UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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, 2018
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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, 2018
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)
(On February 19, 2019, DBAP will be renamed Xtrackers International Real Estate ETF)
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 South Korea Hedged Equity ETF (DBKO)
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
Table of Contents
Page | ||||
1 | ||||
Portfolio Summary | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
Schedule of Investments | ||||
15 | ||||
40 | ||||
51 | ||||
69 | ||||
77 | ||||
86 | ||||
89 | ||||
94 | ||||
97 | ||||
100 | ||||
103 | ||||
106 | ||||
111 | ||||
116 | ||||
130 | ||||
131 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our currency hedged for the period ended November 30, 2018.
The global economy reached its peak and is slowing down modestly to its long-term trend driven by international trade tensions and tighter monetary conditions. The U.S. economy remained solid on the back of robust corporate earnings, which were assisted by tax cuts, lowest unemployment rates and lagged effects of expansionary fiscal policy. The U.S. Federal Reserve Board (Fed) increased interest rates twice in June and September and recently indicated that rates are closer to the neutral level and further hikes would soon end. Growth in the Eurozone economy, on the other hand, slowed as exports declined and political tensions took center-stage. Emerging markets were affected by rising risk aversion among investors, geopolitical issues, sanction threats and trade tensions between China and the U.S.
The Eurozone economy growth slipped to its slowest in four years by anti-government protest in France, Brexit1 uncertainty andon-going weak demand in automobile sector. Industrial production numbers declined in the region, which could be attributed to the faltering of the export sector. Germany, the dominant export player in the region, saw its automobile industry slowing down as the industry adjusted to the new emission standards. Acknowledging the weakness in the economy, the European Central Bank (ECB) continued to maintain interest rates at the current level. However, it reaffirmed its intention to end its quantitative easing program by the end of 2018. The populist Italian government presented an expansionary budget much to the defiance of the European Commission’s suggestion of reigning in spending. Unrest prevailed in France, as labor unions protested against economic policies of French President Emmanuel Macron’s government. Trade tensions with the U.S. also played on the sentiment in the first half of the year; however, these were assuaged following a meeting between the U.S. and European Union (EU) presidents in July.
The U.K. economy grew stronger, supported by an increase in private consumption and public spending. Overall positive signs in the economy prompted the Bank of England (BOE) to increase rates by 0.25% in August. In November, the U.K. also managed to reach an agreement with the European Union (EU) on Brexit1 withdrawal terms; however, the political turmoil in the U.K. is casting a shadow over the deal getting ratified by its parliament. In Japan, the economy was hit by natural calamities in the form of an earthquake and typhoons, which disrupted its production and personal consumption. Amid the soft global demand and trade tensions, its exports also declined. On a positive note, Shinzo Abe wasre-elected this year, and this is expected to keep the overall reform agenda on track.
As the Fed increased rates in the year, risk aversion among investors led to outflows from emerging markets, adding pressure to their currencies and stock markets. China’s economy decelerated amid rising trade tensions, as the U.S. imposed tariffs on about U.S. dollar 250 billion worth of Chinese goods. This prompted its authorities to announce a series of stimulus measures to reignite its economy and enact retaliatory tariffs on U.S. goods.
Despite trade tensions and political stress, the global economy is expected to continue to grow albeit at a slower pace in the near-term. The economic cycle has gained momentum on the back of low unemployment rates and strong corporate income. Monetary policies across the globe remain on track to suit their phase of respective economic cycles. In view of an appreciating U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.
1
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
1Brexit 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.
2
This Page is Intentionally Left Blank
3
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”), using a “passive” or indexing investment approach, 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 track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (10.2% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.3% | |||
Royal Dutch Shell PLC (Netherlands) | 1.3% | |||
Tencent Holdings Ltd. (China) | 1.2% | |||
Alibaba Group Holding Ltd. (China) | 1.1% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.0% | |||
Novartis AG (Switzerland) | 1.0% | |||
Roche Holding AG (Switzerland) | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 0.9% | |||
HSBC Holdings PLC (United Kingdom) | 0.8% | |||
Toyota Motor Corp. (Japan) | 0.7% |
Country Diversification* as of 11/30/18 |
Japan | 17.2% | |||
United Kingdom | 10.3% | |||
France | 7.5% | |||
China | 7.0% | |||
Canada | 7.0% | |||
Switzerland | 6.5% | |||
Germany | 6.1% | |||
Australia | 4.9% | |||
South Korea | 3.6% | |||
Hong Kong | 3.6% | |||
Netherlands | 3.3% | |||
Taiwan | 2.9% | |||
Spain | 2.1% | |||
Brazil | 2.0% | |||
Other | 16.0% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 22.4% | |||
Industrials | 11.9% | |||
Consumer Discretionary | 10.4% | |||
Consumer Staples | 9.7% | |||
Health Care | 8.9% | |||
Information Technology | 7.9% | |||
Communication Services | 7.7% | |||
Materials | 7.4% | |||
Energy | 7.3% | |||
Real Estate | 3.3% | |||
Utilities | 3.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
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 Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 track developed and emerging market performance in the Asia Pacific region (excluding Japan) 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 11/30/18 ( 24.6% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 4.4% | |||
Alibaba Group Holding Ltd. (China) | 3.9% | |||
Samsung Electronics Co. Ltd. (South Korea) | 3.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.4% | |||
AIA Group Ltd. (Hong Kong) | 1.9% | |||
Commonwealth Bank of Australia (Australia) | 1.7% | |||
China Construction Bank Corp. (China) | 1.6% | |||
BHP Billiton Ltd. (Australia) | 1.4% | |||
Westpac Banking Corp. (Australia) | 1.2% | |||
CSL Ltd. (Australia) | 1.2% |
Country Diversification* as of 11/30/18 |
China | 27.8% | |||
Australia | 18.5% | |||
South Korea | 14.4% | |||
Hong Kong | 14.2% | |||
Taiwan | 11.6% | |||
Singapore | 3.6% | |||
Thailand | 2.5% | |||
Malaysia | 2.5% | |||
Indonesia | 2.4% | |||
Other | 2.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 26.8% | |||
Information Technology | 13.4% | |||
Communication Services | 11.7% | |||
Consumer Discretionary | 11.5% | |||
Industrials | 6.9% | |||
Real Estate | 6.9% | |||
Materials | 6.7% | |||
Consumer Staples | 4.6% | |||
Health Care | 4.2% | |||
Energy | 4.2% | |||
Utilities | 3.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.
5
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 track emerging market performance 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 and index.
Ten Largest Equity Holdings as of 11/30/18 (23.8% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 4.5% | |||
Alibaba Group Holding Ltd. (China) | 4.1% | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.6% | |||
Naspers Ltd. (South Africa) | 1.7% | |||
China Construction Bank Corp. (China) | 1.6% | |||
China Mobile Ltd. (Hong Kong) | 1.2% | |||
Baidu, Inc. (China) | 1.0% | |||
Ping An Insurance Group Co. of China Ltd. (China) | 1.0% | |||
Industrial & Commercial Bank of China Ltd. (China) | 1.0% |
Country Diversification* as of 11/30/18 |
China | 26.9% | |||
South Korea | 13.8% | |||
Taiwan | 11.2% | |||
India | 9.1% | |||
Brazil | 7.5% | |||
South Africa | 6.0% | |||
Hong Kong | 4.4% | |||
Russia | 3.8% | |||
Mexico | 2.6% | |||
Thailand | 2.4% | |||
Malaysia | 2.4% | |||
Indonesia | 2.2% | |||
Other | 7.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 24.6% | |||
Information Technology | 14.4% | |||
Communication Services | 13.9% | |||
Consumer Discretionary | 11.0% | |||
Energy | 8.1% | |||
Materials | 7.6% | |||
Consumer Staples | 6.5% | |||
Industrials | 5.4% | |||
Health Care | 3.0% | |||
Real Estate | 2.9% | |||
Utilities | 2.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 51.
6
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
The Xtrackers MSCI Europe Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 track the performance of the developed markets in Europe, 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 11/30/18 (19.0% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 3.0% | |||
Royal Dutch Shell PLC (Netherlands) | 2.9% | |||
Novartis AG (Switzerland) | 2.3% | |||
Roche Holding AG (Switzerland) | 2.1% | |||
HSBC Holdings PLC (United Kingdom) | 2.0% | |||
TOTAL SA (France) | 1.6% | |||
BP PLC (United Kingdom) | 1.5% | |||
GlaxoSmithKline PLC (United Kingdom) | 1.2% | |||
Sanofi (France) | 1.2% | |||
SAP SE (Germany) | 1.2% |
Country Diversification* as of 11/30/18 |
United Kingdom | 23.4% | |||
France | 17.2% | |||
Switzerland | 14.7% | |||
Germany | 14.1% | |||
Netherlands | 7.5% | |||
Spain | 4.8% | |||
Sweden | 3.9% | |||
Italy | 3.1% | |||
Denmark | 2.7% | |||
Other | 8.6% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 19.0% | |||
Health Care | 14.2% | |||
Consumer Staples | 14.0% | |||
Industrials | 12.8% | |||
Consumer Discretionary | 8.6% | |||
Energy | 8.2% | |||
Materials | 7.3% | |||
Communication Services | 5.3% | |||
Information Technology | 5.1% | |||
Utilities | 4.0% | |||
Real Estate | 1.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 69.
7
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate 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 11/30/18 (18.7% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 2.8% | |||
Sanofi (France) | 2.1% | |||
SAP SE (Germany) | 2.1% | |||
Allianz SE (Germany) | 1.9% | |||
Siemens AG (Germany) | 1.9% | |||
Unilever NV (United Kingdom) | 1.8% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1.7% | |||
Banco Santander SA (Spain) | 1.6% | |||
ASML Holding NV (Netherlands) | 1.4% | |||
Bayer AG (Germany) | 1.4% |
Country Diversification* as of 11/30/18 |
France | 31.8% | |||
Germany | 27.2% | |||
Spain | 9.7% | |||
Netherlands | 9.3% | |||
Italy | 7.0% | |||
Belgium | 3.7% | |||
Finland | 3.5% | |||
United Kingdom | 2.8% | |||
Other | 5.0% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 17.9% | |||
Industrials | 15.2% | |||
Consumer Discretionary | 11.5% | |||
Consumer Staples | 10.0% | |||
Information Technology | 8.8% | |||
Health Care | 8.6% | |||
Materials | 7.4% | |||
Communication Services | 6.2% | |||
Utilities | 5.6% | |||
Energy | 5.6% | |||
Real Estate | 3.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash quivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 77.
8
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
The Xtrackers MSCI Germany Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Germany’s equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (52.4% of Net Assets) |
Description | % of Net Assets | |||
SAP SE | 8.4% | |||
Allianz SE | 7.5% | |||
Siemens AG | 7.3% | |||
Bayer AG | 5.6% | |||
BASF SE | 5.5% | |||
Deutsche Telekom AG | 4.8% | |||
Daimler AG | 4.2% | |||
adidas AG | 3.4% | |||
Volkswagen AG | 3.0% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.7% |
Sector Diversification* as of 11/30/18 |
Consumer Discretionary | 17.3% | |||
Financials | 15.6% | |||
Industrials | 13.9% | |||
Information Technology | 12.2% | |||
Health Care | 12.2% | |||
Materials | 10.1% | |||
Communication Services | 6.8% | |||
Real Estate | 4.1% | |||
Utilities | 3.9% | |||
Consumer Staples | 3.9% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 86.
9
DBX ETF Trust
Portfolio Summary(Unaudited)
DeutscheX-trackers MSCI Japan Hedged Equity ETF (DBJP)
The Xtrackers MSCI Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity markets while 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 11/30/18 (17.9% of Net Assets) |
Description | % of Net Assets | |||
Toyota Motor Corp. | 4.0% | |||
SoftBank Group Corp. | 2.0% | |||
Sony Corp. | 2.0% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.9% | |||
Keyence Corp. | 1.6% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.5% | |||
Honda Motor Co. Ltd. | 1.4% | |||
KDDI Corp. | 1.2% | |||
Mizuho Financial Group, Inc. | 1.2% | |||
Mitsubishi Corp. | 1.1% |
Sector Diversification* as of 11/30/18 |
Industrials | 21.1% | |||
Consumer Discretionary | 18.8% | |||
Financials | 12.1% | |||
Information Technology | 10.2% | |||
Consumer Staples | 8.8% | |||
Health Care | 8.3% | |||
Communication Services | 7.7% | |||
Materials | 5.8% | |||
Real Estate | 4.0% | |||
Utilities | 2.0% | |||
Energy | 1.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 89.
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”), using a “passive” or indexing investment approach, 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 track the performance of the South Korean equity market while 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 11/30/18 (46.0% of Net Assets) |
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 21.6% | |||
SK Hynix, Inc. | 5.3% | |||
Celltrion, Inc. | 2.6% | |||
POSCO | 2.6% | |||
KB Financial Group, Inc. | 2.5% | |||
Hyundai Motor Co. | 2.5% | |||
LG Chem Ltd. | 2.4% | |||
NAVER Corp. | 2.4% | |||
Shinhan Financial Group Co. Ltd. | 2.4% | |||
LG Household & Health Care Ltd. | 1.7% |
Sector Diversification* as of 11/30/18 |
Information Technology | 31.7% | |||
Financials | 13.9% | |||
Consumer Discretionary | 11.3% | |||
Industrials | 11.0% | |||
Materials | 7.9% | |||
Communication Services | 6.9% | |||
Consumer Staples | 6.7% | |||
Health Care | 6.4% | |||
Energy | 2.9% | |||
Utilities | 1.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 94.
11
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Xtrackers MSCI United Kingdom Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 track the performance of the United Kingdom equity markets, while 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 11/30/18 (47.9% of Net Assets) |
Description | % of Net Assets | |||
Royal Dutch Shell PLC | 11.0% | |||
HSBC Holdings PLC | 7.3% | |||
BP PLC | 5.8% | |||
GlaxoSmithKline PLC | 4.5% | |||
AstraZeneca PLC | 4.3% | |||
Diageo PLC | 3.9% | |||
British American Tobacco PLC | 3.5% | |||
Unilever PLC | 2.7% | |||
Vodafone Group PLC | 2.5% | |||
Reckitt Benckiser Group PLC | 2.4% |
Sector Diversification* as of 11/30/18 |
Financials | 20.0% | |||
Energy | 17.3% | |||
Consumer Staples | 16.4% | |||
Health Care | 12.3% | |||
Materials | 8.6% | |||
Industrials | 8.6% | |||
Consumer Discretionary | 5.9% | |||
Communication Services | 5.8% | |||
Utilities | 3.2% | |||
Real Estate | 1.2% | |||
Information Technology | 0.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 97.
12
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recentsix-month period the Funds, excluding Xtrackers MSCI United Kingdom Hedged 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 thesix-month period and held for the entire period (June 1, 2018 to November 30, 2018).
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, 2018 | Ending Account Value November 30, 2018 | 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 | $ | 952.90 | 0.41 | % | $ | 2.01 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.01 | 0.41 | % | $ | 2.08 | ||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 905.50 | 0.60 | % | $ | 2.87 | ||||||||
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 | $ | 921.40 | 0.67 | % | $ | 3.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.71 | 0.67 | % | $ | 3.40 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 957.20 | 0.47 | % | $ | 2.31 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.71 | 0.47 | % | $ | 2.38 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 931.50 | 0.47 | % | $ | 2.28 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.71 | 0.47 | % | $ | 2.38 | ||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 909.40 | 0.47 | % | $ | 2.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.71 | 0.47 | % | $ | 2.38 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 978.90 | 0.47 | % | $ | 2.33 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.71 | 0.47 | % | $ | 2.38 |
13
DBX ETF Trust
Fees and Expenses(Unaudited) (Continued)
Beginning Account Value June 1, 2018 | Ending Account Value November 30, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 873.30 | 0.58 | % | $ | 2.72 | ||||||||
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 | $ | 936.40 | 0.46 | % | $ | 2.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.76 | 0.46 | % | $ | 2.33 |
(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 recentsix-month period), then divided by 365.
14
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 92.7% | ||||||||
Australia — 4.6% | ||||||||
AGL Energy Ltd. | 3,059 | $ | 42,056 | |||||
Alumina Ltd. | 13,283 | 21,650 | ||||||
Amcor Ltd. | 5,467 | 53,664 | ||||||
AMP Ltd. | 13,482 | 23,945 | ||||||
APA Group (a) | 5,614 | 36,109 | ||||||
Aristocrat Leisure Ltd. | 2,657 | 45,948 | ||||||
ASX Ltd. | 985 | 43,405 | ||||||
Aurizon Holdings Ltd. | 10,521 | 32,374 | ||||||
AusNet Services | 8,438 | 9,528 | ||||||
Australia & New Zealand Banking Group Ltd. | 14,296 | 280,031 | ||||||
Bank of Queensland Ltd. | 2,269 | 16,468 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,999 | 15,604 | ||||||
BHP Billiton Ltd. | 15,679 | 351,700 | ||||||
BHP Group PLC | 10,507 | 201,041 | ||||||
BlueScope Steel Ltd. | 2,816 | 23,114 | ||||||
Boral Ltd. | 5,365 | 19,998 | ||||||
Brambles Ltd. | 7,920 | 59,450 | ||||||
Caltex Australia Ltd. | 1,464 | 29,458 | ||||||
Challenger Ltd. | 2,799 | 19,476 | ||||||
CIMIC Group Ltd. | 471 | 13,977 | ||||||
Coca-Cola Amatil Ltd. | 2,911 | 18,383 | ||||||
Cochlear Ltd. | 294 | 36,376 | ||||||
Coles Group Ltd.* | 5,803 | 49,667 | ||||||
Commonwealth Bank of Australia | 8,755 | 455,802 | ||||||
Computershare Ltd. | 2,211 | 29,331 | ||||||
Crown Resorts Ltd. | 1,980 | 16,932 | ||||||
CSL Ltd. | 2,261 | 293,164 | ||||||
Dexus REIT | 4,921 | 37,622 | ||||||
Domino’s Pizza Enterprises Ltd. | 360 | 12,101 | ||||||
Flight Centre Travel Group Ltd. | 318 | 11,354 | ||||||
Fortescue Metals Group Ltd. | 7,996 | 23,377 | ||||||
Goodman Group REIT | 9,091 | 68,107 | ||||||
GPT Group REIT | 9,126 | 35,152 | ||||||
Harvey Norman Holdings Ltd. (b) | 3,006 | 6,943 | ||||||
Incitec Pivot Ltd. | 8,732 | 23,997 | ||||||
Insurance Australia Group Ltd. | 11,871 | 63,165 | ||||||
LendLease Group (a) | 2,817 | 26,066 | ||||||
Macquarie Group Ltd. | 1,536 | 128,455 | ||||||
Medibank Pvt Ltd. | 12,880 | 22,782 | ||||||
Mirvac Group REIT | 18,789 | 30,075 | ||||||
National Australia Bank Ltd. | 13,204 | 237,795 | ||||||
Newcrest Mining Ltd. | 3,783 | 57,373 | ||||||
Oil Search Ltd. | 7,051 | 37,673 | ||||||
Orica Ltd. | 1,825 | 23,343 | ||||||
Origin Energy Ltd.* | 8,945 | 42,365 | ||||||
QBE Insurance Group Ltd. | 6,880 | 56,923 | ||||||
Ramsay Health Care Ltd. | 907 | 35,944 | ||||||
REA Group Ltd. | 262 | 14,567 | ||||||
Santos Ltd. | 8,808 | 35,536 | ||||||
Scentre Group REIT | 27,156 | 77,408 | ||||||
SEEK Ltd. | 1,607 | 21,706 | ||||||
Sonic Healthcare Ltd. | 2,011 | 33,512 | ||||||
South32 Ltd. | 24,414 | 55,317 | ||||||
Stockland REIT | 11,792 | 31,372 | ||||||
Suncorp Group Ltd. | 5,840 | 56,856 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 5,395 | $ | 26,814 | |||||
Tabcorp Holdings Ltd. | 10,168 | 31,882 | ||||||
Telstra Corp. Ltd. | 20,137 | 43,124 | ||||||
TPG Telecom Ltd. | 1,792 | 9,417 | ||||||
Transurban Group (a) | 13,009 | 108,299 | ||||||
Treasury Wine Estates Ltd. | 3,727 | 38,545 | ||||||
Vicinity Centres REIT | 15,741 | 30,718 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 536 | 10,272 | ||||||
Wesfarmers Ltd. | 5,803 | 133,986 | ||||||
Westpac Banking Corp. | 16,769 | 318,299 | ||||||
Woodside Petroleum Ltd. | 4,318 | 98,026 | ||||||
Woolworths Group Ltd. | 6,092 | 128,770 | ||||||
WorleyParsons Ltd. | 1,597 | 15,408 | ||||||
|
| |||||||
4,539,097 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 399 | 19,207 | ||||||
Erste Group Bank AG* | 1,470 | 57,997 | ||||||
OMV AG | 734 | 37,077 | ||||||
Raiffeisen Bank International AG | 737 | 21,727 | ||||||
Verbund AG | 339 | 13,862 | ||||||
voestalpine AG | 452 | 15,019 | ||||||
|
| |||||||
164,889 | ||||||||
|
| |||||||
Belgium — 0.6% | ||||||||
Ageas | 797 | 38,474 | ||||||
Anheuser-Busch InBev SA/NV (b) | 3,791 | 290,298 | ||||||
Colruyt SA | 294 | 18,785 | ||||||
Groupe Bruxelles Lambert SA | 403 | 36,271 | ||||||
KBC Group NV | 1,283 | 92,088 | ||||||
Proximus SADP | 757 | 20,945 | ||||||
Solvay SA | 365 | 39,471 | ||||||
Telenet Group Holding NV | 303 | 15,031 | ||||||
UCB SA | 649 | 54,547 | ||||||
Umicore SA | 925 | 40,129 | ||||||
|
| |||||||
646,039 | ||||||||
|
| |||||||
Brazil — 1.1% | ||||||||
Ambev SA | 25,415 | 111,203 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda | 1,778 | 7,770 | ||||||
B3 SA — Brasil Bolsa Balcao | 10,323 | 75,280 | ||||||
Banco Bradesco SA | 4,920 | 42,737 | ||||||
Banco do Brasil SA | 4,276 | 49,350 | ||||||
Banco Santander Brasil SA | 2,572 | 28,414 | ||||||
BB Seguridade Participacoes SA | 3,779 | 27,676 | ||||||
BR Malls Participacoes SA | 4,010 | 13,491 | ||||||
BRF SA* | 2,176 | 12,475 | ||||||
CCR SA | 6,089 | 20,454 | ||||||
Centrais Eletricas Brasileiras SA* | 360 | 2,274 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,912 | 13,958 | ||||||
Cia Siderurgica Nacional SA* | 3,037 | 6,966 | ||||||
Cielo SA | 5,692 | 14,013 | ||||||
Cosan SA | 623 | 5,552 | ||||||
Embraer SA | 2,359 | 13,299 | ||||||
Equatorial Energia SA | 1,054 | 19,799 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Brazil (Continued) | ||||||||
Fibria Celulose SA | 1,175 | $ | 22,248 | |||||
Hypera SA | 1,912 | 15,871 | ||||||
IRB Brasil Resseguros S/A | 485 | 9,388 | ||||||
JBS SA | 3,509 | 10,680 | ||||||
Klabin SA | 2,748 | 11,903 | ||||||
Kroton Educacional SA | 6,880 | 18,681 | ||||||
Localiza Rent a Car SA | 2,522 | 17,550 | ||||||
Lojas Renner SA | 3,653 | 36,936 | ||||||
M Dias Branco SA | 548 | 5,727 | ||||||
Magazine Luiza SA | 338 | 14,390 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,356 | 8,139 | ||||||
Natura Cosmeticos SA | 1,079 | 11,415 | ||||||
Petrobras Distribuidora SA | 1,581 | 9,996 | ||||||
Petroleo Brasileiro SA | 14,490 | 105,406 | ||||||
Porto Seguro SA | 337 | 4,519 | ||||||
Raia Drogasil SA | 1,302 | 20,919 | ||||||
Rumo SA* | 7,203 | 32,485 | ||||||
Sul America SA | 577 | 4,014 | ||||||
Suzano Papel e Celulose SA | 1,869 | 19,763 | ||||||
TIM Participacoes SA | 3,443 | 10,560 | ||||||
Ultrapar Participacoes SA | 1,770 | 21,627 | ||||||
Vale SA | 15,804 | 215,788 | ||||||
WEG SA | 3,513 | 16,189 | ||||||
|
| |||||||
1,108,905 | ||||||||
|
| |||||||
Canada — 6.5% | ||||||||
Agnico Eagle Mines Ltd. | 1,344 | 47,270 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,133 | 111,944 | ||||||
AltaGas Ltd. | 1,535 | 16,694 | ||||||
ARC Resources Ltd. | 1,905 | 13,047 | ||||||
Atco Ltd., Class I | 372 | 11,376 | ||||||
Aurora Cannabis, Inc.* | 3,034 | 17,355 | ||||||
Australis Capital, Inc.*(c) | 108 | 0 | ||||||
Bank of Montreal | 3,236 | 241,437 | ||||||
Bank of Nova Scotia | 6,129 | 333,516 | ||||||
Barrick Gold Corp. | 6,038 | 76,938 | ||||||
BCE, Inc. | 719 | 30,818 | ||||||
BlackBerry Ltd.* | 3,296 | 28,975 | ||||||
Bombardier, Inc., Class B* | 12,740 | 21,287 | ||||||
Brookfield Asset Management, Inc., Class A | 4,193 | 183,796 | ||||||
CAE, Inc. | 1,381 | 28,043 | ||||||
Cameco Corp. | 1,678 | 19,916 | ||||||
Canadian Imperial Bank of Commerce | 2,155 | 180,847 | ||||||
Canadian National Railway Co. | 3,730 | 320,488 | ||||||
Canadian Natural Resources Ltd. | 5,973 | 150,106 | ||||||
Canadian Pacific Railway Ltd. | 738 | 156,087 | ||||||
Canadian Tire Corp. Ltd., Class A | 355 | 39,637 | ||||||
Canadian Utilities Ltd., Class A | 651 | 15,346 | ||||||
Canopy Growth Corp.* | 970 | 32,962 | ||||||
CCL Industries, Inc., Class B | 746 | 30,943 | ||||||
Cenovus Energy, Inc. | 4,874 | 36,023 | ||||||
CGI Group, Inc., Class A* | 1,253 | 80,160 | ||||||
CI Financial Corp. | 1,326 | 20,080 | ||||||
Constellation Software, Inc. | 97 | 66,529 | ||||||
Dollarama, Inc. | 1,545 | 40,839 |
Number | Value | |||||||
Canada (Continued) | ||||||||
Emera, Inc. | 255 | $ | 8,560 | |||||
Empire Co. Ltd., Class A | 629 | 11,916 | ||||||
Enbridge, Inc. | 9,095 | 298,865 | ||||||
Encana Corp. | 4,549 | 30,643 | ||||||
Fairfax Financial Holdings Ltd. | 155 | 73,283 | ||||||
Finning International, Inc. | 1,218 | 25,311 | ||||||
First Capital Realty, Inc. | 1,332 | 19,790 | ||||||
First Quantum Minerals Ltd. | 3,270 | 30,026 | ||||||
Fortis, Inc. | 2,351 | 81,661 | ||||||
Franco-Nevada Corp. | 927 | 64,188 | ||||||
George Weston Ltd. | 369 | 26,681 | ||||||
Gildan Activewear, Inc. | 1,299 | 42,676 | ||||||
Goldcorp, Inc. | 4,333 | 40,178 | ||||||
Great-West Lifeco, Inc. (b) | 1,480 | 33,941 | ||||||
H&R Real Estate Investment Trust REIT | 696 | 11,022 | ||||||
Husky Energy, Inc. | 1,696 | 21,062 | ||||||
Hydro One Ltd., 144A | 1,363 | 20,168 | ||||||
IGM Financial, Inc. | 544 | 13,954 | ||||||
Imperial Oil Ltd. | 1,370 | 40,801 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 526 | 19,228 | ||||||
Intact Financial Corp. | 692 | 55,401 | ||||||
Inter Pipeline Ltd. | 1,757 | 28,246 | ||||||
Keyera Corp. | 673 | 14,740 | ||||||
Kinross Gold Corp.* | 6,826 | 18,495 | ||||||
Loblaw Cos. Ltd. | 1,121 | 51,711 | ||||||
Lundin Mining Corp. | 3,278 | 14,285 | ||||||
Magna International, Inc. | 1,729 | 86,291 | ||||||
Manulife Financial Corp. | 10,362 | 171,342 | ||||||
Methanex Corp. | 473 | 26,209 | ||||||
Metro, Inc. | 1,137 | 39,194 | ||||||
National Bank of Canada | 1,753 | 79,955 | ||||||
Nutrien Ltd. | 3,503 | 180,443 | ||||||
Onex Corp. | 384 | 23,815 | ||||||
Open Text Corp. | 1,225 | 41,978 | ||||||
Pembina Pipeline Corp. | 2,326 | 78,429 | ||||||
Power Corp. of Canada | 1,912 | 38,135 | ||||||
Power Financial Corp. | 1,159 | 24,521 | ||||||
PrairieSky Royalty Ltd. | 893 | 12,205 | ||||||
Restaurant Brands International, Inc. | 1,182 | 68,973 | ||||||
RioCan Real Estate Investment Trust REIT | 775 | 14,425 | ||||||
Rogers Communications, Inc., Class B | 1,897 | 101,186 | ||||||
Royal Bank of Canada | 7,369 | 540,314 | ||||||
Saputo, Inc. | 1,057 | 32,848 | ||||||
Seven Generations Energy Ltd., Class A* | 1,251 | 9,538 | ||||||
Shaw Communications, Inc., Class B | 2,392 | 45,026 | ||||||
Shopify, Inc., Class A* | 443 | 67,431 | ||||||
SmartCentres Real Estate Investment Trust REIT | 321 | 7,593 | ||||||
SNC-Lavalin Group, Inc. | 825 | 30,115 | ||||||
Stars Group, Inc.* | 880 | 17,247 | ||||||
Sun Life Financial, Inc. | 3,028 | 111,671 | ||||||
Suncor Energy, Inc. | 8,080 | 260,525 | ||||||
Teck Resources Ltd., Class B | 3,277 | 66,371 | ||||||
TELUS Corp. | 978 | 35,104 | ||||||
Thomson Reuters Corp. | 834 | 42,138 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Canada (Continued) | ||||||||
Toronto-Dominion Bank | 9,085 | $ | 502,986 | |||||
Tourmaline Oil Corp. | 1,001 | 13,862 | ||||||
TransCanada Corp. | 4,650 | 190,564 | ||||||
Turquoise Hill Resources Ltd.* | 3,160 | 5,660 | ||||||
Vermilion Energy, Inc. | 488 | 12,143 | ||||||
West Fraser Timber Co. Ltd. | 230 | 12,005 | ||||||
Wheaton Precious Metals Corp. | 2,326 | 36,519 | ||||||
WSP Global, Inc. | 473 | 23,290 | ||||||
|
| |||||||
6,499,342 | ||||||||
|
| |||||||
Chile — 0.2% | ||||||||
Aguas Andinas SA, Class A | 7,075 | 4,082 | ||||||
Antofagasta PLC | 2,062 | 21,030 | ||||||
Banco de Chile | 123,784 | 17,907 | ||||||
Banco de Credito e Inversiones SA | 185 | 12,085 | ||||||
Banco Santander Chile | 321,241 | 24,915 | ||||||
Cencosud SA | 8,671 | 16,094 | ||||||
Cia Cervecerias Unidas SA | 686 | 8,973 | ||||||
Colbun SA | 31,460 | 6,577 | ||||||
Empresas CMPC SA | 4,573 | 15,814 | ||||||
Empresas COPEC SA | 2,212 | 29,870 | ||||||
Enel Americas SA | 142,024 | 24,650 | ||||||
Enel Chile SA | 127,276 | 12,358 | ||||||
Itau CorpBanca | 1,303,206 | 12,465 | ||||||
Latam Airlines Group SA | 1,508 | 15,476 | ||||||
SACI Falabella | 3,069 | 22,808 | ||||||
|
| |||||||
245,104 | ||||||||
|
| |||||||
China — 6.6% | ||||||||
3SBio, Inc., 144A | 4,952 | 7,291 | ||||||
58.com, Inc., ADR* | 530 | 31,583 | ||||||
AAC Technologies Holdings, Inc. | 3,722 | 26,378 | ||||||
Agile Group Holdings Ltd. | 8,181 | 11,105 | ||||||
Agricultural Bank of China Ltd., Class H | 135,235 | 61,188 | ||||||
Air China Ltd., Class H | 11,181 | 10,818 | ||||||
Alibaba Group Holding Ltd., ADR* | 6,448 | 1,037,225 | ||||||
Aluminum Corp. of China Ltd., Class H* | 21,026 | 7,525 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 6,001 | 31,332 | ||||||
ANTA Sports Products Ltd. | 5,280 | 23,991 | ||||||
Autohome, Inc., ADR | 318 | 26,184 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 13,505 | 9,476 | ||||||
Baidu, Inc., ADR* | 1,359 | 255,872 | ||||||
Bank of China Ltd., Class H | 385,000 | 168,290 | ||||||
Bank of Communications Co. Ltd., Class H | 53,538 | 40,715 | ||||||
Baozun, Inc., ADR*(b) | 394 | 13,896 | ||||||
BeiGene Ltd., ADR* | 162 | 24,836 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 7,323 | 8,143 | ||||||
BYD Co. Ltd., Class H | 3,190 | 23,913 | ||||||
BYD Electronic International Co. Ltd. | 3,267 | 4,585 | ||||||
CGN Power Co. Ltd., Class H, 144A | 52,946 | 13,128 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 61,615 | 16,538 | ||||||
China CITIC Bank Corp. Ltd., Class H | 47,897 | 30,364 | ||||||
China Communications Construction Co. Ltd., Class H | 25,000 | 24,284 |
Number | Value | |||||||
China (Continued) | ||||||||
China Communications Services Corp. Ltd., Class H | 16,037 | $ | 13,385 | |||||
China Conch Venture Holdings Ltd. | 7,988 | 24,758 | ||||||
China Construction Bank Corp., Class H | 467,494 | 398,541 | ||||||
China Everbright Bank Co. Ltd., Class H | 15,203 | 6,743 | ||||||
China Evergrande Group (b) | 16,272 | 51,266 | ||||||
China Galaxy Securities Co. Ltd., Class H | 11,560 | 6,206 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 49,784 | 10,244 | ||||||
China International Capital Corp. Ltd., Class H, 144A | 5,200 | 9,890 | ||||||
China Life Insurance Co. Ltd., Class H | 37,023 | 79,497 | ||||||
China Literature Ltd., 144A* | 2,304 | 12,074 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 22,661 | 17,813 | ||||||
China Medical System Holdings Ltd. | 6,933 | 7,559 | ||||||
China Merchants Bank Co. Ltd., Class H | 19,341 | 79,969 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 34,294 | 25,335 | ||||||
China Molybdenum Co. Ltd., Class H | 17,181 | 7,005 | ||||||
China National Building Material Co. Ltd., Class H | 19,817 | 15,425 | ||||||
China Oilfield Services Ltd., Class H | 12,391 | 11,561 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 13,006 | 46,046 | ||||||
China Petroleum & Chemical Corp., Class H | 126,103 | 107,181 | ||||||
China Railway Construction Corp. Ltd., Class H | 11,028 | 14,123 | ||||||
China Railway Group Ltd., Class H | 20,826 | 19,138 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 8,994 | 13,220 | ||||||
China Shenhua Energy Co. Ltd., Class H | 18,251 | 40,542 | ||||||
China Southern Airlines Co. Ltd., Class H | 8,569 | 5,837 | ||||||
China Telecom Corp. Ltd., Class H | 73,003 | 39,282 | ||||||
China Tower Corp. Ltd., Class H, 144A* | 151,904 | 22,522 | ||||||
China Vanke Co. Ltd., Class H | 5,537 | 19,037 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 17,035 | 9,950 | ||||||
CIFI Holdings Group Co. Ltd. | 18,695 | 9,367 | ||||||
CITIC Securities Co. Ltd., Class H | 16,549 | 30,881 | ||||||
CNOOC Ltd. | 87,255 | 148,325 | ||||||
Country Garden Holdings Co. Ltd. | 45,249 | 55,636 | ||||||
Country Garden Services Holdings Co. Ltd.* | 4,944 | 8,189 | ||||||
CRRC Corp. Ltd., Class H | 24,686 | 23,033 | ||||||
CSPC Pharmaceutical Group Ltd. | 24,616 | 49,836 | ||||||
Ctrip.com International Ltd., ADR*(b) | 2,063 | 59,518 | ||||||
Dali Foods Group Co. Ltd., 144A | 17,745 | 13,086 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 14,273 | 13,773 | ||||||
ENN Energy Holdings Ltd. | 4,360 | 39,147 | ||||||
Fosun International Ltd. | 15,543 | 24,713 | ||||||
Future Land Development Holdings | 9,208 | 6,214 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 2,360 | 7,284 | ||||||
GDS Holdings Ltd., ADR*(b) | 339 | 9,997 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Geely Automobile Holdings Ltd. | 23,328 | $ | 45,976 | |||||
GF Securities Co. Ltd., Class H | 4,546 | 6,740 | ||||||
GOME Retail Holdings Ltd.* | 112,590 | 10,073 | ||||||
Great Wall Motor Co. Ltd., Class H | 14,183 | 9,064 | ||||||
Greentown Service Group Co. Ltd. | 4,944 | 4,253 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 14,522 | 15,108 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 7,432 | 15,445 | ||||||
Haitian International Holdings Ltd. | 5,058 | 10,874 | ||||||
Haitong Securities Co. Ltd., Class H | 16,006 | 16,612 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 400 | 1,565 | ||||||
Hengan International Group Co. Ltd. | 3,568 | 29,163 | ||||||
Hua Hong Semiconductor Ltd., 144A | 2,348 | 4,976 | ||||||
Huaneng Power International, Inc., Class H | 30,018 | 18,723 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 19,223 | 6,044 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 7,255 | 11,999 | ||||||
Huazhu Group Ltd., ADR (b) | 652 | 20,564 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 345,834 | 245,761 | ||||||
JD.com, Inc., ADR*(b) | 3,564 | 75,664 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 10,000 | 13,446 | ||||||
Jiangxi Copper Co. Ltd., Class H | 5,786 | 6,988 | ||||||
Kingdee International Software Group Co. Ltd. | 11,000 | 10,966 | ||||||
Kingsoft Corp. Ltd. | 4,910 | 8,208 | ||||||
Kweichow Moutai Co. Ltd., Class A | 100 | 8,137 | ||||||
KWG Group Holdings Ltd.* | 14,033 | 12,483 | ||||||
Legend Holdings Corp., Class H, 144A | 3,632 | 10,700 | ||||||
Lenovo Group Ltd. | 32,479 | 23,454 | ||||||
Longfor Group Holdings Ltd. | 6,737 | 18,943 | ||||||
Luye Pharma Group Ltd., 144A | 11,972 | 9,548 | ||||||
Meitu, Inc., 144A* | 6,134 | 2,548 | ||||||
Midea Group Co. Ltd., Class A | 500 | 2,786 | ||||||
Minth Group Ltd. | 3,804 | 12,763 | ||||||
Momo, Inc., ADR* | 720 | 22,572 | ||||||
NetEase, Inc., ADR | 394 | 89,466 | ||||||
New China Life Insurance Co. Ltd., Class H | 3,706 | 16,223 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 773 | 44,185 | ||||||
Noah Holdings Ltd., ADR* | 131 | 6,377 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 58,178 | 25,059 | ||||||
PetroChina Co. Ltd., Class H | 98,177 | 68,890 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 38,825 | 39,847 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 1,800 | 16,458 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 25,974 | 251,308 | ||||||
Semiconductor Manufacturing International Corp.* | 13,079 | 12,019 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9,349 | 8,783 |
Number | Value | |||||||
China (Continued) | ||||||||
Shanghai Electric Group Co. Ltd., Class H | 14,967 | $ | 5,088 | |||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 3,399 | 11,730 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 3,476 | 4,689 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 5,242 | 12,931 | ||||||
Shenzhou International Group Holdings Ltd. | 3,800 | 46,140 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 19,021 | 4,230 | ||||||
SINA Corp.* | 390 | 25,260 | ||||||
Sino-Ocean Group Holding Ltd. | 13,367 | 5,980 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 15,681 | 14,531 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 16,674 | 7,566 | ||||||
Sinopharm Group Co. Ltd., Class H | 6,216 | 30,627 | ||||||
SOHO China Ltd.* | 10,400 | 3,881 | ||||||
Sunac China Holdings Ltd. (b) | 12,194 | 40,522 | ||||||
Sunny Optical Technology Group Co. Ltd. | 4,101 | 39,679 | ||||||
TAL Education Group, ADR* | 1,700 | 47,719 | ||||||
Tencent Holdings Ltd. | 28,413 | 1,133,034 | ||||||
Tingyi Cayman Islands Holding Corp. | 11,635 | 15,079 | ||||||
TravelSky Technology Ltd., Class H | 4,895 | 13,170 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 1,058 | 4,307 | ||||||
Uni-President China Holdings Ltd. | 11,552 | 10,527 | ||||||
Vipshop Holdings Ltd., ADR* | 2,152 | 12,417 | ||||||
Want Want China Holdings Ltd. | 30,583 | 22,554 | ||||||
Weibo Corp., ADR* | 319 | 20,314 | ||||||
Weichai Power Co. Ltd., Class H | 13,453 | 14,443 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 2,892 | 24,248 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 11,100 | 10,033 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 11,436 | 10,261 | ||||||
Yum China Holdings, Inc. | 1,867 | 66,895 | ||||||
YY, Inc., ADR* | 243 | 16,541 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 6,550 | 5,500 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3,316 | 17,801 | ||||||
Zijin Mining Group Co. Ltd., Class H | 53,226 | 20,069 | ||||||
ZTE Corp., Class H* | 3,231 | 6,351 | ||||||
|
| |||||||
6,536,686 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,072 | 10,667 | ||||||
Ecopetrol SA | 24,546 | 23,567 | ||||||
Grupo Argos SA | 1,386 | 6,934 | ||||||
Grupo de Inversiones Suramericana SA | 1,177 | 11,756 | ||||||
Interconexion Electrica SA ESP | 1,800 | 7,202 | ||||||
|
| |||||||
60,126 | ||||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 1,078 | 25,690 | ||||||
Komercni banka AS | 369 | 14,500 | ||||||
|
| |||||||
40,190 | ||||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Denmark — 1.1% | ||||||||
A.P. Moller — Maersk A/S, Class A | 16 | $ | 21,163 | |||||
A.P. Moller — Maersk A/S, Class B | 33 | 46,954 | ||||||
Carlsberg A/S, Class B | 541 | 59,906 | ||||||
Chr Hansen Holding A/S | 537 | 48,483 | ||||||
Coloplast A/S, Class B | 606 | 57,783 | ||||||
Danske Bank A/S | 3,570 | 71,157 | ||||||
DSV A/S | 926 | 70,850 | ||||||
Genmab A/S* | 277 | 42,144 | ||||||
H Lundbeck A/S | 337 | 13,838 | ||||||
ISS A/S | 788 | 25,544 | ||||||
Novo Nordisk A/S, Class B | 9,039 | 419,561 | ||||||
Novozymes A/S, Class B | 1,096 | 51,056 | ||||||
Orsted A/S, 144A | 901 | 58,618 | ||||||
Pandora A/S | 491 | 26,522 | ||||||
Tryg A/S | 542 | 13,483 | ||||||
Vestas Wind Systems A/S | 997 | 74,407 | ||||||
William Demant Holding A/S* | 549 | 16,031 | ||||||
|
| |||||||
1,117,500 | ||||||||
|
| |||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE | 5,224 | 21,762 | ||||||
Eastern Tobacco | 4,500 | 4,641 | ||||||
ElSewedy Electric Co. | 4,257 | 3,810 | ||||||
|
| |||||||
30,213 | ||||||||
|
| |||||||
Finland — 0.8% | ||||||||
Elisa OYJ | 709 | 28,430 | ||||||
Fortum OYJ | 2,238 | 46,645 | ||||||
Kone OYJ, Class B | 1,514 | 75,005 | ||||||
Metso OYJ | 544 | 15,501 | ||||||
Neste OYJ | 598 | 46,726 | ||||||
Nokia OYJ | 27,712 | 152,347 | ||||||
Nokian Renkaat OYJ | 610 | 19,523 | ||||||
Nordea Bank Abp | 15,111 | 134,102 | ||||||
Orion OYJ, Class B | 578 | 19,290 | ||||||
Sampo OYJ, Class A | 2,146 | 95,795 | ||||||
Stora Enso OYJ, Class R | 2,589 | 32,989 | ||||||
UPM-Kymmene OYJ | 2,456 | 65,424 | ||||||
Wartsila OYJ Abp | 2,206 | 35,913 | ||||||
|
| |||||||
767,690 | ||||||||
|
| |||||||
France — 7.1% | ||||||||
Accor SA | 927 | 41,139 | ||||||
Aeroports de Paris | 135 | 26,242 | ||||||
Air Liquide SA | 2,094 | 253,065 | ||||||
Airbus SE | 2,896 | 310,219 | ||||||
Alstom SA | 772 | 33,876 | ||||||
Amundi SA, 144A | 283 | 16,212 | ||||||
Arkema SA | 349 | 33,110 | ||||||
Atos SE | 456 | 38,718 | ||||||
AXA SA | 9,645 | 234,926 | ||||||
BioMerieux | 190 | 13,401 | ||||||
BNP Paribas SA | 5,760 | 289,366 | ||||||
Bollore SA | 3,345 | 14,655 | ||||||
Bouygues SA | 1,271 | 48,865 | ||||||
Bureau Veritas SA | 1,225 | 27,071 | ||||||
Capgemini SE | 785 | 91,581 |
Number | Value | |||||||
France (Continued) | ||||||||
Carrefour SA | 2,772 | $ | 49,897 | |||||
Casino Guichard Perrachon SA (b) | 242 | 10,934 | ||||||
Cie de Saint-Gobain | 2,462 | 91,240 | ||||||
Cie Generale des Etablissements Michelin | 868 | 90,818 | ||||||
CNP Assurances | 565 | 12,934 | ||||||
Covivio REIT | 150 | 14,613 | ||||||
Credit Agricole SA | 5,519 | 68,529 | ||||||
Danone SA | 3,156 | 236,027 | ||||||
Dassault Aviation SA | 13 | 19,868 | ||||||
Dassault Systemes SE | 675 | 81,002 | ||||||
Edenred | 1,050 | 40,036 | ||||||
Eiffage SA | 370 | 35,194 | ||||||
Electricite de France SA (b) | 2,759 | 45,322 | ||||||
Engie SA | 8,450 | 118,813 | ||||||
EssilorLuxottica SA | 1,337 | 169,753 | ||||||
Eurazeo SE | 263 | 19,696 | ||||||
Eutelsat Communications SA (b) | 910 | 19,394 | ||||||
Faurecia SA | 378 | 14,730 | ||||||
Gecina SA REIT | 257 | 35,932 | ||||||
Getlink SE | 2,516 | 32,685 | ||||||
Hermes International | 150 | 81,121 | ||||||
ICADE REIT | 164 | 12,997 | ||||||
Iliad SA | 123 | 16,592 | ||||||
Imerys SA | 221 | 11,859 | ||||||
Ingenico Group SA | 299 | 21,583 | ||||||
Ipsen SA | 188 | 24,199 | ||||||
JCDecaux SA | 455 | 15,453 | ||||||
Kering | 375 | 163,023 | ||||||
Klepierre SA REIT | 1,021 | 33,428 | ||||||
Legrand SA | 1,302 | 79,743 | ||||||
L’Oreal SA | 1,254 | 295,147 | ||||||
LVMH Moet Hennessy Louis Vuitton | 1,381 | 394,846 | ||||||
Natixis SA | 4,642 | 25,646 | ||||||
Orange SA (b) | 10,483 | 179,917 | ||||||
Pernod Ricard SA (b) | 1,034 | 165,288 | ||||||
Peugeot SA | 3,266 | 71,731 | ||||||
Publicis Groupe SA | 1,000 | 59,277 | ||||||
Remy Cointreau SA | 100 | 11,581 | ||||||
Renault SA | 1,052 | 73,900 | ||||||
Rexel SA | 1,532 | 18,376 | ||||||
Safran SA | 1,660 | 207,380 | ||||||
Sanofi | 5,604 | 506,340 | ||||||
Sartorius Stedim Biotech | 138 | 13,967 | ||||||
Schneider Electric SE | 2,736 | 199,103 | ||||||
SCOR SE | 753 | 36,179 | ||||||
SEB SA | 145 | 20,782 | ||||||
Societe BIC SA | 140 | 15,017 | ||||||
Societe Generale SA | 3,818 | 140,304 | ||||||
Sodexo SA | 405 | 41,926 | ||||||
Suez | 1,756 | 26,092 | ||||||
Teleperformance | 268 | 44,358 | ||||||
Thales SA | 516 | 63,265 | ||||||
TOTAL SA | 11,929 | 663,968 | ||||||
Ubisoft Entertainment SA* | 482 | 39,256 | ||||||
Unibail-Rodamco-Westfield REIT | 491 | 84,402 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Unibail-Rodamco-Westfield CDI* | 2,852 | $ | 24,743 | |||||
Valeo SA | 1,117 | 31,867 | ||||||
Veolia Environnement SA | 2,366 | 50,290 | ||||||
Vinci SA | 2,524 | 220,308 | ||||||
Vivendi SA | 5,029 | 125,254 | ||||||
Wendel SA | 134 | 16,278 | ||||||
|
| |||||||
7,006,649 | ||||||||
|
| |||||||
Germany — 5.4% | ||||||||
1&1 Drillisch AG (b) | 242 | 12,164 | ||||||
adidas AG | 943 | 207,964 | ||||||
Allianz SE | 2,139 | 451,623 | ||||||
Axel Springer SE | 222 | 14,150 | ||||||
BASF SE | 4,569 | 332,959 | ||||||
Bayer AG | 4,661 | 340,772 | ||||||
Bayerische Motoren Werke AG | 1,560 | 127,529 | ||||||
Beiersdorf AG | 481 | 51,481 | ||||||
Brenntag AG | 759 | 35,084 | ||||||
Commerzbank AG* | 5,335 | 45,939 | ||||||
Continental AG | 547 | 81,897 | ||||||
Covestro AG, 144A | 866 | 49,863 | ||||||
Daimler AG | 4,524 | 254,520 | ||||||
Delivery Hero SE, 144A* | 408 | 14,845 | ||||||
Deutsche Bank AG (d) | 9,768 | 89,163 | ||||||
Deutsche Boerse AG | 898 | 114,676 | ||||||
Deutsche Lufthansa AG | 1,073 | 26,117 | ||||||
Deutsche Post AG | 5,108 | 162,612 | ||||||
Deutsche Telekom AG | 16,860 | 295,567 | ||||||
Deutsche Wohnen SE | 1,956 | 93,758 | ||||||
E.ON SE | 10,317 | 105,178 | ||||||
Evonik Industries AG | 603 | 16,213 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 227 | 16,689 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,072 | 87,235 | ||||||
Fresenius SE & Co. KGaA | 2,030 | 115,184 | ||||||
GEA Group AG | 859 | 23,184 | ||||||
Hannover Rueck SE | 283 | 39,311 | ||||||
HeidelbergCement AG | 668 | 44,392 | ||||||
Henkel AG & Co. KGaA | 443 | 45,739 | ||||||
HOCHTIEF AG | 94 | 13,366 | ||||||
HUGO BOSS AG | 316 | 21,822 | ||||||
Infineon Technologies AG | 5,545 | 116,103 | ||||||
Innogy SE* | 660 | 27,683 | ||||||
KION Group AG | 341 | 19,233 | ||||||
LANXESS AG | 463 | 25,380 | ||||||
Merck KGaA | 637 | 70,211 | ||||||
METRO AG | 910 | 13,965 | ||||||
MTU Aero Engines AG | 246 | 51,132 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 760 | 165,111 | ||||||
OSRAM Licht AG | 674 | 30,880 | ||||||
ProSiebenSat.1 Media SE | 1,159 | 23,533 | ||||||
Puma SE | 30 | 15,046 | ||||||
RWE AG | 2,532 | 54,650 | ||||||
SAP SE | 4,889 | 503,230 | ||||||
Siemens AG | 3,730 | 432,410 | ||||||
Siemens Healthineers AG, 144A* | 656 | 28,396 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Symrise AG | 601 | $ | 48,512 | |||||
Telefonica Deutschland Holding AG | 3,198 | 12,950 | ||||||
thyssenkrupp AG | 2,089 | 39,010 | ||||||
TUI AG | 2,138 | 30,431 | ||||||
Uniper SE | 949 | 24,356 | ||||||
United Internet AG | 599 | 26,956 | ||||||
Volkswagen AG | 159 | 26,263 | ||||||
Vonovia SE | 2,550 | 123,471 | ||||||
Wirecard AG | 553 | 83,547 | ||||||
Zalando SE, 144A* | 517 | 16,037 | ||||||
|
| |||||||
5,339,492 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Alpha Bank AE* | 4,637 | 6,562 | ||||||
FF Group*(c) | 197 | 1,070 | ||||||
Hellenic Telecommunications Organization SA | 1,344 | 15,885 | ||||||
JUMBO SA | 660 | 10,042 | ||||||
Motor Oil Hellas Corinth Refineries SA | 243 | 5,571 | ||||||
OPAP SA | 774 | 7,273 | ||||||
Titan Cement Co. SA | 230 | 5,156 | ||||||
|
| |||||||
51,559 | ||||||||
|
| |||||||
Hong Kong — 3.4% | ||||||||
AIA Group Ltd. | 59,501 | 485,575 | ||||||
Alibaba Health Information Technology Ltd.* | 15,358 | 13,741 | ||||||
Alibaba Pictures Group Ltd.*(b) | 103,795 | 16,185 | ||||||
ASM Pacific Technology Ltd. | 1,203 | 12,301 | ||||||
Bank of East Asia Ltd. | 5,935 | 19,988 | ||||||
Beijing Enterprises Holdings Ltd. | 3,312 | 19,430 | ||||||
Beijing Enterprises Water Group Ltd.* | 33,345 | 19,306 | ||||||
BOC Hong Kong Holdings Ltd. | 18,501 | 72,122 | ||||||
Brilliance China Automotive Holdings Ltd. | 13,761 | 12,171 | ||||||
China Ding Yi Feng Holdings Ltd.* | 8,000 | 23,313 | ||||||
China Everbright International Ltd. | 19,188 | 16,775 | ||||||
China Gas Holdings Ltd. | 9,356 | 32,107 | ||||||
China Jinmao Holdings Group Ltd. | 19,680 | 9,433 | ||||||
China Mengniu Dairy Co. Ltd.* | 14,132 | 43,711 | ||||||
China Merchants Port Holdings Co. Ltd. | 6,669 | 12,121 | ||||||
China Mobile Ltd. | 30,354 | 301,251 | ||||||
China Overseas Land & Investment Ltd. | 18,162 | 63,372 | ||||||
China Resources Beer Holdings Co. Ltd. | 8,473 | 28,698 | ||||||
China Resources Cement Holdings Ltd. | 12,000 | 11,718 | ||||||
China Resources Gas Group Ltd. | 5,022 | 20,251 | ||||||
China Resources Land Ltd. | 14,248 | 52,811 | ||||||
China Resources Power Holdings Co. Ltd. | 8,730 | 16,536 | ||||||
China State Construction International Holdings Ltd. | 14,128 | 12,315 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 7,951 | 26,320 | ||||||
China Unicom Hong Kong Ltd. | 27,802 | 32,230 | ||||||
CITIC Ltd. | 35,013 | 56,207 | ||||||
CK Asset Holdings Ltd. | 12,107 | 87,197 | ||||||
CK Hutchison Holdings Ltd. | 13,415 | 140,254 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
CK Infrastructure Holdings Ltd. | 3,511 | $ | 26,700 | |||||
CLP Holdings Ltd. | 8,039 | 88,620 | ||||||
COSCO SHIPPING Ports Ltd. | 8,796 | 8,926 | ||||||
Dairy Farm International Holdings Ltd. | 1,900 | 16,720 | ||||||
Far East Horizon Ltd. | 19,635 | 19,550 | ||||||
Fullshare Holdings Ltd.*(b) | 33,285 | 12,592 | ||||||
Galaxy Entertainment Group Ltd. | 11,688 | 71,780 | ||||||
Guangdong Investment Ltd. | 13,630 | 26,305 | ||||||
Haier Electronics Group Co. Ltd.* | 5,505 | 12,820 | ||||||
Hang Lung Group Ltd. | 4,465 | 12,384 | ||||||
Hang Lung Properties Ltd. | 9,899 | 20,041 | ||||||
Hang Seng Bank Ltd. | 3,493 | 80,628 | ||||||
Henderson Land Development Co. Ltd. | 6,646 | 34,147 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 13,000 | 12,462 | ||||||
HKT Trust & HKT Ltd. (a) | 19,071 | 27,593 | ||||||
Hong Kong & China Gas Co. Ltd. | 44,604 | 89,961 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 5,907 | 172,137 | ||||||
Hongkong Land Holdings Ltd. | 4,900 | 31,899 | ||||||
Hysan Development Co. Ltd. | 2,852 | 13,633 | ||||||
Jardine Matheson Holdings Ltd. | 1,221 | 80,623 | ||||||
Jardine Strategic Holdings Ltd. | 946 | 36,421 | ||||||
Kerry Properties Ltd. | 4,128 | 14,166 | ||||||
Kingboard Holdings Ltd. | 5,865 | 16,754 | ||||||
Kunlun Energy Co. Ltd. | 16,677 | 20,185 | ||||||
Lee & Man Paper Manufacturing Ltd. | 16,531 | 14,980 | ||||||
Link REIT | 10,878 | 103,580 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 1,202 | 21,720 | ||||||
MTR Corp. Ltd. | 7,214 | 37,435 | ||||||
New World Development Co. Ltd. | 29,413 | 39,548 | ||||||
Nine Dragons Paper Holdings Ltd. | 8,221 | 8,332 | ||||||
NWS Holdings Ltd. | �� | 10,914 | 22,961 | |||||
PCCW Ltd. | 34,116 | 20,014 | ||||||
Power Assets Holdings Ltd. | 6,737 | 45,637 | ||||||
Shanghai Industrial Holdings Ltd. | 2,609 | 5,689 | ||||||
Shimao Property Holdings Ltd. | 6,793 | 16,791 | ||||||
Sino Biopharmaceutical Ltd. | 35,408 | 32,313 | ||||||
Sino Land Co. Ltd. | 15,917 | 27,383 | ||||||
SJM Holdings Ltd. | 13,077 | 11,783 | ||||||
Sun Art Retail Group Ltd. | 12,166 | 13,590 | ||||||
Sun Hung Kai Properties Ltd. | 7,537 | 107,410 | ||||||
Swire Pacific Ltd., Class A | 2,860 | 31,619 | ||||||
Swire Properties Ltd. | 6,410 | 22,325 | ||||||
Techtronic Industries Co. Ltd. | 7,346 | 39,528 | ||||||
WH Group Ltd., 144A | 41,477 | 30,270 | ||||||
Wharf Holdings Ltd. | 6,472 | 17,330 | ||||||
Wharf Real Estate Investment Co. Ltd. | 6,017 | 36,184 | ||||||
Wheelock & Co. Ltd. | 3,831 | 21,985 | ||||||
Yue Yuen Industrial Holdings Ltd. | 3,454 | 10,043 | ||||||
|
| |||||||
3,342,936 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,529 | 16,921 | ||||||
OTP Bank Nyrt | 1,204 | 48,178 | ||||||
Richter Gedeon Nyrt | 700 | 13,773 | ||||||
|
| |||||||
78,872 | ||||||||
|
|
Number | Value | |||||||
India — 0.0% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR (b) | 556 | $ | 21,373 | |||||
Infosys Ltd., ADR (b) | 1,736 | 17,117 | ||||||
|
| |||||||
38,490 | ||||||||
|
| |||||||
Indonesia — 0.5% | ||||||||
PT Adaro Energy Tbk | 48,552 | 4,362 | ||||||
PT Astra International Tbk | 94,150 | 56,283 | ||||||
PT Bank Central Asia Tbk | 47,991 | 87,409 | ||||||
PT Bank Danamon Indonesia Tbk | 20,625 | 10,707 | ||||||
PT Bank Mandiri Persero Tbk | 92,909 | 48,070 | ||||||
PT Bank Negara Indonesia Persero Tbk | 34,206 | 20,329 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 279,250 | 70,679 | ||||||
PT Bank Tabungan Negara Persero Tbk | 20,128 | 3,758 | ||||||
PT Bumi Serpong Damai Tbk* | 53,911 | 5,089 | ||||||
PT Charoen Pokphand Indonesia Tbk | 38,041 | 15,826 | ||||||
PT Gudang Garam Tbk | 3,971 | 22,767 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 35,362 | 9,099 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 12,381 | 9,089 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 9,508 | 12,697 | ||||||
PT Indofood Sukses Makmur Tbk | 16,879 | 7,789 | ||||||
PT Jasa Marga Persero Tbk | 21,202 | 6,122 | ||||||
PT Kalbe Farma Tbk | 104,914 | 11,186 | ||||||
PT Pakuwon Jati Tbk | 106,522 | 4,394 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 43,074 | 5,888 | ||||||
PT Semen Indonesia Persero Tbk | 19,007 | 15,980 | ||||||
PT Surya Citra Media Tbk | 29,093 | 3,895 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 242,597 | 62,420 | ||||||
PT Tower Bersama Infrastructure Tbk | 20,919 | 5,865 | ||||||
PT Unilever Indonesia Tbk | 6,089 | 17,987 | ||||||
PT United Tractors Tbk | 9,255 | 17,795 | ||||||
|
| |||||||
535,485 | ||||||||
|
| |||||||
Ireland — 0.4% | ||||||||
AerCap Holdings NV* | 641 | 33,890 | ||||||
AIB Group PLC | 3,443 | 15,108 | ||||||
Bank of Ireland Group PLC | 5,899 | 37,332 | ||||||
CRH PLC | 3,877 | 107,184 | ||||||
DCC PLC | 421 | 31,678 | ||||||
James Hardie Industries PLC CDI | 2,290 | 26,780 | ||||||
Kerry Group PLC, Class A | 789 | 81,507 | ||||||
Kingspan Group PLC | 762 | 32,798 | ||||||
Paddy Power Betfair PLC | 392 | 35,192 | ||||||
Ryanair Holdings PLC, ADR* | 170 | 13,996 | ||||||
Smurfit Kappa Group PLC | 1,013 | 27,340 | ||||||
|
| |||||||
442,805 | ||||||||
|
| |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC | 3,086 | 29,060 | ||||||
|
| |||||||
Israel — 0.4% | ||||||||
Azrieli Group Ltd. | 201 | 10,092 | ||||||
Bank Hapoalim BM | 5,308 | 36,400 | ||||||
Bank LeumiLe-Israel BM | 7,496 | 49,227 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 6,323 | 7,278 | ||||||
Check Point Software Technologies Ltd.* | 577 | 64,514 | ||||||
Elbit Systems Ltd. | 113 | 13,826 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Israel (Continued) | ||||||||
Israel Chemicals Ltd. | 3,156 | $ | 18,451 | |||||
Mizrahi Tefahot Bank Ltd. | 1,002 | 18,202 | ||||||
Nice Ltd.* | 345 | 39,709 | ||||||
Teva Pharmaceutical Industries Ltd., | 4,410 | 94,991 | ||||||
Wix.com Ltd.* | 216 | 20,343 | ||||||
|
| |||||||
373,033 | ||||||||
|
| |||||||
Italy — 1.3% | ||||||||
Assicurazioni Generali SpA | 5,666 | 95,512 | ||||||
Atlantia SpA | 2,366 | 48,509 | ||||||
Davide Campari-Milano SpA | 2,754 | 23,009 | ||||||
Enel SpA | 40,462 | 219,417 | ||||||
Eni SpA | 12,656 | 204,116 | ||||||
Ferrari NV | 591 | 64,592 | ||||||
Intesa Sanpaolo SpA | 77,572 | 179,855 | ||||||
Leonardo SpA | 2,057 | 20,274 | ||||||
Mediobanca SpA | 3,417 | 30,197 | ||||||
Moncler SpA | 805 | 26,228 | ||||||
Pirelli & C SpA, 144A* | 1,810 | 12,721 | ||||||
Poste Italiane SpA, 144A | 2,478 | 18,807 | ||||||
Prysmian SpA | 1,214 | 22,224 | ||||||
Recordati SpA | 512 | 16,467 | ||||||
Snam SpA | 10,654 | 46,690 | ||||||
Telecom Italia SpA* | 52,482 | 34,152 | ||||||
Telecom ItaliaSpA-RSP | 32,597 | 18,345 | ||||||
Terna Rete Elettrica Nazionale SpA (b) | 8,396 | 46,936 | ||||||
UniCredit SpA | 9,985 | 128,708 | ||||||
|
| |||||||
1,256,759 | ||||||||
|
| |||||||
Japan — 16.1% | ||||||||
ABC-Mart, Inc. | 200 | 11,241 | ||||||
Acom Co. Ltd. | 1,700 | 6,245 | ||||||
Aeon Co. Ltd. | 3,000 | 71,911 | ||||||
AEON Financial Service Co. Ltd. | 400 | 7,752 | ||||||
Aeon Mall Co. Ltd. | 500 | 8,990 | ||||||
AGC, Inc. | 800 | 27,168 | ||||||
Air Water, Inc. | 1,000 | 16,183 | ||||||
Aisin Seiki Co. Ltd. | 800 | 31,643 | ||||||
Ajinomoto Co., Inc. | 2,100 | 36,306 | ||||||
Alfresa Holdings Corp. | 1,100 | 29,265 | ||||||
Alps Electric Co. Ltd. | 1,200 | 27,813 | ||||||
Amada Holdings Co. Ltd. | 1,100 | 11,938 | ||||||
ANA Holdings, Inc. | 600 | 21,412 | ||||||
Aozora Bank Ltd. | 400 | 13,144 | ||||||
Asahi Group Holdings Ltd. | 1,900 | 79,572 | ||||||
Asahi Intecc Co. Ltd. | 500 | 23,433 | ||||||
Asahi Kasei Corp. | 6,100 | 66,796 | ||||||
Asics Corp. | 600 | 8,647 | ||||||
Astellas Pharma, Inc. | 9,400 | 144,459 | ||||||
Bandai Namco Holdings, Inc. | 1,100 | 46,223 | ||||||
Bank of Kyoto Ltd. | 200 | 9,620 | ||||||
Benesse Holdings, Inc. | 200 | 5,938 | ||||||
Bridgestone Corp. | 3,000 | 121,570 | ||||||
Brother Industries Ltd. | 919 | 15,358 | ||||||
Calbee, Inc. (b) | 300 | 9,937 | ||||||
Canon, Inc. | 4,900 | 138,995 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Casio Computer Co. Ltd. | 700 | $ | 9,762 | |||||
Central Japan Railway Co. | 700 | 143,836 | ||||||
Chiba Bank Ltd. | 4,000 | 26,252 | ||||||
Chubu Electric Power Co., Inc. | 2,600 | 38,983 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,000 | 68,449 | ||||||
Chugoku Electric Power Co., Inc. | 1,200 | 15,159 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 600 | 17,178 | ||||||
Concordia Financial Group Ltd. | 6,500 | 30,520 | ||||||
Credit Saison Co. Ltd. | 500 | 6,418 | ||||||
CyberAgent, Inc. | 600 | 27,168 | ||||||
Dai Nippon Printing Co. Ltd. | 1,000 | 23,133 | ||||||
Daicel Corp. | 1,000 | 11,188 | ||||||
Daifuku Co. Ltd. | 600 | 30,710 | ||||||
Dai-ichi Life Holdings, Inc. | 5,200 | 90,610 | ||||||
Daiichi Sankyo Co. Ltd. | 2,804 | 102,931 | ||||||
Daikin Industries Ltd. | 1,200 | 133,304 | ||||||
Daito Trust Construction Co. Ltd. | 400 | 52,257 | ||||||
Daiwa House Industry Co. Ltd. | 2,771 | 87,269 | ||||||
Daiwa House REIT Investment Corp. REIT | 6 | 13,600 | ||||||
Daiwa Securities Group, Inc. | 8,000 | 44,153 | ||||||
DeNA Co. Ltd. | 300 | 5,566 | ||||||
Denso Corp. | 2,100 | 97,068 | ||||||
Dentsu, Inc. | 900 | 40,118 | ||||||
Disco Corp. | 100 | 14,580 | ||||||
Don Quijote Holdings Co. Ltd. | 500 | 30,348 | ||||||
East Japan Railway Co. | 1,500 | 136,370 | ||||||
Eisai Co. Ltd. | 1,400 | 128,450 | ||||||
Electric Power Development Co. Ltd. | 400 | 10,296 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 300 | 42,576 | ||||||
FANUC Corp. | 1,100 | 187,896 | ||||||
Fast Retailing Co. Ltd. | 300 | 156,032 | ||||||
Fuji Electric Co. Ltd. | 400 | 12,562 | ||||||
FUJIFILM Holdings Corp. | 1,700 | 67,542 | ||||||
Fujitsu Ltd. | 1,000 | 61,551 | ||||||
Fukuoka Financial Group, Inc. | 400 | 9,123 | ||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 18,373 | ||||||
Hamamatsu Photonics KK | 900 | 31,317 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,100 | 37,308 | ||||||
Hikari Tsushin, Inc. | 100 | 15,954 | ||||||
Hino Motors Ltd. | 1,000 | 10,219 | ||||||
Hirose Electric Co. Ltd. | 105 | 11,072 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 19,160 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 6,329 | ||||||
Hitachi Construction Machinery Co. Ltd. | 500 | 13,809 | ||||||
Hitachi High-Technologies Corp. | 200 | 7,127 | ||||||
Hitachi Ltd. | 4,641 | 134,428 | ||||||
Hitachi Metals Ltd. | 700 | 7,881 | ||||||
Honda Motor Co. Ltd. | 8,400 | 236,945 | ||||||
Hoshizaki Corp. | 200 | 15,522 | ||||||
Hoya Corp. | 2,000 | 121,570 | ||||||
Hulic Co. Ltd. | 1,300 | 11,887 | ||||||
Idemitsu Kosan Co. Ltd. | 704 | 25,614 | ||||||
IHI Corp. | 600 | 18,262 | ||||||
Iida Group Holdings Co. Ltd. | 500 | 8,823 | ||||||
Inpex Corp. | 5,500 | 58,384 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 16,193 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Isuzu Motors Ltd. | 2,900 | $ | 41,284 | |||||
ITOCHU Corp. | 7,300 | 129,646 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 13,655 | ||||||
Japan Airlines Co. Ltd. | 600 | 21,639 | ||||||
Japan Airport Terminal Co. Ltd. | 200 | 7,770 | ||||||
Japan Exchange Group, Inc. | 2,500 | 45,038 | ||||||
Japan Post Bank Co. Ltd. | 2,000 | 23,363 | ||||||
Japan Post Holdings Co. Ltd. | 7,299 | 88,862 | ||||||
Japan Prime Realty Investment Corp. REIT | 3 | 11,721 | ||||||
Japan Real Estate Investment Corp. REIT | 7 | 38,664 | ||||||
Japan Retail Fund Investment Corp. REIT | 13 | 24,932 | ||||||
Japan Tobacco, Inc. | 5,200 | 129,341 | ||||||
JFE Holdings, Inc. | 1,900 | 33,501 | ||||||
JGC Corp. | 1,000 | 14,606 | ||||||
JSR Corp. | 600 | 9,604 | ||||||
JTEKT Corp. | 1,300 | 16,537 | ||||||
JXTG Holdings, Inc. | 15,450 | 93,409 | ||||||
Kajima Corp. | 1,600 | 22,143 | ||||||
Kakaku.com, Inc. | 400 | 8,048 | ||||||
Kamigumi Co. Ltd. | 500 | 11,228 | ||||||
Kaneka Corp. | 200 | 7,488 | ||||||
Kansai Electric Power Co., Inc. | 3,500 | 52,539 | ||||||
Kansai Paint Co. Ltd. | 800 | 14,990 | ||||||
Kao Corp. | 2,500 | 184,073 | ||||||
Kawasaki Heavy Industries Ltd. | 600 | 13,970 | ||||||
KDDI Corp. | 9,000 | 211,214 | ||||||
Keihan Holdings Co. Ltd. | 600 | 25,054 | ||||||
Keikyu Corp. | 500 | 7,977 | ||||||
Keio Corp. | 400 | 22,129 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 16,209 | ||||||
Keyence Corp. | 500 | 271,330 | ||||||
Kikkoman Corp. | 700 | 40,823 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,000 | 41,668 | ||||||
Kirin Holdings Co. Ltd. | 3,900 | 91,561 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 300 | 20,878 | ||||||
Kobe Steel Ltd. | 2,000 | 16,456 | ||||||
Koito Manufacturing Co. Ltd. | 600 | 32,190 | ||||||
Komatsu Ltd. | 4,600 | 122,907 | ||||||
Konami Holdings Corp. | 400 | 17,901 | ||||||
Konica Minolta, Inc. | 2,300 | 20,707 | ||||||
Kose Corp. | 200 | 29,829 | ||||||
Kubota Corp. | 4,900 | 83,613 | ||||||
Kuraray Co. Ltd. | 1,500 | 23,310 | ||||||
Kurita Water Industries Ltd. | 400 | 10,730 | ||||||
Kyocera Corp. | 1,584 | 85,469 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 20,499 | ||||||
Kyushu Electric Power Co., Inc. | 1,900 | 22,312 | ||||||
Kyushu Railway Co. | 900 | 29,732 | ||||||
Lawson, Inc. | 300 | 19,636 | ||||||
LINE Corp.* | 200 | 7,188 | ||||||
Lion Corp. | 1,032 | 20,355 | ||||||
LIXIL Group Corp. | 900 | 11,663 | ||||||
M3, Inc. | 1,742 | 28,145 | ||||||
Makita Corp. | 1,300 | 51,020 | ||||||
Marubeni Corp. | 8,200 | 61,221 | ||||||
Marui Group Co. Ltd. | 900 | 19,401 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Maruichi Steel Tube Ltd. | 200 | $ | 5,938 | |||||
Mazda Motor Corp. | 2,800 | 29,846 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 300 | 13,452 | ||||||
Mebuki Financial Group, Inc. | 3,844 | 11,615 | ||||||
Medipal Holdings Corp. | 865 | 19,812 | ||||||
MEIJI Holdings Co. Ltd. | 700 | 55,068 | ||||||
MINEBEA MITSUMI, Inc. | 1,800 | 29,208 | ||||||
MISUMI Group, Inc. | 1,500 | 33,987 | ||||||
Mitsubishi Chemical Holdings Corp. | 7,500 | 61,353 | ||||||
Mitsubishi Corp. | 6,700 | 180,729 | ||||||
Mitsubishi Electric Corp. | 9,500 | 125,367 | ||||||
Mitsubishi Estate Co. Ltd. | 5,300 | 85,022 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 9,852 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,500 | 57,045 | ||||||
Mitsubishi Materials Corp. | 300 | 8,417 | ||||||
Mitsubishi Motors Corp. | 4,300 | 26,365 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 16,890 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 58,500 | 321,836 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,500 | 8,180 | ||||||
Mitsui & Co. Ltd. | 8,600 | 134,438 | ||||||
Mitsui Chemicals, Inc. | 800 | 20,304 | ||||||
Mitsui Fudosan Co. Ltd. | 4,300 | 102,845 | ||||||
Mitsui OSK Lines Ltd. | 600 | 14,107 | ||||||
Mizuho Financial Group, Inc. | 123,300 | 204,531 | ||||||
MonotaRO Co. Ltd. | 600 | 16,253 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,400 | 72,836 | ||||||
Murata Manufacturing Co. Ltd. | 900 | 137,281 | ||||||
Nabtesco Corp. | 700 | 19,363 | ||||||
Nagoya Railroad Co. Ltd. | 800 | 20,050 | ||||||
NEC Corp. | 1,600 | 49,615 | ||||||
Nexon Co. Ltd.* | 1,560 | 18,443 | ||||||
NGK Insulators Ltd. | 1,000 | 14,826 | ||||||
NGK Spark Plug Co. Ltd. | 800 | 16,435 | ||||||
NH Foods Ltd. | 500 | 18,544 | ||||||
Nidec Corp. | 1,100 | 146,518 | ||||||
Nikon Corp. | 1,100 | 17,249 | ||||||
Nintendo Co. Ltd. | 589 | 179,582 | ||||||
Nippon Building Fund, Inc. REIT | 6 | 37,370 | ||||||
Nippon Electric Glass Co. Ltd. | 400 | 10,747 | ||||||
Nippon Express Co. Ltd. | 300 | 18,077 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 24,821 | ||||||
Nippon Prologis REIT, Inc. REIT | 7 | 14,498 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 3,310 | 60,534 | ||||||
Nippon Telegraph & Telephone Corp. | 3,200 | 131,930 | ||||||
Nippon Yusen KK | 800 | 13,581 | ||||||
Nissan Chemical Corp. | 600 | 32,560 | ||||||
Nissan Motor Co. Ltd. | 11,500 | 100,731 | ||||||
Nisshin Seifun Group, Inc. | 1,350 | 28,364 | ||||||
Nissin Foods Holdings Co. Ltd. | 240 | 15,498 | ||||||
Nitori Holdings Co. Ltd. | 401 | 53,713 | ||||||
Nitto Denko Corp. | 900 | 49,180 | ||||||
Nomura Holdings, Inc. | 17,200 | 77,488 | ||||||
Nomura Real Estate Holdings, Inc. | 600 | 11,850 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 15 | 20,033 | ||||||
Nomura Research Institute Ltd. | 752 | 33,024 | ||||||
NSK Ltd. | 1,800 | 16,919 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
NTT Data Corp. | 3,100 | $ | 36,048 | |||||
NTT DOCOMO, Inc. | 6,542 | 151,483 | ||||||
Obayashi Corp. | 3,900 | 38,892 | ||||||
Obic Co. Ltd. | 300 | 25,926 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,100 | 24,662 | ||||||
Oji Holdings Corp. | 4,722 | 27,621 | ||||||
Olympus Corp. | 1,700 | 47,848 | ||||||
Omron Corp. | 900 | 39,563 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,800 | 43,535 | ||||||
Oracle Corp. | 100 | 6,493 | ||||||
Oriental Land Co. Ltd. | 1,000 | 99,502 | ||||||
ORIX Corp. | 6,600 | 106,952 | ||||||
Osaka Gas Co. Ltd. | 1,600 | 29,163 | ||||||
Otsuka Corp. | 308 | 10,365 | ||||||
Otsuka Holdings Co. Ltd. | 1,983 | 96,691 | ||||||
Panasonic Corp. | 11,000 | 112,844 | ||||||
Park24 Co. Ltd. | 400 | 10,800 | ||||||
Persol Holdings Co. Ltd. | 1,000 | 18,729 | ||||||
Pigeon Corp. | 600 | 24,710 | ||||||
Pola Orbis Holdings, Inc. | 400 | 11,294 | ||||||
Rakuten, Inc. | 4,200 | 33,818 | ||||||
Recruit Holdings Co. Ltd. | 5,500 | 151,315 | ||||||
Renesas Electronics Corp.* | 3,000 | 14,139 | ||||||
Resona Holdings, Inc. | 10,400 | 55,145 | ||||||
Ricoh Co. Ltd. | 4,100 | 39,803 | ||||||
Rinnai Corp. | 100 | 7,171 | ||||||
Rohm Co. Ltd. | 400 | 27,838 | ||||||
Ryohin Keikaku Co. Ltd. | 115 | 30,950 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,400 | 23,963 | ||||||
SBI Holdings, Inc. | 1,217 | 27,617 | ||||||
Secom Co. Ltd. | 1,000 | 84,623 | ||||||
Sega Sammy Holdings, Inc. | 700 | 9,879 | ||||||
Seibu Holdings, Inc. | 1,300 | 24,027 | ||||||
Seiko Epson Corp. | 900 | 14,303 | ||||||
Sekisui Chemical Co. Ltd. | 1,400 | 22,718 | ||||||
Sekisui House Ltd. | 2,800 | 42,204 | ||||||
Seven & i Holdings Co. Ltd. | 3,787 | 164,905 | ||||||
Seven Bank Ltd. | 3,500 | 10,853 | ||||||
SG Holdings Co. Ltd. | 500 | 12,241 | ||||||
Sharp Corp. | 600 | 8,901 | ||||||
Shimadzu Corp. | 1,000 | 23,380 | ||||||
Shimamura Co. Ltd. | 100 | 8,492 | ||||||
Shimano, Inc. | 400 | 58,424 | ||||||
Shimizu Corp. | 1,600 | 13,672 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,900 | 169,638 | ||||||
Shinsei Bank Ltd. | 500 | 6,863 | ||||||
Shionogi & Co. Ltd. | 1,400 | 92,597 | ||||||
Shiseido Co. Ltd. | 1,860 | 118,369 | ||||||
Shizuoka Bank Ltd. | 1,800 | 16,158 | ||||||
Showa Denko KK | 800 | 32,066 | ||||||
Showa Shell Sekiyu KK | 800 | 12,397 | ||||||
SMC Corp. | 300 | 101,696 | ||||||
SoftBank Group Corp. | 4,100 | 344,066 | ||||||
Sohgo Security Services Co. Ltd. | 400 | 18,817 | ||||||
Sompo Holdings, Inc. | 1,700 | 65,685 | ||||||
Sony Corp. | 6,200 | 324,269 | ||||||
Sony Financial Holdings, Inc. | 900 | 18,870 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Stanley Electric Co. Ltd. | 800 | $ | 23,292 | |||||
Subaru Corp. | 3,100 | 68,901 | ||||||
SUMCO Corp. | 1,400 | 21,460 | ||||||
Sumitomo Chemical Co. Ltd. | 7,400 | 40,157 | ||||||
Sumitomo Corp. | 5,600 | 86,012 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 700 | 22,816 | ||||||
Sumitomo Electric Industries Ltd. | 4,400 | 61,728 | ||||||
Sumitomo Heavy Industries Ltd. | 400 | 13,267 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,500 | 43,673 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 6,500 | 239,523 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,610 | 64,562 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,539 | 57,051 | ||||||
Sumitomo Rubber Industries Ltd. | 400 | 5,346 | ||||||
Sundrug Co. Ltd. | 400 | 13,496 | ||||||
Suntory Beverage & Food Ltd. | 500 | 20,966 | ||||||
Suzuken Co. Ltd. | 400 | 21,530 | ||||||
Suzuki Motor Corp. | 1,800 | 89,671 | ||||||
Sysmex Corp. | 800 | 42,630 | ||||||
T&D Holdings, Inc. | 2,800 | 39,787 | ||||||
Taiheiyo Cement Corp. | 400 | 13,531 | ||||||
Taisei Corp. | 1,200 | 52,751 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 23,116 | ||||||
Taiyo Nippon Sanso Corp. | 500 | 8,422 | ||||||
Takashimaya Co. Ltd. | 500 | 7,268 | ||||||
Takeda Pharmaceutical Co. Ltd. | 3,600 | 134,943 | ||||||
TDK Corp. | 600 | 47,307 | ||||||
Teijin Ltd. | 600 | 10,360 | ||||||
Terumo Corp. | 1,500 | 88,336 | ||||||
THK Co. Ltd. | 700 | 16,039 | ||||||
Tobu Railway Co. Ltd. | 800 | 22,904 | ||||||
Toho Co. Ltd. | 500 | 17,399 | ||||||
Toho Gas Co. Ltd. | 200 | 8,087 | ||||||
Tohoku Electric Power Co., Inc. | 2,300 | 30,068 | ||||||
Tokio Marine Holdings, Inc. | 3,300 | 162,943 | ||||||
Tokyo Century Corp. | 200 | 9,549 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 8,500 | 51,592 | ||||||
Tokyo Electron Ltd. | 800 | 111,879 | ||||||
Tokyo Gas Co. Ltd. | 1,700 | 43,797 | ||||||
Tokyu Corp. | 2,500 | 43,518 | ||||||
Tokyu Fudosan Holdings Corp. | 1,700 | 9,540 | ||||||
Toppan Printing Co. Ltd. | 1,500 | 24,155 | ||||||
Toray Industries, Inc. | 6,300 | 49,411 | ||||||
Toshiba Corp.* | 3,210 | 99,539 | ||||||
Tosoh Corp. | 1,500 | 21,143 | ||||||
TOTO Ltd. | 640 | 24,779 | ||||||
Toyo Seikan Group Holdings Ltd. | 900 | 20,495 | ||||||
Toyo Suisan Kaisha Ltd. | 400 | 13,707 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 1,925 | ||||||
Toyota Industries Corp. | 700 | 35,890 | ||||||
Toyota Motor Corp. | 11,384 | 682,248 | ||||||
Toyota Tsusho Corp. | 1,300 | 44,893 | ||||||
Trend Micro, Inc. | 600 | 34,410 | ||||||
Tsuruha Holdings, Inc. | 200 | 19,733 | ||||||
Unicharm Corp. | 1,800 | 56,356 | ||||||
United Urban Investment Corp. REIT | 12 | 19,102 | ||||||
USS Co. Ltd. | 1,100 | 19,516 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Welcia Holdings Co. Ltd. | 200 | $ | 10,131 | |||||
West Japan Railway Co. | 900 | 62,706 | ||||||
Yahoo Japan Corp. | 13,000 | 37,220 | ||||||
Yakult Honsha Co. Ltd. | 700 | 52,724 | ||||||
Yamada Denki Co. Ltd. | 3,176 | 15,360 | ||||||
Yamaguchi Financial Group, Inc. | 1,000 | 10,360 | ||||||
Yamaha Corp. | 700 | 30,155 | ||||||
Yamaha Motor Co. Ltd. | 1,300 | 26,741 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 36,981 | ||||||
Yamazaki Baking Co. Ltd. | 1,000 | 20,993 | ||||||
Yaskawa Electric Corp. | 1,300 | 40,541 | ||||||
Yokogawa Electric Corp. | 961 | 17,660 | ||||||
Yokohama Rubber Co. Ltd. | 500 | 10,466 | ||||||
ZOZO, Inc. | 1,033 | 22,978 | ||||||
|
| |||||||
16,032,520 | ||||||||
|
| |||||||
Jersey Island — 0.0% | ||||||||
Randgold Resources Ltd. | 470 | 37,539 | ||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal | 3,304 | 74,866 | ||||||
Aroundtown SA | 3,846 | 32,895 | ||||||
Eurofins Scientific SE | 54 | 23,414 | ||||||
Millicom International Cellular SA SDR | 361 | 21,255 | ||||||
Reinet Investments SCA | 662 | 9,658 | ||||||
RTL Group SA | 193 | 11,548 | ||||||
SES SA | 1,812 | 39,284 | ||||||
Tenaris SA | 2,290 | 27,545 | ||||||
|
| |||||||
240,465 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. (b) | 5,317 | 9,079 | ||||||
Sands China Ltd. | 11,640 | 50,360 | ||||||
Wynn Macau Ltd. | 8,687 | 19,741 | ||||||
|
| |||||||
79,180 | ||||||||
|
| |||||||
Malaysia — 0.6% | ||||||||
AirAsia Group Bhd | 6,900 | 5,079 | ||||||
Alliance Bank Malaysia Bhd | 9,900 | 9,700 | ||||||
AMMB Holdings Bhd | 6,487 | 6,604 | ||||||
Astro Malaysia Holdings Bhd | 16,947 | 4,860 | ||||||
Axiata Group Bhd | 13,355 | 11,585 | ||||||
British American Tobacco Malaysia Bhd | 700 | 6,307 | ||||||
CIMB Group Holdings Bhd | 22,789 | 31,369 | ||||||
Dialog Group Bhd | 18,200 | 13,788 | ||||||
DiGi.Com Bhd | 9,244 | 9,367 | ||||||
Fraser & Neave Holdings Bhd | 800 | 6,370 | ||||||
Gamuda Bhd | 13,655 | 7,701 | ||||||
Genting Bhd | 12,100 | 18,159 | ||||||
Genting Malaysia Bhd | 15,018 | 10,264 | ||||||
Genting Plantations Bhd | 1,000 | 2,270 | ||||||
HAP Seng Consolidated Bhd | 2,269 | 5,341 | ||||||
Hartalega Holdings Bhd | 7,600 | 11,624 | ||||||
Hong Leong Bank Bhd | 1,582 | 7,705 | ||||||
Hong Leong Financial Group Bhd | 1,753 | 8,077 | ||||||
IHH Healthcare Bhd | 14,991 | 19,238 | ||||||
IJM Corp. Bhd | 14,000 | 5,454 | ||||||
IOI Corp. Bhd | 13,600 | 13,813 |
Number | Value | |||||||
Malaysia (Continued) | ||||||||
IOI Properties Group Bhd | 7,700 | $ | 2,999 | |||||
Kuala Lumpur Kepong Bhd | 1,500 | 8,782 | ||||||
Malayan Banking Bhd | 20,948 | 47,007 | ||||||
Malaysia Airports Holdings Bhd | 500 | 917 | ||||||
Maxis Bhd | 15,700 | 20,373 | ||||||
MISC Bhd | 6,900 | 10,141 | ||||||
Nestle Malaysia Bhd | 300 | 10,711 | ||||||
Petronas Chemicals Group Bhd | 11,257 | 24,750 | ||||||
Petronas Dagangan Bhd | 1,500 | 9,248 | ||||||
Petronas Gas Bhd | 3,041 | 13,764 | ||||||
PPB Group Bhd | 2,640 | 11,104 | ||||||
Press Metal Aluminium Holdings Bhd | 5,400 | 6,143 | ||||||
Public Bank Bhd | 13,400 | 79,801 | ||||||
Sime Darby Bhd | 14,311 | 7,832 | ||||||
Sime Darby Plantation Bhd | 15,311 | 17,197 | ||||||
Sime Darby Property Bhd | 14,311 | 3,403 | ||||||
SP Setia Bhd Group | 3,900 | 2,004 | ||||||
Telekom Malaysia Bhd | 4,600 | 2,561 | ||||||
Tenaga Nasional Bhd | 16,400 | 55,810 | ||||||
Top Glove Corp. Bhd | 5,700 | 8,132 | ||||||
Westports Holdings Bhd | 12,400 | 11,172 | ||||||
YTL Corp. Bhd | 15,772 | 4,221 | ||||||
|
| |||||||
572,747 | ||||||||
|
| |||||||
Mexico — 0.6% | ||||||||
Alfa SAB de CV, Class A | 14,929 | 15,007 | ||||||
Alsea SAB de CV | 2,273 | 5,696 | ||||||
America Movil SAB de CV, Series L | 162,771 | 109,400 | ||||||
Arca Continental SAB de CV | 1,912 | 9,878 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 8,970 | 11,013 | ||||||
Cemex SAB de CV, Series CPO* | 70,927 | 36,485 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 2,440 | 14,695 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 937 | 5,584 | ||||||
Fibra Uno Administracion SA de CV REIT | 13,245 | 13,405 | ||||||
Fomento Economico Mexicano SAB de CV | 9,558 | 82,869 | ||||||
Fresnillo PLC | 1,248 | 11,981 | ||||||
Gruma SAB de CV, Class B | 1,035 | 11,335 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,859 | 12,888 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,001 | 13,447 | ||||||
Grupo Bimbo SAB de CV, Series A | 7,617 | 14,595 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,207 | 7,083 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 11,667 | 53,395 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 10,574 | 14,245 | ||||||
Grupo Mexico SAB de CV, Series B | 19,006 | 39,200 | ||||||
Grupo Televisa SAB, Series CPO | 11,596 | 31,705 | ||||||
Industrias Penoles SAB de CV | 676 | 7,701 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,641 | 10,051 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 6,547 | 9,679 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Mexico (Continued) | ||||||||
Mexichem SAB de CV | 5,104 | $ | 11,926 | |||||
Promotora y Operadora de Infraestructura SAB de CV | 1,207 | 10,703 | ||||||
Wal-Mart de Mexico SAB de CV | 26,060 | 64,453 | ||||||
|
| |||||||
628,419 | ||||||||
|
| |||||||
Netherlands — 3.1% | ||||||||
ABN AMRO Group NV, 144A | 1,979 | 50,455 | ||||||
Aegon NV | 9,104 | 50,678 | ||||||
Akzo Nobel NV | 1,217 | 102,093 | ||||||
ASML Holding NV | 2,000 | 337,594 | ||||||
EXOR NV | 503 | 29,554 | ||||||
Heineken Holding NV | 512 | 45,183 | ||||||
Heineken NV | 1,225 | 112,084 | ||||||
ING Groep NV | 19,360 | 234,167 | ||||||
Koninklijke Ahold Delhaize NV | 6,059 | 155,743 | ||||||
Koninklijke DSM NV | 924 | 81,844 | ||||||
Koninklijke KPN NV | 16,803 | 49,706 | ||||||
Koninklijke Philips NV | 4,552 | 171,323 | ||||||
Koninklijke Vopak NV | 369 | 16,125 | ||||||
NN Group NV (b) | 1,447 | 61,546 | ||||||
NXP Semiconductors NV | 1,618 | 134,893 | ||||||
QIAGEN NV* | 1,002 | 35,222 | ||||||
Randstad NV | 616 | 29,973 | ||||||
Royal Dutch Shell PLC, Class A | 22,829 | 689,425 | ||||||
Royal Dutch Shell PLC, Class B | 18,633 | 568,763 | ||||||
Wolters Kluwer NV | 1,476 | 89,097 | ||||||
|
| |||||||
3,045,468 | ||||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
a2 Milk Co. Ltd.* | 3,315 | 23,585 | ||||||
Auckland International Airport Ltd. | 4,726 | 23,390 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 2,712 | 24,794 | ||||||
Fletcher Building Ltd.* | 4,017 | 13,144 | ||||||
Meridian Energy Ltd. | 6,375 | 14,483 | ||||||
Ryman Healthcare Ltd. | 2,959 | 23,574 | ||||||
Spark New Zealand Ltd. | 8,868 | 25,786 | ||||||
|
| |||||||
148,756 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
Aker BP ASA | 479 | 13,576 | ||||||
DNB ASA | 4,706 | 80,762 | ||||||
Equinor ASA | 5,885 | 137,285 | ||||||
Gjensidige Forsikring ASA | 964 | 15,041 | ||||||
Marine Harvest ASA | 2,398 | 56,108 | ||||||
Norsk Hydro ASA | 6,802 | 32,052 | ||||||
Orkla ASA | 4,148 | 34,265 | ||||||
Schibsted ASA, Class B | 358 | 11,996 | ||||||
Telenor ASA | 3,633 | 70,357 | ||||||
Yara International ASA | 895 | 35,957 | ||||||
|
| |||||||
487,399 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 987 | 13,956 | ||||||
Credicorp Ltd. | 337 | 73,901 | ||||||
Southern Copper Corp. (b) | 382 | 12,789 | ||||||
|
| |||||||
100,646 | ||||||||
|
|
Number | Value | |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 9,387 | $ | 9,348 | |||||
Aboitiz Power Corp. | 19,300 | 11,671 | ||||||
Alliance Global Group, Inc.* | 14,900 | 3,246 | ||||||
Ayala Corp. | 1,580 | 28,664 | ||||||
Ayala Land, Inc. | 37,900 | 30,113 | ||||||
Bank of the Philippine Islands | 2,271 | 4,072 | ||||||
BDO Unibank, Inc. | 10,630 | 26,403 | ||||||
DMCI Holdings, Inc. | 14,800 | 3,484 | ||||||
GT Capital Holdings, Inc. | 292 | 4,947 | ||||||
International Container Terminal Services, Inc. | 4,310 | 7,688 | ||||||
JG Summit Holdings, Inc. | 10,990 | 10,105 | ||||||
Jollibee Foods Corp. | 1,960 | 10,409 | ||||||
Manila Electric Co. | 970 | 7,109 | ||||||
Megaworld Corp. | 51,400 | 4,422 | ||||||
Metro Pacific Investments Corp. | 90,600 | 8,123 | ||||||
Metropolitan Bank & Trust Co. | 7,920 | 11,271 | ||||||
PLDT, Inc. | 700 | 15,464 | ||||||
Robinsons Land Corp. | 9,267 | 3,615 | ||||||
Security Bank Corp. | 540 | 1,659 | ||||||
SM Investments Corp. | 1,285 | 22,271 | ||||||
SM Prime Holdings, Inc. | 53,300 | 35,283 | ||||||
Universal Robina Corp. | 5,000 | 12,209 | ||||||
|
| |||||||
271,576 | ||||||||
|
| |||||||
Poland — 0.3% | ||||||||
Alior Bank SA* | 687 | 9,877 | ||||||
Bank Polska Kasa Opieki SA | 1,007 | 29,166 | ||||||
Bank Zachodni WBK SA | 179 | 16,800 | ||||||
CD Projekt SA* | 322 | 12,078 | ||||||
Cyfrowy Polsat SA* | 970 | 5,747 | ||||||
Dino Polska SA, 144A* | 497 | 12,763 | ||||||
Grupa Lotos SA | 460 | 9,952 | ||||||
KGHM Polska Miedz SA* | 632 | 14,957 | ||||||
LPP SA | 3 | 6,188 | ||||||
mBank SA | 135 | 14,543 | ||||||
Orange Polska SA* | 3,264 | 4,116 | ||||||
PGE Polska Grupa Energetyczna SA* | 4,244 | 13,065 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,458 | 42,344 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 12,946 | 22,026 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 4,405 | 47,536 | ||||||
Powszechny Zaklad Ubezpieczen SA | 3,007 | 34,004 | ||||||
|
| |||||||
295,162 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 11,627 | 40,634 | ||||||
Galp Energia SGPS SA | 2,494 | 40,983 | ||||||
Jeronimo Martins SGPS SA | 1,134 | 13,531 | ||||||
|
| |||||||
95,148 | ||||||||
|
| |||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. | 1,435 | 15,062 | ||||||
Commercial Bank QSC | 923 | 10,697 | ||||||
Ezdan Holding Group QSC* | 4,809 | 16,813 | ||||||
Industries Qatar QSC | 1,003 | 37,324 | ||||||
Masraf Al Rayan QSC | 1,912 | 21,051 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Qatar (Continued) | ||||||||
Qatar Electricity & Water Co. QSC | 294 | $ | 14,533 | |||||
Qatar Insurance Co. SAQ | 712 | 7,006 | ||||||
Qatar Islamic Bank SAQ | 576 | 24,029 | ||||||
Qatar National Bank QPSC | 2,252 | 123,385 | ||||||
|
| |||||||
269,900 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
NEPI Rockcastle PLC (b) | 1,915 | 15,200 | ||||||
|
| |||||||
Russia — 0.9% | ||||||||
Alrosa PJSC | 13,048 | 19,403 | ||||||
Gazprom PJSC | 52,734 | 126,947 | ||||||
Inter RAO UES PJSC | 73,181 | 4,473 | ||||||
LUKOIL PJSC | 2,425 | 177,206 | ||||||
Magnit PJSC, GDR | 1,688 | 21,556 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 10,625 | 7,422 | ||||||
MMC Norilsk Nickel PJSC | 283 | 53,804 | ||||||
Mobile TeleSystems PJSC, ADR | 2,460 | 18,229 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 6,930 | 9,259 | ||||||
Novatek PJSC, GDR | 459 | 78,076 | ||||||
Novolipetsk Steel PJSC | 5,899 | 13,943 | ||||||
PhosAgro PJSC, GDR | 539 | 7,179 | ||||||
Polyus PJSC | 221 | 15,924 | ||||||
Rosneft Oil Co. PJSC | 5,950 | 37,574 | ||||||
Sberbank of Russia PJSC | 52,551 | 152,163 | ||||||
Severstal PJSC | 1,063 | 15,908 | ||||||
Surgutneftegas PJSC | 36,169 | 14,764 | ||||||
Tatneft PJSC | 6,957 | 74,004 | ||||||
X5 Retail Group NV, GDR | 546 | 14,057 | ||||||
|
| |||||||
861,891 | ||||||||
|
| |||||||
Singapore — 0.8% | ||||||||
Ascendas Real Estate Investment Trust REIT | 12,600 | 23,604 | ||||||
CapitaLand Commercial Trust REIT | 13,707 | 17,385 | ||||||
CapitaLand Ltd. | 11,457 | 26,056 | ||||||
CapitaLand Mall Trust REIT | 13,509 | 22,156 | ||||||
City Developments Ltd. | 2,000 | 12,290 | ||||||
ComfortDelGro Corp. Ltd. | 11,500 | 17,603 | ||||||
DBS Group Holdings Ltd. | 8,900 | 158,162 | ||||||
Genting Singapore Ltd. | 35,700 | 25,242 | ||||||
Golden Agri-Resources Ltd. | 34,093 | 6,088 | ||||||
Jardine Cycle & Carriage Ltd. | 400 | 10,263 | ||||||
Keppel Corp. Ltd. | 7,200 | 31,804 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 15,542 | 127,562 | ||||||
SATS Ltd. | 3,400 | 11,871 | ||||||
Sembcorp Industries Ltd. | 4,100 | 7,800 | ||||||
Singapore Airlines Ltd. | 1,900 | 13,171 | ||||||
Singapore Exchange Ltd. | 3,493 | 18,637 | ||||||
Singapore Press Holdings Ltd. | 11,900 | 22,900 | ||||||
Singapore Technologies Engineering Ltd. | 7,830 | 20,261 | ||||||
Singapore Telecommunications Ltd. | 39,800 | 89,353 | ||||||
Suntec Real Estate Investment Trust REIT | 8,928 | 11,454 | ||||||
United Overseas Bank Ltd. | 6,222 | 114,063 | ||||||
UOL Group Ltd. | 2,100 | 9,353 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
Venture Corp. Ltd. | 1,500 | $ | 16,302 | |||||
Wilmar International Ltd. | 7,800 | 17,284 | ||||||
|
| |||||||
830,664 | ||||||||
|
| |||||||
South Africa — 1.5% | ||||||||
Absa Group Ltd. | 2,918 | 32,425 | ||||||
Anglo American Platinum Ltd. | 439 | 14,096 | ||||||
AngloGold Ashanti Ltd. | 2,048 | 20,560 | ||||||
Aspen Pharmacare Holdings Ltd. | 1,788 | 18,976 | ||||||
Bid Corp. Ltd. | 1,500 | 27,725 | ||||||
Bidvest Group Ltd. | 1,633 | 24,191 | ||||||
Capitec Bank Holdings Ltd. (b) | 241 | 19,129 | ||||||
Clicks Group Ltd. | 1,150 | 15,583 | ||||||
Discovery Ltd. | 1,347 | 14,958 | ||||||
Exxaro Resources Ltd. | 1,372 | 12,790 | ||||||
FirstRand Ltd. | 17,482 | 84,264 | ||||||
Fortress REIT Ltd., Class A REIT | 3,341 | 4,089 | ||||||
Fortress REIT Ltd., Class B REIT | 4,407 | 4,516 | ||||||
Foschini Group Ltd. | 1,124 | 14,176 | ||||||
Gold Fields Ltd. | 6,827 | 19,882 | ||||||
Growthpoint Properties Ltd. REIT | 13,828 | 23,568 | ||||||
Hyprop Investments Ltd. REIT | 1,151 | 7,408 | ||||||
Investec Ltd. (b) | 816 | 4,926 | ||||||
Investec PLC | 2,829 | 17,170 | ||||||
Kumba Iron Ore Ltd. (b) | 129 | 2,304 | ||||||
Liberty Holdings Ltd. | 404 | 3,119 | ||||||
Life Healthcare Group Holdings Ltd. | 7,466 | 14,007 | ||||||
MMI Holdings Ltd.* | 4,638 | 5,793 | ||||||
Mr Price Group Ltd. | 1,084 | 18,851 | ||||||
MTN Group Ltd. | 8,108 | 51,121 | ||||||
Naspers Ltd., Class N | 2,182 | 435,022 | ||||||
Nedbank Group Ltd. | 1,991 | 38,187 | ||||||
Netcare Ltd. | 5,031 | 9,293 | ||||||
Old Mutual Ltd. | 24,586 | 41,034 | ||||||
Pick n Pay Stores Ltd. | 738 | 3,914 | ||||||
PSG Group Ltd. | 631 | 10,700 | ||||||
Rand Merchant Investment Holdings Ltd. | 2,469 | 6,405 | ||||||
Redefine Properties Ltd. REIT (b) | 24,794 | 17,157 | ||||||
Remgro Ltd. | 2,573 | 37,436 | ||||||
Resilient REIT Ltd. REIT | 1,407 | 6,113 | ||||||
RMB Holdings Ltd. | 4,676 | 26,398 | ||||||
Sanlam Ltd. | 8,883 | 49,245 | ||||||
Sappi Ltd. | 3,335 | 18,224 | ||||||
Sasol Ltd. | 2,588 | 75,869 | ||||||
Shoprite Holdings Ltd. | 2,554 | 36,334 | ||||||
SPAR Group Ltd. (b) | 766 | 10,821 | ||||||
Standard Bank Group Ltd. | 5,990 | 75,720 | ||||||
Telkom SA SOC Ltd. (b) | 823 | 3,368 | ||||||
Tiger Brands Ltd. (b) | �� | 922 | 17,830 | |||||
Truworths International Ltd. | 1,949 | 12,342 | ||||||
Vodacom Group Ltd. | 2,834 | 25,664 | ||||||
Woolworths Holdings Ltd. | 4,734 | 19,129 | ||||||
|
| |||||||
1,451,832 | ||||||||
|
| |||||||
South Korea — 3.2% | ||||||||
Amorepacific Corp. | 181 | 27,854 | ||||||
AMOREPACIFIC Group | 157 | 9,090 | ||||||
BGF retail Co. Ltd. | 36 | 6,246 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
BNK Financial Group, Inc. | 1,289 | $ | 8,820 | |||||
Celltrion Healthcare Co. Ltd.* | 158 | 11,093 | ||||||
Celltrion Pharm, Inc.* | 75 | 4,429 | ||||||
Celltrion, Inc.* | 397 | 84,822 | ||||||
Cheil Worldwide, Inc. | 330 | 6,904 | ||||||
CJ CheilJedang Corp. | 30 | 8,992 | ||||||
CJ Corp. | 96 | 11,176 | ||||||
CJ ENM Co. Ltd. | 5 | 1,039 | ||||||
CJ Logistics Corp.* | 32 | 4,539 | ||||||
Coway Co. Ltd. | 164 | 11,470 | ||||||
Daelim Industrial Co. Ltd. | 141 | 11,925 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 572 | 2,536 | ||||||
DB Insurance Co. Ltd. | 310 | 18,723 | ||||||
DGB Financial Group, Inc. | 1,043 | 8,188 | ||||||
Doosan Bobcat, Inc. | 351 | 10,286 | ||||||
E-MART, Inc. | 91 | 15,830 | ||||||
Fila Korea Ltd. | 243 | 11,012 | ||||||
GS Engineering & Construction Corp. | 352 | 13,691 | ||||||
GS Holdings Corp. | 324 | 14,886 | ||||||
GS Retail Co. Ltd. | 182 | 6,170 | ||||||
Hana Financial Group, Inc. | 1,431 | 48,000 | ||||||
Hankook Tire Co. Ltd. | 380 | 14,509 | ||||||
Hanmi Pharm. Co. Ltd. | 20 | 7,895 | ||||||
Hanmi Science Co. Ltd. | 63 | 4,176 | ||||||
Hanon Systems | 861 | 8,065 | ||||||
Hanwha Chemical Corp. | 527 | 8,886 | ||||||
Hanwha Corp. | 210 | 5,620 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,263 | 5,003 | ||||||
HDC Hyundai DevelopmentCo-Engineering & Construction, | 380 | 14,238 | ||||||
HLB, Inc.* | 138 | 10,403 | ||||||
Hotel Shilla Co. Ltd. | 156 | 12,010 | ||||||
Hyundai Department Store Co. Ltd. | 71 | 5,948 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 356 | 17,467 | ||||||
Hyundai Glovis Co. Ltd. | 94 | 10,356 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 189 | 22,256 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 48 | 16,914 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 464 | 16,578 | ||||||
Hyundai Mobis Co. Ltd. | 322 | 51,850 | ||||||
Hyundai Motor Co. | 662 | 63,191 | ||||||
Hyundai Steel Co. | 442 | 16,995 | ||||||
Industrial Bank of Korea | 1,155 | 15,250 | ||||||
Kakao Corp. | 244 | 24,488 | ||||||
Kangwon Land, Inc. | 569 | 16,370 | ||||||
KB Financial Group, Inc. | 1,958 | 82,446 | ||||||
KCC Corp. | 18 | 4,480 | ||||||
Kia Motors Corp. | 1,302 | 35,426 | ||||||
Korea Aerospace Industries Ltd.* | 372 | 10,520 | ||||||
Korea Electric Power Corp. | 1,118 | 29,622 | ||||||
Korea Gas Corp.* | 121 | 5,505 | ||||||
Korea Investment Holdings Co. Ltd. | 212 | 12,804 | ||||||
Korea Zinc Co. Ltd. | 34 | 12,906 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Korean Air Lines Co. Ltd. | 394 | $ | 11,212 | |||||
KT Corp. | 166 | 4,517 | ||||||
KT&G Corp. | 581 | 53,904 | ||||||
Kumho Petrochemical Co. Ltd. | 149 | 12,255 | ||||||
LG Chem Ltd. | 224 | 69,041 | ||||||
LG Corp. | 485 | 31,239 | ||||||
LG Display Co. Ltd. | 1,096 | 17,159 | ||||||
LG Electronics, Inc. | 675 | 43,657 | ||||||
LG Household & Health Care Ltd. | 38 | 39,324 | ||||||
LG Innotek Co. Ltd. | 92 | 8,191 | ||||||
LG Uplus Corp. | 996 | 15,727 | ||||||
Lotte Chemical Corp. | 78 | 18,962 | ||||||
Lotte Corp.* | 194 | 9,571 | ||||||
Lotte Shopping Co. Ltd. | 56 | 10,766 | ||||||
Medy-Tox, Inc. | 18 | 9,047 | ||||||
Mirae Asset Daewoo Co. Ltd. | 2,440 | 15,498 | ||||||
NAVER Corp. | 697 | 78,657 | ||||||
NCSoft Corp. | 87 | 39,738 | ||||||
Netmarble Corp., 144A | 79 | 9,197 | ||||||
NH Investment & Securities Co. Ltd. | 646 | 7,982 | ||||||
OCI Co. Ltd. | 89 | 8,297 | ||||||
Orange Life Insurance Ltd., 144A | 147 | 3,947 | ||||||
Orion Corp. | 124 | 12,334 | ||||||
Ottogi Corp. | 8 | 5,288 | ||||||
Pan Ocean Co. Ltd.* | 1,001 | 4,090 | ||||||
Pearl Abyss Corp.* | 18 | 3,083 | ||||||
POSCO | 390 | 86,110 | ||||||
Posco Daewoo Corp. | 361 | 6,216 | ||||||
S-1 Corp. | 79 | 6,787 | ||||||
Samsung Biologics Co. Ltd., 144A*(c) | 85 | 25,365 | ||||||
Samsung C&T Corp. | 385 | 35,205 | ||||||
Samsung Card Co. Ltd. | 219 | 6,310 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 304 | 32,679 | ||||||
Samsung Electronics Co. Ltd. | 24,098 | 899,684 | ||||||
Samsung Engineering Co. Ltd.* | 700 | 12,146 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 153 | 37,194 | ||||||
Samsung Heavy Industries Co. Ltd.* | 2,194 | 14,523 | ||||||
Samsung Life Insurance Co. Ltd. | 345 | 26,623 | ||||||
Samsung SDI Co. Ltd. | 286 | 52,687 | ||||||
Samsung SDS Co. Ltd. | 170 | 29,725 | ||||||
Samsung Securities Co. Ltd. | 395 | 10,977 | ||||||
Shinhan Financial Group Co. Ltd. | 2,138 | 78,581 | ||||||
Shinsegae Inc. | 11 | 2,856 | ||||||
SillaJen, Inc.* | 243 | 15,326 | ||||||
SK Holdings Co. Ltd. | 157 | 39,427 | ||||||
SK Hynix, Inc. | 2,897 | 179,875 | ||||||
SK Innovation Co. Ltd. | 317 | 55,569 | ||||||
SK Telecom Co. Ltd. | 79 | 20,403 | ||||||
S-Oil Corp. | 237 | 23,363 | ||||||
ViroMed Co. Ltd.* | 59 | 10,385 | ||||||
Woori Bank | 2,188 | 30,547 | ||||||
Yuhan Corp. | 39 | 7,915 | ||||||
|
| |||||||
3,209,059 | ||||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Spain — 2.0% | ||||||||
ACS Actividades de Construccion y Servicios SA | 1,282 | $ | 49,172 | |||||
Aena SME SA, 144A | 322 | 51,108 | ||||||
Amadeus IT Group SA | 2,219 | 158,918 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 33,172 | 188,447 | ||||||
Banco de Sabadell SA | 29,375 | 37,479 | ||||||
Banco Santander SA | 79,719 | 377,698 | ||||||
Bankia SA | 4,897 | 16,172 | ||||||
Bankinter SA | 3,295 | 27,529 | ||||||
CaixaBank SA | 17,370 | 71,481 | ||||||
Enagas SA | 1,093 | 30,031 | ||||||
Endesa SA | 1,553 | 34,601 | ||||||
Ferrovial SA | 2,312 | 47,558 | ||||||
Grifols SA | 1,514 | 42,439 | ||||||
Iberdrola SA | 30,310 | 226,130 | ||||||
Industria de Diseno Textil SA | 5,105 | 156,564 | ||||||
Mapfre SA | 3,386 | 9,679 | ||||||
Naturgy Energy Group SA (b) | 1,561 | 38,614 | ||||||
Red Electrica Corp. SA | 2,025 | 43,592 | ||||||
Repsol SA | 6,446 | 111,288 | ||||||
Siemens Gamesa Renewable Energy | 1,174 | 16,547 | ||||||
Telefonica SA | 22,875 | 205,311 | ||||||
|
| |||||||
1,940,358 | ||||||||
|
| |||||||
Sweden — 1.6% | ||||||||
Alfa Laval AB | 1,298 | 27,917 | ||||||
Assa Abloy AB, Class B | 4,698 | 87,317 | ||||||
Atlas Copco AB, Class A | 2,973 | 72,875 | ||||||
Atlas Copco AB, Class B | 1,837 | 41,518 | ||||||
Boliden AB | 1,432 | 32,073 | ||||||
Electrolux AB, Series B | 1,248 | 28,350 | ||||||
Epiroc AB, Class A* | 2,973 | 24,339 | ||||||
Epiroc AB, Class B* | 1,837 | 14,763 | ||||||
Essity AB, Class B | 3,105 | 79,538 | ||||||
Hennes & Mauritz AB, Class B (b) | 4,660 | 85,812 | ||||||
Hexagon AB, Class B | 1,229 | 61,196 | ||||||
Husqvarna AB, Class B | 2,051 | 16,149 | ||||||
ICA Gruppen AB (b) | 369 | 13,384 | ||||||
Industrivarden AB, Class C | 829 | 16,997 | ||||||
Investor AB, Class B | 2,187 | 95,781 | ||||||
Kinnevik AB, Class B | 1,131 | 28,686 | ||||||
L E Lundbergforetagen AB, Class B | 384 | 11,473 | ||||||
Lundin Petroleum AB | 931 | 24,493 | ||||||
Sandvik AB | 5,308 | 78,713 | ||||||
Securitas AB, Class B | 1,528 | 25,731 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 8,972 | 93,429 | ||||||
Skanska AB, Class B | 1,684 | 26,462 | ||||||
SKF AB, Class B | 1,872 | 29,549 | ||||||
Svenska Handelsbanken AB, Class A | 7,141 | 78,637 | ||||||
Swedbank AB, Class A | 4,181 | 97,135 | ||||||
Swedish Match AB | 925 | 36,111 | ||||||
Tele2 AB, Class B | 2,484 | 31,065 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 14,705 | 122,633 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Telia Co. AB | 12,671 | $ | 58,444 | |||||
Volvo AB, Class B | 7,793 | 108,373 | ||||||
|
| |||||||
1,548,943 | ||||||||
|
| |||||||
Switzerland — 6.1% | ||||||||
ABB Ltd. | 9,168 | 185,461 | ||||||
Adecco Group AG | 811 | 40,102 | ||||||
Baloise Holding AG | 230 | 33,796 | ||||||
Barry Callebaut AG | 11 | 18,619 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 80,376 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 6 | 40,959 | ||||||
Cie Financiere Richemont SA | 2,517 | 163,559 | ||||||
Clariant AG* | 1,096 | 21,694 | ||||||
Coca-Cola HBC AG* | 1,172 | 34,856 | ||||||
Credit Suisse Group AG* | 12,716 | 149,937 | ||||||
Dufry AG* | 167 | 17,736 | ||||||
EMS-Chemie Holding AG | 41 | 22,017 | ||||||
Ferguson PLC | 1,085 | 69,404 | ||||||
Geberit AG | 174 | 67,785 | ||||||
Givaudan SA | 46 | 113,268 | ||||||
Glencore PLC* | 57,324 | 211,939 | ||||||
Julius Baer Group Ltd.* | 1,118 | 45,132 | ||||||
Kuehne + Nagel International AG | 221 | 31,080 | ||||||
LafargeHolcim Ltd.* | 2,236 | 100,246 | ||||||
Lonza Group AG* | 400 | 129,283 | ||||||
Nestle SA | 14,844 | 1,265,020 | ||||||
Novartis AG | 10,786 | 982,027 | ||||||
Pargesa Holding SA | 225 | 15,574 | ||||||
Partners Group Holding AG | 86 | 56,341 | ||||||
Roche Holding AG | 3,485 | 903,822 | ||||||
Schindler Holding AG | 91 | 17,252 | ||||||
Schindler Holding AG Participation Certificates | 209 | 41,840 | ||||||
SGS SA | 27 | 63,943 | ||||||
Sika AG | 592 | 73,300 | ||||||
Sonova Holding AG | 296 | 47,805 | ||||||
STMicroelectronics NV | 3,708 | 54,278 | ||||||
Straumann Holding AG | 50 | 30,579 | ||||||
Swatch Group AG — Bearer | 160 | 47,613 | ||||||
Swatch Group AG — Registered | 218 | 12,754 | ||||||
Swiss Life Holding AG* | 167 | 65,510 | ||||||
Swiss Prime Site AG* | 458 | 37,775 | ||||||
Swiss Re AG | 1,529 | 139,669 | ||||||
Swisscom AG | 125 | 59,969 | ||||||
Temenos AG* | 267 | 33,059 | ||||||
UBS Group AG* | 19,176 | 259,026 | ||||||
Vifor Pharma AG | 213 | 26,256 | ||||||
Zurich Insurance Group AG | 734 | 230,328 | ||||||
|
| |||||||
6,040,989 | ||||||||
|
| |||||||
Taiwan — 2.7% | ||||||||
Acer, Inc.* | 17,786 | 11,491 | ||||||
Advantech Co. Ltd. | 1,569 | 11,894 | ||||||
Airtac International Group | 674 | 7,090 | ||||||
ASE Technology Holding Co. Ltd.* | 15,965 | 32,343 | ||||||
Asia Cement Corp. | 10,870 | 11,893 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Asustek Computer, Inc. | 3,260 | $ | 23,073 | |||||
AU Optronics Corp. | 47,334 | 19,286 | ||||||
Catcher Technology Co. Ltd. | 3,195 | 27,436 | ||||||
Cathay Financial Holding Co. Ltd. | 36,939 | 58,224 | ||||||
Chailease Holding Co. Ltd. | 4,596 | 14,339 | ||||||
Chang Hwa Commercial Bank Ltd. | 20,386 | 11,582 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 9,864 | 13,610 | ||||||
Chicony Electronics Co. Ltd. | 2,301 | 4,505 | ||||||
China Development Financial Holding Corp. | 89,151 | 28,944 | ||||||
China Life Insurance Co. Ltd. | 7,632 | 7,248 | ||||||
China Steel Corp. | 60,300 | 46,985 | ||||||
Chunghwa Telecom Co. Ltd. | 18,508 | 64,294 | ||||||
Compal Electronics, Inc. | 22,656 | 12,946 | ||||||
CTBC Financial Holding Co. Ltd. | 92,330 | 61,301 | ||||||
Delta Electronics, Inc. | 9,816 | 41,429 | ||||||
E.Sun Financial Holding Co. Ltd. | 51,742 | 34,941 | ||||||
Eclat Textile Co. Ltd. | 1,282 | 16,107 | ||||||
Eva Airways Corp. | 9,753 | 5,098 | ||||||
Far Eastern New Century Corp. | 15,480 | 14,298 | ||||||
Far EasTone Telecommunications Co. Ltd. | 9,510 | 22,384 | ||||||
Feng TAY Enterprise Co. Ltd. | 2,000 | 12,727 | ||||||
First Financial Holding Co. Ltd. | 52,802 | 34,200 | ||||||
Formosa Chemicals & Fibre Corp. | 17,373 | 60,069 | ||||||
Formosa Petrochemical Corp. | 7,186 | 26,013 | ||||||
Formosa Plastics Corp. | 20,069 | 65,156 | ||||||
Foxconn Technology Co. Ltd. | 4,346 | 8,776 | ||||||
Fubon Financial Holding Co. Ltd. | 28,415 | 45,019 | ||||||
Giant Manufacturing Co. Ltd. | 1,930 | 8,960 | ||||||
Globalwafers Co. Ltd. | 905 | 10,754 | ||||||
Hiwin Technologies Corp. | 1,299 | 10,143 | ||||||
Hon Hai Precision Industry Co. Ltd. | 61,197 | 142,852 | ||||||
Hotai Motor Co. Ltd. | 1,948 | 14,989 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 45,100 | 25,697 | ||||||
Innolux Corp. | 47,530 | 15,817 | ||||||
Inventec Corp. | 14,260 | 10,231 | ||||||
Largan Precision Co. Ltd. | 474 | 51,860 | ||||||
Lite-On Technology Corp. | 9,488 | 12,599 | ||||||
MediaTek, Inc. | 6,773 | 52,224 | ||||||
Mega Financial Holding Co. Ltd. | 55,352 | 46,005 | ||||||
Nan Ya Plastics Corp. | 23,957 | 57,790 | ||||||
Nanya Technology Corp. | 5,175 | 10,249 | ||||||
Nien Made Enterprise Co. Ltd. | 681 | 4,986 | ||||||
Novatek Microelectronics Corp. | 2,659 | 11,222 | ||||||
Pegatron Corp. | 10,424 | 17,700 | ||||||
Phison Electronics Corp. | 778 | 6,340 | ||||||
Pou Chen Corp. | 11,671 | 12,693 | ||||||
Powertech Technology, Inc. | 1,651 | 3,875 | ||||||
President Chain Store Corp. | 2,636 | 27,214 | ||||||
Quanta Computer, Inc. | 12,859 | 20,853 | ||||||
Realtek Semiconductor Corp. | 1,659 | 7,621 | ||||||
Ruentex Development Co. Ltd. | 2,590 | 4,116 | ||||||
Shin Kong Financial Holding Co. Ltd. | 38,426 | 13,037 | ||||||
SinoPac Financial Holdings Co. Ltd. | 54,160 | 18,726 | ||||||
Standard Foods Corp. | 2,815 | 4,464 | ||||||
Synnex Technology International Corp. | 8,003 | 9,419 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
TaiMed Biologics, Inc.* | 607 | $ | 3,173 | |||||
Taishin Financial Holding Co. Ltd. | 46,993 | 20,673 | ||||||
Taiwan Business Bank | 19,217 | 6,582 | ||||||
Taiwan Cement Corp. | 23,400 | 26,210 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 52,839 | 30,707 | ||||||
Taiwan High Speed Rail Corp. | 17,497 | 17,553 | ||||||
Taiwan Mobile Co. Ltd. | 7,836 | 27,730 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 122,748 | 898,647 | ||||||
Tatung Co. Ltd.* | 9,000 | 11,834 | ||||||
Uni-President Enterprises Corp. | 26,540 | 62,211 | ||||||
United Microelectronics Corp. | 71,534 | 26,824 | ||||||
Vanguard International Semiconductor Corp. | 4,963 | 10,441 | ||||||
Walsin Technology Corp. | 1,605 | 9,770 | ||||||
Win Semiconductors Corp. | 1,380 | 5,668 | ||||||
Winbond Electronics Corp. | 13,183 | 6,420 | ||||||
Wistron Corp. | 9,143 | 5,803 | ||||||
WPG Holdings Ltd. | 11,063 | 13,469 | ||||||
Yageo Corp. | 1,247 | 14,979 | ||||||
Yuanta Financial Holding Co. Ltd. | 61,053 | 31,120 | ||||||
Zhen Ding Technology Holding Ltd. | 2,211 | 5,621 | ||||||
|
| |||||||
2,722,572 | ||||||||
|
| |||||||
Thailand — 0.5% | ||||||||
Advanced Info Service PCL, NVDR | 4,400 | 23,881 | ||||||
Airports of Thailand PCL, NVDR | 25,500 | 49,430 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 400 | 325 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 16,500 | 4,440 | ||||||
Berli Jucker PCL, NVDR | 6,000 | 9,624 | ||||||
Central Pattana PCL, NVDR | 4,400 | 10,135 | ||||||
Charoen Pokphand Foods PCL, NVDR | 12,300 | 9,350 | ||||||
CP ALL PCL, NVDR | 24,100 | 50,014 | ||||||
Electricity Generating PCL, NVDR | 200 | 1,460 | ||||||
Home Product Center PCL, NVDR | 100 | 46 | ||||||
Indorama Ventures PCL, NVDR | 14,700 | 24,137 | ||||||
IRPC PCL, NVDR | 170,876 | 31,694 | ||||||
Kasikornbank PCL, NVDR | 11,700 | 68,839 | ||||||
Krung Thai Bank PCL, NVDR | 21,400 | 13,144 | ||||||
Land & Houses PCL, NVDR | 14,600 | 4,484 | ||||||
PTT Exploration & Production PCL, NVDR | 7,100 | 28,497 | ||||||
PTT Global Chemical PCL, NVDR | 14,800 | 35,326 | ||||||
PTT PCL, NVDR | 57,200 | 85,659 | ||||||
Robinson PCL, NVDR | 700 | 1,431 | ||||||
Siam Cement PCL | 700 | 9,408 | ||||||
Siam Cement PCL, NVDR | 1,000 | 13,440 | ||||||
Siam Commercial Bank PCL, NVDR | 8,700 | 36,771 | ||||||
Thai Oil PCL, NVDR | 8,700 | 20,105 | ||||||
True Corp. PCL, NVDR | 21,300 | 3,789 | ||||||
|
| |||||||
535,429 | ||||||||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Turkey — 0.2% | ||||||||
Akbank T.A.S | 10,578 | $ | 15,540 | |||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 679 | 2,753 | ||||||
Arcelik AS | 1,409 | 4,227 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 982 | 5,029 | ||||||
BIM Birlesik Magazalar AS | 1,018 | 16,498 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 6,965 | 10,139 | ||||||
Ford Otomotiv Sanayi AS | 240 | 2,488 | ||||||
Haci Omer Sabanci Holding AS | 6,069 | 9,580 | ||||||
KOC Holding AS | 4,131 | 12,185 | ||||||
Petkim Petrokimya Holding AS | 3,650 | 3,710 | ||||||
TAV Havalimanlari Holding AS | 1,528 | 6,869 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 841 | 20,146 | ||||||
Turk Hava Yollari AO* | 2,585 | 8,428 | ||||||
Turkcell Iletisim Hizmetleri AS | 4,786 | 11,648 | ||||||
Turkiye Garanti Bankasi AS | 11,405 | 18,090 | ||||||
Turkiye Halk Bankasi AS | 4,711 | 6,514 | ||||||
Turkiye Is Bankasi AS, Class C | 8,399 | 6,862 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 8,341 | 8,047 | ||||||
|
| |||||||
168,753 | ||||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 10,840 | 23,166 | ||||||
Aldar Properties PJSC | 32,967 | 14,360 | ||||||
DAMAC Properties Dubai Co. PJSC | 8,458 | 4,306 | ||||||
DP World Ltd. | 864 | 14,135 | ||||||
Dubai Islamic Bank PJSC | 2,217 | 3,163 | ||||||
Emaar Development PJSC | 3,883 | 5,233 | ||||||
Emaar Malls PJSC | 7,289 | 3,572 | ||||||
Emaar Properties PJSC | 14,485 | 17,746 | ||||||
Emirates Telecommunications Group Co. PJSC | 8,559 | 38,727 | ||||||
First Abu Dhabi Bank PJSC | 13,553 | 50,181 | ||||||
NMC Health PLC | 470 | 19,751 | ||||||
|
| |||||||
194,340 | ||||||||
|
| |||||||
United Kingdom — 9.7% | ||||||||
3i Group PLC | 4,714 | 50,073 | ||||||
Admiral Group PLC | 1,347 | 35,770 | ||||||
Anglo American PLC | 5,241 | 104,596 | ||||||
Ashtead Group PLC | 2,439 | 54,668 | ||||||
Associated British Foods PLC | 1,740 | 53,745 | ||||||
AstraZeneca PLC | 6,302 | 491,212 | ||||||
Auto Trader Group PLC, 144A | 4,534 | 25,328 | ||||||
Aviva PLC | 18,328 | 95,052 | ||||||
Babcock International Group PLC | 1,263 | 9,141 | ||||||
BAE Systems PLC | 15,889 | 99,471 | ||||||
Barclays PLC | 85,127 | 176,680 | ||||||
Barratt Developments PLC | 5,057 | 29,783 | ||||||
Berkeley Group Holdings PLC | 624 | 25,651 | ||||||
BP PLC | 99,386 | 658,538 | ||||||
British American Tobacco PLC | 11,170 | 391,415 | ||||||
British Land Co. PLC REIT | 4,693 | 33,763 | ||||||
BT Group PLC | 41,956 | 140,071 | ||||||
Bunzl PLC | 1,688 | 51,966 | ||||||
Burberry Group PLC | 2,065 | 46,745 | ||||||
Centrica PLC | 28,069 | 49,269 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
CNH Industrial NV | 4,714 | $ | 45,896 | |||||
Coca-Cola European Partners PLC | 1,028 | 49,899 | ||||||
Compass Group PLC | 7,879 | 168,517 | ||||||
ConvaTec Group PLC, 144A | 6,785 | 13,137 | ||||||
Croda International PLC | 616 | 38,273 | ||||||
Diageo PLC | 12,245 | 440,554 | ||||||
Direct Line Insurance Group PLC | 7,327 | 30,623 | ||||||
easyJet PLC | 986 | 13,977 | ||||||
Experian PLC | 4,631 | 112,503 | ||||||
Fiat Chrysler Automobiles NV* | 5,400 | 89,084 | ||||||
G4S PLC | 7,593 | 18,765 | ||||||
GlaxoSmithKline PLC | 24,675 | 509,862 | ||||||
Hammerson PLC REIT | 3,638 | 17,894 | ||||||
Hargreaves Lansdown PLC | 1,403 | 33,994 | ||||||
HSBC Holdings PLC | 97,983 | 829,406 | ||||||
Imperial Brands PLC | 4,693 | 144,119 | ||||||
Informa PLC | 5,509 | 48,521 | ||||||
InterContinental Hotels Group PLC | 925 | 49,504 | ||||||
International Consolidated Airlines Group SA | 3,153 | 25,201 | ||||||
Intertek Group PLC | 759 | 45,427 | ||||||
ITV PLC | 18,332 | 33,918 | ||||||
J Sainsbury PLC | 8,601 | 33,427 | ||||||
John Wood Group PLC | 3,164 | 25,601 | ||||||
Johnson Matthey PLC | 903 | 33,645 | ||||||
Kingfisher PLC | 11,329 | 36,090 | ||||||
Land Securities Group PLC REIT | 3,465 | 35,905 | ||||||
Legal & General Group PLC | 26,704 | 83,333 | ||||||
Lloyds Banking Group PLC | 353,871 | 249,628 | ||||||
London Stock Exchange Group PLC | 1,503 | 77,239 | ||||||
Marks & Spencer Group PLC | 7,654 | 28,547 | ||||||
Meggitt PLC | 4,026 | 26,584 | ||||||
Melrose Industries PLC | 21,751 | 48,947 | ||||||
Merlin Entertainments PLC, 144A | 2,985 | 12,784 | ||||||
Micro Focus International PLC | 2,169 | 42,535 | ||||||
Mondi Ltd. | 623 | 13,711 | ||||||
Mondi PLC | 1,949 | 42,455 | ||||||
National Grid PLC | 16,901 | 179,373 | ||||||
Next PLC | 707 | 44,153 | ||||||
Pearson PLC | 4,021 | 49,362 | ||||||
Persimmon PLC | 1,521 | 36,824 | ||||||
Prudential PLC | 13,254 | 260,172 | ||||||
Reckitt Benckiser Group PLC | 3,180 | 263,872 | ||||||
RELX PLC | 8,573 | 178,336 | ||||||
Rio Tinto Ltd. | 1,914 | 102,514 | ||||||
Rio Tinto PLC | 5,795 | 262,805 | ||||||
Rolls-Royce Holdings PLC — Entitlement*(c) | 430,192 | 548 | ||||||
Rolls-Royce Holdings PLC* | 8,164 | 88,383 | ||||||
Royal Bank of Scotland Group PLC | 22,169 | 61,639 | ||||||
Royal Mail PLC | 3,568 | 14,540 | ||||||
RSA Insurance Group PLC | 4,781 | 33,056 | ||||||
Sage Group PLC | 5,278 | 39,102 | ||||||
Schroders PLC | 583 | 18,773 | ||||||
Segro PLC REIT | 6,038 | 46,409 | ||||||
Severn Trent PLC | 1,278 | 29,801 | ||||||
Smith & Nephew PLC | 4,295 | 77,988 | ||||||
Smiths Group PLC | 2,063 | 36,527 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
SSE PLC | 5,657 | $ | 78,968 | |||||
St James’s Place PLC | 2,708 | 34,696 | ||||||
Standard Chartered PLC | 13,972 | 108,496 | ||||||
Standard Life Aberdeen PLC | 13,714 | 46,379 | ||||||
Taylor Wimpey PLC | 16,081 | 27,458 | ||||||
Tesco PLC | 48,704 | 122,601 | ||||||
Unilever NV | 7,625 | 423,026 | ||||||
Unilever PLC | 5,626 | 304,212 | ||||||
United Utilities Group PLC | 3,345 | 32,411 | ||||||
Vodafone Group PLC | 132,903 | 286,101 | ||||||
Weir Group PLC | 1,226 | 23,027 | ||||||
Whitbread PLC | 909 | 53,258 | ||||||
Wm Morrison Supermarkets PLC | 10,114 | 30,621 | ||||||
WPP PLC | 5,878 | 64,848 | ||||||
|
| |||||||
9,632,721 | ||||||||
|
| |||||||
United States (e) — 0.4% | ||||||||
Bausch Health Cos., Inc.* | 1,565 | 38,034 | ||||||
Carnival PLC | 923 | 53,549 | ||||||
Nexteer Automotive Group Ltd. | 4,093 | 6,162 | ||||||
Shire PLC | 4,422 | 256,379 | ||||||
|
| |||||||
354,124 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 92,062,721 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.3% | ||||||||
Brazil — 0.7% | ||||||||
Banco Bradesco SA | 17,315 | 172,210 | ||||||
Braskem SA, Class A | 922 | 12,918 | ||||||
Cia Brasileira de Distribuicao | 620 | 13,373 | ||||||
Cia Energetica de Minas Gerais | 4,223 | 13,880 | ||||||
Gerdau SA | 5,081 | 20,340 | ||||||
Itau Unibanco Holding SA | 24,107 | 224,550 | ||||||
Itausa — Investimentos Itau SA | 21,428 | 68,379 | ||||||
Lojas Americanas SA | 2,903 | 14,796 | ||||||
Petroleo Brasileiro SA | 19,614 | 129,137 | ||||||
Telefonica Brasil SA | 1,944 | 23,130 | ||||||
|
| |||||||
692,713 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 471 | 20,881 | ||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 2,709 | 26,989 | ||||||
Grupo Aval Acciones y Valores SA | 19,154 | 6,130 | ||||||
Grupo de Inversiones Suramericana SA | 15 | 142 | ||||||
|
| |||||||
33,261 | ||||||||
|
| |||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 183 | 13,280 | ||||||
FUCHS PETROLUB SE | 380 | 15,728 | ||||||
Henkel AG & Co. KGaA | 833 | 96,096 | ||||||
Porsche Automobil Holding SE | 775 | 49,572 | ||||||
Sartorius AG | 163 | 20,686 | ||||||
Volkswagen AG | 977 | 164,694 | ||||||
|
| |||||||
360,056 | ||||||||
|
|
Number | Value | |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC | 35,096 | $ | 19,774 | |||||
Transneft PJSC | 3 | 7,854 | ||||||
|
| |||||||
27,628 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp. | 60 | 4,823 | ||||||
Hyundai Motor Co. | 122 | 7,161 | ||||||
Hyundai Motor Co. — 2nd Preferred | 150 | 9,340 | ||||||
LG Chem Ltd. | 29 | 5,058 | ||||||
Samsung Electronics Co. Ltd. | 4,254 | 128,081 | ||||||
|
| |||||||
154,463 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,289,002 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
China — 0.0% | ||||||||
Fosun International Ltd.*, expires 12/11/18 | 38 | 0 | ||||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Taiwan Cement Corp.*, expires 12/08/18 | 732 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS | 0 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.4% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g) | 1,428,629 | 1,428,629 | ||||||
|
| |||||||
CASH EQUIVALENTS — 5.3% | ||||||||
DWS ESG Liquidity Fund “Institutional Shares”, 2.31% (f) | 3,504,188 | 3,504,188 | ||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (f) | 1,809,316 | 1,809,316 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 5,313,504 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.7% (Cost $101,778,461) | $ | 100,093,856 | ||||||
Other assets and liabilities, net — (0.7%) | (731,972 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 99,361,884 | ||||||
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS — 0.09% |
| |||||||||||||||||||||||||||||||
Germany — 0.09% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (d) |
| |||||||||||||||||||||||||||||||
123,481 | 34,336 | (50,141) | (39,749) | 21,236 | — | — | 9,768 | 89,163 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.4% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g) |
| |||||||||||||||||||||||||||||||
3,240,329 | — | (1,811,700) | (h) | — | — | 8,829 | — | 1,428,629 | 1,428,629 | |||||||||||||||||||||||
CASH EQUIVALENTS — 5.3% |
| |||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Institutional Shares”, 2.31% (f) |
| |||||||||||||||||||||||||||||||
— | 3,504,188 | — | — | — | 4,188 | — | 3,504,188 | 3,504,188 | ||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (f) |
| |||||||||||||||||||||||||||||||
— | 12,099,916 | (10,290,600) | — | — | 14,456 | — | 1,809,316 | 1,809,316 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
3,363,810 | 15,638,440 | (12,152,441) | (39,749) | 21,236 | 27,473 | — | 6,751,901 | 6,831,296 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $1,464,569, which is 1.5% 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 listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index. |
(f) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(g) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $256,533. |
(h) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Private Joint Stock Company |
QSC: | Qatari Shareholders Company |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
MINI S&P/TSX 60 Futures | CAD | 6 | $ | 217,888 | $ | 206,081 | 12/20/2018 | $ | (7,770 | ) | ||||||||||||||
MSCI EAFE Futures | USD | 35 | 3,372,280 | 3,178,525 | 12/21/2018 | (193,755 | ) | |||||||||||||||||
MSCI Emerging Markets Index Futures | USD | 12 | 609,865 | 599,760 | 12/21/2018 | (10,105 | ) | |||||||||||||||||
SGX NIFTY 50 Futures | USD | 104 | 2,215,658 | 2,269,280 | 12/27/2018 | 53,622 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (158,008 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
As of November 30, 2018, 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 | 12/3/2018 | IDR | 924,092 | USD | 65 | $ | — | $ | — | |||||||||||||
Goldman Sachs & Co. | 12/5/2018 | AED | 562,900 | USD | 153,233 | — | (12 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | AUD | 507,400 | USD | 359,752 | — | (11,139 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | AUD | 5,076,700 | USD | 3,599,238 | — | (111,642 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | AUD | 1,530,500 | USD | 1,085,025 | — | (33,714 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | BRL | 6,103,300 | USD | 1,638,382 | 60,486 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | BRL | 1,006,000 | USD | 270,212 | 10,129 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | BRL | 406,900 | USD | 109,194 | 3,997 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CAD | 7,140,000 | USD | 5,439,959 | 65,246 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CAD | 592,000 | USD | 451,046 | 5,411 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | CAD | 1,916,300 | USD | 1,459,938 | 17,422 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CHF | 5,164,600 | USD | 5,149,666 | — | (23,100 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CHF | 387,600 | USD | 386,432 | — | (1,781 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CHF | 162,000 | USD | 161,507 | — | (749 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | CHF | 578,100 | USD | 576,204 | — | (2,810 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CLP | 173,053,400 | USD | 248,592 | — | (9,075 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CLP | 13,480,400 | USD | 19,364 | — | (707 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CNH | 410,400 | USD | 58,752 | — | (287 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | COP | 350,708,100 | USD | 108,717 | 306 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | COP | 23,380,500 | USD | 7,243 | 16 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CZK | 1,161,500 | USD | 50,764 | 127 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | DKK | 8,327,500 | USD | 1,268,141 | 4,233 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | DKK | 521,000 | USD | 79,334 | 259 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | EGP | 632,000 | USD | 34,936 | — | (297 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | EUR | 7,450,300 | USD | 8,462,706 | 23,599 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | EUR | 11,752,000 | USD | 13,349,132 | 37,402 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | EUR | 2,106,600 | USD | 2,392,360 | 6,171 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | GBP | 2,791,100 | USD | 3,571,226 | 13,492 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | GBP | 6,797,200 | USD | 8,697,174 | 32,981 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | GBP | 680,000 | USD | 869,972 | 3,195 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | HKD | 29,695,900 | USD | 3,791,902 | — | (4,145 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | HKD | 39,400,700 | USD | 5,031,525 | — | (5,093 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | HUF | 6,983,200 | USD | 24,387 | — | (52 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | HUF | 16,042,500 | USD | 56,043 | — | (101 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | IDR | 2,065,448,400 | USD | 135,262 | — | (9,045 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | IDR | 5,661,765,900 | USD | 370,486 | — | (25,085 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | ILS | 765,700 | USD | 206,260 | 271 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | INR | 9,389,700 | USD | 126,461 | — | (8,185 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | INR | 471,000 | USD | 6,341 | — | (413 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | JPY | 586,311,200 | USD | 5,207,096 | 39,178 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 228,960,800 | USD | 2,033,465 | 15,337 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | JPY | 248,008,500 | USD | 2,202,191 | 16,171 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | JPY | 1,050,482,300 | USD | 9,329,742 | 70,484 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | KRW | 1,392,761,200 | USD | 1,223,437 | — | (19,276 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | KRW | 3,095,293,500 | USD | 2,718,675 | — | (43,150 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | MXN | 5,122,800 | USD | 251,722 | 229 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | MXN | 968,700 | USD | 47,596 | 40 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | MXN | 9,408,000 | USD | 462,287 | 420 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | MYR | 2,850,700 | USD | 681,415 | 198 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | NOK | 2,627,600 | USD | 313,054 | 7,255 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | NOK | 276,700 | USD | 32,965 | 762 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | NOK | 2,007,700 | USD | 239,188 | 5,533 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | NZD | 278,000 | USD | 181,595 | — | (9,517 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | NZD | 13,300 | USD | 8,688 | — | (456 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | PHP | 14,028,800 | USD | 261,648 | — | (5,890 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | PHP | 935,300 | USD | 17,450 | — | (387 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | PLN | 102,700 | USD | 26,826 | — | (268 | ) |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | PLN | 91,500 | USD | 23,907 | $ | — | $ | (233 | ) | ||||||||||||
The Bank of Nova Scotia | 12/5/2018 | PLN | 1,270,000 | USD | 331,718 | — | (3,332 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | QAR | 903,900 | USD | 247,102 | — | (1,136 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | RUB | 55,330,600 | USD | 838,156 | 12,895 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | RUB | 10,926,000 | USD | 165,506 | 2,544 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | SEK | 1,371,600 | USD | 150,474 | — | (278 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | SEK | 1,093,600 | USD | �� | 119,968 | — | (229 | ) | |||||||||||||
The Bank of Nova Scotia | 12/5/2018 | SEK | 16,176,100 | USD | 1,773,948 | — | (3,958 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | SGD | 311,000 | USD | 224,719 | — | (1,995 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | SGD | 1,005,900 | USD | 726,867 | — | (6,417 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | TRY | 959,400 | USD | 167,589 | — | (15,878 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | TWD | 97,010,300 | USD | 3,143,561 | — | (7,337 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | TWD | 6,351,400 | USD | 205,767 | — | (527 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 145,599 | AED | 534,800 | — | (5 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 7,649 | AED | 28,100 | 1 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 201,851 | AUD | 276,400 | 187 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 166,126 | AUD | 231,000 | 2,726 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 3,707,260 | AUD | 5,076,700 | 3,620 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 252,547 | AUD | 344,200 | — | (950 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 866,296 | AUD | 1,186,300 | 846 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 100,414 | BRL | 375,800 | — | (3,258 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,477,988 | BRL | 5,727,500 | 2,752 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 364,422 | BRL | 1,412,900 | 857 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 343,109 | CAD | 451,300 | — | (3,388 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 327,631 | CAD | 430,000 | — | (3,943 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 4,564,710 | CAD | 6,066,700 | 2,065 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 146,551 | CAD | 192,000 | — | (2,021 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 445,432 | CAD | 592,000 | 202 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 1,441,803 | CAD | 1,916,300 | 713 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 135,827 | CHF | 136,000 | 388 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 308,251 | CHF | 307,800 | 36 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 4,724,287 | CHF | 4,720,800 | 3,978 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 549,957 | CHF | 549,600 | 512 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 578,476 | CHF | 578,100 | 538 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 13,982 | CLP | 9,326,700 | — | (95 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 243,346 | CLP | 163,726,700 | 434 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 20,027 | CLP | 13,480,400 | 44 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 59,000 | CNH | 410,400 | 38 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 5,913 | COP | 18,704,400 | — | (131 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 102,526 | COP | 332,003,700 | 102 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 7,223 | COP | 23,380,500 | 5 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 50,651 | CZK | 1,161,500 | — | (14 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 60,471 | DKK | 394,800 | — | (550 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 144,979 | DKK | 952,000 | — | (489 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,059,172 | DKK | 6,980,700 | 326 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 79,049 | DKK | 521,000 | 26 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 35,268 | EGP | 632,000 | — | (34 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,114,811 | EUR | 975,500 | — | (9,842 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 5,294,591 | EUR | 4,675,800 | 1,784 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 680,055 | EUR | 596,000 | — | (4,954 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,366,521 | EUR | 1,203,000 | — | (3,859 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 13,306,202 | EUR | 11,752,000 | 5,529 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 2,385,198 | EUR | 2,106,600 | 991 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 628,029 | GBP | 489,300 | — | (4,332 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,320,714 | GBP | 1,818,800 | — | (2,343 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 237,529 | GBP | 183,000 | — | (4,264 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 383,882 | GBP | 300,000 | — | (1,481 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 8,672,547 | GBP | 6,797,200 | — | (8,354 | ) |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 867,612 | GBP | 680,000 | $ | — | $ | (836 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 391,931 | HKD | 3,066,300 | 36 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 200,900 | HKD | 1,570,000 | — | (206 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 791,838 | HKD | 6,200,000 | 712 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,410,022 | HKD | 18,859,600 | 814 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 5,034,751 | HKD | 39,400,700 | 1,867 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 4,089 | HUF | 1,151,300 | — | (60 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 20,385 | HUF | 5,831,900 | 25 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 56,075 | HUF | 16,042,500 | 70 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 117,099 | IDR | 1,679,087,700 | 213 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 26,585 | IDR | 386,360,700 | 409 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 396,649 | IDR | 5,661,765,900 | — | (1,078 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 195,081 | ILS | 727,400 | 605 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 10,361 | ILS | 38,300 | — | (57 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 127,721 | INR | 8,896,700 | — | (144 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 6,862 | INR | 493,000 | 208 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 6,759 | INR | 471,000 | — | (5 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,092,462 | JPY | 123,000,000 | — | (8,304 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 868,046 | JPY | 97,813,900 | — | (5,885 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,915,332 | JPY | 331,012,300 | 2,307 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 305,369 | JPY | 34,485,000 | — | (1,408 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 2,016,387 | JPY | 228,960,800 | 1,740 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 2,184,135 | JPY | 248,008,500 | 1,885 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 9,252,009 | JPY | 1,050,482,300 | 7,249 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 327,478 | KRW | 373,354,000 | 5,653 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 725,327 | KRW | 813,672,200 | 685 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 183,574 | KRW | 205,735,000 | — | (4 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 2,760,894 | KRW | 3,095,293,500 | 931 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 38,394 | MXN | 775,000 | — | (347 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 213,660 | MXN | 4,347,800 | — | (213 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 47,604 | MXN | 968,700 | — | (48 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 462,331 | MXN | 9,408,000 | — | (464 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 34,010 | MYR | 142,500 | 43 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 646,873 | MYR | 2,708,200 | 291 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 276,886 | NOK | 2,382,000 | 330 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 29,104 | NOK | 245,600 | — | (522 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 32,163 | NOK | 276,700 | 39 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 233,375 | NOK | 2,007,700 | 281 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 10,049 | NZD | 14,600 | — | (12 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 180,934 | NZD | 263,400 | 142 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 9,136 | NZD | 13,300 | 7 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 253,205 | PHP | 13,280,600 | 65 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 14,231 | PHP | 748,200 | 38 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 17,832 | PHP | 935,300 | 5 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 19,376 | PLN | 73,200 | — | (64 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 7,783 | PLN | 29,500 | — | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 24,141 | PLN | 91,500 | — | (1 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 335,057 | PLN | 1,270,000 | — | (7 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 12,412 | QAR | 45,200 | 2 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 235,054 | QAR | �� | 858,700 | 770 | — | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 50,120 | RUB | 3,312,800 | — | (709 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 776,936 | RUB | 52,017,800 | — | (1,085 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 163,099 | RUB | 10,926,000 | — | (137 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 138,778 | SEK | 1,265,000 | 257 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 11,714 | SEK | 106,600 | 2 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 120,170 | SEK | 1,093,600 | 27 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 96,584 | SEK | 868,800 | — | (1,095 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 1,681,918 | SEK | 15,307,300 | 499 | — |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 47,970 | SGD | 65,800 | $ | — | $ | (3 | ) | ||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 178,718 | SGD | 245,200 | 29 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 733,167 | SGD | 1,005,900 | 117 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 8,917 | TRY | 48,000 | 262 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 173,412 | TRY | 911,400 | 876 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,613,462 | TWD | 80,622,700 | 5,166 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 148,972 | TWD | 4,577,600 | — | (291 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 382,671 | TWD | 11,810,000 | 918 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 206,248 | TWD | 6,351,400 | 46 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 77,710 | ZAR | 1,088,100 | 755 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,386,546 | ZAR | 19,228,400 | 55 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 168,153 | ZAR | 2,493,000 | 11,622 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 104,198 | ZAR | 1,445,000 | 4 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | ZAR | 22,809,500 | USD | 1,538,558 | — | (106,285 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | ZAR | 1,445,000 | USD | 97,462 | — | (6,740 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | THB | 19,299,400 | USD | 582,623 | — | (4,355 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | USD | 556,515 | THB | 18,334,400 | 1,113 | — | |||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | USD | 29,367 | THB | 965,000 | — | (17 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | AUD | 276,400 | USD | 201,952 | — | (194 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | AUD | 5,076,700 | USD | 3,708,986 | — | (3,875 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | AUD | 1,186,300 | USD | 866,705 | — | (900 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | BRL | 5,727,500 | USD | 1,476,084 | — | (2,249 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | BRL | 1,412,900 | USD | 363,943 | — | (742 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CAD | 6,066,700 | USD | 4,568,852 | — | (1,942 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CAD | 592,000 | USD | 445,838 | — | (188 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CAD | 150,000 | USD | 112,963 | — | (51 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CAD | 1,916,300 | USD | 1,443,138 | — | (647 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CHF | 4,720,800 | USD | 4,741,473 | — | (3,930 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CHF | 549,600 | USD | 551,907 | — | (557 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CHF | 75,000 | USD | 75,321 | — | (70 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CHF | 578,100 | USD | 580,527 | — | (586 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CLP | 163,726,700 | USD | 243,328 | — | (497 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CLP | 13,480,400 | USD | 20,029 | — | (46 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CNH | 410,400 | USD | 58,940 | — | (36 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | COP | 332,003,700 | USD | 102,372 | — | (81 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | COP | 23,380,500 | USD | 7,211 | — | (4 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CZK | 1,161,500 | USD | 50,741 | — | (73 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | DKK | 6,980,700 | USD | 1,062,641 | — | (358 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | DKK | 521,000 | USD | 79,306 | — | (30 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | EUR | 4,675,800 | USD | 5,310,783 | — | (2,238 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 11,752,000 | USD | 13,346,746 | — | (6,825 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | EUR | 2,106,600 | USD | 2,392,423 | — | (1,265 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | EUR | 160,000 | USD | 181,725 | — | (79 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | GBP | 1,818,800 | USD | 2,325,174 | 2,337 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | GBP | 6,797,200 | USD | 8,688,793 | 7,912 | — | |||||||||||||||
RBC Capital Markets | 1/4/2019 | GBP | 680,000 | USD | 869,275 | 829 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | HKD | 18,859,600 | USD | 2,412,716 | — | (245 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | HKD | 5,000,000 | USD | 639,470 | — | (247 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | HKD | 39,400,700 | USD | 5,038,807 | — | (2,252 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | HUF | 5,831,900 | USD | 20,439 | — | (35 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | HUF | 16,042,500 | USD | 56,233 | — | (86 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | IDR | 1,679,087,700 | USD | 116,757 | — | (40 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | IDR | 5,661,765,900 | USD | 394,989 | 1,156 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | ILS | 727,400 | USD | 195,425 | — | (704 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | INR | 8,896,700 | USD | 127,264 | 133 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | INR | 471,000 | USD | 6,737 | 6 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | KRW | 813,672,200 | USD | 726,039 | — | (811 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | KRW | 3,095,293,500 | USD | 2,763,606 | — | (1,408 | ) |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | MXN | 4,347,800 | USD | 212,697 | $ | 255 | $ | — | |||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | MXN | 968,700 | USD | 47,391 | 58 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | MXN | 9,408,000 | USD | 460,212 | 517 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | MYR | 2,708,200 | USD | 646,179 | — | (813 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | NOK | 2,382,000 | USD | 277,307 | — | (338 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | NOK | 276,700 | USD | 32,213 | — | (39 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | NOK | 2,007,700 | USD | 233,730 | — | (287 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | NZD | 263,400 | USD | 181,024 | — | (142 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | NZD | 13,300 | USD | 9,140 | — | (8 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | PHP | 13,280,600 | USD | 252,867 | 100 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | PHP | 935,300 | USD | 17,802 | — | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | PLN | 29,500 | USD | 7,788 | — | (1 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | PLN | 91,500 | USD | 24,158 | — | (1 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | PLN | 1,270,000 | USD | 335,314 | — | (10 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | SEK | 106,600 | USD | 11,753 | — | (2 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | SEK | 1,093,600 | USD | 120,565 | — | (29 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | SEK | 15,307,300 | USD | 1,687,108 | — | (855 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | SGD | 245,200 | USD | 178,795 | — | (56 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | SGD | 1,005,900 | USD | 733,517 | — | (197 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | THB | 18,334,400 | USD | 556,684 | — | (1,614 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | TRY | 911,400 | USD | 170,471 | — | (775 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | TWD | 80,622,700 | USD | 2,619,406 | — | (6,245 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | TWD | 6,351,400 | USD | 206,738 | — | (109 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | USD | 79,266 | GBP | 62,000 | — | (84 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | USD | 83,220 | MXN | 1,700,000 | — | (154 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | ZAR | 19,228,400 | USD | 1,381,445 | — | (26 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | ZAR | 1,445,000 | USD | 103,824 | 7 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | AED | 534,800 | USD | 145,575 | — | (5 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | JPY | 331,012,300 | USD | 2,925,434 | — | (2,202 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/7/2019 | JPY | 228,960,800 | USD | 2,023,408 | — | (1,634 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/7/2019 | JPY | 248,008,500 | USD | 2,191,662 | — | (1,847 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/7/2019 | JPY | 40,000,000 | USD | 353,511 | — | (269 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/7/2019 | JPY | 1,050,482,300 | USD | 9,284,103 | — | (6,882 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | QAR | 858,700 | USD | 234,990 | — | (814 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/8/2019 | EGP | 632,000 | USD | 34,956 | 88 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/10/2019 | RUB | 52,017,800 | USD | 773,654 | 1,326 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/10/2019 | RUB | 10,926,000 | USD | 162,450 | 227 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 548,610 | $ | (621,114 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CNH | Chinese yuan |
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 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
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, 2018 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 (i) | $ | 92,035,738 | $ | — | $ | 26,983 | $ | 92,062,721 | ||||||||
Preferred Stocks (i) | 1,289,002 | — | — | 1,289,002 | ||||||||||||
Rights (i) | 0 | — | — | 0 | ||||||||||||
Short-Term Investments (i) | 6,742,133 | — | — | 6,742,133 | ||||||||||||
Derivatives (j) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 548,610 | — | 548,610 | ||||||||||||
Futures Contracts | 53,622 | — | — | 53,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 100,120,495 | $ | 548,610 | $ | 26,983 | $ | 100,696,088 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (j) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (621,114 | ) | $ | — | $ | (621,114 | ) | ||||||
Futures Contracts | (211,630 | ) | — | — | (211,630 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (211,630 | ) | $ | (621,114 | ) | $ | — | $ | (832,744 | ) | |||||
|
|
|
|
|
|
|
|
(i) | See Schedule of Investments for additional detailed categorizations. |
(j) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $39,144 and between Level 3 and Level 1 was $2,974. 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.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 90.1% | ||||||||
Australia — 16.8% | ||||||||
AGL Energy Ltd. | 494 | $ | 6,792 | |||||
Alumina Ltd. | 1,993 | 3,248 | ||||||
Amcor Ltd. | 864 | 8,481 | ||||||
AMP Ltd. | 2,271 | 4,034 | ||||||
APA Group (a) | 902 | 5,802 | ||||||
Aristocrat Leisure Ltd. | 445 | 7,695 | ||||||
ASX Ltd. | 148 | 6,522 | ||||||
Aurizon Holdings Ltd. | 1,492 | 4,591 | ||||||
AusNet Services | 1,362 | 1,538 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,113 | 41,390 | ||||||
Bank of Queensland Ltd. | 298 | 2,163 | ||||||
Bendigo & Adelaide Bank Ltd. | 349 | 2,724 | ||||||
BHP Billiton Ltd. | 2,475 | 55,517 | ||||||
BlueScope Steel Ltd. | 406 | 3,332 | ||||||
Boral Ltd. | 888 | 3,310 | ||||||
Brambles Ltd. | 1,135 | 8,520 | ||||||
Caltex Australia Ltd. | 217 | 4,366 | ||||||
Challenger Ltd. | 407 | 2,832 | ||||||
CIMIC Group Ltd. | 73 | 2,166 | ||||||
Coca-Cola Amatil Ltd. | 430 | 2,715 | ||||||
Cochlear Ltd. | 44 | 5,444 | ||||||
Coles Group Ltd.* | 882 | 7,549 | ||||||
Commonwealth Bank of Australia | 1,310 | 68,201 | ||||||
Computershare Ltd. | 341 | 4,524 | ||||||
Crown Resorts Ltd. | 278 | 2,377 | ||||||
CSL Ltd. | 348 | 45,122 | ||||||
Dexus REIT | 746 | 5,703 | ||||||
Domino’s Pizza Enterprises Ltd. | 46 | 1,546 | ||||||
Flight Centre Travel Group Ltd. | 42 | 1,500 | ||||||
Fortescue Metals Group Ltd. | 1,237 | 3,617 | ||||||
Goodman Group REIT | 1,196 | 8,960 | ||||||
GPT Group REIT | 1,484 | 5,716 | ||||||
Harvey Norman Holdings Ltd. (b) | 450 | 1,039 | ||||||
Incitec Pivot Ltd. | 1,280 | 3,518 | ||||||
Insurance Australia Group Ltd. | 1,683 | 8,955 | ||||||
LendLease Group (a) | 472 | 4,368 | ||||||
Macquarie Group Ltd. | 245 | 20,489 | ||||||
Medibank Pvt Ltd. | 2,104 | 3,722 | ||||||
Mirvac Group REIT | 2,673 | 4,279 | ||||||
National Australia Bank Ltd. | 2,039 | 36,721 | ||||||
Newcrest Mining Ltd. | 628 | 9,524 | ||||||
Oil Search Ltd. | 1,047 | 5,594 | ||||||
Orica Ltd. | 285 | 3,645 | ||||||
Origin Energy Ltd.* | 1,350 | 6,394 | ||||||
QBE Insurance Group Ltd. | 998 | 8,257 | ||||||
Ramsay Health Care Ltd. | 108 | 4,280 | ||||||
REA Group Ltd. | 41 | 2,280 | ||||||
Santos Ltd. | 1,397 | 5,636 | ||||||
Scentre Group REIT | 3,964 | 11,299 | ||||||
SEEK Ltd. | 255 | 3,444 | ||||||
Sonic Healthcare Ltd. | 305 | 5,083 | ||||||
South32 Ltd. | 3,945 | 8,939 | ||||||
Stockland REIT | 1,832 | 4,874 | ||||||
Suncorp Group Ltd. | 983 | 9,570 | ||||||
Sydney Airport (a) | 766 | 3,807 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Tabcorp Holdings Ltd. | 1,404 | $ | 4,402 | |||||
Telstra Corp. Ltd. | 3,210 | 6,874 | ||||||
TPG Telecom Ltd. | 257 | 1,351 | ||||||
Transurban Group (a) | 1,981 | 16,492 | ||||||
Treasury Wine Estates Ltd. | 539 | 5,574 | ||||||
Vicinity Centres REIT | 2,377 | 4,639 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 74 | 1,418 | ||||||
Wesfarmers Ltd. | 882 | 20,365 | ||||||
Westpac Banking Corp. | 2,538 | 48,175 | ||||||
Woodside Petroleum Ltd. | 716 | 16,254 | ||||||
Woolworths Group Ltd. | 1,009 | 21,328 | ||||||
WorleyParsons Ltd. | 221 | 2,132 | ||||||
|
| |||||||
662,718 | ||||||||
|
| |||||||
China — 25.2% | ||||||||
3SBio, Inc., 144A (b) | 974 | 1,434 | ||||||
51job, Inc., ADR* | 18 | 1,225 | ||||||
58.com, Inc., ADR* | 40 | 2,384 | ||||||
AAC Technologies Holdings, Inc. | 550 | 3,898 | ||||||
Agile Group Holdings Ltd. | 1,929 | 2,618 | ||||||
Agricultural Bank of China Ltd., Class H | 22,638 | 10,243 | ||||||
Air China Ltd., Class H | 1,413 | 1,367 | ||||||
Alibaba Group Holding Ltd., ADR* | 966 | 155,391 | ||||||
Aluminum Corp. of China Ltd., Class H* | 3,344 | 1,197 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 937 | 4,892 | ||||||
ANTA Sports Products Ltd. | 809 | 3,676 | ||||||
Autohome, Inc., ADR | 46 | 3,788 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 1,649 | 1,157 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 1,294 | 794 | ||||||
Baidu, Inc., ADR* | 215 | 40,480 | ||||||
Bank of China Ltd., Class A | 2,000 | 1,040 | ||||||
Bank of China Ltd., Class H | 60,125 | 26,282 | ||||||
Bank of Communications Co. Ltd., Class H | 6,673 | 5,075 | ||||||
BBMG Corp., Class H (b) | 2,000 | 644 | ||||||
BeiGene Ltd., ADR* | 22 | 3,373 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 1,140 | 1,268 | ||||||
BOE Technology Group Co. Ltd., Class A | 200 | 80 | ||||||
BYD Co. Ltd., Class H | 536 | 4,018 | ||||||
BYD Electronic International Co. Ltd. | 483 | 678 | ||||||
CGN Power Co. Ltd., Class H, 144A | 8,157 | 2,023 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 6,245 | 1,676 | ||||||
China CITIC Bank Corp. Ltd., Class H | 7,054 | 4,472 | ||||||
China Coal Energy Co. Ltd., Class H | 1,000 | 400 | ||||||
China Communications Construction Co. Ltd., Class H | 3,356 | 3,260 | ||||||
China Communications Services Corp. Ltd., Class H | 2,329 | 1,944 | ||||||
China Conch Venture Holdings Ltd. | 1,372 | 4,252 | ||||||
China Construction Bank Corp., Class H | 73,708 | 62,836 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 2,000 | 1,242 | ||||||
China Everbright Bank Co. Ltd., Class H | 2,178 | 966 | ||||||
China Evergrande Group (b) | 1,887 | 5,945 | ||||||
China Galaxy Securities Co. Ltd., Class H | 3,526 | 1,893 | ||||||
China Hongqiao Group Ltd. | 1,500 | 930 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 9,778 | $ | 2,012 | |||||
China International Capital Corp. Ltd., Class H, 144A (b) | 800 | 1,521 | ||||||
China Life Insurance Co. Ltd., Class H | 5,641 | 12,113 | ||||||
China Literature Ltd., 144A* | 115 | 603 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,288 | 1,798 | ||||||
China Medical System Holdings Ltd. | 953 | 1,039 | ||||||
China Merchants Bank Co. Ltd., Class A | 100 | 411 | ||||||
China Merchants Bank Co. Ltd., Class H | 2,809 | 11,614 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 1,200 | 1,054 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 5,001 | 3,695 | ||||||
China Molybdenum Co. Ltd., Class H | 489 | 199 | ||||||
China National Building Material Co. Ltd., Class H | 2,861 | 2,227 | ||||||
China Oriental Group Co. Ltd. | 800 | 513 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 1,999 | 7,077 | ||||||
China Petroleum & Chemical Corp., Class H | 19,423 | 16,509 | ||||||
China Railway Construction Corp. Ltd., Class H | 1,465 | 1,876 | ||||||
China Railway Group Ltd., Class H | 3,279 | 3,013 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 1,000 | 707 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 1,448 | 2,128 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,605 | 5,787 | ||||||
China Southern Airlines Co. Ltd., Class H | 1,486 | 1,012 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 600 | 499 | ||||||
China Telecom Corp. Ltd., Class H | 10,002 | 5,382 | ||||||
China Tower Corp. Ltd., Class H, 144A* | 28,000 | 4,151 | ||||||
China United Network Communications Ltd., Class A | 400 | 304 | ||||||
China Vanke Co. Ltd., Class H | 961 | 3,304 | ||||||
China Zhongwang Holdings Ltd. | 1,200 | 554 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 800 | 710 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,802 | 1,053 | ||||||
CIFI Holdings Group Co. Ltd. | 2,130 | 1,067 | ||||||
CITIC Securities Co. Ltd., Class H | 1,866 | 3,482 | ||||||
CNOOC Ltd. | 14,022 | 23,836 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 2,000 | 1,081 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 1,400 | 827 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 1,541 | 626 | ||||||
Country Garden Holdings Co. Ltd. | 6,048 | 7,436 | ||||||
Country Garden Services Holdings Co. | 1,000 | 1,656 | ||||||
CRRC Corp. Ltd., Class H | 3,349 | 3,125 |
Number | Value | |||||||
China (Continued) | ||||||||
CSPC Pharmaceutical Group Ltd. | 3,588 | $ | 7,264 | |||||
Ctrip.com International Ltd., ADR*(b) | 319 | 9,203 | ||||||
Dali Foods Group Co. Ltd., 144A | 1,500 | 1,106 | ||||||
Datang International Power Generation Co. Ltd., Class H | 2,000 | 491 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 1,670 | 1,612 | ||||||
ENN Energy Holdings Ltd. | 574 | 5,154 | ||||||
Fosun International Ltd. | 2,068 | 3,288 | ||||||
Future Land Development Holdings Ltd. (b) | 2,000 | 1,350 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 386 | 1,191 | ||||||
GDS Holdings Ltd., ADR*(b) | 42 | 1,239 | ||||||
Geely Automobile Holdings Ltd. | 3,707 | 7,306 | ||||||
Genscript Biotech Corp.* | 523 | 909 | ||||||
GF Securities Co. Ltd., Class H | 1,317 | 1,953 | ||||||
GOME Retail Holdings Ltd.*(b) | 7,803 | 698 | ||||||
Great Wall Motor Co. Ltd., Class H | 2,394 | 1,530 | ||||||
Greentown China Holdings Ltd. | 500 | 408 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 2,231 | 2,321 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 817 | 1,266 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 462 | 960 | ||||||
Haitong Securities Co. Ltd., Class A | 800 | 1,088 | ||||||
Haitong Securities Co. Ltd., Class H | 2,192 | 2,275 | ||||||
Hengan International Group Co. Ltd. | 548 | 4,479 | ||||||
HengTen Networks Group Ltd.* | 13,230 | 457 | ||||||
Huaneng Power International, Inc., Class H | 4,436 | 2,767 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 4,616 | 1,451 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 1,665 | 2,754 | ||||||
Huaxia Bank Co. Ltd., Class A | 1,000 | 1,122 | ||||||
Huazhu Group Ltd., ADR (b) | 96 | 3,028 | ||||||
Hubei Energy Group Co. Ltd., Class A | 1,700 | 884 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 200 | 154 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 52,351 | 37,202 | ||||||
Industrial Bank Co. Ltd., Class A | 100 | 230 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 800 | 975 | ||||||
JD.com, Inc., ADR*(b) | 495 | 10,509 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 926 | 1,245 | ||||||
Jiangxi Copper Co. Ltd., Class H | 693 | 837 | ||||||
Kaisa Group Holdings Ltd.* | 1,216 | 390 | ||||||
Kingsoft Corp. Ltd. | 633 | 1,058 | ||||||
KWG Group Holdings Ltd.* | 1,000 | 890 | ||||||
Legend Holdings Corp., Class H, 144A | 300 | 884 | ||||||
Lenovo Group Ltd. | 5,474 | 3,953 | ||||||
Logan Property Holdings Co. Ltd. | 2,000 | 2,339 | ||||||
Longfor Group Holdings Ltd. | 1,248 | 3,509 | ||||||
Luye Pharma Group Ltd., 144A | 1,000 | 798 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 2,000 | 920 | ||||||
Meitu, Inc., 144A* | 1,012 | 420 | ||||||
Metallurgical Corp. of China Ltd., Class H | 2,000 | 509 | ||||||
Midea Group Co. Ltd., Class A | 100 | 557 | ||||||
Minth Group Ltd. | 516 | 1,731 | ||||||
Momo, Inc., ADR* | 63 | 1,975 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
NetEase, Inc., ADR | 62 | $ | 14,078 | |||||
New China Life Insurance Co. Ltd., Class H | 621 | 2,718 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 106 | 6,059 | ||||||
Noah Holdings Ltd., ADR* | 21 | 1,022 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 5,790 | 2,494 | ||||||
PetroChina Co. Ltd., Class A | 1,000 | 1,096 | ||||||
PetroChina Co. Ltd., Class H | 15,997 | 11,225 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 5,230 | 5,368 | ||||||
Ping An Bank Co. Ltd., Class A | 100 | 149 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 3,803 | 36,795 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 1,631 | 986 | ||||||
SAIC Motor Corp. Ltd., Class A | 100 | 358 | ||||||
Semiconductor Manufacturing International Corp.* | 2,292 | 2,106 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,428 | 1,341 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 3,304 | 1,123 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 418 | 1,442 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 618 | 834 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 654 | 1,613 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 100 | 154 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 1,700 | 1,087 | ||||||
Shenzhou International Group Holdings Ltd. | 567 | 6,885 | ||||||
Shui On Land Ltd. | 2,278 | 539 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 2,895 | 644 | ||||||
SINA Corp.* | 48 | 3,109 | ||||||
Sino-Ocean Group Holding Ltd. | 2,412 | 1,079 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 1,000 | 927 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 2,817 | 1,278 | ||||||
Sinopharm Group Co. Ltd., Class H | 1,132 | 5,578 | ||||||
Sinotrans Ltd., Class H | 1,518 | 607 | ||||||
SOHO China Ltd.* | 943 | 352 | ||||||
Sunac China Holdings Ltd. (b) | 1,780 | 5,915 | ||||||
Sunny Optical Technology Group Co. Ltd. | 440 | 4,257 | ||||||
TAL Education Group, ADR* | 281 | 7,888 | ||||||
Tencent Holdings Ltd. | 4,333 | 172,788 | ||||||
Tingyi Cayman Islands Holding Corp. | 1,488 | 1,928 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 1,000 | 1,431 | ||||||
TravelSky Technology Ltd., Class H | 707 | 1,902 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 272 | 1,107 | ||||||
Uni-President China Holdings Ltd. | 1,000 | 911 | ||||||
Vipshop Holdings Ltd., ADR* | 310 | 1,789 | ||||||
Want Want China Holdings Ltd. | 4,080 | 3,009 |
Number | Value | |||||||
China (Continued) | ||||||||
Weibo Corp., ADR* | 22 | $ | 1,401 | |||||
Weichai Power Co. Ltd., Class H | 2,603 | 2,795 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 100 | 754 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 461 | 3,865 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 439 | 434 | ||||||
Xinyi Solar Holdings Ltd. | 2,582 | 967 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 2,202 | 1,990 | ||||||
Yihai International Holding Ltd. | 325 | 872 | ||||||
Yum China Holdings, Inc. | 278 | 9,961 | ||||||
Yuzhou Properties Co. Ltd. | 1,000 | 438 | ||||||
YY, Inc., ADR* | 19 | 1,293 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,087 | 913 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 100 | 410 | ||||||
Zhongsheng Group Holdings Ltd. | 356 | 723 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 390 | 2,094 | ||||||
Zijin Mining Group Co. Ltd., Class H | 4,272 | 1,611 | ||||||
ZTE Corp., Class H* | 613 | 1,205 | ||||||
|
| |||||||
993,178 | ||||||||
|
| |||||||
Hong Kong — 12.8% | ||||||||
AIA Group Ltd. | 9,322 | 76,075 | ||||||
Alibaba Health Information Technology | 3,023 | 2,705 | ||||||
Alibaba Pictures Group Ltd.*(b) | 9,422 | 1,469 | ||||||
ASM Pacific Technology Ltd. | 247 | 2,526 | ||||||
Bank of East Asia Ltd. | 887 | 2,987 | ||||||
Beijing Enterprises Holdings Ltd. | 224 | 1,314 | ||||||
Beijing Enterprises Water Group Ltd.* | 3,233 | 1,872 | ||||||
BOC Hong Kong Holdings Ltd. | 2,805 | 10,935 | ||||||
Brilliance China Automotive Holdings Ltd. | 2,292 | 2,027 | ||||||
China Ding Yi Feng Holdings Ltd.* | 700 | 2,040 | ||||||
China Everbright International Ltd. | 3,196 | 2,794 | ||||||
China Everbright Ltd. | 840 | 1,565 | ||||||
China First Capital Group Ltd.* | 2,000 | 971 | ||||||
China Gas Holdings Ltd. | 1,324 | 4,544 | ||||||
China Jinmao Holdings Group Ltd. | 4,022 | 1,928 | ||||||
China Mengniu Dairy Co. Ltd.* | 2,084 | 6,446 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,160 | 2,108 | ||||||
China Mobile Ltd. | 4,449 | 44,154 | ||||||
China Overseas Land & Investment Ltd. | 2,907 | 10,143 | ||||||
China Power International Development Ltd. | 2,000 | 468 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,281 | 4,339 | ||||||
China Resources Cement Holdings Ltd. | 1,382 | 1,349 | ||||||
China Resources Gas Group Ltd. | 674 | 2,718 | ||||||
China Resources Land Ltd. | 2,102 | 7,791 | ||||||
China Resources Power Holdings Co. Ltd. | 1,459 | 2,764 | ||||||
China State Construction International Holdings Ltd. | 1,530 | 1,334 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 621 | 2,056 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,434 | 953 | ||||||
China Travel International Investment Hong Kong Ltd. | 2,112 | 586 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China Unicom Hong Kong Ltd. | 4,539 | $ | 5,262 | |||||
CITIC Ltd. | 3,936 | 6,319 | ||||||
CK Asset Holdings Ltd. | 2,035 | 14,656 | ||||||
CK Hutchison Holdings Ltd. | 2,036 | 21,286 | ||||||
CK Infrastructure Holdings Ltd. | 502 | 3,818 | ||||||
CLP Holdings Ltd. | 1,245 | 13,725 | ||||||
COSCO SHIPPING Ports Ltd. | 1,210 | 1,228 | ||||||
Dairy Farm International Holdings Ltd. | 200 | 1,760 | ||||||
Far East Horizon Ltd. | 1,638 | 1,631 | ||||||
Fullshare Holdings Ltd.*(b) | 5,451 | 2,062 | ||||||
Galaxy Entertainment Group Ltd. | 1,731 | 10,631 | ||||||
Guangdong Investment Ltd. | 1,990 | 3,841 | ||||||
Haier Electronics Group Co. Ltd.* | 1,070 | 2,492 | ||||||
Hang Lung Group Ltd. | 727 | 2,016 | ||||||
Hang Lung Properties Ltd. | 1,535 | 3,108 | ||||||
Hang Seng Bank Ltd. | 571 | 13,180 | ||||||
Henderson Land Development Co. Ltd. | 999 | 5,133 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 2,180 | 2,090 | ||||||
HKT Trust & HKT Ltd. (a) | 2,871 | 4,154 | ||||||
Hong Kong & China Gas Co. Ltd. | 6,999 | 14,116 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 858 | 25,003 | ||||||
Hongkong Land Holdings Ltd. | 900 | 5,859 | ||||||
Hutchison China MediTech Ltd., ADR* | 37 | 1,275 | ||||||
Hysan Development Co. Ltd. | 475 | 2,271 | ||||||
Jardine Matheson Holdings Ltd. | 142 | 9,376 | ||||||
Jardine Strategic Holdings Ltd. | 200 | 7,700 | ||||||
Jiayuan International Group Ltd. | 616 | 1,104 | ||||||
Kerry Properties Ltd. | 492 | 1,688 | ||||||
Kingboard Holdings Ltd. | 635 | 1,814 | ||||||
Kingboard Laminates Holdings Ltd. | 885 | 843 | ||||||
Kunlun Energy Co. Ltd. | 1,966 | 2,380 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,418 | 1,285 | ||||||
Link REIT | 1,679 | 15,987 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 187 | 3,379 | ||||||
MTR Corp. Ltd. | 1,154 | 5,988 | ||||||
New World Development Co. Ltd. | 4,623 | 6,216 | ||||||
Nine Dragons Paper Holdings Ltd. | 451 | 457 | ||||||
NWS Holdings Ltd. | 1,415 | 2,977 | ||||||
PCCW Ltd. | 3,633 | 2,131 | ||||||
Power Assets Holdings Ltd. | 897 | 6,076 | ||||||
Shanghai Industrial Holdings Ltd. | 244 | 532 | ||||||
Shangri-La Asia Ltd. | 950 | 1,348 | ||||||
Shenzhen International Holdings Ltd. | 521 | 1,045 | ||||||
Shimao Property Holdings Ltd. | 1,023 | 2,529 | ||||||
Sino Biopharmaceutical Ltd. | 5,190 | 4,736 | ||||||
Sino Land Co. Ltd. | 2,442 | 4,201 | ||||||
SJM Holdings Ltd. | 1,243 | 1,120 | ||||||
SSY Group Ltd. | 950 | 975 | ||||||
Sun Art Retail Group Ltd. | 1,738 | 1,941 | ||||||
Sun Hung Kai Properties Ltd. | 1,159 | 16,517 | ||||||
Swire Pacific Ltd., Class A | 378 | 4,179 | ||||||
Swire Properties Ltd. | 899 | 3,131 | ||||||
Techtronic Industries Co. Ltd. | 1,043 | 5,612 | ||||||
Towngas China Co. Ltd.* | 827 | 645 | ||||||
WH Group Ltd., 144A | 6,568 | 4,793 | ||||||
Wharf Holdings Ltd. | 926 | 2,480 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Wharf Real Estate Investment Co. Ltd. | 926 | $ | 5,569 | |||||
Wheelock & Co. Ltd. | 616 | 3,535 | ||||||
Yue Yuen Industrial Holdings Ltd. | 563 | 1,637 | ||||||
Yuexiu Property Co. Ltd. | 4,000 | 741 | ||||||
|
| |||||||
506,544 | ||||||||
|
| |||||||
Indonesia — 2.2% | ||||||||
PT Adaro Energy Tbk | 11,783 | 1,059 | ||||||
PT Astra International Tbk | 15,449 | 9,235 | ||||||
PT Bank Central Asia Tbk | 7,478 | 13,620 | ||||||
PT Bank Danamon Indonesia Tbk | 2,232 | 1,159 | ||||||
PT Bank Mandiri Persero Tbk | 14,304 | 7,401 | ||||||
PT Bank Negara Indonesia Persero Tbk | 5,746 | 3,415 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 42,278 | 10,701 | ||||||
PT Bank Tabungan Negara Persero Tbk | 2,895 | 540 | ||||||
PT Bukit Asam Tbk | 2,000 | 562 | ||||||
PT Bumi Serpong Damai Tbk* | 5,822 | 549 | ||||||
PT Charoen Pokphand Indonesia Tbk | 5,409 | 2,250 | ||||||
PT Gudang Garam Tbk | 360 | 2,064 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 8,048 | 2,071 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 2,000 | 1,468 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 1,395 | 1,863 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 1,765 | 1,216 | ||||||
PT Indofood Sukses Makmur Tbk | 3,544 | 1,635 | ||||||
PT Jasa Marga Persero Tbk | 2,336 | 675 | ||||||
PT Kalbe Farma Tbk | 20,806 | 2,218 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 1,000 | 792 | ||||||
PT Pakuwon Jati Tbk | 18,432 | 760 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 8,644 | 1,182 | ||||||
PT Semen Indonesia Persero Tbk | 2,268 | 1,907 | ||||||
PT Surya Citra Media Tbk | 5,129 | 687 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 38,998 | 10,034 | ||||||
PT Tower Bersama Infrastructure Tbk | 1,545 | 433 | ||||||
PT Unilever Indonesia Tbk | 1,113 | 3,288 | ||||||
PT United Tractors Tbk | 1,353 | 2,601 | ||||||
|
| |||||||
85,385 | ||||||||
|
| |||||||
Ireland — 0.1% | ||||||||
James Hardie Industries PLC CDI (c) | 332 | 3,882 | ||||||
|
| |||||||
Macau — 0.3% | ||||||||
MGM China Holdings Ltd. (b) | 759 | 1,296 | ||||||
Sands China Ltd. | 1,901 | 8,225 | ||||||
Wynn Macau Ltd. | 1,231 | 2,797 | ||||||
|
| |||||||
12,318 | ||||||||
|
| |||||||
Malaysia — 2.2% | ||||||||
AirAsia Group Bhd | 1,200 | 883 | ||||||
Alliance Bank Malaysia Bhd | 676 | 662 | ||||||
AMMB Holdings Bhd | 1,200 | 1,222 | ||||||
Astro Malaysia Holdings Bhd | 1,200 | 344 | ||||||
Axiata Group Bhd | 2,036 | 1,766 | ||||||
British American Tobacco Malaysia Bhd | 150 | 1,351 | ||||||
CIMB Group Holdings Bhd | 3,600 | 4,955 | ||||||
Dialog Group Bhd | 2,800 | 2,121 | ||||||
DiGi.Com Bhd | 2,302 | 2,333 | ||||||
FGV Holdings Bhd | 1,500 | 317 | ||||||
Fraser & Neave Holdings Bhd | 100 | 796 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Malaysia (Continued) | ||||||||
Gamuda Bhd | 1,200 | $ | 677 | |||||
Genting Bhd | 1,700 | 2,551 | ||||||
Genting Malaysia Bhd | 2,353 | 1,608 | ||||||
Genting Plantations Bhd | 200 | 454 | ||||||
HAP Seng Consolidated Bhd | 500 | 1,177 | ||||||
Hartalega Holdings Bhd | 900 | 1,377 | ||||||
Hong Leong Bank Bhd | 551 | 2,684 | ||||||
Hong Leong Financial Group Bhd | 225 | 1,037 | ||||||
IHH Healthcare Bhd | 1,476 | 1,894 | ||||||
IJM Corp. Bhd | 2,300 | 896 | ||||||
IOI Corp. Bhd | 1,500 | 1,523 | ||||||
IOI Properties Group Bhd | 1,225 | 477 | ||||||
Kuala Lumpur Kepong Bhd | 500 | 2,927 | ||||||
Malayan Banking Bhd | 3,302 | 7,410 | ||||||
Malaysia Airports Holdings Bhd | 625 | 1,146 | ||||||
Maxis Bhd | 1,501 | 1,948 | ||||||
MISC Bhd | 925 | 1,359 | ||||||
Nestle Malaysia Bhd | 33 | 1,178 | ||||||
Petronas Chemicals Group Bhd | 1,800 | 3,957 | ||||||
Petronas Dagangan Bhd | 100 | 617 | ||||||
Petronas Gas Bhd | 575 | 2,603 | ||||||
PPB Group Bhd | 360 | 1,514 | ||||||
Press Metal Aluminium Holdings Bhd | 900 | 1,024 | ||||||
Public Bank Bhd | 2,226 | 13,257 | ||||||
QL Resources Bhd | 400 | 675 | ||||||
RHB Bank Bhd | 600 | 753 | ||||||
Sime Darby Bhd | 1,746 | 956 | ||||||
Sime Darby Plantation Bhd | 1,746 | 1,961 | ||||||
Sime Darby Property Bhd | 1,746 | 415 | ||||||
SP Setia Bhd Group | 600 | 308 | ||||||
Telekom Malaysia Bhd | 851 | 474 | ||||||
Tenaga Nasional Bhd | 2,200 | 7,487 | ||||||
Top Glove Corp. Bhd | 1,100 | 1,569 | ||||||
Westports Holdings Bhd | 800 | 721 | ||||||
YTL Corp. Bhd | 3,470 | 929 | ||||||
|
| |||||||
88,293 | ||||||||
|
| |||||||
New Zealand — 0.6% | ||||||||
a2 Milk Co. Ltd.* | 551 | 3,920 | ||||||
Auckland International Airport Ltd. | 764 | 3,781 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 382 | 3,493 | ||||||
Fletcher Building Ltd.* | 783 | 2,562 | ||||||
Meridian Energy Ltd. | 979 | 2,224 | ||||||
Ryman Healthcare Ltd. | 296 | 2,358 | ||||||
Spark New Zealand Ltd. | 1,272 | 3,699 | ||||||
|
| |||||||
22,037 | ||||||||
|
| |||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,497 | 1,491 | ||||||
Aboitiz Power Corp. | 1,150 | 695 | ||||||
Alliance Global Group, Inc.* | 3,000 | 654 | ||||||
Ayala Corp. | 215 | 3,901 | ||||||
Ayala Land, Inc. | 6,126 | 4,867 | ||||||
Bank of the Philippine Islands | 845 | 1,515 | ||||||
BDO Unibank, Inc. | 1,429 | 3,549 | ||||||
DMCI Holdings, Inc. | 3,000 | 706 | ||||||
Globe Telecom, Inc. | 25 | 940 |
Number | Value | |||||||
Philippines (Continued) | ||||||||
GT Capital Holdings, Inc. | 62 | $ | 1,050 | |||||
International Container Terminal Services, Inc. | 383 | 683 | ||||||
JG Summit Holdings, Inc. | 2,540 | 2,336 | ||||||
Jollibee Foods Corp. | 348 | 1,848 | ||||||
Manila Electric Co. | 270 | 1,979 | ||||||
Megaworld Corp. | 8,700 | 748 | ||||||
Metro Pacific Investments Corp. | 11,900 | 1,067 | ||||||
Metropolitan Bank & Trust Co. | 229 | 326 | ||||||
PLDT, Inc. | 75 | 1,657 | ||||||
Robinsons Land Corp. | 1,161 | 453 | ||||||
Security Bank Corp. | 120 | 369 | ||||||
SM Investments Corp. | 177 | 3,068 | ||||||
SM Prime Holdings, Inc. | 7,357 | 4,870 | ||||||
Universal Robina Corp. | 700 | 1,709 | ||||||
|
| |||||||
40,481 | ||||||||
|
| |||||||
Singapore — 3.3% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,750 | 3,278 | ||||||
BOC Aviation Ltd., 144A (b) | 171 | 1,318 | ||||||
CapitaLand Commercial Trust REIT | 1,823 | 2,312 | ||||||
CapitaLand Ltd. | 2,051 | 4,664 | ||||||
CapitaLand Mall Trust REIT | 1,801 | 2,954 | ||||||
City Developments Ltd. | 250 | 1,536 | ||||||
ComfortDelGro Corp. Ltd. | 1,700 | 2,602 | ||||||
DBS Group Holdings Ltd. | 1,300 | 23,102 | ||||||
Genting Singapore Ltd. | 4,603 | 3,254 | ||||||
Golden Agri-Resources Ltd. | 5,503 | 983 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 2,566 | ||||||
Keppel Corp. Ltd. | 1,100 | 4,859 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,394 | 19,649 | ||||||
SATS Ltd. | 400 | 1,397 | ||||||
Sembcorp Industries Ltd. | 650 | 1,237 | ||||||
Singapore Airlines Ltd. | 400 | 2,773 | ||||||
Singapore Exchange Ltd. | 650 | 3,468 | ||||||
Singapore Press Holdings Ltd. | 1,150 | 2,213 | ||||||
Singapore Technologies Engineering Ltd. | 1,150 | 2,976 | ||||||
Singapore Telecommunications Ltd. | 6,503 | 14,600 | ||||||
Suntec Real Estate Investment Trust REIT | 1,800 | 2,309 | ||||||
United Overseas Bank Ltd. | 1,017 | 18,644 | ||||||
UOL Group Ltd. | 358 | 1,594 | ||||||
Venture Corp. Ltd. | 200 | 2,174 | ||||||
Wilmar International Ltd. | 1,450 | 3,213 | ||||||
|
| |||||||
129,675 | ||||||||
|
| |||||||
South Korea — 12.4% | ||||||||
Amorepacific Corp. | 24 | 3,693 | ||||||
AMOREPACIFIC Group | 20 | 1,158 | ||||||
BGF retail Co. Ltd. | 6 | 1,041 | ||||||
BNK Financial Group, Inc. | 196 | 1,341 | ||||||
Celltrion Healthcare Co. Ltd.* | 28 | 1,966 | ||||||
Celltrion Pharm, Inc.* | 11 | 650 | ||||||
Celltrion, Inc.* | 59 | 12,606 | ||||||
Cheil Worldwide, Inc. | 53 | 1,109 | ||||||
CJ CheilJedang Corp. | 6 | 1,798 | ||||||
CJ Corp. | 9 | 1,048 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
CJ ENM Co. Ltd. | 9 | $ | 1,871 | |||||
CJ Logistics Corp.* | 5 | 709 | ||||||
Coway Co. Ltd. | 43 | 3,007 | ||||||
Daelim Industrial Co. Ltd. | 21 | 1,776 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 94 | 417 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 26 | 762 | ||||||
DB Insurance Co. Ltd. | 32 | 1,933 | ||||||
DGB Financial Group, Inc. | 126 | 989 | ||||||
Doosan Bobcat, Inc. | 27 | 791 | ||||||
E-MART, Inc. | 15 | 2,609 | ||||||
Fila Korea Ltd. | 34 | 1,541 | ||||||
GS Engineering & Construction Corp. | 44 | 1,711 | ||||||
GS Holdings Corp. | 40 | 1,838 | ||||||
GS Retail Co. Ltd. | 20 | 678 | ||||||
Hana Financial Group, Inc. | 231 | 7,748 | ||||||
Hankook Tire Co. Ltd. | 59 | 2,253 | ||||||
Hanmi Pharm. Co. Ltd. | 5 | 1,974 | ||||||
Hanmi Science Co. Ltd. | 11 | 729 | ||||||
Hanon Systems | 165 | 1,546 | ||||||
Hanwha Chemical Corp. | 82 | 1,383 | ||||||
Hanwha Corp. | 30 | 803 | ||||||
Hanwha Life Insurance Co. Ltd. | 222 | 879 | ||||||
HDC Hyundai DevelopmentCo-Engineering & Construction, Class E* | 16 | 600 | ||||||
HLB, Inc.* | 23 | 1,734 | ||||||
Hotel Shilla Co. Ltd. | 23 | 1,771 | ||||||
Hyundai Department Store Co. Ltd. | 12 | 1,005 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 55 | 2,699 | ||||||
Hyundai Glovis Co. Ltd. | 13 | 1,432 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 29 | 3,415 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 6 | 2,114 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 49 | 1,751 | ||||||
Hyundai Mobis Co. Ltd. | 52 | 8,373 | ||||||
Hyundai Motor Co. | 105 | 10,023 | ||||||
Hyundai Steel Co. | 58 | 2,230 | ||||||
Industrial Bank of Korea | 191 | 2,522 | ||||||
Kakao Corp. | 36 | 3,613 | ||||||
Kangwon Land, Inc. | 88 | 2,532 | ||||||
KB Financial Group, Inc. | 287 | 12,085 | ||||||
KCC Corp. | 5 | 1,244 | ||||||
Kia Motors Corp. | 193 | 5,251 | ||||||
Korea Aerospace Industries Ltd.* | 55 | 1,555 | ||||||
Korea Electric Power Corp. | 207 | 5,485 | ||||||
Korea Gas Corp.* | 21 | 955 | ||||||
Korea Investment Holdings Co. Ltd. | 31 | 1,872 | ||||||
Korea Zinc Co. Ltd. | 7 | 2,657 | ||||||
Korean Air Lines Co. Ltd. | 33 | 939 | ||||||
KT Corp. | 25 | 680 | ||||||
KT&G Corp. | 88 | 8,165 | ||||||
Kumho Petrochemical Co. Ltd. | 14 | 1,152 | ||||||
LG Chem Ltd. | 33 | 10,171 | ||||||
LG Corp. | 73 | 4,702 | ||||||
LG Display Co. Ltd. | 199 | 3,116 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
LG Electronics, Inc. | 78 | $ | 5,045 | |||||
LG Household & Health Care Ltd. | 7 | 7,244 | ||||||
LG Innotek Co. Ltd. | 11 | 979 | ||||||
LG Uplus Corp. | 82 | 1,295 | ||||||
Lotte Chemical Corp. | 14 | 3,403 | ||||||
Lotte Corp.* | 22 | 1,085 | ||||||
Lotte Shopping Co. Ltd. | 8 | 1,538 | ||||||
Medy-Tox, Inc. | 3 | 1,508 | ||||||
Mirae Asset Daewoo Co. Ltd. | 279 | 1,772 | ||||||
NAVER Corp. | 108 | 12,188 | ||||||
NCSoft Corp. | 14 | 6,395 | ||||||
Netmarble Corp., 144A | 20 | 2,328 | ||||||
NH Investment & Securities Co. Ltd. | 108 | 1,334 | ||||||
OCI Co. Ltd. | 12 | 1,119 | ||||||
Orange Life Insurance Ltd., 144A | 23 | 618 | ||||||
Orion Corp. | 15 | 1,492 | ||||||
Ottogi Corp. | 1 | 661 | ||||||
Pan Ocean Co. Ltd.* | 162 | 662 | ||||||
Pearl Abyss Corp.* | 4 | 685 | ||||||
POSCO | 59 | 13,027 | ||||||
POSCO Chemtech Co. Ltd. | 16 | 966 | ||||||
Posco Daewoo Corp. | 54 | 930 | ||||||
S-1 Corp. | 15 | 1,289 | ||||||
Samsung Biologics Co. Ltd., 144A*(d) | 13 | 3,879 | ||||||
Samsung C&T Corp. | 59 | 5,395 | ||||||
Samsung Card Co. Ltd. | 26 | 749 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 46 | 4,945 | ||||||
Samsung Electronics Co. Ltd. | 3,622 | 135,225 | ||||||
Samsung Engineering Co. Ltd.* | 115 | 1,995 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 21 | 5,105 | ||||||
Samsung Heavy Industries Co. Ltd.* | 355 | 2,350 | ||||||
Samsung Life Insurance Co. Ltd. | 53 | 4,090 | ||||||
Samsung SDI Co. Ltd. | 42 | 7,737 | ||||||
Samsung SDS Co. Ltd. | 26 | 4,546 | ||||||
Samsung Securities Co. Ltd. | 49 | 1,362 | ||||||
Shinhan Financial Group Co. Ltd. | 325 | 11,945 | ||||||
Shinsegae Inc. | 6 | 1,558 | ||||||
SillaJen, Inc.* | 44 | 2,775 | ||||||
SK Holdings Co. Ltd. | 24 | 6,027 | ||||||
SK Hynix, Inc. | 435 | 27,009 | ||||||
SK Innovation Co. Ltd. | 50 | 8,765 | ||||||
SK Telecom Co. Ltd. | 17 | 4,390 | ||||||
S-Oil Corp. | 33 | 3,253 | ||||||
ViroMed Co. Ltd.* | 10 | 1,760 | ||||||
Woori Bank | 357 | 4,984 | ||||||
Yuhan Corp. | 6 | 1,218 | ||||||
|
| |||||||
488,825 | ||||||||
|
| |||||||
Taiwan — 10.5% | ||||||||
Acer, Inc.* | 2,218 | 1,433 | ||||||
Advantech Co. Ltd. | 264 | 2,001 | ||||||
Airtac International Group | 62 | 652 | ||||||
ASE Technology Holding Co. Ltd.* | 2,759 | 5,589 | ||||||
Asia Cement Corp. | 1,876 | 2,053 | ||||||
Asustek Computer, Inc. | 536 | 3,794 | ||||||
AU Optronics Corp. | 6,200 | 2,526 | ||||||
Catcher Technology Co. Ltd. | 509 | 4,371 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Cathay Financial Holding Co. Ltd. | 6,143 | $ | 9,683 | |||||
Chailease Holding Co. Ltd. | 792 | 2,471 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,739 | 2,124 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,477 | 2,038 | ||||||
Chicony Electronics Co. Ltd. | 495 | 969 | ||||||
China Airlines Ltd. | 1,778 | 635 | ||||||
China Development Financial Holding Corp. | 10,901 | 3,539 | ||||||
China Life Insurance Co. Ltd. | 1,873 | 1,779 | ||||||
China Steel Corp. | 9,466 | 7,376 | ||||||
Chunghwa Telecom Co. Ltd. | 2,881 | 10,008 | ||||||
Compal Electronics, Inc. | 2,946 | 1,683 | ||||||
CTBC Financial Holding Co. Ltd. | 13,630 | 9,049 | ||||||
Delta Electronics, Inc. | 1,480 | 6,246 | ||||||
E.Sun Financial Holding Co. Ltd. | 7,225 | 4,879 | ||||||
Eclat Textile Co. Ltd. | 134 | 1,684 | ||||||
Eva Airways Corp. | 1,409 | 737 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 1,645 | 622 | ||||||
Far Eastern New Century Corp. | 2,643 | 2,441 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,211 | 2,850 | ||||||
Feng TAY Enterprise Co. Ltd. | 254 | 1,616 | ||||||
First Financial Holding Co. Ltd. | 7,017 | 4,545 | ||||||
Formosa Chemicals & Fibre Corp. | 2,500 | 8,644 | ||||||
Formosa Petrochemical Corp. | 1,060 | 3,837 | ||||||
Formosa Plastics Corp. | 3,138 | 10,188 | ||||||
Formosa Taffeta Co. Ltd. | 861 | 939 | ||||||
Foxconn Technology Co. Ltd. | 698 | 1,410 | ||||||
Fubon Financial Holding Co. Ltd. | 5,043 | 7,990 | ||||||
Giant Manufacturing Co. Ltd. | 213 | 989 | ||||||
Globalwafers Co. Ltd. | 171 | 2,032 | ||||||
Highwealth Construction Corp. | 619 | 943 | ||||||
Hiwin Technologies Corp. | 168 | 1,312 | ||||||
Hon Hai Precision Industry Co. Ltd. | 9,856 | 23,007 | ||||||
Hotai Motor Co. Ltd. | 232 | 1,785 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,232 | 3,551 | ||||||
Innolux Corp. | 6,600 | 2,196 | ||||||
Inventec Corp. | 1,799 | 1,291 | ||||||
Largan Precision Co. Ltd. | 76 | 8,315 | ||||||
Lite-On Technology Corp. | 1,604 | 2,130 | ||||||
MediaTek, Inc. | 1,140 | 8,790 | ||||||
Mega Financial Holding Co. Ltd. | 8,354 | 6,943 | ||||||
Micro-Star International Co. Ltd. | 513 | 1,208 | ||||||
Nan Ya Plastics Corp. | 3,613 | 8,715 | ||||||
Nanya Technology Corp. | 779 | 1,543 | ||||||
Nien Made Enterprise Co. Ltd. | 111 | 813 | ||||||
Novatek Microelectronics Corp. | 468 | 1,975 | ||||||
Pegatron Corp. | 1,463 | 2,484 | ||||||
Phison Electronics Corp. | 123 | 1,002 | ||||||
Pou Chen Corp. | 1,360 | 1,479 | ||||||
Powertech Technology, Inc. | 502 | 1,178 | ||||||
President Chain Store Corp. | 434 | 4,481 | ||||||
Quanta Computer, Inc. | 2,049 | 3,323 | ||||||
Realtek Semiconductor Corp. | 340 | 1,562 | ||||||
Ruentex Development Co. Ltd. | 418 | 664 | ||||||
Ruentex Industries Ltd. | 234 | 691 | ||||||
Shin Kong Financial Holding Co. Ltd. | 8,873 | 3,010 | ||||||
SinoPac Financial Holdings Co. Ltd. | 8,624 | 2,982 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Standard Foods Corp. | 449 | $ | 712 | |||||
Synnex Technology International Corp. | 666 | 784 | ||||||
TaiMed Biologics, Inc.* | 164 | 857 | ||||||
Taishin Financial Holding Co. Ltd. | 7,176 | 3,157 | ||||||
Taiwan Business Bank | 2,664 | 912 | ||||||
Taiwan Cement Corp. | 3,872 | 4,337 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 5,913 | 3,436 | ||||||
Taiwan High Speed Rail Corp. | 1,281 | 1,285 | ||||||
Taiwan Mobile Co. Ltd. | 1,219 | 4,314 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 18,363 | 134,437 | ||||||
Tatung Co. Ltd.* | 1,000 | 1,315 | ||||||
Uni-President Enterprises Corp. | 3,521 | 8,253 | ||||||
United Microelectronics Corp. | 9,255 | 3,470 | ||||||
Vanguard International Semiconductor Corp. | 777 | 1,635 | ||||||
Walsin Technology Corp. | 229 | 1,394 | ||||||
Win Semiconductors Corp. | 240 | 986 | ||||||
Winbond Electronics Corp. | 2,367 | 1,153 | ||||||
Wistron Corp. | 2,021 | 1,283 | ||||||
WPG Holdings Ltd. | 1,791 | 2,181 | ||||||
Yageo Corp. | 179 | 2,150 | ||||||
Yuanta Financial Holding Co. Ltd. | 7,994 | 4,075 | ||||||
Zhen Ding Technology Holding Ltd. | 361 | 918 | ||||||
|
| |||||||
415,839 | ||||||||
|
| |||||||
Thailand — 2.3% | ||||||||
Advanced Info Service PCL, NVDR | 798 | 4,331 | ||||||
Airports of Thailand PCL, NVDR | 2,900 | 5,622 | ||||||
Bangkok Bank PCL, NVDR | 300 | 1,897 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,000 | 2,440 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 6,500 | 1,749 | ||||||
Banpu PCL, NVDR | 2,100 | 1,079 | ||||||
Berli Jucker PCL, NVDR | 1,200 | 1,925 | ||||||
BTS Group Holdings PCL, NVDR | 4,400 | 1,264 | ||||||
Bumrungrad Hospital PCL | 346 | 1,999 | ||||||
Central Pattana PCL, NVDR | 1,100 | 2,534 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,000 | 1,520 | ||||||
CP ALL PCL, NVDR | 3,611 | 7,494 | ||||||
Delta Electronics Thailand PCL, NVDR | 500 | 1,061 | ||||||
Electricity Generating PCL, NVDR | 100 | 730 | ||||||
Energy Absolute PCL, NVDR | 800 | 1,168 | ||||||
Glow Energy PCL, NVDR | 278 | 735 | ||||||
Home Product Center PCL, NVDR | 4,600 | 2,126 | ||||||
Indorama Ventures PCL, NVDR | 826 | 1,356 | ||||||
IRPC PCL, NVDR | 8,563 | 1,588 | ||||||
Kasikornbank PCL, NVDR | 1,400 | 8,237 | ||||||
Krung Thai Bank PCL, NVDR | 3,004 | 1,845 | ||||||
Land & Houses PCL, NVDR | 1,300 | 399 | ||||||
Minor International PCL, NVDR | 1,700 | 1,874 | ||||||
PTT Exploration & Production PCL, NVDR | 1,100 | 4,415 | ||||||
PTT Global Chemical PCL | 1,500 | 3,580 | ||||||
PTT PCL, NVDR | 7,300 | 10,932 | ||||||
Robinson PCL, NVDR | 500 | 1,023 | ||||||
Siam Cement PCL | 100 | 1,344 | ||||||
Siam Cement PCL, NVDR | 200 | 2,688 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Thailand (Continued) | ||||||||
Siam Commercial Bank PCL, NVDR | 1,400 | $ | 5,917 | |||||
Thai Oil PCL, NVDR | 551 | 1,273 | ||||||
Thai Union Group PCL, NVDR | 1,500 | 803 | ||||||
TMB Bank PCL, NVDR | 10,000 | 706 | ||||||
True Corp. PCL, NVDR | 7,600 | 1,352 | ||||||
|
| |||||||
89,006 | ||||||||
|
| |||||||
United Kingdom — 0.4% | ||||||||
Rio Tinto Ltd. | 259 | 13,872 | ||||||
|
| |||||||
United States — 0.0% | ||||||||
Nexteer Automotive Group Ltd. | 641 | 965 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,553,018 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 1.0% | ||||||||
Global X MSCI Pakistan ETF | 270 | 2,606 | ||||||
iShares MSCI Hong Kong ETF (b) | 140 | 3,231 | ||||||
iShares MSCI Taiwan ETF | 350 | 11,655 | ||||||
Xtrackers MSCI All China Equity ETF (e) | 100 | 3,094 | ||||||
Xtrackers MSCI China A Inclusion Equity ETF (e) | 782 | 13,015 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 33,601 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.6% | ||||||||
South Korea — 0.6% | ||||||||
Amorepacific Corp. | 6 | 482 | ||||||
Hyundai Motor Co. | 17 | 998 | ||||||
Hyundai Motor Co. — 2nd Preferred | 27 | 1,681 | ||||||
LG Chem Ltd. | 6 | 1,047 | ||||||
LG Household & Health Care Ltd. | 2 | 1,195 | ||||||
Samsung Electronics Co. Ltd. | 646 | 19,450 | ||||||
|
| |||||||
24,853 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 24,853 | |||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
China — 0.0% | ||||||||
Fosun International Ltd.*, expires 12/11/18 | 5 | $ | 0 | |||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Taiwan Cement Corp.*, expires 12/08/18 | 121 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS | 0 | |||||||
|
| |||||||
WARRANT — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL*, expires 12/29/19 (d) | 488 | 2 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.7% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g) | 27,135 | 27,135 | ||||||
|
| |||||||
CASH EQUIVALENTS — 7.9% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (f) | 312,951 | 312,951 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.3% (Cost $4,000,398) | $ | 3,951,560 | ||||||
Other assets and liabilities, net — (0.3%) | (9,913 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,941,647 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.5% |
| |||||||||||||||||||||||||||||||
Xtrackers MSCI All China Equity ETF (e) | ||||||||||||||||||||||||||||||||
— | 2,924 | — | — | 170 | — | — | 100 | 3,094 | ||||||||||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF (e) |
| |||||||||||||||||||||||||||||||
— | 21,604 | (7,222) | (1,010) | (357) | — | — | 782 | 13,015 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.7% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g) |
| |||||||||||||||||||||||||||||||
5,713 | 21,422 | (h) | — | — | — | 112 | — | 27,135 | 27,135 | |||||||||||||||||||||||
CASH EQUIVALENTS — 7.9% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (f) |
| |||||||||||||||||||||||||||||||
— | 398,418 | (85,467) | �� | — | 864 | — | 312,951 | 312,951 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
5,713 | 444,368 | (92,689) | (1,010) | (187) | 976 | — | 340,968 | 356,195 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
* | 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, 2018 amounted to $52,728, which is 1.3% of net assets. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Investment was valued using significant unobservable inputs. |
(e) | Affiliated fund advised by DBX Advisors LLC. |
(f) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(g) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $27,515. |
(h) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
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, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
SGX NIFTY 50 Futures | USD | 15 | $ | 319,979 | $ | 327,300 | 12/27/2018 | $ | 7,321 |
As of November 30, 2018, 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 | 12/3/2018 | IDR | 184,288 | USD | 13 | $ | — | $ | — | |||||||||||||
The Bank of New York Mellon | 12/5/2018 | AUD | 1,029,500 | USD | 729,890 | — | (22,637 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CNH | 65,000 | USD | 9,307 | — | (43 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CNH | 25,000 | USD | 3,579 | — | (18 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CNH | 56,000 | USD | 8,110 | 54 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | CNH | 57,000 | USD | 8,161 | — | (39 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | HKD | 9,894,900 | USD | 1,263,491 | — | (1,381 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | IDR | 1,151,802,300 | USD | 75,454 | — | (5,019 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | KRW | �� | 16,000,000 | USD | 14,052 | — | (225 | ) | |||||||||||||
The Bank of New York Mellon | 12/5/2018 | KRW | 637,489,000 | USD | 560,085 | — | (8,725 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | MYR | 397,500 | USD | 95,016 | 28 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | NZD | 36,800 | USD | 24,039 | — | (1,260 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | PHP | 2,356,600 | USD | 43,952 | — | (989 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | SGD | 191,200 | USD | 138,155 | — | (1,226 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | TWD | 14,643,500 | USD | 474,514 | — | (1,108 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 41,123 | AUD | 58,000 | 1,273 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 709,453 | AUD | 971,500 | 677 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 9,345 | CNH | 65,000 | 6 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 11,645 | CNH | 81,000 | 8 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 8,195 | CNH | 57,000 | 5 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,109,055 | HKD | 8,678,900 | 374 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 155,276 | HKD | 1,216,000 | 166 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 80,557 | IDR | 1,151,802,300 | — | (84 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 14,276 | KRW | 16,000,000 | 1 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 500,154 | KRW | 561,173,000 | 561 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 66,944 | KRW | 76,316,000 | 1,150 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 5,018 | MYR | 21,000 | — | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 89,930 | MYR | 376,500 | 41 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 25,279 | NZD | 36,800 | 20 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 40,069 | PHP | 2,101,600 | 10 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 4,777 | PHP | 255,000 | 86 | — |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 10,838 | SGD | 15,000 | $ | 96 | $ | — | |||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 128,426 | SGD | 176,200 | 21 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 416,496 | TWD | 12,848,500 | 823 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 58,156 | TWD | 1,795,000 | 145 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | THB | 3,066,600 | USD | 92,577 | — | (692 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | USD | 5,434 | THB | 180,000 | 41 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | USD | 87,619 | THB | 2,886,600 | 175 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | AUD | 971,500 | USD | 709,807 | — | (703 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CNH | 65,000 | USD | 9,332 | — | (9 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CNH | 81,000 | USD | 11,633 | — | (7 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | CNH | 57,000 | USD | 8,185 | — | (6 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | HKD | 8,678,900 | USD | 1,110,295 | — | (113 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | HKD | 750,000 | USD | 95,921 | — | (37 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | IDR | 1,151,802,300 | USD | 80,355 | 235 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | IDR | 96,427,000 | USD | 6,716 | 9 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | KRW | 16,000,000 | USD | 14,290 | — | (3 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | KRW | 561,173,000 | USD | 500,667 | — | (626 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | KRW | 8,000,000 | USD | 7,142 | — | (4 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | MYR | 376,500 | USD | 89,833 | — | (113 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | NZD | 36,800 | USD | 25,291 | — | (20 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | PHP | 2,101,600 | USD | 40,015 | 16 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | SGD | 4,000 | USD | 2,917 | — | (1 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | SGD | 176,200 | USD | 128,482 | — | (40 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | THB | 2,886,600 | USD | 87,645 | — | (254 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | TWD | 72,000 | USD | 2,341 | — | (4 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | TWD | 12,848,500 | USD | 417,444 | — | (995 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | USD | 3,653 | AUD | 5,000 | 4 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | USD | 3,435 | NZD | 5,000 | 4 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 6,029 | $ | (46,381 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AUD | Australian Dollar |
CNH | Chinese Yuan |
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 exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF(Continued)
November 30, 2018 (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, 2018 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 (i) | $ | 3,549,139 | $ | — | $ | 3,879 | $ | 3,553,018 | ||||||||
Exchange-Traded Fund | 33,601 | — | — | 33,601 | ||||||||||||
Preferred Stock | 24,853 | — | — | 24,853 | ||||||||||||
Rights (i) | 0 | — | — | 0 | ||||||||||||
Warrant | — | — | 2 | 2 | ||||||||||||
Short-Term Investments (i) | 340,086 | — | — | 340,086 | ||||||||||||
Derivatives (j) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 6,029 | — | 6,029 | ||||||||||||
Futures Contracts | 7,321 | — | — | 7,321 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,955,000 | $ | 6,029 | $ | 3,881 | $ | 3,964,910 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (j) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (46,381 | ) | $ | — | $ | (46,381 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (46,381 | ) | $ | — | $ | (46,381 | ) | ||||||
|
|
|
|
|
|
|
|
(i) | See Schedule of Investments for additional detailed categorizations. |
(j) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $4,843 and between Level 3 and Level 1 was $1,337. 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.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.6% | ||||||||
Australia — 0.0% | ||||||||
MMG Ltd.* | 54,181 | $ | 26,869 | |||||
|
| |||||||
Brazil — 4.4% | ||||||||
Ambev SA | 115,753 | 506,476 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda | 7,955 | 34,766 | ||||||
B2W Cia Digital* | 4,308 | 42,634 | ||||||
B3 SA — Brasil Bolsa Balcao | 49,460 | 360,686 | ||||||
Banco Bradesco SA | 23,483 | 203,981 | ||||||
Banco do Brasil SA | 20,501 | 236,607 | ||||||
Banco Santander Brasil SA | 10,381 | 114,682 | ||||||
BB Seguridade Participacoes SA | 15,101 | 110,592 | ||||||
BR Malls Participacoes SA | 20,143 | 67,768 | ||||||
BRF SA* | 11,885 | 68,138 | ||||||
CCR SA | 29,666 | 99,654 | ||||||
Centrais Eletricas Brasileiras SA* | 5,401 | 34,121 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 8,525 | 62,234 | ||||||
Cia Siderurgica Nacional SA* | 14,875 | 34,120 | ||||||
Cielo SA | 33,306 | 81,995 | ||||||
Cosan SA | 4,064 | 36,216 | ||||||
Embraer SA | 15,467 | 87,194 | ||||||
Engie Brasil Energia SA | 4,065 | 45,212 | ||||||
Equatorial Energia SA | 3,787 | 71,137 | ||||||
Fibria Celulose SA | 5,623 | 106,469 | ||||||
Hypera SA | 7,800 | 64,748 | ||||||
IRB Brasil Resseguros S/A | 2,251 | 43,571 | ||||||
JBS SA | 20,407 | 62,113 | ||||||
Klabin SA | 20,647 | 89,433 | ||||||
Kroton Educacional SA | 31,507 | 85,550 | ||||||
Localiza Rent a Car SA | 10,731 | 74,676 | ||||||
Lojas Renner SA | 17,264 | 174,560 | ||||||
M Dias Branco SA | 2,549 | 26,637 | ||||||
Magazine Luiza SA | 1,764 | 75,099 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 6,301 | 37,819 | ||||||
Natura Cosmeticos SA | 4,302 | 45,512 | ||||||
Petrobras Distribuidora SA | 7,824 | 49,469 | ||||||
Petroleo Brasileiro SA | 69,752 | 507,402 | ||||||
Porto Seguro SA | 2,810 | 37,685 | ||||||
Raia Drogasil SA | 5,416 | 87,017 | ||||||
Rumo SA* | 24,886 | 112,235 | ||||||
Sul America SA | 4,760 | 33,112 | ||||||
Suzano Papel e Celulose SA | 10,063 | 106,407 | ||||||
TIM Participacoes SA | 21,142 | 64,842 | ||||||
Ultrapar Participacoes SA | 8,274 | 101,098 | ||||||
Vale SA | 76,284 | 1,041,581 | ||||||
WEG SA | 24,221 | 111,616 | ||||||
|
| |||||||
5,436,864 | ||||||||
|
| |||||||
Chile — 0.9% | ||||||||
Aguas Andinas SA, Class A | 65,217 | 37,627 | ||||||
Banco de Chile | 638,918 | 92,428 | ||||||
Banco de Credito e Inversiones SA | 1,060 | 69,242 | ||||||
Banco Santander Chile | 1,533,746 | 118,954 | ||||||
Cencosud SA | 35,707 | 66,275 | ||||||
Cia Cervecerias Unidas SA | 3,662 | 47,900 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Colbun SA | 196,832 | $ | 41,146 | |||||
Empresa Nacional de Telecomunicaciones SA | 3,758 | 30,664 | ||||||
Empresas CMPC SA | 28,866 | 99,823 | ||||||
Empresas COPEC SA | 8,979 | 121,250 | ||||||
Enel Americas SA | 677,190 | 117,535 | ||||||
Enel Chile SA | 660,276 | 64,108 | ||||||
Itau CorpBanca | 3,834,353 | 36,675 | ||||||
Latam Airlines Group SA | 6,169 | 63,311 | ||||||
SACI Falabella | 20,677 | 153,667 | ||||||
|
| |||||||
1,160,605 | ||||||||
|
| |||||||
China — 26.2% | ||||||||
3SBio, Inc., 144A (a) | 38,883 | 57,251 | ||||||
51job, Inc., ADR* | 585 | 39,827 | ||||||
58.com, Inc., ADR* | 2,114 | 125,973 | ||||||
AAC Technologies Holdings, Inc. | 17,371 | 123,111 | ||||||
AECC Aviation Power Co. Ltd., Class A | 600 | 2,029 | ||||||
Agile Group Holdings Ltd. | 35,976 | 48,832 | ||||||
Agricultural Bank of China Ltd., Class A | 49,400 | 25,398 | ||||||
Agricultural Bank of China Ltd., Class H | 692,208 | 313,192 | ||||||
Air China Ltd., Class A | 1,000 | 1,178 | ||||||
Air China Ltd., Class H | 45,541 | 44,063 | ||||||
Aisino Corp., Class A | 500 | 1,775 | ||||||
Alibaba Group Holding Ltd., ADR* | 31,119 | 5,005,802 | ||||||
Aluminum Corp. of China Ltd., Class H* | 98,386 | 35,210 | ||||||
Angang Steel Co. Ltd., Class A | 1,000 | 795 | ||||||
Angang Steel Co. Ltd., Class H (a) | 23,028 | 18,807 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,000 | 4,581 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 33,498 | 174,897 | ||||||
ANTA Sports Products Ltd. | 24,555 | 111,571 | ||||||
Anxin Trust Co. Ltd., Class A | 1,400 | 990 | ||||||
Autohome, Inc., ADR (a) | 1,365 | 112,394 | ||||||
AVIC Aircraft Co. Ltd., Class A | 700 | 1,511 | ||||||
Avic Capital Co. Ltd., Class A | 2,300 | 1,520 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 48,361 | 33,934 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 39,291 | 24,105 | ||||||
Baidu, Inc., ADR* | 6,733 | 1,267,689 | ||||||
Bank of Beijing Co. Ltd., Class A | 3,900 | 3,331 | ||||||
Bank of China Ltd., Class A | 41,100 | 21,367 | ||||||
Bank of China Ltd., Class H | 1,907,203 | 833,670 | ||||||
Bank of Communications Co. Ltd., Class A | 28,500 | 24,011 | ||||||
Bank of Communications Co. Ltd., Class H | 207,261 | 157,618 | ||||||
Bank of Guiyang Co. Ltd., Class A | 600 | 959 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 1,260 | 1,401 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 2,879 | 2,645 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,100 | 2,111 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,300 | 3,166 | ||||||
Bank of Shanghai Co. Ltd., Class A | 2,800 | 4,625 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 3,600 | 3,484 | ||||||
Baozun, Inc., ADR*(a) | 1,085 | 38,268 | ||||||
BBMG Corp., Class A | 2,100 | 1,043 | ||||||
BBMG Corp., Class H (a) | 50,793 | 16,360 | ||||||
Beijing Capital Co. Ltd., Class A | 1,102 | 548 |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Beijing Capital International Airport Co. Ltd., Class H | 37,485 | $ | 41,682 | |||||
Beijing Dabeinong Technology Group Co. Ltd., Class A (b) | 1,100 | 535 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 200 | 827 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 300 | 1,257 | ||||||
BOE Technology Group Co. Ltd., Class A | 35,400 | 14,173 | ||||||
BYD Co. Ltd., Class A | 500 | 4,104 | ||||||
BYD Co. Ltd., Class H | 14,781 | 110,801 | ||||||
BYD Electronic International Co. Ltd. | 15,152 | 21,264 | ||||||
CAR, Inc.* | 16,940 | 14,896 | ||||||
CGN Power Co. Ltd., Class H, 144A | 264,543 | 65,595 | ||||||
Changjiang Securities Co. Ltd., Class A | 1,400 | 1,139 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 219,959 | 59,038 | ||||||
China CITIC Bank Corp. Ltd., Class A | 1,400 | 1,143 | ||||||
China CITIC Bank Corp. Ltd., Class H | 212,477 | 134,699 | ||||||
China Coal Energy Co. Ltd., Class H | 43,338 | 17,337 | ||||||
China Communications Construction Co. Ltd., Class A | 700 | 1,193 | ||||||
China Communications Construction Co. Ltd., Class H | 105,867 | 102,836 | ||||||
China Communications Services Corp. Ltd., Class H | 61,662 | 51,464 | ||||||
China Conch Venture Holdings Ltd. | 38,172 | 118,312 | ||||||
China Construction Bank Corp., Class A | 2,400 | 2,298 | ||||||
China Construction Bank Corp., Class H | 2,296,862 | 1,958,087 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 2,000 | 1,512 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 29,804 | 18,513 | ||||||
China Everbright Bank Co. Ltd., Class A | 36,300 | 20,127 | ||||||
China Everbright Bank Co. Ltd., Class H | 68,522 | 30,390 | ||||||
China Evergrande Group (a) | 61,387 | 193,404 | ||||||
China Film Co. Ltd., Class A | 500 | 994 | ||||||
China Fortune Land Development Co. Ltd., Class A | 700 | 2,571 | ||||||
China Galaxy Securities Co. Ltd., Class H | 83,555 | 44,853 | ||||||
China Gezhouba Group Co. Ltd., Class A | 1,200 | 1,108 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 1,400 | 857 | ||||||
China Hongqiao Group Ltd. | 48,500 | 30,065 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 227,705 | 46,856 | ||||||
China International Capital Corp. Ltd., Class H, 144A (a) | 23,568 | 44,823 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 300 | 477 | ||||||
China International Travel Service Corp. Ltd., Class A | 500 | 3,975 | ||||||
China Life Insurance Co. Ltd., Class A | 700 | 2,175 | ||||||
China Life Insurance Co. Ltd., Class H | 178,056 | 382,329 | ||||||
China Literature Ltd., 144A* | 3,928 | 20,584 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 79,130 | 62,200 | ||||||
China Medical System Holdings Ltd. | 31,018 | 33,817 |
Number | Value | |||||||
China (Continued) | ||||||||
China Merchants Bank Co. Ltd., Class A | 10,263 | $ | 42,197 | |||||
China Merchants Bank Co. Ltd., Class H | 92,433 | 382,184 | ||||||
China Merchants Securities Co. Ltd., Class A | 1,400 | 2,770 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,700 | 4,612 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 26,100 | 22,928 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 157,039 | 116,013 | ||||||
China Molybdenum Co. Ltd., Class A | 1,800 | 1,029 | ||||||
China Molybdenum Co. Ltd., Class H | 85,351 | 34,799 | ||||||
China National Building Material Co. Ltd., Class H | 91,196 | 70,985 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 1,200 | 978 | ||||||
China National Nuclear Power Co. Ltd., Class A | 3,300 | 2,528 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 900 | 1,261 | ||||||
China Oilfield Services Ltd., Class H (a) | 35,271 | 32,909 | ||||||
China Oriental Group Co. Ltd. | 26,000 | 16,682 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,600 | 7,233 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 61,681 | 218,375 | ||||||
China Petroleum & Chemical Corp., Class A | 4,100 | 3,484 | ||||||
China Petroleum & Chemical Corp., Class H | 623,304 | 529,777 | ||||||
China Railway Construction Corp. Ltd., Class A | 2,900 | 4,590 | ||||||
China Railway Construction Corp. Ltd., Class H | 49,185 | 62,990 | ||||||
China Railway Group Ltd., Class H | 99,716 | 91,636 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 33,851 | 23,926 | ||||||
China Reinsurance Group Corp., Class H | 138,860 | 28,929 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 39,215 | 57,640 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 200 | 707 | ||||||
China Shenhua Energy Co. Ltd., Class H | 80,814 | 179,518 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A | 400 | 1,316 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 500 | 827 | ||||||
China Southern Airlines Co. Ltd., Class A | 1,800 | 1,840 | ||||||
China Southern Airlines Co. Ltd., Class H | 45,312 | 30,868 | ||||||
China Spacesat Co. Ltd., Class A | 300 | 746 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 29,940 | 24,879 | ||||||
China Telecom Corp. Ltd., Class H | 334,747 | 180,123 | ||||||
China Tower Corp. Ltd., Class H, 144A* | 928,910 | 137,722 | ||||||
China United Network Communications Ltd., Class A | 25,796 | 19,615 | ||||||
China Vanke Co. Ltd., Class A | 6,500 | 23,814 |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
China Vanke Co. Ltd., Class H | 27,312 | $ | 93,902 | |||||
China Yangtze Power Co. Ltd., Class A | 10,400 | 21,493 | ||||||
China Zhongwang Holdings Ltd. | 34,675 | 15,999 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 300 | 515 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,000 | 887 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 63,831 | 37,284 | ||||||
CIFI Holdings Group Co. Ltd. | 77,209 | 38,683 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 1,000 | 550 | ||||||
CITIC Securities Co. Ltd., Class A | 2,500 | 6,074 | ||||||
CITIC Securities Co. Ltd., Class H | 50,865 | 94,917 | ||||||
CNOOC Ltd. | 445,445 | 757,211 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 2,000 | 674 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 24,366 | 13,173 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 1,900 | 1,122 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 57,569 | 23,398 | ||||||
Country Garden Holdings Co. Ltd. | 177,562 | 218,321 | ||||||
Country Garden Services Holdings Co. Ltd.* | 31,024 | 51,389 | ||||||
CRRC Corp. Ltd., Class A | 3,700 | 4,652 | ||||||
CRRC Corp. Ltd., Class H | 103,549 | 96,614 | ||||||
CSPC Pharmaceutical Group Ltd. | 121,454 | 245,888 | ||||||
Ctrip.com International Ltd., ADR* | 10,035 | 289,510 | ||||||
Dali Foods Group Co. Ltd., 144A | 45,035 | 33,212 | ||||||
Daqin Railway Co. Ltd., Class A | 3,700 | 4,108 | ||||||
Datang International Power Generation Co. Ltd., Class H | 60,957 | 14,959 | ||||||
DHC Software Co. Ltd., Class A | 800 | 819 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 200 | 1,307 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 67,657 | 65,288 | ||||||
Dongxing Securities Co. Ltd., Class A | 600 | 906 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 1,400 | 948 | ||||||
ENN Energy Holdings Ltd. | 17,213 | 154,552 | ||||||
Everbright Securities Co. Ltd., Class A | 1,000 | 1,437 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 400 | 1,052 | ||||||
Financial Street Holdings Co. Ltd., Class A | 800 | 781 | ||||||
First Capital Securities Co. Ltd., Class A | 900 | 706 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 3,120 | 2,584 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 600 | 5,476 | ||||||
Fosun International Ltd. | 58,931 | 93,699 | ||||||
Founder Securities Co. Ltd., Class A | 2,100 | 1,654 | ||||||
Future Land Development Holdings | 43,338 | 29,246 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 500 | 1,571 |
Number | Value | |||||||
China (Continued) | ||||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 12,602 | $ | 38,898 | |||||
GDS Holdings Ltd., ADR*(a) | 1,357 | 40,018 | ||||||
Geely Automobile Holdings Ltd. | 116,567 | 229,737 | ||||||
Gemdale Corp., Class A | 1,100 | 1,507 | ||||||
Genscript Biotech Corp.* | 17,599 | 30,591 | ||||||
GF Securities Co. Ltd., Class A | 1,500 | 2,912 | ||||||
GF Securities Co. Ltd., Class H | 34,297 | 50,849 | ||||||
Giant Network Group Co. Ltd., Class A | 300 | 829 | ||||||
GoerTek, Inc., Class A | 800 | 828 | ||||||
GOME Retail Holdings Ltd.*(a) | 484,837 | 43,378 | ||||||
Great Wall Motor Co. Ltd., Class H | 77,295 | 49,396 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A* | 800 | 4,246 | ||||||
Greenland Holdings Corp. Ltd., Class A | 1,973 | 1,747 | ||||||
Greentown China Holdings Ltd. | 19,640 | 16,015 | ||||||
Greentown Service Group Co. Ltd. | 39,002 | 33,548 | ||||||
Guangshen Railway Co. Ltd., Class A | 1,400 | 651 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 560 | 843 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 64,712 | 67,326 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 400 | 2,182 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 600 | 655 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 19,920 | 30,858 | ||||||
Guosen Securities Co. Ltd., Class A | 1,000 | 1,292 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 1,900 | 4,389 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 13,122 | 27,270 | ||||||
Guoyuan Securities Co. Ltd., Class A | 800 | 916 | ||||||
Haitian International Holdings Ltd. | 15,910 | 34,203 | ||||||
Haitong Securities Co. Ltd., Class A | 2,000 | 2,719 | ||||||
Haitong Securities Co. Ltd., Class H | 80,783 | 83,839 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 5,300 | 20,738 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 200 | 601 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 300 | 1,453 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 608 | 2,005 | ||||||
Hengan International Group Co. Ltd. | 17,118 | 139,915 | ||||||
HengTen Networks Group Ltd.* | 514,799 | 17,765 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 420 | 1,058 | ||||||
Hesteel Co. Ltd., Class A | 2,700 | 1,143 | ||||||
HLA Corp. Ltd., Class A | 600 | 679 | ||||||
Hua Hong Semiconductor Ltd., 144A | 14,180 | 30,049 | ||||||
Huaan Securities Co. Ltd., Class A | 900 | 648 | ||||||
Huadian Power International Corp. Ltd., Class A | 2,000 | 1,313 | ||||||
Huadian Power International Corp. Ltd., Class H | 31,142 | 13,334 | ||||||
Huadong Medicine Co. Ltd., Class A | 300 | 1,475 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Huaneng Power International, Inc., Class A | 1,200 | $ | 1,192 | |||||
Huaneng Power International, Inc., Class H | 105,519 | 65,814 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 118,837 | 37,364 | ||||||
Huatai Securities Co. Ltd., Class A | 1,400 | 3,387 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 40,735 | 67,371 | ||||||
Huaxia Bank Co. Ltd., Class A | 3,200 | 3,590 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 800 | 1,953 | ||||||
Huazhu Group Ltd., ADR | 3,046 | 96,071 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,000 | 855 | ||||||
Hubei Energy Group Co. Ltd., Class A | 1,100 | 572 | ||||||
Hundsun Technologies, Inc., Class A | 200 | 1,561 | ||||||
Iflytek Co. Ltd., Class A | 450 | 1,596 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 34,800 | 26,712 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,666,303 | 1,184,131 | ||||||
Industrial Bank Co. Ltd., Class A | 13,100 | 30,072 | ||||||
Industrial Securities Co. Ltd., Class A | 1,700 | 1,239 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 4,300 | 947 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,500 | 5,148 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 23,400 | 28,525 | ||||||
JD.com, Inc., ADR* | 17,724 | 376,281 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 30,457 | 40,952 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 2,800 | 26,392 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 400 | 5,771 | ||||||
Jiangxi Copper Co. Ltd., Class A | 500 | 956 | ||||||
Jiangxi Copper Co. Ltd., Class H | 31,130 | 37,599 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 200 | 729 | ||||||
Jihua Group Corp. Ltd., Class A | 900 | 454 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 700 | 602 | ||||||
Jinke Properties Group Co. Ltd., Class A | 1,300 | 1,120 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 500 | 1,040 | ||||||
Kaisa Group Holdings Ltd.* | 48,767 | 15,645 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 1,200 | 1,820 | ||||||
Kingdee International Software Group Co. Ltd. | 46,067 | 45,926 | ||||||
Kingsoft Corp. Ltd. | 19,565 | 32,708 | ||||||
Kweichow Moutai Co. Ltd., Class A | 600 | 48,821 | ||||||
KWG Group Holdings Ltd.* | 28,783 | 25,605 | ||||||
Legend Holdings Corp., Class H, 144A | 7,464 | 21,989 | ||||||
Lenovo Group Ltd. | 180,112 | 130,066 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 400 | 665 | ||||||
Logan Property Holdings Co. Ltd. | 31,142 | 36,420 | ||||||
Longfor Group Holdings Ltd. | 32,868 | 92,420 |
Number | Value | |||||||
China (Continued) | ||||||||
LONGi Green Energy Technology Co. Ltd., Class A | 500 | $ | 1,339 | |||||
Luxshare Precision Industry Co. Ltd., Class A | 1,012 | 2,199 | ||||||
Luye Pharma Group Ltd., 144A | 25,739 | 20,528 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 400 | 2,362 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 1,500 | 801 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 40,000 | 18,405 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 840 | 1,957 | ||||||
Meitu, Inc., 144A* | 66,017 | 27,423 | ||||||
Metallurgical Corp. of China Ltd., Class A | 3,400 | 1,518 | ||||||
Metallurgical Corp. of China Ltd., Class H | 47,414 | 12,060 | ||||||
Midea Group Co. Ltd., Class A | 4,550 | 25,352 | ||||||
Momo, Inc., ADR* | 3,693 | 115,776 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 360 | 1,400 | ||||||
NetEase, Inc., ADR | 1,874 | 425,529 | ||||||
New China Life Insurance Co. Ltd., Class A | 500 | 3,195 | ||||||
New China Life Insurance Co. Ltd., Class H | 17,982 | 78,717 | ||||||
New Hope Liuhe Co. Ltd., Class A | 1,100 | 1,118 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 3,548 | 202,804 | ||||||
Ninestar Corp., Class A | 200 | 726 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 1,500 | 791 | ||||||
Noah Holdings Ltd., ADR* | 669 | 32,567 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 1,100 | 835 | ||||||
O-film Tech Co. Ltd., Class A | 700 | 1,157 | ||||||
Orient Securities Co. Ltd., Class A | 1,500 | 1,994 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 174,116 | 74,996 | ||||||
Perfect World Co. Ltd., Class A | 200 | 695 | ||||||
PetroChina Co. Ltd., Class A | 4,032 | 4,419 | ||||||
PetroChina Co. Ltd., Class H | 507,401 | 356,037 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 160,617 | 164,846 | ||||||
Ping An Bank Co. Ltd., Class A | 4,300 | 6,416 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 4,500 | 41,145 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 125,395 | 1,213,241 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 3,000 | 5,660 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 62,319 | 37,675 | ||||||
Power Construction Corp. of China Ltd., Class A | 2,501 | 1,696 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,500 | 2,970 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* | 700 | 839 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 1,100 | 1,328 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 650 | 940 | ||||||
SAIC Motor Corp. Ltd., Class A | 5,000 | 17,894 |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Sanan Optoelectronics Co. Ltd., Class A | 1,000 | $ | 2,055 | |||||
Sany Heavy Industry Co. Ltd., Class A | 1,900 | 2,197 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,700 | 1,787 | ||||||
Semiconductor Manufacturing International Corp.* | 68,964 | 63,376 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 1,700 | 1,890 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 260 | 999 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 500 | 1,948 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 46,970 | 44,124 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 1,170 | 650 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 2,000 | 1,463 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 70,447 | 23,951 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 500 | 2,005 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 10,508 | 36,262 | ||||||
Shanghai International Airport Co. Ltd., Class A | 200 | 1,443 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 1,700 | 1,364 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 23,216 | 31,318 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 910 | 1,328 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 500 | 1,457 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 17,180 | 42,379 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 18,300 | 28,226 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 800 | 668 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 400 | 854 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 700 | 748 | ||||||
Shanxi Securities Co. Ltd., Class A | 700 | 651 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 200 | 1,033 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 800 | 700 | ||||||
Shenergy Co. Ltd., Class A | 1,100 | 781 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 4,400 | 2,813 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 800 | 611 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 2,100 | 1,818 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 200 | 730 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 900 | 540 |
Number | Value | |||||||
China (Continued) | ||||||||
Shenzhou International Group Holdings Ltd. | 20,061 | $ | 243,583 | |||||
Shui On Land Ltd. | 76,874 | 18,177 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,100 | 1,269 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 400 | 1,392 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 94,577 | 21,033 | ||||||
SINA Corp.* | 1,482 | 95,989 | ||||||
Sinolink Securities Co. Ltd., Class A | 800 | 897 | ||||||
Sino-Ocean Group Holding Ltd. | 74,979 | 33,541 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 28,439 | 26,353 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 1,200 | 868 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 87,176 | 39,555 | ||||||
Sinopharm Group Co. Ltd., Class H | 29,734 | 146,504 | ||||||
Sinotrans Ltd., Class H | 43,338 | 17,337 | ||||||
Sinotruk Hong Kong Ltd. (a) | 15,575 | 25,560 | ||||||
SOHO China Ltd.* | 51,873 | 19,360 | ||||||
SooChow Securities Co. Ltd., Class A | 800 | 825 | ||||||
Spring Airlines Co. Ltd., Class A | 200 | 995 | ||||||
Sunac China Holdings Ltd. (a) | 57,008 | 189,444 | ||||||
Suning.com Co. Ltd., Class A | 2,300 | 3,541 | ||||||
Sunny Optical Technology Group Co. Ltd. | 17,179 | 166,213 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 700 | 872 | ||||||
TAL Education Group, ADR* | 8,836 | 248,027 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 420 | 1,274 | ||||||
TBEA Co. Ltd., Class A | 900 | 888 | ||||||
Tencent Holdings Ltd. | 137,626 | 5,488,153 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 500 | 763 | ||||||
Tingyi Cayman Islands Holding Corp. | 48,926 | 63,409 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 11,502 | 16,465 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 400 | 855 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 2,600 | 768 | ||||||
Tongwei Co. Ltd., Class A | 1,000 | 1,221 | ||||||
TravelSky Technology Ltd., Class H | 23,258 | 62,574 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 200 | 888 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 8,976 | 36,540 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 300 | 469 | ||||||
Uni-President China Holdings Ltd. | 29,127 | 26,543 | ||||||
Unisplendour Corp. Ltd., Class A | 140 | 705 | ||||||
Vipshop Holdings Ltd., ADR* | 12,042 | 69,482 | ||||||
Want Want China Holdings Ltd. | 124,852 | 92,075 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 700 | 553 | ||||||
Weibo Corp., ADR* | 1,461 | 93,036 | ||||||
Weichai Power Co. Ltd., Class A | 1,500 | 1,624 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Weichai Power Co. Ltd., Class H | 38,183 | $ | 40,994 | |||||
Weifu High-Technology Group Co. Ltd., Class A | 200 | 518 | ||||||
Western Securities Co. Ltd., Class A | 900 | 1,100 | ||||||
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A | 400 | 689 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 3,000 | 22,635 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 11,502 | 96,438 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 1,800 | 866 | ||||||
Xiamen C & D, Inc., Class A | 700 | 760 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 2,200 | 976 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 700 | 1,111 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 13,404 | 13,260 | ||||||
Xinyi Solar Holdings Ltd. | 70,451 | 26,383 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 46,248 | 41,496 | ||||||
Yihai International Holding Ltd. | 13,000 | 34,893 | ||||||
Yonghui Superstores Co. Ltd., Class A | 2,400 | 2,495 | ||||||
Youngor Group Co. Ltd., Class A | 900 | 992 | ||||||
Yum China Holdings, Inc. | 8,871 | 317,848 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 300 | 3,219 | ||||||
Yuzhou Properties Co. Ltd. | 37,918 | 16,623 | ||||||
YY, Inc., ADR* | 1,024 | 69,704 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 200 | 2,342 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 19,296 | 18,374 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 1,400 | 730 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 500 | 1,627 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 700 | 1,345 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 35,564 | 29,864 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 140 | 686 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 800 | 1,045 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 2,300 | 1,487 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 503 | 816 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 3,780 | 15,484 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 900 | 1,014 | ||||||
Zhongsheng Group Holdings Ltd. | 13,208 | 26,841 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 13,656 | 73,307 | ||||||
Zijin Mining Group Co. Ltd., Class A | 4,300 | 2,099 | ||||||
Zijin Mining Group Co. Ltd., Class H | 143,089 | 53,951 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,576 | 806 | ||||||
ZTE Corp., Class H*(a) | 14,753 | 29,001 | ||||||
|
| |||||||
32,107,200 | ||||||||
|
| |||||||
Colombia — 0.3% | ||||||||
Bancolombia SA | 5,076 | 50,509 | ||||||
Cementos Argos SA | 11,499 | 24,890 |
Number | Value | |||||||
Colombia (Continued) | ||||||||
Ecopetrol SA | 119,602 | $ | 114,831 | |||||
Grupo Argos SA | 5,624 | 28,137 | ||||||
Grupo de Inversiones Suramericana SA | 5,830 | 58,228 | ||||||
Interconexion Electrica SA ESP | 9,672 | 38,700 | ||||||
|
| |||||||
315,295 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 4,011 | 95,586 | ||||||
Komercni banka AS | 1,679 | 65,980 | ||||||
Moneta Money Bank AS, 144A | 10,294 | 35,429 | ||||||
|
| |||||||
196,995 | ||||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 23,456 | 97,714 | ||||||
Eastern Tobacco | 18,530 | 19,109 | ||||||
ElSewedy Electric Co. | 17,540 | 15,699 | ||||||
|
| |||||||
132,522 | ||||||||
|
| |||||||
Greece — 0.2% | ||||||||
Alpha Bank AE* | 35,178 | 49,781 | ||||||
FF Group*(b) | 1,458 | 7,923 | ||||||
Hellenic Telecommunications Organization SA | 5,207 | 61,542 | ||||||
JUMBO SA | 2,560 | 38,952 | ||||||
Motor Oil Hellas Corinth Refineries SA | 1,968 | 45,117 | ||||||
OPAP SA | 5,563 | 52,273 | ||||||
Titan Cement Co. SA | 1,132 | 25,374 | ||||||
|
| |||||||
280,962 | ||||||||
|
| |||||||
Hong Kong — 4.3% | ||||||||
Alibaba Health Information Technology Ltd.* | 81,630 | 73,033 | ||||||
Alibaba Pictures Group Ltd.*(a) | 314,686 | 49,069 | ||||||
Beijing Enterprises Holdings Ltd. | 12,981 | 76,154 | ||||||
Beijing Enterprises Water Group Ltd.* | 130,280 | 75,430 | ||||||
Brilliance China Automotive Holdings Ltd. | 69,328 | 61,318 | ||||||
China Agri-Industries Holdings Ltd. | 39,291 | 14,865 | ||||||
China Ding Yi Feng Holdings Ltd.* | 24,000 | 69,939 | ||||||
China Everbright International Ltd. | 81,640 | 71,372 | ||||||
China Everbright Ltd. | 33,575 | 62,567 | ||||||
China First Capital Group Ltd.* | 73,142 | 35,524 | ||||||
China Gas Holdings Ltd. | 40,416 | 138,698 | ||||||
China Jinmao Holdings Group Ltd. | 120,260 | 57,640 | ||||||
China Mengniu Dairy Co. Ltd.* | 64,986 | 201,005 | ||||||
China Merchants Port Holdings Co. Ltd. | 40,860 | 74,262 | ||||||
China Mobile Ltd. | 147,071 | 1,459,619 | ||||||
China Overseas Land & Investment Ltd. | 88,362 | 308,318 | ||||||
China Power International Development Ltd. | 81,282 | 19,011 | ||||||
China Resources Beer Holdings Co. Ltd. | 33,628 | 113,898 | ||||||
China Resources Cement Holdings Ltd. | 65,572 | 64,030 | ||||||
China Resources Gas Group Ltd. | 22,170 | 89,400 | ||||||
China Resources Land Ltd. | 63,644 | 235,899 | ||||||
China Resources Power Holdings Co. Ltd. | 42,636 | 80,760 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China State Construction International Holdings Ltd. | 50,368 | $ | 43,905 | |||||
China Taiping Insurance Holdings Co. Ltd. | 37,879 | 125,392 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 51,467 | 34,206 | ||||||
China Travel International Investment Hong Kong Ltd. | 48,767 | 13,526 | ||||||
China Unicom Hong Kong Ltd. | 145,129 | 168,241 | ||||||
CITIC Ltd. | 146,834 | 235,715 | ||||||
COSCO SHIPPING Ports Ltd. | 43,226 | 43,867 | ||||||
Far East Horizon Ltd. | 49,271 | 49,057 | ||||||
Fullshare Holdings Ltd.*(a) | 172,228 | 65,158 | ||||||
Guangdong Investment Ltd. | 70,300 | 135,676 | ||||||
Haier Electronics Group Co. Ltd.* | 35,816 | 83,406 | ||||||
Hutchison China MediTech Ltd., ADR* | 1,322 | 45,569 | ||||||
Jiayuan International Group Ltd. | 23,440 | 42,003 | ||||||
Kingboard Holdings Ltd. | 19,962 | 57,023 | ||||||
Kingboard Laminates Holdings Ltd. | 24,366 | 23,201 | ||||||
Kunlun Energy Co. Ltd. | 82,190 | 99,481 | ||||||
Lee & Man Paper Manufacturing Ltd. | 35,506 | 32,175 | ||||||
Nine Dragons Paper Holdings Ltd. | 35,422 | 35,902 | ||||||
Shanghai Industrial Holdings Ltd. | 12,188 | 26,576 | ||||||
Shenzhen International Holdings Ltd. | 19,640 | 39,411 | ||||||
Shenzhen Investment Ltd. | 60,957 | 19,867 | ||||||
Shimao Property Holdings Ltd. | 35,959 | 88,886 | ||||||
Sino Biopharmaceutical Ltd. | 156,925 | 143,206 | ||||||
SSY Group Ltd. | 33,851 | 34,742 | ||||||
Sun Art Retail Group Ltd. | 59,500 | 66,466 | ||||||
Towngas China Co. Ltd.* | 20,978 | 16,356 | ||||||
Yuexiu Property Co. Ltd. | 144,948 | 26,863 | ||||||
|
| |||||||
5,227,687 | ||||||||
|
| |||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 9,302 | 102,946 | ||||||
OTP Bank Nyrt | 5,013 | 200,595 | ||||||
Richter Gedeon Nyrt | 3,479 | 68,450 | ||||||
|
| |||||||
371,991 | ||||||||
|
| |||||||
India — 8.9% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 11,454 | 60,093 | ||||||
Ambuja Cements Ltd. | 14,864 | 46,376 | ||||||
Ashok Leyland Ltd. | 28,394 | 45,772 | ||||||
Asian Paints Ltd. | 7,159 | 138,255 | ||||||
Aurobindo Pharma Ltd. | 6,581 | 76,551 | ||||||
Avenue Supermarts Ltd., 144A* | 2,706 | 57,948 | ||||||
Axis Bank Ltd.* | 14,994 | 134,622 | ||||||
Axis Bank Ltd., GDR* | 5,678 | 251,819 | ||||||
Bajaj Auto Ltd. | 2,102 | 82,810 | ||||||
Bajaj Finance Ltd. | 4,095 | 149,105 | ||||||
Bajaj Finserv Ltd. | 934 | 80,332 | ||||||
Bharat Forge Ltd. | 5,214 | 42,183 | ||||||
Bharat Petroleum Corp. Ltd. | 18,931 | 88,116 | ||||||
Bharti Airtel Ltd. | 31,873 | 143,370 | ||||||
Bharti Infratel Ltd. | 7,452 | 27,452 | ||||||
Bosch Ltd. | 162 | 44,102 | ||||||
Britannia Industries Ltd. | 1,138 | 51,757 |
Number | Value | |||||||
India (Continued) | ||||||||
Cadila Healthcare Ltd. | 5,082 | $ | 26,637 | |||||
Cipla Ltd. | 8,626 | 66,940 | ||||||
Coal India Ltd. | 17,024 | 59,820 | ||||||
Container Corp. Of India Ltd. | 3,524 | 34,128 | ||||||
Dabur India Ltd. | 13,171 | 77,312 | ||||||
Divi’s Laboratories Ltd. | 1,780 | 36,761 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR (a) | 2,873 | 110,438 | ||||||
Eicher Motors Ltd. | 335 | 112,501 | ||||||
GAIL India Ltd. | 17,108 | 84,208 | ||||||
Glenmark Pharmaceuticals Ltd. | 3,434 | 32,182 | ||||||
Godrej Consumer Products Ltd. | 8,908 | 95,905 | ||||||
Grasim Industries Ltd. | 7,895 | 98,128 | ||||||
Havells India Ltd. | 6,244 | 61,343 | ||||||
HCL Technologies Ltd. | 12,960 | 188,742 | ||||||
Hero MotoCorp Ltd. | 1,247 | 54,664 | ||||||
Hindalco Industries Ltd. | 34,513 | 112,014 | ||||||
Hindustan Petroleum Corp. Ltd. | 15,105 | 50,357 | ||||||
Hindustan Unilever Ltd. | 15,278 | 384,498 | ||||||
Housing Development Finance Corp. Ltd. | 39,222 | 1,119,342 | ||||||
ICICI Bank Ltd., ADR | 9,267 | 94,245 | ||||||
ICICI Bank Ltd. | 38,888 | 198,164 | ||||||
Vodafone Idea Ltd.* | 35,955 | 18,211 | ||||||
Indiabulls Housing Finance Ltd. | 6,371 | 65,415 | ||||||
Indian Oil Corp. Ltd. | 43,458 | 83,929 | ||||||
Infosys Ltd. | 31,815 | 304,684 | ||||||
Infosys Ltd., ADR (a) | 52,657 | 519,198 | ||||||
InterGlobe Aviation Ltd., 144A | 1,971 | 29,362 | ||||||
ITC Ltd. | 81,687 | 334,976 | ||||||
JSW Steel Ltd. | 21,089 | 95,089 | ||||||
Larsen & Toubro Ltd. | 11,441 | 235,157 | ||||||
LIC Housing Finance Ltd. | 7,425 | 49,683 | ||||||
Lupin Ltd. | 5,511 | 70,118 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 6,937 | 44,716 | ||||||
Mahindra & Mahindra Ltd. | 17,913 | 203,277 | ||||||
Marico Ltd. | 11,269 | 57,683 | ||||||
Maruti Suzuki India Ltd. | 2,503 | 275,156 | ||||||
Motherson Sumi Systems Ltd. | 23,610 | 52,745 | ||||||
Nestle India Ltd. | 581 | 89,739 | ||||||
NTPC Ltd. | 47,524 | 95,669 | ||||||
Oil & Natural Gas Corp. Ltd. | 31,993 | 64,404 | ||||||
Page Industries Ltd. | 145 | 56,417 | ||||||
Petronet LNG Ltd. | 14,408 | 44,281 | ||||||
Pidilite Industries Ltd. | 2,441 | 40,743 | ||||||
Piramal Enterprises Ltd. | 2,010 | 63,448 | ||||||
Power Grid Corp. of India Ltd. | 42,041 | 108,669 | ||||||
REC Ltd. | 17,225 | 24,690 | ||||||
Reliance Industries Ltd., GDR, 144A | 34,564 | 1,144,068 | ||||||
Shree Cement Ltd. | 203 | 48,023 | ||||||
Shriram Transport Finance Co. Ltd. | 3,650 | 60,515 | ||||||
State Bank of India* | 40,524 | 165,509 | ||||||
Sun Pharmaceutical Industries Ltd. | 21,508 | 152,017 | ||||||
Tata Consultancy Services Ltd. | 21,764 | 614,635 | ||||||
Tata Motors Ltd., ADR*(a) | 7,015 | 85,583 | ||||||
Tata Power Co. Ltd. | 27,644 | 30,185 | ||||||
Tata Steel Ltd. | 7,493 | 56,927 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
India (Continued) | ||||||||
Tech Mahindra Ltd. | 11,639 | $ | 117,893 | |||||
Titan Co. Ltd. | 7,746 | 103,039 | ||||||
UltraTech Cement Ltd. | 2,193 | 125,852 | ||||||
United Spirits Ltd.* | 7,245 | 69,898 | ||||||
UPL Ltd. | 8,851 | 96,238 | ||||||
Vedanta Ltd. | 32,973 | 92,657 | ||||||
Wipro Ltd. | 11,020 | 51,333 | ||||||
Wipro Ltd., ADR | 11,117 | 58,031 | ||||||
Yes Bank Ltd. | 43,188 | 105,220 | ||||||
Zee Entertainment Enterprises Ltd. | 10,398 | 72,896 | ||||||
|
| |||||||
10,896,970 | ||||||||
|
| |||||||
Indonesia — 2.2% | ||||||||
PT Adaro Energy Tbk | 365,594 | 32,847 | ||||||
PT Astra International Tbk | 507,561 | 303,419 | ||||||
PT Bank Central Asia Tbk | 236,707 | 431,129 | ||||||
PT Bank Danamon Indonesia Tbk | 83,664 | 43,433 | ||||||
PT Bank Mandiri Persero Tbk | 472,869 | 244,659 | ||||||
PT Bank Negara Indonesia Persero Tbk | 163,555 | 97,201 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 1,322,994 | 334,853 | ||||||
PT Bank Tabungan Negara Persero Tbk | 51,668 | 9,645 | ||||||
PT Bukit Asam Tbk | 67,800 | 19,057 | ||||||
PT Bumi Serpong Damai Tbk* | 192,028 | 18,125 | ||||||
PT Charoen Pokphand Indonesia Tbk | 184,059 | 76,571 | ||||||
PT Gudang Garam Tbk | 10,399 | 59,620 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 232,104 | 59,720 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 62,319 | 45,751 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 42,156 | 56,296 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 58,181 | 40,069 | ||||||
PT Indofood Sukses Makmur Tbk | 109,507 | 50,533 | ||||||
PT Jasa Marga Persero Tbk | 54,298 | 15,679 | ||||||
PT Kalbe Farma Tbk | 526,137 | 56,099 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 36,000 | 28,505 | ||||||
PT Pakuwon Jati Tbk | 540,551 | 22,299 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 271,917 | 37,168 | ||||||
PT Semen Indonesia Persero Tbk | 65,956 | 55,453 | ||||||
PT Surya Citra Media Tbk | 152,266 | 20,387 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 1,161,418 | 298,830 | ||||||
PT Tower Bersama Infrastructure Tbk | 50,867 | 14,262 | ||||||
PT Unilever Indonesia Tbk | 34,644 | 102,339 | ||||||
PT United Tractors Tbk | 41,848 | 80,463 | ||||||
|
| |||||||
2,654,412 | ||||||||
|
| |||||||
Luxembourg — 0.0% | ||||||||
Reinet Investments SCA | 3,214 | 46,890 | ||||||
|
| |||||||
Malaysia — 2.3% | ||||||||
AirAsia Group Bhd | 39,170 | 28,831 | ||||||
Alliance Bank Malaysia Bhd | 25,551 | 25,035 | ||||||
AMMB Holdings Bhd | 39,946 | 40,667 | ||||||
Astro Malaysia Holdings Bhd | 36,200 | 10,381 | ||||||
Axiata Group Bhd | 60,508 | 52,490 | ||||||
British American Tobacco Malaysia Bhd | 4,242 | 38,218 | ||||||
CIMB Group Holdings Bhd | 114,292 | 157,324 | ||||||
Dialog Group Bhd | 86,936 | 65,859 | ||||||
DiGi.Com Bhd | 78,160 | 79,197 | ||||||
FGV Holdings Bhd | 35,600 | 7,529 |
Number | Value | |||||||
Malaysia (Continued) | ||||||||
Fraser & Neave Holdings Bhd | 3,500 | $ | 27,869 | |||||
Gamuda Bhd | 41,500 | 23,405 | ||||||
Genting Bhd | 46,767 | 70,187 | ||||||
Genting Malaysia Bhd | 72,634 | 49,643 | ||||||
Genting Plantations Bhd | 3,400 | 7,719 | ||||||
HAP Seng Consolidated Bhd | 15,051 | 35,429 | ||||||
Hartalega Holdings Bhd | 33,102 | 50,628 | ||||||
Hong Leong Bank Bhd | 14,041 | 68,385 | ||||||
Hong Leong Financial Group Bhd | 4,100 | 18,891 | ||||||
IHH Healthcare Bhd | 71,035 | 91,160 | ||||||
IJM Corp. Bhd | 69,364 | 27,020 | ||||||
IOI Corp. Bhd | 47,294 | 48,034 | ||||||
IOI Properties Group Bhd | 39,988 | 15,577 | ||||||
Kuala Lumpur Kepong Bhd | 9,187 | 53,789 | ||||||
Malayan Banking Bhd | 92,637 | 207,877 | ||||||
Malaysia Airports Holdings Bhd | 20,000 | 36,659 | ||||||
Maxis Bhd | 47,196 | 61,244 | ||||||
MISC Bhd | 33,800 | 49,676 | ||||||
Nestle Malaysia Bhd | 1,300 | 46,414 | ||||||
Petronas Chemicals Group Bhd | 62,124 | 136,585 | ||||||
Petronas Dagangan Bhd | 4,504 | 27,770 | ||||||
Petronas Gas Bhd | 21,135 | 95,662 | ||||||
PPB Group Bhd | 15,062 | 63,351 | ||||||
Press Metal Aluminium Holdings Bhd | 28,100 | 31,965 | ||||||
Public Bank Bhd | 69,422 | 413,430 | ||||||
QL Resources Bhd | 15,600 | 26,320 | ||||||
RHB Bank Bhd (b) | 19,600 | 0 | ||||||
RHB Bank Bhd | 18,153 | 22,775 | ||||||
Sime Darby Bhd | 58,423 | 31,972 | ||||||
Sime Darby Plantation Bhd | 57,623 | 64,722 | ||||||
Sime Darby Property Bhd | 58,423 | 13,892 | ||||||
SP Setia Bhd Group | 63,800 | 32,780 | ||||||
Telekom Malaysia Bhd | 25,345 | 14,113 | ||||||
Tenaga Nasional Bhd | 77,905 | 265,113 | ||||||
Top Glove Corp. Bhd | 28,200 | 40,233 | ||||||
Westports Holdings Bhd | 25,307 | 22,800 | ||||||
YTL Corp. Bhd | 112,198 | 30,030 | ||||||
|
| |||||||
2,828,650 | ||||||||
|
| |||||||
Mexico — 2.6% | ||||||||
Alfa SAB de CV, Class A | 76,124 | 76,521 | ||||||
Alsea SAB de CV | 8,431 | 21,130 | ||||||
America Movil SAB de CV, Series L | 821,346 | 552,036 | ||||||
Arca Continental SAB de CV | 10,988 | 56,765 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 45,555 | 55,932 | ||||||
Cemex SAB de CV, Series CPO* | 349,839 | 179,958 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 12,946 | 77,967 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 4,793 | 28,564 | ||||||
Fibra Uno Administracion SA de CV REIT | 71,140 | 72,001 | ||||||
Fomento Economico Mexicano SAB de CV | 45,324 | 392,966 | ||||||
Gruma SAB de CV, Class B | 5,394 | 59,071 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 8,907 | 61,751 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 5,182 | $ | 69,612 | |||||
Grupo Bimbo SAB de CV, Series A | 41,058 | 78,672 | ||||||
Grupo Carso SAB de CV, Series A1 | 11,276 | 36,187 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 63,141 | 288,968 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 52,540 | 70,780 | ||||||
Grupo Mexico SAB de CV, Series B | 89,280 | 184,142 | ||||||
Grupo Televisa SAB, Series CPO | 58,244 | 159,247 | ||||||
Industrias Penoles SAB de CV | 2,936 | 33,448 | ||||||
Infraestructura Energetica Nova SAB de CV | 13,392 | 50,966 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 38,005 | 56,185 | ||||||
Megacable Holdings SAB de CV, Series CPO | 7,204 | 32,977 | ||||||
Mexichem SAB de CV | 26,191 | 61,200 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 4,956 | 43,946 | ||||||
Wal-Mart de Mexico SAB de CV | 131,497 | 325,225 | ||||||
|
| |||||||
3,126,217 | ||||||||
|
| |||||||
Peru — 0.4% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 4,296 | 60,746 | ||||||
Credicorp Ltd. | 1,684 | 369,284 | ||||||
Southern Copper Corp. (a) | 2,120 | 70,978 | ||||||
|
| |||||||
501,008 | ||||||||
|
| |||||||
Philippines — 1.1% | ||||||||
Aboitiz Equity Ventures, Inc. | 47,820 | 47,619 | ||||||
Aboitiz Power Corp. | 36,646 | 22,161 | ||||||
Alliance Global Group, Inc.* | 107,876 | 23,501 | ||||||
Ayala Corp. | 6,956 | 126,195 | ||||||
Ayala Land, Inc. | 168,704 | 134,043 | ||||||
Bank of the Philippine Islands | 22,304 | 39,996 | ||||||
BDO Unibank, Inc. | 55,095 | 136,844 | ||||||
DMCI Holdings, Inc. | 99,924 | 23,523 | ||||||
Globe Telecom, Inc. | 714 | 26,833 | ||||||
GT Capital Holdings, Inc. | 2,271 | 38,471 | ||||||
International Container Terminal Services, Inc. | 7,012 | 12,507 | ||||||
JG Summit Holdings, Inc. | 71,392 | 65,645 | ||||||
Jollibee Foods Corp. | 10,873 | 57,746 | ||||||
Manila Electric Co. | 5,670 | 41,557 | ||||||
Megaworld Corp. | 252,600 | 21,732 | ||||||
Metro Pacific Investments Corp. | 367,127 | 32,917 | ||||||
Metropolitan Bank & Trust Co. | 38,284 | 54,483 | ||||||
PLDT, Inc. | 2,136 | 47,186 | ||||||
Robinsons Land Corp. | 50,239 | 19,599 | ||||||
Security Bank Corp. | 5,495 | 16,877 | ||||||
SM Investments Corp. | 5,593 | 96,933 | ||||||
SM Prime Holdings, Inc. | 232,391 | 153,834 | ||||||
Universal Robina Corp. | 22,059 | 53,864 | ||||||
|
| |||||||
1,294,066 | ||||||||
|
| |||||||
Poland — 1.2% | ||||||||
Alior Bank SA* | 2,233 | 32,102 |
Number | Value | |||||||
Poland (Continued) | ||||||||
Bank Handlowy w Warszawie SA | 805 | $ | 14,609 | |||||
Bank Millennium SA* | 15,130 | 36,757 | ||||||
Bank Polska Kasa Opieki SA | 4,447 | 128,800 | ||||||
Santander Bank Polska SA | 803 | 75,365 | ||||||
CCC SA | 699 | 38,757 | ||||||
CD Projekt SA* | 1,558 | 58,440 | ||||||
Cyfrowy Polsat SA* | 5,857 | 34,700 | ||||||
Dino Polska SA, 144A* | 800 | 20,543 | ||||||
Grupa Lotos SA | 2,311 | 50,000 | ||||||
Jastrzebska Spolka Weglowa SA* | 1,321 | 22,859 | ||||||
KGHM Polska Miedz SA* | 3,093 | 73,201 | ||||||
LPP SA | 29 | 59,821 | ||||||
mBank SA | 370 | 39,860 | ||||||
Orange Polska SA* | 17,261 | 21,764 | ||||||
PGE Polska Grupa Energetyczna SA* | 20,969 | 64,550 | ||||||
Polski Koncern Naftowy ORLEN SA | 7,156 | 207,828 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 44,131 | 75,084 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 21,908 | 236,417 | ||||||
Powszechny Zaklad Ubezpieczen SA | 14,391 | 162,739 | ||||||
|
| |||||||
1,454,196 | ||||||||
|
| |||||||
Qatar — 1.0% | ||||||||
Barwa Real Estate Co. | 3,750 | 39,361 | ||||||
Commercial Bank QSC | 5,070 | 58,758 | ||||||
Ezdan Holding Group QSC* | 19,848 | 69,390 | ||||||
Industries Qatar QSC | 4,084 | 151,976 | ||||||
Masraf Al Rayan QSC | 9,169 | 100,950 | ||||||
Ooredoo QPSC | 2,102 | 45,599 | ||||||
Qatar Electricity & Water Co. QSC | 984 | 48,643 | ||||||
Qatar Insurance Co. SAQ | 3,972 | 39,085 | ||||||
Qatar Islamic Bank SAQ | 2,591 | 108,087 | ||||||
Qatar National Bank QPSC | 11,021 | 603,828 | ||||||
|
| |||||||
1,265,677 | ||||||||
|
| |||||||
Romania — 0.1% | ||||||||
NEPI Rockcastle PLC | 9,385 | 74,491 | ||||||
|
| |||||||
Russia — 3.6% | ||||||||
Alrosa PJSC | 64,276 | 95,579 | ||||||
Gazprom PJSC, ADR | 22,738 | 108,233 | ||||||
Gazprom PJSC | 216,334 | 520,784 | ||||||
Inter RAO UES PJSC | 781,217 | 47,748 | ||||||
LUKOIL PJSC | 4,314 | 315,244 | ||||||
LUKOIL PJSC, ADR | 7,468 | 548,898 | ||||||
Magnit PJSC, GDR | 8,465 | 108,098 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 50,152 | 35,035 | ||||||
MMC Norilsk Nickel PJSC | 1,642 | 312,176 | ||||||
Mobile TeleSystems PJSC, ADR | 12,472 | 92,417 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 36,923 | 49,334 | ||||||
Novatek PJSC, GDR | 2,179 | 370,648 | ||||||
Novolipetsk Steel PJSC | 29,915 | 70,707 | ||||||
PhosAgro PJSC, GDR | 2,885 | 38,428 | ||||||
Polymetal International PLC | 3,864 | 38,484 | ||||||
Polyus PJSC | 665 | 47,915 | ||||||
Rosneft Oil Co. PJSC, GDR | 26,625 | 167,737 | ||||||
Sberbank of Russia PJSC | 260,804 | 755,164 | ||||||
Severstal PJSC, GDR | 4,305 | 63,240 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Russia (Continued) | ||||||||
Severstal PJSC | 952 | $ | 14,247 | |||||
Surgutneftegas PJSC, ADR | 16,223 | 64,503 | ||||||
Tatneft PJSC | 36,782 | 391,262 | ||||||
VTB Bank PJSC, GDR | 32,347 | 40,304 | ||||||
X5 Retail Group NV, GDR | 2,456 | 63,233 | ||||||
|
| |||||||
4,359,418 | ||||||||
|
| |||||||
Singapore — 0.0% | ||||||||
BOC Aviation Ltd., 144A (a) | 4,616 | 35,576 | ||||||
|
| |||||||
South Africa — 5.8% | ||||||||
Absa Group Ltd. | 18,232 | 202,596 | ||||||
Anglo American Platinum Ltd. | 1,351 | 43,380 | ||||||
AngloGold Ashanti Ltd. | 9,087 | 91,226 | ||||||
Aspen Pharmacare Holdings Ltd. | 8,795 | 93,340 | ||||||
Bid Corp. Ltd. | 8,617 | 159,273 | ||||||
Bidvest Group Ltd. | 7,734 | 114,570 | ||||||
Capitec Bank Holdings Ltd. (a) | 910 | 72,229 | ||||||
Clicks Group Ltd. | 5,254 | 71,193 | ||||||
Discovery Ltd. | 8,887 | 98,689 | ||||||
Exxaro Resources Ltd. | 5,283 | 49,248 | ||||||
FirstRand Ltd. | 79,288 | 382,173 | ||||||
Fortress REIT Ltd., Class A REIT | 26,317 | 32,206 | ||||||
Fortress REIT Ltd., Class B REIT | 20,350 | 20,851 | ||||||
Foschini Group Ltd. | 4,825 | 60,854 | ||||||
Gold Fields Ltd. | 20,494 | 59,683 | ||||||
Growthpoint Properties Ltd. REIT | 69,300 | 118,111 | ||||||
Hyprop Investments Ltd. REIT | 6,180 | 39,777 | ||||||
Investec Ltd. (a) | 6,744 | 40,711 | ||||||
Kumba Iron Ore Ltd. (a) | 1,459 | 26,063 | ||||||
Liberty Holdings Ltd. | 3,325 | 25,672 | ||||||
Life Healthcare Group Holdings Ltd. | 32,887 | 61,698 | ||||||
MMI Holdings Ltd.* | 23,574 | 29,445 | ||||||
Mr Price Group Ltd. | 6,649 | 115,629 | ||||||
MTN Group Ltd. | 42,049 | 265,121 | ||||||
Naspers Ltd., Class N | 10,507 | 2,094,766 | ||||||
Nedbank Group Ltd. | 9,461 | 181,461 | ||||||
Netcare Ltd. | 25,537 | 47,172 | ||||||
Old Mutual Ltd. | 121,534 | 202,838 | ||||||
Pick n Pay Stores Ltd. | 9,123 | 48,384 | ||||||
PSG Group Ltd. | 3,621 | 61,401 | ||||||
Rand Merchant Investment Holdings Ltd. | 16,903 | 43,847 | ||||||
Redefine Properties Ltd. REIT (a) | 135,608 | 93,838 | ||||||
Remgro Ltd. | 13,358 | 194,354 | ||||||
Resilient REIT Ltd. REIT | 7,020 | 30,499 | ||||||
RMB Holdings Ltd. | 17,591 | 99,311 | ||||||
Sanlam Ltd. | 44,511 | 246,760 | ||||||
Sappi Ltd. | 13,882 | 75,857 | ||||||
Sasol Ltd. | 13,516 | 396,232 | ||||||
Shoprite Holdings Ltd. | 10,391 | 147,826 | ||||||
SPAR Group Ltd. (a) | 3,958 | 55,911 | ||||||
Standard Bank Group Ltd. | 31,691 | 400,609 | ||||||
Telkom SA SOC Ltd. (a) | 6,947 | 28,427 | ||||||
Tiger Brands Ltd. (a) | 4,115 | 79,576 | ||||||
Truworths International Ltd. | 10,977 | 69,511 | ||||||
Vodacom Group Ltd. (a) | 13,438 | 121,690 | ||||||
Woolworths Holdings Ltd. | 24,806 | 100,235 | ||||||
|
| |||||||
7,094,243 | ||||||||
|
|
Number | Value | |||||||
South Korea — 12.8% | ||||||||
Amorepacific Corp. | 768 | $ | 118,185 | |||||
AMOREPACIFIC Group | 633 | 36,649 | ||||||
BGF retail Co. Ltd. | 210 | 36,438 | ||||||
BNK Financial Group, Inc. | 6,598 | 45,146 | ||||||
Celltrion Healthcare Co. Ltd.* | 1,213 | 85,163 | ||||||
Celltrion Pharm, Inc.* | 351 | 20,729 | ||||||
Celltrion, Inc.* | 2,012 | 429,880 | ||||||
Cheil Worldwide, Inc. | 1,790 | 37,446 | ||||||
CJ CheilJedang Corp. | 184 | 55,153 | ||||||
CJ Corp. | 356 | 41,445 | ||||||
CJ ENM Co. Ltd. | 260 | 54,043 | ||||||
CJ Logistics Corp.* | 188 | 26,667 | ||||||
Coway Co. Ltd. | 1,174 | 82,110 | ||||||
Daelim Industrial Co. Ltd. | 699 | 59,115 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 3,304 | 14,649 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 937 | 27,459 | ||||||
DB Insurance Co. Ltd. | 1,242 | 75,011 | ||||||
DGB Financial Group, Inc. | 4,410 | 34,621 | ||||||
Doosan Bobcat, Inc. | 909 | 26,639 | ||||||
E-MART, Inc. | 468 | 81,413 | ||||||
Fila Korea Ltd. | 1,246 | 56,467 | ||||||
GS Engineering & Construction Corp. | 1,232 | 47,919 | ||||||
GS Holdings Corp. | 1,253 | 57,567 | ||||||
GS Retail Co. Ltd. | 682 | 23,120 | ||||||
Hana Financial Group, Inc. | 7,476 | 250,767 | ||||||
Hankook Tire Co. Ltd. | 1,851 | 70,675 | ||||||
Hanmi Pharm. Co. Ltd. | 152 | 60,003 | ||||||
Hanmi Science Co. Ltd. | 311 | 20,614 | ||||||
Hanon Systems | 4,640 | 43,463 | ||||||
Hanwha Chemical Corp. | 2,011 | 33,907 | ||||||
Hanwha Corp. | 1,192 | 31,902 | ||||||
Hanwha Life Insurance Co. Ltd. | 6,477 | 25,655 | ||||||
HDC Hyundai DevelopmentCo-Engineering & Construction, Class E* | 979 | 36,681 | ||||||
HLB, Inc.* | 692 | 52,165 | ||||||
Hotel Shilla Co. Ltd. | 699 | 53,815 | ||||||
Hyundai Department Store Co. Ltd. | 374 | 31,329 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 1,990 | 97,640 | ||||||
Hyundai Glovis Co. Ltd. | 477 | 52,553 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 832 | 97,974 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 226 | 79,638 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,576 | 56,308 | ||||||
Hyundai Mobis Co. Ltd. | 1,566 | 252,164 | ||||||
Hyundai Motor Co. | 3,298 | 314,810 | ||||||
Hyundai Steel Co. | 2,011 | 77,322 | ||||||
Industrial Bank of Korea | 6,268 | 82,757 | ||||||
Kakao Corp. | 1,312 | 131,674 | ||||||
Kangwon Land, Inc. | 2,652 | 76,299 | ||||||
KB Financial Group, Inc. | 9,646 | 406,165 | ||||||
KCC Corp. | 152 | 37,832 | ||||||
Kia Motors Corp. | 6,168 | 167,826 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
South Korea (Continued) | ||||||||
Korea Aerospace Industries Ltd.* | 1,682 | $ | 47,566 | |||||
Korea Electric Power Corp. | 6,575 | 174,207 | ||||||
Korea Gas Corp.* | 796 | 36,216 | ||||||
Korea Investment Holdings Co. Ltd. | 966 | 58,342 | ||||||
Korea Zinc Co. Ltd. | 172 | 65,289 | ||||||
Korean Air Lines Co. Ltd. | 1,150 | 32,727 | ||||||
KT&G Corp. | 2,983 | 276,758 | ||||||
Kumho Petrochemical Co. Ltd. | 467 | 38,412 | ||||||
LG Chem Ltd. | 1,137 | 350,447 | ||||||
LG Corp. | 2,144 | 138,094 | ||||||
LG Display Co. Ltd. | 5,374 | 84,137 | ||||||
LG Electronics, Inc. | 2,557 | 165,380 | ||||||
LG Household & Health Care Ltd. | 222 | 229,734 | ||||||
LG Innotek Co. Ltd. | 370 | 32,942 | ||||||
LG Uplus Corp. | 2,795 | 44,134 | ||||||
Lotte Chemical Corp. | 369 | 89,703 | ||||||
Lotte Corp.* | 700 | 34,533 | ||||||
Lotte Shopping Co. Ltd. | 253 | 48,639 | ||||||
Medy-Tox, Inc. | 104 | 52,271 | ||||||
Mirae Asset Daewoo Co. Ltd. | 12,139 | 77,104 | ||||||
NAVER Corp. | 3,440 | 388,206 | ||||||
NCSoft Corp. | 397 | 181,332 | ||||||
Neoplux Co. Ltd.* | 25 | 127 | ||||||
Netmarble Corp., 144A | 587 | 68,338 | ||||||
NH Investment & Securities Co. Ltd. | 3,516 | 43,442 | ||||||
OCI Co. Ltd. | 429 | 39,993 | ||||||
Orange Life Insurance Ltd., 144A | 667 | 17,910 | ||||||
Orion Corp. | 467 | 46,452 | ||||||
Ottogi Corp. | 37 | 24,459 | ||||||
Pan Ocean Co. Ltd.* | 5,310 | 21,696 | ||||||
Pearl Abyss Corp.* | 131 | 22,438 | ||||||
POSCO | 1,907 | 421,056 | ||||||
POSCO Chemtech Co. Ltd. | 607 | 36,660 | ||||||
Posco Daewoo Corp. | 1,048 | 18,044 | ||||||
S-1 Corp. | 420 | 36,082 | ||||||
Samsung Biologics Co. Ltd., 144A*(b) | 371 | 110,709 | ||||||
Samsung C&T Corp. | 1,792 | 163,861 | ||||||
Samsung Card Co. Ltd. | 697 | 20,084 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,426 | 153,292 | ||||||
Samsung Electronics Co. Ltd. | 115,722 | 4,320,412 | ||||||
Samsung Engineering Co. Ltd.* | 3,415 | 59,255 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 805 | 195,693 | ||||||
Samsung Heavy Industries Co. Ltd.* | 10,095 | 66,823 | ||||||
Samsung Life Insurance Co. Ltd. | 1,849 | 142,681 | ||||||
Samsung SDI Co. Ltd. | 1,329 | 244,827 | ||||||
Samsung SDS Co. Ltd. | 808 | 141,280 | ||||||
Samsung Securities Co. Ltd. | 1,787 | 49,659 | ||||||
Shinhan Financial Group Co. Ltd. | 10,106 | 371,441 | ||||||
Shinsegae Inc. | 153 | 39,719 | ||||||
SillaJen, Inc.* | 1,271 | 80,164 | ||||||
SK Holdings Co. Ltd. | 810 | 203,412 | ||||||
SK Hynix, Inc. | 14,028 | 871,001 | ||||||
SK Innovation Co. Ltd. | 1,487 | 260,668 | ||||||
SK Telecom Co. Ltd. | 478 | 123,450 | ||||||
S-Oil Corp. | 1,027 | 101,239 | ||||||
ViroMed Co. Ltd.* | 305 | 53,684 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Woori Bank | 12,290 | $ | 171,585 | |||||
Yuhan Corp. | 211 | 42,823 | ||||||
|
| |||||||
15,645,604 | ||||||||
|
| |||||||
Taiwan — 10.9% | ||||||||
Acer, Inc.* | 73,013 | 47,172 | ||||||
Advantech Co. Ltd. | 8,686 | 65,847 | ||||||
Airtac International Group | 2,807 | 29,527 | ||||||
ASE Technology Holding Co. Ltd.* | 82,279 | 166,687 | ||||||
Asia Cement Corp. | 52,320 | 57,243 | ||||||
Asustek Computer, Inc. | 19,174 | 135,705 | ||||||
AU Optronics Corp. | 216,042 | 88,026 | ||||||
Catcher Technology Co. Ltd. | 15,144 | 130,045 | ||||||
Cathay Financial Holding Co. Ltd. | 189,542 | 298,760 | ||||||
Chailease Holding Co. Ltd. | 25,832 | 80,595 | ||||||
Chang Hwa Commercial Bank Ltd. | 122,093 | 69,368 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 48,501 | 66,922 | ||||||
Chicony Electronics Co. Ltd. | 15,063 | 29,489 | ||||||
China Airlines Ltd. | 65,482 | 23,385 | ||||||
China Development Financial Holding Corp. | 299,145 | 97,120 | ||||||
China Life Insurance Co. Ltd. | 65,066 | 61,789 | ||||||
China Steel Corp. | 299,242 | 233,164 | ||||||
Chunghwa Telecom Co. Ltd. | 91,787 | 318,855 | ||||||
Compal Electronics, Inc. | 104,843 | 59,907 | ||||||
CTBC Financial Holding Co. Ltd. | 406,738 | 270,045 | ||||||
Delta Electronics, Inc. | 54,709 | 230,903 | ||||||
E.Sun Financial Holding Co. Ltd. | 234,653 | 158,459 | ||||||
Eclat Textile Co. Ltd. | 4,428 | 55,635 | ||||||
Eva Airways Corp. | 54,635 | 28,558 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 54,165 | 20,487 | ||||||
Far Eastern New Century Corp. | 80,110 | 73,994 | ||||||
Far EasTone Telecommunications Co. Ltd. | 39,832 | 93,756 | ||||||
Feng TAY Enterprise Co. Ltd. | 8,322 | 52,956 | ||||||
First Financial Holding Co. Ltd. | 230,814 | 149,497 | ||||||
Formosa Chemicals & Fibre Corp. | 87,355 | 302,041 | ||||||
Formosa Petrochemical Corp. | 29,878 | 108,157 | ||||||
Formosa Plastics Corp. | 109,626 | 355,911 | ||||||
Formosa Taffeta Co. Ltd. | 18,915 | 20,634 | ||||||
Foxconn Technology Co. Ltd. | 22,930 | 46,304 | ||||||
Fubon Financial Holding Co. Ltd. | 155,733 | 246,734 | ||||||
Giant Manufacturing Co. Ltd. | 7,476 | 34,708 | ||||||
Globalwafers Co. Ltd. | 4,826 | 57,345 | ||||||
Highwealth Construction Corp. | 20,375 | 31,024 | ||||||
Hiwin Technologies Corp. | 4,464 | 34,855 | ||||||
Hon Hai Precision Industry Co. Ltd. | 317,080 | 740,160 | ||||||
Hotai Motor Co. Ltd. | 6,802 | 52,337 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 187,145 | 106,631 | ||||||
Innolux Corp. | 223,418 | 74,348 | ||||||
Inventec Corp. | 64,906 | 46,570 | ||||||
Largan Precision Co. Ltd. | 2,129 | 232,934 | ||||||
Lite-On Technology Corp. | 52,759 | 70,056 | ||||||
MediaTek, Inc. | 35,574 | 274,299 | ||||||
Mega Financial Holding Co. Ltd. | 261,052 | 216,968 | ||||||
Micro-Star International Co. Ltd. | 16,854 | 39,671 | ||||||
Nan Ya Plastics Corp. | 128,884 | 310,897 |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Nanya Technology Corp. | 23,907 | $ | 47,346 | |||||
Nien Made Enterprise Co. Ltd. | 3,655 | 26,758 | ||||||
Novatek Microelectronics Corp. | 14,424 | 60,878 | ||||||
Pegatron Corp. | 42,176 | 71,614 | ||||||
Phison Electronics Corp. | 3,663 | 29,850 | ||||||
Pou Chen Corp. | 55,131 | 59,961 | ||||||
Powertech Technology, Inc. | 17,501 | 41,080 | ||||||
President Chain Store Corp. | 12,724 | 131,365 | ||||||
Quanta Computer, Inc. | 57,250 | 92,841 | ||||||
Realtek Semiconductor Corp. | 12,049 | 55,352 | ||||||
Ruentex Development Co. Ltd. | 13,761 | 21,869 | ||||||
Ruentex Industries Ltd. | 8,455 | 24,979 | ||||||
Shin Kong Financial Holding Co. Ltd. | 210,334 | 71,360 | ||||||
SinoPac Financial Holdings Co. Ltd. | 267,072 | 92,343 | ||||||
Standard Foods Corp. | 8,043 | 12,756 | ||||||
Synnex Technology International Corp. | 35,376 | 41,634 | ||||||
TaiMed Biologics, Inc.* | 4,327 | 22,617 | ||||||
Taishin Financial Holding Co. Ltd. | 245,718 | 108,095 | ||||||
Taiwan Business Bank | 86,687 | 29,692 | ||||||
Taiwan Cement Corp. | 117,977 | 132,143 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 203,766 | 118,417 | ||||||
Taiwan High Speed Rail Corp. | 42,119 | 42,254 | ||||||
Taiwan Mobile Co. Ltd. | 40,083 | 141,845 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 594,523 | 4,352,546 | ||||||
Tatung Co. Ltd.* | 46,000 | 60,484 | ||||||
Uni-President Enterprises Corp. | 121,915 | 285,774 | ||||||
United Microelectronics Corp. | 272,632 | 102,232 | ||||||
Vanguard International Semiconductor Corp. | 20,366 | 42,846 | ||||||
Walsin Technology Corp. | 7,464 | 45,436 | ||||||
Win Semiconductors Corp. | 8,252 | 33,890 | ||||||
Winbond Electronics Corp. | 70,065 | 34,121 | ||||||
Wistron Corp. | 66,564 | 42,249 | ||||||
WPG Holdings Ltd. | 39,170 | 47,688 | ||||||
Yageo Corp. | 6,090 | 73,156 | ||||||
Yuanta Financial Holding Co. Ltd. | 254,382 | 129,662 | ||||||
Zhen Ding Technology Holding Ltd. | 11,610 | 29,514 | ||||||
|
| |||||||
13,353,127 | ||||||||
|
| |||||||
Thailand — 2.4% | ||||||||
Advanced Info Service PCL, NVDR | 25,974 | 140,976 | ||||||
Airports of Thailand PCL, NVDR | 102,700 | 199,076 | ||||||
Bangkok Bank PCL, NVDR | 4,446 | 28,119 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 95,500 | 77,678 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 187,400 | 50,429 | ||||||
Banpu PCL, NVDR | 47,800 | 24,563 | ||||||
Berli Jucker PCL, NVDR | 25,700 | 41,222 | ||||||
BTS Group Holdings PCL, NVDR | 145,100 | 41,693 | ||||||
Bumrungrad Hospital PCL, NVDR | 7,700 | 44,485 | ||||||
Central Pattana PCL, NVDR | 34,000 | 78,312 | ||||||
Charoen Pokphand Foods PCL, NVDR | 98,543 | 74,909 | ||||||
CP ALL PCL, NVDR | 118,700 | 246,333 | ||||||
Delta Electronics Thailand PCL, NVDR | 15,002 | 31,817 |
Number | Value | |||||||
Thailand (Continued) | ||||||||
Electricity Generating PCL, NVDR | 3,800 | $ | 27,731 | |||||
Energy Absolute PCL, NVDR | 22,500 | 32,839 | ||||||
Glow Energy PCL, NVDR | 13,800 | 36,506 | ||||||
Gulf Energy Development PCL NVDR | 6,200 | 14,281 | ||||||
Home Product Center PCL, NVDR | 98,400 | 45,479 | ||||||
Indorama Ventures PCL, NVDR | 36,497 | 59,927 | ||||||
IRPC PCL, NVDR | 249,709 | 46,316 | ||||||
Kasikornbank PCL, NVDR | 44,979 | 264,643 | ||||||
Krung Thai Bank PCL, NVDR | 89,006 | 54,669 | ||||||
Land & Houses PCL, NVDR | 106,000 | 32,553 | ||||||
Minor International PCL, NVDR | 53,500 | 58,970 | ||||||
Muangthai Capital PCL NVDR | 12,700 | 19,019 | ||||||
PTT Exploration & Production PCL, NVDR | 32,613 | 130,898 | ||||||
PTT Global Chemical PCL, NVDR | 53,600 | 127,939 | ||||||
PTT PCL | 90,400 | 135,377 | ||||||
PTT PCL, NVDR | 155,680 | 233,135 | ||||||
Robinson PCL, NVDR | 13,400 | 27,401 | ||||||
Siam Cement PCL | 9,958 | 133,833 | ||||||
Siam Commercial Bank PCL, NVDR | 44,198 | 186,804 | ||||||
Thai Oil PCL, NVDR | 31,757 | 73,388 | ||||||
Thai Union Group PCL, NVDR | 47,600 | 25,474 | ||||||
TMB Bank PCL, NVDR | 327,700 | 23,117 | ||||||
True Corp. PCL, NVDR | 248,600 | 44,221 | ||||||
|
| |||||||
2,914,132 | ||||||||
|
| |||||||
Turkey — 0.6% | ||||||||
Akbank T.A.S. | 50,341 | 73,957 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 5,158 | 20,913 | ||||||
Arcelik AS | 5,893 | 17,677 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 12,299 | 62,981 | ||||||
BIM Birlesik Magazalar AS | 5,284 | 85,634 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 29,451 | 42,872 | ||||||
Ford Otomotiv Sanayi AS | 1,751 | 18,151 | ||||||
Haci Omer Sabanci Holding AS | 22,907 | 36,157 | ||||||
KOC Holding AS | 18,976 | 55,974 | ||||||
Petkim Petrokimya Holding AS | 18,518 | 18,823 | ||||||
TAV Havalimanlari Holding AS | 2,100 | 9,441 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 2,660 | 63,720 | ||||||
Turk Hava Yollari AO* | 13,776 | 44,916 | ||||||
Turkcell Iletisim Hizmetleri AS | 26,466 | 64,414 | ||||||
Turkiye Garanti Bankasi AS | 54,194 | 85,958 | ||||||
Turkiye Halk Bankasi AS | 15,971 | 22,085 | ||||||
Turkiye Is Bankasi AS, Class C | 39,624 | 32,374 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 19,623 | 18,931 | ||||||
|
| |||||||
774,978 | ||||||||
|
| |||||||
United Arab Emirates — 0.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 47,365 | 101,225 | ||||||
Aldar Properties PJSC | 78,447 | 34,171 | ||||||
DAMAC Properties Dubai Co. PJSC | 45,256 | 23,040 | ||||||
DP World Ltd. | 3,917 | 64,082 | ||||||
Dubai Islamic Bank PJSC | 40,708 | 58,073 | ||||||
Emaar Development PJSC | 18,289 | 24,647 | ||||||
Emaar Malls PJSC | 48,681 | 23,856 | ||||||
Emaar Properties PJSC | 87,899 | 107,686 |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
United Arab Emirates (Continued) | ||||||||
Emirates Telecommunications Group Co. PJSC | 40,988 | $ | 185,459 | |||||
First Abu Dhabi Bank PJSC | 64,993 | 240,639 | ||||||
|
| |||||||
862,878 | ||||||||
|
| |||||||
United Kingdom — 0.1% | ||||||||
Mondi Ltd. | 2,950 | 64,923 | ||||||
|
| |||||||
United States — 0.0% | ||||||||
Nexteer Automotive Group Ltd. (c) | 20,585 | 30,993 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 114,535,439 | |||||||
|
| |||||||
PREFERRED STOCKS — 3.8% | ||||||||
Brazil — 2.8% | ||||||||
Banco Bradesco SA | 82,322 | 818,749 | ||||||
Braskem SA, Class A | 4,302 | 60,275 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 5,634 | 41,261 | ||||||
Cia Brasileira de Distribuicao | 3,947 | 85,135 | ||||||
Cia Energetica de Minas Gerais | 21,814 | 71,698 | ||||||
Gerdau SA | 23,454 | 93,889 | ||||||
Itau Unibanco Holding SA | 117,303 | 1,092,644 | ||||||
Itausa — Investimentos Itau SA | 105,841 | 337,750 | ||||||
Lojas Americanas SA | 18,156 | 92,541 | ||||||
Petroleo Brasileiro SA | 96,879 | 637,843 | ||||||
Telefonica Brasil SA | 10,155 | 120,825 | ||||||
|
| |||||||
3,452,610 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 6,491 | 22,933 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 2,889 | 128,076 | ||||||
|
| |||||||
151,009 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 11,289 | 112,471 | ||||||
Grupo Aval Acciones y Valores SA | 95,152 | 30,452 | ||||||
Grupo de Inversiones Suramericana SA | 2,849 | 26,940 | ||||||
|
| |||||||
169,863 | ||||||||
|
| |||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC | 159,172 | 89,683 | ||||||
Transneft PJSC | 18 | 47,122 | ||||||
|
| |||||||
136,805 | ||||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp. | 227 | 18,246 | ||||||
Hyundai Motor Co. | 584 | 34,281 | ||||||
Hyundai Motor Co. — 2nd Preferred | 911 | 56,727 | ||||||
LG Chem Ltd. | 176 | 30,695 | ||||||
LG Household & Health Care Ltd. | 38 | 22,713 | ||||||
Samsung Electronics Co. Ltd. | 20,821 | 626,887 | ||||||
|
| |||||||
789,549 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 4,699,836 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.1% |
| |||||||
Global X MSCI Pakistan ETF | 6,500 | 62,725 | ||||||
|
|
Number | Value | |||||||
RIGHTS — 0.0% | ||||||||
China — 0.0% | ||||||||
Fosun International Ltd.*, expires 12/11/18 | 147 | $ | 0 | |||||
|
| |||||||
Taiwan — 0.0% | ||||||||
Taiwan Cement Corp.*, expires 12/08/18 | 3,695 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS | 0 | |||||||
|
| |||||||
WARRANT — 0.0% | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL, NVDR*, expires 12/29/19 (b) | 18,144 | 68 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.1% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e) | 1,383,442 | 1,383,442 | ||||||
|
| |||||||
CASH EQUIVALENTS — 2.8% |
| |||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (d) | 3,415,426 | 3,415,426 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.4% (Cost $111,023,369) | $ | 124,096,936 | ||||||
Other assets and liabilities, net — (1.4%) | (1,793,944 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 122,302,992 | ||||||
|
|
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e) |
| |||||||||||||||||||||||||||||||
993,218 | 390,224 | (f) | — | — | — | 8,071 | — | 1,383,442 | 1,383,442 | |||||||||||||||||||||||
CASH EQUIVALENTS — 2.8% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (d) |
| |||||||||||||||||||||||||||||||
— | 6,945,714 | (3,530,288) | — | — | 9,588 | — | 3,415,426 | 3,415,426 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
993,218 | 7,335,938 | (3,530,288) | — | — | 17,659 | — | 4,798,868 | 4,798,868 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $2,103,073, which is 1.7% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $821,723. |
(f) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
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, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
MSCI Emerging Markets Index Futures | USD | 61 | $ | 3,028,260 | $ | 3,048,780 | 12/21/2018 | $ | 20,520 |
As of November 30, 2018, 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 | 12/3/2018 | IDR | 5,694,364 | USD | 398 | $ | — | $ | — | |||||||||||||
Goldman Sachs & Co. | 12/5/2018 | AED | 2,849,800 | USD | 775,772 | — | (60 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | AED | 292,500 | USD | 79,625 | — | (6 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | BRL | 6,532,900 | USD | 1,753,705 | 64,743 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | BRL | 2,815,000 | USD | 756,070 | 28,303 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | BRL | 25,839,300 | USD | 6,935,794 | 255,518 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CLP | 876,638,000 | USD | 1,259,293 | — | (45,974 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | CLP | 56,356,800 | USD | 80,967 | — | (2,945 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CNH | 7,146,000 | USD | 1,023,240 | — | (4,750 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | COP | 1,762,733,800 | USD | 546,432 | 1,538 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | CZK | 2,596,100 | USD | 113,463 | 284 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CZK | 2,685,000 | USD | 117,339 | 284 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | EGP | 2,922,600 | USD | 161,559 | — | (1,373 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | EUR | 371,000 | USD | 421,420 | 1,181 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | HKD | 43,383,300 | USD | 5,540,109 | — | (5,607 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | HKD | 86,293,600 | USD | 11,018,783 | — | (12,185 | ) |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of New York Mellon | 12/5/2018 | HKD | 103,669,500 | USD | 13,238,517 | $ | — | $ | (13,624 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | HUF | 65,802,500 | USD | 229,876 | — | (416 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | HUF | 44,286,400 | USD | 154,639 | — | (352 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | IDR | 21,836,840,200 | USD | 1,430,048 | — | (95,626 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | IDR | 14,877,311,300 | USD | 973,519 | — | (65,914 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | IDR | 1,516,118,300 | USD | 99,320 | — | (6,607 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | INR | 213,065,200 | USD | 2,869,565 | — | (185,741 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | INR | 606,711,100 | USD | 8,168,333 | — | (531,765 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | KRW | 17,147,435,600 | USD | 15,062,751 | — | (237,323 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | KRW | 1,724,125,900 | USD | 1,514,344 | — | (24,035 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | KRW | 2,531,290,000 | USD | 2,223,062 | — | (35,522 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | MXN | 9,677,600 | USD | 475,498 | 395 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | MXN | 15,510,900 | USD | 762,225 | 749 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | MXN | 51,748,800 | USD | 2,542,814 | 2,310 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | MYR | 8,937,900 | USD | 2,136,465 | 621 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | MYR | 4,769,500 | USD | 1,138,034 | — | (1,709 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | PHP | 36,280,500 | USD | 676,660 | — | (15,232 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | PHP | 5,291,800 | USD | 98,728 | — | (2,190 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | PHP | 29,959,400 | USD | 559,884 | — | (11,461 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | PLN | 1,344,200 | USD | 351,205 | — | (3,421 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | PLN | 4,518,100 | USD | 1,180,107 | — | (11,853 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | QAR | 4,286,800 | USD | 1,171,897 | — | (5,385 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | RUB | 58,490,000 | USD | 886,015 | 13,631 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | RUB | 253,888,000 | USD | 3,845,867 | 59,104 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | TRY | 213,900 | USD | 37,383 | — | (3,521 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | TRY | 2,545,400 | USD | 444,632 | — | (42,127 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | TRY | 2,173,100 | USD | 380,002 | — | (35,561 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | TWD | 115,324,100 | USD | 3,737,009 | — | (8,723 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | TWD | 122,636,400 | USD | 3,973,059 | — | (10,177 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | TWD | 18,096,200 | USD | 585,922 | — | (1,843 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | TWD | 226,738,200 | USD | 7,342,558 | — | (21,908 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 775,857 | AED | 2,849,800 | — | (24 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 79,632 | AED | 292,500 | — | (1 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,685,823 | BRL | 6,532,900 | 3,139 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 726,058 | BRL | 2,815,000 | 1,708 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 6,668,551 | BRL | 25,839,300 | 11,726 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,302,941 | CLP | 876,638,000 | 2,326 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 83,744 | CLP | 56,356,800 | 168 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 123,845 | CNH | 865,000 | 590 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 902,978 | CNH | 6,281,000 | 577 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 544,352 | COP | 1,762,733,800 | 543 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 113,211 | CZK | 2,596,100 | — | (32 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 117,088 | CZK | 2,685,000 | — | (33 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 163,092 | EGP | 2,922,600 | — | (159 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 420,065 | EUR | 371,000 | 174 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 5,543,660 | HKD | 43,383,300 | 2,056 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 11,026,879 | HKD | 86,293,600 | 4,089 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 3,850,867 | HKD | 30,155,000 | 3,867 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 9,394,362 | HKD | 73,514,500 | 3,045 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 230,006 | HUF | 65,802,500 | 285 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 154,800 | HUF | 44,286,400 | 191 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,522,898 | IDR | 21,836,840,200 | 2,776 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 1,042,266 | IDR | 14,877,311,300 | — | (2,833 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 106,037 | IDR | 1,516,118,300 | — | (110 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 997,468 | INR | 74,052,000 | 64,421 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,995,670 | INR | 139,013,200 | — | (2,253 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 8,706,980 | INR | 606,711,100 | — | (6,883 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 13,017,776 | KRW | 14,603,340,600 | 12,289 | — |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,231,858 | KRW | 2,544,095,000 | $ | 38,151 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 1,537,860 | KRW | 1,724,125,900 | 519 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 2,258,467 | KRW | 2,531,290,000 | 117 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 475,578 | MXN | 9,677,600 | — | (475 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 762,244 | MXN | 15,510,900 | — | (767 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 2,132,031 | MXN | 43,384,800 | — | (2,141 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 410,981 | MXN | 8,364,000 | — | (367 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,862,824 | MYR | 7,798,900 | 838 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 272,162 | MYR | 1,139,000 | 18 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 1,138,713 | MYR | 4,769,500 | 1,029 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 691,716 | PHP | 36,280,500 | 176 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 100,892 | PHP | 5,291,800 | 26 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 571,199 | PHP | 29,959,400 | 145 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 354,644 | PLN | 1,344,200 | — | (18 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 1,191,985 | PLN | 4,518,100 | — | (25 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,173,437 | QAR | 4,286,800 | 3,846 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 140,918 | RUB | 9,302,000 | — | (2,178 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 734,670 | RUB | 49,188,000 | — | (1,026 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 3,789,938 | RUB | 253,888,000 | — | (3,175 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 40,748 | TRY | 213,900 | 156 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 484,312 | TRY | 2,545,400 | 2,447 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 413,516 | TRY | 2,173,100 | 2,048 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,981,014 | TWD | 61,144,000 | 4,946 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 1,756,300 | TWD | 54,180,100 | 3,472 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 3,982,348 | TWD | 122,636,400 | 888 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 587,158 | TWD | 18,096,200 | 608 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 7,361,271 | TWD | 226,738,200 | 3,195 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 6,523,828 | ZAR | 90,471,400 | 260 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 854,774 | ZAR | 12,672,000 | 59,031 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 804,660 | ZAR | 11,158,800 | 26 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | ZAR | 90,471,400 | USD | 6,102,109 | — | (421,979 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | ZAR | 23,830,800 | USD | 1,607,288 | — | (111,202 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | THB | 83,735,800 | USD | 2,527,873 | — | (18,895 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/6/2018 | THB | 20,001,800 | USD | 603,700 | — | (4,641 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | USD | 190,279 | THB | 6,303,000 | 1,422 | — | |||||||||||||||
Goldman Sachs & Co. | 12/6/2018 | USD | 2,350,366 | THB | 77,432,800 | 4,701 | — | |||||||||||||||
The Bank of Nova Scotia | 12/6/2018 | USD | 607,127 | THB | 20,001,800 | 1,214 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | BRL | 6,532,900 | USD | 1,683,650 | — | (2,565 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | BRL | 2,815,000 | USD | 725,104 | — | (1,479 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | BRL | 442,000 | USD | 113,888 | — | (197 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | BRL | 25,839,300 | USD | 6,660,300 | — | (9,115 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CLP | 876,638,000 | USD | 1,302,844 | — | (2,661 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CLP | 56,356,800 | USD | 83,738 | — | (190 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CNH | 6,281,000 | USD | 901,711 | — | (901 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | COP | 1,762,733,800 | USD | 543,534 | — | (431 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | CZK | 2,596,100 | USD | 113,412 | — | (163 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CZK | 2,685,000 | USD | 117,489 | 25 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 371,000 | USD | 421,345 | — | (215 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | HKD | 43,383,300 | USD | 5,548,127 | — | (2,479 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | HKD | 86,293,600 | USD | 11,035,693 | — | (5,002 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | HKD | 17,327,000 | USD | 2,215,913 | — | (962 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2019 | HKD | 73,514,500 | USD | 9,401,643 | — | (4,051 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | HUF | 65,802,500 | USD | 230,653 | — | (352 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | HUF | 44,286,400 | USD | 155,251 | — | (220 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | IDR | 21,836,840,200 | USD | 1,518,451 | — | (520 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | IDR | 14,877,311,300 | USD | 1,037,904 | 3,038 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | IDR | 1,504,848,000 | USD | 104,809 | 132 | — | |||||||||||||||
RBC Capital Markets | 1/4/2019 | IDR | 1,516,118,300 | USD | 105,771 | 310 | — |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | INR | 139,013,200 | USD | 1,988,533 | $ | 2,072 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | INR | 33,668,000 | USD | 481,301 | 195 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | INR | 606,711,100 | USD | 8,677,715 | 7,975 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | KRW | 14,603,340,600 | USD | 13,030,553 | — | (14,553 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | KRW | 1,724,125,900 | USD | 1,539,371 | — | (784 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | KRW | 356,212,000 | USD | 317,981 | — | (222 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | KRW | 2,531,290,000 | USD | 2,260,686 | — | (505 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | MXN | 9,677,600 | USD | 473,448 | 581 | — | |||||||||||||||
RBC Capital Markets | 1/4/2019 | MXN | 15,510,900 | USD | 758,822 | 927 | — | |||||||||||||||
The Bank of New York Mellon | 1/4/2019 | MXN | 43,384,800 | USD | 2,122,259 | 2,386 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | MYR | 7,798,900 | USD | 1,860,824 | — | (2,341 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | MYR | 4,769,500 | USD | 1,137,762 | — | (1,676 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | PHP | 36,280,500 | USD | 690,794 | 273 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | PHP | 5,291,800 | USD | 100,719 | 1 | — | |||||||||||||||
RBC Capital Markets | 1/4/2019 | PHP | 29,959,400 | USD | 570,329 | 117 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | PLN | 1,344,200 | USD | 354,893 | — | (21 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | PLN | 4,518,100 | USD | 1,192,898 | — | (35 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | THB | 77,432,800 | USD | 2,351,079 | — | (6,817 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | THB | 20,001,800 | USD | 607,311 | — | (1,761 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | TRY | 213,900 | USD | 40,065 | — | (126 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | TRY | 2,545,400 | USD | 476,100 | — | (2,164 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | TRY | 2,173,100 | USD | 406,426 | — | (1,885 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | TWD | 54,180,100 | USD | 1,760,294 | — | (4,197 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | TWD | 3,079,000 | USD | 100,114 | — | (160 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | TWD | 122,636,400 | USD | 3,991,810 | — | (2,107 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | TWD | 18,096,200 | USD | 588,590 | — | (752 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | TWD | 226,738,200 | USD | 7,379,239 | — | (4,976 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | USD | 141,972 | EUR | 125,000 | 64 | — | |||||||||||||||
RBC Capital Markets | 1/4/2019 | USD | 104,112 | MXN | 2,128,000 | — | (134 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | USD | 140,336 | TRY | 750,000 | 584 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | ZAR | 90,471,400 | USD | 6,500,410 | 461 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | ZAR | 5,500,000 | USD | 395,168 | 19 | — | |||||||||||||||
RBC Capital Markets | 1/4/2019 | ZAR | 11,158,800 | USD | 801,749 | 41 | — | |||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | AED | 2,849,800 | USD | 775,730 | — | (25 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/7/2019 | AED | 292,500 | USD | 79,620 | — | (3 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | QAR | 4,286,800 | USD | 1,173,116 | — | (4,064 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | QAR | 466,000 | USD | 127,524 | — | (442 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/8/2019 | EGP | 2,922,600 | USD | 161,648 | 406 | — | |||||||||||||||
Goldman Sachs & Co. | 1/10/2019 | RUB | 49,188,000 | USD | 731,567 | 1,254 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/10/2019 | RUB | 253,888,000 | USD | 3,774,853 | 5,280 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/10/2019 | RUB | 7,747,000 | USD | 115,036 | 13 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 698,064 | $ | (2,105,406 | ) | |||||||||||||||||
|
|
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNH | Chinese Yuan |
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 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
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, 2018 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) | $ | 114,416,272 | $ | — | $ | 119,167 | $ | 114,535,439 | ||||||||
Preferred Stocks (g) | 4,699,836 | — | — | 4,699,836 | ||||||||||||
Exchange-Traded Fund | 62,725 | — | — | 62,725 | ||||||||||||
Rights (g) | 0 | — | — | 0 | ||||||||||||
Warrant | — | — | 68 | 68 | ||||||||||||
Short-Term Investments (g) | 4,798,868 | — | — | 4,798,868 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 698,064 | — | 698,064 | ||||||||||||
Futures Contracts | 20,520 | — | — | 20,520 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 123,998,221 | $ | 698,064 | $ | 119,235 | $ | 124,815,520 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (2,105,406 | ) | $ | — | $ | (2,105,406 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (2,105,406 | ) | $ | — | $ | (2,105,406 | ) | ||||||
|
|
|
|
|
|
|
|
(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, 2018, the amount of transfers between Level 1 and Level 3 was $221,949 and between Level 3 and Level 1 was $70,470. 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 and commencement of trading on a securities exchange.
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.1% | ||||||||
Australia — 0.5% | ||||||||
BHP Group PLC | 231,146 | $ | 4,422,753 | |||||
|
| |||||||
Austria — 0.4% | ||||||||
ANDRITZ AG | 7,080 | 340,811 | ||||||
Erste Group Bank AG* | 32,243 | 1,272,111 | ||||||
OMV AG | 16,322 | 824,498 | ||||||
Raiffeisen Bank International AG | 16,229 | 478,431 | ||||||
Verbund AG | 7,431 | 303,866 | ||||||
voestalpine AG | 13,482 | 447,971 | ||||||
|
| |||||||
3,667,688 | ||||||||
|
| |||||||
Belgium — 1.5% | ||||||||
Ageas | 19,685 | 950,254 | ||||||
Anheuser-Busch InBev SA/NV (a) | 83,243 | 6,374,383 | ||||||
Colruyt SA | 6,587 | 420,883 | ||||||
Groupe Bruxelles Lambert SA | 9,120 | 820,822 | ||||||
KBC Group NV | 27,530 | 1,975,979 | ||||||
Proximus SADP | 15,288 | 422,998 | ||||||
Solvay SA | 7,892 | 853,431 | ||||||
Telenet Group Holding NV | 5,680 | 281,778 | ||||||
UCB SA | 13,863 | 1,165,151 | ||||||
Umicore SA | 22,882 | 992,673 | ||||||
|
| |||||||
14,258,352 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC | 39,973 | 407,686 | ||||||
|
| |||||||
Denmark — 2.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 404 | 534,381 | ||||||
A.P. Moller — Maersk A/S, Class B | 744 | 1,058,593 | ||||||
Carlsberg A/S, Class B | 11,441 | 1,266,893 | ||||||
Chr Hansen Holding A/S | 11,177 | 1,009,117 | ||||||
Coloplast A/S, Class B | 12,817 | 1,222,120 | ||||||
Danske Bank A/S | 78,471 | 1,564,075 | ||||||
DSV A/S | 20,146 | 1,541,406 | ||||||
Genmab A/S* | 6,459 | 982,696 | ||||||
H Lundbeck A/S | 8,470 | 347,796 | ||||||
ISS A/S | 18,777 | 608,673 | ||||||
Novo Nordisk A/S, Class B | 198,546 | 9,215,857 | ||||||
Novozymes A/S, Class B | 24,174 | 1,126,112 | ||||||
Orsted A/S, 144A | 20,805 | 1,353,558 | ||||||
Pandora A/S | 12,053 | 651,059 | ||||||
Tryg A/S | 13,250 | 329,619 | ||||||
Vestas Wind Systems A/S | 21,451 | 1,600,906 | ||||||
William Demant Holding A/S* | 11,824 | 345,262 | ||||||
|
| |||||||
24,758,123 | ||||||||
|
| |||||||
Finland — 1.9% | ||||||||
Elisa OYJ | 16,652 | 667,731 | ||||||
Fortum OYJ | 49,758 | 1,037,059 | ||||||
Kone OYJ, Class B | 37,583 | 1,861,897 | ||||||
Metso OYJ | 10,582 | 301,535 | ||||||
Neste OYJ | 13,956 | 1,090,493 | ||||||
Nokia OYJ | 614,477 | 3,378,090 | ||||||
Nokian Renkaat OYJ | 13,197 | 422,365 | ||||||
Nordea Bank Abp | 334,101 | 2,964,967 | ||||||
Orion OYJ, Class B | 10,522 | 351,166 | ||||||
Sampo OYJ, Class A | 48,227 | 2,152,801 |
Number | Value | |||||||
Finland (Continued) | ||||||||
Stora Enso OYJ, Class R | 60,799 | $ | 774,691 | |||||
UPM-Kymmene OYJ | 58,504 | 1,558,455 | ||||||
Wartsila OYJ Abp | 49,415 | 804,460 | ||||||
|
| |||||||
17,365,710 | ||||||||
|
| |||||||
France — 16.5% | ||||||||
Accor SA | 20,948 | 929,641 | ||||||
Aeroports de Paris | 3,412 | 663,233 | ||||||
Air Liquide SA | 46,808 | 5,656,852 | ||||||
Airbus SE | 63,797 | 6,833,923 | ||||||
Alstom SA | 16,934 | 743,071 | ||||||
Amundi SA, 144A | 7,344 | 420,698 | ||||||
Arkema SA | 7,658 | 726,518 | ||||||
Atos SE | 10,390 | 882,193 | ||||||
AXA SA | 211,574 | 5,153,360 | ||||||
BioMerieux | 4,712 | 332,338 | ||||||
BNP Paribas SA | 123,644 | 6,211,525 | ||||||
Bollore SA | 104,332 | 457,104 | ||||||
Bouygues SA | 24,111 | 926,979 | ||||||
Bureau Veritas SA | 29,075 | 642,520 | ||||||
Capgemini SE | 17,400 | 2,029,944 | ||||||
Carrefour SA | 63,278 | 1,139,034 | ||||||
Casino Guichard Perrachon SA (a) | 5,824 | 263,142 | ||||||
Cie de Saint-Gobain | 54,601 | 2,023,484 | ||||||
Cie Generale des Etablissements Michelin | 18,893 | 1,976,759 | ||||||
CNP Assurances | 20,069 | 459,403 | ||||||
Covivio REIT | 4,367 | 425,423 | ||||||
Credit Agricole SA | 125,127 | 1,553,693 | ||||||
Danone SA | 66,867 | 5,000,774 | ||||||
Dassault Aviation SA | 275 | 420,294 | ||||||
Dassault Systemes SE | 14,500 | 1,740,046 | ||||||
Edenred | 26,088 | 994,717 | ||||||
Eiffage SA | 8,406 | 799,574 | ||||||
Electricite de France SA (a) | 66,006 | 1,084,271 | ||||||
Engie SA | 200,050 | 2,812,853 | ||||||
EssilorLuxottica SA | 31,054 | 3,942,790 | ||||||
Eurazeo SE | 5,108 | 382,532 | ||||||
Eutelsat Communications SA | 19,734 | 420,569 | ||||||
Faurecia SA | 9,000 | 350,704 | ||||||
Gecina SA REIT | 4,914 | 687,051 | ||||||
Getlink SE | 52,321 | 679,697 | ||||||
Hermes International | 3,383 | 1,829,549 | ||||||
ICADE REIT | 3,682 | 291,789 | ||||||
Iliad SA | 3,068 | 413,844 | ||||||
Imerys SA | 3,758 | 201,661 | ||||||
Ingenico Group SA | 7,073 | 510,551 | ||||||
Ipsen SA | 4,147 | 533,803 | ||||||
JCDecaux SA | 7,747 | 263,113 | ||||||
Kering | 8,272 | 3,596,074 | ||||||
Klepierre SA REIT | 21,264 | 696,194 | ||||||
Legrand SA | 29,060 | 1,779,835 | ||||||
L’Oreal SA | 27,632 | 6,503,598 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 30,435 | 8,701,769 | ||||||
Natixis SA | 99,320 | 548,711 | ||||||
Orange SA (a) | 216,244 | 3,711,335 | ||||||
Pernod Ricard SA (a) | 23,023 | 3,680,302 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Peugeot SA | 63,882 | $ | 1,403,030 | |||||
Publicis Groupe SA | 23,213 | 1,375,998 | ||||||
Remy Cointreau SA | 2,373 | 274,827 | ||||||
Renault SA | 21,441 | 1,506,169 | ||||||
Rexel SA | 35,989 | 431,676 | ||||||
Safran SA | 36,518 | 4,562,114 | ||||||
Sanofi | 123,021 | 11,115,357 | ||||||
Sartorius Stedim Biotech | 3,018 | 305,452 | ||||||
Schneider Electric SE | 60,300 | 4,388,136 | ||||||
SCOR SE | 18,673 | 897,173 | ||||||
SEB SA | 2,383 | 341,542 | ||||||
Societe BIC SA | 3,079 | 330,275 | ||||||
Societe Generale SA | 84,395 | 3,101,359 | ||||||
Sodexo SA | 10,081 | 1,043,582 | ||||||
Suez | 42,231 | 627,505 | ||||||
Teleperformance | 6,425 | 1,063,426 | ||||||
Thales SA | 11,657 | 1,429,230 | ||||||
TOTAL SA | 262,893 | 14,632,614 | ||||||
Ubisoft Entertainment SA* | 8,480 | 690,642 | ||||||
Unibail-Rodamco-Westfield REIT | 15,091 | 2,594,126 | ||||||
Valeo SA | 26,373 | 752,397 | ||||||
Veolia Environnement SA | 58,676 | 1,247,175 | ||||||
Vinci SA | 55,126 | 4,811,691 | ||||||
Vivendi SA | 114,230 | 2,845,049 | ||||||
Wendel SA | 3,065 | 372,321 | ||||||
|
| |||||||
155,171,703 | ||||||||
|
| |||||||
Germany — 12.6% | ||||||||
1&1 Drillisch AG | 4,960 | 249,317 | ||||||
adidas AG | 20,606 | 4,544,326 | ||||||
Allianz SE | 47,044 | 9,932,760 | ||||||
Axel Springer SE | 5,139 | 327,547 | ||||||
BASF SE | 100,638 | 7,333,856 | ||||||
Bayer AG | 102,099 | 7,464,597 | ||||||
Bayerische Motoren Werke AG | 36,468 | 2,981,235 | ||||||
Beiersdorf AG | 10,854 | 1,161,695 | ||||||
Brenntag AG | 17,406 | 804,573 | ||||||
Commerzbank AG* | 112,236 | 966,441 | ||||||
Continental AG | 11,928 | 1,785,871 | ||||||
Covestro AG, 144A | 20,848 | 1,200,405 | ||||||
Daimler AG | 99,606 | 5,603,831 | ||||||
Delivery Hero SE, 144A* | 9,813 | 357,055 | ||||||
Deutsche Bank AG (b) | 212,853 | 1,942,958 | ||||||
Deutsche Boerse AG | 21,140 | 2,699,609 | ||||||
Deutsche Lufthansa AG | 26,548 | 646,185 | ||||||
Deutsche Post AG | 108,235 | 3,445,640 | ||||||
Deutsche Telekom AG | 365,647 | 6,410,030 | ||||||
Deutsche Wohnen SE | 39,195 | 1,878,747 | ||||||
E.ON SE | 240,409 | 2,450,876 | ||||||
Evonik Industries AG | 17,297 | 465,073 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 4,541 | 333,849 | ||||||
Fresenius Medical Care AG & Co. KGaA | 23,431 | 1,906,715 | ||||||
Fresenius SE & Co. KGaA | 45,534 | 2,583,650 | ||||||
GEA Group AG | 17,997 | 485,728 | ||||||
Hannover Rueck SE | 6,823 | 947,778 | ||||||
HeidelbergCement AG | 16,336 | 1,085,602 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Henkel AG & Co. KGaA | 11,390 | $ | 1,175,995 | |||||
HOCHTIEF AG | 2,338 | 332,446 | ||||||
HUGO BOSS AG | 6,955 | 480,301 | ||||||
Infineon Technologies AG | 124,065 | 2,597,709 | ||||||
Innogy SE* | 13,341 | 559,582 | ||||||
Innogy SE, 144A | 2,000 | 91,429 | ||||||
KION Group AG | 7,915 | 446,418 | ||||||
LANXESS AG | 9,544 | 523,169 | ||||||
Merck KGaA | 14,187 | 1,563,716 | ||||||
METRO AG | 18,281 | 280,535 | ||||||
MTU Aero Engines AG | 5,590 | 1,161,907 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 16,420 | 3,567,262 | ||||||
OSRAM Licht AG | 10,917 | 500,177 | ||||||
ProSiebenSat.1 Media SE | 26,222 | 532,420 | ||||||
Puma SE | 912 | 457,389 | ||||||
RWE AG | 56,429 | 1,217,940 | ||||||
SAP SE | 107,538 | 11,068,996 | ||||||
Siemens AG | 83,780 | 9,712,414 | ||||||
Siemens Healthineers AG, 144A* | 16,998 | 735,776 | ||||||
Symrise AG | 13,548 | 1,093,583 | ||||||
Telefonica Deutschland Holding AG | 90,456 | 366,305 | ||||||
thyssenkrupp AG | 46,886 | 875,553 | ||||||
TUI AG | 49,563 | 705,444 | ||||||
Uniper SE | 22,308 | 572,531 | ||||||
United Internet AG | 13,423 | 604,051 | ||||||
Volkswagen AG | 3,631 | 599,747 | ||||||
Vonovia SE | 53,960 | 2,612,751 | ||||||
Wirecard AG | 13,062 | 1,973,400 | ||||||
Zalando SE, 144A* | 13,328 | 413,430 | ||||||
|
| |||||||
118,818,325 | ||||||||
|
| |||||||
Ireland — 1.0% | ||||||||
AerCap Holdings NV* | 13,189 | 697,302 | ||||||
AIB Group PLC | 94,241 | 413,533 | ||||||
Bank of Ireland Group PLC | 106,991 | 677,089 | ||||||
CRH PLC | 92,543 | 2,558,445 | ||||||
DCC PLC | 11,108 | 835,811 | ||||||
Kerry Group PLC, Class A | 17,315 | 1,788,719 | ||||||
Kingspan Group PLC | 16,713 | 719,372 | ||||||
Paddy Power Betfair PLC | 9,063 | 813,640 | ||||||
Ryanair Holdings PLC* | 26,320 | 347,284 | ||||||
Smurfit Kappa Group PLC | 23,614 | 637,328 | ||||||
|
| |||||||
9,488,523 | ||||||||
|
| |||||||
Isle of Man — 0.1% | ||||||||
GVC Holdings PLC | 60,838 | 572,890 | ||||||
|
| |||||||
Italy — 2.9% | ||||||||
Assicurazioni Generali SpA | 130,316 | 2,196,743 | ||||||
Atlantia SpA | 52,261 | 1,071,477 | ||||||
Davide Campari-Milano SpA | 59,896 | 500,427 | ||||||
Enel SpA | 888,631 | 4,818,855 | ||||||
Eni SpA | 277,625 | 4,477,529 | ||||||
Ferrari NV | 13,850 | 1,513,714 | ||||||
Intesa Sanpaolo SpA | 1,631,701 | 3,783,183 | ||||||
Leonardo SpA | 40,980 | 403,903 | ||||||
Mediobanca SpA (a) | 69,663 | 615,627 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Moncler SpA | 18,787 | $ | 612,118 | |||||
Pirelli & C SpA, 144A* | 42,462 | 298,428 | ||||||
Poste Italiane SpA, 144A | 61,257 | 464,918 | ||||||
Prysmian SpA | 28,220 | 516,599 | ||||||
Recordati SpA | 10,638 | 342,151 | ||||||
Snam SpA | 250,608 | 1,098,260 | ||||||
Telecom Italia SpA* | 1,276,114 | 830,411 | ||||||
Telecom ItaliaSpA-RSP | 604,341 | 340,105 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 154,450 | 863,427 | ||||||
UniCredit SpA | 219,999 | 2,835,821 | ||||||
|
| |||||||
27,583,696 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 10,253 | 818,902 | ||||||
|
| |||||||
Luxembourg — 0.6% | ||||||||
ArcelorMittal | 72,995 | 1,654,000 | ||||||
Aroundtown SA | 84,378 | 721,690 | ||||||
Eurofins Scientific SE | 1,259 | 545,898 | ||||||
Millicom International Cellular SA SDR | 7,259 | 427,392 | ||||||
RTL Group SA | 3,747 | 224,189 | ||||||
SES SA | 41,388 | 897,284 | ||||||
Tenaris SA | 51,424 | 618,560 | ||||||
|
| |||||||
5,089,013 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 22,766 | 218,557 | ||||||
|
| |||||||
Netherlands — 7.2% | ||||||||
ABN AMRO Group NV, 144A | 45,888 | 1,169,915 | ||||||
Aegon NV | 195,088 | 1,085,970 | ||||||
Akzo Nobel NV | 28,064 | 2,354,261 | ||||||
ASML Holding NV | 44,826 | 7,566,490 | ||||||
EXOR NV | 12,009 | 705,604 | ||||||
Heineken Holding NV | 12,651 | 1,116,421 | ||||||
Heineken NV | 28,453 | 2,603,357 | ||||||
ING Groep NV | 427,845 | 5,174,962 | ||||||
Koninklijke Ahold Delhaize NV | 136,066 | 3,497,502 | ||||||
Koninklijke DSM NV | 19,598 | 1,735,911 | ||||||
Koninklijke KPN NV | 367,318 | 1,086,597 | ||||||
Koninklijke Philips NV | 102,890 | 3,872,455 | ||||||
Koninklijke Vopak NV | 7,188 | 314,110 | ||||||
NN Group NV (a) | 33,188 | 1,411,592 | ||||||
NXP Semiconductors NV | 38,181 | 3,183,150 | ||||||
QIAGEN NV* | 24,589 | 864,350 | ||||||
Randstad NV | 13,139 | 639,316 | ||||||
Royal Dutch Shell PLC, Class A | 502,079 | 15,162,558 | ||||||
Royal Dutch Shell PLC, Class B | 411,152 | 12,550,200 | ||||||
Wolters Kluwer NV | 31,083 | 1,876,290 | ||||||
|
| |||||||
67,971,011 | ||||||||
|
| |||||||
Norway — 1.1% | ||||||||
Aker BP ASA | 12,074 | 342,208 | ||||||
DNB ASA | 107,228 | 1,840,187 | ||||||
Equinor ASA | 128,139 | 2,989,217 | ||||||
Gjensidige Forsikring ASA | 20,732 | 323,468 | ||||||
Marine Harvest ASA | 45,736 | 1,070,119 | ||||||
Norsk Hydro ASA | 147,048 | 692,908 | ||||||
Orkla ASA | 89,446 | 738,892 |
Number | Value | |||||||
Norway (Continued) | ||||||||
Schibsted ASA, Class B | 9,983 | $ | 334,515 | |||||
Telenor ASA | 79,533 | 1,540,256 | ||||||
Yara International ASA | 20,432 | 820,860 | ||||||
|
| |||||||
10,692,630 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 280,972 | 981,943 | ||||||
Galp Energia SGPS SA | 53,866 | 885,154 | ||||||
Jeronimo Martins SGPS SA | 31,022 | 370,167 | ||||||
|
| |||||||
2,237,264 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 68,759 | 417,313 | ||||||
|
| |||||||
Spain — 4.6% | ||||||||
ACS Actividades de Construccion y Servicios SA | 27,897 | 1,070,010 | ||||||
Aena SME SA, 144A | 7,225 | 1,146,760 | ||||||
Amadeus IT Group SA | 47,954 | 3,434,321 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 727,674 | 4,133,847 | ||||||
Banco de Sabadell SA | 595,462 | 759,740 | ||||||
Banco Santander SA | 1,785,710 | 8,460,446 | ||||||
Bankia SA | 125,864 | 415,647 | ||||||
Bankinter SA | 69,474 | 580,451 | ||||||
CaixaBank SA | 393,959 | 1,621,221 | ||||||
Enagas SA | 24,790 | 681,135 | ||||||
Endesa SA | 35,129 | 782,668 | ||||||
Ferrovial SA | 544,434 | 1,119,726 | ||||||
Grifols SA | 32,609 | 914,061 | ||||||
Iberdrola SA | 663,272 | 4,948,390 | ||||||
Industria de Diseno Textil SA | 119,194 | 3,655,529 | ||||||
Mapfre SA | 118,318 | 338,220 | ||||||
Naturgy Energy Group SA (a) | 37,356 | 924,057 | ||||||
Red Electrica Corp. SA | 49,429 | 1,064,057 | ||||||
Repsol SA | 149,184 | 2,575,603 | ||||||
Siemens Gamesa Renewable Energy | 24,220 | 341,374 | ||||||
Telefonica SA | 509,047 | 4,568,866 | ||||||
|
| |||||||
43,536,129 | ||||||||
|
| |||||||
Sweden — 3.7% | ||||||||
Alfa Laval AB | 31,669 | 681,132 | ||||||
Assa Abloy AB, Class B | 109,665 | 2,038,228 | ||||||
Atlas Copco AB, Class A | 71,629 | 1,755,781 | ||||||
Atlas Copco AB, Class B | 42,835 | 968,106 | ||||||
Boliden AB | 30,738 | 688,458 | ||||||
Electrolux AB, Series B | 27,945 | 634,803 | ||||||
Epiroc AB, Class A* | 71,629 | 586,414 | ||||||
Epiroc AB, Class B* | 38,876 | 312,421 | ||||||
Essity AB, Class B | 66,477 | 1,702,881 | ||||||
Hennes & Mauritz AB, Class B (a) | 96,885 | 1,784,098 | ||||||
Hexagon AB, Class B | 27,757 | 1,382,110 | ||||||
Husqvarna AB, Class B | 43,738 | 344,383 | ||||||
ICA Gruppen AB (a) | 8,563 | 310,590 | ||||||
Industrivarden AB, Class C | 16,972 | 347,973 | ||||||
Investor AB, Class B | 49,937 | 2,187,022 | ||||||
Kinnevik AB, Class B | 26,961 | 683,824 |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
L E Lundbergforetagen AB, Class B | 7,751 | $ | 231,585 | |||||
Lundin Petroleum AB | 21,787 | 573,175 | ||||||
Sandvik AB | 124,827 | 1,851,087 | ||||||
Securitas AB, Class B | 31,821 | 535,847 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 180,098 | 1,875,434 | ||||||
Skanska AB, Class B | 38,502 | 605,000 | ||||||
SKF AB, Class B | 41,622 | 656,998 | ||||||
Svenska Handelsbanken AB, Class A | 168,613 | 1,856,778 | ||||||
Swedbank AB, Class A | 99,411 | 2,309,560 | ||||||
Swedish Match AB | 20,307 | 792,771 | ||||||
Tele2 AB, Class B | 54,482 | 681,350 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 334,427 | 2,788,958 | ||||||
Telia Co. AB | 301,944 | 1,392,697 | ||||||
Volvo AB, Class B | 169,566 | 2,358,071 | ||||||
|
| |||||||
34,917,535 | ||||||||
|
| |||||||
Switzerland — 14.1% | ||||||||
ABB Ltd. | 201,121 | 4,068,520 | ||||||
Adecco Group AG | 17,371 | 858,943 | ||||||
Baloise Holding AG | 5,326 | 782,600 | ||||||
Barry Callebaut AG | 241 | 407,919 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 11 | 884,140 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 117 | 798,699 | ||||||
Cie Financiere Richemont SA | 56,534 | 3,673,677 | ||||||
Clariant AG* | 22,274 | 440,887 | ||||||
Coca-Cola HBC AG* | 22,231 | 661,168 | ||||||
Credit Suisse Group AG* | 275,994 | 3,254,301 | ||||||
Dufry AG*(a) | 3,268 | 347,065 | ||||||
EMS-Chemie Holding AG | 902 | 484,383 | ||||||
Ferguson PLC | 24,934 | 1,594,952 | ||||||
Geberit AG | 4,042 | 1,574,642 | ||||||
Givaudan SA | 1,007 | 2,479,576 | ||||||
Glencore PLC* | 1,252,550 | 4,630,946 | ||||||
Julius Baer Group Ltd.* | 24,271 | 979,780 | ||||||
Kuehne + Nagel International AG | 5,752 | 808,924 | ||||||
LafargeHolcim Ltd.* | 53,177 | 2,384,063 | ||||||
Lonza Group AG* | 8,094 | 2,616,038 | ||||||
Nestle SA | 335,202 | 28,566,236 | ||||||
Novartis AG | 236,968 | 21,575,106 | ||||||
Pargesa Holding SA | 3,859 | 267,104 | ||||||
Partners Group Holding AG | 1,847 | 1,210,011 | ||||||
Roche Holding AG | 76,815 | 19,921,692 | ||||||
Schindler Holding AG | 2,196 | 416,318 | ||||||
Schindler Holding AG Participation Certificates | 4,532 | 907,262 | ||||||
SGS SA | 580 | 1,373,585 | ||||||
Sika AG | 13,930 | 1,724,780 | ||||||
Sonova Holding AG | 6,308 | 1,018,764 | ||||||
STMicroelectronics NV | 74,872 | 1,095,986 | ||||||
Straumann Holding AG | 1,062 | 649,499 | ||||||
Swatch Group AG — Bearer | 3,495 | 1,040,052 | ||||||
Swatch Group AG — Registered | 5,822 | 340,619 | ||||||
Swiss Life Holding AG* | 3,725 | 1,461,216 | ||||||
Swiss Prime Site AG* | 8,326 | 686,715 |
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Swiss Re AG | 33,821 | $ | 3,089,439 | |||||
Swisscom AG | 2,902 | 1,392,251 | ||||||
Temenos AG* | 6,390 | 791,195 | ||||||
UBS Group AG* | 420,982 | 5,686,554 | ||||||
Vifor Pharma AG | 5,107 | 629,525 | ||||||
Zurich Insurance Group AG | 16,483 | 5,172,334 | ||||||
|
| |||||||
132,747,466 | ||||||||
|
| |||||||
United Arab Emirates (d) — 0.1% | ||||||||
NMC Health PLC | 10,792 | 453,529 | ||||||
|
| |||||||
United Kingdom — 22.5% | ||||||||
3i Group PLC | 105,643 | 1,122,149 | ||||||
Admiral Group PLC | 22,083 | 586,419 | ||||||
Anglo American PLC | 115,242 | 2,299,906 | ||||||
Ashtead Group PLC | 52,228 | 1,170,635 | ||||||
Associated British Foods PLC | 38,179 | 1,179,259 | ||||||
AstraZeneca PLC | 138,546 | 10,799,025 | ||||||
Auto Trader Group PLC, 144A | 109,307 | 610,619 | ||||||
Aviva PLC | 430,016 | 2,230,135 | ||||||
Babcock International Group PLC | 26,200 | 189,628 | ||||||
BAE Systems PLC | 348,857 | 2,183,968 | ||||||
Barclays PLC | 1,871,128 | 3,883,500 | ||||||
Barratt Developments PLC | 112,174 | 660,654 | ||||||
Berkeley Group Holdings PLC | 14,289 | 587,379 | ||||||
BP PLC | 2,180,715 | 14,449,550 | ||||||
British American Tobacco PLC | 250,759 | 8,787,014 | ||||||
British Land Co. PLC REIT | 101,416 | 729,625 | ||||||
BT Group PLC | 925,781 | 3,090,734 | ||||||
Bunzl PLC | 36,918 | 1,136,546 | ||||||
Burberry Group PLC | 46,236 | 1,046,641 | ||||||
Centrica PLC | 623,598 | 1,094,582 | ||||||
CNH Industrial NV | 112,402 | 1,094,358 | ||||||
Coca-Cola European Partners PLC | 23,983 | 1,164,135 | ||||||
Compass Group PLC | 171,719 | 3,672,753 | ||||||
ConvaTec Group PLC, 144A | 142,498 | 275,906 | ||||||
Croda International PLC | 14,281 | 887,308 | ||||||
Diageo PLC | 268,179 | 9,648,607 | ||||||
Direct Line Insurance Group PLC | 150,055 | 627,157 | ||||||
easyJet PLC | 16,092 | 228,119 | ||||||
Experian PLC | 100,117 | 2,432,186 | ||||||
Fiat Chrysler Automobiles NV* | 119,002 | 1,963,181 | ||||||
G4S PLC | 183,365 | 453,167 | ||||||
GlaxoSmithKline PLC | 542,463 | 11,208,976 | ||||||
Hammerson PLC REIT | 86,091 | 423,445 | ||||||
Hargreaves Lansdown PLC | 30,704 | 743,949 | ||||||
HSBC Holdings PLC | 2,179,450 | 18,448,592 | ||||||
Imperial Brands PLC | 103,988 | 3,193,393 | ||||||
Informa PLC | 133,260 | 1,173,696 | ||||||
InterContinental Hotels Group PLC | 19,674 | 1,052,917 | ||||||
International Consolidated Airlines Group SA | 64,084 | 512,202 | ||||||
Intertek Group PLC | 17,576 | 1,051,944 | ||||||
ITV PLC | 412,876 | 763,903 | ||||||
J Sainsbury PLC | 191,930 | 745,924 | ||||||
John Wood Group PLC | 73,624 | 595,724 | ||||||
Johnson Matthey PLC | 21,338 | 795,029 | ||||||
Kingfisher PLC | 232,590 | 740,940 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Land Securities Group PLC REIT | 83,818 | $ | 868,534 | |||||
Legal & General Group PLC | 656,604 | 2,049,012 | ||||||
Lloyds Banking Group PLC | 7,808,412 | 5,508,215 | ||||||
London Stock Exchange Group PLC | 34,760 | 1,786,323 | ||||||
Marks & Spencer Group PLC | 178,358 | 665,223 | ||||||
Meggitt PLC | 81,064 | 535,276 | ||||||
Melrose Industries PLC | 520,200 | 1,170,612 | ||||||
Merlin Entertainments PLC, 144A | 78,537 | 336,353 | ||||||
Micro Focus International PLC | 47,337 | 928,307 | ||||||
Mondi PLC | 39,736 | 865,576 | ||||||
National Grid PLC | 370,881 | 3,936,221 | ||||||
Next PLC | 15,299 | 955,432 | ||||||
Pearson PLC | 85,531 | 1,049,983 | ||||||
Persimmon PLC | 33,643 | 814,518 | ||||||
Prudential PLC | 284,118 | 5,577,153 | ||||||
Reckitt Benckiser Group PLC | 72,990 | 6,056,613 | ||||||
RELX PLC | 217,581 | 4,526,122 | ||||||
Rio Tinto PLC | 128,821 | 5,842,070 | ||||||
Rolls-Royce Holdings PLC* | 183,564 | 1,987,257 | ||||||
Rolls-Royce Holdings PLC — Entitlement*(c) | 8,213,346 | 10,466 | ||||||
Royal Bank of Scotland Group PLC | 528,673 | 1,469,921 | ||||||
Royal Mail PLC | 106,101 | 432,365 | ||||||
RSA Insurance Group PLC | 116,198 | 803,398 | ||||||
Sage Group PLC | 120,357 | 891,658 | ||||||
Schroders PLC | 13,646 | 439,403 | ||||||
Segro PLC REIT | 110,925 | 852,595 | ||||||
Severn Trent PLC | 26,023 | 606,821 | ||||||
Smith & Nephew PLC | 96,084 | 1,744,689 | ||||||
Smiths Group PLC | 42,800 | 757,800 | ||||||
SSE PLC | 112,791 | 1,574,486 | ||||||
St James’s Place PLC | 58,358 | 747,712 | ||||||
Standard Chartered PLC | 306,607 | 2,380,875 | ||||||
Standard Life Aberdeen PLC | 253,568 | 857,526 | ||||||
Taylor Wimpey PLC | 371,823 | 634,882 | ||||||
Tesco PLC | 1,080,435 | 2,719,742 | ||||||
Unilever NV | 168,864 | 9,368,376 | ||||||
Unilever PLC | 124,496 | 6,731,807 | ||||||
United Utilities Group PLC | 75,921 | 735,624 | ||||||
Vodafone Group PLC | 2,911,197 | 6,266,949 | ||||||
Weir Group PLC | 27,532 | 517,115 | ||||||
Whitbread PLC | 20,317 | 1,190,366 | ||||||
Wm Morrison Supermarkets PLC | 246,540 | 746,425 | ||||||
WPP PLC | 140,970 | 1,555,236 | ||||||
|
| |||||||
211,230,516 | ||||||||
|
| |||||||
United States (d) — 0.7% | ||||||||
Carnival PLC | 19,046 | 1,104,978 | ||||||
Shire PLC | 99,959 | 5,795,426 | ||||||
|
| |||||||
6,900,404 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 893,745,718 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 0.8% | ||||||||
Germany — 0.8% | ||||||||
Bayerische Motoren Werke AG | 5,810 | $ | 421,620 | |||||
FUCHS PETROLUB SE | 7,040 | 291,384 | ||||||
Henkel AG & Co. KGaA | 19,443 | 2,242,974 | ||||||
Porsche Automobil Holding SE | 16,651 | 1,065,064 | ||||||
Sartorius AG | 3,649 | 463,091 | ||||||
Volkswagen AG | 20,205 | 3,405,967 | ||||||
|
| |||||||
7,890,100 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 7,890,100 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.4% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.12% (e)(f) | 13,072,149 | 13,072,149 | ||||||
|
| |||||||
CASH EQUIVALENTS — 2.3% | ||||||||
DWS ESG Liquidity Fund “Institutional Shares”, 2.44% (e) | 10,000,000 | 9,999,000 | ||||||
DWS Government Money Market Series “Institutional Shares” , 2.15% (e) | 11,668,150 | 11,668,150 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 21,667,150 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $1,038,422,726) | $ | 936,375,117 | ||||||
Other assets and liabilities, net — 0.2% | 3,612,382 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 939,987,499 | ||||||
|
|
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS — 0.2% |
| |||||||||||||||||||||||||||||||
Germany — 0.2% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||
3,384,675 | 86,344 | (1,311,180) | (1,730,819) | 1,513,937 | — | — | 212,853 | 1,942,958 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.4% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f) |
| |||||||||||||||||||||||||||||||
66,534,337 | — | (53,462,188) | (g) | — | — | 169,121 | — | 13,072,149 | 13,072,149 | |||||||||||||||||||||||
CASH EQUIVALENTS — 2.3% |
| |||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Institutional Shares”, 2.44% (e) |
| |||||||||||||||||||||||||||||||
– | 9,999,000 | — | — | — | 9,023 | — | 10,000,000 | 9,999,000 | ||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares” , 2.15% (e) |
| |||||||||||||||||||||||||||||||
– | 115,638,605 | (103,970,455) | — | — | 74,035 | — | 11,668,150 | 11,668,150 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
69,919,012 | 125,723,949 | (158,743,823) | (1,730,819) | 1,513,937 | 252,179 | — | 34,953,152 | 36,682,257 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $12,393,049, which is 1.3% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(g) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018 |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2018, 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 | 27 | $ | 3,203,791 | $ | 3,173,939 | 12/21/2018 | $ | (39,893 | ) | ||||||||||||||
CAC40 10 EURO Futures | EUR | 126 | 7,186,675 | 7,118,000 | 12/21/2018 | (89,055 | ) | |||||||||||||||||
DAX Index Futures | EUR | 18 | 6,322,084 | 5,730,265 | 12/21/2018 | (408,036 | ) | |||||||||||||||||
EURO STOXX Futures | EUR | 41 | 1,532,194 | 1,468,148 | 12/21/2018 | (38,439 | ) | |||||||||||||||||
FTSE 100 Index Futures | GBP | 111 | 10,562,864 | 9,857,017 | 12/21/2018 | (408,467 | ) | |||||||||||||||||
FTSE/MIB Index Futures | EUR | 12 | 1,452,478 | 1,302,419 | 12/21/2018 | (111,400 | ) | |||||||||||||||||
IBEX 35 Index Futures | EUR | 17 | 1,738,678 | 1,739,993 | 12/21/2018 | (4,279 | ) | |||||||||||||||||
OMXS30 Index Futures | SEK | 90 | 1,503,104 | 1,494,785 | 12/21/2018 | (1,209 | ) | |||||||||||||||||
SWISS MKT IX Futures | CHF | 67 | 6,152,995 | 6,059,206 | 12/21/2018 | 82,770 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (1,018,008 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
As of November 30, 2018, 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. | 12/5/2018 | CHF | 64,049,322 | USD | 63,856,284 | $ | — | $ | (294,308 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CHF | 510,000 | USD | 508,455 | — | (2,352 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | CHF | 65,187,217 | USD | 64,973,454 | — | (316,832 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | DKK | 79,814,942 | USD | 12,153,682 | 39,752 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | DKK | 41,519,300 | USD | 6,320,683 | 19,082 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | DKK | 46,032,900 | USD | 7,006,850 | 20,196 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | EUR | 144,143,623 | USD | 163,733,174 | 458,746 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | EUR | 137,945,397 | USD | 156,657,690 | 404,120 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | EUR | 17,385,855 | USD | 19,748,767 | 55,453 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | EUR | 126,733,221 | USD | 143,923,315 | 370,006 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | GBP | 5,652,800 | USD | 7,232,786 | 27,326 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | GBP | 80,045,250 | USD | 102,419,738 | 388,388 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | GBP | 64,943,120 | USD | 83,086,279 | 305,174 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | GBP | 55,578,854 | USD | 71,105,363 | 260,615 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | NOK | 42,964,291 | USD | 5,118,546 | 118,384 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | NOK | 35,020,100 | USD | 4,171,567 | 95,946 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | NOK | 20,162,600 | USD | 2,401,610 | 55,097 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | SEK | 150,847,836 | USD | 16,547,965 | — | (31,633 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | SEK | 139,229,000 | USD | 15,269,854 | — | (32,724 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | SEK | 83,672,150 | USD | 9,175,886 | — | (20,471 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 64,601,313 | CHF | 64,559,322 | 60,086 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 65,229,616 | CHF | 65,187,217 | 60,670 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 10,923,270 | DKK | 71,993,942 | 3,626 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 1,191,015 | DKK | 7,821,000 | — | (3,981 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 6,299,011 | DKK | 41,519,300 | 2,590 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 6,983,782 | DKK | 46,032,900 | 2,871 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 163,206,617 | EUR | 144,143,623 | 67,810 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 156,188,676 | EUR | 137,945,397 | 64,894 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 19,686,699 | EUR | 17,385,855 | 6,614 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 33,203,819 | EUR | 29,230,000 | — | (94,400 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 110,398,022 | EUR | 97,503,221 | 45,869 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 7,212,741 | GBP | 5,652,800 | — | (7,281 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 102,129,734 | GBP | 80,045,250 | — | (98,384 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 82,860,927 | GBP | 64,943,120 | — | (79,822 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 60,366,470 | GBP | 47,312,854 | — | (58,152 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 10,576,926 | GBP | 8,266,000 | — | (40,496 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 4,994,152 | NOK | 42,964,291 | 6,011 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 4,070,734 | NOK | 35,020,100 | 4,888 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 502,554 | NOK | 4,218,000 | — | (11,666 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 1,853,323 | NOK | 15,944,600 | 2,302 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 16,575,882 | SEK | 150,847,836 | 3,716 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 15,298,041 | SEK | 139,229,000 | 4,537 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 6,763,045 | SEK | 61,551,150 | 2,006 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 2,426,810 | SEK | 22,121,000 | 4,497 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CHF | 64,559,322 | USD | 64,830,313 | — | (65,459 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CHF | 1,110,000 | USD | 1,114,756 | — | (1,029 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CHF | 65,187,217 | USD | 65,460,843 | — | (66,096 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | DKK | 71,993,942 | USD | 10,958,879 | — | (4,125 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | DKK | 41,519,300 | USD | 6,319,240 | — | (3,185 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | DKK | 7,213,000 | USD | 1,097,850 | — | (522 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | DKK | 46,032,900 | USD | 7,005,357 | — | (4,384 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 144,143,623 | USD | 163,703,913 | — | (83,710 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | EUR | 137,945,397 | USD | 156,661,828 | — | (82,869 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2019 | EUR | 17,385,855 | USD | 19,747,376 | — | (7,836 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | EUR | 3,620,000 | USD | 4,111,737 | — | (1,599 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | EUR | 97,503,221 | USD | 110,732,556 | — | (58,477 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | GBP | 5,652,800 | USD | 7,226,602 | 7,264 | — |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | GBP | 80,045,250 | USD | 102,321,043 | $ | 93,173 | $ | — | |||||||||||||||||||
RBC Capital Markets | 1/4/2019 | GBP | 64,943,120 | USD | 83,019,713 | 79,166 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | GBP | 47,312,854 | USD | 60,480,494 | 56,018 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | NOK | 42,964,291 | USD | 5,001,823 | — | (6,086 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | NOK | 35,020,100 | USD | 4,076,780 | — | (5,155 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | NOK | 15,944,600 | USD | 1,855,696 | — | (2,804 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | SEK | 150,847,836 | USD | 16,630,324 | — | (3,937 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | SEK | 139,229,000 | USD | 15,347,789 | — | (5,243 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | SEK | 61,551,150 | USD | 6,783,916 | — | (3,439 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | USD | 1,153,332 | GBP | 902,000 | — | (1,365 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 3,196,893 | $ | (1,499,822 | ) | |||||||||||||||||||||||
|
|
|
|
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, 2018 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) | $ | 893,735,252 | $ | — | $ | 10,466 | $ | 893,745,718 | ||||||||
Preferred Stock (h) | 7,890,100 | — | — | 7,890,100 | ||||||||||||
Short-Term Investments (h) | 34,739,299 | — | — | 34,739,299 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 3,196,893 | — | 3,196,893 | ||||||||||||
Futures Contracts | 82,770 | — | — | 82,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 936,447,421 | $ | 3,196,893 | $ | 10,466 | $ | 939,654,780 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,499,822 | ) | $ | — | $ | (1,499,822 | ) | ||||||
Futures Contracts | (1,100,778 | ) | — | — | (1,100,778 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,100,778 | ) | $ | (1,499,822 | ) | $ | — | $ | (2,600,600 | ) | |||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.1% |
| |||||||
Austria — 1.1% |
| |||||||
Agrana Beteiligungs AG | 144 | $ | 2,967 | |||||
ANDRITZ AG | 538 | 25,898 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 199 | 3,983 | ||||||
BAWAG Group AG, 144A | 290 | 12,719 | ||||||
CA Immobilien Anlagen AG | 533 | 17,137 | ||||||
DO & CO AG | 51 | 5,283 | ||||||
Erste Group Bank AG* | 2,402 | 94,768 | ||||||
EVN AG | 312 | 4,973 | ||||||
FACC AG | 173 | 3,016 | ||||||
IMMOFINANZ AG* | 752 | 18,627 | ||||||
Kapsch TrafficCom AG | 41 | 1,439 | ||||||
Lenzing AG | 99 | 9,437 | ||||||
Oesterreichische Post AG | 231 | 8,505 | ||||||
OMV AG | 1,139 | 57,536 | ||||||
Porr AG | 69 | 1,562 | ||||||
Raiffeisen Bank International AG | 1,128 | 33,253 | ||||||
S IMMO AG | 398 | 7,029 | ||||||
S&T AG* | 359 | 7,913 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 85 | 7,111 | ||||||
Semperit AG Holding* | 83 | 1,180 | ||||||
Telekom Austria AG* | 1,320 | 9,699 | ||||||
UNIQA Insurance Group AG | 816 | 7,852 | ||||||
Verbund AG | 537 | 21,959 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 314 | 8,077 | ||||||
voestalpine AG | 879 | 29,207 | ||||||
Wienerberger AG | 1,000 | 22,416 | ||||||
Zumtobel Group AG* | 230 | 2,267 | ||||||
|
| |||||||
425,813 | ||||||||
|
| |||||||
Belgium — 3.6% | ||||||||
Ackermans & van Haaren NV | 175 | 28,113 | ||||||
Aedifica SA REIT | 130 | 10,817 | ||||||
Ageas | 1,513 | 73,037 | ||||||
AGFA-Gevaert NV* | 1,456 | 6,264 | ||||||
Akka Technologies | 90 | 5,655 | ||||||
Anheuser-Busch InBev SA/NV | 6,057 | 463,818 | ||||||
Barco NV | 70 | 7,838 | ||||||
Befimmo SA REIT | 150 | 8,779 | ||||||
Bekaert SA | 285 | 7,440 | ||||||
Biocartis NV, 144A* | 175 | 2,354 | ||||||
bpost SA | 745 | 9,623 | ||||||
Cie d’Entreprises CFE | 65 | 6,888 | ||||||
Cofinimmo SA REIT | 160 | 19,490 | ||||||
Colruyt SA | 447 | 28,562 | ||||||
D’ieteren SA/NV | 200 | 8,029 | ||||||
Econocom Group SA/NV (a) | 1,013 | 3,695 | ||||||
Elia System Operator SA/NV | 234 | 15,603 | ||||||
Euronav NV | 1,358 | 11,869 | ||||||
Exmar NV* | 272 | 2,085 | ||||||
Fagron | 334 | 5,698 | ||||||
Galapagos NV* | 322 | 32,539 | ||||||
Gimv NV | 199 | 10,769 | ||||||
Greenyard NV (a) | 124 | 1,101 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Groupe Bruxelles Lambert SA | 621 | $ | 55,891 | |||||
Intervest Offices & Warehouses NV REIT | 73 | 1,669 | ||||||
Ion Beam Applications* | 176 | 3,288 | ||||||
KBC Ancora | 307 | 14,222 | ||||||
KBC Group NV | 2,011 | 144,341 | ||||||
Kinepolis Group NV | 123 | 7,199 | ||||||
Melexis NV | 159 | 9,396 | ||||||
Mithra Pharmaceuticals SA* | 108 | 3,167 | ||||||
Montea C.V.A REIT | 71 | 4,614 | ||||||
Ontex Group NV | 630 | 13,273 | ||||||
Orange Belgium SA | 265 | 4,950 | ||||||
Proximus SADP | 1,133 | 31,349 | ||||||
Recticel SA | 229 | 1,716 | ||||||
Retail Estates NV REIT | 45 | 3,755 | ||||||
Sioen Industries NV | 59 | 1,626 | ||||||
Sofina SA | 119 | 23,953 | ||||||
Solvay SA | 567 | 61,315 | ||||||
Telenet Group Holding NV | 437 | 21,679 | ||||||
Tessenderlo Group SA* | 185 | 6,430 | ||||||
UCB SA | 1,011 | 84,972 | ||||||
Umicore SA | 1,691 | 73,359 | ||||||
Van de Velde NV | 48 | 1,266 | ||||||
Warehouses De Pauw CVA REIT | 133 | 17,466 | ||||||
X-Fab Silicon Foundries SE, 144A* | 408 | 2,416 | ||||||
|
| |||||||
1,363,378 | ||||||||
|
| |||||||
Finland — 3.4% | ||||||||
Amer Sports OYJ* | 879 | 32,909 | ||||||
Cargotec OYJ, Class B | 293 | 11,278 | ||||||
Caverion OYJ* | 531 | 3,198 | ||||||
Citycon OYJ | 3,036 | 6,159 | ||||||
Cramo OYJ | 318 | 5,901 | ||||||
DNA OYJ | 473 | 8,734 | ||||||
Elisa OYJ | 1,101 | 44,149 | ||||||
Finnair OYJ | 403 | 3,442 | ||||||
Fortum OYJ | 3,444 | 71,780 | ||||||
F-Secure OYJ | 691 | 1,842 | ||||||
Huhtamaki OYJ (a) | 831 | 25,401 | ||||||
Kemira OYJ | 1,044 | 12,020 | ||||||
Kesko OYJ, Class B | 546 | 31,809 | ||||||
Kone OYJ, Class B | 2,708 | 134,157 | �� | |||||
Konecranes OYJ | 495 | 16,868 | ||||||
Lehto Group OYJ | 163 | 889 | ||||||
Metsa Board OYJ | 1,333 | 9,258 | ||||||
Metso OYJ | 811 | 23,110 | ||||||
Neste OYJ | 993 | 77,591 | ||||||
Nokia OYJ | 44,704 | 245,760 | ||||||
Nokian Renkaat OYJ | 891 | 28,516 | ||||||
Oriola OYJ, Class B | 910 | 2,323 | ||||||
Orion OYJ, Class B | 855 | 28,535 | ||||||
Outokumpu OYJ | 2,330 | 9,691 | ||||||
Outotec OYJ* | 1,040 | 3,915 | ||||||
Ponsse OYJ | 97 | 3,168 | ||||||
Ramirent OYJ | 547 | 3,474 | ||||||
Sampo OYJ, Class A | 3,561 | 158,959 | ||||||
Sanoma OYJ | 559 | 5,768 | ||||||
Stora Enso OYJ, Class R | 4,267 | 54,369 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Finland (Continued) | ||||||||
Tieto OYJ | 425 | $ | 12,260 | |||||
Tikkurila OYJ | 228 | 3,304 | ||||||
Tokmanni Group Corp. | 473 | 3,722 | ||||||
UPM-Kymmene OYJ | 4,292 | 114,332 | ||||||
Uponor OYJ | 421 | 4,471 | ||||||
Valmet OYJ | 959 | 20,639 | ||||||
Wartsila OYJ Abp | 3,654 | 59,486 | ||||||
YIT OYJ | 1,598 | 9,742 | ||||||
|
| |||||||
1,292,929 | ||||||||
|
| |||||||
France — 30.8% | ||||||||
ABC arbitrage | 185 | 1,338 | ||||||
Accor SA | 1,535 | 68,121 | ||||||
Aeroports de Paris | 240 | 46,652 | ||||||
AirFrance-KLM* | 1,444 | 16,642 | ||||||
Air Liquide SA | 3,406 | 411,623 | ||||||
Airbus SE | 4,618 | 494,679 | ||||||
AKWEL | 64 | 1,174 | ||||||
Albioma SA | 168 | 3,188 | ||||||
ALD SA, 144A | 721 | 9,501 | ||||||
Alstom SA | 1,216 | 53,359 | ||||||
Alten SA | 204 | 18,557 | ||||||
Altran Technologies SA | 1,908 | 18,933 | ||||||
Amundi SA, 144A | 512 | 29,330 | ||||||
Arkema SA | 579 | 54,930 | ||||||
Assystem SA | 43 | 1,385 | ||||||
Atos SE | 770 | 65,379 | ||||||
Aubay | 47 | 1,703 | ||||||
AXA SA | 15,320 | 373,153 | ||||||
Beneteau SA | 230 | 3,395 | ||||||
BioMerieux | 307 | 21,653 | ||||||
BNP Paribas SA | 8,926 | 448,417 | ||||||
Boiron SA | 51 | 3,031 | ||||||
Bollore SA | 7,483 | 32,785 | ||||||
Bonduelle SCA | 96 | 3,467 | ||||||
Bourbon Corp.*(a) | 244 | 1,152 | ||||||
Bouygues SA | 1,687 | 64,859 | ||||||
Bureau Veritas SA | 2,054 | 45,391 | ||||||
Capgemini SE | 1,276 | 148,863 | ||||||
Carrefour SA | 4,623 | 83,216 | ||||||
Casino Guichard Perrachon SA (a) | 417 | 18,841 | ||||||
Cellectis SA* | 198 | 4,326 | ||||||
CGG SA* | 4,914 | 7,388 | ||||||
Chargeurs SA | 138 | 2,715 | ||||||
Cie de Saint-Gobain | 3,935 | 145,829 | ||||||
Cie des Alpes | 36 | 1,049 | ||||||
Cie Generale des Etablissements Michelin | 1,361 | 142,400 | ||||||
Cie Plastic Omnium SA | 433 | 11,490 | ||||||
CNP Assurances | 1,455 | 33,307 | ||||||
Coface SA | 743 | 6,906 | ||||||
Covivio REIT | 284 | 27,667 | ||||||
Credit Agricole SA | 9,060 | 112,497 | ||||||
Danone SA | 4,890 | 365,708 | ||||||
Dassault Aviation SA | 19 | 29,038 | ||||||
Dassault Systemes SE | 1,033 | 123,963 | ||||||
DBV Technologies SA* | 227 | 6,764 | ||||||
Derichebourg SA | 581 | 2,493 |
Number | Value | |||||||
France (Continued) | ||||||||
Devoteam SA | 39 | $ | 4,115 | |||||
Edenred | 1,821 | 69,433 | ||||||
Eiffage SA | 620 | 58,974 | ||||||
Electricite de France SA (a) | 4,757 | 78,142 | ||||||
Elior Group SA, 144A | 839 | 12,452 | ||||||
Elis SA | 1,542 | 30,201 | ||||||
Engie SA | 14,483 | 203,642 | ||||||
Eramet | 69 | 5,566 | ||||||
EssilorLuxottica SA | 2,286 | 290,243 | ||||||
Esso SA Francaise | 32 | 1,339 | ||||||
Etablissements Maurel et Prom* | 387 | 1,514 | ||||||
Eurazeo SE | 392 | 29,356 | ||||||
Europcar Mobility Group, 144A | 683 | 6,692 | ||||||
Eutelsat Communications SA (a) | 1,451 | 30,924 | ||||||
Faurecia SA | 601 | 23,419 | ||||||
FFP | 43 | 4,581 | ||||||
FIGEAC-AERO* | 69 | 984 | ||||||
Fnac Darty SA* | 128 | 8,687 | ||||||
Gaztransport Et Technigaz SA | 173 | 12,926 | ||||||
Gecina SA REIT | 370 | 51,732 | ||||||
Genfit*(a) | 228 | 5,276 | ||||||
Getlink SE | 3,778 | 49,080 | ||||||
GL Events | 94 | 1,924 | ||||||
Groupe Crit | 15 | 956 | ||||||
Groupe Guillin | 47 | 918 | ||||||
Guerbet | 47 | 3,107 | ||||||
Haulotte Group SA | 129 | 1,424 | ||||||
Hermes International | 252 | 136,283 | ||||||
ICADE REIT | 290 | 22,982 | ||||||
ID Logistics Group* | 13 | 2,060 | ||||||
Iliad SA | 195 | 26,304 | ||||||
Imerys SA | 258 | 13,845 | ||||||
Ingenico Group SA | 492 | 35,514 | ||||||
Innate Pharma SA* | 311 | 3,116 | ||||||
Interparfums SA | 75 | 3,354 | ||||||
Ipsen SA | 303 | 39,002 | ||||||
IPSOS | 255 | 6,478 | ||||||
Jacquet Metal Service | 113 | 2,060 | ||||||
JCDecaux SA | 558 | 18,951 | ||||||
Kaufman & Broad SA | 107 | 4,089 | ||||||
Kering | 603 | 262,141 | ||||||
Klepierre SA REIT | 1,610 | 52,712 | ||||||
Korian SA | 347 | 13,404 | ||||||
Lagardere SCA | 828 | 23,416 | ||||||
Latecoere SACA* | 621 | 2,390 | ||||||
Legrand SA | 2,110 | 129,231 | ||||||
LISI | 123 | 3,774 | ||||||
LNA Sante SA | 42 | 2,292 | ||||||
L’Oreal SA | 2,008 | 472,612 | ||||||
LVMH Moet Hennessy Louis Vuitton | 2,206 | 630,725 | ||||||
Maisons du Monde SA, 144A | 316 | 7,212 | ||||||
Manitou BF SA | 68 | 1,975 | ||||||
Mercialys SA REIT | 393 | 5,677 | ||||||
Mersen SA | 78 | 2,230 | ||||||
Metropole Television SA | 203 | 3,604 | ||||||
Natixis SA | 7,932 | 43,822 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Neopost SA | 282 | $ | 7,809 | |||||
Nexans SA | 215 | 6,781 | ||||||
Nexity SA | 332 | 16,275 | ||||||
Oeneo SA | 262 | 2,690 | ||||||
Orange SA (a) | 15,820 | 271,514 | ||||||
Orpea | 348 | 36,876 | ||||||
Pernod Ricard SA (a) | 1,692 | 270,472 | ||||||
Peugeot SA | 4,673 | 102,632 | ||||||
Publicis Groupe SA | 1,653 | 97,985 | ||||||
Rallye SA | 175 | 1,902 | ||||||
Remy Cointreau SA | 161 | 18,646 | ||||||
Renault SA | 1,536 | 107,900 | ||||||
Rexel SA | 2,540 | 30,466 | ||||||
Rubis SCA | 677 | 36,467 | ||||||
Safran SA | 2,650 | 331,059 | ||||||
Sanofi | 8,900 | 804,145 | ||||||
Sartorius Stedim Biotech | 206 | 20,849 | ||||||
Schneider Electric SE | 4,337 | 315,611 | ||||||
SCOR SE | 1,288 | 61,884 | ||||||
SEB SA | 167 | 23,935 | ||||||
Societe BIC SA | 210 | 22,526 | ||||||
Societe Generale SA | 6,108 | 224,458 | ||||||
Sodexo SA | 714 | 73,913 | ||||||
SOITEC* | 181 | 11,106 | ||||||
Solocal Group* | 4,355 | 3,076 | ||||||
Sopra Steria Group | 135 | 13,755 | ||||||
SPIE SA | 948 | 13,512 | ||||||
Suez | 2,912 | 43,269 | ||||||
Synergie SA | 49 | 1,520 | ||||||
Tarkett SA (a) | 235 | 5,821 | ||||||
Technicolor SA*(a) | 2,752 | 3,349 | ||||||
Teleperformance | 464 | 76,798 | ||||||
Television Francaise 1 | 337 | 3,228 | ||||||
Thales SA | 846 | 103,725 | ||||||
TOTAL SA | 18,990 | 1,056,983 | ||||||
Trigano SA | 58 | 6,123 | ||||||
Ubisoft Entertainment SA* | 652 | 53,101 | ||||||
Unibail-Rodamco-Westfield REIT | 1,109 | 190,636 | ||||||
Valeo SA | 1,948 | 55,575 | ||||||
Vallourec SA*(a) | 2,380 | 5,618 | ||||||
Veolia Environnement SA | 4,277 | 90,909 | ||||||
Vicat SA | 145 | 6,960 | ||||||
Vinci SA | 4,036 | 352,284 | ||||||
Virbac SA* | 35 | 4,779 | ||||||
Vivendi SA | 8,264 | 205,826 | ||||||
Wendel SA | 228 | 27,696 | ||||||
Worldline SA, 144A* | 294 | 15,690 | ||||||
|
| |||||||
11,765,253 | ||||||||
|
| |||||||
Germany — 24.7% | ||||||||
1&1 Drillisch AG (a) | 462 | 23,223 | ||||||
Aareal Bank AG | 433 | 14,221 | ||||||
adidas AG | 1,493 | 329,257 | ||||||
ADLER Real Estate AG | 205 | 3,504 | ||||||
ADO Properties SA, 144A | 233 | 12,656 | ||||||
ADVA Optical Networking SE* | 366 | 3,087 | ||||||
AIXTRON SE*(a) | 1,061 | 11,601 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Allianz SE | 3,400 | $ | 717,868 | |||||
alstria officeREIT-AG REIT | 1,041 | 14,519 | ||||||
Amadeus Fire AG | 41 | 4,377 | ||||||
Aumann AG, 144A | 43 | 1,916 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA (a) | 176 | 7,731 | ||||||
Aurubis AG | 302 | 16,438 | ||||||
Axel Springer SE | 371 | 23,647 | ||||||
BASF SE | 7,267 | 529,573 | ||||||
Basler AG | 15 | 2,371 | ||||||
Bayer AG | 7,399 | 540,951 | ||||||
Bayerische Motoren Werke AG | 2,656 | 217,126 | ||||||
BayWa AG | 108 | 2,830 | ||||||
Bechtle AG | 251 | 20,076 | ||||||
Beiersdorf AG | 775 | 82,948 | ||||||
Bertrandt AG | 43 | 3,612 | ||||||
bet-at-home.com AG | 15 | 909 | ||||||
Bilfinger SE | 208 | 6,815 | ||||||
Borussia Dortmund GmbH & Co. KGaA | 541 | 5,080 | ||||||
Brenntag AG | 1,175 | 54,313 | ||||||
CANCOM SE | 254 | 10,105 | ||||||
Carl Zeiss Meditec AG | 330 | 22,789 | ||||||
CECONOMY AG | 1,254 | 5,853 | ||||||
Cewe Stiftung & Co. KGaA | 41 | 3,180 | ||||||
comdirect bank AG | 178 | 2,253 | ||||||
Commerzbank AG* | 7,801 | 67,173 | ||||||
CompuGroup Medical SE | 166 | 7,852 | ||||||
Consus Real Estate AG* | 457 | 4,004 | ||||||
Continental AG | 879 | 131,605 | ||||||
Covestro AG, 144A | 1,545 | 88,959 | ||||||
CTS Eventim AG & Co. KGaA | 452 | 17,357 | ||||||
Daimler AG | 7,227 | 406,591 | ||||||
Delivery Hero SE, 144A* | 717 | 26,089 | ||||||
Deutsche Bank AG (b) | 15,635 | 142,719 | ||||||
Deutsche Beteiligungs AG | 100 | 3,838 | ||||||
Deutsche Boerse AG | 1,532 | 195,639 | ||||||
Deutsche EuroShop AG | 347 | 10,835 | ||||||
Deutsche Lufthansa AG | 1,926 | 46,879 | ||||||
Deutsche Pfandbriefbank AG, 144A | 1,077 | 12,827 | ||||||
Deutsche Post AG | 7,873 | 250,635 | ||||||
Deutsche Telekom AG | 26,438 | 463,475 | ||||||
Deutsche Wohnen SE | 2,826 | 135,460 | ||||||
Deutz AG | 986 | 7,233 | ||||||
DIC Asset AG | 369 | 4,031 | ||||||
DMG Mori AG | 164 | 8,114 | ||||||
Draegerwerk AG & Co. KGaA | 23 | 1,010 | ||||||
Duerr AG | 370 | 13,739 | ||||||
E.ON SE | 17,510 | 178,508 | ||||||
Elmos Semiconductor AG | 79 | 1,676 | ||||||
ElringKlinger AG | 235 | 2,026 | ||||||
Encavis AG | 662 | 4,444 | ||||||
Evonik Industries AG | 1,304 | 35,061 | ||||||
Evotec AG* | 1,126 | 26,387 | ||||||
FinTech Group AG* | 109 | 2,672 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 308 | 22,644 | ||||||
Freenet AG | 1,084 | 22,304 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Fresenius Medical Care AG & Co. KGaA | 1,718 | $ | 139,803 | |||||
Fresenius SE & Co. KGaA | 3,307 | 187,643 | ||||||
GEA Group AG | 1,345 | 36,301 | ||||||
Gerresheimer AG | 234 | 16,663 | ||||||
GFT Technologies SE | 132 | 1,184 | ||||||
GRENKE AG | 205 | 17,545 | ||||||
H&R GmbH & Co. KGaA | 116 | 995 | ||||||
Hamborner REIT AG REIT | 636 | 6,365 | ||||||
Hamburger Hafen und Logistik AG | 199 | 4,362 | ||||||
Hannover Rueck SE | 474 | 65,843 | ||||||
Hapag-Lloyd AG, 144A | 237 | 7,631 | ||||||
HeidelbergCement AG | 1,206 | 80,144 | ||||||
Heidelberger Druckmaschinen AG* | 2,095 | 4,459 | ||||||
HelloFresh SE* | 552 | 5,656 | ||||||
Henkel AG & Co. KGaA | 821 | 84,767 | ||||||
HOCHTIEF AG | 163 | 23,177 | ||||||
Hornbach Holding AG & Co. KGaA | 75 | 4,296 | ||||||
HUGO BOSS AG | 518 | 35,772 | ||||||
Hypoport AG* | 25 | 4,772 | ||||||
Indus Holding AG | 118 | 5,417 | ||||||
Infineon Technologies AG | 9,053 | 189,554 | ||||||
Innogy SE, 144A | 113 | 5,166 | ||||||
Innogy SE* | 1,013 | 42,490 | ||||||
Isra Vision AG | 115 | 4,479 | ||||||
Jenoptik AG | 365 | 11,041 | ||||||
JOST Werke AG, 144A | 166 | 5,610 | ||||||
K+S AG | 1,418 | 24,891 | ||||||
KION Group AG | 628 | 35,420 | ||||||
Kloeckner & Co. SE | 582 | 4,681 | ||||||
Koenig & Bauer AG | 101 | 4,665 | ||||||
Krones AG (a) | 120 | 10,678 | ||||||
KWS Saat SE | 13 | 4,239 | ||||||
LANXESS AG | 662 | 36,289 | ||||||
LEG Immobilien AG | 524 | 60,242 | ||||||
Leoni AG (a) | 227 | 7,250 | ||||||
MBB SE | 16 | 1,447 | ||||||
Merck KGaA | 1,028 | 113,308 | ||||||
METRO AG | 1,581 | 24,262 | ||||||
MLP SE | 494 | 2,517 | ||||||
MorphoSys AG* | 241 | 27,529 | ||||||
MTU Aero Engines AG | 418 | 86,883 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,189 | 258,311 | ||||||
Nemetschek SE | 150 | 18,187 | ||||||
Nordex SE*(a) | 520 | 5,104 | ||||||
Norma Group SE | 243 | 14,071 | ||||||
OHB SE | 48 | 1,905 | ||||||
OSRAM Licht AG | 820 | 37,569 | ||||||
PATRIZIA Immobilien AG | 364 | 7,306 | ||||||
Pfeiffer Vacuum Technology AG | 43 | 6,027 | ||||||
ProSiebenSat.1 Media SE | 1,829 | 37,137 | ||||||
Puma SE | 67 | 33,602 | ||||||
Rational AG | 29 | 16,498 | ||||||
Rheinmetall AG | 339 | 31,394 | ||||||
RHOEN-KLINIKUM AG | 206 | 5,187 | ||||||
RIB Software SE (a) | 269 | 3,922 | ||||||
Rocket Internet SE, 144A* | 586 | 14,980 |
Number | Value | |||||||
Germany (Continued) | ||||||||
RWE AG | 4,139 | $ | 89,334 | |||||
SAF-Holland SA (a) | 371 | 5,401 | ||||||
Salzgitter AG | 272 | 8,727 | ||||||
SAP SE | 7,787 | 801,524 | ||||||
Scout24 AG, 144A | 826 | 34,412 | ||||||
Senvion SA* | 174 | 719 | ||||||
SGL Carbon SE* | 397 | 3,987 | ||||||
Siemens AG | 6,079 | 704,724 | ||||||
Siemens Healthineers AG, 144A* | 1,176 | 50,904 | ||||||
Siltronic AG | 154 | 13,913 | ||||||
Sixt Leasing SE | 102 | 1,559 | ||||||
Sixt SE | 77 | 7,392 | ||||||
SLM Solutions Group AG*(a) | 98 | 1,413 | ||||||
SMA Solar Technology AG (a) | 96 | 2,011 | ||||||
Software AG | 361 | 14,725 | ||||||
STRATEC Biomedical AG (a) | 41 | 2,548 | ||||||
Stroeer SE & Co. KGaA | 193 | 10,081 | ||||||
Suedzucker AG | 529 | 7,525 | ||||||
Surteco Group SE | 62 | 1,569 | ||||||
Symrise AG | 947 | 76,441 | ||||||
TAG Immobilien AG | 984 | 23,550 | ||||||
Takkt AG | 256 | 4,104 | ||||||
Telefonica Deutschland Holding AG | 5,445 | 22,050 | ||||||
thyssenkrupp AG | 3,538 | 66,069 | ||||||
TLG Immobilien AG | 812 | 22,191 | ||||||
Uniper SE | 1,618 | 41,526 | ||||||
United Internet AG | 955 | 42,976 | ||||||
Varta AG* | 157 | 4,859 | ||||||
VERBIO Vereinigte BioEnergie AG | 204 | 1,614 | ||||||
Volkswagen AG | 240 | 39,642 | ||||||
Vonovia SE | 3,870 | 187,386 | ||||||
Vossloh AG | 83 | 3,947 | ||||||
VTG AG | 86 | 5,160 | ||||||
Wacker Neuson SE | 231 | 4,600 | ||||||
Washtec AG | 72 | 5,290 | ||||||
Wirecard AG | 934 | 141,108 | ||||||
Wuestenrot & Wuerttembergische AG | 152 | 3,001 | ||||||
XING AG | 21 | 6,312 | ||||||
Zalando SE, 144A* | 862 | 26,739 | ||||||
zooplus AG* | 42 | 6,928 | ||||||
|
| |||||||
9,461,212 | ||||||||
|
| |||||||
Ireland — 1.8% | ||||||||
AerCap Holdings NV* | 1,034 | 54,668 | ||||||
AIB Group PLC | 6,782 | 29,760 | ||||||
Bank of Ireland Group PLC | 7,354 | 46,540 | ||||||
C&C Group PLC | 2,382 | 8,225 | ||||||
Cairn Homes PLC* | 4,819 | 7,190 | ||||||
CRH PLC | 6,593 | 182,270 | ||||||
Dalata Hotel Group PLC | 1,326 | 6,980 | ||||||
Glanbia PLC | 1,650 | 29,607 | ||||||
Glenveagh Properties PLC, 144A* | 4,157 | 3,963 | ||||||
Green REIT PLC REIT | 4,985 | 8,082 | ||||||
Hibernia REIT PLC REIT | 5,348 | 8,234 | ||||||
Irish Residential Properties REIT PLC REIT | 2,991 | 4,849 | ||||||
Kerry Group PLC, Class A | 1,254 | 129,544 | ||||||
Kingspan Group PLC | 1,195 | 51,436 |
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Ireland (Continued) | ||||||||
Origin Enterprises PLC | 1,003 | $ | 6,699 | |||||
Paddy Power Betfair PLC | 686 | 61,586 | ||||||
Permanent TSB Group Holdings PLC* | 1,101 | 2,144 | ||||||
Ryanair Holdings PLC* | 1,136 | 14,989 | ||||||
Smurfit Kappa Group PLC | 1,827 | 49,310 | ||||||
|
| |||||||
706,076 | ||||||||
|
| |||||||
Italy — 6.8% | ||||||||
A2A SpA | 11,348 | 19,091 | ||||||
ACEA SpA | 344 | 4,588 | ||||||
Aeroporto Guglielmo Marconi Di Bologna SpA | 100 | 1,406 | ||||||
Amplifon SpA | 720 | 12,047 | ||||||
Anima Holding SpA, 144A | 2,216 | 9,277 | ||||||
Arnoldo Mondadori Editore SpA* | 755 | 1,294 | ||||||
Ascopiave SpA | 402 | 1,409 | ||||||
Assicurazioni Generali SpA | 9,288 | 156,568 | ||||||
ASTM SpA | 307 | 5,825 | ||||||
Atlantia SpA | 3,836 | 78,647 | ||||||
Autogrill SpA | 998 | 9,423 | ||||||
Azimut Holding SpA | 925 | 11,367 | ||||||
Banca Carige SpA*(a) | 231,170 | 523 | ||||||
Banca Farmafactoring SpA, 144A | 413 | 2,160 | ||||||
Banca Generali SpA | 457 | 10,084 | ||||||
Banca IFIS SpA | 139 | 2,864 | ||||||
Banca Mediolanum SpA | 1,979 | 11,841 | ||||||
Banca Monte dei Paschi di Siena SpA*(a) | 2,391 | 4,343 | ||||||
Banca Popolare di Sondrio SCPA | 3,555 | 11,068 | ||||||
Banco BPM SpA* | 12,884 | 30,164 | ||||||
Beni Stabili SpA SIIQ REIT | 7,401 | 6,083 | ||||||
Biesse SpA | 85 | 1,762 | ||||||
Bio On SpA* | 85 | 6,592 | ||||||
BPER Banca (a) | 3,616 | 14,733 | ||||||
Brembo SpA | 1,066 | 11,881 | ||||||
Brunello Cucinelli SpA | 257 | 8,685 | ||||||
Buzzi Unicem SpA | 528 | 9,968 | ||||||
Buzzi UnicemSpA-RSP | 335 | 3,766 | ||||||
Cairo Communication SpA | 632 | 2,318 | ||||||
Cementir Holding SpA | 204 | 1,103 | ||||||
Cerved Group SpA | 1,390 | 10,661 | ||||||
CIR-Compagnie Industriali Riunite SpA | 3,039 | 3,114 | ||||||
Credito Emiliano SpA | 729 | 4,292 | ||||||
Credito Valtellinese SpA* | 47,964 | 4,425 | ||||||
Danieli & C Officine Meccaniche SpA | 96 | 1,752 | ||||||
Danieli & C Officine MeccanicheSpA-RSP | 252 | 3,446 | ||||||
Datalogic SpA | 151 | 4,034 | ||||||
Davide Campari-Milano SpA | 4,753 | 39,711 | ||||||
De’ Longhi SpA | 473 | 12,852 | ||||||
DeA Capital SpA* | 723 | 1,059 | ||||||
DiaSorin SpA | 176 | 14,964 | ||||||
doBank SpA, 144A | 272 | 3,172 | ||||||
El.En. SpA | 69 | 1,186 | ||||||
Enav SpA, 144A | 1,884 | 8,954 | ||||||
Enel SpA | 64,339 | 348,897 | ||||||
Eni SpA | 20,316 | 327,656 | ||||||
ERG SpA | 446 | 8,109 | ||||||
Falck Renewables SpA | 1,040 | 2,838 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Ferrari NV | 980 | $ | 107,108 | |||||
Fila SpA | 150 | 2,309 | ||||||
Fincantieri SpA | 3,948 | 4,648 | ||||||
FinecoBank Banca Fineco SpA | 3,253 | 34,876 | ||||||
Geox SpA | 640 | 933 | ||||||
Gima TT SpA, 144A | 304 | 2,443 | ||||||
Hera SpA | 6,872 | 18,874 | ||||||
IMA Industria Macchine Automatiche SpA | 123 | 7,645 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 498 | 3,373 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 1,865 | 13,439 | ||||||
Interpump Group SpA | 634 | 18,820 | ||||||
Intesa Sanpaolo SpA | 117,523 | 272,483 | ||||||
Iren SpA | 6,067 | 13,194 | ||||||
Italgas SpA | 3,554 | 19,019 | ||||||
Italmobiliare SpA | 122 | 2,666 | ||||||
Juventus Football Club SpA* | 2,728 | 3,376 | ||||||
La Doria SpA | 38 | 358 | ||||||
Leonardo SpA | 3,277 | 32,298 | ||||||
Maire Tecnimont SpA | 950 | 3,710 | ||||||
MARR SpA | 285 | 6,359 | ||||||
Mediaset SpA* | 2,288 | 7,103 | ||||||
Mediobanca SpA | 4,844 | 42,807 | ||||||
Moncler SpA | 1,375 | 44,800 | ||||||
OVS SpA, 144A*(a) | 1,444 | 2,634 | ||||||
Piaggio & C SpA | 1,367 | 2,762 | ||||||
Pirelli & C SpA, 144A* | 3,091 | 21,724 | ||||||
Poste Italiane SpA, 144A | 4,175 | 31,687 | ||||||
Prysmian SpA | 1,823 | 33,372 | ||||||
RAI Way SpA, 144A | 838 | 4,027 | ||||||
Recordati SpA | 849 | 27,306 | ||||||
Reply SpA | 150 | 8,369 | ||||||
Saipem SpA* | 4,891 | 21,395 | ||||||
Salini Impregilo SpA | 1,457 | 2,936 | ||||||
Salvatore Ferragamo SpA | 344 | 8,062 | ||||||
Saras SpA | 3,670 | 7,113 | ||||||
Snam SpA | 17,841 | 78,186 | ||||||
Societa Cattolica di Assicurazioni SC | 1,126 | 9,280 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 581 | 7,821 | ||||||
Tamburi Investment Partners SpA | 670 | 4,316 | ||||||
Technogym SpA, 144A | 717 | 7,991 | ||||||
Telecom Italia SpA* | 89,355 | 58,146 | ||||||
Telecom ItaliaSpA-RSP | 50,923 | 28,658 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 11,128 | 62,209 | ||||||
Tod’s SpA | 77 | 3,658 | ||||||
UniCredit SpA | 16,009 | 206,358 | ||||||
Unione di Banche Italiane SpA | 8,632 | 27,724 | ||||||
Unipol Gruppo SpA | 2,698 | 11,188 | ||||||
Zignago Vetro SpA | 111 | 1,043 | ||||||
|
| |||||||
2,592,608 | ||||||||
|
| |||||||
Luxembourg — 1.0% | ||||||||
APERAM SA | 367 | 10,341 | ||||||
ArcelorMittal | 5,353 | 121,294 | ||||||
Aroundtown SA | 6,094 | 52,122 | ||||||
Corestate Capital Holding SA*(a) | 103 | 4,250 |
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Luxembourg (Continued) | ||||||||
Eurofins Scientific SE | 89 | $ | 38,590 | |||||
Grand City Properties SA | 923 | 21,735 | ||||||
RTL Group SA | 281 | 16,813 | ||||||
SES SA | 2,892 | 62,698 | ||||||
Solutions 30 SE* | 552 | 5,681 | ||||||
Stabilus SA | 190 | 13,659 | ||||||
Tenaris SA | 3,624 | 43,592 | ||||||
|
| |||||||
390,775 | ||||||||
|
| |||||||
Netherlands — 9.0% | ||||||||
Aalberts Industries NV | 828 | 29,021 | ||||||
ABN AMRO Group NV, 144A | 3,399 | 86,658 | ||||||
Accell Group NV | 191 | 4,018 | ||||||
Aegon NV | 13,973 | 77,782 | ||||||
Akzo Nobel NV | 2,020 | 169,456 | ||||||
AMG Advanced Metallurgical Group NV | 265 | 11,736 | ||||||
Arcadis NV | 487 | 6,136 | ||||||
Argenx SE* | 205 | 19,936 | ||||||
ASM International NV | 344 | 14,639 | ||||||
ASML Holding NV | 3,246 | 547,915 | ||||||
ASR Nederland NV | 1,116 | 48,137 | ||||||
Basic-Fit NV, 144A* | 226 | 6,767 | ||||||
BE Semiconductor Industries NV | 695 | 15,067 | ||||||
BinckBank NV | 560 | 2,783 | ||||||
Boskalis Westminster (a) | 676 | 18,689 | ||||||
Brunel International NV | 193 | 2,403 | ||||||
Constellium NV, Class A* | 954 | 8,004 | ||||||
Corbion NV | 452 | 13,069 | ||||||
Eurocommercial Properties NV | 338 | 11,173 | ||||||
Euronext NV, 144A | 468 | 27,392 | ||||||
EXOR NV | 831 | 48,826 | ||||||
Flow Traders, 144A | 212 | 6,600 | ||||||
ForFarmers NV | 173 | 1,696 | ||||||
Fugro NV* | 624 | 7,587 | ||||||
Gemalto NV* | 603 | 34,515 | ||||||
Heineken Holding NV | 885 | 78,099 | ||||||
Heineken NV | 2,058 | 188,300 | ||||||
IMCD NV | 450 | 29,752 | ||||||
ING Groep NV | 30,980 | 374,716 | ||||||
Intertrust NV, 144A | 463 | 7,427 | ||||||
InterXion Holding NV* | 567 | 35,307 | ||||||
Kendrion NV | 98 | 2,519 | ||||||
Koninklijke Ahold Delhaize NV | 9,873 | 253,780 | ||||||
Koninklijke BAM Groep NV | 1,755 | 5,494 | ||||||
Koninklijke DSM NV | 1,458 | 129,144 | ||||||
Koninklijke KPN NV | 27,133 | 80,265 | ||||||
Koninklijke Philips NV | 7,510 | 282,653 | ||||||
Koninklijke Volkerwessels NV | 216 | 3,592 | ||||||
Koninklijke Vopak NV | 532 | 23,248 | ||||||
NN Group NV | 2,379 | 101,186 | ||||||
NSI NV REIT | 152 | 6,178 | ||||||
NXP Semiconductors NV | 2,733 | 227,850 | ||||||
OCI NV* | 555 | 12,654 | ||||||
Pharming Group NV* | 4,463 | 3,984 | ||||||
PostNL NV | 3,236 | 9,525 | ||||||
QIAGEN NV* | 1,779 | 62,535 | ||||||
Randstad NV | 971 | 47,247 | ||||||
SBM Offshore NV | 1,399 | 21,231 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Shop Apotheke Europe NV, 144A* | 86 | $ | 3,963 | |||||
SIF Holding NV | 74 | 1,087 | ||||||
Signify NV, 144A | 868 | 23,083 | ||||||
Takeaway.com NV, 144A* | 204 | 10,820 | ||||||
TKH Group NV | 271 | 13,745 | ||||||
TomTom NV* | 1,030 | 9,329 | ||||||
Vastned Retail NV REIT | 131 | 4,902 | ||||||
Wereldhave NV REIT | 305 | 9,979 | ||||||
Wessanen | 562 | 5,917 | ||||||
Wolters Kluwer NV | 2,301 | 138,897 | ||||||
|
| |||||||
3,428,413 | ||||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 524 | 3,808 | ||||||
Banco Comercial Portugues SA, Class R* | 73,409 | 20,619 | ||||||
Corticeira Amorim SGPS SA | 404 | 4,276 | ||||||
CTT-Correios de Portugal SA | 1,037 | 4,208 | ||||||
EDP — Energias de Portugal SA | 20,295 | 70,927 | ||||||
Galp Energia SGPS SA | 3,833 | 62,986 | ||||||
Jeronimo Martins SGPS SA | 2,101 | 25,070 | ||||||
Mota-Engil SGPS SA* | 839 | 1,617 | ||||||
Navigator Co. SA | 2,024 | 8,487 | ||||||
NOS SGPS SA | 1,885 | 11,705 | ||||||
REN — Redes Energeticas Nacionais SGPS SA | 3,218 | 8,773 | ||||||
Semapa-Sociedade de Investimento e Gestao | 191 | 3,019 | ||||||
Sonae SGPS SA | 6,538 | 6,195 | ||||||
|
| |||||||
231,690 | ||||||||
|
| |||||||
Spain — 9.4% | ||||||||
Acciona SA | 204 | 18,730 | ||||||
Acerinox SA | 1,167 | 11,621 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,072 | 79,473 | ||||||
Aedas Homes SAU, 144A* | 191 | 4,744 | ||||||
Aena SME SA, 144A | 545 | 86,503 | ||||||
Almirall SA | 455 | 7,758 | ||||||
Amadeus IT Group SA | 3,472 | 248,654 | ||||||
Applus Services SA | 1,030 | 12,372 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 686 | 3,863 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 52,975 | 300,946 | ||||||
Banco de Sabadell SA | 45,593 | 58,171 | ||||||
Banco Santander SA | 128,661 | 609,578 | ||||||
Bankia SA | 9,845 | 32,512 | ||||||
Bankinter SA | 5,396 | 45,083 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 581 | 16,917 | ||||||
CaixaBank SA | 28,614 | 117,752 | ||||||
Cellnex Telecom SA, 144A | 1,154 | 31,982 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 399 | 9,965 | ||||||
CIE Automotive SA | 529 | 13,295 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 158 | 6,189 | ||||||
Corp. Financiera Alba SA | 94 | 4,262 | ||||||
Distribuidora Internacional de Alimentacion SA (a) | 4,660 | 3,491 |
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Ebro Foods SA | 506 | $ | 10,328 | |||||
eDreams ODIGEO SA* | 813 | 3,014 | ||||||
Enagas SA | 1,835 | 50,419 | ||||||
Ence Energia y Celulosa SA | 870 | 5,486 | ||||||
Endesa SA | 2,499 | 55,677 | ||||||
Ercros SA | 850 | 3,520 | ||||||
Euskaltel SA, 144A (a) | 656 | 5,748 | ||||||
Faes Farma SA | 2,061 | 8,143 | ||||||
Ferrovial SA | 3,854 | 79,278 | ||||||
Fluidra SA* | 381 | 4,736 | ||||||
Fomento de Construcciones y Contratas | 649 | 9,096 | ||||||
Gestamp Automocion SA, 144A | 1,243 | 7,655 | ||||||
Global Dominion Access SA, 144A* | 827 | 4,330 | ||||||
Grifols SA | 2,402 | 67,330 | ||||||
Grupo Catalana Occidente SA | 282 | 11,190 | ||||||
Iberdrola SA | 48,026 | 358,302 | ||||||
Indra Sistemas SA* | 883 | 9,287 | ||||||
Industria de Diseno Textil SA | 8,671 | 265,929 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 1,993 | 20,025 | ||||||
Lar Espana Real Estate Socimi SA REIT | 731 | 6,861 | ||||||
Liberbank SA* | 18,743 | 8,878 | ||||||
Mapfre SA | 7,846 | 22,428 | ||||||
Masmovil Ibercom SA* | 114 | 13,990 | ||||||
Mediaset Espana Comunicacion SA | 1,268 | 8,828 | ||||||
Melia Hotels International SA | 878 | 8,782 | ||||||
Merlin Properties Socimi SA REIT | 2,613 | 32,999 | ||||||
Metrovacesa SA, 144A* | 316 | 4,007 | ||||||
Miquel y Costas & Miquel SA | 123 | 2,465 | ||||||
Miquel y Costas & Miquel SA*(c) | 72 | 1,443 | ||||||
Naturgy Energy Group SA (a) | 2,742 | 67,827 | ||||||
Neinor Homes SA, 144A* | 682 | 10,470 | ||||||
Obrascon Huarte Lain SA (a) | 812 | 808 | ||||||
Papeles y Cartones de Europa SA | 349 | 6,638 | ||||||
Promotora de Informaciones SA, Class A* | 1,836 | 3,824 | ||||||
Prosegur Cia de Seguridad SA | 2,121 | 11,031 | ||||||
Red Electrica Corp. SA | 3,385 | 72,869 | ||||||
Repsol SA | 10,857 | 187,442 | ||||||
Sacyr SA | 2,828 | 6,557 | ||||||
Siemens Gamesa Renewable Energy SA* | 1,774 | 25,004 | ||||||
Talgo SA, 144A* | 819 | 4,664 | ||||||
Tecnicas Reunidas SA (a) | 258 | 6,803 | ||||||
Telefonica SA | 37,055 | 332,581 | ||||||
Telepizza Group SA, 144A | 729 | 3,536 | ||||||
Tubacex SA* | 869 | 2,946 | ||||||
Unicaja Banco SA, 144A | 5,491 | 6,620 | ||||||
Viscofan SA | 307 | 17,517 | ||||||
Zardoya Otis SA | 1,456 | 10,385 | ||||||
|
| |||||||
3,591,557 | ||||||||
|
| |||||||
Switzerland (d) — 0.2% | ||||||||
EDAG Engineering Group AG* | 96 | 1,908 | ||||||
STMicroelectronics NV | 5,221 | 76,426 | ||||||
|
| |||||||
78,334 | ||||||||
|
| |||||||
United Kingdom (d) — 2.7% | ||||||||
CNH Industrial NV | 7,909 | 77,003 |
Number | Value | |||||||
United Kingdom (d) (Continued) | ||||||||
Coca-Cola European Partners PLC | 1,746 | $ | 84,751 | |||||
Dialog Semiconductor PLC* | 708 | 18,387 | ||||||
Fiat Chrysler Automobiles NV* | 8,558 | 141,182 | ||||||
International Consolidated Airlines Group SA | 5,100 | 40,762 | ||||||
Stallergenes Greer PLC* | 33 | 1,272 | ||||||
Unilever NV | 12,223 | 678,118 | ||||||
|
| |||||||
1,041,475 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS(Cost $36,889,437) | 36,369,513 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.6% |
| |||||||
Germany — 1.6% |
| |||||||
Bayerische Motoren Werke AG | 412 | 29,898 | ||||||
Biotest AG | 169 | 4,458 | ||||||
Draegerwerk AG & Co. KGaA | 64 | 3,487 | ||||||
FUCHS PETROLUB SE | 498 | 20,612 | ||||||
Henkel AG & Co. KGaA | 1,428 | 164,736 | ||||||
Jungheinrich AG | 367 | 12,224 | ||||||
Porsche Automobil Holding SE | 1,235 | 78,995 | ||||||
Sartorius AG | 282 | 35,788 | ||||||
Sixt SE | 136 | 9,238 | ||||||
STO SE & Co. KGaA | 21 | 2,128 | ||||||
Volkswagen AG | 1,468 | 247,461 | ||||||
|
| |||||||
609,025 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 609,025 | |||||||
|
| |||||||
RIGHTS — 0.0% |
| |||||||
Belgium — 0.0% |
| |||||||
Intervest Offices & Warehouses NV*(a), expires 11/29/18 (c) | 73 | 24 | ||||||
|
| |||||||
Spain — 0.0% | ||||||||
Realia Business SA*, expires 12/19/18 | 2,057 | 46 | ||||||
|
| |||||||
TOTAL RIGHTS | 70 | |||||||
|
| |||||||
WARRANT — 0.0% |
| |||||||
Spain — 0.0% |
| |||||||
Abengoa SA*, expires 3/31/25 | 7,125 | 81 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.1% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f) | 1,558,684 | 1,558,684 | ||||||
|
| |||||||
CASH EQUIVALENTS — 2.7% |
| |||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (e) | 1,017,771 | 1,017,771 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.5% (Cost $40,054,702) | $ | 39,555,144 | ||||||
Other assets and liabilities, net — (3.5%) | (1,319,780 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 38,235,364 | ||||||
|
|
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS —0.4% |
| |||||||||||||||||||||||||||||||
Germany —0.4% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||
158,904 | 7,752 | — | — | (23,937) | — | — | 15,635 | 142,719 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —4.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f) |
| |||||||||||||||||||||||||||||||
2,729,041 | — | (1,170,357) | (g) | — | — | 8,994 | — | 1,558,684 | 1,558,684 | |||||||||||||||||||||||
CASH EQUIVALENTS —2.7% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (e) |
| |||||||||||||||||||||||||||||||
— | 2,793,723 | (1,775,952) | — | — | 3,146 | — | 1,017,771 | 1,017,771 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
2,887,945 | 2,801,475 | (2,946,309) | — | (23,937) | 12,140 | — | 2,592,090 | 2,719,174 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $1,459,506, which is 3.8% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Securities listed in country of domicile and traded on an exchange within Eurozone. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(g) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
EURO STOXX Futures | EUR | 34 | $ | 1,308,192 | $1,217,489 | 12/21/2018 | $ | (58,039 | ) |
As of November 30, 2018, 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. | 12/5/2018 | EUR | 15,105,800 | USD | 17,158,497 | $ | 47,849 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | EUR | 19,635,000 | USD | 22,303,455 | 62,490 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,612,634 | EUR | 2,300,000 | — | (7,377 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 14,500,507 | EUR | 12,805,800 | 4,884 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 22,231,729 | EUR | 19,635,000 | 9,237 | — | |||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | EUR | 12,805,800 | USD | 14,544,853 | — | (6,131 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 19,635,000 | USD | 22,299,470 | — | (11,403 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 318,000 | USD | 361,176 | — | (162 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 124,460 | $ | (25,073 | ) | |||||||||||||||||
|
|
|
|
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. | 84 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2018 (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, 2018 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) | $ | 36,368,070 | $ | — | $ | 1,443 | $ | 36,369,513 | ||||||||
Preferred Stocks | 609,025 | — | — | 609,025 | ||||||||||||
Rights (h) | 46 | — | 24 | 70 | ||||||||||||
Warrant | 81 | — | — | 81 | ||||||||||||
Short-Term Investments (h) | 2,576,455 | — | — | 2,576,455 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 124,460 | — | 124,460 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 39,553,677 | $ | 124,460 | $ | 1,467 | $ | 39,679,604 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (25,073 | ) | $ | — | $ | (25,073 | ) | ||||||
Futures Contracts | (58,039 | ) | — | — | (58,039 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (58,039 | ) | $ | (25,073 | ) | $ | — | $ | (83,112 | ) | |||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 90.4% | ||||||||
Communication Services — 6.6% | ||||||||
1&1 Drillisch AG | 1,166 | $ | 58,610 | |||||
Axel Springer SE | 1,127 | 71,832 | ||||||
Deutsche Telekom AG | 75,310 | 1,320,233 | ||||||
ProSiebenSat.1 Media SE | 5,226 | 106,110 | ||||||
RTL Group SA | 845 | 50,558 | ||||||
Telefonica Deutschland Holding AG | 16,338 | 66,162 | ||||||
United Internet AG | 2,769 | 124,608 | ||||||
|
| |||||||
1,798,113 | ||||||||
|
| |||||||
Consumer Discretionary — 13.0% | ||||||||
adidas AG | 4,253 | 937,932 | ||||||
Bayerische Motoren Werke AG | 7,477 | 611,240 | ||||||
Continental AG | 2,478 | 371,008 | ||||||
Daimler AG | 20,541 | 1,155,636 | ||||||
Delivery Hero SE, 144A* | 2,118 | 77,065 | ||||||
HUGO BOSS AG | 1,453 | 100,342 | ||||||
Puma SE | 182 | 91,277 | ||||||
Volkswagen AG | 717 | 118,430 | ||||||
Zalando SE, 144A* | 2,541 | 78,821 | ||||||
|
| |||||||
3,541,751 | ||||||||
|
| |||||||
Consumer Staples — 2.0% | ||||||||
Beiersdorf AG | 2,292 | 245,311 | ||||||
Henkel AG & Co. KGaA | 2,350 | 242,633 | ||||||
METRO AG | 3,952 | 60,646 | ||||||
|
| |||||||
548,590 | ||||||||
|
| |||||||
Financials — 15.1% | ||||||||
Allianz SE | 9,730 | 2,054,369 | ||||||
Commerzbank AG* | 22,524 | 193,950 | ||||||
Deutsche Bank AG (a) | 44,354 | 404,871 | ||||||
Deutsche Boerse AG | 4,360 | 556,779 | ||||||
Hannover Rueck SE | 1,355 | 188,222 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,376 | 733,439 | ||||||
|
| |||||||
4,131,630 | ||||||||
|
| |||||||
Health Care — 11.4% | ||||||||
Bayer AG | 21,055 | 1,539,360 | ||||||
Fresenius Medical Care AG & Co. KGaA | 4,874 | 396,625 | ||||||
Fresenius SE & Co. KGaA | 9,401 | 533,423 | ||||||
Merck KGaA | 2,911 | 320,856 | ||||||
QIAGEN NV* | 5,130 | 180,329 | ||||||
Siemens Healthineers AG, 144A* | 3,373 | 146,004 | ||||||
|
| |||||||
3,116,597 | ||||||||
|
| |||||||
Industrials — 13.4% | ||||||||
Brenntag AG | 3,474 | 160,582 | ||||||
Deutsche Lufthansa AG | 5,180 | 126,082 | ||||||
Deutsche Post AG | 22,275 | 709,120 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 914 | 67,196 | ||||||
GEA Group AG | 3,712 | 100,185 | ||||||
HOCHTIEF AG | 483 | 68,679 | ||||||
KION Group AG | 1,611 | 90,863 | ||||||
MTU Aero Engines AG | 1,170 | 243,190 | ||||||
OSRAM Licht AG | 2,185 | 100,109 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Siemens AG | 17,275 | $ | 2,002,649 | |||||
|
| |||||||
3,668,655 | ||||||||
|
| |||||||
Information Technology — 11.8% | ||||||||
Infineon Technologies AG | 25,696 | 538,030 | ||||||
SAP SE | 22,191 | 2,284,143 | ||||||
Wirecard AG | 2,645 | 399,605 | ||||||
|
| |||||||
3,221,778 | ||||||||
|
| |||||||
Materials — 9.5% | ||||||||
BASF SE | 20,751 | 1,512,201 | ||||||
Covestro AG, 144A | 4,329 | 249,259 | ||||||
Evonik Industries AG | 3,676 | 98,838 | ||||||
HeidelbergCement AG | 3,367 | 223,753 | ||||||
LANXESS AG | 1,954 | 107,111 | ||||||
Symrise AG | 2,781 | 224,480 | ||||||
thyssenkrupp AG | 9,800 | 183,006 | ||||||
|
| |||||||
2,598,648 | ||||||||
|
| |||||||
Real Estate — 3.9% | ||||||||
Aroundtown SA | 17,500 | 149,678 | ||||||
Deutsche Wohnen SE | 8,025 | 384,665 | ||||||
Vonovia SE | 11,181 | 541,386 | ||||||
|
| |||||||
1,075,729 | ||||||||
|
| |||||||
Utilities — 3.7% | ||||||||
E.ON SE | 49,708 | 506,754 | ||||||
Innogy SE, 144A | 220 | 10,057 | ||||||
Innogy SE* | 3,079 | 129,147 | ||||||
RWE AG | 11,650 | 251,449 | ||||||
Uniper SE | 4,552 | 116,826 | ||||||
|
| |||||||
1,014,233 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 24,715,724 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.1% | ||||||||
Consumer Discretionary — 3.7% | ||||||||
Bayerische Motoren Werke AG | 1,254 | 91,000 | ||||||
Porsche Automobil Holding SE | 3,444 | 220,292 | ||||||
Volkswagen AG | 4,205 | 708,839 | ||||||
|
| |||||||
1,020,131 | ||||||||
|
| |||||||
Consumer Staples — 1.7% | ||||||||
Henkel AG & Co. KGaA | 4,031 | 465,022 | ||||||
|
| |||||||
Health Care — 0.4% | ||||||||
Sartorius AG | 808 | 102,543 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
FUCHS PETROLUB SE | 1,596 | 66,058 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,653,754 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.2% | ||||||||
iShares Currency Hedged MSCI Germany ETF | 2,150 | 54,674 | ||||||
|
|
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
CASH EQUIVALENTS — 2.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) | 587,112 | $ | 587,112 | |||||
|
| |||||||
TOTAL INVESTMENTS — 98.8% (Cost $30,904,613) | $ | 27,011,264 | ||||||
Other assets and liabilities, net — 1.2% | 326,454 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 27,337,718 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS —1.5% |
| |||||||||||||||||||||||||||||||
Financials —1.5% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (a) |
| |||||||||||||||||||||||||||||||
528,438 | 38,965 | (100,075) | (101,503) | 39,046 | — | — | 44,354 | 404,871 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) |
| |||||||||||||||||||||||||||||||
— | — | — | — | — | 15 | — | — | — | ||||||||||||||||||||||||
CASH EQUIVALENTS —2.1% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 1,617,448 | (1,030,336) | — | — | 1,183 | — | 587,112 | 587,112 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
528,438 | 1,656,413 | (1,130,411) | (101,503) | 39,046 | 1,198 | — | 631,466 | 991,983 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
DAX Index Futures | EUR | 1 | $ | 352,976 | $ | 318,348 | 12/21/2018 | $ | (23,826 | ) | ||||||||||||||
DAX Mini Futures | EUR | 9 | 623,635 | 573,027 | 12/21/2018 | (35,727 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized depreciation | $ | (59,553 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
As of November 30, 2018, 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. | 12/5/2018 | EUR | 6,995,834 | USD | 7,946,484 | $ | 22,160 | $ | — | |||||||||||||||||||
RBC Capital Markets | 12/5/2018 | EUR | 9,635,933 | USD | 10,943,047 | 28,229 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | EUR | 9,022,333 | USD | 10,246,122 | 26,341 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,274,128 | EUR | 2,002,000 | — | (6,422 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 5,654,713 | EUR | 4,993,834 | 1,905 | — | |||||||||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 10,910,285 | EUR | 9,635,933 | 4,533 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 10,215,537 | EUR | 9,022,333 | 4,245 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | EUR | 4,993,834 | USD | 5,672,007 | — | (2,391 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | EUR | 140,000 | USD | 159,010 | — | (69 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | EUR | 9,635,933 | USD | 10,943,336 | — | (5,789 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | EUR | 9,022,333 | USD | 10,246,492 | — | (5,411 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 87,413 | $ | (20,082 | ) | |||||||||||||||||||||||
|
|
|
|
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, 2018 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) | $ | 24,715,724 | $ | — | $ | — | $ | 24,715,724 | ||||||||
Preferred Stocks (d) | 1,653,754 | — | — | 1,653,754 | ||||||||||||
Exchange-Traded Fund | 54,674 | — | — | 54,674 | ||||||||||||
Short-Term Investments | 587,112 | — | — | 587,112 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 87,413 | — | 87,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 27,011,264 | $ | 87,413 | $ | — | $ | 27,098,677 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (20,082 | ) | $ | — | $ | (20,082 | ) | ||||||
Futures Contracts | (59,553 | ) | — | — | (59,553 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (59,553 | ) | $ | (20,082 | ) | $ | — | $ | (79,635 | ) | |||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.7% | ||||||||
Communication Services — 7.5% | ||||||||
CyberAgent, Inc. | 29,500 | $ | 1,335,771 | |||||
DeNA Co. Ltd. | 32,416 | 601,402 | ||||||
Dentsu, Inc. | 63,136 | 2,814,326 | ||||||
Hakuhodo DY Holdings, Inc. | 68,780 | 1,053,074 | ||||||
Kakaku.com, Inc. | 40,836 | 821,649 | ||||||
KDDI Corp. | 515,415 | 12,095,895 | ||||||
Konami Holdings Corp. | 27,364 | 1,224,588 | ||||||
LINE Corp.*(a) | 20,947 | 752,885 | ||||||
Nexon Co. Ltd.* | 128,364 | 1,517,548 | ||||||
Nintendo Co. Ltd. | 33,221 | 10,128,871 | ||||||
Nippon Telegraph & Telephone Corp. | 201,276 | 8,298,213 | ||||||
NTT DOCOMO, Inc. | 385,405 | 8,924,257 | ||||||
SoftBank Group Corp. | 239,593 | 20,106,267 | ||||||
Toho Co. Ltd. | 32,798 | 1,141,277 | ||||||
Yahoo Japan Corp. | 822,928 | 2,356,090 | ||||||
|
| |||||||
73,172,113 | ||||||||
|
| |||||||
Consumer Discretionary — 18.2% | ||||||||
ABC-Mart, Inc. (a) | 9,911 | 557,038 | ||||||
Aisin Seiki Co. Ltd. | 47,223 | 1,867,870 | ||||||
Asics Corp. | 48,415 | 697,766 | ||||||
Bandai Namco Holdings, Inc. | 57,607 | 2,420,697 | ||||||
Benesse Holdings, Inc. | 22,288 | 661,680 | ||||||
Bridgestone Corp. | 176,807 | 7,164,799 | ||||||
Casio Computer Co. Ltd. (a) | 54,892 | 765,485 | ||||||
Denso Corp. | 126,910 | 5,866,157 | ||||||
Don Quijote Holdings Co. Ltd. | 34,250 | 2,078,866 | ||||||
Fast Retailing Co. Ltd. | 16,889 | 8,784,095 | ||||||
Hikari Tsushin, Inc. | 6,052 | 965,526 | ||||||
Honda Motor Co. Ltd. | 472,745 | 13,335,061 | ||||||
Iida Group Holdings Co. Ltd. | 44,366 | 782,849 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 99,175 | 1,147,133 | ||||||
Isuzu Motors Ltd. | 162,595 | 2,314,703 | ||||||
J. Front Retailing Co. Ltd. | 66,900 | 913,492 | ||||||
Koito Manufacturing Co. Ltd. | 30,372 | 1,629,437 | ||||||
Marui Group Co. Ltd. | 54,502 | 1,174,879 | ||||||
Mazda Motor Corp. | 159,604 | 1,701,280 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 19,619 | 879,714 | ||||||
Mitsubishi Motors Corp. | 193,638 | 1,187,262 | ||||||
NGK Spark Plug Co. Ltd. | 45,790 | 940,689 | ||||||
Nikon Corp. | 92,359 | 1,448,258 | ||||||
Nissan Motor Co. Ltd. | 676,147 | 5,922,503 | ||||||
Nitori Holdings Co. Ltd. | 23,347 | 3,127,262 | ||||||
Oriental Land Co. Ltd. | 58,025 | 5,773,619 | ||||||
Panasonic Corp. | 638,744 | 6,552,591 | ||||||
Rakuten, Inc. | 253,938 | 2,044,658 | ||||||
Rinnai Corp. | 10,455 | 749,713 | ||||||
Ryohin Keikaku Co. Ltd. | 6,970 | 1,875,818 | ||||||
Sankyo Co. Ltd. | 12,653 | 506,053 | ||||||
Sega Sammy Holdings, Inc. | 49,188 | 694,174 | ||||||
Sekisui Chemical Co. Ltd. | 107,252 | 1,740,371 | ||||||
Sekisui House Ltd. | 180,052 | 2,713,905 | ||||||
Sharp Corp. | 61,455 | 911,688 | ||||||
Shimamura Co. Ltd. | 6,570 | 557,942 | ||||||
Shimano, Inc. | 21,584 | 3,152,559 | ||||||
Sony Corp. | 368,993 | 19,298,872 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Stanley Electric Co. Ltd. | 38,446 | $ | 1,119,359 | |||||
Subaru Corp. | 178,517 | 3,967,743 | ||||||
Sumitomo Electric Industries Ltd. | 215,313 | 3,020,622 | ||||||
Sumitomo Rubber Industries Ltd. | 47,730 | 637,858 | ||||||
Suzuki Motor Corp. | 99,489 | 4,956,264 | ||||||
Takashimaya Co. Ltd. | 43,861 | 637,543 | ||||||
Toyoda Gosei Co. Ltd. | 19,763 | 380,409 | ||||||
Toyota Industries Corp. | 42,599 | 2,184,083 | ||||||
Toyota Motor Corp. | 663,473 | 39,762,206 | ||||||
USS Co. Ltd. | 62,618 | 1,110,978 | ||||||
Yamada Denki Co. Ltd. | 177,447 | 858,199 | ||||||
Yamaha Corp. | 39,907 | 1,719,114 | ||||||
Yamaha Motor Co. Ltd. | 81,324 | 1,672,832 | ||||||
Yokohama Rubber Co. Ltd. | 35,246 | 737,740 | ||||||
ZOZO, Inc. | 58,234 | 1,295,343 | ||||||
|
| |||||||
178,966,757 | ||||||||
|
| |||||||
Consumer Staples — 8.5% | ||||||||
Aeon Co. Ltd. | 177,202 | 4,247,603 | ||||||
Ajinomoto Co., Inc. | 132,201 | 2,285,552 | ||||||
Asahi Group Holdings Ltd. | 105,897 | 4,434,959 | ||||||
Calbee, Inc. (a) | 22,508 | 745,541 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 39,700 | 1,136,634 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 18,434 | 2,616,145 | ||||||
Japan Tobacco, Inc. | 319,089 | 7,936,817 | ||||||
Kao Corp. | 143,884 | 10,594,040 | ||||||
Kikkoman Corp. | 42,148 | 2,457,999 | ||||||
Kirin Holdings Co. Ltd. | 239,789 | 5,629,544 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 14,500 | 1,009,118 | ||||||
Kose Corp. | 8,688 | 1,295,757 | ||||||
Lawson, Inc. | 15,669 | 1,025,597 | ||||||
Lion Corp. | 64,788 | 1,277,896 | ||||||
MEIJI Holdings Co. Ltd. | 35,293 | 2,776,430 | ||||||
NH Foods Ltd. | 26,311 | 975,812 | ||||||
Nisshin Seifun Group, Inc. | 57,675 | 1,211,777 | ||||||
Nissin Foods Holdings Co. Ltd. | 18,070 | 1,166,834 | ||||||
Pigeon Corp. | 33,000 | 1,359,071 | ||||||
Pola Orbis Holdings, Inc. | 26,879 | 758,906 | ||||||
Seven & i Holdings Co. Ltd. | 218,702 | 9,523,358 | ||||||
Shiseido Co. Ltd. | 110,407 | 7,026,210 | ||||||
Sundrug Co. Ltd. | 23,557 | 794,814 | ||||||
Suntory Beverage & Food Ltd. | 40,436 | 1,695,594 | ||||||
Toyo Suisan Kaisha Ltd. | 26,512 | 908,529 | ||||||
Tsuruha Holdings, Inc. | 10,697 | 1,055,424 | ||||||
Unicharm Corp. | 116,674 | 3,652,904 | ||||||
Welcia Holdings Co. Ltd. | 13,000 | 658,503 | ||||||
Yakult Honsha Co. Ltd. | 34,438 | 2,593,885 | ||||||
Yamazaki Baking Co. Ltd. | 35,906 | 753,768 | ||||||
|
| |||||||
83,605,021 | ||||||||
|
| |||||||
Energy — 1.1% | ||||||||
Idemitsu Kosan Co. Ltd. | 38,112 | 1,386,624 | ||||||
Inpex Corp. | 298,344 | 3,167,022 | ||||||
JXTG Holdings, Inc. | 943,637 | 5,705,132 | ||||||
Showa Shell Sekiyu KK | 54,814 | 849,384 | ||||||
|
| |||||||
11,108,162 | ||||||||
|
|
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Financials — 11.7% | ||||||||
Acom Co. Ltd. (a) | 111,874 | $ | 410,972 | |||||
AEON Financial Service Co. Ltd. | 32,572 | 631,268 | ||||||
Aozora Bank Ltd. | 33,592 | 1,103,803 | ||||||
Bank of Kyoto Ltd. | 15,804 | 760,162 | ||||||
Chiba Bank Ltd. | 174,260 | 1,143,670 | ||||||
Concordia Financial Group Ltd. | 317,538 | 1,490,973 | ||||||
Credit Saison Co. Ltd. | 44,992 | 577,486 | ||||||
Dai-ichi Life Holdings, Inc. | 312,819 | 5,450,874 | ||||||
Daiwa Securities Group, Inc. | 466,944 | 2,577,108 | ||||||
Fukuoka Financial Group, Inc. | 43,848 | 1,000,066 | ||||||
Japan Exchange Group, Inc. | 145,532 | 2,621,794 | ||||||
Japan Post Bank Co. Ltd. | 121,225 | 1,416,063 | ||||||
Japan Post Holdings Co. Ltd. | 457,570 | 5,570,733 | ||||||
Mebuki Financial Group, Inc. | 240,862 | 727,795 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,421,042 | 18,820,779 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 121,016 | 659,903 | ||||||
Mizuho Financial Group, Inc. | 6,990,772 | 11,596,374 | ||||||
MS&AD Insurance Group Holdings, Inc. | 137,989 | 4,187,747 | ||||||
Nomura Holdings, Inc. | 1,003,277 | 4,519,895 | ||||||
ORIX Corp. | 383,527 | 6,215,019 | ||||||
Resona Holdings, Inc. | 605,076 | 3,208,345 | ||||||
SBI Holdings, Inc. | 65,199 | 1,479,563 | ||||||
Seven Bank Ltd. | 174,004 | 539,571 | ||||||
Shinsei Bank Ltd. | 42,547 | 583,960 | ||||||
Shizuoka Bank Ltd. | 126,782 | 1,138,095 | ||||||
Sompo Holdings, Inc. | 93,475 | 3,611,693 | ||||||
Sony Financial Holdings, Inc. | 50,282 | 1,054,232 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 388,872 | 14,329,838 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 94,862 | 3,804,007 | ||||||
T&D Holdings, Inc. | 160,749 | 2,284,175 | ||||||
Tokio Marine Holdings, Inc. | 195,771 | 9,666,533 | ||||||
Tokyo Century Corp. | 13,200 | 630,260 | ||||||
Yamaguchi Financial Group, Inc. | 58,064 | 601,535 | ||||||
|
| |||||||
114,414,291 | ||||||||
|
| |||||||
Health Care — 8.1% | ||||||||
Alfresa Holdings Corp. | 54,490 | 1,449,674 | ||||||
Asahi Intecc Co. Ltd. | 28,000 | 1,312,249 | ||||||
Astellas Pharma, Inc. | 547,135 | 8,408,378 | ||||||
Chugai Pharmaceutical Co. Ltd. | 65,045 | 4,452,272 | ||||||
Daiichi Sankyo Co. Ltd. | 166,261 | 6,103,243 | ||||||
Eisai Co. Ltd. | 73,612 | 6,753,900 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 16,506 | 1,054,209 | ||||||
Hoya Corp. | 109,986 | 6,685,490 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 75,460 | 1,546,892 | ||||||
M3, Inc. | 123,984 | 2,003,142 | ||||||
Medipal Holdings Corp. | 51,282 | 1,174,587 | ||||||
Mitsubishi Tanabe Pharma Corp. | 72,861 | 1,118,766 | ||||||
Olympus Corp. | 84,794 | 2,386,617 | ||||||
Ono Pharmaceutical Co. Ltd. | 111,083 | 2,686,679 | ||||||
Otsuka Holdings Co. Ltd. | 112,700 | 5,495,260 | ||||||
Santen Pharmaceutical Co. Ltd. | 104,074 | 1,781,401 | ||||||
Shionogi & Co. Ltd. | 80,508 | 5,324,883 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 46,248 | 1,507,445 | ||||||
Suzuken Co. Ltd. | 21,332 | 1,148,205 | ||||||
Sysmex Corp. | 49,144 | 2,618,791 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 10,746 | 1,242,017 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Takeda Pharmaceutical Co. Ltd. (a) | 206,823 | $ | 7,752,560 | |||||
Terumo Corp. | 87,751 | 5,167,735 | ||||||
|
| |||||||
79,174,395 | ||||||||
|
| |||||||
Industrials — 20.4% | ||||||||
AGC, Inc. | 53,062 | 1,802,000 | ||||||
Amada Holdings Co. Ltd. | 95,334 | 1,034,678 | ||||||
ANA Holdings, Inc. | 33,718 | 1,203,291 | ||||||
Central Japan Railway Co. | 41,826 | 8,594,384 | ||||||
Dai Nippon Printing Co. Ltd. | 69,243 | 1,601,833 | ||||||
Daifuku Co. Ltd. (a) | 29,700 | 1,520,125 | ||||||
Daikin Industries Ltd. | 72,748 | 8,081,331 | ||||||
East Japan Railway Co. | 89,685 | 8,153,541 | ||||||
FANUC Corp. | 56,389 | 9,632,055 | ||||||
Fuji Electric Co. Ltd. | 35,306 | 1,108,804 | ||||||
Hankyu Hanshin Holdings, Inc. | 66,040 | 2,239,827 | ||||||
Hino Motors Ltd. | 78,360 | 800,754 | ||||||
Hitachi Construction Machinery Co. Ltd. | 31,620 | 873,265 | ||||||
Hoshizaki Corp. | 16,254 | 1,261,487 | ||||||
IHI Corp. | 42,568 | 1,295,621 | ||||||
ITOCHU Corp. | 411,088 | 7,300,827 | ||||||
Japan Airlines Co. Ltd. | 34,154 | 1,231,789 | ||||||
Japan Airport Terminal Co. Ltd. | 14,235 | 553,022 | ||||||
JGC Corp. | 60,583 | 884,875 | ||||||
JTEKT Corp. | 59,984 | 763,044 | ||||||
Kajima Corp. | 130,276 | 1,802,965 | ||||||
Kamigumi Co. Ltd. | 30,542 | 685,826 | ||||||
Kawasaki Heavy Industries Ltd. | 39,793 | 926,511 | ||||||
Keihan Holdings Co. Ltd. | 27,104 | 1,131,771 | ||||||
Keikyu Corp. | 63,881 | 1,019,147 | ||||||
Keio Corp. | 30,036 | 1,661,684 | ||||||
Keisei Electric Railway Co. Ltd. | 37,484 | 1,215,180 | ||||||
Kintetsu Group Holdings Co. Ltd. | 49,910 | 2,079,675 | ||||||
Komatsu Ltd. | 268,137 | 7,164,335 | ||||||
Kubota Corp. | 286,163 | 4,883,035 | ||||||
Kurita Water Industries Ltd. | 28,642 | 768,312 | ||||||
Kyushu Railway Co. | 46,300 | 1,529,534 | ||||||
LIXIL Group Corp. | 77,516 | 1,004,502 | ||||||
Makita Corp. | 64,844 | 2,544,862 | ||||||
Marubeni Corp. | 457,287 | 3,414,093 | ||||||
MINEBEA MITSUMI, Inc. | 110,124 | 1,786,974 | ||||||
MISUMI Group, Inc. | 82,020 | 1,858,393 | ||||||
Mitsubishi Corp. | 393,191 | 10,606,095 | ||||||
Mitsubishi Electric Corp. | 527,926 | 6,966,772 | ||||||
Mitsubishi Heavy Industries Ltd. | 88,502 | 3,365,750 | ||||||
Mitsui & Co. Ltd. | 481,371 | 7,524,934 | ||||||
Mitsui OSK Lines Ltd. | 33,808 | 794,904 | ||||||
MonotaRO Co. Ltd. | 36,000 | 975,202 | ||||||
Nabtesco Corp. | 32,572 | 900,992 | ||||||
Nagoya Railroad Co. Ltd. | 53,001 | 1,328,352 | ||||||
NGK Insulators Ltd. | 75,764 | 1,123,295 | ||||||
Nidec Corp. | 64,545 | 8,597,281 | ||||||
Nippon Express Co. Ltd. | 21,439 | 1,291,836 | ||||||
Nippon Yusen KK | 44,812 | 760,716 | ||||||
NSK Ltd. | 104,198 | 979,424 | ||||||
Obayashi Corp. | 188,708 | 1,881,843 | ||||||
Odakyu Electric Railway Co. Ltd. | 84,777 | 1,900,696 |
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Park24 Co. Ltd. | 32,168 | $ | 868,563 | |||||
Persol Holdings Co. Ltd. | 51,400 | 962,660 | ||||||
Recruit Holdings Co. Ltd. | 320,691 | 8,822,781 | ||||||
Secom Co. Ltd. | 60,972 | 5,159,644 | ||||||
Seibu Holdings, Inc. | 66,130 | 1,222,224 | ||||||
SG Holdings Co. Ltd. | 26,700 | 653,652 | ||||||
Shimizu Corp. | 162,268 | 1,386,601 | ||||||
SMC Corp. | 16,658 | 5,646,829 | ||||||
Sohgo Security Services Co. Ltd. | 20,822 | 979,514 | ||||||
Sumitomo Corp. | 319,073 | 4,900,707 | ||||||
Sumitomo Heavy Industries Ltd. | 32,258 | 1,069,915 | ||||||
Taisei Corp. | 60,852 | 2,674,990 | ||||||
THK Co. Ltd. | 35,276 | 808,289 | ||||||
Tobu Railway Co. Ltd. | 56,190 | 1,608,752 | ||||||
Tokyu Corp. | 143,422 | 2,496,603 | ||||||
Toppan Printing Co. Ltd. | 73,239 | 1,179,411 | ||||||
Toshiba Corp.* | 190,123 | 5,895,546 | ||||||
TOTO Ltd. | 40,938 | 1,585,011 | ||||||
Toyota Tsusho Corp. | 59,931 | 2,069,590 | ||||||
West Japan Railway Co. | 47,879 | 3,335,903 | ||||||
Yamato Holdings Co. Ltd. | 89,517 | 2,364,593 | ||||||
|
| |||||||
200,103,222 | ||||||||
|
| |||||||
Information Technology — 9.8% | ||||||||
Alps Electric Co. Ltd. | 54,542 | 1,264,150 | ||||||
Brother Industries Ltd. | 66,022 | 1,103,323 | ||||||
Canon, Inc. | 287,797 | 8,163,735 | ||||||
Disco Corp. | 8,300 | 1,210,104 | ||||||
FUJIFILM Holdings Corp. | 112,457 | 4,467,965 | ||||||
Fujitsu Ltd. | 56,940 | 3,504,733 | ||||||
Hamamatsu Photonics KK | 40,388 | 1,405,388 | ||||||
Hirose Electric Co. Ltd. | 9,766 | 1,029,811 | ||||||
Hitachi High-Technologies Corp. | 20,670 | 736,556 | ||||||
Hitachi Ltd. | 279,834 | 8,105,485 | ||||||
Keyence Corp. | 28,343 | 15,380,600 | ||||||
Konica Minolta, Inc. | 130,480 | 1,174,740 | ||||||
Kyocera Corp. | 92,908 | 5,013,095 | ||||||
Murata Manufacturing Co. Ltd. | 52,315 | 7,979,864 | ||||||
NEC Corp. | 75,293 | 2,334,769 | ||||||
Nippon Electric Glass Co. Ltd. | 25,168 | 676,231 | ||||||
Nomura Research Institute Ltd. | 31,774 | 1,395,352 | ||||||
NTT Data Corp. | 183,240 | 2,130,791 | ||||||
Obic Co. Ltd. | 18,662 | 1,612,776 | ||||||
Omron Corp. | 55,717 | 2,449,261 | ||||||
Oracle Corp. | 10,872 | 705,868 | ||||||
Otsuka Corp. | 29,260 | 984,656 | ||||||
Renesas Electronics Corp.* | 242,000 | 1,140,554 | ||||||
Ricoh Co. Ltd. | 194,734 | 1,890,471 | ||||||
Rohm Co. Ltd. | 27,612 | 1,921,639 | ||||||
Seiko Epson Corp. | 81,824 | 1,300,361 | ||||||
Shimadzu Corp. | 64,236 | 1,501,849 | ||||||
SUMCO Corp. | 68,400 | 1,048,461 | ||||||
TDK Corp. | 37,828 | 2,982,519 | ||||||
Tokyo Electron Ltd. | 45,714 | 6,393,074 | ||||||
Trend Micro, Inc. | 34,572 | 1,982,678 | ||||||
Yaskawa Electric Corp. | 71,782 | 2,238,544 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Yokogawa Electric Corp. | 65,708 | $ | 1,207,478 | |||||
|
| |||||||
96,436,881 | ||||||||
|
| |||||||
Materials — 5.6% | ||||||||
Air Water, Inc. | 43,604 | 705,638 | ||||||
Asahi Kasei Corp. | 366,684 | 4,015,225 | ||||||
Daicel Corp. | 76,146 | 851,918 | ||||||
Hitachi Chemical Co. Ltd. | 30,594 | 484,049 | ||||||
Hitachi Metals Ltd. | 67,046 | 754,832 | ||||||
JFE Holdings, Inc. | 141,619 | 2,497,031 | ||||||
JSR Corp. | 55,351 | 885,987 | ||||||
Kaneka Corp. | 15,037 | 562,985 | ||||||
Kansai Paint Co. Ltd. | 51,706 | 968,847 | ||||||
Kobe Steel Ltd. | 92,166 | 758,341 | ||||||
Kuraray Co. Ltd. | 93,621 | 1,454,851 | ||||||
Maruichi Steel Tube Ltd. | 15,132 | 449,234 | ||||||
Mitsubishi Chemical Holdings Corp. | 363,996 | 2,977,639 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 47,776 | 784,517 | ||||||
Mitsubishi Materials Corp. | 30,972 | 869,011 | ||||||
Mitsui Chemicals, Inc. | 53,781 | 1,364,957 | ||||||
Nippon Paint Holdings Co. Ltd. (a) | 42,463 | 1,505,647 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 221,437 | 4,049,713 | ||||||
Nissan Chemical Corp. | 37,202 | 2,018,802 | ||||||
Nitto Denko Corp. | 47,918 | 2,618,468 | ||||||
Oji Holdings Corp. | 247,684 | 1,448,814 | ||||||
Shin-Etsu Chemical Co. Ltd. | 105,131 | 9,386,448 | ||||||
Showa Denko KK | 39,300 | 1,575,254 | ||||||
Sumitomo Chemical Co. Ltd. | 433,056 | 2,350,020 | ||||||
Sumitomo Metal Mining Co. Ltd. | 68,405 | 1,991,618 | ||||||
Taiheiyo Cement Corp. | 34,778 | 1,176,475 | ||||||
Taiyo Nippon Sanso Corp. | 37,180 | 626,245 | ||||||
Teijin Ltd. | 52,159 | 900,600 | ||||||
Toray Industries, Inc. | 405,742 | 3,182,241 | ||||||
Tosoh Corp. | 69,000 | 972,559 | ||||||
Toyo Seikan Group Holdings Ltd. | 43,826 | 998,020 | ||||||
|
| |||||||
55,185,986 | ||||||||
|
| |||||||
Real Estate — 3.9% | ||||||||
Aeon Mall Co. Ltd. | 28,622 | 514,624 | ||||||
Daito Trust Construction Co. Ltd. | 20,851 | 2,724,048 | ||||||
Daiwa House Industry Co. Ltd. | 165,317 | 5,206,433 | ||||||
Daiwa House REIT Investment Corp. REIT | 500 | 1,133,330 | ||||||
Hulic Co. Ltd. | 82,910 | 758,143 | ||||||
Japan Prime Realty Investment Corp. REIT | 240 | 937,673 | ||||||
Japan Real Estate Investment Corp. REIT | 384 | 2,121,024 | ||||||
Japan Retail Fund Investment Corp. REIT | 764 | 1,465,205 | ||||||
Mitsubishi Estate Co. Ltd. | 342,324 | 5,491,539 | ||||||
Mitsui Fudosan Co. Ltd. | 258,782 | 6,189,430 | ||||||
Nippon Building Fund, Inc. REIT | 385 | 2,397,877 | ||||||
Nippon Prologis REIT, Inc. REIT | 501 | 1,037,617 | ||||||
Nomura Real Estate Holdings, Inc. | 34,528 | 681,952 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,140 | 1,522,477 | ||||||
Sumitomo Realty & Development Co. Ltd. | 105,250 | 3,901,617 | ||||||
Tokyu Fudosan Holdings Corp. | 175,827 | 986,670 |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
United Urban Investment Corp. REIT | 836 | $ | 1,330,795 | |||||
|
| |||||||
38,400,454 | ||||||||
|
| |||||||
Utilities — 1.9% | ||||||||
Chubu Electric Power Co., Inc. | 176,934 | 2,652,880 | ||||||
Chugoku Electric Power Co., Inc. | 82,568 | 1,043,056 | ||||||
Electric Power Development Co. Ltd. | 42,566 | 1,095,695 | ||||||
Kansai Electric Power Co., Inc. | 202,107 | 3,033,875 | ||||||
Kyushu Electric Power Co., Inc. | 111,190 | 1,305,698 | ||||||
Osaka Gas Co. Ltd. | 108,089 | 1,970,102 | ||||||
Toho Gas Co. Ltd. | 21,428 | 866,445 | ||||||
Tohoku Electric Power Co., Inc. | 125,021 | 1,634,420 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 418,384 | 2,539,458 | ||||||
Tokyo Gas Co. Ltd. | 114,265 | 2,943,822 | ||||||
|
| |||||||
19,085,451 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 949,652,733 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) | 1,172,942 | $ | 1,172,942 | |||||
|
| |||||||
CASH EQUIVALENTS — 2.7% | ||||||||
DWS ESG Liquidity Fund “Institutional Shares” , 2.44% (b) | 10,000,000 | 9,999,000 | ||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) | 16,334,174 | 16,334,174 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 26,333,174 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.5% (Cost $988,125,741) | $ | 977,158,849 | ||||||
Other assets and liabilities, net — 0.5% | 4,533,574 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 981,692,423 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) |
| |||||||||||||||||||||||||||||||
1,120,785 | 52,157 | (d) | — | — | — | 40,669 | — | 1,172,942 | 1,172,942 | |||||||||||||||||||||||
CASH EQUIVALENTS —2.7% |
| |||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Institutional Shares” , 2.44% (b) |
| |||||||||||||||||||||||||||||||
— | 9,999,000 | — | — | — | 12,224 | — | 10,000,000 | 9,999,000 | ||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares” , 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 69,451,367 | (53,117,193) | — | — | 48,105 | — | 16,334,174 | 16,334,174 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
1,120,785 | 79,502,524 | (53,117,193) | — | — | 100,998 | — | 27,507,116 | 27,506,116 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $13,376,845, which is 1.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $13,191,575. |
(d) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
REIT: | Real Estate Investment Trust |
At November 30, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Nikkei 225 Futures | JPY | 40 | $ | 8,008,275 | $ | 7,875,611 | 12/13/2018 | $ | 28,483 | |||||||||||||||
TOPIX Index Futures | JPY | 148 | 22,863,752 | 21,747,258 | 12/13/2018 | (966,396 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (937,913 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
As of November 30, 2018, 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. | 12/5/2018 | JPY | 751,837,500 | USD | 6,677,154 | $ | 50,239 | $ | — | |||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 1,105,565,100 | USD | 9,756,108 | 11,334 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 1,105,565,100 | USD | 9,762,276 | 17,503 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 4,422,260,200 | USD | 39,135,739 | 156,646 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 38,708,066,700 | USD | 343,777,125 | 2,592,923 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 334,001,000 | USD | 2,959,100 | 15,118 | — | |||||||||||||||||||||
RBC Capital Markets | 12/5/2018 | JPY | 36,413,139,300 | USD | 323,330,338 | 2,374,295 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | JPY | 36,898,569,900 | USD | 327,634,898 | 2,400,129 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 6,621,674 | JPY | 751,837,500 | 5,241 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 101,197,813 | JPY | 11,393,629,000 | — | (771,040 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 301,909,547 | JPY | 34,281,829,100 | 260,505 | — | |||||||||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 320,679,342 | JPY | 36,413,139,300 | 276,700 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 301,587,088 | JPY | 34,245,213,800 | 260,226 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 23,354,027 | JPY | 2,653,356,100 | 33,428 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | JPY | 751,837,500 | USD | 6,644,621 | — | (5,002 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/7/2019 | JPY | 34,281,829,100 | USD | 302,960,772 | — | (244,660 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/7/2019 | JPY | 3,186,868,000 | USD | 28,164,785 | — | (21,450 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/7/2019 | JPY | 36,413,139,300 | USD | 321,784,547 | — | (271,245 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/7/2019 | JPY | 34,245,213,800 | USD | 302,626,492 | — | (255,096 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 8,454,287 | $ | (1,568,493 | ) | |||||||||||||||||||||||
|
|
|
|
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.
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, 2018 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 Stock (e) | $ | 949,652,733 | $ | — | $ | — | $ | 949,652,733 | ||||||||
Short-Term Investments (e) | 27,506,116 | — | — | 27,506,116 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 8,454,287 | — | 8,454,287 | ||||||||||||
Futures Contracts | 28,483 | — | — | 28,483 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 977,187,332 | $ | 8,454,287 | $ | — | $ | 985,641,619 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,568,493 | ) | $ | — | $ | (1,568,493 | ) | ||||||
Futures Contracts | (966,396 | ) | — | — | (966,396 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (966,396 | ) | $ | (1,568,493 | ) | $ | — | $ | (2,534,889 | ) | |||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.0% | ||||||||
Communication Services — 6.8% | ||||||||
Cheil Worldwide, Inc. | 1,521 | $ | 31,819 | |||||
Kakao Corp. | 851 | 85,408 | ||||||
KT Corp., ADR | 620 | 9,126 | ||||||
KT Corp. | 492 | 13,387 | ||||||
LG Uplus Corp. | 1,528 | 24,127 | ||||||
NAVER Corp. | 2,194 | 247,594 | ||||||
NCSoft Corp. | 292 | 133,373 | ||||||
Netmarble Corp., 144A | 453 | 52,738 | ||||||
Pearl Abyss Corp.* | 130 | 22,267 | ||||||
SK Telecom Co. Ltd. | 345 | 89,101 | ||||||
|
| |||||||
708,940 | ||||||||
|
| |||||||
Consumer Discretionary — 10.4% | ||||||||
CJ ENM Co. Ltd. | 153 | 31,802 | ||||||
Coway Co. Ltd. | 913 | 63,856 | ||||||
Fila Korea Ltd. | 702 | 31,814 | ||||||
Hankook Tire Co. Ltd. | 1,340 | 51,164 | ||||||
Hanon Systems | 3,668 | 34,358 | ||||||
HLB, Inc.* | 548 | 41,310 | ||||||
Hotel Shilla Co. Ltd. | 554 | 42,651 | ||||||
Hyundai Department Store Co. Ltd. | 299 | 25,047 | ||||||
Hyundai Mobis Co. Ltd. | 1,075 | 173,101 | ||||||
Hyundai Motor Co. | 2,411 | 230,141 | ||||||
Kangwon Land, Inc. | 2,145 | 61,712 | ||||||
Kia Motors Corp. | 4,313 | 117,353 | ||||||
LG Electronics, Inc. | 1,732 | 112,021 | ||||||
Lotte Shopping Co. Ltd. | 217 | 41,718 | ||||||
Shinsegae Inc. | 134 | 34,786 | ||||||
|
| |||||||
1,092,834 | ||||||||
|
| |||||||
Consumer Staples — 6.2% | ||||||||
Amorepacific Corp. | 519 | 79,868 | ||||||
AMOREPACIFIC Group | 521 | 30,164 | ||||||
BGF retail Co. Ltd. | 166 | 28,803 | ||||||
CJ CheilJedang Corp. | 153 | 45,861 | ||||||
E-MART, Inc. | 353 | 61,408 | ||||||
GS Retail Co. Ltd. | 642 | 21,764 | ||||||
KT&G Corp. | 1,858 | 172,382 | ||||||
LG Household & Health Care Ltd. | 148 | 153,156 | ||||||
Orion Corp. | 392 | 38,992 | ||||||
Ottogi Corp. | 29 | 19,170 | ||||||
|
| |||||||
651,568 | ||||||||
|
| |||||||
Energy — 2.9% | ||||||||
GS Holdings Corp. | 948 | 43,554 | ||||||
SK Innovation Co. Ltd. | 1,026 | 179,856 | ||||||
S-Oil Corp. | 771 | 76,003 | ||||||
|
| |||||||
299,413 | ||||||||
|
| |||||||
Financials — 13.6% | ||||||||
BNK Financial Group, Inc. | 4,997 | 34,191 | ||||||
DB Insurance Co. Ltd. | 915 | 55,262 | ||||||
DGB Financial Group, Inc. | 3,502 | 27,492 | ||||||
Hana Financial Group, Inc. | 4,694 | 157,451 | ||||||
Hanwha Life Insurance Co. Ltd. | 6,347 | 25,140 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,216 | 43,446 | ||||||
Industrial Bank of Korea | 4,455 | 58,820 |
Number | Value | |||||||
Financials (Continued) | ||||||||
KB Financial Group, Inc. | 6,216 | $ | 261,738 | |||||
Korea Investment Holdings Co. Ltd. | 746 | 45,055 | ||||||
Mirae Asset Daewoo Co. Ltd. | 7,123 | 45,244 | ||||||
NH Investment & Securities Co. Ltd. | 2,776 | 34,299 | ||||||
Orange Life Insurance Ltd., 144A | 727 | 19,522 | ||||||
Samsung Card Co. Ltd. | 694 | 19,997 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 504 | 122,521 | ||||||
Samsung Life Insurance Co. Ltd. | 1,158 | 89,359 | ||||||
Samsung Securities Co. Ltd. | 1,235 | 34,319 | ||||||
Shinhan Financial Group Co. Ltd. | 6,700 | 246,255 | ||||||
Woori Bank | 7,777 | 108,578 | ||||||
|
| |||||||
1,428,689 | ||||||||
|
| |||||||
Health Care — 6.4% | ||||||||
Celltrion Healthcare Co. Ltd.* | 718 | 50,410 | ||||||
Celltrion Pharm, Inc.* | 339 | 20,020 | ||||||
Celltrion, Inc.* | 1,268 | 270,919 | ||||||
Hanmi Pharm. Co. Ltd. | 117 | 46,186 | ||||||
Hanmi Science Co. Ltd. | 329 | 21,807 | ||||||
Medy-Tox, Inc. | 76 | 38,198 | ||||||
Samsung Biologics Co. Ltd., 144A*(a) | 275 | 82,062 | ||||||
SillaJen, Inc.* | 906 | 57,143 | ||||||
ViroMed Co. Ltd.* | 246 | 43,299 | ||||||
Yuhan Corp. | 172 | 34,908 | ||||||
|
| |||||||
664,952 | ||||||||
|
| |||||||
Industrials — 10.8% | ||||||||
CJ Corp. | 286 | 33,296 | ||||||
CJ Logistics Corp.* | 179 | 25,390 | ||||||
Daelim Industrial Co. Ltd. | 544 | 46,007 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 4,026 | 17,850 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 511 | 14,975 | ||||||
Doosan Bobcat, Inc. | 1,067 | 31,269 | ||||||
GS Engineering & Construction Corp. | 977 | 38,001 | ||||||
Hanwha Corp. | 941 | 25,184 | ||||||
HDC Hyundai DevelopmentCo-Engineering & Construction, Class E* | 501 | 18,771 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 1,339 | 65,699 | ||||||
Hyundai Glovis Co. Ltd. | 359 | 39,552 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 636 | 74,894 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 173 | 60,962 | ||||||
KCC Corp. | 119 | 29,619 | ||||||
Korea Aerospace Industries Ltd.* | 1,330 | 37,612 | ||||||
Korean Air Lines Co. Ltd. | 1,036 | 29,482 | ||||||
LG Corp. | 1,584 | 102,025 | ||||||
Lotte Corp.* | 603 | 29,748 | ||||||
Pan Ocean Co. Ltd.* | 5,601 | 22,885 | ||||||
Posco Daewoo Corp. | 1,188 | 20,454 | ||||||
S-1 Corp. | 359 | 30,841 | ||||||
Samsung C&T Corp. | 1,235 | 112,929 | ||||||
Samsung Engineering Co. Ltd.* | 2,951 | 51,204 | ||||||
Samsung Heavy Industries Co. Ltd.* | 7,039 | 46,594 | ||||||
SK Holdings Co. Ltd. | 516 | 129,581 | ||||||
|
| |||||||
1,134,824 | ||||||||
|
|
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Information Technology — 31.1% | ||||||||
LG Display Co. Ltd. | 4,001 | $ | 62,641 | |||||
LG Innotek Co. Ltd. | 284 | 25,285 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 915 | 98,361 | ||||||
Samsung Electronics Co. Ltd. | 60,435 | 2,256,305 | ||||||
Samsung SDI Co. Ltd. | 873 | 160,823 | ||||||
Samsung SDS Co. Ltd. | 577 | 100,889 | ||||||
SK Hynix, Inc. | 8,962 | 556,452 | ||||||
|
| |||||||
3,260,756 | ||||||||
|
| |||||||
Materials — 7.5% | ||||||||
Hanwha Chemical Corp. | 2,007 | 33,839 | ||||||
Hyundai Steel Co. | 1,392 | 53,522 | ||||||
Korea Zinc Co. Ltd. | 151 | 57,318 | ||||||
Kumho Petrochemical Co. Ltd. | 363 | 29,857 | ||||||
LG Chem Ltd. | 725 | 223,460 | ||||||
Lotte Chemical Corp. | 284 | 69,040 | ||||||
OCI Co. Ltd. | 342 | 31,883 | ||||||
POSCO | 1,216 | 268,487 | ||||||
POSCO Chemtech Co. Ltd. | 330 | 19,930 | ||||||
|
| |||||||
787,336 | ||||||||
|
| |||||||
Utilities — 1.3% | ||||||||
Korea Electric Power Corp. | 4,142 | 109,744 | ||||||
Korea Gas Corp.* | 584 | 26,570 | ||||||
|
| |||||||
136,314 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 10,165,626 | |||||||
|
|
Number | Value | |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Consumer Discretionary — 0.7% | ||||||||
Hyundai Motor Co. | 489 | $ | 28,705 | |||||
Hyundai Motor Co. — 2nd Preferred | 674 | 41,969 | ||||||
|
| |||||||
70,674 | ||||||||
|
| |||||||
Consumer Staples — 0.4% | ||||||||
Amorepacific Corp. | 194 | 15,593 | ||||||
LG Household & Health Care Ltd. | 45 | 26,897 | ||||||
|
| |||||||
42,490 | ||||||||
|
| |||||||
Information Technology — 0.1% | ||||||||
Samsung Electronics Co. Ltd. | 334 | 10,056 | ||||||
|
| |||||||
Materials — 0.3% | ||||||||
LG Chem Ltd. | 163 | 28,428 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 151,648 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.8% | ||||||||
iShares MSCI South Korea ETF | 1,375 | 83,353 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.3% | ||||||||
DWS Government Money Market Series Fund “Institutional Shares”, 2.15% (b) | 138,462 | 138,462 | ||||||
TOTAL INVESTMENTS — 100.6% (Cost $9,205,805) | $ | 10,539,089 | ||||||
Other assets and liabilities, net — (0.6%) | (62,671 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,476,418 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
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. |
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
CASH EQUIVALENTS —1.3% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series Fund “Institutional Shares”, 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 1,548,402 | (1,409,940) | — | — | 529 | — | 138,462 | 138,462 |
At November 30, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
KOSPI 200 MINI Futures | KRW | 7 | $ | 84,541 | $84,803 | 12/13/2018 | $ | 47 |
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
As of November 30, 2018, 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. | 12/5/2018 | KRW | 4,387,469,537 | USD | 3,854,067 | $ | — | $ | (60,723 | ) | ||||||||||||||||||
RBC Capital Markets | 12/5/2018 | KRW | 8,348,451,500 | USD | 7,331,886 | — | (117,154 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 12/5/2018 | KRW | 408,384,000 | USD | 358,798 | — | (5,589 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 65,352 | KRW | 73,000,000 | — | (216 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 3,846,024 | KRW | 4,314,469,537 | 3,631 | — | |||||||||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 6,164,791 | KRW | 6,909,497,500 | 319 | — | |||||||||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 1,262,130 | KRW | 1,438,954,000 | 21,800 | — | |||||||||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 363,979 | KRW | 408,384,000 | 408 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | KRW | 4,314,469,537 | USD | 3,849,799 | — | (4,300 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | KRW | 6,909,497,500 | USD | 6,170,847 | — | (1,379 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | KRW | 192,447,000 | USD | 171,858 | — | (54 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | KRW | 408,384,000 | USD | 364,352 | — | (456 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 26,158 | $ | (189,871 | ) | |||||||||||||||||||||||
|
|
|
|
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, 2018 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 Stock (c) | $ | 10,083,564 | $ | — | $ | 82,062 | $ | 10,165,626 | ||||||||
Preferred Stock (c) | 151,648 | — | — | 151,648 | ||||||||||||
Exchange-Traded Fund | 83,353 | — | — | 83,353 | ||||||||||||
Short-Term Investments | 138,462 | — | — | 138,462 | ||||||||||||
Derivatives (d) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 26,158 | — | 26,158 | ||||||||||||
Futures Contracts | 47 | — | — | 47 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 10,457,074 | $ | 26,158 | $ | 82,062 | $ | 10,565,294 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (d) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (189,871 | ) | $ | — | $ | (189,871 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (189,871 | ) | $ | — | $ | (189,871 | ) | ||||||
|
|
|
|
|
|
|
|
(c) | See Schedule of Investments for additional detailed categorizations. |
(d) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $94,429. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.1% | ||||||||
Communication Services — 5.8% | ||||||||
Auto Trader Group PLC, 144A | 810 | $ | 4,525 | |||||
BT Group PLC | 7,640 | 25,506 | ||||||
Informa PLC | 1,118 | 9,847 | ||||||
ITV PLC | 2,977 | 5,508 | ||||||
Pearson PLC | 709 | 8,704 | ||||||
Vodafone Group PLC | 24,056 | 51,785 | ||||||
WPP PLC | 1,113 | 12,279 | ||||||
|
| |||||||
118,154 | ||||||||
|
| |||||||
Consumer Discretionary — 5.8% | ||||||||
Barratt Developments PLC | 932 | 5,489 | ||||||
Berkeley Group Holdings PLC | 106 | 4,357 | ||||||
Burberry Group PLC | 378 | 8,557 | ||||||
Carnival PLC | 150 | 8,703 | ||||||
Compass Group PLC | 1,398 | 29,901 | ||||||
GVC Holdings PLC | 507 | 4,774 | ||||||
InterContinental Hotels Group PLC | 165 | 8,831 | ||||||
Kingfisher PLC | 1,952 | 6,218 | ||||||
Marks & Spencer Group PLC | 1,519 | 5,665 | ||||||
Merlin Entertainments PLC, 144A | 531 | 2,274 | ||||||
Next PLC | 121 | 7,557 | ||||||
Persimmon PLC | 278 | 6,731 | ||||||
Taylor Wimpey PLC | 2,703 | 4,615 | ||||||
TUI AG | 369 | 5,252 | ||||||
Whitbread PLC | 165 | 9,667 | ||||||
|
| |||||||
118,591 | ||||||||
|
| |||||||
Consumer Staples — 16.1% | ||||||||
Associated British Foods PLC | 329 | 10,162 | ||||||
British American Tobacco PLC | 2,061 | 72,221 | ||||||
Coca-Cola HBC AG* | 166 | 4,937 | ||||||
Diageo PLC | 2,210 | 79,512 | ||||||
Imperial Brands PLC | 863 | 26,502 | ||||||
J Sainsbury PLC | 1,436 | 5,581 | ||||||
Reckitt Benckiser Group PLC | 605 | 50,202 | ||||||
Tesco PLC | 8,607 | 21,666 | ||||||
Unilever PLC | 1,008 | 54,505 | ||||||
Wm Morrison Supermarkets PLC | 1,872 | 5,668 | ||||||
|
| |||||||
330,956 | ||||||||
|
| |||||||
Energy — 17.0% | ||||||||
BP PLC | 17,880 | 118,474 | ||||||
John Wood Group PLC | 568 | 4,596 | ||||||
Royal Dutch Shell PLC, Class A | 4,105 | 123,969 | ||||||
Royal Dutch Shell PLC, Class B | 3,344 | 102,074 | ||||||
|
| |||||||
349,113 | ||||||||
|
| |||||||
Financials — 19.6% | ||||||||
3i Group PLC | 873 | 9,273 | ||||||
Admiral Group PLC | 163 | 4,329 | ||||||
Aviva PLC | 3,488 | 18,089 | ||||||
Barclays PLC | 15,459 | 32,085 | ||||||
Direct Line Insurance Group PLC | 1,141 | 4,769 | ||||||
Hargreaves Lansdown PLC | 266 | 6,445 | ||||||
HSBC Holdings PLC | 17,817 | 150,817 | ||||||
Investec PLC | 526 | 3,193 | ||||||
Legal & General Group PLC | 5,208 | 16,252 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Lloyds Banking Group PLC | 62,998 | $ | 44,440 | |||||
London Stock Exchange Group PLC | 267 | 13,721 | ||||||
Prudential PLC | 2,335 | 45,835 | ||||||
Royal Bank of Scotland Group PLC | 4,234 | 11,772 | ||||||
RSA Insurance Group PLC | 963 | 6,658 | ||||||
Schroders PLC | 103 | 3,317 | ||||||
St James’s Place PLC | 488 | 6,253 | ||||||
Standard Chartered PLC | 2,509 | 19,483 | ||||||
Standard Life Aberdeen PLC | 2,043 | 6,909 | ||||||
|
| |||||||
403,640 | ||||||||
|
| |||||||
Health Care — 12.1% | ||||||||
AstraZeneca PLC | 1,131 | 88,156 | ||||||
ConvaTec Group PLC, 144A | 1,162 | 2,250 | ||||||
GlaxoSmithKline PLC | 4,434 | 91,620 | ||||||
NMC Health PLC | 84 | 3,530 | ||||||
Shire PLC | 824 | 47,774 | ||||||
Smith & Nephew PLC | 801 | 14,545 | ||||||
|
| |||||||
247,875 | ||||||||
|
| |||||||
Industrials — 8.4% | ||||||||
Ashtead Group PLC | 441 | 9,884 | ||||||
Babcock International Group PLC | 226 | 1,636 | ||||||
BAE Systems PLC | 2,920 | 18,280 | ||||||
Bunzl PLC | 311 | 9,574 | ||||||
DCC PLC | 90 | 6,772 | ||||||
easyJet PLC | 131 | 1,857 | ||||||
Experian PLC | 802 | 19,483 | ||||||
Ferguson PLC | 200 | 12,793 | ||||||
G4S PLC | 1,338 | 3,307 | ||||||
Intertek Group PLC | 147 | 8,798 | ||||||
Meggitt PLC | 633 | 4,180 | ||||||
Melrose Industries PLC | 4,397 | 9,895 | ||||||
RELX PLC | 1,784 | 37,111 | ||||||
Rolls-Royce Holdings PLC* | 1,469 | 15,903 | ||||||
Rolls-Royce Holdings PLC*(a) | 64,032 | 82 | ||||||
Royal Mail PLC | 719 | 2,930 | ||||||
Smiths Group PLC | 367 | 6,498 | ||||||
Weir Group PLC | 193 | 3,625 | ||||||
|
| |||||||
172,608 | ||||||||
|
| |||||||
Information Technology — 0.7% | ||||||||
Micro Focus International PLC | 359 | 7,040 | ||||||
Sage Group PLC | 985 | 7,297 | ||||||
|
| |||||||
14,337 | ||||||||
|
| |||||||
Materials — 8.4% | ||||||||
Anglo American PLC | 959 | 19,139 | ||||||
Antofagasta PLC | 337 | 3,437 | ||||||
BHP Group PLC | 1,906 | 36,469 | ||||||
Croda International PLC | 112 | 6,959 | ||||||
Fresnillo PLC | 196 | 1,882 | ||||||
Glencore PLC* | 10,077 | 37,257 | ||||||
Johnson Matthey PLC | 180 | 6,706 | ||||||
Mondi PLC | 335 | 7,297 | ||||||
Randgold Resources Ltd. | 87 | 6,949 | ||||||
Rio Tinto PLC | 1,038 | 47,074 | ||||||
|
| |||||||
173,169 | ||||||||
|
|
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Real Estate — 1.1% | ||||||||
British Land Co. PLC REIT | 855 | $ | 6,151 | |||||
Hammerson PLC REIT | 760 | 3,738 | ||||||
Land Securities Group PLC REIT | 691 | 7,160 | ||||||
Segro PLC REIT | 839 | 6,449 | ||||||
|
| |||||||
23,498 | ||||||||
|
| |||||||
Utilities — 3.1% | ||||||||
Centrica PLC | 5,120 | 8,987 | ||||||
National Grid PLC | 3,070 | 32,582 | ||||||
Severn Trent PLC | 211 | 4,920 | ||||||
SSE PLC | 875 | 12,215 | ||||||
United Utilities Group PLC | 558 | 5,407 | ||||||
|
| |||||||
64,111 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,016,052 | |||||||
|
|
Number | Value | |||||||
EXCHANGE-TRADED FUND — 1.1% | ||||||||
iShares MSCI United Kingdom ETF | 690 | $ | 21,686 | |||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series Fund “Institutional Shares”, 2.15% (b) | 203 | 203 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $2,249,786) | $ | 2,037,941 | ||||||
Other assets and liabilities, net — 0.8% | 16,411 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,054,352 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) |
| |||||||||||||||||||||||||||||||
23,930 | — | (23,930) | (d) | — | — | 260 | — | — | — | |||||||||||||||||||||||
CASH EQUIVALENTS —0.0% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 400 | (197) | — | — | — | — | 203 | 203 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
23,930 | 400 | (24,127) | — | — | 260 | — | 203 | 203 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
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, 2018, 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. | 12/5/2018 | GBP | 1,166,250 | USD | 1,492,244 | $ | 5,659 | $ | — | |||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | GBP | 510,050 | USD | 652,538 | 2,392 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 1,488,018 | GBP | 1,166,250 | — | (1,434 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 574,219 | GBP | 450,050 | — | (553 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 76,774 | GBP | 60,000 | — | (294 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | GBP | 1,166,250 | USD | 1,490,806 | 1,357 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | GBP | 450,050 | USD | 575,303 | 533 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 9,941 | $ | (2,281 | ) | |||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
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.
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, 2018 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 Stock (e) | $ | 2,015,970 | $ | — | $ | 82 | $ | 2,016,052 | ||||||||
Exchange-Traded Fund | 21,686 | — | — | 21,686 | ||||||||||||
Short-Term Investments | 203 | — | — | 203 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 9,941 | — | 9,941 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,037,859 | $ | 9,941 | $ | 82 | $ | 2,047,882 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (2,281 | ) | $ | — | $ | (2,281 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (2,281 | ) | $ | — | $ | (2,281 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
See Notes to Financial Statements. | 99 |
DBX ETF Trust
November 30, 2018 (Unaudited)
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 | Xtrackers MSCI Europe Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments innon-affiliated securities at value | $ | 93,262,560 | $ | 3,595,365 | $ | 119,298,068 | $ | 899,692,860 | ||||||||
Investments in affiliated securities at value | 89,163 | 16,109 | — | 1,942,958 | ||||||||||||
Investment in DWS ESG Liquidity Fund | 3,504,188 | — | — | 9,999,000 | ||||||||||||
Investment in DWS Government Money Market Series* | 1,809,316 | 312,951 | 3,415,426 | 11,668,150 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio** | 1,428,629 | 27,135 | 1,383,442 | 13,072,149 | ||||||||||||
Cash | — | — | 75 | — | ||||||||||||
Foreign currency at value | 304,645 | 5,072 | 111,270 | 2,471,988 | ||||||||||||
Receivable for return of collateral pledged for forward foreign currency contracts | 180,000 | — | 1,360,000 | 2,410,000 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 548,610 | 6,029 | 698,064 | 3,196,893 | ||||||||||||
Deposit with broker for futures contracts | 295,148 | 14,026 | 158,600 | 2,220,456 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 2,029,281 | 66,347 | 1,039,856 | 5,869,221 | ||||||||||||
Capital shares | 4,879 | — | — | — | ||||||||||||
Variation margin on futures contracts | — | — | 67,122 | — | ||||||||||||
Dividends | 237,057 | 6,289 | 59,615 | 1,347,962 | ||||||||||||
Interest | 6,546 | 523 | 6,133 | 36,373 | ||||||||||||
Securities lending income | 1,318 | 39 | 1,384 | 22,087 | ||||||||||||
Foreign tax reclaim | 78,567 | — | 458 | 6,956,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 103,779,907 | $ | 4,049,885 | $ | 127,599,513 | $ | 960,906,424 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,428,629 | $ | 27,135 | $ | 1,383,442 | $ | 13,072,149 | ||||||||
Payable upon return of deposit for forward foreign currency contracts | — | — | 360,000 | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 621,114 | 46,381 | 2,105,406 | 1,499,822 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 2,314,362 | 32,658 | 1,383,457 | 5,783,206 | ||||||||||||
Investment advisory fees | 32,732 | 1,884 | 64,216 | 345,117 | ||||||||||||
Variation margin on futures contracts | 21,186 | 180 | — | 218,631 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 4,418,023 | 108,238 | 5,296,521 | 20,918,925 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 99,361,884 | $ | 3,941,647 | $ | 122,302,992 | $ | 939,987,499 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 97,598,988 | $ | 4,864,872 | $ | 127,547,135 | $ | 1,129,230,054 | ||||||||
Distributable earnings (loss) | 1,762,896 | (923,225 | ) | (5,244,143 | ) | (189,242,555 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 99,361,884 | $ | 3,941,647 | $ | 122,302,992 | $ | 939,987,499 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 3,800,001 | 150,001 | 5,550,800 | 34,850,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 26.15 | $ | 26.28 | $ | 22.03 | $ | 26.97 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments innon-affiliated securities at cost | $ | 94,860,442 | $ | 3,644,016 | $ | 106,224,501 | $ | 994,875,267 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 175,886 | $ | 16,296 | $ | — | $ | 6,398,160 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,464,569 | $ | 52,728 | $ | 2,103,073 | $ | 12,393,049 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS ESG Liquidity Fund* | $ | 3,504,188 | $ | — | $ | — | $ | 9,999,000 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series* | $ | 1,809,316 | $ | 312,951 | $ | 3,415,426 | $ | 11,668,150 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost** | $ | 1,428,629 | $ | 27,135 | $ | 1,383,442 | $ | 13,072,149 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 256,533 | $ | 27,515 | $ | 821,723 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 303,389 | $ | 5,041 | $ | 111,283 | $ | 2,482,593 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Includes collateral held for forward foreign currency contracts | $ | — | $ | — | $ | 360,000 | $ | — | ||||||||
|
|
|
|
|
|
|
|
** | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Statements of Assets and Liabilities(Continued)
November 30, 2018 (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments innon-affiliated securities at value | $ | 36,835,970 | $ | 26,019,281 | $ | 949,652,733 | $ | 10,400,627 | ||||||||
Investments in affiliated securities at value | 142,719 | 404,871 | — | — | ||||||||||||
Investment in DWS ESG Liquidity Fund* | — | — | 9,999,000 | — | ||||||||||||
Investment in DWS Government Money Market Series* | 1,017,771 | 587,112 | 16,334,174 | 138,462 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio** | 1,558,684 | — | 1,172,942 | — | ||||||||||||
Cash | — | — | 12,224 | — | ||||||||||||
Foreign currency at value | 251,871 | 214,256 | 3,744,447 | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 124,460 | 87,413 | 8,454,287 | 26,158 | ||||||||||||
Deposit with broker for futures contracts | 85,838 | 64,316 | 899,557 | 11,851 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 199,351 | 181,764 | 3,241,418 | 199,094 | ||||||||||||
Variation margin on futures contracts | — | — | 149,662 | — | ||||||||||||
Dividends | 6,612 | — | 5,495,359 | — | ||||||||||||
Interest | 1,839 | 1,008 | 31,893 | 169 | ||||||||||||
Securities lending income | 1,304 | — | 4,081 | — | ||||||||||||
Foreign tax reclaim | 87,871 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 40,314,290 | $ | 27,560,021 | $ | 999,191,777 | $ | 10,776,361 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | — | $ | — | $ | — | $ | 75 | ||||||||
Payable upon return of securities loaned | 1,558,684 | — | 1,172,942 | — | ||||||||||||
Payable upon return of deposit for forward foreign currency contracts | 240,000 | — | 6,250,000 | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 25,073 | 20,082 | 1,568,493 | 189,871 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 232,895 | 182,744 | 8,153,389 | 103,716 | ||||||||||||
Investment advisory fees | 14,081 | 10,174 | 354,530 | 4,954 | ||||||||||||
Variation margin on futures contracts | 8,193 | 9,303 | — | 1,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 2,078,926 | 222,303 | 17,499,354 | 299,943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 38,235,364 | $ | 27,337,718 | $ | 981,692,423 | $ | 10,476,418 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 41,696,222 | $ | 38,541,985 | $ | 1,114,100,675 | $ | 17,302,187 | ||||||||
Distributable earnings (loss) | (3,460,858 | ) | (11,204,267 | ) | (132,408,252 | ) | (6,825,769 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 38,235,364 | $ | 27,337,718 | $ | 981,692,423 | $ | 10,476,418 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 1,350,001 | 1,100,800 | 23,900,800 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 28.32 | $ | 24.83 | $ | 41.07 | $ | 26.19 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments innon-affiliated securities at cost | $ | 37,114,044 | $ | 28,910,377 | $ | 960,619,625 | $ | 9,067,343 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 364,203 | $ | 1,407,124 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,459,506 | $ | — | $ | 13,376,845 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS ESG Liquidity Fund at cost* | $ | — | $ | — | $ | 9,999,000 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost* | $ | 1,017,771 | $ | 587,112 | $ | 16,334,174 | $ | 138,462 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost** | $ | 1,558,684 | $ | — | $ | 1,172,942 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | 13,191,575 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 252,890 | $ | 214,499 | $ | 3,738,649 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Includes collateral held for forward foreign currency contracts | $ | 240,000 | $ | — | $ | 6,250,000 | $ | — | ||||||||
|
|
|
|
|
|
|
|
** | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Statements of Assets and Liabilities(Continued)
November 30, 2018 (Unaudited)
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||
Assets | ||||
Investments innon-affiliated securities at value | $ | 2,037,738 | ||
Investment in DWS Government Money Market Series | 203 | |||
Foreign currency at value | 1,020 | |||
Unrealized appreciation on forward foreign currency contracts | 9,941 | |||
Receivables: | ||||
Investment securities sold | 35,914 | |||
Dividends | 9,962 | |||
Securities lending income | 88 | |||
Foreign tax reclaim | 4 | |||
|
| |||
Total Assets | $ | 2,094,870 | ||
|
| |||
Liabilities | ||||
Due to custodian | $ | 14 | ||
Unrealized depreciation on forward foreign currency contracts | 2,281 | |||
Payables: | ||||
Investment securities purchased | 37,457 | |||
Investment advisory fees | 766 | |||
|
| |||
Total Liabilities | 40,518 | |||
|
| |||
Net Assets, at value | $ | 2,054,352 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 3,092,825 | ||
Distributable earnings (loss) | (1,038,473 | ) | ||
|
| |||
Net Assets, at value | $ | 2,054,352 | ||
|
| |||
Number of Common Shares outstanding | 100,001 | |||
|
| |||
Net Asset Value | $ | 20.54 | ||
|
| |||
Investments innon-affiliated securities at cost | $ | 2,249,583 | ||
|
| |||
Investment in DWS Government Money Market Series | $ | 203 | ||
|
| |||
Foreign currency at cost | $ | 1,023 | ||
|
|
See Notes to Financial Statements. | 102 |
DBX ETF Trust
For the Six Months Ended November 30, 2018 (Unaudited)
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 | Xtrackers MSCI Europe Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 1,498,832 | $ | 77,350 | $ | 2,641,576 | $ | 12,860,310 | ||||||||
Income distributions from affiliated funds | 18,644 | 864 | 9,588 | 83,058 | ||||||||||||
Affiliated securities lending income | 8,829 | 112 | 8,071 | 169,121 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | 75 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 1,526,305 | 78,401 | 2,659,235 | 13,112,489 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 236,295 | 12,481 | 476,990 | 2,919,482 | ||||||||||||
Other expenses | 6,631 | 57 | 11,771 | 145,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 242,926 | 12,538 | 488,761 | 3,065,471 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (920 | ) | (42 | ) | (457 | ) | (3,917 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 242,006 | 12,496 | 488,304 | 3,061,554 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 1,284,299 | 65,905 | 2,170,931 | 10,050,935 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (927,899 | ) | (35,155 | ) | 760,625 | (1,416,316 | ) | |||||||||
Investments in affiliates | (35,353 | ) | (1,010 | ) | — | — | ||||||||||
In-kind redemptions | 4,525,303 | — | 3,990,797 | 30,905,681 | ||||||||||||
In-kind redemptions in affiliates | (4,396 | ) | — | — | (1,730,819 | ) | ||||||||||
Futures contracts | (425,578 | ) | (7,342 | ) | (904,115 | ) | 227,547 | |||||||||
Foreign currency transactions | 36,518 | 2,162 | 287,517 | (1,372,358 | ) | |||||||||||
Forward foreign currency contracts | 6,487,321 | 123,391 | 8,124,513 | 92,676,998 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 9,655,916 | 82,046 | 12,259,337 | 119,290,733 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (15,221,926 | ) | (520,165 | ) | (23,204,283 | ) | (121,817,376 | ) | ||||||||
Investments in affiliates | 21,236 | (187 | ) | — | 1,513,937 | |||||||||||
Futures contracts | (48,843 | ) | 5,163 | 431,870 | (1,142,463 | ) | ||||||||||
Foreign currency translations | 9,822 | 170 | 4,823 | 20,317 | ||||||||||||
Forward foreign currency contracts | (2,102,214 | ) | (44,498 | ) | (4,196,629 | ) | (43,221,200 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (17,341,925 | ) | (559,517 | ) | (26,964,219 | ) | (164,646,785 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (7,686,009 | ) | (477,471 | ) | (14,704,882 | ) | (45,356,052 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (6,401,710 | ) | $ | (411,566 | ) | $ | (12,533,951 | ) | $ | (35,305,117 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 142,922 | $ | 6,734 | $ | 327,702 | $ | 895,210 |
See Notes to Financial Statements. | 103 |
DBX ETF Trust
Statements of Operations(Continued)
For the Six Months Ended November 30, 2018 (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 258,993 | $ | 46,965 | $ | 9,683,852 | $ | 104,724 | ||||||||
Income distributions from affiliated funds | 3,146 | 1,183 | 60,329 | 529 | ||||||||||||
Affiliated securities lending income | 8,994 | 15 | 40,669 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | — | 43,159 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 271,133 | 48,163 | 9,828,009 | 105,253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 91,553 | 70,382 | 2,370,172 | 33,574 | ||||||||||||
Other expenses | 4,143 | 2,891 | 90,768 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 95,696 | 73,273 | 2,460,940 | 33,631 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (155 | ) | (59 | ) | (2,683 | ) | (19 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 95,541 | 73,214 | 2,458,257 | 33,612 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 175,592 | (25,051 | ) | 7,369,752 | 71,641 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 19,494 | (151,945 | ) | (3,418,536 | ) | (401,739 | ) | |||||||||
Investments in affiliates | — | (25,122 | ) | — | — | |||||||||||
In-kind redemptions | — | 529,054 | 26,057,337 | — | ||||||||||||
In-kind redemptions in affiliates | — | (76,381 | ) | — | — | |||||||||||
Futures contracts | 27,781 | (31,580 | ) | 65,683 | (18,774 | ) | ||||||||||
Foreign currency transactions | (54,706 | ) | (25,875 | ) | (708,104 | ) | (20,012 | ) | ||||||||
Forward foreign currency contracts | 3,150,863 | 2,558,080 | 45,869,714 | 730,958 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 3,143,432 | 2,776,231 | 67,866,094 | 290,433 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (4,722,288 | ) | (4,355,660 | ) | (101,309,666 | ) | (1,609,323 | ) | ||||||||
Investments in affiliates | (23,937 | ) | 39,046 | — | — | |||||||||||
Futures contracts | (52,505 | ) | (63,450 | ) | (1,463,803 | ) | 3,807 | |||||||||
Foreign currency translations | 571 | 1,519 | (160,243 | ) | (7,065 | ) | ||||||||||
Forward foreign currency contracts | (1,321,707 | ) | (1,139,083 | ) | 11,438,951 | (265,434 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (6,119,866 | ) | (5,517,628 | ) | (91,494,761 | ) | (1,878,015 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (2,976,434 | ) | (2,741,397 | ) | (23,628,667 | ) | (1,587,582 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (2,800,842 | ) | $ | (2,766,448 | ) | $ | (16,258,915 | ) | $ | (1,515,941 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 34,582 | $ | 3,363 | $ | 1,088,530 | $ | 11,284 |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
Statements of Operations(Continued)
For the Six Months Ended November 30, 2018 (Unaudited)
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 47,830 | ||
Affiliated securities lending income | 260 | |||
|
| |||
Total Investment Income | 48,090 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 4,857 | |||
Other expenses | 57 | |||
|
| |||
Total Expenses | 4,914 | |||
|
| |||
Net Investment income (loss) | 43,176 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (11,965 | ) | ||
Futures contracts | (1,900 | ) | ||
Foreign currency transactions | (604 | ) | ||
Forward foreign currency contracts | 179,295 | |||
|
| |||
Net realized gain (loss) | 164,826 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (276,081 | ) | ||
Futures contracts | (165 | ) | ||
Foreign currency translations | 179 | |||
Forward foreign currency contracts | (71,110 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (347,177 | ) | ||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (182,351 | ) | ||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (139,175 | ) | |
|
| |||
* Unaffiliated foreign tax withheld | $ | 686 |
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,284,299 | $ | 3,022,599 | $ | 65,905 | $ | 88,547 | ||||||||
Net realized gain (loss) | 9,655,916 | (2,702,911 | ) | 82,046 | 283,469 | |||||||||||
Net change in net unrealized appreciation (depreciation) | (17,341,925 | ) | 9,151,049 | (559,517 | ) | 169,023 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (6,401,710 | ) | 9,470,737 | (411,566 | ) | 541,039 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (1,230,408 | ) | (2,997,077 | )* | (22,092 | ) | (110,378 | )* | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 13,768,327 | 24,446,147 | — | 1,474,842 | ||||||||||||
Value of shares redeemed | (34,228,835 | ) | (8,258,171 | ) | — | (1,462,688 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (20,460,508 | ) | 16,187,976 | — | 12,154 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (28,092,626 | ) | 22,661,636 | (433,658 | ) | 442,815 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 127,454,510 | 104,792,874 | 4,375,305 | 3,932,490 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 99,361,884 | $ | 127,454,510 | ** | $ | 3,941,647 | $ | 4,375,305 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 4,600,001 | 4,000,001 | 150,001 | 150,001 | ||||||||||||
Shares sold | 500,000 | 900,000 | — | 50,000 | ||||||||||||
Shares redeemed | (1,300,000 | ) | (300,000 | ) | — | (50,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 3,800,001 | 4,600,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $1,530,237 and $15,764, respectively. |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers MSCI Emerging Markets Hedged Equity ETF | Xtrackers MSCI Europe Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,170,931 | $ | 3,785,059 | $ | 10,050,935 | $ | 52,537,140 | ||||||||
Net realized gain (loss) | 12,259,337 | 3,873,103 | 119,290,733 | (18,246,414 | ) | |||||||||||
Net change in net unrealized appreciation (depreciation) | (26,964,219 | ) | 17,988,314 | (164,646,785 | ) | 46,053,497 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (12,533,951 | ) | 25,646,476 | (35,305,117 | ) | 80,344,223 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | (3,312,983 | )* | (28,857,838 | ) | (57,735,062 | )* | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 29,674,592 | — | 40,753,740 | ||||||||||||
Value of shares redeemed | (60,034,558 | ) | (45,001,682 | ) | (539,021,417 | ) | (1,267,014,363 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (60,034,558 | ) | (15,327,090 | ) | (539,021,417 | ) | (1,226,260,623 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (72,568,509 | ) | 7,006,403 | (603,184,372 | ) | (1,203,651,462 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 194,871,501 | 187,865,098 | 1,543,171,871 | 2,746,823,333 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 122,302,992 | $ | 194,871,501 | ** | $ | 939,987,499 | $ | 1,543,171,871 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 8,150,800 | 8,750,800 | 53,750,001 | 97,100,001 | ||||||||||||
Shares sold | — | 1,250,000 | — | 1,400,000 | ||||||||||||
Shares redeemed | (2,600,000 | ) | (1,850,000 | ) | (18,900,000 | ) | (44,750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 5,550,800 | 8,150,800 | 34,850,001 | 53,750,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $589,440 and $32,077,154, respectively. |
See Notes to Financial Statements. | 107 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 175,592 | $ | 1,116,419 | $ | (25,051 | ) | $ | 956,727 | |||||||
Net realized gain (loss) | 3,143,432 | 476,514 | 2,776,231 | (2,605,877 | ) | |||||||||||
Net change in net unrealized appreciation (depreciation) | (6,119,866 | ) | 749,024 | (5,517,628 | ) | 2,280,565 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,800,842 | ) | 2,341,957 | (2,766,448 | ) | 631,415 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (675,352 | ) | (1,340,413 | )* | (823,913 | ) | (894,915 | )* | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | — | 5,744,626 | ||||||||||||
Value of shares redeemed | — | (24,406,845 | ) | (5,396,816 | ) | (34,675,155 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | (24,406,845 | ) | (5,396,816 | ) | (28,930,529 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (3,476,194 | ) | (23,405,301 | ) | (8,987,177 | ) | (29,194,029 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 41,711,558 | 65,116,859 | 36,324,895 | 65,518,924 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 38,235,364 | $ | 41,711,558 | ** | $ | 27,337,718 | $ | 36,324,895 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,350,001 | 2,150,001 | 1,300,800 | 2,350,800 | ||||||||||||
Shares sold | — | — | — | 200,000 | ||||||||||||
Shares redeemed | — | (800,000 | ) | (200,000 | ) | (1,250,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,350,001 | 1,350,001 | 1,100,800 | 1,300,800 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $790,825 and $859,925, respectively. |
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers MSCI Japan Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 7,369,752 | $ | 20,316,568 | $ | 71,641 | $ | 229,422 | ||||||||
Net realized gain (loss) | 67,866,094 | 199,197,260 | 290,433 | 8,886,955 | ||||||||||||
Net change in net unrealized appreciation (depreciation) | (91,494,761 | ) | (633,933 | ) | (1,878,015 | ) | (6,847,570 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (16,258,915 | ) | 218,879,895 | (1,515,941 | ) | 2,268,807 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (27,089,212 | ) | (42,063,292 | )* | (281,198 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 89,813,595 | 378,553,626 | 2,879,947 | 3,016,486 | ||||||||||||
Value of shares redeemed | (218,026,992 | ) | (1,182,044,051 | ) | (1,391,127 | ) | (23,488,528 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (128,213,397 | ) | (803,490,425 | ) | 1,488,820 | (20,472,042 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (171,561,524 | ) | (626,673,822 | ) | (308,319 | ) | (18,203,235 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 1,153,253,947 | 1,779,927,769 | 10,784,737 | 28,987,972 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 981,692,423 | $ | 1,153,253,947 | ** | $ | 10,476,418 | $ | 10,784,737 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 26,850,800 | 46,050,800 | 350,001 | 1,000,001 | ||||||||||||
Shares sold | 2,200,000 | 8,900,000 | 100,000 | 100,000 | ||||||||||||
Shares redeemed | (5,150,000 | ) | (28,100,000 | ) | (50,000 | ) | (750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 23,900,800 | 26,850,800 | 400,001 | 350,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $34,889,467 and $261,520, respectively. |
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 43,176 | $ | 103,817 | ||||
Net realized gain (loss) | 164,826 | 247,449 | ||||||
Net change in net unrealized appreciation (depreciation) | (347,177 | ) | (247,625 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (139,175 | ) | 103,641 | |||||
|
|
|
| |||||
Distributions to Shareholders | (42,242 | ) | (111,783 | )* | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | — | ||||||
Value of shares redeemed | — | (3,235,699 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | — | (3,235,699 | ) | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (181,417 | ) | (3,243,841 | ) | ||||
Net Assets | ||||||||
Beginning of period | 2,235,769 | 5,479,610 | ||||||
|
|
|
| |||||
End of period | $ | 2,054,352 | $ | 2,235,769 | ** | |||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 100,001 | 250,001 | ||||||
Shares sold | — | — | ||||||
Shares redeemed | — | (150,000 | ) | |||||
|
|
|
| |||||
Shares outstanding, end of period | 100,001 | 100,001 | ||||||
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $38,948. |
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Xtrackers MSCI All World ex US Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.30 | 0.67 | 0.64 | 0.64 | 0.96 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (1.59 | ) | 1.51 | 3.42 | (3.57 | ) | 2.16 | 0.16 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.29 | ) | 2.18 | 4.06 | (2.93 | ) | 3.12 | 0.61 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.67 | ) | (0.48 | ) | (0.86 | ) | (1.82 | ) | — | |||||||||||||
Net realized gains | — | — | — | (0.46 | ) | (0.04 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.27 | ) | (0.67 | ) | (0.48 | ) | (1.32 | ) | (1.86 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 26.15 | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (4.71 | )(d)** | 8.43 | 18.30 | (11.17 | ) | 13.01 | 2.44 | ** | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 99 | 127 | 105 | 68 | 47 | 5 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.41 | * | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.41 | * | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 2.17 | * | 2.46 | 2.67 | 2.76 | 3.70 | 5.18 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 6 | ** | 11 | 15 | 24 | 24 | 3 | ** | ||||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.44 | 0.68 | 0.56 | 0.63 | 0.68 | 0.40 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (3.18 | ) | 3.01 | 3.89 | (4.19 | ) | 2.04 | 1.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (2.74 | ) | 3.69 | 4.45 | (3.56 | ) | 2.72 | 1.48 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.74 | ) | (0.50 | ) | (1.09 | ) | (1.29 | ) | (0.01 | ) | ||||||||||||
Net realized gains | — | — | — | (0.98 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.15 | ) | (0.74 | ) | (0.50 | ) | (2.07 | ) | (1.29 | ) | (0.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 26.28 | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (9.45 | )(d)** | 14.20 | 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 | 4 | 11 | 7 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.60 | * | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 3.17 | * | 2.40 | 2.34 | 2.64 | 2.51 | 2.33 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 3 | ** | 24 | 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) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI Emerging Markets Hedged Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.34 | 0.41 | 0.35 | 0.43 | 0.36 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (2.22 | ) | 2.39 | 2.81 | (3.60 | ) | 0.77 | (0.17 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.88 | ) | 2.80 | 3.16 | (3.17 | ) | 1.13 | 0.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.36 | ) | (0.31 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.36 | ) | (0.31 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 22.03 | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (7.86 | )(c)** | 13.09 | 17.19 | (14.32 | ) | 5.35 | 1.17 | (c) | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 122 | 195 | 188 | 130 | 245 | 29 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.67 | * | 0.65 | 0.65 | 0.65 | 0.65 | 0.66 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.67 | * | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.96 | * | 1.74 | 1.74 | 2.20 | 1.64 | 1.81 | |||||||||||||||||
Portfolio turnover rate (%)(e) | 7 | ** | 15 | 43 | 32 | 58 | 16 | |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.22 | 0.68 | 0.76 | 0.79 | 1.33 | 1.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (1.42 | ) | 0.39 | 4.40 | (3.19 | ) | 1.54 | 1.72 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.20 | ) | 1.07 | 5.16 | (2.40 | ) | 2.87 | 2.99 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.54 | ) | (0.65 | ) | (0.85 | ) | (1.28 | ) | (1.15 | ) | (0.24 | ) | ||||||||||||
Net realized gains | — | — | (1.67 | ) | (0.14 | ) | (0.00 | )(d) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.54 | ) | (0.65 | ) | (2.52 | ) | (1.42 | ) | (1.15 | ) | (0.24 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 26.97 | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (4.28 | )(c)** | 3.82 | 21.77 | (8.46 | ) | 10.88 | 12.05 | ** | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 940 | 1,543 | 2,747 | 3,310 | 2,668 | 164 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.47 | * | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.47 | * | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.55 | * | 2.41 | 2.95 | 3.08 | 4.74 | 7.30 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 2 | ** | 11 | 17 | 18 | 13 | 4 | ** |
(a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(b) | Based on average shares outstanding during the period. |
(c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(d) | 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. | 112 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.13 | 0.62 | 0.73 | 0.78 | 0.81 | |||||||||||||||||||
Net realized and unrealized gain (loss) | (2.21 | ) | 0.63 | 4.84 | (3.15 | ) | 3.49 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total from investment operations | (2.08 | ) | 1.25 | 5.57 | (2.37 | ) | 4.30 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.50 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total distributions | (0.50 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Asset Value, end of period | $ | 28.32 | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Return (%) | (6.85 | )(c)** | 4.19 | 22.56 | (8.45 | ) | 17.20 | ** | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 38 | 42 | 65 | 83 | 22 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.47 | * | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.47 | * | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||||||||
Ratio of net investment income (loss) (%) | 0.86 | * | 2.05 | 2.76 | 3.11 | 6.04 | * | |||||||||||||||||
Portfolio turnover rate (%)(d) | 2 | ** | 14 | 16 | 22 | 8 | ** | |||||||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.02 | ) | 0.57 | 0.40 | 0.33 | 1.38 | 1.03 | |||||||||||||||||
Net realized and unrealized gain (loss) | (2.45 | ) | (0.09 | ) | 4.78 | (2.93 | ) | 1.93 | 3.11 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (2.47 | ) | 0.48 | 5.18 | (2.60 | ) | 3.31 | 4.14 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.63 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.63 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 24.83 | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (9.06 | )(c)** | 1.73 | 22.93 | (9.99 | ) | 13.92 | 18.70 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 27 | 36 | 66 | 110 | 234 | 45 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.47 | * | 0.45 | 0.45 | 0.45 | 0.45 | 0.47 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.47 | * | 0.45 | 0.45 | 0.45 | 0.45 | 0.47 | |||||||||||||||||
Ratio of net investment income (loss) (%) | (0.16 | )* | 2.04 | 1.63 | 1.37 | 5.14 | 4.15 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 8 | ** | 17 | 12 | 16 | 20 | 12 |
(a) | For the period December 10, 2014 (commencement of operations) through May 31, 2015. |
(b) | Based on average shares outstanding during the period. |
(c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.29 | 0.52 | 0.53 | 0.48 | 0.52 | 0.55 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (1.17 | ) | 4.69 | 4.22 | (8.44 | ) | 12.49 | 1.51 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.88 | ) | 5.21 | 4.75 | (7.96 | ) | 13.01 | 2.06 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.00 | ) | (0.91 | ) | (0.42 | ) | (1.39 | ) | (3.90 | ) | (0.71 | ) | ||||||||||||
Net realized gains | — | — | — | (0.87 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.00 | ) | (0.91 | ) | (0.42 | ) | (2.26 | ) | (3.90 | ) | (0.71 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 41.07 | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (2.11 | )(c)** | 13.74 | 14.08 | (18.65 | ) | 39.00 | 6.21 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 982 | 1,153 | 1,780 | 1,026 | 1,263 | 441 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.47 | * | 0.46 | 0.45 | 0.45 | 0.45 | 0.48 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.47 | * | 0.46 | 0.45 | 0.45 | 0.45 | 0.48 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.40 | * | 1.24 | 1.50 | 1.29 | 1.32 | 1.56 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 12 | 22 | 15 | 14 | 13 | |||||||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 30.81 | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.17 | 0.39 | 0.18 | 0.16 | (0.11 | ) | (0.02 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | (3.99 | ) | 1.43 | 5.99 | (1.51 | ) | (0.65 | ) | 0.10 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (3.82 | ) | 1.82 | 6.17 | (1.35 | ) | (0.76 | ) | 0.08 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.80 | ) | — | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.80 | ) | — | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 26.19 | $ | 30.81 | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (12.67 | )(c)** | 6.28 | 27.01 | (5.55 | ) | (3.07 | ) | 0.32 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 10 | 11 | 29 | 118 | 137 | 5 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.58 | * | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.58 | * | — | — | — | — | — | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.24 | * | 1.28 | 0.74 | 0.72 | (0.47 | ) | (0.26 | )* | |||||||||||||||
Portfolio turnover rate (%)(d) | 17 | ** | 32 | 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) | 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. | 114 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI United Kingdom Hedged Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended 5/31/2014(a) | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 22.36 | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.43 | 0.74 | 0.85 | 0.89 | 0.92 | 1.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (1.83 | ) | 0.59 | (c) | 4.06 | (2.95 | ) | 0.08 | 0.63 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.40 | ) | 1.33 | 4.91 | (2.06 | ) | 1.00 | 1.95 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.89 | ) | (0.62 | ) | (1.51 | ) | (1.58 | ) | (0.42 | ) | ||||||||||||
Net realized gains | — | — | (4.62 | ) | (0.11 | ) | (0.02 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.42 | ) | (0.89 | ) | (5.24 | ) | (1.62 | ) | (1.60 | ) | (0.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 20.54 | $ | 22.36 | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (6.36 | )** | 6.22 | 24.79 | (8.25 | ) | 4.27 | 7.90 | ** | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 5 | 6 | 5 | 5 | ||||||||||||||||||
Ratio of expenses (%) | 0.46 | * | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 4.00 | * | 3.43 | 3.81 | 4.04 | 3.57 | 7.70 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 8 | ** | 18 | 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) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 115 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2018, the Trust consists ofthirty-six 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:
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 |
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 South Korea Hedged Equity ETF |
Xtrackers MSCI United Kingdom Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co. KGaA (“DWS Group”), 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 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 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 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.
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 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.
116
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The MSCI Europe US Dollar Hedged Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and 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 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 new1-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 theone-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 the 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 Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI United Kingdom Hedged Equity ETF, isnon-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.
117
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
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) orover-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 inopen-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.
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
118
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 theex-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 theex-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, 2018, the Funds did not incur any interest or penalties.
At May 31, 2018, 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 | $ | 1,309,902 | $ | 1,821,873 | $ | 3,131,775 | ||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 540,185 | 415,572 | 955,757 | |||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 11,906,378 | 11,570,960 | 23,477,338 | |||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 24,551,343 | 98,855,975 | 123,407,318 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 1,267,298 | 3,203,154 | 4,470,452 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 2,385,497 | 5,721,789 | 8,107,286 | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 59,890,950 | 74,826,319 | 134,717,269 | |||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 4,193,277 | 3,061,271 | 7,254,548 | |||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 169,762 | 642,487 | 812,249 |
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, 2018, 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 MSCI All World ex US Hedged Equity ETF | $ | 960,593 | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 773,826 | |||
Xtrackers MSCI Europe Hedged Equity ETF | 28,110,211 |
119
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Post-October Losses on Capital | ||||
Xtrackers MSCI Germany Hedged Equity ETF | $ | 347,076 | ||
Xtrackers MSCI Japan Hedged Equity ETF | 61,312,862 | |||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 7,740 |
As of May 31, 2018, 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 | $ | 111,517,818 | $ | 11,968,633 | $ | 18,693,627 | $ | (6,274,994 | ) | |||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 3,571,624 | 450,477 | 669,838 | (219,361 | ) | |||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 158,674,923 | 30,958,771 | 43,434,634 | (12,475,863 | ) | |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 1,552,538,261 | (5,519,643 | ) | 155,988,999 | (161,508,642 | ) | ||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 39,654,136 | 3,692,191 | 6,282,746 | (2,590,555 | ) | |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 35,218,250 | (27,986 | ) | 4,066,979 | (4,094,965 | ) | ||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 1,050,474,509 | 71,983,065 | 125,973,814 | (53,990,749 | ) | |||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 8,530,181 | 1,955,330 | 2,294,092 | (338,762 | ) | |||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 2,278,048 | (75,716 | ) | 262,841 | (338,557 | ) |
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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of November 30, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the
120
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2018, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2018) on the cash collateral invested in DWS 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, 2018, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF 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 cash contractual maturity of the collateral agreements were overnight and continuous.
As of November 30, 2018, 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 Xtrackers MSCI Japan Hedged Equity ETF 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.
Remaining Contractual Maturity of the Agreements, as of November 30, 2018 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 1,428,629 | $ | 49 | $ | 45,934 | $ | 210,550 | $ | 1,685,162 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 1,685,162 | |||||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 27,135 | $ | — | $ | 6,674 | $ | 20,841 | $ | 54,650 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 54,650 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 1,383,442 | $ | 361 | $ | 181,030 | $ | 640,332 | $ | 2,205,165 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 2,205,165 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 1,172,942 | $ | — | $ | 860,350 | $ | 12,331,225 | $ | 14,364,517 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 14,364,517 |
As of November 30, 2018, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom Hedged Equity ETF had no securities on loan.
Derivatives
Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset a Fund’s exposure tonon-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.
121
DBX ETF Trust
Notes to Financial Statements (Unaudited) (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, 2018, 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 specifiednon-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro, the Japanese yen, the South Korean won and the British Pound sterling, 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 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, 2018 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, 2018.
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. ornon-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, 2018, 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, 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 South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ 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, 2018 is included in a table following the Funds’ Schedule of Investments.
122
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2018 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* | $ | 53,622 | Unrealized depreciation on futures contracts* | $ | 211,630 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 548,610 | Unrealized depreciation on forward foreign currency contracts | 621,114 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 602,232 | Total | $ | 832,744 | |||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 7,321 | Unrealized depreciation on futures contracts* | $ | — | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 6,029 | Unrealized depreciation on forward foreign currency contracts | 46,381 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 13,350 | Total | $ | 46,381 | |||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 20,520 | Unrealized depreciation on futures contracts* | $ | — | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 698,064 | Unrealized depreciation on forward foreign currency contracts | 2,105,406 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 718,584 | Total | $ | 2,105,406 | |||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 82,770 | Unrealized depreciation on futures contracts* | $ | 1,100,778 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 3,196,893 | Unrealized depreciation on forward foreign currency contracts | 1,499,822 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 3,279,663 | Total | $ | 2,600,600 | |||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 58,039 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 124,460 | Unrealized depreciation on forward foreign currency contracts | 25,073 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 124,460 | Total | $ | 83,112 | |||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 59,553 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 87,413 | Unrealized depreciation on forward foreign currency contracts | 20,082 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 87,413 | Total | $ | 79,635 | |||||||||||
|
|
|
|
123
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 28,483 | Unrealized depreciation on futures contracts* | $ | 966,396 | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 8,454,287 | Unrealized depreciation on forward foreign currency contracts | 1,568,493 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 8,482,770 | $ | 2,534,889 | ||||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 47 | Unrealized depreciation on futures contracts* | $ | — | ||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 26,158 | Unrealized depreciation on forward foreign currency contracts | 189,871 | ||||||||||||
|
|
|
| |||||||||||||
Total | $ | 26,205 | Total | $ | 189,871 | |||||||||||
|
|
|
| |||||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF |
| |||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 9,941 | Unrealized depreciation on forward foreign currency contracts | $ | 2,281 | ||||||||||
|
|
|
| |||||||||||||
Total | $ | 9,941 | Total | $ | 2,281 | |||||||||||
|
|
|
|
* | 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, 2018 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 | $ | (425,578 | ) | $ | 6,487,321 | $ | 6,061,743 | |||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | (7,342 | ) | 123,391 | 116,049 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | (904,115 | ) | 8,124,513 | 7,220,398 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 227,547 | 92,676,998 | 92,904,545 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 27,781 | 3,150,863 | 3,178,644 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | (31,580 | ) | 2,558,080 | 2,526,500 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 65,683 | 45,869,714 | 45,935,397 | |||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | (18,774 | ) | 730,958 | 712,184 | ||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | (1,900 | ) | 179,295 | 177,395 | ||||||||
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 | $ | (48,843 | ) | $ | (2,102,214 | ) | $ | (2,151,057 | ) | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 5,163 | (44,498 | ) | (39,335 | ) | |||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 431,870 | (4,196,629 | ) | (3,764,759 | ) |
124
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | $ | (1,142,463 | ) | $ | (43,221,200 | ) | $ | (44,363,663 | ) | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | (52,505 | ) | (1,321,707 | ) | (1,374,212 | ) | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | (63,450 | ) | (1,139,083 | ) | (1,202,533 | ) | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | (1,463,803 | ) | 11,438,951 | 9,975,148 | ||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 3,807 | (265,434 | ) | (261,627 | ) | |||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | (165 | ) | (71,110 | ) | (71,275 | ) |
For the period ended November 30, 2018 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 | $ | 7,039,965 | $ | (113,086,263 | ) | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 346,920 | (3,551,030 | ) | |||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 4,794,159 | (138,226,467 | ) | |||||
Xtrackers MSCI Europe Hedged Equity ETF | 39,389,960 | (1,247,966,063 | ) | |||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 921,170 | (39,968,372 | ) | |||||
Xtrackers MSCI Germany Hedged Equity ETF | 996,840 | (31,292,211 | ) | |||||
Xtrackers MSCI Japan Hedged Equity ETF | 31,776,884 | (1,037,690,650 | ) | |||||
Xtrackers MSCI South Korea Hedged Equity ETF | 141,158 | (11,732,435 | ) | |||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 30,975 | (2,150,425 | ) |
As of November 30, 2018, 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. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. 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:
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged(a) | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 279,798 | $ | (279,798 | ) | $ | — | $ | — | $ | 311,777 | $ | (279,798 | ) | $ | (31,979 | ) | $ | — | |||||||||||||
JP Morgan & Chase Co. | 135,068 | (135,068 | ) | — | — | 248,339 | (135,068 | ) | (113,271 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 48,761 | (44,108 | ) | — | 4,653 | 44,108 | (44,108 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 84,484 | (7,633 | ) | — | 76,851 | 7,633 | (7,633 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 499 | (499 | ) | — | — | 9,257 | (499 | ) | — | 8,758 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 548,610 | $ | (467,106 | ) | $ | — | $ | 81,504 | $ | 621,114 | $ | (467,106 | ) | $ | (145,250 | ) | $ | 8,758 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged(a) | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 2,052 | $ | (2,052 | ) | $ | — | $ | — | $ | 8,285 | $ | (2,052 | ) | $ | — | $ | 6,233 | ||||||||||||||
JP Morgan & Chase Co. | 62 | (25 | ) | — | 37 | 25 | (25 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 245 | (245 | ) | — | — | 5,331 | (245 | ) | — | 5,086 | ||||||||||||||||||||||
The Bank of New York Mellon | 3,665 | (3,665 | ) | — | — | 32,695 | (3,665 | ) | — | 29,030 | ||||||||||||||||||||||
The Bank of Nova Scotia | 5 | (5 | ) | — | — | 45 | (5 | ) | — | 40 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 6,029 | $ | (5,992 | ) | $ | — | $ | 37 | $ | 46,381 | $ | (5,992 | ) | $ | — | $ | 40,389 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 229,209 | $ | (229,209 | ) | $ | — | $ | — | $ | 668,081 | $ | (229,209 | ) | $ | (320,000 | ) | $ | 118,872 | |||||||||||||
JP Morgan & Chase Co. | 115,414 | (115,414 | ) | — | — | 1,131,031 | (115,414 | ) | (1,015,617 | ) | — | |||||||||||||||||||||
RBC Capital Markets | 70,180 | (70,180 | ) | — | — | 231,590 | (70,180 | ) | — | 161,410 | ||||||||||||||||||||||
The Bank of New York Mellon | 11,608 | (11,608 | ) | — | — | 20,183 | (11,608 | ) | — | 8,575 | ||||||||||||||||||||||
The Bank of Nova Scotia | 271,653 | (54,521 | ) | 217,132 | — | 54,521 | (54,521 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 698,064 | $ | (480,932 | ) | $ | 217,132 | $ | — | $ | 2,105,406 | $ | (480,932 | ) | $ | (1,335,617 | ) | $ | 288,857 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 34,590 | $ | (8,646 | ) | $ | — | $ | 25,944 | $ | 8,646 | $ | (8,646 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 1,239,692 | (593,975 | ) | — | 645,717 | 593,975 | (593,975 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 1,041,067 | (593,477 | ) | — | 447,590 | 593,477 | (593,477 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 62,067 | (7,836 | ) | — | 54,231 | 7,836 | (7,836 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 819,477 | (295,888 | ) | — | 523,589 | 295,888 | (295,888 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 3,196,893 | $ | (1,499,822 | ) | $ | — | $ | 1,697,071 | $ | 1,499,822 | $ | (1,499,822 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 52,733 | $ | (13,508 | ) | $ | — | $ | 39,225 | $ | 13,508 | $ | (13,508 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 71,727 | (11,565 | ) | — | 60,162 | 11,565 | (11,565 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 124,460 | $ | (25,073 | ) | $ | — | $ | 99,387 | $ | 25,073 | $ | (25,073 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 24,065 | $ | (8,813 | ) | $ | — | $ | 15,252 | $ | 8,813 | $ | (8,813 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 32,762 | (5,858 | ) | — | 26,904 | 5,858 | (5,858 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 30,586 | (5,411 | ) | — | 25,175 | 5,411 | (5,411 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 87,413 | $ | (20,082 | ) | $ | — | $ | 67,331 | $ | 20,082 | $ | (20,082 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 55,480 | $ | (5,002 | ) | $ | 50,000 | $ | 478 | $ | 5,002 | $ | (5,002 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 3,054,029 | (1,015,700 | ) | 1,940,000 | 98,329 | 1,015,700 | (1,015,700 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 2,650,995 | (292,695 | ) | 2,020,000 | 338,300 | 292,695 | (292,695 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 2,693,783 | (255,096 | ) | 2,240,000 | 198,687 | 255,096 | (255,096 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 8,454,287 | $ | (1,568,493 | ) | $ | 6,250,000 | $ | 635,794 | $ | 1,568,493 | $ | (1,568,493 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 3,631 | $ | (3,631 | ) | $ | — | $ | — | $ | 65,239 | $ | (3,631 | ) | $ | — | $ | 61,608 | ||||||||||||||
RBC Capital Markets | 22,119 | (22,119 | ) | — | — | 118,587 | (22,119 | ) | — | 96,468 | ||||||||||||||||||||||
The Bank of New York Mellon | 408 | (408 | ) | — | — | 6,045 | (408 | ) | — | 5,637 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 26,158 | $ | (26,158 | ) | $ | — | $ | — | $ | 189,871 | $ | (26,158 | ) | $ | — | $ | 163,713 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Fund | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged(a) | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 7,016 | $ | (1,434 | ) | $ | — | 5,582 | $ | 1,434 | $ | (1,434 | ) | $ | — | $ | — | |||||||||||||||
The Bank of Nova Scotia | 2,925 | (847 | ) | — | 2,078 | 847 | (847 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 9,941 | $ | (2,281 | ) | $ | — | $ | 7,660 | $ | 2,281 | $ | (2,281 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | The actual collateral received or pledged may be more than amount shown. |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Xtrackers MSCI Asia Pacific ex Japan Hedged 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 South Korea Hedged Equity ETF | 0.58 | % | ||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 0.45 | % |
The Advisor for the funds listed below 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 affiliated cash management vehicles. For the period from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 920 | ||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 42 |
127
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Expenses Waived | ||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | $ | 457 | ||
Xtrackers MSCI Europe Hedged Equity ETF | 3,917 | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | 155 | |||
Xtrackers MSCI Germany Hedged Equity ETF | 59 | |||
Xtrackers MSCI Japan Hedged Equity ETF | 2,683 | |||
Xtrackers MSCI South Korea Hedged Equity ETF | 19 |
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, 2018, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 12,130,640 | $ | 6,101,773 | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 266,228 | 108,771 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 9,610,943 | 39,266,307 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 74,784,010 | 26,303,541 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 1,933,611 | 869,613 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 3,061,701 | 2,532,623 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 78,101,826 | 37,670,875 | ||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 3,798,210 | 1,875,648 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 319,781 | 172,398 |
For the period ended November 30, 2018, the cost ofin-kind purchases and proceeds fromin-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 11,210,228 | $ | 28,627,182 | ||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | — | 20,813,465 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | — | 524,630,905 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | — | 5,254,280 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 86,759,817 | 209,685,668 |
5. Fund Share Transactions
As of November 30, 2018, 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 thein-kind contribution of a designated portfolio of securities constituting a
128
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers MSCI 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 theone-month LIBOR Rate. Each Fund may borrow up to the lesser of apro-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, 2018.
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 | 14,700,000 |
8. Fund Restructuring
Effective on or about February 19, 2019 (the “Effective Date”), Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF’s name will change to Xtrackers International Real Estate ETF. At that time, the Fund will change its investment objective of seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index, to seeking investment results that correspond generally to the performance, before the fees and expenses, of the STOXX Developed and Emerging Markets ex USA Total Market Real Estate Index (the “Underlying Index”). The current portfolio management team will continue to manage the Fund’s assets after the Effective Date.
Additionally, the Fund’s Board of Trustees approved changes to the Fund’s investment policies, which will also take effect on the Effective Date, such that the Fund will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in real estate securities of issuers from countries outside the United States. In addition, the Fund’s Board of Trustees approved changes to the Fund’s investment policies, which will also take effect on the Effective Date, such that the Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index.
In addition, the Board of Trustees has approved an expense limitation agreement for the Fund. Prior to the Effective Date, the Fund had a unitary management fee of 0.60%. As of the Effective Date, DBX Advisors LLC has agreed, for a period of one year, 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 0.12% of the Fund’s average daily net assets annually.
129
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 recent12-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 FormN-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 at855-329-3837. You can also obtain copies of FormN-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 calling800-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.
130
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
131
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 NYSE Arca, Inc. 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. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
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 © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International GmbH. 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, The Bank of New York Mellon 240 Greenwich 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-049077-3 (1/19) DBX003657 (1/20)
November 30, 2018
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
19 | ||||
20 | ||||
21 | ||||
22 | ||||
23 | ||||
30 | ||||
31 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2018.
The magnitude of development of economies differed around the world, owing to the varied stages of their economic cycle, yet stepping firmly into positive territory. The U.S. economy continued to grow on robust earnings and elevated consumer confidence. Tax reforms were a major source of fundamental stability despite temporal volatility from external factors. Central Banks managed to prove their mettle in maintaining inflation around the target rates. The Federal Reserve (FED) increased interest rates twice during the reporting period; in June and September to a range of2.0-2.25 percent, as it monitored the strong optimism within the economy. On the other hand, the European Central Bank (ECB) continued to keep interest rates at record low level to ensure sustainable growth. Crude oil prices witnessed significant volatility due to the sanctions on Iran and the reaction of alternate oil producing nations.
The Eurozone enjoyed a short-lived span of economic development, which slowly faded in the beginning of this reporting period. Gross domestic product (GDP) slipped to a five year low, impacted by lower global trade and key industries such as automobiles being affected by new regulations. The dominant export player in the region, Germany, fell short of providing the required boost to the broad region. In the meanwhile, unemployment rate in the Eurozone remained at a low level, specifically Spain’s labor market recovery was a notable influence. Unrest prevailed due to the labor union’s resentment towards the French government’s economic policies. Additionally, a populist directive and the stagnating budget of the Italian government resulted in lower growth for Eurozone. Following these factors, the ECB continued its liberal monetary policy; nonetheless, it was confident enough to announce the halt to it’s asset purchase program by the end of 2018. Elsewhere, the U.K.’s economy was boosted by household spending and a strong rise in exports. However, business sentiment was deeply affected by political turmoil surrounding Brexit’s1 uncertainty.
Japan’s GDP shrank as natural disasters curtailed personal consumption and private investment. The Bank of Japan (BoJ) faced a convoluted situation; inflation rates inched up matching expectations, while GDP fell back to a four-year low. Following the same trajectory, Australia’s economic activity softened, riding on high household debt and declining house prices. Unemployment was low, but job creation was weak, keeping inflation at bay. On a trade front, surplus was amplified with the increase in overseas commodity exports.
The global economic strength is expected to continue despite the momentary trade and political stress. Riding on a low level of unemployment rates and sound corporate earnings, the economic cycle seems to have some steam left to prolong it to the near term. Monetary policies of global economies are on track, although varying geographically to suit the phase of their respective economic cycles. The risks that may factor into the otherwise smooth economic cycle are the immense global debt, Brexit, U.S./China trade policies and Italy’s budget.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1Brexit 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
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 track developed market performance 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 11/30/18 (12.5% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 1.9% | |||
Royal Dutch Shell PLC (Netherlands) | 1.9% | |||
Novartis AG (Switzerland) | 1.5% | |||
Roche Holding AG (Switzerland) | 1.4% | |||
HSBC Holdings PLC (United Kingdom) | 1.2% | |||
Toyota Motor Corp. (Japan) | 1.0% | |||
TOTAL SA (France) | 1.0% | |||
BP PLC (United Kingdom) | 1.0% | |||
GlaxoSmithKline PLC (United Kingdom) | 0.8% | |||
Sanofi (France) | 0.8% |
Country Diversification* as of 11/30/18 |
Japan | 24.8% | |||
United Kingdom | 14.8% | |||
France | 10.7% | |||
Switzerland | 9.2% | |||
Germany | 8.8% | |||
Australia | 7.0% | |||
Netherlands | 4.7% | |||
Hong Kong | 3.5% | |||
Spain | 3.0% | |||
Sweden | 2.4% | |||
Other | 11.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 19.6% | |||
Industrials | 14.4% | |||
Health Care | 11.8% | |||
Consumer Staples | 11.5% | |||
Consumer Discretionary | 10.9% | |||
Materials | 7.3% | |||
Information Technology | 6.0% | |||
Energy | 5.8% | |||
Communication Services | 5.6% | |||
Real Estate | 3.6% | |||
Utilities | 3.5% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
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. In the most resentsix-month period the Fund limited these expenses; had it 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 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 thesix-month period and held for the entire period (June 1, 2018 to November 30, 2018).
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 Fund’s 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, 2018 | Ending Account Value November 30, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI EAFE Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 961.30 | 0.37 | % | $ | 1.82 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.21 | 0.37 | % | $ | 1.88 |
(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 recentsix-month period), then divided by 365.
3
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.8% | ||||||||
Australia — 6.8% | ||||||||
AGL Energy Ltd. | 262,612 | $ | 3,610,440 | |||||
Alumina Ltd. | 941,098 | 1,533,898 | ||||||
Amcor Ltd. | 471,230 | 4,625,575 | ||||||
AMP Ltd. | 1,231,690 | 2,187,583 | ||||||
APA Group (a) | 456,125 | 2,933,751 | ||||||
Aristocrat Leisure Ltd. | 233,005 | 4,029,366 | ||||||
ASX Ltd. | 78,977 | 3,480,188 | ||||||
Aurizon Holdings Ltd. | 811,662 | 2,497,549 | ||||||
AusNet Services | 676,646 | 764,094 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,168,634 | 22,891,280 | ||||||
Bank of Queensland Ltd. (b) | 154,170 | 1,118,938 | ||||||
Bendigo & Adelaide Bank Ltd. | 191,581 | 1,495,479 | ||||||
BHP Billiton Ltd. | 1,302,799 | 29,223,422 | ||||||
BHP Group PLC | 845,780 | 16,183,176 | ||||||
BlueScope Steel Ltd. | 221,403 | 1,817,272 | ||||||
Boral Ltd. | 481,812 | 1,795,993 | ||||||
Brambles Ltd. | 641,939 | 4,818,601 | ||||||
Caltex Australia Ltd. | 106,330 | 2,139,532 | ||||||
Challenger Ltd. | 223,933 | 1,558,159 | ||||||
CIMIC Group Ltd. | 37,138 | 1,102,050 | ||||||
Coca-Cola Amatil Ltd. | 184,072 | 1,162,407 | ||||||
Cochlear Ltd. | 23,185 | 2,868,597 | ||||||
Coles Group Ltd.* | 458,395 | 3,923,318 | ||||||
Commonwealth Bank of Australia | 711,072 | 37,019,733 | ||||||
Computershare Ltd. | 182,751 | 2,424,338 | ||||||
Crown Resorts Ltd. | 140,867 | 1,204,625 | ||||||
CSL Ltd. | 182,638 | 23,681,081 | ||||||
Dexus REIT | 417,511 | 3,191,952 | ||||||
Domino’s Pizza Enterprises Ltd. | 23,721 | 797,358 | ||||||
Flight Centre Travel Group Ltd. | 22,286 | 795,708 | ||||||
Fortescue Metals Group Ltd. | 583,868 | 1,706,992 | ||||||
Goodman Group REIT | 655,501 | 4,910,820 | ||||||
GPT Group REIT | 694,539 | 2,675,248 | ||||||
Harvey Norman Holdings Ltd. (b) | 237,020 | 547,430 | ||||||
Incitec Pivot Ltd. | 664,133 | 1,825,155 | ||||||
Insurance Australia Group Ltd. | 931,169 | 4,954,692 | ||||||
LendLease Group (a) | 229,509 | 2,123,685 | ||||||
Macquarie Group Ltd. | 133,195 | 11,139,011 | ||||||
Medibank Pvt Ltd. | 1,115,513 | 1,973,089 | ||||||
Mirvac Group REIT | 1,427,931 | 2,285,641 | ||||||
National Australia Bank Ltd. | 1,100,473 | 19,818,777 | ||||||
Newcrest Mining Ltd. | 306,895 | 4,654,410 | ||||||
Oil Search Ltd. | 558,438 | 2,983,658 | ||||||
Orica Ltd. | 154,206 | 1,972,405 | ||||||
Origin Energy Ltd.* | 708,854 | 3,357,288 | ||||||
QBE Insurance Group Ltd. | 554,856 | 4,590,748 | ||||||
Ramsay Health Care Ltd. | 53,893 | 2,135,741 | ||||||
REA Group Ltd. | 20,117 | 1,118,493 | ||||||
Santos Ltd. | 699,464 | 2,822,027 | ||||||
Scentre Group REIT | 2,143,121 | 6,108,971 | ||||||
SEEK Ltd. | 137,513 | 1,857,387 | ||||||
Sonic Healthcare Ltd. | 162,158 | 2,702,278 | ||||||
South32 Ltd. | 2,065,792 | 4,680,638 | ||||||
Stockland REIT | 950,888 | 2,529,808 | ||||||
Suncorp Group Ltd. | 538,582 | 5,243,398 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 471,288 | $ | 2,342,351 | |||||
Tabcorp Holdings Ltd. (b) | 731,008 | 2,292,114 | ||||||
Telstra Corp. Ltd. | 1,696,583 | 3,633,285 | ||||||
TPG Telecom Ltd. | 149,852 | 787,496 | ||||||
Transurban Group (a) | 1,060,397 | 8,827,729 | ||||||
Treasury Wine Estates Ltd. | 284,083 | 2,938,045 | ||||||
Vicinity Centres REIT | 1,333,250 | 2,601,834 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 43,412 | 831,954 | ||||||
Wesfarmers Ltd. | 458,395 | 10,583,913 | ||||||
Westpac Banking Corp. | 1,381,877 | 26,229,989 | ||||||
Woodside Petroleum Ltd. | 378,828 | 8,600,036 | ||||||
Woolworths Group Ltd. | 531,594 | 11,236,605 | ||||||
WorleyParsons Ltd. | 129,393 | 1,248,365 | ||||||
|
| |||||||
369,746,969 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 28,571 | 1,375,326 | ||||||
Erste Group Bank AG* | 119,983 | 4,733,794 | ||||||
OMV AG | 59,003 | 2,980,509 | ||||||
Raiffeisen Bank International AG | 64,840 | 1,911,485 | ||||||
Verbund AG | 27,440 | 1,122,067 | ||||||
voestalpine AG | 49,379 | 1,640,730 | ||||||
|
| |||||||
13,763,911 | ||||||||
|
| |||||||
Belgium — 1.0% | ||||||||
Ageas | 75,137 | 3,627,086 | ||||||
Anheuser-Busch InBev SA/NV (b) | 308,407 | 23,616,453 | ||||||
Colruyt SA | 22,126 | 1,413,763 | ||||||
Groupe Bruxelles Lambert SA | 32,691 | 2,942,268 | ||||||
KBC Group NV | 101,654 | 7,296,265 | ||||||
Proximus SADP | 57,636 | 1,594,711 | ||||||
Solvay SA | 28,195 | 3,048,971 | ||||||
Telenet Group Holding NV | 20,016 | 992,971 | ||||||
UCB SA | 51,128 | 4,297,181 | ||||||
Umicore SA | 83,296 | 3,613,570 | ||||||
|
| |||||||
52,443,239 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 155,197 | 1,582,860 | ||||||
|
| |||||||
China — 0.1% | ||||||||
BeiGene Ltd., ADR* | 13,146 | 2,015,413 | ||||||
Minth Group Ltd. | 287,160 | 963,439 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,032,800 | 933,503 | ||||||
|
| |||||||
3,912,355 | ||||||||
|
| |||||||
Denmark — 1.7% | ||||||||
A.P. Moller — Maersk A/S, Class A | 1,444 | 1,910,015 | ||||||
A.P. Moller — Maersk A/S, Class B | 2,636 | 3,750,606 | ||||||
Carlsberg A/S, Class B | 44,372 | 4,913,433 | ||||||
Chr Hansen Holding A/S | 40,006 | 3,611,946 | ||||||
Coloplast A/S, Class B | 48,523 | 4,626,741 | ||||||
Danske Bank A/S | 287,596 | 5,732,332 | ||||||
DSV A/S | 76,009 | 5,815,583 | ||||||
Genmab A/S* | 24,708 | 3,759,167 | ||||||
H Lundbeck A/S | 26,511 | 1,088,598 | ||||||
ISS A/S | 64,483 | 2,090,272 |
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
Novo Nordisk A/S, Class B | 734,480 | $ | 34,092,163 | |||||
Novozymes A/S, Class B | 89,842 | 4,185,163 | ||||||
Orsted A/S, 144A | 75,549 | 4,915,163 | ||||||
Pandora A/S | 42,890 | 2,316,761 | ||||||
Tryg A/S | 49,671 | 1,235,663 | ||||||
Vestas Wind Systems A/S | 78,385 | 5,849,937 | ||||||
William Demant Holding A/S* | 39,046 | 1,140,146 | ||||||
|
| |||||||
91,033,689 | ||||||||
|
| |||||||
Finland — 1.2% | ||||||||
Elisa OYJ | 58,232 | 2,335,055 | ||||||
Fortum OYJ | 179,707 | 3,745,464 | ||||||
Kone OYJ, Class B | 137,144 | 6,794,242 | ||||||
Metso OYJ | 43,438 | 1,237,770 | ||||||
Neste OYJ | 52,408 | 4,095,052 | ||||||
Nokia OYJ | 2,269,984 | 12,479,245 | ||||||
Nokian Renkaat OYJ | 44,316 | 1,418,317 | ||||||
Nordea Bank Abp | 1,219,108 | 10,818,928 | ||||||
Orion OYJ, Class B | 40,894 | 1,364,815 | ||||||
Sampo OYJ, Class A | 181,580 | 8,105,534 | ||||||
Stora Enso OYJ, Class R | 223,421 | 2,846,796 | ||||||
UPM-Kymmene OYJ | 213,039 | 5,675,027 | ||||||
Wartsila OYJ Abp | 174,965 | 2,848,373 | ||||||
|
| |||||||
63,764,618 | ||||||||
|
| |||||||
France — 10.4% | ||||||||
Accor SA | 77,262 | 3,428,774 | ||||||
Aeroports de Paris | 11,704 | 2,275,053 | ||||||
Air Liquide SA | 173,879 | 21,013,668 | ||||||
Airbus SE | 234,599 | 25,130,201 | ||||||
Alstom SA | 62,926 | 2,761,218 | ||||||
Amundi SA, 144A | 23,524 | 1,347,561 | ||||||
Arkema SA | 27,563 | 2,614,914 | ||||||
Atos SE | 38,276 | 3,249,935 | ||||||
AXA SA | 785,498 | 19,132,569 | ||||||
BioMerieux | 16,100 | 1,135,536 | ||||||
BNP Paribas SA | 453,375 | 22,776,280 | ||||||
Bollore SA | 327,881 | 1,436,528 | ||||||
Bouygues SA | 89,522 | 3,441,790 | ||||||
Bureau Veritas SA | 107,682 | 2,379,632 | ||||||
Capgemini SE | 64,667 | 7,544,276 | ||||||
Carrefour SA | 233,796 | 4,208,439 | ||||||
Casino Guichard Perrachon SA (b) | 24,400 | 1,102,449 | ||||||
Cie de Saint-Gobain | 202,284 | 7,496,538 | ||||||
Cie Generale des Etablissements Michelin | 70,592 | 7,385,983 | ||||||
CNP Assurances | 64,337 | 1,472,749 | ||||||
Covivio REIT | 15,706 | 1,530,042 | ||||||
Credit Agricole SA | 458,120 | 5,688,445 | ||||||
Danone SA | 248,252 | 18,565,993 | ||||||
Dassault Aviation SA | 1,067 | 1,630,741 | ||||||
Dassault Systemes SE | 52,483 | 6,298,126 | ||||||
Edenred | 94,182 | 3,591,095 | ||||||
Eiffage SA | 32,662 | 3,106,793 | ||||||
Electricite de France SA | 238,159 | 3,912,202 | ||||||
Engie SA | 737,068 | 10,363,728 | ||||||
EssilorLuxottica SA | 115,514 | 14,666,306 |
Number | Value | |||||||
France (Continued) | ||||||||
Eurazeo SE | 19,259 | $ | 1,442,283 | |||||
Eutelsat Communications SA | 69,809 | 1,487,761 | ||||||
Faurecia SA | 29,491 | 1,149,178 | ||||||
Gecina SA REIT | 18,273 | 2,554,840 | ||||||
Getlink SE | 185,903 | 2,415,049 | ||||||
Hermes International | 12,647 | 6,839,583 | ||||||
ICADE REIT | 12,888 | 1,021,340 | ||||||
Iliad SA | 10,044 | 1,354,839 | ||||||
Imerys SA | 13,057 | 700,662 | ||||||
Ingenico Group SA | 24,317 | 1,755,275 | ||||||
Ipsen SA | 14,548 | 1,872,624 | ||||||
JCDecaux SA | 29,953 | 1,017,299 | ||||||
Kering | 30,474 | 13,247,915 | ||||||
Klepierre SA REIT | 82,982 | 2,716,871 | ||||||
Legrand SA | 107,502 | 6,584,164 | ||||||
L’Oreal SA | 101,948 | 23,994,961 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 111,972 | 32,014,274 | ||||||
Natixis SA | 354,697 | 1,959,585 | ||||||
Orange SA (b) | 807,737 | 13,862,962 | ||||||
Pernod Ricard SA (b) | 85,924 | 13,735,233 | ||||||
Peugeot SA | 240,252 | 5,276,617 | ||||||
Publicis Groupe SA | 84,143 | 4,987,748 | ||||||
Remy Cointreau SA | 9,013 | 1,043,835 | ||||||
Renault SA | 77,140 | 5,418,864 | ||||||
Rexel SA | 124,224 | 1,490,024 | ||||||
Safran SA | 134,889 | 16,851,390 | ||||||
Sanofi | 453,826 | 41,004,690 | ||||||
Sartorius Stedim Biotech | 11,144 | 1,127,887 | ||||||
Schneider Electric SE | 221,076 | 16,088,084 | ||||||
SCOR SE | 64,123 | 3,080,889 | ||||||
SEB SA | 8,633 | 1,237,321 | ||||||
Societe BIC SA | 11,707 | 1,255,775 | ||||||
Societe Generale SA | 309,418 | 11,370,536 | ||||||
Sodexo SA | 36,492 | 3,777,641 | ||||||
Suez | 147,153 | 2,186,529 | ||||||
Teleperformance | 22,909 | 3,791,756 | ||||||
Thales SA | 42,729 | 5,238,875 | ||||||
TOTAL SA | 965,059 | 53,715,146 | ||||||
Ubisoft Entertainment SA* | 31,524 | 2,567,430 | ||||||
Unibail-Rodamco-Westfield REIT | 38,011 | 6,534,048 | ||||||
Unibail-Rodamco-Westfield CDI* | 352,426 | 3,057,563 | ||||||
Valeo SA | 96,474 | 2,752,312 | ||||||
Veolia Environnement SA | 214,378 | 4,556,664 | ||||||
Vinci SA | 206,439 | 18,019,095 | ||||||
Vivendi SA | 421,800 | 10,505,485 | ||||||
Wendel SA | 10,646 | 1,293,222 | ||||||
|
| |||||||
570,643,688 | ||||||||
|
| |||||||
Germany — 8.1% | ||||||||
1&1 Drillisch AG (b) | 20,614 | 1,036,173 | ||||||
adidas AG | 75,766 | 16,708,989 | ||||||
Allianz SE | 173,232 | 36,575,798 | ||||||
Axel Springer SE | 18,410 | 1,173,408 | ||||||
BASF SE | 371,135 | 27,045,952 | ||||||
Bayer AG | 376,174 | 27,502,595 | ||||||
Bayerische Motoren Werke AG | 135,915 | 11,110,960 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Beiersdorf AG | 40,464 | $ | 4,330,831 | |||||
Brenntag AG | 64,594 | 2,985,784 | ||||||
Commerzbank AG* | 407,655 | 3,510,233 | ||||||
Continental AG | 44,592 | 6,676,356 | ||||||
Covestro AG, 144A | 76,225 | 4,388,950 | ||||||
Daimler AG | 367,472 | 20,673,966 | ||||||
Delivery Hero SE, 144A* | 40,393 | 1,469,734 | ||||||
Deutsche Bank AG (c) | 791,974 | 7,229,270 | ||||||
Deutsche Boerse AG | 77,968 | 9,956,629 | ||||||
Deutsche Lufthansa AG | 97,418 | 2,371,180 | ||||||
Deutsche Post AG | 397,932 | 12,668,087 | ||||||
Deutsche Telekom AG | 1,351,392 | 23,690,783 | ||||||
Deutsche Wohnen SE | 143,263 | 6,867,074 | ||||||
E.ON SE | 886,734 | 9,039,906 | ||||||
Evonik Industries AG | 67,817 | 1,823,430 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 16,805 | 1,235,485 | ||||||
Fresenius Medical Care AG & Co. KGaA | 87,505 | 7,120,784 | ||||||
Fresenius SE & Co. KGaA | 168,270 | 9,547,829 | ||||||
GEA Group AG | 67,277 | 1,815,765 | ||||||
Hannover Rueck SE | 24,579 | 3,414,252 | ||||||
HeidelbergCement AG | 60,010 | 3,987,940 | ||||||
Henkel AG & Co. KGaA | 41,230 | 4,256,915 | ||||||
HOCHTIEF AG | 8,625 | 1,226,410 | ||||||
HUGO BOSS AG | 26,487 | 1,829,151 | ||||||
Infineon Technologies AG | 456,861 | 9,565,888 | ||||||
Innogy SE* | 56,133 | 2,354,471 | ||||||
KION Group AG | 29,183 | 1,645,965 | ||||||
LANXESS AG | 32,233 | 1,766,902 | ||||||
Merck KGaA | 52,503 | 5,786,974 | ||||||
METRO AG | 69,038 | 1,059,436 | ||||||
MTU Aero Engines AG | 21,307 | 4,428,757 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 60,714 | 13,190,179 | ||||||
OSRAM Licht AG | 41,512 | 1,901,926 | ||||||
ProSiebenSat.1 Media SE | 97,372 | 1,977,071 | ||||||
Puma SE | 3,458 | 1,734,265 | ||||||
RWE AG | 207,860 | 4,486,365 | ||||||
SAP SE | 396,642 | 40,826,766 | ||||||
Siemens AG | 309,096 | 35,832,755 | ||||||
Siemens Healthineers AG, 144A* | 59,844 | 2,590,410 | ||||||
Symrise AG | 49,975 | 4,033,938 | ||||||
Telefonica Deutschland Holding AG | 288,256 | 1,167,304 | ||||||
thyssenkrupp AG | 174,832 | 3,264,826 | ||||||
TUI AG | 176,976 | 2,518,950 | ||||||
Uniper SE | 89,734 | 2,303,008 | ||||||
United Internet AG | 46,490 | 2,092,105 | ||||||
Volkswagen AG | 14,044 | 2,319,706 | ||||||
Vonovia SE | 196,041 | 9,492,334 | ||||||
Wirecard AG | 46,977 | 7,097,260 | ||||||
Zalando SE, 144A*(b) | 42,754 | 1,326,216 | ||||||
|
| |||||||
438,034,396 | ||||||||
|
| |||||||
Hong Kong — 3.4% | ||||||||
AIA Group Ltd. | 4,866,512 | 39,714,569 | ||||||
ASM Pacific Technology Ltd. | 132,225 | 1,351,994 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Bank of East Asia Ltd. | 546,942 | $ | 1,842,015 | |||||
BOC Hong Kong Holdings Ltd. | 1,503,062 | 5,859,329 | ||||||
CK Asset Holdings Ltd. | 1,057,717 | 7,617,888 | ||||||
CK Hutchison Holdings Ltd. | 1,095,235 | 11,450,693 | ||||||
CK Infrastructure Holdings Ltd. | 270,369 | 2,056,104 | ||||||
CLP Holdings Ltd. | 660,556 | 7,281,819 | ||||||
Dairy Farm International Holdings Ltd. | 143,700 | 1,264,560 | ||||||
Galaxy Entertainment Group Ltd. | 968,372 | 5,947,121 | ||||||
Hang Lung Group Ltd. | 348,378 | 966,232 | ||||||
Hang Lung Properties Ltd. | 783,683 | 1,586,597 | ||||||
Hang Seng Bank Ltd. | 306,126 | 7,066,252 | ||||||
Henderson Land Development Co. Ltd. | 552,780 | 2,840,204 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 952,735 | 913,281 | ||||||
HKT Trust & HKT Ltd. (a) | 1,598,129 | 2,312,221 | ||||||
Hong Kong & China Gas Co. Ltd. | 3,773,911 | 7,611,492 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 468,800 | 13,661,350 | ||||||
Hongkong Land Holdings Ltd. | 460,600 | 2,998,506 | ||||||
Hysan Development Co. Ltd. | 240,815 | 1,151,135 | ||||||
Jardine Matheson Holdings Ltd. | 88,457 | 5,840,816 | ||||||
Jardine Strategic Holdings Ltd. | 92,787 | 3,572,299 | ||||||
Kerry Properties Ltd. | 261,057 | 895,882 | ||||||
Link REIT | 844,660 | 8,042,839 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 94,812 | 1,713,253 | ||||||
MTR Corp. Ltd. | 604,022 | 3,134,368 | ||||||
New World Development Co. Ltd. | 2,529,650 | 3,401,319 | ||||||
NWS Holdings Ltd. | 604,998 | 1,272,785 | ||||||
PCCW Ltd. | 1,521,249 | 892,451 | ||||||
Power Assets Holdings Ltd. | 568,229 | 3,849,200 | ||||||
Shangri-La Asia Ltd. | 557,723 | 791,248 | ||||||
Sino Land Co. Ltd. | 1,332,953 | 2,293,143 | ||||||
SJM Holdings Ltd. | 796,399 | 717,614 | ||||||
Sun Hung Kai Properties Ltd. | 634,789 | 9,046,392 | ||||||
Swire Pacific Ltd., Class A | 208,007 | 2,299,668 | ||||||
Swire Properties Ltd. | 480,155 | 1,672,319 | ||||||
Techtronic Industries Co. Ltd. | 553,781 | 2,979,829 | ||||||
WH Group Ltd., 144A | 3,651,233 | 2,664,691 | ||||||
Wharf Holdings Ltd. | 524,977 | 1,405,709 | ||||||
Wharf Real Estate Investment Co. Ltd. | 480,660 | 2,890,472 | ||||||
Wheelock & Co. Ltd. | 312,435 | 1,792,987 | ||||||
Yue Yuen Industrial Holdings Ltd. | 285,629 | 830,529 | ||||||
|
| |||||||
187,493,175 | ||||||||
|
| |||||||
Ireland — 0.7% | ||||||||
AerCap Holdings NV* | 50,851 | 2,688,492 | ||||||
AIB Group PLC (b) | 331,671 | 1,455,386 | ||||||
Bank of Ireland Group PLC | 381,439 | 2,413,925 | ||||||
CRH PLC | 338,378 | 9,354,803 | ||||||
DCC PLC | 39,624 | 2,981,469 | ||||||
James Hardie Industries PLC CDI | 179,395 | 2,097,911 | ||||||
Kerry Group PLC, Class A | 62,718 | 6,479,059 | ||||||
Kingspan Group PLC | 61,716 | 2,656,420 | ||||||
Paddy Power Betfair PLC | 34,305 | 3,079,764 | ||||||
Ryanair Holdings PLC* | 72,234 | 953,105 | ||||||
Smurfit Kappa Group PLC | 88,038 | 2,376,092 | ||||||
|
| |||||||
36,536,426 | ||||||||
|
|
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC | 221,466 | $ | 2,085,468 | |||||
|
| |||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. | 17,089 | 858,000 | ||||||
Bank Hapoalim BM | 459,138 | 3,148,544 | ||||||
Bank LeumiLe-Israel BM | 590,788 | 3,879,750 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 987,455 | 1,136,547 | ||||||
Check Point Software Technologies Ltd.* | 52,039 | 5,818,481 | ||||||
Elbit Systems Ltd. | 8,450 | 1,033,938 | ||||||
Israel Chemicals Ltd. | 243,545 | 1,423,853 | ||||||
Mizrahi Tefahot Bank Ltd. | 58,092 | 1,055,281 | ||||||
Nice Ltd.* | 23,665 | 2,723,809 | ||||||
Teva Pharmaceutical Industries Ltd., ADR* | 390,643 | 8,414,450 | ||||||
Wix.com Ltd.* | 17,536 | 1,651,540 | ||||||
|
| |||||||
31,144,193 | ||||||||
|
| |||||||
Italy — 1.8% | ||||||||
Assicurazioni Generali SpA | 477,841 | 8,054,989 | ||||||
Atlantia SpA | 195,788 | 4,014,129 | ||||||
Davide Campari-Milano SpA | 225,730 | 1,885,960 | ||||||
Enel SpA | 3,276,702 | 17,768,850 | ||||||
Eni SpA | 1,027,325 | 16,568,670 | ||||||
Ferrari NV | 48,784 | 5,331,772 | ||||||
Intesa Sanpaolo SpA | 6,002,873 | 13,917,972 | ||||||
Leonardo SpA | 167,853 | 1,654,378 | ||||||
Mediobanca SpA (b) | 243,247 | 2,149,626 | ||||||
Moncler SpA | 73,345 | 2,389,726 | ||||||
Pirelli & C SpA, 144A* | 146,807 | 1,031,776 | ||||||
Poste Italiane SpA, 144A | 199,812 | 1,516,500 | ||||||
Prysmian SpA | 96,006 | 1,757,500 | ||||||
Recordati SpA | 40,230 | 1,293,922 | ||||||
Snam SpA | 879,048 | 3,852,322 | ||||||
Telecom Italia SpA* | 4,348,108 | 2,829,463 | ||||||
Telecom ItaliaSpA-RSP | 2,670,871 | 1,503,085 | ||||||
Terna Rete Elettrica Nazionale SpA (b) | 588,856 | 3,291,903 | ||||||
UniCredit SpA | 808,859 | 10,426,315 | ||||||
|
| |||||||
101,238,858 | ||||||||
|
| |||||||
Japan — 24.2% | ||||||||
ABC-Mart, Inc. | 15,400 | 865,542 | ||||||
Acom Co. Ltd. | 149,800 | 550,294 | ||||||
Aeon Co. Ltd. | 244,000 | 5,848,778 | ||||||
AEON Financial Service Co. Ltd. | 40,000 | 775,228 | ||||||
Aeon Mall Co. Ltd. | 47,600 | 855,848 | ||||||
AGC, Inc. | 75,400 | 2,560,604 | ||||||
Air Water, Inc. | 59,300 | 959,645 | ||||||
Aisin Seiki Co. Ltd. | 68,054 | 2,691,825 | ||||||
Ajinomoto Co., Inc. | 184,347 | 3,187,077 | ||||||
Alfresa Holdings Corp. | 72,700 | 1,934,141 | ||||||
Alps Electric Co. Ltd. | 72,356 | 1,677,035 | ||||||
Amada Holdings Co. Ltd. | 128,900 | 1,398,976 | ||||||
ANA Holdings, Inc. | 47,200 | 1,684,422 | ||||||
Aozora Bank Ltd. | 43,800 | 1,439,228 | ||||||
Asahi Group Holdings Ltd. | 145,265 | 6,083,688 | ||||||
Asahi Intecc Co. Ltd. | 39,300 | 1,841,836 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Asahi Kasei Corp. | 502,400 | $ | 5,501,328 | |||||
Asics Corp. | 70,300 | 1,013,177 | ||||||
Astellas Pharma, Inc. | 750,432 | 11,532,649 | ||||||
Bandai Namco Holdings, Inc. | 80,700 | 3,391,085 | ||||||
Bank of Kyoto Ltd. | 21,400 | 1,029,327 | ||||||
Benesse Holdings, Inc. | 33,400 | 991,569 | ||||||
Bridgestone Corp. | 241,976 | 9,805,661 | ||||||
Brother Industries Ltd. | 89,900 | 1,502,359 | ||||||
Calbee, Inc. (b) | 37,400 | 1,238,814 | ||||||
Canon, Inc. | 400,386 | 11,357,467 | ||||||
Casio Computer Co. Ltd. (b) | 78,000 | 1,087,733 | ||||||
Central Japan Railway Co. | 58,154 | 11,949,452 | ||||||
Chiba Bank Ltd. | 244,200 | 1,602,687 | ||||||
Chubu Electric Power Co., Inc. | 239,000 | 3,583,474 | ||||||
Chugai Pharmaceutical Co. Ltd. | 87,600 | 5,996,141 | ||||||
Chugoku Electric Power Co., Inc. | 117,500 | 1,484,341 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 51,754 | 1,481,747 | ||||||
Concordia Financial Group Ltd. | 434,615 | 2,040,698 | ||||||
Credit Saison Co. Ltd. | 71,400 | 916,441 | ||||||
CyberAgent, Inc. | 39,700 | 1,797,630 | ||||||
Dai Nippon Printing Co. Ltd. | 100,900 | 2,334,171 | ||||||
Daicel Corp. | 110,400 | 1,235,150 | ||||||
Daifuku Co. Ltd. | 39,521 | 2,022,790 | ||||||
Dai-ichi Life Holdings, Inc. | 429,638 | 7,486,446 | ||||||
Daiichi Sankyo Co. Ltd. | 227,531 | 8,352,391 | ||||||
Daikin Industries Ltd. | 99,688 | 11,074,005 | ||||||
Daito Trust Construction Co. Ltd. | 29,213 | 3,816,489 | ||||||
Daiwa House Industry Co. Ltd. | 225,136 | 7,090,351 | ||||||
Daiwa House REIT Investment Corp. REIT | 605 | 1,371,330 | ||||||
Daiwa Securities Group, Inc. | 665,787 | 3,674,541 | ||||||
DeNA Co. Ltd. | 49,200 | 912,789 | ||||||
Denso Corp. | 176,053 | 8,137,692 | ||||||
Dentsu, Inc. | 87,200 | 3,886,993 | ||||||
Disco Corp. | 13,400 | 1,953,663 | ||||||
Don Quijote Holdings Co. Ltd. | 47,718 | 2,896,331 | ||||||
East Japan Railway Co. | 124,053 | 11,278,042 | ||||||
Eisai Co. Ltd. | 101,552 | 9,317,395 | ||||||
Electric Power Development Co. Ltd. | 63,332 | 1,630,235 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 25,567 | 3,628,458 | ||||||
FANUC Corp. | 77,517 | 13,241,022 | ||||||
Fast Retailing Co. Ltd. | 23,817 | 12,387,400 | ||||||
Fuji Electric Co. Ltd. | 50,200 | 1,576,558 | ||||||
FUJIFILM Holdings Corp. | 153,654 | 6,104,740 | ||||||
Fujitsu Ltd. | 79,402 | 4,887,299 | ||||||
Fukuoka Financial Group, Inc. | 70,200 | 1,601,091 | ||||||
Hakuhodo DY Holdings, Inc. | 99,359 | 1,521,261 | ||||||
Hamamatsu Photonics KK | 56,500 | 1,966,040 | ||||||
Hankyu Hanshin Holdings, Inc. | 92,540 | 3,138,607 | ||||||
Hikari Tsushin, Inc. | 10,000 | 1,595,384 | ||||||
Hino Motors Ltd. | 122,300 | 1,249,773 | ||||||
Hirose Electric Co. Ltd. | 12,466 | 1,314,522 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 25,600 | 1,635,026 | ||||||
Hitachi Chemical Co. Ltd. | 49,400 | 781,592 | ||||||
Hitachi Construction Machinery Co. Ltd. | 40,000 | 1,104,700 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Hitachi High-Technologies Corp. | 32,100 | $ | 1,143,853 | |||||
Hitachi Ltd. | 386,201 | 11,186,441 | ||||||
Hitachi Metals Ltd. | 78,500 | 883,786 | ||||||
Honda Motor Co. Ltd. | 655,099 | 18,478,853 | ||||||
Hoshizaki Corp. | 25,300 | 1,963,555 | ||||||
Hoya Corp. | 153,774 | 9,347,140 | ||||||
Hulic Co. Ltd. | 136,100 | 1,244,521 | ||||||
Idemitsu Kosan Co. Ltd. | 57,815 | 2,103,475 | ||||||
IHI Corp. | 56,800 | 1,728,794 | ||||||
Iida Group Holdings Co. Ltd. | 48,500 | 855,794 | ||||||
Inpex Corp. | 402,217 | 4,269,669 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 129,200 | 1,494,425 | ||||||
Isuzu Motors Ltd. | 226,500 | 3,224,455 | ||||||
ITOCHU Corp. | 565,654 | 10,045,883 | ||||||
J. Front Retailing Co. Ltd. | 98,200 | 1,340,880 | ||||||
Japan Airlines Co. Ltd. | 44,373 | 1,600,344 | ||||||
Japan Airport Terminal Co. Ltd. | 21,700 | 843,034 | ||||||
Japan Exchange Group, Inc. | 200,478 | 3,611,659 | ||||||
Japan Post Bank Co. Ltd. | 162,458 | 1,897,717 | ||||||
Japan Post Holdings Co. Ltd. | 636,213 | 7,745,640 | ||||||
Japan Prime Realty Investment Corp. REIT | 387 | 1,511,998 | ||||||
Japan Real Estate Investment Corp. REIT | 530 | 2,927,455 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,068 | 2,048,219 | ||||||
Japan Tobacco, Inc. | 444,441 | 11,054,743 | ||||||
JFE Holdings, Inc. | 201,085 | 3,545,537 | ||||||
JGC Corp. | 83,200 | 1,215,219 | ||||||
JSR Corp. | 77,700 | 1,243,720 | ||||||
JTEKT Corp. | 84,800 | 1,078,723 | ||||||
JXTG Holdings, Inc. | 1,311,928 | 7,931,782 | ||||||
Kajima Corp. | 198,500 | 2,747,157 | ||||||
Kakaku.com, Inc. | 57,900 | 1,164,988 | ||||||
Kamigumi Co. Ltd. | 46,600 | 1,046,411 | ||||||
Kaneka Corp. | 26,200 | 980,928 | ||||||
Kansai Electric Power Co., Inc. | 291,367 | 4,373,778 | ||||||
Kansai Paint Co. Ltd. | 73,400 | 1,375,341 | ||||||
Kao Corp. | 199,304 | 14,674,561 | ||||||
Kawasaki Heavy Industries Ltd. | 48,000 | 1,117,597 | ||||||
KDDI Corp. | 714,033 | 16,757,115 | ||||||
Keihan Holdings Co. Ltd. | 39,400 | 1,645,210 | ||||||
Keikyu Corp. | 89,150 | 1,422,285 | ||||||
Keio Corp. | 39,860 | 2,205,178 | ||||||
Keisei Electric Railway Co. Ltd. | 49,528 | 1,605,630 | ||||||
Keyence Corp. | 39,235 | 21,291,248 | ||||||
Kikkoman Corp. | 57,982 | 3,381,411 | ||||||
Kintetsu Group Holdings Co. Ltd. | 68,540 | 2,855,959 | ||||||
Kirin Holdings Co. Ltd. | 331,523 | 7,783,190 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 19,300 | 1,343,171 | ||||||
Kobe Steel Ltd. | 140,328 | 1,154,617 | ||||||
Koito Manufacturing Co. Ltd. | 39,400 | 2,113,782 | ||||||
Komatsu Ltd. | 370,273 | 9,893,301 | ||||||
Konami Holdings Corp. | 38,966 | 1,743,798 | ||||||
Konica Minolta, Inc. | 193,900 | 1,745,723 | ||||||
Kose Corp. | 12,800 | 1,909,034 | ||||||
Kubota Corp. | 404,381 | 6,900,286 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Kuraray Co. Ltd. | 128,900 | $ | 2,003,080 | |||||
Kurita Water Industries Ltd. | 39,400 | 1,056,891 | ||||||
Kyocera Corp. | 128,800 | 6,949,742 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 104,500 | 2,142,197 | ||||||
Kyushu Electric Power Co., Inc. | 161,800 | 1,900,008 | ||||||
Kyushu Railway Co. | 59,776 | 1,974,717 | ||||||
Lawson, Inc. | 23,400 | 1,531,621 | ||||||
LINE Corp.*(b) | 31,647 | 1,137,469 | ||||||
Lion Corp. | 94,100 | 1,856,053 | ||||||
LIXIL Group Corp. | 117,100 | 1,517,457 | ||||||
M3, Inc. | 170,642 | 2,756,970 | ||||||
Makita Corp. | 92,000 | 3,610,624 | ||||||
Marubeni Corp. | 659,300 | 4,922,316 | ||||||
Marui Group Co. Ltd. | 83,496 | 1,799,892 | ||||||
Maruichi Steel Tube Ltd. | 26,300 | 780,787 | ||||||
Mazda Motor Corp. | 218,600 | 2,330,141 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 22,822 | 1,023,336 | ||||||
Mebuki Financial Group, Inc. | 378,150 | 1,142,628 | ||||||
Medipal Holdings Corp. | 70,900 | 1,623,926 | ||||||
MEIJI Holdings Co. Ltd. | 48,990 | 3,853,946 | ||||||
MINEBEA MITSUMI, Inc. | 152,520 | 2,474,931 | ||||||
MISUMI Group, Inc. | 111,400 | 2,524,079 | ||||||
Mitsubishi Chemical Holdings Corp. | 545,700 | 4,464,053 | ||||||
Mitsubishi Corp. | 545,125 | 14,704,425 | ||||||
Mitsubishi Electric Corp. | 735,479 | 9,705,744 | ||||||
Mitsubishi Estate Co. Ltd. | 483,851 | 7,761,905 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 64,400 | 1,057,495 | ||||||
Mitsubishi Heavy Industries Ltd. | 123,399 | 4,692,891 | ||||||
Mitsubishi Materials Corp. | 39,700 | 1,113,901 | ||||||
Mitsubishi Motors Corp. | 261,500 | 1,603,348 | ||||||
Mitsubishi Tanabe Pharma Corp. | 99,774 | 1,532,010 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 4,744,052 | 26,099,286 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 165,500 | 902,475 | ||||||
Mitsui & Co. Ltd. | 677,260 | 10,587,128 | ||||||
Mitsui Chemicals, Inc. | 72,900 | 1,850,195 | ||||||
Mitsui Fudosan Co. Ltd. | 358,426 | 8,572,670 | ||||||
Mitsui OSK Lines Ltd. | 40,000 | 940,492 | ||||||
Mizuho Financial Group, Inc. | 9,721,080 | 16,125,440 | ||||||
MonotaRO Co. Ltd. | 50,500 | 1,367,991 | ||||||
MS&AD Insurance Group Holdings, Inc. | 187,321 | 5,684,895 | ||||||
Murata Manufacturing Co. Ltd. | 72,659 | 11,083,034 | ||||||
Nabtesco Corp. | 39,825 | 1,101,621 | ||||||
Nagoya Railroad Co. Ltd. | 69,440 | 1,740,359 | ||||||
NEC Corp. | 96,759 | 3,000,411 | ||||||
Nexon Co. Ltd.* | 185,245 | 2,190,008 | ||||||
NGK Insulators Ltd. | 113,400 | 1,681,295 | ||||||
NGK Spark Plug Co. Ltd. | 62,500 | 1,283,971 | ||||||
NH Foods Ltd. | 39,496 | 1,464,812 | ||||||
Nidec Corp. | 88,873 | 11,837,729 | ||||||
Nikon Corp. | 129,000 | 2,022,816 | ||||||
Nintendo Co. Ltd. | 45,171 | 13,772,350 | ||||||
Nippon Building Fund, Inc. REIT | 521 | 3,244,919 | ||||||
Nippon Electric Glass Co. Ltd. | 39,400 | 1,058,627 | ||||||
Nippon Express Co. Ltd. | 33,500 | 2,018,588 | ||||||
Nippon Paint Holdings Co. Ltd. (b) | 61,942 | 2,196,331 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nippon Prologis REIT, Inc. REIT | 644 | $ | 1,333,783 | |||||
Nippon Steel & Sumitomo Metal Corp. | 298,509 | 5,459,232 | ||||||
Nippon Telegraph & Telephone Corp. | 280,251 | 11,554,197 | ||||||
Nippon Yusen KK | 63,600 | 1,079,656 | ||||||
Nissan Chemical Corp. | 47,849 | 2,596,572 | ||||||
Nissan Motor Co. Ltd. | 940,542 | 8,238,391 | ||||||
Nisshin Seifun Group, Inc. | 76,500 | 1,607,299 | ||||||
Nissin Foods Holdings Co. Ltd. | 27,400 | 1,769,299 | ||||||
Nitori Holdings Co. Ltd. | 34,101 | 4,567,729 | ||||||
Nitto Denko Corp. | 65,524 | 3,580,543 | ||||||
Nomura Holdings, Inc. | 1,394,854 | 6,284,001 | ||||||
Nomura Real Estate Holdings, Inc. | 54,436 | 1,075,149 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,567 | 2,092,738 | ||||||
Nomura Research Institute Ltd. | 45,281 | 1,988,511 | ||||||
NSK Ltd. | 156,000 | 1,466,344 | ||||||
NTT Data Corp. | 254,334 | 2,957,502 | ||||||
NTT DOCOMO, Inc. | 536,289 | 12,418,056 | ||||||
Obayashi Corp. | 265,200 | 2,644,641 | ||||||
Obic Co. Ltd. | 26,100 | 2,255,570 | ||||||
Odakyu Electric Railway Co. Ltd. | 124,650 | 2,794,646 | ||||||
Oji Holdings Corp. | 339,068 | 1,983,360 | ||||||
Olympus Corp. | 116,579 | 3,281,240 | ||||||
Omron Corp. | 74,492 | 3,274,590 | ||||||
Ono Pharmaceutical Co. Ltd. | 154,906 | 3,746,592 | ||||||
Oracle Corp. | 17,900 | 1,162,164 | ||||||
Oriental Land Co. Ltd. | 79,000 | 7,860,679 | ||||||
ORIX Corp. | 522,546 | 8,467,809 | ||||||
Osaka Gas Co. Ltd. | 160,900 | 2,932,671 | ||||||
Otsuka Corp. | 39,800 | 1,339,347 | ||||||
Otsuka Holdings Co. Ltd. | 156,767 | 7,643,971 | ||||||
Panasonic Corp. | 879,485 | 9,022,246 | ||||||
Park24 Co. Ltd. | 40,000 | 1,080,033 | ||||||
Persol Holdings Co. Ltd. | 76,500 | 1,432,753 | ||||||
Pigeon Corp. | 46,600 | 1,919,174 | ||||||
Pola Orbis Holdings, Inc. | 39,900 | 1,126,543 | ||||||
Rakuten, Inc. | 335,186 | 2,698,850 | ||||||
Recruit Holdings Co. Ltd. | 441,853 | 12,156,164 | ||||||
Renesas Electronics Corp.* | 363,200 | 1,711,774 | ||||||
Resona Holdings, Inc. | 800,125 | 4,242,569 | ||||||
Ricoh Co. Ltd. | 277,700 | 2,695,903 | ||||||
Rinnai Corp. | 15,600 | 1,118,654 | ||||||
Rohm Co. Ltd. | 40,000 | 2,783,773 | ||||||
Ryohin Keikaku Co. Ltd. | 9,800 | 2,637,449 | ||||||
Sankyo Co. Ltd. | 20,900 | 835,890 | ||||||
Santen Pharmaceutical Co. Ltd. | 156,451 | 2,677,922 | ||||||
SBI Holdings, Inc. | 93,325 | 2,117,828 | ||||||
Secom Co. Ltd. | 83,100 | 7,032,186 | ||||||
Sega Sammy Holdings, Inc. | 72,900 | 1,028,814 | ||||||
Seibu Holdings, Inc. | 92,500 | 1,709,598 | ||||||
Seiko Epson Corp. | 116,759 | 1,855,554 | ||||||
Sekisui Chemical Co. Ltd. | 145,300 | 2,357,773 | ||||||
Sekisui House Ltd. | 259,851 | 3,916,708 | ||||||
Seven & i Holdings Co. Ltd. | 301,076 | 13,110,326 | ||||||
Seven Bank Ltd. | 222,900 | 691,193 | ||||||
SG Holdings Co. Ltd. | 43,300 | 1,060,042 | ||||||
Sharp Corp. | 71,673 | 1,063,272 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Shimadzu Corp. | 95,400 | $ | 2,230,468 | |||||
Shimamura Co. Ltd. | 10,300 | 874,704 | ||||||
Shimano, Inc. | 30,994 | 4,526,983 | ||||||
Shimizu Corp. | 218,900 | 1,870,528 | ||||||
Shin-Etsu Chemical Co. Ltd. | 145,604 | 13,000,014 | ||||||
Shinsei Bank Ltd. | 67,600 | 927,814 | ||||||
Shionogi & Co. Ltd. | 110,795 | 7,328,096 | ||||||
Shiseido Co. Ltd. | 149,657 | 9,524,047 | ||||||
Shizuoka Bank Ltd. | 173,500 | 1,557,473 | ||||||
Showa Denko KK | 54,900 | 2,200,546 | ||||||
Showa Shell Sekiyu KK | 81,900 | 1,269,102 | ||||||
SMC Corp. | 23,082 | 7,824,476 | ||||||
SoftBank Group Corp. | 332,514 | 27,904,051 | ||||||
Sohgo Security Services Co. Ltd. | 33,300 | 1,566,507 | ||||||
Sompo Holdings, Inc. | 132,535 | 5,120,896 | ||||||
Sony Corp. | 509,716 | 26,658,890 | ||||||
Sony Financial Holdings, Inc. | 65,500 | 1,373,299 | ||||||
Stanley Electric Co. Ltd. | 48,900 | 1,423,728 | ||||||
Subaru Corp. | 247,634 | 5,503,947 | ||||||
SUMCO Corp. | 91,700 | 1,405,612 | ||||||
Sumitomo Chemical Co. Ltd. | 600,422 | 3,258,247 | ||||||
Sumitomo Corp. | 452,476 | 6,949,671 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 60,700 | 1,978,505 | ||||||
Sumitomo Electric Industries Ltd. | 291,400 | 4,088,046 | ||||||
Sumitomo Heavy Industries Ltd. | 44,400 | 1,472,634 | ||||||
Sumitomo Metal Mining Co. Ltd. | 95,200 | 2,771,757 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 539,615 | 19,884,681 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 130,181 | 5,220,314 | ||||||
Sumitomo Realty & Development Co. Ltd. | 147,503 | 5,467,935 | ||||||
Sumitomo Rubber Industries Ltd. | 65,800 | 879,343 | ||||||
Sundrug Co. Ltd. | 34,500 | 1,164,031 | ||||||
Suntory Beverage & Food Ltd. | 55,400 | 2,323,076 | ||||||
Suzuken Co. Ltd. | 33,710 | 1,814,457 | ||||||
Suzuki Motor Corp. | 136,326 | 6,791,380 | ||||||
Sysmex Corp. | 66,907 | 3,565,348 | ||||||
T&D Holdings, Inc. | 228,200 | 3,242,625 | ||||||
Taiheiyo Cement Corp. | 48,300 | 1,633,899 | ||||||
Taisei Corp. | 85,215 | 3,745,962 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 14,734 | 1,702,947 | ||||||
Taiyo Nippon Sanso Corp. | 56,600 | 953,347 | ||||||
Takashimaya Co. Ltd. | 58,223 | 846,302 | ||||||
Takeda Pharmaceutical Co. Ltd. (b) | 288,192 | 10,802,598 | ||||||
TDK Corp. | 53,824 | 4,243,711 | ||||||
Teijin Ltd. | 73,004 | 1,260,519 | ||||||
Terumo Corp. | 124,222 | 7,315,545 | ||||||
THK Co. Ltd. | 46,528 | 1,066,109 | ||||||
Tobu Railway Co. Ltd. | 78,579 | 2,249,762 | ||||||
Toho Co. Ltd. | 47,900 | 1,666,784 | ||||||
Toho Gas Co. Ltd. | 30,928 | 1,250,579 | ||||||
Tohoku Electric Power Co., Inc. | 172,213 | 2,251,368 | ||||||
Tokio Marine Holdings, Inc. | 269,150 | 13,289,748 | ||||||
Tokyo Century Corp. | 16,800 | 802,150 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 592,500 | 3,596,287 | ||||||
Tokyo Electron Ltd. | 62,264 | 8,707,581 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Tokyo Gas Co. Ltd. | 157,580 | $ | 4,059,752 | |||||
Tokyu Corp. | 203,410 | 3,540,837 | ||||||
Tokyu Fudosan Holdings Corp. | 207,300 | 1,163,283 | ||||||
Toppan Printing Co. Ltd. | 98,089 | 1,579,586 | ||||||
Toray Industries, Inc. | 546,043 | 4,282,624 | ||||||
Toshiba Corp.* | 255,116 | 7,910,922 | ||||||
Tosoh Corp. | 104,340 | 1,470,678 | ||||||
TOTO Ltd. | 58,415 | 2,261,674 | ||||||
Toyo Seikan Group Holdings Ltd. | 63,900 | 1,455,151 | ||||||
Toyo Suisan Kaisha Ltd. | 39,700 | 1,360,463 | ||||||
Toyoda Gosei Co. Ltd. | 30,300 | 583,231 | ||||||
Toyota Industries Corp. | 58,100 | 2,978,831 | ||||||
Toyota Motor Corp. | 921,464 | 55,223,711 | ||||||
Toyota Tsusho Corp. | 84,211 | 2,908,048 | ||||||
Trend Micro, Inc. | 43,776 | 2,510,521 | ||||||
Tsuruha Holdings, Inc. | 17,100 | 1,687,178 | ||||||
Unicharm Corp. | 158,500 | 4,962,419 | ||||||
United Urban Investment Corp. REIT | 1,224 | 1,948,437 | ||||||
USS Co. Ltd. | 84,500 | 1,499,212 | ||||||
Welcia Holdings Co. Ltd. | 19,000 | 962,428 | ||||||
West Japan Railway Co. | 63,706 | 4,438,627 | ||||||
Yahoo Japan Corp. | 1,109,700 | 3,177,135 | ||||||
Yakult Honsha Co. Ltd. | 45,379 | 3,417,966 | ||||||
Yamada Denki Co. Ltd. | 283,000 | 1,368,691 | ||||||
Yamaguchi Financial Group, Inc. | 74,281 | 769,541 | ||||||
Yamaha Corp. | 56,281 | 2,424,473 | ||||||
Yamaha Motor Co. Ltd. | 111,674 | 2,297,131 | ||||||
Yamato Holdings Co. Ltd. | 127,071 | 3,356,582 | ||||||
Yamazaki Baking Co. Ltd. | 53,200 | 1,116,818 | ||||||
Yaskawa Electric Corp. | 97,220 | 3,031,835 | ||||||
Yokogawa Electric Corp. | 92,644 | 1,702,466 | ||||||
Yokohama Rubber Co. Ltd. | 43,904 | 918,961 | ||||||
ZOZO, Inc. | 82,197 | 1,828,370 | ||||||
|
| |||||||
1,320,122,547 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 38,888 | 3,105,966 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal | 269,163 | 6,098,988 | ||||||
Aroundtown SA | 311,576 | 2,664,927 | ||||||
Eurofins Scientific SE | 4,573 | 1,982,836 | ||||||
Millicom International Cellular SA SDR | 25,508 | 1,501,847 | ||||||
RTL Group SA | 14,608 | 874,023 | ||||||
SES SA | 147,177 | 3,190,771 | ||||||
Tenaris SA | 190,115 | 2,286,821 | ||||||
|
| |||||||
18,600,213 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. (b) | 382,097 | 652,456 | ||||||
Sands China Ltd. | 967,412 | 4,185,442 | ||||||
Wynn Macau Ltd. | 724,599 | 1,646,647 | ||||||
|
| |||||||
6,484,545 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 92,392 | 886,976 | ||||||
|
| |||||||
Netherlands — 4.6% | ||||||||
ABN AMRO Group NV, 144A | 170,309 | 4,342,030 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Aegon NV | 721,365 | $ | 4,015,523 | |||||
Akzo Nobel NV | 104,753 | 8,787,625 | ||||||
ASML Holding NV | 165,192 | 27,883,899 | ||||||
EXOR NV | 43,541 | 2,558,307 | ||||||
Heineken Holding NV | 43,471 | 3,836,212 | ||||||
Heineken NV | 105,649 | 9,666,541 | ||||||
ING Groep NV | 1,567,190 | 18,955,812 | ||||||
Koninklijke Ahold Delhaize NV | 502,502 | 12,916,539 | ||||||
Koninklijke DSM NV | 73,253 | 6,488,452 | ||||||
Koninklijke KPN NV | 1,374,938 | 4,067,330 | ||||||
Koninklijke Philips NV | 380,380 | 14,316,303 | ||||||
Koninklijke Vopak NV | 27,186 | 1,188,008 | ||||||
NN Group NV (b) | 123,148 | 5,237,878 | ||||||
NXP Semiconductors NV | 137,460 | 11,460,040 | ||||||
QIAGEN NV* | 91,681 | 3,222,759 | ||||||
Randstad NV | 46,023 | 2,239,382 | ||||||
Royal Dutch Shell PLC, Class A | 1,849,644 | 55,858,410 | ||||||
Royal Dutch Shell PLC, Class B | 1,512,588 | 46,170,959 | ||||||
Wolters Kluwer NV | 117,532 | 7,094,685 | ||||||
|
| |||||||
250,306,694 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
a2 Milk Co. Ltd.* | 296,284 | 2,107,935 | ||||||
Auckland International Airport Ltd. | 392,613 | 1,943,148 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 253,898 | 2,321,237 | ||||||
Fletcher Building Ltd.* | 355,915 | 1,164,560 | ||||||
Meridian Energy Ltd. | 513,541 | 1,166,689 | ||||||
Ryman Healthcare Ltd. | 141,997 | 1,131,283 | ||||||
Spark New Zealand Ltd. | 739,627 | 2,150,611 | ||||||
|
| |||||||
11,985,463 | ||||||||
|
| |||||||
Norway — 0.7% | ||||||||
Aker BP ASA | 44,588 | 1,263,738 | ||||||
DNB ASA | 387,917 | 6,657,214 | ||||||
Equinor ASA | 474,455 | 11,068,050 | ||||||
Gjensidige Forsikring ASA | 76,964 | 1,200,820 | ||||||
Marine Harvest ASA | 167,059 | 3,908,802 | ||||||
Norsk Hydro ASA | 551,858 | 2,600,423 | ||||||
Orkla ASA | 324,907 | 2,683,979 | ||||||
Schibsted ASA, Class B | 37,235 | 1,247,687 | ||||||
Telenor ASA | 303,618 | 5,879,942 | ||||||
Yara International ASA | 73,002 | 2,932,871 | ||||||
|
| |||||||
39,443,526 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 1,026,680 | 3,588,051 | ||||||
Galp Energia SGPS SA | 202,081 | 3,320,698 | ||||||
Jeronimo Martins SGPS SA | 96,286 | 1,148,922 | ||||||
|
| |||||||
8,057,671 | ||||||||
|
| |||||||
Singapore — 1.3% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,194,800 | 2,238,236 | ||||||
CapitaLand Commercial Trust REIT | 1,198,080 | 1,519,542 | ||||||
CapitaLand Ltd. | 1,128,000 | 2,565,318 | ||||||
CapitaLand Mall Trust REIT | 941,900 | 1,544,774 | ||||||
City Developments Ltd. | 145,500 | 894,063 | ||||||
ComfortDelGro Corp. Ltd. | 845,100 | 1,293,615 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
DBS Group Holdings Ltd. | 718,995 | $ | 12,777,242 | |||||
Genting Singapore Ltd. | 2,454,578 | 1,735,506 | ||||||
Golden Agri-Resources Ltd. | 2,826,900 | 504,840 | ||||||
Jardine Cycle & Carriage Ltd. | 39,900 | 1,023,748 | ||||||
Keppel Corp. Ltd. | 548,800 | 2,424,177 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,281,722 | 10,519,855 | ||||||
SATS Ltd. | 317,400 | 1,108,205 | ||||||
Sembcorp Industries Ltd. | 397,400 | 756,042 | ||||||
Singapore Airlines Ltd. | 241,200 | 1,671,996 | ||||||
Singapore Exchange Ltd. | 307,800 | 1,642,318 | ||||||
Singapore Press Holdings Ltd. | 521,011 | 1,002,602 | ||||||
Singapore Technologies Engineering Ltd. | 608,000 | 1,573,293 | ||||||
Singapore Telecommunications Ltd. | 3,239,789 | 7,273,526 | ||||||
Suntec Real Estate Investment Trust REIT | 934,700 | 1,199,119 | ||||||
United Overseas Bank Ltd. | 528,854 | 9,695,078 | ||||||
UOL Group Ltd. | 202,481 | 901,785 | ||||||
Venture Corp. Ltd. | 118,200 | 1,284,614 | ||||||
Wilmar International Ltd. | 777,066 | 1,721,904 | ||||||
|
| |||||||
68,871,398 | ||||||||
|
| |||||||
South Africa — 0.0% | ||||||||
Investec PLC | 271,363 | 1,646,961 | ||||||
|
| |||||||
Spain — 2.9% | ||||||||
ACS Actividades de Construccion y Servicios SA | 104,920 | 4,024,283 | ||||||
Aena SME SA, 144A | 27,285 | 4,330,707 | ||||||
Amadeus IT Group SA | 177,021 | 12,677,711 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,678,429 | 15,215,900 | ||||||
Banco de Sabadell SA | 2,252,571 | 2,874,017 | ||||||
Banco Santander SA | 6,595,631 | 31,249,183 | ||||||
Bankia SA | 454,481 | 1,500,856 | ||||||
Bankinter SA | 259,454 | 2,167,722 | ||||||
CaixaBank SA | 1,437,781 | 5,916,761 | ||||||
Enagas SA (b) | 93,275 | 2,562,842 | ||||||
Endesa SA | 130,725 | 2,912,531 | ||||||
Ferrovial SA | 193,527 | 3,980,919 | ||||||
Grifols SA | 122,024 | 3,420,446 | ||||||
Iberdrola SA | 2,417,819 | 18,038,319 | ||||||
Industria de Diseno Textil SA | 436,643 | 13,391,288 | ||||||
Mapfre SA | 445,372 | 1,273,125 | ||||||
Naturgy Energy Group SA (b) | 142,188 | 3,517,234 | ||||||
Red Electrica Corp. SA | 174,555 | 3,757,643 | ||||||
Repsol SA | 555,091 | 9,583,428 | ||||||
Siemens Gamesa Renewable Energy SA* | 91,878 | 1,294,994 | ||||||
Telefonica SA | 1,881,933 | 16,890,972 | ||||||
|
| |||||||
160,580,881 | ||||||||
|
| |||||||
Sweden — 2.4% | ||||||||
Alfa Laval AB | 119,375 | 2,567,500 | ||||||
Assa Abloy AB, Class B | 405,642 | 7,539,243 | ||||||
Atlas Copco AB, Class A | 267,834 | 6,565,186 | ||||||
Atlas Copco AB, Class B | 157,852 | 3,567,585 | ||||||
Boliden AB | 110,037 | 2,464,566 | ||||||
Electrolux AB, Series B | 106,219 | 2,412,888 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Epiroc AB, Class A* | 259,844 | $ | 2,127,298 | |||||
Epiroc AB, Class B* | 145,882 | 1,172,357 | ||||||
Essity AB, Class B | 242,031 | 6,199,890 | ||||||
Hennes & Mauritz AB, Class B (b) | 352,860 | 6,497,773 | ||||||
Hexagon AB, Class B | 103,283 | 5,142,793 | ||||||
Husqvarna AB, Class B | 184,104 | 1,449,592 | ||||||
ICA Gruppen AB (b) | 32,998 | 1,196,876 | ||||||
Industrivarden AB, Class C | 63,017 | 1,292,023 | ||||||
Investor AB, Class B | 185,178 | 8,109,985 | ||||||
Kinnevik AB, Class B | 90,190 | 2,287,530 | ||||||
L E Lundbergforetagen AB, Class B | 28,530 | 852,423 | ||||||
Lundin Petroleum AB | 76,288 | 2,006,995 | ||||||
Sandvik AB | 457,256 | 6,780,748 | ||||||
Securitas AB, Class B | 117,130 | 1,972,399 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 666,129 | 6,936,671 | ||||||
Skanska AB, Class B | 135,108 | 2,123,016 | ||||||
SKF AB, Class B | 146,013 | 2,304,797 | ||||||
Svenska Handelsbanken AB, Class A | 621,383 | 6,842,711 | ||||||
Swedbank AB, Class A | 373,790 | 8,684,054 | ||||||
Swedish Match AB | 69,170 | 2,700,347 | ||||||
Tele2 AB, Class B | 201,183 | 2,515,989 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,241,769 | 10,355,748 | ||||||
Telia Co. AB | 1,143,129 | 5,272,609 | ||||||
Volvo AB, Class B | 635,179 | 8,833,123 | ||||||
|
| |||||||
128,774,715 | ||||||||
|
| |||||||
Switzerland — 9.0% | ||||||||
ABB Ltd. | 744,042 | 15,051,388 | ||||||
Adecco Group AG | 62,628 | 3,096,765 | ||||||
Baloise Holding AG | 19,665 | 2,889,567 | ||||||
Barry Callebaut AG | 909 | 1,538,581 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 44 | 3,536,560 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 394 | 2,689,635 | ||||||
Cie Financiere Richemont SA | 208,993 | 13,580,727 | ||||||
Clariant AG* | 90,291 | 1,787,202 | ||||||
Coca-Cola HBC AG* | 82,873 | 2,464,711 | ||||||
Credit Suisse Group AG* | 1,030,614 | 12,152,178 | ||||||
Dufry AG*(b) | 11,807 | 1,253,914 | ||||||
EMS-Chemie Holding AG | 3,197 | 1,716,822 | ||||||
Ferguson PLC | 94,126 | 6,020,955 | ||||||
Geberit AG | 14,867 | 5,791,739 | ||||||
Givaudan SA | 3,718 | 9,154,977 | ||||||
Glencore PLC* | 4,637,485 | 17,145,777 | ||||||
Julius Baer Group Ltd.* | 87,476 | 3,531,262 | ||||||
Kuehne + Nagel International AG | 21,563 | 3,032,482 | ||||||
LafargeHolcim Ltd.* | 195,435 | 8,761,857 | ||||||
Lonza Group AG* | 30,172 | 9,751,803 | ||||||
Nestle SA | 1,234,330 | 105,190,787 | ||||||
Novartis AG | 874,982 | 79,664,044 | ||||||
Pargesa Holding SA | 13,183 | 912,471 | ||||||
Partners Group Holding AG | 7,069 | 4,631,060 | ||||||
Roche Holding AG | 283,453 | 73,512,509 | ||||||
Schindler Holding AG | 8,405 | 1,593,421 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Schindler Holding AG Participation Certificates | 15,425 | $ | 3,087,934 | |||||
SGS SA | 2,092 | 4,954,379 | ||||||
Sika AG | 52,319 | 6,478,014 | ||||||
Sonova Holding AG | 22,432 | 3,622,845 | ||||||
STMicroelectronics NV | 273,775 | 4,007,552 | ||||||
Straumann Holding AG | 4,191 | 2,563,136 | ||||||
Swatch Group AG — Bearer | 12,428 | 3,698,358 | ||||||
Swatch Group AG — Registered | 21,653 | 1,266,821 | ||||||
Swiss Life Holding AG* | 13,997 | 5,490,640 | ||||||
Swiss Prime Site AG* | 31,330 | 2,584,047 | ||||||
Swiss Re AG | 122,811 | 11,218,389 | ||||||
Swisscom AG | 10,645 | 5,107,000 | ||||||
Temenos AG* | 24,070 | 2,980,290 | ||||||
UBS Group AG* | 1,561,705 | 21,095,249 | ||||||
Vifor Pharma AG | 18,753 | 2,311,628 | ||||||
Zurich Insurance Group AG | 61,182 | 19,198,796 | ||||||
|
| |||||||
490,118,272 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC | 38,143 | 1,602,941 | ||||||
|
| |||||||
United Kingdom — 14.4% | ||||||||
3i Group PLC | 392,409 | 4,168,202 | ||||||
Admiral Group PLC | 78,570 | 2,086,443 | ||||||
Anglo American PLC | 421,812 | 8,418,180 | ||||||
Ashtead Group PLC | 198,882 | 4,457,726 | ||||||
Associated British Foods PLC | 143,225 | 4,423,882 | ||||||
AstraZeneca PLC | 510,981 | 39,828,624 | ||||||
Auto Trader Group PLC, 144A | 367,096 | 2,050,701 | ||||||
Aviva PLC | 1,624,362 | 8,424,212 | ||||||
Babcock International Group PLC | 95,149 | 688,660 | ||||||
BAE Systems PLC | 1,291,258 | 8,083,731 | ||||||
Barclays PLC | 6,885,345 | 14,290,438 | ||||||
Barratt Developments PLC | 405,832 | 2,390,167 | ||||||
Berkeley Group Holdings PLC | 49,598 | 2,038,828 | ||||||
BP PLC | 8,048,978 | 53,333,018 | ||||||
British American Tobacco PLC | 925,122 | 32,417,818 | ||||||
British Land Co. PLC REIT | 381,469 | 2,744,430 | ||||||
BT Group PLC | 3,401,071 | 11,354,527 | ||||||
Bunzl PLC | 135,664 | 4,176,511 | ||||||
Burberry Group PLC | 164,116 | 3,715,080 | ||||||
Centrica PLC | 2,304,765 | 4,045,483 | ||||||
CNH Industrial NV | 421,277 | 4,101,598 | ||||||
Coca-Cola European Partners PLC | 88,242 | 4,283,267 | ||||||
Compass Group PLC | 642,260 | 13,736,759 | ||||||
ConvaTec Group PLC, 144A | 527,668 | 1,021,677 | ||||||
Croda International PLC | 52,877 | 3,285,357 | ||||||
Diageo PLC | 995,243 | 35,807,087 | ||||||
Direct Line Insurance Group PLC | 518,915 | 2,168,813 | ||||||
easyJet PLC | 67,102 | 951,234 | ||||||
Experian PLC | 374,593 | 9,100,150 | ||||||
Fiat Chrysler Automobiles NV* | 435,032 | 7,176,740 | ||||||
G4S PLC | 586,127 | 1,448,550 | ||||||
GlaxoSmithKline PLC | 2,003,089 | 41,390,060 | ||||||
Hammerson PLC REIT | 325,898 | 1,602,954 | ||||||
Hargreaves Lansdown PLC | 115,182 | 2,790,828 | ||||||
HSBC Holdings PLC | 8,022,029 | 67,904,812 | ||||||
Imperial Brands PLC | 384,759 | 11,815,658 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Informa PLC | 513,610 | $ | 4,523,653 | |||||
InterContinental Hotels Group PLC | 69,613 | 3,725,561 | ||||||
International Consolidated Airlines Group SA | 245,021 | 1,958,371 | ||||||
Intertek Group PLC | 64,897 | 3,884,161 | ||||||
ITV PLC | 1,494,852 | 2,765,775 | ||||||
J Sainsbury PLC | 709,167 | 2,756,135 | ||||||
John Wood Group PLC | 277,894 | 2,248,563 | ||||||
Johnson Matthey PLC | 73,839 | 2,751,156 | ||||||
Kingfisher PLC | 847,539 | 2,699,925 | ||||||
Land Securities Group PLC REIT | 299,310 | 3,101,492 | ||||||
Legal & General Group PLC | 2,458,136 | 7,670,908 | ||||||
Lloyds Banking Group PLC | 29,000,795 | 20,457,759 | ||||||
London Stock Exchange Group PLC | 127,180 | 6,535,805 | ||||||
Marks & Spencer Group PLC | 655,384 | 2,444,391 | ||||||
Meggitt PLC | 312,830 | 2,065,655 | ||||||
Melrose Industries PLC | 1,905,349 | 4,287,630 | ||||||
Merlin Entertainments PLC, 144A | 291,541 | 1,248,591 | ||||||
Micro Focus International PLC | 183,386 | 3,596,308 | ||||||
Mondi PLC | 148,858 | 3,242,600 | ||||||
National Grid PLC | 1,352,623 | 14,355,612 | ||||||
Next PLC | 57,225 | 3,573,737 | ||||||
Pearson PLC | 313,299 | 3,846,075 | ||||||
Persimmon PLC | 129,389 | 3,132,586 | ||||||
Prudential PLC | 1,046,802 | 20,548,415 | ||||||
Reckitt Benckiser Group PLC | 269,569 | 22,368,477 | ||||||
RELX PLC | 794,254 | 16,522,078 | ||||||
Rio Tinto Ltd. | 149,651 | 8,015,338 | ||||||
Rio Tinto PLC | 477,197 | 21,641,022 | ||||||
Rolls-Royce Holdings PLC* | 677,197 | 7,331,310 | ||||||
Rolls-Royce Holdings PLC —Entitlement*(d) | 30,603,202 | 38,996 | ||||||
Royal Bank of Scotland Group PLC | 1,929,547 | 5,364,907 | ||||||
Royal Mail PLC | 335,605 | 1,367,600 | ||||||
RSA Insurance Group PLC | 415,090 | 2,869,949 | ||||||
Sage Group PLC | 447,596 | 3,315,991 | ||||||
Schroders PLC | 47,999 | 1,545,573 | ||||||
Segro PLC REIT | 407,677 | 3,133,499 | ||||||
Severn Trent PLC | 96,113 | 2,241,224 | ||||||
Smith & Nephew PLC | 352,393 | 6,398,736 | ||||||
Smiths Group PLC | 150,298 | 2,661,116 | ||||||
SSE PLC | 408,216 | 5,698,420 | ||||||
St James’s Place PLC | 213,310 | 2,733,036 | ||||||
Standard Chartered PLC | 1,126,177 | 8,745,027 | ||||||
Standard Life Aberdeen PLC | 979,840 | 3,313,662 | ||||||
Taylor Wimpey PLC | 1,262,057 | 2,154,943 | ||||||
Tesco PLC | 3,937,397 | 9,911,476 | ||||||
Unilever NV | 622,793 | 34,551,823 | ||||||
Unilever PLC | 455,769 | 24,644,560 | ||||||
United Utilities Group PLC | 258,079 | 2,500,615 | ||||||
Vodafone Group PLC | 10,763,709 | 23,171,093 | ||||||
Weir Group PLC | 92,418 | 1,735,826 | ||||||
Whitbread PLC | 74,128 | 4,343,135 | ||||||
Wm Morrison Supermarkets PLC | 890,889 | 2,697,256 | ||||||
WPP PLC | 509,338 | 5,619,216 | ||||||
|
| |||||||
785,778,973 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
United States — 0.5% | ||||||||
Carnival PLC | 72,594 | $ | 4,211,632 | |||||
Shire PLC | 368,930 | 21,389,836 | ||||||
|
| |||||||
25,601,468 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,285,393,055 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 20,998 | 1,523,782 | ||||||
FUCHS PETROLUB SE | 26,713 | 1,105,645 | ||||||
Henkel AG & Co. KGaA | 71,941 | 8,299,224 | ||||||
Porsche Automobil Holding SE | 61,509 | 3,934,359 | ||||||
Sartorius AG | 14,360 | 1,822,414 | ||||||
Volkswagen AG | 74,250 | 12,516,359 | ||||||
|
| |||||||
29,201,783 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 29,201,783 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.2% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f) | 67,371,547 | 67,371,547 | ||||||
|
|
Number | Value | |||||||
United States (Continued) | ||||||||
CASH EQUIVALENTS — 1.6% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 2.44% (e) | 50,000,000 | $ | 50,000,000 | |||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (e) | 39,783,595 | 39,783,595 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 89,783,595 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $5,831,936,060) | $ | 5,471,749,980 | ||||||
Other assets and liabilities, net — (0.1%) | (6,225,387 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,465,524,593 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS — 0.1% |
| |||||||||||||||||||||||||||||||
Germany — 0.1% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||
8,570,145 | 470,890 | (602,292 | ) | (23,776 | ) | (1,185,697 | ) | — | — | 791,974 | 7,229,270 | |||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.2% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12%, (e)(f) |
| |||||||||||||||||||||||||||||||
206,357,389 | — | (138,985,842 | ) (g) | — | — | 631,337 | — | 67,371,547 | 67,371,547 | |||||||||||||||||||||||
CASH EQUIVALENTS — 1.6% |
| |||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 2.44% (e) |
| |||||||||||||||||||||||||||||||
— | 50,000,000 | — | — | — | 46,651 | — | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (e) |
| |||||||||||||||||||||||||||||||
— | 514,826,994 | (475,043,399 | ) | — | — | 332,867 | — | 39,783,595 | 39,783,595 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
214,927,534 | 565,297,884 | (614,631,533 | ) | (23,776 | ) | (1,185,697 | ) | 1,010,855 | — | 157,947,116 | 164,384,412 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $65,475,199, which is 1.2% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Investment was valued using significant unobservable inputs. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $7,850,319. |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
(g) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2018, 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 | 58 | $ | 6,882,055 | $ | 6,818,091 | 12/21/2018 | $ | (86,356 | ) | ||||||||||||||
CAC40 10 EURO Futures | EUR | 245 | 13,981,001 | 13,840,554 | 12/21/2018 | (185,405 | ) | |||||||||||||||||
DAX Index Futures | EUR | 38 | 13,443,602 | 12,097,225 | 12/21/2018 | (930,280 | ) | |||||||||||||||||
FTSE/MIB Index Futures | EUR | 23 | 2,827,772 | 2,496,304 | 12/21/2018 | (245,932 | ) | |||||||||||||||||
FTSE 100 Index Futures | GBP | 221 | 21,176,631 | 19,625,232 | 12/21/2018 | (905,420 | ) | |||||||||||||||||
HANG SENG Index Futures | HKD | 27 | 4,572,446 | 4,577,818 | 12/28/2018 | 5,279 | ||||||||||||||||||
IBEX 35 Index Futures | EUR | 35 | 3,579,631 | 3,582,338 | 12/21/2018 | (8,811 | ) | |||||||||||||||||
MSCI EAFE Futures | USD | 285 | 27,083,790 | 25,882,275 | 12/21/2018 | (1,201,515 | ) | |||||||||||||||||
MSCI SING IX ETS | SGD | 70 | 1,764,451 | 1,778,446 | 12/28/2018 | 10,713 | ||||||||||||||||||
OMXS30 Index Futures | SEK | 182 | 3,039,610 | 3,022,788 | 12/21/2018 | (2,444 | ) | |||||||||||||||||
SPI 200 Futures | AUD | 90 | 9,377,001 | 9,331,009 | 12/20/2018 | (297,157 | ) | |||||||||||||||||
SWISS MKT IX Futures | CHF | 139 | 12,868,322 | 12,570,592 | 12/21/2018 | 180,829 | ||||||||||||||||||
TOPIX Index Futures | JPY | 230 | 34,830,335 | 33,796,415 | 12/13/2018 | (389,224 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (4,055,723 | ) | |||||||||||||||||||||
|
|
As of November 30, 2018, 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. | 12/5/2018 | AUD | 202,974,700 | USD | 143,903,379 | $ | — | $ | (4,463,619 | ) | ||||||||||||
RBC Capital Markets | 12/5/2018 | AUD | 23,000,000 | USD | 16,305,505 | — | (506,644 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | AUD | 310,652,742 | USD | 220,231,048 | — | (6,844,616 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | CHF | 96,576,800 | USD | 96,285,728 | — | (443,773 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | CHF | 117,430,800 | USD | 117,045,720 | — | (570,754 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | CHF | 67,308,400 | USD | 67,104,470 | — | (310,354 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | CHF | 195,193,500 | USD | 194,549,541 | — | (952,586 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | DKK | 171,600,800 | USD | 26,130,214 | 85,466 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | DKK | 162,848,700 | USD | 24,791,240 | 74,844 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | DKK | 57,363,600 | USD | 8,735,040 | 28,667 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | DKK | 233,296,100 | USD | 35,510,921 | 102,355 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | EUR | 304,547,200 | USD | 345,931,510 | 964,673 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | EUR | 509,397,100 | USD | 578,625,694 | 1,621,189 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | EUR | 552,809,800 | USD | 627,798,449 | 1,619,492 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | EUR | 41,575,000 | USD | 47,225,458 | 132,606 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | EUR | 193,137,200 | USD | 219,334,330 | 563,877 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | GBP | 52,179,600 | USD | 66,764,059 | 252,242 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | GBP | 275,957,000 | USD | 353,093,329 | 1,338,971 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | GBP | 159,532,500 | USD | 204,101,095 | 749,659 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | GBP | 118,775,700 | USD | 151,977,665 | 577,737 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | GBP | 168,610,900 | USD | 215,714,041 | 790,634 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | HKD | 495,832,400 | USD | 63,318,497 | — | (64,088 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | HKD | 323,985,200 | USD | 41,369,495 | — | (45,748 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | HKD | 67,018,400 | USD | 8,558,199 | — | (8,808 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | HKD | 613,610,800 | USD | 78,342,628 | — | (95,648 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | ILS | 8,809,400 | USD | 2,373,030 | 3,116 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | ILS | 13,245,900 | USD | 3,567,764 | 4,338 | — |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 12/5/2018 | ILS | 2,176,200 | USD | 586,086 | $ | 642 | $ | — | |||||||||||||
The Bank of Nova Scotia | 12/5/2018 | ILS | 37,389,200 | USD | 10,066,555 | 8,072 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | JPY | 31,798,412,800 | USD | 282,405,297 | 2,124,801 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | JPY | 44,154,971,400 | USD | 392,152,603 | 2,957,792 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | JPY | 40,880,813,600 | USD | 363,001,035 | 2,665,607 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | JPY | 25,920,516,100 | USD | 230,210,188 | 1,739,190 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | JPY | 16,751,930,200 | USD | 148,746,062 | 1,089,657 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | NOK | 46,893,700 | USD | 5,586,940 | 129,475 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | NOK | 44,938,100 | USD | 5,353,696 | 123,823 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | NOK | 102,665,200 | USD | 12,229,400 | 281,275 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | NOK | 84,162,700 | USD | 10,026,754 | 231,941 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | NOK | 78,496,300 | USD | 9,349,862 | 214,502 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | NZD | 1,338,000 | USD | 873,982 | — | (45,834 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | NZD | 6,408,200 | USD | 4,185,836 | — | (219,515 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | NZD | 11,788,100 | USD | 7,699,398 | — | (404,395 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | SEK | 256,280,500 | USD | 28,113,898 | — | (53,742 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | SEK | 524,605,000 | USD | 57,535,726 | — | (123,303 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | SEK | 175,078,200 | USD | 19,206,048 | — | (36,695 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | SEK | 444,408,700 | USD | 48,735,971 | — | (108,730 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | SGD | 7,552,700 | USD | 5,457,350 | — | (48,443 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | SGD | 47,627,600 | USD | 34,415,890 | — | (303,841 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | SGD | 31,316,400 | USD | 22,627,620 | — | (201,517 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | SGD | 10,591,300 | USD | 7,652,397 | — | (68,485 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 148,222,275 | AUD | 202,974,700 | 144,723 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 16,795,750 | AUD | 23,000,000 | 16,399 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 2,502,150 | AUD | 3,436,500 | 9,804 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 211,828,687 | AUD | 290,076,942 | 206,828 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 10,933,797 | AUD | 15,421,000 | 338,383 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 1,239,805 | AUD | 1,718,300 | 16,209 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 96,639,616 | CHF | 96,576,800 | 89,885 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 117,507,180 | CHF | 117,430,800 | 109,294 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 1,568,113 | CHF | 1,570,900 | 5,270 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 65,786,774 | CHF | 65,737,500 | 54,666 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 3,144,174 | CHF | 3,141,800 | 2,594 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 192,176,615 | CHF | 192,051,700 | 178,745 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 20,400,438 | DKK | 134,456,800 | 6,772 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 5,656,447 | DKK | 37,144,000 | — | (18,909 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 595,843 | DKK | 3,876,700 | — | (7,456 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 24,118,093 | DKK | 158,972,000 | 9,916 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 8,409,439 | DKK | 55,425,300 | 2,748 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 297,164 | DKK | 1,938,300 | — | (2,979 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 35,394,013 | DKK | 233,296,100 | 14,553 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 5,564,427 | EUR | 4,866,600 | — | (51,929 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 11,157,469 | EUR | 9,733,200 | — | (132,474 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 142,282,566 | EUR | 125,258,000 | — | (400,270 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 186,484,231 | EUR | 164,689,400 | 62,818 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 576,764,866 | EUR | 509,397,100 | 239,638 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 625,918,896 | EUR | 552,809,800 | 260,061 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 47,077,036 | EUR | 41,575,000 | 15,817 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 218,679,595 | EUR | 193,137,200 | 90,859 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 3,171,277 | GBP | 2,428,800 | — | (75,356 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 49,034,379 | GBP | 38,322,000 | — | (186,440 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 8,384,582 | GBP | 6,571,200 | — | (8,464 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 6,388,983 | GBP | 4,857,600 | — | (197,141 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 352,093,536 | GBP | 275,957,000 | — | (339,179 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 203,547,517 | GBP | 159,532,500 | — | (196,082 | ) | ||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 151,553,042 | GBP | 118,775,700 | — | (153,114 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 215,130,647 | GBP | 168,610,900 | — | (207,240 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 63,359,090 | HKD | 495,832,400 | 23,495 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 41,399,891 | HKD | 323,985,200 | 15,352 | — |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 8,564,230 | HKD | 67,018,400 | $ | 2,776 | $ | — | |||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 56,705,057 | HKD | 443,759,600 | 21,027 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 19,994,432 | HKD | 156,560,000 | 18,737 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 1,132,953 | HKD | 8,860,800 | — | (271 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 566,400 | HKD | 4,430,400 | — | (59 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,362,593 | ILS | 8,809,400 | 7,321 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 3,552,408 | ILS | 13,245,900 | 11,018 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 55,212 | ILS | 203,100 | — | (574 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 420,209 | ILS | 1,566,800 | 1,294 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 111,032 | ILS | 406,300 | — | (1,728 | ) | ||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 10,026,737 | ILS | 37,389,200 | 31,746 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 4,320,317 | JPY | 488,153,900 | — | (17,586 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 166,464,205 | JPY | 18,900,662,100 | 131,750 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 8,615,973 | JPY | 976,307,800 | — | (10,511 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 101,542,856 | JPY | 11,433,289,000 | — | (766,509 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 388,859,281 | JPY | 44,154,971,400 | 335,530 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 360,024,779 | JPY | 40,880,813,600 | 310,650 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 228,292,124 | JPY | 25,920,516,100 | 178,873 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 147,529,108 | JPY | 16,751,930,200 | 127,297 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 141,040 | NOK | 1,177,400 | — | (4,015 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 5,314,103 | NOK | 45,716,300 | 6,338 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 4,949,854 | NOK | 42,583,200 | 5,958 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 282,650 | NOK | 2,354,900 | — | (8,588 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 11,933,795 | NOK | 102,665,200 | 14,329 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 9,783,054 | NOK | 84,162,700 | 11,759 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 9,124,029 | NOK | 78,496,300 | 11,331 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 830,614 | NZD | 1,209,200 | 657 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 87,407 | NZD | 128,800 | 1,137 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 4,401,869 | NZD | 6,408,200 | 3,482 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 42,949 | NZD | 64,400 | 1,323 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 8,053,010 | NZD | 11,723,700 | 6,511 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 28,161,328 | SEK | 256,280,500 | 6,313 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 11,062,310 | SEK | 100,835,000 | 20,406 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 952,417 | SEK | 8,568,400 | — | (10,669 | ) | ||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 45,621,035 | SEK | 415,201,600 | 13,531 | — | |||||||||||||||
The Bank of New York Mellon | 12/5/2018 | USD | 19,238,466 | SEK | 175,078,200 | 4,277 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 48,359,484 | SEK | 440,124,500 | 14,343 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 474,276 | SEK | 4,284,200 | — | (3,402 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 223,913 | SGD | 307,600 | 322 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 448,877 | SGD | 615,200 | — | (406 | ) | ||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,073,550 | SGD | 2,844,900 | 335 | — | |||||||||||||||
Goldman Sachs & Co. | 12/5/2018 | USD | 2,734,894 | SGD | 3,785,000 | 24,309 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/5/2018 | USD | 34,714,171 | SGD | 47,627,600 | 5,560 | — | |||||||||||||||
RBC Capital Markets | 12/5/2018 | USD | 22,825,364 | SGD | 31,316,400 | 3,773 | — | |||||||||||||||
The Bank of Nova Scotia | 12/5/2018 | USD | 7,719,606 | SGD | 10,591,300 | 1,276 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | AUD | 202,974,700 | USD | 148,291,286 | — | (154,923 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | AUD | 23,000,000 | USD | 16,803,685 | — | (17,440 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | AUD | 290,076,942 | USD | 211,925,863 | — | (222,856 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | CHF | 96,576,800 | USD | 96,982,186 | — | (97,922 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CHF | 117,430,800 | USD | 117,923,721 | — | (119,067 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | CHF | 4,000,000 | USD | 4,017,137 | — | (3,709 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2019 | CHF | 65,737,500 | USD | 66,007,471 | — | (72,619 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | CHF | 192,051,700 | USD | 192,853,973 | — | (198,601 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | DKK | 134,456,800 | USD | 20,466,942 | — | (7,704 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | DKK | 26,000,000 | USD | 3,957,315 | — | (1,881 | ) | ||||||||||||||
RBC Capital Markets | 1/4/2019 | DKK | 158,972,000 | USD | 24,195,547 | — | (12,196 | ) | ||||||||||||||
The Bank of New York Mellon | 1/4/2019 | DKK | 55,425,300 | USD | 8,437,483 | — | (2,503 | ) | ||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | DKK | 233,296,100 | USD | 35,503,356 | — | (22,220 | ) | ||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | EUR | 164,689,400 | USD | 187,054,550 | — | (78,843 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 509,397,100 | USD | 578,522,286 | — | (295,827 | ) |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2018 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | EUR | 12,000,000 | USD | 13,629,264 | $ | — | $ | (6,105 | ) | ||||||||||||||||||
RBC Capital Markets | 1/4/2019 | EUR | 552,809,800 | USD | 627,815,034 | — | (332,095 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | EUR | 41,575,000 | USD | 47,222,132 | — | (18,740 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | EUR | 193,137,200 | USD | 219,342,248 | — | (115,832 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | GBP | 6,571,200 | USD | 8,400,694 | 8,444 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | GBP | 275,957,000 | USD | 352,753,074 | 321,214 | — | |||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | GBP | 159,532,500 | USD | 203,937,574 | 194,470 | — | |||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | GBP | 118,775,700 | USD | 151,840,479 | 148,945 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | GBP | 168,610,900 | USD | 215,537,000 | 199,635 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | HKD | 495,832,400 | USD | 63,410,138 | — | (28,335 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | HKD | 323,985,200 | USD | 41,432,982 | — | (18,779 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | HKD | 67,018,400 | USD | 8,570,868 | — | (3,693 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | HKD | 443,759,600 | USD | 56,744,938 | — | (31,164 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | HKD | 120,000,000 | USD | 15,343,954 | — | (9,251 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | ILS | 8,809,400 | USD | 2,366,750 | — | (8,532 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | ILS | 13,245,900 | USD | 3,559,666 | — | (11,832 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | ILS | 1,566,800 | USD | 421,000 | — | (1,457 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | ILS | 37,389,200 | USD | 10,045,864 | — | (35,402 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | NOK | 45,716,300 | USD | 5,322,192 | — | (6,490 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | NOK | 42,583,200 | USD | 4,957,457 | — | (6,032 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | NOK | 102,665,200 | USD | 11,951,521 | — | (15,114 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | NOK | 84,162,700 | USD | 9,797,967 | — | (12,020 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | NOK | 78,496,300 | USD | 9,135,710 | — | (13,803 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | NZD | 1,209,200 | USD | 830,999 | — | (690 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | NZD | 6,408,200 | USD | 4,403,843 | — | (3,720 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | NZD | 11,723,700 | USD | 8,056,292 | — | (7,275 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | SEK | 256,280,500 | USD | 28,253,822 | — | (6,688 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | SEK | 415,201,600 | USD | 45,769,390 | — | (15,634 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/4/2019 | SEK | 175,078,200 | USD | 19,302,063 | — | (4,124 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | SEK | 440,124,500 | USD | 48,508,724 | — | (24,594 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/4/2019 | SGD | 2,844,900 | USD | 2,074,449 | — | (651 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/4/2019 | SGD | 47,627,600 | USD | 34,730,727 | — | (9,351 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/4/2019 | SGD | 31,316,400 | USD | 22,837,016 | — | (5,499 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/4/2019 | SGD | 10,591,300 | USD | 7,722,139 | — | (3,268 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 1/7/2019 | JPY | 18,900,662,100 | USD | 167,041,056 | — | (125,736 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/7/2019 | JPY | 4,200,000,000 | USD | 37,118,606 | — | (28,268 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 1/7/2019 | JPY | 44,154,971,400 | USD | 390,213,258 | — | (315,122 | ) | ||||||||||||||||||||
RBC Capital Markets | 1/7/2019 | JPY | 40,880,813,600 | USD | 361,265,585 | — | (304,526 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 1/7/2019 | JPY | 25,920,516,100 | USD | 229,084,045 | — | (169,804 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 1/7/2019 | JPY | 16,751,930,200 | USD | 148,037,559 | — | (124,787 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 24,599,469 | $ | (21,855,213 | ) | |||||||||||||||||||||||
|
|
|
|
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, 2018 (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, 2018 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) | $ | 5,285,354,059 | $ | — | $ | 38,996 | $ | 5,285,393,055 | ||||||||
Preferred Stocks | 29,201,783 | — | — | 29,201,783 | ||||||||||||
Short-Term Investments (h) | 157,155,142 | — | — | 157,155,142 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 24,599,469 | — | 24,599,469 | ||||||||||||
Futures Contracts | 196,821 | — | — | 196,821 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,471,907,805 | $ | 24,599,469 | $ | 38,996 | $ | 5,496,546,270 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (21,855,213 | ) | $ | — | $ | (21,855,213 | ) | ||||||
Futures Contracts | (4,252,544 | ) | — | — | (4,252,544 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (4,252,544 | ) | $ | (21,855,213 | ) | $ | — | $ | (26,107,757 | ) | |||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
November 30, 2018 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investments innon-affiliated securities at value | $ | 5,307,365,568 | ||
Investments in affiliated securities at value | 7,229,270 | |||
Investment in DWS ESG Liquidity Fund* | 50,000,000 | |||
Investment in DWS Government Money Market Series* | 39,783,595 | |||
Investment in DWS Government & Agency Securities Portfolio** | 67,371,547 | |||
Foreign currency at value | 12,651,976 | |||
Receivable for return of collateral pledged for forward foreign currency contracts | 15,070,000 | |||
Unrealized appreciation on forward foreign currency contracts | 24,599,469 | |||
Deposit with broker for futures contracts | 7,604,688 | |||
Receivables: | ||||
Investment securities sold | 22,924,305 | |||
Dividends | 15,736,856 | |||
Interest | 123,658 | |||
Securities lending income | 86,283 | |||
Foreign tax reclaim | 18,560,591 | |||
|
| |||
Total Assets | $ | 5,589,107,806 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 67,371,547 | ||
Payable upon return of deposit for forward foreign currency contracts | 1,250,000 | |||
Unrealized depreciation on forward foreign currency contracts | 21,855,213 | |||
Payables: | ||||
Investment securities purchased | 31,111,777 | |||
Investment advisory fees | 1,559,281 | |||
Variation margin on futures contracts | 435,395 | |||
|
| |||
Total Liabilities | 123,583,213 | |||
|
| |||
Net Assets, at value | $ | 5,465,524,593 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 5,866,016,122 | ||
Distributable earnings (loss) | (400,491,529 | ) | ||
|
| |||
Net Assets, at value | $ | 5,465,524,593 | ||
|
| |||
Number of Common Shares outstanding | 180,150,800 | |||
|
| |||
Net Asset Value | $ | 30.34 | ||
|
| |||
Investments innon-affiliated securities at cost | $ | 5,650,621,628 | ||
|
| |||
Investments in affiliated securities at cost | $ | 24,159,290 | ||
|
| |||
Value of securities loaned | $ | 65,475,199 | ||
|
| |||
Investment in DWS ESG Liquidity Fund at cost* | $ | 50,000,000 | ||
|
| |||
Investment in DWS Government Money Market Series at cost* | $ | 39,783,595 | ||
|
| |||
Investment in DWS Government & Agency Securities Portfolio at cost** | $ | 67,371,547 | ||
|
| |||
Non-cash collateral for securities on loan | $ | 7,850,319 | ||
|
| |||
Foreign currency at cost | $ | 12,668,863 | ||
|
| |||
* Includes collateral held for forward foreign currency contracts | $ | 1,250,000 | ||
|
|
** | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
For the Six Months Ended November 30, 2018 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 67,918,243 | ||
Income distributions from affiliated funds | 379,518 | |||
Affiliated securities lending income | 631,337 | |||
|
| |||
Total Investment Income | 68,929,098 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 10,268,033 | |||
Other expenses | 503,537 | |||
|
| |||
Total Expenses | 10,771,570 | |||
Less fees waived (See Note 3): | ||||
Waiver | (16,353 | ) | ||
|
| |||
Net Expenses | 10,755,217 | |||
|
| |||
Net Investment income (loss) | 58,173,881 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (7,458,564 | ) | ||
In-kind redemptions | 46,679,610 | |||
In-kind redemptions in affiliates | (23,776 | ) | ||
Futures contracts | (5,927,780 | ) | ||
Foreign currency transactions | (2,626,977 | ) | ||
Forward foreign currency contracts | 358,459,909 | |||
|
| |||
Net realized gain (loss) | 389,102,422 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (561,125,155 | ) | ||
Investments in affiliates | (1,185,697 | ) | ||
Futures contracts | (3,957,735 | ) | ||
Foreign currency translations | (20,155 | ) | ||
Forward foreign currency contracts | (100,664,706 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (666,953,448 | ) | ||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (277,851,026 | ) | ||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (219,677,145 | ) | |
|
| |||
* Unaffiliated foreign tax withheld | $ | 4,251,312 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 58,173,881 | $ | 179,604,129 | ||||
Net realized gain (loss) | 389,102,422 | (62,238,754 | ) | |||||
Net change in net unrealized appreciation (depreciation) | (666,953,448 | ) | 338,069,505 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (219,677,145 | ) | 455,434,880 | |||||
|
|
|
| |||||
Distributions to Shareholders | (56,926,310 | ) | (244,654,328 | )* | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | — | 242,635,204 | ||||||
Value of shares redeemed | (398,291,058 | ) | (2,950,986,126 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (398,291,058 | ) | (2,708,350,922 | ) | ||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (674,894,513 | ) | (2,497,570,370 | ) | ||||
Net Assets | ||||||||
Beginning of period | 6,140,419,106 | 8,637,989,476 | ||||||
|
|
|
| |||||
End of period | $ | 5,465,524,593 | $ | 6,140,419,106 | ** | |||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 192,750,800 | 281,550,800 | ||||||
Shares sold | — | 7,600,000 | ||||||
Shares redeemed | (12,600,000 | ) | (96,400,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of period | 180,150,800 | 192,750,800 | ||||||
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $105,948,751. |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Year Ended 5/31/2014 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.31 | 0.80 | 0.74 | 0.76 | 1.41 | 1.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (1.53 | ) | 1.33 | 4.18 | (4.03 | ) | 2.90 | 1.95 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.22 | ) | 2.13 | 4.92 | (3.27 | ) | 4.31 | 3.13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.95 | ) | (0.72 | ) | (0.88 | ) | (1.37 | ) | (0.41 | ) | ||||||||||||
Net realized gains | — | — | — | (0.12 | ) | (0.00 | )(b) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.30 | ) | (0.95 | ) | (0.72 | ) | (1.00 | ) | (1.37 | ) | (0.41 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 30.34 | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (3.87 | )(c)** | 7.05 | 19.17 | (10.90 | ) | 16.22 | 12.74 | (c) | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 5,466 | 6,140 | 8,638 | 11,984 | 12,268 | 563 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.37 | * | 0.35 | 0.35 | 0.35 | 0.35 | 0.36 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.37 | * | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.98 | * | 2.57 | 2.72 | 2.82 | 4.81 | 4.48 | |||||||||||||||||
Portfolio turnover | 1 | ** | 10 | 14 | 15 | 12 | 10 |
(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. | 22 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2018, the Trust consists ofthirty-six investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co. KGaA (“DWS Group”), 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”).
MSCI is the creator of 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 selectednon-U.S. currencies.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new1-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 theone-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.
In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Fund adopted the
23
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
amendments with the impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
Security Valuation The Net Asset Value (“NAV”), of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other 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) orover-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 the 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 theex-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
24
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on theex-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 positions as income tax expense on the Statement of Operations. For the period ended November 30, 2018, the Fund did not incur any interest or penalties.
At May 31, 2018, 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 | ||||||||
$148,602,700 | $ | 159,306,729 | $ | 307,909,429 |
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, 2018, the Fund incurred and will elect to defer net capital losses as follows:
Post-October Losses on Capital | ||||
$ | 82,498,974 |
As of May 31, 2018, 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) | |||||||||||||
$ | 5,988,098,264 | $ | 160,852,259 | $ | 751,845,014 | $ | (590,992,755 | ) |
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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in
25
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
unrealized appreciation (depreciation). Foreign taxes payable as of November 30, 2018, 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 period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2018, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2018) on the cash collateral invested in DWS 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, 2018, 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.
Remaining Contractual Maturity of the Agreements, as of November 30, 2018 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 67,371,547 | $ | — | $ | 471,987 | $ | 7,378,332 | $ | 75,221,866 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 75,221,866 |
Derivatives
Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure tonon-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, 2018, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specifiednon-U.S. currencies.
26
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward 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, 2018 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, 2018.
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. ornon-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, 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, 2018 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, 2018 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* | $ | 196,821 | Unrealized depreciation on futures contracts* | $ | 4,252,544 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 24,599,469 | Unrealized depreciation on forward foreign currency contracts | 21,855,213 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 24,796,290 | Total | $ | 26,107,757 | |||||||||
|
|
|
|
* | 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. |
27
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2018 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 | ||||||||||
$ | (5,927,780 | ) | $ | 358,459,909 | $ | 352,532,129 | ||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts— Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
$ | (3,957,735 | ) | $ | (100,664,706 | ) | $ | (104,622,441 | ) |
For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
$ | 170,683,914 | $ | (5,742,274,010 | ) |
As of November 30, 2018, 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. Interest expense from collateral received, if any, is included in Other expenses on the Statement of Operations. 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(a) | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged(a) | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 3,715,944 | $ | (2,119,796 | ) | $ | 430,000 | $ | 1,166,148 | $ | 2,119,796 | $ | (2,119,796 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 7,323,479 | (6,710,372 | ) | — | 613,107 | 6,710,372 | (6,710,372 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 6,364,476 | (2,735,107 | ) | — | 3,629,369 | 2,735,107 | (2,735,107 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 3,135,272 | (795,453 | ) | 820,000 | 1,519,819 | 795,453 | (795,453 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 4,060,298 | (4,060,298 | ) | — | — | 9,494,485 | (4,060,298 | ) | (5,434,187 | ) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 24,599,469 | $ | (16,421,026 | ) | $ | 1,250,000 | $ | 6,928,443 | $ | 21,855,213 | $ | (16,421,026 | ) | $ | (5,434,187 | ) | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | The actual collateral received or pledged may be more than amount shown. |
Affiliated Cash Management Vehicles The Fund may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each
28
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
affiliated money market fund in which it invests. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Fund equal to such acquired fund’s fees and expenses on the Fund’s assets invested in the affiliated money market funds.
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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-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%.
The Advisor for the Fund 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 affiliated cash management vehicles. For the period from June 1, 2018 through November 30, 2018, the Advisor waived $16,353 of expenses to the Fund.
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 Trustees and 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, 2018, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
$ | 414,556,159 | $ | 79,828,036 |
For the period ended November 30, 2018, the cost ofin-kind purchases and proceeds fromin-kind sales were as follows:
Purchases | Sales | |||||||
$ | — | $ | 385,943,606 |
5. Fund Share Transactions
As of November 30, 2018, 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 thein-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.
29
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 recent12-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 FormN-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 at855-329-3837. You can also obtain copies of FormN-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 calling800-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.
30
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
31
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 NYSE Arca, Inc. 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. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
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 © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International GmbH. 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 240 Greenwich 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-049078-3 (1/19) DBX003656 (1/20)
November 30, 2018
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 Equity ETF (HDAW)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
DBX ETF Trust
Table of Contents
Page | ||||
1 | ||||
4 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 5 | |||
6 | ||||
7 | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 8 | |||
9 | ||||
10 | ||||
12 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 15 | |||
17 | ||||
25 | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 29 | |||
34 | ||||
38 | ||||
40 | ||||
42 | ||||
45 | ||||
48 | ||||
59 | ||||
60 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our ETFs tracking the fixed income market for the period ended November 30, 2018.
The global economy peaked and was divergent as growth moderated to its long-term trend. Economic momentum in the U.S. remained strong, driven by corporate earnings, tax cuts, increased consumer spending, strong employment data and lagged effects of easier financial conditions. Meanwhile, Eurozone growth slowed down during the reporting period as geopolitical risks persisted and inflation inched higher; however, stronger wage growth and still-easy financial conditions pointed to domestic resilience. On the other hand, emerging markets recovered in the second half of the year as policymakers focused on inflation and currency control.
Global equity markets experienced selling pressure, due to monetary tightening in the U.S. and fears surrounding U.S.-China trade disputes. However, in the U.S., equity markets were buoyed by strong earnings and robust underlying growth. Although the Eurozone was hit by weaker trade growth and new vehicle emission standards, the economy received support from improving labor markets and a moderate expansionary fiscal stance. Furthermore, tension between Italy and the European Commission (EC) persists, as it is in the electoral interest of the government to deliver a less austere budget.
Fixed income markets experienced mixed performance, as the Federal Reserve Board (FRB) increased its interest rates by 0.25% at its June and September meetings. The FRB’s move was followed by strengthening labor markets, growing business investment and increased household spending. The European Central Bank remained committed to end its net asset purchases by December 2018, and the focus is now on quantitative easing reinvestments. Meanwhile, the Bank of Japan (BOJ) left its key short-term interest rate unchanged at its October meeting and kept the target for the10-year Japanese government bond yield around zero percent. Diverging monetary policies of central banks drove bond markets, leading to an overall increase in global yields. The10-year U.S. Treasury yield increased, hovering near multiyear highs, backed by strong economic data and an uptick in inflation expectations.
High-yield corporate bonds also proved resilient in the phase of rising yields, backed by strong corporate earnings and low default rates. Municipal bond markets outperformed both Treasuries and corporate bonds due to technical factors related to tax reforms.
The Bank of England (BOE) increased its benchmark rate from 0.50% to 0.75% in August, making it the second rate hike since the 2008 financial crisis. The BOE is also likely to increase rates gradually; however, the uncertainty surrounding Brexit1 remains the key challenge. Italian and German10-year bond spreads widened to highest levels since 2013, amidst the potential clash between the Italian government and the EC over an expansionary budget. Elsewhere, the Japanese economy contracted during the reporting period due to lower private consumption, decline in public investments and a string of natural disasters. Nonetheless, emerging market bond fund flows remained stable, despite tightening US funding, rising trade conflicts and country-specific risks such as currency crises in Turkey and Argentina.
Although trade and political risks remain prominent, the global economy is expected to grow, albeit at a slightly slower pace. Furthermore, reduced unemployment rates, some acceleration in wage growth, along with fiscal easing should instill confidence in central banks to tighten policy further. Given this economic backdrop of a rising rate environment, hedging the interest rate exposure would play a significant role in managing investments in fixed income markets.
1
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.
2
This Page is Intentionally Left Blank
3
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, 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 notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets sovereign debt. It is not possible to invest directly into an index.
Quality* as of 11/30/18 |
Description | % of Market Value | |||
AA | 5.6% | |||
A | 21.5% | |||
BBB | 41.5% | |||
BB | 11.6% | |||
B | 19.8% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 11/30/18 |
Ecuador | 5.7% | |||
Qatar | 5.5% | |||
Colombia | 5.4% | |||
Indonesia | 5.4% | |||
Philippines | 5.3% | |||
Turkey | 5.0% | |||
Poland | 4.8% | |||
Egypt | 4.6% | |||
Ukraine | 4.5% | |||
Russia | 4.5% | |||
South Africa | 4.5% | |||
Peru | 4.5% | |||
Sri Lanka | 4.4% | |||
Hungary | 4.4% | |||
Uruguay | 4.0% | |||
Mexico | 3.9% | |||
Brazil | 3.9% | |||
Romania | 2.7% | |||
Panama | 2.6% | |||
Croatia | 2.6% | |||
Kazakhstan | 2.6% | |||
China | 2.4% | |||
Malaysia | 2.3% | |||
Chile | 2.2% | |||
Other | 2.3% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/18: 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 cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
4
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”), using a “passive” or indexing investment approach, 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 11/30/18 |
Description | % of Market Value | |||
BBB | 5.5% | |||
BB | 51.5% | |||
B | 33.9% | |||
CCC | 8.9% | |||
C | 0.2% | |||
|
| |||
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 11/30/18 |
Communications | 23.3% | |||
Consumer,Non-cyclical | 19.5% | |||
Energy | 13.8% | |||
Consumer, Cyclical | 12.6% | |||
Financial | 9.2% | |||
Industrial | 8.3% | |||
Technology | 5.4% | |||
Basic Materials | 4.8% | |||
Utilities | 2.9% | |||
Diversified | 0.2% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/18: 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 percentage of total investments excluding cash equivalents. 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 15.
5
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”), using a “passive” or indexing investment approach, 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 and 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 (“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 11/30/18 |
Description | % of Market Value | |||
AAA | 3.4% | |||
AA | 15.1% | |||
A | 38.6% | |||
BBB | 42.9% | |||
|
| |||
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 11/30/18 |
United States | 84.6% | |||
United Kingdom | 4.9% | |||
Netherlands | 2.8% | |||
Canada | 2.1% | |||
Japan | 1.3% | |||
Luxembourg | 1.1% | |||
Guernsey | 0.9% | |||
Australia | 0.8% | |||
Ireland | 0.7% | |||
France | 0.7% | |||
Norway | 0.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financial | 30.8% | |||
Consumer,Non-cyclical | 20.1% | |||
Communications | 13.3% | |||
Energy | 10.5% | |||
Technology | 9.7% | |||
Consumer, Cyclical | 6.3% | |||
Industrial | 5.4% | |||
Utilities | 2.2% | |||
Basic Materials | 1.7% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/18: 0.0 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.
6
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”), using a “passive” or indexing investment approach, 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 s designed to track the performance 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 11/30/18 |
Description | % of Market Value | |||
AAA | 8.4% | |||
AA | 42.9% | |||
A | 46.6% | |||
BBB | 2.1% | |||
|
| |||
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 11/30/18 |
Transportation | 39.1% | |||
Airport | 17.8% | |||
Water | 19.8% | |||
Power | 10.2% | |||
General | 5.6% | |||
Utilities | 4.5% | |||
Development | 3.0% | |||
|
| |||
Total | 100.0% |
Modified duration as of 11/30/18: 6.2 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.
7
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)
The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 reflect the performance of equities (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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (31.1% of Net Assets) |
Description | % of Net Assets | |||
Roche Holding AG (Switzerland) | 5.1% | |||
TOTAL SA (France) | 4.1% | |||
Royal Bank of Canada (Canada) | 3.2% | |||
GlaxoSmithKline PLC (United Kingdom) | 3.1% | |||
Sanofi (France) | 3.1% | |||
AstraZeneca PLC (United Kingdom) | 3.0% | |||
Allianz SE (Germany) | 2.8% | |||
China Construction Bank Corp. (China) | 2.5% | |||
Bayer AG (Germany) | 2.1% | |||
BASF SE (Germany) | 2.1% |
Country Diversification* as of 11/30/18 |
United Kingdom | 16.0% | |||
Germany | 10.7% | |||
Canada | 9.9% | |||
France | 9.6% | |||
Switzerland | 8.1% | |||
China | 6.4% | |||
Taiwan | 4.6% | |||
Japan | 4.1% | |||
Hong Kong | 3.8% | |||
Russia | 3.3% | |||
Australia | 3.3% | |||
South Africa | 2.9% | |||
Spain | 2.5% | |||
Other | 14.8% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 29.7% | |||
Health Care | 17.1% | |||
Energy | 10.2% | |||
Consumer Discretionary | 8.7% | |||
Materials | 8.6% | |||
Utilities | 6.2% | |||
Communication Services | 6.2% | |||
Industrials | 3.9% | |||
Information Technology | 3.6% | |||
Consumer Staples | 3.5% | |||
Real Estate | 2.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.
8
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (41.4% of Net Assets) |
Description | % of Net Assets | |||
GlaxoSmithKline PLC (United Kingdom) | 5.1% | |||
Sanofi (France) | 5.0% | |||
Allianz SE (Germany) | 5.0% | |||
TOTAL SA (France) | 5.0% | |||
AstraZeneca PLC (United Kingdom) | 4.9% | |||
BASF SE (Germany) | 4.1% | |||
Rio Tinto PLC (United Kingdom) | 3.3% | |||
Daimler AG (Germany) | 3.2% | |||
Zurich Insurance Group AG (Switzerland) | 2.9% | |||
AXA SA (France) | 2.9% |
Country Diversification* as of 11/30/18 |
United Kingdom | 29.2% | |||
Germany | 16.7% | |||
France | 14.8% | |||
Japan | 7.5% | |||
Spain | 5.0% | |||
Australia | 5.0% | |||
Hong Kong | 4.3% | |||
Switzerland | 4.1% | |||
Finland | 3.9% | |||
Italy | 3.0% | |||
Other | 6.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 21.9% | |||
Health Care | 15.3% | |||
Consumer Discretionary | 13.1% | |||
Materials | 11.3% | |||
Utilities | 9.2% | |||
Communication Services | 7.5% | |||
Industrials | 6.5% | |||
Energy | 6.0% | |||
Consumer Staples | 4.3% | |||
Information Technology | 3.1% | |||
Real Estate | 1.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 34.
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. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF invests. In the most recentsix-month period the Funds limted 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, 2018 to November 30, 2018).
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, 2018 | Ending Account Value November 30, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,003.20 | 0.45 | % | $ | 2.26 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,014.30 | 0.15 | % | $ | 0.76 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.32 | 0.15 | % | $ | 0.76 | ||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 996.80 | 0.25 | % | $ | 1.25 | ||||||||
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 | $ | 993.90 | 0.30 | % | $ | 1.50 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.56 | 0.30 | % | $ | 1.52 |
10
DBX ETF Trust
Fees and Expenses(Unaudited) (Continued)
Beginning Account Value June 1, 2018 | Ending Account Value November 30, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 951.80 | 0.20 | % | $ | 0.98 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 934.20 | 0.20 | % | $ | 0.97 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 |
(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 recentsix-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.
11
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
November 30, 2018 (Unaudited)
Principal | Value | |||||||
SOVEREIGN BONDS — 97.4% | ||||||||
Brazil — 3.8% | ||||||||
Brazilian Government International Bond | $ | 50,000 | $ | 60,312 | ||||
8.25%, 1/20/34 | 90,000 | 108,450 | ||||||
7.125%, 1/20/37 | 30,000 | 33,120 | ||||||
5.625%, 1/07/41 | 125,000 | 115,533 | ||||||
|
| |||||||
317,415 | ||||||||
|
| |||||||
Chile — 2.2% | ||||||||
Chile Government International Bond | 200,000 | 181,900 | ||||||
|
| |||||||
China — 2.4% | ||||||||
Export-Import Bank of China | 200,000 | 197,005 | ||||||
|
| |||||||
Colombia — 5.3% | ||||||||
Colombia Government International Bond | 200,000 | 187,675 | ||||||
8.125%, 5/21/24 | 25,000 | 29,269 | ||||||
7.375%, 9/18/37 | 100,000 | 119,375 | ||||||
6.125%, 1/18/41 | 100,000 | 106,400 | ||||||
|
| |||||||
442,719 | ||||||||
|
| |||||||
Croatia — 2.5% | ||||||||
Croatia Government International Bond | 200,000 | 209,285 | ||||||
|
| |||||||
Ecuador — 5.5% | ||||||||
Ecuador Government International Bond | 200,000 | 207,350 | ||||||
7.875%, 1/23/28, 144A | 300,000 | 253,635 | ||||||
|
| |||||||
460,985 | ||||||||
|
| |||||||
Egypt — 4.5% | ||||||||
Egypt Government International Bond | 200,000 | 182,951 | ||||||
7.50%, 1/31/27, 144A | 200,000 | 193,191 | ||||||
|
| |||||||
376,142 | ||||||||
|
| |||||||
El Salvador — 0.4% | ||||||||
El Salvador Government International Bond | 40,000 | 37,200 | ||||||
|
| |||||||
Hungary — 4.3% | ||||||||
Hungary Government International Bond | 100,000 | 105,455 | ||||||
5.75%, 11/22/23 | 70,000 | 74,601 | ||||||
5.375%, 3/25/24 | 106,000 | 111,787 | ||||||
7.625%, 3/29/41 | 50,000 | 67,082 | ||||||
|
| |||||||
358,925 | ||||||||
|
| |||||||
Indonesia — 5.3% | ||||||||
Indonesia Government International Bond | 100,000 | 131,646 | ||||||
6.625%, 2/17/37, 144A | 100,000 | 113,046 | ||||||
Perusahaan Penerbit SBSN Indonesia III | 200,000 | 196,120 | ||||||
|
| |||||||
440,812 | ||||||||
|
|
Principal | Value | |||||||
Kazakhstan — 2.5% | ||||||||
Kazakhstan Government International Bond | $ | 200,000 | $ | 209,081 | ||||
|
| |||||||
Lebanon — 0.4% | ||||||||
Lebanon Government International Bond | 50,000 | 36,983 | ||||||
|
| |||||||
Lithuania — 1.3% | ||||||||
Lithuania Government International Bond | 100,000 | 105,924 | ||||||
|
| |||||||
Malaysia — 2.3% | ||||||||
Malaysia Sovereign Sukuk BHD | 200,000 | 190,904 | ||||||
|
| |||||||
Mexico — 3.8% | ||||||||
Mexico Government International Bond | 50,000 | 49,218 | ||||||
4.00%, 10/02/23 | 30,000 | 29,604 | ||||||
Series A, MTN, 6.75%, 9/27/34 | 10,000 | 11,312 | ||||||
6.05%, 1/11/40 | 26,000 | 26,931 | ||||||
MTN, 4.75%, 3/08/44 | 120,000 | 105,600 | ||||||
5.55%, 1/21/45 | 35,000 | 34,563 | ||||||
GMTN, 5.75%, 10/12/10 | 70,000 | 64,312 | ||||||
|
| |||||||
321,540 | ||||||||
|
| |||||||
Panama — 2.5% | ||||||||
Panama Government International Bond | 175,000 | 211,312 | ||||||
|
| |||||||
Peru — 4.3% | ||||||||
Peruvian Government International Bond | 100,000 | 120,800 | ||||||
8.75%, 11/21/33 | 75,000 | 108,000 | ||||||
6.55%, 3/14/37 | 40,000 | 49,300 | ||||||
5.625%, 11/18/50 | 75,000 | 85,201 | ||||||
|
| |||||||
363,301 | ||||||||
|
| |||||||
Philippines — 5.1% | ||||||||
Philippine Government International Bond | 75,000 | 102,910 | ||||||
9.50%, 2/02/30 | 225,000 | 326,641 | ||||||
|
| |||||||
429,551 | ||||||||
|
| |||||||
Poland — 4.7% | ||||||||
Poland Government International Bond | 80,000 | 83,214 | ||||||
5.00%, 3/23/22 | 50,000 | 52,309 | ||||||
3.00%, 3/17/23 | 140,000 | 136,688 | ||||||
4.00%, 1/22/24 | 70,000 | 70,927 | ||||||
3.25%, 4/06/26 | 50,000 | 48,200 | ||||||
|
| |||||||
391,338 | ||||||||
|
| |||||||
Qatar — 5.4% | ||||||||
Qatar Government International Bond | 200,000 | 194,378 | ||||||
9.75%, 6/15/30, 144A | 90,000 | 133,904 | ||||||
6.40%, 1/20/40, 144A | 100,000 | 122,791 | ||||||
|
| |||||||
451,073 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Romania — 2.6% | ||||||||
Romanian Government International Bond | $ | 10,000 | $ | 9,942 | ||||
4.875%, 1/22/24, 144A | 86,000 | 87,437 | ||||||
6.125%, 1/22/44, 144A | 70,000 | 74,787 | ||||||
5.125%, 6/15/48, 144A | 50,000 | 45,911 | ||||||
|
| |||||||
218,077 | ||||||||
|
| |||||||
Russia — 4.4% | ||||||||
Russian Foreign Bond — Eurobond | 100,000 | 157,259 | ||||||
5.875%, 9/16/43, 144A | 200,000 | 207,568 | ||||||
|
| |||||||
364,827 | ||||||||
|
| |||||||
South Africa — 4.4% | ||||||||
South Africa Government International Bond | 200,000 | 192,811 | ||||||
5.65%, 9/27/47 | 200,000 | 171,792 | ||||||
|
| |||||||
364,603 | ||||||||
|
| |||||||
Sri Lanka — 4.3% | ||||||||
Sri Lanka Government International Bond | 200,000 | 180,003 | ||||||
6.85%, 11/03/25, 144A | 200,000 | 179,635 | ||||||
|
| |||||||
359,638 | ||||||||
|
| |||||||
Turkey — 4.9% | ||||||||
Turkey Government International Bond | 55,000 | 54,395 | ||||||
4.875%, 10/09/26 | 200,000 | 169,115 | ||||||
11.875%, 1/15/30 | 40,000 | 51,789 | ||||||
8.00%, 2/14/34 | 80,000 | 79,219 | ||||||
7.25%, 3/05/38 | 60,000 | 54,629 | ||||||
|
| |||||||
409,147 | ||||||||
|
|
Principal | Value | |||||||
Ukraine — 4.4% | ||||||||
Ukraine Government International Bond | $ | 120,000 | $ | 107,257 | ||||
7.75%, 9/01/25, 144A | 100,000 | 87,811 | ||||||
7.75%, 9/01/26, 144A | 100,000 | 86,343 | ||||||
7.75%, 9/01/27, 144A | 100,000 | 84,933 | ||||||
|
| |||||||
366,344 | ||||||||
|
| |||||||
Uruguay — 3.9% | ||||||||
Uruguay Government International Bond | 15,000 | 15,165 | ||||||
4.375%, 10/27/27 | 75,000 | 74,260 | ||||||
7.625%, 3/21/36 | 30,000 | 38,411 | ||||||
5.10%, 6/18/50 | 165,000 | 156,131 | ||||||
4.975%, 4/20/55 | 50,000 | 45,825 | ||||||
|
| |||||||
329,792 | ||||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 8,145,823 | |||||||
|
| |||||||
Number of | ||||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (a) | 3,708 | 3,708 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.4% (Cost $8,743,488) | $ | 8,149,531 | ||||||
Other assets and liabilities, net — 2.6% | 217,779 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,367,310 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (a)(b) |
| |||||||||||||||||||||||||||||||
18,900 | — | (18,900) | (c) | — | — | 178 | — | — | — | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (a) |
| |||||||||||||||||||||||||||||||
— | 374,995 | (371,287) | — | — | 269 | — | 3,708 | 3,708 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
18,900 | 374,995 | (390,187) | — | — | 447 | — | 3,708 | 3,708 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
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, 2018, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 5 | $ | 1,054,844 | $ | 1,054,922 | 3/29/2019 | $ | (78 | ) | ||||||||||||||
5-Year U.S. Treasury Note | USD | 16 | 1,806,477 | 1,807,375 | 3/29/2019 | (898 | ) | |||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 8 | 1,009,430 | 1,012,000 | 3/20/2019 | (2,570 | ) | |||||||||||||||||
10-Year U.S. Treasury Note | USD | 19 | 2,266,046 | 2,269,609 | 3/20/2019 | (3,563 | ) | |||||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 2 | 303,688 | 304,813 | 3/20/2019 | (1,125 | ) | |||||||||||||||||
U.S. Treasury Long Bond | USD | 13 | 1,809,843 | 1,818,781 | 3/20/2019 | (8,938 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized depreciation | $ | (17,172 | ) | |||||||||||||||||||||
|
|
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, 2018 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) | $ | — | $ | 8,145,823 | $ | — | $ | 8,145,823 | ||||||||
Short-Term Investments | 3,708 | — | — | 3,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,708 | $ | 8,145,823 | $ | — | $ | 8,149,531 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (17,172 | ) | $ | — | $ | — | $ | (17,172 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (17,172 | ) | $ | — | $ | — | $ | (17,172 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
November 30, 2018 (Unaudited)
Number of Shares | Value | |||||||
EXCHANGE-TRADED FUNDS — 98.5% | ||||||||
Xtrackers High Beta High Yield Bond ETF (a) | 9,999 | $ | 470,003 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a) | 126,449 | 6,106,222 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 6,576,225 | |||||||
|
| |||||||
CASH EQUIVALENTS — 0.8% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) | 54,032 | 54,032 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% (Cost $6,803,524) | $ | 6,630,257 | ||||||
Other assets and liabilities, net — 0.7% | 45,243 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,675,500 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 98.5% |
| |||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a) | ||||||||||||||||||||||||||||||||
145,740 | 551,460 | (215,963) | (5,640 | ) | (5,594 | ) | 8,869 | — | 9,999 | 470,003 | ||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a) | ||||||||||||||||||||||||||||||||
3,216,678 | 3,430,540 | (413,199) | (12,226 | ) | (115,571 | ) | 126,058 | — | 126,449 | 6,106,222 | ||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12 (b)(c) |
| |||||||||||||||||||||||||||||||
302,748 | — | (302,748) | (d) | — | — | 3,362 | — | — | — | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.8% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares” , 2.15% (b) | ||||||||||||||||||||||||||||||||
— | 209,990 | (155,958) | — | — | 239 | — | 54,032 | 54,032 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
3,665,166 | 4,191,990 | (1,087,868) | (17,866 | ) | (121,165 | ) | 138,528 | — | 190,480 | 6,630,257 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund advised by DBX Advisors LLC. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
At November 30, 2018, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 5 | $ | 1,054,844 | $ | 1,054,922 | 3/29/2019 | $ | (78 | ) | ||||||||||||||
5-Year U.S. Treasury Note | USD | 28 | 3,161,338 | 3,162,906 | 3/29/2019 | (1,568 | ) | |||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 1 | 126,133 | 126,500 | 3/20/2019 | (367 | ) | |||||||||||||||||
10-Year U.S. Treasury Note | USD | 16 | 1,908,250 | 1,911,250 | 3/20/2019 | (3,000 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized depreciation | $ | (5,013 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
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, 2018 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 Funds (e) | $ | 6,576,225 | $ | — | $ | — | $ | 6,576,225 | ||||||||
Short-Term Investments | 54,032 | — | — | 54,032 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 6,630,257 | $ | — | $ | — | $ | 6,630,257 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (5,013 | ) | $ | — | $ | — | $ | (5,013 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (5,013 | ) | $ | — | $ | — | $ | (5,013 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
November 30, 2018 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 97.2% | ||||||||
Basic Materials — 1.7% | ||||||||
Chemicals — 0.9% | ||||||||
Dow Chemical Co. | $ | 40,000 | $ | 48,072 | ||||
LyondellBasell Industries NV | 25,000 | 20,803 | ||||||
Sherwin-Williams Co. | 20,000 | 19,191 | ||||||
|
| |||||||
88,066 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
International Paper Co. | 20,000 | 17,735 | ||||||
|
| |||||||
Mining — 0.6% | ||||||||
BHP Billiton Finance USA Ltd. | 25,000 | 26,447 | ||||||
Goldcorp, Inc. | 10,000 | 9,771 | ||||||
Newmont Mining Corp. | 15,000 | 14,737 | ||||||
|
| |||||||
50,955 | ||||||||
|
| |||||||
Communications — 12.9% | ||||||||
Internet — 1.5% | ||||||||
Alphabet, Inc. | 25,000 | 24,927 | ||||||
Amazon.com, Inc. | 20,000 | 20,092 | ||||||
2.80%, 8/22/24 | 10,000 | 9,566 | ||||||
4.80%, 12/05/34 | 20,000 | 21,025 | ||||||
4.95%, 12/05/44 | 35,000 | 37,595 | ||||||
eBay, Inc. | 25,000 | 23,777 | ||||||
|
| |||||||
136,982 | ||||||||
|
| |||||||
Media — 4.0% | ||||||||
21st Century Fox America, Inc. | 20,000 | 24,311 | ||||||
CBS Corp. | 20,000 | 19,255 | ||||||
Comcast Corp. | 25,000 | 24,123 | ||||||
4.15%, 10/15/28 | 45,000 | 44,652 | ||||||
4.20%, 8/15/34 | 70,000 | 66,298 | ||||||
3.40%, 7/15/46 | 10,000 | 8,016 | ||||||
3.969%, 11/01/47 | 25,000 | 21,532 | ||||||
4.70%, 10/15/48 | 30,000 | 29,281 | ||||||
Discovery Communications LLC | 25,000 | 23,134 | ||||||
NBCUniversal Media LLC | 25,000 | 27,701 | ||||||
Viacom, Inc. | 25,000 | 25,150 | ||||||
Walt Disney Co. | 30,000 | 28,134 |
Principal | Value | |||||||
Media (Continued) | ||||||||
Warner Media LLC | $ | 40,000 | $ | 37,552 | ||||
|
| |||||||
379,139 | ||||||||
|
| |||||||
Telecommunications — 7.4% | ||||||||
AT&T, Inc. | 30,000 | 29,313 | ||||||
4.45%, 4/01/24 | 15,000 | 15,095 | ||||||
3.40%, 5/15/25 | 18,000 | 16,772 | ||||||
4.125%, 2/17/26 | 25,000 | 24,206 | ||||||
5.35%, 9/01/40 | 28,000 | 26,490 | ||||||
4.80%, 6/15/44 | 45,000 | 39,426 | ||||||
4.50%, 3/09/48 | 35,000 | 29,239 | ||||||
4.55%, 3/09/49 | 50,000 | 41,528 | ||||||
Cisco Systems, Inc. | 20,000 | 18,896 | ||||||
5.50%, 1/15/40 | 20,000 | 23,121 | ||||||
Deutsche Telekom International Finance BV | 10,000 | 13,180 | ||||||
Motorola Solutions, Inc. | 10,000 | 9,879 | ||||||
Orange SA | 10,000 | 10,647 | ||||||
Rogers Communications, Inc. | 10,000 | 9,276 | ||||||
Telefonica Europe BV | 50,000 | 63,471 | ||||||
Verizon Communications, Inc. | 15,000 | 14,719 | ||||||
4.329%, 9/21/28 | 15,000 | 14,895 | ||||||
4.40%, 11/01/34 | 75,000 | 71,289 | ||||||
4.272%, 1/15/36 | 20,000 | 18,450 | ||||||
4.812%, 3/15/39 | 50,000 | 48,384 | ||||||
4.862%, 8/21/46 | 25,000 | 23,913 | ||||||
5.012%, 8/21/54 | 25,000 | 23,734 | ||||||
4.672%, 3/15/55 | 25,000 | 22,513 | ||||||
Vodafone Group PLC | 10,000 | 9,481 | ||||||
2.95%, 2/19/23 | 55,000 | 52,515 | ||||||
5.25%, 5/30/48 | 20,000 | 18,499 | ||||||
|
| |||||||
688,931 | ||||||||
|
| |||||||
Consumer, Cyclical — 6.1% | ||||||||
Apparel — 0.1% | ||||||||
NIKE, Inc. | 10,000 | 9,044 | ||||||
|
| |||||||
Auto Manufacturers — 1.8% | ||||||||
Ford Motor Co. | 45,000 | 33,981 | ||||||
General Motors Co. | 70,000 | 70,113 | ||||||
6.25%, 10/02/43 | 15,000 | 13,777 | ||||||
5.40%, 4/01/48 | 20,000 | 17,325 | ||||||
Toyota Motor Credit Corp. | 30,000 | 29,957 | ||||||
|
| |||||||
165,153 | ||||||||
|
|
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | $ | 40,000 | $ | 38,977 | ||||
|
| |||||||
Retail — 3.8% | ||||||||
Costco Wholesale Corp. | 15,000 | 14,214 | ||||||
Dollar Tree, Inc. | 15,000 | 14,252 | ||||||
Home Depot, Inc. | 70,000 | 66,533 | ||||||
3.90%, 6/15/47 | 10,000 | 9,141 | ||||||
Lowe’s Cos., Inc. | 30,000 | 28,449 | ||||||
McDonald’s Corp. | 50,000 | 48,796 | ||||||
MTN, 4.45%, 9/01/48 (a) | 10,000 | 9,387 | ||||||
Starbucks Corp. | 10,000 | 9,218 | ||||||
Target Corp. | 30,000 | 27,608 | ||||||
TJX Cos., Inc. | 23,000 | 20,536 | ||||||
Walgreens Boots Alliance, Inc. | 10,000 | 9,210 | ||||||
Walmart, Inc. | 50,000 | 48,263 | ||||||
5.25%, 9/01/35 | 20,000 | 22,695 | ||||||
3.625%, 12/15/47 | 30,000 | 26,712 | ||||||
|
| |||||||
355,014 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 19.5% | ||||||||
Agriculture — 0.9% | ||||||||
Altria Group, Inc. | 25,000 | 24,982 | ||||||
Philip Morris International, Inc. | 40,000 | 36,608 | ||||||
Reynolds American, Inc. | 25,000 | 25,078 | ||||||
|
| |||||||
86,668 | ||||||||
|
| |||||||
Beverages — 2.7% | ||||||||
Anheuser-Busch InBev Finance, Inc. | 25,000 | 23,613 | ||||||
3.30%, 2/01/23 | 50,000 | 48,441 | ||||||
4.00%, 1/17/43 | 20,000 | 16,624 | ||||||
4.625%, 2/01/44 | 25,000 | 22,392 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 30,000 | 28,717 | ||||||
4.75%, 4/15/58 | 10,000 | 8,816 | ||||||
Coca-Cola Co. | 25,000 | 23,750 | ||||||
Molson Coors Brewing Co. | 20,000 | 17,842 | ||||||
PepsiCo, Inc. | 40,000 | 40,163 | ||||||
4.45%, 4/14/46 | 10,000 | 10,193 | ||||||
3.45%, 10/06/46 | 10,000 | 8,704 | ||||||
|
| |||||||
249,255 | ||||||||
|
|
Principal | Value | |||||||
Biotechnology — 2.3% | ||||||||
Amgen, Inc. | $ | 61,000 | $ | 57,878 | ||||
4.663%, 6/15/51 | 16,000 | 14,872 | ||||||
Biogen, Inc. | 20,000 | 19,775 | ||||||
Celgene Corp. | 15,000 | 14,589 | ||||||
3.45%, 11/15/27 | 15,000 | 13,624 | ||||||
4.35%, 11/15/47 | 30,000 | 25,159 | ||||||
Gilead Sciences, Inc. | 20,000 | 18,338 | ||||||
4.00%, 9/01/36 | 25,000 | 22,961 | ||||||
4.75%, 3/01/46 | 25,000 | 24,099 | ||||||
|
| |||||||
211,295 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Procter & Gamble Co. | 25,000 | 23,631 | ||||||
|
| |||||||
Food — 1.8% | ||||||||
Campbell Soup Co. | 15,000 | 13,938 | ||||||
Conagra Brands, Inc. | 15,000 | 14,290 | ||||||
General Mills, Inc. | 20,000 | 18,102 | ||||||
Kraft Heinz Foods Co. | 29,000 | 27,845 | ||||||
6.50%, 2/09/40 | 35,000 | 37,403 | ||||||
4.375%, 6/01/46 | 10,000 | 8,197 | ||||||
Kroger Co. | 10,000 | 8,725 | ||||||
McCormick & Co., Inc. | 10,000 | 9,451 | ||||||
Sysco Corp. | 15,000 | 14,568 | ||||||
Tyson Foods, Inc. | 20,000 | 18,527 | ||||||
|
| |||||||
171,046 | ||||||||
|
| |||||||
Healthcare-Products — 2.1% | ||||||||
Abbott Laboratories | 15,000 | 14,487 | ||||||
4.90%, 11/30/46 | 25,000 | 25,982 | ||||||
Becton Dickinson and Co. | 30,000 | 27,904 | ||||||
Boston Scientific Corp. | 10,000 | 9,546 | ||||||
Medtronic, Inc. | 50,000 | 49,655 | ||||||
4.625%, 3/15/45 | 10,000 | 10,220 | ||||||
Stryker Corp. | 15,000 | 14,767 | ||||||
Thermo Fisher Scientific, Inc. | 30,000 | 27,488 | ||||||
Zimmer Biomet Holdings, Inc. | 20,000 | 19,538 | ||||||
|
| |||||||
199,587 | ||||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Healthcare-Services — 1.3% | ||||||||
Aetna, Inc. | $ | 20,000 | $ | 16,715 | ||||
Anthem, Inc. | 25,000 | 24,477 | ||||||
4.625%, 5/15/42 | 25,000 | 23,474 | ||||||
Laboratory Corp. of America Holdings | 15,000 | 14,464 | ||||||
UnitedHealth Group, Inc. | 40,000 | 41,299 | ||||||
|
| |||||||
120,429 | ||||||||
|
| |||||||
Pharmaceuticals — 8.2% | ||||||||
AbbVie, Inc. | 75,000 | 67,243 | ||||||
Allergan Funding SCS | 75,000 | 72,089 | ||||||
AstraZeneca PLC | 10,000 | 9,235 | ||||||
4.00%, 1/17/29 | 15,000 | 14,622 | ||||||
6.45%, 9/15/37 | 20,000 | 23,715 | ||||||
Cardinal Health, Inc. | 25,000 | 23,846 | ||||||
CVS Health Corp. | 45,000 | 43,675 | ||||||
4.30%, 3/25/28 | 50,000 | 48,685 | ||||||
4.78%, 3/25/38 | 20,000 | 19,140 | ||||||
5.05%, 3/25/48 | 50,000 | 48,716 | ||||||
Eli Lilly & Co. | 10,000 | 9,403 | ||||||
Express Scripts Holding Co. | 50,000 | 46,069 | ||||||
GlaxoSmithKline Capital PLC | 40,000 | 39,050 | ||||||
GlaxoSmithKline Capital, Inc. | 20,000 | 19,259 | ||||||
Johnson & Johnson | 25,000 | 23,826 | ||||||
5.95%, 8/15/37 | 20,000 | 24,618 | ||||||
3.50%, 1/15/48 | 15,000 | 13,444 | ||||||
Merck & Co., Inc. | 30,000 | 28,911 | ||||||
4.15%, 5/18/43 | 10,000 | 10,002 | ||||||
Mylan NV | 15,000 | 12,792 | ||||||
Novartis Capital Corp. | 20,000 | 19,766 | ||||||
3.10%, 5/17/27 | 25,000 | 23,869 | ||||||
Pfizer, Inc. | 15,000 | 14,781 | ||||||
4.40%, 5/15/44 | 50,000 | 50,571 | ||||||
Sanofi | 10,000 | 9,902 | ||||||
Shire Acquisitions Investments Ireland DAC | 25,000 | 22,535 | ||||||
Zoetis, Inc. | 25,000 | 22,926 | ||||||
|
| |||||||
762,690 | ||||||||
|
|
Principal | Value | |||||||
Energy — 10.2% | ||||||||
Oil & Gas — 5.4% | ||||||||
Anadarko Petroleum Corp. | $ | 20,000 | $ | 20,772 | ||||
Apache Corp. | 30,000 | 26,898 | ||||||
BP Capital Markets America, Inc. | 15,000 | 15,054 | ||||||
BP Capital Markets PLC | 50,000 | 47,916 | ||||||
3.279%, 9/19/27 | 20,000 | 18,675 | ||||||
Canadian Natural Resources Ltd. | 25,000 | 23,909 | ||||||
Cenovus Energy, Inc. | 15,000 | 11,130 | ||||||
Chevron Corp. | 20,000 | 18,831 | ||||||
ConocoPhillips | 25,000 | 30,563 | ||||||
Devon Energy Corp. | 25,000 | 24,155 | ||||||
EQT Corp. | 10,000 | 9,503 | ||||||
Equinor ASA | 15,000 | 13,748 | ||||||
Exxon Mobil Corp. | 25,000 | 22,092 | ||||||
Marathon Petroleum Corp. | 20,000 | 21,845 | ||||||
Noble Energy, Inc. | 10,000 | 8,723 | ||||||
Occidental Petroleum Corp. | 30,000 | 27,111 | ||||||
Phillips 66 | 20,000 | 19,001 | ||||||
Shell International Finance BV | 15,000 | 14,428 | ||||||
4.55%, 8/12/43 | 65,000 | 65,478 | ||||||
Suncor Energy, Inc. | 10,000 | 8,533 | ||||||
Total Capital International SA | 40,000 | 40,229 | ||||||
Valero Energy Corp. | 20,000 | 18,237 | ||||||
|
| |||||||
506,831 | ||||||||
|
| |||||||
Oil & Gas Services — 1.0% | ||||||||
Baker Hughes A GE Co. LLC / Baker Hughes Co.-Obligor, Inc. | 15,000 | 12,182 | ||||||
Halliburton Co. | 25,000 | 24,497 | ||||||
3.80%, 11/15/25 | 30,000 | 28,701 | ||||||
Schlumberger Investment SA | 25,000 | 24,556 | ||||||
|
| |||||||
89,936 | ||||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Pipelines — 3.8% | ||||||||
Enbridge, Inc. | $ | 35,000 | $ | 34,833 | ||||
Enterprise Products Operating LLC | 45,000 | 44,226 | ||||||
Kinder Morgan, Inc. | 50,000 | 48,897 | ||||||
5.20%, 3/01/48 | 10,000 | 9,237 | ||||||
MPLX LP | 15,000 | 14,782 | ||||||
4.70%, 4/15/48 | 25,000 | 21,183 | ||||||
Sabine Pass Liquefaction LLC | 30,000 | 28,241 | ||||||
Sunoco Logistics Partners Operations LP | 75,000 | 68,452 | ||||||
Transcanada Pipelines Ltd. | 30,000 | 37,373 | ||||||
Williams Cos., Inc. | 50,000 | 46,303 | ||||||
|
| |||||||
353,527 | ||||||||
|
| |||||||
Financial — 29.9% | ||||||||
Banks — 22.9% | ||||||||
Bank of America Corp. | 115,000 | 112,328 | ||||||
MTN, 4.00%, 1/22/25 | 25,000 | 24,267 | ||||||
MTN, 4.25%, 10/22/26 | 65,000 | 63,019 | ||||||
MTN, 5.00%, 1/21/44 | 20,000 | 20,380 | ||||||
Bank of New York Mellon Corp. | 50,000 | 46,758 | ||||||
Bank of Nova Scotia | 25,000 | 24,750 | ||||||
Citigroup, Inc. | 50,000 | 48,646 | ||||||
3.875%, 3/26/25 | 20,000 | 19,257 | ||||||
3.40%, 5/01/26 | 50,000 | 46,571 | ||||||
4.125%, 7/25/28 | 30,000 | 28,202 | ||||||
5.30%, 5/06/44 | 31,000 | 30,928 | ||||||
4.75%, 5/18/46 | 25,000 | 23,063 | ||||||
Cooperatieve Rabobank UA | 75,000 | 75,514 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | 35,000 | 34,572 | ||||||
4.55%, 4/17/26 | 50,000 | 49,180 | ||||||
Discover Bank | 25,000 | 22,877 | ||||||
Fifth Third Bancorp | 40,000 | 40,219 | ||||||
Goldman Sachs Group, Inc. | 50,000 | 52,419 | ||||||
3.50%, 1/23/25 | 50,000 | 47,287 | ||||||
5.95%, 1/15/27 | 19,000 | 20,376 | ||||||
3.85%, 1/26/27 | 25,000 | 23,587 | ||||||
6.25%, 2/01/41 | 50,000 | 56,849 | ||||||
MTN, 4.80%, 7/08/44 | 25,000 | 23,986 | ||||||
5.15%, 5/22/45 | 10,000 | 9,605 |
Principal | Value | |||||||
Banks (Continued) | ||||||||
HSBC Holdings PLC | $ | 50,000 | $ | 49,448 | ||||
4.875%, 1/14/22 | 50,000 | 51,396 | ||||||
4.00%, 3/30/22 | 40,000 | 40,248 | ||||||
6.10%, 1/14/42 | 20,000 | 22,931 | ||||||
ING Groep NV | 20,000 | 18,950 | ||||||
JPMorgan Chase & Co. | 40,000 | 39,307 | ||||||
3.875%, 9/10/24 | 50,000 | 48,962 | ||||||
3.125%, 1/23/25 | 37,000 | 34,806 | ||||||
3.30%, 4/01/26 | 25,000 | 23,519 | ||||||
4.25%, 10/01/27 | 20,000 | 19,512 | ||||||
6.40%, 5/15/38 | 25,000 | 29,981 | ||||||
5.60%, 7/15/41 | 25,000 | 27,627 | ||||||
KeyCorp | 15,000 | 14,814 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 50,000 | 47,171 | ||||||
Morgan Stanley | 25,000 | 24,105 | ||||||
Series F, 3.875%, 4/29/24 | 15,000 | 14,781 | ||||||
GMTN, 3.70%, 10/23/24 | 30,000 | 29,190 | ||||||
MTN, 3.125%, 7/27/26 | 15,000 | 13,723 | ||||||
GMTN, 4.35%, 9/08/26 | 40,000 | 38,866 | ||||||
4.30%, 1/27/45 | 40,000 | 36,420 | ||||||
4.375%, 1/22/47 | 20,000 | 18,323 | ||||||
PNC Financial Services Group, Inc. | 30,000 | 29,674 | ||||||
3.90%, 4/29/24 | 20,000 | 19,835 | ||||||
Santander Holdings USA, Inc. | 20,000 | 18,745 | ||||||
Santander UK PLC | 50,000 | 49,580 | ||||||
State Street Corp. | 25,000 | 24,249 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 25,000 | 24,457 | ||||||
2.632%, 7/14/26 | 50,000 | 45,050 | ||||||
US Bancorp | 25,000 | 24,650 | ||||||
MTN, 3.60%, 9/11/24 | 20,000 | 19,636 | ||||||
MTN, 3.90%, 4/26/28 | 10,000 | 9,972 | ||||||
Wells Fargo & Co. | 25,000 | 24,715 | ||||||
4.125%, 8/15/23 | 40,000 | 39,854 | ||||||
3.00%, 4/22/26 | 60,000 | 55,334 | ||||||
3.00%, 10/23/26 | 50,000 | 45,608 | ||||||
5.375%, 2/07/35 | 50,000 | 53,609 | ||||||
5.606%, 1/15/44 | 15,000 | 15,912 | ||||||
Westpac Banking Corp. | 50,000 | 47,540 | ||||||
|
| |||||||
2,137,140 | ||||||||
|
| |||||||
Diversified Financial Services — 3.1% | ||||||||
American Express Co. | 25,000 | 24,486 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Diversified Financial Services (Continued) | ||||||||
American Express Credit Corp. | $ | 25,000 | $ | 24,277 | ||||
MTN, 3.30%, 5/03/27 | 15,000 | 14,288 | ||||||
Brookfield Finance, Inc. | 10,000 | 9,271 | ||||||
Capital One Financial Corp. | 36,000 | 33,248 | ||||||
3.75%, 3/09/27 | 20,000 | 18,497 | ||||||
CME Group, Inc. | 15,000 | 16,937 | ||||||
GE Capital International Funding Co. Unlimited Co. | 50,000 | 40,502 | ||||||
Mastercard, Inc. | 20,000 | 18,871 | ||||||
Synchrony Financial | 40,000 | 36,789 | ||||||
Visa, Inc. | 30,000 | 28,977 | ||||||
4.15%, 12/14/35 | 25,000 | 25,187 | ||||||
|
| |||||||
291,330 | ||||||||
|
| |||||||
Insurance — 2.7% | ||||||||
American International Group, Inc. | 30,000 | 26,080 | ||||||
4.75%, 4/01/48 | 15,000 | 13,523 | ||||||
Berkshire Hathaway Finance Corp. | 10,000 | 9,519 | ||||||
Berkshire Hathaway, Inc. | 30,000 | 28,656 | ||||||
Brighthouse Financial, Inc. | 20,000 | 17,031 | ||||||
Chubb INA Holdings, Inc. | 10,000 | 9,796 | ||||||
Hartford Financial Services Group, Inc. | 75,000 | 78,223 | ||||||
Manulife Financial Corp. | 25,000 | 25,032 | ||||||
MetLife, Inc. | 25,000 | 27,712 | ||||||
Prudential Financial, Inc. | 15,000 | 14,499 | ||||||
|
| |||||||
250,071 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 1.2% | ||||||||
American Tower Corp. | 20,000 | 20,677 | ||||||
Crown Castle International Corp. | 25,000 | 23,219 | ||||||
Digital Realty Trust LP | 25,000 | 23,265 | ||||||
Realty Income Corp. | 25,000 | 24,519 | ||||||
Simon Property Group LP | 25,000 | 23,551 | ||||||
|
| |||||||
115,231 | ||||||||
|
|
Principal | Value | |||||||
Industrial — 5.3% | ||||||||
Aerospace/Defense — 1.9% | ||||||||
Lockheed Martin Corp. | $ | 22,000 | $ | 20,026 | ||||
Northrop Grumman Corp. | 20,000 | 19,500 | ||||||
4.03%, 10/15/47 | 20,000 | 17,950 | ||||||
Rockwell Collins, Inc. | 50,000 | 47,073 | ||||||
United Technologies Corp. | 20,000 | 19,517 | ||||||
4.125%, 11/16/28 | 15,000 | 14,717 | ||||||
5.70%, 4/15/40 | 25,000 | 27,569 | ||||||
4.625%, 11/16/48 | 15,000 | 14,487 | ||||||
|
| |||||||
180,839 | ||||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Fortive Corp. | 20,000 | 18,549 | ||||||
Honeywell International, Inc. | 25,000 | 22,964 | ||||||
|
| |||||||
41,513 | ||||||||
|
| |||||||
Environmental Control — 0.1% | ||||||||
Waste Management, Inc. | 10,000 | 9,466 | ||||||
|
| |||||||
Machinery-Construction & Mining — 0.4% | ||||||||
ABB Finance USA, Inc. | 15,000 | 14,666 | ||||||
Caterpillar, Inc. | 20,000 | 18,086 | ||||||
|
| |||||||
32,752 | ||||||||
|
| |||||||
Machinery-Diversified — 0.1% | ||||||||
John Deere Capital Corp. | 10,000 | 9,696 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.1% | ||||||||
Eaton Corp. | 25,000 | 23,983 | ||||||
General Electric Co. | 30,000 | 27,092 | ||||||
MTN, 5.875%, 1/14/38 | 30,000 | 27,988 | ||||||
4.125%, 10/09/42 | 25,000 | 19,432 | ||||||
|
| |||||||
98,495 | ||||||||
|
| |||||||
Transportation — 1.3% | ||||||||
Burlington Northern Santa Fe LLC | 25,000 | 22,526 | ||||||
CSX Corp. | 20,000 | 17,985 | ||||||
FedEx Corp. | 20,000 | 19,655 | ||||||
4.95%, 10/17/48 | 10,000 | 9,726 | ||||||
Union Pacific Corp. | 15,000 | 14,485 | ||||||
3.799%, 10/01/51 | 5,000 | 4,126 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Transportation (Continued) | ||||||||
United Parcel Service, Inc. | $ | 25,000 | $ | 24,082 | ||||
3.75%, 11/15/47 | 10,000 | 8,839 | ||||||
|
| |||||||
121,424 | ||||||||
|
| |||||||
Technology — 9.5% | ||||||||
Computers — 3.0% | ||||||||
Apple, Inc. | 50,000 | 48,759 | ||||||
2.40%, 5/03/23 | 75,000 | 71,546 | ||||||
3.20%, 5/13/25 | 17,000 | 16,463 | ||||||
2.45%, 8/04/26 | 40,000 | 36,411 | ||||||
4.45%, 5/06/44 | 25,000 | 24,996 | ||||||
4.375%, 5/13/45 | 18,000 | 17,816 | ||||||
3.75%, 11/13/47 | 15,000 | 13,413 | ||||||
Hewlett Packard Enterprise Co. | 35,000 | 35,172 | ||||||
International Business Machines Corp. | 20,000 | 17,755 | ||||||
|
| |||||||
282,331 | ||||||||
|
| |||||||
Semiconductors — 2.0% | ||||||||
Applied Materials, Inc. | 15,000 | 14,067 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 20,000 | 19,250 | ||||||
3.50%, 1/15/28 | 35,000 | 30,544 | ||||||
Intel Corp. | 40,000 | 39,733 | ||||||
4.10%, 5/11/47 | 25,000 | 23,523 | ||||||
QUALCOMM, Inc. | 20,000 | 19,508 | ||||||
3.45%, 5/20/25 | 25,000 | 23,820 | ||||||
4.30%, 5/20/47 | 15,000 | 13,118 | ||||||
|
| |||||||
183,563 | ||||||||
|
| |||||||
Software — 4.5% | ||||||||
Fiserv, Inc. | 10,000 | 9,882 | ||||||
Microsoft Corp. | 50,000 | 45,891 | ||||||
3.30%, 2/06/27 | 50,000 | 48,732 | ||||||
3.50%, 2/12/35 | 50,000 | 46,865 | ||||||
3.75%, 2/12/45 | 10,000 | 9,315 | ||||||
3.70%, 8/08/46 | 30,000 | 27,814 | ||||||
4.25%, 2/06/47 | 40,000 | 40,509 | ||||||
Oracle Corp. | 35,000 | 33,921 | ||||||
3.40%, 7/08/24 | 25,000 | 24,575 | ||||||
2.95%, 5/15/25 | 25,000 | 23,787 | ||||||
4.30%, 7/08/34 | 50,000 | 49,300 | ||||||
4.00%, 7/15/46 | 20,000 | 18,185 | ||||||
4.00%, 11/15/47 | 20,000 | 18,141 | ||||||
VMware, Inc. | 25,000 | 22,442 | ||||||
|
| |||||||
419,359 | ||||||||
|
|
Principal | Value | |||||||
Utilities — 2.1% | ||||||||
Electric — 2.0% | ||||||||
Berkshire Hathaway Energy Co. | $ | 10,000 | $ | 9,638 | ||||
Consolidated Edison Co. of New York, Inc. | 25,000 | 23,758 | ||||||
Duke Energy Corp. | 10,000 | 9,895 | ||||||
3.75%, 9/01/46 | 20,000 | 16,852 | ||||||
Emera US Finance LP | 15,000 | 14,036 | ||||||
Eversource Energy | 10,000 | 9,720 | ||||||
Exelon Corp. | 20,000 | 18,648 | ||||||
FirstEnergy Corp. | 15,000 | 14,475 | ||||||
Florida Power & Light Co. | 15,000 | 13,960 | ||||||
Sempra Energy | 10,000 | 9,124 | ||||||
4.00%, 2/01/48 | 10,000 | 8,272 | ||||||
Southern Co. | 25,000 | 22,612 | ||||||
Virginia Electric & Power Co. | 15,000 | 14,489 | ||||||
|
| |||||||
185,479 | ||||||||
|
| |||||||
Gas — 0.1% | ||||||||
NiSource, Inc. | 15,000 | 14,129 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 9,077,709 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) | 23,460 | 23,460 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.3% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) | 29,459 | 29,459 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.8% (Cost $9,765,067) | $ | 9,130,628 | ||||||
Other assets and liabilities, net — 2.2% | 212,664 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,343,292 | ||||||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) |
| |||||||||||||||||||||||||||||||
17,820 | 5,640 | (d) | — | — | — | 184 | — | 23,460 | 23,460 | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 580,415 | (550,956) | — | — | 472 | — | 29,459 | 29,459 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
17,820 | 586,055 | (550,956) | — | — | 656 | — | 52,919 | 52,919 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2018 amounted to $41,627, which is 0.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $19,731. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
At November 30, 2018, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
5-Year U.S. Treasury Note | USD | 20 | $ | 2,258,177 | $ | 2,259,219 | 3/29/2019 | $ | (1,042 | ) | ||||||||||||||
10-Year U.S. Treasury Note | USD | 19 | 2,266,218 | 2,269,609 | 3/20/2019 | (3,391 | ) | |||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 7 | 882,930 | 885,500 | 3/20/2019 | (2,570 | ) | |||||||||||||||||
2-Year U.S. Treasury Note | USD | 2 | 421,938 | 421,969 | 3/29/2019 | (31 | ) | |||||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 9 | 1,366,580 | 1,371,656 | 3/20/2019 | (5,076 | ) | |||||||||||||||||
U.S. Treasury Long Bond | USD | 13 | 1,810,812 | 1,818,781 | 3/20/2019 | (7,969 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized depreciation | $ | (20,079 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2018 (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, 2018 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) | $ | — | $ | 9,077,709 | $ | — | $ | 9,077,709 | ||||||||
Short-Term Investments (e) | 52,919 | — | — | 52,919 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 52,919 | $ | 9,077,709 | $ | — | $ | 9,130,628 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (20,079 | ) | $ | — | $ | — | $ | (20,079 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (20,079 | ) | $ | — | $ | — | $ | (20,079 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF
November 30, 2018 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 98.6% | ||||||||
Alabama — 1.8% | ||||||||
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, | $ | 200,000 | $ | 227,908 | ||||
County of Jefferson AL Sewer Revenue, | 100,000 | 107,598 | ||||||
Series D, 6.50%, 10/01/53 | 580,000 | 675,422 | ||||||
|
| |||||||
1,010,928 | ||||||||
|
| |||||||
Arizona — 1.9% | ||||||||
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, | 450,000 | 509,522 | ||||||
Series A, 5.00%, 1/01/39 | 500,000 | 571,965 | ||||||
|
| |||||||
1,081,487 | ||||||||
|
| |||||||
California — 17.2% | ||||||||
Alameda Corridor Transportation Authority, Transit Revenue, | 165,000 | 181,096 | ||||||
Bay Area Toll Authority, Highway Revenue Tolls, | 1,350,000 | 1,459,269 | ||||||
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 5/15/46 | 975,000 | 1,061,141 | ||||||
East Bay Municipal Utility District Water System Revenue, Water Revenue, | 100,000 | 113,297 | ||||||
Foothill-Eastern Transportation Corridor Agency, Highway Revenue Tolls, | 250,000 | 285,950 | ||||||
Series A, 6.00%, 1/15/49 | 550,000 | 626,268 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/01/42 | 100,000 | 101,219 | ||||||
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, | 500,000 | 563,070 | ||||||
Series A, 5.00%, 7/01/46 | 750,000 | 833,497 | ||||||
Los Angeles Department of Water, Water Revenue, | 200,000 | 225,844 | ||||||
Series A, 5.00%, Issued 4/21/16, 7/01/41 | 500,000 | 558,140 | ||||||
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, | 500,000 | 550,110 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Revenue, | 250,000 | 272,433 | ||||||
San Francisco City & County AirportCommission-San Francisco International Airport, Private Airport & Marina Revenue, | 500,000 | 544,330 | ||||||
Series C, 5.00%, 5/01/46 | 850,000 | 939,310 | ||||||
Series D, AMT, 5.25%, 5/01/48 | 370,000 | 417,734 |
Principal | Value | |||||||
California (Continued) | ||||||||
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, | $ | 1,000,000 | $ | 1,063,760 | ||||
|
| |||||||
9,796,468 | ||||||||
|
| |||||||
Colorado — 1.9% | ||||||||
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, | 325,000 | 358,416 | ||||||
Series A, AMT, 5.00%, 12/01/48 | 700,000 | 768,642 | ||||||
|
| |||||||
1,127,058 | ||||||||
|
| |||||||
Connecticut — 0.3% | ||||||||
State of Connecticut Special Tax, Fuel Sales Tax Revenue, | 145,000 | 155,916 | ||||||
|
| |||||||
District of Columbia — 2.1% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, | 630,000 | 697,920 | ||||||
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, | 455,000 | 504,185 | ||||||
|
| |||||||
1,202,105 | ||||||||
|
| |||||||
Florida — 4.1% | ||||||||
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, | 35,000 | 37,925 | ||||||
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/01/38 | 500,000 | 544,840 | ||||||
County of Miami-Dade FL Aviation, Private Airport & Marina Revenue, | 415,000 | 448,590 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 90,000 | 91,569 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, | 165,000 | 165,492 | ||||||
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, | 500,000 | 542,620 | ||||||
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, | 500,000 | 505,400 | ||||||
|
| |||||||
2,336,436 | ||||||||
|
| |||||||
Georgia — 1.8% | ||||||||
Burke County Development Authority, Electric, Power & Light Revenue, | 250,000 | 238,452 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Georgia (Continued) | ||||||||
City of Atlanta GA Water & Wastewater, Water Revenue, | $ | 700,000 | $ | 774,599 | ||||
|
| |||||||
1,013,051 | ||||||||
|
| |||||||
Guam — 0.2% | ||||||||
Guam Government Waterworks Authority, Water Revenue, | 125,000 | 129,878 | ||||||
|
| |||||||
Hawaii — 1.0% | ||||||||
City & County Honolulu HI Wastewater System, Sewer Revenue, | 500,000 | 556,285 | ||||||
|
| |||||||
Illinois — 6.1% | ||||||||
Chicago Midway International Airport, Private Airport & Marina Revenue, | 500,000 | 535,315 | ||||||
Chicago O’Hare International Airport, Private Airport & Marina Revenue, | 800,000 | 855,544 | ||||||
Series D, 5.00%, 1/01/47 | 500,000 | 541,930 | ||||||
City of Chicago IL Waterworks, Water Revenue, | 275,000 | 293,802 | ||||||
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, | 45,000 | 46,319 | ||||||
Illinois State Toll Highway Authority, Highway Revenue Tolls, | 10,000 | 11,200 | ||||||
Series C, 5.00%, 1/01/36 | 50,000 | 54,895 | ||||||
Series A, 5.00%, 1/01/40 | 1,090,000 | 1,198,400 | ||||||
|
| |||||||
3,537,405 | ||||||||
|
| |||||||
Indiana — 0.6% | ||||||||
Indiana Finance Authority, Government FD/ Grant Revenue, | 100,000 | 120,693 | ||||||
Indiana Municipal Power Agency, Electric, Power & Light Revenue, | 200,000 | 221,128 | ||||||
|
| |||||||
341,821 | ||||||||
|
| |||||||
Louisiana — 2.2% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, | 250,000 | 238,817 | ||||||
New Orleans Aviation Board, Private Airport & Marina Revenue, | 700,000 | 743,883 | ||||||
Series B, AMT, 5.00%, 1/01/48 | 250,000 | 268,298 | ||||||
|
| |||||||
1,250,998 | ||||||||
|
|
Principal | Value | |||||||
Maryland — 0.3% | ||||||||
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, | $ | 190,000 | $ | 189,557 | ||||
|
| |||||||
Massachusetts — 1.1% | ||||||||
Commonwealth of Massachusetts Transportation Fund, Fuel Sales Tax Revenue, | 600,000 | 657,156 | ||||||
|
| |||||||
Nevada — 0.4% | ||||||||
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, | 250,000 | 245,862 | ||||||
|
| |||||||
New Jersey — 3.6% | ||||||||
New Jersey Turnpike Authority, Highway Revenue Tolls, | 10,000 | 11,421 | ||||||
Series A, 5.00%, Issued 5/22/14, 1/01/31 | 200,000 | 222,436 | ||||||
Series B, 5.00%, 1/01/31 | 20,000 | 23,115 | ||||||
Series A, 5.00%, 1/01/33 | 10,000 | 11,333 | ||||||
Series G, 3.25%, 1/01/38 | 395,000 | 376,399 | ||||||
Series E, 5.00%, 1/01/45 | 1,350,000 | 1,458,176 | ||||||
|
| |||||||
2,102,880 | ||||||||
|
| |||||||
New York — 25.1% | ||||||||
Long Island Power Authority, Electric, Power & Light Revenue, | 700,000 | 754,908 | ||||||
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, | 600,000 | 698,502 | ||||||
Metropolitan Transportation Authority, Transit Revenue, | 1,000,000 | 1,098,170 | ||||||
Sub-Series D-1, 5.00%, 11/15/39 | 20,000 | 21,575 | ||||||
Series A-1, 5.25%, 11/15/39 | 20,000 | 21,833 | ||||||
Series D, 4.00%, 11/15/42 | 300,000 | 301,875 | ||||||
Series E, 5.00%, 11/15/43 | 80,000 | 85,669 | ||||||
Sub-Series D-1, 5.25%, 11/15/44 | 50,000 | 55,538 | ||||||
Sub-Series A-1, 5.00%, 11/15/45 | 700,000 | 752,591 | ||||||
Series D, 4.00%, 11/15/46 | 500,000 | 501,165 | ||||||
MTA Hudson Rail Yards Trust Obligations, Lease Revenue, | 515,000 | 545,241 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue | 15,000 | 15,240 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Income Tax Revenue, | 600,000 | 659,706 | ||||||
Sub-Series A-1, 5.00%, 5/01/40 | 500,000 | 552,680 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue, | 250,000 | 274,963 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
New York (Continued) | ||||||||
New York City Water & Sewer System, Water Revenue, | $ | 95,000 | $ | 96,511 | ||||
Series GG, 5.00%, 6/15/39 | 650,000 | 718,855 | ||||||
Series HH, 5.00%, 6/15/39 | 150,000 | 165,890 | ||||||
Sub-Series CC-1, 4.00%, 6/15/46 | 50,000 | 50,161 | ||||||
Series CC, 5.00%, 6/15/46 | 500,000 | 548,950 | ||||||
Series CC-1, 5.00%, 6/15/47 | 500,000 | 541,590 | ||||||
Series DD, 5.00%, 6/15/47 | 1,200,000 | 1,330,368 | ||||||
Series CC, 5.00%, 6/15/48 | 965,000 | 1,074,711 | ||||||
New York Transportation Development Corp, Private Airport & Marina Revenue, | 400,000 | 444,324 | ||||||
AMT, 5.00%, 1/01/34 | 500,000 | 546,080 | ||||||
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, | 65,000 | 72,922 | ||||||
5.00%, 10/15/41 | 1,150,000 | 1,275,120 | ||||||
Utility Debt Securitization Authority, Electric, Power & Light Revenue, | 1,100,000 | 1,202,003 | ||||||
|
| |||||||
14,407,141 | ||||||||
|
| |||||||
Ohio — 0.3% | ||||||||
Northeast Ohio Regional Sewer District, Sewer Revenue, | 200,000 | 200,944 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, | 10,000 | 11,760 | ||||||
Series A, 5.00%, 6/01/30 | 10,000 | 11,718 | ||||||
|
| |||||||
224,422 | ||||||||
|
| |||||||
Oklahoma — 0.6% | ||||||||
Oklahoma Turnpike Authority, Highway Revenue Tolls, | 350,000 | 354,928 | ||||||
|
| |||||||
Pennsylvania — 5.5% | ||||||||
City of Philadelphia Pa Airport Revenue, Private Airport & Marina Revenue, | 300,000 | 324,342 | ||||||
City of Philadelphia PA Water & Wastewater, Water Revenue, | 395,000 | 428,931 | ||||||
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, | 40,000 | 44,693 | ||||||
Lehigh County Authority, Water Revenue, | 20,000 | 21,658 | ||||||
Pennsylvania Economic Development Financing Authority, Industrial Revenue, | 390,000 | 417,089 | ||||||
Pennsylvania Turnpike Commission, Highway Revenue Tolls, | 100,000 | 106,547 | ||||||
Series A-2, 5.00%, 12/01/43 | 250,000 | 274,530 |
Principal | Value | |||||||
Pennsylvania (Continued) | ||||||||
Series C, 5.00%, 12/01/44 | $ | 520,000 | $ | 554,876 | ||||
Series A-1, 5.00%, 12/01/46 | 900,000 | 972,270 | ||||||
|
| |||||||
3,144,936 | ||||||||
|
| |||||||
Puerto Rico — 1.3% | ||||||||
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, | 400,000 | 439,932 | ||||||
Series N, 5.25%, 7/01/36 | 175,000 | 192,472 | ||||||
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, | 50,000 | 51,670 | ||||||
Series L, 5.25%, 7/01/41 | 25,000 | 27,509 | ||||||
|
| |||||||
711,583 | ||||||||
|
| |||||||
South Carolina — 4.7% | ||||||||
South Carolina Public Service Authority, Miscellaneous Revenue, | 1,130,000 | 1,181,709 | ||||||
South Carolina Public Service Authority, Nuclear Revenue, | 500,000 | 518,525 | ||||||
Series A, 5.00%, 12/01/49 | 200,000 | 207,972 | ||||||
Series A, 5.50%, 12/01/54 | 290,000 | 309,195 | ||||||
Series A, 5.00%, 12/01/55 | 365,000 | 379,969 | ||||||
Series E, 5.25%, 12/01/55 | 50,000 | 53,090 | ||||||
|
| |||||||
2,650,460 | ||||||||
|
| |||||||
Texas — 9.7% | ||||||||
Central Texas Regional Mobility Authority, Highway Revenue Tolls, | 700,000 | 745,927 | ||||||
City of Austin TX Water & Wastewater System, Water Revenue, | 500,000 | 550,680 | ||||||
City of Houston TX Combined Utility System, Water Revenue, | 500,000 | 561,030 | ||||||
Series D, 5.00%, 11/15/39 | 85,000 | 93,883 | ||||||
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, | 150,000 | 167,325 | ||||||
Dallas Area Rapid Transit, Sales Tax Revenue, | 300,000 | 330,222 | ||||||
North Texas Tollway Authority, Highway Revenue Tolls, | 500,000 | 544,630 | ||||||
Series A, 5.00%, 1/01/48 | 1,500,000 | 1,645,140 | ||||||
San Antonio Water System, Water Revenue, | 155,000 | 171,385 | ||||||
Texas Water Development Board, Water Revenue, | 600,000 | 665,958 | ||||||
|
| |||||||
5,476,180 | ||||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2018 (Unaudited)
Principal | Value | |||||||
Utah — 0.9% | ||||||||
Salt Lake City Corp Airport, Private Airport & Marina Revenue, | $ | 450,000 | $ | 489,254 | ||||
|
| |||||||
Virginia — 2.8% | ||||||||
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, | 190,000 | 211,582 | ||||||
Virginia Small Business Financing Authority, Highway Revenue Tolls, | 550,000 | 574,134 | ||||||
AMT, 5.00%, 12/31/56 | 750,000 | 780,735 | ||||||
|
| |||||||
1,566,451 | ||||||||
|
| |||||||
Washington — 0.8% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, | 10,000 | 11,471 | ||||||
Series S1, 5.00%, 11/01/45 | 400,000 | 443,116 | ||||||
|
| |||||||
454,587 | ||||||||
|
|
Principal | Value | |||||||
Wisconsin — 0.3% | ||||||||
Wisconsin Department of Transportation, Miscellaneous Revenue, | $ | 75,000 | $ | 88,099 | ||||
Series 2, 5.00%, 7/01/30 | 45,000 | 52,560 | ||||||
|
| |||||||
140,659 | ||||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 56,355,892 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $57,972,336) | $ | 56,355,892 | ||||||
Other assets and liabilities, net — 1.4% | 828,216 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 57,184,108 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at 5/31/2018 | Purchases Cost ($) | Sales Proceeds ($) | Net realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (a) |
| |||||||||||||||||||||||||||||||
— | 58,068 | (58,068) | — | — | 41 | — | — | — |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
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, 2018 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 (b) | $ | — | $ | 56,355,892 | $ | — | $ | 56,355,892 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 56,355,892 | $ | — | $ | 56,355,892 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
XtrackersMSCI All World ex US High Dividend Yield Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 98.1% | ||||||||
Australia — 3.3% | ||||||||
AGL Energy Ltd. | 4,808 | $ | 66,043 | |||||
Amcor Ltd. | 8,456 | 82,930 | ||||||
ASX Ltd. | 1,398 | 61,549 | ||||||
Aurizon Holdings Ltd. | 14,589 | 44,852 | ||||||
Bendigo & Adelaide Bank Ltd. | 3,582 | 27,936 | ||||||
Boral Ltd. | 8,637 | 32,167 | ||||||
Crown Resorts Ltd. | 2,747 | 23,470 | ||||||
Fortescue Metals Group Ltd. | 11,244 | 32,844 | ||||||
Harvey Norman Holdings Ltd. | 4,014 | 9,263 | ||||||
Insurance Australia Group Ltd. | 16,745 | 89,020 | ||||||
LendLease Group (a) | 4,139 | 38,265 | ||||||
Medibank Pvt Ltd. | 20,056 | 35,443 | ||||||
Sonic Healthcare Ltd. | 3,012 | 50,149 | ||||||
Wesfarmers Ltd. | 8,112 | 187,132 | ||||||
|
| |||||||
781,063 | ||||||||
|
| |||||||
Austria — 0.1% | ||||||||
voestalpine AG | 838 | 27,848 | ||||||
|
| |||||||
Brazil — 0.6% | ||||||||
BB Seguridade Participacoes SA | 5,014 | 36,646 | ||||||
Cielo SA | 9,216 | 22,643 | ||||||
Cosan SA | 1,196 | 10,636 | ||||||
Hypera SA | 2,449 | 20,288 | ||||||
Kroton Educacional SA | 10,407 | 28,201 | ||||||
Petrobras Distribuidora SA | 2,496 | 15,750 | ||||||
Porto Seguro SA | 668 | 8,941 | ||||||
|
| |||||||
143,105 | ||||||||
|
| |||||||
Canada — 9.9% | ||||||||
Bank of Nova Scotia | 8,930 | 485,772 | ||||||
BCE, Inc. | 1,113 | 47,690 | ||||||
Canadian Imperial Bank of Commerce | 3,218 | 269,962 | ||||||
CI Financial Corp. | 1,948 | 29,489 | ||||||
First Capital Realty, Inc. | 1,405 | 20,867 | ||||||
Great-West Lifeco, Inc. (b) | 2,166 | �� | 49,656 | |||||
IGM Financial, Inc. | 598 | 15,334 | ||||||
Inter Pipeline Ltd. | 2,937 | 47,201 | ||||||
Keyera Corp. | 1,542 | 33,761 | ||||||
Power Corp. of Canada | 2,612 | 52,079 | ||||||
Power Financial Corp. | 1,853 | 39,190 | ||||||
Royal Bank of Canada | 10,442 | 765,375 | ||||||
Shaw Communications, Inc., Class B | 16 | 301 | ||||||
Sun Life Financial, Inc. | 4,387 | 161,736 | ||||||
TELUS Corp. | 1,407 | 50,485 | ||||||
TransCanada Corp. | 6,604 | 270,550 | ||||||
|
| |||||||
2,339,448 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Aguas Andinas SA, Class A | 18,522 | 10,665 | ||||||
Banco Santander Chile | 474,767 | 36,749 | ||||||
Enel Chile SA | 210,440 | 20,391 | ||||||
|
| |||||||
67,805 | ||||||||
|
| |||||||
China — 6.3% | ||||||||
Agricultural Bank of China Ltd., Class H | 212,076 | 95,933 | ||||||
China Construction Bank Corp., Class H | 698,005 | 594,920 |
Number | Value | |||||||
China (Continued) | ||||||||
China Petroleum & Chemical Corp., Class A | 4,200 | $ | 3,569 | |||||
China Petroleum & Chemical Corp., Class H | 184,332 | 156,638 | ||||||
China Vanke Co. Ltd., Class H | 9,187 | 31,579 | ||||||
China Yangtze Power Co. Ltd., Class A | 1,600 | 3,306 | ||||||
CIFI Holdings Group Co. Ltd. | 26,269 | 13,158 | ||||||
Country Garden Holdings Co. Ltd. | 55,334 | 68,021 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 20,213 | 19,501 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 21,744 | 22,617 | ||||||
Hengan International Group Co. Ltd. | 5,276 | 43,114 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 504,260 | 358,264 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 8,791 | 11,818 | ||||||
Logan Property Holdings Co. Ltd. | 10,107 | 11,817 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,000 | 3,579 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 7,700 | 10,387 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 24,121 | 10,942 | ||||||
Sinotrans Ltd., Class H | 16,021 | 6,408 | ||||||
Weichai Power Co. Ltd., Class H | 14,361 | 15,415 | ||||||
Xinyi Solar Holdings Ltd. | 21,875 | 8,190 | ||||||
Yuzhou Properties Co. Ltd. | 13,780 | 6,040 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 10,127 | 8,502 | ||||||
|
| |||||||
1,503,718 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
Komercni banka as | 563 | 22,145 | ||||||
Moneta Money Bank AS, 144A | 3,734 | 12,864 | ||||||
|
| |||||||
35,009 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 948 | 23,587 | ||||||
|
| |||||||
Finland — 1.9% | ||||||||
Elisa OYJ | 999 | 40,064 | ||||||
Kone OYJ, Class B | 2,447 | 121,242 | ||||||
Nokian Renkaat OYJ | 826 | 26,439 | ||||||
Orion OYJ, Class B | 752 | 25,101 | ||||||
Sampo OYJ, Class A | 3,212 | 143,399 | ||||||
UPM-Kymmene OYJ | 3,793 | 101,052 | ||||||
|
| |||||||
457,297 | ||||||||
|
| |||||||
France — 9.6% | ||||||||
Amundi SA, 144A | 439 | 25,151 | ||||||
AXA SA | 14,049 | 342,239 | ||||||
Bouygues SA | 1,597 | 61,407 | ||||||
CNP Assurances | 1,134 | 25,962 | ||||||
Eutelsat Communications SA | 1,235 | 26,323 | ||||||
Sanofi | 8,160 | 737,377 | ||||||
SCOR SE | 1,157 | 55,597 | ||||||
Societe BIC SA | 182 | 19,525 | ||||||
TOTAL SA | 17,405 | 968,886 | ||||||
|
| |||||||
2,262,467 | ||||||||
|
|
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Germany — 10.6% | ||||||||
Allianz SE | 3,118 | $ | 658,411 | |||||
BASF SE | 6,699 | 488,243 | ||||||
Bayer AG | 6,769 | 494,954 | ||||||
Bayerische Motoren Werke AG | 2,424 | 198,186 | ||||||
Covestro AG, 144A | 1,406 | 80,966 | ||||||
Daimler AG | 6,646 | 373,952 | ||||||
Evonik Industries AG | 1,206 | 32,431 | ||||||
Hannover Rueck SE | 426 | 59,183 | ||||||
Innogy SE* | 993 | 41,656 | ||||||
ProSiebenSat.1 Media SE | 1,699 | 34,501 | ||||||
TUI AG | 3,162 | 45,064 | ||||||
|
| |||||||
2,507,547 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
OPAP SA | 1,405 | 13,204 | ||||||
|
| |||||||
Hong Kong — 3.7% | ||||||||
BOC Hong Kong Holdings Ltd. | 26,817 | 104,516 | ||||||
China Everbright Ltd. | 6,554 | 12,211 | ||||||
China Merchants Port Holdings Co. Ltd. | 10,043 | 18,249 | ||||||
China Resources Cement Holdings Ltd. | 17,449 | 17,035 | ||||||
China Resources Power Holdings Co. Ltd. | 14,258 | 27,001 | ||||||
CLP Holdings Ltd. | 11,826 | 130,338 | ||||||
Guangdong Investment Ltd. | 20,937 | 40,399 | ||||||
Hang Lung Properties Ltd. | 16,048 | 32,483 | ||||||
Hang Seng Bank Ltd. | 5,526 | 127,527 | ||||||
Henderson Land Development Co. Ltd. | 10,020 | 51,472 | ||||||
HKT Trust & HKT Ltd. (a) | 26,596 | 38,471 | ||||||
Hysan Development Co. Ltd. | 4,896 | 23,398 | ||||||
Lee & Man Paper Manufacturing Ltd. | 11,063 | 10,023 | ||||||
New World Development Co. Ltd. | 46,841 | 62,967 | ||||||
NWS Holdings Ltd. | 10,873 | 22,869 | ||||||
Power Assets Holdings Ltd. | 9,959 | 67,448 | ||||||
Shimao Property Holdings Ltd. | 8,327 | 20,579 | ||||||
Sino Land Co. Ltd. | 23,572 | 40,543 | ||||||
Wharf Holdings Ltd. | 9,217 | 24,674 | ||||||
Yue Yuen Industrial Holdings Ltd. | 5,142 | 14,948 | ||||||
|
| |||||||
887,151 | ||||||||
|
| |||||||
Indonesia — 0.6% | ||||||||
PT Adaro Energy Tbk | 108,657 | 9,762 | ||||||
PT Gudang Garam Tbk | 3,850 | 22,073 | ||||||
PT Indofood Sukses Makmur Tbk | 40,247 | 18,572 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 368,199 | 94,737 | ||||||
|
| |||||||
145,144 | ||||||||
|
| |||||||
Italy — 1.2% | ||||||||
Assicurazioni Generali SpA | 8,583 | 144,702 | ||||||
Snam SpA | 16,598 | 72,748 | ||||||
Terna Rete Elettrica Nazionale SpA (b) | 10,256 | 57,342 | ||||||
|
| |||||||
274,792 | ||||||||
|
| |||||||
Japan — 4.1% | ||||||||
Canon, Inc. | 7,170 | 203,324 | ||||||
Japan Tobacco, Inc. | 8,009 | 199,149 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,478 | 105,519 | ||||||
Nissan Motor Co. Ltd. | 16,881 | 147,818 | ||||||
Sekisui House Ltd. | 4,575 | 68,937 | ||||||
Subaru Corp. | 4,448 | 98,832 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Tokyo Electron Ltd. | 1,100 | $ | 153,787 | |||||
|
| |||||||
977,366 | ||||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
RTL Group SA | 274 | 16,396 | ||||||
|
| |||||||
Macau — 0.3% | ||||||||
Sands China Ltd. | 17,651 | 76,349 | ||||||
|
| |||||||
Malaysia — 0.4% | ||||||||
Astro Malaysia Holdings Bhd | 8,300 | 2,380 | ||||||
HAP Seng Consolidated Bhd | 4,082 | 9,609 | ||||||
Maxis Bhd | 17,200 | 22,319 | ||||||
MISC Bhd | 8,100 | 11,905 | ||||||
Petronas Gas Bhd | 4,900 | 22,179 | ||||||
SP Setia Bhd Group | 13,796 | 7,088 | ||||||
Westports Holdings Bhd | 8,000 | 7,208 | ||||||
|
| |||||||
82,688 | ||||||||
|
| |||||||
Mexico — 0.3% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,647 | 18,358 | ||||||
Grupo Mexico SAB de CV, Series B | 25,942 | 53,527 | ||||||
|
| |||||||
71,885 | ||||||||
|
| |||||||
Netherlands — 0.2% | ||||||||
Randstad NV | 880 | 42,824 | ||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Spark New Zealand Ltd. | 14,102 | 40,975 | ||||||
|
| |||||||
Norway — 1.0% | ||||||||
Gjensidige Forsikring ASA | 1,400 | 21,822 | ||||||
Marine Harvest ASA | 3,015 | 70,475 | ||||||
Orkla ASA | 6,046 | 49,896 | ||||||
Telenor ASA | 5,359 | 103,683 | ||||||
|
| |||||||
245,876 | ||||||||
|
| |||||||
Philippines — 0.2% | ||||||||
DMCI Holdings, Inc. | 41,600 | 9,793 | ||||||
Globe Telecom, Inc. | 267 | 10,034 | ||||||
Manila Electric Co. | 2,100 | 15,392 | ||||||
|
| |||||||
35,219 | ||||||||
|
| |||||||
Portugal — 0.4% | ||||||||
EDP — Energias de Portugal SA | 18,513 | 64,708 | ||||||
Jeronimo Martins SGPS SA | 1,909 | 22,782 | ||||||
|
| |||||||
87,490 | ||||||||
|
| |||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. | 1,416 | 14,863 | ||||||
Masraf Al Rayan QSC | 2,636 | 29,022 | ||||||
Qatar Electricity & Water Co. QSC | 342 | 16,906 | ||||||
|
| |||||||
60,791 | ||||||||
|
| |||||||
Russia — 3.3% | ||||||||
Alrosa PJSC | 17,865 | 26,584 | ||||||
Gazprom PJSC | 77,618 | 186,984 | ||||||
Inter RAO UES PJSC | 226,040 | 13,825 | ||||||
LUKOIL PJSC | 3,536 | 258,575 | ||||||
MMC Norilsk Nickel PJSC | 453 | 86,185 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Russia (Continued) | ||||||||
Mobile TeleSystems PJSC, ADR | 3,658 | $ | 27,106 | |||||
PhosAgro PJSC, GDR | 870 | 11,588 | ||||||
Polymetal International PLC | 1,315 | 13,106 | ||||||
Severstal PJSC | 1,393 | 20,862 | ||||||
Tatneft PJSC | 11,289 | 120,170 | ||||||
X5 Retail Group NV, GDR | 910 | 23,446 | ||||||
|
| |||||||
788,431 | ||||||||
|
| |||||||
Singapore — 0.9% | ||||||||
ComfortDelGro Corp. Ltd. | 15,687 | 24,011 | ||||||
Singapore Exchange Ltd. | 6,041 | 32,230 | ||||||
Singapore Technologies Engineering Ltd. | 10,456 | 27,055 | ||||||
Singapore Telecommunications Ltd. | 59,846 | 134,348 | ||||||
|
| |||||||
217,644 | ||||||||
|
| |||||||
South Africa — 2.9% | ||||||||
Absa Group Ltd. | 5,332 | 59,218 | ||||||
Exxaro Resources Ltd. | 1,869 | 17,413 | ||||||
FirstRand Ltd. | 24,261 | 116,876 | ||||||
Foschini Group Ltd. | 1,693 | 21,341 | ||||||
Investec Ltd. (b) | 2,087 | 12,591 | ||||||
Investec PLC | 4,682 | 28,453 | ||||||
Liberty Holdings Ltd. | 927 | 7,153 | ||||||
MMI Holdings Ltd.* | 6,824 | 8,519 | ||||||
Nedbank Group Ltd. | 2,971 | 56,953 | ||||||
Netcare Ltd. | 8,793 | 16,234 | ||||||
RMB Holdings Ltd. | 4,903 | 27,665 | ||||||
Sanlam Ltd. | 12,849 | 71,194 | ||||||
SPAR Group Ltd. | 1,409 | 19,893 | ||||||
Standard Bank Group Ltd. | 9,367 | 118,345 | ||||||
Telkom SA SOC Ltd. | 1,978 | 8,089 | ||||||
Truworths International Ltd. | 3,194 | 20,215 | ||||||
Vodacom Group Ltd. | 4,388 | 39,715 | ||||||
Woolworths Holdings Ltd. | 7,044 | 28,448 | ||||||
|
| |||||||
678,315 | ||||||||
|
| |||||||
South Korea — 1.0% | ||||||||
Cheil Worldwide, Inc. | 508 | 10,627 | ||||||
Coway Co. Ltd. | 373 | 26,088 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 469 | 16,757 | ||||||
KT&G Corp. | 845 | 78,398 | ||||||
Orange Life Insurance Ltd., 144A | 235 | 6,310 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 220 | 53,481 | ||||||
SK Telecom Co. Ltd. | 143 | 36,932 | ||||||
|
| |||||||
228,593 | ||||||||
|
| |||||||
Spain — 2.5% | ||||||||
Aena SME SA, 144A | 491 | 77,942 | ||||||
Enagas SA | 1,729 | 47,512 | ||||||
Endesa SA | 2,379 | 53,011 | ||||||
Iberdrola SA | 44,171 | 329,583 | ||||||
Mapfre SA | 7,954 | 22,740 | ||||||
Red Electrica Corp. SA | 3,127 | 67,324 | ||||||
|
| |||||||
598,112 | ||||||||
|
| |||||||
Sweden — 1.1% | ||||||||
Electrolux AB, Series B | 1,754 | 39,855 | ||||||
Hennes & Mauritz AB, Class B (b) | 6,355 | 117,058 | ||||||
ICA Gruppen AB (b) | 579 | 21,007 |
Number | Value | |||||||
Sweden (Continued) | ||||||||
Skanska AB, Class B | 2,446 | $ | 38,446 | |||||
Swedish Match AB | 1,255 | 49,008 | ||||||
|
| |||||||
265,374 | ||||||||
|
| |||||||
Switzerland — 8.0% | ||||||||
Adecco Group AG | 1,164 | 57,539 | ||||||
Kuehne + Nagel International AG | 383 | 53,847 | ||||||
Roche Holding AG | 4,697 | 1,217,784 | ||||||
Swiss Life Holding AG | 245 | 96,078 | ||||||
Swiss Prime Site AG | 560 | 46,174 | ||||||
Swisscom AG | 188 | 90,167 | ||||||
Zurich Insurance Group AG | 1,093 | 342,878 | ||||||
|
| |||||||
1,904,467 | ||||||||
|
| |||||||
Taiwan — 4.6% | ||||||||
Catcher Technology Co. Ltd. | 4,739 | 40,695 | ||||||
Cathay Financial Holding Co. Ltd. | 59,332 | 93,520 | ||||||
Chicony Electronics Co. Ltd. | 3,882 | 7,600 | ||||||
Chunghwa Telecom Co. Ltd. | 27,514 | 95,580 | ||||||
Compal Electronics, Inc. | 30,966 | 17,694 | ||||||
CTBC Financial Holding Co. Ltd. | 128,057 | 85,021 | ||||||
Far EasTone Telecommunications Co. Ltd. | 11,988 | 28,217 | ||||||
First Financial Holding Co. Ltd. | 71,137 | 46,075 | ||||||
Formosa Chemicals & Fibre Corp. | 25,414 | 87,872 | ||||||
Formosa Petrochemical Corp. | 9,025 | 32,670 | ||||||
Formosa Plastics Corp. | 32,256 | 104,722 | ||||||
Formosa Taffeta Co. Ltd. | 5,339 | 5,824 | ||||||
Foxconn Technology Co. Ltd. | 6,768 | 13,667 | ||||||
Fubon Financial Holding Co. Ltd. | 47,933 | 75,942 | ||||||
Hotai Motor Co. Ltd. | 2,352 | 18,097 | ||||||
Inventec Corp. | 17,664 | 12,674 | ||||||
Lite-On Technology Corp. | 15,695 | 20,841 | ||||||
Micro-Star International Co. Ltd. | 4,747 | 11,173 | ||||||
Nan Ya Plastics Corp. | 37,548 | 90,574 | ||||||
Nanya Technology Corp. | 8,000 | 15,843 | ||||||
Nien Made Enterprise Co. Ltd. | 1,196 | 8,756 | ||||||
Novatek Microelectronics Corp. | 3,905 | 16,481 | ||||||
Pegatron Corp. | 14,101 | 23,943 | ||||||
Phison Electronics Corp. | 1,104 | 8,997 | ||||||
Pou Chen Corp. | 17,368 | 18,890 | ||||||
Powertech Technology, Inc. | 5,013 | 11,767 | ||||||
Realtek Semiconductor Corp. | 3,393 | 15,587 | ||||||
Taiwan Mobile Co. Ltd. | 11,819 | 41,825 | ||||||
Vanguard International Semiconductor Corp. | 6,594 | 13,873 | ||||||
Yageo Corp. | 1,839 | 22,091 | ||||||
Zhen Ding Technology Holding Ltd. | 3,328 | 8,460 | ||||||
|
| |||||||
1,094,971 | ||||||||
|
| |||||||
Thailand — 1.2% | ||||||||
Glow Energy PCL, NVDR | 3,831 | 10,134 | ||||||
Land & Houses PCL, NVDR | 24,500 | 7,524 | ||||||
PTT Global Chemical PCL, NVDR | 16,445 | 39,253 | ||||||
PTT PCL, NVDR | 77,400 | 115,909 | ||||||
Siam Cement PCL | 2,900 | 38,975 | ||||||
Siam Commercial Bank PCL, NVDR | 13,600 | 57,481 | ||||||
Thai Oil PCL, NVDR | 8,600 | 19,874 | ||||||
|
| |||||||
289,150 | ||||||||
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Turkey — 0.2% | ||||||||
Arcelik AS | 1,594 | $ | 4,749 | |||||
Eregli Demir ve Celik Fabrikalari TAS | 10,892 | 15,749 | ||||||
Ford Otomotiv Sanayi AS | 497 | 5,117 | ||||||
TAV Havalimanlari Holding AS | 1,291 | 5,765 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 941 | 22,390 | ||||||
|
| |||||||
53,770 | ||||||||
|
| |||||||
United Arab Emirates — 0.5% | ||||||||
Abu Dhabi Commercial Bank PJSC | 15,115 | 32,303 | ||||||
Aldar Properties PJSC | 30,232 | 13,169 | ||||||
Dubai Islamic Bank PJSC | 12,120 | 17,290 | ||||||
Emaar Malls PJSC | 17,510 | 8,580 | ||||||
Emirates Telecommunications Group Co. PJSC | 12,496 | 56,541 | ||||||
|
| |||||||
127,883 | ||||||||
|
| |||||||
United Kingdom — 15.9% | ||||||||
Admiral Group PLC | 1,442 | 38,342 | ||||||
AstraZeneca PLC | 9,179 | 716,392 | ||||||
Babcock International Group PLC | 1,849 | 13,400 | ||||||
BAE Systems PLC | 22,841 | 143,179 | ||||||
Barratt Developments PLC | 7,646 | 45,090 | ||||||
BT Group PLC | 61,275 | 204,834 | ||||||
Direct Line Insurance Group PLC | 9,776 | 40,912 | ||||||
G4S PLC | 11,320 | 28,013 | ||||||
GlaxoSmithKline PLC | 35,936 | 743,516 | ||||||
Imperial Brands PLC | 6,948 | 213,646 | ||||||
ITV PLC | 25,867 | 47,921 | ||||||
Kingfisher PLC | 15,658 | 49,945 | ||||||
Legal & General Group PLC | 43,647 | 136,383 | ||||||
Marks & Spencer Group PLC | 11,771 | 43,960 | ||||||
National Grid PLC | 24,660 | 262,061 | ||||||
Next PLC | 1,016 | 63,532 | ||||||
Persimmon PLC | 2,304 | 55,854 | ||||||
Rio Tinto Ltd. | 2,684 | 143,628 | ||||||
Rio Tinto PLC | 8,506 | 386,252 | ||||||
Royal Mail PLC | 6,487 | 26,469 | ||||||
Schroders PLC | 917 | 29,566 | ||||||
Severn Trent PLC | 1,719 | 40,137 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
SSE PLC | 7,399 | $ | 103,419 | |||||
Standard Life Aberdeen PLC | 16,981 | 57,502 | ||||||
Taylor Wimpey PLC | 24,196 | 41,368 | ||||||
WPP PLC | 9,158 | 101,166 | ||||||
|
| |||||||
3,776,487 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 23,230,241 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Brazil — 0.5% | ||||||||
Itausa — Investimentos Itau SA | 32,210 | 102,578 | ||||||
|
| |||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG | 405 | 29,394 | ||||||
|
| |||||||
South Korea — 0.9% | ||||||||
Hyundai Motor Co. | 198 | 11,623 | ||||||
Hyundai Motor Co. — 2nd Preferred | 294 | 18,307 | ||||||
Samsung Electronics Co. Ltd. | 6,209 | 186,943 | ||||||
|
| |||||||
216,873 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 348,845 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.2% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d) | 280,923 | 280,923 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) | 11,138 | 11,138 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.8% (Cost $25,995,407) | $ | 23,871,147 | ||||||
Other assets and liabilities, net — (0.8%) | (175,075 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 23,696,072 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —1.2% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d) |
| |||||||||||||||||||||||||||||||
569,313 | — | (288,390) | (e) | — | — | 4,331 | — | 280,923 | 280,923 | |||||||||||||||||||||||
CASH EQUIVALENTS —0.0% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) |
| |||||||||||||||||||||||||||||||
— | 39,530 | (28,392) | — | — | 26 | — | 11,138 | 11,138 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
569,313 | 39,530 | (316,782) | — | — | 4,357 | — | 292,061 | 292,061 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2018 (Unaudited)
* | 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, 2018 amounted to $265,286, which is 1.1% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
ADR: | American Depositary Receipt |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Private Joint Stock Company |
QSC: | Qatari Shareholders Company |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
MSCI Emerging Markets Index Futures | USD | 2 | $ | 103,765 | $99,960 | 12/21/2018 | $ | (3,805 | ) |
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, 2018 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) | $ | 23,230,241 | $ | — | $ | — | $ | 23,230,241 | ||||||||
Preferred Stocks (f) | 348,845 | — | — | 348,845 | ||||||||||||
Short-Term Investments (f) | 292,061 | — | — | 292,061 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 23,871,147 | $ | — | $ | — | $ | 23,871,147 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contract | $ | (3,805 | ) | $ | — | $ | — | $ | (3,805 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (3,805 | ) | $ | — | $ | — | $ | (3,805 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Australia — 5.0% | ||||||||
ASX Ltd. | 23,836 | $ | 1,049,422 | |||||
Aurizon Holdings Ltd. | 246,412 | 757,557 | ||||||
Bendigo & Adelaide Bank Ltd. | 59,132 | 461,175 | ||||||
Boral Ltd. | 141,681 | 527,659 | ||||||
Crown Resorts Ltd. | 46,578 | 397,959 | ||||||
Fortescue Metals Group Ltd. | 191,452 | 559,231 | ||||||
Harvey Norman Holdings Ltd. (a) | 71,767 | 165,609 | ||||||
Insurance Australia Group Ltd. | 282,932 | 1,504,129 | ||||||
LendLease Group (b) | 71,050 | 656,855 | ||||||
Medibank Pvt Ltd. | 337,946 | 597,220 | ||||||
Wesfarmers Ltd. | 137,937 | 3,182,013 | ||||||
|
| |||||||
9,858,829 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
voestalpine AG | 13,795 | 458,429 | ||||||
|
| |||||||
Denmark — 0.2% | ||||||||
Tryg A/S | 15,094 | 375,552 | ||||||
|
| |||||||
Finland — 3.9% | ||||||||
Elisa OYJ | 17,473 | 700,743 | ||||||
Kone OYJ, Class B | 41,282 | 2,045,410 | ||||||
Nokian Renkaat OYJ | 14,373 | 460,061 | ||||||
Orion OYJ, Class B | 12,659 | 422,541 | ||||||
Sampo OYJ, Class A | 54,037 | 2,412,462 | ||||||
UPM-Kymmene OYJ | 65,507 | 1,745,228 | ||||||
|
| |||||||
7,786,445 | ||||||||
|
| |||||||
France — 14.8% | ||||||||
Amundi SA, 144A | 7,342 | 420,637 | ||||||
AXA SA | 237,166 | 5,777,450 | ||||||
Bouygues SA | 26,558 | 1,021,188 | ||||||
CNP Assurances | 21,293 | 487,484 | ||||||
Eutelsat Communications SA (a) | 21,462 | 457,454 | ||||||
Sanofi | 110,511 | 9,986,314 | ||||||
SCOR SE | 19,761 | 949,569 | ||||||
Societe BIC SA | 3,098 | 332,356 | ||||||
TOTAL SA | 178,299 | 9,925,385 | ||||||
|
| |||||||
29,357,837 | ||||||||
|
| |||||||
Germany — 16.5% | ||||||||
Allianz SE | 47,161 | 9,958,737 | ||||||
BASF SE | 112,297 | 8,184,536 | ||||||
Bayerische Motoren Werke AG | 40,566 | 3,316,668 | ||||||
Covestro AG, 144A | 23,501 | 1,353,334 | ||||||
Daimler AG | 111,250 | 6,259,723 | ||||||
Evonik Industries AG | 20,189 | 542,901 | ||||||
Hannover Rueck SE | 7,457 | 1,035,980 | ||||||
Innogy SE* | 16,901 | 708,995 | ||||||
Innogy SE, 144A | 1,114 | 50,932 | ||||||
ProSiebenSat.1 Media SE | 28,561 | 579,986 | ||||||
TUI AG | 54,033 | 770,068 | ||||||
|
| |||||||
32,761,860 | ||||||||
|
| |||||||
Hong Kong — 4.3% | ||||||||
BOC Hong Kong Holdings Ltd. | 451,879 | 1,761,148 | ||||||
Hang Lung Properties Ltd. | 249,874 | 505,767 | ||||||
Hang Seng Bank Ltd. | 93,713 | 2,162,677 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
HKT Trust & HKT Ltd. (b) | 463,903 | $ | 671,039 | |||||
New World Development Co. Ltd. | 759,724 | 1,021,282 | ||||||
NWS Holdings Ltd. | 183,247 | 385,426 | ||||||
Power Assets Holdings Ltd. | 167,833 | 1,136,651 | ||||||
Sino Land Co. Ltd. | 387,803 | 667,007 | ||||||
Yue Yuen Industrial Holdings Ltd. | 90,996 | 264,532 | ||||||
|
| |||||||
8,575,529 | ||||||||
|
| |||||||
Italy — 2.9% | ||||||||
Assicurazioni Generali SpA | 143,223 | 2,414,626 | ||||||
Atlantia SpA | 60,585 | 1,242,299 | ||||||
Snam SpA | 277,891 | 1,217,980 | ||||||
Terna Rete Elettrica Nazionale SpA | 172,872 | 966,536 | ||||||
|
| |||||||
5,841,441 | ||||||||
|
| |||||||
Japan — 7.4% | ||||||||
Canon, Inc. | 122,234 | 3,466,257 | ||||||
Japan Tobacco, Inc. | 134,700 | 3,349,410 | ||||||
Nissan Motor Co. Ltd. | 284,900 | 2,494,725 | ||||||
Sekisui House Ltd. | 75,424 | 1,136,508 | ||||||
Subaru Corp. | 74,700 | 1,659,781 | ||||||
Tokyo Electron Ltd. | 19,100 | 2,670,299 | ||||||
|
| |||||||
14,776,980 | ||||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
RTL Group SA | 4,552 | 272,389 | ||||||
|
| |||||||
Macau — 0.6% | ||||||||
Sands China Ltd. | 295,372 | 1,277,621 | ||||||
|
| |||||||
Netherlands — 0.4% | ||||||||
Randstad NV | 14,369 | 699,255 | ||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Spark New Zealand Ltd. | 225,298 | 654,623 | ||||||
|
| |||||||
Norway — 1.7% | ||||||||
Gjensidige Forsikring ASA | 24,558 | 382,789 | ||||||
Marine Harvest ASA | 50,749 | 1,186,252 | ||||||
Telenor ASA | 89,906 | 1,739,442 | ||||||
|
| |||||||
3,308,483 | ||||||||
|
| |||||||
Portugal — 0.7% | ||||||||
EDP — Energias de Portugal SA | 310,650 | 1,085,801 | ||||||
Jeronimo Martins SGPS SA | 30,386 | 362,624 | ||||||
|
| |||||||
1,448,425 | ||||||||
|
| |||||||
Singapore — 1.9% | ||||||||
ComfortDelGro Corp. Ltd. | 272,500 | 417,092 | ||||||
Singapore Exchange Ltd. | 98,050 | 523,124 | ||||||
Singapore Technologies Engineering Ltd. | 193,590 | 500,907 | ||||||
Singapore Telecommunications Ltd. | 1,000,398 | 2,245,791 | ||||||
|
| |||||||
3,686,914 | ||||||||
|
| |||||||
Spain — 5.0% | ||||||||
Aena SME SA, 144A | 8,165 | 1,296,124 | ||||||
Enagas SA | 28,021 | 770,009 | ||||||
Endesa SA | 38,921 | 867,264 | ||||||
Iberdrola SA | 741,710 | 5,534,291 | ||||||
Mapfre SA | 133,187 | 380,772 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Red Electrica Corp. SA | 52,763 | $ | 1,135,974 | |||||
|
| |||||||
9,984,434 | ||||||||
|
| |||||||
Sweden — 0.3% | ||||||||
Skanska AB, Class B | 41,588 | 653,675 | ||||||
|
| |||||||
Switzerland — 4.1% | ||||||||
Swiss Prime Site AG | 9,275 | 764,757 | ||||||
Swisscom AG | 3,203 | 1,536,196 | ||||||
Zurich Insurance Group AG | 18,438 | 5,784,073 | ||||||
|
| |||||||
8,085,026 | ||||||||
|
| |||||||
United Kingdom — 29.2% | ||||||||
Admiral Group PLC | 24,749 | 658,070 | ||||||
AstraZeneca PLC | 124,239 | 9,696,463 | ||||||
Babcock International Group PLC | 30,716 | 222,602 | ||||||
BAE Systems PLC | 390,375 | 2,447,066 | ||||||
Barratt Developments PLC | 124,115 | 731,933 | ||||||
BT Group PLC | 1,030,799 | 3,445,817 | ||||||
Direct Line Insurance Group PLC | 169,222 | 708,186 | ||||||
G4S PLC | 188,260 | 465,870 | ||||||
GlaxoSmithKline PLC | 490,619 | 10,150,910 | ||||||
Imperial Brands PLC | 116,285 | 3,575,672 | ||||||
ITV PLC | 442,413 | 819,618 | ||||||
Legal & General Group PLC | 729,609 | 2,279,795 | ||||||
Marks & Spencer Group PLC | 199,265 | 744,167 | ||||||
National Grid PLC | 415,329 | 4,413,692 | ||||||
Next PLC | 16,883 | 1,055,726 | ||||||
Persimmon PLC | 37,840 | 917,322 | ||||||
Rio Tinto Ltd. | 45,282 | 2,423,163 | ||||||
Rio Tinto PLC | 143,815 | 6,530,540 | ||||||
Royal Mail PLC | 110,840 | 452,264 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Schroders PLC | 15,006 | $ | 483,824 | |||||
Severn Trent PLC | 28,737 | 670,980 | ||||||
SSE PLC | 124,776 | 1,744,056 | ||||||
Standard Life Aberdeen PLC | 286,317 | 969,538 | ||||||
Taylor Wimpey PLC | 401,082 | 685,733 | ||||||
WPP PLC | 154,495 | 1,706,667 | ||||||
|
| |||||||
57,999,674 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 197,863,421 | |||||||
|
| |||||||
PREFERRED STOCK — 0.2% | ||||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG | 6,733 | 488,662 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.9% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d) | 1,733,117 | 1,733,117 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) | 154,612 | 154,612 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.6% (Cost $221,525,838) | $ | 200,239,812 | ||||||
Other assets and liabilities, net — (0.6%) | (1,284,521 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 198,955,291 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.9% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d) |
| |||||||||||||||||||||||||||||||
2,589,430 | — | (856,313) | (e) | — | — | 18,268 | — | 1,733,117 | 1,733,117 | |||||||||||||||||||||||
CASH EQUIVALENTS —0.1% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) |
| |||||||||||||||||||||||||||||||
— | 1,338,501 | (1,183,889) | — | — | 273 | — | 154,612 | 154,612 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
2,589,430 | 1,338,501 | (2,040,202) | — | — | 18,541 | — | 1,887,729 | 1,887,729 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $1,776,220, which is 0.9% 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 DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $120,256. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(Continued)
November 30, 2018 (Unaudited)
At November 30, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
EURO STOXX 50 Futures | EUR | 3 | $ | 108,038 | $ | 107,439 | 12/21/2018 | $ | 131 | |||||||||||||||
FTSE 100 Index Futures | GBP | 1 | 88,869 | 88,918 | 12/21/2018 | (154 | ) | |||||||||||||||||
MSCI EAFE Index Futures | USD | 5 | 453,190 | 454,075 | 12/21/2018 | 885 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 862 | ||||||||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro |
GBP | Pound Sterling |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, 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, 2018 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) | $ | 197,863,421 | $ | — | $ | — | $ | 197,863,421 | ||||||||
Preferred Stock | 488,662 | — | — | 488,662 | ||||||||||||
Short-Term Investments (f) | 1,887,729 | — | — | 1,887,729 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | 1,016 | — | — | 1,016 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 200,240,828 | $ | — | $ | — | $ | 200,240,828 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (154 | ) | $ | — | $ | — | $ | (154 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (154 | ) | $ | — | $ | — | $ | (154 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 36 |
This Page is Intentionally Left Blank
37
DBX ETF Trust
November 30, 2018 (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 | $ | 8,145,823 | $ | — | $ | 9,077,709 | $ | 56,355,892 | ||||||||
Investments in affiliated securities at value | — | 6,576,225 | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 3,708 | 54,032 | 29,459 | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | 23,460 | — | ||||||||||||
Cash | — | — | — | 2,195 | ||||||||||||
Deposit with broker for futures contracts | 80,505 | 39,489 | 103,508 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 79,066 | 144,688 | 120,904 | 449,619 | ||||||||||||
Interest | 130,567 | 148 | 92,153 | 809,009 | ||||||||||||
Securities lending income | — | 4,439 | 83 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 8,439,669 | $ | 6,819,021 | $ | 9,447,276 | $ | 57,616,715 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | — | $ | — | $ | 23,460 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 61,429 | 141,060 | 67,422 | 418,863 | ||||||||||||
Investment advisory fees | 3,101 | 789 | 1,917 | 13,744 | ||||||||||||
Variation margin on futures contracts | 7,829 | 1,672 | 11,185 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 72,359 | 143,521 | 103,984 | 432,607 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,367,310 | $ | 6,675,500 | $ | 9,343,292 | $ | 57,184,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 8,739,275 | $ | 7,384,659 | $ | 9,900,700 | $ | 58,860,694 | ||||||||
Distributable earnings (loss) | (371,965 | ) | (709,159 | ) | (557,408 | ) | (1,676,586 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,367,310 | $ | 6,675,500 | $ | 9,343,292 | $ | 57,184,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 350,001 | 300,001 | 400,001 | 2,200,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 23.91 | $ | 22.25 | $ | 23.36 | $ | 25.99 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 8,739,780 | $ | — | $ | 9,712,148 | $ | 57,972,336 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | — | $ | 6,749,492 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | — | $ | 41,627 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series | $ | 3,708 | $ | 54,032 | $ | 29,459 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | 23,460 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | 19,731 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Statements of Assets and Liabilities(Continued)
November 30, 2018 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||
Assets | ||||||||
Investments in non-affiliated securities at value | $ | 23,579,086 | $ | 198,352,083 | ||||
Investment in DWS Government Money Market Series | 11,138 | 154,612 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | 280,923 | 1,733,117 | ||||||
Foreign currency at value | 115,373 | 934,039 | ||||||
Deposit with broker for futures contracts | 5,200 | 52,245 | ||||||
Receivables: | ||||||||
Investment securities sold | 6,677,616 | 14,146,477 | ||||||
Capital shares | 1,199 | — | ||||||
Variation margin on futures contracts | — | 10,781 | ||||||
Dividends | 46,422 | 378,649 | ||||||
Interest | 25 | 95 | ||||||
Securities lending income | 654 | 3,047 | ||||||
Foreign tax reclaim | 5,355 | 26,494 | ||||||
|
|
|
| |||||
Total Assets | $ | 30,722,991 | $ | 215,791,639 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Due to custodian | $ | — | $ | 4 | ||||
Payable upon return of securities loaned | 280,923 | 1,733,117 | ||||||
Payables: | ||||||||
Investment securities purchased | 1,978,988 | 15,070,279 | ||||||
Capital shares | 4,762,057 | — | ||||||
Investment advisory fees | 4,691 | 32,948 | ||||||
Variation margin on futures contracts | 260 | — | ||||||
|
|
|
| |||||
Total Liabilities | 7,026,919 | 16,836,348 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 23,696,072 | $ | 198,955,291 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 26,192,576 | $ | 219,166,644 | ||||
Distributable earnings (loss) | (2,496,504 | ) | (20,211,353 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 23,696,072 | $ | 198,955,291 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 1,000,001 | 9,100,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 23.70 | $ | 21.86 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 25,703,346 | $ | 219,638,109 | ||||
|
|
|
| |||||
Value of securities loaned | $ | 265,286 | $ | 1,776,220 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series | $ | 11,138 | $ | 154,612 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 280,923 | $ | 1,733,117 | ||||
|
|
|
| |||||
Non-cash collateral for securities on loan | $ | — | $ | 120,256 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 115,905 | $ | 943,350 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
For the Six Months Ended November 30, 2018 (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 | $ | 206,182 | $ | — | $ | 176,243 | $ | 872,126 | ||||||||
Income distributions from affiliated funds | 269 | 135,166 | 472 | 41 | ||||||||||||
Affiliated securities lending income | 178 | 3,362 | 184 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | 4,493 | 159 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 206,629 | 143,021 | 177,058 | 872,167 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 19,205 | 8,805 | 11,942 | 85,877 | ||||||||||||
Other expenses | 57 | 32 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 19,262 | 8,837 | 11,999 | 85,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (13 | ) | (5,171 | ) | (23 | ) | (237 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 19,249 | 3,666 | 11,976 | 85,697 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 187,380 | 139,355 | 165,082 | 786,470 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (14,432 | ) | (620 | ) | (56,362 | ) | (21,577 | ) | ||||||||
Investments in affiliates | — | (17,866 | ) | — | — | |||||||||||
Futures contracts | 127,508 | 17,639 | 181,274 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 113,076 | (847 | ) | 124,912 | (21,577 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (256,304 | ) | — | (303,961 | ) | (1,134,995 | ) | |||||||||
Investments in affiliates | — | (121,165 | ) | — | — | |||||||||||
Futures contracts | (17,406 | ) | (7,122 | ) | (17,642 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (273,710 | ) | (128,287 | ) | (321,603 | ) | (1,134,995 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (160,634 | ) | (129,134 | ) | (196,691 | ) | (1,156,572 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 26,746 | $ | 10,221 | $ | (31,609 | ) | $ | (370,102 | ) | ||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Statements of Operations(Continued)
For the Six Months Ended November 30, 2018 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 724,623 | $ | 4,371,557 | ||||
Income distributions from affiliated funds | 26 | 273 | ||||||
Affiliated securities lending income | 4,331 | 18,268 | ||||||
|
|
|
| |||||
Total Investment Income | 728,980 | 4,390,098 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 30,200 | 183,839 | ||||||
Other expenses | 57 | 57 | ||||||
|
|
|
| |||||
Total Expenses | 30,257 | 183,896 | ||||||
|
|
|
| |||||
Less fees waived (See Note 3): | ||||||||
Waiver | (2 | ) | (9 | ) | ||||
|
|
|
| |||||
Net Expenses | 30,255 | 183,887 | ||||||
|
|
|
| |||||
Net Investment income (loss) | 698,725 | 4,206,211 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (461,045 | ) | (543,416 | ) | ||||
In-kind redemptions | 472,447 | 134,873 | ||||||
Futures contracts | (3,515 | ) | (59,102 | ) | ||||
Foreign currency transactions | (3,088 | ) | (4,793 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | 4,799 | (472,438 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (1,738,775 | ) | (20,977,426 | ) | ||||
Futures contracts | (3,805 | ) | 2,193 | |||||
Foreign currency translations | (1,070 | ) | (10,429 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (1,743,650 | ) | (20,985,662 | ) | ||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (1,738,851 | ) | (21,458,100 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,040,126 | ) | $ | (17,251,889 | ) | ||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 56,475 | $ | 117,863 |
See Notes to Financial Statements. | 41 |
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, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 187,380 | $ | 321,383 | $ | 139,355 | $ | 462,886 | ||||||||
Net realized gain (loss) | 113,076 | 281,870 | (847 | ) | 97,983 | |||||||||||
Net change in net unrealized appreciation (depreciation) | (273,710 | ) | (467,738 | ) | (128,287 | ) | (227,488 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 26,746 | 135,515 | 10,221 | 333,381 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (185,921 | ) | (339,717 | )* | (151,409 | ) | (500,650 | )** | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 2,502,420 | 3,414,291 | 9,307,082 | ||||||||||||
Value of shares redeemed | — | — | — | (16,276,068 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 2,502,420 | 3,414,291 | (6,968,986 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (159,175 | ) | 2,298,218 | 3,273,103 | (7,136,255 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 8,526,485 | 6,228,267 | 3,402,397 | 10,538,652 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,367,310 | $ | 8,526,485 | *** | $ | 6,675,500 | $ | 3,402,397 | *** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 350,001 | 250,001 | 150,001 | 450,001 | ||||||||||||
Shares sold | — | 100,000 | 150,000 | 400,000 | ||||||||||||
Shares redeemed | — | — | — | (700,000 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 350,001 | 350,001 | 300,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income of $324,352 and net realized gains of $15,365. |
** | Includes distributions from net investment income. |
*** | Includes undistributed net investment income of $27,323 and $16,014, respectively. |
See Notes to Financial Statements. | 42 |
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, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 165,082 | $ | 253,081 | $ | 786,470 | $ | 1,585,892 | ||||||||
Net realized gain (loss) | 124,912 | 226,515 | (21,577 | ) | 261,079 | |||||||||||
Net change in net unrealized appreciation (depreciation) | (321,603 | ) | (365,944 | ) | (1,134,995 | ) | (743,954 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (31,609 | ) | 113,652 | (370,102 | ) | 1,103,017 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (163,108 | ) | (242,032 | )* | (783,447 | ) | (1,578,975 | )* | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 4,859,333 | 1,317,569 | 13,342,526 | ||||||||||||
Value of shares redeemed | — | (1,216,092 | ) | (1,322,758 | ) | (14,616,254 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 3,643,241 | (5,189 | ) | (1,273,728 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (194,717 | ) | 3,514,861 | (1,158,738 | ) | (1,749,686 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 9,538,009 | 6,023,148 | 58,342,846 | 60,092,532 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 9,343,292 | $ | 9,538,009 | ** | $ | 57,184,108 | $ | 58,342,846 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 400,001 | 250,001 | 2,200,001 | 2,250,001 | ||||||||||||
Shares sold | — | 200,000 | 50,000 | 500,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | (50,000 | ) | (550,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,001 | 400,001 | 2,200,001 | 2,200,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $27,908 and $131,605, respectively. |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 698,725 | $ | 312,582 | $ | 4,206,211 | $ | 415,451 | ||||||||
Net realized gain (loss) | 4,799 | (271,674 | ) | (472,438 | ) | (451,860 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | (1,743,650 | ) | (634,517 | ) | (20,985,662 | ) | (602,134 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,040,126 | ) | (593,609 | ) | (17,251,889 | ) | (638,543 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (686,413 | ) | (130,513 | )* | (2,334,000 | ) | (161,415 | )* | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 16,381,277 | 24,793,255 | 229,986,183 | 19,491,809 | ||||||||||||
Value of shares redeemed | (17,651,055 | ) | (1,297,712 | ) | (35,135,742 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,269,778 | ) | 23,495,543 | 194,850,441 | 19,491,809 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (2,996,317 | ) | 22,771,421 | 175,264,552 | 18,691,851 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 26,692,389 | 3,920,968 | 23,690,739 | 4,998,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 23,696,072 | $ | 26,692,389 | ** | $ | 198,955,291 | $ | 23,690,739 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,050,001 | 150,001 | 1,000,001 | 200,001 | ||||||||||||
Shares sold | 650,000 | 950,000 | 9,600,000 | 800,000 | ||||||||||||
Shares redeemed | (700,000 | ) | (50,000 | ) | (1,500,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,000,001 | 1,050,001 | 9,100,001 | 1,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $248,198 and $377,370, respectively. |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||||||||
Net Asset Value, beginning of period | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.54 | 0.99 | 1.07 | 1.07 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.46 | ) | (0.48 | ) | 1.18 | (0.80 | ) | (0.04 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.08 | 0.51 | 2.25 | 0.27 | 0.23 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.53 | ) | (1.02 | ) | (1.30 | ) | (1.26 | ) | (0.20 | ) | ||||||||||
Net realized gains | — | (0.04 | ) | — | (0.08 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.53 | ) | (1.06 | ) | (1.30 | ) | (1.34 | ) | (0.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 23.91 | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 0.32 | (c)** | 2.03 | 9.61 | 1.22 | 0.90 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 8 | 9 | 6 | 6 | 6 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.47 | 0.50 | 0.50 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.47 | 0.50 | 0.50 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 4.39 | * | 3.94 | 4.35 | 4.45 | 4.35 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 8 | ** | 48 | 35 | 15 | 1 | ** | |||||||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||||||||
Net Asset Value, beginning of period | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.63 | 1.27 | 1.17 | 1.08 | 0.29 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.30 | ) | (0.53 | ) | 1.30 | (2.10 | ) | (0.51 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.33 | 0.74 | 2.47 | (1.02 | ) | (0.22 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.76 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.76 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 22.25 | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 1.43 | (c)** | 3.24 | (c) | 11.40 | (4.06 | ) | (0.87 | )** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 7 | 3 | 11 | 9 | 11 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | (e)* | 0.35 | (e) | 0.39 | 0.45 | 0.45 | * | ||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | (e)* | 0.33 | (e) | 0.39 | 0.45 | 0.45 | * | ||||||||||||
Ratio of net investment income (loss) (%) | 5.54 | * | 5.47 | 5.08 | 4.81 | 4.75 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 13 | ** | 50 | 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) | 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. |
(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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(a) | |||||||||||||||||||
Net Asset Value, beginning of period | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.41 | 0.78 | 0.73 | 0.71 | 0.17 | |||||||||||||||||||
Net realized and unrealized gain (loss) | (0.48 | ) | (0.28 | ) | 0.39 | (0.73 | ) | (0.43 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total from investment operations | (0.07 | ) | 0.50 | 1.12 | (0.02 | ) | (0.26 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total distributions | (0.41 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Asset Value, end of period | $ | 23.36 | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Return (%) | (0.32 | )(d)** | 2.05 | 4.79 | (0.04 | ) | (1.03 | )** | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 9 | 10 | 6 | 5 | 6 | |||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.25 | * | 0.25 | 0.25 | 0.25 | 0.25 | * | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.25 | * | 0.25 | 0.25 | 0.25 | 0.25 | * | |||||||||||||||||
Ratio of net investment income (loss) (%) | 3.46 | * | 3.22 | 3.04 | 3.00 | 2.72 | * | |||||||||||||||||
Portfolio turnover rate (%)(e) | 10 | ** | 33 | 26 | 14 | 7 | ** | |||||||||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.36 | 0.70 | 0.66 | 0.80 | 0.81 | 0.81 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.53 | ) | (0.20 | ) | (0.46 | ) | 1.67 | 0.40 | 0.00 | (f) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.17 | ) | 0.50 | 0.20 | 2.47 | 1.21 | 0.81 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.36 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 25.99 | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (0.61 | )(d)** | 1.87 | 0.77 | 9.89 | 4.88 | 3.46 | (d)** | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 57 | 58 | 60 | 37 | 22 | 16 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.30 | * | 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 | 0.30 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 2.75 | * | 2.61 | 2.50 | 3.07 | 3.16 | 3.48 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 9 | ** | 28 | 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) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(f) | Less than 0.005. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 25.42 | $ | 26.14 | $ | 22.96 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.57 | 1.35 | 1.02 | 0.70 | ||||||||||||
Net realized and unrealized gain (loss) | (1.77 | ) | (1.20 | ) | 3.07 | (2.38 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (1.20 | ) | 0.15 | 4.09 | (1.68 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.52 | ) | (0.87 | ) | (0.60 | ) | (0.36 | ) | ||||||||
Net realized gains | — | — | (0.31 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.52 | ) | (0.87 | ) | (0.91 | ) | (0.36 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 23.70 | $ | 25.42 | $ | 26.14 | $ | 22.96 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (4.82 | )(c)** | 0.54 | 18.17 | (6.67 | )** | ||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 24 | 27 | 4 | 3 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.32 | 0.45 | 0.45 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.32 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 4.63 | * | 5.29 | 4.17 | 3.83 | * | ||||||||||
Portfolio turnover rate (%)(d) | 17 | ** | 76 | 36 | 33 | ** | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 23.69 | $ | 24.99 | $ | 23.16 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.52 | 1.50 | 1.06 | 0.88 | ||||||||||||
Net realized and unrealized gain (loss) | (2.06 | ) | (1.99 | ) | 3.03 | (2.17 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (1.54 | ) | (0.49 | ) | 4.09 | (1.29 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.29 | ) | (0.81 | ) | (0.95 | ) | (0.38 | ) | ||||||||
Net realized gains | – | – | (1.31 | ) | (0.17 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.29 | ) | (0.81 | ) | (2.26 | ) | (0.55 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 21.86 | $ | 23.69 | $ | 24.99 | $ | 23.16 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (6.58 | )(c)** | (2.02 | ) | 18.93 | (e) | (5.08 | )** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 199 | 24 | 5 | 5 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.33 | 0.45 | 0.45 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.33 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 4.58 | * | 6.28 | 4.48 | 4.86 | * | ||||||||||
Portfolio turnover rate (%)(d) | 9 | ** | 56 | 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) | 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. |
(e) | 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. | 47 |
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, 2018, the Trust consists of thirty-six 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:
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 |
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co.KGaA (“DWS Group”), 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 and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF offer shares that are listed and traded on the Bats BZX Exchange. (“Bats BZX”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield 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 Equity ETF | MSCI ACWI ex USA High Dividend Yield Index | |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | MSCI EAFE High Dividend Yield 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.
48
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 Indices are rebalanced monthly on the last business day of each month.
The MSCI ACWI ex USA High Dividend Yield 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. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed 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. The MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.
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.
In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
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.
49
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any 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
50
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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.
Accounting Standard Update In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables-Nonrefundable fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.
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 Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2018, the Funds did not incur any interest or penalties.
At May 31, 2018, 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 High Yield Corp Bond — Interest Rate Hedged ETF | $ | 109,495 | $ | 420,827 | $ | 530,322 | ||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 44,583 | — | 44,583 | |||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 110,376 | 4,478 | 114,854 | |||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 63,067 | 144,960 | 208,027 | |||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 180,672 | 98,896 | 279,568 |
51
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2018, the following Funds incurred and will elect to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | $ | 58,339 | ||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 260,555 | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 320,479 |
As of May 31, 2018, 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 | $ | 8,815,206 | $ | (405,380 | ) | $ | 29,378 | $ | (434,758 | ) | ||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 3,718,829 | (53,663 | ) | — | (53,663 | ) | ||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 9,665,232 | (346,016 | ) | 8,145 | (354,161 | ) | ||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 58,075,172 | (481,449 | ) | 250,145 | (731,594 | ) | ||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 27,737,728 | (549,495 | ) | 366,505 | (916,000 | ) | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 26,949,906 | (402,315 | ) | 492,932 | (895,247 | ) |
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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of November 30, 2018, 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 continues 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
52
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2018, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2018) on the cash collateral invested in DWS 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, 2018, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF 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 cash contractual maturity of the collateral agreements were overnight and continuous.
As of November 30, 2018, the Xtrackers Investment Grade Bond — Interest Rate Hedged ETF had securities on loan, which were classified as bonds in the Schedule of Investments and the Xtrackers MSCI EAFE High Dividend Yield Equity ETF 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.
Remaining Contractual Maturity of the Agreements, as of November 30, 2018 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF |
| |||||||||||||||||||
Corporate Bonds | $ | 23,460 | $ | 17 | $ | 4,368 | $ | 15,346 | $ | 43,191 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 43,191 | |||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 1,733,117 | $ | — | $ | — | $ | 120,256 | $ | 1,853,373 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 1,853,373 |
As of November 30, 2018, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF and Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF had no securities on loan.
Derivatives
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. For the period ended November 30, 2018, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF entered 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, and Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
53
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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, 2018 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, 2018 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* | $ | — | Unrealized depreciation on future contracts* | $ | 17,172 | ||||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF |
| |||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | — | Unrealized depreciation on future contracts* | $ | 5,013 | ||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF |
| |||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | — | Unrealized depreciation on future contracts* | $ | 20,079 | ||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 3,805 | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 1,016 | Unrealized depreciation on futures contracts* | $ | 154 |
* | 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, 2018 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 | Total | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 127,508 | $ | — | $ | 127,508 | ||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 17,639 | — | 17,639 | |||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 181,274 | — | 181,274 | |||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | (3,515 | ) | (3,515 | ) | |||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | — | (59,102 | ) | (59,102 | ) |
54
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Interest Rate Contracts | Futures Contracts — Equity Contracts | Total | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (17,406 | ) | $ | — | $ | (17,406 | ) | ||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | (7,122 | ) | — | (7,122 | ) | |||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | (17,642 | ) | — | (17,642 | ) | |||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | (3,805 | ) | (3,805 | ) | |||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | — | 2,193 | 2,193 |
For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (8,015,180 | ) | |
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | (4,739,347 | ) | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | (9,488,948 | ) | ||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 94,447 | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 554,951 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
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 Equity ETF | 0.20 | % | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.20 | % |
The Advisor for the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF has contractually agreed, until the date of the Fund’s annual registration statement update in 2020, 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 Funds. For the period June 1, 2018 through November 30, 2018, the Advisor waived $5,159 of expenses to the Fund.
55
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Effective November 30, 2018, the Advisor for the Xtrackers Municipal Infrastructure Revenue Bond ETF has contractually agreed, until November 30, 2019, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.15% of the Fund’s average daily net assets. On November 30, 2018, the Advisor waived $235 of expenses to the Fund.
The Advisor for the Funds below 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 Funds’ investments in affiliated cash management vehicles. For the period from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Fund’s as follows:
Expenses Waived | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 13 | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 12 | |||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 23 | |||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 2 | |||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 2 | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 9 |
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 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, 2018, 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 | $ | 707,983 | $ | 650,041 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 622,661 | 629,162 | ||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 1,089,002 | 940,812 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 5,321,292 | 6,274,071 | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 5,721,046 | 5,020,388 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 29,862,994 | 15,756,004 |
For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | $ | 3,359,339 | $ | — | ||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 1,273,854 | — | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 13,110,121 | 15,137,994 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 216,743,598 | 34,909,069 |
56
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
5. Fund Share Transactions
As of November 30, 2018, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. 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 Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI All World ex US High Dividend Yield 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, 2018.
Pro-rata Share | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 525,000 | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 525,000 | |||
Xtrackers MSCI All World ex US High Dividend Yield 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, 2018, there was one affiliated shareholder account for the fund listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 15 | % |
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
57
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
58
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 recent12-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 at855-329-3837.
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 FormN-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 at855-329-3837. You can also obtain copies of FormN-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 calling800-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.
59
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
60
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”) andnon-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 NYSE Arca, Inc. 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. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
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 © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International GmbH. 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, New York 10154 | Administrator, custodian, The Bank of New York Mellon 240 Greenwich 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-049075-3 (1/19) DBX003655 (1/20)
November 30, 2018
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI China A Inclusion 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
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
12 | ||||
18 | ||||
26 | ||||
32 | ||||
33 | ||||
34 | ||||
36 | ||||
38 | ||||
48 | ||||
49 |
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, 2018.
The global economy peaked with divergent growth before moderating amid tighter U.S. monetary policy, fears surrounding the U.S.-China trade war, and economic meltdowns in specific emerging markets. The Chinese economy also witnessed moderate growth despite tighter trade deficit pressures and the Shenzhen government’s significantoff-balance-sheet debt. Nevertheless, policy makers focused on consistent financial deleveraging and doubled efforts toward an ingrown economy. The monetary policy was relaxed as the People’s Bank of China (PBoC) carried out rate cuts for the bank’s reserve requirement multiple times over the year. However, the impending trade war took a toll on its most recent economic update, due to its uncompromising reaction to sanctions from the U.S. Meanwhile, increased foreign currency reserves offered a buffer to the renminbi’s volatility.
China’s GDP growth moderated at 6.5% year on year in the third quarter of 2018, reflecting weaker domestic demand and softer industrial production growth. Yet, China’s trade surplus with the U.S. rose to a new high in the midst of the trade war, backed by resilient shipments to the U.S. and some front-loading ahead of potentially wider tariffs. The service sector, which accounts for half of the Chinese economy, continued to grow at its fastest pace, posting impressiveyear-on-year growth, resulting in increased wages and consumer spending. However, China’s mounting debt position and credit growth remained the key challenges against a backdrop of an appreciating U.S. dollar, increasing capital outflows, and a steady increase in the U.S. Federal Reserve Board rates.
The Chinese equity market tumbled slightly; but this does not reflect underlying economic reality, because the allocation of household wealth to equity is relatively insignificant compared with cash and real estate. China’s credit profile has also stabilized moderately, given the recovery in nominal growth and the government’s financial deleveraging campaign. China has also set up a new bond financing support vehicle to back private companies and ease their funding difficulties. In addition, regulators are trying to curb shadow banking through tighter regulations, which could minimize unexpected shocks to the banking system.
Overall, expansionary fiscal policy with substantial consumer spending and infrastructure investments has continued to be the cornerstone of growth in the economy. In addition, the Chinese government sped up bond issuance to safeguard economic growth and boost domestic demand in the face of escalating external uncertainties. The planned transition to a consumer- and service-oriented economy driven by domestic demand could lead to a slowdown in the near term. New trade talks ahead of the G20 meeting should ease the temporary cease-fire on the tariff war, although it may take longer to assess the impact. Investors will now have to wait to see how U.S.-China trade relations unfold in early 2019, as any positive outcome could potentially improve market sentiment.
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
Xtrackers MSCI China A Inclusion Equity ETF (ASHX)
The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of ChinaA-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program (“Shanghai Connect”) or theShenzhen-Hong Kong Stock Connect program (“Shenzhen Connect,” and together with Shanghai Connect, “Stock Connect”). ChinaA-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi (“RMB”). ASHX expects to gain exposure to the ChinaA-share market of the Underlying Index by investing in Xtrackers Harvest CSI 300 ChinaA-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. On June 4, 2018 the Xtrackers CSI 300 China A-Shares Hedged Equity ETF’s name changed to Xtrackers MSCI China A Inclusion Equity ETF. At that time, the Underlying Index replaced the CSI 300 USD Hedged Index which 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. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (24.0% of Net Asstes) |
Description | % of Net Assets | |||
Kweichow Moutai Co. Ltd. | 4.4% | |||
Ping An Insurance Group Co. of China Ltd. | 4.2% | |||
China Merchants Bank Co. Ltd. | 3.6% | |||
Industrial Bank Co. Ltd. | 2.0% | |||
Shanghai Pudong Development Bank Co. Ltd. | 1.9% | |||
Industrial & Commercial Bank of China Ltd. | 1.7% | |||
Agricultural Bank of China Ltd. | 1.6% | |||
Midea Group Co. Ltd. | 1.6% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. | 1.5% | |||
China Vanke Co. Ltd. | 1.5% |
Sector Diversification* as of 11/30/18 |
Financials | 35.1% | |||
Industrials | 13.3% | |||
Consumer Staples | 10.5% | |||
Consumer Discretionary | 8.4% | |||
Information Technology | 6.7% | |||
Materials | 5.9% | |||
Real Estate | 5.8% | |||
Health Care | 5.7% | |||
Utilities | 3.6% | |||
Energy | 2.9% | |||
Communication Services | 2.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
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
Xtrackers Harvest CSI 300 ChinaA-Shares ETF (ASHR)
The Xtrackers Harvest CSI 300 ChinaA-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, 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 ChinaA-Share market and is composed of the 300 largest and most liquid stocks in the ChinaA-Share market. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (25.1% of Net Asstes) |
Description | % of Net Assets | �� | ||
Ping An Insurance Group Co. of China Ltd. | 7.1% | |||
China Merchants Bank Co. Ltd. | 3.0% | |||
Kweichow Moutai Co. Ltd. | 2.9% | |||
Industrial Bank Co. Ltd. | 2.1% | |||
Midea Group Co. Ltd. | 1.8% | |||
Gree Electric Appliances, Inc. of Zhuhai | 1.8% | |||
Bank of Communications Co. Ltd. | 1.7% | |||
China Minsheng Banking Corp. Ltd. | 1.7% | |||
Inner Mongolia Yili Industrial Group Co. Ltd. | 1.5% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 1.5% |
Sector Diversification* as of 11/30/18 |
Financials | 37.0% | |||
Industrials | 13.4% | |||
Consumer Discretionary | 9.6% | |||
Consumer Staples | 8.2% | |||
Information Technology | 7.1% | |||
Materials | 6.6% | |||
Health Care | 6.2% | |||
Real Estate | 4.9% | |||
Utilities | 2.7% | |||
Energy | 2.5% | |||
Communication Services | 1.8% | |||
|
| |||
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 12.
3
DBX ETF Trust
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF (ASHS)
The Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, 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 ofsmall-cap companies in the ChinaA-Share market and is composed of the 500 smallest and most liquid stocks in the ChinaA-Share market. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (5.8% of Net Assets) |
Description | % of Net Assets | |||
Changchun High & New Technology Industry Group, Inc. | 0.9% | |||
JinyuBio-Technology Co. Ltd. | 0.7% | |||
Dawning Information Industry Co. Ltd. | 0.6% | |||
By-health Co. Ltd. | 0.6% | |||
Guanghui Energy Co. Ltd. | 0.5% | |||
Jinke Properties Group Co. Ltd. | 0.5% | |||
JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd. | 0.5% | |||
AVIC Jonhon OptronicTechnology Co. Ltd. | 0.5% | |||
Glodon Co. Ltd. | 0.5% | |||
Shandong Hualu Hengsheng Chemical Co. Ltd. | 0.5% |
Sector Diversification* as of 11/30/18 |
Industrials | 20.8% | |||
Information Technology | 17.3% | |||
Materials | 15.7% | |||
Health Care | 11.8% | |||
Consumer Discretionary | 9.4% | |||
Consumer Staples | 6.6% | |||
Real Estate | 5.8% | |||
Communication Services | 3.9% | |||
Utilities | 3.5% | |||
Energy | 2.7% | |||
Financials | 2.5% | |||
|
| |||
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 18.
4
DBX ETF Trust
Xtrackers MSCI All China Equity ETF (CN)
The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 designed to capture large- andmid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includesA-Shares,H-Shares,B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). It is based on the concept of the integrated MSCI China equity universe with ChinaA-shares included. The Fund expects to gain exposure to the ChinaA-share components of the Index by investing in Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC., and Xtrackers Harvest CSI 300 ChinaA-shares ETF and Xtrackers Harvest CSI 500 ChinaA-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 11/30/18 (68.0% of Net Assets) |
Description | % of Net Assets | |||
Xtrackers MSCI China A Inclusion Equity ETF | 31.0% | |||
Tencent Holdings Ltd. | 9.6% | |||
Alibaba Group Holding Ltd. | 8.8% | |||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 4.7% | |||
China Construction Bank Corp. | 3.4% | |||
China Mobile Ltd. | 2.6% | |||
Baidu, Inc. | 2.2% | |||
Ping An Insurance Group Co. of China Ltd. | 2.1% | |||
Industrial & Commercial Bank of China Ltd. | 2.1% | |||
Bank of China Ltd. | 1.5% |
Sector Diversification* as of 11/30/18 |
Financials | 25.4% | |||
Communication Services | 18.1% | |||
Consumer Discretionary | 16.9% | |||
Industrials | 8.5% | |||
Real Estate | 5.5% | |||
Consumer Staples | 5.0% | |||
Energy | 4.6% | |||
Information Technology | 4.5% | |||
Health Care | 4.4% | |||
Materials | 3.9% | |||
Utilities | 3.2% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.
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 MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Xtrackers MSCI China A Inclusion Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 ChinaA-Shares ETF (the “Underlying Fund”) in which the Xtrackers MSCI China A Inclusion Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s and Xtrackers MSCI China A Inclusion Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recentsix-month period Xtrackers MSCI China A Inclusion 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 thesix-month period and held for the entire period (June 1, 2018 to November 30, 2018).
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, 2018 | Ending Account Value November 30, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 791.83 | 0.60 | % | $ | 2.70 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 783.83 | 0.65 | % | $ | 2.91 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 707.04 | 0.65 | % | $ | 2.78 | ||||||||
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 | $ | 813.39 | 0.31 | % | $ | 1.41 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.51 | 0.31 | % | $ | 1.57 |
(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 recentsix-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
Xtrackers MSCI China A Inclusion Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Communication Services — 2.1% | ||||||||
China Film Co. Ltd., Class A | 9,000 | $ | 17,868 | |||||
China South Publishing & Media Group Co. Ltd., Class A | 8,500 | 14,041 | ||||||
China United Network Communications Ltd., Class A | 151,100 | 114,696 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 7,000 | 12,006 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 18,900 | 10,380 | ||||||
Giant Network Group Co. Ltd., Class A | 6,500 | 17,932 | ||||||
Perfect World Co. Ltd., Class A | 4,400 | 15,257 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 16,397 | 23,879 | ||||||
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A | 8,600 | 14,787 | ||||||
|
| |||||||
240,846 | ||||||||
|
| |||||||
Consumer Discretionary — 8.4% | ||||||||
BYD Co. Ltd., Class A | 8,798 | 72,096 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 27,800 | 16,986 | ||||||
China International Travel Service Corp. Ltd., Class A | 9,443 | 74,951 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A | 8,414 | 27,628 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 18,000 | 15,941 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 9,809 | 30,770 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A* | 14,600 | 77,346 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 10,340 | 15,534 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 4,800 | 14,395 | ||||||
HLA Corp. Ltd., Class A | 11,200 | 12,656 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 15,500 | 37,770 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 7,000 | 11,623 | ||||||
Midea Group Co. Ltd., Class A | 32,262 | 179,448 | ||||||
Oppein Home Group, Inc., Class A | 1,400 | 16,102 | ||||||
Qingdao Haier Co. Ltd., Class A | 29,700 | 58,710 | ||||||
SAIC Motor Corp. Ltd., Class A | 38,027 | 135,853 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 4,600 | 9,000 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 39,700 | 34,302 | ||||||
Suning.com Co. Ltd., Class A | 45,864 | 70,485 | ||||||
TCL Corp., Class A | 65,400 | 23,223 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 13,900 | 10,971 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 4,200 | 10,862 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 8,600 | 11,239 | ||||||
|
| |||||||
967,891 | ||||||||
|
|
Number | Value | |||||||
Consumer Staples — 10.5% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A (a) | 22,200 | $ | 10,787 | |||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 10,926 | 99,539 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 13,300 | 43,786 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 29,613 | 101,451 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 7,324 | 105,482 | ||||||
Kweichow Moutai Co. Ltd., Class A | 6,177 | 501,737 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 7,100 | 41,850 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 8,510 | 33,045 | ||||||
New Hope Liuhe Co. Ltd., Class A | 19,872 | 20,170 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 4,200 | 21,646 | ||||||
Tongwei Co. Ltd., Class A | 19,500 | 23,773 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 3,500 | 15,513 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 18,900 | 142,351 | ||||||
Yonghui Superstores Co. Ltd., Class A | 47,166 | 48,957 | ||||||
|
| |||||||
1,210,087 | ||||||||
|
| |||||||
Energy — 2.9% | ||||||||
China Petroleum & Chemical Corp., Class A | 124,050 | 105,220 | ||||||
China Shenhua Energy Co. Ltd., Class A | 21,600 | 58,256 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 22,300 | 16,895 | ||||||
PetroChina Co. Ltd., Class A | 78,828 | 86,241 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 32,400 | 35,959 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 14,400 | 15,361 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 15,400 | 13,461 | ||||||
|
| |||||||
331,393 | ||||||||
|
| |||||||
Financials — 34.9% | ||||||||
Agricultural Bank of China Ltd., Class A | 363,317 | 186,468 | ||||||
Anxin Trust Co. Ltd., Class A | 26,380 | 18,621 | ||||||
Avic Capital Co. Ltd., Class A | 43,010 | 28,381 | ||||||
Bank of Beijing Co. Ltd., Class A | 103,914 | 88,589 | ||||||
Bank of China Ltd., Class A | 239,912 | 124,511 | ||||||
Bank of Communications Co. Ltd., Class A | 191,438 | 161,003 | ||||||
Bank of Guiyang Co. Ltd., Class A | 11,200 | 17,873 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 24,940 | 27,680 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 56,361 | 51,695 | ||||||
Bank of Nanjing Co. Ltd., Class A | 41,200 | 41,343 | ||||||
Bank of Ningbo Co. Ltd., Class A | 25,000 | 60,776 | ||||||
Bank of Shanghai Co. Ltd., Class A | 53,271 | 87,842 | ||||||
Changjiang Securities Co. Ltd., Class A | 27,900 | 22,662 | ||||||
China CITIC Bank Corp. Ltd., Class A | 27,600 | 22,498 | ||||||
China Construction Bank Corp., Class A | 46,700 | 44,647 | ||||||
China Everbright Bank Co. Ltd., Class A | 194,131 | 107,450 | ||||||
China Life Insurance Co. Ltd., Class A | 13,500 | 41,883 | ||||||
China Merchants Bank Co. Ltd., Class A | 100,643 | 413,085 | ||||||
China Merchants Securities Co. Ltd., Class A | 28,032 | 55,372 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
China Minsheng Banking Corp. Ltd., Class A | 172,971 | $ | 151,689 | |||||
China Pacific Insurance Group Co. Ltd., Class A | 30,677 | 138,438 | ||||||
CITIC Securities Co. Ltd., Class A | 47,855 | 116,063 | ||||||
Dongxing Securities Co. Ltd., Class A | 11,200 | 16,891 | ||||||
Everbright Securities Co. Ltd., Class A | 18,737 | 26,883 | ||||||
First Capital Securities Co. Ltd., Class A | 16,800 | 13,163 | ||||||
Founder Securities Co. Ltd., Class A | 39,900 | 31,377 | ||||||
GF Securities Co. Ltd., Class A | 29,100 | 56,394 | ||||||
Guosen Securities Co. Ltd., Class A | 19,700 | 25,404 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 36,951 | 85,208 | ||||||
Guoyuan Securities Co. Ltd., Class A | 16,800 | 19,201 | ||||||
Haitong Securities Co. Ltd., Class A | 39,014 | 52,947 | ||||||
Huaan Securities Co. Ltd., Class A | 17,300 | 12,436 | ||||||
Huatai Securities Co. Ltd., Class A | 32,180 | 77,722 | ||||||
Huaxia Bank Co. Ltd., Class A | 62,998 | 70,553 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 20,900 | 17,848 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 262,989 | 201,518 | ||||||
Industrial Bank Co. Ltd., Class A | 101,285 | 232,104 | ||||||
Industrial Securities Co. Ltd., Class A | 33,500 | 24,369 | ||||||
New China Life Insurance Co. Ltd., Class A | 10,164 | 64,834 | ||||||
Orient Securities Co. Ltd., Class A | 28,951 | 38,416 | ||||||
Ping An Bank Co. Ltd., Class A | 83,666 | 124,612 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 52,809 | 482,018 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 143,157 | 220,420 | ||||||
Shanxi Securities Co. Ltd., Class A | 14,000 | 13,002 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 90,995 | 58,083 | ||||||
Sinolink Securities Co. Ltd., Class A | 15,300 | 17,135 | ||||||
SooChow Securities Co. Ltd., Class A | 15,300 | 15,749 | ||||||
Western Securities Co. Ltd., Class A | 17,000 | 20,749 | ||||||
|
| |||||||
4,027,605 | ||||||||
|
| |||||||
Health Care — 5.7% | ||||||||
Beijing Tongrentang Co. Ltd., Class A | 6,500 | 27,184 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 4,775 | 16,839 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 3,200 | 20,877 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 7,000 | 38,120 | ||||||
Huadong Medicine Co. Ltd., Class A | 7,250 | 35,573 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 17,910 | 168,521 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 9,000 | 18,684 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 24,556 | 37,174 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 15,160 | 35,264 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 4,276 | 16,407 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 9,700 | 38,823 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 9,300 | $ | 27,061 | |||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 4,200 | 15,307 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 7,000 | 24,323 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 7,420 | 22,465 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 10,200 | 21,776 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 5,070 | 54,302 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 3,000 | 35,064 | ||||||
|
| |||||||
653,764 | ||||||||
|
| |||||||
Industrials — 13.2% | ||||||||
AECC Aviation Power Co. Ltd., Class A | 11,200 | 37,806 | ||||||
Air China Ltd., Class A | 22,900 | 26,930 | ||||||
AVIC Aircraft Co. Ltd., Class A | 13,400 | 28,877 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A* | 4,500 | 20,967 | ||||||
China Avionics Systems Co. Ltd., Class A | 7,100 | 15,382 | ||||||
China Communications Construction Co. Ltd., Class A | 13,300 | 22,620 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 39,700 | 29,964 | ||||||
China Gezhouba Group Co. Ltd., Class A | 22,400 | 20,642 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 5,760 | 9,134 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 23,900 | 19,448 | ||||||
China Railway Construction Corp. Ltd., Class A | 56,094 | 88,627 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 111,300 | 67,844 | ||||||
China Southern Airlines Co. Ltd., Class A | 41,800 | 42,666 | ||||||
China Spacesat Co. Ltd., Class A | 5,600 | 13,896 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 204,711 | 169,811 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 40,300 | 13,557 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 37,000 | 21,809 | ||||||
CRRC Corp. Ltd., Class A | 98,744 | 123,930 | ||||||
Daqin Railway Co. Ltd., Class A | 72,513 | 80,375 | ||||||
Dongfang Electric Corp. Ltd., Class A* | 13,300 | 14,570 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 8,793 | 23,083 | ||||||
Guangshen Railway Co. Ltd., Class A | 27,100 | 12,584 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 5,300 | 25,617 | ||||||
Jihua Group Corp. Ltd., Class A | 20,771 | 10,451 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 19,970 | 43,323 | ||||||
Metallurgical Corp. of China Ltd., Class A | 87,314 | 38,913 | ||||||
NARI Technology Co. Ltd., Class A | 22,400 | 56,613 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 28,492 | 14,992 | ||||||
Power Construction Corp. of China Ltd., Class A | 49,500 | 33,518 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Sany Heavy Industry Co. Ltd., Class A | 37,850 | $ | 43,695 | |||||
SF Holding Co. Ltd., Class A | 5,700 | 28,845 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 37,300 | 27,241 | ||||||
Shanghai International Airport Co. Ltd., Class A | 4,795 | 34,536 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 41,400 | 33,152 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 15,400 | 12,841 | ||||||
Spring Airlines Co. Ltd., Class A | 3,700 | 18,373 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 12,700 | 15,793 | ||||||
TBEA Co. Ltd., Class A | 17,381 | 17,117 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 7,000 | 10,919 | ||||||
Weichai Power Co. Ltd., Class A | 29,400 | 31,784 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 38,000 | 18,246 | ||||||
Xiamen C & D, Inc., Class A | 14,000 | 15,176 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 14,179 | 22,463 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 10,617 | 34,495 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 11,200 | 18,130 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 29,650 | 15,132 | ||||||
|
| |||||||
1,525,887 | ||||||||
|
| |||||||
Information Technology — 6.7% | ||||||||
360 Security Technology, Inc., Class A | 6,600 | 21,207 | ||||||
Aisino Corp., Class A | 9,196 | 32,589 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 4,200 | 17,329 | ||||||
BOE Technology Group Co. Ltd., Class A | 164,502 | 65,745 | ||||||
DHC Software Co. Ltd., Class A | 15,400 | 15,741 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 26,300 | 17,771 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 60,523 | 50,031 | ||||||
GoerTek, Inc., Class A | 15,500 | 16,022 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 11,100 | 12,096 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 44,900 | 175,382 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 9,200 | 23,133 | ||||||
Hundsun Technologies, Inc., Class A | 3,000 | 23,372 | ||||||
Iflytek Co. Ltd., Class A | 10,334 | 36,577 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 13,600 | 36,367 | ||||||
Ninestar Corp., Class A | 3,500 | 12,675 | ||||||
O-film Tech Co. Ltd., Class A | 13,100 | 21,620 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 20,079 | 41,192 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 22,320 | 12,386 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 9,800 | 14,934 | ||||||
Unisplendour Corp. Ltd., Class A | 3,420 | 17,194 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 9,300 | 31,620 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 14,000 | $ | 26,849 | |||||
ZTE Corp., Class A* | 16,900 | 48,276 | ||||||
|
| |||||||
770,108 | ||||||||
|
| |||||||
Materials — 5.9% | ||||||||
Angang Steel Co. Ltd., Class A | 20,900 | 16,586 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 19,464 | 89,011 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 90,357 | 87,293 | ||||||
BBMG Corp., Class A | 40,500 | 20,087 | ||||||
China Molybdenum Co. Ltd., Class A | 85,800 | 48,970 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 17,693 | 24,749 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 10,600 | 20,740 | ||||||
Hesteel Co. Ltd., Class A | 51,500 | 21,767 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 187,700 | 41,286 | ||||||
Jiangxi Copper Co. Ltd., Class A | 10,044 | 19,176 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 5,600 | 20,369 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 12,600 | 10,814 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 30,600 | 16,321 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* | 14,000 | 16,746 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 14,000 | 20,208 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 9,191 | 35,742 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 16,700 | 10,012 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 23,670 | 17,083 | ||||||
Tianqi Lithium Corp., Class A | 5,600 | 25,585 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 49,900 | 14,706 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 4,140 | 20,242 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 15,700 | 20,472 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 16,800 | 18,887 | ||||||
Zijin Mining Group Co. Ltd., Class A | 85,597 | 41,717 | ||||||
|
| |||||||
678,569 | ||||||||
|
| |||||||
Real Estate — 5.7% | ||||||||
China Fortune Land Development Co. Ltd., Class A | 14,340 | 52,570 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 32,005 | 86,686 | ||||||
China Vanke Co. Ltd., Class A | 47,396 | 173,344 | ||||||
Financial Street Holdings Co. Ltd., Class A | 15,300 | 14,913 | ||||||
Future Land Holdings Co. Ltd., Class A | 11,200 | 44,054 | ||||||
Gemdale Corp., Class A | 22,222 | 30,382 | ||||||
Greenland Holdings Corp. Ltd., Class A | 39,773 | 35,165 | ||||||
Jinke Properties Group Co. Ltd., Class A | 25,900 | 22,267 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 57,773 | 108,804 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 21,100 | 25,420 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 7,529 | 16,052 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Xinhu Zhongbao Co. Ltd., Class A | 41,200 | $ | 18,243 | |||||
Youngor Group Co. Ltd., Class A | 18,100 | 19,906 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 25,400 | 13,219 | ||||||
|
| |||||||
661,025 | ||||||||
|
| |||||||
Utilities — 3.6% | ||||||||
Beijing Capital Co. Ltd., Class A | 27,500 | 13,640 | ||||||
China National Nuclear Power Co. Ltd., Class A | 50,484 | 38,611 | ||||||
China Yangtze Power Co. Ltd., Class A | 71,500 | 147,505 | ||||||
GD Power Development Co. Ltd., Class A | 94,400 | 33,793 | ||||||
Huadian Power International Corp. Ltd., Class A | 39,600 | 25,960 | ||||||
Huaneng Power International, Inc., Class A | 23,800 | 23,609 | ||||||
Hubei Energy Group Co. Ltd., Class A | 22,200 | 11,521 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 33,095 | 34,732 | ||||||
Shenergy Co. Ltd., Class A | 22,100 | 15,663 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 16,700 | 12,725 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 21,100 | 24,298 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 44,100 | $ | 28,467 | |||||
|
| |||||||
410,524 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 11,477,699 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.0% | ||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF (b) | 190 | 4,450 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.4% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) | 43,508 | 43,508 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $12,912,408) | $ | 11,525,657 | ||||||
Other assets and liabilities, net — 0.0% | 2,248 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 11,527,905 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUND — 0.0% |
| |||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF (b) |
| |||||||||||||||||||||||||||||||
2,048,942 | 18,941 | (2,073,500) | 326,283 | (316,216) | — | — | 190 | 4,450 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d) |
| |||||||||||||||||||||||||||||||
75,000 | — | (75,000) | (e) | — | — | 33 | — | — | — | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.4% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) |
| |||||||||||||||||||||||||||||||
— | 84,252 | (40,744) | — | — | 146 | — | 43,508 | 43,508 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
2,123,942 | 103,193 | (2,189,244) | 326,283 | (316,216) | 179 | — | 43,698 | 47,958 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2018 (Unaudited)
At November 30, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
SGX FTSE China A50 Index Futures | USD | 4 | $ | 44,050 | $ | 44,000 | 12/28/2018 | $ | (50 | ) |
Currency Abbreviations
USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2018 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 Stock (f) | $ | 11,466,912 | $ | — | $ | 10,787 | $ | 11,477,699 | ||||||||
Exchange-Traded Fund | 4,450 | — | — | 4,450 | ||||||||||||
Short-Term Investments | 43,508 | — | — | 43,508 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 11,514,870 | $ | — | $ | 10,787 | $ | 11,525,657 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (50 | ) | $ | — | $ | — | $ | (50 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (50 | ) | $ | — | $ | — | $ | (50 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Xtrackers Harvest CSI 300 ChinaA-Shares ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Communication Services — 1.8% | ||||||||
Beijing Enlight Media Co. Ltd., Class A | 715,200 | $ | 742,958 | |||||
China Film Co. Ltd., Class A | 605,039 | 1,202,200 | ||||||
China United Network Communications Ltd., Class A | 7,597,963 | 5,772,058 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 467,911 | 803,162 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 2,232,900 | 1,227,247 | ||||||
Dr Peng Telecom & Media Group Co. Ltd., Class A | 1,165,379 | 1,371,577 | ||||||
Giant Network Group Co. Ltd., Class A | 495,259 | 1,367,435 | ||||||
Huayi Brothers Media Corp., Class A | 1,357,217 | 966,616 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A* | 1,263,230 | 843,335 | ||||||
Perfect World Co. Ltd., Class A | 318,479 | 1,105,243 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 1,396,432 | 2,035,302 | ||||||
Wanda Film Holding Co. Ltd., Class A | 573,454 | 1,779,706 | ||||||
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A | 713,389 | 1,227,601 | ||||||
|
| |||||||
20,444,440 | ||||||||
|
| |||||||
Consumer Discretionary — 9.6% | ||||||||
BYD Co. Ltd., Class A | 761,246 | 6,243,088 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 1,988,898 | 1,216,189 | ||||||
China International Travel Service Corp. Ltd., Class A | 796,628 | 6,328,093 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A | 711,827 | 2,339,215 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,588,756 | 1,408,113 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,153,697 | 3,621,980 | ||||||
Great Wall Motor Co. Ltd., Class A | 975,711 | 863,368 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A* | 3,926,466 | 20,817,995 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 515,030 | 774,370 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 387,297 | 1,162,406 | ||||||
HLA Corp. Ltd., Class A | 1,471,425 | 1,664,027 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 1,282,862 | 3,128,594 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A | 370,499 | 491,494 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 995,497 | 1,654,328 | ||||||
Midea Group Co. Ltd., Class A | 3,767,922 | 20,974,915 | ||||||
Nanjing Xinjiekou Department Store Co. Ltd., Class A | 429,608 | 630,481 | ||||||
Oppein Home Group, Inc., Class A | 104,172 | 1,199,059 | ||||||
Qingdao Haier Co. Ltd., Class A | 2,983,486 | 5,902,368 | ||||||
SAIC Motor Corp. Ltd., Class A | 2,854,751 | 10,206,908 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 2,680,392 | 2,317,781 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Songcheng Performance Development Co. Ltd., Class A | 592,782 | $ | 1,875,511 | |||||
Suning.com Co. Ltd., Class A | 3,041,058 | 4,677,372 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 528,376 | 1,410,219 | ||||||
TCL Corp., Class A | 8,864,323 | 3,150,229 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 1,129,553 | 892,234 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 1,404,295 | 992,064 | ||||||
Xiamen Intretech, Inc., Class A | 86,100 | 582,610 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A | 380,046 | 1,204,620 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 1,067,832 | 1,149,222 | ||||||
|
| |||||||
108,878,853 | ||||||||
|
| |||||||
Consumer Staples — 8.1% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A (a) | 1,752,213 | 852,125 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 660,858 | 6,025,477 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 807,708 | 2,661,274 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 4,961,557 | 17,011,460 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 491,908 | 7,090,298 | ||||||
Kweichow Moutai Co. Ltd., Class A | 409,997 | 33,329,492 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 597,107 | 3,522,375 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 507,270 | 1,971,349 | ||||||
New Hope Liuhe Co. Ltd., Class A | 1,735,446 | 1,762,850 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 211,883 | 1,092,911 | ||||||
Tongwei Co. Ltd., Class A | 1,585,723 | 1,934,740 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 1,583,197 | 11,933,915 | ||||||
Yonghui Superstores Co. Ltd., Class A | 3,124,341 | 3,245,601 | ||||||
|
| |||||||
92,433,867 | ||||||||
|
| |||||||
Energy — 2.5% | ||||||||
China Coal Energy Co. Ltd., Class A | 1,492,810 | 1,054,595 | ||||||
China Oilfield Services Ltd., Class A | 483,628 | 644,350 | ||||||
China Petroleum & Chemical Corp., Class A | 8,577,915 | 7,281,709 | ||||||
China Petroleum Engineering Corp. | 1,360,900 | 777,350 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,615,873 | 4,361,538 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 1,805,089 | 1,368,701 | ||||||
PetroChina Co. Ltd., Class A | 5,288,442 | 5,790,445 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 3,264,248 | 3,625,768 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A | 989,800 | 512,684 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 1,287,225 | 1,126,050 | ||||||
Wintime Energy Co. Ltd., Class A*(a) | 2,195,285 | 534,051 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 715,944 | 982,714 | ||||||
|
| |||||||
28,059,955 | ||||||||
|
|
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Financials — 36.7% | ||||||||
Agricultural Bank of China Ltd., Class A | 31,262,500 | $ | 16,058,002 | |||||
Anxin Trust Co. Ltd., Class A | 1,786,580 | 1,262,128 | ||||||
Avic Capital Co. Ltd., Class A | 3,651,670 | 2,411,592 | ||||||
Bank of Beijing Co. Ltd., Class A | 12,080,590 | 10,307,241 | ||||||
Bank of Chengdu Co. Ltd., Class A | 320,500 | 385,508 | ||||||
Bank of China Ltd., Class A | 17,209,200 | 8,938,557 | ||||||
Bank of Communications Co. Ltd., Class A | 22,434,092 | 18,882,693 | ||||||
Bank of Guiyang Co. Ltd., Class A | 1,126,101 | 1,798,456 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 1,675,871 | 1,861,476 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 5,673,992 | 5,208,456 | ||||||
Bank of Nanjing Co. Ltd., Class A | 4,848,142 | 4,868,894 | ||||||
Bank of Ningbo Co. Ltd., Class A | 2,069,375 | 5,034,802 | ||||||
Bank of Shanghai Co. Ltd., Class A | 4,461,481 | 7,362,784 | ||||||
Bohai Leasing Co. Ltd., Class A | 1,520,805 | 838,054 | ||||||
Caitong Securities Co. Ltd., Class A | 318,700 | 360,874 | ||||||
Changjiang Securities Co. Ltd., Class A | 3,159,469 | 2,568,396 | ||||||
China CITIC Bank Corp. Ltd., Class A | 2,513,824 | 2,050,773 | ||||||
China Construction Bank Corp., Class A | 6,263,228 | 5,992,657 | ||||||
China Everbright Bank Co. Ltd., Class A | 13,002,287 | 7,202,446 | ||||||
China Galaxy Securities Co. Ltd., Class A | 1,058,943 | 1,170,128 | ||||||
China Life Insurance Co. Ltd., Class A | 1,362,181 | 4,229,469 | ||||||
China Merchants Bank Co. Ltd., Class A | 8,421,944 | 34,595,375 | ||||||
China Merchants Securities Co. Ltd., Class A | 1,871,534 | 3,699,849 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 23,105,560 | 20,278,970 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 2,566,634 | 11,591,906 | ||||||
CITIC Securities Co. Ltd., Class A | 6,424,603 | 15,594,122 | ||||||
Dongxing Securities Co. Ltd., Class A | 1,142,836 | 1,724,881 | ||||||
East Money Information Co. Ltd., Class A | 2,954,268 | 5,449,259 | ||||||
Everbright Securities Co. Ltd., Class A | 1,593,033 | 2,287,467 | ||||||
First Capital Securities Co. Ltd., Class A | 1,733,680 | 1,359,456 | ||||||
Founder Securities Co. Ltd., Class A | 3,441,026 | 2,708,164 | ||||||
GF Securities Co. Ltd., Class A | 2,422,240 | 4,697,931 | ||||||
Guosen Securities Co. Ltd., Class A | 2,019,492 | 2,606,359 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 3,065,730 | 7,075,185 | ||||||
Guoyuan Securities Co. Ltd., Class A | 1,647,016 | 1,883,929 | ||||||
Haitong Securities Co. Ltd., Class A | 6,634,281 | 9,010,844 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 185,217 | 1,137,644 | ||||||
Huaan Securities Co. Ltd., Class A | 1,464,143 | 1,053,303 | ||||||
Huatai Securities Co. Ltd., Class A | 2,664,477 | 6,440,519 | ||||||
Huaxia Bank Co. Ltd., Class A | 5,233,680 | 5,866,029 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,207,604 | 1,032,073 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 17,601,484 | 13,498,206 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Industrial Bank Co. Ltd., Class A | 10,151,667 | $ | 23,282,267 | |||||
Industrial Securities Co. Ltd., Class A | 3,806,288 | 2,771,097 | ||||||
New China Life Insurance Co. Ltd., Class A | 681,141 | 4,348,365 | ||||||
Orient Securities Co. Ltd., Class A | 2,933,184 | 3,895,297 | ||||||
Pacific Securities Co. Ltd., Class A | 5,584,933 | 2,233,893 | ||||||
Ping An Bank Co. Ltd., Class A | 7,009,950 | 10,448,988 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 8,845,011 | 80,798,496 | ||||||
SDIC Capital Co. Ltd., Class A | 683,717 | 1,028,982 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 9,586,559 | 14,772,424 | ||||||
Shanxi Securities Co. Ltd., Class A | 1,386,580 | 1,288,775 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 5,558,756 | 3,551,078 | ||||||
Sinolink Securities Co. Ltd., Class A | 1,738,456 | 1,948,502 | ||||||
SooChow Securities Co. Ltd., Class A | 1,964,828 | 2,024,124 | ||||||
Southwest Securities Co. Ltd., Class A | 2,318,232 | 1,274,148 | ||||||
Western Securities Co. Ltd., Class A | 1,443,995 | 1,763,896 | ||||||
Zheshang Securities Co. Ltd., Class A | 301,200 | 356,227 | ||||||
|
| |||||||
418,171,416 | ||||||||
|
| |||||||
Health Care — 6.2% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 777,904 | 3,189,852 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 467,036 | 1,954,761 | ||||||
China Reform Health Management and Services Group Co. Ltd., Class A* | 583,798 | 1,553,939 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 394,804 | 2,422,703 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 381,499 | 2,490,907 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 459,221 | 2,502,830 | ||||||
Huadong Medicine Co. Ltd., Class A | 594,602 | 2,919,861 | ||||||
Hualan Biological Engineering, Inc., Class A | 470,809 | 2,559,212 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 1,801,875 | 16,968,126 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 767,690 | 1,714,262 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 2,434,665 | 3,688,647 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 876,776 | 3,948,504 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 1,018,505 | 2,371,053 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 374,530 | 1,438,251 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 817,178 | 3,273,298 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 955,992 | 2,783,969 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A (a) | 461,372 | 1,257,455 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 341,538 | 1,245,709 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 758,919 | $ | 2,299,605 | |||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 1,172,681 | 2,505,566 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 423,973 | 4,544,583 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 246,102 | 2,878,759 | ||||||
|
| |||||||
70,511,852 | ||||||||
|
| |||||||
Industrials — 13.3% | ||||||||
AECC Aviation Power Co. Ltd., Class A | 759,673 | 2,566,400 | ||||||
Air China Ltd., Class A | 2,468,098 | 2,904,794 | ||||||
AVIC Aircraft Co. Ltd., Class A | 1,151,114 | 2,482,674 | ||||||
AVIC Helicopter Co. Ltd., Class A | 240,355 | 1,372,913 | ||||||
Beijing New Building Materials PLC, Class A | 684,348 | 1,513,389 | ||||||
Beijing Orient Landscape & Environment Co. Ltd., Class A | 1,083,400 | 1,295,356 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 1,542,278 | 1,937,209 | ||||||
China Avionics Systems Co. Ltd., Class A | 425,956 | 923,587 | ||||||
China Communications Construction Co. Ltd., Class A | 1,252,963 | 2,132,665 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 3,202,465 | 2,419,042 | ||||||
China Gezhouba Group Co. Ltd., Class A | 2,260,253 | 2,084,562 | ||||||
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 469,754 | 553,547 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 1,627,857 | 1,325,660 | ||||||
China Nuclear Engineering Corp. Ltd., Class A | 661,283 | 721,200 | ||||||
China Railway Construction Corp. Ltd., Class A | 3,759,879 | 5,945,264 | ||||||
China Railway Group Ltd., Class A | 4,583,857 | 4,735,382 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 7,527,194 | 4,591,965 | ||||||
China Southern Airlines Co. Ltd., Class A | 2,852,694 | 2,914,158 | ||||||
China Spacesat Co. Ltd., Class A | 483,458 | 1,200,602 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 17,176,801 | 14,259,940 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 2,573,330 | 866,385 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 3,106,706 | 1,832,667 | ||||||
CRRC Corp. Ltd., Class A | 5,977,793 | 7,508,526 | ||||||
Daqin Railway Co. Ltd., Class A | 4,855,580 | 5,386,356 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 879,398 | 2,310,393 | ||||||
Guangshen Railway Co. Ltd., Class A | 2,770,950 | 1,287,748 | ||||||
Guangzhou Port Co. Ltd., Class A | 1,518,100 | 893,354 | ||||||
Guoxuan High-Tech Co. Ltd., Class A | 569,589 | 1,029,321 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Hainan Airlines Holding Co. Ltd., Class A | 9,383,900 | $ | 2,713,807 | |||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 695,352 | 3,363,582 | ||||||
Jiangsu Guoxin Corp. Ltd., Class A* | 423,806 | 460,377 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 1,510,933 | 1,393,486 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 1,997,743 | 2,230,493 | ||||||
Jihua Group Corp. Ltd., Class A | 1,443,396 | 726,864 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 2,019,671 | 4,384,999 | ||||||
Metallurgical Corp. of China Ltd., Class A | 4,367,700 | 1,948,112 | ||||||
NARI Technology Co. Ltd., Class A | 1,505,250 | 3,807,388 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 3,209,481 | 1,690,112 | ||||||
Power Construction Corp. of China Ltd., Class A | 3,745,996 | 2,538,562 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 3,779,105 | 4,366,204 | ||||||
SF Holding Co. Ltd., Class A | 215,982 | 1,093,855 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 3,606,711 | 1,546,419 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 2,877,867 | 2,103,459 | ||||||
Shanghai International Airport Co. Ltd., Class A | 786,304 | 5,667,973 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 2,461,485 | 1,972,659 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 1,544,839 | 1,289,172 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 814,501 | 2,499,666 | ||||||
Siasun Robot & Automation Co. Ltd., Class A | 890,707 | 1,754,437 | ||||||
Spring Airlines Co. Ltd., Class A | 224,336 | 1,114,862 | ||||||
STO Express Co. Ltd., Class A | 250,000 | 624,078 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 1,291,744 | 1,607,652 | ||||||
TBEA Co. Ltd., Class A | 3,039,519 | 2,995,677 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 582,528 | 909,381 | ||||||
Weichai Power Co. Ltd., Class A | 3,957,592 | 4,282,017 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 3,816,726 | 1,834,160 | ||||||
Xiamen C & D, Inc., Class A | 1,159,581 | 1,257,975 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,666,176 | 2,641,813 | ||||||
YTO Express Group Co. Ltd., Class A | 284,234 | 413,862 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 698,499 | 2,271,296 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 684,500 | 1,309,859 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1,084,749 | 1,757,386 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 3,706,256 | 1,893,055 | ||||||
|
| |||||||
151,459,758 | ||||||||
|
|
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Information Technology — 7.0% | ||||||||
360 Security Technology, Inc., Class A | 330,982 | $ | 1,064,343 | |||||
Aisino Corp., Class A | 914,910 | 3,244,852 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 276,640 | 1,142,343 | ||||||
Beijing Xinwei Technology Group Co. Ltd., Class A*(a) | 500,044 | 749,960 | ||||||
BOE Technology Group Co. Ltd., Class A | 19,401,174 | 7,760,191 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 852,799 | 2,152,166 | ||||||
DHC Software Co. Ltd., Class A | 1,543,811 | 1,579,295 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 3,138,773 | 2,122,547 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 470,195 | 1,909,126 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 5,989,450 | 4,955,122 | ||||||
GoerTek, Inc., Class A | 1,589,361 | 1,644,186 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 3,025,703 | 11,828,114 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 1,087,424 | 2,736,455 | ||||||
Hundsun Technologies, Inc., Class A | 403,133 | 3,143,165 | ||||||
Iflytek Co. Ltd., Class A | 1,188,607 | 4,210,425 | ||||||
Lens Technology Co. Ltd., Class A | 664,882 | 755,738 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 1,591,162 | 4,258,209 | ||||||
O-film Tech Co. Ltd., Class A | 1,550,673 | 2,561,308 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 1,991,511 | 4,088,897 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 74,203 | 769,548 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 641,819 | 2,308,618 | ||||||
Tsinghua Tongfang Co. Ltd., Class A | 1,451,951 | 2,109,953 | ||||||
Unisplendour Corp. Ltd., Class A | 178,180 | 896,508 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 1,191,237 | 1,371,159 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 775,168 | 2,637,707 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 1,435,191 | 2,754,641 | ||||||
ZTE Corp., Class A* | 1,948,481 | 5,570,493 | ||||||
|
| |||||||
80,325,069 | ||||||||
|
| |||||||
Materials — 6.6% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 5,383,406 | 2,819,409 | ||||||
Angang Steel Co. Ltd., Class A | 1,502,137 | 1,193,021 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,630,900 | 7,464,326 | ||||||
Baiyin Nonferrous Group Co. Ltd., Class A | 660,300 | 316,362 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 7,278,012 | 7,036,904 | ||||||
BBMG Corp., Class A | 2,716,400 | 1,348,380 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 958,732 | 1,518,743 | ||||||
Beijing Shougang Co. Ltd., Class A* | 1,275,917 | 692,091 |
Number | Value | |||||||
Materials (Continued) | ||||||||
China Jushi Co. Ltd., Class A | 1,733,585 | $ | 2,526,702 | |||||
China Molybdenum Co. Ltd., Class A | 1,856,090 | 1,060,203 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1,774,712 | 2,484,508 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 615,469 | 1,205,213 | ||||||
Hesteel Co. Ltd., Class A | 3,467,710 | 1,466,864 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 60,261 | 395,367 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 11,140,807 | 2,452,493 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 2,731,670 | 1,116,211 | ||||||
Jiangxi Copper Co. Ltd., Class A | 847,021 | 1,618,422 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 636,709 | 2,317,721 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 781,904 | 671,626 | ||||||
Kangde Xin Composite Material Group Co. Ltd., Class A | 1,362,578 | 1,854,608 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A | 1,271,545 | 1,101,356 | ||||||
Lomon Billions Group Co. Ltd., Class A | 490,591 | 893,620 | ||||||
Minmetals Capital Co. Ltd., Class A | 428,000 | 469,859 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* | 1,150,109 | 1,376,772 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 1,027,103 | 1,483,704 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 609,964 | 2,373,947 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 5,890,040 | 1,915,254 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 2,036,207 | 1,221,681 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 1,178,150 | 850,950 | ||||||
Tianqi Lithium Corp., Class A | 559,061 | 2,556,304 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 5,146,520 | 1,517,984 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,338,211 | 5,560,596 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 692,799 | 1,319,760 | ||||||
YanAn Bicon Pharmaceutical Listed Co., Class A | 144,855 | 382,445 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 406,180 | 1,987,580 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 2,124,440 | 2,772,371 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 1,401,616 | 1,577,013 | ||||||
Zijin Mining Group Co. Ltd., Class A | 8,451,151 | 4,122,067 | ||||||
|
| |||||||
75,042,437 | ||||||||
|
| |||||||
Real Estate — 4.8% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 1,059,186 | 1,025,621 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
China Fortune Land Development Co. Ltd., Class A | 971,824 | $ | 3,565,557 | |||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,946,234 | 5,275,644 | ||||||
China Vanke Co. Ltd., Class A | 3,989,760 | 14,603,718 | ||||||
Financial Street Holdings Co. Ltd., Class A | 971,858 | 948,052 | ||||||
Future Land Holdings Co. Ltd., Class A | 760,861 | 2,995,167 | ||||||
Gemdale Corp., Class A | 1,841,011 | 2,519,048 | ||||||
Greenland Holdings Corp. Ltd., Class A | 2,980,635 | 2,637,445 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 5,827,864 | 10,984,500 | ||||||
Red Star Macalline Group Corp. Ltd., Class A | 275,116 | 453,232 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 1,435,022 | 1,730,223 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 597,841 | 1,255,851 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 3,498,246 | 1,550,246 | ||||||
Yango Group Co. Ltd., Class A | 1,343,797 | 1,127,202 | ||||||
Youngor Group Co. Ltd., Class A | 2,070,060 | 2,278,473 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 2,226,214 | 1,159,512 | ||||||
Zhongtian Financial Group Co. Ltd., Class A (a) | 1,379,250 | 915,770 | ||||||
|
| |||||||
55,025,261 | ||||||||
|
|
Number | Value | |||||||
Utilities — 2.7% | ||||||||
Beijing Capital Co. Ltd., Class A | 1,951,012 | $ | 968,453 | |||||
China National Nuclear Power Co. Ltd., Class A | 3,811,600 | 2,917,552 | ||||||
China Yangtze Power Co. Ltd., Class A | 5,385,975 | 11,120,282 | ||||||
Datang International Power Generation Co. Ltd., Class A | 2,031,300 | 917,706 | ||||||
GD Power Development Co. Ltd., Class A | 9,644,800 | 3,455,351 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A | 1,460,200 | 611,371 | ||||||
Huaneng Power International, Inc., Class A | 3,423,099 | 3,398,350 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 3,322,435 | 3,489,626 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,791,104 | 2,064,205 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 3,330,488 | 2,151,561 | ||||||
|
| |||||||
31,094,457 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,131,447,365 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.3% (Cost $1,217,243,000) | $ | 1,131,447,365 | ||||||
Other assets and liabilities, net — 0.7% | 7,595,066 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,139,042,431 | ||||||
|
|
* | 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, 2018 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 Stock (b) | $ | 1,127,138,004 | $ | — | $ | 4,309,361 | $ | 1,131,447,365 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,127,138,004 | $ | — | $ | 4,309,361 | $ | 1,131,447,365 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2018 (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, 2018 | $ | 21,357,780 | ||
Purchases | 552,794 | |||
Sales | (497,055 | ) | ||
Realized gain (loss) | (195,359 | ) | ||
Change in unrealized gain (loss) | (1,255,937 | ) | ||
Transfers into Level 3 (c) | 1,498,055 | |||
Transfer out of Level 3 (c) | (17,150,917 | ) | ||
Balance at November 30, 2018 | 4,309,361 | |||
Change in unrealized gain (loss) related to investments still held at November 30, 2018 | (1,200,232 | ) |
(c) | During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $ 1,498,055 and between Level 3 and Level 1 was $17,150,917. 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. |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Communication Services — 3.9% | ||||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 35,300 | $ | 47,641 | |||||
Beijing HualuBaina Film & TV Co. Ltd., Class A | 21,200 | 15,679 | ||||||
Beijing Kunlun Tech Co. Ltd., Class A | 28,300 | 57,127 | ||||||
Bluefocus Intelligent Communications Group Co. Ltd., Class A | 64,900 | 43,141 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 31,700 | 29,053 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 35,500 | 58,688 | ||||||
Dalian Zeus Entertainment Group Co. Ltd., Class A | 27,780 | 24,142 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 1,500 | 28,982 | ||||||
Guangdong Advertising Group Co. Ltd., Class A* | 88,184 | 37,303 | ||||||
Guangxi Radio and Television Information Network Corp. Ltd., Class A | 59,000 | 36,587 | ||||||
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A | 15,700 | 15,089 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A | 21,600 | 45,218 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 38,700 | 41,705 | ||||||
Kingnet Network Co. Ltd., Class A | 53,300 | 32,899 | ||||||
Ourpalm Co. Ltd., Class A | 142,200 | 79,588 | ||||||
People.cn Co. Ltd., Class A | 28,200 | 30,553 | ||||||
Shandong Publishing & Media Co. Ltd., Class A | 13,300 | 14,122 | ||||||
Talkweb Information System Co. Ltd., Class A | 35,300 | 23,668 | ||||||
Wasu Media Holding Co. Ltd., Class A | 27,300 | 35,037 | ||||||
Xinhuanet Co. Ltd., Class A | 10,450 | 20,734 | ||||||
Youzu Interactive Co. Ltd., Class A | 22,000 | 49,918 | ||||||
Zhejiang Daily Digital Culture Group Co. Ltd., Class A | 32,100 | 39,811 | ||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 35,700 | 45,356 | ||||||
|
| |||||||
852,041 | ||||||||
|
| |||||||
Consumer Discretionary — 9.4% | ||||||||
Anhui Jianghuai Automobile Group Corp., Ltd., Class A | 66,800 | 50,651 | ||||||
Anhui Xinhua Media Co. Ltd., Class A | 29,500 | 28,777 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 37,500 | 57,732 | ||||||
Anhui Zotye Automobile Co. Ltd., Class A | 30,100 | 20,961 | ||||||
Beiqi Foton Motor Co. Ltd., Class A | 236,200 | 62,191 | ||||||
Besttone Holdings Co. Ltd., Class A | 15,800 | 22,301 | ||||||
BTG Hotels Group Co. Ltd., Class A | 24,200 | 58,356 | ||||||
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A | 6,700 | 20,677 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 29,200 | 59,491 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Chongqing Department Store Co. Ltd., Class A | 12,795 | $ | 55,394 | |||||
Chongqing Sokon Industry Group Co. Ltd., Class A | 9,200 | 21,881 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A | 35,480 | 25,371 | ||||||
Dashang Co. Ltd., Class A | 7,400 | 27,182 | ||||||
DongFeng Automobile Co. Ltd., Class A | 43,300 | 23,861 | ||||||
Eastern Gold Jade Co. Ltd., Class A* | 29,800 | 22,638 | ||||||
Eastern Pioneer Driving School Co. Ltd., Class A | 9,000 | 17,870 | ||||||
Gansu Gangtai Holding Group Co. Ltd., Class A | 22,600 | 17,332 | ||||||
Global TopE-Commerce Co. Ltd., Class A | 31,350 | 53,811 | ||||||
Guangdong Chj Industry Co. Ltd., Class A | 21,700 | 15,080 | ||||||
Haima Automobile Group Co. Ltd., Class A* | 58,800 | 19,966 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A* | 28,053 | 39,273 | ||||||
Hisense Electric Co. Ltd., Class A | 39,600 | 51,849 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 5,400 | 15,445 | ||||||
Hunan Friendship & Apollo Commercial Co. Ltd., Class A | 50,200 | 24,630 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 6,182 | 40,559 | ||||||
Jiangsu Hongtu High Technology Co. Ltd., Class A | 46,600 | 28,764 | ||||||
Jinzhou Cihang Group Co. Ltd., Class A* | 54,100 | 20,861 | ||||||
Joyoung Co. Ltd., Class A | 15,200 | 30,924 | ||||||
KingClean Electric Co. Ltd., Class A | 4,200 | 14,068 | ||||||
Leo Group Co. Ltd., Class A | 170,095 | 38,423 | ||||||
Lifan Industry Group Co. Ltd., Class A* | 34,400 | 21,035 | ||||||
Loncin Motor Co. Ltd., Class A | 55,850 | 34,151 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A* | 18,660 | 15,760 | ||||||
NanJiE-Commerce Co. Ltd., Class A | 62,250 | 69,951 | ||||||
Nanjing Central Emporium, Class A | 29,000 | 15,439 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 19,100 | 30,889 | ||||||
Ningbo Peacebird Fashion Co. Ltd., Class A | 3,200 | 8,186 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A* | 11,400 | 23,963 | ||||||
Rastar Group, Class A | 31,800 | 16,380 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 23,800 | 46,606 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A | 7,900 | 26,245 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 59,200 | 61,328 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A | 29,862 | 17,229 | ||||||
Shenzhen Tellus Holding Co. Ltd., Class A* | 2,400 | 9,185 | ||||||
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A | 34,850 | 26,375 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A | 186,900 | 66,152 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Sichuan Chengfei Integration Technology Corp., Class A* | 9,300 | $ | 23,417 | |||||
Sinomach Automobile Co. Ltd., Class A | 20,650 | 20,798 | ||||||
Sou Yu Te Group Co. Ltd., Class A | 61,724 | 22,291 | ||||||
UTour Group Co. Ltd., Class A | 24,400 | 23,487 | ||||||
Visual China Group Co. Ltd., Class A | 17,500 | 62,066 | ||||||
Wangfujing Group Co. Ltd., Class A | 15,330 | 32,424 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 30,200 | 78,169 | ||||||
Wuhan Department Store Group Co. Ltd., Class A | 19,309 | 27,698 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 11,205 | 73,321 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 7,800 | 11,099 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A | 21,500 | 32,852 | ||||||
Yihua Lifestyle Technology Co. Ltd., Class A | 60,700 | 41,659 | ||||||
Yotrio Group Co. Ltd., Class A | 56,340 | 23,670 | ||||||
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 22,870 | 43,797 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 26,500 | 34,658 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 33,300 | 25,345 | ||||||
|
| |||||||
2,051,944 | ||||||||
|
| |||||||
Consumer Staples — 6.5% | ||||||||
Angel Yeast Co. Ltd., Class A | 25,400 | 86,175 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 5,700 | 46,722 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 15,300 | 79,777 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 12,500 | 26,258 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 20,400 | 102,143 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 71,900 | 58,863 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 16,430 | 18,699 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 31,700 | 36,762 | ||||||
By-health Co. Ltd., Class A | 45,500 | 130,865 | ||||||
Chuying Agro-pastora Group Co. Ltd., Class A | 96,900 | 24,259 | ||||||
COFCO Tunhe Sugar Co. Ltd., Class A | 51,700 | 52,740 | ||||||
Fujian Sunner Development Co. Ltd., Class A* | 24,900 | 61,979 | ||||||
Gansu Yasheng Industrial Group Co. Ltd., Class A | 82,400 | 33,907 | ||||||
Hebei Chengde Lolo Co., Class A | 29,841 | 34,649 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 35,900 | 45,558 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 138,420 | 30,272 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 25,200 | 56,199 | ||||||
JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 28,400 | 115,516 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 4,200 | 34,324 | ||||||
Opple Lighting Co. Ltd., Class A | 7,560 | 30,380 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A | 18,550 | 15,614 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Shanghai Bailian Group Co. Ltd., Class A | 39,500 | $ | 49,387 | |||||
Shanghai Feilo Acoustics Co. Ltd., Class A | 36,800 | 19,379 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 2,400 | 12,869 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 16,732 | 64,061 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A | 34,000 | 30,085 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 35,600 | 25,098 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 17,900 | 79,401 | ||||||
V V Food & Beverage Co. Ltd., Class A | 61,600 | 26,412 | ||||||
|
| |||||||
1,428,353 | ||||||||
|
| |||||||
Energy — 2.7% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A | 25,200 | 21,610 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 122,900 | 71,792 | ||||||
Datong Coal Industry Co. Ltd., Class A* | 44,100 | 29,060 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 58,000 | 22,365 | ||||||
Geo-Jade Petroleum Corp., Class A* | 68,140 | 26,765 | ||||||
Guanghui Energy Co. Ltd., Class A | 205,040 | 117,415 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 36,100 | 27,684 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 32,900 | 36,117 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 53,500 | 29,713 | ||||||
Oriental Energy Co. Ltd., Class A | 48,800 | 56,873 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* | 101,300 | 33,085 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A | 59,600 | 46,220 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 23,900 | 59,318 | ||||||
|
| |||||||
578,017 | ||||||||
|
| |||||||
Financials — 2.5% | ||||||||
Guangdong Golden Dragon Development, Inc., Class A | 22,800 | 33,132 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 13,400 | 15,771 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 55,200 | 53,451 | ||||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 44,800 | 34,421 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 44,700 | 37,946 | ||||||
Northeast Securities Co. Ltd., Class A | 69,700 | 68,393 | ||||||
Sealand Securities Co. Ltd., Class A | 146,300 | 88,829 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 102,590 | 42,806 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 57,905 | 77,065 | ||||||
Wuxi Rural Commercial Bank Co. Ltd., Class A | 46,800 | 37,708 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A | 33,400 | $ | 54,640 | |||||
|
| |||||||
544,162 | ||||||||
|
| |||||||
Health Care — 11.7% | ||||||||
Autobio Diagnostics Co. Ltd., Class A | 4,100 | 35,271 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 20,800 | 89,153 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 22,350 | 69,781 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 7,000 | 197,423 | ||||||
Chengzhi Co. Ltd., Class A | 12,809 | 25,507 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 17,160 | 27,627 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 7,800 | 50,569 | ||||||
China National Medicines Corp. Ltd., Class A | 15,500 | 59,210 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 25,941 | 55,165 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 19,900 | 70,234 | ||||||
Da An Gene Co. Ltd. of SunYat-Sen University, Class A | 27,738 | 46,015 | ||||||
Dezhan Healthcare Co. Ltd., Class A* | 44,400 | 61,902 | ||||||
Dian Diagnostics Group Co. Ltd., Class A | 13,540 | 32,008 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 28,100 | 36,791 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 20,800 | 26,486 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 42,850 | 28,606 | ||||||
Guizhou Yibai Pharmaceutical Co. Ltd., Class A | 31,500 | 27,148 | ||||||
Hainan Haiyao Co. Ltd., Class A | 47,346 | 41,895 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 46,850 | 22,986 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A | 76,520 | 41,617 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 47,900 | 78,016 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A | 24,000 | 36,154 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 21,648 | 34,760 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 30,285 | 78,171 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A | 13,028 | 31,566 | ||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 27,100 | 19,067 | ||||||
JinyuBio-Technology Co. Ltd., Class A | 59,504 | 150,081 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 49,256 | 58,538 | ||||||
KPC Pharmaceuticals, Inc., Class A* | 28,498 | 29,932 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 14,311 | 67,846 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 15,500 | $ | 29,393 | |||||
Pengqi Technology Development Co. Ltd., Class A* | 54,000 | 28,980 | ||||||
Realcan Pharmaceutical Co. Ltd., Class A | 54,230 | 63,357 | ||||||
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A | 31,804 | 20,546 | ||||||
Shanghai KehuaBio-Engineering Co. Ltd., Class A | 21,600 | 32,135 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 18,500 | 53,874 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A | 80,150 | 38,632 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 29,800 | 44,505 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 59,280 | 44,438 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 92,200 | 43,909 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 15,262 | 30,105 | ||||||
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A* | 19,000 | 22,280 | ||||||
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A* | 15,700 | 37,453 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 58,019 | 101,425 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 30,500 | 54,854 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 68,640 | 60,639 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A | 28,600 | 46,294 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 38,280 | 75,511 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 28,800 | 39,366 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 33,350 | 35,748 | ||||||
Zhuhai Hokai Medical Instruments Co. Ltd., Class A | 28,640 | 21,922 | ||||||
|
| |||||||
2,554,891 | ||||||||
|
| |||||||
Industrials — 20.7% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 22,600 | 39,476 | ||||||
Anhui Wanjiang Logistics Group Co. Ltd., Class A* | 98,200 | 34,475 | ||||||
Antong Holdings Co. Ltd., Class A | 36,860 | 36,540 | ||||||
Avic Aviation High-Technology Co. Ltd., Class A* | 22,000 | 19,561 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 73,127 | 81,332 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 27,800 | 33,839 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A* | 21,200 | 98,859 | ||||||
Beijing Changjiu Logistics Corp., Class A | 4,160 | 7,123 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A | 52,755 | 24,365 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Beijing SPC Environment Protection Tech Co. Ltd., Class A | 32,300 | $ | 37,829 | |||||
Beijing Watertek Information Technology Co. Ltd., Class A | 36,277 | 40,139 | ||||||
Camel Group Co. Ltd., Class A | 21,900 | 30,092 | ||||||
Changyuan Group Ltd., Class A | 68,240 | 61,954 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*(a) | 11,200 | 4,501 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 111,000 | 93,269 | ||||||
China Baoan Group Co. Ltd., Class A | 108,400 | 74,396 | ||||||
China CAMC Engineering Co. Ltd., Class A | 27,982 | 44,890 | ||||||
China High-Speed Railway Technology Co. Ltd., Class A | 113,596 | 61,454 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 43,900 | 69,670 | ||||||
China Meheco Co. Ltd., Class A | 27,200 | 55,220 | ||||||
China RailwayHi-tech Industry Co. Ltd., Class A | 55,100 | 79,515 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 47,200 | 49,507 | ||||||
China XD Electric Co. Ltd., Class A | 101,700 | 50,921 | ||||||
Chongqing Construction Engineering Group Corp. Ltd., Class A | 27,100 | 18,833 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 85,800 | 32,590 | ||||||
CMST Development Co. Ltd., Class A | 55,500 | 43,839 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 68,000 | 49,996 | ||||||
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A | 46,400 | 23,233 | ||||||
Dalian Port PDA Co. Ltd., Class A | 153,520 | 43,293 | ||||||
Dazhong Transportation Group Co. Ltd., Class A | 54,150 | 31,398 | ||||||
Deppon Logistics Co. Ltd., Class A | 5,300 | 14,046 | ||||||
Dongfang Electric Corp. Ltd., Class A* | 55,300 | 60,629 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 23,800 | 38,866 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A | 75,100 | 56,188 | ||||||
Far East Smarter Energy Co. Ltd., Class A* | 44,900 | 30,170 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 32,584 | 25,785 | ||||||
Fujian Longking Co. Ltd., Class A | 37,100 | 52,953 | ||||||
Galaxy Biomedical Investment Co. Ltd., Class A* | 33,100 | 21,383 | ||||||
Guangdong LY Intelligent Manufacturing Co. Ltd., Class A* | 67,100 | 27,418 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 50,830 | 48,708 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 53,400 | 77,831 | ||||||
Guosheng Financial Holding, Inc., Class A | 39,387 | 58,540 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 14,100 | 43,658 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 40,400 | 47,316 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Henan Senyuan Electric Co. Ltd., Class A | 23,600 | $ | 58,403 | |||||
Hongfa Technology Co. Ltd., Class A | 22,580 | 75,145 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 52,147 | 30,011 | ||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 43,600 | 73,772 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 40,400 | 30,633 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 22,900 | 35,057 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A | 59,300 | 54,349 | ||||||
Jinlong Machinery & Electronics Co. Ltd., Class A* | 23,900 | 11,485 | ||||||
Juneyao Airlines Co. Ltd., Class A | 26,500 | 50,634 | ||||||
Keda Clean Energy Co. Ltd., Class A | 63,800 | 43,878 | ||||||
Lanzhou LS Heavy Equipment Co. Ltd., Class A | 21,200 | 13,391 | ||||||
Mesnac Co. Ltd., Class A* | 38,500 | 27,309 | ||||||
Minmetals Development Co. Ltd., Class A* | 22,600 | 22,079 | ||||||
Nanyang Topsec Technologies Group, Inc., Class A | 22,600 | 34,110 | ||||||
Neoglory Prosperity, Inc., Class A* | 36,750 | 27,918 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A* | 34,847 | 33,441 | ||||||
North Navigation Control Technology Co. Ltd., Class A | 45,200 | 49,816 | ||||||
Northcom Group Co. Ltd., Class A* | 27,600 | 34,906 | ||||||
Orient Group, Inc., Class A | 148,990 | 81,459 | ||||||
PalmEco-Town Development Co. Ltd., Class A | 53,150 | 30,283 | ||||||
Pubang Landscape Architecture Co. Ltd., Class A | 54,519 | 20,944 | ||||||
Qingdao TGOOD Electric Co. Ltd., Class A | 25,300 | 59,516 | ||||||
Rizhao Port Co. Ltd., Class A | 95,400 | 39,119 | ||||||
Saurer Intelligent Technology Co. Ltd., Class A | 28,700 | 30,970 | ||||||
Shaanxi J&R Optimum Energy Co. Ltd., Class A* | 46,500 | 11,842 | ||||||
ShandongHi-speed Co. Ltd., Class A | 33,300 | 20,506 | ||||||
Shanghai Environment Group Co. Ltd., Class A | 17,600 | 34,135 | ||||||
Shanghai M&G Stationery, Inc., Class A | 13,500 | 53,221 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 16,900 | 37,568 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 18,800 | 38,653 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 35,660 | 19,086 | ||||||
Shenwu Environmental Technology Co. Ltd., Class A* | 29,900 | 18,369 | ||||||
Shenzhen Airport Co. Ltd., Class A | 50,700 | 57,920 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 6,100 | 25,988 | ||||||
Shenzhen Grandland Group Co. Ltd., Class A | 31,900 | 24,463 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 37,984 | 27,927 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Shenzhen Techand Ecology & Environment Co. Ltd., Class A (a) | 54,450 | $ | 35,864 | |||||
ShuangliangEco-Energy Systems Co. Ltd., Class A | 43,100 | 22,634 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 93,600 | 45,384 | ||||||
Sieyuan Electric Co. Ltd., Class A | 26,380 | 38,828 | ||||||
Sinochem International Corp., Class A | 52,700 | 51,789 | ||||||
Sinoma International Engineering Co., Class A | 53,250 | 42,982 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 17,800 | 57,035 | ||||||
SPIC Yuanda Environmental-Protection Co. Ltd., Class A | 20,522 | 16,151 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 51,300 | 61,780 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A | 15,750 | 25,992 | ||||||
Taihai Manoir Nuclear Equipment Co. Ltd., Class A | 26,600 | 45,008 | ||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 93,500 | 31,076 | ||||||
TangShan Port Group Co. Ltd., Class A | 151,174 | 51,767 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 81,900 | 43,365 | ||||||
TianGuang ZhongMao Co. Ltd., Class A | 74,100 | 29,319 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A* | 22,400 | 26,525 | ||||||
Tianjin Port Co. Ltd., Class A | 42,600 | 44,376 | ||||||
Wolong Electric Group Co. Ltd., Class A | 31,974 | 31,144 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 63,248 | 63,428 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A | 33,600 | 28,958 | ||||||
Xingyuan Environment Technology Co. Ltd., Class A | 47,350 | 26,433 | ||||||
Xinjiang Machinery Research Institute Co. Ltd., Class A | 45,200 | 36,094 | ||||||
Xuji Electric Co. Ltd., Class A | 30,500 | 39,276 | ||||||
Yingkou Port Liability Co. Ltd., Class A | 98,200 | 36,029 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 80,600 | 47,662 | ||||||
Zhejiang Dun’An Artificial Environment Co. Ltd., Class A* | 27,700 | 21,243 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A | 17,500 | 26,337 | ||||||
Zhejiang Wanliyang Co. Ltd., Class A | 27,100 | 26,397 | ||||||
Zhejiang Wanma Co. Ltd., Class A* | 32,662 | 25,988 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 7,350 | 25,073 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 45,300 | 38,128 | ||||||
Zhongji Innolight Co. Ltd., Class A | 4,809 | 30,423 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 60,000 | 31,510 | ||||||
|
| |||||||
4,517,904 | ||||||||
|
| |||||||
Information Technology — 17.2% | ||||||||
Accelink Technologies Co. Ltd., Class A | 20,000 | 76,141 | ||||||
Addsino Co. Ltd., Class A* | 50,700 | 59,305 | ||||||
AVIC Jonhon OptronicTechnology Co. Ltd., Class A | 20,243 | 114,085 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Beijing Dahao Technology Corp. Ltd., Class A | 5,646 | $ | 9,309 | |||||
Beijing Jetsen Technology Co. Ltd., Class A | 64,500 | 44,731 | ||||||
Beijing Lanxum Technology Co. Ltd., Class A* | 34,720 | 42,212 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A* | 37,219 | 66,135 | ||||||
Beijing Philisense Technology Co. Ltd., Class A | 57,000 | 35,510 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 46,700 | 85,737 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A | 54,660 | 49,782 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A | 70,100 | 35,704 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 43,200 | 48,979 | ||||||
Bluedon Information Security Technology Co. Ltd., Class A | 29,800 | 22,596 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 89,319 | 68,111 | ||||||
China National Software & Service Co. Ltd., Class A | 15,600 | 54,564 | ||||||
China TransInfo Technology Co. Ltd., Class A | 37,200 | 63,746 | ||||||
CPT Technology Group Co. Ltd., Class A | 68,500 | 21,682 | ||||||
Dawning Information Industry Co. Ltd., Class A | 23,200 | 133,721 | ||||||
GCI Science & Technology Co. Ltd., Class A | 16,600 | 25,961 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 102,000 | 73,086 | ||||||
Glodon Co. Ltd., Class A | 34,100 | 112,305 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 61,200 | 51,160 | ||||||
Guangdong East Power Co. Ltd., Class A | 47,100 | 30,360 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 15,100 | 19,509 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 36,900 | 62,223 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 82,400 | 89,866 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 3,300 | 27,918 | ||||||
Guomai Technologies, Inc., Class A | 24,700 | 23,598 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 5,490 | 20,521 | ||||||
Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A* | 64,700 | 39,098 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 39,680 | 51,611 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 41,600 | 35,494 | ||||||
Hexing Electrical Co. Ltd., Class A | 9,670 | 17,600 | ||||||
HNA Technology Co. Ltd., Class A* | 77,500 | 34,121 | ||||||
Huagong Tech Co. Ltd., Class A | 30,500 | 52,177 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Hubei Kaile Science & Technology Co. Ltd., Class A | 21,500 | $ | 57,847 | |||||
Hytera Communications Corp. Ltd., Class A | 44,400 | 52,448 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 39,200 | 99,040 | ||||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 48,200 | 69,350 | ||||||
Julong Co. Ltd., Class A | 13,795 | 14,052 | ||||||
MLS Co. Ltd., Class A | 18,900 | 35,134 | ||||||
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A* | 138,900 | 30,577 | ||||||
NAURA Technology Group Co. Ltd., Class A | 9,400 | 55,032 | ||||||
Neusoft Corp., Class A | 43,900 | 71,185 | ||||||
Newland Digital Technology Co. Ltd., Class A | 35,840 | 80,650 | ||||||
Ninestar Corp., Class A | 10,600 | 38,418 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A | 36,580 | 29,000 | ||||||
North Electro-Optic Co. Ltd., Class A | 10,200 | 17,127 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 137,310 | 76,259 | ||||||
Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A* | 50,800 | 30,917 | ||||||
Shanghai Belling Co. Ltd., Class A | 27,600 | 38,956 | ||||||
Shengyi Technology Co. Ltd., Class A | 54,120 | 69,302 | ||||||
Shennan Circuits Co. Ltd., Class A | 4,300 | 48,567 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 19,600 | 16,949 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 27,680 | 32,976 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 38,100 | 33,330 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 3,900 | 29,173 | ||||||
Shenzhen Suntak Circuit Technology Co. Ltd., Class A | 12,400 | 25,923 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A* | 19,240 | 26,271 | ||||||
Sinodata Co. Ltd., Class A* | 13,700 | 26,275 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 31,750 | 52,352 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A | 102,200 | 38,967 | ||||||
Taiji Computer Corp. Ltd., Class A | 12,800 | 45,397 | ||||||
Tatwah Smartech Co. Ltd., Class A | 33,100 | 30,670 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A | 27,200 | 22,190 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 84,400 | 80,025 | ||||||
Tongding Interconnection Information Co. Ltd., Class A | 38,600 | 43,986 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 21,300 | 98,037 | ||||||
United Electronics Co. Ltd., Class A* | 19,500 | 19,275 | ||||||
Venustech Group, Inc., Class A | 27,400 | 81,054 | ||||||
Vtron Group Co. Ltd., Class A | 27,900 | 20,152 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Westone Information Industry, Inc., Class A | 29,180 | $ | 78,007 | |||||
Wuhan Guide Infrared Co. Ltd., Class A | 12,500 | 29,747 | ||||||
Wuhu Token Science Co. Ltd., Class A | 92,600 | 65,151 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 61,640 | 65,008 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 7,100 | 40,341 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 34,695 | 50,718 | ||||||
|
| |||||||
3,764,493 | ||||||||
|
| |||||||
Materials — 15.6% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A | 31,204 | 22,942 | ||||||
Befar Group Co. Ltd., Class A | 54,760 | 35,770 | ||||||
Bengang Steel Plates Co. Ltd., Class A | 26,600 | 13,931 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 69,400 | 38,743 | ||||||
China West Construction Group Co. Ltd., Class A | 18,700 | 30,861 | ||||||
Cofco Biochemical Co. Ltd., Class A* | 48,485 | 54,761 | ||||||
CSG Holding Co. Ltd., Class A | 56,419 | 34,093 | ||||||
Do-Fluoride Chemicals Co. Ltd., Class A | 28,700 | 49,511 | ||||||
Elion Clean Energy Co. Ltd., Class A | 68,000 | 47,060 | ||||||
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A* | 155,400 | 44,941 | ||||||
GEM Co. Ltd., Class A | 148,552 | 87,846 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A* | 76,705 | 85,973 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 24,200 | 37,117 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 8,600 | 30,068 | ||||||
Hainan Mining Co. Ltd., Class A* | 19,100 | 12,724 | ||||||
Hangzhou Iron & Steel Co., Class A* | 26,010 | 17,289 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 58,900 | 99,236 | ||||||
Hongda Xingye Co. Ltd., Class A | 52,478 | 23,029 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 72,950 | 54,579 | ||||||
Huaxin Cement Co. Ltd., Class A | 24,580 | 63,729 | ||||||
Hubei Sanonda Co. Ltd., Class A | 22,500 | 32,406 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 21,720 | 34,407 | ||||||
Hunan Gold Corp. Ltd., Class A* | 41,700 | 41,578 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A | 37,500 | 26,869 | ||||||
Jiangsu Yabang Dyestuff Co. Ltd., Class A | 20,500 | 24,747 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A | 45,400 | 26,390 | ||||||
Jilin Yatai Group Co. Ltd., Class A | 84,600 | 40,899 | ||||||
Juli Sling Co. Ltd., Class A* | 34,400 | 17,522 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 94,300 | 63,905 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 33,359 | 44,589 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 52,800 | 83,414 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 151,000 | 80,603 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 109,300 | 53,940 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 27,880 | 62,417 | ||||||
ORG Technology Co. Ltd., Class A | 59,450 | 43,453 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Polaris Bay Group Co. Ltd., Class A | 26,300 | $ | 33,337 | |||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 8,100 | 28,482 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 33,400 | 63,482 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 66,450 | 56,121 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 57,313 | 104,397 | ||||||
Shandong Iron and Steel Co. Ltd., Class A* | 332,230 | 78,872 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 80,200 | 69,466 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A | 12,500 | 12,248 | ||||||
Shanghai Huayi Group Corp. Ltd., Class A | 28,300 | 35,302 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 3,300 | 23,883 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 114,400 | 75,551 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 53,190 | 72,320 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 45,400 | 48,730 | ||||||
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 5,800 | 36,017 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A | 262,780 | 63,141 | ||||||
Stanley Agricultural Group Co. Ltd., Class A | 30,000 | 17,870 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A* | 47,481 | 79,246 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 51,400 | 44,447 | ||||||
Tibet Huayu Mining Co. Ltd., Class A | 7,800 | 10,066 | ||||||
Tibet Mineral Development Co., Class A* | 22,000 | 24,785 | ||||||
Tibet Summit Resources Co. Ltd., Class A* | 9,600 | 29,379 | ||||||
Tongkun Group Co. Ltd., Class A | 46,280 | 71,515 | ||||||
Western Mining Co. Ltd., Class A | 96,500 | 83,584 | ||||||
Xinfengming Group Co. Ltd., Class A | 5,640 | 15,507 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 31,700 | 34,755 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 66,300 | 71,448 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 123,450 | 78,508 | ||||||
Yintai Resources Co. Ltd., Class A | 51,020 | 60,121 | ||||||
Yunnan Aluminium Co. Ltd., Class A | 77,600 | 46,000 | ||||||
Yunnan Copper Co. Ltd., Class A* | 42,300 | 49,966 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A* | 26,600 | 20,667 | ||||||
Yunnan Tin Co. Ltd., Class A* | 41,315 | 59,504 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 61,200 | 35,838 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 69,530 | 69,928 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 35,100 | 46,411 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Zhongfu Straits Pingtan Development Co. Ltd., Class A* | 79,900 | $ | 34,143 | |||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 20,100 | 20,331 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 35,415 | 40,713 | ||||||
|
| |||||||
3,407,423 | ||||||||
|
| |||||||
Real Estate — 5.7% | ||||||||
Beijing Homyear Capital Holdings Co. Ltd., Class A | 57,900 | 25,409 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 47,600 | 56,296 | ||||||
China Sports Industry Group Co. Ltd., Class A | 34,501 | 41,350 | ||||||
Chongqing Dima Industry Co. Ltd., Class A | 74,400 | 29,545 | ||||||
Cinda Real Estate Co. Ltd., Class A | 42,900 | 25,369 | ||||||
COFCO Property Group Co. Ltd., Class A | 52,700 | 38,367 | ||||||
Deluxe Family Co. Ltd., Class A | 81,100 | 41,891 | ||||||
Greattown Holdings Ltd., Class A | 80,664 | 46,424 | ||||||
Guangzhou Yuetai Group Co. Ltd., Class A | 51,200 | 16,575 | ||||||
Haining China Leather Market Co. Ltd., Class A | 32,200 | 22,238 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 79,400 | 44,897 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 85,640 | 75,287 | ||||||
Huayuan Property Co. Ltd., Class A | 51,930 | 19,276 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 39,000 | 36,810 | ||||||
Jinke Properties Group Co. Ltd., Class A | 134,807 | 115,988 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A* | 6,900 | 20,352 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A | 134,900 | 48,717 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 42,920 | 48,600 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 30,720 | 20,774 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 13,000 | 22,950 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 15,200 | 44,483 | ||||||
Shanghai Shimao Co. Ltd., Class A | 75,800 | 43,188 | ||||||
Shanghai SMI Holding Co. Ltd., Class A | 62,700 | 54,127 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 38,500 | 82,149 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 11,600 | 30,476 | ||||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 51,510 | 37,797 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 48,300 | 37,457 | ||||||
Suning Universal Co. Ltd., Class A | 76,800 | 35,139 | ||||||
Tahoe Group Co. Ltd., Class A | 25,200 | 56,163 | ||||||
Tibet Urban Development and Investment Co. Ltd., Class A | 24,000 | 23,205 | ||||||
Zhonghong Holding Co. Ltd., Class A* | 325,472 | 13,112 | ||||||
|
| |||||||
1,254,411 | ||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Utilities — 3.5% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 56,830 | $ | 38,103 | |||||
Beijing Jingneng Power Co. Ltd., Class A | 68,200 | 29,929 | ||||||
Beijing Water Business Doctor Co. Ltd., Class A | 30,000 | 35,351 | ||||||
CECEP Wind-Power Corp., Class A | 84,600 | 30,187 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 90,700 | 54,810 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 9,700 | 10,202 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 88,100 | 88,731 | ||||||
Guangzhou Development Group, Inc., Class A | 43,000 | 33,904 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A* | 63,800 | 25,978 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 144,100 | 45,612 | ||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 36,500 | 25,260 | ||||||
Luenmei Quantum Co. Ltd., Class A | 11,200 | 14,003 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A | 98,000 | $ | 70,924 | |||||
Shanghai Electric Power Co. Ltd., Class A | 52,500 | 57,030 | ||||||
Shenergy Co. Ltd., Class A | 139,478 | 98,936 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 60,750 | 46,325 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A | 22,200 | 15,588 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 45,260 | 46,040 | ||||||
|
| |||||||
766,913 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 21,720,552 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% (Cost $29,596,183) | $ | 21,720,552 | ||||||
Other assets and liabilities, net — 0.6% | 132,163 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 21,852,715 | ||||||
|
|
* | 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, 2018 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 Stock (b) | $ | 21,680,187 | $ | — | $ | 40,365 | $ | 21,720,552 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 21,680,187 | $ | — | $ | 40,365 | $ | 21,720,552 | ||||||||
|
|
|
|
|
|
|
|
(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, 2018 | $ | 1,594,119 | ||
Purchases | — | |||
Sales | (69,926 | ) | ||
Realized gain (loss) | (114,410 | ) | ||
Change in unrealized gain (loss) | 59,273 | |||
Transfers into Level 3 (c) | — | |||
Transfer out of Level 3 (c) | (1,428,691 | ) | ||
Balance at November 30, 2018 | 40,365 | |||
Change in unrealized gain (loss) related to investments still held at November 30, 2018 | (9,859 | ) |
(c) | During the period ended November 30, 2018, the amount of transfers between Level 3 and Level 1 was $1,428,691. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Xtrackers MSCI All China Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 64.2% | ||||||||
Communication Services — 17.2% | ||||||||
58.com, Inc., ADR* | 1,398 | $ | 83,307 | |||||
Alibaba Pictures Group Ltd.*(a) | 227,877 | 35,525 | ||||||
Autohome, Inc., ADR (a) | 895 | 73,694 | ||||||
Baidu, Inc., ADR* | 4,144 | 780,232 | ||||||
China Communications Services Corp. Ltd., Class H | 35,615 | 29,718 | ||||||
China Literature Ltd., 144A* | 2,847 | 14,916 | ||||||
China Mobile Ltd. | 91,165 | 904,573 | ||||||
China Telecom Corp. Ltd., Class H | 205,865 | 110,749 | ||||||
China Tower Corp. Ltd., Class H, 144A* | 589,450 | 87,373 | ||||||
China Unicom Hong Kong Ltd. | 91,224 | 105,728 | ||||||
Momo, Inc., ADR* | 2,181 | 68,375 | ||||||
NetEase, Inc., ADR | 1,157 | 262,720 | ||||||
SINA Corp.* | 892 | 57,775 | ||||||
Tencent Holdings Ltd. | 84,912 | 3,385,304 | ||||||
Weibo Corp., ADR* | 706 | 44,958 | ||||||
YY, Inc., ADR* | 696 | 47,377 | ||||||
|
| |||||||
6,092,324 | ||||||||
|
| |||||||
Consumer Discretionary — 13.8% | ||||||||
Alibaba Group Holding Ltd., ADR* | 19,310 | 3,106,207 | ||||||
ANTA Sports Products Ltd. | 14,520 | 65,960 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 21,018 | 12,892 | ||||||
Baozun, Inc., ADR*(a) | 510 | 17,988 | ||||||
Brilliance China Automotive Holdings Ltd. | 45,188 | 39,958 | ||||||
BYD Co. Ltd., Class H | 9,747 | 73,049 | ||||||
China First Capital Group Ltd.* | 48,435 | 23,519 | ||||||
China Travel International Investment Hong Kong Ltd. | 47,148 | 13,074 | ||||||
Ctrip.com International Ltd., ADR*(a) | 5,888 | 169,869 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 46,087 | 44,463 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 7,826 | 24,151 | ||||||
Geely Automobile Holdings Ltd. | 71,837 | 141,549 | ||||||
GOME Retail Holdings Ltd.*(a) | 195,609 | 17,497 | ||||||
Great Wall Motor Co. Ltd., Class H (a) | 50,189 | 32,067 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 47,718 | 49,634 | ||||||
Haier Electronics Group Co. Ltd.* | 19,425 | 45,225 | ||||||
HengTen Networks Group Ltd.* | 339,061 | 11,698 | ||||||
Huazhu Group Ltd., ADR (a) | 1,987 | 62,670 | ||||||
JD.com, Inc., ADR* | 11,114 | 235,950 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 2,106 | 120,379 | ||||||
Nexteer Automotive Group Ltd. | 16,807 | 25,299 | ||||||
Shenzhou International Group Holdings Ltd. | 11,494 | 139,530 | ||||||
TAL Education Group, ADR* | 5,277 | 148,125 | ||||||
Vipshop Holdings Ltd., ADR* | 6,402 | 36,939 | ||||||
Yum China Holdings, Inc. | 5,557 | 199,107 | ||||||
Zhongsheng Group Holdings Ltd. | 8,478 | 17,225 | ||||||
|
| |||||||
4,874,024 | ||||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
China Agri-Industries Holdings Ltd. | 33,747 | 12,764 | ||||||
China Mengniu Dairy Co. Ltd.* | 41,700 | 128,951 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
China Resources Beer Holdings Co. Ltd. | 21,317 | $ | 72,185 | |||||
Dali Foods Group Co. Ltd., 144A | 30,880 | 22,768 | ||||||
Hengan International Group Co. Ltd. | 11,025 | 90,094 | ||||||
Sun Art Retail Group Ltd. | 36,619 | 40,897 | ||||||
Tingyi Cayman Islands Holding Corp. | 31,646 | 41,004 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 4,585 | 18,661 | ||||||
Uni-President China Holdings Ltd. | 22,624 | 20,613 | ||||||
Want Want China Holdings Ltd. | 75,814 | 55,898 | ||||||
Yihai International Holding Ltd. | 7,000 | 18,784 | ||||||
|
| |||||||
522,619 | ||||||||
|
| |||||||
Energy — 3.5% | ||||||||
China Coal Energy Co. Ltd., Class H | 37,788 | 15,114 | ||||||
China Oilfield Services Ltd., Class H | 29,215 | 27,252 | ||||||
China Petroleum & Chemical Corp., Class H | 379,873 | 322,801 | ||||||
China Shenhua Energy Co. Ltd., Class H | 51,778 | 114,992 | ||||||
CNOOC Ltd. | 265,265 | 450,823 | ||||||
Kunlun Energy Co. Ltd. | 48,189 | 58,314 | ||||||
PetroChina Co. Ltd., Class H | 319,855 | 224,388 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 28,852 | 25,881 | ||||||
|
| |||||||
1,239,565 | ||||||||
|
| |||||||
Financials — 14.5% | ||||||||
Agricultural Bank of China Ltd., Class H | 441,766 | 199,834 | ||||||
Bank of China Ltd., Class H | 1,180,055 | 515,706 | ||||||
Bank of Communications Co. Ltd., Class H | 131,479 | 99,965 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 124,804 | 33,491 | ||||||
China CITIC Bank Corp. Ltd., Class H | 133,620 | 84,689 | ||||||
China Construction Bank Corp., Class H | 1,428,314 | 1,217,373 | ||||||
China Ding Yi Feng Holdings Ltd.* | 16,000 | 46,615 | ||||||
China Everbright Bank Co. Ltd., Class H | 41,203 | 18,270 | ||||||
China Everbright Ltd. | 13,572 | 25,286 | ||||||
China Galaxy Securities Co. Ltd., Class H | 46,413 | 24,909 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 150,970 | 31,059 | ||||||
China International Capital Corp. Ltd., Class H, 144A (a) | 15,812 | 30,065 | ||||||
China Life Insurance Co. Ltd., Class H | 109,007 | 234,012 | ||||||
China Merchants Bank Co. Ltd., Class H | 59,297 | 245,121 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 92,914 | 68,625 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 39,997 | 141,573 | ||||||
China Reinsurance Group Corp., Class H | 87,746 | 18,276 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 25,496 | 84,381 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 31,416 | 18,346 | ||||||
CITIC Securities Co. Ltd., Class H | 34,537 | 64,434 | ||||||
Far East Horizon Ltd. | 28,252 | 28,123 | ||||||
GF Securities Co. Ltd., Class H | 23,117 | 34,266 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 8,717 | 18,112 | ||||||
Haitong Securities Co. Ltd., Class H | 48,339 | 50,157 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 22,154 | 36,632 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,031,750 | 733,033 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
New China Life Insurance Co. Ltd., Class H | 11,984 | $ | 52,449 | |||||
Noah Holdings Ltd., ADR* | 432 | 21,030 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 110,197 | 47,454 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 107,015 | 109,808 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 77,312 | 747,854 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 39,412 | 23,821 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(a) | 2,424 | 9,927 | ||||||
|
| |||||||
5,114,696 | ||||||||
|
| |||||||
Health Care — 2.0% | ||||||||
3SBio, Inc., 144A (a) | 16,009 | 23,566 | ||||||
Alibaba Health Information Technology Ltd.* | 52,078 | 46,583 | ||||||
China Medical System Holdings Ltd. | 20,322 | 22,151 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 23,614 | 34,701 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 29,215 | 19,412 | ||||||
CSPC Pharmaceutical Group Ltd. | 70,755 | 143,214 | ||||||
Genscript Biotech Corp.* | 12,109 | 21,044 | ||||||
Hutchison China MediTech Ltd., ADR* | 791 | 27,266 | ||||||
Luye Pharma Group Ltd., 144A | 14,497 | 11,559 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 29,100 | 27,331 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 6,962 | 24,020 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 13,019 | 32,108 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 67,305 | 14,965 | ||||||
Sino Biopharmaceutical Ltd. | 99,059 | 90,379 | ||||||
Sinopharm Group Co. Ltd., Class H | 18,901 | 93,107 | ||||||
SSY Group Ltd. | 21,799 | 22,368 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 7,424 | 10,625 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 7,266 | 60,908 | ||||||
|
| |||||||
725,307 | ||||||||
|
| |||||||
Industrials — 3.4% | ||||||||
51job, Inc., ADR* | 373 | 25,394 | ||||||
Air China Ltd., Class H | 27,683 | 26,778 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 35,477 | 24,888 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 26,844 | 29,843 | ||||||
BOC Aviation Ltd., 144A (a) | 3,147 | 24,249 | ||||||
CAR, Inc.* | 13,476 | 11,847 | ||||||
China Communications Construction Co. Ltd., Class H | 68,009 | 66,047 | ||||||
China Conch Venture Holdings Ltd. | 22,750 | 70,496 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 22,128 | 13,742 | ||||||
China Everbright International Ltd. | 54,786 | 47,885 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
China Merchants Port Holdings Co. Ltd. | 19,497 | $ | 35,428 | |||||
China Railway Construction Corp. Ltd., Class H | 30,635 | 39,225 | ||||||
China Railway Group Ltd., Class H | 57,652 | 52,968 | ||||||
China Southern Airlines Co. Ltd., Class H | 31,847 | 21,691 | ||||||
China State Construction International Holdings Ltd. | 30,182 | 26,303 | ||||||
CITIC Ltd. | 87,777 | 140,878 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 16,917 | 9,144 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 44,896 | 18,244 | ||||||
COSCO SHIPPING Ports Ltd. | 27,927 | 28,335 | ||||||
Country Garden Services Holdings Co. Ltd.* | 14,070 | 23,301 | ||||||
CRRC Corp. Ltd., Class H | 63,592 | 59,320 | ||||||
Fosun International Ltd. | 39,435 | 62,687 | ||||||
Fullshare Holdings Ltd.*(a) | 114,397 | 43,269 | ||||||
Greentown Service Group Co. Ltd. | 15,345 | 13,196 | ||||||
Haitian International Holdings Ltd. | 11,124 | 23,909 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 21,813 | 29,323 | ||||||
Metallurgical Corp. of China Ltd., Class H | 43,009 | 10,937 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 53,338 | 18,130 | ||||||
Shanghai Industrial Holdings Ltd. | 7,542 | 16,441 | ||||||
Shenzhen International Holdings Ltd. | 14,030 | 28,147 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 20,492 | 18,984 | ||||||
Sinotrans Ltd., Class H | 37,448 | 14,978 | ||||||
Sinotruk Hong Kong Ltd. (a) | 10,293 | 16,888 | ||||||
Weichai Power Co. Ltd., Class H | 29,512 | 31,678 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 5,806 | 5,742 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 22,644 | 19,010 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 8,568 | 45,984 | ||||||
|
| |||||||
1,195,309 | ||||||||
|
| |||||||
Information Technology — 1.6% | ||||||||
AAC Technologies Holdings, Inc. | 10,973 | 77,750 | ||||||
BYD Electronic International Co. Ltd. | 10,403 | 14,596 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 26,844 | 18,969 | ||||||
GDS Holdings Ltd., ADR* | 889 | 26,216 | ||||||
Hua Hong Semiconductor Ltd., 144A | 5,115 | 10,837 | ||||||
Kingboard Holdings Ltd. | 9,555 | 27,289 | ||||||
Kingboard Laminates Holdings Ltd. | 16,432 | 15,643 | ||||||
Kingdee International Software Group Co. Ltd. | 29,065 | 28,969 | ||||||
Kingsoft Corp. Ltd. | 12,174 | 20,348 | ||||||
Legend Holdings Corp., Class H, 144A | 5,087 | 14,983 | ||||||
Lenovo Group Ltd. | 113,407 | 81,877 | ||||||
Meitu, Inc., 144A* | 19,713 | 8,187 | ||||||
Semiconductor Manufacturing International Corp.* | 42,198 | 38,770 | ||||||
Sunny Optical Technology Group Co. Ltd. | 10,447 | 101,056 | ||||||
TravelSky Technology Ltd., Class H | 14,370 | 38,653 | ||||||
Xinyi Solar Holdings Ltd. | 48,949 | 18,327 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
ZTE Corp., Class H* | 8,985 | $ | 17,658 | |||||
|
| |||||||
560,128 | ||||||||
|
| |||||||
Materials — 1.3% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 57,319 | 20,508 | ||||||
Angang Steel Co. Ltd., Class H (a) | 16,951 | 13,841 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 19,426 | 101,403 | ||||||
BBMG Corp., Class H (a) | 36,202 | 11,658 | ||||||
China Hongqiao Group Ltd. | 32,000 | 19,832 | ||||||
China Molybdenum Co. Ltd., Class H | 55,858 | 22,769 | ||||||
China National Building Material Co. Ltd., Class H | 58,678 | 45,663 | ||||||
China Oriental Group Co. Ltd. | 16,000 | 10,264 | ||||||
China Resources Cement Holdings Ltd. | 33,536 | 32,740 | ||||||
China Zhongwang Holdings Ltd. | 21,207 | 9,783 | ||||||
Jiangxi Copper Co. Ltd., Class H | 18,919 | 22,846 | ||||||
Lee & Man Paper Manufacturing Ltd. | 24,077 | 21,813 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 26,000 | 11,961 | ||||||
MMG Ltd.* | 33,907 | 16,811 | ||||||
Nine Dragons Paper Holdings Ltd. | 24,808 | 25,138 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 54,892 | 24,901 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 15,136 | 14,409 | ||||||
Zijin Mining Group Co. Ltd., Class H | 77,610 | 29,256 | ||||||
|
| |||||||
455,596 | ||||||||
|
| |||||||
Real Estate — 3.5% | ||||||||
Agile Group Holdings Ltd. | 24,095 | 32,698 | ||||||
China Evergrande Group (a) | 40,518 | 127,626 | ||||||
China Jinmao Holdings Group Ltd. | 63,971 | 30,654 | ||||||
China Overseas Land & Investment Ltd. | 57,019 | 198,910 | ||||||
China Resources Land Ltd. | 40,992 | 151,905 | ||||||
China Vanke Co. Ltd., Class H | 18,878 | 64,891 | ||||||
CIFI Holdings Group Co. Ltd. | 52,573 | 26,334 | ||||||
Country Garden Holdings Co. Ltd. | 114,679 | 140,972 | ||||||
Future Land Development Holdings Ltd. (a) | 26,641 | 17,975 | ||||||
Greentown China Holdings Ltd. | 13,320 | 10,859 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 12,063 | 18,682 | ||||||
Jiayuan International Group Ltd. | 14,532 | 26,034 | ||||||
Kaisa Group Holdings Ltd.* | 31,484 | 10,098 | ||||||
KWG Group Holdings Ltd.* | 15,824 | 14,073 | ||||||
Logan Property Holdings Co. Ltd. | 21,799 | 25,488 | ||||||
Longfor Group Holdings Ltd. | 21,757 | 61,164 | ||||||
Shenzhen Investment Ltd. | 52,306 | 17,044 | ||||||
Shimao Property Holdings Ltd. | 17,787 | 43,958 | ||||||
Shui On Land Ltd. | 79,455 | 18,783 | ||||||
Sino-Ocean Group Holding Ltd. | 51,983 | 23,249 | ||||||
SOHO China Ltd.* | 40,117 | 14,969 | ||||||
Sunac China Holdings Ltd. (a) | 37,007 | 122,951 | ||||||
Yuexiu Property Co. Ltd. | 99,194 | 18,379 | ||||||
Yuzhou Properties Co. Ltd. | 25,429 | 11,145 | ||||||
|
| |||||||
1,228,841 | ||||||||
|
| |||||||
Utilities — 1.9% | ||||||||
Beijing Enterprises Holdings Ltd. | 8,176 | 47,954 | ||||||
Beijing Enterprises Water Group Ltd.* | 72,815 | 42,150 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
CGN Power Co. Ltd., Class H, 144A | 157,938 | $ | 39,153 | |||||
China Gas Holdings Ltd. | 26,911 | 92,331 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 52,392 | 41,173 | ||||||
China Power International Development Ltd. | 57,064 | 13,344 | ||||||
China Resources Gas Group Ltd. | 13,089 | 52,769 | ||||||
China Resources Power Holdings Co. Ltd. | 28,256 | 53,510 | ||||||
Datang International Power Generation Co. Ltd., Class H | 56,861 | 13,950 | ||||||
ENN Energy Holdings Ltd. | 12,468 | 111,922 | ||||||
Guangdong Investment Ltd. | 44,402 | 85,675 | ||||||
Huadian Power International Corp. Ltd., Class H | 24,918 | 10,667 | ||||||
Huaneng Power International, Inc., Class H | 64,781 | 40,396 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 66,295 | 20,840 | ||||||
Towngas China Co. Ltd.* | 14,647 | 11,417 | ||||||
|
| |||||||
677,251 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 22,685,660 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Industrials — 0.0% | ||||||||
Fosun International Ltd.*, expires 12/11/18 | 98 | 0 | ||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 35.7% | ||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF*(a)(b) | 71,465 | 1,657,652 | ||||||
Xtrackers MSCI China A Inclusion Equity ETF (a)(b) | 659,364 | 10,973,993 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 12,631,645 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 8.9% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d) | 3,134,374 | 3,134,374 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (c) | 18,820 | 18,820 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 108.9% (Cost $42,882,755) | $ | 38,470,499 | ||||||
Other assets and liabilities, net — (8.9%) | (3,125,369 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 35,345,130 | ||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS —35.7% |
| |||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF (a)(b) |
| |||||||||||||||||||||||||||||||
11,827,982 | — | (10,452,618) | (2,242,089) | 866,725 | — | — | — | — | ||||||||||||||||||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF*(a)(b) |
| |||||||||||||||||||||||||||||||
1,835,685 | 464,507 | (76,995) | (23,854) | (541,691) | — | — | 71,465 | 1,657,652 | ||||||||||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF (a)(b) |
| |||||||||||||||||||||||||||||||
— | 12,650,676 | (504,300) | (33,849) | (1,138,534) | — | — | 659,364 | 10,973,993 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —8.9% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12%, (c)(d) |
| |||||||||||||||||||||||||||||||
2,653,919 | 480,455 | (e) | — | — | — | 21,544 | — | 3,134,374 | 3,134,374 | |||||||||||||||||||||||
CASH EQUIVALENTS —0.1% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15%, (c) |
| |||||||||||||||||||||||||||||||
— | 3,729,718 | (3,710,898) | — | — | 710 | — | 18,820 | 18,820 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
16,317,586 | 17,325,356 | (14,744,811) | (2,299,792) | (813,500) | 22,254 | — | 3,884,023 | 15,784,839 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $3,390,075, which is 9.6% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $311,900. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018. |
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. |
At November 30, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
SGX FTSE China A50 Index Futures | USD | 1 | $ | 11,013 | $ | 11,000 | 12/28/2018 | $ | (13 | ) |
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2018 (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, 2018 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 Stock (f) | $ | 22,685,660 | $ | — | $ | — | $ | 22,685,660 | ||||||||
Rights | 0 | — | — | 0 | ||||||||||||
Exchange-Traded Funds | 12,631,645 | — | — | 12,631,645 | ||||||||||||
Short-Term Investments (f) | 3,153,194 | — | — | 3,153,194 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 38,470,499 | $ | — | $ | — | $ | 38,470,499 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (13 | ) | $ | — | $ | — | $ | (13 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (13 | ) | $ | — | $ | — | $ | (13 | ) | ||||||
|
|
|
|
|
|
|
|
(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, 2018, the amount of transfers between Level 3 and Level 1 was $24,009. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
See Notes to Financial Statements. | 30 |
This Page is Intentionally Left Blank
31
DBX ETF Trust
November 30, 2018 (Unaudited)
Xtrackers MSCI China A Inclusion 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 innon-affiliated securities at value | $ | 11,477,699 | $ | 1,131,447,365 | $ | 21,720,552 | $ | 22,685,660 | ||||||||
Investments in affiliated securities at value | 4,450 | — | — | 12,631,645 | ||||||||||||
Investment in DWS Government Money Market Series | 43,508 | — | — | 18,820 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | — | 3,134,374 | ||||||||||||
Cash | — | 448,140 | 500 | — | ||||||||||||
Foreign currency at value | 4,152 | 7,746,597 | † | 149,586 | † | 76,650 | ||||||||||
Deposit with broker for futures contracts | 3,520 | — | — | 4,446 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 400,164 | ||||||||||||
Variation margin on futures contracts | 250 | — | — | 3,262 | ||||||||||||
Dividends | — | — | — | 3,784 | ||||||||||||
Interest | 82 | 8 | 18 | 683 | ||||||||||||
Securities lending income | 4 | — | — | 3,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 11,533,665 | $ | 1,139,642,110 | $ | 21,870,656 | $ | 38,962,621 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | — | $ | — | $ | — | $ | 3,134,374 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | 6,028 | 476,192 | ||||||||||||
Investment advisory fees | 5,760 | 599,679 | 11,913 | 6,925 | ||||||||||||
Accrued expenses and other liabilities | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 5,760 | 599,679 | 17,941 | 3,617,491 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 11,527,905 | $ | 1,139,042,431 | $ | 21,852,715 | $ | 35,345,130 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 13,268,186 | $ | 1,259,578,160 | $ | 41,906,513 | $ | 43,667,337 | ||||||||
Distributable earnings (loss) | (1,740,281 | ) | (120,535,729 | ) | (20,053,798 | ) | (8,322,207 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 11,527,905 | $ | 1,139,042,431 | $ | 21,852,715 | $ | 35,345,130 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 700,001 | 49,150,001 | 950,001 | 1,150,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 16.47 | $ | 23.17 | $ | 23.00 | $ | 30.73 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments innon-affiliated securities at cost | $ | 12,864,513 | $ | 1,217,243,000 | $ | 29,596,183 | $ | 25,209,354 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 4,387 | $ | — | $ | — | $ | 14,520,207 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | — | $ | — | $ | 3,390,075 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 43,508 | $ | — | $ | — | $ | 18,820 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | — | $ | 3,134,374 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | — | $ | 311,900 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 4,152 | $ | 7,767,197 | $ | 150,134 | $ | 76,583 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $19,247 and $5,632 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
For the Six Months Ended November 30, 2018 (Unaudited)
Xtrackers MSCI China A Inclusion 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 interest income | $ | — | $ | — | $ | 232 | $ | — | ||||||||
Unaffiliated dividend income* | 134,755 | 10,892,897 | 160,411 | 320,171 | ||||||||||||
Income distributions from affiliated funds | 146 | — | — | 710 | ||||||||||||
Affiliated securities lending income | 33 | — | — | 21,544 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 76 | — | — | 29,024 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 135,010 | 10,892,897 | 160,643 | 371,449 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 28,311 | 2,554,429 | 70,159 | 81,425 | ||||||||||||
Other expenses | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 28,368 | 2,554,486 | 70,216 | 81,482 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (191 | ) | — | — | (33,404 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 28,177 | 2,554,486 | 70,216 | 48,078 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 106,833 | 8,338,411 | 90,427 | 323,371 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (123,341 | ) | (18,633,730 | ) | 13,663 | (333,503 | ) | |||||||||
Investments in affiliates | (1,071 | ) | — | — | (2,242,089 | ) | ||||||||||
In-kind redemptions | — | — | — | 57,348 | ||||||||||||
In-kind redemptions in affiliates | 327,354 | — | — | (57,703 | ) | |||||||||||
Futures contracts | (7,465 | ) | — | — | (17,317 | ) | ||||||||||
Foreign currency transactions | (8,748 | ) | (1,841,202 | ) | (11,110 | ) | 1,071 | |||||||||
Forward foreign currency contracts | 34,782 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 221,511 | (20,474,932 | ) | 2,553 | (2,592,193 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (1,386,835 | ) | (169,307,793 | ) | (7,563,449 | ) | (3,465,155 | ) | ||||||||
Investments in affiliates | (316,216 | ) | — | — | (813,500 | ) | ||||||||||
Futures contracts | (50 | ) | — | — | (247 | ) | ||||||||||
Foreign currency translations | 2 | (26,095 | ) | (2,378 | ) | 78 | ||||||||||
Forward foreign currency contracts | (34,919 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (1,738,018 | ) | (169,333,888 | ) | (7,565,827 | ) | (4,278,824 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (1,516,507 | ) | (189,808,820 | ) | (7,563,274 | ) | (6,871,017 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,409,674 | ) | $ | (181,470,409 | ) | $ | (7,472,847 | ) | $ | (6,547,646 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 14,991 | $ | 1,212,183 | $ | 17,978 | $ | 25,528 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Xtrackers MSCI China A Inclusion Equity ETF | Xtrackers Harvest CSI 300 ChinaA-Shares ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 106,833 | $ | 77,408 | $ | 8,338,411 | $ | 4,734,695 | ||||||||
Net realized gain (loss) | 221,511 | (156,362 | ) | (20,474,932 | ) | 47,916,595 | ||||||||||
Net change in net unrealized appreciation (depreciation) | (1,738,018 | ) | 357,551 | (169,333,888 | ) | 9,468,340 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,409,674 | ) | 278,597 | (181,470,409 | ) | 62,119,630 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | (82,189 | )* | — | (5,199,112 | )* | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 12,964,542 | — | 696,651,876 | 560,587,088 | ||||||||||||
Value of shares redeemed | (2,107,447 | ) | (1,044,930 | ) | (61,969,652 | ) | (298,670,935 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 10,857,095 | (1,044,930 | ) | 634,682,224 | 261,916,153 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 9,447,421 | (848,522 | ) | 453,211,815 | 318,836,671 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,080,484 | 2,929,006 | 685,830,616 | 366,993,945 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 11,527,905 | $ | 2,080,484 | ** | $ | 1,139,042,431 | $ | 685,830,616 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 150,001 | 23,200,001 | 14,200,001 | ||||||||||||
Shares sold | 700,000 | — | 28,250,000 | 18,800,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | (2,300,000 | ) | (9,800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 700,001 | 100,001 | 49,150,001 | 23,200,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income and distributions in excess of net investment income of $22,302 and $(884,593), respectively. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 90,427 | $ | 25,514 | $ | 323,371 | $ | 534,113 | ||||||||
Net realized gain (loss) | 2,553 | 641,819 | (2,592,193 | ) | 1,351,677 | |||||||||||
Net change in net unrealized appreciation (depreciation) | (7,565,827 | ) | (333,958 | ) | (4,278,824 | ) | 993,517 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (7,472,847 | ) | 333,375 | (6,547,646 | ) | 2,879,307 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | — | — | (317,478 | )* | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 4,931,208 | 3,676,438 | 7,658,392 | 36,516,502 | ||||||||||||
Value of shares redeemed | — | — | (1,660,721 | ) | (7,763,898 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 4,931,208 | 3,676,438 | 5,997,671 | 28,752,604 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (2,541,639 | ) | 4,009,813 | (549,975 | ) | 31,314,433 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 24,394,354 | 20,384,541 | 35,895,105 | 4,580,672 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 21,852,715 | $ | 24,394,354 | ** | $ | 35,345,130 | $ | 35,895,105 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 750,001 | 650,001 | 950,001 | 150,001 | ||||||||||||
Shares sold | 200,000 | 100,000 | 250,000 | 1,000,000 | ||||||||||||
Shares redeemed | — | — | (50,000 | ) | (200,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 950,001 | 750,001 | 1,150,001 | 950,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes distributions in excess of net investment income and undistributed net investment income of $(2,906) and $247,042, respectively. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | ||||||||||||
Net Asset Value, beginning of period | $ | 20.80 | $ | 19.53 | $ | 21.86 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(c) | 0.20 | 0.52 | 0.29 | 0.40 | ||||||||||||
Net realized and unrealized gain (loss) | (4.53 | ) | 1.30 | 1.05 | (2.80 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (4.33 | ) | 1.82 | 1.34 | (2.40 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: |
| |||||||||||||||
Net investment income | — | (0.55 | ) | (2.82 | ) | (0.74 | ) | |||||||||
Net realized gains | — | — | (0.85 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | — | (0.55 | ) | (3.67 | ) | (0.74 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 16.47 | $ | 20.80 | $ | 19.53 | $ | 21.86 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%)(e) | (20.82 | )** | 9.12 | 6.42 | (d) | (10.01 | )** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 12 | 2 | 3 | 2 | ||||||||||||
Ratio of expenses before fee waiver (%)(f) | 0.60 | * | 0.70 | 0.72 | 1.25 | *** | ||||||||||
Ratio of expenses after fee waiver (%)(f) | 0.60 | * | 0.05 | 0.05 | 0.45 | *** | ||||||||||
Ratio of net investment income (loss) (%) | 2.27 | * | 2.38 | 1.41 | 2.92 | * | ||||||||||
Portfolio turnover rate (%)(g) | 7 | ** | 3 | 6 | 4 | ** |
Xtrackers Harvest CSI 300 ChinaA-Shares ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.26 | 0.25 | 0.30 | 0.43 | 0.09 | (0.05 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) | (6.65 | ) | 3.73 | 1.97 | (18.19 | ) | 27.96 | (2.97 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (6.39 | ) | 3.98 | 2.27 | (17.76 | ) | 28.05 | (3.02 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (0.26 | ) | (0.17 | ) | (0.33 | ) | (0.10 | ) | — | ||||||||||||||
Net realized gains | — | — | — | (8.10 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.26 | ) | (0.17 | ) | (8.43 | ) | (0.10 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.17 | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (21.62 | )** | 15.38 | 9.62 | (38.10 | ) | 127.82 | (12.08 | )**(e) | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 1,139 | 686 | 367 | 326 | 1,410 | 153 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | * | 0.66 | 0.67 | 0.80 | 0.80 | 0.96 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | * | 0.66 | 0.67 | 0.80 | 0.80 | 0.92 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 2.12 | * | 0.82 | 1.24 | 1.27 | 0.26 | (0.38 | )* | ||||||||||||||||
Portfolio turnover rate (%)(g) | 12 | ** | 65 | 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 ammualized. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers Harvest CSI 500 ChinaA-Shares Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.11 | 0.04 | (0.03 | ) | (0.05 | ) | (0.12 | ) | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | (9.64 | ) | 1.13 | (1.61 | ) | (28.91 | ) | 40.05 | 0.68 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (9.53 | ) | 1.17 | (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 | $ | 23.00 | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (29.30 | )** | 3.73 | (4.97 | ) | (45.37 | ) | 155.99 | 2.80 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 22 | 24 | 20 | 21 | 82 | 8 | ||||||||||||||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | 0.67 | 0.80 | 0.80 | 0.80 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 0.84 | * | 0.10 | (0.09 | ) | (0.11 | ) | (0.30 | ) | 2.57 | * | |||||||||||||
Portfolio turnover rate (%)(f) | 8 | ** | 29 | 51 | 215 | 131 | 0 | ** | ||||||||||||||||
Xtrackers MSCI All China Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | 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 | $ | 37.78 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(c) | 0.34 | 0.79 | 0.91 | 2.15 | 0.32 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (7.39 | ) | 6.75 | 4.26 | (15.46 | ) | 20.58 | 0.45 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (7.05 | ) | 7.54 | 5.17 | (13.31 | ) | 20.90 | 0.51 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (0.30 | ) | (2.99 | ) | (4.34 | ) | (0.35 | ) | — | ||||||||||||||
Net realized gains | — | — | — | — | (0.05 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.30 | ) | (2.99 | ) | (4.34 | ) | (0.40 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 30.73 | $ | 37.78 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%)(d) | (18.66 | )** | 24.71 | 20.03 | (29.80 | ) | 82.48 | 2.04 | ** | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 35 | 36 | 5 | 7 | 18 | 5 | ||||||||||||||||||
Ratio of expenses before fee waiver (%)(e) | 0.53 | * | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%)(e) | 0.31 | * | 0.36 | 0.35 | 0.26 | 0.26 | 0.30 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 2.10 | * | 2.10 | 3.10 | 6.46 | 0.94 | 2.73 | * | ||||||||||||||||
Portfolio turnover rate (%)(f) | 37 | ** | 3 | 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. | 37 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2018, the Trust consists ofthirty-six 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:
Xtrackers MSCI China A Inclusion Equity ETF* |
Xtrackers Harvest CSI 300 ChinaA-Shares ETF |
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF |
Xtrackers MSCI All China Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co. KGaA (“DWS Group”), 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 MSCI China A Inclusion Equity ETF* | MSCI China A Inclusion Index* | |
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | CSI 300 Index | |
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | CSI 500 Index | |
Xtrackers MSCI All China Equity ETF | MSCI China All Shares Index |
* | On June 4, 2018, the Fund changed its name from Xtrackers CSI 300 ChinaA-Shares Hedged Equity ETF to Xtrackers MSCI China A Inclusion Equity ETF and its Underlying Index from CSI 300 USD Hedged Index to the MSCI China A Inclusion Index. |
The MSCI China A Inclusion Index is designed to track the equity market performance of ChinaA-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or theShenzhen-Hong Kong Stock Connect program (together “Stock Connect”).“A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligibleA-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion ofA-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI, Inc. by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excludingmid- and small-capitalizationA-Shares (as determined by MSCI),A-Shares suspended for trading for more than 50 days in the past 12 months andA-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.
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 ChinaA-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 everysix-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 ChinaA-Share market.
38
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 everysix-months.
MSCI is the creator of the MSCI China All Shares Index and the MSCI China A Inclusion Equity 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 ofA-Shares,B-Shares,H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Xtrackers Harvest CSI 300 ChinaA-Shares ETF and Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF are diversified series of the Trust. Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity EFT arenon-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.
In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
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) orover-the-counter market on which they trade. Securities or ETFs for which no sales
39
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 inopen-end investment companies are valued at their net asset value each business day and are categorized as a Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
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; 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 theex-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 theex-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 theex-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
40
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2018, the Funds did not incur any interest or penalties.
At May 31, 2018, 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 China A Inclusion Equity ETF | $ | 79,159 | $ | 315,180 | $ | 394,339 | ||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 9,595,117 | 1,130,757 | 10,725,874 | |||||||||
Xtrackers MSCI All China Equity ETF | 1,006,240 | 461,025 | 1,467,265 |
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, 2018, 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 China A Inclusion Equity ETF | $ | — | $ | 191,244 | ||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | 884,593 | — | ||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 2,906 | — | ||||||
Xtrackers MSCI All China Equity ETF | — | 19,036 |
As of May 31, 2018, 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 China A Inclusion Equity ETF | $ | 1,894,126 | $ | 232,674 | $ | 232,694 | $ | (20 | ) | |||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | 634,518,761 | 47,382,111 | 97,138,397 | (49,756,286 | ) | |||||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 26,105,719 | (1,854,001 | ) | 3,337,733 | (5,191,734 | ) | ||||||||||
Xtrackers MSCI All China Equity ETF | 38,884,318 | (535,283 | ) | 1,857,789 | (2,393,072 | ) |
The tax character of current year distributions will be determined at the end of the current year end.
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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of November 30, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
41
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Funds’ direct investments in ChinaA-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 inA-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 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-richA-Share companies and exempt from WHT with respect to gross realized gains derived from non land-richA-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 ChinaA-Shares ETF and Xtrackers Harvest CSI 500 ChinaA-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 thePRC-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 MSCI China A Inclusion 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2018, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2018) on the cash collateral invested in DWS 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
42
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2018, 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.
Remaining Contractual Maturity of the Agreements, as of November 30, 2018 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 496,699 | $ | — | $ | 63,444 | $ | 248,456 | $ | 808,599 | ||||||||||
Exchange-Traded Funds | 2,637,675 | — | — | — | 2,637,675 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 3,134,374 | $ | — | $ | 63,444 | $ | 248,456 | $ | 3,446,274 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 3,446,274 |
As of November 30, 2018, the Xtrackers MSCI China A Inclusion Equity ETF had no securities on loan.
Derivatives
Forward Foreign Currency Contracts The Xtrackers MSCI China A Inclusion Equity ETF may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure tonon-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 June 1, 2018 to June 4, 2018, Xtrackers MSCI China A Inclusion Equity ETF (formerly Xtrackers CSI 300 ChinaA-Shares Hedged Equity ETF) 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.
There were no open forward currency contracts as of the period ended November 30, 2018.
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. ornon-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, 2018, Xtrackers MSCI China A Inclusion Equity ETF and 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).
43
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2018 is included in a table following the Funds’ Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 50 | ||||||||
Xtrackers MSCI All China Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 13 |
* | 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, 2018 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 China A Inclusion Equity ETF | $ | (7,465 | ) | $ | 34,782 | $ | 27,317 | |||||
Xtrackers MSCI All China Equity ETF | (17,317 | ) | — | (17,317 | ) | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts— Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | (50 | ) | $ | (34,919 | ) | $ | (34,969 | ) | |||
Xtrackers MSCI All China Equity ETF | (247 | ) | — | (247 | ) |
For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts | |||||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | 49,201 | $ | (2,038,709 | )* | |||
Xtrackers MSCI All China Equity ETF | 137,471 | — |
* | For the period from June 1, 2018 through June 3, 2018 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
44
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the ETFs, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-distribution related services for the Funds to operate.
Harvest Global Investments Limited serves as investmentsub-advisor (the“Sub-Advisor”) to the Xtrackers Harvest CSI 300 ChinaA-Shares ETF and the Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF. TheSub-Advisor is responsible forday-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 MSCI China A Inclusion Equity ETF | 0.60 | % | ||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | 0.65 | % | ||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 0.65 | % |
The Advisor for Xtrackers MSCI China A Inclusion 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 affiliated funds. For the period from June 1, 2018 through November 30, 2018, the Advisor waived $184 expenses of the Fund.
For its investment advisory services to Xtrackers MSCI All China Equity ETF for the period from June 1, 2018 through July 16, 2018, the Advisor received a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.60%; and had contractually agreed to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund’s from exceeding 0.50% of the Fund’s average daily net assets and 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 affiliated funds.
Effective July 17, 2018, for its investment advisory services to Xtrackers MSCI All China Equity ETF, the Advisor receives a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.50%. In addition, the Advisor has contractually agreed, until October 1, 2021, to waive fees and/or reimburse the Fund’s expenses to limit the Fund’s current operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) by an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in affiliated funds. In addition, the Adviser has contractually agreed, until October 25, 2019, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period from June 1, 2018 through November 30, 2018, the Advisor waived $33,391 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Fund’s as follows:
Expenses Waived | ||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | 7 | ||
Xtrackers All China Equity ETF | 13 |
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to theSub-Advisor as applicable, the cost of transfer agency, custody, fund
45
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 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, 2018, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | 13,588,099 | $ | 598,052 | ||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | 733,396,040 | 95,828,358 | ||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 6,857,039 | 1,838,422 | ||||||
Xtrackers MSCI All China Equity ETF | 15,874,706 | 11,714,595 |
For the period ended November 30, 2018, the cost ofin-kind purchases and proceeds fromin-kind sale were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | — | $ | 2,060,017 | ||||
Xtrackers MSCI All China Equity ETF | 3,973,620 | 1,657,430 |
5. Fund Share Transactions
As of November 30, 2018 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 MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF generally consists of thein-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 ChinaA-Shares ETF and Xtrackers Harvest CSI 500 ChinaA-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; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), 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
46
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, (xiii) both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI China A Inclusion Equity ETF, Xtrackers Harvest CSI 300 ChinaA-Shares ETF, Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or theone-month LIBOR Rate. Each Fund may borrow up to the lesser of apro-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, 2018.
Pro-rata Share | ||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | 5,250,000 | ||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | 60,375,000 | |||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap | 4,200,000 |
47
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 recent12-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 FormN-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 at855-329-3837. You can also obtain copies of FormN-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 calling800-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.
48
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
49
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 inA-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access toA-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. 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 NYSE Arca, Inc. 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. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
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 © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International GmbH. 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, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich 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-049076-3 (1/19) DBX003658 (1/20)
November 30, 2018
Semi-Annual Report
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
Xtrackers Germany Equity ETF (GRMY)
Xtrackers JapanJPX-Nikkei 400 Equity ETF (JPN)
Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)
DBX ETF Trust
Page | ||||
1 | ||||
3 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
8 | ||||
13 | ||||
16 | ||||
21 | ||||
24 | ||||
25 | ||||
26 | ||||
28 | ||||
30 | ||||
Board Consideration in Approval of Investment Advisory Contract | 38 | |||
40 | ||||
41 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2018.
The global economy saw steady growth over the period, however, the momentum of economic expansion has peaked and is poised for gradual moderation. The U.S. economy was strong, backed by robust earnings and tax cuts, despite the ongoing trade policy uncertainties. In addition, the U.S. dollar positioned itself well against the trade-weighted basket of currencies of U.S. trading partners. On the other hand, the Eurozone economy registered slower growth on account of global trade tensions and a decline in net exports. The Japanese economy contracted further as a consequence of several natural disasters, curtailing production, and a slowdown in overseas demand, undermining exports. In the interim, Latin America faced a highly diverse economic environment, with a recession in Argentina, uncertainty in Brazil, and resilience in the Pacific Alliance.
The Eurozone economy slowed distinctly as a result of transient factors, and in particular, a decline in vehicle production as companies tackled the new emission standards. Industrial output declined on the back of weak exports. However, private sector confidence remains high, with labor markets still improving and borrowing costs remaining low. Unrest prevailed in France as work unions protested against the economic policies of the French government. In addition, Italy’s gross domestic product (GDP) contracted in the wake of persistent political uncertainty and increasing friction with the European Commission regarding its expansionary budget plans. Conceding the weakness in the economy, the European Central Bank (ECB) showed its commitment to maintain policy rates at the current levels.
The German economy reported its weakest performance since 2015, due to one-off factors, including emission norms affecting the automotive industry, and higher energy prices erasing previous wage increases. Exports dropped, reflecting slowing global demand on the back of U.S. protectionism, tightening monetary policy and Brexit-related1 uncertainties. Moreover, the positive effect of a weaker euro was negated by global trade tension and volatility in emerging markets. Nevertheless, consumer sentiment remained elevated, and the composite Purchasing Manager’s Index2 indicated improved business conditions.
The Japanese economy contracted again, owing to a broad-based decline in key gross domestic product (GDP) components. Despite a tight labor market and promising wage growth, private consumption declined, while government consumption surged. Nonetheless, corporate sentiment remained firm, in defiance of an uncertain global outlook. In addition, robust investments related to preparations for the 2020 Tokyo Olympics are expected to aid the growth trajectory.
Growth in the Latin American economy remained unchanged, as the uneven dynamics across economies maintained a modest activity. Despite an improving labor market, an unfavorable external backdrop and political clamor held back progress. The region’s largest economy, Brazil, gained momentum after a setback in Q2 2018, due to a truckers’ strike. Growth in Colombia, Mexico, and several other regions remained unchanged and suggested moderate prospects for the region.
The global economy is expected to grow, although at a slower pace, on the back of solid economic momentum in developed economies. Lower unemployment rates and solid corporate earnings are expected to support this trend in the near term, prompting the central banks to gradually withdraw the stimulus and unwind their balance sheet. Nevertheless, geopolitical risks, global trade tensions, and policy uncertainties could drive greater capital market fluctuations.
1
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 words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
2 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.
2
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
The Xtrackers Eurozone Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (20.9% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 3.0% | |||
SAP SE (Germany) | 2.3% | |||
Sanofi (France) | 2.3% | |||
Unilever NV (United Kingdom) | 2.3% | |||
Siemens AG (Germany) | 2.1% | |||
Allianz SE (Germany) | 2.0% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1.9% | |||
Banco Santander SA (Spain) | 1.7% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.7% | |||
ASML Holding NV (Netherlands) | 1.6% |
Country Diversification* as of 11/30/18 |
France | 33.3% | |||
Germany | 28.0% | |||
Spain | 10.0% | |||
Netherlands | 8.6% | |||
Italy | 6.6% | |||
Belgium | 3.7% | |||
Finland | 3.6% | |||
United Kingdom | 2.3% | |||
Other | 3.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 18.9% | |||
Industrials | 15.1% | |||
Consumer Discretionary | 11.6% | |||
Consumer Staples | 10.9% | |||
Health Care | 8.2% | |||
Information Technology | 8.0% | |||
Materials | 7.4% | |||
Communication Services | 6.2% | |||
Energy | 5.9% | |||
Utilities | 5.4% | |||
Real Estate | 2.4% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.
3
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers Germany Equity ETF (GRMY)
The Xtrackers Germany Equity ETF ( the “Fund”), using a “passive” or indexing investment approach, 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. It is not possible to invest directly into an Index.
Ten Largest Equity Holdings as of 11/30/18 (53.3% of Net Assets) |
Description | % of Net Assets | |||
SAP SE | 8.2% | |||
Siemens AG | 7.4% | |||
Allianz SE | 7.2% | |||
Bayer AG | 5.5% | |||
BASF SE | 5.3% | |||
Deutsche Telekom AG | 4.8% | |||
Volkswagen AG | 4.7% | |||
Daimler AG | 4.0% | |||
adidas AG | 3.4% | |||
Bayerische Motoren Werke AG | 2.8% |
Sector Diversification* as of 11/30/18 |
Consumer Discretionary | 18.6% | |||
Financials | 15.0% | |||
Industrials | 14.9% | |||
Information Technology | 12.1% | |||
Health Care | 11.4% | |||
Materials | 10.1% | |||
Communication Services | 7.0% | |||
Consumer Staples | 3.9% | |||
Real Estate | 3.8% | |||
Utilities | 3.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund and cash equivalents.
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
Portfolio Summary(Unaudited)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”), using a “passive” or indexing investment approach, 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 11/30/18 (14.6% of Net Assets) |
Description | % of Net Assets | |||
SoftBank Group Corp. | 1.7% | |||
Sony Corp. | 1.7% | |||
Keyence Corp. | 1.6% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.5% | |||
Honda Motor Co. Ltd. | 1.4% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.4% | |||
Nippon Telegraph & Telephone Corp. | 1.4% | |||
Toyota Motor Corp. | 1.4% | |||
Mizuho Financial Group, Inc. | 1.3% | |||
KDDI Corp. | 1.2% |
Sector Diversification* as of 11/30/18 |
Industrials | 23.1% | |||
Consumer Discretionary | 16.0% | |||
Financials | 11.5% | |||
Consumer Staples | 10.1% | |||
Information Technology | 9.6% | |||
Health Care | 8.6% | |||
Communication Services | 8.2% | |||
Materials | 6.4% | |||
Real Estate | 3.5% | |||
Utilities | 1.8% | |||
Energy | 1.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 16.
5
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)
The Xtrackers MSCI Latin America Pacific Alliance ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Latin America Pacific Alliance Capped Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of 11/30/18 (41.0.% of Net Assets) |
Description | % of Net Assets | |||
America Movil SAB de CV (Mexico) | 7.7% | |||
Credicorp Ltd. (Peru) | 6.5% | |||
Fomento Economico Mexicano SAB de CV (Mexico) | 5.7% | |||
Wal-Mart de Mexico SAB de CV (Mexico) | 4.4% | |||
Grupo Financiero Banorte SAB de CV (Mexico) | 4.1% | |||
Bancolombia SA (Colombia) | 3.1% | |||
Cemex SAB de CV (Mexico) | 2.5% | |||
Grupo Mexico SAB de CV (Mexico) | 2.5% | |||
Grupo Televisa SAB (Mexico) | 2.3% | |||
Ecopetrol SA (Colombia) | 2.2% |
Country Diversification* as of 11/30/18 |
Mexico | 50.1% | |||
Chile | 23.2% | |||
Colombia | 13.1% | |||
Peru | 13.0% | |||
Canada | 0.4% | |||
United States | 0.1% | |||
Panama | 0.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of 11/30/18 |
Financials | 26.4% | |||
Consumer Staples | 20.4% | |||
Materials | 16.5% | |||
Communication Services | 11.3% | |||
Utilities | 7.3% | |||
Industrials | 6.9% | |||
Energy | 4.4% | |||
Consumer Discretionary | 3.4% | |||
Real Estate | 3.0% | |||
Information Technology | 0.2% | |||
Health Care | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.
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. In the most recent six-month period the Funds limted 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 tables 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, 2018 to November 30, 2018), except for Xtrackers MSCI Latin America Pacific Alliance ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to November 30, 2018).
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, 2018 | Ending Account Value November 30, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Eurozone Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 893.41 | 0.09 | % | $ | 0.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.62 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers Germany Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 862.41 | 0.10 | % | $ | 0.47 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 916.91 | 0.09 | % | $ | 0.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.62 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers MSCI Latin America Pacific Alliance ETF | ||||||||||||||||
Actual(2) | $ | 1,000.00 | $ | 976.80 | 0.45 | % | $ | 0.39 | ||||||||
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.
(2) Expense is equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 32 (the number of days in the period October 30, 2018 (commencement of operations) to November 30, 2018), then divided by 365.
7
DBX ETF Trust
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
Austria — 0.8% | ||||||||
ANDRITZ AG | 67 | $ | 3,226 | |||||
Erste Group Bank AG | 295 | 11,640 | ||||||
OMV AG | 147 | 7,427 | ||||||
Raiffeisen Bank International AG | 136 | 4,010 | ||||||
Strabag SE | 23 | 816 | ||||||
Telekom Austria AG | 136 | 999 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 48 | 1,235 | ||||||
voestalpine AG | 124 | 4,121 | ||||||
|
| |||||||
33,474 | ||||||||
|
| |||||||
Belgium — 3.7% | ||||||||
Ackermans & van Haaren NV | 21 | 3,374 | ||||||
Ageas | 179 | 8,642 | ||||||
Anheuser-Busch InBev SA/NV (a) | 893 | 68,391 | ||||||
Colruyt SA | 59 | 3,770 | ||||||
Elia System Operator SA/NV | 28 | 1,867 | ||||||
Groupe Bruxelles Lambert SA | 72 | 6,481 | ||||||
KBC Ancora | 36 | 1,668 | ||||||
KBC Group NV | 275 | 19,741 | ||||||
Melexis NV | 13 | 768 | ||||||
Proximus SADP | 136 | 3,764 | ||||||
Sofina SA | 16 | 3,221 | ||||||
Solvay SA | 75 | 8,112 | ||||||
Telenet Group Holding NV | 51 | 2,530 | ||||||
UCB SA | 127 | 10,675 | ||||||
Umicore SA | 208 | 9,025 | ||||||
|
| |||||||
152,029 | ||||||||
|
| |||||||
Finland — 3.5% | ||||||||
Amer Sports OYJ | 111 | 4,156 | ||||||
Elisa OYJ | 144 | 5,775 | ||||||
Fortum OYJ | 427 | 8,901 | ||||||
Huhtamaki OYJ (a) | 96 | 2,935 | ||||||
Kesko OYJ, Class B | 76 | 4,428 | ||||||
Kone OYJ, Class B | 382 | 18,927 | ||||||
Metso OYJ | 119 | 3,391 | ||||||
Neste OYJ | 140 | 10,941 | ||||||
Nokia OYJ | 5,561 | 30,576 | ||||||
Nokian Renkaat OYJ | 127 | 4,065 | ||||||
Orion OYJ, Class B | 104 | 3,471 | ||||||
Sampo OYJ, Class A | 442 | 19,733 | ||||||
Stora Enso OYJ, Class R | 566 | 7,213 | ||||||
UPM-Kymmene OYJ | 527 | 14,040 | ||||||
Wartsila OYJ Abp | 419 | 6,822 | ||||||
|
| |||||||
145,374 | ||||||||
|
| |||||||
France — 33.2% | ||||||||
Accor SA | 207 | 9,188 | ||||||
Aeroports de Paris | 28 | 5,443 | ||||||
Air France-KLM | 251 | 2,893 | ||||||
Air Liquide SA | 402 | 48,589 | ||||||
Airbus SE | 523 | 56,031 | ||||||
Alstom SA | 160 | 7,022 | ||||||
Altarea SCA REIT | 4 | 826 | ||||||
Arkema SA | 68 | 6,452 | ||||||
Atos SE | 95 | 8,067 |
Number | Value | |||||||
France (Continued) | ||||||||
AXA SA | 1,789 | $ | 43,581 | |||||
BioMerieux | 44 | 3,104 | ||||||
BNP Paribas SA | 1,085 | 54,514 | ||||||
Bollore SA | 917 | 4,018 | ||||||
Bouygues SA | 215 | 8,267 | ||||||
Bureau Veritas SA | 268 | 5,923 | ||||||
Capgemini SE | 167 | 19,485 | ||||||
Carrefour SA | 590 | 10,622 | ||||||
Casino Guichard Perrachon SA (a) | 51 | 2,305 | ||||||
Cie de Saint-Gobain | 474 | 17,568 | ||||||
Cie Generale des Etablissements Michelin | 168 | 17,580 | ||||||
Cie Plastic Omnium SA | 64 | 1,699 | ||||||
CNP Assurances | 160 | 3,663 | ||||||
Covivio REIT | 36 | 3,508 | ||||||
Credit Agricole SA | 1,255 | 15,585 | ||||||
Danone SA | 645 | 48,244 | ||||||
Dassault Systemes SE | 136 | 16,323 | ||||||
Edenred | 191 | 7,284 | ||||||
Eiffage SA | 72 | 6,849 | ||||||
Elis SA | 164 | 3,212 | ||||||
Engie SA | 1,821 | 25,608 | ||||||
EssilorLuxottica SA | 199 | 25,269 | ||||||
Eurazeo SE | 48 | 3,595 | ||||||
Eutelsat Communications SA (a) | 139 | 2,963 | ||||||
Faurecia SA | 76 | 2,962 | ||||||
Gecina SA REIT | 47 | 6,572 | ||||||
Getlink SE | 462 | 6,003 | ||||||
Hermes International | 29 | 15,685 | ||||||
ICADE REIT | 32 | 2,536 | ||||||
Iliad SA | 28 | 3,777 | ||||||
Imerys SA | 32 | 1,717 | ||||||
Ingenico Group SA | 55 | 3,971 | ||||||
Ipsen SA | 36 | 4,635 | ||||||
JCDecaux SA | 75 | 2,548 | ||||||
Kering | 75 | 32,609 | ||||||
Klepierre SA REIT | 211 | 6,909 | ||||||
Lagardere SCA | 84 | 2,376 | ||||||
Legrand SA | 260 | 15,926 | ||||||
L’Oreal SA | 244 | 57,436 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 267 | 76,349 | ||||||
Natixis SA | 924 | 5,105 | ||||||
Nexity SA | 55 | 2,696 | ||||||
Orange SA (a) | 1,885 | 32,356 | ||||||
Orpea | 47 | 4,981 | ||||||
Pernod Ricard SA (a) | 176 | 28,138 | ||||||
Peugeot SA | 559 | 12,279 | ||||||
Publicis Groupe SA | 212 | 12,568 | ||||||
Remy Cointreau SA | 20 | 2,317 | ||||||
Renault SA | 204 | 14,332 | ||||||
Rexel SA | 259 | 3,107 | ||||||
Rubis SCA | 87 | 4,687 | ||||||
Safran SA | 350 | 43,730 | ||||||
Sanofi | 1,053 | 95,154 | ||||||
Sartorius Stedim Biotech | 24 | 2,429 | ||||||
Schneider Electric SE | 546 | 39,738 | ||||||
SCOR SE | 180 | 8,650 | ||||||
SEB SA | 24 | 3,440 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Societe BIC SA | 28 | $ | 3,004 | |||||
Societe Generale SA | 714 | 26,242 | ||||||
Sodexo SA | 88 | 9,111 | ||||||
Sopra Steria Group | 13 | 1,325 | ||||||
Suez | 423 | 6,286 | ||||||
Teleperformance | 55 | 9,104 | ||||||
Thales SA | 104 | 12,753 | ||||||
TOTAL SA | 2,249 | 125,195 | ||||||
Ubisoft Entertainment SA* | 76 | 6,191 | ||||||
Unibail-Rodamco-Westfield REIT | 136 | 23,381 | ||||||
Valeo SA | 235 | 6,705 | ||||||
Veolia Environnement SA | 521 | 11,075 | ||||||
Vinci SA | 539 | 47,053 | ||||||
Vivendi SA | 985 | 24,536 | ||||||
Wendel SA | 31 | 3,766 | ||||||
|
| |||||||
1,368,725 | ||||||||
|
| |||||||
Germany — 26.1% | ||||||||
1&1 Drillisch AG | 48 | 2,413 | ||||||
adidas AG | 180 | 39,701 | ||||||
Allianz SE | 398 | 84,044 | ||||||
Aurubis AG | 35 | 1,905 | ||||||
Axel Springer SE | 43 | 2,741 | ||||||
BASF SE | 850 | 61,950 | ||||||
Bayer AG | 870 | 63,615 | ||||||
Bayerische Motoren Werke AG | 347 | 28,371 | ||||||
Bechtle AG | 21 | 1,680 | ||||||
Beiersdorf AG | 120 | 12,845 | ||||||
Brenntag AG | 147 | 6,796 | ||||||
Carl Zeiss Meditec AG | 36 | 2,486 | ||||||
Commerzbank AG | 1,045 | 8,999 | ||||||
Continental AG | 107 | 16,022 | ||||||
Covestro AG, 144A | 176 | 10,135 | ||||||
CTS Eventim AG & Co. KGaA | 55 | 2,112 | ||||||
Daimler AG | 833 | 46,871 | ||||||
Deutsche Bank AG (b) | 1,766 | 16,122 | ||||||
Deutsche Boerse AG | 167 | 21,329 | ||||||
Deutsche Lufthansa AG | 439 | 10,687 | ||||||
Deutsche Post AG | 908 | 28,910 | ||||||
Deutsche Telekom AG | 3,217 | 56,403 | ||||||
Deutsche Wohnen SE | 288 | 13,807 | ||||||
DMG Mori AG | 17 | 841 | ||||||
E.ON SE | 2,037 | 20,769 | ||||||
Evonik Industries AG | 151 | 4,060 | ||||||
Fielmann AG | 27 | 1,692 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 39 | 2,868 | ||||||
Freenet AG | 116 | 2,387 | ||||||
Fresenius Medical Care AG & Co. KGaA | 196 | 15,952 | ||||||
Fresenius SE & Co. KGaA | 371 | 21,054 | ||||||
FUCHS PETROLUB SE | 28 | 1,114 | ||||||
GEA Group AG | 152 | 4,103 | ||||||
GRENKE AG | 25 | 2,140 | ||||||
Hannover Rueck SE | 58 | 8,058 | ||||||
HeidelbergCement AG | 144 | 9,571 | ||||||
Hella GmbH & Co. KGaA | 47 | 1,947 | ||||||
Henkel AG & Co. KGaA | 103 | 10,636 |
Number | Value | |||||||
Germany (Continued) | ||||||||
HOCHTIEF AG | 17 | $ | 2,418 | |||||
HUGO BOSS AG | 59 | 4,075 | ||||||
Infineon Technologies AG | 984 | 20,606 | ||||||
K+S AG | 195 | 3,423 | ||||||
KION Group AG | 68 | 3,836 | ||||||
Krones AG | 16 | 1,424 | ||||||
LANXESS AG | 71 | 3,892 | ||||||
LEG Immobilien AG | 64 | 7,359 | ||||||
MAN SE | 35 | 3,576 | ||||||
Merck KGaA | 120 | 13,228 | ||||||
METRO AG | 168 | 2,578 | ||||||
MorphoSys AG* | 28 | 3,199 | ||||||
MTU Aero Engines AG | 40 | 8,315 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 143 | 31,071 | ||||||
Nemetschek SE | 16 | 1,940 | ||||||
OSRAM Licht AG | 91 | 4,170 | ||||||
ProSiebenSat.1 Media SE | 183 | 3,716 | ||||||
Rational AG | 4 | 2,276 | ||||||
Rheinmetall AG | 39 | 3,612 | ||||||
Rocket Internet SE, 144A* | 60 | 1,534 | ||||||
RWE AG | 515 | 11,117 | ||||||
SAP SE | 928 | 95,532 | ||||||
Scout24 AG, 144A | 87 | 3,625 | ||||||
Siemens AG | 742 | 86,029 | ||||||
Siltronic AG | 20 | 1,807 | ||||||
Sixt SE | 13 | 1,248 | ||||||
Software AG | 48 | 1,958 | ||||||
Symrise AG | 115 | 9,284 | ||||||
Talanx AG | 55 | 1,963 | ||||||
Telefonica Deutschland Holding AG | 633 | 2,564 | ||||||
thyssenkrupp AG | 486 | 9,077 | ||||||
Uniper SE | 175 | 4,492 | ||||||
United Internet AG | 124 | 5,581 | ||||||
Volkswagen AG | 124 | 20,484 | ||||||
Vonovia SE | 431 | 20,872 | ||||||
Wacker Chemie AG | 17 | 1,636 | ||||||
Wirecard AG | 108 | 16,319 | ||||||
Zalando SE, 144A* | 204 | 6,329 | ||||||
|
| |||||||
1,073,301 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Hellenic Telecommunications | 250 | 2,955 | ||||||
OPAP SA | 212 | 1,992 | ||||||
|
| |||||||
4,947 | ||||||||
|
| |||||||
Ireland — 1.8% | ||||||||
Bank of Ireland Group PLC | 921 | 5,829 | ||||||
CRH PLC | 826 | 22,839 | ||||||
Glanbia PLC | 183 | 3,284 | ||||||
Kerry Group PLC, Class A | 140 | 14,464 | ||||||
Kingspan Group PLC | 140 | 6,027 | ||||||
Ryanair Holdings PLC, ADR | 176 | 14,490 | ||||||
Smurfit Kappa Group PLC | 203 | 5,480 | ||||||
|
| |||||||
72,413 | ||||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Italy — 6.6% | ||||||||
A2A SpA | 1,590 | $ | 2,675 | |||||
Amplifon SpA | 68 | 1,138 | ||||||
Assicurazioni Generali SpA | 1,343 | 22,642 | ||||||
Atlantia SpA | 463 | 9,494 | ||||||
Banca Mediolanum SpA | 394 | 2,358 | ||||||
Banca Monte dei Paschi di Siena SpA (a) | 366 | 665 | ||||||
Banco BPM SpA | 1,418 | 3,320 | ||||||
Brembo SpA | 155 | 1,728 | ||||||
Buzzi Unicem SpA | 72 | 1,359 | ||||||
Buzzi Unicem SpA-RSP | 36 | 405 | ||||||
Davide Campari-Milano SpA | 415 | 3,468 | ||||||
De’ Longhi SpA | 47 | 1,277 | ||||||
DiaSorin SpA | 5 | 425 | ||||||
Enel SpA | 7,128 | 38,659 | ||||||
Eni SpA | 2,528 | 40,777 | ||||||
FinecoBank Banca Fineco SpA | 399 | 4,278 | ||||||
Hera SpA | 925 | 2,541 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 630 | 4,540 | ||||||
Intesa Sanpaolo SpA | 15,833 | 36,714 | ||||||
Iren SpA | 306 | 666 | ||||||
Italgas SpA | 478 | 2,558 | ||||||
Leonardo SpA | 398 | 3,923 | ||||||
Mediobanca SpA (a) | 741 | 6,549 | ||||||
Moncler SpA | 164 | 5,344 | ||||||
Pirelli & C SpA, 144A* | 367 | 2,580 | ||||||
Poste Italiane SpA, 144A | 463 | 3,514 | ||||||
Prysmian SpA | 259 | 4,742 | ||||||
Saipem SpA | 582 | 2,546 | ||||||
Salvatore Ferragamo SpA | 48 | 1,125 | ||||||
Snam SpA | 2,033 | 8,911 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 68 | 916 | ||||||
Telecom Italia SpA | 11,483 | 7,473 | ||||||
Telecom Italia SpA-RSP | 6,119 | 3,444 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 1,431 | 8,001 | ||||||
UniCredit SpA | 2,105 | 27,137 | ||||||
Unione di Banche Italiane SpA | 1,032 | 3,315 | ||||||
UnipolSai Assicurazioni SpA (a) | 646 | 1,504 | ||||||
|
| |||||||
272,711 | ||||||||
|
| |||||||
Luxembourg — 0.7% | ||||||||
APERAM SA | 48 | 1,353 | ||||||
ArcelorMittal | 637 | 14,436 | ||||||
Eurofins Scientific SE | 12 | 5,204 | ||||||
Grand City Properties SA | 111 | 2,614 | ||||||
Tenaris SA | 478 | 5,750 | ||||||
|
| |||||||
29,357 | ||||||||
|
| |||||||
Netherlands — 8.6% | ||||||||
Aalberts Industries NV | 63 | 2,208 | ||||||
ABN AMRO Group NV, 144A | 411 | 10,480 | ||||||
Aegon NV | 2,124 | 11,825 | ||||||
Akzo Nobel NV | 227 | 19,045 | ||||||
Altice Europe NV* | 832 | 2,015 | ||||||
ASM International NV | 63 | 2,681 | ||||||
ASML Holding NV | 395 | 66,683 | ||||||
ASR Nederland NV | 127 | 5,479 | ||||||
Boskalis Westminster | 80 | 2,212 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Euronext NV, 144A | 64 | $ | 3,746 | |||||
EXOR NV | 112 | 6,582 | ||||||
GrandVision NV, 144A | 52 | 1,171 | ||||||
Heineken Holding NV | 91 | 8,032 | ||||||
Heineken NV | 232 | 21,230 | ||||||
IMCD NV | 52 | 3,438 | ||||||
ING Groep NV | 3,891 | 47,069 | ||||||
Koninklijke Ahold Delhaize NV | 1,155 | 29,693 | ||||||
Koninklijke DSM NV | 168 | 14,883 | ||||||
Koninklijke KPN NV | 3,380 | 10,000 | ||||||
Koninklijke Philips NV | 945 | 35,571 | ||||||
Koninklijke Vopak NV | 68 | 2,972 | ||||||
NN Group NV | 303 | 12,889 | ||||||
OCI NV* | 72 | 1,642 | ||||||
QIAGEN NV* | 212 | 7,453 | ||||||
Randstad NV | 119 | 5,791 | ||||||
Signify NV, 144A | 99 | 2,633 | ||||||
Wolters Kluwer NV | 271 | 16,361 | ||||||
|
| |||||||
353,784 | ||||||||
|
| |||||||
Portugal — 0.3% | ||||||||
Banco Comercial Portugues SA, Class R | 7,883 | 2,214 | ||||||
Galp Energia SGPS SA | 458 | 7,527 | ||||||
Jeronimo Martins SGPS SA | 240 | 2,864 | ||||||
Navigator Co. SA | 219 | 919 | ||||||
|
| |||||||
13,524 | ||||||||
|
| |||||||
Spain — 9.9% | ||||||||
Acciona SA | 21 | 1,928 | ||||||
Acerinox SA | 167 | 1,663 | ||||||
ACS Actividades de Construccion | 276 | 10,588 | ||||||
Aena SME SA, 144A | 72 | 11,429 | ||||||
Amadeus IT Group SA | 419 | 30,011 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 6,230 | 35,397 | ||||||
Banco de Sabadell SA | 5,260 | 6,712 | ||||||
Banco Santander SA | 15,136 | 71,721 | ||||||
Bankia SA | 1,109 | 3,663 | ||||||
Bankinter SA | 626 | 5,231 | ||||||
CaixaBank SA | 3,531 | 14,533 | ||||||
Cellnex Telecom SA, 144A | 140 | 3,881 | ||||||
CIE Automotive SA | 51 | 1,282 | ||||||
Enagas SA | 227 | 6,238 | ||||||
Endesa SA | 318 | 7,086 | ||||||
Ferrovial SA | 496 | 10,204 | ||||||
Fomento de Construcciones | 139 | 1,948 | ||||||
Grifols SA | 295 | 8,270 | ||||||
Grupo Catalana Occidente SA | 47 | 1,865 | ||||||
Iberdrola SA | 5,848 | 43,635 | ||||||
Industria de Diseno Textil SA | 1,104 | 33,863 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 279 | 2,804 | ||||||
Mapfre SA | 965 | 2,759 | ||||||
Merlin Properties Socimi SA REIT | 362 | 4,572 | ||||||
Naturgy Energy Group SA (a) | 346 | 8,560 | ||||||
Prosegur Cia de Seguridad SA | 236 | 1,228 | ||||||
Red Electrica Corp. SA | 431 | 9,279 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Repsol SA | 1,316 | $ | 22,723 | |||||
Siemens Gamesa Renewable Energy SA | 227 | 3,200 | ||||||
Telefonica SA | 4,456 | 39,999 | ||||||
Zardoya Otis SA | 175 | 1,248 | ||||||
|
| |||||||
407,520 | ||||||||
|
| |||||||
Switzerland — 0.3% | ||||||||
STMicroelectronics NV | 646 | 9,472 | ||||||
|
| |||||||
United Kingdom(c) — 2.3% | ||||||||
Unilever NV | 1,703 | 94,492 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,031,123 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.0% | ||||||||
Germany — 1.9% | ||||||||
Bayerische Motoren Werke AG | 55 | 3,992 | ||||||
FUCHS PETROLUB SE | 71 | 2,939 | ||||||
Henkel AG & Co. KGaA | 175 | 20,191 | ||||||
MAN SE | 5 | 514 | ||||||
Porsche Automobil Holding SE | 155 | 9,916 | ||||||
RWE AG | 39 | 715 | ||||||
Sartorius AG | 36 | 4,569 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Sixt SE | 13 | $ | 883 | |||||
Volkswagen AG | 203 | 34,224 | ||||||
|
| |||||||
77,943 | ||||||||
|
| |||||||
Spain — 0.1% | ||||||||
Grifols SA, Class B | 256 | 5,090 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 83,033 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.2% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e) | ||||||||
(Cost $172,788) | 172,788 | 172,788 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% |
| |||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (d) | ||||||||
(Cost $745) | 745 | 745 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.1% |
| |||||||
(Cost $4,618,134) | $ | 4,287,689 | ||||||
Other assets and liabilities, net — (4.1%) | (167,881 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,119,808 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS — 0.4% |
| |||||||||||||||||||||||||||||||
Germany — 0.4% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||
9,128 | 9,510 | — | — | (2,516) | — | — | 1,766 | 16,122 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 4.2% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e) |
| |||||||||||||||||||||||||||||||
84,109 | 88,679 | (f) | — | — | — | 355 | — | 172,788 | 172,788 | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (d) |
| |||||||||||||||||||||||||||||||
— | 745 | — | — | — | 1 | — | 745 | 745 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
93,237 | 98,934 | — | — | (2,516) | 356 | — | 175,299 | 189,655 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $149,734, which is 3.6% 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 Eurozone. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018. |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2018 (Unaudited)
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. |
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, 2018 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) | $ | 4,031,123 | $ | — | $ | — | $ | 4,031,123 | ||||||||
Preferred Stocks (g) | 83,033 | — | — | 83,033 | ||||||||||||
Short-Term Investments (g) | 173,533 | — | — | 173,533 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,287,689 | $ | — | $ | — | $ | 4,287,689 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 92.8% | ||||||||
Communication Services — 7.0% | ||||||||
1&1 Drillisch AG | 79 | $ | 3,972 | |||||
Axel Springer SE | 71 | 4,526 | ||||||
CTS Eventim AG & Co. KGaA | 96 | 3,687 | ||||||
Deutsche Telekom AG | 5,371 | 94,169 | ||||||
Freenet AG | 193 | 3,972 | ||||||
ProSiebenSat.1 Media SE | 320 | 6,498 | ||||||
Scout24 AG, 144A | 144 | 6,000 | ||||||
Telefonica Deutschland Holding AG | 1,101 | 4,459 | ||||||
United Internet AG | 203 | 9,136 | ||||||
|
| |||||||
136,419 | ||||||||
|
| |||||||
Consumer Discretionary — 14.3% | ||||||||
adidas AG | 302 | 66,610 | ||||||
Bayerische Motoren Werke AG | 576 | 47,094 | ||||||
Continental AG | 179 | 26,803 | ||||||
Daimler AG | 1,385 | 77,930 | ||||||
Fielmann AG | 40 | 2,507 | ||||||
Hella GmbH & Co. KGaA | 78 | 3,231 | ||||||
HUGO BOSS AG | 102 | 7,045 | ||||||
Rocket Internet SE, 144A* | 112 | 2,863 | ||||||
Volkswagen AG | 210 | 34,691 | ||||||
Zalando SE, 144A* | 341 | 10,579 | ||||||
|
| |||||||
279,353 | ||||||||
|
| |||||||
Consumer Staples — 2.2% | ||||||||
Beiersdorf AG | 204 | 21,837 | ||||||
Henkel AG & Co. KGaA | 168 | 17,348 | ||||||
METRO AG | 281 | 4,312 | ||||||
|
| |||||||
43,497 | ||||||||
|
| |||||||
Financials — 15.0% | ||||||||
Allianz SE | 663 | 140,002 | ||||||
Commerzbank AG* | 1,746 | 15,036 | ||||||
Deutsche Bank AG (a) | 2,952 | 26,950 | ||||||
Deutsche Boerse AG | 282 | 36,016 | ||||||
GRENKE AG | 43 | 3,681 | ||||||
Hannover Rueck SE | 102 | 14,171 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 239 | 51,930 | ||||||
Talanx AG | 94 | 3,355 | ||||||
|
| |||||||
291,141 | ||||||||
|
| |||||||
Health Care — 10.9% | ||||||||
Bayer AG | 1,456 | 106,464 | ||||||
Carl Zeiss Meditec AG | 60 | 4,144 | ||||||
Fresenius Medical Care AG & Co. KGaA | 330 | 26,857 | ||||||
Fresenius SE & Co. KGaA | 625 | 35,468 | ||||||
Merck KGaA | 199 | 21,937 | ||||||
MorphoSys AG* | 48 | 5,484 | ||||||
QIAGEN NV* | 355 | 12,480 | ||||||
|
| |||||||
212,834 | ||||||||
|
| |||||||
Industrials — 14.6% | ||||||||
Brenntag AG | 242 | 11,188 | ||||||
Deutsche Lufthansa AG | 746 | 18,160 | ||||||
Deutsche Post AG | 1,515 | 48,236 | ||||||
DMG Mori AG | 33 | 1,633 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 63 | $ | 4,632 | |||||
GEA Group AG | 236 | 6,370 | ||||||
HOCHTIEF AG | 30 | 4,266 | ||||||
KION Group AG | 115 | 6,487 | ||||||
Krones AG | 27 | 2,403 | ||||||
MAN SE | 57 | 5,825 | ||||||
MTU Aero Engines AG | 68 | 14,136 | ||||||
OSRAM Licht AG | 165 | 7,561 | ||||||
Rational AG | 5 | 2,845 | ||||||
Rheinmetall AG | 64 | 5,927 | ||||||
Siemens AG | 1,242 | 144,000 | ||||||
Sixt SE | 20 | 1,920 | ||||||
|
| |||||||
285,589 | ||||||||
|
| |||||||
Information Technology — 12.0% | ||||||||
Bechtle AG | 41 | 3,280 | ||||||
Infineon Technologies AG | 1,656 | 34,678 | ||||||
Nemetschek SE | 28 | 3,395 | ||||||
SAP SE | 1,550 | 159,564 | ||||||
Siltronic AG | 34 | 3,072 | ||||||
Software AG | 87 | 3,549 | ||||||
Wirecard AG | 180 | 27,198 | ||||||
|
| |||||||
234,736 | ||||||||
|
| |||||||
Materials — 9.9% | ||||||||
Aurubis AG | 61 | 3,321 | ||||||
BASF SE | 1,417 | 103,275 | ||||||
Covestro AG, 144A | 295 | 16,988 | ||||||
Evonik Industries AG | 254 | 6,830 | ||||||
FUCHS PETROLUB SE | 47 | 1,871 | ||||||
HeidelbergCement AG | 242 | 16,084 | ||||||
K+S AG | 297 | 5,214 | ||||||
LANXESS AG | 111 | 6,086 | ||||||
Symrise AG | 189 | 15,258 | ||||||
thyssenkrupp AG | 815 | 15,221 | ||||||
Wacker Chemie AG | 30 | 2,887 | ||||||
|
| |||||||
193,035 | ||||||||
|
| |||||||
Real Estate — 3.8% | ||||||||
Deutsche Wohnen SE | 487 | 23,346 | ||||||
Grand City Properties SA | 192 | 4,522 | ||||||
LEG Immobilien AG | 104 | 11,958 | ||||||
Vonovia SE | 719 | 34,819 | ||||||
|
| |||||||
74,645 | ||||||||
|
| |||||||
Utilities — 3.1% | ||||||||
E.ON SE | 3,397 | 34,635 | ||||||
RWE AG | 854 | 18,435 | ||||||
Uniper SE | 290 | 7,444 | ||||||
|
| |||||||
60,514 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,811,763 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.8% | ||||||||
Consumer Discretionary — 4.2% | ||||||||
Bayerische Motoren Werke AG | 95 | 6,895 | ||||||
Porsche Automobil Holding SE | 254 | 16,249 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Germany Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Volkswagen AG | 343 | $ | 57,827 | |||||
|
| |||||||
80,971 | ||||||||
|
| |||||||
Consumer Staples — 1.7% | ||||||||
Henkel AG & Co. KGaA | 295 | 34,036 | ||||||
|
| |||||||
Health Care — 0.4% | ||||||||
Sartorius AG | 64 | 8,123 | ||||||
|
| |||||||
Industrials — 0.2% | ||||||||
MAN SE | 11 | 1,131 | ||||||
Sixt SE | 28 | 1,902 | ||||||
|
| |||||||
3,033 | ||||||||
|
| |||||||
Materials — 0.2% | ||||||||
FUCHS PETROLUB SE | 114 | 4,719 | ||||||
|
| |||||||
Utilities — 0.1% | ||||||||
RWE AG | 69 | 1,264 | ||||||
|
|
Number | Value | |||||||
TOTAL PREFERRED STOCKS | $ | 132,146 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.2% |
| |||||||
Horizons DAX Germany ETF | 133 | 3,397 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.0% |
| |||||||
DWS Government Money Market Series “Institutional Shares” 2.15% (b) | 46 | 46 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% |
| |||||||
(Cost $2,372,943) | $ | 1,947,352 | ||||||
Other assets and liabilities, net — 0.2% | 4,700 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,952,052 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
COMMON STOCKS — 1.4% |
| |||||||||||||||||||||||||||||||
Financials — 1.4% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (a) |
| |||||||||||||||||||||||||||||||
32,398 | — | (935) | (390) | (4,123) | — | — | 2,952 | 26,950 | ||||||||||||||||||||||||
CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares” 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 1,021 | (975) | — | — | 2 | — | 46 | 46 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
32,398 | 1,021 | (1,910) | (390) | (4,123) | 2 | — | 2,998 | 26,996 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Germany Equity ETF(Continued)
November 30, 2018 (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, 2018 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 (c) | $ | 1,811,763 | $ | — | $ | — | $ | 1,811,763 | ||||||||
Preferred Stocks (c) | 132,146 | — | — | 132,146 | ||||||||||||
Exchange-Traded Fund | 3,397 | — | — | 3,397 | ||||||||||||
Short-Term Investments | 46 | — | — | 46 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,947,352 | $ | — | $ | — | $ | 1,947,352 | ||||||||
|
|
|
|
|
|
|
|
(c) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Communication Services — 8.2% | ||||||||
Capcom Co. Ltd. | 1,100 | $ | 21,525 | |||||
COLOPL, Inc. | 800 | 6,024 | ||||||
CyberAgent, Inc. | 1,100 | 49,793 | ||||||
Daiichikosho Co. Ltd. | 300 | 13,686 | ||||||
DeNA Co. Ltd. | 1,000 | 18,547 | ||||||
Dentsu, Inc. | 2,100 | 93,580 | ||||||
Dip Corp. | 400 | 8,983 | ||||||
GungHo Online Entertainment, Inc. | 4,400 | 9,765 | ||||||
Hakuhodo DY Holdings, Inc. | 2,600 | 39,796 | ||||||
Kakaku.com, Inc. | 900 | 18,103 | ||||||
KDDI Corp. | 16,400 | 384,761 | ||||||
Konami Holdings Corp. | 800 | 35,790 | ||||||
Mixi, Inc. | 700 | 16,497 | ||||||
Nexon Co. Ltd.* | 4,700 | 55,547 | ||||||
Nintendo Co. Ltd. | 1,200 | 365,760 | ||||||
Nippon Telegraph & Telephone Corp. | 10,500 | 432,761 | ||||||
Nippon Television Holdings, Inc. | 1,400 | 21,909 | ||||||
NTT DOCOMO, Inc. | 13,000 | 300,929 | ||||||
SoftBank Group Corp. | 6,400 | 536,912 | ||||||
Square Enix Holdings Co. Ltd. | 900 | 29,326 | ||||||
Toho Co. Ltd. | 1,200 | 41,744 | ||||||
Yahoo Japan Corp. | 11,300 | 32,342 | ||||||
|
| |||||||
2,534,080 | ||||||||
|
| |||||||
Consumer Discretionary — 15.9% | ||||||||
ABC-Mart, Inc. (a) | 400 | 22,475 | ||||||
Aisin Seiki Co. Ltd. | 1,200 | 47,450 | ||||||
Asics Corp. | 1,700 | 24,493 | ||||||
Bandai Namco Holdings, Inc. | 1,800 | 75,614 | ||||||
Bic Camera, Inc. | 400 | 5,622 | ||||||
Bridgestone Corp. | 5,900 | 239,014 | ||||||
Casio Computer Co. Ltd. | 1,400 | 19,517 | ||||||
Clarion Co. Ltd. | 200 | 4,386 | ||||||
Daikyonishikawa Corp. | 600 | 6,066 | ||||||
Denso Corp. | 4,000 | 184,835 | ||||||
Don Quijote Holdings Co. Ltd. | 1,200 | 72,814 | ||||||
Fast Retailing Co. Ltd. | 300 | 155,984 | ||||||
Fujitsu General Ltd. | 800 | 11,294 | ||||||
Haseko Corp. | 2,800 | 33,881 | ||||||
Heiwa Corp. | 800 | 17,036 | ||||||
Hikari Tsushin, Inc. | 200 | 31,898 | ||||||
Honda Motor Co. Ltd. | 15,900 | 448,365 | ||||||
Iida Group Holdings Co. Ltd. | 2,000 | 35,280 | ||||||
Isuzu Motors Ltd. | 5,500 | 78,274 | ||||||
Izumi Co. Ltd. | 500 | 28,313 | ||||||
J. Front Retailing Co. Ltd. | 2,400 | 32,761 | ||||||
Koito Manufacturing Co. Ltd. | 1,100 | 58,996 | ||||||
K’s Holdings Corp. | 1,800 | 18,975 | ||||||
Marui Group Co. Ltd. | 1,300 | 28,015 | ||||||
Mazda Motor Corp. | 5,500 | 58,609 | ||||||
NGK Spark Plug Co. Ltd. | 1,300 | 26,698 | ||||||
NHK Spring Co. Ltd. | 1,700 | 15,121 | ||||||
Nifco, Inc. | 1,100 | 28,045 | ||||||
Nissan Motor Co. Ltd. | 21,900 | 191,767 | ||||||
Nitori Holdings Co. Ltd. | 900 | 120,515 | ||||||
Nojima Corp. | 500 | 11,471 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
NOK Corp. | 500 | $ | 7,530 | |||||
Oriental Land Co. Ltd. | 2,200 | 218,837 | ||||||
PALTAC CORPORATION | 300 | 16,063 | ||||||
Panasonic Corp. | 20,900 | 214,338 | ||||||
Pressance Corp. | 400 | 4,988 | ||||||
Rakuten, Inc. | 8,000 | 64,395 | ||||||
Resorttrust, Inc. | 1,100 | 18,086 | ||||||
Rinnai Corp. | 300 | 21,506 | ||||||
Ryohin Keikaku Co. Ltd. | 300 | 80,713 | ||||||
Sekisui Chemical Co. Ltd. | 3,800 | 61,643 | ||||||
Sekisui House Ltd. | 6,300 | 94,930 | ||||||
Seria Co. Ltd. | 700 | 29,745 | ||||||
Shimamura Co. Ltd. | 300 | 25,469 | ||||||
Shimano, Inc. | 800 | 116,812 | ||||||
Skylark Holdings Co. Ltd. | 2,000 | 32,761 | ||||||
Sony Corp. | 9,800 | 512,396 | ||||||
Stanley Electric Co. Ltd. | 900 | 26,195 | ||||||
Starts Corp., Inc. | 400 | 9,349 | ||||||
Subaru Corp. | 5,400 | 119,984 | ||||||
Sumitomo Electric Industries Ltd. | 7,000 | 98,173 | ||||||
Sumitomo Forestry Co. Ltd. | 1,100 | 16,226 | ||||||
Sumitomo Rubber Industries Ltd. | 1,400 | 18,704 | ||||||
Suzuki Motor Corp. | 3,500 | 174,306 | ||||||
T-Gaia Corp. | 300 | 6,399 | ||||||
Topre Corp. | 500 | 10,181 | ||||||
Toyoda Gosei Co. Ltd. | 900 | 17,318 | ||||||
Toyota Boshoku Corp. | 900 | 13,863 | ||||||
Toyota Industries Corp. | 1,600 | 82,008 | ||||||
Toyota Motor Corp. | 7,146 | 428,131 | ||||||
TPR Co. Ltd. | 400 | 9,508 | ||||||
TS Tech Co. Ltd. | 100 | 2,897 | ||||||
USS Co. Ltd. | 2,200 | 39,021 | ||||||
Yamaha Corp. | 1,100 | 47,371 | ||||||
Yamaha Motor Co. Ltd. | 2,800 | 57,578 | ||||||
Yokohama Rubber Co. Ltd. | 600 | 12,555 | ||||||
Zensho Holdings Co. Ltd. | 1,300 | 32,354 | ||||||
ZOZO, Inc. | 2,300 | 51,145 | ||||||
|
| |||||||
4,927,062 | ||||||||
|
| |||||||
Consumer Staples — 10.0% | ||||||||
Aeon Co. Ltd. | 6,700 | 160,552 | ||||||
Ain Holdings, Inc. | 300 | 23,118 | ||||||
Ajinomoto Co., Inc. | 4,200 | 72,589 | ||||||
Asahi Group Holdings Ltd. | 3,700 | 154,908 | ||||||
Calbee, Inc. (a) | 1,000 | 33,113 | ||||||
Ci:z Holdings Co. Ltd. | 300 | 15,482 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 20,282 | ||||||
Create SD Holdings Co. Ltd. | 400 | 10,903 | ||||||
Ezaki Glico Co. Ltd. | 800 | 38,961 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 500 | 70,938 | ||||||
Japan Tobacco, Inc. | 10,700 | 266,063 | ||||||
Kao Corp. | 4,600 | 338,589 | ||||||
Kewpie Corp. | 500 | 12,136 | ||||||
Kikkoman Corp. | 1,300 | 75,790 | ||||||
Kirin Holdings Co. Ltd. | 8,800 | 206,535 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 500 | 34,786 | ||||||
Kobe Bussan Co. Ltd. | 400 | 12,259 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Kose Corp. | 300 | $ | 44,729 | |||||
Kusuri no Aoki Holdings Co. Ltd. | 200 | 14,795 | ||||||
Lawson, Inc. | 500 | 32,717 | ||||||
Lion Corp. | 2,800 | 55,211 | ||||||
Maruha Nichiro Corp. | 300 | 10,845 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 800 | 29,696 | ||||||
MEIJI Holdings Co. Ltd. | 1,400 | 110,101 | ||||||
Morinaga & Co. Ltd. | 700 | 30,762 | ||||||
NH Foods Ltd. | 800 | 29,661 | ||||||
Nichirei Corp. | 1,000 | 28,226 | ||||||
Nippon Suisan Kaisha Ltd. | 2,700 | 16,312 | ||||||
Nissin Foods Holdings Co. Ltd. | 800 | 51,642 | ||||||
Pigeon Corp. | 1,200 | 49,406 | ||||||
Pola Orbis Holdings, Inc. | 800 | 22,580 | ||||||
Seven & i Holdings Co. Ltd. | 7,800 | 339,546 | ||||||
Shiseido Co. Ltd. | 3,700 | 235,392 | ||||||
Sugi Holdings Co. Ltd. | 600 | 28,217 | ||||||
Sundrug Co. Ltd. | 1,000 | 33,730 | ||||||
Suntory Beverage & Food Ltd. | 1,300 | 54,496 | ||||||
Toyo Suisan Kaisha Ltd. | 1,000 | 34,258 | ||||||
Tsuruha Holdings, Inc. | 400 | 39,454 | ||||||
Unicharm Corp. | 3,700 | 115,806 | ||||||
Welcia Holdings Co. Ltd. | 400 | 20,255 | ||||||
Yakult Honsha Co. Ltd. | 1,400 | 105,416 | ||||||
Yaoko Co. Ltd. | 300 | 17,939 | ||||||
|
| |||||||
3,098,196 | ||||||||
|
| |||||||
Energy — 1.2% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 800 | 18,663 | ||||||
Idemitsu Kosan Co. Ltd. | 1,500 | 54,558 | ||||||
Inpex Corp. | 10,300 | 109,304 | ||||||
JXTG Holdings, Inc. | 32,000 | 193,409 | ||||||
|
| |||||||
375,934 | ||||||||
|
| |||||||
Financials — 11.4% | ||||||||
AEON Financial Service Co. Ltd. | 1,200 | 23,250 | ||||||
Aozora Bank Ltd. | 1,100 | 36,134 | ||||||
Chiba Bank Ltd. | 6,400 | 41,990 | ||||||
Concordia Financial Group Ltd. | 12,000 | 56,328 | ||||||
Dai-ichi Life Holdings, Inc. | 10,700 | 186,390 | ||||||
Daiwa Securities Group, Inc. | 14,400 | 79,450 | ||||||
Financial Products Group Co. Ltd. | 300 | 3,250 | ||||||
Fuyo General Lease Co. Ltd. | 300 | 18,177 | ||||||
Hiroshima Bank Ltd. | 2,900 | 17,469 | ||||||
Hitachi Capital Corp. | 200 | 4,941 | ||||||
Japan Exchange Group, Inc. | 5,200 | 93,650 | ||||||
Kyushu Financial Group, Inc. | 3,800 | 17,770 | ||||||
Matsui Securities Co. Ltd. | 1,300 | 14,723 | ||||||
Mebuki Financial Group, Inc. | 9,800 | 29,603 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 87,200 | 479,581 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 4,000 | 21,805 | ||||||
Mizuho Financial Group, Inc. | 251,000 | 416,233 | ||||||
MS&AD Insurance Group Holdings, Inc. | 5,000 | 151,695 | ||||||
Nomura Holdings, Inc. | 33,900 | 152,677 | ||||||
Orient Corp. | 5,200 | 8,060 | ||||||
ORIX Corp. | 12,800 | 207,359 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Resona Holdings, Inc. | 22,600 | $ | 119,797 | |||||
SBI Holdings, Inc. | 2,200 | 49,909 | ||||||
Seven Bank Ltd. | 6,000 | 18,600 | ||||||
Shinsei Bank Ltd. | 1,000 | 13,721 | ||||||
Shizuoka Bank Ltd. | 4,700 | 42,178 | ||||||
Sompo Holdings, Inc. | 3,600 | 139,054 | ||||||
Sony Financial Holdings, Inc. | 1,200 | 25,152 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 11,800 | 434,693 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 3,700 | 148,326 | ||||||
T&D Holdings, Inc. | 5,800 | 82,390 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 2,200 | 10,753 | ||||||
Tokio Marine Holdings, Inc. | 6,700 | 330,722 | ||||||
Tokyo Century Corp. | 500 | 23,866 | ||||||
Zenkoku Hosho Co. Ltd. | 800 | 27,336 | ||||||
|
| |||||||
3,527,032 | ||||||||
|
| |||||||
Health Care — 8.5% | ||||||||
Alfresa Holdings Corp. | 2,000 | 53,192 | ||||||
Asahi Intecc Co. Ltd. | 1,100 | 51,537 | ||||||
Astellas Pharma, Inc. | 16,900 | 259,639 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,800 | 123,170 | ||||||
Daiichi Sankyo Co. Ltd. | 5,700 | 209,176 | ||||||
Eisai Co. Ltd. | 2,200 | 201,788 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 600 | 38,309 | ||||||
Hoya Corp. | 3,900 | 236,988 | ||||||
Kaken Pharmaceutical Co. Ltd. | 500 | 25,583 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 2,400 | 49,184 | ||||||
M3, Inc. | 3,800 | 61,376 | ||||||
Medipal Holdings Corp. | 1,900 | 43,505 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,800 | 27,630 | ||||||
Nihon Kohden Corp. | 1,200 | 39,049 | ||||||
Olympus Corp. | 3,000 | 84,412 | ||||||
Ono Pharmaceutical Co. Ltd. | 4,400 | 106,387 | ||||||
Otsuka Holdings Co. Ltd. | 3,400 | 165,733 | ||||||
Santen Pharmaceutical Co. Ltd. | 3,100 | 53,045 | ||||||
Sawai Pharmaceutical Co. Ltd. (a) | 600 | 31,704 | ||||||
Shionogi & Co. Ltd. | 2,300 | 152,078 | ||||||
Ship Healthcare Holdings, Inc. | 600 | 22,563 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 1,000 | 32,585 | ||||||
Sysmex Corp. | 1,500 | 79,908 | ||||||
Takeda Pharmaceutical Co. Ltd. (a) | 7,700 | 288,538 | ||||||
Terumo Corp. | 2,800 | 164,844 | ||||||
Toho Holdings Co. Ltd. | 500 | 13,276 | ||||||
Tsumura & Co. | 800 | 24,764 | ||||||
|
| |||||||
2,639,963 | ||||||||
|
| |||||||
Industrials — 23.0% | ||||||||
Aeon Delight Co. Ltd. | 300 | 10,555 | ||||||
AGC, Inc. | 1,700 | 57,715 | ||||||
Aica Kogyo Co. Ltd. | 800 | 26,948 | ||||||
Amada Holdings Co. Ltd. | 3,100 | 33,634 | ||||||
ANA Holdings, Inc. | 3,600 | 128,433 | ||||||
Central Japan Railway Co. | 1,700 | 349,207 | ||||||
COMSYS Holdings Corp. | 1,200 | 30,964 | ||||||
Daifuku Co. Ltd. | 1,200 | 61,400 | ||||||
Daikin Industries Ltd. | 2,600 | 288,736 | ||||||
DMG Mori Co. Ltd. | 700 | 9,802 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
East Japan Railway Co. | 3,500 | $ | 318,098 | |||||
Ebara Corp. | 1,200 | 31,112 | ||||||
en-japan, Inc. | 400 | 16,134 | ||||||
FANUC Corp. | 1,800 | 307,371 | ||||||
Fuji Electric Co. Ltd. | 800 | 25,117 | ||||||
Furukawa Electric Co. Ltd. | 800 | 23,355 | ||||||
Hankyu Hanshin Holdings, Inc. | 2,400 | 81,374 | ||||||
Hanwa Co. Ltd. | 500 | 14,971 | ||||||
Harmonic Drive Systems, Inc. | 300 | 10,026 | ||||||
Hazama Ando Corp. | 1,300 | 7,854 | ||||||
Hino Motors Ltd. | 2,400 | 24,518 | ||||||
Hitachi Construction Machinery Co. Ltd. | 800 | 22,087 | ||||||
Hitachi Transport System Ltd. | 600 | 16,222 | ||||||
Hoshizaki Corp. | 600 | 46,552 | ||||||
ITOCHU Corp. | 13,500 | 239,683 | ||||||
Iwatani Corp. | 600 | 19,974 | ||||||
Japan Airlines Co. Ltd. | 3,300 | 118,980 | ||||||
JTEKT Corp. | 1,600 | 20,347 | ||||||
Kajima Corp. | 5,100 | 70,560 | ||||||
Kanamoto Co. Ltd. | 400 | 11,766 | ||||||
Kanematsu Corp. | 1,100 | 14,027 | ||||||
Kawasaki Heavy Industries Ltd. | 1,100 | 25,604 | ||||||
Keihan Holdings Co. Ltd. | 1,100 | 45,918 | ||||||
Keio Corp. | 1,100 | 60,837 | ||||||
Keisei Electric Railway Co. Ltd. | 1,000 | 32,409 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,600 | 66,649 | ||||||
Komatsu Ltd. | 8,200 | 219,028 | ||||||
Kubota Corp. | 10,500 | 179,115 | ||||||
Kumagai Gumi Co. Ltd. | 400 | 12,664 | ||||||
Kyowa Exeo Corp. | 1,100 | 27,706 | ||||||
Kyudenko Corp. | 600 | 23,329 | ||||||
Maeda Corp. | 1,200 | 12,597 | ||||||
Maeda Road Construction Co. Ltd. | 900 | 17,675 | ||||||
Makita Corp. | 2,300 | 90,238 | ||||||
Marubeni Corp. | 18,200 | 135,839 | ||||||
Meitec Corp. | 300 | 13,527 | ||||||
MINEBEA MITSUMI, Inc. | 3,000 | 48,666 | ||||||
MISUMI Group, Inc. | 2,300 | 52,097 | ||||||
Mitsubishi Corp. | 13,300 | 358,649 | ||||||
Mitsubishi Electric Corp. | 19,000 | 250,656 | ||||||
Mitsubishi Heavy Industries Ltd. | 3,200 | 121,659 | ||||||
Mitsui & Co. Ltd. | 14,900 | 232,849 | ||||||
MonotaRO Co. Ltd. | 700 | 18,956 | ||||||
Nabtesco Corp. | 500 | 13,826 | ||||||
Nagoya Railroad Co. Ltd. | 1,700 | 42,594 | ||||||
NGK Insulators Ltd. | 2,300 | 34,090 | ||||||
Nichias Corp. | 700 | 13,581 | ||||||
Nidec Corp. | 2,300 | 306,262 | ||||||
Nihon M&A Center, Inc. | 900 | 20,980 | ||||||
Nippo Corp. | 800 | 13,633 | ||||||
Nippon Express Co. Ltd. | 700 | 42,166 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 200 | 9,018 | ||||||
Nishimatsu Construction Co. Ltd. | 200 | 4,611 | ||||||
NSK Ltd. | 3,500 | 32,889 | ||||||
Obara Group, Inc. | 200 | 8,560 | ||||||
Obayashi Corp. | 6,100 | 60,812 | ||||||
Odakyu Electric Railway Co. Ltd. | 3,300 | 73,963 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
OSG Corp. | 1,300 | $ | 26,092 | |||||
Park24 Co. Ltd. | 600 | 16,195 | ||||||
Penta-Ocean Construction Co. Ltd. | 2,600 | 16,394 | ||||||
Persol Holdings Co. Ltd. | 1,600 | 29,957 | ||||||
Pilot Corp. | 500 | 25,848 | ||||||
Recruit Holdings Co. Ltd. | 13,200 | 363,044 | ||||||
Sankyu, Inc. | 500 | 23,426 | ||||||
Sanwa Holdings Corp. | 2,500 | 30,339 | ||||||
Secom Co. Ltd. | 1,900 | 160,734 | ||||||
Seibu Holdings, Inc. | 2,000 | 36,953 | ||||||
Shimizu Corp. | 6,300 | 53,818 | ||||||
SMC Corp. | 600 | 203,329 | ||||||
Sohgo Security Services Co. Ltd. | 700 | 32,919 | ||||||
Sojitz Corp. | 9,700 | 34,341 | ||||||
Sotetsu Holdings, Inc. | 1,200 | 36,460 | ||||||
Sumitomo Corp. | 10,700 | 164,293 | ||||||
Sumitomo Heavy Industries Ltd. | 1,100 | 36,473 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 1,200 | 7,450 | ||||||
Tadano Ltd. | 1,300 | 15,582 | ||||||
Taisei Corp. | 2,000 | 87,891 | ||||||
Takeuchi Manufacturing Co. Ltd. | 500 | 10,062 | ||||||
TechnoPro Holdings, Inc. | 500 | 25,011 | ||||||
THK Co. Ltd. | 700 | 16,034 | ||||||
Tobu Railway Co. Ltd. | 1,800 | 51,519 | ||||||
Toda Corp. | 2,500 | 16,821 | ||||||
Tokyu Construction Co. Ltd. | 100 | 1,008 | ||||||
Tokyu Corp. | 5,300 | 92,231 | ||||||
TOTO Ltd. | 1,100 | 42,576 | ||||||
Toyota Tsusho Corp. | 2,000 | 69,044 | ||||||
Tsubakimoto Chain Co. | 400 | 14,954 | ||||||
West Japan Railway Co. | 1,700 | 118,409 | ||||||
Yamato Holdings Co. Ltd. | 3,500 | 92,424 | ||||||
|
| |||||||
7,112,805 | ||||||||
|
| |||||||
Information Technology — 9.6% | ||||||||
Advantest Corp. | 800 | 17,162 | ||||||
Alps Electric Co. Ltd. | 1,500 | 34,756 | ||||||
Brother Industries Ltd. | 2,500 | 41,766 | ||||||
Canon, Inc. | 10,300 | 292,083 | ||||||
Disco Corp. | 300 | 43,725 | ||||||
Elecom Co. Ltd. | 200 | 5,293 | ||||||
Fujitsu Ltd. | 1,800 | 110,758 | ||||||
GMO internet, Inc. | 1,000 | 13,122 | ||||||
Hamamatsu Photonics KK | 1,500 | 52,180 | ||||||
Hirose Electric Co. Ltd. | 205 | 21,610 | ||||||
Hitachi High-Technologies Corp. | 800 | 28,498 | ||||||
Hitachi Ltd. | 8,200 | 237,443 | ||||||
Horiba Ltd. | 500 | 23,426 | ||||||
Itochu Techno-Solutions Corp. | 1,200 | 23,133 | ||||||
Keyence Corp. | 900 | 488,243 | ||||||
Konica Minolta, Inc. | 3,900 | 35,102 | ||||||
Kyocera Corp. | 2,900 | 156,429 | ||||||
Murata Manufacturing Co. Ltd. | 2,000 | 304,976 | ||||||
NEC Corp. | 2,500 | 77,499 | ||||||
Nihon Unisys Ltd. | 800 | 20,396 | ||||||
Nomura Research Institute Ltd. | 900 | 39,511 | ||||||
NS Solutions Corp. | 400 | 11,431 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
NTT Data Corp. | 5,100 | $ | 59,287 | |||||
Obic Co. Ltd. | 700 | 60,476 | ||||||
Omron Corp. | 1,900 | 83,496 | ||||||
Oracle Corp. | 300 | 19,472 | ||||||
Otsuka Corp. | 1,000 | 33,642 | ||||||
Renesas Electronics Corp.* | 1,800 | 8,481 | ||||||
SCREEN Holdings Co. Ltd. | 500 | 25,011 | ||||||
SCSK Corp. | 700 | 27,772 | ||||||
Seiko Epson Corp. | 2,400 | 38,129 | ||||||
Shimadzu Corp. | 2,500 | 58,432 | ||||||
SUMCO Corp. | 2,000 | 30,647 | ||||||
TDK Corp. | 900 | 70,938 | ||||||
TIS, Inc. | 600 | 27,688 | ||||||
Tokyo Electron Ltd. | 1,200 | 167,767 | ||||||
Trend Micro, Inc. | 1,000 | 57,332 | ||||||
Ulvac, Inc. | 300 | 11,017 | ||||||
Yaskawa Electric Corp. | 2,100 | 65,469 | ||||||
Yokogawa Electric Corp. | 1,700 | 31,230 | ||||||
|
| |||||||
2,954,828 | ||||||||
|
| |||||||
Materials — 6.3% | ||||||||
Air Water, Inc. | 1,200 | 19,413 | ||||||
Asahi Kasei Corp. | 12,800 | 140,118 | ||||||
Daicel Corp. | 3,100 | 34,672 | ||||||
Denka Co. Ltd. | 1,000 | 32,233 | ||||||
DIC Corp. | 900 | 28,573 | ||||||
Dowa Holdings Co. Ltd. | 400 | 13,175 | ||||||
Hitachi Chemical Co. Ltd. | 1,200 | 18,980 | ||||||
Hitachi Metals Ltd. | 1,900 | 21,384 | ||||||
JFE Holdings, Inc. | 5,200 | 91,658 | ||||||
JSR Corp. | 1,700 | 27,203 | ||||||
Kansai Paint Co. Ltd. | 2,000 | 37,464 | ||||||
Kuraray Co. Ltd. | 3,500 | 54,373 | ||||||
Mitsubishi Chemical Holdings Corp. | 11,700 | 95,681 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,700 | 27,907 | ||||||
Mitsubishi Materials Corp. | 1,500 | 42,074 | ||||||
Mitsui Chemicals, Inc. | 1,400 | 35,521 | ||||||
Nihon Parkerizing Co. Ltd. | 400 | 5,238 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 7,500 | 16,777 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,200 | 42,536 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 8,000 | 146,262 | ||||||
Nissan Chemical Corp. | 1,200 | 65,099 | ||||||
Nitto Denko Corp. | 1,400 | 76,479 | ||||||
NOF Corp. | 1,000 | 33,025 | ||||||
Oji Holdings Corp. | 7,900 | 46,196 | ||||||
Shin-Etsu Chemical Co. Ltd. | 3,400 | 303,470 | ||||||
Showa Denko KK | 1,200 | 48,085 | ||||||
Sumitomo Chemical Co. Ltd. | 14,800 | 80,289 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,700 | 78,587 | ||||||
Taiheiyo Cement Corp. | 1,400 | 47,345 | ||||||
Taiyo Nippon Sanso Corp. | 1,200 | 20,206 | ||||||
Teijin Ltd. | 1,200 | 20,713 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 500 | 4,306 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Toray Industries, Inc. | 14,500 | $ | 113,689 | |||||
Tosoh Corp. | 3,100 | 43,681 | ||||||
Ube Industries Ltd. | 500 | 11,391 | ||||||
Zeon Corp. | 2,600 | 26,424 | ||||||
|
| |||||||
1,950,227 | ||||||||
|
| |||||||
Real Estate — 3.5% | ||||||||
Aeon Mall Co. Ltd. | 900 | 16,177 | ||||||
Daito Trust Construction Co. Ltd. | 800 | 104,483 | ||||||
Daiwa House Industry Co. Ltd. | 6,000 | 188,903 | ||||||
Hulic Co. Ltd. | 3,600 | 32,909 | ||||||
Ichigo, Inc. | 2,400 | 8,222 | ||||||
Leopalace21 Corp. | 2,400 | 10,420 | ||||||
Mitsubishi Estate Co. Ltd. | 12,700 | 203,670 | ||||||
Mitsui Fudosan Co. Ltd. | 10,100 | 241,493 | ||||||
Nomura Real Estate Holdings, Inc. | 800 | 15,796 | ||||||
Open House Co. Ltd. | 400 | 14,232 | ||||||
Relo Group, Inc. | 1,000 | 27,477 | ||||||
Sumitomo Realty & Development Co. Ltd. | 4,500 | 166,763 | ||||||
Tokyo Tatemono Co. Ltd. | 1,900 | 21,652 | ||||||
Tokyu Fudosan Holdings Corp. | 5,200 | 29,171 | ||||||
|
| |||||||
1,081,368 | ||||||||
|
| |||||||
Utilities — 1.8% | ||||||||
Chubu Electric Power Co., Inc. | 5,300 | 79,442 | ||||||
Electric Power Development Co. Ltd. | 1,500 | 38,600 | ||||||
Kansai Electric Power Co., Inc. | 8,000 | 120,053 | ||||||
Kyushu Electric Power Co., Inc. | 3,600 | 42,261 | ||||||
Nippon Gas Co. Ltd. | 500 | 17,789 | ||||||
Osaka Gas Co. Ltd. | 3,200 | 58,307 | ||||||
Toho Gas Co. Ltd. | 1,000 | 40,423 | ||||||
Tohoku Electric Power Co., Inc. | 4,300 | 56,197 | ||||||
Tokyo Gas Co. Ltd. | 3,800 | 97,870 | ||||||
|
| |||||||
550,942 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 30,752,437 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) | ||||||||
(Cost $15,860) | 15,860 | 15,860 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% |
| |||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) | ||||||||
(Cost $33,828) | 33,828 | 33,828 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.6% |
| |||||||
(Cost $32,728,378) | $ | 30,802,125 | ||||||
Other assets and liabilities, net — 0.4% | 145,583 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 30,947,708 | ||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) |
| |||||||||||||||||||||||||||||||
— | 15,860 | (d) | — | — | — | 492 | — | 15,860 | 15,860 | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 988,228 | (954,400) | — | — | 281 | — | 33,828 | 33,828 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
— | 1,004,088 | (954,400) | — | — | 773 | — | 49,688 | 49,688 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $341,979, which is 1.1% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $352,511. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018. |
At November 30, 2018, 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 | 14 | $ | 178,392 | $181,858 | 12/13/2018 | $ | 3,940 |
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.
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, 2018 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) | $ | 30,752,437 | $ | — | $ | — | $ | 30,752,437 | ||||||||
Short-Term Investments (e) | 49,688 | — | — | 49,688 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 3,940 | — | — | 3,940 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 30,806,065 | $ | — | $ | — | $ | 30,806,065 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Latin America Pacific Alliance ETF
November 30, 2018 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.2% | ||||||||
Canada — 0.4% | ||||||||
Canacol Energy Ltd.* | 1,636 | $ | 4,961 | |||||
Pan American Silver Corp. | 224 | 2,880 | ||||||
Trevali Mining Corp.* | 7,350 | 2,682 | ||||||
|
| |||||||
10,523 | ||||||||
|
| |||||||
Chile — 20.8% | ||||||||
AES Gener SA | 23,848 | 6,476 | ||||||
Aguas Andinas SA, Class A | 22,132 | 12,744 | ||||||
Banco de Chile | 216,182 | 31,211 | ||||||
Banco de Credito e Inversiones SA | 406 | 26,469 | ||||||
Banco Santander Chile | 563,332 | 43,604 | ||||||
Besalco SA | 3,370 | 2,906 | ||||||
CAP SA | 601 | 5,523 | ||||||
Cencosud SA | 12,166 | 22,536 | ||||||
Cia Cervecerias Unidas SA | 1,260 | 16,448 | ||||||
Cia Sud Americana de Vapores SA* | 135,754 | 4,240 | ||||||
Colbun SA | 66,970 | 13,972 | ||||||
Empresa Nacional de Telecomunicaciones SA | 1,287 | 10,481 | ||||||
Empresas CMPC SA | 10,667 | 36,815 | ||||||
Empresas COPEC SA | 3,557 | 47,937 | ||||||
Empresas Tricot SA | 1,160 | 1,621 | ||||||
Enel Americas SA | 265,702 | 46,025 | ||||||
Enel Chile SA | 238,919 | 23,151 | ||||||
Engie Energia Chile SA | 4,476 | 8,346 | ||||||
Forus SA | 816 | 2,281 | ||||||
Grupo Security SA | 9,503 | 4,090 | ||||||
Inversiones Aguas Metropolitanas SA | 3,612 | 5,397 | ||||||
Inversiones La Construccion SA | 320 | 5,182 | ||||||
Itau CorpBanca | 1,315,405 | 12,557 | ||||||
Latam Airlines Group SA | 2,585 | 26,477 | ||||||
Parque Arauco SA | 4,985 | 11,751 | ||||||
Ripley Corp. SA | 6,108 | 5,336 | ||||||
SACI Falabella | 6,620 | 49,101 | ||||||
Salfacorp SA | 2,840 | 4,152 | ||||||
SMU SA* | 20,906 | 5,988 | ||||||
Sociedad de Inversiones Oro Blanco SA | 299,084 | 1,976 | ||||||
SONDA SA | 3,847 | 5,738 | ||||||
Vina Concha y Toro SA | 3,011 | 6,098 | ||||||
|
| |||||||
506,629 | ||||||||
|
| |||||||
Colombia — 8.9% | ||||||||
Almacenes Exito SA | 2,068 | 8,508 | ||||||
Banco de Bogota SA | 266 | 4,880 | ||||||
Bancolombia SA | 2,603 | 25,871 | ||||||
Bolsa de Valores de Colombia | 280 | 1,007 | ||||||
Celsia SA ESP | 5,530 | 6,832 | ||||||
Cementos Argos SA | 5,350 | 11,566 | ||||||
CEMEX Latam Holdings SA* | 2,000 | 2,551 | ||||||
Constructora Conconcreto SA* | 3,270 | 312 | ||||||
Corp. Financiera Colombiana SA* | 1,072 | 6,191 | ||||||
Ecopetrol SA | 55,817 | 53,527 | ||||||
Empresa de Telecomunicaciones de Bogota* | 5,384 | 472 | ||||||
Grupo Argos SA | 3,235 | 16,166 | ||||||
Grupo Aval Acciones y Valores SA | 4,034 | 1,258 |
Number | Value | |||||||
Colombia (Continued) | ||||||||
Grupo de Inversiones Suramericana SA | 2,630 | $ | 26,236 | |||||
Grupo Energia Bogota SA ESP | 20,570 | 11,721 | ||||||
Grupo Nutresa SA | 2,337 | 17,539 | ||||||
Interconexion Electrica SA ESP | 5,010 | 20,022 | ||||||
Mineros SA | 1,056 | 652 | ||||||
Promigas SA ESP | 685 | 1,113 | ||||||
Tecnoglass, Inc. | 170 | 1,683 | ||||||
|
| |||||||
218,107 | ||||||||
|
| |||||||
Mexico — 50.0% | ||||||||
Alfa SAB de CV, Class A | 25,288 | 25,430 | ||||||
Alsea SAB de CV | 4,189 | 10,502 | ||||||
America Movil SAB de CV, Series L | 279,793 | 188,126 | ||||||
Arca Continental SAB de CV | 3,679 | 19,014 | ||||||
Axtel SAB de CV, Series CPO* | 7,544 | 1,179 | ||||||
Banco del Bajio SA, 144A | 6,979 | 13,055 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 15,267 | 18,752 | ||||||
Bolsa Mexicana de Valores SAB de CV | 3,545 | 6,154 | ||||||
Cemex SAB de CV, Series CPO* | 120,167 | 61,838 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 4,377 | 26,371 | ||||||
Concentradora Fibra Danhos SA de CV REIT | 3,199 | 3,777 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A | 6,906 | 3,313 | ||||||
Concentradora Hipotecaria SAPI de CV REIT | 3,246 | 2,050 | ||||||
Consorcio ARA SAB de CV | 5,458 | 1,430 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 4,576 | 2,928 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 5,103 | 6,363 | ||||||
Credito Real SAB de CV SOFOM ER | 1,932 | 1,939 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,592 | 9,491 | ||||||
Fibra Uno Administracion SA de CV REIT | 27,842 | 28,190 | ||||||
Fomento Economico Mexicano SAB de CV | 16,179 | 140,329 | ||||||
Genomma Lab Internacional SAB de CV, Class B* | 6,740 | 4,151 | ||||||
Gentera SAB de CV | 8,983 | 6,662 | ||||||
Gruma SAB de CV, Class B | 1,787 | 19,578 | ||||||
Grupo Aeromexico SAB de CV* | 2,320 | 2,473 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 2,741 | 12,222 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,979 | 20,661 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,732 | 23,276 | ||||||
Grupo Bimbo SAB de CV, Series A | 13,724 | 26,307 | ||||||
Grupo Carso SAB de CV, Series A1 | 3,807 | 12,222 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 1,377 | 7,188 | ||||||
Grupo Comercial Chedraui SA de CV | 2,890 | 5,330 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 21,633 | 99,043 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Latin America Pacific Alliance ETF(Continued)
November 30, 2018 (Unaudited)
Number | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O | 19,440 | $ | 26,199 | |||||
Grupo GICSA SAB de CV* | 3,390 | 1,155 | ||||||
Grupo Herdez SAB de CV | 1,955 | 4,016 | ||||||
Grupo Mexico SAB de CV, Series B | 29,157 | 60,161 | ||||||
Grupo Rotoplas SAB de CV*(a) | 1,264 | 1,243 | ||||||
Grupo Televisa SAB, Series CPO | 20,316 | 55,569 | ||||||
Hoteles City Express SAB de CV* | 2,742 | 3,239 | ||||||
Industrias Bachoco SAB de CV, Series B | 1,566 | 5,457 | ||||||
Industrias CH SAB de CV, Series B* | 1,318 | 5,702 | ||||||
Industrias Penoles SAB de CV | 1,159 | 13,209 | ||||||
Infraestructura Energetica Nova SAB de CV | 4,469 | 17,014 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 12,691 | 18,769 | ||||||
La Comer SAB de CV* | 3,472 | 3,538 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT* | 6,713 | 5,873 | ||||||
Megacable Holdings SAB de CV, Series CPO | 2,425 | 11,105 | ||||||
Mexichem SAB de CV | 8,750 | 20,454 | ||||||
PLA Administradora Industrial S de RL de CV REIT | 6,310 | 8,076 | ||||||
Prologis Property Mexico SA de CV REIT | 3,005 | 4,898 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,909 | 16,934 | ||||||
Qualitas Controladora SAB de CV | 1,340 | 2,908 | ||||||
Rassini SAB de CV | 316 | 1,271 | ||||||
Regional SAB de CV | 1,924 | 8,299 | ||||||
Telesites SAB de CV* | 11,036 | 6,889 | ||||||
TV Azteca SAB de CV, Series CPO | 8,030 | 943 | ||||||
Unifin Financiera SAB de CV SOFOM ENR (a) | 772 | 1,646 | ||||||
Wal-Mart de Mexico SAB de CV | 43,435 | 107,468 | ||||||
|
| |||||||
1,221,379 | ||||||||
|
| |||||||
Peru — 13.0% | ||||||||
Alicorp SAA | 7,195 | 21,903 | ||||||
BBVA Banco Continental SA | 4,948 | 5,718 | ||||||
Bolsa de Valores de Lima SAA, Class A | 1,350 | 1,165 | ||||||
Casa Grande SAA | 388 | 468 | ||||||
Cementos Pacasmayo SAA | 2,448 | 4,703 | ||||||
Cia de Minas Buenaventura SAA, ADR | 1,905 | 26,937 | ||||||
Cia Minera Atacocha SAA, Class B* | 3,194 | 335 | ||||||
Credicorp Ltd. | 729 | �� | 159,862 | |||||
Enel Distribucion Peru SAA | 1,466 | 2,331 | ||||||
Ferreycorp SAA | 9,134 | 6,317 | ||||||
Grana y Montero SAA* | 6,054 | 3,722 | ||||||
Hochschild Mining PLC | 2,617 | 5,401 | ||||||
InRetail Peru Corp., 144A* | 324 | 9,461 | ||||||
Intercorp Financial Services, Inc. | 299 | 12,110 | ||||||
Luz del Sur SAA | 1,116 | 3,463 | ||||||
Minsur SA* | 11,016 | 4,623 | ||||||
Nexa Resources Peru SAA, Class P* | 1,340 | 1,552 |
Number | Value | |||||||
Peru (Continued) | ||||||||
Refineria La Pampilla SAA Relapasa* | 8,044 | $ | 323 | |||||
Sociedad Minera Cerro Verde SAA | 240 | 5,203 | ||||||
Southern Copper Corp. (a) | 908 | 30,400 | ||||||
Union Andina de Cementos SAA | 6,606 | 4,686 | ||||||
Volcan Cia Minera SAA | 28,002 | 6,207 | ||||||
|
| |||||||
316,890 | ||||||||
|
| |||||||
United States — 0.1% | ||||||||
Tahoe Resources, Inc.* | 936 | 3,310 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,276,838 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.7% | ||||||||
Chile — 2.4% | ||||||||
Coca-Cola Embonor SA, Class B | 1,750 | 4,165 | ||||||
Embotelladora Andina SA, Class B | 2,401 | 8,466 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 1,026 | 45,395 | ||||||
|
| |||||||
58,026 | ||||||||
|
| |||||||
Colombia — 4.2% | ||||||||
Banco Davivienda SA | 1,133 | 11,380 | ||||||
Bancolombia SA | 5,116 | 50,910 | ||||||
Cementos Argos SA | 2,416 | 4,499 | ||||||
Grupo Argos SA | 2,376 | 9,819 | ||||||
Grupo Aval Acciones y Valores SA | 43,247 | 13,824 | ||||||
Grupo de Inversiones Suramericana SA | 1,265 | 11,947 | ||||||
|
| |||||||
102,379 | ||||||||
|
| |||||||
Panama — 0.1% | ||||||||
Avianca Holdings SA | 3,870 | 2,480 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 162,885 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Peru — 0.0% | ||||||||
Grana y Montero SAA, expires 12/18/18* | ||||||||
(Cost $0) | 1,943 | 17 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) | ||||||||
(Cost $2,969) | 2,969 | 2,969 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% |
| |||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) | ||||||||
(Cost $1,322) | 1,322 | 1,322 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $2,517,250) | $ | 2,444,031 | ||||||
Other assets and liabilities, net — (0.1%) | (2,331 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,441,700 | ||||||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Latin America Pacific Alliance ETF(Continued)
November 30, 2018 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2018 | Value ($) at 11/30/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c) |
| |||||||||||||||||||||||||||||||
— | 2,969 | (d) | — | — | — | 2 | — | 2,969 | 2,969 | |||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 2.15% (b) |
| |||||||||||||||||||||||||||||||
— | 481,409 | (480,087) | — | — | 98 | — | 1,322 | 1,322 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
— | 484,378 | (480,087) | — | — | 100 | — | 4,291 | 4,291 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2018 amounted to $35,118, which is 1.4% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $33,092. |
(d) | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018 |
ADR: | American Depositary Receipt |
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. |
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, 2018 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) | $ | 2,276,838 | $ | — | $ | — | $ | 2,276,838 | ||||||||
Preferred Stocks (e) | 162,885 | — | — | 162,885 | ||||||||||||
Rights | 17 | — | — | 17 | ||||||||||||
Short-Term Investments (e) | 4,291 | — | — | 4,291 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,444,031 | $ | — | $ | — | $ | 2,444,031 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
November 30, 2018 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | Xtrackers Japan JPX- Nikkei 400 Equity ETF | Xtrackers MSCI Latin America Pacific Alliance ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 4,098,034 | $ | 1,920,356 | $ | 30,752,437 | $ | 2,439,740 | ||||||||
Investments in affiliated securities at value | 16,122 | 26,950 | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 745 | 46 | 33,828 | 1,322 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 172,788 | — | 15,860 | 2,969 | ||||||||||||
Foreign currency at value | 2,554 | 40 | 41,067 | 5,387 | ||||||||||||
Deposit with broker for futures contracts | — | — | 5,306 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 10,357 | 110,500 | ||||||||||||
Variation margin on futures contracts | — | — | 925 | — | ||||||||||||
Dividends | 441 | — | 111,104 | 927 | ||||||||||||
Interest | 1 | — | 211 | 71 | ||||||||||||
Securities lending income | 67 | — | 26 | 4 | ||||||||||||
Foreign tax reclaim | 2,116 | 4,807 | 2,837 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 4,292,868 | $ | 1,952,199 | $ | 30,973,958 | $ | 2,560,920 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | — | $ | — | $ | 22 | $ | — | ||||||||
Payable upon return of securities loaned | 172,788 | — | 15,860 | 2,969 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | 115,333 | ||||||||||||
Investment advisory fees | 272 | 147 | 10,368 | 918 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 173,060 | 147 | 26,250 | 119,220 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 4,119,808 | $ | 1,952,052 | $ | 30,947,708 | $ | 2,441,700 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 4,822,786 | $ | 2,873,955 | $ | 49,642,606 | $ | 2,495,000 | ||||||||
Distributable earnings (loss) | (702,978 | ) | (921,903 | ) | (18,694,898 | ) | (53,300 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 4,119,808 | $ | 1,952,052 | $ | 30,947,708 | $ | 2,441,700 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 200,001 | 100,001 | 1,150,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 20.60 | $ | 19.52 | $ | 26.91 | $ | 24.42 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 4,420,765 | $ | 2,323,576 | $ | 32,678,690 | $ | 2,512,959 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 23,836 | $ | 49,321 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 149,734 | $ | — | $ | 341,979 | $ | 35,118 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 745 | $ | 46 | $ | 33,828 | $ | 1,322 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 172,788 | $ | — | $ | 15,860 | $ | 2,969 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | 352,511 | $ | 33,092 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 2,565 | $ | 41 | $ | 41,026 | $ | 5,375 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
For the Six Months Ended November 30, 2018 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | Xtrackers Japan JPX- Nikkei 400 Equity ETF | Xtrackers MSCI Latin America Pacific Alliance ETF(1) | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 18,974 | $ | 2,580 | $ | 179,939 | $ | 9,450 | ||||||||
Income distributions from affiliated funds | 1 | 2 | 281 | 98 | ||||||||||||
Affiliated securities lending income | 355 | — | 492 | 2 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | — | — | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 19,330 | 2,582 | 180,712 | 9,552 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 1,311 | 1,152 | 38,796 | 984 | ||||||||||||
Other expenses | 57 | 57 | 57 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 1,368 | 1,209 | 38,853 | 984 | ||||||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (177 | ) | (172 | ) | (5,380 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 1,191 | 1,037 | 33,473 | 980 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 18,139 | 1,545 | 147,239 | 8,572 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (10,226 | ) | (15,620 | ) | (3,929,046 | ) | 1,163 | |||||||||
Investments in affiliates | — | (390 | ) | — | — | |||||||||||
In-kind redemptions | — | — | (12,334,705 | ) | — | |||||||||||
Futures contracts | (765 | ) | — | (80,120 | ) | — | ||||||||||
Foreign currency transactions | (77 | ) | (22 | ) | (9,354 | ) | 10,162 | |||||||||
Payments by affiliates (see note 7) | — | — | 117,653 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (11,068 | ) | (16,032 | ) | (16,235,572 | ) | 11,325 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (295,891 | ) | (293,123 | ) | (1,837,361 | ) | (73,219 | ) | ||||||||
Investments in affiliates | (2,516 | ) | (4,123 | ) | — | — | ||||||||||
Futures contracts | — | — | 541 | — | ||||||||||||
Foreign currency translations | (82 | ) | (147 | ) | 1,976 | 22 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (298,489 | ) | (297,393 | ) | (1,834,844 | ) | (73,197 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (309,557 | ) | (313,425 | ) | (18,070,416 | ) | (61,872 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (291,418 | ) | $ | (311,880 | ) | $ | (17,923,177 | ) | $ | (53,300 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 3,378 | $ | 219 | $ | 29,791 | $ | 793 |
(1) | For the period October 30, 2018 (commencement of operations) through November 30, 2018. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 18,139 | $ | 73,278 | $ | 1,545 | $ | 65,004 | ||||||||
Net realized gain (loss) | (11,068 | ) | 35,234 | (16,032 | ) | 235,771 | ||||||||||
Net change in net unrealized appreciation (depreciation) | (298,489 | ) | (90,620 | ) | (297,393 | ) | (188,755 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (291,418 | ) | 17,892 | (311,880 | ) | 112,020 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (54,228 | ) | (39,480 | )* | (47,457 | ) | (43,413 | )* | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,105,063 | 1,199,116 | — | 1,206,200 | ||||||||||||
Value of shares redeemed | — | (1,211,441 | ) | — | (1,211,262 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,105,063 | (12,325 | ) | — | (5,062 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 1,759,417 | (33,913 | ) | (359,336 | ) | 63,545 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,360,391 | 2,394,304 | 2,311,388 | 2,247,843 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,119,808 | $ | 2,360,391 | ** | $ | 1,952,052 | $ | 2,311,388 | ** | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
Shares sold | 100,000 | 50,000 | — | 50,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | — | (50,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 200,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $49,311 and $47,451 respectively. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI Latin America Pacific Alliance ETF | |||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | Year Ended May 31, 2018 | For the Period October 30, 2018(1) to November 30, 2018 | ||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||
Net investment income (loss) | $ | 147,239 | $ | 266,539 | $ | 8,572 | ||||||
Net realized gain (loss) | (16,235,572 | ) | (409,463 | ) | 11,325 | |||||||
Net change in net unrealized appreciation (depreciation) | (1,834,844 | ) | (453,905 | ) | (73,197 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (17,923,177 | ) | (596,829 | ) | (53,300 | ) | ||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders | (179,046 | ) | (232,909 | )* | — | |||||||
|
|
|
|
|
| |||||||
Fund Shares Transactions | ||||||||||||
Proceeds from shares sold | 213,272,663 | 118,182,133 | 2,495,000 | |||||||||
Value of shares redeemed | (292,072,176 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from fund share transactions | (78,799,513 | ) | 118,182,133 | 2,495,000 | ||||||||
|
|
|
|
|
| |||||||
Total net increase (decrease) in Net Assets | (96,901,736 | ) | 117,352,395 | 2,441,700 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 127,849,444 | 10,497,049 | — | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 30,947,708 | $ | 127,849,444 | ** | $ | 2,441,700 | |||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding | ||||||||||||
Shares outstanding, beginning of period | 4,350,001 | 400,001 | — | |||||||||
Shares sold | 7,450,000 | 3,950,000 | 100,001 | |||||||||
Shares redeemed | (10,650,000 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 1,150,001 | 4,350,001 | 100,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
* | Includes distributions from net investment income. |
** | Includes undistributed net investment income of $193,542. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016 (a) | ||||||||||||
Net Asset Value, beginning of period | $ | 23.60 | $ | 23.94 | $ | 20.25 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) (b) | 0.16 | 0.73 | 0.74 | 0.53 | ||||||||||||
Net realized and unrealized gain (loss) | (2.62 | ) | (0.68 | ) | 3.74 | (4.99 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (2.46 | ) | 0.05 | 4.48 | (4.46 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.54 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.54 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 20.60 | $ | 23.60 | $ | 23.94 | $ | 20.25 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (10.66 | )(c)** | 0.22 | (c) | 23.01 | (17.94 | )** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 4 | 2 | 2 | 2 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.11 | * | 0.27 | 0.45 | 0.45 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.26 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 1.44 | * | 3.01 | 3.62 | 3.18 | * | ||||||||||
Portfolio turnover rate (%) (d) | 5 | ** | 93 | 20 | 20 | ** | ||||||||||
Xtrackers Germany Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016 (a) | ||||||||||||
Net Asset Value, beginning of period | $ | 23.11 | $ | 22.48 | $ | 19.49 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) (b) | 0.02 | 0.65 | 0.76 | 0.46 | ||||||||||||
Net realized and unrealized gain (loss) | (3.14 | ) | 0.41 | 2.95 | (5.75 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (3.12 | ) | 1.06 | 3.71 | (5.29 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.47 | ) | (0.43 | ) | (0.72 | ) | (0.22 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.47 | ) | (0.43 | ) | (0.72 | ) | (0.22 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 19.52 | $ | 23.11 | $ | 22.48 | $ | 19.49 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (13.76 | )(c)** | 4.79 | (c) | 19.70 | (21.29 | )** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 2 | 2 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.11 | * | 0.27 | 0.45 | 0.45 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.10 | * | 0.25 | 0.45 | 0.45 | * | ||||||||||
Ratio of net investment income (loss) (%) | 0.14 | * | 2.71 | 3.89 | 2.76 | * | ||||||||||
Portfolio turnover rate (%) (d) | 8 | ** | 113 | 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) | 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. | 28 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2018 (Unaudited) | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016 (a) | ||||||||||||
Net Asset Value, beginning of period | $ | 29.39 | $ | 26.24 | $ | 23.19 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) (c) | 0.06 | 0.40 | 0.35 | 0.28 | ||||||||||||
Net realized and unrealized gain (loss) | (2.50 | ) | 3.30 | (d) | 3.04 | (1.97 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (2.44 | ) | 3.70 | 3.39 | (1.69 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.04 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.04 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 26.91 | $ | 29.39 | $ | 26.24 | $ | 23.19 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | (8.31 | )(e)(f)** | 14.21 | (e) | 14.75 | (6.78 | )** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 31 | 128 | 10 | 19 | ||||||||||||
Ratio of expenses before fee waiver (%) | 0.10 | * | 0.21 | 0.40 | 0.40 | * | ||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.18 | 0.40 | 0.40 | * | ||||||||||
Ratio of net investment income (loss) (%) | 0.40 | * | 1.39 | 1.46 | 1.31 | * | ||||||||||
Portfolio turnover rate (%) (g) | 113 | ** | 78 | 22 | 8 | ** | ||||||||||
Xtrackers MSCI Latin America Pacific Alliance ETF Selected Per Share Data | Period Ended 11/30/2018 (b) | |||||||||||||||
Net Asset Value, beginning of period | $ | 25.00 | ||||||||||||||
|
| |||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss) (c) | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.67 | ) | ||||||||||||||
|
| |||||||||||||||
Total from investment operations | (0.58 | ) | ||||||||||||||
|
| |||||||||||||||
Net Asset Value, end of period | $ | 24.42 | ||||||||||||||
|
| |||||||||||||||
Total Return (%) | (2.32 | )(e)** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 2 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 3.92 | * | ||||||||||||||
Portfolio turnover rate (%) (g) | 5 | ** |
(a) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
(b) | For the period October 30, 2018 (commencement of operations) through November 30, 2018. |
(c) | Based on average shares outstanding during the period. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(e) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(f) | 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 0.16%. |
(g) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
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, 2018, the Trust consists of thirty-six 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:
Xtrackers Eurozone Equity ETF
Xtrackers Germany Equity ETF
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Xtrackers MSCI Latin America Pacific Alliance ETF
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co. KGaA (“DWS Group”), 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 and Xtrackers MSCI Latin America Pacific Alliance ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers Eurozone Equity ETF and Xtrackers Germany Equity ETF offer shares that are listed and traded on the Bats BZX Exchange, Inc. (“Bats BZX”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
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 Latin America Pacific Alliance ETF | MSCI Latin America Pacific Alliance Capped Index |
The NASDAQ Eurozone Large Mid Cap Index which 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 400 Net Total Return Index is rebalanced annually.
The MSCI Latin America Pacific Alliance Capped Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Latin America Pacific Alliance Capped Index is rebalanced quarterly.
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.
30
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any
31
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about 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 Latin America Pacific Alliance 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, 2018, the Funds did not incur any interest or penalties.
At May 31, 2018, 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
32
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 | $ | 89,830 | $ | 244,788 | $ | 334,618 | ||||||
Xtrackers Germany Equity ETF | 153,970 | 303,324 | 457,294 | |||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 16,036 | 143,718 | 159,754 |
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, 2018, the Funds incurred and will elect to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Xtrackers Eurozone Equity ETF | $ | 3,518 | ||
Xtrackers Germany Equity ETF | 20,370 |
As of May 31, 2018, 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 | $ | 2,502,529 | $ | (68,471 | ) | $ | 114,190 | $ | (182,661 | ) | ||||||
Xtrackers Germany Equity ETF | 2,437,024 | (132,208 | ) | 47,839 | (180,047 | ) | ||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 128,261,858 | (624,376 | ) | 2,506,428 | (3,130,804 | ) |
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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of November 30, 2018, 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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
33
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
agreement. During the period ended November 30, 2018, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2018) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2018, Xtrackers Eurozone Equity ETF 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 cash contractual maturity of the collateral agreements were overnight and continuous.
As of November 30, 2018, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF 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.
Remaining Contractual Maturity of the Agreements, as of November 30, 2018 | ||||||||||||||||||||
Securities Lending Transaction | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 15,860 | $ | — | $ | 30,768 | $ | 321,743 | $ | 368,371 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 368,371 | |||||||||||||||||
Xtrackers MSCI Latin America Pacific Alliance ETF |
| |||||||||||||||||||
Common Stocks | $ | 2,969 | $ | 104 | $ | 1,576 | $ | 31,412 | $ | 36,061 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 36,061 |
As of November 30, 2018, Xtrackers Germany Equity ETF had no securities on loan.
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, Xtrackers Eurozone Equity ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Funds’ 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).
34
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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, 2018 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, 2018 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* | $ | 3,940 | Unrealized depreciation on futures contracts* | $ | — |
* | 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, 2018 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 | ||||
Xtrackers Eurozone Equity ETF | $ | (765 | ) | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | (80,120 | ) | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | $ | 541 |
For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers Eurozone Equity ETF | $ | 5,737 | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 127,733 |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
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
35
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 Latin America Pacific Alliance 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, 2018 through July 16, 2018, 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 | 0.15 | % | ||
Xtrackers Germany Equity ETF | 0.15 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.15 | % |
For the period from June 1, 2018 through July 16, 2018, the Advisor had voluntarily agreed to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of the Funds below, from exceeding 0.09% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period from June 1, 2018 through July 16, 2018, the Advisor waived expenses of the Fund’s as follows:
Expenses Waived | ||||
Xtrackers Eurozone Equity ETF | $ | 177 | ||
Xtrackers Germany Equity ETF | 172 | |||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 5,363 |
Effective July 17, 2018, the Board of Trustees approved a reduction in the unitary management fee and accordingly terminated the Advisor’s voluntary expense limitation to the Funds below, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Eurozone Equity ETF | 0.09 | % | ||
Xtrackers Germany Equity ETF | 0.09 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.09 | % |
The Advisor for the Funds below 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 Funds’ investments in affiliated cash management vehicles. For the period from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Fund’s as follows:
Expenses Waived | ||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 17 | |||
Xtrackers MSCI Latin America Pacific Alliance ETF | 4 |
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 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).
36
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended November 30, 2018, 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 | $ | 135,518 | $ | 168,976 | ||||
Xtrackers Germany Equity ETF | 170,421 | 214,677 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 73,733,341 | 73,781,275 | ||||||
Xtrackers MSCI Latin America Pacific Alliance ETF | 1,206,371 | 113,637 |
For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | 2,104,827 | $ | — | ||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 212,898,357 | 291,518,138 | ||||||
Xtrackers MSCI Latin America Pacific Alliance ETF | 1,419,061 | — |
5. Fund Share Transactions
As of November 30, 2018, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2018, there was one affiliated shareholder account for the Fund listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers Germany Equity ETF | 75 | % |
7. Payments by Affiliates
During the period ended November 30, 2018, the Advisor agreed to reimburse Xtrackers Japan JPX-Nikkei 400 Equity ETF $117,653 for a loss on a trade executed incorrectly. The amount compensated was 0.16% of the Fund’s average net assets.
37
DBX ETF Trust
Xtrackers MSCI Latin America Pacific Alliance ETF
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 13, 2018, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance1 of the Investment Advisory Agreement with respect to Xtrackers MSCI Latin America Pacific Alliance ETF (the “Fund”). The Independent Trustees were advised throughout the review and meetings by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Fund’s compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and
38
DBX ETF Trust
Board Consideration in Approval of Investment Advisory Contract
(Unaudited)(Continued)
whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer groups were appropriate. The Board considered that the fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Fund and the information provided by the Adviser to the Board regarding the Fund’s profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Fund, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although the Fund was profitable as of this time, the Adviser’s profitability with respect to the Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.
Economies of Scale. The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board determined to revisit this matter after the Fund had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
39
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.
40
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.
41
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. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, 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. Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF, is 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 NYSE Arca, Inc. 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. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
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 © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International GmbH. 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 240 Greenwich 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-049074-3 (1/19) DBX003654 (1/20)
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C.80a-2(a)(19)).
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
The Registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.
Item 6. | Investments. |
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 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 forClosed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule30a-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 Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | DBX ETF Trust | |
By (Signature and Title)* | /s/ Freddi Klassen | |
Freddi Klassen | ||
President and Chief Executive Officer |
Date February 1, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Freddi Klassen | |
Freddi Klassen | ||
President and Chief Executive Officer |
Date February 1, 2019
By (Signature and Title)* | /s/ Michael Gilligan | |
Michael Gilligan | ||
Treasurer, Chief Financial Officer and Controller |
Date February 1, 2019
* Print the name and title of each signing officer under his or her signature.