | ||||||
Asics Corp. | 900 | 13,318 | ||||||
Bandai Namco Holdings, Inc. | 800 | 26,094 | ||||||
Bic Camera, Inc. | 500 | 6,398 | ||||||
Bridgestone Corp. | 2,700 | 122,930 | ||||||
Casio Computer Co. Ltd. | 700 | 10,271 | ||||||
Clarion Co. Ltd. | 1,000 | 3,896 | ||||||
CyberAgent, Inc. | 500 | 17,113 | ||||||
Daiichikosho Co. Ltd. | 200 | 9,615 | ||||||
Daikyonishikawa Corp. | 100 | 1,681 | ||||||
Denso Corp. | 1,700 | 95,782 | ||||||
Don Quijote Holdings Co. Ltd. | 500 | 23,994 | ||||||
Eagle Industry Co. Ltd. | 100 | 1,811 | ||||||
Fast Retailing Co. Ltd. | 100 | 38,881 | ||||||
Fujitsu General Ltd. | 200 | 4,255 | ||||||
Hakuhodo DY Holdings, Inc. | 1,100 | 14,833 | ||||||
Haseko Corp. | 1,000 | 15,576 | ||||||
Heiwa Corp. | 200 | 3,464 | ||||||
Hikari Tsushin, Inc. | 100 | 14,459 | ||||||
Honda Motor Co. Ltd. | 6,600 | 220,816 | ||||||
Iida Group Holdings Co. Ltd. | 600 | 11,099 | ||||||
Isuzu Motors Ltd. | 2,200 | 34,817 | ||||||
Izumi Co. Ltd. | 100 | 5,889 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 16,934 | ||||||
Koito Manufacturing Co. Ltd. | 500 | 34,628 | ||||||
K’s Holdings Corp. | 300 | 7,764 | ||||||
Mazda Motor Corp. | 2,400 | 32,234 | ||||||
Mitsuba Corp. | 100 | 1,369 | ||||||
NGK Spark Plug Co. Ltd. | 700 | 16,176 | ||||||
NHK Spring Co. Ltd. | 800 | 8,936 | ||||||
Nifco, Inc. | 100 | 6,729 | ||||||
Nippon Television Holdings, Inc. | 700 | 12,704 | ||||||
Nissan Motor Co. Ltd. | 9,000 | 87,503 | ||||||
Nissin Kogyo Co. Ltd. | 100 | 1,960 | ||||||
Nitori Holdings Co. Ltd. | 300 | 49,153 | ||||||
Nojima Corp. | 100 | 2,302 | ||||||
NOK Corp. | 400 | 9,765 | ||||||
Oriental Land Co. Ltd. | 900 | 80,353 | ||||||
Panasonic Corp. | 8,700 | 129,678 | ||||||
Pressance Corp. | 100 | 1,246 | ||||||
Rakuten, Inc. | 3,700 | 37,941 | ||||||
Resorttrust, Inc. | 300 | 6,584 | ||||||
Rinnai Corp. | 100 | 8,999 | ||||||
Ryohin Keikaku Co. Ltd. | 100 | 31,321 | ||||||
Sanrio Co. Ltd. | 200 | 3,333 | ||||||
Seiko Holdings Corp. | 100 | 2,721 | ||||||
Sekisui Chemical Co. Ltd. | 1,800 | 34,921 | ||||||
Sekisui House Ltd. | 2,900 | 54,279 | ||||||
Seria Co. Ltd. | 200 | 12,689 | ||||||
Shimamura Co. Ltd. | 100 | 12,091 | ||||||
Shimano, Inc. | 300 | 41,607 | ||||||
Sony Corp. | 4,500 | 209,146 | ||||||
Stanley Electric Co. Ltd. | 600 | 24,047 | ||||||
Start Today Co. Ltd. | 700 | 21,424 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Starts Corp., Inc. | 100 | $ | 2,449 | |||||
Subaru Corp. | 2,400 | 78,688 | ||||||
Sumitomo Electric Industries Ltd. | 3,000 | 52,504 | ||||||
Sumitomo Forestry Co. Ltd. | 600 | 10,348 | ||||||
Sumitomo Rubber Industries Ltd. | 800 | 14,584 | ||||||
Suzuki Motor Corp. | 1,500 | 80,962 | ||||||
Takashimaya Co. Ltd. | 1,000 | 9,892 | ||||||
T-Gaia Corp. | 100 | 2,191 | ||||||
Toho Co. Ltd. | 500 | 16,956 | ||||||
Toyo Tire & Rubber Co. Ltd. | 500 | 10,232 | ||||||
Toyoda Gosei Co. Ltd. | 300 | 7,525 | ||||||
Toyota Boshoku Corp. | 200 | 4,157 | ||||||
Toyota Industries Corp. | 600 | 37,371 | ||||||
Toyota Motor Corp. | 3,446 | 216,913 | ||||||
TPR Co. Ltd. | 100 | 3,427 | ||||||
TS Tech Co. Ltd. | 200 | 8,212 | ||||||
United Arrows Ltd. | 100 | 3,789 | ||||||
USS Co. Ltd. | 900 | 19,021 | ||||||
Yamaha Corp. | 500 | 18,453 | ||||||
Yamaha Motor Co. Ltd. | 1,100 | 34,601 | ||||||
Yokohama Rubber Co. Ltd. | 500 | 11,242 | ||||||
|
| |||||||
2,380,996 | ||||||||
|
| |||||||
Consumer Staples — 9.2% | ||||||||
Aeon Co. Ltd. | 3,100 | 50,529 | ||||||
Ain Holdings, Inc. | 100 | 6,836 | ||||||
Ajinomoto Co., Inc. | 1,900 | 35,044 | ||||||
Asahi Group Holdings Ltd. | 1,600 | 81,598 | ||||||
Calbee, Inc. | 400 | 14,030 | ||||||
Ci:z Holdings Co. Ltd. | 100 | 4,213 | ||||||
Create SD Holdings Co. Ltd. | 100 | 2,617 | ||||||
Ezaki Glico Co. Ltd. | 200 | 9,919 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 200 | 13,529 | ||||||
Japan Tobacco, Inc. | 4,800 | 159,564 | ||||||
Kao Corp. | 1,900 | 126,288 | ||||||
Kewpie Corp. | 400 | 10,312 | ||||||
Kikkoman Corp. | 600 | 23,591 | ||||||
Kirin Holdings Co. Ltd. | 3,700 | 86,941 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 200 | 12,671 | ||||||
Kobe Bussan Co. Ltd. | 100 | 4,557 | ||||||
Kose Corp. | 100 | 15,388 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 100 | 6,112 | ||||||
Lawson, Inc. | 200 | 13,833 | ||||||
Lion Corp. | 1,000 | 18,712 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 200 | 16,586 | ||||||
MEIJI Holdings Co. Ltd. | 500 | 43,698 | ||||||
NH Foods Ltd. | 1,000 | 24,637 | ||||||
Nichirei Corp. | 400 | 11,653 | ||||||
Nippon Suisan Kaisha Ltd. | 1,000 | 5,487 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 21,742 | ||||||
Pigeon Corp. | 400 | 15,352 | ||||||
Seven & i Holdings Co. Ltd. | 3,200 | 131,683 | ||||||
Shiseido Co. Ltd. | 1,500 | 73,348 | ||||||
Sugi Holdings Co. Ltd. | 200 | 10,759 | ||||||
Sundrug Co. Ltd. | 300 | 13,860 | ||||||
Suntory Beverage & Food Ltd. | 600 | 26,058 | ||||||
Toyo Suisan Kaisha Ltd. | 400 | 17,086 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Tsuruha Holdings, Inc. | 100 | $ | 13,869 | |||||
Unicharm Corp. | 1,600 | 42,079 | ||||||
Valor Holdings Co. Ltd. | 200 | 4,677 | ||||||
Welcia Holdings Co. Ltd. | 200 | 8,597 | ||||||
Yakult Honsha Co. Ltd. | 500 | 39,140 | ||||||
Yaoko Co. Ltd. | 100 | 4,727 | ||||||
|
| |||||||
1,221,322 | ||||||||
|
| |||||||
Energy — 0.4% | ||||||||
Inpex Corp. | 4,300 | 48,608 | ||||||
|
| |||||||
Financials — 11.9% | ||||||||
AEON Financial Service Co. Ltd. | 500 | 11,130 | ||||||
Aozora Bank Ltd. | 400 | 15,567 | ||||||
Chiba Bank Ltd. | 3,000 | 23,028 | ||||||
Chugoku Bank Ltd. | 700 | 9,152 | ||||||
Concordia Financial Group Ltd. | 4,700 | 25,830 | ||||||
Dai-ichi Life Holdings, Inc. | 4,500 | 92,328 | ||||||
Daiwa Securities Group, Inc. | 6,000 | 37,425 | ||||||
Financial Products Group Co. Ltd. | 200 | 2,472 | ||||||
Fuyo General Lease Co. Ltd. | 100 | 6,657 | ||||||
Gunma Bank Ltd. | 1,800 | 10,713 | ||||||
Hiroshima Bank Ltd. | 1,100 | 8,680 | ||||||
Hitachi Capital Corp. | 200 | 4,943 | ||||||
Hokuhoku Financial Group, Inc. | 500 | 7,484 | ||||||
IBJ Leasing Co. Ltd. | 100 | 2,562 | ||||||
Jafco Co. Ltd. | 100 | 5,263 | ||||||
Japan Exchange Group, Inc. | 2,300 | 42,381 | ||||||
kabu.com Securities Co. Ltd. | 600 | 1,834 | ||||||
Kyushu Financial Group, Inc. | 1,600 | 9,494 | ||||||
Matsui Securities Co. Ltd. | 500 | 4,392 | ||||||
Mebuki Financial Group, Inc. | 3,700 | 15,573 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 25,200 | 178,374 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,800 | 10,278 | ||||||
Mizuho Financial Group, Inc. | 98,900 | 180,204 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,000 | 65,323 | ||||||
Nomura Holdings, Inc. | 13,800 | 82,685 | ||||||
Orient Corp. | 900 | 1,480 | ||||||
ORIX Corp. | 5,300 | 91,597 | ||||||
Resona Holdings, Inc. | 8,400 | 44,730 | ||||||
SBI Holdings, Inc. | 900 | 16,045 | ||||||
Seven Bank Ltd. | 2,900 | 9,744 | ||||||
Shinsei Bank Ltd. | 700 | 11,216 | ||||||
Shizuoka Bank Ltd. | 2,000 | 19,803 | ||||||
Sompo Holdings, Inc. | 1,500 | 60,748 | ||||||
Sony Financial Holdings, Inc. | 700 | 11,873 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,400 | 178,784 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,500 | 55,815 | ||||||
Suruga Bank Ltd. | 800 | 17,236 | ||||||
T&D Holdings, Inc. | 2,400 | 39,580 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 900 | 5,839 | ||||||
Tokio Marine Holdings, Inc. | 2,800 | 124,105 | ||||||
Tokyo Century Corp. | 100 | 4,548 | ||||||
Yamaguchi Financial Group, Inc. | 1,000 | 11,983 | ||||||
Zenkoku Hosho Co. Ltd. | 200 | 8,641 | ||||||
|
| |||||||
1,567,539 | ||||||||
|
|
Number | Value | |||||||
Health Care — 7.6% | ||||||||
Alfresa Holdings Corp. | 900 | $ | 19,399 | |||||
Asahi Intecc Co. Ltd. | 200 | 13,243 | ||||||
Astellas Pharma, Inc. | 7,900 | 100,669 | ||||||
Chugai Pharmaceutical Co. Ltd. | 800 | 41,535 | ||||||
Daiichi Sankyo Co. Ltd. | 2,200 | 53,238 | ||||||
Eisai Co. Ltd. | 900 | 51,239 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 200 | 11,295 | ||||||
Hoya Corp. | 1,600 | 77,895 | ||||||
Kaken Pharmaceutical Co. Ltd. | 200 | 10,044 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 900 | 17,123 | ||||||
M3, Inc. | 800 | 26,380 | ||||||
Medipal Holdings Corp. | 800 | 15,577 | ||||||
Mitsubishi Tanabe Pharma Corp. | 900 | 19,519 | ||||||
Nihon Kohden Corp. | 300 | 6,903 | ||||||
Olympus Corp. | 1,100 | 45,315 | ||||||
Ono Pharmaceutical Co. Ltd. | 2,000 | 45,735 | ||||||
Otsuka Holdings Co. Ltd. | 1,600 | 71,117 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,500 | 22,948 | ||||||
Sawai Pharmaceutical Co. Ltd. | 100 | 4,906 | ||||||
Shionogi & Co. Ltd. | 1,100 | 61,525 | ||||||
Ship Healthcare Holdings, Inc. | 200 | 6,425 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 600 | 8,729 | ||||||
Sysmex Corp. | 600 | 45,682 | ||||||
Takeda Pharmaceutical Co. Ltd. | 2,800 | 154,731 | ||||||
Terumo Corp. | 1,200 | 57,692 | ||||||
Toho Holdings Co. Ltd. | 200 | 4,170 | ||||||
Tsumura & Co. | 300 | 10,402 | ||||||
|
| |||||||
1,003,436 | ||||||||
|
| |||||||
Industrials — 22.5% | ||||||||
Aeon Delight Co. Ltd. | 100 | 3,798 | ||||||
Aica Kogyo Co. Ltd. | 200 | 7,033 | ||||||
Amada Holdings Co. Ltd. | 1,300 | 17,321 | ||||||
ANA Holdings, Inc. | 1,400 | 56,047 | ||||||
Asahi Glass Co. Ltd. | 800 | 33,457 | ||||||
Central Japan Railway Co. | 700 | 129,954 | ||||||
COMSYS Holdings Corp. | 300 | 8,404 | ||||||
Daifuku Co. Ltd. | 400 | 21,876 | ||||||
Daikin Industries Ltd. | 1,000 | 115,455 | ||||||
DMG Mori Co. Ltd. | 400 | 8,032 | ||||||
East Japan Railway Co. | 1,400 | 135,928 | ||||||
Ebara Corp. | 300 | 11,755 | ||||||
FANUC Corp. | 800 | 199,777 | ||||||
Fuji Electric Co. Ltd. | 2,000 | 14,155 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,000 | 38,872 | ||||||
Hanwa Co. Ltd. | 100 | 4,044 | ||||||
Harmonic Drive Systems, Inc. | 100 | 6,354 | ||||||
Hazama Ando Corp. | 600 | 4,756 | ||||||
Hino Motors Ltd. | 1,100 | 13,506 | ||||||
Hitachi Construction Machinery Co. Ltd. | 400 | 13,279 | ||||||
Hitachi Transport System Ltd. | 200 | 4,992 | ||||||
Hoshizaki Corp. | 200 | 19,105 | ||||||
ITOCHU Corp. | 5,500 | 95,644 | ||||||
Iwatani Corp. | 200 | 6,059 | ||||||
Japan Airlines Co. Ltd. | 1,300 | 47,816 | ||||||
JTEKT Corp. | 900 | 15,514 | ||||||
Kajima Corp. | 4,000 | 42,143 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Kanamoto Co. Ltd. | 100 | $ | 3,463 | |||||
Kanematsu Corp. | 500 | 6,014 | ||||||
Kawasaki Heavy Industries Ltd. | 600 | 19,892 | ||||||
Keihan Holdings Co. Ltd. | 400 | 11,885 | ||||||
Keio Corp. | 400 | 17,729 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 16,085 | ||||||
Kintetsu Group Holdings Co. Ltd. | 700 | 27,492 | ||||||
Komatsu Ltd. | 3,700 | 115,062 | ||||||
Kubota Corp. | 4,100 | 77,673 | ||||||
Kumagai Gumi Co. Ltd. | 100 | 2,793 | ||||||
Kyowa Exeo Corp. | 300 | 7,233 | ||||||
Kyudenko Corp. | 200 | 9,508 | ||||||
Maeda Corp. | 700 | 10,327 | ||||||
Makita Corp. | 1,000 | 41,464 | ||||||
Marubeni Corp. | 6,300 | 41,987 | ||||||
Meitec Corp. | 100 | 5,272 | ||||||
MINEBEA MITSUMI, Inc. | 1,400 | 27,711 | ||||||
MISUMI Group, Inc. | 900 | 26,339 | ||||||
Mitsubishi Corp. | 5,300 | 133,228 | ||||||
Mitsubishi Electric Corp. | 7,800 | 129,123 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,300 | 48,211 | ||||||
Mitsui & Co. Ltd. | 6,500 | 99,035 | ||||||
MonotaRO Co. Ltd. | 300 | 8,552 | ||||||
Nabtesco Corp. | 400 | 15,674 | ||||||
Nagoya Railroad Co. Ltd. | 700 | 17,146 | ||||||
Nankai Electric Railway Co. Ltd. | 500 | 12,524 | ||||||
NGK Insulators Ltd. | 1,000 | 19,168 | ||||||
Nidec Corp. | 1,000 | 136,455 | ||||||
Nihon M&A Center, Inc. | 300 | 15,040 | ||||||
Nippon Express Co. Ltd. | 300 | 19,114 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 100 | 5,290 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 300 | 7,828 | ||||||
NSK Ltd. | 1,600 | 24,178 | ||||||
Obayashi Corp. | 2,600 | 33,736 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,200 | 25,575 | ||||||
OSG Corp. | 300 | 6,155 | ||||||
Park24 Co. Ltd. | 400 | 9,894 | ||||||
Penta-Ocean Construction Co. Ltd. | 900 | 6,732 | ||||||
Persol Holdings Co. Ltd. | 700 | 16,439 | ||||||
Pilot Corp. | 200 | 9,669 | ||||||
Sankyu, Inc. | 200 | 8,543 | ||||||
Sanwa Holdings Corp. | 800 | 10,588 | ||||||
Secom Co. Ltd. | 800 | 60,151 | ||||||
Seibu Holdings, Inc. | 1,000 | 18,131 | ||||||
Shimizu Corp. | 2,600 | 28,973 | ||||||
SMC Corp. | 200 | 81,265 | ||||||
Sohgo Security Services Co. Ltd. | 300 | 16,702 | ||||||
Sojitz Corp. | 4,500 | 13,029 | ||||||
Sotetsu Holdings, Inc. | 300 | 7,836 | ||||||
Sumitomo Corp. | 4,700 | 73,227 | ||||||
Sumitomo Heavy Industries Ltd. | 400 | 16,317 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 840 | 4,804 | ||||||
Tadano Ltd. | 300 | 4,573 | ||||||
Taisei Corp. | 900 | 47,451 | ||||||
Takeuchi Manufacturing Co. Ltd. | 100 | 2,113 | ||||||
THK Co. Ltd. | 500 | 18,341 | ||||||
Tobu Railway Co. Ltd. | 800 | 25,557 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Toda Corp. | 1,000 | $ | 8,007 | |||||
Tokyu Construction Co. Ltd. | 200 | 1,939 | ||||||
Tokyu Corp. | 2,100 | 33,610 | ||||||
TOTO Ltd. | 600 | 33,457 | ||||||
Toyota Tsusho Corp. | 900 | 33,939 | ||||||
West Japan Railway Co. | 700 | 51,650 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 28,468 | ||||||
|
| |||||||
2,970,442 | ||||||||
|
| |||||||
Information Technology — 11.8% | ||||||||
Advantest Corp. | 500 | 9,986 | ||||||
Alps Electric Co. Ltd. | 700 | 22,363 | ||||||
Brother Industries Ltd. | 900 | 22,326 | ||||||
Canon, Inc. | 4,200 | 161,312 | ||||||
COLOPL, Inc. | 400 | 4,132 | ||||||
DeNA Co. Ltd. | 400 | 9,097 | ||||||
Dip Corp. | 100 | 2,606 | ||||||
Disco Corp. | 100 | 22,215 | ||||||
Elecom Co. Ltd. | 100 | 2,281 | ||||||
Fujitsu Ltd. | 8,000 | 59,686 | ||||||
GMO internet, Inc. | 200 | 3,358 | ||||||
GungHo Online Entertainment, Inc. | 2,100 | 5,367 | ||||||
Hamamatsu Photonics KK | 500 | 17,202 | ||||||
Hirose Electric Co. Ltd. | 100 | 14,959 | ||||||
Hitachi High-Technologies Corp. | 300 | 12,452 | ||||||
Hitachi Kokusai Electric, Inc. | 100 | 2,851 | ||||||
Hitachi Ltd. | 18,000 | 134,182 | ||||||
Horiba Ltd. | 200 | 12,511 | ||||||
Itochu Techno-Solutions Corp. | 200 | 8,445 | ||||||
Kakaku.com, Inc. | 600 | 9,512 | ||||||
Keyence Corp. | 420 | 243,619 | ||||||
Konami Holdings Corp. | 300 | 15,897 | ||||||
Konica Minolta, Inc. | 1,900 | 18,609 | ||||||
Kyocera Corp. | 1,300 | 91,786 | ||||||
Mixi, Inc. | 200 | 9,329 | ||||||
Murata Manufacturing Co. Ltd. | 800 | 108,413 | ||||||
NEC Corp. | 1,000 | 26,808 | ||||||
Nexon Co. Ltd.* | 800 | 23,020 | ||||||
Nomura Research Institute Ltd. | 502 | 22,789 | ||||||
NS Solutions Corp. | 100 | 2,593 | ||||||
NTT Data Corp. | 2,300 | 27,151 | ||||||
Obic Co. Ltd. | 200 | 13,922 | ||||||
Omron Corp. | 800 | 47,397 | ||||||
Oracle Corp. | 100 | 8,918 | ||||||
Otsuka Corp. | 200 | 15,013 | ||||||
Renesas Electronics Corp.* | 500 | 6,135 | ||||||
Ricoh Co. Ltd. | 2,400 | 21,361 | ||||||
SCREEN Holdings Co. Ltd. | 100 | 8,990 | ||||||
SCSK Corp. | 200 | 8,784 | ||||||
Seiko Epson Corp. | 1,100 | 26,737 | ||||||
Shimadzu Corp. | 900 | 21,530 | ||||||
Square Enix Holdings Co. Ltd. | 300 | 13,699 | ||||||
TDK Corp. | 400 | 32,778 | ||||||
Tokyo Electron Ltd. | 500 | 92,757 | ||||||
Trend Micro, Inc. | 400 | 22,698 | ||||||
Ulvac, Inc. | 100 | 6,729 | ||||||
Yahoo Japan Corp. | 5,600 | 25,672 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Yaskawa Electric Corp. | 900 | $ | 39,811 | |||||
Yokogawa Electric Corp. | 800 | 14,798 | ||||||
|
| |||||||
1,554,586 | ||||||||
|
| |||||||
Materials — 7.4% | ||||||||
Air Water, Inc. | 700 | 15,063 | ||||||
Asahi Kasei Corp. | 5,100 | 64,032 | ||||||
Daicel Corp. | 1,200 | 14,273 | ||||||
Daio Paper Corp. | 400 | 5,365 | ||||||
Denka Co. Ltd. | 200 | 7,381 | ||||||
DIC Corp. | 300 | 11,193 | ||||||
Dowa Holdings Co. Ltd. | 200 | 7,632 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 10,555 | ||||||
Hitachi Metals Ltd. | 800 | 10,616 | ||||||
JFE Holdings, Inc. | 2,100 | 49,580 | ||||||
JSR Corp. | 800 | 15,377 | ||||||
Kansai Paint Co. Ltd. | 800 | 21,082 | ||||||
Kuraray Co. Ltd. | 1,400 | 27,035 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,500 | 59,765 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 700 | 19,642 | ||||||
Mitsubishi Materials Corp. | 500 | 16,755 | ||||||
Mitsui Chemicals, Inc. | 700 | 22,676 | ||||||
Nihon Parkerizing Co. Ltd. | 400 | 6,652 | ||||||
Nippon Kayaku Co. Ltd. | 600 | 9,126 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 2,100 | 5,630 | ||||||
Nippon Paint Holdings Co. Ltd. | 600 | 18,498 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 3,400 | 82,672 | ||||||
Nissan Chemical Industries Ltd. | 500 | 20,106 | ||||||
Nitto Denko Corp. | 600 | 59,139 | ||||||
NOF Corp. | 300 | 8,284 | ||||||
Oji Holdings Corp. | 3,000 | 18,310 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,300 | 136,674 | ||||||
Sumitomo Chemical Co. Ltd. | 6,000 | 41,928 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,000 | 38,917 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 2,000 | 9,401 | ||||||
Taiheiyo Cement Corp. | 500 | 20,598 | ||||||
Taiyo Nippon Sanso Corp. | 600 | 8,262 | ||||||
Teijin Ltd. | 700 | 15,138 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 500 | 4,352 | ||||||
Toray Industries, Inc. | 5,700 | 53,839 | ||||||
Tosoh Corp. | 1,200 | 26,583 | ||||||
Ube Industries Ltd. | 400 | 11,635 | ||||||
Zeon Corp. | 800 | 11,102 | ||||||
|
| |||||||
984,868 | ||||||||
|
|
Number | Value | |||||||
Real Estate — 3.7% | ||||||||
Aeon Mall Co. Ltd. | 500 | $ | 9,177 | |||||
Daito Trust Construction Co. Ltd. | 300 | 55,078 | ||||||
Daiwa House Industry Co. Ltd. | 2,500 | 91,908 | ||||||
Hulic Co. Ltd. | 1,700 | 18,701 | ||||||
Ichigo, Inc. | 1,000 | 3,717 | ||||||
Leopalace21 Corp. | 1,100 | 8,847 | ||||||
Mitsubishi Estate Co. Ltd. | 5,700 | 102,000 | ||||||
Mitsui Fudosan Co. Ltd. | 3,800 | 86,116 | ||||||
Nomura Real Estate Holdings, Inc. | 500 | 11,563 | ||||||
NTT Urban Development Corp. | 500 | 5,518 | ||||||
Open House Co. Ltd. | 100 | 4,951 | ||||||
Relo Group, Inc. | 300 | 8,010 | ||||||
Sumitomo Realty & Development Co. Ltd. | 2,000 | 66,056 | ||||||
Tokyo Tatemono Co. Ltd. | 800 | 11,124 | ||||||
Tokyu Fudosan Holdings Corp. | 1,900 | 13,753 | ||||||
|
| |||||||
496,519 | ||||||||
|
| |||||||
Telecommunication Services — 5.2% | ||||||||
KDDI Corp. | 6,300 | 180,997 | ||||||
Nippon Telegraph & Telephone Corp. | 3,400 | 178,621 | ||||||
NTT DOCOMO, Inc. | 5,600 | 145,499 | ||||||
SoftBank Group Corp. | 2,200 | 186,471 | ||||||
|
| |||||||
691,588 | ||||||||
|
| |||||||
Utilities — 1.5% | ||||||||
Chubu Electric Power Co., Inc. | 2,500 | 31,701 | ||||||
Electric Power Development Co. Ltd. | 600 | 16,728 | ||||||
Kansai Electric Power Co., Inc. | 3,100 | 41,110 | ||||||
Nippon Gas Co. Ltd. | 100 | 3,548 | ||||||
Osaka Gas Co. Ltd. | 1,600 | 30,840 | ||||||
Toho Gas Co. Ltd. | 400 | 11,403 | ||||||
Tohoku Electric Power Co., Inc. | 1,900 | 25,162 | ||||||
Tokyo Gas Co. Ltd. | 1,600 | 37,675 | ||||||
|
| |||||||
198,167 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 13,118,071 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $11,457,141) | $ | 13,118,071 | ||||||
Other assets and liabilities, net — 0.8% | 99,352 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 13,217,423 | ||||||
|
|
* | Non-income producing security. |
At November 30, 2017, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
JPX-Nikkei 400 Index Futures | JPY | 7 | $ | 94,358 | $99,616 | 12/07/2017 | $ | 3,908 |
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. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 13,118,071 | $ | — | $ | — | $ | 13,118,071 | ||||||||
Derivatives (b) | ||||||||||||||||
Futures Contracts | 3,908 | — | — | 3,908 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 13,121,979 | $ | — | $ | — | $ | 13,121,979 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2017.
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
November 30, 2017 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Australia — 6.2% | ||||||||
Adelaide Brighton Ltd. | 887 | $ | 4,301 | |||||
ALS Ltd. | 859 | 4,392 | ||||||
Ansell Ltd. | 254 | 4,713 | ||||||
APN Outdoor Group Ltd. | 438 | 1,637 | ||||||
ARB Corp. Ltd. | 79 | 1,189 | ||||||
Ardent Leisure Group (a) | 552 | 720 | ||||||
Australian Pharmaceutical Industries Ltd. | 1,267 | 1,442 | ||||||
Bapcor Ltd. | 984 | 4,391 | ||||||
Beach Energy Ltd. | 2,093 | 1,662 | ||||||
Bega Cheese Ltd. | 94 | 548 | ||||||
Bellamy’s Australia Ltd.* | 71 | 620 | ||||||
Blackmores Ltd. | 24 | 3,043 | ||||||
BT Investment Management Ltd. | 223 | 1,847 | ||||||
BWP Trust REIT | 822 | 1,990 | ||||||
carsales.com Ltd. | 456 | 5,019 | ||||||
Charter Hall Group REIT | 518 | 2,472 | ||||||
Charter Hall Retail REIT | 732 | 2,414 | ||||||
Cleanaway Waste Management Ltd. | 1,938 | 2,162 | ||||||
Corporate Travel Management Ltd. | 78 | 1,200 | ||||||
Cromwell Property Group REIT | 1,572 | 1,237 | ||||||
CSR Ltd. | 929 | 3,225 | ||||||
Domain Holdings Australia Ltd.* | 421 | 1,108 | ||||||
Donaco International Ltd. | 1,106 | 268 | ||||||
Downer EDI Ltd. | 933 | 4,947 | ||||||
DuluxGroup Ltd. | 744 | 4,463 | ||||||
Evolution Mining Ltd. | 1,675 | 3,091 | ||||||
Fairfax Media Ltd. | 4,212 | 2,246 | ||||||
G8 Education Ltd. | 434 | 1,448 | ||||||
Galaxy Resources Ltd.*(b) | 430 | 1,252 | ||||||
GrainCorp Ltd., Class A | 387 | 2,228 | ||||||
Iluka Resources Ltd. | 517 | 3,629 | ||||||
Independence Group NL (b) | 290 | 921 | ||||||
Infigen Energy*(a) | 1,430 | 746 | ||||||
Investa Office Fund REIT | 606 | 2,200 | ||||||
InvoCare Ltd. | 358 | 4,836 | ||||||
IOOF Holdings Ltd. | 337 | 2,842 | ||||||
IRESS Ltd. | 436 | 3,588 | ||||||
JB Hi-Fi Ltd. (b) | 236 | 4,215 | ||||||
Karoon Gas Australia Ltd.* | 976 | 1,004 | ||||||
Link Administration Holdings Ltd. | 550 | 3,540 | ||||||
Macquarie Atlas Roads Group (a) | 1,230 | 5,685 | ||||||
Magellan Financial Group Ltd. | 201 | 3,847 | ||||||
Mantra Group Ltd. | 372 | 1,100 | ||||||
Mayne Pharma Group Ltd.*(b) | 2,266 | 1,106 | ||||||
Mesoblast Ltd.* | 370 | 378 | ||||||
Metcash Ltd. | 779 | 1,620 | ||||||
Mineral Resources Ltd. | 259 | 3,828 | ||||||
Monadelphous Group Ltd. | 85 | 1,204 | ||||||
Myer Holdings Ltd. | 1,029 | 611 | ||||||
Navitas Ltd. | 303 | 1,203 | ||||||
NEXTDC Ltd.* | 332 | 1,462 | ||||||
Northern Star Resources Ltd. | 874 | 3,854 | ||||||
Nufarm Ltd. | 277 | 1,856 | ||||||
Orocobre Ltd.*(b) | 332 | 1,572 | ||||||
Orora Ltd. | 2,200 | 5,475 | ||||||
OZ Minerals Ltd. | 370 | 2,337 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Perpetual Ltd. | 43 | $ | 1,578 | |||||
Pilbara Minerals Ltd.*(b) | 1,521 | 1,214 | ||||||
Platinum Asset Management Ltd. | 225 | 1,271 | ||||||
Premier Investments Ltd. | 118 | 1,286 | ||||||
Primary Health Care Ltd. | 1,076 | 3,003 | ||||||
Qube Holdings Ltd. | 1,521 | 3,037 | ||||||
Regis Resources Ltd. | 717 | 2,131 | ||||||
Saracen Mineral Holdings Ltd.* | 1,871 | 2,116 | ||||||
Seven Group Holdings Ltd. | 70 | 729 | ||||||
Shopping Centres Australasia Property Group REIT | 1,555 | 2,835 | ||||||
Sirtex Medical Ltd. | 109 | 1,226 | ||||||
SmartGroup Corp. Ltd. | 110 | 858 | ||||||
SolGold PLC* | 1,187 | 433 | ||||||
Southern Cross Media Group Ltd. | 867 | 758 | ||||||
Spark Infrastructure Group (a) | 2,444 | 4,825 | ||||||
St Barbara Ltd. | 961 | 2,326 | ||||||
Star Entertainment Group Ltd. | 1,047 | 4,688 | ||||||
Steadfast Group Ltd. | 927 | 2,033 | ||||||
Super Retail Group Ltd. | 219 | 1,322 | ||||||
Syrah Resources Ltd.* | 581 | 1,811 | ||||||
Technology One Ltd. | 250 | 949 | ||||||
Vocus Group Ltd. | 555 | 1,318 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 124 | 1,586 | ||||||
Westgold Resources Ltd.*(b) | 310 | 442 | ||||||
Whitehaven Coal Ltd. | 1,030 | 3,000 | ||||||
WorleyParsons Ltd.* | 277 | 3,147 | ||||||
|
| |||||||
185,856 | ||||||||
|
| |||||||
Austria — 1.3% | ||||||||
ams AG* | 95 | 9,251 | ||||||
BUWOG AG* | 151 | 4,340 | ||||||
CA Immobilien Anlagen AG | 142 | 4,268 | ||||||
DO & CO AG | 7 | 397 | ||||||
IMMOFINANZ AG* | 975 | 2,340 | ||||||
Lenzing AG | 5 | 595 | ||||||
Oesterreichische Post AG | 79 | 3,564 | ||||||
S IMMO AG | 237 | 4,044 | ||||||
S&T AG (b) | 41 | 864 | ||||||
Telekom Austria AG* | 48 | 463 | ||||||
UNIQA Insurance Group AG | 257 | 2,726 | ||||||
Wienerberger AG | 210 | 4,769 | ||||||
|
| |||||||
37,621 | ||||||||
|
| |||||||
Belgium — 1.8% | ||||||||
Ablynx NV* | 101 | 2,342 | ||||||
Ackermans & van Haaren NV | 23 | 4,017 | ||||||
Aedifica SA REIT | 8 | 762 | ||||||
AGFA-Gevaert NV* | 456 | 2,074 | ||||||
Befimmo SA REIT | 28 | 1,786 | ||||||
Bekaert SA | 53 | 2,203 | ||||||
Biocartis NV, 144A* | 44 | 656 | ||||||
bpost SA (b) | 93 | 2,870 | ||||||
Cie d’Entreprises CFE | 9 | 1,304 | ||||||
Cofinimmo SA REIT | 20 | 2,579 | ||||||
D’ieteren SA/NV | 34 | 1,595 | ||||||
Elia System Operator SA/NV | 37 | 2,176 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Belgium (Continued) | ||||||||
Euronav NV | 230 | $ | 1,973 | |||||
Fagron* | 41 | 536 | ||||||
Galapagos NV*(b) | 59 | 5,157 | ||||||
Ion Beam Applications | 28 | 812 | ||||||
KBC Ancora | 58 | 3,527 | ||||||
Melexis NV | 37 | 3,615 | ||||||
Nyrstar NV* | 105 | 748 | ||||||
Ontex Group NV (b) | 128 | 4,318 | ||||||
Sioen Industries NV | 17 | 582 | ||||||
Sofina SA | 20 | 3,077 | ||||||
Tessenderlo Group* | 63 | 2,942 | ||||||
Warehouses De Pauw CVA REIT | 20 | 2,171 | ||||||
|
| |||||||
53,822 | ||||||||
|
| |||||||
Bermuda — 0.2% | ||||||||
Hiscox Ltd. | 355 | 6,649 | ||||||
|
| |||||||
Canada — 0.1% | ||||||||
Entertainment One Ltd. | 425 | 1,758 | ||||||
|
| |||||||
China — 0.1% | ||||||||
Goodbaby International Holdings Ltd. | 1,522 | 814 | ||||||
Microport Scientific Corp. | 892 | 1,028 | ||||||
|
| |||||||
1,842 | ||||||||
|
| |||||||
Denmark — 1.8% | ||||||||
Ambu A/S, Class B | 43 | 3,596 | ||||||
Bang & Olufsen A/S* | 26 | 595 | ||||||
Bavarian Nordic A/S* | 56 | 2,109 | ||||||
Dfds A/S | 57 | 3,076 | ||||||
FLSmidth & Co A/S | 61 | 3,358 | ||||||
GN Store Nord A/S | 212 | 6,672 | ||||||
Jyske Bank A/S | 87 | 4,700 | ||||||
Nets A/S, 144A* | 150 | 3,927 | ||||||
Nilfisk Holding A/S* | 33 | 1,624 | ||||||
NKT A/S* | 33 | 1,507 | ||||||
Rockwool International A/S, Class B | 17 | 4,676 | ||||||
Royal Unibrew A/S | 41 | 2,341 | ||||||
SimCorp A/S | 73 | 4,391 | ||||||
Spar Nord Bank A/S | 104 | 1,168 | ||||||
Sydbank A/S | 115 | 4,497 | ||||||
Topdanmark A/S* | 111 | 4,777 | ||||||
|
| |||||||
53,014 | ||||||||
|
| |||||||
Faroe Islands — 0.1% | ||||||||
Bakkafrost P/F | 78 | 2,947 | ||||||
|
| |||||||
Finland — 1.5% | ||||||||
Amer Sports OYJ* | 130 | 3,415 | ||||||
Atria OYJ | 224 | 3,226 | ||||||
Cargotec OYJ, Class B | 60 | 3,437 | ||||||
Caverion OYJ* | 228 | 1,710 | ||||||
Citycon OYJ | 347 | 879 | ||||||
Huhtamaki OYJ | 84 | 3,699 | ||||||
Kemira OYJ | 177 | 2,299 | ||||||
Kesko OYJ, Class B | 110 | 5,572 | ||||||
Konecranes OYJ | 89 | 3,960 | ||||||
Metsa Board OYJ | 280 | 2,175 | ||||||
Outokumpu OYJ | 387 | 3,344 |
Number | Value | |||||||
Finland (Continued) | ||||||||
Outotec OYJ* | 338 | $ | 2,551 | |||||
Sanoma OYJ | 110 | 1,381 | ||||||
Stockmann OYJ Abp, Class B* | 88 | 473 | ||||||
Tieto OYJ | 65 | 2,034 | ||||||
Valmet OYJ | 222 | 4,090 | ||||||
|
| |||||||
44,245 | ||||||||
|
| |||||||
France — 3.5% | ||||||||
ABC arbitrage | 349 | 2,642 | ||||||
Air France-KLM* | 110 | 1,564 | ||||||
ALD SA, 144A* | 116 | 1,842 | ||||||
Alten SA | 62 | 5,154 | ||||||
Altran Technologies SA | 208 | 3,553 | ||||||
Axway Software SA | 34 | 931 | ||||||
Cellectis SA* | 14 | 340 | ||||||
Cie des Alpes | 64 | 2,076 | ||||||
Cie Plastic Omnium SA | 101 | 4,373 | ||||||
Coface SA | 82 | 899 | ||||||
DBV Technologies SA* | 31 | 1,378 | ||||||
Elior Group SA, 144A | 128 | 2,812 | ||||||
Elis SA | 247 | 6,444 | ||||||
Euler Hermes Group | 20 | 2,899 | ||||||
Fnac Darty SA* | 11 | 1,157 | ||||||
Gaztransport Et Technigaz SA | 61 | 3,245 | ||||||
Genfit* | 26 | 707 | ||||||
IPSOS | 42 | 1,517 | ||||||
Korian SA | 72 | 2,510 | ||||||
Maisons du Monde SA, 144A | 50 | 2,066 | ||||||
Mercialys SA REIT | 94 | 1,972 | ||||||
Metropole Television SA | 126 | 3,314 | ||||||
Neopost SA | 79 | 2,631 | ||||||
Nexans SA | 60 | 3,938 | ||||||
Nexity SA* | 61 | 3,736 | ||||||
Orpea | 48 | 5,785 | ||||||
Parrot SA* | 33 | 339 | ||||||
Pierre & Vacances SA* | 16 | 884 | ||||||
Rubis SCA | 114 | 8,109 | ||||||
Sartorius Stedim Biotech | 33 | 2,361 | ||||||
SOITEC* | 25 | 1,911 | ||||||
Solocal Group* | 429 | 462 | ||||||
Sopra Steria Group | 27 | 4,830 | ||||||
SPIE SA | 123 | 3,402 | ||||||
SRP Groupe SA, 144A* | 56 | 624 | ||||||
Tarkett SA | 37 | 1,447 | ||||||
Technicolor SA | 553 | 2,025 | ||||||
Television Francaise 1 | 189 | 3,010 | ||||||
Vallourec SA* | 368 | 1,988 | ||||||
Vicat SA | 4 | 327 | ||||||
Virbac SA* | 9 | 1,163 | ||||||
Worldline SA, 144A* | 40 | 1,970 | ||||||
|
| |||||||
104,337 | ||||||||
|
| |||||||
Georgia — 0.1% | ||||||||
BGEO Group PLC | 79 | 3,506 | ||||||
|
| |||||||
Germany — 5.4% | ||||||||
Aareal Bank AG | 54 | 2,397 | ||||||
ADO Properties SA, 144A | 9 | 465 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
AIXTRON SE* | 98 | $ | 1,438 | |||||
alstria office REIT-AG REIT | 201 | 3,029 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (b) | 46 | 2,974 | ||||||
Aurubis AG | 43 | 3,567 | ||||||
Bechtle AG | 72 | 6,145 | ||||||
bet-at-home.com AG | 24 | 2,931 | ||||||
Bilfinger SE | 64 | 2,813 | ||||||
Capital Stage AG | 100 | 758 | ||||||
Carl Zeiss Meditec AG | 41 | 2,425 | ||||||
CECONOMY AG | 200 | 2,621 | ||||||
CompuGroup Medical SE | 16 | 1,082 | ||||||
CTS Eventim AG & Co. KGaA | 61 | 2,961 | ||||||
Deutsche Beteiligungs AG | 15 | 843 | ||||||
Deutsche EuroShop AG | 63 | 2,418 | ||||||
Deutsche Pfandbriefbank AG, 144A | 59 | 912 | ||||||
Deutz AG | 140 | 1,166 | ||||||
Diebold Nixdorf AG | 35 | 3,057 | ||||||
DMG Mori AG | 58 | 3,163 | ||||||
Duerr AG | 42 | 5,287 | ||||||
Evotec AG* | 120 | 1,761 | ||||||
Freenet AG | 177 | 6,709 | ||||||
Gerresheimer AG | 55 | 4,390 | ||||||
Grammer AG | 15 | 913 | ||||||
GRENKE AG | 33 | 3,328 | ||||||
Hamburger Hafen und Logistik AG | 25 | 735 | ||||||
Hapag-Lloyd AG, 144A* | 48 | 1,798 | ||||||
Hypoport AG* | 5 | 772 | ||||||
Indus Holding AG | 35 | 2,587 | ||||||
Jenoptik AG | 55 | 1,796 | ||||||
Kloeckner & Co. SE | 90 | 1,060 | ||||||
Koenig & Bauer AG | 32 | 2,443 | ||||||
Krones AG (b) | 20 | 2,533 | ||||||
LEG Immobilien AG | 77 | 8,185 | ||||||
Leoni AG | 66 | 4,862 | ||||||
MorphoSys AG* | 47 | 4,437 | ||||||
Nemetschek SE | 20 | 1,911 | ||||||
Nordex SE*(b) | 122 | 1,239 | ||||||
Norma Group SE | 73 | 4,645 | ||||||
PATRIZIA Immobilien AG* | 50 | 1,179 | ||||||
Rational AG | 4 | 2,617 | ||||||
Rheinmetall AG | 61 | 7,762 | ||||||
RHOEN-KLINIKUM AG | 52 | 1,809 | ||||||
Rocket Internet SE, 144A* | 34 | 809 | ||||||
Salzgitter AG | 61 | 3,141 | ||||||
Scout24 AG, 144A | 104 | 4,377 | ||||||
Siltronic AG* | 17 | 2,525 | ||||||
Software AG | 69 | 3,777 | ||||||
STADA Arzneimittel AG | 29 | 2,809 | ||||||
Stroeer SE & Co. KGaA | 49 | 3,710 | ||||||
Suedzucker AG | 100 | 2,072 | ||||||
TAG Immobilien AG | 237 | 4,340 | ||||||
Takkt AG | 34 | 726 | ||||||
TLG Immobilien AG | 221 | 5,446 | ||||||
Wacker Chemie AG | 23 | 3,748 | ||||||
Wacker Neuson SE | 32 | 1,044 | ||||||
|
| |||||||
160,447 | ||||||||
|
|
Number | Value | |||||||
Hong Kong — 2.3% | ||||||||
Brightoil Petroleum Holdings Ltd.*(c) | 6,070 | $ | 1,179 | |||||
Cafe de Coral Holdings Ltd. | 1,036 | 2,931 | ||||||
Champion REIT | 679 | 502 | ||||||
China Financial International Investments Ltd.* | 7,618 | 215 | ||||||
China Trustful Group Ltd.* | 1,189 | 470 | ||||||
Chow Sang Sang Holdings International Ltd. | 423 | 926 | ||||||
CMBC Capital Holdings Ltd. | 10,000 | 845 | ||||||
Dah Sing Financial Holdings Ltd. | 359 | 2,298 | ||||||
Digital Domain Holdings Ltd.* | 25,202 | 623 | ||||||
Emperor Entertainment Hotel Ltd. | 3,008 | 670 | ||||||
Esprit Holdings Ltd.* | 2,891 | 1,503 | ||||||
Freeman FinTech Corp. Ltd.* | 13,520 | 770 | ||||||
Giordano International Ltd. | 2,000 | 1,068 | ||||||
Global Brands Group Holding Ltd.* | 12,064 | 1,081 | ||||||
Good Resources Holdings Ltd.* | 4,198 | 191 | ||||||
Great Eagle Holdings Ltd. | 240 | 1,291 | ||||||
Haitong International Securities Group Ltd. | 2,037 | 1,176 | ||||||
HKBN Ltd. | 2,214 | 2,668 | ||||||
Hopewell Holdings Ltd. | 1,149 | 4,230 | ||||||
Hsin Chong Group Holdings Ltd.*(c) | 6,452 | 346 | ||||||
Huarong International Financial Holdings Ltd.* | 1,135 | 379 | ||||||
Johnson Electric Holdings Ltd. | 561 | 2,216 | ||||||
Landing International Development Ltd.* | 268,662 | 12,212 | ||||||
Luk Fook Holdings International Ltd. | 455 | 1,987 | ||||||
Man Wah Holdings Ltd. | 2,954 | 2,564 | ||||||
Mason Group Holdings Ltd.* | 43,237 | 692 | ||||||
Melco International Development Ltd. | 1,564 | 4,496 | ||||||
Neo Telemedia Ltd. | 645 | 15 | ||||||
NewOcean Energy Holdings Ltd.* | 4,401 | 1,020 | ||||||
Noble Group Ltd.* | 1,150 | 118 | ||||||
Pacific Basin Shipping Ltd.* | 2,000 | 438 | ||||||
Pacific Textiles Holdings Ltd. | 975 | 1,024 | ||||||
Regina Miracle International Holdings Ltd., 144A | 687 | 666 | ||||||
SUNeVision Holdings Ltd. | 398 | 302 | ||||||
Television Broadcasts Ltd. | 606 | 2,114 | ||||||
Town Health International Medical Group Ltd. (c) | 8,362 | 732 | ||||||
Value Partners Group Ltd. | 1,749 | 1,807 | ||||||
Vision Fame International Holding Ltd.* | 1,913 | 91 | ||||||
VSTECS Holdings Ltd. | 1,572 | 845 | ||||||
VTech Holdings Ltd. | 304 | 4,367 | ||||||
Xinyi Glass Holdings Ltd.* | 4,105 | 5,009 | ||||||
|
| |||||||
68,077 | ||||||||
|
| |||||||
India — 0.0% | ||||||||
Vedanta Resources PLC | 113 | 1,058 | ||||||
|
| |||||||
Ireland — 1.4% | ||||||||
C&C Group PLC | 31 | 106 | ||||||
Cairn Homes PLC* | 799 | 1,693 | ||||||
COSMO Pharmaceuticals NV | 8 | 1,127 | ||||||
Glanbia PLC | 229 | 4,264 | ||||||
Grafton Group PLC | 341 | 3,560 | ||||||
Greencore Group PLC | 1,204 | 3,421 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Ireland (Continued) | ||||||||
Hibernia REIT PLC REIT | 1,745 | $ | 2,970 | |||||
Hostelworld Group PLC, 144A | 169 | 797 | ||||||
Irish Continental Group PLC | 368 | 2,549 | ||||||
Irish Residential Properties REIT PLC REIT | 618 | 1,095 | ||||||
Keywords Studios PLC | 57 | 1,133 | ||||||
Kingspan Group PLC | 180 | 7,370 | ||||||
Smurfit Kappa Group PLC | 271 | 8,648 | ||||||
UDG Healthcare PLC | 395 | 4,487 | ||||||
|
| |||||||
43,220 | ||||||||
|
| |||||||
Isle of Man — 0.4% | ||||||||
GVC Holdings PLC | 354 | 4,316 | ||||||
Paysafe Group PLC* | 650 | 5,155 | ||||||
Playtech PLC | 299 | 3,401 | ||||||
|
| |||||||
12,872 | ||||||||
|
| |||||||
Israel — 1.6% | ||||||||
Africa Israel Properties Ltd.* | 25 | 629 | ||||||
Airport City Ltd.* | 88 | 1,077 | ||||||
Alony Hetz Properties & Investments Ltd. | 127 | 1,356 | ||||||
Big Shopping Centers Ltd. | 7 | 495 | ||||||
Blue Square Real Estate Ltd. | 11 | 435 | ||||||
Caesarstone Ltd.*(b) | 32 | 797 | ||||||
Cellcom Israel Ltd.* | 112 | 1,112 | ||||||
CyberArk Software Ltd.* | 29 | 1,365 | ||||||
Delek Group Ltd. | 5 | 796 | ||||||
Delta-Galil Industries Ltd. | 26 | 864 | ||||||
El Al Israel Airlines | 787 | 356 | ||||||
Gazit-Globe Ltd. | 362 | 3,770 | ||||||
Israel Discount Bank Ltd., Class A* | 2,506 | 7,112 | ||||||
Ituran Location and Control Ltd. | 15 | 534 | ||||||
Jerusalem Economy Ltd.* | 217 | 610 | ||||||
Kornit Digital Ltd.*(b) | 63 | 1,121 | ||||||
Mazor Robotics Ltd.* | 31 | 932 | ||||||
Melisron Ltd. | 22 | 1,034 | ||||||
Orbotech Ltd.* | 83 | 4,205 | ||||||
Partner Communications Co. Ltd.* | 209 | 1,226 | ||||||
Paz Oil Co. Ltd. | 9 | 1,591 | ||||||
Phoenix Holdings Ltd.* | 186 | 971 | ||||||
Plus500 Ltd. | 97 | 1,256 | ||||||
Radware Ltd.* | 50 | 1,012 | ||||||
Shufersal Ltd. | 143 | 972 | ||||||
SodaStream International Ltd.* | 25 | 1,760 | ||||||
Strauss Group Ltd. | 53 | 1,107 | ||||||
Tower Semiconductor Ltd.* | 152 | 5,523 | ||||||
Wix.com Ltd.* | 46 | 2,525 | ||||||
|
| |||||||
46,543 | ||||||||
|
| |||||||
Italy — 4.0% | ||||||||
A2A SpA | 2,734 | 5,142 | ||||||
Anima Holding SpA, 144A | 439 | 3,038 | ||||||
Autogrill SpA | 277 | 3,534 | ||||||
Azimut Holding SpA | 115 | 2,185 | ||||||
Banca Carige SpA* | 2,595 | 31 | ||||||
Banca Generali SpA | 90 | 3,158 | ||||||
Banca Mediolanum SpA | 253 | 2,109 | ||||||
Banca Monte dei Paschi di Siena SpA* | 49 | 239 | ||||||
Banca Popolare di Sondrio SCPA | 851 | 3,383 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Banco BPM SpA* | 1,768 | $ | 6,056 | |||||
Biesse SpA | 39 | 2,021 | ||||||
BPER Banca | 631 | 3,452 | ||||||
Brembo SpA | 305 | 4,716 | ||||||
Brunello Cucinelli SpA | 27 | 855 | ||||||
Buzzi Unicem SpA | 130 | 3,458 | ||||||
Cerved Information Solutions SpA | 236 | 2,921 | ||||||
Credito Valtellinese SpA* | 190 | 334 | ||||||
De’ Longhi SpA | 96 | 2,820 | ||||||
DiaSorin SpA | 45 | 4,146 | ||||||
Ei Towers SpA | 56 | 3,726 | ||||||
El.En. SpA | 18 | 553 | ||||||
Enav SpA, 144A | 312 | 1,667 | ||||||
Fila SpA | 27 | 606 | ||||||
Fincantieri SpA* | 560 | 799 | ||||||
FinecoBank Banca Fineco SpA | 466 | 4,698 | ||||||
Geox SpA | 180 | 629 | ||||||
Hera SpA | 1,270 | 4,565 | ||||||
Industria Macchine Automatiche SpA | 5 | 423 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 277 | 2,143 | ||||||
Interpump Group SpA | 100 | 3,297 | ||||||
Iren SpA | 600 | 1,840 | ||||||
Italgas SpA | 500 | 3,166 | ||||||
Juventus Football Club SpA* | 520 | 435 | ||||||
La Doria SpA | 45 | 905 | ||||||
MARR SpA | 40 | 1,034 | ||||||
Mediaset SpA* | 695 | 2,606 | ||||||
Moncler SpA | 195 | 5,345 | ||||||
OVS SpA, 144A | 168 | 1,152 | ||||||
Reply SpA | 20 | 1,151 | ||||||
Saipem SpA* | 685 | 2,749 | ||||||
Salini Impregilo SpA | 533 | 1,950 | ||||||
Salvatore Ferragamo SpA | 84 | 2,296 | ||||||
Saras SpA | 218 | 562 | ||||||
Societa Cattolica di Assicurazioni SC | 341 | 3,700 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 92 | 1,625 | ||||||
Sogefi SpA* | 142 | 726 | ||||||
Tod’s SpA | 30 | 2,000 | ||||||
Unione di Banche Italiane SpA | 1,015 | 4,886 | ||||||
Unipol Gruppo SpA | 709 | 3,251 | ||||||
Yoox Net-A-Porter Group SpA* | 75 | 2,455 | ||||||
|
| |||||||
120,538 | ||||||||
|
| |||||||
Japan — 30.7% | ||||||||
77 Bank Ltd. | 100 | 2,353 | ||||||
Activia Properties, Inc. REIT | 1 | 4,136 | ||||||
Adastria Co. Ltd. | 100 | 2,208 | ||||||
ADEKA Corp. | 300 | 5,054 | ||||||
Advance Residence Investment Corp. REIT | 2 | 4,864 | ||||||
Advantest Corp. | 200 | 3,972 | ||||||
AEON REIT Investment Corp. REIT | 3 | 3,116 | ||||||
Aica Kogyo Co. Ltd. | 200 | 6,993 | ||||||
Aiful Corp.* | 800 | 2,730 | ||||||
Anritsu Corp. | 400 | 3,803 | ||||||
Aoyama Trading Co. Ltd. | 100 | 3,803 | ||||||
Ardepro Co. Ltd. | 500 | 444 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Asahi Intecc Co. Ltd. | 100 | $ | 6,584 | |||||
Autobacs Seven Co. Ltd. | 300 | 5,736 | ||||||
Azbil Corp. | 200 | 8,637 | ||||||
Broadleaf Co. Ltd. | 300 | 3,076 | ||||||
Capcom Co. Ltd. | 100 | 2,843 | ||||||
Chiba Kogyo Bank Ltd. | 100 | 530 | ||||||
Chugoku Bank Ltd. | 200 | 2,600 | ||||||
Citizen Watch Co. Ltd. | 300 | 2,172 | ||||||
COMSYS Holdings Corp. | 300 | 8,357 | ||||||
COOKPAD, Inc. | 200 | 1,191 | ||||||
Cosmo Energy Holdings Co. Ltd. | 100 | 2,999 | ||||||
CyberAgent, Inc. | 200 | 6,806 | ||||||
DA Consortium Holdings, Inc. | 100 | 1,884 | ||||||
Daido Steel Co. Ltd. | 100 | 6,033 | ||||||
Daiichikosho Co. Ltd. | 100 | 4,780 | ||||||
Daishi Bank Ltd. | 100 | 4,358 | ||||||
Daisyo Corp. | 100 | 1,489 | ||||||
Denka Co. Ltd. | 200 | 7,339 | ||||||
DIC Corp. | 100 | 3,710 | ||||||
DMG Mori Co. Ltd. | 200 | 3,993 | ||||||
Dowa Holdings Co. Ltd. | 100 | 3,794 | ||||||
Ebara Corp. | 200 | 7,792 | ||||||
Ezaki Glico Co. Ltd. | 100 | 4,931 | ||||||
Frontier Real Estate Investment Corp. REIT | 1 | 4,061 | ||||||
Fuji Oil Holdings, Inc. | 100 | 2,901 | ||||||
Fujikura Ltd. | 800 | 7,442 | ||||||
Fujitsu General Ltd. | 100 | 2,116 | ||||||
Fukuoka REIT Corp. REIT | 3 | 4,500 | ||||||
Funai Electric Co. Ltd. | 200 | 1,534 | ||||||
Funai Soken Holdings, Inc. | 200 | 6,637 | ||||||
Furukawa Electric Co. Ltd. | 200 | 10,556 | ||||||
Glory Ltd. | 200 | 7,090 | ||||||
GLP J REIT | 3 | 3,239 | ||||||
GMO internet, Inc. | 200 | 3,339 | ||||||
GS Yuasa Corp. | 1,000 | 5,153 | ||||||
Gunma Bank Ltd. | 400 | 2,367 | ||||||
H2O Retailing Corp. | 200 | 3,888 | ||||||
Haseko Corp. | 500 | 7,744 | ||||||
Hazama Ando Corp. | 600 | 4,729 | ||||||
HEALIOS KK* | 100 | 1,334 | ||||||
Heiwa Corp. | 200 | 3,444 | ||||||
Hiroshima Bank Ltd. | 300 | 2,354 | ||||||
HIS Co. Ltd. | 100 | 3,754 | ||||||
Hitachi Capital Corp. | 100 | 2,458 | ||||||
Hitachi Kokusai Electric, Inc. | 100 | 2,834 | ||||||
Hokkaido Electric Power Co., Inc. | 500 | 3,585 | ||||||
Hokkoku Bank Ltd. | 100 | 3,870 | ||||||
Hokuhoku Financial Group, Inc. | 100 | 1,488 | ||||||
Hokuriku Electric Power Co. | 100 | 880 | ||||||
Horiba Ltd. | 100 | 6,220 | ||||||
Hosiden Corp. | 300 | 4,715 | ||||||
House Foods Group, Inc. | 200 | 6,504 | ||||||
Hulic Reit, Inc. REIT | 1 | 1,469 | ||||||
Hyakugo Bank Ltd. | 1,000 | 4,603 | ||||||
Ibiden Co. Ltd. | 100 | 1,588 | ||||||
IDOM, Inc. (b) | 100 | 743 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Industrial & Infrastructure Fund Investment Corp. REIT | 1 | $ | 4,367 | |||||
Ines Corp. | 400 | 3,860 | ||||||
Invesco Office J-Reit, Inc. REIT | 1 | 989 | ||||||
Invincible Investment Corp. REIT | 7 | 2,995 | ||||||
Ito En Ltd. | 100 | 3,714 | ||||||
Itochu Techno-Solutions Corp. | 100 | 4,198 | ||||||
Itoham Yonekyu Holdings, Inc. | 200 | 1,806 | ||||||
Iwatani Corp. | 200 | 6,024 | ||||||
Iyo Bank Ltd. | 300 | 2,338 | ||||||
Izumi Co. Ltd. | 100 | 5,855 | ||||||
J Trust Co. Ltd. | 100 | 680 | ||||||
Jafco Co. Ltd. | 100 | 5,233 | ||||||
Japan Display, Inc.* | 700 | 1,238 | ||||||
Japan Excellent, Inc. REIT | 3 | 3,599 | ||||||
Japan Hotel REIT Investment Corp. REIT | 5 | 3,474 | ||||||
Japan Logistics Fund, Inc. REIT | 2 | 3,687 | ||||||
Japan Petroleum Exploration Co. Ltd. | 100 | 2,286 | ||||||
Japan Rental Housing Investments, Inc. REIT | 6 | 4,425 | ||||||
Japan Steel Works Ltd. | 200 | 6,397 | ||||||
Japan Tissue Engineering Co. Ltd.* | 100 | 1,138 | ||||||
Jimoto Holdings, Inc. | 400 | 672 | ||||||
Juroku Bank Ltd. | 100 | 2,959 | ||||||
JVC Kenwood Corp.* | 900 | 2,759 | ||||||
Kagome Co. Ltd. | 200 | 7,401 | ||||||
Kaken Pharmaceutical Co. Ltd. | 50 | 2,497 | ||||||
Kawasaki Kisen Kaisha Ltd.* | 200 | 5,143 | ||||||
Keiyo Bank Ltd. | 1,000 | 4,540 | ||||||
Keiyo Co. Ltd. | 500 | 3,168 | ||||||
Kenedix Office Investment Corp. REIT | 1 | 5,616 | ||||||
Kenedix, Inc. | 300 | 2,042 | ||||||
Kewpie Corp. | 200 | 5,127 | ||||||
Kinden Corp. | 300 | 5,099 | ||||||
Kiyo Bank Ltd. | 300 | 5,003 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 100 | 6,300 | ||||||
K’s Holdings Corp. (b) | 300 | 7,720 | ||||||
Kumagai Gumi Co. Ltd. | 100 | 2,777 | ||||||
Kyowa Exeo Corp. | 100 | 2,397 | ||||||
Laox Co. Ltd.* | 200 | 1,200 | ||||||
Leopalace21 Corp. | 600 | 4,798 | ||||||
Lintec Corp. | 200 | 5,491 | ||||||
Maeda Corp. | 100 | 1,467 | ||||||
Maruha Nichiro Corp. | 100 | 2,870 | ||||||
Matsui Securities Co. Ltd. | 400 | 3,494 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 8,246 | ||||||
Matsuya Foods Co. Ltd. | 100 | 3,656 | ||||||
MCJ Co. Ltd. | 100 | 1,007 | ||||||
Megmilk Snow Brand Co. Ltd. | 100 | 2,772 | ||||||
Meitec Corp. | 100 | 5,242 | ||||||
Miraca Holdings, Inc. | 100 | 4,332 | ||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 200 | 2,891 | ||||||
Mitsui High-Tec, Inc. | 200 | 4,162 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 100 | 5,633 | ||||||
Miura Co. Ltd. | 100 | 2,552 | ||||||
MonotaRO Co. Ltd. | 100 | 2,834 | ||||||
Mori Hills REIT Investment Corp. REIT | 3 | 3,668 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Mori Trust Hotel Reit, Inc. REIT | 1 | $ | 1,252 | |||||
Mori Trust Sogo Reit, Inc. REIT | 2 | 2,914 | ||||||
Morinaga & Co. Ltd. | 20 | 1,000 | ||||||
Musashino Bank Ltd. | 100 | 3,172 | ||||||
Nagase & Co. Ltd. | 400 | 7,297 | ||||||
Nankai Electric Railway Co. Ltd. | 200 | 4,981 | ||||||
NHK Spring Co. Ltd. | 200 | 2,221 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 100 | 1,500 | ||||||
Nichirei Corp. | 100 | 2,897 | ||||||
Nifco, Inc. | 100 | 6,691 | ||||||
Nihon Kohden Corp. | 100 | 2,288 | ||||||
Nihon M&A Center, Inc. | 200 | 9,969 | ||||||
Nihon Unisys Ltd. | 100 | 1,957 | ||||||
Nikkon Holdings Co. Ltd. | 200 | 5,376 | ||||||
Nippon Accommodations Fund, Inc. REIT | 1 | 4,034 | ||||||
Nippon Kayaku Co. Ltd. | 300 | 4,537 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 600 | 1,599 | ||||||
Nippon Paper Industries Co. Ltd. | 200 | 3,828 | ||||||
Nippon Shinyaku Co. Ltd. | 100 | 7,144 | ||||||
Nippon Suisan Kaisha Ltd. | 600 | 3,273 | ||||||
Nipro Corp. | 400 | 5,772 | ||||||
Nishimatsu Construction Co. Ltd. | 200 | 5,784 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 200 | 2,234 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 200 | 5,189 | ||||||
Nissan Shatai Co. Ltd. | 300 | 3,057 | ||||||
Nisshin Steel Co. Ltd. | 100 | 1,537 | ||||||
Nisshinbo Holdings, Inc. | 300 | 4,190 | ||||||
NOF Corp. | 100 | 2,746 | ||||||
North Pacific Bank Ltd. | 900 | 2,879 | ||||||
NTN Corp. | 1,000 | 4,896 | ||||||
Ogaki Kyoritsu Bank Ltd. | 100 | 2,560 | ||||||
Okamoto Industries, Inc. | 100 | 1,015 | ||||||
Oki Electric Industry Co. Ltd. | 100 | 1,437 | ||||||
OncoTherapy Science, Inc.* | 600 | 1,242 | ||||||
Orix JREIT, Inc. REIT | 3 | 4,204 | ||||||
OSG Corp. | 200 | 4,080 | ||||||
OSJB Holdings Corp. | 200 | 585 | ||||||
Penta-Ocean Construction Co. Ltd. | 900 | 6,693 | ||||||
PeptiDream, Inc.* | 152 | 5,058 | ||||||
Pigeon Corp. | 200 | 7,632 | ||||||
Pilot Corp. | 100 | 4,807 | ||||||
Premier Investment Corp. REIT | 4 | 3,753 | ||||||
Proto Corp. | 100 | 1,464 | ||||||
Qol Co. Ltd. | 200 | 3,819 | ||||||
Relo Group, Inc. | 100 | 2,655 | ||||||
Resorttrust, Inc. | 200 | 4,364 | ||||||
Rohto Pharmaceutical Co. Ltd. | 200 | 5,116 | ||||||
Sangetsu Corp. | 200 | 3,641 | ||||||
San-In Godo Bank Ltd. | 200 | 1,802 | ||||||
Sankyu, Inc. | 200 | 8,494 | ||||||
Sanwa Holdings Corp. | 500 | 6,580 | ||||||
Sapporo Holdings Ltd. | 100 | 3,123 | ||||||
Sawai Pharmaceutical Co. Ltd. | 50 | 2,439 | ||||||
SCREEN Holdings Co. Ltd. | 60 | 5,363 | ||||||
SCSK Corp. | 100 | 4,367 | ||||||
Seino Holdings Co. Ltd. | 400 | 6,301 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Sekisui House SI Residential Investment Corp. REIT | 4 | $ | 4,023 | |||||
Senshu Ikeda Holdings, Inc. | 800 | 2,872 | ||||||
Septeni Holdings Co. Ltd. | 100 | 283 | ||||||
Seria Co. Ltd. | 46 | 2,902 | ||||||
Shiga Bank Ltd. | 1,000 | 5,153 | ||||||
Shikoku Electric Power Co., Inc. | 200 | 2,680 | ||||||
Shimachu Co. Ltd. | 200 | 5,740 | ||||||
Shinko Plantech Co. Ltd. | 500 | 5,051 | ||||||
Ship Healthcare Holdings, Inc. | 100 | 3,194 | ||||||
Showa Denko KK | 200 | 7,401 | ||||||
Skylark Co. Ltd. | 300 | 4,380 | ||||||
Sojitz Corp. | 2,400 | 6,909 | ||||||
Sosei Group Corp.* | 17 | 1,662 | ||||||
Sotetsu Holdings, Inc. | 100 | 2,597 | ||||||
Square Enix Holdings Co. Ltd. | 200 | 9,081 | ||||||
Sugi Holdings Co. Ltd. | 100 | 5,349 | ||||||
Sumitomo Forestry Co. Ltd. | 300 | 5,145 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 1,080 | 6,142 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,000 | 4,674 | ||||||
Tadano Ltd. | 100 | 1,516 | ||||||
Taiyo Yuden Co. Ltd. | 300 | 5,001 | ||||||
Takara Holdings, Inc. | 500 | 5,584 | ||||||
Tatsuta Electric Wire And Cable Co. Ltd. | 100 | 757 | ||||||
TIS, Inc. | 200 | 6,788 | ||||||
Toda Corp. | 1,000 | 7,961 | ||||||
Toho Holdings Co. Ltd. | 100 | 2,073 | ||||||
Tokai Carbon Co. Ltd. | 200 | 2,109 | ||||||
Tokai Rika Co. Ltd. | 200 | 4,146 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 700 | 4,516 | ||||||
Tokuyama Corp. | 200 | 6,104 | ||||||
Tokyo Century Corp. | 100 | 4,523 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 100 | 4,181 | ||||||
Tokyu REIT, Inc. REIT | 4 | 4,937 | ||||||
Tomy Co. Ltd. | 100 | 1,421 | ||||||
Topcon Corp. | 200 | 4,427 | ||||||
Toyo Kanetsu KK | 30 | 1,117 | ||||||
Toyo Tire & Rubber Co. Ltd. | 200 | 4,069 | ||||||
Toyobo Co. Ltd. | 300 | 5,456 | ||||||
Toyota Boshoku Corp. | 200 | 4,133 | ||||||
TS Tech Co. Ltd. | 200 | 8,166 | ||||||
Tsukuba Bank Ltd. | 200 | 686 | ||||||
Tsukui Corp. | 400 | 3,266 | ||||||
Tsumura & Co. | 100 | 3,448 | ||||||
Tsutsumi Jewelry Co. Ltd. | 100 | 1,918 | ||||||
Ube Industries Ltd. | 300 | 8,677 | ||||||
Ushio, Inc. | 300 | 4,313 | ||||||
Valor Holdings Co. Ltd. | 200 | 4,651 | ||||||
Wacoal Holdings Corp. | 50 | 1,546 | ||||||
Welcia Holdings Co. Ltd. | 100 | 4,274 | ||||||
W-Scope Corp. | 100 | 1,978 | ||||||
Yamato Kogyo Co. Ltd. | 100 | 2,701 | ||||||
Yokohama Reito Co. Ltd. | 100 | 994 | ||||||
Yonex Co. Ltd. | 100 | 676 | ||||||
Zenkoku Hosho Co. Ltd. | 100 | 4,296 | ||||||
Zensho Holdings Co. Ltd. | 100 | 1,688 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Zeon Corp. | 200 | $ | 2,760 | |||||
|
| |||||||
920,990 | ||||||||
|
| |||||||
Jersey Island — 0.2% | ||||||||
Centamin PLC | 1,368 | 2,548 | ||||||
Phoenix Group Holdings | 414 | 4,272 | ||||||
|
| |||||||
6,820 | ||||||||
|
| |||||||
Jordan — 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 168 | 2,340 | ||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
APERAM SA | 70 | 3,578 | ||||||
B&M European Value Retail SA | 977 | 5,046 | ||||||
Grand City Properties SA | 154 | 3,519 | ||||||
|
| |||||||
12,143 | ||||||||
|
| |||||||
Malta — 0.2% | ||||||||
Catena Media PLC* | 55 | 564 | ||||||
Gaming Innovation Group, Inc.* | 774 | 437 | ||||||
Kindred Group PLC SDR | 359 | 4,773 | ||||||
|
| |||||||
�� | 5,774 | |||||||
|
| |||||||
Netherlands — 2.7% | ||||||||
Aalberts Industries NV | 126 | 6,434 | ||||||
Accell Group | 46 | 1,316 | ||||||
AMG Advanced Metallurgical Group NV | 16 | 712 | ||||||
Arcadis NV | 98 | 2,263 | ||||||
ASM International NV | 70 | 4,838 | ||||||
ASR Nederland NV | 135 | 5,503 | ||||||
BE Semiconductor Industries NV | 42 | 3,448 | ||||||
Corbion NV | 121 | 3,909 | ||||||
Eurocommercial Properties NV | 57 | 2,412 | ||||||
Euronext NV, 144A | 79 | 4,821 | ||||||
Fugro NV* | 102 | 1,437 | ||||||
Gemalto NV | 93 | 3,533 | ||||||
IMCD Group NV | 88 | 5,440 | ||||||
InterXion Holding NV* | 83 | 4,792 | ||||||
Koninklijke BAM Groep NV | 322 | 1,749 | ||||||
OCI NV* | 92 | 2,067 | ||||||
Philips Lighting NV, 144A | 100 | 3,788 | ||||||
PostNL NV | 664 | 2,940 | ||||||
Refresco Group NV, 144A | 65 | 1,532 | ||||||
SBM Offshore NV | 260 | 4,312 | ||||||
Takeaway.com NV, 144A* | 11 | 590 | ||||||
TKH Group NV | 71 | 4,732 | ||||||
TomTom NV* | 193 | 2,085 | ||||||
Wereldhave NV REIT | 43 | 1,994 | ||||||
Wessanen | 150 | 3,016 | ||||||
|
| |||||||
79,663 | ||||||||
|
| |||||||
New Zealand — 0.9% | ||||||||
a2 Milk Co. Ltd.* | 840 | 4,840 | ||||||
Air New Zealand Ltd. | 1,391 | 3,042 | ||||||
Chorus Ltd. | 518 | 1,402 | ||||||
Contact Energy Ltd. | 810 | 2,990 | ||||||
Infratil Ltd. | 1,685 | 3,801 | ||||||
Kiwi Property Group Ltd. | 3,401 | 3,196 | ||||||
SKY Network Television Ltd. | 255 | 434 |
Number | Value | |||||||
New Zealand (Continued) | ||||||||
SKYCITY Entertainment Group Ltd. | 1,007 | $ | 2,719 | |||||
Trade Me Group Ltd. | 485 | 1,571 | ||||||
Xero Ltd.* | 33 | 722 | ||||||
Z Energy Ltd. | 425 | 2,263 | ||||||
|
| |||||||
26,980 | ||||||||
|
| |||||||
Norway — 1.3% | ||||||||
Aker ASA, Class A | 27 | 1,191 | ||||||
Aker BP ASA | 206 | 4,846 | ||||||
Aker Solutions ASA* | 204 | 1,011 | ||||||
Atea ASA* | 97 | 1,294 | ||||||
DNO ASA* | 839 | 985 | ||||||
Entra ASA, 144A | 137 | 1,910 | ||||||
Europris ASA, 144A | 363 | 1,453 | ||||||
Frontline Ltd. | 152 | 791 | ||||||
Golden Ocean Group Ltd.* | 85 | 679 | ||||||
Grieg Seafood ASA | 73 | 665 | ||||||
Hexagon Composites ASA* | 222 | 707 | ||||||
Kongsberg Automotive ASA* | 1,347 | 1,692 | ||||||
Leroy Seafood Group ASA | 360 | 1,972 | ||||||
Nordic Nanovector ASA* | 43 | 410 | ||||||
Norway Royal Salmon ASA | 32 | 521 | ||||||
Norwegian Air Shuttle ASA* | 65 | 1,422 | ||||||
Norwegian Finans Holding ASA* | 131 | 1,496 | ||||||
Opera Software ASA* | 184 | 495 | ||||||
Petroleum Geo-Services ASA* | 205 | 307 | ||||||
Salmar ASA | 50 | 1,465 | ||||||
Scatec Solar ASA, 144A | 112 | 623 | ||||||
SpareBank 1 Smn | 152 | 1,516 | ||||||
Storebrand ASA | 856 | 6,832 | ||||||
TGS NOPEC Geophysical Co ASA | 166 | 4,001 | ||||||
XXL ASA, 144A | 142 | 1,430 | ||||||
|
| |||||||
39,714 | ||||||||
|
| |||||||
Peru — 0.0% | ||||||||
Hochschild Mining PLC | 442 | 1,369 | ||||||
|
| |||||||
Portugal — 0.3% | ||||||||
Banco Comercial Portugues SA, Class R* | 12,159 | 3,727 | ||||||
Corticeira Amorim SGPS SA | 42 | 583 | ||||||
CTT-Correios de Portugal SA | 160 | 619 | ||||||
NOS SGPS SA | 322 | 2,188 | ||||||
Sonae SGPS SA | 2,020 | 2,450 | ||||||
|
| |||||||
9,567 | ||||||||
|
| |||||||
Russia — 0.1% | ||||||||
Evraz PLC | 439 | 1,700 | ||||||
|
| |||||||
Singapore — 1.6% | ||||||||
Ascott Residence Trust REIT | 700 | 618 | ||||||
BW LPG Ltd., 144A* | 141 | 559 | ||||||
Chip Eng Seng Corp. Ltd. | 4,500 | 3,053 | ||||||
COSCO Shipping International Singapore Co. Ltd.* | 3,000 | 1,123 | ||||||
Frasers Centrepoint Trust REIT | 600 | 988 | ||||||
Frasers Logistics & Industrial Trust REIT | 1,200 | 961 | ||||||
Kenon Holdings Ltd.* | 26 | 543 | ||||||
Keppel REIT | 3,400 | 3,176 | ||||||
Mapletree Commercial Trust REIT | 3,800 | 4,508 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Mapletree Greater China Commercial Trust REIT | 5,600 | $ | 4,900 | |||||
Mapletree Industrial Trust REIT | 3,400 | 4,967 | ||||||
Mapletree Logistics Trust REIT | 4,600 | 4,332 | ||||||
NetLink NBN Trust* | 3,500 | 2,128 | ||||||
Raffles Medical Group Ltd. | 1,113 | 883 | ||||||
Sembcorp Marine Ltd. | 1,100 | 1,509 | ||||||
Singapore Post Ltd. | 3,000 | 2,892 | ||||||
Starhill Global REIT | 1,700 | 958 | ||||||
United Engineers Ltd. | 300 | 583 | ||||||
Venture Corp. Ltd. | 600 | 9,343 | ||||||
Yanlord Land Group Ltd. | 800 | 985 | ||||||
|
| |||||||
49,009 | ||||||||
|
| |||||||
South Africa — 0.0% | ||||||||
Petra Diamonds Ltd.* | 866 | 788 | ||||||
|
| |||||||
Spain — 2.6% | ||||||||
Acciona SA | 35 | 2,843 | ||||||
Acerinox SA | 245 | 3,294 | ||||||
Almirall SA | 117 | 1,174 | ||||||
Applus Services SA | 272 | 3,463 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 124 | 1,424 | ||||||
Axiare Patrimonio SOCIMI SA REIT | 76 | 1,661 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 103 | 3,457 | ||||||
Cellnex Telecom SA, 144A | 200 | 4,923 | ||||||
CIE Automotive SA | 68 | 1,996 | ||||||
Distribuidora Internacional de Alimentacion SA | 702 | 3,304 | ||||||
Ebro Foods SA | 112 | 2,590 | ||||||
Fomento de Construcciones y Contratas SA* | 183 | 1,982 | ||||||
Grupo Catalana Occidente SA | 36 | 1,552 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 240 | 4,235 | ||||||
Indra Sistemas SA* | 219 | 2,985 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 376 | 3,552 | ||||||
Mediaset Espana Comunicacion SA | 203 | 2,364 | ||||||
Melia Hotels International SA | 146 | 1,945 | ||||||
Merlin Properties Socimi SA REIT | 410 | 5,392 | ||||||
Neinor Homes SA, 144A* | 83 | 1,760 | ||||||
NH Hotel Group SA | 386 | 2,837 | ||||||
Papeles y Cartones de Europa SA | 156 | 1,872 | ||||||
Prosegur Cia de Seguridad SA | 342 | 2,792 | ||||||
Realia Business SA* | 1,907 | 2,542 | ||||||
Sacyr SA* | 856 | 2,063 | ||||||
Saeta Yield SA | 50 | 577 | ||||||
Tecnicas Reunidas SA | 62 | 1,891 | ||||||
Telepizza Group SA, 144A* | 150 | 875 | ||||||
Tubacex SA* | 228 | 891 | ||||||
Viscofan SA | 78 | 4,997 | ||||||
Zardoya Otis SA | 81 | 905 | ||||||
|
| |||||||
78,138 | ||||||||
|
| |||||||
Sweden — 4.8% | ||||||||
AAK AB | 50 | 4,056 | ||||||
AF AB, Class B | 90 | 1,882 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Ahlsell AB, 144A | 135 | $ | 818 | |||||
Axfood AB | 118 | 2,222 | ||||||
Betsson AB* | 166 | 1,169 | ||||||
Bilia AB, Class A | 104 | 972 | ||||||
BillerudKorsnas AB | 229 | 3,912 | ||||||
BioGaia AB, Class B | 18 | 655 | ||||||
Bonava AB, Class B | 134 | 1,839 | ||||||
Bravida Holding AB, 144A | 236 | 1,607 | ||||||
Camurus AB* | 35 | 494 | ||||||
Castellum AB | 303 | 4,908 | ||||||
Com Hem Holding AB | 329 | 4,921 | ||||||
Dometic Group AB, 144A | 223 | 2,126 | ||||||
Dustin Group AB, 144A | 148 | 1,339 | ||||||
Elekta AB, Class B | 477 | 3,977 | ||||||
Evolution Gaming Group AB, 144A | 55 | 3,633 | ||||||
Fabege AB | 178 | 3,702 | ||||||
Fastighets AB Balder, Class B* | 137 | 3,530 | ||||||
Fingerprint Cards AB, Class B* | 461 | 943 | ||||||
Hansa Medical AB* | 25 | 656 | ||||||
Hemfosa Fastigheter AB | 216 | 2,836 | ||||||
Hexpol AB | 336 | 3,251 | ||||||
Holmen AB, Class B | 77 | 3,809 | ||||||
Hufvudstaden AB, Class A | 151 | 2,367 | ||||||
Indutrade AB | 186 | 4,995 | ||||||
Intrum Justitia AB | 123 | 4,232 | ||||||
Investment AB Oresund | 66 | 1,053 | ||||||
JM AB | 108 | 2,486 | ||||||
Kungsleden AB | 402 | 2,855 | ||||||
Loomis AB, Class B | 117 | 4,822 | ||||||
Modern Times Group MTG AB, Class B | 100 | 4,195 | ||||||
Mycronic AB | 100 | 1,045 | ||||||
NCC AB, Class B | 119 | 2,474 | ||||||
NetEnt AB* | 336 | 2,384 | ||||||
New Wave Group AB, Class B | 141 | 905 | ||||||
Nibe Industrier AB, Class B | 603 | 5,748 | ||||||
Nobia AB | 181 | 1,470 | ||||||
Pandox AB | 71 | 1,257 | ||||||
Peab AB | 364 | 3,272 | ||||||
Probi AB | 9 | 368 | ||||||
Ratos AB, Class B (b) | 412 | 1,814 | ||||||
RaySearch Laboratories AB* | 28 | 477 | ||||||
Saab AB, Class B | 80 | 3,889 | ||||||
SkiStar AB | 65 | 1,320 | ||||||
SSAB AB, Class A* | 355 | 1,670 | ||||||
SSAB AB, Class B* | 700 | 2,706 | ||||||
Svenska Cellulosa AB SCA, Class B | 730 | 7,120 | ||||||
Sweco AB, Class B | 87 | 1,771 | ||||||
Swedish Orphan Biovitrum AB* | 210 | 2,893 | ||||||
Thule Group AB, 144A | 111 | 2,443 | ||||||
Trelleborg AB, Class B | 274 | 6,579 | ||||||
Vitrolife AB | 17 | 1,286 | ||||||
Wallenstam AB, Class B | 294 | 2,731 | ||||||
Wihlborgs Fastigheter AB | 83 | 1,932 | ||||||
|
| |||||||
143,816 | ||||||||
|
| |||||||
Switzerland — 4.7% | ||||||||
Allreal Holding AG* | 24 | 4,045 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Aryzta AG* | 103 | $ | 3,444 | |||||
Banque Cantonale Vaudoise | 3 | 2,296 | ||||||
Basilea Pharmaceutica AG* | 29 | 2,224 | ||||||
Bobst Group SA | 24 | 3,049 | ||||||
Bucher Industries AG | 8 | 3,178 | ||||||
Burckhardt Compression Holding AG | 8 | 2,444 | ||||||
Cembra Money Bank AG* | 35 | 3,158 | ||||||
Daetwyler Holding AG | 10 | 1,797 | ||||||
dormakaba Holding AG* | 6 | 5,678 | ||||||
Emmi AG* | 3 | 1,941 | ||||||
Ferrexpo PLC | 266 | 912 | ||||||
Flughafen Zurich AG | 25 | 5,621 | ||||||
Forbo Holding AG | 2 | 2,962 | ||||||
Galenica AG, 144A* | 54 | 2,621 | ||||||
GAM Holding AG* | 291 | 4,615 | ||||||
Georg Fischer AG | 7 | 9,208 | ||||||
Helvetia Holding AG | 6 | 3,312 | ||||||
Idorsia Ltd.* | 110 | 2,365 | ||||||
IWG PLC | 880 | 2,344 | ||||||
Landis+Gyr Group AG* | 30 | 2,194 | ||||||
Leonteq AG* | 22 | 1,300 | ||||||
Logitech International SA | 248 | 8,637 | ||||||
Meyer Burger Technology AG*(b) | 827 | 1,480 | ||||||
Mobilezone Holding AG | 125 | 1,544 | ||||||
Mobimo Holding AG* | 8 | 2,047 | ||||||
Molecular Partners AG* | 19 | 479 | ||||||
OC Oerlikon Corp. AG* | 370 | 6,018 | ||||||
Oriflame Holding AG | 83 | 3,258 | ||||||
Panalpina Welttransport Holding AG | 26 | 3,819 | ||||||
PSP Swiss Property AG | 53 | 4,725 | ||||||
SFS Group AG* | 32 | 3,682 | ||||||
Sulzer AG | 17 | 1,987 | ||||||
Sunrise Communications Group AG, 144A* | 61 | 5,531 | ||||||
Tecan Group AG | 22 | 4,533 | ||||||
Temenos Group AG* | 91 | 11,230 | ||||||
u-blox Holding AG* | 14 | 2,714 | ||||||
Valiant Holding AG | 27 | 2,937 | ||||||
VAT Group AG, 144A* | 18 | 2,430 | ||||||
Vontobel Holding AG | 56 | 3,384 | ||||||
|
| |||||||
141,143 | ||||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Borr Drilling Ltd.* | 389 | 1,730 | ||||||
NMC Health PLC | 79 | 3,044 | ||||||
|
| |||||||
4,774 | ||||||||
|
| |||||||
United Kingdom — 16.4% | ||||||||
AA PLC | 811 | 1,656 | ||||||
Abcam PLC | 309 | 4,108 | ||||||
Acacia Mining PLC | 39 | 91 | ||||||
Aggreko PLC | 303 | 3,481 | ||||||
Aldermore Group PLC* | 174 | 732 | ||||||
Allied Minds PLC* | 341 | 769 | ||||||
Arrow Global Group PLC | 106 | 536 | ||||||
Ascential PLC | 200 | 958 | ||||||
Ashmore Group PLC | 608 | 3,085 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
ASOS PLC* | 76 | $ | 6,229 | |||||
Assura PLC REIT | 2,014 | 1,610 | ||||||
AVEVA Group PLC | 96 | 3,416 | ||||||
Balfour Beatty PLC | 509 | 1,823 | ||||||
BBA Aviation PLC | 1,293 | 5,826 | ||||||
Beazley PLC | 592 | 3,907 | ||||||
Bellway PLC | 149 | 6,976 | ||||||
Big Yellow Group PLC REIT | 220 | 2,480 | ||||||
Blue Prism Group PLC* | 46 | 951 | ||||||
Bodycote PLC | 362 | 4,245 | ||||||
boohoo.com PLC* | 800 | 1,974 | ||||||
Booker Group PLC | 2,108 | 6,243 | ||||||
Bovis Homes Group PLC | 198 | 2,999 | ||||||
Brewin Dolphin Holdings PLC | 640 | 3,126 | ||||||
Britvic PLC | 409 | 4,453 | ||||||
BTG PLC* | 506 | 4,961 | ||||||
Cairn Energy PLC* | 954 | 2,729 | ||||||
Capital & Counties Properties PLC | 623 | 2,205 | ||||||
Card Factory PLC | 683 | 2,533 | ||||||
Chemring Group PLC | 471 | 1,123 | ||||||
Cineworld Group PLC | 245 | 1,822 | ||||||
Clinigen Group PLC | 216 | 2,965 | ||||||
Close Brothers Group PLC | 150 | 2,887 | ||||||
CMC Markets PLC, 144A | 243 | 561 | ||||||
Conviviality PLC | 323 | 1,780 | ||||||
Countryside Properties PLC, 144A | 96 | 473 | ||||||
Countrywide PLC* | 406 | 598 | ||||||
Crest Nicholson Holdings PLC | 362 | 2,477 | ||||||
CVS Group PLC | 63 | 861 | ||||||
CYBG PLC* | 975 | 4,138 | ||||||
Daily Mail & General Trust PLC, Class A | 331 | 2,393 | ||||||
Dairy Crest Group PLC | 291 | 2,198 | ||||||
Debenhams PLC | 142 | 75 | ||||||
Dechra Pharmaceuticals PLC | 54 | 1,611 | ||||||
Derwent London PLC REIT | 114 | 4,283 | ||||||
Dialight PLC* | 41 | 353 | ||||||
Dialog Semiconductor PLC* | 108 | 3,916 | ||||||
Dignity PLC | 70 | 1,640 | ||||||
Diploma PLC | 225 | 3,478 | ||||||
Domino’s Pizza Group PLC | 774 | 3,406 | ||||||
Drax Group PLC | 657 | 2,404 | ||||||
DS Smith PLC | 1,114 | 8,135 | ||||||
Dunelm Group PLC | 180 | 1,710 | ||||||
EI Group PLC* | 500 | 997 | ||||||
Electrocomponents PLC | 543 | 4,634 | ||||||
Elementis PLC | 834 | 3,072 | ||||||
Essentra PLC | 351 | 2,400 | ||||||
esure Group PLC | 623 | 2,179 | ||||||
Fenner PLC | 335 | 1,747 | ||||||
Fevertree Drinks PLC | 130 | 3,428 | ||||||
Firstgroup PLC* | 1,747 | 2,585 | ||||||
Forterra PLC, 144A | 174 | 682 | ||||||
Galliford Try PLC | 128 | 2,044 | ||||||
GB Group PLC | 77 | 453 | ||||||
Genus PLC | 116 | 3,660 | ||||||
Go-Ahead Group PLC | 60 | 1,261 | ||||||
Gocompare.Com Group PLC | 623 | 878 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Grainger PLC | 828 | $ | 3,149 | |||||
Great Portland Estates PLC REIT | 297 | 2,488 | ||||||
Greene King PLC | 340 | 2,391 | ||||||
Greggs PLC | 178 | 3,197 | ||||||
Halfords Group PLC | 479 | 2,225 | ||||||
Halma PLC | 411 | 7,115 | ||||||
Hansteen Holdings PLC REIT | 1,723 | 3,251 | ||||||
Hastings Group Holdings PLC, 144A | 138 | 586 | ||||||
Hays PLC | 1,911 | 4,760 | ||||||
HomeServe PLC | 447 | 4,833 | ||||||
Hotel Chocolat Group Ltd. | 113 | 549 | ||||||
Howden Joinery Group PLC | 783 | 4,768 | ||||||
Hunting PLC* | 242 | 1,771 | ||||||
Hurricane Energy PLC* | 1,166 | 398 | ||||||
IG Group Holdings PLC | 334 | 2,922 | ||||||
Inchcape PLC | 591 | 5,962 | ||||||
Indivior PLC* | 978 | 4,904 | ||||||
Informa PLC | 978 | 9,920 | ||||||
Inmarsat PLC | 518 | 3,383 | ||||||
Intermediate Capital Group PLC | 392 | 5,646 | ||||||
International Personal Finance PLC | 538 | 1,392 | ||||||
iomart Group PLC | 182 | 916 | ||||||
IQE PLC*(b) | 600 | 1,414 | ||||||
J D Wetherspoon PLC | 178 | 2,942 | ||||||
JD Sports Fashion PLC | 421 | 1,878 | ||||||
John Laing Group PLC, 144A | 448 | 1,664 | ||||||
Jupiter Fund Management PLC | 385 | 3,116 | ||||||
Just Eat PLC* | 610 | 6,587 | ||||||
Just Group PLC | 329 | 721 | ||||||
Kainos Group PLC | 134 | 571 | ||||||
KAZ Minerals PLC* | 304 | 3,077 | ||||||
Keller Group PLC | 98 | 1,259 | ||||||
Kier Group PLC | 122 | 1,716 | ||||||
Ladbrokes Coral Group PLC | 1,498 | 2,715 | ||||||
Laird PLC | 961 | 1,787 | ||||||
Lancashire Holdings Ltd. | 221 | 2,068 | ||||||
LondonMetric Property PLC REIT | 978 | 2,360 | ||||||
Man Group PLC | 1,862 | 4,988 | ||||||
Marston’s PLC | 922 | 1,434 | ||||||
Melrose Industries PLC | 2,298 | 6,212 | ||||||
Metro Bank PLC*(b) | 71 | 3,317 | ||||||
Mitchells & Butlers PLC | 384 | 1,387 | ||||||
Mitie Group PLC | 607 | 1,615 | ||||||
Moneysupermarket.com Group PLC | 645 | 2,922 | ||||||
Morgan Advanced Materials PLC | 622 | 2,665 | ||||||
National Express Group PLC | 591 | 2,912 | ||||||
NCC Group PLC | 209 | 626 | ||||||
NEX Group PLC | 323 | 2,593 | ||||||
Northgate PLC | 377 | 2,139 | ||||||
Ocado Group PLC*(b) | 745 | 3,553 | ||||||
On the Beach Group PLC, 144A | 106 | 638 | ||||||
Ophir Energy PLC* | 768 | 675 | ||||||
Pagegroup PLC | 431 | 2,745 | ||||||
Paragon Banking Group PLC | 206 | 1,348 | ||||||
Pendragon PLC | 1,500 | 527 | ||||||
Pennon Group PLC | 416 | 4,470 | ||||||
Petrofac Ltd. | 275 | 1,564 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Pets at Home Group PLC | 676 | $ | 1,593 | |||||
Premier Oil PLC*(b) | 197 | 184 | ||||||
Provident Financial PLC | 169 | 2,000 | ||||||
Purplebricks Group PLC*(b) | 260 | 1,254 | ||||||
PZ Cussons PLC | 347 | 1,512 | ||||||
QinetiQ Group PLC | 695 | 2,031 | ||||||
Rathbone Brothers PLC | 25 | 870 | ||||||
Redrow PLC | 370 | 3,017 | ||||||
Renewi PLC | 459 | 633 | ||||||
Renishaw PLC | 75 | 5,391 | ||||||
Rentokil Initial PLC | 1,918 | 8,251 | ||||||
Restaurant Group PLC | 330 | 1,279 | ||||||
Restore PLC | 191 | 1,427 | ||||||
Rightmove PLC | 110 | 5,997 | ||||||
Rotork PLC | 1,389 | 4,858 | ||||||
RPC Group PLC | 451 | 5,636 | ||||||
RPS Group PLC | 315 | 1,158 | ||||||
Safestore Holdings PLC REIT | 567 | 3,569 | ||||||
Saga PLC | 1,300 | 3,212 | ||||||
Savills PLC | 220 | 2,795 | ||||||
Senior PLC | 782 | 2,774 | ||||||
Serco Group PLC* | 1,694 | 2,178 | ||||||
Shaftesbury PLC REIT | 323 | 4,335 | ||||||
SIG PLC | 1,189 | 2,730 | ||||||
Sirius Minerals PLC* | 5,396 | 1,817 | ||||||
Sophos Group PLC, 144A | 300 | 2,307 | ||||||
Sound Energy PLC*(b) | 699 | 506 | ||||||
Spectris PLC | 168 | 5,689 | ||||||
Spirax-Sarco Engineering PLC | 80 | 6,237 | ||||||
Spire Healthcare Group PLC, 144A | 482 | 1,608 | ||||||
Sports Direct International PLC* | 191 | 978 | ||||||
SSP Group PLC | 614 | 5,360 | ||||||
St. Modwen Properties PLC | 445 | 2,352 | ||||||
Staffline Group PLC | 34 | 480 | ||||||
Stagecoach Group PLC | 641 | 1,569 | ||||||
Stobart Group Ltd. | 424 | 1,625 | ||||||
Stock Spirits Group PLC | 310 | 1,111 | ||||||
Subsea 7 SA | 309 | 4,513 | ||||||
SuperGroup PLC | 112 | 2,987 | ||||||
Synthomer PLC | 486 | 3,136 | ||||||
TalkTalk Telecom Group PLC (b) | 754 | 1,561 | ||||||
Tate & Lyle PLC | 528 | 4,806 | ||||||
Ted Baker PLC | 45 | 1,600 | ||||||
Telecom Plus PLC | 160 | 2,575 | ||||||
Thomas Cook Group PLC | 2,271 | 3,639 | ||||||
TP ICAP PLC | 505 | 3,456 | ||||||
Tritax Big Box REIT PLC REIT | 1,306 | 2,559 | ||||||
Tullow Oil PLC*(b) | 1,594 | 3,848 | ||||||
UBM PLC | 461 | 4,657 | ||||||
Ultra Electronics Holdings PLC | 109 | 1,884 | ||||||
UNITE Group PLC REIT | 277 | 2,688 | ||||||
Vectura Group PLC* | 1,033 | 1,352 | ||||||
Vesuvius PLC | 267 | 2,024 | ||||||
Victoria PLC* | 52 | 559 | ||||||
Victrex PLC | 129 | 4,194 | ||||||
Virgin Money Holdings UK PLC | 413 | 1,535 | ||||||
WH Smith PLC | 184 | 5,206 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
William Hill PLC | 584 | $ | 2,281 | |||||
Workspace Group PLC REIT | 149 | 1,878 | ||||||
ZPG PLC, 144A | 300 | 1,310 | ||||||
|
| |||||||
492,711 | ||||||||
|
| |||||||
United States — 0.2% | ||||||||
Burford Capital Ltd. | 146 | 2,433 | ||||||
Sims Metal Management Ltd. | 324 | 3,436 | ||||||
|
| |||||||
5,869 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,971,660 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Germany — 0.3% | ||||||||
Jungheinrich AG | 90 | 4,026 | ||||||
Sartorius AG | 60 | 5,749 | ||||||
|
| |||||||
9,775 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 9,775 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
Italy — 0.0% | ||||||||
Banca Carige SpA*, expires 12/11/17 | 2,595 | $ | 4 | |||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Assura PLC*, expires 12/01/17 (c) | 366 | 10 | ||||||
|
| |||||||
TOTAL RIGHTS | 14 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.9% | ||||||||
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) | 57,928 | 57,928 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.4% (Cost $2,616,804) | $ | 3,039,377 | ||||||
Other assets and liabilities, net — (1.4%) | (42,903 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,996,474 | ||||||
|
|
* | Non-income producing security. |
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2017 amounted to $51,277, which is 1.7% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(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. |
REIT: | Real Estate Investment Trust |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AUD | 221,000 | USD | 169,391 | $ | 2,230 | $ | — | |||||||||||||
The Bank of Nova Scotia | 12/5/2017 | AUD | 18,000 | USD | 13,796 | 181 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CHF | 135,000 | USD | 135,704 | — | (1,594 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | CHF | 9,000 | USD | 9,048 | — | (106 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 9,000 | USD | 1,412 | — | (28 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | DKK | 339,000 | USD | 53,165 | — | (1,070 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 24,000 | USD | 28,007 | — | (570 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | EUR | 625,000 | USD | 729,291 | — | (14,896 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 15,000 | USD | 19,937 | — | (353 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | GBP | 394,000 | USD | 523,661 | — | (9,303 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HKD | 503,000 | USD | 64,501 | 93 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | HKD | 26,000 | USD | 3,334 | 5 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | ILS | 103,000 | USD | 29,285 | — | (190 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 96,739,000 | USD | 852,356 | — | (7,475 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | JPY | 5,465,000 | USD | 48,158 | — | (415 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NOK | 19,000 | USD | 2,324 | 40 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NOK | 390,000 | USD | 47,700 | 813 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NZD | 4,000 | USD | 2,738 | 5 | — |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | NZD | 43,000 | USD | 29,438 | $ | 50 | $ | — | |||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 40,000 | USD | 4,786 | 6 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SEK | 1,231,000 | USD | 147,288 | 162 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SGD | 4,000 | USD | 2,937 | — | (29 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | SGD | 59,000 | USD | 43,314 | — | (436 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 181,437 | AUD | 239,000 | — | (661 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 146,647 | CHF | 144,000 | — | (196 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 55,754 | DKK | 348,000 | — | (80 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 773,835 | EUR | 649,000 | — | (1,071 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 553,643 | GBP | 409,000 | — | (388 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 67,732 | HKD | 529,000 | 5 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 29,480 | ILS | 103,000 | — | (6 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 913,310 | JPY | 102,204,000 | — | (4,905 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 49,338 | NOK | 409,000 | — | (166 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 32,254 | NZD | 47,000 | — | (132 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 152,509 | SEK | 1,271,000 | — | (603 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2017 | USD | 46,771 | SGD | 63,000 | — | (55 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | AUD | 239,000 | USD | 181,402 | 654 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | AUD | 11,000 | USD | 8,349 | 30 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | CHF | 144,000 | USD | 147,059 | 191 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | DKK | 348,000 | USD | 55,879 | 76 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | EUR | 649,000 | USD | 775,516 | 1,051 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | GBP | 3,000 | USD | 4,066 | 3 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | GBP | 409,000 | USD | 554,359 | 382 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | HKD | 529,000 | USD | 67,754 | — | (10 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | HKD | 18,000 | USD | 2,306 | — | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | ILS | 103,000 | USD | 29,511 | 2 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | ILS | 10,000 | USD | 2,866 | 1 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NOK | 409,000 | USD | 49,394 | 167 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | NZD | 47,000 | USD | 32,239 | 131 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SEK | 1,271,000 | USD | 152,922 | 611 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | SGD | 63,000 | USD | 46,775 | 51 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 2,248 | DKK | 14,000 | — | (4 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 48,998 | EUR | 41,000 | — | (72 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2018 | USD | 5,487 | NZD | 8,000 | — | (22 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/5/2018 | JPY | 2,110,000 | USD | 18,891 | 102 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/5/2018 | JPY | 102,204,000 | USD | 915,048 | 4,904 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 11,946 | $ | (44,836 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli Shekel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2017 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 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) | $ | 2,969,403 | $ | — | $ | 2,257 | $ | 2,971,660 | ||||||||
Rights (f) | 4 | — | 10 | 14 | ||||||||||||
Preferred Stock | 9,775 | — | — | 9,775 | ||||||||||||
Short-Term Investments | 57,928 | — | — | 57,928 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 11,946 | — | 11,946 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,037,110 | $ | 11,946 | $ | 2,267 | $ | 3,051,323 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (44,836 | ) | $ | — | $ | (44,836 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (44,836 | ) | $ | — | $ | (44,836 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $2,624 and between Level 3 and Level 1 was $2,797. 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. | 32 |
This Page is Intentionally Left Blank
33
DBX ETF Trust
November 30, 2017 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 2,412,298 | $ | 2,392,136 | $ | 13,118,071 | $ | 2,981,449 | ||||||||
Investment in affiliated securities at value | 16,585 | 56,656 | — | — | ||||||||||||
Investment in Deutsche Government & Agency Securities Portfolio* | 13,240 | 3,191 | — | 57,928 | ||||||||||||
Cash | 67 | 275 | 13,887 | 544 | ||||||||||||
Foreign currency at value | 795 | 249 | 26,683 | 3,908 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | — | 11,946 | ||||||||||||
Deposit with broker for futures contracts | — | — | 2,674 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 142,479 | ||||||||||||
Variation margin on futures contracts | — | — | 461 | — | ||||||||||||
Dividends | 365 | — | 53,736 | 5,050 | ||||||||||||
Securities lending income | 2 | 1 | — | 82 | ||||||||||||
Foreign tax reclaim | 393 | — | 3,373 | 237 | ||||||||||||
Other assets | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 2,443,802 | $ | 2,452,565 | $ | 13,218,942 | $ | 3,203,680 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 13,240 | $ | 3,191 | $ | — | $ | 57,928 | ||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | 44,836 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | 103,338 | ||||||||||||
Investment advisory fees | 296 | 300 | 1,519 | 1,104 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 13,536 | 3,491 | 1,519 | 207,206 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,430,266 | $ | 2,449,074 | $ | 13,217,423 | $ | 2,996,474 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 2,489,929 | $ | 2,498,511 | $ | 11,699,616 | $ | 2,504,618 | ||||||||
Undistributed net investment income | 21,589 | 9,973 | 83,620 | 25,866 | ||||||||||||
Accumulated net realized gain (loss) | (163,036 | ) | (102,843 | ) | (231,444 | ) | 76,199 | |||||||||
Net unrealized appreciation (depreciation) | 81,784 | 43,433 | 1,665,631 | 389,791 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,430,266 | $ | 2,449,074 | $ | 13,217,423 | $ | 2,996,474 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 100,001 | 100,001 | 450,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 24.30 | $ | 24.49 | $ | 29.37 | $ | 29.96 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 2,332,427 | $ | 2,355,108 | $ | 11,457,141 | $ | 2,558,876 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 14,712 | $ | 50,257 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 2,275 | $ | 3,039 | $ | — | $ | 51,277 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in Deutsche Government & Agency Securities Portfolio at cost* | $ | 13,240 | $ | 3,191 | $ | — | $ | 57,928 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 785 | $ | 243 | $ | 26,344 | $ | 3,889 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
For the Six Months Ended November 30, 2017 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 27,174 | $ | 14,700 | $ | 94,147 | $ | 26,485 | ||||||||
Securities lending income, net of borrower rebates | 34 | 1 | 55 | 715 | ||||||||||||
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Total Investment Income | 27,208 | 14,701 | 94,202 | 27,200 | ||||||||||||
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Expenses | ||||||||||||||||
Investment advisory fees | 4,722 | 4,605 | 19,189 | 6,431 | ||||||||||||
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Total Expenses | 4,722 | 4,605 | 19,189 | 6,431 | ||||||||||||
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Net Investment income (loss) | 22,486 | 10,096 | 75,013 | 20,769 | ||||||||||||
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Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (90,568 | ) | (27,856 | ) | (17,569 | ) | 71,663 | |||||||||
Investments in affiliates | — | (22 | ) | — | — | |||||||||||
In-kind redemptions | 271,285 | 416,736 | — | — | ||||||||||||
Futures contracts | — | — | 21,190 | — | ||||||||||||
Foreign currency transactions | 479 | 5 | 2,832 | 67 | ||||||||||||
Forward foreign currency contracts | (142,709 | ) | (132,421 | ) | — | (42,479 | ) | |||||||||
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Net realized gain (loss) | 38,487 | 256,442 | 6,453 | 29,251 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (49,648 | ) | (90,324 | ) | 1,300,592 | 191,421 | ||||||||||
Investments in affiliates | 1,877 | 6,399 | — | — | ||||||||||||
Futures contracts | — | — | (847 | ) | — | |||||||||||
Foreign currency translations | (186 | ) | (41 | ) | (439 | ) | (58 | ) | ||||||||
Forward foreign currency contracts | 71,195 | 67,134 | — | (1,132 | ) | |||||||||||
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Net change in unrealized appreciation (depreciation) | 23,238 | (16,832 | ) | 1,299,306 | 190,231 | |||||||||||
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Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 61,725 | 239,610 | 1,305,759 | 219,482 | ||||||||||||
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Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 84,211 | $ | 249,706 | $ | 1,380,772 | $ | 240,251 | ||||||||
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* Unaffiliated foreign tax withheld | $ | 4,978 | $ | 4,021 | $ | 10,701 | $ | 2,246 |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 22,486 | $ | 73,948 | $ | 10,096 | $ | 75,987 | ||||||||
Net realized gain (loss) | 38,487 | (22,539 | ) | 256,442 | (112,270 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 23,238 | 397,415 | (16,832 | ) | 407,298 | |||||||||||
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Net increase (decrease) in net assets resulting from operations | 84,211 | 448,824 | 249,706 | 371,015 | ||||||||||||
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Distributions to Shareholders from | ||||||||||||||||
Net investment income | (35,924 | ) | (79,217 | ) | (43,413 | ) | (71,924 | ) | ||||||||
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Total distributions | (35,924 | ) | (79,217 | ) | (43,413 | ) | (71,924 | ) | ||||||||
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Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,199,116 | — | 1,206,200 | — | ||||||||||||
Value of shares redeemed | (1,211,441 | ) | — | (1,211,262 | ) | — | ||||||||||
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Net increase (decrease) in net assets resulting from fund share transactions | (12,325 | ) | — | (5,062 | ) | — | ||||||||||
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Total net increase (decrease) in Net Assets | 35,962 | 369,607 | 201,231 | 299,091 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,394,304 | 2,024,697 | 2,247,843 | 1,948,752 | ||||||||||||
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End of period | $ | 2,430,266 | $ | 2,394,304 | $ | 2,449,074 | $ | 2,247,843 | ||||||||
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Undistributed net investment income | $ | 21,589 | $ | 35,027 | $ | 9,973 | $ | 43,290 | ||||||||
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Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
Shares sold | 50,000 | — | 50,000 | — | ||||||||||||
Shares redeemed | (50,000 | ) | — | (50,000 | ) | — | ||||||||||
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Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
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See Notes to Financial Statements. | 36 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 75,013 | $ | 266,292 | $ | 20,769 | $ | 52,045 | ||||||||
Net realized gain (loss) | 6,453 | 1,416,998 | 29,251 | 195,707 | ||||||||||||
Net change in net unrealized appreciation (depreciation) | 1,299,306 | 463,516 | 190,231 | 203,224 | ||||||||||||
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Net increase (decrease) in net assets resulting from operations | 1,380,772 | 2,146,806 | 240,251 | 450,976 | ||||||||||||
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Distributions to Shareholders from | ||||||||||||||||
Net investment income | (100,028 | ) | (264,075 | ) | (30,699 | ) | (62,074 | ) | ||||||||
Net realized gains | — | — | — | (27,075 | ) | |||||||||||
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Total distributions | (100,028 | ) | (264,075 | ) | (30,699 | ) | (89,149 | ) | ||||||||
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Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 1,439,630 | 8,337,937 | — | — | ||||||||||||
Value of shares redeemed | — | (18,274,566 | ) | — | — | |||||||||||
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Net increase (decrease) in net assets resulting from fund share transactions | 1,439,630 | (9,936,629 | ) | — | — | |||||||||||
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Total net increase (decrease) in Net Assets | 2,720,374 | (8,053,898 | ) | 209,552 | 361,827 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 10,497,049 | 18,550,947 | 2,786,922 | 2,425,095 | ||||||||||||
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End of period | $ | 13,217,423 | $ | 10,497,049 | $ | 2,996,474 | $ | 2,786,922 | ||||||||
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Undistributed net investment income | $ | 83,620 | $ | 108,635 | $ | 25,866 | $ | 35,796 | ||||||||
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Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 400,001 | 800,001 | 100,001 | 100,001 | ||||||||||||
Shares sold | 50,000 | 350,000 | — | — | ||||||||||||
Shares redeemed | — | (750,000 | ) | — | — | |||||||||||
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Shares outstanding, end of period | 450,001 | 400,001 | 100,001 | 100,001 | ||||||||||||
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See Notes to Financial Statements. | 37 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 23.94 | $ | 20.25 | $ | 25.00 | ||||||
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Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.22 | 0.74 | 0.53 | |||||||||
Net realized and unrealized gain (loss) | 0.50 | 3.74 | (4.99 | ) | ||||||||
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Total from investment operations | 0.72 | 4.48 | (4.46 | ) | ||||||||
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Less distributions from: | ||||||||||||
Net investment income | (0.36 | ) | (0.79 | ) | (0.29 | ) | ||||||
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Total distributions | (0.36 | ) | (0.79 | ) | (0.29 | ) | ||||||
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Net Asset Value, end of period | $ | 24.30 | $ | 23.94 | $ | 20.25 | ||||||
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Total Return (%) | 3.04 | ** | 23.01 | (17.94 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 2 | |||||||||
Ratio of expenses (%) | 0.39 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 1.86 | * | 3.62 | 3.18 | * | |||||||
Portfolio turnover rate (%)(c) | 88 | ** | 20 | 20 | ** | |||||||
Xtrackers Germany Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 22.48 | $ | 19.49 | $ | 25.00 | ||||||
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Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.10 | 0.76 | 0.46 | |||||||||
Net realized and unrealized gain (loss) | 2.34 | 2.95 | (5.75 | ) | ||||||||
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Total from investment operations | 2.44 | 3.71 | (5.29 | ) | ||||||||
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Less distributions from: | ||||||||||||
Net investment income | (0.43 | ) | (0.72 | ) | (0.22 | ) | ||||||
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Total distributions | (0.43 | ) | (0.72 | ) | (0.22 | ) | ||||||
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Net Asset Value, end of period | $ | 24.49 | $ | 22.48 | $ | 19.49 | ||||||
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Total Return (%) | 11.04 | ** | 19.70 | (21.29 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 2 | |||||||||
Ratio of expenses (%) | 0.39 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 0.85 | * | 3.89 | 2.76 | * | |||||||
Portfolio turnover rate (%)(c) | 108 | ** | 30 | 29 | ** |
(a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
(b) | Based on average shares outstanding during the period. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 26.24 | $ | 23.19 | $ | 25.00 | ||||||
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Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(c) | 0.19 | 0.35 | 0.28 | |||||||||
Net realized and unrealized gain (loss) | 3.19 | 3.04 | (1.97 | ) | ||||||||
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Total from investment operations | 3.38 | 3.39 | (1.69 | ) | ||||||||
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Less distributions from: | ||||||||||||
Net investment income | (0.25 | ) | (0.34 | ) | (0.12 | ) | ||||||
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Total distributions | (0.25 | ) | (0.34 | ) | (0.12 | ) | ||||||
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Net Asset Value, end of period | $ | 29.37 | $ | 26.24 | $ | 23.19 | ||||||
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Total Return (%) | 12.99 | ** | 14.75 | (6.78 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 13 | 10 | 19 | |||||||||
Ratio of expenses (%) | 0.35 | * | 0.40 | 0.40 | * | |||||||
Ratio of net investment income (loss) (%) | 1.36 | * | 1.46 | 1.31 | * | |||||||
Portfolio turnover rate (%)(d) | 17 | ** | 22 | 8 | ** | |||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2017 (Unaudited) | Year Ended 5/31/2017 | Period Ended 5/31/2016(b) | |||||||||
Net Asset Value, beginning of period | $ | 27.87 | $ | 24.25 | $ | 25.00 | ||||||
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Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(c) | 0.21 | 0.52 | 0.40 | |||||||||
Net realized and unrealized gain (loss) | 2.19 | 3.99 | (0.89 | ) | ||||||||
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Total from investment operations | 2.40 | 4.51 | (0.49 | ) | ||||||||
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Less distributions from: | ||||||||||||
Net investment income | (0.31 | ) | (0.62 | ) | (0.26 | ) | ||||||
Net realized gains | — | (0.27 | ) | — | ||||||||
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Total distributions | (0.31 | ) | (0.89 | ) | (0.26 | ) | ||||||
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Net Asset Value, end of period | $ | 29.96 | $ | 27.87 | $ | 24.25 | ||||||
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Total Return (%) | 8.69 | ** | 19.32 | (1.96 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 3 | 3 | 2 | |||||||||
Ratio of expenses (%) | 0.45 | * | 0.45 | 0.45 | * | |||||||
Ratio of net investment income (loss) (%) | 1.45 | * | 2.10 | 2.16 | * | |||||||
Portfolio turnover rate (%)(d) | 9 | ** | 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) | 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 November 30, 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:
New Fund Name | Former Fund Name | |
Xtrackers Eurozone Equity ETF* | Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF* | |
Xtrackers Germany Equity ETF** | Deutsche X-trackers MSCI Italy Hedged Equity ETF** | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | |
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap 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”).
Xtrackers Japan JPX-Nikkei 400 Equity ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF offer shares that are listed and traded on the Bats BZX Exchange (“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 | |
Xtrackers Eurozone Equity ETF* | NASDAQ Eurozone Large Mid Cap Index* | |
Xtrackers Germany Equity ETF** | NASDAQ Germany Large Mid Cap Index** | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | MSCI EAFE Small Cap US Dollar Hedged Index |
* | On October 27, 2017, the Fund changed its name from Xtrackers MSCI Southern Europe Hedged Equity ETF to Xtrackers Eurozone Equity ETF and its Underlying Index from MSCI Southern Europe US Dollar Hedged Index to the NASDAQ Eurozone Large Mid Cap Index. |
** | On October 27, 2017, the Fund changed its name from Xtrackers MSCI Italy Hedged ETF to Xtrackers Germany Equity ETF and its Underlying Index from MSCI Italy 25/50 US Dollar Hedged Index to the NASDAQ Germany Large Mid Cap Index. |
The NASDAQ Eurozone Large Mid Cap Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index which is rebalanced semi-annually in March and September.
The NASDAQ Germany Large Mid Cap Index is designed to track the performance of the German large- and mid-capitalization equity market. The NASDAQ Germany Large Mid Cap Index is rebalanced semi-annually in March and September.
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.
40
DBX ETF Trust
Notes to Financial Statements (Continued)
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ 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.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ 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
41
DBX ETF Trust
Notes to Financial Statements (Continued)
securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI EAFE Small Cap 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 period ended November 30, 2017, the Funds did not incur any interest or penalties.
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 | ||||||||||
Xtrackers Eurozone Equity ETF | $ | 39,599 | $ | — | $ | 39,599 | ||||||
Xtrackers Germany Equity ETF | 126,604 | — | 126,604 | |||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 56,029 | 130,197 | 186,226 |
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DBX ETF Trust
Notes to Financial Statements (Continued)
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the year ended May 31, 2017, the Funds incurred and will elect to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Xtrackers Eurozone Equity ETF | $ | 140,363 | ||
Xtrackers Germany Equity ETF | 230,051 | |||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 13,805 |
As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
Aggregate Tax Cost | Net Unrealized Appreciation (Depreciation) | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized (Depreciation) | |||||||||||||
Xtrackers Eurozone Equity ETF | $ | 2,362,802 | $ | 36,759 | $ | 191,787 | $ | (155,028 | ) | |||||||
Xtrackers Germany Equity ETF | 2,183,943 | 57,588 | 176,170 | (118,582 | ) | |||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 10,025,215 | 322,472 | 835,222 | (512,750 | ) | |||||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 2,640,601 | 200,436 | 410,093 | (209,657 | ) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 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 period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 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 November 30, 2017, Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers 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 (0.13% annualized effective rate as of November 30, 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
43
DBX ETF Trust
Notes to Financial Statements (Continued)
to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 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 period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers Eurozone Equity ETF |
Xtrackers Germany Equity ETF |
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF |
As of November 30, 2017, the fund listed below had no securities on loan:
Xtrackers Japan JPX-Nikkei 400 Equity ETF |
Derivatives
Forward Foreign Currency Contracts The Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2017, the Xtrackers 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. In addition, prior to October 27, 2017, Xtrackers Eurozone Equity ETF (formerly Xtrackers MSCI Southern Europe Hedged Equity ETF) and Xtrackers Germany Equity ETF (formerly Xtrackers MSCI Italy 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 forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 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 Fund had to the value of non-U.S. currencies during the period ended November 30, 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 period ended November 30, 2017, Xtrackers 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
44
DBX ETF Trust
Notes to Financial Statements (Continued)
contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 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 November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 3,908 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 11,946 | Unrealized depreciation on forward foreign currency contracts | $ | 44,836 |
* | Includes cumulative appreciation or cumulative depression on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 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 Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers Eurozone Equity ETF | $ | — | $ | (142,709 | ) | $ | (142,709 | ) | ||||
Xtrackers Germany Equity ETF | — | (132,421 | ) | (132,421 | ) | |||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 21,190 | — | 21,190 | |||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | — | (42,479 | ) | (42,479 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers Eurozone Equity ETF | $ | — | $ | 71,195 | $ | 71,195 | ||||||
Xtrackers Germany Equity ETF | — | 67,134 | 67,134 | |||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | (847 | ) | — | (847 | ) | |||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | — | (1,132 | ) | (1,132 | ) |
45
DBX ETF Trust
Notes to Financial Statements (Continued)
For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers EurozoneEquity ETF | $ | — | $ | (1,714,804 | )* | |||
Xtrackers MSCI Germany Equity ETF | — | (1,634,110 | )* | |||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 143,996 | — | ||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | — | (2,813,533 | ) |
* | for the period from June 1, 2017 through October 26, 2017. |
As of November 30, 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 | |||||||||||||||||||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 11,946 | $ | (11,946 | ) | $ | — | $ | — | $ | 44,836 | $ | (11,946 | ) | $ | — | $ | 32,890 |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Xtrackers MSCI EAFE Small Cap Hedged 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 0.45%.
For its investment advisory services to the Funds below, for the period from June 1, 2017 through October 26, 2017, 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 | ||||
Xtrackers Eurozone Equity ETF | 0.45 | % | ||
Xtrackers Germany Equity ETF | 0.45 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.40 | % |
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DBX ETF Trust
Notes to Financial Statements (Continued)
Effective October 27, 2017, 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 | ||||
Xtrackers Eurozone Equity ETF | 0.15 | % | ||
Xtrackers Germany Equity ETF | 0.15 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.15 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of, interest expense, taxes, brokerage expenses, 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 Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 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 | |||||||
Xtrackers Eurozone Equity ETF | $ | 2,117,693 | $ | 2,233,785 | ||||
Xtrackers Germany Equity ETF | 2,523,253 | 2,627,222 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 1,876,484 | 1,826,652 | ||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 270,078 | 314,331 |
For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | 1,191,257 | $ | 1,184,299 | ||||
Xtrackers Germany Equity ETF | 1,198,623 | 1,192,319 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 1,436,822 | — |
5. Fund Share Transactions
As of November 30, 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.
47
DBX ETF Trust
Notes to Financial Statements (Continued)
6. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 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 | ||||
Xtrackers Eurozone Equity ETF | 95 | % | ||
Xtrackers Germany Equity ETF | 95 | % | ||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 85 | % |
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DBX ETF Trust
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.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.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.Xtrackers.com.
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DBX ETF Trust
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.Xtrackers.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.
This report must be preceded or accompanied by a prospectus.
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. A fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. These Funds are non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. 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. Please read the prospectus for more information.
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.
NASDAQ and NASDAQ Index are servicemarks of NASDAQ Inc. and have been licensed for use by DBX. The Funds or securities referenced to herein are not sponsored, endorsed, issued, sold or promoted by NASDAQ Inc. nor does this company make any representation regarding the advisability of investing in the Funds. NASDAQ Inc.’s only relationship to each Fund is in the licensing of its trade names and the use of each Underlying Index which is determined, composed and calculated by NASDAQ Inc. without regard to the Funds. The Funds’ prospectus contains a more detailed description of the limited relationship NASDAQ Inc. has with DBX and any related Funds.
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. Xtrackers® 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-049074-2 (1/18) DBX 003107 (1/19)
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
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(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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | DBX ETF Trust |
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By (Signature and Title)* | /s/ Freddi Klassen | |||
Freddi Klassen |
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President and Chief Executive Officer |
Date | 2/02/2018 |
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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 |
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Freddi Klassen | ||||
President and Chief Executive Officer |
Date | 2/02/2018 |
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By (Signature and Title)* | /s/ Michael Gilligan |
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Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date | 2/02/2018 |
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* Print the name and title of each signing officer under his or her signature.